Wellington and Manawatu Railway Company.

Wairarapa Daily Times, Volume IX, Issue 2859, 28 March 1888, Page 2

Wellington and Manawatu Railway Company.

The report to be presented on Wednesday next at tho seventh meeting of the above company is as follows: '' four directors have pleasure in calling attention to the satisfactory results of the land sales and the railway traffic during the year. The gross proceeds of 28,807 acres of land sold amount to £57,294 7s Id, and' there still remaius in the hands of thpJJJorttW pany au area of 210,691 acres for \ future sale. In addition, the Company V is still to receive from the Govern-' merit, in fulfilment of their contract, land to the value of £29,805. The gross proceeds of traffic during the year amount to £16,590 Os lOd. The returns for the thirteen weeks, from the Ist December, 1887, to 29th February, 1888, in comparison with the corresponding period of the preceding year, show an increase of £219 per week. The through traffic has steadily improved; and the local traffic, consequent on the settlement of the Company's land, and the erection of several large saw mills and flax mills, gives evidence of rapid development. Since the date of the last report, your Directors have been successful in floating 80,000 new shares, and in placing debentures to the amountof £120,000. Your Directors havo deemed it right, now that the railway is completed, to make provision for interest on loans contracted during its construction, for cost of finance, and for preliihijiary expenses, etc. They have, therdjjjfco, for the time being, passed to a" Kailway Construction Account" tho of £130,000. ' 3| The balance sheet is as follows:—Liabilitiei—To Capital -London register, £88,580; Wellington register, £72,120; total £IOI,OOO. Debentures £080,000; total paid-up capital and debentures, £BII,OOO. Eailway construction, £180,000; sundry creditors, £23,398 10s lOd; sundry depositors, £IBB 19s 9d; profit and loss, £11,285 Is 3d; grand total, £1,000,123 Os lOd Assets, by railway construction and permanent way, £793,432 15s 2d; rolling stock, £05,882 12s lOd; total, £850,315 8s; freehold and leasehold lands, £91,070 5s lOd; sundry debtors, land purchasers fa., £5,308 8s 3d; calls in arrear—Wellington register, £2OO Is Gd; London Register, £SO; stores account, £750 3s 8d; office furniture, £268 9s 9d; cash balances London' and Wellington, £ll3O 3s lOd; Amd total, £1,006,123 0s lOd. ™

The working account for the year shows a profit of £29,000.