THE THAMES VALLEY AND ROTORUA RAILWAY COMPANY.

Waikato Times, Volume XX, Issue 1667, 13 March 1883, Page 4

THE T HAM ES V ALLEY AND ROTOR UA RAIL WAY COMPANY.

The first annual meeting of* the shareholders' wad'h'uld at the company's , bffi£<J,£ Queen-sticet. Auckland, on Thursday, Dr, CariipbelVchaivnVan of >; directors*/ An the chair. . The following is the directors' tonctt't:*- '" '-I ,"'"•<, , ' >', f l-'irst Annual Report o£'thc Thanlcs, Valloy and j Rotorua Railway Company (Limited). The directors beg to submit totl.e «ihareholders thc|hrst annual report' ami balancc-shi-'ct, as also tlu- engineer's report to date. „S ince the, interim i upoi t, forwarded by circul.it last September to shaicholdeis, the dncctors have now to inform them that the Mir\uy of both sections has been coni[)U'teH, and tli.it all the ncoesiary prclimin-, .arie., as required bj- law. with regard to section No. 1, li.ne been arranged with the Government, and arc in course of being- carried out. This will enable immediate action to be taken in issuing: llio first contracts for the formation of the line. S itisf.u torj airangcments ha\c been concluded with the largest landholders through whoso piopcilies the line passes, as to the terms of cession ol the land ramrod, the forcing the line, and other matters pertaining thereto. The first neccssarv instalment of plant has been ordered from home, and « ill at live in time to meet all contract requirements. Ihe price at whi< h the rails have been purchased has been Os 0 1 per ton within the engineer's estimate. The directors have pleasure in informing the shaicholdcrs of thcsufccessful floating of the Patctcro Company in London, and the consequent probable early arrival of colonists under its auspices, so that the occupation of the Hrgc tract of country through which section No 1 of the railway passes is now secured. With reference to section 11, the directors arc in communication with the Government to bring about a satisfactory solution ot the technical difficulties which now exist. In so far as the native owners of the land arc concerned, the prospect of a mutually beneficial arrangement being concluded is in every way encourag-, ing. To meet the necessary expenditure in the' purchase of plant, and the liquidation of the contracts immediately to be issued in constructing the line, the directors are proceeding in the calling up of the capital, as in terms of the article^ of association. It is hoped that the raising- of the capital in the home market on the company's debentures will obviate the necessity of making any demand on shareholders bejond the amount contemphted when issuing the prospectus of the company. The. directors had hoped to have personally inspected the whole line from Morrinsville to Ohinemutu before issuing this report, but unforscen circumstances have prevented this inspection. It will be undertaken, however, before the end of the present month. The whole of the directors retire fn.in office, as in terms of the aiticles of association, but are eligible and offer themselves for re-t lection. It devolves also upon shareholders to elect two auditors.— J. Logan Campw'lt., Chairman. Messrs Stewart and Hunter, engineers to the Company, reported as follows :—: — The preliminary estimates were based on iron rails at ■lOlhs per \nrd, and gmdients a"d curves not exceeding those on the Government lines. While the gradients, will not be easier than the Go\crnmcnt limit, the curves will be better, and excepting one at Morrinsullc Junction, none under 10 chains radius will bo adopted. It has also been determined to adopt steel rails at f>3lbs per yard, the standard now on the Go\ eminent lines. Notwithstandingail this, wcare able to say the result of the surveys amply confirms the estirmtcs originally set forth in the prospectus, and the whole route is found to be easy and safe in construction, and easy of access on all sides, in all but one or two .short lengths. The greatest height of the plateau is about 1900 feet above sea le\el, and the descent to Rotorua amounts to noitlvfWO feet. This lias just been proved in detail, in the route selected in July last, but it h is been on the whole the most difficult work on the line. It now only remains to complete the last few miles of level country along the side of the Lake to Rotorua township. The work of staking out Section 1 for contract is proceeding, and we hope tenders will be called for as soon as the distiict is formally constituted by the \ote of ratepayers nnd the approval of the Governor. The first contract is pioposed to extend from Morrinsviilc to Oxford. K\ery assistance has been afforded bv the native owners, and a desire indicated by the various tribes to secure the passing of the line through their lands. In conclusion, uc would onlj add that the work of surveys and exploration, if it has been a laborious and costly one, has succeeded in securing a line, which, although it is located for half its length in most difficult country, is yet of an exceptionally favourable naf.re for construction, and one that can be made for far under the average cost of the New Zealand railways. The Chairman in moving the adoption of the report, spoke of tho advantage to be secured by the opening of the railway. He said the directois weic now in communication with the Government, urging them to do their duty and assist in carrying out a work -which should have been performed by the State instead oi being left to individual enterprise. He felt sure the Government would assist, because if they did not the rent roll oJ the Rotorua township would remain a blank sheet, and the natives to whom the rent was payable would soon cry oui for redress. The following were elected as directors for the ensuing year :— Dr. J. L. Campbell, Capfc. Daldy, Messrs J. M. Clark, T. Peacock, T. Morrin, P. Camiskey, Every Maclean, Josepli Howard and A. W. F. Halcombe. Messrs Waymouth and Milne were re^ appointed auditors.