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In 1889 £132,408 was applied from endowments to writing down the cost of the line, and since that time a sum of £55,102 has been devoted from profits to a similar purpose. These very large amounts are far more than sufficient to make provision for all depreciation and financial expenditure incurred in floating the debentures in London. Since the issue of the last year's balance-sheet the financial position of the company has been improved by some judicious sales of land. If, in the information now submitted, I have not made clear the value of the assets of the company and the cost of the railway, I shall be very pleased to attend you whenever your engagements permit. I have, &c, The Eight Hon. the Premier, Wellington. Thos. G. Macaethy, Chairman.

[Enclosuee.] Wellington and Manawatu Eailway Company (Limited). Capital received. As Invested 28th February, 1900. £ s. a. £ s. a. To Debentures .. .. .. 680,000 0 0 By Eailway—Total expenaiture to 28th Shares .. .. .. .. 170,000 0 0 February, 1889, inoluding prelimiConstructea railway, receivea from nary expenses, aebenture charges, Government .. .. .. 51,838 5 1 interest, &c. .. .. .. 871,180 6 6 Lana receivea from Government .. 96,570 0 0 Additions to railway to 28th FebProfits to 28th February, 1889 .. 1,394 5 5 ruary, 1900 .. .. .. 79,08119 10 Profits since 28th Feb- Freehold lands (Government valuaruary, 1889, on rail- tion, £63,373) .. .. .. 59,314 14 6 way ana lana reve- Balances aue by lana-purchasers .. 51,123 19 10 nue, less diviaends £ s. a. Gash on aeposit, in paia .. .. 81,342 611 bank, ana in hana.. 61,849 7 1 Profits on lana since Less amounts aue to 28th February, 1889 35,290 0 7 sunary oreaitors .. 12,334 7 2 Total profits since 28th : 49,514 19 11 February, 1889, less Railway stores .. .. .. 2,611 9 9 aiviaenas paia, but Sundry aebtors .. .. .. 3,607 7 8 inoluaing amounts written off railway account (£53,708 6s. 63) .. .. 116,632 7 6 £1,116,434 18 0 £1,116,434 18 0 £ Railway Capital Account reauced by £187,510 17s. — Dividends paid to shareholders prior to 28th £ s. d. February, 1900 .. .. .. ..80,750 From profits.. .. .. 55,102 1111 Diviaenas since (this year) .. .. 8,500 From endowents .. .. 132,408 5 1 Total aiviaends to shareholders ..£89,250 £187,510 17 0 Thos. G. Macaethy, Chairman. Wm. C. Stephens, Book-keeper. sth September, 1900. W. M. Hannay, General Manager.

By Authority: John Mackay, Government Printer, Wellington.—l9oo.