MANAWATU RAILWAY CO.

Gisborne Times, Volume VII, Issue 380, 3 April 1902, Page 2

MANAWATU RAILWAY CO.

NEGOTIATIONS WITH GOVERNMENT TO BE CONTINUED.

By Telegraph—Press Association. Wellington, last night.

The annual meeting of the shareholders of the Manawatu Railway Company was held to-day. The Chairman said that the receipts totalled £104,207, a very material increase over the previous year, and more than double the revenue of fourteen years ago. To earn this revenue more trains had to be run, and the maintenance expenditure had increased by £lO3 per mile. The receipts and expenditure were really higher than ever before, and the rates were lower. Although they might be able to pay a dividend, the gap between income and expenditure was lessening every year. A motion for'the adoption of the report and balance-sheet was agreed to.

Messrs T. G. Macarthy and O. Izard were re-elected directors.

A series of resolutions moved by the Chairman, to give shareholders in the United Kingdom right to vote at a meeting held in London, was rejected. The object of this resolution was to permit a vote of English shareholders to be taken contemporaneously with tHe vote of New Zealand shareholders on the provisions of the Sale Empowering Act of last sessiou. The meeting is now discussing a motion I that the negotiations for the sale of the line be not proceeded with. 11.52 p.m. —A long discussion took place upon the motion that the directors be instructed to take no further action in regard to the sale of the lino to Government. The motion was negatived by 847 to 455.