MANAWATU RAILWAY COMPANY.

Gisborne Times, Volume XXVII, Issue 2454, 19 March 1909, Page 3

MANAWATU RAILWAY COMPANY.

THE FINAL REPORT. (Press Association.) WELLINGTON, March IS, The final report and balance sheet of the ■Wellington and Manawatu Railway Company were presented at tlio annual meeting, held at noon to-day. The Chairman stated that after allowing for all outgoings, there were - balances in Wellington -and London totalling £430.4CO. Shareholders still had freehold lands at Thorndon ,taken in at £10,280; balances due by land purchasers, on mortgage. £26,284; deposits and accrued interest, £36,542; and Wellington corporation debentures, £9700, which, together with the cash balances referred to, made the total assets £513,187. The only liabilities other than share capital were sundry creditors, £6263. The estimated cost- of. liquidation was set down at- £2OOO. The position disclosed by the balance-sheet warranted the announcement that .ail -early distribution by the liquidators of 55-s per share should be made, and, provided the remaining .assets could be realised upon satisfactory terms, a further dividend of 4s. GcL or possibly ss, per share might be looked for. The Chairman announced that it had been decided to grant an additional week’s pay to all of the Company’s employes whos-e length of service exceeds one year and did not exceed fiveyears, a fortnight’s pay for these whose Period of service was between five and twelve years, and four weeks pay for those with a record of over twelve years. Special payments had been made to Messrs Hannay and Marcliban'ks (engineers), Cook (accountant), and Bar-old (London secretary), in recognition of their services, and these sums, with t-lie money divided among the general staff, totalled £BOOO. This amount had been taken from special accumulations of previous years put aside- for clie purpose.