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no prospect of coming to terms, no action has been taken with regard to the other suggestions submitted in your communication. The opinion of the Government remains unchanged, and, as the session is now nearing termination, presumably negotiations may be considered to be at an end for the present. Yours faithfully, T. G. Macarthy, Esq., Chairman of Directors, B. J. Seddon. Wellington and Manawatu Bailway Company, Wellington.

Wellington and Manawatu Bail way Company (Limited). Statement of Receipts and Expenditure (from the Ist March, 1900, to the 28th February, 1901). Receipts. £ s. d. Expenditure. £ s. d. Balance 28th February, 1900 .. .. 41,396 9 7 Debenture interest .. .. .. 34,000 0 0 Traffic .. .. .. .. 94,418 5 5 Traffio .. .. .. .. 31,072 3 7 Land— £ s. d. Deposits .. .. .. .. 20,000 0 0 Principal .. .. 11,304 7 6 Stores .. .. .. .. 11,777 16 8 Interest .. .. 2,365 19 10 Dividends ... .. .. .. 8,510 12 8 Rents, &c. .. 369 7 6 Rates and taxes .. .. .. 6,232 18 5 — 14,039 14 10 Rolling-stock and machinery .. .. 1,484 12 5 Refunds, &c. .. .. .. 3,126 11 2 Directors'fees .. .. .. 1,000 0 0 Transfer and sorip fees— Land .. .. .. .. 885 2 5 Wellington .. 6 6 6 Construction .. .. .. 701 15 7 London .. .. 6 13. 6 London offioe charges .. ... 546 5 0 13 0 0 Refunds, advanoes, &o. .. .. 309 14 4 Commission and discount .. .. 205 0 0 Auditors' fees .. .. .. 157 10 0 Cash balances— Bank of New Zealand, Wellington .. £1,294 12 10 London .. .. 34,117 12 1 35,412 4 11 In hand, Head Office, and stations .. 698 5 0 £152,094 1 0 £152,994 1 0 Profit and Loss : Railway Account. 28th February, 1901. Dr. £ s. d. Gr. £ s. d. £ s. d. Interest on debentures .. .. 34,000 0 0 Traffic proceeds (gross) .. 96,270 1 0 Rates and taxes .. .. .. 5,239 11 1 Less expenditure .. 46,562 0 1 Directors'feee .. .. .. 1,000 0 0 49,708 011 London offioe charges .. .. .. 546 5 0 Interest .. .. .. .. 1,018 10 10 Commission and exchange .. .. 205 0 0 Transfer and scrip fees .. .. 13 0 0 Auditors' fees .. .. .. 157 10 0 Proportion of directors' fees transferred Balanoe carried down, available for divi- to Land Account .. .. 200 0 0 dends .. .. .. .. 9,791 5 8 £50,939 11 9 £50,939 11 9 Balanoe brought down, £9,791 ss. Bd. Profit and Loss : Land Account. 28th February, 1901. Available foe Dividends. Dr. . £ s. d. Gr. £ s. d. Proportion of directors' fees transferred Interest on mortgages .. .. .. 2,617 18 7 from Railway Aocount .. .. 200 0 0 Sundry revenue .. .. 379 7 6 Land-tax paid on mortgages .. .. 220 6 3 Balanoe carried down, being net profit available for dividends .. .. 2,576 19 10 £2,997 6 1 £2,997 6 1 Balanoe brought down, £2,576 19s. 10d. Not Available fob Dividends. £ s. d. £ s , a. General charges .. .. .. 84116 11 Gross profits on land sales .. .. 5,785 11 9 Proportion rates and taxes .. .. 773 1 1 Balance carried down, being net profit on * land sales not available for dividends, and held as further security for deben-ture-holders .. .. .. .. 4,270 13 9 £5,785 11 9 £5,785 11 9 Balance brought down, £4,270 13s. 9d.