Page:Municipal Handbook of Auckland 1922.djvu/184

 into 15,000 shares of £10 each, and, in 1907, each existing ordinary share of £10 was split into 10 shares of £1 each. From time to time the capital was increased until it eventually stood at £600,000, divided into 150,000 6 per cent. cumulative preference shares and 450,000 ordinary shares, all of £1 each. In addition first mortgage 5 per cent. debenture stock was issued to a total of £435,100.

In due course the Auckland Electric Tramways Company, Limited, made agreements with the Auckland City Council, the boroughs of Parnell, Grey Lynn, Newmarket, Onehunga and Mount Eden, and the Road Districts of Remuera, Mount Roskill, Epsom, One Tree Hill, Eden Terrace and Mount Albert for the construction of electric tramways in their respective districts. The "Tramways Act, 1908," provides that an order authorising the construction of tramways in any district can only be obtained by the Local Authority thereof on application to the Governor-in-Council, consequently all Orders-in-Council having reference to the tramways in Auckland City and suburbs are vested in the Local Authorities. The Act also provides for a Local Authority to grant a lease of a tramway constructed, or ordered to be constructed under the Act, and consequently during the regime of the Auckland Electric Tramways Company, Limited, that Company's powers regarding the tramways in Auckland were defined by certain deeds, executed by the Local Authority which delegated to the Company certain rights, privileges, etc., contained in