The Express.
London, England, 1864-08-23 00:00:00

RAILWAY INTELLIGENCE. '

CORPW4LL,

Tile half-yearly meeting of this oompany was held
on Friday at Truro; Mr. T. Wooccoires in the chair.
The retort, of which the following is an abstract, Wag
adopted.
The dilution had determined, under the advice of loan-
eel, to traufer from the revenue account to the capital ac-
count the sum of 12,6191., the amount of interest which had
been, under roiseperehensioe, debited to revenue daring
previous pen ; and to transfer the sum of 2,5121., received
for premiums paid to the company on shares lined, which
bad been placed to the credit of capital instead of revenue.
Those correction reduced the deficiesey Oa revesuaccount
to the 31st of December bud, from 50,7161. to 35,5841. The
total amount of the general working expenses during the
half-year wee 24,993/., being 5,3691. increase on the
torrespooding half of 1863; but the traffic receipts
were 44,0041., sod the increase over the correspond •
ing half of 1863 had been 8,9721. That. had been con-
sequently an inmost' in the net receipts of 3,6021. The
earnings per nine had been at the rate of 672/., as cora-
-1 ured with 632/. dories the corresponding half of 1£11F3..
Under the advice of counsel, and after full consideration
by all potties, it bed been speed that the 900001. advanced
I by the associated companies—the corrected deficiency of
35,565/. to the 31st of December, and a further aim of
24,0151. to rout future contingencies, making together
149,6001 advanced by and due to the associated companies,
should be secured by the name of the 7,480 Biz per Coot.
Preference shares created an the 28th of February, 1861, and
those shares had been accordingly boned to the respective
companies. The china clay works in the vicinity of the
line had furnished an increasing traffic between Burngallow
and Par during the past half-year, and 40020 quantities of
china clay had been coaveyed to the Falmouth docks for
shipment. All assurance had been received from the West
Cornwall Board that they had already commenced taking
steps to fulfil their parliamentary obligations to lay down
the broad gauge, and thus to remedy the great inconveni•
ence of a break of gauge at Truro. The capital account
showed that 1,747,5751. had been expended.

Mr. P. P. %writ, the solicitor, explained the financial
arrangements which it war proposed to carry into effect. In
addition to the 650,0001. worth of preference shares which
had been guaranteed by the emaciated companies—the Great
Western, the Bristol and Exeter, and South Devon—the
Canaan Company had power to raise 149,6001. worth of 6
per cent. preference shares, uoguaranteed. It bad been
found, however, that, while the guaranteed shares were
eagerly taken up, the unguaranteed 6 per erste. wen not
marketable. To relieve the Cornwall Company from their
difficulties the associated companies agreed to advance
90,0001. upon the hypothecation of these shares. They also
advanced 35,5841. to pay off the deficiency which had arises
as the revenue account up to the 31st of Dumber last.
These two sums, with an additional amount of 24,0154 for
the future requirements of the company. made up the
149,000/. which it was now proposed should be guaranteed
by the associated companies, at the rate of 41 per out. per
annum. With reference to the 400,0001. wmth of guaranteed
perpetual shares issued fora period of seven years, the term
would shortly expire, and it was proposed to create new
stock or shares to the like amount, to be also (manatee(' by
the associated companies. The effect of the whole of the
financial arrangements would be that they should be able to
convert the 149,0001. worth of 6 percent. unguaranteed pre-
ference shares into 4i per out. guaranteed, the 82,90401. 5
per cents. into 41 per cents., and to reduce the 400,0001.5 per
outs. to 41 per cents.
' Resolutions were unanimooolv passed enabling the direc-
tors to issue the shares above referred to under the guaran•
We of the associated companies, an arrangement which the
Chairman maid would reduce the interest payable by the
Cornwall Company about 2,0001. per annum.