The Express.
London, England, 1852-08-23 00:00:00

SOUTH DEVON RAILWAY.

The following report will be presented at the
half.yearly meeting of this society on Tuesday :
"The half yearly accounts, to the 30th June, which are
now before the shareholders, show an aggtegato amount of
passenger and goods trial:, exceeding that of the mires.
pooding half of last year. The increase in the goods traffic
has been greater than any previous time, and arrangements
have been made for its further extension. The fish truffle
alone, consequent upon en unfavourable reason, has yielded
much less than in former years. The total receipts of the
half-year have been 48,4371. 2a. 6d. as compared with
43,6391. 3s. 7d.. to the 30th June, 1861. The expenditure
amounts to 25,1691. 10s. 4d., that of 1861 being
26,0151. Ils. Ild. ; and the net balance carried to the
credit of the general revenue account is therefore
21,2871. 12c Id. against 18,6231. 12.. Bd., showing
an increase of meetly 16 percent. in favour of this half-yew.
The disposable balance amounts to 8,964 t. Is. 6d.•' and after
reserving 2,9721.18 e. 2d. e. the proportion of the Seed divi-
deed due on hat shares to the 30th June, and a further
sum of 1861. 121. Bd. aa the dividend accrued to the same
date upon the new shares recently created, • dividend of 4e.
per share on the 601. shares (which the directors recommend
to be declared), would leave a surplus of 1,8241. 12a. 941. to
be carried to the current ball.year. A considerable por-
tion of the new shares, which the lest half-yearly meet-
ing authorised te be awed, were suberribed for pre.
vitinsly to the Nth June, Ned the remoter have been
since dionsed et The applegnien ef the limited amount
received ton these shores le the 110th JINN has but
slightly reddeed the simpany's liabilities up ream
date,
hat the segesedieg megesab will ealibit a einidegable
sleep in this reggese. The whole et the emote stated
nolo the heed et restpined Clefts, obi& bore a higher
ems of integen *en tie deed dividend in the new shales,
have sow been paid by saticiodek Pi several accounts
have she been dilatory& that bed hog boa dee to bank-
ers. sebeiters, loodevraws, end eistreeters. The directors
have teethed Poore= applinglems err the debenture
sleek ironed et the "pia mesag of the 13th alt. ; and
they have peeped eshiselpiens le ma extent sulkiest to
provide fin the debeatures 'obi* Meuse due on the 15th
Jody last, and en admit of propestive arrangements for
meeting theme whisk will boom pgabie in January and
was%64dea
July of next year. Av gliumbee of the favourable
state et the meaty do digenten have declined'
granting debentures at any Woos then 31 per gent
Tits directors have the te state that the
works of the Plymouth 011N4 Wats= Docks have been
renamed. mad are now advising with ouch spirit. During
the last months the Constrain Railway Company ltes de
tosaimail to proosed with its works, with a view to an early
=lidof the lire. It will be recollected that the on-
eetteription of this company to the Cornwall Railway
ammusted to 160,0001., and that 22,6001, were paid upon
sells, leaving • further liability of 127,111111. la seller to
lima this heavy the ilume eissegred la
an topsides le the t,
way ingandoismies to Nam the
the espial et tb, Omega Railway Compsay, mod ebonies
sertale parting of the sederOldeg ; and they have shoo
else 'greed te • gillmohlmment of part of the
eagegany's embeatiptise. They bare also taken mew
ewes for &plias of a potisa of the
els rem, and these - arreagensals will haveral:=l
the liability Ikea 127,5001. to 44,0621. HO, of whisk the
sum of Is debited is the accents sow before the
The geopeny will thin held 2.620 shares of 201.
seek boated of UPI shares of W. Ramdetions will be
POONA le *0 oseleg to snag there ammoniate foe
Wain the liebft el the ismopany, and to amble the
disesteem te provide Mir hither calls as they seep, by
rehieg mosey ea the seemoity ef the abuse, seder the epe-
eist powers to that east esstained in the Cavell Railway
Aril. The digestive bevies regard to the posed potties
of this senspay, would have preferred a peassemat a
its nogegentemO with referees* te the Compel Rea. had
this bees wieldable ; bat fhb, semi.,the Osiessoll bond
to have been actuated by • seemdpiley In taideg adhootage
of present facilities for the adversonsent of as eadirtaking
Iola& there is every reams te believe they will he able to
ammplet• at a moderate ant, and whine the mutant of
task at their disposal. The beet have therefore
eineurred In the is tot pewsealliag with the
thumwell Railway, end leek with semildenge to the ae-
ssolea of wale whisk oast of negesolgy ado Item am ex-
,....irldiani
elarlig the WandinstOmo=l=idil apes
tir Virg Devon 1127`7.1;°: revival of the ohms for
molthic a railway frets Tavisteek in oeusselea With the
gratis eveis Railway, bee engaged the attendee ef the
=The iseposinst and imereering trees diet
betweia Tarbes* and Plyugnath, woe thoellethill
ter ethersl Taus to mama weesiiirs_ peevish to her
greet a saws, Is tithes* es a Alai of the death
Devoe lime. Railer exithog eireamestai it a rod
profitable thee the lime sheabl be by
a se= ords._ The masheof
the Ts fialliway Osaqmay have
Vte7eiee— &.- sequbst esplad ter this payees,
alor to sislatela the gasper Agree d sowesaiss
Ms swarthy, to hese the Mae is pommethel=
passel sad IMOISIINISIO haq sash a
esailleeedpin toe be at we mWel Ar the itheresb of this
esysay aced met esmeith with the pith*apposed esavesieses
=ler s, edged to the at the than-
* Alio the_ poppeaed lease Ms meg 4 6,0001. per
eimmii, sad Wrio-G el the
oaf
prat he the fret
two yam elks tbe eiwipkties et the lae, sad at 6,0001.
gad a like at pats, Ammer& ia peeperai
Ire their Wham be sithateges
this with will epee to the death
Dares IA" the linelsoe Oft abs Igpriesiir sr limit-
ing the metendea of the dmeslosiden te the popsetne ist
the See& Dimes sal Tadolesit Railway Compaq,Wier-
sale hnensest et
beg that Ike shares is AM esetpeatiirtressat as eligible and
to impild ; th 4 with a view in-
seams the seersealty et titheeels It very desirable that
the sherelseldare fa this shonld hold shares in the
auxiliary eglione. " Tao. Wearoomes, Chairman."
The reverie account gives the *sires in detail, show-
ing the helloes serried to sooriumg IP the half-year, to be
WAR 12e. IL The etstesessa of capital account
alai the Sued wee the 16th of June, 1862,
is have beam lb. Pd. which includes subscrip-
tion, te other sempeahm, emtheatiag to 42,2751."

EASTERN UNION.

claims is so minced. The bill was amended to meet thew,
amngensents, and on in third reading in the House of
Commons an intendment wasintroduced rendering the con-
sent of the preference shareholders No. 1 necessary to the
bone, at • preferential interest, of the new shares; and sub-
sequently, at the Wharucliffe meeting, a further amend-
ment
was introduced, ich renders necessary the consent
of the commas shareholders to the conversion of the
260,0001. debts int, creditors' stock. By the bill it is pro-
vided that the new shares and creditors' stock shall be re-
deemable at par. The act so amended received the royal
assent on the 30th of Juue last, and, in addition to provid-
ing the means for discharging the company's debts, and
sanctioning the modified agreement with the Colchester and
' Stour Volley Railway Company, it enacto that the rent
itis;atitibbrintleseshlristansp.CzuutielaylstpapilzapTi,cozpioanytif.ortbe
pay-
men t of interest at 4 per cent. per annum upon the capital
to be expended in the construction, thus enabling the di.
rectors not only to construct that line without any additional
burden on the company, but at the same time to secure half
the surplus profits remaining after the payment of the rent,
and from the reservation of the Eastern Union traffic from
the lure north of Manningtree. The directors are already in
poem anon of the land required fur half the entire length of
the Harwich line, and active steps, are being taken to obtain
possession of the remaining half, and to proceed rapidly with
the construction of the works. During the last half-year the
directors have been much harassed by the proceedings of a
section of the creditors for land, and holders of debentures
over due. Acting upon the understanding come to with the
committee of the overdue debenture holder. (amounting in
the whole to about 300,0001.) who have foreborne to sue
upon their securities, the directors had no alternative but
to resist the claims of such debenture holders as thought fit
to adopt a hars•der course. Up to the present time the
directors have preserved faith with this committee, no de-
benture holder having hitherto obtained either a judgment
against the company or payment of his debt, in preference
over thou parties having, but forbearing to press, similar
claims upon the company. The report adverts to • resolu-
tion pared at the recent meeting of ordinary shareholders,
sanctioning the conversion of 60,0001. debt, out of the
250,0001 debt, into creditors stock at 31 per cent. The
directors confidently hope that • conference between com-
mittees of the respective classes of shareholders will lead to
a friendly understanding and co-operati m between them;
without which they feel it will be imporaftle to extricate
the undertaking from its difficulties. The directors pro-
pose to call a meeting of the preference shareholders on
an early day, in order to submit to them resolutions
with respect to the issue of the new preference shares,
authorised by the act to be created in lieu of the
unissued shares, to the extent of 77,8261., for the satisfac-
tion of land claims. Since the last half-yearly meeting the
directors have been unremitting in their effort, to obtain
further payments from parties in wear for calls, and the
amount received from this source since the 31st of Decem-
ber last is 6,139/. The larger portion of the remaining
arrears the directors fear are irrecoverable, and, in conse-
quence, they propose to forfeit the shares of defaulting
owners, from whom no further arrears can be recovered.
Since the clue of the half-year's account the Eastern Coun-
ties Company have terminated the working agreement
which has been in existence since the opening of the Nor-
wich line, and under which the through traffic between
London and Norwich had been apportioned between the two
companies. The directors have, by • re-arrangement of
fares add rates, and some increased facilities which
they are giving the public by opening and extend-
s lug the water communication between Ipswich and
London, increased the amount of their earnings from
the 31st of July last to the present time; the receipts
from local traffic also have been steadily increasing. The
report of Mr. P. Bruff, the manager of the line, states that
the gross traffic during the half-year as compared with
the corresponding period of 18.51 shows an increase of
3,2191., and the gross expenditure • diminution of 4,8381.
He states that the through traffic on the line during the
half-year amounted to 24,073/., and the local traffic to
28.8201., and of the foregoing through traffic receipts, but
5,3741. relate to London and Norwich traffic, and over
which alone the Eastern Counties Company can exercise
any material control. The progressive improvement in
the mospeny's income has hitherto been solely in local
nail% Whiek dale the commencement of the present half-
year, bele* the average exceeded by upwards of 1601. per
week the eirempeadiag period of last year. With respect
I to the dhlhollies defy have to contend with at the present
time le the eeedest of their traffic ha states that the Eastern
Comiden Company, notwithstanding that the Eastern Union
hnne O wales out of the 113 miles of direct trunk
commamissEem between Norwich sod London, and is 13
eiseter than by way of Cambridge, will not by their
arrangements allow • quicker communication between
Loodes sad Norwich by the Eutern Union route than 4}
hoots, while by their own circuitous route by way of Cam-
bride they express their trains, and effect the communica-
tion is Et hours. With equal facilities, the Eutern Union
route would secure very much more than half the Norwich
andilmndo• trans, which the arbitration powers contained in
this company's set of 1831 for the regulation of traffic pass-
ing to or from the Eastern Counties Colchester line, which
is now for the first time to be pat into operation, will,
he feels assured, give all needful facilities for effecting.
Another half-year has passed over without the slightest ac-
cident having occurred upon the line. The capital account
shows that 2,122,0331. had been received and 2,241,6431.
expended, leaving a balmiest against the company of
125,3661., of which 36,5671. consist. of bills payable not due
and 88,7991. to be paid by creditor's stock. i.e'l' amount
authorised to be raiser; by the company's acts is 2,730,000!.,
of which shares and debentures bays been issued to the
amount of 2,212, 0641., leaving the powers as feed for
617,9361. The revenue account for the half-year ending
30th of June shows that 64,9161. had been received and
29,0061. expended, including 2,0351. taxes and duty, leaving
a balance of 26,9111. to meet Interest on loans and preference
charges.