The Express.
London, England, 1852-10-30 00:00:00

DEMERARA RAILWAY COMPANY.

Yesterday the ordinary general half-yearly meeting
of the shareholders of this company was held at the
L,ndon Tavern, Mir J. It. Cututettant. in the chair
The report and statement of accounts were read by the
Secretary. The following are the principal features
In accordance with the resolutions piwied in August
last, ' That the railway be finished as expeditiously as pos-
sible, but that no lease of the undertaking be granted until
the line is completed,' and' That in the .f Mr. Mani-
fold's, or any other, proposition to lease the line, being
abandoned, the committee will recommend to an adjourned
meeting of the proprietors it further contribution, to be
added to the pref. rential stock,' all negotiations with Mr.
Manifold on the suhject of leasing the railway have ceased,
and the directurs have received front that gentleman a ten-
der for the completion of the lino to Mahaica, for a sum
payable in cash- They are also in treaty with another con-
tractor, who has expressed his willingness to accept payment
in bowls of the company. to be issued under the new ordi-
, nance, authorising an increase of the capit 1. This ordi•
mance fur creating the preferential stock has passed the
' Court of l'olicy, and will probably be sent home for her
Majesty's approval by the nest packet. On the second read-
ing, the amount to be raised was, on the motion of a mem-
ber of the court, increased to 60,0001., which will be
more than sufficient to complete the railway to
Mahaies, and meet all the liabilities of the company.
Since the last meeting of sharehulders one of your directors
and largest roprietors Mr. W. Brand, has p proceeded to
Demerara on his private 'affairs ; he will, however, on his
arrival in the colony, place himself in communication with
Mr. Porter, and the board cipect that much benefit will
be derived front Mr. Porter being enabled to consult with a
gentleman of Mr. Brand's local kaowledge and great pen
venal interest in the railway. The accounts lately received
from Mr. Porter are of a much more satisfactory nature, u
in a letter, dated 21th August, he states ' That the lies is
in very much better order than it was :' he also mentions
that the goods traffic has very eonsiderabiy increased, sad
that when the line isonce open to Mahaica and fully deve-
loped, the gross receipts will be more than 7,0001. per month
or upwarls of 24,000/. per annum. The traffic receipts for
the carriage of goods and passengers from January 1 to
August 31 last, amounted to 7,6881. ' • while the correspond.
ing period of last year only produced 6,618/. Before con-
cluding this report, your directors must in justice to them-
selves draw your attention to the very general feelings of
regret that have been expressed in the colony and else-
where, at the shareholders declining to lease the lion to Mr.
Manifold. Notwithstanding the discrepancies of statements
on various matters connected with the railway which ex-
isted between Mr. Manifold and Mr. Porter, the latter
gentleman has, in every letter received from hint, urged on
your directors the advantages of completing such a • desir-
able arrangement ;' and at the date of his last communica-
tion to the board, the With of September, having received
the report of the nroceedings of the special general meeting
of shareholders, be 'expresses his regret that Mr. Manifold's
proposal has been rejected;' he concludes his letter by
'strongly urging' on the direeto:a the expediency of leasing
the line. The late deputy chairman, Mr. Naghtea, retires
from the board."

The accounts show en expenditure of 13,0.591. 4s. 44., in-
eluding cost of working the line, purchase of lasultearrying
on new works, interest, and other charges, and receipts from
traffic, amounting to 5,6321. lbs. 10d.
On the motion of the CIIAIMIAN, seconded by Mr. DNA-
CON, the report was adopted niumnissously, and a TOW Of I
thanks to tho chairman concluded the business.