The Express.
London, England, 1852-09-22 00:00:00

EDINBURGH, PERTH, AND DUNDEE
I.AILWAT.

The report of the directory of this company, which
is intended to be submitted to the genteel meeting of the
proprietors, to be held on the 29th inst., ct.ifw that the
total earnings for the half-year ending 31st of July last
amounted to 61,6731., subject to the following deductions:
—Working expenses, h 0.0381.; pier and share dues, cartage,
and commission, 4,106!. ,• taxes and government duty.
1,733/. ; interest paid on debenture loans, at the rate of 31
per cunt. per annum, 14,2471.; together, 60,1261., leaving
• balance of 11,4461. Of this balance, 1,191/. has been paid
as interest, priucipally to the ferry proprietors, at a re-
duce I rate, in terms of arrangements made with them.
Since the clout of the half-year, a further sum of 6,220/. hag
bee. appropriated in payment of nix months' interest on
the debts due to the banks, at the rate of 3 per cent.
per annum, wnicb they have agreed to accept for •
fixed period, provided it is punctually paid half.yearly.
The earnings for the last half year, as compared with the
corresponding period of Ib3l, show an increase of 4,3731.
The working ezpenses for the half year ending the 31st of
July last einounted to 3%875/., mid those for the cone-
spending period of 1851 to 37,763/., showing a reduction on
the last half year of 1,9061., which, added to the increase in
the receipts, shows an increase in the act revenue of 6,280 f.
m compared with the corresponding half year of 1851. me
whole of the working expenses aro now debited to revenue.
The locomotive charges, inclusive of repairs., for the half
year have been 8 28d. per mile per train, as against 9 59d.
per train per mile in the corresponding period of 1851. or
equal to • saving of 13.7 per cent. The St. Andrew's Rail-
way was opened in July last, and has since been worked
by this company, in terms of an agreement between the
two companies, and, judging from the amount of traffic
which has already passed over that branch, it promises to
be a valuable aeees-ory to the line. The arrangement with
the Loses Company is precisely the same u the one now in
operation with the St. Andrew's Railway Company, with
the exception that tho former undertake to supply an
engine fur the service of their line. The Leven Company
underhike to find the capital necessary for the construction
of the branch line from the town of Leven to the Thornton
junction station on the main line, • distance of about six
miles, and to provide a locomotive for seeking It. Tho
total capital in shares nod leans is fixed nt a sum not ex-
ceeding 28,0001. On the completion of the branch, the
Edinburgh, Perth, and Dundee Company undertake to
work nail maintain it fora period of twenty-five years, End-
ing the necessary rolling stock, with the exception of the
locomotive, which is to be furnished by the Leven Com-
pany. The earnings of the Leven Company arc to be ap-
plied—firstly, for the maintenance of the railway and works,
taxes, salaries, wages, and, generally all expenses, except-
ing those which are incidental to the running of the teeing;
seeendly, for payment of interest and dividend on loaes (if
any) raised by the Leven Company, which shall not exceed
5,0001., and on their share capita!, at a rate not t xee .ling
41 per cent. per annum ; thirdly, for payment to :' c Eein-
biargh, Perth, and Dundee Company, to compensation of the
expenses of working the trains, Is. per mile fur each train
run by them on the branch; the surplus, if any, to be
equally divided between the t•vo compauies. It is satisfac-
tory to the directors to state that they have concluded an
arrangement for the settlement of the company', affairs,
which they trust es id receive the unction: of the aharc-
holders. In consequence of the resignation of the commit-
tee of shareholders, the duty of negotiating with the repre-
sentatives of the several classes of creditors devolved upon
the directors; and in the course of the protracted negetia-
lions which took place, the directors endeavoured to
adhehe as closely 33 possible to the principles of settlement
recommended by the committee of shareholders, and con-
curred in by themselves, end which it is intended shall be
ratified by act of parliament. In the :original
scheme the clai ns of the ordinary creditors were
postponed is the order of ranking to the debts
for which the directors bail become personally responsible
to the banks. Looking to the circumstances under which
these debts were originally contracted, the directors
believe they could have successfully opposed any attempt
to encroach upon the privileges conferred by parliament for
their protection. They resolved, however, rather to forego
their rights to some extent than that an amicable arrange-
ment should fail from want of concession on their part; and,
under the iatluence of that feeling, they consented to com-
ply with a suggestion thrown out during the negotiations,
that one-half of the ordinary debts (the whole of winch
were postponed in the original scheme) should be admitted
to rank along with the debts fur which they, es
are personally liable to the banks. A concession so im-
portant was, of course, only made on the condition that the
individual consent of the creditors shall be given to tho
arrangement without delay, and their concurrence obtained
for an application to parliament for an act to carry it into
effect. It is proposed, in accordance with the expressed
wishes of the shareholders, that five of the present di-
rectors should mare, and five new members he appointed
to fill the vacancies. Now that the affairs of the coin-
pany are in a train of settlement, it is hoped that some
of the gentlemen who acted on the committee of investiga-
tion, and ere consequently b. at qualified to undertake the
duties, will be induced to join the board. The capital
account showed that 2,761,1161. had been received and
2,872,963/. expended, leaving a balance of 108,8481.
against the company. The mecuue account for the half-
year ending 31st July showed that 11,573/. had teen re-
ceived and 35,8781. expended, leaving a balance of 26,6131.
The general arrangement for the extrication of the com-
pany's uffairs, as conduit( el with the committee representing
the several classes of claimants, and proposed to be embo-
died in an act of parliament to be 'pulled for in the ses-
sion t 8.2, specifies that the debentures amounting to
833,4101., are the first in order to be peovided for. The r ate
of interest on them is to be reduced to 31 per cent. for five
years, from Whitsunday last, payable half-yearly, with
power to the directors to redeem all or any of the debentures
at any term of Whitsutidey or Martinmas, on giving three
months' notice. la full of the arrears f interest due at
Whitsunday last on the debentures there shall be issued to
each debenture holder 251. stock of the company for each
1,0001. debt, and smaller sums in proportion. In full
of the difference of interest between the legal rate and
3i per cent. for the five years, there shall be issued
601. of the stock of the company for each 1,0001. of
debt, and • corresponding amount for any smaller sum;
such stock to be issued on the expiry of twelve months after
the pawing of the said Oct, to the severaldebenture cre-
ditors whose debts are not then paid by the company. Pro-
vision to bo made in the bill for a represeutation at tho
board by a party named by the debenture creditors, sous to
ace that their interests aro attended to. In the act to ho
applied for it is intended to take an alternative power to
issue annuity bond, or certificates of funded debt, to re-
deem the debenture loses. The second in oreer arc the
ferry purchases, 73,0511., interest to be 31 per cent.
on the aggregate ; the land and other special claims,
76,2201.; the claims for which the directors became person-
ally responsible to the banks and others on behalf of the
company, 455,4891. ; ordinary and contract debts to the ex-
tent of 10s. in the pentad of this real amount, which is esti-
mated at 209,697/., the half of which is 101,8481.; these
three sums together amount to 636,557'., and to Leer in-
terest at 3 per cent. per annum. The ordinary or contract
creditors to receive, in respect of the remainder or other
half of their debts, ordinary stock of the company, equal in
amount to the whole of their said debt. The first moneys
raised under the new powers to be applied in payment of the
ferry and land claims. The company's surplus land and other
heritable property to be realised as speedily as practicable,
and the proceeds to be applied in extinction pro Undo of the
land clams. To meet the annual interest dating the flee
years on the debts of the company as classifie,l above, • free
revenue will be required of 60,6101. Th.. thi,d in order aro
the preference share claimants. The Granton 201. pre-
ference stock, amounting to 95,4851.' guaranteed at present
6 per cent., is to be restricted to 62,0621., and converted
into 4,774 shares of 131. each, yielding a maximum fixed
dividend of 4 per cent., amounting to an annual payment
of 2,4821. (or about 21 per cent, on tho original capital).
Ordinary stock of the company of the nominal amount k f
95,4831. to be issued to the Oranton holders, in lieu of the
capital restricted, and in compensation of the 2} per cent.
preferential dividend and arrears thus surrendered. The
°tannin holders to have the right of nominating a director
to represent their interests at the board. The fourth in
order is the 51. preference stock, amounting to 92,245/.
guaranteed at present 5 per cent. This is to be restricted
and converted into stock of the smeunt of 46,1221.,
and to bear a fixed dividend of 4 per cent. (or 2 per
cent. on the original capital), payable half-yearly. In re-
spect of the capital restricted, and the preferential dividend
of 3 per cent. surrendered, the holders to receive ordinary
stock of the company of the nominal amount of 92,e'151.
117 the above arrangements the preferential debts or obli-
gation, of the company will be diminished to the extent of
, about 187,0001., alit will then amount to 1,631,2131. and the
annual interest and preference dividends will be 64,9et71.
The fifth in order is the ordinary share capital, the present
amount of which is 1,271,1471.• and, according to the
above arrangements with the debenture holders, the cm-
tract creditors, and the preference eharcholdere, will le, in-
creased by 4.59,9.11/., making the total nominal amount of
the ordinary capital 1,734,0811. The total amount of lean
amid share capital will thus amount to 3,3e5,21.11/., aita the
annual preference charge to 54,9071. In the event of the
traffic increasing so as to leave • surplus after meeting the
preference charges, the surplus is to be divided emoug the
ordinary shareholders.

LANCASTER AND PRESTON RAILWAY.
The annual general meeting of the shareholders of
the Lincaster and Vernon Junction Railway was held at
Lancaster on Monday afternoon last. Mr. 3. Bushell,
chairman of the board et directors, in the chair.
The report, an ab.tract of which appeared in the Daily
ears of last week, having been ciienlated among the share•
holders, was taken as read.
The CIIA 1101 AN having moved its adoption,
Mr. Kati!, of Bury, eumuL•ined of the expensiveness of
the maintenance of way, which amounted to 14.43.i1. for th)
miles in one yeas. Ile disapproscd of the conduct of the
di, cetera in taking the maintenance ot the way into their
own hands.

fIi6IIAIIIIIIIAN said it had been done in compliance with
a general wish espresscd by the sharel.W.ders.
The Itcv. J. 8. BIItLEY, in a speech of em.i.lemblo
length, moved '• that this meeting approves of the COUTS3
pursued by Mr. Dillow and those who voted with him at
the Lanca-ter and Carlisle meeting, with a view to the
election of one or more fresh directors at. the boned of Chet
corammy in the room of those retiring by rotation, and
would earnestly recommend that Dr. COW:Ill and
Mr. (Mow and other co-operating shareholder* per-
severe in their Aorta to procure the election at the LIIIICai•
ter and Carlisle hoard of two or three mem', re resident
in or near Prra.rn, who have mere I, Gore nod inteination Zei
efficiently to discharge the duties el the diet tit u.v
Mr. PIKS &vended the resolution.
A lengthy discussion ensued, in the course ofv4,hials the -• t Chairman said he was most anxious that the ~ • ,_a
tei
Alt
‘14.-

should t+e withdrawn, as he frit e6nseious its adoption
uld be attended by injurious consequence.
lir. Wiley ohms:els withdrew the tesolution, and the
motion for tho adoption of the report was unanimou►ly
agreed to.
The ell&IIIIi.f!I then proposed that the following divi-
dends. after the rate of 71 rer etat., be declared and paid :
Each whole share, IL Ids. id. ; thrte.quarti ts share, 1/.
7d.; quarter share, 9s. 4d.; twelfth share, 3s. Id., Ina
income tax. •
The motion was earried, and the direeton retiring by ro-
tation having been re-arrninted, a vote of thanks was
pared to the chairman, and the proceedings terminated.

SHREIFSBL-RY AND RAILIYAI.
The following is the result of the poll at the
meeting of the shareholders in this railway, which took
*see at Wolverhampton on hlauday night, and was de.
cured Itst,rla3 : the motion of the board being fur the
adoption of the memorandum of agreement entered into
betwetn the Great Wzsttra Company, the Shren.bury and
Chester Company, and this company, on the gild ue.t.