The Express.
London, England, 1851-08-26 00:00:00

THE EXPRESS, TUESDAY EVENING, AUGUST 26, 1851.

which, upon flee imcceesive applications, parliament had re-
fused? (Hear.) He could only repeat that the directors
were prepared L. meet the Great Northern Company in a
spirit of amity, for the purpose of carrying out what they
considered to be the views of parliament ; but, if the most
direct communication was entitled to the traffic, he main-
tained that that direct communication was by the Eastern
Counties line, and the ilirectcrs were determined to defend

consent of a majority of the shareholders, at a general or
special meeting, which was carried unanimously.
The subject of the remuneration of the directors was next
mooted, but
The CHAIRMAN suggested that they had better allow
that to, stand over till the next half-year. If they should
then be prosperous, there might he no objection to the pre-
sent par:tent, and, if not, the shareholders could, if they
thought fit, reduce or withdraw the allowance.
A series of resolutions was then proposed by Mr.
Isl'Lsiteg. The first, that a special committee of the pro-
prietors of the Eastern Counties, the Eastern Vision, and
Norfolk lines, be appointed to settle on terms for the atnal-
trimition of the three mummies; second, that a list of the
preletenee and ordinary shareholders should be prepared
and sold at Is. each; third, that the charge of 2,C251. paid
to the Norfolk directors and management should be dis-
allowed, in consequence of the loss that line entailed oa the
iEastern Counties; fourth, that no proprietor should be
qualified to sit at the board who possessed less than 200
shares; and, lastly, that the settlement of Mr. hunean's
claims be left in the hands of the solicitors and the ac-
countants.

. .....
their right to the traffic as long as they had the support and
concurrence of the shareholders. (Hear, hear.) lie was
not prepared to state what measures it might be desirable to
adopt in the next session of parliament, but he would
say that, beyond the preliminary expenses which might
attend the eirinz of notices or the making of snrreys,
the directors would nut incur any expenses without
asking the sanction of the proprietors. (Hear.) He might
remind them that in April or May last it was announced
that the Eastern Counties directors were endeavouring to
make arrangements for entering into part occupation of the
Fenchurch-street station of the Blackwell Railway Company,
who projected a line to be carried opposite to Gravesend.
He hoped arrangements would shortly be made whereby the
Eastern Counties Company would have free access to the
Fenchurch-street station, and he was informed the Black-

• -.
wall Company were preparing plans for giving them a siding
fur their own use. If they could obtain such accommodation
upon fair and equitable terms, the greatest advantages must
result to the Eastern Counties Company. (" Hear," and
cheers.) Complaints had been made that the directors of
the Eastern Counties Company hail been advertising for
money and offering 43 per cent. They had to measure their
credit by the opinion which others entertained of it, and so
long as they could not obtain money at 4 per cent. they
thought it advisable to advertise for it at 4f. Ile was glad
to say, however, that the money was coming in very
freely, and he hod no doubt they would anon be able to
obtain the advances they required upon as favourable terms
as any other company. Ile was glad to be able to state that
their goods traffic was progressing most satisfactorily. He
found upon a comparison of the returns which were deli-
rered monthly that at nearly every station on the Eastern
Counties line, except where it was in immediate contact
with the tircat Northern, the goods traffic had inertsised.

After some discussion the resolutions were withdrawn.
A vote of thanks was passed to the chairman, who,
in acknowled7ing the compliment, expressed his conviction
that the affairs of the company would speedily assume a
more encouraging aspect.
A vote of thanks was then passed in favour of the auditors,
Messrs. Reeves and Mayhew, which those gentlemen
having acknowledged, the business terminated.
LIVERPOOL, CROSBY, AND SOUTHPORT.
The half-yearly meeting of this company was held
at Liverpool on Saturday, Mr. 11. C. CHAPMAN in the
chair.

The SECRETARY read the report, an abstract of which has
appeared in the Express.
The CHAIRMAN, in moving the adoption of the report,
stated that since the opening of the hue through to Liver-
pool the passenger traffic teas fully borne out the expecta-
tion of the directors, and left no doubt of • steady
increase. New buildings were springing up along the
line, and the demand for houses was greater than the
supply. It was, therefore, fair to inter that in the
course of a few years the line would be one of the most
remunerative in the kingdom. It was intended to close the
capital hccount during the present year, unless increased
demands for accommodation should arise requiring a double
line of rails from Crosby to Birkdale, a distuuce of about 11
miles.
On the motion of the C nal liStAlki, seconded by Mr. BOOTH,
the report was unanimously adopted.
The meeting was then made special, and the forfeiture of
13 shares was confirmed.
The proceedings concluded wi.h a vote of thanks to the
chairman.

lie was nut aware that there wore any other observations lie
had to make, except upon tnc question of remuneration to
the directors. Su far us he was concerned he left the pro-
prietors to deal with that :object as they thought lit.
rhe amount now set aside for the directors was

1,800(. a-year, the sum which had been appropriated
to the same purpose for years past, and he thought,
if they wished to have directors who attended to the
business of the company, it would he necessary to give
them a fair remuneration for their labours. (lit or, hear.)
If the directors were but united they would, he believed,
ultimately have to congratulate themselves on having res-
cued from ruin a property, of which the owners had been so
patient in various phases of its history. (Hear, hear.) He
hoped that on that occasion tiny would not only have the
satisfaction of conducting the meeting in a proper mercan-
tile spirit, but also be enabled to look forwonl to n period
when their hopes--he would not say their fondest hopes—hut
their reasonable hopes would be realised, and when the im-
proved price of the shares would indicate the improved
condition of the line. (Cheers.) The hon. gentlemen con-
cluded by moving the adoption of the report and the
accounts abseil thereto.
Mr. NATHAN wished to put three questions to the
chairman; first, why the hoard had tilled up one of the
vacancies in the direction by electing a noble lord who had
only twenty shares in the line; secondly, why they had not
accepted the printed offer of Mr. l'eto to take the Norfolk
line MI their hands ; and, thirdly, for what amount they
were to lease the Harwich line.

BRISTOL AND EXETER RAILWAY
the report to be submitted to the proprietors at
their thirtieth half•yearly meeting, on Thursday, says :
" The gross traffic receipts of the Bristol and Exeter
Railway, front the Ist of January to the 30th of June, 1851
(including 5121. 6s. fur seven weeks' traffic on the Exeter
and Crediton Railway), amount to 105,953/. 15s. 11d., and
the working expenses during the same period (exclusive of
1,1611. lb. 7d. charge% to the revenue account for the cost
of the new act of parliament) is ♦3,903/. ss. Ild., or about
41.138 per cent., arid 5106. 10s. per mile, on 86 miles of line.
The traffic receipts are, therefore, 7,5001. 14.. Id. more than
during the corresponding half of the year 1850, exclusively
of the 512/.61. earned on the Exeter and Crediton Railway ;
and this increase arises in the hollowing proportions, viz.:—
On passengers, 5,303/. ii.. 11d., or 8.611 per cent.; on
goods and cattle, 2,109/. 3s. 9.1., or 8.360 per cent.; on par-
cels, 87/. 15s. lid., or 1.895 per cent. The number of pas-
sengers is 282,135, conveyed 8,021,708 miles, and the quail-
tity of goods and coals is 75,105 tons 10 cwt. 3 qrs. 211b5.,
conveyed 2,806,782 miles. The consumption of coke fur
the half-year is as follow., vie.:
-

The CHAIRMAN said, as regarded the first question, he
very much regretted the allusion to Lord Allred Paget.
He had never seen a gentleman display more hu-i-
-ness4ike habits than Lord Alfred Paget had done, and he
was convinced that he (the chairman) had exercised a
sound discretion. As regarded Mr. Veto's offer, he must
observe that it was fully considered by the directors ; but us
the question involved revenue of 101.1,0001., they stated in
the corresporalence that they did not feel justified in taking
any step without taking the opinion of the proprie-
tors; that they would be prepared to take that
opinion, if called upon to do so; but that they
would do nothing more on their own responsibility.
With respect to the Harwich agreement the expenditure
was to be under the control of a joint committee appointed
by both companies. He believed the works were to be
executed for 100,000/. or thereabouts, while the land was esti-
mated to cost about 40,000!., and the pier 30,000/. Inasmuch,
however, 114 the inhabitanta of Harwich had obtained an
improvement bill, under which they were going to construct
a pier, he thoug..t the expense of a single line would not
exceed 150,000/. The capital empowered to be raised was
250.000/., and 4 per cent. was guaranteed by this company
on the outlay.
111r.M.LA1tEN,though he regretted there was no dividend,
thought the directors had exercised a wise discretion in clearing
off contingencies which would otherwise have formed an ob-
stacle to improvement. Considerable progress had been mad.•
and the traffic of the line was now restored to something
like the proportion of the corresponding period in the pre-
vious year. He looked forward with confidence to a fur-
ther reduction in the working expences. lie should think
that, considering the eireumstances in which the company
was placed, the Northern and Eastern board, many mem-
bers of which he saw at the table, would take a side-
look at th,• unfot tuuate shareholders, and forego
the 1,0001. per annum which they now received. (Laughter.)
He would sugge,t to them that they should hand it over as
a nucleus for an Eastern Counties dividend. (Renewed
laughter.) As regarded the fees, he must say that it ap-
peared to him must extraordinary that fur the performance
of mere nominal duties, there should be received an aggre-
gate of 4001. per annum. The proprietor then moved a re-
nolution, declaring that in the opinion of the meeting the
Northern and Eastern hoard should, in consideration of the
company's position, forego the remuneration to which they
were legally entitled, and also take measures to reduce the
rate of interest paid on their Northern and Eastern capital.
Mr. BOX seconded the motion.
The CHAIItMAN observed, that if he thought the pro-
perty would not henceforward be in it position nut only to
meet all its engagements as it hail hitherto done, but also
to pay a dividend to the proprietors, he would then say
that this matter might fairly be brought before the
Northern and Eastern board ; but as he thought differently,
lie could not adopt the proposal.
Mr. DA LLAWAY said that though he had lost several
thousand pounds in the concern, and then held 200 shares,
he was not in favour of the proposal ,ust made. He was
happy to find the shareholders acting like men of business;
and he was convinced that the only practicable way of re-
ducing the company's liabilities was to buy stock at the
market price.
Mr. LEVI would submit to the proprietor (Mr.M'Laren)
that his proposition was nonsensical. (Hear, hear, and
laughter.) Ile (Mr. Levi) was a large proprietor of
Northern and Eastern stock, and did the hon. proprietor
suppose that, after losing so much money in Eastern Coun-
ties shares, he was going to give up a dividend secured to
him by act of parliament (Hear, hear.)
Mr. BAGSHAW, a Northern and Eaateru director, said
he would appeal to the meeting to place themselves in
thought in his own position, and they would then see that
the proposition before them was perfectly futile. Notwith-
standing Mr. M'Laren's statement that the duties performed
were merely nominal, he begged to say that he had worked
as hard as any one, and he claimed therefore to continue
on the same footing with the Eastern Counties directors.

l‘liles run. Coke consumed. lhs.
Tons. cwt. per mile.
With passenger engines 219,446 .. 2,77 K 2 .. 28.38
Goods engines 62,314 .. 1,621 7 58 2
Piloting

291,031 4,677 7 at an aver-
age cost of 19s. per ton. The disposable balance of
the revenue account (including the 8,847/. 7s. 7tl.
brought over from the previous half-year) is 44,093/. 2s. 4.1.„
which will provide f.:r a dividend of four per cent. ,
per annum on your 2,000,000/. of stock, and leave a
surplus of 4,093/. 2s. 4d. This reserve will be increased
by a dividend of Os. 41d. per half-share, and Os. per
whole share on your 4,000 shares of each class in the
South-Devon railway. Your directors have heard with sin. ,
cere plc sure that the difficulties under which that company ,
has laboured during several years ,re materially diminished ,
and its prospects so considerably improved as to warrant ,
the expectation that you will henceforth receive regularly a ,
return on your large investment in both descriptions of tliat
company's shares. tinder these encouraging circumstances,
and with the surplus of 1,093/. 2s. 4d. carried forward from I
the least productive half of the year, and with a fair pms-
met of a good autumnal traffic, your directors feel justified
in recommending to you to declare a dividend at the rate
of four per cent. per annum. The act of parliament for ,
regulating the capital of the company, and legalising the
issue of four per cent. preference shares and
stock, received the royal assent on the 20th of May last.
The Exeter and Crediton Railway was opened for public
traffic on the 12th of May last, and the receipts afford satis-
factory evidence that the calculations upon which the lease
of that line was recommended to you were substantially
correct, and that the conditions of the agreement with the ,
Exeter and Credition Company are fair and equitable. A
resolution will be submitted to you to sanction the issue of
preference shares by the Exeter and Crediton Company ;
to empower your directors, if they should see fit, to deduct
annually from the rent a sufficient amount to cover the in-
terest thereon, whereby the reimbursement of the sums ad-
vanced by this company in restoring the broad gouge and
completing the works necessary fur the traffic of the line,
will have to be distributed over a longer period. There is
now on Mot a project fur a railway between Glastonbury
and Ilighbridge, under the title of the " Soinersetshire
Central Railway and Ifighbridge harbour Company,"
which, if carried into effect, will lead to the sale of the
Glastenbury Canal by this company • and your directors
have provisionally agreed to dispose Of the canal, and the
works connected with it, for the sum of 8,0001. ; to take
shares in lieu of the purchase money ; and, in order to afford
further c ncourage client to that undertaking,they propose,un-
der certain reservations and conditions, to allow a percentage
upon the traffic derived from the Sornersetshire Central
Railway and llighbridge Harbour, and conveyed over por-
tions of the Bristol and Exeter line. A resolution will be
submitted to you to sanction an agreement to that effect.
With a view to promote the selection of Plymouth as the
port of departure and arrival of a second line of Indian
steamers, as well as of the Cape of Good liope packets,
your directors have entered into a contract with the Electric
Telegraph Company to erect the electric telegraph on your
line. The Great Western and Midland Companies have
entered into a similar contract, and by this simultaneous
movement the communication by telegraph from London
and the North of England, through Bristol to l'lymouth will
be completed, and opened for public use within a few months.
The electric telegraph will be constructed by .he Electric
Telegraph Company at their own expense, and the sum of
6!. per mile will be paid annually by you for its use and
maintenance; such annual sum being redeemable at the
expiration of five years on payment of the sum of 40/.
per mile. The works on the main line and branches being
nearly completed, and the capital account almost closed, the
directors have decided to dispense with the services of an
engineer-in-chief. The stock of locomotive power consists
of 20 passenger, 8 goods, and 6 tank engines, iucludiag
the Fairfield. The capital account, to the 30th of June,
shows that 2,908,1801. had been received, including
1,064,3611. on debentures, and '2,963,7091. expended, in-
cluding 345,2621. on shares in the South Devon and other
railway companies, leaving a balance of 34,4761. The
revenue account for the half-year ending the 30th of June,
stated that 107,390/. had been received, and 45,3641. ex-
pended, including 2,738/. passenger duty, 3,:i671. rates
and taxes, and 1,4611. (the cost of obtaining tho net of
18.51), leaving a balance of 62,0301. To this nun is added
the balance from the last account, and interest, 9121. ;
making the total sum to credit of revenue, 71,5431. From
this is deducted 27,4501., the interest on borrowed money,
leaving a disposable sum for dividends of 44,0931.

He had exerted himself, and would continue to do so ; but
ho would be paid (or it. (Hear, hear.) He would have
no false delicacy in the matter.
Mr. BOX complained that the working expenses had
been reduced only 21d. per mile. He wished to know whe-
ther the attention of the directors had been given to the
compressed air machinery. (Laughter.) Ile was himself
favourable to a trial of it—(renewed laughterl—and he was
authorised to state that the patentee was quite willing to
test the principle on a branch line at his own expense. All
he asked was a trial.
The CHAIRMAN—IIe shall have it. (Laughter and
cheers.) [The chairman subsequently explained that the
directors would be willing to allow a trial of the principle,
but the experiment must not be attended with any oast to
the company, nor would they allow their own engines to be
used.]
Mr. BOX thanked the chairman for his offer, observing
that the readiness with which it was made satisfied him
that the hon. gentleman was most desirous to endeavour to
bring the expenditure of the company within moderate
bounds. (Hear, hear.)
Mr. ROBINSON suggested that an attempt should be
made to induce the three railway companies in the eastern
counties to unite themselves into one company. (Cries of
Oh," and No, no.")
The CHAIRMAN stated, in reply to questions, that the
directors had effected a reduction of about 3,5001. a year at
the Bishopagate station alone, in the clerks' and stores' de-
partments. The miscellaneous expenses of the company
were, he admitted, high, but he was not at all satisfied on
that subject, and had called for a report fmm each of the
officers with reference to the items charged. _

DUBLIN AND BELFAST JUNCTION RAILWAY.
The rerort of the directors, to 'be submitted at the half-
yearly meeting on Thursday next, states that the results of
the traffic for the half-year end ing the 30th of June are !
satisfactory. The receipts amounted to 10,8671.,—vie.,
7,5001. for passengers, 1,2711. fur merchandise, 2,0371. fur
mails, and 50/. rent. Thum has been added to the above
receipts 3,6501. s the interest •ou the Navan branch expendi-
ture. The net balance to di 0 credit of revenue for the half-
year is 7,3761., out of wb ich the directors recommend a
dividend of IN. per shr „re. During the past half-year
14,6441. has been receiveil on arrears of calls. A contract
has been entered late, for the erection of the Boyne
viaduct, and works wanected therewith, for the sum of
169,0001• The worts '.111,10 been commenced, and are to be
completed in 22 rumens from the date of the contract deed.
This work has been delayed from various causes over which
the directors had o o oontroul, and it will be executed for a
suns less by at lee at 50,000/• than the sum tendered for it in
the year 1846. During the last few months negotiations
have been peutV.ng with the Newry and Enniskillen Rail-
way Company for a junction of the two lines at Gorah-
wood ; in consequence, however, of the terms and condi-
tions proper,ed being such as your directors could not
agree to masistent with the interests of the company they
have been broken off. The whole of the works are now
under contract, or fast approaching to completion, and the
directors continue to entertain the opinion that the anti-
, cipatiems of a fair return for the outlay will be realised.

Some conversation then took place with regard to the pas-
sage in the auditors' report which was quoted by the chair
man, referring to two items, amounting together to WO/.
paid by order of the late directors, but for which there were
no vouchers. Mr. Ellis, one of the late directors, stated
that, on the Tird of January, 1851, he, as a member of
the aceounts committee. received an application from
Messrs. Crowder and Maynard, solicitors to the company,
asking for 1,0031., for disbursements on the company's ac-
count, and that amount he furnished, four other gentle-
men, now members of the board (as we understood),
being present at the time, and concurring in his act.
Mr. Maynard said (in reply to an appeal from Mr. Ellis)
that, so fir as he was aware, Mr. Ellis knew nothing
about the disposal of the money. A portion of the 1,0001.,
it appeared, had been paid through the late secretary to
secure parliamentary assistance for the company,' in their
recent contests with other companies, the balse.cc remain-
ing in the hands of the solicitors. Mr. J. cur.., stated that,
had not the bill promoted by the Great Nor.rtern Company
for making a line from Shipreth to Cambridge
quashed on the second reading, the OID cube to the Eastern
Counties Company would have been five times more than
the sum to which reference was Made by the auditors. A
desultory discussion took place some shareholders main.
dining that it was necessary to intrust the directors, the
solicitors, and the secretary, with a certain discretionary
power under such circumstances, while others strongly de-
nounced
the praCtice of making any payments without'
vouchers, one gentleman observing that it appeared, from '
the report of the committee of inquiry, some time ago, that
a sum of 6,000 f. had mysteriously disappeared in this man-
ner. Eventually the subject dropped, and
The motion confirming the report was then put, and
agreed to unanimously.
Mr. M'Ltave moved, and Mr. Howes seconded arescdu-
tioa prohibiting theexpeuditure of any mousy its Posture for
the purpose of ehtliniliftg prosies, unless with the previous

BRISTOL AND BOUfll WALES JUNCTION RAIL-
WAY.—The half-yearly general meeting was advertised to
be held yesterday, at Bristol, but, owing to the nun-
attendance of a sufficient number of shareholders, it could
not he constituted. From the statement of account: distri-
buted it appeared that the receipts were 38,5621. Its. 9.1.,
and the expenditure 37,1891. ss. 104., leasing a balance in
hand of 1,3731. Bs. ltd. A conversation ensued between
the chairman (Jas. Gibbs, Esq.), and some of tlee share-
holders with reference to the present position of the com-
pany, and it appeared from the chairman's statement that,
idler meeting all the liabilities of the pally, there would
still remain assets to a considerable amount ; that they
would have the New Passage Hotel and pro petty, 10 acres
of land at Barton-hill, near Bristol, ' land purchased of
Col. Worrell, a house at Barton-hill, &e.; and he should
suppose that the surplus would he 4,000/. or 5,0e0/. Mr.
Bowsher inquired what course the directors recommended..
The chairman said his own opinion was, that they should
apply the assets among those who lead paid up the most '
calls, so as to reduce and equalise, as fur us lapsible, the
calls paid op. 01 course thee would have to be done with
a menet regard to the equity, inasmuch as the shareholder,
who had paid up all their calls were entitled to considera-
tion in the way of interest. Mr. Bowsher, in reply, said
he thought the plan suggested a very good one. Nu reek,-
lotion co 'ld be come to, and the meeting separated.
SOUTH STAFFORDsIIIRE litll.w.ti.—The report of
the directors, to be submitted to the half-yearly meeting
upon the 27th inst., states that, since the last meeting, con-
siderable progress has been made towards the settlement of
all °enameling claime, and the closing of the capital ac-
count. During the half-year the refunding of deposits for
laud in the Bank of England, and some land sold, has
amounted to 17,470/.; and,• as the amount paid for land
purchases completed has been 9,381/., tier dilference of
8,0701. has been deducted from the total cost of laud, us
ppreviously charged. The, gross amount expended tee the
31st July last has been 865,053/., of which 712,9101. has
been raised by the shareholders; 98,750/. upon tweeds, seed
53,357'. by sundry temporary loans. The receipts her the
haleyear leave been 31,4221., need the exneueliture 22,603/.,
showing a balance of 8,8191. The Tiptoe branch, connecting
this line with the Stour Valley, her wltele un act was
cbteined Lest session, will be completed as acute as the Stour
Valley shall be opened for public traffic. In the same act
powers were given to make traffic arrangements with the
London and North Western, and the directors have the
satisfaction to add that their lessee, Mr. Al'Lean, with the
concurrence of the leuard, leas entered into au arrangement
with that company fur working the lilies jointly during Coe
continuance of the lease. lice dividend will be payable on
the lot September nee, at the rate of very nearly
2s. Old. per share, equal to 10/. 3s. 10d. on 100
shares; hieing half u years interest on 8/. 10s. per share,
at 2 per cent., uutl on I/. at 4 per cent. It is in-
tended en future to hold the compeny's meetings SO as to
pay the dividend on the Ist of March and Ist of September
en each year. No dividend will be paid un shares in arrear
for call.. 'flee lessee has continued tee carry out tee provi-
sions of the lease in the inert satisfactory manner. The
rate of interest accruing to the proprietor, from the Ist inst.
is 4 per cent. on the while Ulllol.lllt paid up, and the first
stipulated prepayment has already been made by the lessee.
including the funds requisite for tier renewal of the per-
manent way, engine's, carriages, and other stock, as we'll us
fur superintendence. The report is signed by Mr. It. C.
Chawner, vice-chairman ; and the accouuts are auelited by
Messrs. J. W. Newman and 11. Scott.
WEST COIINWALL.—The report of the directors, to
be submitted to the proprietors at dee half-yearly meeting
on Thursday next, states that the. directors have been in-
duced to hold the meeting in Cornwall to accommodate the
local shareholder+, who are increasing in number, and as
they hoped that they might have opened the line from
Penzance to Ilayle, it would have given the proprietors at
large an opportunity of being present on that occasi ~,, .
The directors are disappointed in this expectation, owing to
the non-delivery of Barlow's patent rails, but they are us-
sured by the contractor that the whole of the works on the
line to Itedruth will be completed, awl fit fur the through
traffic early in November. 'flee threcturs have entered into
a third contract with Mr. Ititsean bier the construction of
the remaining portion of the line between ltedruth and •
Truro, at similar prices to those of the other eon- '
tracts, the whole to be completed on the Ice of July, 1852.
The greater portion of the land for the line lietween
l'enzance and 'l'ruro has been actually bought on satis-
factory terms, while the directors leave every reason to ex-
pect that the remainder will shortly be obtained at pt ices
within the valuation of the eoenrany's surveyor. '1 he whole e
line from Penzance to 'leer° may be completed without
calling up more than 41. per share dining this and next
year. The long pending litigutiun between Mr. Mowatt I
and the company has been brought to a satisfactory concha- I
slim, Mr. Mowatt having paid over tee the company the full I
amount due in respect of calls on the 8.511 shares to he taken '
by him in accordance with the terms agreed to. The total '
profit on the half-year's working has been 1,6291., and alter e
providing for the interest on debenture's 051., and the I
mortgage loan 1241. the addition to the general revenue I
for the half-year will amount to 810/., which makes the '
present disposable balance) to the credit of the revenue ac- 1
count 1,4091. The directors have taken env for the for- I
feiture of 715 eleares held by parties who are unable to pay I
the arrears. The capital account shows that 241,7981. had i
been received, and 225,0121. expended, leaving 11 balance of I
19,7.161. Tim revenue account for the half-year shows that 4
7,4721. bad been received, and 5,813/. expended, leaving a I
balance of 1,629/.
EASTERN ONION.—The csecutiVe committee up- I
pointed hey the board of directors to manage the affairs of
the company have issued their first report, to be laid before ,
the shareholders at the half-yearly meeting on Friday 1
next. The report states that the London office is no longer '
necessary, and will be cloned at the end of the present
month. Within the last two or three weeks, fortunately
for all parties connected with the undertaking, a movement
commenced amongst an influential section of the pre.- '
ference shareholders. A meeting of such us were regis-
tered was held in London, aced u committee of them has
been appointed to communicate with the directors, to con-
sider terms of arrangement. The movement on the part of
the preference shareholders has afforded an opening to I
.
negotiate with the simple contract creditors of thee com-
puny. Meanwhile it would tend much to the advantage of
all the interests at stake, and to a speedier, if not mom
tans, settlement of difficulties, if all the debenture SLlM-
holders would temporarily unite in foregoing their claim to
the liquidation of bonds overdue, or may be in course ut be-
comint so, their interests confining to be punctually bid.
I Thus if continued), through an antigen:mut which the.well-
fare of every party connected with the railway imperatively
called for, and by scrupulous anti wise economy, %Dement
sources of traffic may be gradually developed, the reeeipts of
the line must progressively incieuae, and the unguaranteed
shareholder may at last hope to reap home return front the
profits of a concern to which he has SO largely contributed.
The Harwich agreement has been sealed by the Ea.stersi
Counties board, and it now oulyrequircs the sanctioa of the
shareholders and the amicable co-operation of a joint coin
mittee of the boards of the two companies kw the line to. be
forthwith commenced. The terms are, the Eastern
Counties Company guarantee 4 per cent. on the cost, with
half the surplus profits arising from the traffic between Har-
wich and London and between Harwich and all stations on
the Eastern Counties line, whichtermewill enable toe direc-
lure to complete the line on its own security. The
Trowse branch, connecting the line with the Eastern
Counties system at Norwich, is now ready for work.
As regards the items clamed under the head of general ex-
penses, &e., the committee hope to reduce them one-third.
In conclusion, the committee state that taking the incense*
of the line for the year ending June, 1862, to be the same as
that realised for the year ending June, 1851, viz., at about I
111,0001., 58 per cent. (or 61,3801.) will suffice for working I
expenses, including a reasonable provision against deprecia-
tion. This would leave as surplus net income 46,630!. If
this be a fair estimate, it wit) almost necessarily follow that I
under more vigorous management, inure rigid economy, '
relief from pecuniary pressure, and the opening of fru&
sources of traffic, the net surplus revenue after June, 1862, I
can never well be lees than 52,0001. per annum. Beyond I
this the committee at the present time do not venture to I
offer a surmise. The capital account shows that 2,121,0431. „
had been received, and 2,118,1721. expended, leaving a
balance of 2,8701. The revenue. account fur the half-year ,
__states that 51,6971. had beer, received, and 33,8441. ex- j
DUBLIN AND DROGHEDA RAILWAY. mlded, leaving a balance of 17,8521.
LONDONDERRY AND OOLEILAINF--It appears, from
The report of the directors for the half year ending ' the statement of receipt:. and expenditure to the 30th of ,
June 30, 1851, states, that: . June, that the company is authorised to raise 500,0001. on
" The traffic of the last half year exceeds that of the cop- ''lo,ooo shares of 251. each, and on 20,000 shares of 121. 10s.
responding half ear by 1,1871. This increase has been ' each. The total amount receivedlon shares and loans to the ,
derived tram the Nevem branch. That branch was opened 30th of June was 31%6901. of which 20005641. was received '
for traffic on the 15th February, 1850, and the receipts upon !on 251. shares, and 66,896!. on 121. 10s. shares. The ea-
it fcr the. 20 weeks ending the 30th June in that year were ; penditure amoetteted to 304,6171., of which 7,4761. will for
2,4481. The receipts for the 26 weeks ending the 30th Parliamentary expenses, 251,3591., land and construction,
dive, 1851, were 4,0331. This shows a censiaerable int- , 2,7081. incidental charges, 6,9621. for engines, &c., and
provement; and if the branch were extended to Navan 11,7401. for interest to shareholder on calls paid up, leaving
or Keels, there can be no doubt that the traffic in goods and a balance of 7,9721. The receipts on capital accountduring
cattle would be much augmented. At the general meeting the past half] ear amounted to 53,7101., and the expenditure
held in March last, a resolution was passed, requesting the to 60, 2481. The liabilities to toe 30th Jame are stated to
directors to take the e„„„ry steps to ascertain the lowest Ibe 14,3841., and the wets 66,0791., consisting of arrears of
probable cost of the land and works; and Otter items calls, a considerable portion of which will not be zeeeyeee,l.