The Express.
London, England, 1853-08-15 00:00:00

EAST INDIAN RAILWAY.

The report which is to be submittea to the pro.
prietors at the general meeting to-morrow is as follows •
On the occasion of meeting the proprietors at the aizi
half•yearly general meeting, the Board of Directors have
the satisfaction of coogratulatieg the sharehAders upom
having completed arrangements with the East India Com-
pany for the development of that comprehensive system of
railways iq India which originated with this company.
The following correspondence between the Maid of Direc-
tors end the East India Company, exhibits the terms of the
proposed new arrangements with that body, by which it
will be observed, that upon the capital requisite to complete
the line to Delhi, interest at the rate of 4 per cent. per
annum is guaranteed, under terms in other respects identical
with those of the first contract :

[Here follows the correspondence.]
teed by the East India Company, and the identity
Independently of the pecuniary assistance thus gueran-
of inte-
rest iu the success of the company which is involved in the
arrangements, the undcrtakiog presents advantages el no
milieu,' character.
The political benefits which it will confer upon this coun-
try and upon India are second only to the intluettnenta it
offers as a largely remunerative means of investineut, and
the following brief summary r f traffic, taken from authen-
ticated documents carefully collated seven years ago, justi-
fies the expectation that the ultimate receipts of the line
will be large beyond any known precedent.
The estimated cost of the line from Calcutta to Delhi is
10,000,0001.
In the year 1844-45, the traffic between Calcutta and
Mirzspore was about 2,222,359 tons of goods and about
670,000 passengers; and between Mirzapore and Delhi,
about 1,000,000 tons of goods; end 430,000 passengers. Ex-
perience in this country warrants the assumption that there
will be a large increase upon this traffic ; but, taken as it
stands, and carried at exceedingly low rates, with an al-
lowance of 50 per cent. for working expenses, it will pro-
duce a net revenue exceeding 30 per cent. per annum on the
capital invested.
To give effect to the arrangements contemplated, the
Board of Directors propose to issue. 400,000 shares of 201.
each ; of these shares 2.50,000 will he offered pro rota to the
present holders of shares in this company, in the propor-
tion of 2} new shares for each Old and each Extension B
share ; the remaining 150,000 shares being assigned at the
request of the East India Company, and in consideration of
the ultimate extension of the line by this comp-iny to Lahore
and the North Western frontier, to the holden of shares

in an association entitled the Upper India Railway Com-
pany, in accordance with an arrangement made in the fol-
lowiug terms :—ln the event of the line from Itajmahal to
Delhi, and ultimately to the North West frontier, being in-
trusted to the East India Railway Company, and of a
capital for that purpose being authorised of tint less than
seven millions, a proportion of that capital, to the amuunt
of three million'', shall be assigned to the holders
of scrip in the Upper India Railway, the whole
of that scrip being simultaneausly delivered up.
Three of the directors in the Upper India Radway Com-
p-ny shall be elected directors of the East Indian Railway
Company, in addition to the present members, by the
Board of Directors of that company according to the present
mode. (Signed) Joe:LINN.
R. A. AiiLIONBY.
East India Rouse, July 23, 1853.
In the presence of the chairman and deputyiel.erman of
the East India Company. (Signed) R. E.
J. O.
In pursuance of this arrangement, the hoard detetmined
to recommend for election three directors of tl:e Upper
India Railway Company. The directors of that company,
however, have declined to be elected in the mode agreed
upon, and the necessity therefore for increasing the board
at this meeting, of which notice was give n, no linger exists.
It is intended that calls on the 400,0(10 ,hares now to be
issued shall be made at intervals of three months, at the
rate of about 16 per cent. per annum. The first call will
be 2/. per share.
There will also be a call of If. per share on the shares at
present called Extension B shares, and the remaining 18/.
will be called for at the rate of 16 per cent, per annum.
Arrangements have been made, by the bill introduced
into parliament to carry out the extended objects of the
company, for securing the interests of the holders of the 5
per sent. shares.
The works at present under contract are progressing
satisfactorily ; nearly the whole of the permanent way for
the first section of 121 miles has been shipped ; the rolling
stock will at once follow; and it is hoped that this pnrtion
of the line may be opened for traffic in the course of next
year.

BIRKENHEAD, LANCASHIRE, AND CHE-