The Express.
London, England, 1851-08-22 00:00:00

cient to resist the force of the sea during the heavy gales
last winter, and that they considered it desirable to
call on Mr. Mendell (the most eminent engineer of
the present day for works affected by water to
report upon the whole of the walls. Mr. ltendell's
report is now laid before the proprietors. Immediately
on the receipt of this report, your directors advertised
for tenders fur rebuilding the walls. The contracts
have been let. The wall at Lowca Point i 4 now completed,
and that opposite the chemical works at Harrington in pro-
gress. The amount paid for these works to the 30th June
was 2,159/. 84. Id., of which amount 8361. Gs. 4d. has been
paid out of revenue (336/. Os. Id. in the half year ending
Dee. 31st, lnia, and .300!. in the past half year), and
1,3531. 2s. has been charged to capital. The total cost of
the two walls will he 1,997/. 165. 3d.; in addition to that a
fourth sum of 200/. will be required for drainage end dress-
ing the slopes of the railway. The present liabilities of the'
company amount to 6,020!. Is. &1., via.:-Balance owing in
capital account, 1,875/. 131. 7d. ; amount owing for land,
350'. amount owing for sea walls, 3,808/. 7s. 11d.-
6,0291. Is. 6d.; to which must be added amount required
for drainage and dressing slopes, 2001. ; works at Whitehaven
station, 20111.; works at Workington station, 500/.-6,929/.
Is. 6.1. The campsite have power to raise 8,000!. under the
provisions of the act of 1848, and it is the intention of your
directors to apply to the proprietors, at the special meeting
to be held this day, for authority to raise 7,0001. by the
creation of preference share., in accordance with the terms
of that act. In determining the amount chargeable to reve-
nue
for rebuilding the sea-walls, your directors have acted
on the principle that the revenue is only chargeable with
the cast of maintaining the works as originally constructed,
and that any increased expenditure arising from the recon-
struction of works in a more substantial manner than they
were originally is an expense chargeable to the capital ac-
count. The amount that would have been required to re•
place the sea walls upon the same plan as they were origi-
lially constructed is 1.1911.25. The amount already paid
eat of revenue is 836/. 6s. 44., consequently there remain: a
sum of 3.541. 155. Bd. to be charged against the receipt of
the present half-Year. The traffir receipts for the put
half-year have amounted to .5,101/. 1.11. 1014., and the
Maid working expenses to 2,3631. 17s. Id., which,
added to 0431. 3s. 10d. expended for repairs of
sea walls, drainage. &c., Makes the total expenditure of
the half-year, 3,030!. Os. 1 Id. To enable the Eroprictors to
*empire the expenditure of the ;met half-year with that of
the corresponding period in former years, the directors in
the present Recount have made a distinction between ordi-
nary and extraordinary expenditure, and they annex a
comparative statement of the receipts and expenditure for
the corresponding period in each year since the line was
opened throughout:-In 1848 the total traffic receipts were
4,1171. Os. 101 d. ; in 1819, .3.116'. 11s. 3'.d. ; in 1850,
5,598!. 75. Old. ; in 1851, 5,10.11. 15.1. told. Total ordinary
expenditure in 1818,2,913/.155. Ifkl.: in 1849,2,9111.181.211.;
in 1850, 2,68 x. ; in 1851, 2,336/. 17s. Id. From the
above it appears that, with the exception of the amount
received fur mails, the general traffic has increased, and
that the ordinary working expenses arc 2935. leas than those
of the corresponding period of 1850. The balance in the
profit and loss account is 1,0221.115. 8'4., and your directors
recommend the payment of a dividend per share, leaving
the sum of 32/. lit. 8:d. to the credit of the next account.
The engines, carriages, and rolling stock, are in good
working condition, and one of the engines has been fitted
with an entire set of slew tubes during the half year ; the
permanent way is in good order, 31111 the trains have run
with the greatest regularity, no accident of any kind having
occurred. The Whitehaven and Furness Junction Rail-
way Company arc actively prosecuting the works of the
tunnel at Whitelmeen, and it is expected that the junction
with this line will be completed in the course of next sum-
mer. Your directors have still to regret the want of proper
communication with the harbour at Whitehaven. An act
his., been passed during the last session for making a railway
from I:lverstone to Lancaster ; the works are already
commenced, and the line will be completed in about 18
mouths. The opening of this railway will materially
shorten the distance between places on this line of railway
and the manufacturing districts of Lancashire' and open
out a direct communication with the south of England.
The directors retiring are John Peile, Eel., John Moore,
Esq., and Captain l'ennington ; they offer themselves for
re-election. Mr. firisdale also retires front the office of au-
ditor, but is eligible for re-election.
" By the financial statement it appears that the sum re•
ceiveil on the share account is 12:4,88/. The capital ac-
count to 30th June is 173,334/. I Is. 6.1. The sum received
for traffic in the half-year for mails, ter., is 5,4051. 15s. 1014.
The total ordinary expenditure in the some period. so
2,3811!. 17s. Itl. Under the head of extraordinary expendi-
ture, 300/. is set down for rebuilding the seawalls; to,
which are added items for drainage of the line, dressing
slope., and duplicate materials used in former half-years,
making, in all, a grew expenditure of 3.0301. o'. 1 ld.
The SECRETARY next read a report from Mr. Brown
in which it was stated that upon careful examination the
construction of the sea walls had been found defective in
the first iostance,andtheir renewal or reconstruction was

recommended. Another report was road from Mr. 'Lun-
dell, the engineer, upon the same subject, confirming the
statements of Mr. Brown, and recommending the adoption
of his suggestions.
The report was adopted, the dividend declared, and the
usual formal business transacted.

A special meeting was then held, at which it was resolred
to create anew preference capital of 7,900 f., in 71. shares, at
ij per cent., leaving it optional with the directors to pay
them ott' in 1862, if their alfairs were in such a condition as
to authorise them to do so. The shares to be issued on the
20th of August, 1841, and a deposit of 21. per share to be
paid on the Ist of October, 1851.
A vote of thanks to the noble chairman concluded the
proceediugs,

AMBERG.kTE, NOT7INGIIAM AND BOSTON,

AND EASTERN JUNCTION RAILWAY.

The report of the directors of this company, to be
submitted to the half-yearly meeting on Tuesday, states that
the improved position of the company's affairs is gradually
bringing in the arrears of the more recent calls, thus making
it certain that the amount of any further call to fulfil the
liabilities of the company for the portion of the line already
made will be but small. The revenue account shows an in-
crease over that of the last half-year, notwithstanding it is
fur that portion of the year in which there is Iraq traffic ;
and that ordinary traffic and local excursions have been
materially interfered with by the attraction of passengers
to the Great Exhibition. A dividend of Is. per share,
free of tax. may be declared, payable to all propri: tars who
have paid their calls, leaving a surplus in baud sufficient to
provide for any contingencies that may arise. The contract
for working the tragic continues to be satisfactorily con-
ducted. A contract has been entered into with Mr.
Matthew Marsh to maintain the works for five years for the
sum of 1,086/. .is. per annum, being at the rate of 451. per mile.
The Grantham Canal Company have appealed in error
against the decision given in the.. Court of Queen's Bench in
favour of the company. The committee entrusted with the
management of these affairs are advised that an equally
favourable judgment may be looked for on the appeal. An
application for a mandamus, to compel this company to
complete the line between Ambergate and Grantham has
been made absolute. To this mandamus the committee arc
also advised that a satisfactory return ears be made.
The revenue account shows the receipts to have been
7.604/. 3s. 7d. during the half-year, and the expenditure
3,1161. ss. W. The balance in hand is 8,5261. 2s. Ild. The
general account contains items received upon calls, &c.
during the half-year, to the extent of 38,7941. lbs. 9sl.,and
items of expenditure for repairs of works, engineer's ex-
penses, law charges, &c., amounting to '25,4901. 2s. tid.
Tim general balance in hand is 22,4681. 13s. 9d.

SHEFFIELD, AND LINCOLN-

SHIRE RAILWAY.

The following is the report to be submitted to the
half-parly meeting to be held at the Exchange, in
Manchester, on the 29th:

The accounts now submitted will, the directors believe,
exhibit the different items of receipt and expenditure both ,
on capital and revenue amnia with sufficient perpicuity to I
render any lengthened explanation unnecessary, the con-
tinuous and efficient system of audit affording ample gua- °
rantee fur their correct appropriation. The principal items
of expenditure during the half-year on capital account are ,
the Grimsby' Docks, the Sheffield station, and the Wood-
' bead tunnel. The Grimsby docks have advanced rapidly
during the past half-year, and the directors are confidently
assured by their engineer that they will be ready for the
' spring trade of next year. The works at the new station at
Sheffield are also fast approaching completion, and the di-1
rectors have arranged for the removal of the passenger
business to the new station early in September next, winch
will not only enable the large and increasing goods traffic
to be more efficiently and economically conducted, but will
also give to the public the accommodation which has been
hitherto wanting, and which the directors regret has been so
long a source of complaint. The directors are much disap-
pointed that, owing to the continued disputes and vexatious
delays which have arisen with the contractor for the Wood-
head second tunnel, they are not able to announce its open-
ing for traffic. It now, however, awaits the final examina-
tion of Mr. lee, the termer engineer, as provided by
the contract. The works required for providing additional
accommodation at the stations on the line have also been
prosecuted a vigorously as the necessary attention to the
more important works and the requirements of the traffic
would permit. The revenue account shows an increase on
passenger traffic of 7,7021. 10s. Id., and on merchandise and
mineral traffic of 16,1321. 4s. 10d., over the corresponding
period of last year; and, although the Exhibition has
diverted towards the metropolis a considerable portion of
the pleasure traffic which would otherwise have come upon
the line, the comparison is very favourable. The gross
expenditure exceeds that of the corresponding half-
year of 1850 by 3,4661. 16s. 44.; but when it is
remembered that the increase is receipts has been
mainly in the heavier, and therefore more expensive kind
of traffic, this is:sufficiently accounted for. In the Perma-
nent Way department, the directors are happy to point to
a considerable reduction, and the proprietors may red
assured that the most vigilant supervision is exercised by