The Express.
London, England, 1849-09-22 00:00:00

CALEDONIAN.
The directors of thin company have issued their report, to
be prrssuted to the half-ye►rly meetimg on the 27. h. It
states :

" Tee directors ex rug their regret that the completion of
the works in prestress has teen retarded much Limon the
period contemplated The Clyclesisle Jutectimi • Reailwey
was only pc: belly opened about a month be'ore tee dare of
the financial half-year and the lismAton branch, from which
a large traffie is szpectied, is only jest completed. Tba Gera-
kirk-Extentien, with the new station in the centre of Glas-
gow, is not yet in operation, though the works are now so
far advanced as to admit of this line and station being com-
pleted and opened for the use of the public within two
months from this time. Similar delays in the works id other
lines, which are intimately connected with the Caledo-
nian, have been attended with ousequenoes *Tiny un-
favourable to it. The commianication with the Dundee and
Perth Railway has beset at length formed, and the speedy
opening of the Aberdeen Railway has been enninneed ; but
the non-completion of these connecting lines at an earlier
period has prevented an increase in the receipts.
In addition to these causes, the prevalence of cholera in
Glasgow and the neighbouthood during the early put of the
year was productive of most injurious results, by the almost
entire cessation for many weeks of the passenger traffic in
that locality.
" In cusequenee of these adverse circumstances, and the
feet that the revenue for this half year has now for the first
time to sustain the increased expense of the entire anoints-
canoe of the way, the directors regret to annouece that the
balance is insufficient for the payment of a divideudon the
ordinary share capital of the company.
" In order to admit of a more complete audit of the ac-
counts of the company than would have been otherwise
practicable, a clause was introduced into the Wchew Pur-
chase BP!, by which the half-yeatly meetings can be held in
Much and September instead of February and Augutt.
" The traffic receipts for the month of July and August
in the last and present years were u follows :
leis g I 1849
In July 15,463 In July 24.190
In August
than exhibiting en increase in July, 1849, over July, 1818.
of 6,1271.; and in August, 1849, over August, 1848, of
3,8811.: or an average weekly iIICITIK3O of 1,2.501. During
these two months the number of mile, open iu 1849 was 13
miles in excess of 1848, arising from the resent epodeg of
a portion of the Cly-leadale Junction line. Assuming only
that the above increase of 1,2501- ',week will be maintained
till the end of the eurrent half-year, there will be an increase
of 32.5001. beyond the corresponding half year of 11'48, and
of 40,8191. beyond the receipts of the past half-year.
" The directors trust that the revival of trade, and the
completion of communications hitherto imperfect, with the
gradual development of the traffic, will, in a short time,
lead to such an increase of revenue as will admit of a satis-
factory dividend.
" The hills authorising the purchase of the Wishaw sod
Coltness Railway, and the leasing of the Glasgow, Barr-
bead, and Neilson Railway, have received theaanction of
Parliament.
" Under the Glasgow, Paisley, and Greerock Amalgama-
tion Act, the guaranteed dividend payable by this company
is 4 per cent., with an option at any time within five years
of terminating such fired dividend, and placing the Greenock
shareholders en the same poeiiion as to dividend as the ordi-
nary shareholders of the Caledonian company. By the clause
introduced into the Wi.haw and Coitus's Punkas° Bill
such option is tam away.
In the Glasgow, Burnead, and Neilston Leasing Bill,
such alterations were made during the palming of the bill as
removed the objections entertained to it The terms of the
lease, as settled by parliament, are a preferential dividend of
6 per cent, on 150,0001. of original capital; 6 per scut. on
the additional capital of 150.0001., and the interest on a moa
gage debt not exceeding 50,0001.
" The dividends on the preference shares of the company
are reserved entire, and cannot be prejudiced or affected by
the guarantees established in favour of the shareholders of
the Wishaw and Barrhud companies.
'The working coutract with the Scottish Central Railway
Company has now be, n in operation for come months, and
the working et the line and traffic arrangements have been
catried on under the superintendence of committees dele-
gated by the boards of the London and North Western and
Lancaster and Carlisle Companies, and this conapauy. The
sum of 4,0001., paid to the Scottish Central Company, and
embraced in the present accounts, le a sum which was eeeee d
to be paid to and accepted by the Scottish Central, in full of
all claims which they had against this company to the 31st
of January last, and which included accounts due to the
Scottish Central Company for workbag the Cutlet:sly branch
up to that date, and for the use of engines belongii,e to them
which were employed on these lines before the Scottish Cs te-
tra was opened.
" The shareholders generally are aware of the position in
which this company stands as regards the arranstemeLte with
the Dundee and Perth Railway Compaq. The directors,
acting under the advice of eminent counsel, felt themselves
compelled to intimate to the directors of the Dundee and
Perth Company, that they could not, under existing eircum-
tances, undertake;on behalf of this company the Puty and
expense of maintaining and working the Dundee and Perth
Company's lines under the present contracts. According to
the opinion of counsel, these contracts are liable to objections
in point of law, which do not apply to the contract under
which the working arrangements with the Scottish Central
and Southern Companies are carried on. It rests, ttmefore,
with the Dundee and Perth Company to establish the legal
validity of these contracts, if they mean to Insist for imple-
ment of them."
The liabilities due by capital, and not included in the
Wince-sheet, amount, for stations and works, to 188,7071.,
and to complete the working plant 63,9101., making a total
of 242,6171. The only liability not included in these state-
ments is the unadjusted claims for land. The directors inti-
mate that in cone' quence of Mr. Barstow's resignation there
will be room for another shareholder resident in Englaod in
addition to Mr. Alderman Thompson, as a director in the
company.
The capital account to the 30th of June shows that
4,654,6211. had been received, and 5,149,3201. expended, in-
cluding 3,691,5831. on the main line; 637,2391. on the
Clydesdale Junction ; 212,7451. on the Garakirk end Cat-
bridge; 69,4961. on the Winn, and Coltness; 331, (11. on
seven new branches, and 408,8541. on subsidiary lines,
leaving a balance against the company of 494,6981.
The revenue account for the half-year ending the 30:h of
June stated, that 122,6501. had been received for traffic,
1,9071. premium on sale of preference shares, and 11,6411.
balance from the last account, making a total of 136,1981.;
and the expenditure on account of working the traffic,
71,5141.; interest on debentures, 29,6661.; and gu.,ranteed
dividends, 21,1041. ; leaving a balance of 14,0141. in favour
of the company; but, deducting the balance from the last
account, and premium on sale of shares, it would eh .w that,
after paying interest on loans and guaranteed dividends, the
profit realised amounted only to 4661. for the half-year on
the Caledonian line proper, upon which 3,691,5861. had been
expended. The working stock on the Caledonian Wishaw,
and Coltness Railways is estimated to be worth 450,3941.
The report of Mr. Campbell, the auditor, states that, in
making the audit, are has been taken that every charge
against revenue, at the period of the balance, should he in-
cluded in the accounts. The entries of expenditure in the
books for the half-year have been compared with the
vouchers, which are so arranged as to give facilPy to this
part of the audit. It is proper, however, to state tb .1 from
the multiplicity of transactions, the vouchers for tame of
which frequently involve long statements of account, it is
desirable that the audit, in order to be more effective, should
take place et least quarterly instead of half-yearly, as at
present. There belongs to the company at the present,
under the management of various parties, but not under the
control of the accountant, a considerable amount of pro-
perty, both houses and lard, of which the statements given
were not altogether satisfactory. It is understood, how-
ever, that this matter will shortly be properly arranged,
so as to show the exact amount of income from, this
mums. If the Scottish Central Railway Company's working
eontraet with the Caledonian be, u advised, a legal and '
valid contract, there Wu been incurred, for the half year
ending the 31st of July, 1849, a liability to the Scottish
Central amounting I. 14,1941, which, not bdng yet payable,
his not been entered in the books of the Caledonian com-
pany, nor charged in the accounts now laid before the pro-
prietors. The above sum consists of—first, 6,4981., the
Caledoulan's share of expense of working the Central; se-
condly, of 8,696/., being proportion of receipts to be ab-
stracted from those of the Caledonian, to form the " traffic
fund," out of which the guaranteed interest to the Scottish
Central Company is to be paid.
Mr. Johnston., the chairman of the company, has for-
warded a circular to the shareholders, stating that he in-
ducts, as usual, a form of proxy, in case they are unble to
attend the meeting, laying before them the grounds on
which the directors ask the continuanee of their confidence,
and defending the policy of the board against the state-
ments of the London committee of daintiest shareholders,
with Captain Plunkett at their head.

GREAT Woman": We are requested to state that
a document circulated at the general meeting of the Great
Western Railway Company, on the 20th last , headed " Re-
port," which relates to the supposed finances of the company,
does not emanate from the directors of the company, or horn
any official authority, and ia calculated to mislead the pro-
prietors as to the crane of the undertaking.
GREAT Noirusoese.—The contract for the work of this
railway from Corby to Hough, about four miles beyond
Grantham was taken on the 6th inst. This is a contract
for 14 milis of the trunk tine.— Lincoln Mercury.