The Express.
London, England, 1849-09-25 00:00:00

RAILWAYS.

EDINBURGH, PERTH, AND DUNDEE.

The following is the report 14 the directors of this line,
formerly the Edinburgh and N Arthern Railway, to be sub-
mitted to the half-yearly general meeting of the share-
holders, held at Edinburgh this day
To the present report the directors, as usual, have appended
the statement of capital and accounts to the close of
the half year ending 31st July last.
CaPITAL ACCOUNT.—The total assets to
that date, inclusive of them for the Leith
mad Gunton line, amount to £1,961,692 3 9
And the expenditure, inclusive also of
the Leith and Grantor), to
The expenditure daring the last half-
yea mamma to £217,34315 3
The unproductive capital is estinstted at £300,000, ex-
pended chiefly oa the Dunfermline end Kirkcaldy Harbour
breaches, the Tay Ferry, and Greaten Pier works.
The capital authorised by the compaay's acts, as stated in
detail in an appendix, is
Share Capital. Loans. Total.
L 2,600,260 0 0 £833,332 0 0 £3,333,612 0 0
From which there is to be deducted of
unissued capital

£3,264,437 0 0
Bat this amount will, in the meantime, practically be dimi-
nished very materially. First—To the silent of the capital
represented by works and branches, the construction of
which may be considered Au postponed, viz. :
Leith braaeb extension, &c.
Roscobie and Heltyllead branches
Baratisland harbour improvement

Together £290,323 0 0
And second—By the ateallathe adopted at the previous half-
yearly meeting, whereby certain shares were directed to be
r.stvisted in amount, and others forfidtad ; involving an
amount of 266,9481.
By these reductions, amounting in the aggreeate to
657,2711., the immediate espial Is reduced to 2,707,1461.
floese degree of dffileislty has been experienced in realising
the composition, which, by the resolution of the proprietors,
was made the condition of the forfeiture of the shares em-
braced in the meaning of restriction and forfeiture already
adverted to, and on which mutest' of a limited amend
only had be mode. The eireansetanees of a large numbie
of the holden were found to be seen as to pun le
wd. the Fu-
sibility of soaring mum% stogy patties ed the elignialei
composition, while seamy wen able to pay only is part leek '
some it became necessary to deal with tndlvideally ; and
although the malt has scarcely been so favourable as might
have been wished, the expediency, if not necessity, of the
measures adopted mast be doubted. Besides the recovery
of a considerable amount of arrears, the sum of about
36,0001. will be credited to the company by the forfeiture ;
and the shares whereon arrears had aseumeleted, without
prospect of payment, may be withdrawn. The declaratiou
of [white's cenequent on these arrangements will be sub-
mitted for coalirotation.
The arrears oa the other storks amount to 29,6384. 16s. 9d.
lustions have bees, and will continue to be, made, to re-
duce this amount as far as practicable; but it is ream-
mended that 613 shareware which the arum of 4,1471. 14e. 16.
appear to be irrecoverable, should now be forfeited.
la aaticipstion of the issue of the preference share capital,
recently authorised by the proprietors, the directors have, in
compliance with applications from shareholders, already
given off shares to some amount. Considering the rate of
guarantee at which that stock is to be issued—that it is spe-
cially authorised by set of parliament—end that the com-
pany is unineembered with other preferential obligations,
save to the extent of 6 per cost. interest on 96,9201., it is to
be expected that these &MI will be is request as a good and
safe investment.
The current expenditure's capiial account being ratified to
a very smell amount, the outlay will new be conduct chiefly
to the payment of outstanding accounts and obligations, the
discharge of which will enable the directors, probably at nest
half-yearly meeting, to define the amount of the capital ac-
count, so far as relates to expenditure, and the construction
of works hitherto approved of end authorised by the proprie-
tors.
Beeswax—The revenue amount will not occasion mar-
pries to proprietors antedated with the present position of
the undertaking. Considering the circumstance of the Den-
hemline branch Meg yet only partially *Posed, sad esti-
mating the gnat disadvantage occasioned by the in-
complete state of the works connected with the fer-