The Express.
London, England, 1867-12-26 00:00:00

EAST INDIAN RAILWAY.

-
The report of the directors to the general meet-
ing on the 31st inst. has been published :—" The board
have still much reason to be dissatisfied with the dew
progress made in the construction of the Chord line, DOt
withstanding the remonstrances addressed to the colitis.
tors on the subject. The requisite works for completirg
the line as a double line between Khanoo Junction and
Seeterampore, and between Isickieserai and Allahabad
and all other general works of completion, both on di,-
main line and Jubbulpore line, are progressing satisfy..
torily. The iron superstructures for the second line of
rails over the Keen], the Hullohnr, and the Soane bridge,
are in course of shipment from this country. The open.
ing of the Jubbulpore line for public traffic was postponed
by arrangement with the government of India from the Ist
of June, the date fixed when the board made their last
report, until the Ist of August last, since which date Bann
have been regularly running. Messrs. Howard Brotben,
of Mirzapore having established a dth conveyance be-
tween Jubbulpore and Nagpore, passengers may now pro.
peed from Calcutta and Delhi to Bombay direct, and vier
tread, rid Jubbulpore. The entire journey may be per-
formed in about five days, eta cost of RI. Z 11.2.6. The
traffic on the Jubbulpore line must necessarily be small
until a junction has been effected between this company's
line and the system of the Great Indian Peninsula Rail.
way Company at Jubbulpose, the delay in the completion
of whose works is consequently much to be regretted.
The locomotives and rolling stock continue to be main.
tamed in good order. The permanent way and works
have been maintained in efficient order during the half.
year, at a cost of Ild. per train mile. Appended to this
report
is the revenue account for the half-year ended
30th June last ; the working expenses have been 43.97 per
cent., against 41.34 per cent. in the corresponding half-
year. The general returns show that the number of pas-
sengers earned during the peat half-year was-16,767 first
class, 40,024 second class, 1'.13,142 intermediate class,
2,199,353 third olass ; total, 2,449,286, as spinet 2,099,737
in the corresponding half-year. The tonnage in goods and
minerals, exclusive of parcels, carriages, and live stock,
for the half-year ended 30th June last, was 517,404 toss,
against 399,435 tons in the corresponding half-year. The
proportion of railway materials included in the traffic re.
turns of the past half-year is about 12.76 per cent.,
against 5.84 per cent. included in the returns of
the corresponding half-year. The gross earnings
for the half-year ended 30th June last have been
1,2139681. 12s. Id., against 1,067,5421. tin. Bd. in the oorre.
spending half-year • end the net earnings, 679,5901.
Bs. 10d., as compared with 636,218/. Gs. 4d. in the COre►
sponding half-year. The net earnings have exceeded the
guaranteed interest by Rs. 11,21,844, one moiety of which
is payable to the Secretary of State for India in terms of
the contract with the company. After providing for Sir
M. Stephenson's annuity from the other moiety, the
balance—plus the sum of Hs. 7783, brought forward
after paying the extra dividend in January last—remains
for division amongst the shareholders ; and the board
recommend the payment from this source, in January
rest, of a dividend for the half-year, in addition to the
guaranteed interest, at the rate of half per cent, per
annum, free of income-tax, leaving a small surplus to be
carried forward. A resolution to this effect will be sub-
mitted to the meeting. The receipts for the first 17 weeks
of thecurrent half-year are in excess of those for the ante
number of weeks of the corresponding half-year by 7,,552./.
The whole of this former period, however, has been
marked by extreme depression in trade, and the country
has been visited by such unusual foods as to render the
roads to the railway stations almost impassable for heavy
traffic. This company, in common with others, is suffering
from these causes in reference to merchandise, but the
passenger traffic is steadily increasing. The foods referred
to have done no damage to any of the company's works.
Acting upon the borrowing powers of the oompany, the
board have Soled during the current half-year, for the
purposes of auctioned works, one million sterling in de-
bentures, at 44 per cent. It will be necessary to raise a
similar sum for the same object, either In shares or deben-
tures, as may be agreed upon with tho Secretary of State,
early in the ensuing six months. The sanctioned works
here referred to comprise those included in the estimates
made by Mr. Bendel and Mr. Power, in 1865, and the
additiorial rolling stock referred to in the board's I.L.st re-
port. In that report the board stated that the
government of India had sanctioned an ripen•
diture of 500,900/.., in addition to those estimates :

but u the board are entirely opposed to any
expenditure which is not conclusively shown to hr ohm-
Intel), necessary to the successful development of the
undertaking, and as they have not been able to satisfy
themselves that the expenditure in question comes Iriain
that category—or that, if it be necessary, it may not be
met by corresponding reduction elsewhere, they hare re-
quested Mr. Bendel, their consulting engineer, to proceid
to India, thoroughly to investigate the whole question on
the spot, in communication with the officers of the com-
pany and the government, and to consider in rcganl to
works in contemplation or in course of execution whether
they shall be proceeded with or stopped pending a refe-
rence to the board. Mr. Bendel has accordingly lift for
India. and the result of his investigationswill Le sub-
mitted to the shareholders in due course. Tic Nom
report with satisfaction that the injury to the company's
property is inconsiderable, the damage done being chiefly
in work easily replaced ; that the steam ferries al 0 unin-
jured, and that there has been no interruption to the
train service. • resolution will be submitted to the in ceting,
consolidating into stook all the paid-up shares in Ow com-
pany which have not already been consolidated into stock."