The Express.
London, England, 1868-05-25 00:00:00

THE GREAT INDIAN PENINSULAR
RAILWAY.

It appears from the thirty-seventh report of the
directors of this company, white Las just been tamed,
that the net revenue of this hall-year ending on the 31st
December last, amounted to 128,138/. Ga. tid., which
in
sum has been paid into the government treasury reduction of guaranteed interest advanced; and that
amount shows an increase of 2.-s,tislOf. ro. Did. on the rave.
nue of the conesponding period of the previous year. Ths
proportion of opened and unopened mileage rejnijaeg
throughout the half year to the 31st of December,
1887, the same as it was at the close of the previous;
halt rear, open, 852 miles ; under construction, 421
mum on the 17th February last a further section wee
°pelted from Kugler& to Deeds, a distsuiee of 21i miles, in
extend*, et the northmist line to Jubbulpoor. The
statements of capital amount annexed to the
report dhow that 17,937,7301. had been reel. iced
on shares and debentures, and paid into the govere,
meat treasury to the 31st December last. Deduct.
Mg the amounts withdraws to the same date to meet es •
penditure, and in repayment of debentures, there then
remained a balance of 862.159 f. 15e. 10d. of the company's
capital in the government treasury.
Au extraordinary meeting of the proprietors has leen
smiled, to be held after the close of the Milf-yoarle
meet
ing, when a resolution will be proposed, the object of
which is to empower the directors to create to the
full extent of the borrowing powers of the cora.
pony, and to issue at such price or prie,
z.
may be sanctioned by the Secretary of
Debenture Stock bearing a guaranteed fixed rate ..f
interest. The reason given for this proposition is that th,
company may be enabled to taku advantage of the fat m.r•
able state of the money market to raise foods for messiit.,;
expenditure on current contracts in fineland and in
India, and of converting the whole of existing debenture
bonds into debenture stock, in anticipation of their espy
at various dates. The borrowing powers of the comp„ny
extend to 5,000,000/., of which 1,073,07.01. may
,tin t
exercised.
Mr. Nicol end Mr. Watt, directors, and Mr. ,:tits,
auditor, retire, but are eligible for reelection.

ENGLISH BANS OP RIO DE JANE!!!')
(LIMITED).-(THIS DAY.)

The fifth ordinary meeting of the shareh,iden
was held at noon at the Bank premises, 13. St. R.!.
place, Biahopigate-street ; Mr. G. T. BILOOK':, tie
chair.

Tha report said:—"The gross profits for the year amount
to 84,5771.. from which have to be deelueted rebate of i tit. re.:
on current Dills and drafts, all charges at the head /dire
and branch at Rio de Janeiro for the entire year, :..n1
charges at the Pernambuco Branch from the dd. of the
opening on the 2nd October, I e 67, leaving 5..,71te, 17.,
as the apparent net profit for the year le ;.t It w0...1.1
have been gratifying to the directors to have ben. enabled to
recommend the appropriation of a large proportion of this
sum to the payment of a dividend, but in view of the
depreciation that still exists in the currency of Lira
amounting to the sum of 99,903/. 2s. on the capital of the
bank employed in that country (estimated at the althea,.
between 271 the par of exchange: it which the aea-• •
liabilities arc valued, and 20d. the rate of exchst.4.- in
Brazil at date of latest advice.), the directors have .1•, Dad
it expedient to place to the credit of " Depreciat‘an
Capital Account" the sum of 54,669/. 12s,
2,071 f. 4e. rid• at the credit of profit and loss ACC -.mt,
a sum too small to he divided on the prevect occasion.
In addition to the 54,669/. 12s. 6d. above named. the
directors have transferred to depreciation of cents! a'.
oount, subject to continuation by the meeting. th.• .urn of
45,=3/. bs. 6sl, the amount of reserve feud, ti.a, u,shin.;
the depreciation of capital account 99.90.4.
It is gratifying to the directors to be able to rryor: flat
the business of the bank progresses satisfacteruy, fatly
realising their anticipations ; and that the ac.-t•
to be of the seine high character as before."
The CHAIRMAN, le moving the adoptiou of the rrp.rt
and accounts, said the accounts were oubleittea vii:.
satisfaction, though disappointment. The satisfacten
arose from the fact that a good awl peoae
able business had been done; the disepleiatnaat
arose from the fact that the depreciation of tde eurreney
prevented • declaration of a dividend. Were the bank
a private one, instead of being under the act of I
a dividend might have been declared ; but under the
cunistances, and as the auditors had made the report they
had, the board thought it best to adopt the course they had
dons. The board feeling v.ay anxious on that eia.,tien,
had consulted their solicitors, submitting the ac,ouuts amt
the statement of the case to their judgment, mid the 1,4.1
advisers were of opinion that the company would not
be justified in dividing the profits. The tnanngcnant •
the bank both in London and Brazil had the sl.
proval of the directors. The retirement of the manager
in London, Mr. Gallop, was not the result of
any want of care on his part, but was owing
solely to his baring been offered a better appoint-
ment in the City of London. The management in
Brazil was also not open to ceneure. A large and profitable
business had been clone, but owing to the unfortunate state
of the currency they could not divide what had teen
earned.

Mr. W. OXLEY inquired whether there was any prospect
of en early cesution of the cause of the stoppage of
dividend.

The CHiIIUIAN replied that the latest advice' seemed to
point to an early termination of the war, but the directors
did not like to speak confidently in reference to the future.
A SUARYHOLUER thought the deprechtion should b.•
met by degrees. They might have a dividend of I•2s. Ear
share, leaving 70.000/. for the reserve fund. lle then
moved an amendment to this effect. The an.enduieLt
having been seconded,
- . . . .

The CHAIRMAN said under the articles of association no
dividend could be declared which was not recommended
by the directors. The company being under the Cowl s.
nos Act of 1862, could not act as it might do were it a
private firm.
Mr. GALLOP (late manager) was of opinion that the arti•
else of association prohibited the declaration of a dividend
when not recommended by the directors, but he regretted
that necessity, which arose from the system of revaluing
assets which remained intact. As the question at issue
seemed open to doubt, be would suggest that it be refern•d
back to the solicitors with a view to the advice of counsel
being taken.
The SOLICITOR (Mr. Upton, of the firm of Upton, John
son, and Upton) explained that by declaring a dividend
ender the circumstances the company would be diminish.
ing capital, which was part of the security of the creditors.
He saw no way of properly valuing the assets except by
means of a current rate of exchange. If the directors
declared profits which were not legally divisible they
would be personally responsible.
Mr. GALLOP remarked on the extremely luctuating
nature of the exchanges, and the consequent (lA:ditty of
determining the value of the assets.
Mr. Urron said a case might be illustr►ted by that of
produce, which in any valuation must certaiuly be taken
at the market price of the day.
A SHAREHOLDER went into figures to show that the
valuation in the accounts was quite correct.
Another SHAREHOLDER observed that as an English
company they were bound to take the valuation in the way
that it had been taken. _ _ .

The report was adopted, on the understanding that the
vice of counsel should be taken on the question of dirt.
dead. and that a special meeting should be convemd to
receive the result.

GREAT WESTERN RAILWAY.-(TRLS DAY.)

The special general meeting adjourned from the
14th inst. was held at the Paddington Terminus, Mr. C.
A. Wool; in the absence of Sir 1). Gooch, consequent on
the death of Lady Gooch, in the chair.
The CHAIRMAN, having expressed regret at the cause of
Sir D. Gooch's absence, explained that the meeting was
held under the Wharncliffe standing order to consider two
bills, viz., the Great Western Additional Powers
Bill and a bill for making a junction with the
Kingston and Eardisley line. The more iuiportaut pro.
vision of the first bill was that which referred to
the agreement with the 'idol and South Wales
Company and with the Severn Navigation Companies,
which had already been discussed. The second bill merely
gave authority to the Kingston and Eardisley Company to
come into the Great Western at Tilley. It involved, no
outlay on the part of the Great Western.
Both bills were submitted by the usual formal resolution
and approved.
In regard to the third bill, the Cambrian, which stood
on the notice, the CHAIRMAN stated that the clauses in
it affecting the Great Western had been withdrawn ; con•
sequently no further adjournment was necessary.

M. LEOTARD.