The Northern Daily Times.
Liverpool, Merseyside, England, 1857-02-28 00:00:00

December, 1856, amount to £28,106 lOs 7d, and are
£7,707 7s 21 in excess of the receipts fo, the corresponding
period of 1855. The net income of the half year ending
31st December, 1856, amounts to £13,290 3s 84 over forty
miles of road. This sum added to the train road receipts and
rents £253 15s 3d, and to the net balance of the last half
year £5,210 7s Bd, makes a total of £18.754 Gs 7d. After
deducting the half year's interest on debenture bonds,
amounting to £5,743 10s 3d, an available balance of
£13,010 16s 4d remains. The half year's interest on £93,480
five per cent preference shares, amounts to £2,235 8s 2d,
and the interest on £222,860 six per cent shares, to
31st December, 1856, amounts to £3,231. After deduct-
ing these sums there will remain £7,544 Bs. 2i. to the
credit of revenue account. Resolutions were submitted to
the meeting to declare the dividends due on the 5 per cent.
and 6 per cent. shares. The interests warrants for the
dividends due on the 5 per cent. shares are proposed to be
issued on the 15th March next, and to be payable on and
after that date. The dividend and interest on calls paid in
advance, due on :the 6 per cent. shares, brought in for
registration on or after the the 30th day of April, will be
paid fourteen days from the date at which they shall be
delivered at the office. The report was adopted.
SOaJTH YORE.SHIRE.—The meeting of the South York-
shire was held yesterday. The revenue was satisfactory,
and after paying the guaranteed dividends a surplus
remained more than su ii cient for paying four per cent, per
annum on the ordinary stock of the company.
EAST KENT.—The meeting of the East Kent railway has
just taken place; Lord Sondes in the chair. The report
stated that the works were progressing satisfactorily. The
accounts showed a balance of about £13,890 in the hands
of the company.

SEVERN VALLEY RAILWAY.—The meeting of this
company, which was advertised to be held on
Tuesday, was postponed, It was stated that tha
whole capital of the company was subscribed, and
that the works would be immediately begun, if
the landowners met the company on fair terms;
and that a special meeting would shortly be called,
at which the sanction of the company would be
asked for to the arrangements of the board.

OLD TOLGUS UNITED MINING COMPANY.—The general
meeting of proprietors was held at the office of the company,
Gresham House, on Wednesday, Mr. Tredinnick in the
chair. The secretary read the notice convening the meeting,
and the minutes of the last, which were confirmed. The
following report of Captain Reynolds was then read :
" Feb. 23.—As I am requested to attend the meeting, in
London, on Wednesday next, I beg to hand you my report
of the progress made up to Saturday night. The shaft is
sunk to the 16 ; the lode is from 3 ft. to 4 ft. in width,
composed of copper, blende, spar, and mundic, and very
likely to improve rapidly in depth. The lift is complete,
and fixed from surface to bottom ; the 16 plat cut, and
sinking, will be resumed, by nine men, on Monday,
next. The engine is working 2 strokes per minute,
and consumes aliout 10 tons of coals monthly. The
16 end west is very promising; the lode is 3
ft• wide, and produces good orey work. The water
is increasing, showing the ground to be open, which
is favourable for the yield of ore; in fact, I believe the
more ground we open westward, towards the great cross
COUt Se, the richer the veins will become. The 16 end east
is driven 9 feet only; the lode, therefore, differs in its
character very little from the shaft. The depth of this
level diminishes east and increases west ; the next level will,
therefore, be the best test of the actual value of the lode, as
from the surface, at the shaq, we are only down 04 fair.
The adit en.l west is 30 fathoms beyond the 16 end, and
the lode improves in size, character, and yield in this level.
We have passed through four shoot of ore, all dipping
west; in depth these will probably all join and become
richer in quality as well as more solid in quantity.
The 26 and 36 being open, with the 16 and adit
level at present being driven, considerable returns
may be confidently expected The progress of de-
velopment will be economical and speedy. The machi-
nery is erected, and future expenditure will be almost
entirely applied to underground operations. Another lode,
of a very promising character, underlies into the one referred
to in depth, which I would advise being cross-cut in the 36,
where the distance will be very trifling. Many other points
of importance might be referred to ; but, as at present they
stand in abeyance, I shall not allude to them. We have
commenced dressing ores, and we could easily bring a parcel
to market, yet I recommend to your consideration a delay
of six months ere you commence to stope away the produc-
tive ground now being laid open. I consider this to be a
most promising adventure, and you have, in my opinion,
resolved rightly in proposing to raise £4,400 addi-
tional capital to carry out the works effectively, when I
will follow.—G. REYNOLDS." A
statement of accounts was submitted, from which it
appeared that the cash in hand in March, 1856,was £4,000
The total expenditure to the end of December was £3,853
13s 3d. and the balance in hand at that date was £146 6s
9d. The Chairman said Capt. Reynolds was in attendance
and would answer any question that might be put. At the
formation of the company he engaged to expend £4OO
upon the works; and, as he did not think it right they
should take his ipse dixit upon the subject, he would
suggest that some of the shareholders should be appointed
auditors to pass the accounts. The followirg resolution
was then proposed from the chair, and seconded by the
Rev. Thos. Martin :—That Mr. Richard Tredinnick having
undertaken to lay out the sum of £4,000 upon the works,
according to the original constitution of the company,
including January cost remitted to the mine yesterday,
which is expended, less £9 Os 2d, it is proposed that Mr.
Richard Duke and Mr. Joseph S. Vickers be appointed
auditors, to examine the acbonnts, in which Mr. Tredinnick
engages to render every assistance. The resolution was
unanimously adopted, as also the report and statement of
accounts. The meeting was then made special, for
the purpose of considering means to be adopted for
raising additional capital. The Chairman read letters
from Mr. Oliver and Mr. Burgess, expressing their con-
currence and hearty co-operation in the resolution to be
aubmitted to the special general meeting. It was proposed
by the Rev. T. Martin, and seconded by Mr. J. S. Vickers,
That 88 new shares be forthwith created, thus constituting
the company into GOO shares, instead of 512, as heretofore,
The said shares to be issued pro rata, as far as possible,
amongst the present shareholders, at £5O each, £lO deposit
on or before June 1 next, £lO on September 1 next, £lO
December 1 next, and £lO on February 1 next. In case
of default, the prLferenee of subscribing to be given to
present shareholders, and the residue, if any, to be disposed of
by the manager of the company, to such parties as he maydeem
proper."—Carried unanimously. The Chairman said he
fully believed that the money that would be raised under
the last resolution would be ample to develope the property
and bring it into a dividend paying state, as it would enable
them to cut open the ground to the 56 fm. level. He was
glad to inform them that the holders of 478 shares out of
512 were in attendance at the present meeting. Mr. Duke,
in proposing a vote of thanks to the Chairman, said he
believed that they had a thorough practical man as manager,
and one that would not mislead them by any false hopes.—
The resolution having been carried unanimously, the pro-
ceedings terminated.