The Sun.
London, England, 1855-02-13 00:00:00

consolidated stock, at 5 per cent., 496,4581. 165.; 30,967
London and Birmingham 207. shales, less interest on
4/. uncalled, 10,580/. 75.10 d.; 57,019 Macchester and Bir-
mingham 101., C shares, less interest on 4/. 10s. uncalled,
4,1007. 7n. 11d.; 244,368121. 10g. shares (4 per cent. on
21. 10s. called), less 26,071 unissued, 10,914/. 17-. capi-
pital of Huddersfield and Manchester, aid Leeds and
Dewsbury, less 3-10ths, 28,727/. 9s. 6d.; 270,000/. Co.
vcntry and Nuneaton stack at 5 per cent., 6,7501.; total
applied to dividend, 557,5311. 18s. 3d. The disposable
balance of the general balance sheet being 628,8027., the
balance to be carried forward to the next half-year is
71,2707.

SAMBRE AND MEUSE.
The report of the directors ef this company states that
the trunk line and all the branches are open for traffic.
The length of the trunk line from Marchiennes to the
terminus on the Meuse is 384, miles, the branch to Mo-
rialm6 8} miles, and the branch t• Lanefle 34 miles.
These two branches and 12 miles of the trunk line were
opened for traffic on the Ist of December, 1848. The
trunk line of the terminus at Vireux, on the Meuse, was
opened for traffic in August last, and the branch to Con-
Yin, n miles, on the 6th of June. The branch from
Walcourt to St. Lambert on the 20th of Dee., 1853,
was opened, and thence to Florennes on the 12th of
July, 1354, together 111 miles ; and the branch from
Froidmont to Philippeville, 3 miles, was opened on the
20th of November last. These three last-named branches
have a net income of 8,0001. a year for 50 years, gua-
renteed by the Belgian Government, by whom any de-
ficit is to be made up. The whole length of the trunk
line and branches exceeds 63 miles. The capital of the
company was stated in the original prospectus to be
620,0001., but, owing to some alterations required by
the Belgian Chambers and some important suggestions
for improving the line, the shareholders had assented to
increase the capital to 1,000,0001. Beyond the 620,0001.
of original share capital, the remainder of the capital
is entitled to preferential dividend. There are 9,979
101. preference shares entitled to Si per cent. per annum,
and also to participate in the dividends whenever
the profits allow 5 per cent. to be paid t• the
holders of original shares. The debentures amount to
' 140,6401., of which 105,5201. are at 5 per cent., way-
able in July, 1863, and the remainder at 54 per cent.
per annum, repayable in July, 1859. To this amount
remains to be added 160,0001. raised in Belgium to
eomplete the three guaranteed branches, for which de-
bentures for 200,000/. were created, bearing interest at
4 per cent. The whole amount of the 8,0001. guaran-
teed by the Belgian Government is pledged to the cre-
ditors under this loan, while the company have bouad
themselves to devote 9001. annually out of their general
receipts as a sinking fund, which will redeem the whole
of this debt in 56 years. Those sums amorist together
to 1,020,4301. The annual fixed liabilities of the com-
pany amount to 12,6961. on the debentures and prefer-
ence shares, to 8,9001. on the loan of 160,0001. and sink-
ing fund, and 3,0001. rent on 150 trucks redeemable next
December by payment of 8,7001., the December follow-
ing 7,5001., until in 1859 the redemption money will be
reduced to its lowest figure, 3,9001. Those annual lia-
bilities amount to 24,696/., but 8,000/. of this must be
considered as an advance, to be repaid as the account
with the Government is settled, and is therefore not an
annual charge, while the rent of the 150 trucks is re-
deemable at any time, thus reducing the actual fixed
annual liabilities on the main line and unguaranteed
branches to 13,596/. The accounts show a profit of
about 2,8001. on the half-year ending the 31st of Decem-
ber last. The traffic has made a rapid stride within
twelve months in consequence of the various additions
made to the line during that period. The last three
months of 1853 produced 6,493/., and the corresponding
months of 1854, 12,5031., or at the rate of 50,496/. per
annum. The last month of the year produced 4,5181., or
at the rate of 54,216/. per annum, in spite of the disad-
vantages of a new line of great competition with the es-
tablished traders on the river, and of the more serious
evil of a greatly deficient rolling stock, which latter will
confine the traffic to about 1,5001. a-week as its utmost
limit of development. An agency has been established
at Charleville to supply the coal consumers of that neigh-
bourhood. The success of this measure is satisfactory,
and will no doubt ultimately defeat the opposition of the
boatowners. - The further development of the traffic is
limited by the want of rolling stock both in locomotives
and trucks, while its proceeds are wasted by the payment
of 3,0001. a-year for the use of 150 trucks. Other objects,
independent of the original scheme, have presented them-
selves. The great increase of traffic over the portion of
the company's line at Charleroi will probably compel the
directors to lay down an additional line of rails to join the
Belgian State line. A junction must also be made with
the industrial line, in-connection with the Louvain and
Charleroi Railway. The object of this line is to connect all
the collieries with the State line and the Sambre and
Meuse Railway, which by that means will be able to trans-
port the coal direct to Vireux without the labour, incon-
venience, or expense of shifting it by carts to the Char-
leroi station. The fall benefit of this improvement
cannot be realised unless a station is made at the point
of junction near Charleroi. The meeting will have to
consider the propriety of raising now capital for the
purposes above indicated, or of delaying a dividend on
the original shares until the proceeds of traffic have sup-
plied the necessary funds.