The Sun.
London, England, 1855-10-30 00:00:00

RAILWAY INTELLIGENCE.

GREAT INDIAN PENINSULA.

The half-yearly meeting of this company was held yes-
terday at the offices, New Broad-street ; Mr. W. J.
Hamilton in the chair.

Mr. NicHoLsoisz, the superintending director, read the
report. He mentioned that there was a mistake in the
accounts with respect to a sum of 32,653/., received o❑
account of extension shares, which was to ba brought
into the next balance•sheet. The distinction between
experimental and extension capital would be no lo❑ger
necessary, as the rate of interest guaranteed on them
was now the same, and they would in future be treated
as one account.

The CHAIRMAN having expressed in a feeling manner
the deep regret be and his colleagues felt at the decease
of their late noble chairman, Lord Wbarncliffe, who had
rendered valuable services to the company, he proceeded
to move the adoption of the report. He congratulated
the proprietors on the prospect now of a more rapid and
extensive progress of their undertaking. The report in-
formed them that, in addition to the 51 miles in opera-
tion, there were 90 miles for which contracts had already
been entered into. The plans and sections for 165 miles
from Poot.ah to Sholapoor had been agreed upon and
approved. With regard to the extension to Shola-
poor in a south-cast direction, it was not the one origi-
nally contemplated, as at that time the extension in
the north-east direction to the to-ton fields of Berar
was considered of the first importanee. There was
a feeling that a line to Poonah would not be
profitable, and it was thought impossible to carry
out the two lines, the preference being given to the
commercial line ; but it now appeared desirable to go on
with the other line as they had not yet got the sanction
of the Government to the ascent by the Thull Ghent,
and until a decision was come to with respect to the
north-east extension they would proceed with the works
in the other direction. The traffic between Poonah arid
Shoiapoor was very considerable, and also from Bombay
to Poonah. In fact, Poonah was the Tanbridge-wells of
the district, and a considerable number of the wealthy
classes from Bombay visited it annually. The traffic on
the portion of line opened was chiefly a passenger traffic,
which, taken by itself, was perfectly satisfactory. In the
orig:nal calculations of income on the railway the pas-
senger traffic was entirely overlooked ; the chief depen-
dence was placed on the goods traffic. They bad not yet
advanced to that point on their line which would enable
them to secure the goods traffic from the interior. He
was not so sanguine as some, who supposed when they
got to the foot of the Ghauts they would have the mer-
chandise traffic. They must overcome the difficulty of
ascending the hills before they could expect the goods
traffic, because when the native drivers who go from the
interior to Bombay have succeeded in de-sending the
Ghauts they are not disposed to give up the goods there,
and therefore go on the remainder of the distance to Bom-
bay. But when the ascent of the Ghauts has been accom-
plished by the railway, instead of going further the native
carriers will leave the goods- at the top of the hills, to be
emaveyed ley the railway to Bombay. The result of work-
ing the railway was not so satisfactory as he could wish,
because out of a receipt of 7,9001. for the half-year
ending 30th of June last 6,4001. had been expended.
The working expenses in England usually ranged from
40 to 50 per cent, of the receipts, but in their case it
was considerably more, which was in some measure
caused by the increase in the expense for maintenance
of way and in the increased staff. The effects of the
monsoons on some of the embankments had caused in-
creased expense, which would diminish as they became
more consolidated. The committee of directors at Bom-
bay bad specially alluded to a statement which appeared
in the Railway Record and other papers with regard to
what he (tee chairman) had stated at the last meeting,
to the effect that he supposed that a great portion of the
expenses of maintaining the line, which was charged to
revenue, should have been charged to capital. The
committee in Bombay state that it was an error to sup-
pose anything of the kind, because nothing was charged
to the revenue account which did not belong to it, and
the Herne care was taken with respect to the capital ac-
count. The only ether matter he had to refer to was
that the experimental and extension capitals would be
consolidated, which was a point urged by the sharehold-
ers some time ago when it was proposed to raise the
extension capitol. _ _

Mr. ANDiRTON, one of the auditors, seconded the
motion for the adoption of the report, and in doing so
adverted to the admirable way in which the accounts
were kept, and to the advantages of the strict control
kept over the expenditure of the railway by the East
India Company. No expenditure of money was sanc-
tioned without first knowing what it was for.
The CHAIRMAN, in reply to some observations of Mr.
FIIANKLYN in respect to allowing a contractor to give up
the maintenance of the works to the company before the
expiration of the 12 months stipulated in the contract,
stated that the contractor had paid a sum of money fur
that indulgence, and that it was not any part of those
works that had involved the extra expenses alluded to.
The interests of the East India Company, with regard
to charging the capital and revenue accounts correctly,
were identical with those of :he railway company.
Mr. THORNTON thought the average cost of the line
ought to be less than 10,0001. per mile. It was entirely
owing to the ignorance of the engineers as .o the value
of work that the railways in England had cost so much
money, and that was proved by the construction of
railways now for one half the price formerly paid for
them.

Mr. RICHMOND thought it was evidently the interest
of the East India Company to construct the railway as
cheaply as possible. With regard to the construction of
the railway on an average of 10,0001. per mile, it should
be borne in mind that the ascent of the Ghauts would
cost considerably more than the average mentioned.
Mr. NICHOLSON said the ascent of the Ghauts would
cost eight times the average cost of the other parts of
the line.

The CHAIRMAN Raid that some portions of the line
did not cost above 5,0001. per mile.
Resolutions were passed adopting the report, and
authorising tho directors to consolidate the 51. shares as

they were paid up in full into 201. shares.
Mr. IsTicuoLsoN then entered into a statement with a
view to show the advantages the railways in India pos-
sessed over those in England. He assumed that the ave-
rage cost of railways in Great Britain was 40,0001. per
mile. The Parliamentary and preliminary expenses
amounted to 4,0001. per mile, land and compensation to
4,0001., charges, during construction,ollawy ere, engineers,
and directors 2,0001. per mile, fighting in Parliament in
promoting and opposing bills 4,0001. per mile, making
together 14,0001. per mile for the land and acts of Par-

lianent, which was exactly the point at which the Indian
railways commenced. The cost of construction of works

he England was about 15,0001. per mile, the permanent
way and materials cost 4,0001. per mile, the stations
2,0001. per mile, the rolling stock 3,0001. per mile,
winch leaving 2,0001. for contingencies, made up the
40,0001. a mile for the English railways. He felt con-
vinced that if the Indian railway shares were called by
any other name than railway, such for instance as
Loh,ekh,a Rusta Guaranteed Five per Cent, by the East
India Company, they would stand much higher in the
market. The law and Parliamentary expenses of their
line for seven years had only amounted to 2,286/. The
result would be that if they finished their line for
10,0001. per mile, and had as good a traffic on it as the
average in England, and allowing 50 per cent. for work-
ing expenses, they would pay a dividend of 10i per
cent. on the outlay. That would be 5i per cent. above
their guarantee. The sum of 15,000,0001. had been
subscribed for railways in India ; and if the traffic was
only at the rate of 201. per mile per week—which was
half that of the railways in the United Kingdom—and
the expenses 50 per cent. of the receipts, they would
pay more than the guarantee of 5 per cent., provided
the cat did not exceed 10,0001. per mile.
On the motion of Captain Barber, seconded by Mr.
Richmond, a vote of thanks was passed to the chairman
and directors, and the meeting separated.

EXPLOSION OF GAS AT THE UNITED SERVICE INSTI-
TUTION.—Yesterday afternoon between two and three
o'clock a serious explosion of gas took place at the
United Service Institution, Middle Scotland-yard. It
appears that since Friday last a strong smell has been
observed on the premises. The fact having been com-
municated at the Chartered Gas Factory, two men were
sent yesterday to examine the pipes. Finding that the
gas seemed to escape in the basement of the building,
they lit a candle for the purpose of going below to test
the pipes, but before doing so they were both cautioned
by the officials of the place. They had, however, scarc.ely
entered the underground department when an explosion
of a terrific character ensued, which set fire to the
wearing apparel of one man, burnt another, and at the
same time dislodged three or four large flagstones on the
ground floor. The gas that had escaped came from a
pipe belonging to the London CompaeYl and it got into
an old drain in the roadway, and the moment the vapour
became ignited it blew up the earthwork and paved car-
riage road for nearly thirty feet, and several houses were
shaken by the violence of the concussion. one of the
men who had so imprudently taken a light into such a
dangerous place was found to be badly injured, and was
taken to the hospital. None of the valuable articles in
the museum were injured.