The Sun.
London, England, 1864-12-20 00:00:00

INDIAN BRANCH.

The fourth ordinary general meeting of this com-
pany was held on Friday at the London Tavern—
Lieut.-General D. Sim in the chair.

The report stated that the subsidy of £lOO per
mite for 20 years for the Benares branch had been
granted by the Government of India. The contract
for the whole of the lines of railway in Oude and
Rohilcund, with the special conditions to bo an-
nexed to it as:proposed by the Government of India,
was received by the directors on the sth of August
last, and certain modifications which the directors
considered necessary in some of the conditions had
resulted in a further reference being made to the
Government of India. In the meantime, and pend-
ing the settlement of the conditions, the directors
had informed the Government of their intention to
confine their construction operations to the Luck-
now aad Cawnpore branch. The conditions referred
to do not in any way affect the main question of
the assistance to be given by Government in the
way of land and subsidy. Mr Wilson, the com-
pany's engineer, who was about to return to
India, had during his stay in England been fully
engaged in arranging for the several designs
of: the permanent way, rolling stock, and
stations being carried out, and as every-
thing required for the Lucknow and Ca wnpore
branch would be despatched to India early in next
year, there was every prospect of the line being opened
for traffic early in 1866. The period which had
elapsed since the opening of the Nulhatee line was
still too limited (being little more than six months)
to exhibit any great development of traffic. The
line was a very short one, only 27 miles; it was cut
off from the city of Moorshedabad by a wide un-
bridged river, the Bhagaruttee, and it had to com-
pete with the river navigation. Notwithstanding
all those disadvantages, the line, which was an ex.
perimental one, already paid more than any other
railway in India, and it was believed that when the
arrangement now in force with the E Ist Indian
Railway had time to work, the receipts from the
goods traffic would equal those from passengers, and
that the estimate originally given of the line return•
ing a dividend of 10 per cent. and upwards would
be found correct. The chief engineer, Mr. J. E.
Wilson, reported with regard to the Nulbattee line
that the permanent way was in better condition
than when he last reported it, and that there could
be no qucstion as to the perfect efficiency and dura•
bility of a light railway constructed on this system.
The carriages and waggons had also performed their
work most satisfactorily. The Lucknow and Cawn-
pore line had been steadily progressing since May.
The whole of the land, with the exception of the
station ground at Lucknow, lied been handed over
to the company ; and such progress had been made
with the works as would admit of the rails being
laid in the course of next spring. The embankments
would be consolidated by the next year's rains, and
the line could be opened early in 1866. The setting
out of the other portions of the Oudh lines in the
neighbourhood of Lucknow and Benares had been
completed. The capital account showed £200,693
had been received and £120,139 expended, leaving
a balance of 1.:50,554.

The CiitaißmAN, in moving the adoption of the
report, eaid that this was the first Indian railway
company formed without a guarantee from the Go-
vernment of India. They had, however, a small
subsidy from the Government, which would be ad-
vantageous to the company. They had adopted an
economical mode of construction, and the line would
pass through a rich and fertile country, which would
be far more profitable than having a guarantee.
They had a concession for 800 miles of cheap rail-
ways in Ondh and Ilohileund ; it was a flat and
level country, particularly favourable for the con-
etiuction of railways. The line from Bazar to
Saht.runpoor, near the northern extension to Delhi,
was .50) miles in length, and ran parallel with the

general drain 9,7,,, of the country. They had very few

rivers to cros., and tho directors calculated that the
expense of construction would not ersceed £5,000 a
mile. The engineer had estimated the cost at be-
tween £4 500 and £5,000 a mile, or about one-fourth
of the cost of the East Indian Railway with which
it ran parallel for a considerable distance, through
a simillr country. The Oudh and Rohilcund con-
cession had been received from the Indian Govern-
cunt, but certain obj ctions had to be settled. The
subsidy was £lOO per mile per annum for 20 years,
and the grant of the necessary laud by the Govern-
ment. There could be no doubt that those lines

would be remunerative. The line from Cawnpore
to Lucknow would be 44 miles in length, from
Lucknow to Byramghat 24 miles, and 12 miles be-
yond—total, 80 miles. This section was commenced
in May, was now in progress, and would be opened
for traffic early in 1866. There was a very large
traffic from Byramghat to Cawnpore, and it was
estimated that it would yield 20 per cent. on the
outlay. They had at present sufficient money to
carry them on till March next, when they would
make a call of £1 per share, which would enable
:ht-m to go on till September. They also proposed
to issue debentures guaranteed on the security of
the railway.
Some conversation then ensued as to the best
mode of dealing with the working people in India,
and of affording third-class passengers suitable
accommodation.
Resolutions were passed adopting the report,
authorising the directors to issue debentures for
three, five, or sev..ll years, with the option to the
holders to renew them or convert them into paid-up
shares at any period six months prior to their be-
coming due; enabling the directors to issue shares
paid up in full for that purpose : and authorising on
all shares paid up in full, in addition to the 5 per
cent. now paid, a participation in any increased
dividends that the company might declare from time
to time.
The proceedings concluded with a vote of thanks
to the chairman.