The Sun.
London, England, 1852-10-30 00:00:00

;ed in August
~edir?usly as

Air%
~.,1 ;beigranted
the event of

to lease the

will recommend

to an adjourned ineethee or tha 4 - eel letors a further con-
tributioa, to be added to the preferential stock,' all nego-
tiations with Mr. Manifold on the subject of leasing the
railway have ceased, and the dire eters have received
from that gentleman a tender for the completion of the
line to Mahaica, for a sum payable in cash. They are
also in treaty with another contractor, who has ex-
pressed his willingness to accept payment in bonds of
th 9 company, to be issued" under the new ordinance,
authorizing an increase of the capital. This ordinance
for creating the preferential stock has passed the Court
of Policy, and will probably bo sent home for her Ma-
jesty's approval by the next packet. On the second
reading. the amount to be raised was, on the motion of a
member of the court, increased to 50,0001, which will
be more than sufficient to complete the railway to
Mahaica,and meet all the liabilities of the company. Since
the last meeting of shareholders one of your directors and
largest proprietors, Mr. W. Brand, has proceeded to De-
merara on his private affairs ; he will, however, on his
arrival in the colony,place himself in communication with
Mr. Porter, and the board expect that much benefit will
be derived from Mr. Porter being enabled to consult with a
gentleman of Mr. Brand's local knowledge and great
personal interest in the railway. The accounts lately
received from Mr. Porter are of a much more satisfactory
nature, as in a letter, dated 24th August, he states
That the line is in very much bettor order than it was:'
he also mentions that the goods traffic has very consider-
ably increased, and that when the line is open to Mahaica
and fully developed, the gross receipts will be more than
2,0001. per month, or upwards of 24,0001. per annum.
The traffic receipts for the carriage of goods and pas-
sengers from January 1 to August 31 last, amounted to
7,6881. ; while the corresponding period of last year
onty produced 6,6481. Before concluding this report,
your directors must in justice to themselves draw your
attention to the very general feelings of regret that have
been expressed in the colony and elsewhere, at the share-
holders declining to lease the line to Mr. Manifold. Not-
withstanding tho discrepancies of statements on various
matters connected with the railway which existed be-
tween Mr. Manifold and Mr. Porter, the latter gentle
man hue, in every letter received from him, urged on
your directors the advantages of completing such a
desirable arrangement ;' and at the date of his last
communication to the board, the 25th of September,
having received the report of the proceedings of the pro-
ceedings of the special general meeting of shareholders,
he expresses his regret that Mr. Manifold's proposal
bee been rejected ;' he concludes his letter by `strongly
urging' on the directors the expediency of leasing the
line. The late deputy-chairman, Mr. Naghten, retires
from the board.' The accounts show an expenditure of
13,0591. 4s. 4d., including cost of working the line, pur-
chase of land, carrying on now works, interest, and
other charges, and receipts from tri.ale, amounting to
5,6321. 15s. 10d.
The CHAIRMAN wished to offer one or two observa-
tions before moving the adoption of r.he report. The
proprietary would recollect that when they embarked in
This undertaking in 1846, it was estimated that the out-
lay required to make the lino to Mahaica would be
250,0001. The actual expenditure, allowing a liberal
amount for the completion of the line to Mahaica, and
including every item of outlay, as interest to share-
holders, and all other charges, would bo 275,4711., no
very great increase on the original estimate. (Hear.) Ho
might mention, with a view to afT,,rd some basis for esti-
mating the probable returns, that the population of Bri-
tish Guiana had increased since they embarked in this
speculation 30 per cent., that the crops of lust year of
those estates along the line which were now using the
railway (that was those estates for which the line was
now carrying) amounted to 5,810 hhds, and this year it
was estimated they would amount to 6,750 hhds; and
the estimated crops for the present year of the estates
not now using the railway, but which there was every
reason to believe would use it the moment it could ac-
commodate their traffic, amounted to 8,500 hhds. Taking
the cost of the railway at the sum he had stated, it would
amount to 13,117/. per mile; the weekly traffic was 15/.
per mile, which it was fair to caleulate would be doubled
when tho line was made through to Mahaica; and,
taking ten of the principal English and Scotch lines,
ho found the average cost per mile bad been 50,9841.,
while the mean traffic was only 521. per mile.
Tee resolution was carried unanimously, and a vote
of thanks to the chairman concluded the business.