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

INDIAN BRANCH.

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

The report stated that the subsidy of £lOO per
mile 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 be an-
nexed to it as,propesed 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 and 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 come
pany's engineer, who was about to return to
Indio, 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 East 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 Nulhattee line
that the permanent way was in better condition
than when he last reported it, and that there could
be no question 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 meat 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, had 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 £80,554.

The eIIaIRMAN, in moving the adoption of the
report, said 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 adapted 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 Oudh and Robileund ; it was a flat and
level country, particularly favourable for the con-
stru3tion of railways. The line from Buxar to
Suht.runpoor, near the northern extension to Delhi,
wca ZOD miles in length, and ran parallel with the
general drainage of the country. They had very few
rivers to cross, and the directors calculated that the
expcnae of construction would not exceed £5,000 a
mile. The engineer had estimated the cost at be•
tween .1:4,500 and £5,000 a mile, or about one-fourth
of the cost of the East In din Railway with which
it ran parallel for a considerable distance, through
a similar country. The Oudh and Rohilcund con-
cession had bee❑ received from the Indian Govern-
ment, but certain ohj ctions had to he settled. The
subsidy was £lOO per mile per annum for 20 years,
and the grant of the necessary land by the Govern-
ment. There could be no doubt that those lines
would be remunerative. The line from Cawnpore
to Lacknow 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
them 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 seven 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.

ARICA AND TACNA.

The ordinary general meeting of this company
was held yesterday at the offices in New Broad-
street—Mr J. P. Kennard in the chair.

The report stated that with the Ist of July, 1863,
had commenced a now period under circumstances
more favourable than any hitherto experienced, in-
asmuch as the company was then for the first time
relieved from Government interference, and the
natural resources of the undertaking were left to
their own development. The not earnings for the
year amounted to £29,143, and sufficiently proved
that nothing was wanting to secure the prosperity
of the line beyond the uncontrolled exercise of such
rights as the original concession gave, and which
had been unjustifiably set aside by the Peruvian
Government to the manifest detriment of the under.
taking. The accounts now presented laboured under
the disadvantage of an adverse rat of exchange,
ranging from 361 to 38d. The just claims of the
company were still unrecognised by tha Peruvian
Government, although officially acknowledged in
principle by the. Director. General of Public
Works. Those claims were on account of—l, loss
resulting from the forced reduction of tariff during
33 months; 2, interest on outstanding arrears in
Lima ; 3, commissions incurred in recoveries made
there ; and 4, expenses of London agency. The
length of time that had elapsed and the weary rou-
tine of evasions to which they had been subjected led
to tho unwilling conclusion that diplomatic action
alone could obtain them justice. The improved re•
ceipts enabled the directors to declare a dividend of
3I per cent., which they recommended should be
payable from the 27th in9t., less income-tax.

The CITAIRIWAN, iii 1110V16,,t; its adoption, dwelt
upon the main features of the report, and remarked
that although the receipts were now higher than
they had previously been the directors had hoped
that they would have been better still. Business
was bad and politics unsettled, but arrangements
with regard to the Republic of Bolivia and other
matters were in progreas which sanded a prospect
of larger dividends in the futUre.

The report wds then unanimously adopted, as
were reolutions fora clistribution of a divid'nd of

3.1 per cent., and the re.election of Mr L. H. IIasle•
wood and Mr John Hegan as directors, and after a
vote of thanks to the chairman and the directors the
proceedings terminated.