The Sun.
London, England, 1864-02-18 00:00:00

CORK AND KINSALE JUNCTION.

The hnlf-yearly meeting of this company was held yes-
terday at the offices, Gracechurch-street ; Lord Kingsale in
the chair.

Mr. 11. W. WOOD, the secretiry, read the report, which
stated that notwithstanding the unfavourable season for
railway traffic in Ireland during the past six months, and
the undeveloped position of the railway, the directors had
been enabled to pay out of the revenue earnings for the
half-year ending 31st December last, all working expenses
and interest on the debenture debt to that date, leaving a
surplus profit of £3OO which they recommended should be
carried to the credit of the next account. The board confi-
dently looked forward to a considerable increase in the re-
venue of the line next summer, when the several arrange-
ments now being carried out for the development of the
traffic would be completed. The building of the Marine
Hotel at Kinsale had progressed satisfactorily, and the
directors were informed that the walls were now up to the
level of the roof, that the building would shortly be covered
in, and fitted for business as early as practicable. The board
intended to issue, in the course of next summer, the 6 per
cent, preference shires created in November last, and which
would, in the first instance, be offered, pro rata, to the ex-
isting shareholders. All accounts between the contractors
and the company had been finally and satisfactorily ad-
justed, and all outstanding claims defined. Considering the
moderate east of the railway and the satisfactory agreement
for working the line for 30 per cent, of the gross traffic re-
ceipts, the board felt satisfied that the undertaking must
prove profitable in its results. The capital account showed
that £62,738 had been received, and £62,660 expended.
The revenue account showed a balance of £3OO, after pay-
ment of working expenses and interest on the debenture
debt.
The CIIAIR3IAN, in moving the adoption of the report,
said he thought it would be deemed satisfactory, consider-
ing the short time the line had been opened for traffic. He
had no doubt that the arrangements referred to in the re-
port would largely increase the receipts during the summer
months. The fish traffic was now commencing, and they
looked forward to a considerable item from that source of
revenue. The traffic between Cork and Kinsale had
amounted for the last six months to £2,000, or at the rate
of £l,OOO a year, which he thought, under the circum-
stances, must be considered satisfactory, and as the traffic
increased the result to the shareholders would be still more
satisfactory.
Sir C. HONEY seconded the motion for the adoption of
the report, which was agreed to.
The retiring directors, Sir C. P. Honey, Mr. T. Wink-
worth, and Mr. F. %V. Sedgwiok, were re-elected, and also
Mr. C. Bell, the retiring auditor.

On the motion of Mr. J. W. HOLLAND, the proceedings
concluded with a vote of thanks to the chairman.

MARYPORT AND CARLISLE.

The report of the directors states that the traffic receipts
for the half-year ending the 31st of December amount to
£38,072, against £33,508 for the corresponding half of 1862,
showing an increase of £1,564. The expenditure amounts
to £14,851, against £13,057 for the corresponding period,
showing au increase of £1,797. The receipts for the past
half-year amount to £38,072, the expenditure, including
rates and tazes, to £14,854, and the net receipts to £23,218.
New coal pits have been opened at Itosegid and Aspatria,
and a new seam has been sunk at the Bullgill pit, as the
workings are extended, an increase of the local traffic may
be expected. The increasing prosperity of the iron trade
has given a considerable impetus to the iron ore and coke
traffic. The balance for the half-year, after carrying £2,70.1
to the credit of the contingency account, is £17,751, which
enables the directors to recommend a dividend on the ordi-
nary shares at the rate of 9 per cent. per annum, and on
the preference shares according to their respective guaran-
tees. The expenditure on the old capital account to the 31st