The Sun.
London, England, 1864-11-10 00:00:00

Railway and Other Companies,

FINN VALLEY.
The half-yearly meeting of this company was held last
week at Stranolar ; Lord Lifford in the chair.
The Secretary read the report, which stated that since the
opening of the line the directors had no muse for regret as
to matters over which they had control, but much to regret

as to circumstances over which they had no control. The
balance of £12,833 against capital on the 30th of Juno last
had since been reduced to the extent of £5,000 by the sale
of shares. The state of the money market was the great and

only drawback to the concern—more shares not having been
sold, and those last sold having been disposed of at a greatly
reduced price compelled the directors to apply the revenue
to the payment of bills which ought to have been paid out
of capital, and consequently to absorb that which ought to
have given the shareholders a dividend at the rate of 3 per
cent, per annum on the paid up capital at the close of the
half year. In order in future to avoid the necessity of so
applying the revenue th© directors proposed to seek Parlia-
mentary sanction to convert 1,200 shares now at the disposal
of the board into preference shares ; and in doing so they
thought it might be as well to obtain also power to create
some additional preference shares to be used for the purchase
of rolling stock in the event of the Irish North-Western
Company not renewing their working agreement at the end
of the ten years. The maintenance of the permanent way
and works had been in charge of the Irish North-Western
Company since September in terms of the working agree-
ment. In addition to the £376 lent by revenue to capital
&most the whole of the £1,349 of traffic receipts in the
hands of the Irish North-Western was due to them for car-

riage of materials for the construction of the railway and for
works executed at the Strabane Junction. The capital ac-
count showed that £57,700 had been received, and £70,534
expended, leaving a balance against the company of £12,834.
The revenue account for the half year ending the 30th June
showed that £l,Bll had been received and £702
expended,
leaving a balance of £1,109. To which was added £353 from
the preceding half year, making £1,462. From this was de'
ducted £5OO for interest on loan, leaving a balance of £932.
The CHAIRMAN, in moving the adoption of the report,
said that every pound of revenue invested in payments on
capital account increased the value of the property by lessen-
ing the amount of debt,
for the payment of which it would
be necessary hereafter to sell shares. 'W ere it not for the
necessity of thus applying the
net revenuo receipts, tho direc-
tors could have recommended a dividend of 3 per cent. per
annum on the paid-up
capital, after paying all working
expenses, and providing for the interest on the £20,000
borrowed from the loan commissioners, They proposed to
create those new shares, not by a Parliamentary bill, but by
means of the Board of Trade under an act passed last session.
Lord F. CONINGIIAM seconded the motion for the adop-
tion of the report, and it was agreed to unanimously.
Sir S. HAYES proposed a resolution approving the pro-
ceedings taken by the directors to obtain Parliamentary
sanction, through the Board of Trade, to create 2,000 pre-
ference share of £lO each, under the Railway Companies
Powers Act, 1864.
11Ir R. RUSSELL seconded the motion, and it was carried
unanimously.
The sum of £lO was voted to the auditors, and the pro-
ceedings concluded with a vote of thanks to the chairman
and direc tors.

NORTH-EASTERN.
It appears that the proposed invasion of this company's
district by a new trunk line of railway has induced the pro-
jection of new lines in Ryedale by the above company, and
since the issue of the November timebills the company has
placed two additional trains oath way on the Malton and
Thirek line, so as to give all the accommodation possible to
the lielmslt y and Kirby district, and to show their willing-
ness to complete that accommodation to the Pa
allorliamelinentary
committee. The service of trains on Mn is
alleged to be now as full as if the projected new lines were
made and in operation.

ORIENTAL GAS.
It appears that the gas works of this company have sus-
tained no serious injury from the effectsci ty oof f
the
alcutta late huwas
cane; that the supply of gas to the C
only interrupted for two nights, and that the gasholders,
though in great jeopardy, escaped.

SUTII En 1, AND.
It is intended to mako application to Parliament in the
ensuing session for power to construct a railway from the
Inverness and Aberdeen Junction, ElteLleioll Railway at