The Sun.
London, England, 1864-11-05 00:00:00

RAILWAY INTELLIGENCE.

GREAT INDIAN PENINSULA.
Tho half-yearly meeting of this company was held yea-
.erday at the London Tavern—Mr W. J. Hamilton in the

chair;

Mr Watt, the secretary, having read the notice convening
the meeting, the report was taken as read,
The CHAIRMAN, in moving the adoption of the report,
said he hoped they would consider it perfectly satisfactory,
The Thul Ghat incline would be finished about the end of
_ _

the present year, and opened for traffic early in the ensuing
year. When they ccnsidered that the Thul Ghat was the
key to their North-Eastern Extension line, it was impos.
sible to overrate its importance. The Thul Gh%t incline
was between niae and ten miles in length, and when it
was considered that the permanent way materials required
for a length of 600 miles of railway would have to pass

up the incline, and the whole of the traffic from the interior
would have to be brought down it, they could form some
idea of the importance of its completion for traffic, But
during the time of its construction, the fuel consumed by
all the engines on this extension line had to be carried up
those ghats in the ordinary way at great labour and ex-
pense, and they would perceive how greatly the completion
of this incline would add to their success in conducting the
traffic. The expense of cartage up the incline paid to con
tractors amounted during the past half year to very nearly

£lO,OOO, the whole of which would be saved on its opening
fur traffic, and that large amount would be an addition to
their receipts. With regard to other portions of their line
the works were not so for ward. Ha thought great credit was

duo to their engineering staff for the progress made with
the works. With rogard to their finances the account of

receipts and expenditure would show how they stood. They
would perceive in the revenue account that there had been
an increase in the receipts of £90,000, as compared with
the corresponding period of the preceding year. This had

arisen from the great increase in their goods and passen-
ger traffic, but satistactory as that statement appeared, the
increase in the r,:ceipts was nearly counterbalanced by the in-

crease in the working ex einses. The increase in the receipts
was at the rate of £122 per mile of railway, while the in-
crease of expenditure was about £l2O per mile, showing an
actual net increase of between £2 or £3 per mile only. That
was not satisfactory. But this increase of expenditure in,-

eluded £33,000 paid as eJrnpensation for cotton destroyed on
the line by fires at the beginning of the year. Those losses
had been entirely paid, and there were no claims now ou`..

sranding. Latterly Chore fires had ceased, great care having
been tak€ n to prevent them. Considerable aaention was de-
voted to Lo :eking the cettf,n, and covering the waggons
with tarpaulins; and also covered wagons would be used
for the conveyance of cotton and other inflammable goods.
He was in hopes that those fires would not occur again to
any serious extent. Another cause of increased expense
must be attributed to the increased price of fuel. In the
last half year 21,300 tons of coal were consumed in the loco-
motives, and for the corresponding half of 1863 only 13,000
tons, while the cost in the last half year was 51s per ton,
and in the corresponding period of last year 39a 6d per ton.
All the other items of expense were about the same as those
fur corresponding periods. They trusted that with the efforts
of their new manager those expenses would be kept under

:or the future. The great accumulation of cotton prior to

the monsoon did not occur this year, as he had no doubt the
active and strenuous exertion of their manager in diminish-

ing the accumulations of cotton hal caused a considerable
increase of expense. The part of the line from Kussara to
Callian presented great difficulties to goods trains being
moved along it, owing to its being a single line, the proposi-
tion of doubling it ho hoped would be agreed to by the home
Government. The Bombay Government were in favour
of the measure, and he trusted that the evils of carrying
the traffic over that portion of their single line would
not long exist. The distance between these points was only
55 miles. Including the line, stations, works, and rolling
stuck now in operation, the cost averaged about £12,030 per
mile. 'rho net revenue derived from the portions of line open
for traffic during the past half year amounted to £2 17s 5d
per cent. per annum on the outlay; but the gross receipts
were such that if they could keep down the working expenses
to 50 per cent. of the receipts, the net profit would yield a
dividend Equal to £5 12s ld per cent. per annum, (Hear.)
He thought the shareholders would admit that the traffic on
the open portion of the line was sufficient to justify their
most sanguine expectations. Their fares and rates were ex-
cessively low, and he had every reason to believe that in the
course of a short period an alteration would be made in them
so as to render the working of the railway more remunera-
tive. Since the last meeting the Government had proposed
to extend the Nagpoor branch ten miles beyond the latter
place, se as to make the terminal station at Kanty a mili-
tary cantonment. The shareholders would recollect that
they had resolved that the capital of the company should be
confined to the expenditure on the line to the Jubbulpore
Junction in one direction, to Nagpore in the other, and to
the junction with the Madras line. This was done that
the shareholders should have as much as possible beyond 5
per cent. He thought a satisfactory arrangement might be
made for keeping the cost of the proposed extension sepa-
rate. The Indian Government had employed a gentle-
man of great talent to investigate all the Indian rail-
ways, and his report on the state of their railway was very
satisfactory. He had expressed himself highly satisfied at
the way in which the railway had been managed, especially
as to the way in which their accounts had been kept, and
particularly the store accounts. He reported that their rail-
way was the best administered railway in India. After a
most stringent inquiry into their affairs he thought the pro-
prietors had great reason to be satisfied with the result of
that gentleman's investigation.
Mr J. G. FRITH, deputy chairman, seconded the motion
for the adoption of the report.
Mr C. BELL said he thought the time had arrived for in-
creasing the fares on the railway. When the present tariff
of 2 pice per mile was fixed 10 years ago for third class pas-
sengers the pay of a labourer was 441 per day, but now it
was is 61 ; the price of cotton was 4d per lb, but now it was
is 8d per lb, while the rates for carrying it, taking all the
risks, remained unaltered,
The CHAIRMAN sail the directors had brought the matter
several times before the Government, and they were now in
negotiation on that very subject.
The report was then adopted unanimously, and after some
conversation, a resolution, on the motion of Mr BELL, was
carried to the effect that in the opinion of the meeting the
fares and rates for passengers and goods conveyed on the
railway were inadequate, and that the time had arrived for
their revision.
A vote of thanks to the chairman and directors concluded
the proceedings. --
GREAT NORTHERN.

This company is now engaged in improving the gradients
along the whole line between Boston and Lincoln, and pro-
poses to run a considerable portion of the heavy goods
trbffic along the loop line with the view of relieving the
main line. As soon as the new lino between Doncaster and
Gainsborough is completed the coal trains for stations south
of Peterborough are to pass along the loop line.