The Sun.
London, England, 1864-11-22 00:00:00

rHE SUN, LONDOT4I, TUESDAY EVENING, NOVEMBER 22, 1864.

RAILWAY INTELLIGENCE.

INDIAN TRAMWAY.

The third ordinary meeting of this company was hold
yesterday at the office, Moorgate-street ; Mr G. Norton in
the chair.

The Secretary, Mr M. R. Scott, having read the notice
convening the meeting, the report was taken as read.

The CHAIRMAN, in moving the adoption of the report,
expressed his regret at the absence from illness of Sir M.
Stephenson, their able and indefatigable chairman, who was
fully :acquainted with every detail. He said ,that regret
was expressed by the directors in the report respecting the
course adopted by the Secretary of State for India, which
bad the effect of retarding and limiting the operations of the
company in constructing cheap branch lines as feeders to
the great trunk lines of railway in India. It was a very
delicate subject to complain of the course the Government
had adopted to wards the company, and if the shareholders
had been misled or disappointed as to the prospects of the
undertaking, it was not the fault of the directors, as there
was no want of exertion on their part to carry out the affairs
of the company successfully. Their efforts had been inter-
rupted to the great detriment of trade in India, and in a
much smaller degree to that of the interests of the share.
holdere. So long as the great railways of India depended on
the construction of those cheap lines for their development,
and so long as the local Governments were prevented from
expending money on the construction of ordinary roads to
supply that want, the intentions of the company would be
delayed, and the general interests would suffer, The local
Governments in India were fully alive to the importance of
these tramways, and were ready to carry out a wise and fair
policy to insure theirlonstruction. There was really very
little difference between the terms proposed by the Govern-
ment and themselves. Their chairman, on the part of the
company, had asked such terms only as were fairly required
to carry out the undertaking. The local Government were
prepared to carry out those views, and, in the first instance,
to construct one experimental line in each presidency, and,
therefore, nothing could have been lost in conceding those
terms, which, after all, were only sufficient to obtain the
capital. The local Governments could best appreciate what
was immediately wanted to develope the resources of the
various districts ; but the Secretary of State for India had in-
terposed, and at once put an end to those arrangements, on
the ground that the terms which the local Governments
were willing to concede were better than these accorded to
the Indian Branch ltailway Company. There were various
circumstances which rendered it impossible to construct all
roads on exactly the sane terms without a guarantee. One
line would be more costly than another, and in other cases
the traffic might not be so plentiful or remunerative on one
route as on another. What they wanted of the Govern-
ment was to pay the company as a subsidy half the cost
of constructing a common road through any district which
might be selected by the Government authorities, and the
company would do the rest. The Government insisted on
having the line laid on a gauge of sft Gin, while the com-
pany's calculation was for a gauge of 3ft 6in, and, instead
of giving the company a subsidy of half the cost of a com-
mon road, they were offered only one-fourth the cost. The
company had offered to extend the gauge to sft 6in., pro-
vided the Government would give a subvention equivalent
to half the cost of a common road, but this was refused;
and at the last meeting the shareholders very properly de-
cided on limiting their outlay to the one line now under
construction in the Madras Presidency. It was 17 miles in
length, and the capital of the company was then limited to
£lOO,OOO, of which £57,000 had been expended. There
remained an :ample balance, not only to complete the line
from the Madras Railway at Arconum to Conjeveram, but
to extend it three and a half miles further to Wallahjahbad.
The accounts of the existing traffic on this line of tramroad
esceeeed the original calculations. Conjeveram contained
174,000 inhabitants, and there was a very large traffic be.
tween that place and the line to Madras, particularly in salt
and grain. There were several festival days in the course
of 10 months in each year,and on two special days the num-
ber of passengers was between 30,000 and 40,C00. There
was no doubt they would have a very adequate revenue.
The construction of this line was commenced in January
last, and about 12 miles of it were all but completed, and
every possible exertion would be made to open tho line
throughout by May next, in time for the grand festival.
Mr ALLAN seconded the motion for the adoption of the
report.
In reply to queslions it was stated that the cost of the
line to Conjeveram would be about £75,000. The Madras
Railway Company had afforded them every facility in their
power. The contract or arrangement with the Madras Go-
vernment was for a subvention of £25 per mile per annum,
for a single line having a gauge of 3 feet 6 inches, but
that subsidy had been since reduced to £l2 108 per rnile per
annum; but that was a matter of no consequence under the
circumstances. The directors had not taken any fees; the
engineers (Sir C. Fox and Mr G. .Berkley) were giving their
services to the company for little more than expenses out of
pocket, and the office expenses were paid between this and
another company.

The report was then unanimously adopted, the retiring
directors, Mr A. H. Campbell, Mr T. Card well, and Major
General C. J. Green were re-elected, and also the retiring
auditors, Mr 3, A. Franklin and Mr G. Smith.

On the motion of Mr MAXWELL, a vote of thanks to the
chairman and directors concluded the proceedings,

EASTERN BENGAL.

Tho report of the directors states that the gross receipts
for the half year ending June 30 last amounted to £15,915,
against £33,748 fur the corresponding half of 1863, showing
an increase of £12,197. The number of passengers carried
was 609,580, against 422,161, showing an increase of
177,416, The receipts per train mile amounted to 7s 11,d,
against 6s 91d for the corresponding half of 1863. The re-
ceipts per mile open were £llB, against £307. The expenses
were 53.29 per cont. cf the gross receipts, the whole of the
cost of maintenance being now for the first time charged
against re venue. Since the 15th May last the maintenance
of the permanent way had been carried on by the com-
pany's own staff, and the result had been most satisfactory,
as the cost had averaged 38 per cent, less than the lowest
rate at which responsible contractors had offered to do the
same work. The contract with Messrs Brassey, Paxton,
and Wythes for the construction of the railway had been
it h a
d b satisfactorilyeen completed,finally
the company, and a release and discharge in full of all de-
mends having been received. On the 4th Juno the third
closed;
the balance having been paid by
class fares wore increased 50 per cent, and a fourth class
was established at the original third class fare of 3 pies
(about three-eighths of Id a mile.) This experiment had met
with great success, and the company's agent hadpressed the
Government to sanction his raising also the first and second
class fares 50 per cent., which would only bring such fares
to the standard of those of the East Indian Railway, The
directors hoped the Government would give their assent to
this just and politic measure. The:local Government had
determined to construct basins on the circular canal adjoin-
ing the terminal station at Calcutta, and to execute other
works which would afford facilities for the transport of
goods by water to and from the station. The traffic had
been worked during the half year without accident of any
kind to the public or the company's servants, which showed
the care and attention of the company's officers in the per-
formance of their several duties. The directors, acting on
the request of the Secretary of State for India, had taken
steps to borrow on debentures bearing 5` per cent. interest
£200,000, part of the money authorised to be raised by the
last special meeting. The revenue account for the half year
ending the 30th of June showed that £45,916 had been re-
ceived, and £24,486, or 53'29 Per cent. expended, leaving a
balance of £21,460. The steamer traffic revenue occount for
the half year showed that £142 had beenreceived, and £758
expended, leaving a balance of £616 against revenue. The
capital account showed that £1,493,301 had been expended.
The balance overdrawn amounted to £93,301, ;the sum
paid on capital account being £1,400,000.