The Sun.
London, England, 1864-04-29 00:00:00

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tinent to compare with it. Even the aietptifilso "St
of Canada could not compare with it ageterAiriNe,t4 /
progress, or length of line. The completion- thitit
works at the Delhi end of the line, had been im-
peded by considerations as to route, and in respect
of the point of junction with the Punjanb line. The
original course of the line had been altered by the
Government, and it was now to go through the
centre of the Doab between two rivers in the direc-
tion of Delhi. The Panjaub line had also been
altered so that both lines should enter Delhi. now
alterations of route had caused great delay in finish-,
ing the third great bridge, involving considerable
expense to the company. Tho works on the Jub•
buleore line were proceeding very satisfactorily, and
there was every reason to believe that the line would
be completed by the contract time in 1866. From
information they had received, there was no doubt
the works would he completed on the Jabbulpore
line to its junction with the Bombaylt olwey at Jab-
bulpore, and be ready for exchenging tr:-ffic with the
Great Indian Peninsula Company when they could
meet them wi.h their line. lie teen Reverted to
tee working of the line (luting the peel year, and
thought the result was very setiefactory. Tee gi oss
receipts of the two Hoes in the upper and tower
provinces amounted for the year 1863 to £9d0,000,
being at the rate of £2O lOs 8d per mile per week.
The net receipts, after deducting working ex-
penses amounted to £439,464, or an average of £o
2s. 63. per mile per week. He then drew attene
tion to the effect of filling up the link between
Allahabad and llenares. He had frequently stated
that when the railway was opened throughout their
returns would show a largo increase. The average
for the whole year of the gross receipts of the Ben-
gal division was £23 7s 9d per mile per week.
week. Since the let of January last the returns
showed that for the week ending the 10th of
January the average receipt per mile was £29 8s;
ending the 17th of January, £3O 16s 4d per mile ;
ending the 24th of January, £32 lls 4d per mile;
and for the week ending the 31st of January, £3!
lOs ld per mile. This was ono of the immediate
effects of opening the line throughout, raising the
average receipts per mile from £23 7s 9d for 1863
to £34 10s Id for the last week in January. On
their other line, in the North-West Provinces, the
average receipt per mile per week was £l5 7s 6d
during 1863, and for this line they had the returns
a month later. The receipts per mile per week for
the four weeks in February last were at the rate of
£2O 2s I Id, £2l lOs /d, £24, and £26 19s 4d re-
spectively, showing a similar result in the upper
provinces. So far he thought he might congratu-
late the shareholders on the opening of the line
throughout. He believed the present traffic was an
earnest of what they should have eventually. With
the increase of traffic it was very desirable they
should have economy of working. The cost of car-
rying the traffic had considerably increased; it
arose in some respects from carrying a very large
amount of traffic over a single line. There was
another reason in the large amount they paid for
wages to Europeans. Every engine-driver must
bo a European. The wages they gave were
£lB a month, which was double the amount
paid in Europe. When they considered that
less work was done for the money, the cost
of sending men out to India, and other
matters, the average cost of European labour in
India was 5 to 1 in England. In the revenue account
of the Bengal division they would perceive that
£86,000 had been expended on the locomotive de-
partment, which was 25 per cent. of the working
expenses. Of that amount £38,000 was for wages
of enginedrivera and cleaners. The expenditure had
engaged the serious consideration of the Board, and
they had called the attention of their officers to the
subject. Again, in the revenue account of the rail-
way in the North-West Provinces, there was a
heavy charge for fuel—£4l,ooo, or about 33 per
cent of the total expenses. Of that sum £21,000
was the cost of coal, coke, and wood. This included
a charge for loss of weight in wood fuel, which be-
longed to the previous half year. This item brought
him to a point in reference to the alternative lino
proposed a long time since by the Board for passing
through a district of country containing valuable
coal deposits, with the view of supplying their en-
gines with excellent coal. The Government at last
had consented to adopt the directors' view. The line
of country would open the route to Patna. Three
routes from, their main line to the coal deposits had •
been surveyed by their engineers, and he supposed
by the end of the year tho Government would come
to some decision as to the route. It would shorten
the distance for carrying through traffic by nearly
100 miles, and save the expense of doubling the
circuitous portion of the main line between the
points of junction with the proposed new line. They
had not yet disposed of their large flotilla, as it was
not easy to find purchasers. If out of the £684,000
expended on those vessels and their machinery they
should be able to place a comparatively small sum
to the credit of capital, the rest would be amply
covered by the advantage already gained of being
enabled to complete the line so much sooner by the
aid of the flotilla than they possibly could without
it. The establishment of the audit department in.
India had realised all their anticipations as to the
satisfactory audit of the accounts. Nothing was ex-
pended without the sanction of the Government offi-
cer, and the interests of the shareholders were pro-
tected. He believed the statement of the accounts
was a fair and faithful record of what was done in
India. There was also an audit committee, consist-
ing of members of the Board, to examine every..
thing. They had a bill now before Parliament
which would be submitted to the proprietors for
their approval at the proper time, in compliance
with the standing orders of the House of Lords.
They sought power in it to alter the times of hold-
ing the annual and half-yearly meetings, holding
them a month or two later to give time for the pre-
paration of the accounts. They proposed to esta-
blish a savings-bank for their army of servants in
India, which he had no doubt would be of great
advantage to them. They also proposed to ask for
power to raise seven millions of additional capital,
which, with the 20 millions already authorised, and
three millions borrowing power, would make an
even sum of 30 millions. The cost of the lino and
works from various circumstances had been much
greater than was originally anticipated. The
price of materials and labour had since
they commenced greatly increased in amount.
Had Government permitted the terminal station
at Howrah two or three years ego to be en-
larged to accommodate the immense traffic in the
manner propped by the directors, a considerable
saving in the cost would have been effected; and
this was also the case with regard to the delay of
other necessary works. The traffic on the line had
reached £34 per mile per week, and the directors
were now anxious to provide ample station accom-
modation and working stock to earn £4O per mile
per week, This rendered a large portion of the
proposed additional capital necessary. The effeeta
of the great changes in the economy of India had
been to enlarge its resources, and if the railway
company intended to realise the advantage of a large
traffic on their line they must provide the means of
carrying and accommodating it in every respect.
Mr. MORGAN said if they wore to realise more
than the 5 per cent. guarantee the working expenses
must be reduced from 60 per cent. to something like
50 per cent., and if they were to pay a large divi-
dend they must secure the coal traffic.
Mr. lIARTRIDGE wished to know whether the
cost of the new live intended to pass through the
coal deposits was included in the proposed
£7,000,000 of additional capital,
The CHAIRMAN said they had put down
£2,600,000 for that purpose, and £1,000,000 for
doubling a portion of the main line.
The report was unanimously adopted; the retir-
ing directors and auditors were re-elected, and Mr.
Godfrey was elected an auditor.
A vote of thanks to the chairman concluded the
proceedings,

PR1CE...... ...4d.
STAMPED ....sd.

MEETING OF THE JOi'KEY CLUB.

A general meeting of the Jockey Club was held at New-
market on Wednesday last. Present—The Hon. Admiral
Rous, Mr Alexander, Mr W. G. Craven, stewards; Lord
Annesley, Duke of 13eau7ort, Lord Chesterfield, Mr W.
Stirling Crawfurd, Lord Durham, Lord Glasgow, Mr
Greville, Marquis of llastings, Sir Joseph Hawley, Captain
Douglas Lane, Mr Lowther, Lord George Manners, Mr
R. H. Nevill, Mr Payne, Lord Portsmouth, Duke of St.
Albans, Lord Strafford, Lord Uxbridge, Lord Westtnore-
land, Lord Wilton, Lord Winehilsea. A ballot took place,
and Baron M. do Rothschild was elected a member of the
Jockey Club. The motion of which Lard Coventry had
given notice, for an alteration of Rule 20, was not brought
forward in consequenco of his lordship's absence. —Ad
journod.

SIR MOSES MONTEFIORE.—At the roczting of
the Margate Town Council on Wednesday, an ad.
dress of congratulation to Sir Moses Montofiore on his safe
return from his late mission to Morocco in behalf cf his
persecuted countrymen was moved by the Mayor and una-
nimously adopted, a deputation being at the same time ap-
pointed to wait on Sir Moses and make arrangements for
its presentation. A similar address has also been adopted
at a meeting in Raraigate, hoar which place the worthy
-baronet mide4,