The Sun.
London, England, 1864-10-26 00:00:00

DEMERARA.

The half yearly meeting of this c.)mpany was held yester-
day at the London Tavern—Mr J. A. Tiune in the chair.

Mr V. P. SELLS, tho secretary, having read the notice
convening the meeting, the report, an abstract of which has
appeared in The bun, was taken as read.

The CHAIRMAN, in moving the adoption of the report
and statement of accounts, adverted to the loss the Board
had sustained by the death of their late excellent and able
colleague Mr H. Bruce, whose business qualifications end
local knowledge of Demerara had been of great advantage
to them. The vacancy at the Board had been filled by Mr
J. Hopkinson, who had been a shareholder for many years,
and who had taken considerable interest in the company's
affairs. The directors had felt very great satisfaction in
being able to announce the opening of the extension line
to Mahaica for public traffic on the 31st August last. The
comp my was incorporated in 1845, and after long and pain-
ful intervals they had succeeded in completing and working
a portion of the undertaking, and recently they had the gra-
tification of knowing that it had been opened to Mahaica
Creek by the Governor of British Guiana in the presence of
the most influential men in the colony. His Excellency
congratulated those who were present on the completion of
an undertaking which was of so much advantage to the
colony. The cancelment of the company's large obligations
to the colony had not yet been formally and legally sane.
tioned, but as the company had now performed its part in
the contract, the subject was to come before the Court of
Policy in regular course, and be finally consummated. The
actual effect of this arrangement was to complete and aim-
plify the state of the capital account, the two main items
being the amount of the original shares and the sum received
on the preference stock. There had been a very gratifying
increase in the traffic of the current half-year as compared
with that of the corresponding period of last year. They
were now not only able to pay the full interest of 7 per cent
per annum on their preference shares, but also to continue
the dividend at the rate of 2i per cent per annum on the
original stock, leaving a balance over of £395 for the current
half-year. With regard to the increase in the amount of
traffic, it was 40 per cent more than in the corresponding
half of 1863, notwithstanding the very large reduction wlich
had been made in the goods tariff. The receipts for goods
in last half-year amounted to 20,947 dols against 15,320 dols
in the corresponding half of 1863, when the reduced tariff
came into operation. The receipts for goods traffic in the
corresponding half of 1862 amounted to 19,553 dols., and in
same half of 1861 to 21,301 dole. They had every reason
to expect a continuance in the increase of the goods and
passenger traffic. The construction of the viaduct, 800 ft in
length, across the Mahaica Canal and the completion of the
extension line to Mahaica reflected great credit on their local
manager, Mr. Martin, who had carried it out, and on those
who had been engaged on the works for the careful way in
which they had been executed.
Mr CHAMBERS, deputy.chairman, seconded the motion.
He said the new works had been completed in the most
satisfactory manner ; the line had been ballasted with burnt
clay, the sleepers were of native hard woods, the rails and
chairs were of the best quality, and the wedges to fasten
the rails were of the same hard wood as the sleepers, and
very effective.
Resolutions were unanimously passed adopting the report
and statement of accounts, declaring a dividend at the rate
of 2i per cent per annum on the ordinary stock out of the
earnings of the half-year ending June 30 last, and also the
full dividend on the preference stock, both payable on the
31st inst. _ _ _

The proceedings concluded with votes of thanks to the
chairman and directors, the local committee in Demerara,
and to the manager and the secretary for their attention to
the interest of the company.