The Sun.
London, England, 1864-02-22 00:00:00

TAFF VALE.

The report of the directors states that the accounts for
the half-year ending the Dec. 31 last :show a disposable
balance of £52,342. Of this amount the directors place the
usual sum of £750 to the credit of the depreciation fund, and
declare a dividend at the rate of 10 per cent per annum, pay-
able on the 7th of March, carrying forward a balance of
£2,439 to the current half-year. Under the authority given
at the last general meeting the sum of £37,924 has been bor-
rowed upon mortgage. On the Ist Jan. £120,000 consoli-
dated preferential 41 per cent, stock became due, and was
paid off, but will be offered for re-issue when a favourable
opportunity occurs. The final arrangement with the
Penarth Harbour, Dock, and Railway Company not having
been completed, the management of that undertaking has
not yet passed into the hands of the Taff Vale directors,
The directors have concludei the agreement with the Llan-
trissant and Taff Vale Junction Company,which has been
sanctioned by the Board of Trade, and the first dividend is
charged is the present accounts. The capital account shows
a total receipt of £1,524,689, of which a balance of £11,349
remains unexpended. The receipts from all sources of re-
venue for the last. half-year were £149,865, and the ex-
penditure £68,431, leaving a balance of £1,434, out of which
£30,645 is deducted for interest, &c,, leaving a balance of
£50,989, to which is added £1,343 from the previous half-
year, making the disposal balance £52,342.

DUNABTJRCI AND WITEPSK.

The first ordinary meeting of this company was held on
Friday at the London Tavern, Mr. G, J. Goshen, M.P., in
the chair.

Tile SECRETARY read the report,

The CHAIRMAN, in moving the adoption of the report,
said that all the expe2tations which had been formed at the
starting of this undertaking had up to the present been ful-
filled. The Minister of Public Works in St. Petersburg had
expressed his satisfaction at the progress made with the
works, which had been proceeded with much more rapidly
than he had expected. The directors wishei to insure the
shareholders against the railway costing more than £8 per
share, and they had provided for this by having contracts
for everything. As the land had been purchased for the
amount estimated, and as there was no cause for believing
that the contract of Messrs. Peto and Betts for the exeeu•
tion of the works would be exceeded, the directors' expec-
tations that the line would be built within the estimate had
every chance of being realised. Everything had gone on
smoothly up to the present time, and all arrangements with
the Russian Government had been exceedingly satisfactory.
Mr. W. MILLER, M.P., seconded the motion, which was
adopted.

On the motion of Mr. CARRUTHERS the directors who
retired were unanimously re-elected, and Mr. J. Coleman
and Mr. A. Symes were appointed auditors.
A vote of thanks to the chairman and directors couclud6d
the proceedings. ---
SAN PAULO (BRAZILIAN),

The directors state in their report that recently a question
had arisen between them and the contractors, but there is
every probability of an amicable arrangement of it. The
directors beg to intimate that they now intend to revert to
the usual system of making calls, and that the sum of £4
per share will be required early in April next. The rela-
tions between the company and the Imperial and local
authorities of Brazil are of the most friendly character. It
appears from the report that Mr. J. Brunlees, the engineer
in chief, that the station at Santos is nearly finished, and
that the first section of the line, 13 miles in length, is in a
forward state. The heavy works on the second section, 37
miles in length, are progressing satisfactorily ; and on the
third section, 38 miles in length, the works are in an ad-
vanced state. The past season has been unusually favourable
and the supply of labour abundant. The total expenditure
to the 31st of December last amounted to £1,467,492, leav-
ing a balance of £138,288.