The Sun.
London, England, 1864-04-14 00:00:00

THE ARMY.

The 18th Hussars, at present stationed at Nor-
wich, Ipswi,th, and Northampton, are under orders
for India, and a portion of the regiment will embark
for the Madras Presidency early in dune. It is stated
that in consequence of the large force of cavalry
about to be stationed at Colchester, the barracks at
Norwich and Ipswich will not be occupied.

RAILWAY INTELLIGENCE.

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GREAT WESTERN OF CANADA.

The half-yearly ordinary meeting of the proprietors of
this company was held yesterday at the London Tavern,
Bishopsgate-street—Mr Alderman T. Dakin, chairman of
the board of directors, was in the chair.
The report of the directors states that the total receipts
on capital account to January 31 last were £5,217,218, and
the aggregate expenditure to the same date amounted to
£5,057,848, leaving a balance of £159,370. The outlay on
capital account during the past half-year consisted of addi-
tional sidings laid down at sundry stations, fish-jointing 15
miles of rails, the proportion of expenditure chargeable to
capital in rebuilding in stone and iron the wooden bridges
over the Grand River at Paris and over the cove of the
River Thames west of London, and an outlay on account
of rolling mills, amounting altogether to £21,057.
The revenue account for the past half-year showed that
the gross receipts amounted to £301,634, and the working
expenses, including rent of suspension bridge, to £135,879,
leaving a balance of £165,755. From this was deducted
£17,498 interest on Government loan, £33,663 interest on
company's bonds, &c., £53,985 loss on the conversion of
American currency, £35,457 renewals of rails, sleepers,
bridges, &c., and £3,785 defalcations of the late paymaster
and cashier, leaving a balance of £21,366. To this was added
£7,955 surplus from the preceding half-year,making £29,321.
Out of this sum the directors recommend a dividend at the
rate of 11 per cent. per annum, leaving a balance of £1,129.
Notwithstanding the competition at greatly reduced fares
and rates, induced by the Grand Trunk and Buffalo and
Lake Huron Companies, the local passenger recetpts for
the past half-year exhibited an increase of £3,170, the
foreign passenger receipts an increaseof £3,959, and the local
freight and live stock receipts an increase of £4,063. The
working expenses were at the rate of 45.05 per cent., as
compared with 44.03 for the corresponding period of the
preceding year. The receipts derived from the carriage of
through traffic were £180,005, or 521 per cent., of the total
nominal earnings, while the loss sustained by the company
in the conversion and remittance of those receipts was
£53,985, or 30 per cent., leaving a net sum of £126,020,
which nearly coveted the whole of the ordinary working ex-
penses of the line for the half year. The premium on gold
had varied during the half year from 25 to 60k. The cost
of the maintenance of the permanent way had been £18,583
against £19,203 for the corresponding half year, The rolling
mill at Hamilton was expected to be ready for working by
the end of May, The renewal of wheels on ft eight cars had
been very heavy during the past half year, owing to the de-
terioration of the old stock, and there had, consequently,
been an increase of the expenditure on that item amounting
to £2,890. The maintenance of passenger cars showed a
decrease of £1,376.

The CHAIRMAN, in moving the adoption of the report,
said he considered it satisfactory on the whole. There were
certainly three items which called forth some explanations,
and they were £53,984 loss on the conversion of American
currency; £35,457 for removals of rails, sleepers, and
bridges ; and £3,785 for defalcations of the late paymaster
and cashier. With regard to the loss on the depreciated cur-
rency, the directors had endeavoured to make some effort to
meet it by increasing the rates, and in that effort they were
ably assisted by the manager and directors in Canada. As
to the renewals, they would be completed in two years, and
that would release a large sum annually to go to the aug-
mentation of the dividend. The third point was the defal-
cations; the paymaster had not as yet been made amenable
to justice; but steps had been taken to prevent the occur-
rence of such acts. The two other principal points referred
to in the report were more gratifying. He alluded to the
judgment of the Court of Appeal in Canada in favour of
the company, in the suit of the Commercial Bank, awl
the other was the improved condition of the district and
Milwaukie Railway. He and Mr. Faulkner were about
to visit Canada, and personally invest:gate the local ma-
nagement of the company and see for themselves what
reforms could be initiated. He formally moved the adop-
tion of the report,

Mr. SOMERVILLE HEAD seconded the motion.

Mr. W. EVANS considered the report most unsatisfactory,
and he could not understand why a railway of such resources
should hang fire over a ono and a half per cent, dividend.

The report was adopted after some discussion, and the
dividend declared.

The meeting terminated in the usual manner with a vote
of thanks to the chairman.

RECIFE AND SANT FRANCISCO (PERNAMBUCO.)
The 17th half yeary meeting of the proprietor, in this
railway was held on Monday, at the London Tavern, Mr.
Robert Benson in the chair.

The CHAIRMAN stated that there was very little doubt
but that they should get the Imperial guarantee at 7 per
cent. It had been recommended to the provincial chambers
by the Imperial Government, and they seldom refused to
pass such recomtnendations. The net income of the com-
pany,
• after paying all expense, would be about £74,000 per
annum, including the guarantee, which would give a divi-
dend of over 6 per cent. In the interim of the confirmation