The Sun.
London, England, 1863-08-24 00:00:00

RAILWAY INTELLIGENCE.

The following is a summary of the railway pro-
ceedings of the week :—At the half-yearly meeting
of the London and North-Western the report of
the directors was unanimously adopted, and a
dividend at the rate of 41 per cent. per annum
declared; a special vote was passed, empowering
the directors to expend £154,000 on new works,
and to place £252,000, expended up to the 30th of
June in the improvement of the permanent way,
to a separate and distinct head. At an adjourned
special general meeting, the directors were autho-
rised, in conjunction with the Great Western
board, to create and issue, for the Birkenhead
Railway, additional capital to the amount of
£474,178 in 41 per cent. perpetual preference
shares of £lOO each, the interest to be payable
half-yearly. The half-year's working of the South-
Eastern shows a net balance of X 168,559 available
for dividend on the ordinary consolidated stock of
the company. The directors recommend a dividend
at the rate of 41 per cent. per annum, the payment of
which will leave a balance of £l3O to the credit of
current account. At the half-yearly meeting of
the South Yorkshire a dividend at the rate of 5
per cent. was declared, and at a special meeting
the directors were authorised to raise £260,000 on
5 per cent. preferential shares. The Right Hon.
J. Parker retires from the chair, and will be suc-
ceeded by the Hon. W. G. Eden. The Vale of
Neath will pay a dividend at the rate of 31 per
cent. per annum, with a balance of £276, and the
Dublin and Drogheda a dividend at the rate of
4 per cent. per annum, with a balance of £348.
The Staines, Wokingham, and Woking will pay a
dividend of 4s. per share, being at the rate of 2 per
cent. per annum, with a balance of £34. The
Great 6outhern and Western (Ireland) have de-
clared a dividend at the rate of 41 per cent. At
the adjourned special meeting of the London, Til-
bury, and Southend, a letter was read from the
lessees of the line withdrawing their offer of 43- per
cent. in perpetuity, guaranteed by the Great
Eastern and Blackwell Railway Companies, in lieu
of their present personal guarantee of 6 per cent.
for a period of 12 years. The withdrawal of the
offer was based on the fact that a strong express-
sion of feeling had been given by the proprietors
against the substitution of a 41 per cent. guaran-
tee in perpetuity for the 6 per cent. dividend now
paid. A requisition was numerously signed call-
ing upon the directors to convene a general
meeting of the shareholders for the purpose of
nominating a committee of investigation to inquire
into the present condition and future prospects of
the company. At the half- yearly meeting of the
Midland Company a dividend at the rate of 56 per
cent. per annum was declared ; and a resolution
passed, authorising the expenditure of £150,000 on
rolling stock, &c. The Bristol and Exeter directors
recommend a dividend at the rate of 4 per cent. per
annum, with a balance of £1,596. The half-year's
working of the Rhymney will admit of a dividend at
the rate of 21 per cent. The directors of the Metropo-
litan recommend a dividend at the rate of 5 per
cent, per annum. The directors state in their report
that, owing to the want of a station near the centre
of the City, and to the insufficiency of locomotive
power and suitable curia -2,es, the local traffic has not
yet been developed, and that none of the through
traffic from other lines has been carried over the
railway. The South Devon have a balance on the
half year's working sufficient for a payment of a
dividend of 18s. per cent. on the ordinary stock of
the company. At the half-yearly meeting of the
Lancashire and Yorkshire Campany, a dividend at
the rate of 41 per cent. was declared, and the direc-
tors were authorised to expend £70,000 on works
during the next 6 months. The half yearly report of
the Cork and Kinsale Junction states that the traffic
for seven weeks, since the opening to Kinsale, is
encouraging, inasmuch as the receipts for that
period had covered the working expenses, provided
for the payment of interest on debentures, and left
a small balance. The Taff Vale will pay a divi-
dend of 9 per cent. per annum. The directors of the
Llantrissant and Taff Vale Junction state in their
report that the directors of the Taff Vale Company
have offered to undertake the maintenance of the
line and works, and the entire management, and
pay the Llantrissant Company 5 per cent. per an-
num on their share capital of £40,000, and the
interest on their debentnre debt. The agreement
is to commence with the opening of the railway,
which will shortly be ready for traffic, and to be in
force for ten years. The Llantrissaut board recom-
mend the proprietors to adopt those terms. The
Dublin and Belfast Junction will pay a dividend
of 4 per cent. per annum, carrying forward a balance
of £1,851.