The Sun.
London, England, 1863-04-15 00:00:00

RAILWAY INTELLIGENCE.

DEMERARA.

The ordinary general meeting of the shareholders in this
company was held yesterday at the London Tavern—Mr. J.
A. Tinny in the chair.

The Secretary read the report as follows :
"The directors have great pleasure in informing the
shareholders that the arrangements for the conversion of
the bonds and old preference stock have been carried out
with the most complete success; every bond has now been
settled, and ample funds have been provided for the com-
pletion of the railway in accordance with the colonial ordi-
nance so as to secure the cancellation of the government
mortgage ; the company stands virtually in the enviable
position of being without a single creditor.
" In pursuance of the scheme which had been devised, the
affairs of the company were brought to a point on the 30th
of September, 1862, all interest on the one hand, and traffic
receipts (which for the three months ending 30th Septem-
ber were £4.655 125.) on the other, being brought into con-
struction acCount, and the general balance-sheet to that date
shows that the result of this arrangement was to place
£40,2224x, ld, in stores and cash at the disposal of the di-
rectors for working the railway and completing its exten-
sion to Mahaica.
" Following this general balance-sheet to the 30th Sep-
tember are the general balance-sheet and statements of capi-
tal and revenue accounts for the three months ending 31st
December, 1862 ; the capital account exhibits the further
progress which had been made to that date in the allotment
of the new preference stock, and the further sum required
for the purposes of the company has since been sub-
scribed. . _

"The revenue account shows a net profit upon the quarter
of .Z 3,790 17s. 11d., but the shareholders must bear in
mind that this embraces the period of the largest returns,
and that the rate of working expenses is proportionately
light; the receipts of the railway, however, continue to
exhibit improvement, and as it is morally certain that they
will amply provide in future for the preference dividends,
and leave a fair margin, the directors have no hesitation is
disposing of the balance above alluded to ; the sum required
for dividend on ihe preference stock to the 31st of Decem-
ber, 1862, is £1,605 4s. 5d., leaving £2,185 13s. 6d., out of
which the directors propose that a dividend of lk per cent
should be paid on the
original stock, which will absorb
£1,688 155., and leave £496 18s. 6d. to be carried forward
to the credit of the revenue account of the current half-year.
" On the 9th March th
, manager writes :--.‘ I am glad to
say that our traffic receipts confinue to compare favourably
with last year, and that the trains are running punctually,
and without accident. I made a beginning last week at
Lancaster with the new embankment, and at Hope and
Dochfour with bridges across the side line trenches for the
extension line to Mahaica.'
" The members who now retire by rotation from the
general committee are H. Bruce, Esq., and G. H. Loxdate,
Esq., and from the local committee, Thomas Garnett, Esq.,
all of whom offer themselves for re-election."
The CHAILMAN, in moving the adoption of the report and
accounts, said it was highly gratifying to the board to meet
the shareholders on this occesion. It afforded a pleasing
contrast to former meetings, when ho considered how often
they had met in this place and left the meeting sick of
hope deferred. He was sure they must all feel gratified at
the position of the company,
and at the receipt of a divi-
dend. Their traffic in goods and passengers was daily in-
creasing. He hoped before the end of the present year
that the line would be completed in all its integrity, when
its resources would become fully developed. The reports of
the manager were extremely favourable as to the new ex
tension, which was rapidly progressing, and most of thematerials were on the spot. He trusted that all parties in
the colony, seeing the strenuous efforts which were being
made to fulfil all obligations, would stand firm by the com-
pany. He thought credit was due to the deputy chairman
(Mr. Chambers) for
his exertions to promote .he financial
prosperity of the company, and he would request that gen.
tleman, in seconding the resolution, to make some observa-
tions on this subject. Before concluding., he had pleasure
in reading an extract from the manager's letter of the
23d of March by the packet just arrived :—gi The
works for the extension are going on favourably,
and I hope in the course of a couple of
months to be ready
to open up the Clonbrook (11 miles), so as to get the pas-
senger traffic from the villages of Ann's Grove and Bee
Hive. The embankment across Lancaster is also progress-
in the course of ten days
ing favourably; the contractors promise to have it finished
or a fortnight ; when that is done
I intend to go on with the work at Mosquito Hall, and by
the time we finish there I hope to have possession of the
remainder of the land " You -ill see from the returns that
the traffil is still looking up,
w
Mr. CHAMBERS. in a conding the motion, entered into a
full explanation of the finances of the company, which were
most satisfactory.
He had always felt confident that the
s
line would be uttireatelY successtul, and its present posi-
tion proved that his faith was well foanded. The company
was entirely free from debt, and the funds for completing
theeitation in disposing of *
line had been provided there was consequently no
h
revenue account. the balance exhibited by the

Mr. H. 11. MAtuE anolied for some informa-
tion as to the rolling stock' which was furnished by
the chairman, and in reply to an
inquiry why there was
no resolution for the PaYtnent of the preference dividend, he
was informed that this dividend has made a charge upon
he earnings of the railway by the Colonial Ordinance,
which further provided that if the funds; to meet, it were
inadequate in any hßlf-year, the talance would be a lieu
upon future revenue.
The motion was unanimously
agreed to.
Messrs. Bruce, Loxdale, and Garnett were re-elected as
directors, and Mr. Bankatt as auditor, and a resolution
chat the best thanks of the company be given to the chair-
man of the General and Demerara Committees, and to
their co-directors, to the auditorm, and also to the secretary,
general manager and other officers,'
for the zealous attention
which they have devoted to the interests of the company,
concluded the business of the meeting.