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

GREAT EASTERN.

The second half-yearly meeting of the analgamated com-
pany will be held at the London Tavern, Bishopsgatt-street,
on the 13th instant, at one o'clock. The revenue account
exhibits the following :—lteceipts, £720,24916s 8d; expen-
diture, £352,772 13s 8d , total, £367,477 3s. Less—Pay -
mencs to Northern and Eastern and other companies, and
interest on guaranteed and preference stocks, mortgages,
&c., £323,165 Is lld ; balance, £44,312 is ld. The above
balance of £14,312 is ld, together with the sum of £15,190
19s sd, the surplus after the payment of the dividend for
the half year ending December 31 last, make a total of
£59,503 Os 6d; this amount, less the deductions set forth
in the general revenue account, will adult of a dividend for
the half. year at the rate of £lss per cent. per annum being
paid on the ordinary stock of the company. This will require
£52,246 15s 3d, leaving £3,256 5s 3d to be carried forward.
The expenditure on the capital account for the past half-
year has been chiefly incurred for the purchase of land
for the new lines, and in payment for works executed
under the contract for their construction. In addition to
which a sum of £34,132 has been expended for rolling
stock required to meet the exigencies of the service, and
for the working of the extra mileage since the Amalga-
mation Act. The working expenses for the half-year are
£4B, 19s 7d per cent. The rolling stack continues. .to
maintained in a state of efficiency. The revenue of the
amalgamated lines for the past half-year exhibits an in-
crease of £28,289 over the some period of 1862. As regards
the permanent way, the engines and bridges, the directors
see no reason for departing from the principle explained to
proprietors at their last meeting, but they now propose, for
the first time, to lay aside a large annual sum as a provision
for keeping up the rolling and other working stock, thus
affording to the proprietors a correct basis whereby to judge
of the prospects of the undertaking; and it is the opinion
of your directors that the results of the past half-year, tak-
ing all the circumstances into consideration, are of a satis-
factory character. When the last report was made the
amount of the claims of the Eastern Union and East Suffolk
Railway Companies, which had been referred fur settlement
to Capt. Galton, had not been ascertained. The directors
were, however, enabled at the subsequent meeting to report
the amount of stock which had been awarded to the East
Suffolk Company; and subsequently they were enabled to
pay to the shareholders the dividend then declared, Capt.
Gallon having determined the amount of fixed charges
attaching to the Eastern Union Company, which exceeded
by £4,178 per annum the amount at which they had been
taken in arranging the terms of the amalgamation, and one
moiety of that sum was therefore deducted from the dividend
upon the amount of stock allocated to them. An applica-
tion was afterwards made on the part of the representatives
of the Eastern Union Company to set aside Capt. Galton's
award. This application was dismissed by Vice-Chancel-
lor Wood ; but upon an appeal to the Lords Justices, which
came on for hearing on the 24th day of July last, their lord-
shipsof the dividend to
were pleased to grant the application for setting aside
the award. It will consequently become necessary that the
umnattitle
his
issho
awardu bies
again
obtained
investigated
the
payment
the shareholders of the Great Eastern Railway Company
must be postponed. Four of the directors, viz., Samuel An •
derson, Esq., Geo. Josselyn, Esq., Rich, Paterson, Esq.,
by Capt. Galion, and
and Wm. 11. Shaw, Esq., retire by rotation at this meeting ;
the two farmer, being eligible, offer themselves to this meet-
ing for re-election. The vacancy caused by the retirement
of Richard Paterson, Esq., is, in accordance with the Act,
to be filled up by the board of directors of the Northern and
Eastern Railway Company ; and the vacancy caused by the
retirement of William H. Shaw, Esq., is, in accordance with
the Act, to be filled up by the East Anglian proprietors.
One of the auditors, Henry Soper, Esq., retires at this
meeting, and offers himself for re-election. At the conclu-
sion of the half-yearly general meeting, special meetings
will be held for the purpose of obtaining the sanction of the
proprietors to the measures which are set forth in the ad-
vertisement.

EDGWARE, HIGHGATE, AND LONDON.

The half-yearly meeting of this company was held at the
offices of the corporation, Dake-street, Westminster, Mr.
Harper, the chairman, presiding.
The SECRETARY cf the company having read the report
for the half-year, an abstract of which has already been
published.
The CHAIRMAN said, as the statement of accounts had
been in the hands of the shareholders, it was not necessary
to lengthen the proceedings by any further statement. The
shareholders would be glad to learn that, since the report
was printed and circulated, some progress had been made
in obtaining the necessary land before commencing the
works. The difficulties always incidental to such an un-
dertaking had been removed, and the contractors would in
a few days be in possessior of sufficient land for their plant,
and before the end of next week would be in possession of
that portion of the land where the most extensive and
heaviest works had to be commenced. The neighbour-
hood of Highgate was the portion of the line where the
work was the heaviest, and it was judged to be the best
economy to proceed with this part of the line first. The
piece of land beyond Highgate to the Great Northern
would be in the hands of the contractors before six
months. The works beyond Fincbley were very light,
and would be proceeded with last, and there was no reason
to doubt that the line would be completed up to Edgware
by the end of 1864. It was also thought right to ask
bteyeon capital ap it a l
what shouldwas requisite
qu have
isite boon
t o
the shareholders for authority to exercise the bor-
rowing powers which they would be in a position to do
when half h
paid up. It was
needless to say that such borrowing powers would not be
exercised
carry out the un-
dertaking.

Mr. DRAKE suggested that the calls should be firs
paid up.

authorising the company to borrow £73,300,
Resolutions adopting and confirming the report, and
were put and
carried unanimously.
The Cu/um/LAN said that the proposal was anticipatory
of proceeding with the works, but that if the proprietors
desired to pay their calls beforehand, the) would be re-
ceived, and five per cent allowed.
The usual vote of thanks to the chairman and directors
concluded the proceedings.

SALISBURY AND YEOVIL.
The report of the directors of this company, to be pre-
sented to the shareholders at the half-yearly meeting on
the 14th inst., states that the income of the line has been
steadily progressive. Notwithstanding the absence of
traffic created by the Exhibition of last year, there has been
a gross increase of £3,108 148 6d, the amounts or the two
half-years being relatively-1863 £24,208 8s 6d ; 1862,
£21,099 14s. The traffic for the year ending June 30th,
1863, is equal to £26 per mile per week, amounting to
£54,042 4s 4d; and in 1862 to £22 is Id, amounting to
£45,874 3s ld, showing an increase of £3 188 lld per mile
per week. After deducting working expenses and all
other charges, the accounts now present a balance of
£8,261 5s 6d, which, with a balance of £2,194 17s 9cl from
last year, leaves £10,456 3s 3d available for dividend. After
the payment of a 5 per cent. dividend to the preference
shareholders, amounting to £2,716 96 6d, the directors re-
commend the declaration of a 41 per cent, dividend upon
the ordinary shares, which, amounting to £6,855 14s 4d,
will leave £BB3 19s 5d to be carried to the credit of the cur-
-1 rent year's account.

OS WESTRY AND NEWTON.
A special general meeting of the shareholders in this
company was held yesterday, at their offices, 9A, Bridge-
street, Westminster ; Mr. G. 11. Whalley, M.P., in the
chair. The object of the meeting was to increase the
borrowing powers of the company.

The CHAIRMAN said he had entered so fully into ex-
planations as to the importance of their borrowing powers
on a former occasion, that it would bo unnecessary for him
to go over the same ground again. He must, however,
state that all the requirements of the Act of 1863 had been
complied with. With respect to the general state of the
lino and prospects of the company, he would defer any re-
marks upon that point until the approaching half-yearly
meeting. lie would now move '"That the directors be
empowered under the powers of the Act of 1863 to borrow
on maztgage any sum not exceeding £66,660, at such rate
of interest as to them may appear desirable."
Captain JOHNS seconded the motion, and it was agreed to
unanimously.
The proceedings closed with a vote of thanks to the
chairman.

LLYNVI VALLEY.
The ordinary half-yearly meeting of this company took
place at the Great Western Hotel yesterday. Alexander
Macgregor, Esq., presided.
Mr. G. F. SAUNDERS, the secretary, read te report, rom
which it appeared that the gross revenue for the I,z:it- fyear
ending June 30, 1863, amounted to £9,374 7s 11d, against
£9,426 19s 9d for the preceding six months, and £9,401
3s 6d for the corresponding period of the past year. The
working expenses amounted to £3,130 19s 4d, against
£3,012 5s 3d for the preceding six months, and £3,155
13s 7d for the corresponding period of the past year.
The net income, after deducting the working expenses,
with the interest on debentures and on land purchases
unpaid, amounted to £4,232 13s lid, against £4,2317s 3d

take the conveyance of passengers, but the time had arrived
when they thought that the experiment might be tried with
success. With respect to threatened opposition, the Ely
Valley Railway had expunged those portions of the powers
they had sought to the detriment of this company. The
Ognaote Valley Railway's objectionable matter was modi-
fied, and finally brought into such a form as afforded pro-
mise of great additional traffic when the line was constructed
and the country opened. The report concluded by stating
that the directors had succeeded in making arrangements
by which all litigation had been terminated with the prin-
cipal traders on the line. The chairman announced that
the dividends would be payable on August 21, and after
some remarks on the prosperity of the undertaking, the
meeting concluded with the usual compliments.