The Sun.
London, England, 1865-10-11 00:00:00

CAPE TOWN.

The directors in their report allude to the efficient
and safe working of the line for the half-year ending
June 30, with a steady increase of traffic and conse-
quent profit, notwithstanding that it had been found
desirable to reduce the goods rates. On the Wel-
lington line 57,458 passengers and 11,641 tons of
goods had been carried, as against 38,484 passengers
and 9,688 tons of goods in the previous half-year ;
the receipts having been £16,142, as against £14,219.
On the Wynberg line 157,786 passengers and 471
tons of goods had been carried at a gross return of
£6,666. This line had been only lately available for
goods traffic. During the same period there had been
a reduction of 22.53 per cent. in the company's
working expenses. This result was due partly to in-
crease of traffic and partly to reduction in working
expenses consequent onimproved managementin the
colony. The gross receipts for the past year had been
£22,418, and the expenditure, exclusive of the out-
lay of £2,797 on renewal of decayed sleepers, which
was as before charged to capital, had been £17,889,
showing a profit of £4,528, in addition to the amount
guaranteed by the Colonial Government, thus leav-
ing a balance of £12,080 available for dividend.
Out of this sum it was proposed to pay a dividend at
the rate of 4 per cent. per annum free of income-
tax, and to carry over the balance-11,913—t0 the
next account to meet renewals and other contin-
gencies. The dividend warrants would be payable
on and after the 20th inst. Since the last meeting the
Local Government had acceded to the request of the
company to refer to Mr. Hawkshaw the question of
thu decayed aleepora• Under cilia head there had
been hitherto an outlay of £10,830, and it was
estimated that for a further sum of £3,000 the
whole of the sleepers in question would be replaced.
The expenditure of the company in England, on
construction account, had been officially examined
by the Crown agents for colonies, in accordance
with instructions from the Colonial Government.
Their auditor reported that from his investigation
"he is able to certify that in point of amount the
charges are strictly correct, and, having regard to
the recognised principles which govern the charges
applicable to the construction of railways in this
country, the items appear to be of a nature fairly
chargeable to capital or construction account." The
necessary steps having been taken by the company's
solicitors to refer all the questions at issue between
the company and the contractor to Mr. Hawkshaw
(the standing referee) for his decision, the contrac-
tor filed a bill in Chancery against the company for
the purpose of restraining this reference and taking
the accounts in that Ccurt. The directors would
resist this attempt to put aside the authority of the
standing referee. Mr. Secretary Cardwell had de-
clined to advise her Majesty to annul the Wynberg
Railway Running Powers Act. It appeared that
475,068 passengers and 57,567 tons of goods had
been carried over the line since their opening in
February, 1862, without injury either to person or
property. The capital account showed that £708,392
had been expended.