The Sun.
London, England, 1865-04-04 00:00:00

IXPERIAL MEXICAN.

The CHAIRMAN, in moving the adoption of the re-
port, said the company was founded on the basis of
receiving a transfer of the concessions made by the
Mexican Government to Mr. Escandon in 1857 and
1861. Mr. Sandars arrived in Mexico in December
last, and was met by all parties with the utmost
cordiality. The Mexican Government at once con-
sented to ratify the concessiori, and at the same time
to make modifications with a view to facilitate its
working. With respect to the tariff the Government
had assented to the company's charging its own
tariff up to Is. 6d. per ton per mile for first-class
goods, ls. 4d. per ton on second-class goods, and
Is. 2d. per ton. per mile on third-class goods, which
was six times as much as any company was autho-
rised to charge in France. From those rates they
made a reduction of 15 per cent., and perhaps in the
lapse of a year they might make a further reduc-
tion, but the whole matter was practically in the
hands of the company. As to the prospects of the
company they were excellent, and would far exceed
that which would amply satisfy the most sanguine
of its promoters.

The report was unanimously adopted, and spe-
cial thanks were voted to Mr. Sandars for the zeal
and ability with which he had conducted the nego-
tiations between the company and the Imperial Go-
vernment of Mexico. The proceedings concluded
with a vote of thanks to the chairman and directors.

BAHIA AND SAN FRANCISCO.
The report of the directors states that the total
raffle receipts of this company for the year 1864
amounted to £23,805 and the expenses to £51,953,
leaving a deficiency of £28,148. The largest item
of expenditure was still the maintenance of the line
(sleepers and fencing), the amount for this being
£11,263 for the last half-year; every other item of
expenditure had been considerably reduced, except
the repair of carriages and waggons, upon which
there had been a small increase. The reduction of
wages and salaries for the half-year had been
£2,606. The unexpended balance on capital ac-
count remaining in hand was £42,103, including
the amount of accrued interest of £11,568,
but the engagement for works immediately
necessary would nearly absorb this amount.
The above deficiency of £28,148 being deducted
from the guaranteed interest on £1,800,000
at 7 per cent. already received from the Imperial
Government, left a balance of £97,852 for dividend
for the year 1864. The interim dividend paid last
July at the rate of 5/ per cent. per annum, and the
income-tax on that payment, absorbed £50,708,
leaving a balance of £47,144 to be divided. The
directors proposed that a further dividend of 10s.
per share, or 2/ per cent. free of income-tax, be de-
clared, leaving a balance of £1,019. The net revenue
for the year was at the rate of £5 Bs. 9d. per cent.
per annum. The vacancies in the direction caused
by the resignation of Mr. J. Samuel, Mr. B. Cohen,
Lieutenant-Colonel Miller, and Mr. T. A. Mitchell,
M.P., had been filled up by Sir 11. Rich, Mr.
S. Neave, Mr. H. Lewis, M.P., and Mr.
J. Morgan. The present Board did not in-
tend to enter into any discussion respecting the
report of the committee of shareholders ; but having
conferred with the retiring directors, they called
attention to a few of the observations made by the
committee. They stated, as regarded the first estab-
lishment of the company, that the late board, who
were appointed by the Brazilian Government, were
not parties to the negotiation of the concession with
the Brazilian Government, or with the promoters ;
that the appointment of Mr. Vignoles as chief en-
gineer had virtually taken place when the present
company was formed, and only required the confir-
mation of the board, and it had never for one mo-
ment been regretted by them ; that the cc•ntract
with Mr. Watson was concluded after other con-
tractors of eminence had been invited but declined
to compete, from want of knowledge of the country,
that the result had been that the line had been con-
structed, and all the various requirements of the
Brazilian authorities would be met at an expendi-
ture within the sum undertaken to be guaranteed by
the Imperial Brazilian Government. The new board
considered that the undertaking was capable of such
development as to render the shareholders secure of
receiving the guaranteed interest. There were
works connected with the railway still to be com-
pleted, and the line itself had not been definitively
accepted by the Government.

DUMFRIES AND LOCKERLIE.
The half-yearly meeting was held on Friday; Sir
W. Broun in the chair.

The CHAIRMAN, in moving the adoption of the
report, said the cost of the line was about £lO,OOO
a mile, which, considering the cost of the viaduct
over the Annan, and other heavy expenses, was not
excessive. The directors considered the bargain to
amalgamate with the Caledonian, on the terms of
receiving 6 per cent. in perpetuity on their capital,
and being freed from all liabilities, a very fair one.
It was at one time expected that a larger dividend
than 4 per cent. would be declared, but the late ex-
traordinary rise in the rate of interest, and the gene-
ral depression of trade in the district, rendered that
impossible.
The report was adopted, and a dividend at the
rate of 4 per cent, declared.

MANCHESTER, SHEFFIELD, AND LIN-
- - -

C OLNSHIRE.

The total expenses of this company's railways, in-
cluding rents, tolls, duty, &c., from Jan. 1 to March
26, 1865, amounted to' £95,669, as against £93,882
for the corresponding period of 1864. The propor-
tion of the South Junction receipts accruing to this
company from Jan. 1 to March 26 amounted to
£7,805, as against £7,945 for the. corresponding
period of 1864, and the expenses to £4,407, as
against £4,024,

A special general meeting of the shareholders in
this company was held on Friday at the London
Tavern ; Mr. R. W. Crawford, M.P., in the chair.
The report stated that soon after the formal con-
stitution of the company and the receipt of the de-
posit on the shares the Board took measures for the
establishment of the company in Mexico. Mr. T.
C. Sandars, a (Erector, and Mr. Samuel, the
consulting engineer, were sent out to Mexico,
the former to enter into relations on behalf of the
company with the Imperial Government, and the
latter to receive charge of the works and line. On
their return to this country they stated the result of
their mission to the board. The terms concluded be-
tween Mr. Sandars and the Imperial Government
were in various respects more advantageous for the
interests of the shareholders than those contained in
the original concession. The arrangements between
the Government and the company. were to take effect
from Jan. 1, 1865. The company were to hold the
concession in perpetuity, with immunity from com-
petition for 65 years. Five years were allowed for
the completion of the works from the Ist January
last, as well as for an annual subscription to the share
capital on the part of the Government of 15 per cent.
of the Customs revenue of the empire. The subscrip-
tion of the State, which it was calculated would amount
to £160,000 per annum, or £BOO,OOO in all, would, it
was estimated, produce not less less than £220,000
per annum, or £1,100,000 of the capital of the com-
pany. The shares which were to be given in ex-
change for the capital thus provided would be ina-
lienable in perpetuity, and would not bear interest
during the construction of the works. Theprivilege
of exporting silver free of duty extended not only to
an amount equivalent to the value of the materials
imported for the purposes of the railway, but also
to a sum of $560,000 per annum for a period of 25
years, being the amount of the yearly payment to
be made by the Government in respect of its sub-
vention. The fares and charges for passengers and
goods were at the absolute discretion of the directors
for the term of 20 years, subject to the maximum
of rates agreed upon between the Government and
Mr. Sandars. After that time they would be subject
to modification on an equitable basis. From the re-
port of Mr. Samuel, the engineer, it appeared that
from two sources of traffic alone there was a pros-
pect of considerable returns without taking other
sources of traffic into account.