The Sun.
London, England, 1865-06-26 00:00:00

BOMBAY, BARODA, AND CENTRAL INDIA.

The half-yearly meeting of this company was held on
Thursday, at the London Tavern, Lieutenant-Colonel P.
T. French in the chair.

Mr. BAYNES, the secretary, having read the notice con-
vening the meeting, the report, an abstract of which has
appeared in The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said it was so full and explicit that it left him very little to
say. The line had been completed and opened at the end
of November last to Bombay for passenger traffic. The
monsoon was now at its height, and would keep pouring
down until September, after which the portion of line from
Bulsar to Bombay, 120 miles, would be opened for goods
traffic. Ho thought the receipt of £l4 per mile per week
over the whole 306 miles, for passenger traffic only, was
very satisfactory. The vast population on their line was
chiefly confined to the rich and productive districts of
country north of Belfar, so that at one end of their line
they had Bombay, and at the other a most extensive cotton
district. When the goods traffic was brought on the line
their receipts must largely increase. The Government had
required new forms of accounts to be adopted, which had
caused some delay in their preparation, and the directors
were not thou able to show the expenditure for the two
past half-years, but that would be rectified when the new
forms were adopted, and they would be able to present them
in future. The traffic receipts were continually increasing.
By the last returns the receipts for six weeks to the Bth of
May amounted to £31,890, against £18,627 in 1864, being
an average of £5,315 per week against £3,105 per
week, and £l9 165...3d. per mile per week against
£l6 15s. 2d. per mile per week in 1864, and this he thought
was very satisfactory. Their tariff for goods was low, be-
ing only id. per ton per mile for pressed cotton. Cotton
presses were being established at Surat, Broach, Ahmeda-
bad, and other places on their line. The pressing of the
cotton would facilitate the loading and unloading of it, and
make the risk from fire much less than when unpressed.
He believed they charged the highest rates for third-class
passengers of any line in India. The population at pre-
sent on their line between Bombay and Bulsar, a distance
of 120 miles, was very thin, but from Bulsar to Ahmeda-
bad, 186 miles in length, constituted the populous and rich
districts, and from which they might fairly expect an im-
mense traffic. The goods traffic could not be fully deve-
loped until they got their permanent station at Colaba,
near the waterside, in Bombay. They had recently ordered
10 more engines and 1,000 goods waggons, and would soon
require more rolling stock. Thoy had also under consi-
deration the placing of a double line on all their bridges
and large embankments ; and also the doubling of the line
for a few miles out. of Bombay. It would be necessary to
raise further capital for those purposes ; and they also pro-
posed to establish an insurance fund by a half-yearly con-
tribution out of the gross receipts of £2,000. He then ad-
verted to the retirement from ill-health of Mr. Lane, their
late able manager, who had rendered great services to the
company.

Mr. W. ITAUTRIDGE, deputy chairman, seconded the
motion for the adoption of the report, which was agreod
to unanimously.

Formal resolutions were also adopted authorising the di-
rectors to raise further capital by the issue of new stock,
or debentures, under the sanction of the Secretary of State
for India. It was also agreed to convert the paid-up shares
into stock.

On the motion of Mr. HARTRIDGB, Col. French and
Major Vereker, the retiring directors, wore unanimously
re -elected. The retiring auditors were also re-elected.

Lieut.-Col. KENNEDY said he had compared the traffic
receipts per mile on their line with those of three other In-
dian railways, and found that they were 8 per cent. more
than one, 40 per cent. more than another, and 10 par cent.
more than a third. Tho profits on the goods traffic would
be much more than those on' the 'fiass_nger traffic. Thoir
real anxiety was not as to getting traffic, but as to how
they should carry the traffic that would come to the railway.
Considering that a large amount of their receipts would be
from through traffic, and that they were making every
effort to accommodate it, he fully expected to see dividends
of 10 per cent. i ea]ised.
Mr. LANE, the late manager of the company, fully con-
firmed the statement of Col. Kennedy, the consulting en-
gineer.
The proceedings concluded with a vote of thanks to the
chairman and directors.