The Sun.
London, England, 1865-02-20 00:00:00

TAFF VALE,

The report states that the disposable balance for the half
year ended Dec. 31 was £53,688. Of this amount the usual
sum of £750 was placed to the credit of the depreciation
fund, and a dividend at the rate of 10 per cent. per annum
declared on the ordinary stock and C shares payable on 6th
March, and on the preference stock No. 1 payable on Bth
April. A balance of £1,458 was carried to the current half
year. The sum of £127,620 had been borrowed upon de-
bentures under the act of 1857. It was expected that the
Penarth dock would be opened for traffic during the cur-
rent half year. The Oowbridge Railway being ready for
goods and mineral traffic, the directors had consented to
work it at cost price for 12 months, in connection with the
Llantrisant and Taff Vale Junction. Railway, as a guide to
more permanent arrangements should such be considered
desirable. The• capital account showed a total receipt of
£1,540,775, and an expenditure of £1,557,206, leaving a
balance of £16,431 against capital. The receipts from all
sources on revenue account for the half-year were £146,854,
and the expenditure £71,874, or 45.39 per cent., leaving a
balance of £74,980. After payment of various charges for
interest, &c.; out of this sum, a balance of £52,096 was -
ried to the general revenue account, which, with a sum of
£1,592 brought forward from the former account, left
£53,688 applicable to dividend.

EDINBURGH AND BATHGATE.
The half-yearly meeting was held at Edinburgh on Fri-
day—Mr. Hamilton in the chair.

The report complained of the mode hi which the lessees
(Edinburgh and Glasgow) kept the accounts of the traffic,
being neither on the mileage principle nor on the clearing-
house principle, on either of which the directors believed the
accounts should have shown that this company was entitled
to participate in surplus profits. The mode adopted had the
effect not only of abstracting a large portion of the receipts
before division, but also of withholding revenue to whicb
this company was entitled. If the lessees persisted in this
course, it would be necessary to have recourse to arbitra-
tion. Negotiations were opened with the lessees in view
of the amalgamation and extension bills to come before Par-
liament, to get a percentage that would supersede all ex-
isting questions, but the Edinburgh and Glasgow refused to
offer more than 4 per cent. in perpetuity, without a rise to
41 which the directors asked. The directors had taken steps
to protect the interests of the,company in the measures
coming before Parliament.

The CHAIRMAN moved the adoption of the report, which
was agreed to after some conversation, in which the share-
holders expressed approval of the steps the directors had
taken, and especially of the refusal of 4 per cent. in per-
petuity.

The retiring directors and auditors were reappointed.

MARYPORT AND CARLISLE. •
The directors' report states that the receipts for the half
year ending the 31st of December amounted to £42,529, and
for the corresponding half of 1863 to £38,072, showing an
increase of £4,457. The expenditure for the past half-year
amounted to £17,176, against £14,854, showing an increase
of £2,322. The balance for the half year, after carrying £5O
to the contingency account, was £22,582, which enabled the
directors to recommend a dividend on the ordinary shares
at the rate of 11 per cent. per annum, and on the pre-
ference shares according to their respective guarantees.
The works on the Bolton and Wigton Branches had made
satisfactory progress. The bill for the proposed branch from
the Bullgill station to join the several railways in the
valley of the Derwent had passed the examiners on Stand-
ing Orders. During some months past the directors had
made overtures to the Boards of the neighbouring railways
for a union of interests on a .broad and comprehensive
principle, by which the property of shareholders would be
rendered more secure, and the extension of a liberal policy
towards other railways and to the public generally would
be initiated. The expenditure on main line capital account
amounted to £555,000, and on new branch account to
£33,716.

GREAT LUXEMBOURG.
The report of the directors states that the gross receipts
for the half-year ending the 31st December last amounted
to £125,991, for the corresponding half of 1863 to £116,564,
and for the same half of 1862 to £115,334. The net earnings
for the past half year eliminated to £69,060, against £63,341
for the corresponding half of -1863, and £63,575 for same
half of 1862, exceeding those for the corresponding half of
1863 by £5,719. The working expenses amounted to 45.2
per cent. of the gross receipts, being lower than any pre-
vious half year. The rolling stock and permanent way had
been maintained in efficient repair ; the relaying of the per-
manent way had been proceeded with where necessary. The
net revenue had exceeded that of the corresponding period
of 1862 by £5,485, which latter was the most productive
year since the opening of the railway. This was the more
important as it had been attained in the face of an unavoid-
able reduction of the tariffs forthe transport of goods. Steps
were being taken to insure the opening of the portion of the
Ourthe line o ending from the present main line at Diarloie

to Melreux (9 miles) in May next. The remaining part from
Melreux to Liege, would, it was believed, be completed at
the end of the present year. The net earnings of the canal
had amounted to £2Ol, being £B4 in excess of the earnings
of the corresponding half of 1863. After deduction of the
amount required to meet the interest and reimbursements
of obligations (V 5,608) there remained £33,558: The Board
proposed to declare a dividend of 6s. 6d. per share, leaving
a balance of £BOO to the credit of the reserve fund, carry-
ing forward £258. The original Board of Directors was
appointed in the year 1846, and eontinued nine years in
office, in the course of which they received on shares
£1,010,501, and on obligations £338,034; total, £1,348,535 ;
the engagements then existing and repaid by advances
from bankers were £60,000, mating together £1,408,535.
There were nine miles of railway opened for traffic, some
rolling stock and other material being very imperfect.
The works between Brussels and Namur had been par-
tially constructed, and scarcely anything had been done
between Namur and Arlon. At the date of the acces-
sion to office of the present Board there had been ex-
pended the whole of the £1,408,535, for which they pos-
sessed nine miles of railway ; and since that period they
had by the expenditure of £1,325,560, become the proprietors
of a further length of 132 miles of railway, with a rolling
stock sufficient for the present working of the same, and
they had also more than 17 miles of canal. In 1860 the pre-
sent Board was re-elected for a second period of five years,
which was about to terminate. The directors, therefore,
desired to call the attention of the proprietors to the progress
of the company, and to the more important acts of their
administration during this second term of office. The traffic
receipts, which in 1859 amounted to £112,951, had gradually
increased, and for the year 1864 had attained the sual of
£232,240, and the shares had nearly doubled their price
since the year 1859. In 1861 the branch railway towards
Longwy, if miles in length, was completed at a cost of
£60,514, or less than £B,OOO a mile. The Ourthe Valleyline,
in course of construction, would be about 40 miles in length,
and by means of it the distance from the coal basin of Liege
to the Grand Duchy and to the manufacturing districts of
the Moselle (France) would be reduced nearly 30 miles. The
directors concluded their report by stating that if during
their first five years of office they saved the company from
impending ruin, they had during their second term of office
been able so far further to ameliorate the affairs of the
company as that, in spite of the faults and frauds committed
from 1845 to 1855, a fair return for the capital embarked in
the undertaking was now placed beyond all reasonable doubt.