The Sun.
London, England, 1865-03-23 00:00:00

TEWKESBURY AND MALVERN.

The half-yearly meeting of this company was held
yesterday at the office, Parliament-street,Mr.llenry
in the chair:

Mr. Stephens, the secretary, read the report,which
stated that in May last the line had been opened for
traffic by the Midland Railway Company, under the
working agreement. For the six months ending
Dec. 31 a payment of £l,lOO had been made by that
company as the amount fully representing the net
sum due from them to the Tewkesbury Company
for that period.

On the motion for the adoption of • the report
a long discussion enused upon the expenses incurred
in the construction of the line and the manner in
which the shares and bonds had been dealt with.

Mr. PRICE said the board he represented were
prepared to enter into negotiation either for the sale
or lease of the line to the Midland Company.
The report was adopted, and a resolution was
agreed upon authorising the directors to open nego-
tiations with the Midland Company for the sale or
lease of the line.

The retiring directors and auditors were re-
elected, and a vote of thanks to the chairman con-
cluded the proceedings.

RUMNEY.

The improvements on this line have been com-
pleted, and the Board of Trade inspector is expected
in the course of a few days to go over the railway.
The Brecon and Merthyr Company have purchased
the line, and when the Board of Trade certificate is
obtained no time will be lost in opening the railway
for passenger traffic.

LONDON GENERAL OMNIBUS (LIMITED).
The sixth annual meeting of this company was
held on Tuesday at the London Tavern ; Mr. F. J.
Law in
.the chair,

Mr. Church, the secretary, having read the notice
convening the meeting, the report, an abstract of
which appeared in The Sun, was taken as read.
The CIIAIRMIN, in moving the adoption of the

report, said it showed they had had a very
prosperous half-year ; the result was they were
enabled to pay a larger dividend than since the
company was established on the limited liability
principle, and he thought they might expect in
future years to see an increase of the present rate.
The capital account had been closed, and they
had extinguished their loan debts. The finan-
cial progress of the company from 1858
to 1864 would bear comparison with that of any
similar undertaking in the country. There had been
an improvement in the general financial condition
of the company of £120,944 during the past five
years, and of this sum they had at the end of the
year, in the bankers' hands and invested in Consols,
£53,013. The number of passengers carried in 1859
was 38,899,247, and in 1864 42,648,936, showing
an increase of 3,749,689. It did not appear, there-
fore, that the suburban and metropolitan railways
had seriously interfered with the progress of the
company. (Hear, hear.) The number of petitions
to Parliament from London and the provinces,
pointing out the great injustice to which omnibus
proprietors were liable, was 209. The earnings of
the company averaged 111 d. per mile, out of which
the Chancellor of the Exchequer took id. per mile,
whether the company made a profit or a loss, and
this tax, added to the licence duty, was equal to ss.
a day for every omnibus at work. Railways paid
3 per cent. duty on the passenger earnings only, and
nothing upon goods traffic, which was a great source
of profit. The charge upon omnibuses was equal to
9 per cent. of the receipts. They would not object
to a reasonable impost upon profits, but to take 9
per cent. out of gross receipts, whether there was
profit or loss, was most unfair. It had been said
that railway companies made their own roads, but
that was part of the machinery by which they were
enabled to work their traffic at from 40 to 50 per
cent. of the receipts, at the same time securing a
monopoly; while the working charges of the omni-
bus averaged 90 per cent., without the advantages
of a monopoly.
Mr. LULUAM seconded the motion for the adop-
tion of the report.
In reply to questions, it was stated that the num-
ber of shares in the company held in England was
79,567, and in France 68,222. The parcels service
was being carried on by the company, and they
trusted it would become more remunerative.

Resolutions were passed adopting the report ;
voting 100 guineas for a testimonial to Mr. Church,
in acknowledgment of this valuable services to the
company ; declaring a dividend of 3s. per share,
being at the rate of 7i per cent. per annum free of
income-tax, payable on the 28th inst. ; re-electing
the retiring directors and auditors, and concluding
with a vote of thanks to the chairman and directors.