The Sun.
London, England, 1865-08-29 00:00:00

greatly-increased depth of water, and an improved
and sheltered entrance. The coal tipping stage, the
machinery for which had been supplied by Sir Wm.
Armstrong, would not, however, be completed for a
few weeks longer, and the traffic was, therefore, ne-
cessarily limited. The breakwater had been extended
to its full length during the past summer. Very
shortly the permanent end would be raised above the
water level, and the directors saw no reason why that
portion of the new works should not be completed
before the winter. The directors were unable to
complete any satisfactory arrangements with the
Great Weastern Company for providing a narrow
gauge route to Cardiff, with connections to the other
narrow gauge railways. The capital account showed
that £80,718 had been expended, leaving a balance
of £15,677.

CARMARTHEN AND CARDIGAN.

The committee of bondholders appointed to inves-
tigate into the financial position of this company
have reported that the sum of £970,143 constitutes
the total capital liability of the company. The seve-
ral acts obtained by the company only authorised the
raising of £524,000, so that the capital had been
exceeded by £446,143. The railway was only 20
miles in length, and the cost of construction, includ-
ing Parliamentary and other expenses, had conse-
quently been nearly £50,000 per mile. The bonds
were, it was said, issued in many instances at a
heavy discount. The only hope for the bona fide
shareholders and bondholders to receive any return
on their investments was the probable sale of the
undertaking to the Manchester and Milford Com-
pany, and if this should be the case it was believed
that about one-third of the nominal capital expenses
would ultimately be realised. •

NORTH AND SOUTH WESTERN JUNCTION.

The half-yearly general meeting of this company
was held at Euston Station on Friday ; Mr, H.
'rootal in the chair.

The report stated that the recent working under
the agreement with the London and North Western
and the London and South Western Companies had
reduced the receipts from merchandise and minerals.
The receipts amounted to £4,893, against £5,538
in the same half of 1864, and £4,325 in the same
half of 1863. The decrease in the receipts from
passengers was attributable to the general reduction
of fares, necessitated by the opening of the Ham-
mersmith and City line, and to the abstraction of
traffic by that railway from this company's Ham-
mersmith branch. It was proposed to liquidate the
debit balance on renewal account, amounting to
£1,240, by annual instalments, debiting all addi-
tional relaying to the same account. The directors
proposed to carry to the credit of this account the
sum of £258 premium realised on the issue of the
new share capital. The general result, after pay-
ment of interest on debentures, was a net balance
to the credit of revenue of £2,484, from which the
directors recommended a dividend at the rate of 5
per cent. per annum, leaving £234 for the current
half-year. The capital account showed that £88,619
had been expended on the main line and £23,650
on the Hammersmith branch—total, £112,269.
The revenue account showed that £5,195 had been
received, and £2,137 expended, leaving a balance
of £3,058.

The CHAIRMAN, in moving the adoption of the
report, said he trusted that in the next half-year
they would be able to pay the usual dividend of
6 per cent. per annum.
Mr. MANGLES seconded the motion, which was
adopted, and a dividend at the rate of 5 per cent.
per annum was declared for the half-year.

LAMBETH-BRIDGE.