The Sun.
London, England, 1865-05-22 00:00:00

GREAT INDIAN PENINSULA.

The half-yearly general meeting of this company
was held on Friday at the London Tavern—Mr. W.
J. Hamilton, the chairman, presided.
Mr. Watt, the secretary, having read the notice
convening 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, together with the statements of accounts,
said he need not detain them at any length, as he
trusted they considered on the whole that the report
was very satisfactory. The report of the chief en-
gineer showed that the works were proceeding satis-
factorily. It was very gratifying that the Thull
Ghat, the second of these great inclines which car-
ried the company's lines across the Syhadree range
of mountains, had been opened not only for goods
but passenger traffic. The advantages to be derived
from that source were such that it was impossible
they could do otherwise than look with extreme
satisfaction on such a result. He had on former
occasions alluded to the great expense which they
had incurred in carrying the whole of their traffic
over those ghats by carts, bullocks, and other ordi-
nary means, causing great delay and trouble, and
also a certain amount of loss. The expense of that
mode of conveyance amounted usually to between
£30,000 and £40,000 in preceding half-years, the
greater portion of which would in future be added
to their net receipts. The only portion of the
works where the progress had not been satisfactory
was on the last portion of their line before reach-
ing the junction at Jubbulpore with the East Indian
branch railway. On the other line in the direction
of Madras, the contract for the construction of the
portion from their present terminus at Sholapoor to
Raichoor, where they would form a junction with
the Madras line, had been let by tender to Messrs.
Adamson and Clowser, who had already constructed
some important works on the line to the entire satis-
tion of their engineer. A necessity had arisen for
doubling the portion of their line between Callian and
Kussarah, at the foot of the Thull Ghat. The great
amount of trafficbrought to their line from the north-
west districts was so great that it was totally im-
possible to carry it on a single line of rails. There-
fore, the directors, with the concurrence of the au-
thorities, had decided on doubling the line to the foot
of the ghats. This referred to the northern branch,
and from that point over the ghats to Egutporah had
been constructed as a double line, consequently there
would be a length of over 80 miles of dooble line for
the whole of that distance. With regard to TIM
finances, they would observe in the accounts that
the revenue receipts for the past half-year amounted
to £313,175 against £207,870 for the corresponding
half of the preceding year, being an increase of
£105,305. The working expenses had been unusually
heavy, partly on account of compensation, and
chiefly to the break in the line at the ghats, which
had involved the necessity of unloading and reload-
ing the traffic at the top and foot of the ghats,which
would in future be dispensed with. The cost of
maintaining the line had been increased by replacing
old sleepers of inferior timberswithteak sleeprs. The
cost of coal and the price of labour had increased
very considerably during last year. In fact, the rate
of wages and all the expenses of living had increased
in India to an enormous extent during the past few
years. The receipts on the line had continued to in-
crease satisfactorily, and it appeared from a recent
return that the receipts for the first quarter of this
year had amounted to £495 per mile, being an aver-
age of £3B per mile per week, as against £355 per
mile, or £27 per mile per week during the corre-
sponding period of last year. He fully expected
that the increase of receipts would continue, and
that by means of improved managdment greater
economy would be effected in the working expenses.
The increased rates which would be shortly introduced
for carrying the goods traffic would tend to increase
the revenue without very much reducing the quan-
tity carried, because heretofore the rates charged
had been unusually low. He would illustrate
this by stating that the rates received by the com-
pany for the carriage of goods was lid. per ton per
mile, while the rates the company had to pay for the
carriage of materials sent up the country beyond the
point where the line was opened for traffic in course
of construction was 10fd. per ton per mile. Ori-
ginally the contracts for carrying those materials
were at three annas per ton per mile, or from 44d. to
10id. per ton per mile. They were bound by their
contract with the Government to keep at Bombay
an agency, but it was left open whether that agency
should consist of a single individual or whether it
should consist of a committee of directors. Other
companies in India had adopted the plan of having
a single agent, but this company had for that pur-
pose a committee of directors, which, he was bound
to say, for many years had worked very satisfac-
torily, and had got through a great deal of business.
Owing to the great extension of the railway, it was
impossible that a committee could give that daily
and constant supervision that was now necessary,
and therefore they had adopted the views of other
companies and of the Government in appointing a
single agent to represent the company in India, and
he thought they had been eminently successful in
having secured the services of so distinguished an
officer as Captain Sherard Osborn, who, he was
bound to say, from the little specimen they had had
of his work during the short time he had been in
Bombay, promised to give them every possible satis-
faction. He regretted to say they were about to lose
the services of Mr. Graham, their engineer in chief,
who had been obliged to return to England on ac-
count of ill-health. He was the first engineer who
went out when their line was projected, and, with
the exception of a short time he
was obliged to
return to England on account of his health, he had
been constant in his exertions for the company.
Mr. J. G. FRITH seconded the motion for the adop-
tion of the report.
Mr. C. BELL congratulated the shareholders on
h
increasingreceipts of the company ; and on the
intended increase in the charges for good traffic.
Wages
materials had increased in price, and it
ta n d
was only right and fair that the railway company
should be paid higher rates than those considered
suitable for the experimental line, which at the time
were understood to be temporary.
Mr. BILLINGS thought the progress of the traffic
very satisfactory, the high rate of wages showed a
prosperous state of things among the people. The
traffic was increasing enormously, so that they were
obliged to double a considerable portion of the main
line. This would have the effect of doubling their
profit.

' The report and statement of accounts were una•
nimously adopted.

On the motion of AIr.RoBARTEs,Mr.W.J.HamiI.

The report of the directors states that the remu-
nerative character of the lin e depended chiefly on the
development and prosperity of the port and town of
Canning. Within the last six months a company
had been formed in Calcutta and Bombay, entitled
" The Port Canning Land Investment, Reclama-
tion, and Dock Company (limited)." To carry_
out those objects the capital of £1,200,000 was
readily subscribed, and the first call, amounting to
£600,000, was paid without a single default. The
Canning Company proposed to commence opera-
tions with the following works :-Ist. Landing
wharves along the entire foreshore of the new port.
2d. Twenty jetties, each capable of accommodating
two vessels. 3d. A tramway along the strand road
connecting the warehouses of the merchants with the
railway station. 4th. A large dock for country
boats, with storehouses within the town. sth. A
gridiron of sufficient dimensions for repairing the
largest sailing vessels and steamers. By the latest
accounts the rolling stock of the railway vas found
to be utterly inadequate to accommodate the traffic
which was immediately expected, and the agenthad
urged that provision should be made for a large ad-
dition to it of covered waggons, the ironwork for
which would be despatched without delay. The
directors propose to increase the nominal capital of
the company tr such an extent as might be required
for doubling the line, by the issue of additional
debentures, shares, or stock. The sanction of the
Government had been obtained to the construction
of a goods shed at the Calcutta terminus 500 feet
long, which the contractors engaged to finish in
November. The project of construntinz a bridge
over the Hooghly and a large metropolitan station
in the neighboorhood of the company's terminus at
Sealdah was under the consideration of the autho-
rities. The revenue account still showed a deficit,
but there was now every prospect of converting the
deficit into a considerable profit at an early period.
The capital account showed that £400,000 had been
received on shares and loans, and £244,668 fromthe
Treasury, Calcutta, on capital account in excess of
payments, making together £644,668, and £452,770
expended, laving balances in England of £190,327,
and of £1,571 in India.