The Sun.
London, England, 1862-10-31 00:00:00

DEMERARA.

The half-yearly meeting of this company was held yes-
terday, at the London Tavern, Mr. J. A. Tinne in the
chair.

The report stated that the working of the railway during
the half-year ending June 30 last had been carried on with
much success, and that the relaying of toe existing line had
been completed with the exception of about two miles, the
rails for which were now in course of shipment. On the
subject of the light engines, the manager stated that the
working of the trains continued most satisfactory, and that
the two tank engines more than maintained their character
for economy in working and regularity in running.. The
accounts to June 30 last were made up in Liverpool by pub-
lic accountants of eminence, and had been carefully audited;
the traffic receipts for the past half• year amounted to £9,510,
being £7.73 less than for the corresponding period of 1861;
the working expenses, however, had been so much dimi-
nished that the net revenue showed an increase, notwith-
standing the falling off in the receipts, of £9BO, and amounted
to £2,000. In addition to this, more than half of the £ 3,307
expended under the head of maintenance of way was an ex-
traordinary outlay for the reconstruction of the old line.
Means for completing the railway to Mahaica had been pro-
vided, and the liberal concession offered to the company by
the Colonial ordnance of November, 1859, would thus be
secured. The directors anticipated from the extension a
material addition to the traffic receipts, without a propor-
tionate increase of working expenses, and they had taken
measures to carry out the extension with all prudent de-
spatch. The conversion of all claims upon the company
into new preference stock was proceeding in the most satis-
factory manner, and there was no reason to doubt that the
line would be completed at a cost to the shareholders within
the original estimate. In forming the present Board it was
thought desirable that the shareholders both in Lon-
don and Liverpool should be represented—an arrangement
which the directors hoped would be regarded with general
satisfaction. The capital account showed that £292,891
had been received and £284,847 expended, leaving a balance
in stores and cash of £8,044.

The CHAIRMAN, in moving the adoption of the report,
stated that since the 30th of June last they continued to
receive the same satisfactory accounts of a reduction in the
expenditure. This had been effected by the renewal of the
parmanent way and the employment of a lighter class of
engines to work the traffic. The crippled state of the com-
pany's finances had long retarded those improvements. It
was only by great care and economy and the liberality of
the colony that they had been enabled to get the two light
engines which were now working so satisfactorily. They
expected an increase in the net revenue from a reduction of
expenses in working the line, and. from an increase of traffic
on opening the extension line to Mahaica, The extension
would be proceeded with and completed as soon as possible.
They would all work for the good of the concern, and en-
deavour to obtain a better result than had ever been attained
by their predecessors.
Sir J. -CARMICHAEL seconded the motion for the adop-
tion of the report, and it was carried unanimously.
The Liverpool auditors, Messrs. Gordon and Waterhouse,
resigned on the removal of the offices to London, and
Messrs. Bankhart and Randell were elected auditors for the
ensuing year. Thanks were voted to Messrs. Gordon and
Waterhouse for their past services, and the proceedings
concluded with a vote of thanks to the chairman and
directors.