The Sun.
London, England, 1865-10-23 00:00:00

SHIPPING INTELLIGENOE—Thia day.

LONDON, Oct. Oct. 23.—Wind this day at noon—North.
Westerly; moderate breeze and cloudy weather, with

rain.
Oct. 22.—Wind S.W.—Arrived,
Oct. 22.—Wind S.S.E.—Arrived—Locopills
SWANSEA,
from Caldeira.
rDe:ifitrTomrsioLuoTnir,cion.
ROADS, Oct. 21.—Wind S.W.—Sailed—All
CoOssriPpo
Oct. 22.—Wind S.W.—Arrived -Mary
Coles, from Charlotte Town; Devonshire, from Africa;
Anglo-Saxon, from Quebec.
the
Lr wind bound.
oN: :EL
,n dn.
SounuoirToN,:Oct. 22.—Wind S.E.—Arrived—Poonah,
screw steamer, from Alexandria.

CARDIFF, Oct. 21.—Wind S.W.—Sailed—Alpha, for
Havannah.

HULL, Oct. 21.—Wind S.W.—Arrived—Zonobia, from
Bombay.

LEITH, Oct. 21.—Wind S.W.—Sailed—Monitor, for
Melbourne.

[Br ELECTRIC TELEGRAPH. 1
GRAVESEND,, Monday Morning.

Arrived, Oct. 23.—Lord John Russell, steamer, from
Dunkirk ; Fynoord, steamer, frJrn Rotterdam; Dolphin,
steamer, from Antwerp.

DELL, Monday Morning.
Passed, Oct. 22.—Sharon, from Sunderland, for Para.
Passo‘d; Oct? 23.—Alice (screw steamer) of Liverpool,
Sunderland,. for Alexandria.
Sailod.—Myrtle, for Savannah ; Wilfred, for Bombay ;
with all the outward bound.

By advices from Hamburg the price of gold is 428 per mark
and the short exchange on London is 13.6 per £1 stcrlin
Standard gold at the 14:nglipli Mint price is, there'ore, at
about 2-ltths per cent. dearer in llaniburg than in London.'

RAILWAY INTELLIGENCE.

HIGHLAND.

The report of the directors states that by the act
under which this company was constituted the In-
verness and and Aberdeen Junction and the Inver-
ness and Perth Junction Railway Companies was
dissolved ; and it was provided that the revenue
from the 31st of January last should form the re-
venue of the united company, and be applied, after
meeting all preference charges, in payment of an
equal dividend among the ordinary shareh9lders of
the two companies. The period embraced in the
accounts was seven months. The gross receipts
amounted to £103,950, from which was deducted
£5,395 for tolls to the Scottish North Eastern and
the Scottish Central Railway Companies, leaving
£98,555. To this was added £597, for mileage of
carriages and waggons, £857 for rents, &c., and
£725 balaance from the preceding account, making
£100,734. From which was deducted £50,195 for
working expenses, and £26,090 for interest on loans,
leaving £24,449, out of which £15,675 was deducted
for dividends on the 4f per cent., 5 per cent., and
6 per cent. preference shares ; and £8,516 for the
proposed dividend on the ordinary stock at the rate
of 2 per cent. per annum, leaving a balance of £247.
The directors regretted that in this the first report
of the united company they were compelled to sub-
mit a statement so much less favourable than the
reports of the separate companies in previous half-
years. This result was owing to the expense of the
works necessary for completing and efficiently
working the two systems of railways comprised in
the united undertaking, and also, in both cases,
having very considerably exceeded the cost origi-
nally contemplated. The excess of expenditure and
liability was about equally divided between the two
companies at the date of the amalgamation. Owing
to the non-completion of several works, and to
many claims being unsettled, the directors had only
recently been able to make up a full statement of
the cost of the undertaking. In order to meet the
excess of expenditure, it had been necessary to ob-
tain cash advances from the banks at the high rates
of interest which had prevailed. As, however, these
advances were considerably under the authorised
capital of the company, the directors considered
that, in fairness to the shareholders, they ought to
charge against revenue only the dividends which
would have been payable upon the stocks, ordinary
and preference, represented by these advances, and
to carry the excess to capital as part of the cost of
the undertaking, legitimately incurred in order to
make available the moneys already expended. They
believed that by following this course they would
represent in the fairest manner the real position of
the company. The works of the undertaking had
been completed in a manner so substantial as to
render it improbable that any large amount would
be required in repairs for many years ; while their
arrangements were calculated to provide for a traffic
much larger than they had at present, but one with
which they were satisfied from experience they
would soon have to deal. The extra plant and
accommodation so provided had been a considerable
cause of the large excess of expenditure. The traffic
was increasing with a steadiness and regularity
which fully bore out the directors' anticipations of
the resources of the line. This increase would, in
their judgment, speedily restore the undertaking to
a position of prosperity. The traffic during the past
half year, compared with the corresponding period in
1864, shows an increase of about £4OO per week, and
since the books were closed the average increase had
amounted to £647 per week, while the working ex-
penses during the latter period had not increased.
The revenue of the half-year had suffered from the
cattle disease and the snowstorm of February last,
while the company were at the same time put to a
large expense in clearing the line. Thq directors
were glad to state that the works on the line from
Bonar-bridge to Golspie were being actively pro-
ceeded with. This line would prove a valuable
feeder to the company's undertaking, more espe-
cially when extended, as it no doubt would soon be,
to Wick and Thurso. An act had been obtained,
also by an independent company, for making a line I
from Dingwall to Skye, which would throw a large
amount of traffic on the line. The length of those
lines was 172 miles, and through them the whole
traffic of Scotland north and west of Inverness would
be brought on the company's system. The directors
regretted to state that they had endeavoured with-
out success to obtain from the Scottish North-
Eastern Company a modification of the excessive
toll paid for the use of that company's line between
Stanley and Perth. They were glad to state that a
line had been found which would reduce the distance,
and at the same time give the company a route
without interruption into the Perth station. This
would effect a saving to this company, while it
would be a great accommodation to the public. The
Aberfeldy branch was opened for public traffic on
July 3. This completed the Highland Company's
system, whidh comprised 246 miles of railway.
The capital account showed that £2,604,353 had
been expended, leaving a balance of £201,460 against
the company.