The Sun.
London, England, 1865-09-18 00:00:00

EDINBURGH AND GLASGOW.

The report of the directors states that the ac-
counts for the six months ending the 31st of July
last showed a larger net balance of income than that
produced by any previous half-year. The total in-
crease in the gross receipts over those of the corre-
sponding tix months of last year was £19,100 for
goods and minerals, from which had to be deducted
£2,075, the decrease in the receipts for passengers
and parcels, leaving the net increase £17,025. The
working expenses showed an increase of £3,661 as
compared with the corresponding period The re-
ceipts for passengers, parcels, &c., amounted to
£97,940, and for goods, minerals, &c., to 121,518—
total, £219,458. The working expenses amounted
to £86,810 leaving a balance of £132,648. The loco-
motive and rolling stock had been kept in excellent
order, and also the permanent way and works. After
deduction of taxes, interest, and fixed charges the
net balance was £83,260. A correction had been
made in the capital account, by which a sum of
£10,266 had been credited to capital which
should have been placed to revenue account. A
considerable sum had been expended in improving
and extending the works on the existing lines ; also
a large addition had been made to the rolling
stock, principally by increasing the number of wag-
gons, and £118,972 had been paid towards the con-
struction of the lines and works to Queensferry and
Glasgow harbours, and of the other new undertak-
ings. In Parliament several bills had been passed
into Acts which were -promoted jointly by the
North British and this company, authorising some
new lines of much utility ; but by far the most im-
portant were the Acts by which the North British,
Monkland, and Edinburgh and Glasgow Companies
became consolidated into one company. Under the
Act of Amalgamation the Edinburgh and Glasgow
ordinary stock became preference stock of theunited
North British Company, preferable to that com-
pany's present ordinary stock, and to any new shares
or stock which might hereafter be created. Except
for the purposes of winding up the revenue affairs,
from and after the Ist of August, the date of amal-
gamation, the ',Edinburgh and Glasgow Company
ceased to exist as a separate corporation, and it was
for the purposes of transacting this last business
that they were to meet on the 19th inst. The net
balance of the revenue for the last half-year was, as
before stated, £B3 260. To this amount was added
revenue assets to the amount of £23,779, making
the total of £107,039. From this fund the direc-
tors thought that justice and liberality both required,
before its division, to provide proper compensation
for some of the company's servants, who after long
and faithful service had lost their situations from the
extinction of this as a separate company. The Board
particularly called attention to the case of the general
manager, Mr. Latham, who had served the com-
pany for 18 years with most undoubted zeal and
fidelity, and had done his best in assisting to pass
this amalgamation as for the interests of the com-
pany, though adverse to his own. The Board
recommended that to him and to Mr. Jamieson,
who had acteil together as joint manager and
secretary of the Edinburgh and Glasgow and
Scottish Central Companies for more than ten
years, an allowance should be made in the same
proportion as had in the' like circumstances
been granted to them by the Caledonian and
Scottish Central Companies. And the Board also
proposed, on the same groands, some additional but
smaller stuns, the whale being as follows:—Mr.
Latham, general manager, and Mr. Jamieson, sec-

retary, £9,600 ; Mr. Thomson, superintendent,
£1,000; Mr. Tawse, accountant, £5OO ; Mr. MGre-
gor, chief clerk, secretary's office, £5OO ; in all,
£11,600. Should the shareholders adopt this recom-
mendation of the Bc ard, there would remain £95,497;
but from this sum there was a further possible de-
duction. Notice had been given to the board by some
influential shareholders that it was intended to pro-
pose a resolution at the meeting of the 19th inst. to
the following effect :—"That in consideration of the
long and faithful services of Mr. Peter Blackburn,
chairman of the company for nearly 20 years, the
company vote him £5,000 in testimony of their appre-
ciation of the zeal and ability which he had devoted
to the service of the company." The proxies would
be used in support of those proposals unless other-
wise expressly directed by the shareholders who had
signed them. If those proposals should be carried,
the net revenue would be £90,439, out of which
£23,282 would be deducted for dividend on the 5
per cent. preference stocks, £54,440 to pay 4/ per
cent. per annum on the ordinary stock, and also
£9,073 as a bonus, at the rate of 4 per cent. per an-
num, leaving a balance of £3,644 to meet any ex-
penses that might arise in finally winding-up the
affairs of the company.