The Sun.
London, England, 1865-11-01 00:00:00

in which he had carried on the works. Mr. Rush-

llon, who had been six years in the service of the
company, had been appointed to succeed Mr. Graham.
I Something had been said about the cost of the rail-
' way. He believed that it would not exceed £13,000
a mile, and when it was considered the great lines
up the Ghats had cost between £60,000 and £70,000
a mile it was not an unreasonable cost. The por-
tions of the lines yet to be completed would cost
much less in proportion to the lines already com-
pleted, so that the average cost of the whole might
be less than he had mentioned.
iMr. J. G. FR= seconded the motion for the
adoption of the report.
Mr. HUGGINS wished to know when the line would
I be so far completed as to allow them to participate
in a dividend over 5 per cent.
Mr. BILLINGS thought that so long as they could
go on decreasing the proportion of the expenses, and
increasing the receipts, there was every probability
of getting over their difficulties in a satisfactory
manner. They had already received 6 per cent. on
the open line, which was 1 per cent. over the gua-
rentee. They had no proper terminus, and their
lines bad not yet been completed, so that he thought
they might look forward to doubling that amount
of dividend when the whole was in operation.
The CHAIRMAN said steps had been taken for
doubling the line to the foot of the Thul Ghat ; the
lines over the Ghats were double lines. It was also
thought that the line from the top of the Thul Ghat
should be doubled to the extent of 200 miles. This
had not been decided on, bet his own impression
was that no time should be lost in doubling theline,
so as to be ready by the time the through line from
Jubbulpore to Calcutta was completed. Any addi-
tional expenditure on these works would come into
the original capital for dividend, before they could
divide anything above 5 per cent. ; but where there
was an actual surplus profit over 5 per cent., it would
be divided between the shareholders and the Go-
vernment for advances on interest account.

Major MALCOMBE thought that where double lines
and other workb were abßomtely necessary in
commodate the traffic, the sooner they were made
the better. When the company commenced mak-
ing the railway wages were 4d. a day, but they were
now is. a day, so that every day's delay in India
would tend to increase the cost of construction at a
future period.
Mr. AYRTON, a director, said they must not be
misled by having a profit of 6 per cent. on the work-
ing for the past half year. They had arrived at a
critical position. More money would be required
to complete the works in hand, and to provide need-
ful accommodation, so that every addition to capital
would at first tend to absorb the surplus profit.
Tunnels and large viaducts had been constructed
for a double line, and very large provision had been
made for additional land where required.
Captain WARREN had no doubt the directors
would not lay out any more money than was abso-
lately requisite on new work ; at the same time,
where double lines were wanted to work the traffic
with safety, they should be made as soon as possible
to avoid accidents from collisions.

The report was then un'a,nimously adopted, Mr.
Packer was elected auditor, and the proceedings
concluded with a vote of thanks to the chairman
and directors.