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

RAILWAY INTELLIGENCE.

HULL AND HORNSEA.
On Monday the adjourned half-yearly meeting was
held at Hull for the purpose of receiving the report
of a committee on the affairs of the company. Mr.
J. A; Wade presided.
Alderman LinISDEN, the chairman of the com—
mittee, stated that, owing to the shortness of the
time allowed them, and the nature of the investiga-
tions, the committee had not been able to go through
all the books, consequently they were not in a posi-
tion to present any report. While the committee
was makingits inquiries certain negotiations had been
commenced by the board of directori3with the North-
Eastern Company, the result of which would be
stated by the chairman. If, however, the shareholders
thought it desirable to re-appoint the committee,
with power to expend not more than £lOO in ob-
taining professional assistance, they would be per-
fectly willing to act.

The CHAIRMAN said that it was no use to pass a
resolution to expend money, because the railway
was only being worked from hand to mouth, and
they had not always sufficient to pay the necessary

wages.

Ultimately it was resolved that the committee'
should be re-appointed, with power to expend the
amount named.
The meeting was then made special, and the
chairman stated the terms which the North-Eastern
Company had offered. They were to the effect that
the Hull and Hornsea Railway Company be amal-
gamated with the North-Eastern Company, and for
that company to take the debenture debt of £23,000,
and to pay the liabilities of the Hornsea Company,
amounting to about £27,000 ; also the North-
Eastern Company were to work the railway and col-
lect the revenue ; that, after deducting from the
gross traffic the working expenses and 4f per cent.,
the remainder be paid to the holders of the Hull and
Hornsea stock half-yearly. The North-Eastern
Company reserved the power of exchanging 4 per
cent. guaranteed stock for the Hull and Hornsea
shares at any time they pleased.

Several of the shareholders were dissatisfied with
those terms, and it was resolved that the directors
and the committee be empowered to confer with the
North-Eastern Company, with a view to obtain
better terms, but, if unable to do so, to accept those
already proposed.

GREAT INDIAN PENINSULA.
The half-yearly meeting of this company was held
yesterday at the London Tavern. Mr. W. J. Ha-

milton, the chairman, presided.
Mr. T. R. Watt, the secretary, having read the
notice convening themeeting, thereport, an abstract

of which has appeared in The Sun, was taken as
read.

The CHAIRMAN, in moving the adoption of the re-
port, said that on several occasions he had stated
that it was fully expected by the directors that as
soon as those great works on the Bhore Ghat and
Thul Ghat were completed for traffic, they would
not only get rid of the very great expense of convey-
ing the-traffic over brake at the Ghats by the ordi-
nary mode of conveyance, but they would find a
great difference in the increase of traffic receipts.
They now saw that those anticipations were not fal-
lacious. The traffic returns of the past half-year
showed the mostsatisfactoryprogress in their finan-
cial state. In the first place, the increase had been
very considerable as compared with the correspond-
ing period of last year. The traffic receipts for the
past half-year amounted to £557,121, against
£325,008 in the corresponding half of 1864, show-
ing an increase of £232,114. The receipts had risen
from £587 per mile to £947 per mile—(hear)—and
this, it must be recollected, had taken place before
the increased rates for goods were introduced.
Those increased rates, although called maximum
rates, were in point of fact no more than they ought
to have as their ordinary rates. He was glad the
Government had sanctioned those increased charges,
as the proprietors would soon see the effect of them
in the traffic receipts. They would come into ope-
ration about the present time in November. They
would therefore not be in operation duringthe whole
of the current half-year, but only for two months of
it. The net receipts of the past half-year showed
a profit of very nearly 6 per cent. on the cost of the
open portion of the railway. But he warned the
shareholders that they must not look forward to a
total for the year of 6 per cent. The first half was
the most productive in the year. From January to
the end of June the monsoon would only last three
weeks, but in the half from July to December it
would continue throughout July, August, Septem-
ber, and up to the first half of October, but gene-
rally it was not until the end of October they could
anticipate the actual working period of the year.
The receipts for the past half-year showed a very
satisfactory amount for goods traffic, £401,920,
against £218,887 for the corresponding half last
year, showing an increase of £183,033. As to the
receipts for passengers they showed an increase of
nearly 54 per cent. It was a very remarkable fact
that since the increased rates for passengers the
third-class had decreased only 15 per cent., while
the receipts had increased 41 per cent., showing
that although a small number did not travel, the
remainder had paid the increased rates, and it was,
therefore, a proper revision. The fact was that
previously they hardly carried the third-class pas-
sengers at any profit at all. They had received
returns for the first 11 weeks of the current half-
year, and the aggregate receipts amounted to
£160,000, or £25 per mile per week, against £l6
per mile per week for the corresponding period of
1864. The working expenses had been reduced
from 70 per cent. of the receipts in the correspond-
ing period to 581 per cent. in the past half-year,
which was a satisfactory reduction, but out of this
amount upwards of £24,000 belonged to former
charges for preceding half-year years. If it were
not for those charges the working expenses would
not have been more than 54 per cent.
They looked forward to considerable reduc-
tions in the expenses, and they had every reason
to be well satisfied with the exertions of
Captain Osborne, and the able manner in which he
had
conducted their affairs. The locomotive charges
were high, owing to the ccst of fuel in Bombay.
The stock of coal had been greatly reduced, and they
had to buy up coal at almost any price in Bombay;
but that, he trusted, would not happen again, as they
bad made arrangements for sending out a full sup-
ply of coal from this country in future. The cost
of maintenance was high, owing to replacing rotten
sleepers with teak and iron pot sleepers, so that it
would not be necessary to replace the latter for a
long time. The item for compensation was heavy,
every possible debit had been brought against re.
venue, and a sum of 60,000 rupees now covered every I
charge up to this time. The losses by robberies and
fires were now very much less than on former occa-
sions. With regard to the works, those on the great
lines up the Ghats had not met with any accident,
except a few very slight landslips. It appeared that
the works were so well constructed that the repairs
were small. With regard to the progress of the
works on the north-east division to Nagpore and on
the other line to Jubbulpore, the works on the line
were proceeding satisfactorily, so that before the
coming Year they would be completed to Nagpore,
which was their terminus in that direction. On the
other line the works were noti proceeding so rapidly
as they could wish. Now that the great viaduct over
the Taptee had been
had passed over it, he t
completed and that a train
would progress. On the works beyond it
On contract 16 the works had been
delayed, owing to difficulties with the foundations of
the Towa viaduct ; at the same time their efforts
had been directed to the completion of works at vari-
ous points. On contract 17, leading to Jubbulpore,
the progress was not so satisfactory as could be
wished, as the contractors had been unable to send
out the proper agent, so that the company's agent
might have to take the works in hand. On the
South East line the works had been commenced on
contract 18, and the plans and sections for No. 19
contract from Koolburga to Raichore, where the
line would form a junction with the Madras Rail-
way, were now completed, and they hoped soon to
receive tenders from contractors for the works.
Their chief engineer, Mr. Graham, had returned to
England on account of his health. They weregreatly
indebted to him for the able and energetic manner