The Sun.
London, England, 1854-01-12 00:00:00

RAILWAY INTELLIGENCE.

GREAT INDIAN PENINSULAR.
A special meeting of this company was held at the .
offices, in New Broad-street, yesterday, to consider
the propriety of accepting the offered guarantee of 4i
per cent. on the extension capital proposed to be raised
for this line, the shareholders having resolved at a former
meeting not to accept less than 5 per cent. ; Mr. W. J.
Hamilton in the chair.
The CHAIRMAN would not detain the meeting at any
length in calling their attention to the objects for which
they were convened together. It would be recollected
that at a meeting of the company, held on the 31st of
October last, the board moved a resolution authorising
the acceptance of the terms offered by the East India
Company for the remainder of the 1,000,000/. of expe-
rimental capital, on which an amendment was put and
carried, to the effect that the contract only be accepted
conditionally, on the East India Company guarantee-
ing 5 per cent. on the whole of the experimental
capital. The directors having the interest of the
shareholders entrusted to them, felt bound to
communicate that resolution to the East India Com-
pany, and urge its acceptance. The directors felt that
there were three courses for them to pursue to induce
the Court of Directors of the East India Company to
acquiesce in the views of the shareholders of this com-
pany, to dissent altogether from the terms offered by the
East India Company, or to invite the acquiescence of the
shareholders in these terms. They had endeavoured to
obtain the acquiescence of the East India Directors to
the proposition without effect. They felt they could not
recommend the proprietors to forego the advantages
likely to result from the extension of the line, and they
therefore had no alternative but to recommend the share-
holders to accept the guarantee of 44 per cent., however
disappointed they might feel at not having the guarantee
of 5 per cent. extended over the whole of the experi-
mental capital. Moreover, they must recollect, that
the East India Company retained to itself the power of
not calling upon them to expend the whole of the first
500,0001., on which they were guaranteed 5 per cent.,
as they could, if they thought fit, determine that the
line should not proceed further than Tannah. If, how-
ever, they accepted the 4 per cent., there would be no
doubt they would be considered entitled to find the capi-
tal for any furtLPr extensions which they hoped to make
into the cotton fiel& of India. The directors had the
less hesitation in recommending the proprietors to accept
the offer, from the fact, that traffic on that portion
of the line already opened had much exceeded their
expectations. It was but twenty-tio miles in length ;
and though as yet they had no goods kraffic, the pas-
senger traffic, after deducting 50 per cent. tOr working
expenses, had produced them within a fraction of 3 per
cent. on the outlay. (Hear.) When they came to open
the 53 miles to Shawpoor, which they would do at .an
outlay of 10,0001. a mile, they would intercept all the
goods traffic from the mountains, and they had every
reason to believe receive much more than 5 per cent. on
their outlay guaranteed to them. The 22 miles of the
line already opened had cost them 22,0001., and for 30
weeks they had received for passengers only, 321. per
day, their total receipts for the 12 months having been
12,1001., which, after deducting the 50 per cent. for
working expenses would, as he had stated, give them
nearly 3 per cent. on the outlay. The honourable gen-
tleman then moved a formal resolution, over-riding
that of the 31st Oct., 1853, and authorising the direc-
tors to accept the terms offered by the East India
Company. In doing so, however, he thought it neces-
sary to say that though 100,0001. only would be called
up at present, there was every probability of the full
500,0001. being required to enlarge the Bombay station,
and make the requisite arrangements for the develop.
ment of the traffic.
Mr. CRAWFORD seconded the motion, and expressed
his conviction that a large expense must be incurred at
the Bombay Station, by which their extra capital would
soon be swallowed up, to give the necessary accommo-
dation to the traffic from Shawpoor and the numerous
branches from the lines which would become necessary.
Mr. RICHMOND would not move any amendment to
the resolution, though he did not withdraw from his
original opinion, that they were morally entitled to the
5 per cent. Looking at the money market, and the
state of the affairs in the East, he thought that 4i per
cent. guarantee would be scarcely sufficient to induce
parties to take up the capital of it, were it not that they
looked upon obtaining a much more valuable return
than that amount.
Mr. TITE thought they had made a very good bargain
with the East India Company, and that the capital
would be readily taken up.
The resolution was then put, and carried unanimously.
A vote of thanks was then given to the chairman and
directors.
The CHAIRMAN stated, in reply to a question, that
there was no difficulty in procuring labour in India to
push on the works, but that their slow progress was
occasioned by the difficulties of
.the country—the neces-
sity of making special surveys of every portion of the
line—and the control partly held by the East India Com-
pany over the construction—the correspondence being
delayed by the distance of the scene of action.
The meeting then separated.

GREENWICH.—The half-yearly meeting of the Green-
wich Railway Company was held yesterday, Mr. Josh.
Wilson in the chair, on which occasion a dividend of ss.
2d, per share on the unprivileged shares was declared,
leaving a balance of 1611. Os. 10d.
a
KILKENNY AND GREAT SOUTHERN AND
resolution WE
for
N.—
At a meeting of this company yesterday,
forfeiting 3,100 shares was confirmed, and another was
passed for altering the time fixed for the half-yearly
meeting.

RAILWAY TRAFFIC RETURNS.
THE GREAT NORTHERN RAILWAY.—Traffio return for
the week ending Jan.l, 1854 215,141 11 2
Corresponding week last year 12,719 18 1
GLASGOW AND SOUTH-WESTERN RAILWAY.--'teaffie re
turn for the week ending Jan. 7,1854 .........£5,905 13 I-
Corresponding week last year 4,577 3 11

Increase in 1854 £1,328 9 5