The Sun.
London, England, 1854-02-17 00:00:00

GREAT WESTERN.

The half-yearly meeting was advertised to be held yester-
day, at the Paddington station, for the election of three direc-
tors in the place of Mr. Samuel Baker, Captain Thomas
Bulkeley, and Mr. Charles Russell, retiring by rotation, and
for other purposes of business. The chair was taken by Mr.
Russell. _ _ . _ _

The Secretary (Mr. C. A. Saunders) having read the notice
convening the meeting.
The CHAIRMAN said it now becomes my duty to move the
adjournment of this meeting. When the chairmen and de-
puty-chairmen of the Great Western and London and North-
Western Companies met on Saturday last, the questions be-
tween the two companies seemed to be brought within so
narrow a compass that it was arranged between them that
this meeting should be adjourned until Wednesday next, in
order that they might' simultaneously communicate to their
proprietors such arrangement as might be come to between
them. It was in consequence of such expectation that the
notice was circulated among the proprietors of our intention
to adjourn the meeting. It is my duty now, in order to pre-
vent a misconception, to state that since that time questions
totally unexpected by us have been raised, which appear to
us to be of a very grave character ; and I think it right to
state this circumstance, in order that when the proprietors
meet on Wednesday next they should not suddenly experience
that disappointment which may possibly result from these
differences. A t the same time I beg to assure you that we
will continue to use our best exertions to surmount these
difficulties. _ _ _

The meeting was then formally adjourned until Wednesday,
the 22d inst.

DUBLIN AND BELFAST JUNCTION.

The half-yearly meeting of this company took place on
Wednesday, at Dublin. The chair was taken by Mr. John
Barlow. The report of the directors showed that the receipts
for passengers and merchandise had exceeded those of the
corresponding half-year in 1852 by 7,2881., the receipts being
26,8631. against 19,5751. The passenger returns during the
past half-year haye been 6,1001. greater than in 1852 (which
may, to some extent, be attributed to the Exhibition of 1853),
and the goods traffic also has very largely increased and is
still steadily progressing. The net balance to the credit of
revenue for the paat half-year was 25,4131., which when added
to the balance of the previous half-pear, 2,3451., makes the
sum of 27,7581. available for dividend. The directors there-
fore recommend that a dividend of 1/. 2s. 6d. per share (less
income-tax) be declared and paid to the proprietors (being at
the rate of 5 per cent, per annum), after which there will re-
main to the credit of the current half-year about 8,9001.
The CHAIRMAN, in moving the adoption of the report, said
he had to announce that there was a bill now before Parlia-
ment for an extension of the Dundalk and Enniskillen line.

It was intended to proceed from Armagh to Cavan ; and, as
it was likely to prove to some extent remunerative, by pro-
tecting them from what might be an adverse line, he and his
brother directors would probably recommend the shareholders
of the Dublin and Belfast Company to subscribe for shares to
the amount of 11,0001. or 12,0001. He had the gratification
to state that the double rails had been laid down upon a por-
tion of their line; and it so happened that the Inspector of
the Board of Trade had arrived that morning, and when he
had finished his inspection of this part of the line he had no
doubt that it would prove a great help to the carrying on of
their traffic. (Hear, hear.)
After a brief discussion, the report was adopted, and the
meeting separated.

MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE.
The half-yearly report of the directors of this company
states that the capital account to the 31st of December last
exhibits a total receipt of 8,284,5311., a•total expenditure of
7,996,7241., and a balance to credit of capital of 287,8071. The
expenditure on capital account during the last half-year has
been 83,3 81. The report gives details of the progressive in-
crease of the capital account from October, 1837, to De-
cember, 1853, and also of the expenditure. The receipts
during that period were increased from 29,1061. on ordinary
shares to 3,624,8211., on preference shares to 2,089,501/., and
on loans to 2,555,3701., the total with advances now being
8,824,5311. The average rate of interest at which the com-
pany's loans are held is about 4i per cent. The whole of the
loans which were due on the 31st of December, 1853, have been
renewed, and a considerable portion of the loans which fall
due on the 30th of June, 1854, has been already renewed.
The annual engagements of the company, as existing on the
31st of December, 1853, in respect to preference charges,
amounted to 270,1401., including 112,2501. interest on loans.
Thus, as the net revenue from all sources (except rents) for
the year 1853 has been 185,2081., a deficiency of 84,9411.
towards meeting the preference charges at present exists.
The No. 1 quarter shares ceased to be guaranteed on the Ist
of November last, and on the Ist of July, 1855, the 10/. pre-
ference dividend will be reduced from 7i to 6 per cent. per
annum, thus making the permanent preference share liabilities
114,4201. per annum, which is inclusive of the amount re-
maining uncalled for upon the 61. shares. The report also
contains statistics of the various items of traffic receipts from
the opening of the first portion of the line, seven miles in
length, on the 17th of November, 1841, to the 31st of De-
cember,lBs3, when 1671 miles were open. A detailed state-
ment of the working expenses is also given, which, together
with the traffic receipts during each half-year, and the ex-
penditure on capital account, afford valuable information for
the shareholders as to the progress of the undertaking, and
the policy pursued by the directors in making branches and
extensions. The various sources of revenue show a pro-
gressive increase in amount, which may be expected to
continue, and, if a reduction in the expenditure can be
effected by good management, the net revenue of the com-
pany may be considerably increased in the course of a few
years. The directors have made arrangements with the
North of Europe Steam Navigation Company, whereby
steam-ships of large capacity and great power will run
twice each week between Grimsby and Hamburg. A new
agreement has been made with the Electric Telegraph
Company for an extension of the wires and instruments
available for the company's service, with a view to insure in-
creased safety and regularity of working. The disputed ac-
counts with the Midland Company have been amicably settled.
All outstanding claims and accounts with the Great Northern
each party paying its own costs.
Company have been arranged!
The policy of the directors will be to open up the resources
of the railway by making it a highway for the largest amount
of traffic from all sources ; to preserve inviolate all existing
treaties so long as they exist, and to adhere to a pacific policy
as respects every company so long as this is possible. Under
the operation of such a policy they trust that the income of
the company will increase.