The Sun.
London, England, 1854-08-04 00:00:00

COLONIAL.

SUGAR.—A fair business has been done in West India
et full prices generally. Barbadoes good to fine sold at
34 to 3836(1, and low to mid at 31s 6d to 34s Gd. Deme-
l'ar a brought 29s to 31s Gd for ord to tine brown, and 32s
for fine yellow. Jamaica realseil 31s Gd to 32s Gd for good
‘o fine bi own ; Tobago, 32s to 32s Gd for low yellow ; and
Antigua, 303 for ord yellow. East ludia.—Mauritius has
been at full rates generally, but inferior sorts have been Gd
Per cwt. lower ; fine yellow at 36s to 375, low to good at
305.; 6d to 35s Gd, mid to fine at 27s to 30s, and ord to fine
grey at 29s to 355. Bengal brought 393 Gd to 41s 6d for
low good to fine, 403 ad to 41s 6d for grainy fine yel-
'". and mid white, but Khaur was taken in at 35s to 3ss
for ord to good grainy yellow. Foreign has sold readily,
l'ernatubuco has been taken in at 36s to 37s for low to good
white. ilavannah sold at 32s to 353 for low to mid yellow,
C at 353 ad to 398 ad for good to fine and florettes.
'll4, low brown to mid yellow, went at 29s to 31s • good
s,4lid to fine at 34s Gd to 3is 6,1 ; and low heavy yellow to
• mid grocery at 30s 6,1 to 355. Porto Rico mid to fine
realised 33s to 38s 6d, and good and fine white 39s to 41s
165" r Per cwt. Refined has been quiet at 44s per cwt. for
ow, lump
de"PEE.-:.Native Ceylon has been quiet at 43s ad to 44s
64,, Less has been doing in plantation ; low mid greyish
-61,i)33 Gd to 54s Gd ; triage at 478 ad to 51s; peaberry at
, good mid to good at 608 to 675, and low mid and mid
an• 56s ad to 595. Mocha brought 66s Gd for small. berry,
washed Ri 4Ss 6d for o•ood to fine ord. Jamaica sold
ti.,e.i4dvilY at 668 to 70s for good and fine, at 54s to 58s for low
r and mid and triage at 333 6d to 348 per cwt., being
father ceaper. Costaltica has been in active demand at
1111 rates, f fine and pale to mid coloring sold at 50s to 595,
g;,,(1 to tine old at 49s 6d to 55s 6d, good mid and good at
colotr? 675. pea berry at 57s to als, low mid and good mid
'ng sis 6d cE to 60s, and g p
ood ale at 6 s per cwt.
ink“e i—Madras has been held for full rates ord to midB
s 6, was taken in at 9s 6d to 10a, hut ord broken sold at
grnd to 9s. Bengal was taken in at 12s 6d for good Patna
i„,.0 1), but another parcel sold at 12s to 12s Gd privately.
olrnein sold at Os 6d.
ja,ifPicES—lalabar pepper is 4(1 dearer, mid and good mid
42_ beavy brown selling at dto 41d. Ginger realised
t 0 48s for ord small and dark. Femur, cloves 'lid.
foict Pale mace 2s 2d, but Singapore was taken in at 2s *.?d
for °l'd' Singapore nutmegs sold at is 9d to 3s ld for small
Rood bel,Cbrown.
TA—This article is dull but steady.
0rr0....c No alteration.
_ocnixEAL—Prices tend downwards.
SALTPETRE--The market is inactive. Bengal, 8.1 to 10}
Bcent. refroiction, was taken at 295, and Bombay. 49 to
'
.4 per cent,, at 24s Gd for very ord and ord.
TALLow—There is rather more at firmness, and. P. Y.C. is
665
8d to 66e per owt. on the spot,

RAILWAY INTELLIGENCE.

SOUTH-WESTERN RAILWAY.

The folio wiug is the half-yearly report of the directors
of this company, to be presented to the meeting of share-
holders, to be held on Thursday next, the 10th inst. :
From the half-yearly accounts now submitted,
it will be seen that the net revenue for the
six months ending June 30, 1854, amounts,
after deducting interest ou loans, and other
preferential charges, to
Add surplus at December 31st, 1853

Balance available for dividend
From this sum the directors recommend that
a divid.nd, payable on the • 21st inst., for
the half-year at the rate of four and oue
quarter per cent. per annum, on 6,764,962/.
4s. 4d., be declared, making

143,998 10 5

143,755 1 11

Leaving to be carried over to the next half-
year
243 1 6
The gross revenue for the half-year just expired exceeds
that of the corresponding half-pear to June 30, 1853, by
34,0091. lls., of which 19,8091. 4s arises from passenger
traffic, 11,840/. 4s. 2d. from goods, and 2,3601. 2s. 10d. from
rents and sundries.
The increased receipt from the various sources is satisfac-
tory, more particularly so, considering the large receipt of
same period of 1853 over that of 1852. The working ex-
penses have been heavier during the past hilf-year, caused by
the higher rate of labour, and by the general advance in the
prices of coke, and all other materials in consumption by the
company.
The company's rolling stock is in excellent condition. The
usual report from the superintendent of the locomotive de-
partment is appended, from which it will be seen that four
new engines have been built during the past half-year, and
paid for out of revenue.
Pursuant to the resolution of the proprietors at the half-
.

yearly meeting in February last, the sum of 48,0351 4s. sd.
then standing to the debit of reserved plant account, and the
sum of 25,6841. 13s. 4d. for extensicn of stations and sidings,
have been charged to the capital account of the company.
In consequence of the great and continuing increase of the
goods traffic, the directors lately ordered six powerful eng nes
to be built, expressly for that traffic. A considerable num-
ber of first and sce,,nd class carriages and waggons are also
in course of construction, imperatively required by the in-
creasing traffic over the whole system of the company. The
directors have also ordered the necessary carrying stock to
be built, adapted for the Necropolis Company's traffic, which
will commence during the current half-year.
These requirements on account of locomotive and carrying
stock, which are imperatively demanded for the great increase
of traffic, fully justify the company, in the opinion of the
directors, in resolving that the amount so expended shall be
added to the capital of the company. It cannot be denied
that at no time has the rolling stock of the company been
equal to the requirements of the traffic. And the time has
now arrived when the proprietors must boldly consider the
whole question, and do justice to themselves as well as to
posterity.

At the close of the year 1849, it was considered that if an
additional sum of ,0( 1. were added to the amount then in-
vested in rolling stock, making a total of 570,1601., that sum
would be sufficient for the purposes of the company, and
should close the capital account under that head, and that
any future requirements should be paid out of revenue. At
that time the annual reeet,ts from traffic were only 530,8761.
The traffic receipts in 1853 reached the sum of 689,2431.,
being an increase of no less than 158,3671,; and a further in-
crease of 34,000/. has just occurred in the last half-year,
making the total receipt from June, 1853, to June, 1854,
720,N92/. The increased expenditure on the rohing stock
since 1849 has, however, only been 68,0351., or an excess of
18,0351. otter the 50,0001. estimated as sufficient for the
smaller amount of traffic expected; and of this sum 20,00 1.
has been paid out of revenue.
It is manifestly unreasonable, and exceedingly unjust to the
present shareholders, that these large sums, required by the ex-
tension of the company's business, should be charged against
revenue—they are legitimately charges against capital; and the
directors are prepared to recommend that, for the future, the
outlays on this account should be so charged until the rolling
stock of the company is made adequate to the requirements of
the traffic. The directors will be prepared at the next half-
yearly meeting to lay before the shareholders full particulars
of those requirements, with a view of then taking a vote for
such amount as may be deemed necessary.
In the meanwhile, they have carried to a suspense plant
account 24,0661. 18s. 10d., expended since January last, on
account of the additional stock mentioned.
It is conceived that the account for stations and sidings
should be dealt with in the same manner and on the same
principle, and a sum of 13,5191. 15s. 11d. expended on that
account has therefore been carried to the suspense account.
. The permanent way is in excellent working condition. The
relaying of that portion of the,main line between London and
Kingston, commenced last year, has now been completed, and
7,497/. 17s. 3,1., being one-half of the expense, has been
charged in the present accounts against revenue, leaving a
similar amount to be charged in the ensuing half-year.
The rental of the company's surplus lands and house pro-
perty continues in a satisfactory state, having increased during
the last six months by the sum of 3111., notwithstanding sur-
plus lands to the extent of 7,4001. Bs. 4d. have been sold
during the last half-year.
The North Devon line from Crediton to Barnstaple was
opened for traffic during last month. The amount of capital
invested by the company in the North Devon and Exeter and
Crediton lines is 160,5871., which has hitherto been unpro-
ductive, and has pressed on the company for dividend. The
line from Basingstoke to Andover has also been opened for
traffic during last mouth. These lines will now assist in
adding to the company's revenue.
The directors trust that the proprietors generally will unite
with them in the opinion which the board sincerely entertains
that the pt esent condition of the company is of a most sound
and satisfactory character, and that its prospects are encour-
aging, and in every way such as to inspire confidence in its well
doing.

A vacant seat in the direction, caused by the resignation of
Sir William Heathcote, Bart., M.P., will have to be filled up by
the proprietors at this meeting.
Moreton John Edward Fre wen, Esq., Wm. Phillip Snell,
Esq., Brodie M'Ghie Wilcox, Esq., M P., and Charles Castle.
man, Esq., hays severally declared their intention to become
candidates for the vacant seat, and aro duly qualified for the
direction.

A. K. Baker, Esq., whose name was inserted as a candidate
in the advertisement calling the meeting, has since withdrawn
the notice given by him, and is no longer a candidate on the
present occasion.

MANCHESTER, SHEFFIELD, AND LINCOLN-

SHIRE.

The half-yearly meeting of this company was held at
Manchester on Wednesday—the Earl of Yarborough pre-
sided. The report, an abstract of which has appeared
in The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the report
and accounts, congratulated the company that there had

.peen a considerable increase in their receipts, as com-
pared with those of the corresponding half-year of 1853.
Mr. CHAPMAN, vice-chairman, seconded the motion.
In reply to observations from Mr. WILLIAMS,
The CHAIRMAN stated that this company had insti-
tuted a system of apprenticeship for boys to b e efficiently
trained up for their service, and that the directors had
under consideration the formation of a line to Clee-
thorpes, near Grimsby, which it was suggested might
beopme a place of great resort as a watering-place.
The report and accounts were adopted unanimously.
Resolutions were also agreed to for the payment of
the dividend upon the 6/. preference shares for the past
half-year, for the half-year ending the 30th of June,
1852, and also confirming the forfeiture of certain shares.
The business of the meeting being now at an end,
Mr. STURGE said, he considered it perfectly practica-
ble, looking at the accruing amount, to form a scheme
by which the preference shareholders might come into
some revenue, and also assist that class of shareholders
who were the original encumbrancers of the property.
(Hear, hear.) To do this effectively and well it must
be done by the consent of those parties whose inte-
rest must be affected by it. His view of the way
in which the thing was to be conducted was, that if
two or three gentlemen representing the preference
shareholders would volunteer to join in sitting down
to devise a scheme, then he thought they might put
themselves into communication with all the thinking
and reflecting men representing these interests, and
a proposition which met their approval would no
doubt be generally acceptable. (Hear, hear.) He be-
lieved, if such a course were followed, it would not only
be beneficial to all classes of the shareholders, but would
greatly raise the credit of the company, and show that
thez, hear.)
were proceeding harmoniously. (Hear,
Ir. FENTON expressed his satisfaction at the proposi•
tien.

The proposition appeared to be well received by the
preference shareholders, a large number of whom were
present. The meeting terminated with a vote of thanks
to the chairman and directors, and the preference share-
holders met subsequently, and formed, as we are told, a
committee to act upon Mr. Sturge's suggestion for a con-
version of preference shares iuto some less objectionable
form than the present.

GREAT WESTERN, SHREWSBURY AND CHES-
TER, AND SHREWSBURY AND BIRMING-
HAM AMALGAMATION.

It appears that the long-existing struggle between the
Great Western and London and North-Western Com-
panies respecting the Shrewsbury lines has not yet been
terminated. The House of Commons have now to
decide on a question involving the principle whether
dividends are or are not to be paid out of bone ,fide
earnings. The above amalgamation bill, as it passed
the House of Commons, contained a clause autho-
rising the Great Western Company to defer charging
against current profits any loss which might ac-
crue upon the working of the Birmingham and
Chester Railways during the two years ending
December 31, 1855, subject to repayment out of the
future profits of the united undertaking prior to the year
1864. This clause was opposed in the committees of the
House of Lords, and was unanimously rejected, on the
ground of being contrary to precedent oppose to the
spirit of the standing orders and of the Companies'
Clauses Act, the object of which was to provide that
dividends should in all cases be paid out of funds actu-
ally earned. The bill, as amended, having been read a
third time in the House of Lords and returned to the
House of Commons for approval, the promoters now
seek to introduce a clause for extending the period of re-
payment over nine years. An effort to introduce a
similar clause on the third reading in the Lords was re-
sisted by Lord Redesdale. The matter now rests with the
House of Commons and its decision on a question in-
volving the bond fide character of railway dividends is
looked for with considerable interest.

RAILWAY TRAFFIC RETURNS,
THE GREAT NORTHERN RAILWAY.—Traffic ioturn for
,
the week ending July 23, 1854
Corresponding week last year 16,383 5 3
LANCASHIRE AND YORKSHIRE RAILWAY. —Traffic re-
turn for the week endino. July 30, 1854
Corresponding week last year
CHESTER AND HOLYHEAD RAlLWAY.—Trattic return for
the week ending July 30, 1854 1!5,985 10 5
Corresponding week last year 6,421 13 4

---
Decrease in 1854 £436 2 11
SCOTTISH CENTRAL RAILITAT.—Traffic return foi the
Week ending July 30, 1854 .....................1'5,710 8
Corresponding week last year ..................... 3,224 2 61
CORK AND BANDON RAILIVAL—Tratfio rewrn for the
week ending July 29, 1854 11210 4 4
Corresponding Week last ..... I„ 235 2 10