The Sun.
London, England, 1853-09-09 00:00:00

RAILWAY INTELLIGENCE.

EDINBURGH, PERTH, AND DUNDEE.
The report of the directors states, that the act for
the arrangement of the company's affairs received the
Royal Assent on the 4th of August. Provision is made
for the representation at the board of the several classes
of creditors and preference shareholders. The first-
class debenture holders, the bank creditors, the ordi-
nary contract creditors, and the two classes of prefer-
ence shareholders, have each the appointment of one
director, the ordinary shareholders having the nomina-
tion of the remaining five ; the direction to consist of
10 members, as at present. The present board will be
reconstituted on the 9th of November, when five of the
present directors will resign their seats to make room
for the corresponding number to be then elected by the
creditors and preference shareholders. The debenture
holders are further invested with the election of one of
the two auditors of the company. Power is given to
convert the loan capital into debenture stock or annuity
bonds, bearing a fixed preference dividend or annual
payment. The whole of the rolling stock and move-
able property is placed beyond the attachment of cre-
ditors, and permanently secured for the uninterrupted
working of the traffic. To the prosecution of the mea-
sure, which has now passed into law, and the protracted
negotiations which preceded it, the time and attention
of the board have almost exclusively been devoted
during the last 18 months. The revenue for the half-
year ending the 31st July amounted to 64,0201., and
the expenses to 39,3121., leaving 25,6081., which, added
to 5751., the balance from the last account, makes
26,1831. By the Arrangements Act this surplus is
appropriated to the following 'purposes :—First charge
payable on the 15th of May—interest on existing deben-
ture debt, 13,9901. ; interest on debentures in respect
of ferry claims, 7521. ; interest on debentures to be
issued to land claimants, and on special claims over the
company's vessels, 1,5001. ; total amount of first charge
for the half-year, 1,2421. Interest on debentures to
bank creditors and others, 6,498/. ; interest on deben-
tures to the ordinary creditors from 15th May to 31st
July, at the maximum, rate of 3 per cent. per annum,
1,7201., making the amount of the second charge on net
revenue, 8,2181., leaving a balance of 1,7221. applicable
to the payment of a dividend on the Granton preference
shares for the half-year. The traffic receipts for the
half-year show an increase of 3,3471. over the corre-
sponding period of 1852, and the expenditure an in-
crease of 3,4321. over the same period. The result is
partly accounted for the general rise in the price of ma-
terials. The entire expenditure in the locomotive de-
partment showed the cost per mile per train to be 9.08 d.
in 1853 against 8.28 d. in 1852. The capital account
shows that 2,762,692/, had been received, including
277,2101. on the Granton section, and 2,983,175/. ex-
pended,436,s9o/. on the Granton section,
against the company of 220,483/. The
tion of coke was at the rate of 18'1814
alevaevrianegg a c including
obalancensconsumption
mp
per mile for passenger trains, and 37.431 b. per mile for
goods trams—the average being 28151 b. The train
mileage shows an increase of 23,108 miles over the cor-
responding period of last year. Of this increase 11,355
miles were run upon the St. Andrew's Railway, which
was not open at the same period last year.

SCOTTI:

SH MIDLAND JUNCTION.
The report of the directors of this company states
that on the Bth of July the Royal assent was given to
the act authorising the construction of the Blairgowrie
and Kirriemuir branches. The works will be proceeded
with at once, the lines being already staked out. The
increase in the traffic during the half-year amounted to
1,7581. over the corresponding period of last year. The
free balance on the half-year amounts to 6,3071., which
falls short by about 3001. of the sum required to meet a
similar dividend to that declared last half-year. But
the directors do not hesitate to recommend the pro-
prietors to divide, as they did then, at the rate of 2f per
cent. per annum. The directors are of opinion that an
amalgamation with the Scottish Central Company, as
regards the interchange and appointment of traffic, would
be beneficial to both companies, and they intend to sub-
mit for that purpose the heads of a proposed agreement
for the approval of the proprietors. The directors feel
satisfied that the interests of the two companies are
identical, and that a union of the sort cannot be viewed
otherwise than as cementing in closer alliance two links
in the continuous chain of the great route between the
north and south. The capital account to the 31st of
July last amounted to 665,1201., and the expenses to
660,826/., leaving a balance of 4,294. The revenue for
the half-year ending the 31st of July amounted to
18,085/., and the expenses to 11,7771., leaving 6,308/.
To this sum is added 3,2381. from the last account,-
making 9,5461.