The Sun.
London, England, 1853-02-18 00:00:00

constant watching, and the actual flooding of the line at
one or two points."
The report, on the motion of the Chairman, was re-
ceived and adopted. After a short discussion a dividend
was declared as stated in the report.
The retiring directors were re-elected, and, after the
transaction of some other business, the meeting separated
after a vote of thanks to the chairman.

NORTHERN AND EABTERN.—Yesterday the half-yearly
meeting of the shareholders in this company was held at
the Station, Bishopsgate. Mr. Richard Paterson took
the chair. The report stated that the dividend on the
respective shares of this company for the half-year
endinc, the 31st of December last, will become payable
on and after Friday, the 25th instant, and will be as
follows, viz. —On shares guaranteed 5 per cent. per
annum, 11. ss. each ; on shares guaranteed 6 per cent.
per annum, 1/. ' 10s. each ; less property tax. The
adoption of the report was carried unanimously, and
the meeting adjourned.
SAMBRE AND MEUSE. Yesterday the half-yearly
meeting of this company was held at the office in Moor-
gate-street, City. W. P. Richards, Esq., took the
chair on the occasion. The directors' report has already
appeared. After a few observations from the Chairman,
he moved the adoption of the report, which was
seconded, and was agreed to unanimously.—Mr. John
Brown asked if. the 10 per cent. preference stock would
all be paid off this year ?—The Chairman observed that
it would in August, as the company had the means of
doing it. (Hear.) A. Proprietor asked how their
large balance was deposited ? The Chairman said
a small portion was , at Messrs. "Hankey's, and
the greater portion at the Union • Bank, and at tho
Bank of Belgium, at an interest of 2 per cent. Mr.
Hall asked when they would complete the whole of the
works ?—The managing director said it was expected
to be finished by the Ist of May, 1854. The Belgian
government expected the trunk finished by the Ist of
January, 1855, and the branches by January, 1856.
Thus they would be finished nine months earlier than
was contemplated. (Hear.)—Mr. Hall asked if they in-
tended to publish the weekly traffic ?—The chairman
said it was now weekly published.—The meeting was
then made special, for the consideration of certain altera-
tions proposed in the statutes of the company.—The
secretary then read a list of certain alterations rendered
necessary from the increase of capital.—Mr. John Brown
asked how many more of the 23,000 preference shares
they intended to issue, in addition to the 6,000 issued.
—The chairman said they had permission to issue all,
_ _

with the consent of the shareholders, but they intended
only to issue 10,000, for which they had power, and
there was no necessity for issuing more at present.-The
statutes having been adopted, a vote of thanks was
passed to the chairman and directors, and the meeting
adjourned.
EASTERN COUNTIES.--The half-yearly accounts of the
Eastern Counties Railway show that the total receipts
for the half-year ending 4th February, 18'53, upon the
Eastern Counties are 375,5581. 7s. 4d., and the Norfolk
73,2101. 13s. 9d. Carrying out the comparison of for-
mer years, 5,212/. 15s. lid. is to be deducted, as the re-
ceipts of the Shepreth and Hitchin line, reducing the re-
venue to 443,5561. 55. 2d., as compared with 421,2931.
11s. Bd. for the half-year ending 4th January, 1852, and
388,6961. 10s. 4d. for the same period up to 4th July,
1852. The working expenses are 178,0741. ss. 6d., as
compared with 186,5351. is. ld. • for the six months
ending 4th January, 1852, and 177,6451. 13s. 7d.
up to the 4th July, 1852. The expenditure during the
half-year is 346,6151. 7s. 9d., which deducted from
448,7691. lb. id., leaves a balance of 102,1531. 13s. 4d.,
as the net profit from the half-year's working, which,
added to the balance from las; half-year, amounts to
106,8901. 6s. 4d., not taking into account a sum of
2,6191. ss. Bd. in connection with the traffic on the East
Anglian and Shepreth and Hitellin lines, expended for
sheets and sacks, in addition to the ordinary expenditure
for those purposes, and the whole of which has been
charged to revenue. This balance enables the directors,
after paying interest on guarantees and loans, to declare
a dividend of 6s. per share, amounting to 102,5151. 10s.
Bd., and to carry forward 4,3741. 15s. Bd. to the credit
of the next half-year.
MIDLAND.-The half-yearly accounts of the Midland
Railway exhibit an expenditure, on capital account, dur-
ing the half-year of 156,3821. 18s. id. The outlay to
30th June, 1852, had been 15,881,9061. 19s. 3d., and
the Leeds and Bradford Purchase (shares, 1,800,0001.,
and loans, 299,9991.) amounted to 2,099,9991.-together
18,138,2881. 17s. 4d. The receipts in respect of capital
have been 18,018,4561. 3s. sd. ; the expenditure there-
fore leaves a. balance of 119,8321. 13s. lid. against
receipts. The estimated liabilities and further outlay
(including 130,0001. for the Gloucester and Stonehouse
Junction and narrow gauge to Bristol, and 60,0001. for
the Ripley branch) are put down at 220,1871. 10s. id.,
giving a probable total outlay of 18,358,4761. The
total capital which the company is empowered to raise
is as follows, viz. :-On shares, 15,456,4721. 17s. 4d.,
and on debentures, 4,405,685/. 17s. Bd. ; together,
19,862,1581. 155., giving an estimated surplus of capital
of 1,503,6821. 7s. 7d. The traffic receipts for the past
half-year have been 677,1961. 18s. 5d., and the working
expenses 268,6511. 17s. 6d. The rates, taxes, and Go-
vernment duty have been 21,8091. 10s. 3d.; permanent
way renewal, 10,0001.; provision for increase of rolling
stock, 6,2501.; bad debts for the half-year, 482/. 3s. 4d.;
debenture and loan interest, 77,5041. 9s. 7d.; interest
on bankers' balances, 6331. is. 10d.; dividends on the
guarantee shares of the Sheffield a,nd•Rotherhani, Leices-
ter and Swannington, Bristol and Birmingham, and in-
terest on Leeds and Bradford shares, 104,589/. Gs. ;
Manchester, Buxton, and Matlock deficiency, 1,610/ ;
and redemption of mortgage debentures, required bY
the Act of July 3, 1851, 5001.-in the gross, 492,0301.
Bs. 6d.; leaving a disposable balance of 185,1661.95. lid.
The following is the dividend proposed by the di-
rectors :-
9,129,7411. 10s. sd. Consolidated Stock, in-
cluding the 501. shares at 31.55. per cent
per annum £148,358 6 0
386,2251., being 51. per share on 77,245161
13s. 4d. shares, at 47. 10s. per cent, per
annum
978,5331. 9s. Birmingham Derby and Stock,
at 11. 17s. 6d. per cent. per annum 9,173 15 0
25,0001. Midland Preferential Stock, at Cl
per cent. per annum
146,0001. Erewash Valley 501. shares, at 6/
per cent. per annum

8,690 1 3

750 0 0

4,350 0 0

£171,322 2 3
YORK AND NORTH MIDLAND.—The report of the di-
rectors, to be submitted to the half-yearly meeting of
proprietors, to be held in the De Grey Rooms, in the
city of York, on the 23d instant, ' states that the gross
revenue of the company for the half-year amounts to
257,314/. 16s. 10d., and the working expenses and tax-
ation to 96,0451. 3s. Bd., leaving a net profit of 160,2691.
13s. 2d. From this must he deducted rent of Hull and
Selby Railway, 33,0001. ; interest on debentures, prefer-
ence shares, &c., 57,825/. ss. 6d. ; reserve for renewal
of permanent way, 15,1381. 9s. 6d. ; loss by fire at Hull,
1,639/. 7s. 4d. ; and adding the balance of 5951. 18s. 9d.
brought forward from last half-year, there remains
53,2621. 9s. 7d. applicable to dividend on the ordinary
stock. The directors recommend that a dividend be de-
clared on this stock at the rate of 3 per cent, per annum,
leaving a balance of 4,9211. 12s. id. to be carried to the
credit of the current half-year.
MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE.—The
report of the directors states that, under the head of
capital account, the expenditure for the half-year
amounts to 154,9951. is. 2d., of which 43,1491. 4s. is
for new rolling stock, The only works of importance
now in progress are Grimsby Docks and the Barnsley
Branch. With respect to the former, it mustlbe observed,
that although the dock itself is open for traffic, there are
a variety of adjunct works still incomplete and this item
cannot at present be closed. These works will be in excess
of the estimates laid before the shareholders in February,
1850, in consequence of the occurrence of slips and other
contingencies, over which the directors could have no
control ; but the proprietors may rest assured, that no
money has been expended beyond what has been found
absolutely necessary. The construction of these works,
and the expenditure, have been under the constant sur-
veillance of directors resident in .Lincolnshire. The
Barnsley Branch is now progressing very rapidly, and is
expected to be completed in the autumn of the present
year, in time to accommodate the winter coal trade.
A comparison of the receipts of the present half year
with those of the corresponding period of 1851, shows a
decrease of 1,7711. 17s 9d in the coaching traffic, and an
increase of 8,9911. 12s 5d on other descriptions of traffic ;
or, an increase of 7,2191. 14s 8d in the traffic receipts of
the half-year. This comparatively small improvement
arises from the loss of the Great Northern through
traffic, formerly carried over thirteen miles of this com-
pany's line between Retford and Sykes, but ceasing to
be so conveyed upon the opening of their Towns line in
July last. The abstraction of this traffic entailed a loss
of about 12,0001. for the half-year, of which upwards of
5,0001. was for passenger traffic, and being subject to no
working charges, except maintenance of way, the actual
loss to the company may be taken at nearly double this
amount. When it is remembered that not only has this
serious deficiency been made up from other resources of
the line, but a further increase of 7,2191. obtained, the
directors think they may justly congratulate the share-
holders upon the steady increase in the bona fide traffic
of the line, which they hope still further to augment in
the current year.