The Sun.
London, England, 1849-08-28 00:00:00

screens, 2,571/. for new goods warehouses, 1,1751. for
altt, alums .pf platforms. and other items amounting to
2,1331., which were not included in Mr. Locke's esti-
mate of 26,0461., laid before the proprietors in February,
1847, and it must be observed thit the expense of alter-
ing the carriages has been increased to 6,782 L, by the
substitution of entirely new under-frames and wheels,
for the mere alteration of the gauge of the wheels.
" With the desire to afford the shareholders every
possible information as to the financial position of the
company, the directors have appended to the accounts,
as audited, a statement of assets and liabilities, which
shows that 61,9451. will be the probable sum required
beyond the present share capital, of 1,266,0001., to pro-
vide for the cost of changing the system of working. the
Parliamentary charges, and the excess of the cost of the
extension line beyond the estimate. The directors re-
commend that this sum should be raised by the issue of
debentures, which will ultimately be the only mortgage
upon the undertaking."
The CHAIRMAN, in moving the adoption of the
report, assured the meeting that the accounts were
true and correct, and promised still further vigilance
on the part of the executive with regard to economy.
The proprietors would perceive by the accounts that
a great saving had been effected in the working ex-
penses, from substituting the locomotive for the rope.
The report having been adopted,
Mr. GOLDSMID proposed a resolution, to the effect
that a committee of five proprietors be appointed to
consider whether any and what measures can be
adopted to increase the revenue, decrease the expendi-
ture, and improve the mode of administering the
affairs of the company; that the committee send a
copy of their report to each proprietor at least one
weak before convening a special meeting to con-
sider itt.
The resolution gave rise to a good deal of desultory
discusssion, but the directors seeing nothing objec-
tionable in the motion it was ultimately put and
agreed to.

-The following gentlemen were then elected on the
committee—Messrs. Goldsmid, Coleman, and Carlisle,
with power to nominate the other two.

A resolution was then proposed authorising the
directors to divide the balance alluded to in the report
amongst the proprietors, but it was rejected and the
amount ordered to be carried to the next account.
Thanks were then voted to the chairman, and the
meeting terminated.

EAST INDIAN RAILWAY.
(THIS DAY.)
The second half•yearly general meeting of the
shareholders of this company took place to-day at the
London Tavern, for the purpose of receiving the
report of the directors, and for the dispatch of the
general business of the company.
Htook the chair shortly
after
oAne. Ao,gellioeonkb.y, Esq., M.P.,
The usualc formalAazTnTread h
businesst efollowing important
having
The s
report :
"In convening the proprietary for the half-yearly
general meeting, the directors have the gratification to
report, that since they last met the proprietors they have
concluded a contract with the East India Company.
based on the terms and conditions submitted to, and
approved by, the special meeting of proprietors held in
April last, and which they trust the proprietary will
feel places the interests of this company on a sound and
satisfactory basis.
"This contract has been printed, and a copy will be
delivered on application at the offices of the company,
to each shareholder.
"The interest of 5 per cent. per annum, guaranteed
by the East India Company, will, on and from the 17th
of August instant, include the preliminary deposit of ss.
paid on the existing shares in the company, and upon
which hitherto no interest has been paid.
"During the past session of Parliament the Act of
Incorporation, by which the liability of each shareholder
is limited to the amount of bis or her shares in the
company, has received the Royal assent.
" In pursuance of powers conferred by that Act, the
board of directors have, in accordance with the pledge
given to the proprietary, reduced the shares in the com-
pany from 501. to 201., and have made a re-distribution
of the capital into 50,000 shares of 201. each; of the ar-
rangements consequent on which duo notice will be given
by advertisement.

" In consequence of an intimation, that it was the
eeling of the authorities that the number of directors
should be reduced, powers for that object were inserted
in the Act, and the directors have now to recommend
that their number be reduced from 13 to 9, of which it
is proposed that 3 be a quorum.
" Your directors have received a tender from Mr.
Jackson, of Pimlico, for the construction of the first line
of railway to be undertaken by the c ,mpany. This
tender embraces the construction and completion of the
railway within two years from the commencement
of operations, and its maintenance for three years
after completion, at a cost, including a double line of
rails and stations, of 8,5001. per mile. Mr. Rendell,
your consulting engineer, has recommended the accept
ance of this tender, and your directors are diposed to
concur in an arrangement on that principle; but they
feel the question to be one of great magnitude, and they
have submitted it to the Court of Directors of the East
India Company, for their consideration.
" On a review of all the circumstances of the past
history of the company, the board cannot close this
report without congratulating the shareholders on the
measure of success which, after so great a lapse of time,
and so many opposing obstacles, has at length attended
the efforts ot• the company. It expense has necessarily
been incurred, in advocating and introducing a new prin.
ciple, under circumstances of great difficulty, the present
proprietors are, by the nature of the arrangement effected,
relieved from any of its burden, by having the full amount
nibscribed by them allowed as part of the capital of the
company, bearing interest at five per cent. It time has
been consumed, its lapse has not only been attended
with the advantages of increased experience, but still
more of cost diminished in an extraordinary degree.
Without all the information which has been the result
of the measures already adopted, the company could
not have been in a position to receive a tender from
a contractor, so satisfactory in proof of the suffi•
ciency of their estimates, as that of Mr. Jackson ;
nor could they have approached the execution
of the work with that confidence which they now feel
in its issue. From henceforth they consider the un-
dertaking to be tinder the direct auspices of the East
India Company. No step can be taken as to the con-
struction of the railway until possession of the land
has been given by the Government of India, and all the
ulterior proceedings of the company are subject to the
control of the East India Company, and dependent for
success on the cordial concurrence and co-operation of
the authorities both at home and abroad."
The CHAIRMAN then shortly addressed the meeting,
congratulating them on the state of their affairs, and
moved the adoption of the report.
The CHAIRMAN, in answer to a question from a
proprietor, said, that the Government of India hal
the power, if their profits exceeded 10 per cent., to
step in and insist upon the reduction of the tolls, but
he did not think they would do so if their profits
were 11 or 12 per cent.
After some discussion, the report was unanimously
apopted, thanks were voted to the chairman and
directors, and the meeting separated.
EAT

_S _ AND WEST INDIA DOCKS
AND BIRMINGHAM JUNCTION RAILWAY.

(THIS DAY.)

The half yearly general meeting of the share.
holders of this company took place this day at the
company's offices in Old Broad•street.
John Scott, Esq., the chairman of the company,
took the chair shortly after two o'clock.
The usual routine business having been gone
through, the secretary read the following report,
which, after a short discussion, was agreed to, and
ordered to be printed and circulated among the pro-
prietors, as was also the report of the engineer.
" The directors, during the past half-year, have been
steadily pressing forward the works of the line; and in
order to afford full information to the proprietors with ,
regard to the progress made, they have requested the
engineer to prepare a report, which will be submitted
to the meeting.
"It has been tl•.e endeavour of the directors to carry
out the object referred to in their report of February
last, of opening a communication into the City,
in order that such portion of the line as may
be completed might be profitably used, whilst
the works south of the Lea Cut Canal, which
afford the direct communication to the docks and ship-
ping, were being proceeded with. Difficulties have,
however, arisen in procuring the land required for the
branch line, and the directors have been compelled to
defer this work; but arrangements are in progress for
contracting for the completion of the main line to the
East and West India Ducks and Blackwell, thus so far
effecting the object in view.
" Since the meeting in February last, the directors
have found it necessary, in carrying on the works, to
make further calls upon the proprietors, and they have
intimated the probable periods at which the remainder of
the capital will be required. Loans have as yet been
effected to a limited amount only, but they will be in-
creased by the issue of debentures and by the payment
of land purchases; and in the meantime the progress of
the works has not been impeded, the necessary funds
having bees obtained from payments in advance of calls,
on the portions of capital held by the London and North-
Western Railway Company and the East and West India
Dock Company.
" The directors, since the last meeting, have taken
the necessary preliminary measures for the recovery of
calls which the proprietors had neglected to pay; and it
will be seen by the accounts that the sum of 3,605/. bas
been in consequence received : the directors trust that

paymentssfuertahaertegthoirsouasccsotuenpts,
being resorted to.
prevent willth e shortlyneeea.sl t
ybeemi
amdoereonri
ter'n' 1
Rt negotiation
ctiaotmiopnay for
wniththleeaLsinogndtohne andlie North-Wes-
tern
referredr t h - W e
ts
0-
in the last half-year's report, has not ynet, led to nl
agreement for that purpose; but that company has ex-
pressed its readiness to arrange for the working of the
line; and as the construction-of the railway approaches
completion, thedirectors will have to give their attention
to this subject, and they doubt not that an arrangement
may be effected on mutually advantageous terms.
" The increased engagements of Mr. George Carr
Glyn having compelled him in March last to express a
wish to retire from the direction, the board have elected
Mr. Richard Creed to fill up the vacancy, being happy to
avail themselves of the valuable assistance of so expe-
rienced a coadjutor."
Mr. GLYN congratulated the shareholders on the 1