The Sun.
London, England, 1849-02-26 00:00:00

The following is the reprt of the directors, to be pre-
sented to the shareholders at the half-yearly meeting of
the company, to be held at the London Tavern, at one
o'clock, on Wednesday next:—
" The directors beg to announce that the total capital
up to the 4th of January last, entitled to interest and
dividends, including the bonus of 1,087,0001.. amounts to
12,556,8201., including the capitals of the Northern and
Eastern and of the Norfolk Railway Companies; of
which amount 12,056,820/. will receive dividend or in.
terest out of the revenue, and 500,000/. will receive in-
terest from capital, being such portion of the above ca-
pital as may be fairly deemed unproductive—viz.. half
the capital of the Maldon and Braintree line, not opened
until October, and the capital expended on the Enfl.•ld
line, together 150,000/.; and Norfolk works, consisting
of the Dereham and Fakenham branch and the Lowestoft
Harbour-350,000/.

" The usual preliminary notices for the opening of 11. e
Enfield and Edmonton and of the Dereham and Faker:-
ham branches have been given to the commissioners i f
railways, and the directors anticipate that both will to
ready for traffic at an early period.
Tho receipts of the company, including
those of the Norfolk Railway, during
the half-year are £397,592 3 0
The working expenses,
including government
duty and taxes £164,278 4 3
Half-year's interest on
guaranteed stock and
debenture's charged to
revenue amounts to 129,626 5 9

293,904 10 0

Balance £103,687 13 0
Which balance, with 3,589/ 95. stl. balance from lust
half- year, amounts to 107,2771. 25. sd. applicable fur
dividend and depreciation.
"It will be in the recollection of the shareholders
that, in the financial statement issued to them in No-
vember last, the necessity of creating a depreciation
fund to meet the outlay for the replacement of the pe-
rishable portions of the permanent way and working
stock was referred to. In accordance with that view
the directors recommend that the dividend on the con-
solidated stock of this and of the Norfolk Railway Com-
paniesshares,
numberbe . 6dn.opwe r
entitledshr to dividends in bothe, which, upon 336,762
companies, will amount to 92,609/. 11s., leaving for the
reserve or depreciation fund— which the directors
strongly recommend the shareholders to sanction—the
sum of 14,6671. 11 s. sd.
" The directors continue to give their earnest atten-

tion to the subject of the working expenses, and they
hove made during the past half-year, such reductions
as have appeared practicable, without impairing the
efficiency of the establishment, or unnecessarily cur-
tailing the accommodation of the public.
The subject of the unju? t and oppressive local taxa-
tion to which railways are exposed, has occupied the at-
t-ntion of the directors of this company, in common with
the directors of other companies, and they now recorn- '
mend that the petitions to both Houses of Parlia-
liaraent, which will he submitted to the meeting, receive
the sanction of the shareholders, and that they give
their authority to the company's seal being affixed to
the said petitions.
" The advantages which would result to this railway
from a communication by steam from Harwich to the
ports of the Continent have frequently occupied the at-
tention of the meeting of the shareholders, and the
directors are happy to announce that the Government
has determined to run the mail packets to Hamburgh
and Rotterdam from Harwich.
" Au independent company has been established to
perform the service of conveying the mails, and has ob-
tained the Government contract. That company will to
in friendly alliance with the railway company, and does
not seek any guaranteed dividend from the latter. The
utmost aid at any time required by the steam-boat
company will be a small loan, only to be granted by tha
railway company upon approved and sufficient security.
Every exertion will be made by this company, the
Eastern Union Company, and the steam-boat company,
to draw the passenger and the light goods trade between
London and the North of Europe through Harwich ;
and when the Harwich branch has been completed, the
tr,ffic in heavy goods will follow. The prospects of a
gradual and ultimately large increase of revenue to the
railway from this new source aro favourable.
" The following directors retire at this meeting:—Mr.
Anderson and Mr. Crosbie. These gentlemen are eligible
for re-election, and offer themselves accordingly."