The Sun.
London, England, 1848-09-19 00:00:00

RAILWAY INTELLIGENCE.
EDINBURGH AND BATHGATE.
On Friday the half-yearly general meeting of the
shareholders of this railway was held in Gibb's Royal
Hotel, Edinburgh. Captain Stewart, of Binny, the
chairman of the company, presided.
The SECRETARY read the report of the directors, of
which the following is an abstract:—
" Since last meeting the directors had to report that
in consequence of one•half of the capital of the company
not having been raised and expended, they were unable
to carry the Bill for amalgamating the company with
the Edinburgh and Glasgow. They had much pleasure,
however, in informing the shareholders, that with the
approval of the Edinburgh and Glasgow Company they
succeeded in converting that Bill into one legalising the
holding of stock in the Edinburgh and Bathgate by the
Edinburgh and Glasgow, thereby enabling them to raise
money for the payment of the calls on the large amount
of shares held by them. This Bill had now received the
royal assent. The Edinburgh and Glasgow Company
were thus relieved from the position in which they were
placed by holding shares for which they had no legal
contract, and the directors of the Edinburgh and Bath-
gate were freed from the difficulty they experienced in
recovering payment of the calls due on these shares, which
had materially impeded the progress of the works. The
directors had further to report that the Bill for the de-
viation of the Uphall and Binny branch, with powers to
extend their Whitburn branch to the Benhar coal fields,
had also been sanctioned by Parliament. By the devia-
tion a considerable saving was effected, and an increase
of capital was required for the extension. The financial
position of the company had occupied the serious atten-
tion of the directors. Though aware of the continued
depression in the monetary world, and the difficulty ex-
perienced in raising money to complete the ♦arious lines
throughout the kingdom, they did not feel justified in
unduly postponing the completion of
_the works, seeing
that the undertaking would shortly become remunerative
from the prospect of an early junction with the Wilson-
town, Morningside, and Coltness Railway, whereby the
resources of an extensive and valuable mineral district
would be opened up, and a new line of communication
effected between Edinburgh and Glasgow. A reference
to the state of the accounts made it obvious that another
call of 21. 10s. must immediately be made. The advan-
tages of promptly responding to this call were appa-
rent, as the amount it might be the means of realising,
together with the arrears and sums paid in anticipation of
calls, would place the company in a position to exer-
cise their borrowing powers. It was earnestly hoped
that the arrears still outstanding would be immediately
settled, as the period of opening the line, and thereby
making the large sums already expended productive,
would depend entirely on the amount of arrears placed
at the disposal of the shareholders. Looking to the
mutual advantages to be derived from an early junction
and simultaneous opening of the Wilsontown and Bath-
gate lines, the directors of the Bathgate, in con-
junction with the Wilsontown and Edinburgh and
Glasgow directors, considered it essential vigorously
to force on a completion of a single rail meanwhile,
leaving the double line to be completed as circumstances
and the funds of the company would permit. The report
concluded by stating that it was the confident hope of
the directors that the shareholders, by cordially second-
ing their exertions, would enable them to open the line
for traffic early in the ensuing summer."
The report of Mr. Grainger, the engineer, was next
read. It stated that on the Clifton contract, extending
to four miles and a half, there were five road and two
water bridges, all of which had been completed except
one water bridge, which was in progress. Nearly half a
mile of the double line of the permanent way was
finished, and about the same distance of the single line.
Of the whole works on this contract, about one-fourth
was completed. On the Houston contract, which was
two miles and a half in length, two of the bridges were
completed, and the other one was in progress ; while in
regard to the works as a whole, they may be said to be
half finished. On the Bathgate contract, extending to
three miles and' three-quarters, all the road bridges
had been completed, while in regard to the other works
they might be said to be about two-thirds finished. On
the Uphall contract, extending to about two miles, one,
road bridge, one water bridge, and two out of three cul-
verts were completed, but nothing was done to the per-
manent way. The works on the Whitburn branch had
been marked out, and were ready for being commenced.
Of rails for the permanent way, 1,261 tons had been de-
livered, in addition to 536 tons of chairs and 27,291
sleepers, part of which were already laid.
An abstract of the state of the accounts up to the 31st
July last was then read. The receipts, which amounted
to 94,5431. 6s. 11d., included 25,0004 for deposit; for
three calls, 53,920/4 for payment in advance of calls,
13,4704; and for interest, 2,106/. To this sum of
94,5431. there fell to be added 21,0804 of arrears on the
second and third calls. The expenditure to the 31st
July amounted to 84,999/., leaving a balance in hand of
9,5421. The expenditure included 9,0731. for Parliamen-
tary expenses, 4,421/. for engineering expenses, 23,6331.
for land and compensation, 27,1414 for works, and
13,616/. for rails, chairs, and sleepers.
The CHAIRMAN, in rising to move the adoption of the
report, said it contained all that was necessary for him
to say in regard to the undertaking.
After some conversation, the motion was unanimously
carried.