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 :,hares 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 bad 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 bad occupied the seriousatten-
tion of the directors. Though aware of the continued
depression in the monetary world, and the difficulty ex-
perieoced in raising money to complete the various 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, Merningside; 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 soma 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
tit,ished, and about the same distance of the single line.
I 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
reg ird 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 25,0001. for deposit; for
three calls, 53,9201.; for payment in advance of calls,
13,470 L; and for interest, 2,1061. To this sum of
94,5431. there fell to be added 21,0801. 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 9,073/. for Parliamen-
tary expenses, 4,421./. for engineering expenses, 23,633/.
for land and compensation, 27,141/. for works, and
13,6161. for rails, chairs, and sleepers.
•-- - •'-- -4nntinti 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.

GLASGOW AND GREENOCK.
The half-yearly meeting of the shareholders of this
raiivvay was held on Friday last, the 15th inst., in the
Sheriff's hall, Greenock, Mr. James Tasker, deputy-
chairman, in the chair. The meeting was an unusually

numerous one.
The secretary read the report of the directors, con-
taining the usual statement of accounts for the half-year
ending the 31st of July last, showing a net balance of
14,5731. 6s. 7d., at the credit of the revenue account.
After providing for preference shares, the directors re-
commended a dividend of ss. per share on the 251. shares
and 2s. 6d. per share on the 121. 10s. shares (21. per
annum), to be payable on the 29th current. After al-
luding to the dullness of trade, on account of which the
revenue had been lessened, the report of the directors
concluded as follows :
" The committee appointed at last meeting to watch
over the interests of this company in any questions which
mc agreedoi ti:tlirrtmh
etaeordi Company,
ths
amalgamation of the two companies, which has been
amalgamationcr
a(l,ltlepea onty.
4 pwe
rti
within
ewnn atfi
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vodeneyctel
haaerresd,
shareholders
:ym wat
htieet material idaitlrheecwt changeoirl
will
Caledonian in
the
terms Railway
regulating
ordinarytremembero optionalp ut
st htnt
stock
that
ktn
the
eyo
ftt
to
this the
Caledonianh Ae c
gua-
rantee com-
pany, f
and to incorporate it with the stock of the Cale-
doetan. That option the Caledonian Company
have renounced the right to exercise, whereby
the guarantee of 4 per cent. has become abso-
lute, and in lieu of the right of the shareholders of this
company to participate in the profits of the amalgamated
companies, the shareholders of both companies are mu-
tually to participate in the profits to be derived from this
line exceeding 4 per cent."
Mr. TAMER, the deputy-chairman (in the absence of
Captain Houston Stewart, the chairman, who had been
called to Ireland on official business), moved the ap-
proval of the report in a lengthened speech. He attri-
buted the falling off in the revenue to the dulness of the
times, especially in the conveyance of passengers. So
soon, however, as the Clydesdale Junction was opened,
Greenock would be made the depot of the great mineral
products of the West of Scotland.
A long discussion followed as to the amalgamation
with the Caledonian Railway, and the period when the
guarantee offered by it of 4 per cent. would begin; in
reply to which it was stated by the chairman and secre-
tary, that so soon as the transference of their capital
and property to the Caledonian, under their deeds of
agreement, had been ratified, according to the Act of
Parliament, that then the amalgamation and guarantee
would commence.
A very kindly feeling to and desire of co-operation
with the directors of the Caledonian was expressed by
the meeting. Another long discussion then followed as
to the construction of a great mineral depot in connexion
with the harbour, but the line for which had been op-
posed by the town council of Greenock and the feuars of
the locality.
A. committee of the shareholders was appointed to
confer with Sir Michael Shaw Stewart, the proprietor,
with the feuars, and with the town council, for the ob-
taining of this mineral line and depot, which was said to
be :absolutely essential to the prosperity of Greenock as
a seaport.
The report was agreed to.
In reply to a question from Mr. BLAIR,
The CHAIRMAN stated that when the line was trans
ferred to the Caledonian Railway Company he could not
say but Sabbath trains would be run. There was no
guarantee that Sabbath trains would not be run.
Adjourned.

SHROPSHIRE UNION AND CANAL.
The fourth half-yearly meeting of the company was
hell on Thursday, at Shrewsbury; the Earl of Yowls in
the chair.
The report stated that the works from Shrewsbury to
Stafford are progressing steadily, and the line will be
ready for opening next spring. The whole of the land
is in the possession of the eompany, and the purchases
which had been completed were effected generally on
fair terms. The Bill authorising the purchase of the
Shropshire Canal had been withdrawn, and an agree-
ment had been entered into which carries out for a li-
mited period the terms originally agreed upon, and there
was no doubt before the expiration of such term all dif-
ficulties with respect to the completion of the arrange-
ment will have been removed. The directors will not
undertake any new work without the previous sanction
of the proprietors. Arrangements are being made for
working the canal traffic, in conjunction with the rail-
ways of the district, in a profitable manner. The en-
gineer's report stated that the works are proceeding
satisfactorily ; that upwards of twenty-one miles out of
29.1 (the distance from Shrewsbury to Stafford), are
ready for the permanent road, a portion of which is
alreAy completed. At present there 'were 3,300 men,
280 horses, and one locomotive employed on the works.
The whole line from Shrewsbury to Stafford will be
ready for opening early in the ensuing spring fur pas-
set,gers and merchandize. The capital account to the
30th of June showed that 603,0731. had been received,
and 381,4911. expended, and 5411. advanced to the canal
department, leaving a balance of 221,0411. in hand.