The Sun.
London, England, 1851-10-23 00:00:00

CE.

RAIL WAY INTELLIGEI
SCOTTISH C'ENTRAT . \
The half-yearly meeting of the shareholdelaeof the
Scottish Central Railway Company was held on
Tuesday, in ODE' of the rooms of the General Railway
Terminus, at Perth; the Hon. Mr. Dundas presiding.
Ttie report, which was resolved to be held as read,
showed that the revenue account for the half-year
was 42,623/. 7s. 101, and the expenditure 36,750/.
ss. 10d., leaving a balance of 5,8731. 2a., which, added
to 8,6891. ss. 11d., carried over from last account,:left
14,5591. 7s. 11d. applicable for a dividend.
The CHAIRMAN congratulated the meeting on the
increase of the traffic during the previous year—that
increase being, as compared with 1851, 64,752 in the
number of passengers. The increase in the receipts
had not, however, kept pace with the increase in the
number of passengers, which was to be ascribed to
the merely nominal fares which they had chasged
during the late contest with the Edinburgh, Perth,
and Dundee Company, for the traffic between Perth
and Edinburgh Still, however, the increase of re-
ceipts over the corresponding half-year was 8,2001.
The working expenses, as would be seen from the
report, appeared to have undergone a considerable
increase. In 1850 the locomotive charge was
5,6931., whereas in 1851 it was 9,2451., show-
ing an apparent increase of 3,5521. He said
an apparent, because it was not a real in-
crease; and for two reasons. In no previous half-
year had they laid by any sum for depreciation.
Last year, however, they had laid past for this object
—1,0701., under the working agreement with the
Scottish Midland and the Aberdeen Companies. This,
then, although charged upon the expenditure of the
half-year, was an asset, in point of fact, available to
the company. In addition to this a sum of 1,2361.
had been expended in putting the plant in complete
repair, a thing unusual in other companies, and only
done on the present occasion that the three companies
embraced in the working agreement might start in
the same state, the working
expenses having all to
be charged upon one common fund. This, then, wins
an item of expense that would not occur again,
while it would be a great source of future benefit
to the company. Therefore, although it
may have caused • them additional outlay
in the meantime, this working agreement
will in the end be very much for their pecuniary
e be-
nefit. Taking the wholes well of tahsepatrsaselegeirns,gtohoedrswmasi-
nerals, and live stock, as
an increase on the last half-year of something nearly
approaching to 6,000/. ; but of course against this
was to be sot the increase of expenditure, but of
which, as he had endeavoured to explain, 2,3001.
might fairly be set down as extraordinary expenses,
and not applicable to any other half-year than the
present, and consequently should in reality be
de-
ductedrcsen,
tfrom the expenditure of the half-year. With
respect to the subject of dividend he had to make a
few observations. At the last half-yearly meeting
they had declared the first dividend that had ever
been declared by the company unassisted. At
that time they had a surplus of revenue not
derived from the previous half-year, but from former
half-years. This surplus of revenue amounted to
8,6001, which the directors thought would be suffi-
cient to meat any future claim to be made against
revenue for the interest upon land settlements, &c. It
would not, however, the directors conceived, do more
than this ; and without respect, then, as he had
stated at the time, to this surplus at all, he thought,
from the earnings of the half-year, they were en-
titled to declare a dividend at the rate of 1 per
cent. On the present occasion he believed that
some of the distant shareholders of the company,
who were not very well acquainted with its affairs,
would not have any difficulty to dip into
the surplus alluded to, although set apart for
future contingencies, and apply it to the purposes
of dividend. The directors, however, could not give
their consent to this, as they were of opinion that
the dividend declared should be fairly out of the
earnings of the half-year to which it had reference;
and it was on this view of the case that they had re-
commended a dividend at the rate of 12s. per cent. on
the consolidated stock. He was glad to say that the
new stock which had been issued had been taken up
to a large extent ; and he had not the least doubt that
it would be all taken up. By the sums of money
they had already received on account of it, the direc-
tors were enabled to proceed with the adjustment of
all the unsettled claims of the company ; and it was
their intention to proceed with the branch line
to the harbour of Perth as soon as some little misun-
derstanding that had arisen to a certain claim of
servitude was got over. He was glad to say that the
contractors' claims were settled, and in a manner
most satisfactory—causing a saving to the company
of several thousands, and putting an end to all fear of
litigation on that score. The working agreement
with the Northern Companies, so far as they could
yet judge, appeared to be doing very well, and he had
no doubt that it would tend greatly to the future ad-
vantage of the Central Company. The agreement
with the Edinburgh, Perth, and Dundee Company,
and which had reference solely to the passenger
traffic between Perth and Edinburgh, was to be only
for three months by way of trial ; and that it would
require to be still further adjusted might be fairly
assumed from the circumstance that since it
had been entered into, the Central had been
carrying two to one of the passengers between Edin-
burgh end Perth.—(Hear, hear.) The Chairman
concluded by moving the adoption of the report, and
that a dividend be declared at the rate of 12s. for each
1001. of consolidated stock, to be payable on the 6th
proximo.
Mr. SPIERS seconded the motion, which was una-
nimously agreed to, after some slight discussion with
regard to a bad debt of 1641. made in the carriage of
gocds, the execution of the branch line to the harbour
of Perth, and the transference of the meetings of the
company from Perth to Stirling. With respect to
the branch line, it was said that it was the honei fide
intention of the directors to carry it immediately into
execution.
The meeting then adjourned.

REPRESENTATION OF THE