The Sun.
London, England, 1851-08-21 00:00:00

,i;i4., .
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.
, i i AUG UST 21 yll
1851
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•

commencement to facilitate the making up of the
accounts at the end of the half-year. The case, now-
ever, now being altered, and means out of which a
dividend may be declared having been earned, the
expenditure has most judiciously been brought down
to the 80th of June ; the half-year's account now
closed, therefore, is charged with Reven months' ex-
penses against six months' earnings. The balance of
profit, after writing off the proportion of interest cn
mortgages before referred to, will be 40,1231. 173.8 d.
The capital account to the 30th June last shows
8,274,9691. had been received, including 4,807,273/.
on original shares, 1,295,3171. on preference shares,
and 2,162,5571. on loan ; and that 8,069,7881. bad been
expended, including 436,2231. expended preliminary
to the passing of the Act, 138,697/. law and engi-
neering expenses, 1,596,974/ land and compensation,
4,411,169/. works and materials; 325,6401. engines
and tenders, 298,593/. carrying stock, 591,1701. in-
terest on loans and capital, and 69,888/. on East Lin-
colnshire Railway; leaving a balance in favour of the
company of 205,1801., of which 105,8011. is in cash
and 99,379/. invested in South Yorkshire shares, &c.
The revenue account for the half-year ending the
30th of June shows that 239,064/. had been received,
including 128,7661. for passengers, 59,443/. for goods
and merchandise, and 29,6'14/. for coal and mine-
rlls. The expenditure for seven months ending
t'he 30th June amounted to 130,975/. including
3,1421., rates and taxes, and 5,7941. Government
duty, leaving a balance of 108,0881. The number of
miles in operation is 236, and the number on which
the maintenance of way is charged is 143. The gross
mileage run by the trains was 1,571,381, and by the
engines 1,689,815. The consumption of coke per
engine per mile run was 30.91 b., cost 2.534 d. The
working charges are stated to be 46.96 per cent. on
the six months' gross earnings. The total expen-
diture gives an average of ls. 6d. per mile per
train.
The net revenue account to the 30th of June, in-
cluding 52,552/. from the last account, shows a total
of 160,641/., out of which is deducted 94,3341. for in-
terest on preference and guaranteed shares, rents,
&c., and a moiety of the interest on the bonded debt,
leaving a balance of 66,307/. The receipts for the
half-year on the Forsdyke and Witham navigations
amounted to 6,3601., and the expenses to 11,2251.,
loss 4,8651.; and on the Louth navigation the re-
ceipts amounted to 1,568/., the expenses to 2,1291.,
the loss 5611.

NORTHERN AND EASTERN.
The half-yearly meeting of this company was held
yesterday at the Bishopsgate station, Mr. R. Pater-
son in the chair.

yv
Mr. BOURNE, the secretary, read the report.
The CHAIRMAN having moved resolution, to the
effect that the report be adopted and the dividend
therein announced be declared,
Mr. LECHWORTII said, he perceived by the ac-
counts of the Eastern Counties Railway for the past
half-year that they had a net balance of 158,5631.,
and he wished to know what amount the company
was entitled to out of it.
The CHAIRMAN said that the total charge of the
Northern and Eastern Company against the Eastern
Counties Company for the half-year ending June
30, 1851, waa 31,5231.
Mr. LECLIWORTH inquired what security this com-
pany possessed for the payment half-yearly of the
above amount ?

The CHAIRMAN replied that the guarantee given
was ample security for the punctual payment of the
rent, this company being in the position of land-
lords, and the Eastern Counties Company in that of
tenants.
Mr. LECHWORTH said he was perfectly satisfied
with the explanation.
Resolutions were then passedadopting the report and
declaring the dividends of 5 and 6 per cent.. and re-
electing the retiring directors, Messrs. R. W. Ken-
nard and J. Masterman, jun. •
The proceedings concluded with a vote of thanks to
the chairman and directors.

NE WRY AND ENNISKILLEN.
The half-yearly meeting of this company was held
yesterday at the Guildhall Coffee-house; Mr. Spack-
man in the chair.

The Secretary then read the report.
The CHAIRMAN, in moving the adoption of the re
port, said, he was glad to inform them that the lawsuit
with the Newry and Warrenpoint Company had been
brought to a satisfactory conclusion. The expenses
amounted to 1,1001., which the latter company had to
pay. The money in the hands of the receiver had
been divided among the debenture holders. Their
property in the debentures was now secure, as a re-
ceiver had been appointed who would continue to
receive the produce of the traffic until their claims on
that company were paid off. It was a matter of con-
gratulation to them that all the expenses had fallen on
the Warrenpoint Company, who, he believed, had very
severely felt the consequences of the course they
adopted in resisting this company's claim. With
respect to leasing the lice, he might state that most
of the directors held a large number of shares in
the company, and they were as anxious as the
shareholders could be to dispose of the property ad-
vantageously. The settlement of the matter in
contemplation did not rest with them, neither did
it rest with Mr. Dargan ; but was delayed from
time to time in consequence of the Dublin and Belfast
junction line not being completed up to the point
where they intended to form a junction with that line.
Various delays had taken place in proceeding with the
works, partly in consequence of filling up bogs, but
he believed that those difficulties were now overcome,
and that the Belfast Junction line would he opened on
the Ist of November next. The Dublin and Belfast
Company had intimated to the directors of this cow-
pony that they were prepared to enter into an ar-
rangement with them. He (the Chairman) had been
deputed by the board to proceed to Dublin and wait
oa the directors of the Belfast Company with respect
to an arrangement with that company for forming
the junction and working the line when completed.
An agreement had been all but concluded, which he
believed would be mutually advantageous to both
parties. The terms of the agreement were similar
to those mentioned at the last meeting, with the ex-
ception of certain modifications. Mr. Dargan was
to have the line for the term of his engagement with
the Dublin and Belfast Company, and to pay the
Newry and Enniskillen Company
3,1201. a year,
which would give the shareholders about 6s. per
share. The Dublin and Belfast Company were to
work the line, he taking a certain portion of the gross
receipts. All the gross receipts above 801. per week
were to belong to this compeer. One of the modifica-
tions was that of extending the term of the agreement
from seven to ten years, which has made the bargain
a better one for this company. More facilities for
carrying the agreement into effect were also to be
afforded. It was hoped that the whole matter would
be concluded in the course of ten days or a fortnight,
of which the proprietors would be informed as soon
as possible. There was a claim made by the Ulster
Railway Company of 4,0001. for the alteration of
the gauge on that line, the award in respect of which
the directors were advised was bad, and, consequently,
with the consent of the proprietors, it would be re-
sisted. There was only one other claim on the
company, which the directors had the means to
settle. He hoped they wonld be able to complete the
line by a small loan, which would be covered by the
Warrenpoint debentures when they were realised.
A PROPRIETOR thought it was preposterous for the
,Ulster Company to claim 4,0001. from them towards
'the expense of 20 0001., for the alteration of their
gauge and plant to suit the national gauge (5 feet 3
inches) of the Irish railways. Had they completed
their original line 100 miles in, length it would be a
different matter, but the idea of such a claim as 4,0001.
when they could only make four miles in length of
their line, was out of all reason.
Mr. STUEGE was of opinion that the claims :of the
Ulster Company should be resisted to the utmost.
Resolutions were then passed adopting the report,
re-electing the retiring directors, Messrs. Moore and
Hamilton, and the retiring auditor, Air. A. Samuel;
and voting the directors 3501. for their services during
the past year, and 201. to the auditors.
The proceedings concluded with a vote of thank;
to the chairman and directors.

ORLEANS TO BORDEAUX.
The annual general meeting of the shareholders of
this company took place at Paris on Saturday, Aug.
16, in Hera's Great Room, Rue de la Victoire, Baron
Paul de Richemont in the chair. Near him were
scated the following directors :—Count de la Pinson-
niere ; Viscount de Cussy ; Sir Wm. Barthe, Bart. ;
M. Boost ; Mr. Barry ; M. Monternault ; M. Bour-
lon M. Teste ; M. Mabille ; M. Luscrche ; and Mr.
Paterson. The meeting having been declared con-
stituted, 45,851 shares and 510 votes being repre-
sented by the shareholders present, 111. 13i,nat pro-
ceeded to read the report.
This document, which is of great length, is
divided into four parts—the first, giving an account
of the works required for opening the section from
Tours to Poitiers, and of tho other sections to
Bordeaux; the second, showing* result of them
working of the line from Orleane,toXpu; the third,
relating to general matters connected with the
undertaking ; and the last, giving a statement of the
financial position of the company. The section from

Tours to Poitiers, 101 kilometres (62 English miles) I
in length, was opened to the public on July 1, 1851, •
and it required immense exertion on the part of the
board of directors to have the iron-way laid down,
the rolling and other stock augmented and the stations
constructed—all within the space of nine months—in
order to attain that object, specifically mentioned
in the Bill which passed the Legislative Assembly
on August 6 The report specifies the various
works which it was necessary to have thus executed,
and their amount is certainly extraordinary for the
short time allowed. The board, having to choose
between a system of temporary or of permanent con-
struction for the stations, determined on the latter
course as most advantageous for the interests of the
company. In consequence of a clause in the Bill of
Aug. 6, which declares that "the company was to
execute at its own expense all the works still remain-.
ing to be adjudicated for the stations," the Minister
of Public Works insisted that the earth-works of
the stations were to be included in the item. This
the company resisted, and on the question being
referred to the Supericr Railway Commission
to decide, the decision was given against the
Minister. This was the more important for the
company, as the cost of some of these earth-works
would be considerable—being 50,000 f. at Libourne,
and 300,000 f. at Bordeaux, &c. The works of art,
on the part of the line nearest the city just mentioned,
are all completed, and present every guarantee of
solidity. The section between Libourne may be de-
livered to the company in September ; and it is from
that period that the first line of rails is to be laid
down on the whole section bet Ween Angouleme to
Bordeaux, adding 133 kilometres (83 English miles)
to the part already open to the public. With respect
to the results of the working, for the year ending
June 30, 1851, as the section between Tours to Poi-
ters was only opened on July 5, its receipts are not
included. It is, however, known that they are
steadily increasing, and more than equal what was
estimated for them. The receipts for the part of the
line between Orleans and Tours

amount to .6 4,154,596 f. 86c,
The expense and charges to .. 2,142,603 85

Leaving a profit of .. 2,011,993 1
. .
Then add a balance remaining over
from last year ..

12,777 95

And there remains a total of . . 2,024,770 96
From that sum must be deducted
the interest on 175 f. per share
paid up..

210,000 0
. .
And there remains to divide .. 1,114,770 96 I •
From that amount, when 5 per cent. is deducted,'
and one-half of the remainder for the reserve fund,
according to the statutes, there remains a sum of.
520,000 f. to be disposed of, which gives a dividend
of 4f. per share, payable at the offices of the com-
pany, on or after the first of September next. This
result gives 1 lf. per share, or 6f. 28c. per cent.
on the paid-up capital. Looking at the general
result of the working, it is found that the passenger
traffic has been constantly improving during the•
year, the Ist and 2tl classes proving most productive.
The augmentation under this head is 117,936 f. 82c.
In the goods' traffic there has been an improvement of
31,387 tons in weight, and of 98,0591. 90c. in re-
ceipts ; and in the transport of cattle an augmenta-
tion of 11,302 bead, and 25,0001. in receipts.
Passengers' luggage has naturally, followed the
development which has taken place in the number
of passengers, the improvement being to the ex-
tent of 77,062 f. 25c. The transport of wine gives
an augmentation of 11,174 tons in weight and of.
38,4071. in receipts. It thus appears that there
is an improvement in every branch of the receipts.
Under the head of general facts connected with the
undertaking, it is stated that the suit between MM.
de Rothschild and the company, relative to the inter-
pretation of an article iu the treaty entered into be-
tween the two parties concerning banking matters,
and which had been carried before the Court of Ap-
peal of Paris, was decided on March 8, 1851, by the
court quashing a former judgment which sentenced
the company to pay to MM. de Rothschild damages
to the extent of 60,0001. The company, conse-
quently, is now discharged from the effects of tho
previous condemnation. The suit of the post-office
relative to the trucks of the moving post-offices is
not yet terminated. Of the 130,000 shares of the
company, upwards of 80,000 are held in England by
about 500 persons, a proof of the confidence felt in
the line. Last year the number was only 71,500, so
that in that country the confidence still increases.
The report, which enters into most ample de-
tails on every point of expenditure mentioned
in the tables, was distributed to the share-
holders some days previously. The calls, it
states, were paid up satisfactorily, and it adds inci-
dentally that the sum of 104,9321. due by the state
to the company for the inundation of the Loire in
1846 still remained unpaid.
When the reading of the report had terminated,
The CHAIRMAN inquired it any person desired to
make any observation
A SHAREHOLDER inquired if any new determina-
tion had been:come to respecting_ the time at which
the calls were to be made ?
The CHAIRMAN replied that there was no reason
to apprehend that they would exceed 751. during the
year, in three payments of 25f. each. They might
even only amount to 50f. in all. Yet, although the
position of the company was so satisfactory, the
board could not make any more explicit declaration
on the point.—(Hear.)
A SHAREHOLDER inquired whether it would not be
preferable to have the general meeting held at a more
early period of the year ?
The CHAIRMAN said that the time fixed had origi-
nated in the formation of the company ; it was also
found more convenient for the English shareholders,
who were so numerous a body, as certainly to merit
that attention be paid to their convenience, than
either autumn or winter. No complaint had been
ever made of the period of the year fixed ; still, if the
shareholders thought fit to make any representation
on the subject, the board would be ready to take it
into consideration.—(Loud cries of " No, 130 !")
No other person expressing a desire to speak, the
report, accounts, and dividend were agreed to unani-
mously, amidst marks of approval.
The meeting then separated.

NAVAL INTELLIGENCE.
APPOINTMENTS.
Acting Assistant-Surgeons—John Angus, P. W
Govett, William G. J. Ayre, and James W. Elliott
to the Penelope.
Naval instructor—Alfred Turmine, to the Calypso.
Master's Assistant—A. De G. Sutton, to the
Shearwater.
Boatswains—Wm. Flint, to the Waterloo; James
Butler, to the Grecian.
Carpenter—Daniel Thompson, to the Waterloo.
Acting Carpenter—W. J. Adams, to the Virago.
DEVONPORT, AUGUST 19.—We are happy to
state that Commodore Lord John Hay is decidedly
better, and strong hopes are entertained of his Lord-
ship's recovery.
PORTSMOUTH' AUGUST 20.--Vesuvius, steam- vele
sel, arrived at Spithead this morning from Wool-
wich. She proceeded for Devonport at noon, where
she will be placed as an advanced steamer.
Pique, 36-gun frigate, sailed early this morning
for Milford, where she will be lengthened and re-
paired. She was towed into the offing by the Echo,
tug.
Odin is fitting at the mooring off the King's
Stairs. Commander Sir W. Wiseman and her crew
have joined her.
Marlborough, Indiaman, having embarked pas-
sengers and stock, sailed this morning for Madras.
The Tiger, new steam-frigate, has had her fore
and main-mast reduced, and has been taken up the
harbour.
The Sprightly steam-tender, Mr. George ling
Master Commanding, proceeded to Cowes last evening
with the Commander-in-Chief.
st ten
held a
PLYMOUTH, AUG. 20.—Yesterday, at levee
o'clock, the First Lord of the Admiralty
had
not
for the reception of those officers whom
seen within the previous twelve months•
beiVith the
h r s com-
exception of Sir Francis Baring, the other
menced at half-past eleven to muste.r lordnem-
occupied two
ployed in the dockyard. The inspec
character ; it
hours, and was of a very scrutintiiosiontig°o
make a con-
appeared as if there was
siderable reduction in theau intteublishment. Between
200 and 300 shipwrights,cajeiiliters,joiners, caulkers,
called from the ranks,
sailmakers, labourers, &ce
regarding their apprenticeship,
and inquiries made a
with view to doubt to superan-
nuation.servitude, age,
At two o'clock their Lordships embarked in the
dore's barge to muster the ordinary on board
UthnennuSt°. George, 120, Captain Joseph Nias, C.B.
Their Lordships were pleased to express their satin-
` faction at, the appearance of the ship and of the crew,
and complimented Captain Nias thtreou. Their
Lordships, on leaving the St. George, landed at
Keyham, and made a further inspection of the works,
' after which they re-embarked in the Commodore's
barge and landed at the dockyard. They then pro-
, ceeded to the Royal Hotel, and were subsequently en-
, tertained at dinner by Major-General the Hon. 11.
Murray, at Government House, Mount Wise.