The Sun.
London, England, 1860-03-26 00:00:00

CALEDONIAN AND DUMBARTONSHIRE

The half-yearly meeting of this company was
held on Wednesday at Glasgow ; Mr. J. Baird in
the chair.

The report stated that the revenue account
showed an increase in the receipts of £748 over the
corresponding period.
The total receipts for the half-year amounted to
£7,625 and the working expenses to £2,930. The
available balance for dividend was £4,873, out -of
which the board recommended the payment of a
dividend at the rate of £4 7s. 6d. per cent. per an-
num, leaving a balance of £724. The total expen-
diture on capital account amounted to £259,265.
Resolutions were passed adoping the report,
declaring the dividend, and re electing the retiring
directors.

VALE OF NEATH.
The report of the directors states that the revenue
account showed that while there had been some in-
crease under the head of passengers and coal there
had been a falling off under the head. of iron ore,
traffic, and general merchandise. The directors
looked forward with confidence to the fulfilment
of the hopes they had ever expressed with respect
to the increase of trade at Swansea when both
docks were in full oireration. The reduction in
the receipts from merchandise traffic was attri-
butable partly tq the competition of the nar-
row gauge Hales, and partly to the defec-
tive arrangements of the great lines with
which ttat railway was in communication.
The directors had closed the contract for the main-
tenance of the permanent way, and had resolved
to employ the necessary labour under the superin-
tendence of their own officers. The manager's report
stated that the maintenance of the permanent way
by the officers of the company and a staff of their
own had more than realised his expectations, and
that a considerable saving might hereafter be ex.
petted under this head. Mr. Harrison, C.E., in his
report strongly urged upon the directors the desi-
rability of steps being taken to complete the Briton
Ferry Docks, as he believed a considerable increase
of traffic would be secured by the additional accom-
modation the company could then offer to
freighters. The committee of investigation, at the
conclusion of their report, stated that they had
great satisfaction in drawing the attention of the
shareholders to the correctness with which the
accounts had been kept, as evidenced by the fact
that out of 70,000 vouchers not one was even mis-
laid.

The revenue accounts showed the receipts for the
half year ending Dec. 31, 1859, to have been
£42,278, and the working expenses £25,275, inte-
rest on loans £8,683, and £440 for the Aberdare
Valley guarantee, making a total of £34,398 ;
leaving a balance of £7,879, which the committee
of investigation recommended should be placed to
the credit of the suspense account, and in this re-
commendation the directors entirely coincided.
GREAT WESTERN OF CANADA.

The report of the direetors of this company states
that the receipts on capital account during the half
year ending Jan. 31 last amounted to £175,523,
making the total receipts to that date £5,160,267.
The expenditure on construction account was
£4,902,104. The half year's traffic and
rents amounted to £207,503, the workings ex-
penses and renewals to £125,284, and the net
revenue to £82,218. The _ surplus from the
last half year amounted to £8,168, making
£90,386. From this was deducted £30,063 for in-
terest on loans, £5,780 for payment on account of
Desjardins and Flamboro' accidents, £1,186 on
account of bad debts, and £12,045. for half year's
interest not received on Detroit and Milwaukie loan,
leaving an available balance of £41,311 ; out of
which the directors recommend the payment of a
dividend at the rate of 2 per cent. per annum, which
wovid absorb £31,693 and leave a balance of £9,618.
In the present accounts there -was no charge for
interest on the balance of the loan from the Govern-
ment of Canada, the Goyz:rnment of Canada having=
consented not to call upon the company for 0,2
payment of interest for three years from the Ist of
July, 1859, before which time it was hoped that the
company might be enabled to complete the arrange-
ment made in 1857 for paying off the entire debt;
and when that was done a settlement of the whole
account between the Government and the company
would be made, including the payments in previous
years towa?ds the sinking fund. The traffic during
the last half year, as compared with that of the
corresponding period, showed a decrease of £3,480.
The working expenses, &e., showed an increase of
£4,591 over the corresponding period, caused prin-
cipally by the working of the Sarnia branch of 51
miles in length. The cost per mile per train had
been reduced from 4s. 2d. to 3s. 10/d., which was
the lowest rate at which the trains had been 'worked
since the opening of the line. During the six years
the line had been open bad debts to the amount of
£7,118 had been incurred, and it was proposed to
write them off by six half-yearly instalments of
£1,186 each. The disastrous and impolitic com-
petition of American lines among themselves
during the last three years had forced upon the
company rates which were not fairly remune-
rative. The traffic accruing to the Great
Western of Canada from the Detroit and Mil-
waukie line during the past half-year amounted
to £18,493. It was to that extent a 'clear
' addition to the receipts of the Great Western B ail_
way, without involving an extra train,
was a prospect of a much larger businew--11P`ze there
as hereafter.
The critical financial position of tte Detroit and
proprietors be a
Milwaukie Company had induced the directors to
recommend eantdatehaatpparcooamehmini.tgthe of
pow meeting for h 13-
t e_purpose
of investigating the affo:irs of the
Great Western
Railway of Canada, with all requisite authority.