The Sun.
London, England, 1867-08-21 00:00:00

and therefore those tolls, about £lO,OOO a year,

would be applicable to pay interest on the cost of
the tunnel line, so that the capital of their new line
would be a perfectly safe investment, and would be
found well worth the amount of toll now paid by the
company for that accommodation. They proposed
to cancel certain 5 per cent. shares, and to reissue
them as 6 per cent. preference stock to provide the
requisite capital to complete the line to Cardiff, and
to make the northern junction line to the London
and North-Western railway, by which a large goods
traffic would be brought over their line north of
Rhymney, instead of, as at present, from Hengoed.
The London and North-Western Company were
pressing them to make the northern junction line,
and they were anxious to do so. The directors had
made an arrangement with Lori Bute, by which
£2,500 would be saved to the company, and also
some rates that would increase with the increase
of traffic to the docks. The arrangement would
be mutually beneficial, and he trusted they would
approve the arrangement.
Mr. AUSTIN seconded the motion for the adoption
of the report.
Mr. E. J. HERAPATII objected to the charge of
£721 to capital for interest on unproductive works.
He would like to know if the company had power
to charge interest on unproductive works to capital.
As there was only a balance of £383, it was clear
that if they had not charged the £721 to capital
they could not pay, as proposed, a dividend at the
rate of 3 per cent. per annum for the past half-
year.
Mr. E. WRIGHT said he intended to object to the
same item ; in fact, he objected to it on the ground
that, if the Brighton and other companies had
charged interest on unproductive capital against
revenue as the Midland and London and North-
Western Companies had done, many serious errors
of expending shareholders' money on worthless lines
would have been prevented. _ _ _

Mr. ROY, the solicitor, had no doubt they had
ample power to allow interest on calls paid in ad-
vance, and to sanction the course adopted by the

airectors.

Mr. AUSTIN, a director, said the matter was to a
certain extent open to the approval or disapproval
of the shareholders. The duty of the directors was
to do what they could to protect the five classes of
shareholders in the company. Under the circum-
stances they had adopted a course which they be-
lieved would be just to the ordinary shareholders
and tend to uphold the credit of the company. The
extensions were not like ordinary extensions ; they
would be valuable feeders to the main line. The
extension line to Cardiff had been forced upon them
by Mr. Savin, and no doubt the tolls alone would
make it a paying concern.
After other observations, the CHAIRMAN explained
that the Caerphilly line was no speculation, and that
the other lines would not only be productive, but
complete the company's system of lines. The direc-
tors proposed to send a circular to the shareholders,
with a map and explanation of the company's lines
and district, which he trusted would be satisfactory
and induce them to take up the new capital.
Mr. E. J. Herapath and Mr. E. Wright appeared
satisfied with the explanations, and the report was
unanimously adopted ; the dividend at the rate of 3
per cent. per annum was declared for the past half-
year on the ordinary stock of the company.
Mr. Stephenson- and Mr. G. W. Horne were
elected auditors, at 25 guineas per annum each.
A vote of thanks to the chairman concluded the
proceedings.

Messrs. Bellot des Minieres Brothers and Co., of
Gresham House, London, the well-known Public
Works contractors, have succeeded in raising,
£1,600,000 towards the construction of the Ame-
rican Central Railway. This, besides other finan-

cial arrangements in regard to the share and bond
capital of the line, secures, beyond doubt, the com-
pletion of the road through the States of Indiana,
Illinois, and lowa. In the face of difficulties almost

insurmountable this great contracting house may be
congratulated on the success attending their efforts.
The greatest energy and perseverance, and a high coin-

rnercial name would of themselves have been insuffi.

cicnt under the present ucparalleled distrust. The
Times says in a leader yesterday on the judgment of
the Lords in the Overend-Gurney case—" There is
no poverty like the poverty of the rich man who
has richei but cannot use them, and this poverty has
been made general by the blows which they and
such as they have given to credit." But the Messrs.
Bellot des Minieres were effectually aided by the un-
equalled advantages of the railway, in whose in-
terest they were engaged. They were also materially
assisted by the intelligence of those on the other
side with whom they had to deal. It is not every
man who could understand the financial situation
of London at this moment. Never within the
memory of living financiers has there lain idle so
vast an accumulation of capital paralysed by the
annihilation of credit. The llon. John S. Thomp-
son, president of the line, has known how to esti-
mate these difficulties, though few could realise or
make allowances for a state of things they had
never experienced. To carry through these nego-
ciations successfully at such a period is proof of an
extraordinary degree of power, energy, and credit
—and when the circumstances are better under-
stood in America these gentlemen will obtain a
high meed of praise.
The Old Colony railroad earned $1,360,863 last
year, and expended $883,089, leaving a balance of
income of $309,286. The gross income last year
exceeded that of the year previous by $65,219, and
the gross expenses were $163,480 larger. The rtal
cost of the road, together with improvements, in-
cluding the new depot at Boston, which cost
$158,000 will amount to about $7,964,055 ; of
this amount $1,818,320, is now represented by
capital stock, leaving a balance of $3,115,735 as

Ground was broken, on Monday, July 22, on the

Lebanon Springs Railroad, and by June of next
year it will be completed. The Troy and Benning-
ton Road from Hoosiac Junction to the Vermont
line, on which no trains have been run for several
months, has been permanently abandoned.
A horse railroad from Northampton to Hadley is
talked of. Offers have been made to build and
equip the road for $40,000, an 1 to guarantee one-
half the stock.
Since November six miles of the Troy and Green-
field Railroad has been built, and the track is being
laid down at the rate of one-third of a mile a day.
To accomplizli thii six miles 170,000 cubic yards of
earth and 5,000 yards of rock had to be removed,
and 4,500 cubic yards of masonry constructed, and
643 feet of bridging and 2,000 feet of trestle work
built. There are four bridges between Greenfield
and Shelburne Falls, 472, 470, 170, and 110 feet
long respectively.

AUciUST COUPONS PAYABLE.

The Oriental Bank of Ncw York City will pay
a semi-annual dividend of 5 per cent., free of tax.
The Bank of the Manhattan Company will pay on
August 10th, a semi-annual dividend of five
per cent., free of tax ; the Leather Manufacturers'
National Bank, six per cent. ; the St. Nicholas
National Bank, Five per Cent. ; the National Bank
of the Republic, five per cent. ; and an extra divi-
dend of five per cent., the Long Island Bank, six
per cent. ; the Brooklyn Bank, five per cent., and
the Morris Canal and Banking Company, Jersey
City, five per cent. on the preferred stock.
The Jersey City Insurance Company will pay on
demand, free of tax, 5 per cent., being their

twentieth semi-annual dividend. The Washington
Insurance Company will pay the same, being their
thirty-second dividend.

The Gebhard Fire Insurance Company will also
pay on demand a semi-annual dividend of 5 per
cent.

The New York Central Railroad Company will
pay, on August 20th next, a semi-annual dividend
of 3 per cent., free of Government tax, dividend in
New York; will be paid at the office of Duncan,
Sherman, and Company, and in Albany, at the
Albany City National Bank.
The Clinton Oil Company give notice that the
sixth dividend of one per cent. will be paid on
and after August Ist, at the office, 115, Liberty-
street, New York.

M. K. Jesup and Co. will pay the coupons of the