The Sun.
London, England, 1867-08-05 00:00:00

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RAILWAY INTELLIGENCE.

SALISBURY AND YEOVIL.
The directors of this company have agreed to re-
commend a dividend on the ordinary shares at the
rate of 6 per cent. per annum for the past half-year,
carrying forward a balance of £3,700.

GREAT EASTERN.
The finance bill now being promoted by this com-
pany authorises the raising of £3,000,000 of deben-
ture stock, which, however, is not to be issued with-
out the consent of three-fourths in amount of the
proprietors of preference stock in the company.
The proposed new stok to bear
an interest of 15
per cent. per annumc, with 10s. per cent. for re-
demption. Existing mortgages and debenture stock
ai-e to have priority over the new stock, as are all
rents payable by the company. The new stock may
be applied to the payment of the company's debts
and arrears of preference dividends. For the pur-
poses mentioned in the Act meetings of the pre-
ference shareholders are to be convened by the
directors from time to time ; at such meetings
the holders of preference stock are to be alone
qualified to attend and vote. Bills sought to
be introduced into Parliament for raising addi-
tional capital are to be submitted to the meetings
of preference shareholders, who may appoint com-
mittees to confer with the directors. Separate ac-
counts are to be kept of all past and future expen-
diture in respect of the company's metropolitan
extensions. The separate meetings of preference
ISb ar e holders are to cease when the ordinary stock-
holders have received dividends at the rate of 3 per
cent, per annum for three consecutive years.

EAST LONDON.
The directors of this company state in their report
that so far as the works had advanced they had
been satisfactorily executed. The embankment for
the line had been carried within a few yards of the
South London Railway, which when completed
would provide a direct communication between the
East London Railway and the South London dis-
tricts. The works leading to the tunnel were pro-
gressing, and every exertion would be made to com-
plete and open the first section of the line to Wap-
ping at the earliest possible date. The position of
the Great Eastern Company precluded any positive
action with regard to the arrangements with that
company. A first portion of the surplus property
had been sold, and more Was. being prepared for
sale. The capital account showed that £797,815
had been expended.

NORTH STAFFORDSHIRE.
The report of the directors states that the net
revenue for the past half-year, with the balance of
£1,341 brought from the preceding half-year,
amounted to £49,853, out of which they recom-
mended a dividend at the rate of 3 per cent. per
annum, leaving a balance of £1,401
to to be d
carried
over. The directors regretted having recommen
a reduced dividend, caused by the continued depres-
sion in the iron trade, the temporary diminution of
receipts from the London and North-Western Com-
pany upon the termination of part of the old agree-
ment, the increase of interest, the general advance
in wages, the stoppage of the canal traffic during
the long frost, and the heavy renewal of carriages
and waggons. The Leck and Barton lines were
completed, the Market Drayton and Marple
lines were in a forward state, and the Audley
lines were in progress. The money expended on
the Audley lines and in the completion of the Ches-
terton branch rendered it necessary to raise the fur-
ther share capital of 1250,000 sanctioned by the
New Works Act, 1864. The reconstruction of
locomotives had been continued upon a scale which
rendered them more efficient and valuable than they
were originally. The whole sum expended to the
30th of June last in this reconstruction amounted to
£37,658, of which £11,031 had been charged to
capital as due to the enlargenaent and improvement
of the engines, and £2,000 to revenue in December
last, leaving £21,626, which would be gradually
paid off out of revenue by half-yearly instalments.
During the past half-year the company bad been
enabled to renew and issue new debentures to the
full extent required, amounting in the whole to
£237,000, at au average rate of interest of £4 14s.
per cent. The interest on the whole debenture debt
averaged £1 12s. pei cent. per annum. The capital
account showed that £7,087,600 had been autho-
rised ; that £5,025,215 had been expended on the
railway and £1,170,000 for the canal purchase,
making together £6,195,245 expended.