The Sun.
London, England, 1867-10-28 00:00:00

GREAT INDIAN PENINSULA.

The report of the directors for the half-year ended
the 30th June, 1867, states that at the close of the
previous half-year 8221 miles of railway were open
for traffic. That number was increased to 852
miles by the opening on the 27th February, 1867,
of 2ql miles from Sindee to Nagpoor, thereby
completing the Nagpoor branch. Under these cir-
cumstances the average number of miles worked
during the half-year was 843.98 against 700.29
mites in the corresponding half of the year 1866.
The net receipts of the half-year amounted to
£530,568, being at the rate of £6 9s. per cent. per
annum upon the total paid-up capital of the com-
pany at the 30th June, namely, £16,443,414 ; but
upon the estimated amount of capital at present ex-
pended on the 852 miles of open railway, with the
existing rolling stock and machinery, the net re-
ceipts of the half-year are equal to a return at the
rate of £9 13s. 4d. per cent. per annum. The
guaranteed interest of the half-year advanced by
Government amounted £398,452 7s. 10d. 'lbis
sum being deducted from the amount of the net
receipts there would be left, as surplus profit,
£132,115 12s. 2d., one moiety of which would be
about 10s. per cent. on the share capital to the 30th
June last; but her Majesty's Secretary of State for
India being unable, in the absence of sufficient in-
formation from India to arrive at a decision as to
the appropriation of the net receipt of the half-year,
the board are not yet in a position to make any
proposal regarding it. The portions of the railway
which are still under construction extend from
Kundwa to Jubbulpoor, 260 miles on the north-
east main line, and from Sholapoor to ltaiehoor, 158
miles on the south-east line. On the north-east
line, the part from Kundwa to Hurda, 61 miles 51
chains, was nearly completed before the end of the
half-year, and it was contemplated to open it for
traffic after the monsoon rains; but, unfortunately,
this portion of the line has been so much
damaged by excessive floods in the month of
August last (two bridges and one of the
abutments of another having been entirely
washed away) that the opening of it must now be
postponed. Beyond Hurda to Sohagpoor the works
are well advanced. The Towa Viaduct, which is
the key to the completion of this section, is being
vigorously carried forward, and the chief resident
engineer is of opinion that this viaduct and the
whole contract will be ready for opening by the
Ist March, 1869. Upon the remaining section,
from Sohagpoor to Jubbulpoor, the works are
being prosecuted with all possible despatch. Upon
the south-east line below Sholapoor the works are
proceding to the satisfaction of the chief resident
engineer. In concluding his report the chief resi-
dent engineer refers to a casualty which occurred
subsequently to the close of the half-year under re-
view—namely, the fall of the Mhow-Kee-Mullee
Viaduct on the 19th July last. This viaduct, con-
sisting of eight 50-feet semi-circular arches, formed
part of the Bhore Ghat Incline, the traffic having
been conducted over it from November, 1863.
Early in the morning of the date above mentioned,
shortly after a train passed safely, the viaduct fell,
nothing which previously occurred having indicated
the possibility of such a catastrophe. Time for.
tunately allowed for the stoppage of approaching
trains, and no loss of life or injury to any person
was suffered on the occasion. The traffic has since
been carried on partly via Campoolee, and partly
by means of a temporary tramway which was formed
without delay across the ravine. No time was lost
in devising measures for promptly and permanently
restoring the through communication. The fall of
the Mhow-Kee-Mullee Viaduct having created, not
unnaturally, a feeling of distrust as to the condition
of other masonry works, a strict examination has
been made, at the instance of the Government of
Bombay, of all such works throughout the line ;
and extra precautions have been taken at three
other viaducts.- At the same time, requisite mea-
sures are being adopted to place all the works in
a thoroughly durable and perfect condition at the
earliest date possible. It is, however, right to explain
that on the portion of the line where the masonry
works are said to be chiefly defective, viz., the most
recently opened portions of the Nagpoor branch,
the defects had become apparent while the works
were still in the hands of the original contractors,
Messrs. Lee, Watson, and Aiton, and as those con-
tractors did not effect the necessary repairs or recon-
struction, the chief resident engineer was compelled,
in the course of last spring, to let this work to
Messrs. Wells and Glover, energetic contractors in
Bombay. The company hold Messrs. Lee, Watson,
and Aiton answerable for whatever expense is
incurred, and their account is not closed. The
statements on capital account annexed show that

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£16,443,414 had beku received on shares and debel:-
tures to the 30th June, 1867, of which there had
been expended £15,753,721 Gs. 11d., leaving a
balance in hand at that date of £689,689 13s. ld.
On the 28th June last the directors, with the sanc-
tion of her Majesty's Socrbtary of State for India,
created further capital for the general purposes of
the company, to the extent of £2,000,000, in
100,000 shares of £2O each, bearing guaranteed
interest at the rate of 5 per cent. per annum. The
sanctioned share capital therefore now amounts to
£15,000,000, and the debenture capital to £4,000,000,
making a total authorised capital of £19,000,000.
The board have arranged with her Majesty's Secre-
tary of State to create a permanent debenture stock,
bearing guaranteed interest at a rate not exceeding
5 per cent per annum, with which to replace ter-
minable debentures as they fall due. The interest on
this stock will be a charge upon the undertaking of
the company in priority to all the interest or divi -
dends on any shares of the company, or any stock
into which any such shares have been or shall be
converted. Payment of the interest half-yearly is
guaranteed by the Secretary of State in Council of
India. In the event of the railway being surren-
dered to, or otherwise passing into, the possession of
the Government, under any of the provisions of the
contracts between the Government and the railway
company, the debenture stock will not be paid off
by the company, but will continue a charge on the
railway with the guarantee of the Secretary of State
in Council of India, and the right is reserved to the
Government of subsequently redeeming the stock
at par upon giving 12 months' notice to the holders.
Resolutions to carry out this arrangement will be
submitted to the meeting.