The Sun.
London, England, 1858-08-31 00:00:00

punles--tipon what ground he never could make out—and
they now both claimed great advantages as likely to result ro
their companies from the completion of the line; and if it
ohould prove advantageous to tEcise-ithiiiititiles irniCtit un-
questionably be se to this. The next item of importance is
them was the termination of the low fares from Lan-
don to Reading. An arrangement had •been entered
into; and though, perhaps, the Great Western
obtained a larger share of the passenger traffic than
they thought they were entitled to, they must remem-
ber they could net -have----everything their own way.
The goods traffic was to be equally divided, and this com-
pany would have the advantage of being worked as a por-
tion of the South-Western system. There were two agree-
ments, one to which the Great Western, the South-Western,
and the South-Eastern Companies were parties, and a second
between the South-Western and South-Eastern Companies,
by which they divided all the traffic from the Thames t,
Reading, which included a large timber trade front
Wokingham to the dockyard at Chatham, which but
hitherto been wholly in the hands of the South-Eastern. The
arrangement was for three years; but if satisfactory it
would go on for a longer period, as it could not be put an
end to without at least six months notice. They were aware
that the traffic had generally fallen off throughout the king-
dam, and it was therefore most satisfactory to find that their
local traffic had increased 20 per cent'.; and now that they
were free of the difficulty of carrying passengers to Reading
at an amount which produced them nothing, and thej unction
was opened, they might fairly expect a considerable addition
to their traffic. He begged to move the adoption of the
report..
The resolution having been seconded and unanimously
passed, the extraordinary meeting was declared to be con-
stituted. • -

The CHAIRMAN explained the terms of the arrangement
with the South Western Company, which was to work their
line and maintain it in order for 50 per cent. of the receipts
—terms which he thought were highly favorable, and which
must, iq the natural course of events, give them a fair
dividend for their outlay. He concluded by moving a reso-
lution approving of the agreement.
Mr. GIBBONS opposed the motion, on the ground that it
was tying up their hands for 40 years, and preventing their
entering into terms with any other company should the op-
portunity offer.
Ultimately the agreement.was approved with one dissen-
tient, the chairman explaining that the Woking branch was
not lest sight of, though they did not yet see any prospect of
making it. .
Resolutions were then carried relative to the issue of pre-
ference shares and ,debentures a 4. explained in the report;
and a vote of thanks to the chairmanctoSed the procecdings.

NORTH BRITISH.
The half-yearly report of the directors says :
" In presenting the accounts for the half-year ending the
31st July, the directors rejoice to state that, notwithstand-
ing the serious derangement of trade throughout the king-
dom, the' revenue derived from all sources of traffic has
continued to increase. The total gross income of the com-
pany in the six months has been "i 134,920 Gs. 111-1, and
compared with the income of the corresponding halt-year in
1857 (1128,228 Os. Old.), shows an improvement of £6,602
Os. 11d. The working. expenses and train mileage have
been slightly augmented, the former showing an excess of
19. c. 4d. ; but the directors have felt that it would
not have been feasible to diminish these, without curtailing
at the same time the convenience afforded to the public by
the liberal allowance of trains, which they have reason to
believe has been duly appreciated, and has likewise been remu-
nera ive to the company ; at the same time, the Leith track-
age and station charges have been swollen by the Edinburgh
and Glasgow Company's traffic, which has in corresponding
proportion increased the receipts.
The total working expenses have been X 49,692 3 7 -
Other expenses 4,009 10 10Z
Interest, Ste 23,821 4 6

Total expenses

Free balance.

57,397 7 111

Add surplus for previous half-year 1,021 16 21

Total free balance applicable to dividend . .L 58,419 4 n
The dividend on guaranteed stock (D 40,605), absorbs
£23,515 2s. 6d., leaving £34,904 ls. 71d., out of which the
directors recommend the declaration of a dividend on ordi-
nary consolidated stock (L 2,502,060 Bs. 4d.), at the rate of
21 per cent., per annum, amounting t.-) £34,403 Gs. 7d., the
surplus (L5OO 15s. Old.), being carried to the credit of the
half-year commencing' on the Ist August, 1858. The fort-
nightly published accounts of working expenses have shown
an excess over the actual outlay during the half-year in con-
sequence of materials having been tal:en out of store hut not
used up; that par ion which has not been employed re-
mains on hand, and will be charged as expended in the
current half-year. There are likewise abatements from the
locomotive charges in respect of old materials disposed of,
and on account of sums received from foreign companies for
work done by North British engines which could not be
accurately estimated till the close of the half-year. A satis-
factory reduction hes been established in the average rate of
interest on debenture leans, amounting to is. lOd. per cent.
Toe directors propose, with the authority of the share-
holders, to issue the permanent 4 per cent, debenture stock,
(of which only a small portion, £2,900, has yet been taken
up) with the option to the bolder to pay a small deposit'
thereon, prior to registration, and the balance by instal--
ments at stated intervals, thus accommodating those mil o.
may desire to invest moderate sums from time to time, ants
taking advantage of the easy financial circumstances of the
company, which enables them to deal deliberately with t!-,e
renewal of their loans on debenture. The telegraph fs
now been established aver the whole North British systen.
The directors ask the sanction of the shareholdervi to an
outlay of capital for the following new works :
Machinery for sawing and planing by steat:it power £2
,000
Tank acid apparatus for creosoting timt,er
New station house at Joppa , 2OO
Do. do. at Miller Hill

The company has been. engaged in two Parlia-
mentary contests. In - one it _has been entirely
successful. An act flit the consolidation of the various
North British Railway Acts, and for the substitution
of Iccomotive for horse power on the Leith Railway, passed
the Legislature, though opposed (for the fourth time) in
both Houses of Parliament. Thus an important object,
which bee during 12 years been sought in vain, has been at
last secured, and the pre.ent clamsyencde of conducting a
valuable and increasing traffic will be superseded by the
most economical and efficient means. The contract for the
execution of the works has been let, with the condition that
the whole shall be completed by the 15th of March next.
The circumstances attending the temporary defeat of the
other measure presented to Parliament by the company
are too notorious to require any explanation ; the judgment
against it by a bare majority of Mr. Olive's committee, in
the face of what has t=een generally admitted to be over-
whelming evidence of its superiority to the rival scheme,
has been rebuked by the decisi:m of the House of Lords.'
The directors have not the sllghteet doubt that the force of
public opinion, and the ikerinelc merits of the route, will
carry the Liddesdale a.lid Tynedale lines through Perlis-
tnent in the next sesseon. It has been the anxious desire of
the board to effect, the connection of their railway system
with Gretna, Ce:clisle, and Hexham, without trenching on
the equitable rights of any other company, but at the same
time, to Keserve the independence of the North British
Company, and the just claims of the public to a free and
uninterrupted passage of traffic between England' and Scot-
land by Hawick, equally as by Cgrstairs or Berwick.
On these principles they have offered to divide the line
between Hawick and the Caledonian Railway with the
Caledonian Company, and to allow the latter to dictate the
rates for through traffic on •either route between the west
of England and Scotland, and between Scotland and Ire-
land, stipulating. only for through trains and through
rates. More thee). This you cannot concede, less than this
you ought not to accept. In order that no misconception
may exist in. the minds of the shareholders in either com-
pany as '..cr the objects intended to be effected by the pro-
posed rairopromice, the d'rectors think it right to state them
in tide terms already submitted to the Caledonian Boa-d.
T`,:ese terms are applicable to either the Langholm or the
Liddesdale lines, except that the former necessarily ex-
chides the Border Counties Railway from their operation ;
and under no circumstance, would your directors recom-
mend that the pre-eminent advantages of the Liddesdale
scheme should be foregone. That which will afford most
revenue must be preferable for both, and if the principles on
wh:ch traffic shall be conducted be settled, the selection of
the route by which it shell be carried, chiefly affecting the.
futereets of the public, may be safely left to the decision of
an unbiased committee of either House of Parliament, and
this the new regulations for private bills will probably secure.
" The objects of the proposed agreement are these .
°" Ist. To secure, by means of anailway from:Hawick, to
be constucted by the Noeth British and Caledonian,Com-
pani-s in sections (through the medium of 'the Caledonian
Main Line), free and uninterrupted interchange of traffic
of all decriptions b3Zw-en Carlisle, Gretna, and all places.,
to the emth and west thereof (including the Port Carlisle.
and Silloth Railways), and the North British Railway and
Border Counties Railway systems, and all places north and
east thereof.
~ , 2d. To secure the equitable distribution of local traffic
ar;sing on, sr flowing to, either of the two sections of new
railway, to and from all parts, by means of eqUal mileage
rates between point and point. .. , • -
" ' 3d. To secure both companies from competition by rates
of a ruinous cheraete2.'
" Should these objects be held to be reasonable and right
by the shareholders of both companies, it only remains for
the respective boards to devise arrangements for the ,
construction of the railway, and the conduct of tass
traffic over it, in accordance with the principles titer,,
'
accepted. The North British Direc'e s
re-
pared and have already offered, immediate andar ue.r.icopnrdel--
-
tional y to submit such arrangements en the ps-,.t of this
company to impartial arbitration. They
ould work in harmony and
ask*: ,
\
board to submit to the same tribunal, e Caledonian
OD:
company, any arrangements whereby behalf of their
principles can be best carried into w,etice ; and they cor-
dially invite the shareholders of hot
companies to accept
the award thus obtained al a flat) settlement of the dispute
which separates tho-e who s/,'
amity with each other. If, however, an unwise endeavour a
to monopolise (for the bzwefit ofit' jiheir opinion these
,
the exclusive privilege. e;t• carrying the single
whole railway
Scotland and the we3t of England, and • a large portion of
traffic
betweenpanr)
Ireland, should in-
-duce the rejection by the Caledonian
Company of the principles proposed as a basis of compro-
mise, 'or if theese principles be adopted, and ' (failing an
agreement) ',,he offered reference to competent arbiters to
dreicniteliep; ve oat shall be the practical means whereby these
p
es shall be fully and fairly carried.into execution,"
be rate' eta, your directors unhesitatingly recommend that
Pis, 'company shall once more bring the whole question be-
for', the country and before Parliament, and on the faith of
r est experience they respectfully solicit the confidence anti
authority of the shareholders in regard to such measures as
they may deem best calculated to determine the struggle
for independence involved in the complete development of
railway communication south of Hawick. The parliateEntary
expenses of the two last sessions (except" these which are
applicable to the consolidation act, and, which have been
charged to capital) have been, so fir as ascertained, de-
frayed out of the contingent fund. The outstanding accounts
will be settled witkout delay, and will form a charge upon
the capital which may be created under the Act of Parlia-
ment, to be applied h,r is the session of 1859, for the tesi-
stru.ctien of the Hawick and Carlisle Runway."

EXTRAORDINARY SEAsoN.—The year 1858 will be
noted as a season of great drought in many places, but
especially soon the north-east coast. At Berwick-upon-
Tweed there has not been an available shower of rain from
August, 1857, to August,-1858, and numerous springs are
dry which the " oldest 'inhabitant" cannot remember before
to have failed. T.te local waterworks have, as a con-
sequence,run strart of wafer : the wterworks at many
other places also partially failed, asset Bolton, at Liver
pool (the Pikr:), and •at Manchester. At Washington, near
Durham, L.)•,e actual recorded fall of rain for nine months
(Novembr,r, 1857, to July, 1858) has been 8.86, or a little
more tkan 84 inches io the nine months. It has been noticed
for de, last 15 months tha", the seasons are modified, and that
the; 'fall of rain is -diminishing.'_ Will cultivaiiori raid land
irjnage -account ftr the change ? The Builds .