The Sun.
London, England, 1858-08-23 00:00:00

SOUTH DEVON.

The following is the report which will be submitted to the
shareholders at the half-yearly meeting on Tuesday next :
" The half-yearly accounts to the 30th June show a
balance of £15,533 ls. 6J. applicable to dividends, and
the directors propose the following appropriation of the
amount :-
1. Annuities, half-year ending Ist Sept., 1858 . . 1,5,070 10 11
2. Dividend on new shares, do.
3. Dividend on additional shares, do.
4. Dividend on consolidated stock, £1,469,425,
at 1 per cent. per annum
Balance to credit of the current half-year 345 5 5/

£15,583 1 6
In comparing the dividend now recommended on the con-
solidated stock with that of the corresponding period of last
year, it will be recollected that the disposable balance has
now to be distributed over a larger amount of capital, and
that in January, 1857, nearly £3,000 more than is brought
forward in the present accounts had been contributed from a
previous half-year in aid of the dividend then declared. The
total receipts of the half-year, including £47,174 ss. 3d.
from passenger, and £13,943 ls. 10d. from goods trains,
amount, with other miscellaneous items, to £61,531 65.,
against £64,759, to the 30th of June, 1857. The
decrease in the passenger traffic has been E. 2,072 ss. 5d.,
and in the goods traffic £1,193 9s. 3d. This difference,
although not more than might have been exp2ctrd to follow
the commet cial difficulties with which the last year closed,
is, nevertheless, to some extent also attributable to the
exceptional traffic in 1857, attending the agricultural show
of that year at Newton. The working expenditure has
amounted to £34,151 19s. 16d., as compared with £34,783
19s. Old. In 1857. The directors have not considered it
right to meet the falling-off in receipts of the half-year by
corresponding reductions of establishment or of general
expenses, believing the diminution to be but temporary, and
the expenditure to be upon a scale not more than is requi-
site for the efficient working of the line, and for that progres-
sive Increase of traffic which may reasonably be expected. In-
deed, the cost of additional train accommodation on the upper
part of the line, which is charged throughout the past half-
year, bad only partially to be included in the accounts of
June, 1857; but the extent to which the public have availed
themselves of that accommodation has fully justified the
additional expenditure. The reopening of the Sutton Har-
bour branch has also added an expense beyond what was
incurred in the first half of last year. The directors have
issued £35,000 of the additional share capital created by
resolution of the meeting of the 9th July, 1857. The re-
maining £65,000 is still open to subscription. In the
report of February, and again at the Wharncliffe order
meeting of the 13th May, the directors referred to the
damage sustained by the Plymouth Great Western
Docks in the storm of October last, and to the bill which
was then before Parliament, for facilitating (amongst other
objects) arrangements with this company, If the dock
directors should not succeed in providing otherwise for the
protection of their property and of their interests concerned
in it. The proposal to afford temporary aid to the docks
during the progress of the bill, and of the negotiations then
contemplated, having been approved of, the Dock Company
have been enabled, with the assistance thus rendered, to
resume their crdinary business; but they have still heavy
liabilities to meet, and must look forward to a further out-
lay of capital before their works can be deemed secure from
damage by storms. The alterations made in the Dock Act,
1858, in its course through Parliament, have not tended
to facilitate the eventual arrangements which had been pro-
posed;
tain the means of meeting their difficulties, independintly
altogether of this company. In order to allow all reason-
able facility for their attaining this most desirable result,
further negotiation between the two boards on the subject
above referred to are for the present in abeyance. In the
meantime steps are taken as opportunity occurs to
strengthen the position of this company in regard to the
securities upon which advances have been made—as well
with a view to the prosecation of further negotiations, if
necessary, as to any alternative arrangements which circum-
stances may call for. The Tavistock line is reported to be
advancing very satisfactorily; and, anticipating now its
early completion, the directors have appropriated about
£7,000 of the new capital to the purchase of additional
rolling stock, which will be required to work that line
and to meet any increase of traffic that may result
from the opening of the Cornwall Railway, which also
may be expected early in next year. The lessees of
the Cornwall Railway have been in negotiation for
the locomotive working of that line by the contractors who
now work the South Devon line, and these parties have
made overtures with a view to a modification of the existing
contract with this company. Their proposals are under the
consideration of the directors, but the question is not yet
sufficiently ripe for mare specific report. The works of the
Dartmouth and Torbay Railway have ben commenced, and
the directors have to report that, under the authority con-
ferred by the rpecial meeting of the 18,h of May, the re-
quirements of the Board of Ti ade for provisionally opening
that line for goods traffic before tie completion of the entire
railway, have been satisfactorily met. This company reserve
the eption not to work the goods traffic on partial openings
of the line, unless called upon to do so by the Board of
Trade—in which case. 371 per cent. of the receipts from that
traffic will be retained for working expenses when the line
IC opal to Paignton only, and 814 per cent. when it is open
to Courston Ferrero. The deed of agreement, under seal of
the two companies, is now before the Board of Trade for
approval."

SOUTH DEVON AND TAVISTOCK.
The following report will be submitted to the shareholders
at the half-yearly ordinary meeting, to be held on Wednes-

_,
day azxt:—
lly their half-yearly
a your directors, in presenting
ed in being
enabled to state that
the shsreholders, are gratified
progress has been made, during Past six months, in
report to
great
the ROTIK4 on the line. The bill Submittedthe
last, for powers
, increase of
git the extraordinary meet
IPiarliament,
iogon thel9,b Nt" the
shwelwide"
to lease to the South Devon Railway Company,
capital, and other purposes, bas passed thrPeua
and received the royal assent July 12, 1858. e.ase to the
and'wnilnco
South Devon Company will forthwith beprepared
ance with the agreement with that company, accord
before the shareholders for their approval. The three laid
-have declared 147 shares in this company held by Pet=:
v?b,i have become insolvent, or quitted the country, for-
fei!eu' for non-payn3ent of calls. The shareholders will be
invited. at the meeting to confirm the forfeiture of these
shares, t: nd to authorise their cancelruent, under the powers
of the ne,'.lct. To supply the amount of these shares, and
provide for it.''e completion of the works, the directors will
submit to the stareholders resolutions for raising part of the
capital anti lorised by the new act. The director propose
thatb: the inn'tedixteisgue of new shares be limited to 520,000,
t that the a, 'bole additional capital be at once created, and
they ,
r -commeL 'd its creation with a preferential dividend, for
which resciutio,. 's will be submitted to the meeting."

MONKLAND.

The twenty-first h. Nil-yearly general meeting of the share-
' holders of the Monich c,Ni Railways Company was held within
• the el:ninny's chamt ,eta in West Regent-street, Glaggow
on Frfoiey. The atten danzle was not large. Mr. John Bain,
of Morrl'aton, chairma aof ti;!1 company, occupied the chair.
The SEVRETARY r lead the ndvercisement calling the
meeting; Iter which the minutes of last meeting were read,
approved of, and confi mined.
Mr. Bu lEss made is few remarks on the irrtgulatity
R(
which had L vurred inrrtlie election of p director at last