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. 6d. applicable to dividends, and
the directors propose the following appropriation of the
amount :-
1. Annuities, half-year ending lstSept.,lBsB-1_,5,070 10 14
2. Dividend on new shares, do.
3. Dividend on additional shares, do.
4. Dividend on consolidated stock, £1,460,425,
at 1 per cent. per annum
Balance to credit of the current half-year 345 5 54

£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 51.3 d.
from passenger, and £13,943 Is. 10d. from goods trains,
amount, with other miscellaneous items, to £61,531 Gs.,
against £64,759, to the Nth of June, 1857. The
decrease in the passenger traffic has been £2,072 ss. 5d.,
and in the goods traffic £1,193 9s. 3d. This difference,
although not more than might have been expects d to follow
the commercial 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 1,34,151 19s. 16d., as comp,sred with £34,783
193. 91d. in 1837. The directors have not considered it
right to meet the falling-oil 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-
rive 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, had only partially to be included in the accounts of
Juae, 1857 ; but the extent to which the public have availed
themselves of that accommodation has fully justified the
additional expenditure. The reopesiug 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 9-h July, 1857. The re-
maining £65,000 is still open to subscription. Its the
report of February, and again at the Virharucliffe 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 ordinary business; but they have still heavy
liabilities to meet, and must look forward to a further out-
lay of capital b fore their works cm be deemed secure from
damage by storms. The alterations made in the Dock Ac.,
1858, in its course through Pardarnent, have not tet.ded
to facilitate the eventual arrangements which had been pro-
posed; and the dock directors are now endeavouring to ob-
tain the means if meeting their difficulties, independently
altogether of this company. In order to allow all reason-
able facility fur their attaining thia 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 prosecution 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 more specific report. The works of the
Dartmouth and Torbay Railway have been commenced, and
the directors have to report that, under the authority con-
ferred by the special meeting of the 18th of May, the re-
quirements of the Board of Trade for provisionally opening
that line for goods traffic before the completion of the entire
railway, have been satisfactorily met. This company reserve
the option 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, 37i per cent. of the receipts from that
traffic will be retained fur working expenses when the line
is open to Paignton only, and 821 per cent. when it is open
to Churaton Ferrers. The deed of agreement, under seal of
the two companies, is now before the Board of Trado for
approval."