The Sun.
London, England, 1867-11-22 00:00:00

BUENOS AYRES GREAT SOUTHERN (LIMITED).

The report of the directors states that two ordi-
nary general meetings of the company were in
future to be held in each year, instead of one, as
originally arranged. The accounte were to be made

up yearly, and submitted to shareholders at the
meeting to be held in the Month of May in each
year. In reference to the dividend of five
per cent. declared at the meeting of July last,
the Board had received within the last few
days the balance of the amount due from the
Buenos Ayrean Government under the guarantee
of 1866. When the dividend in question was de-
clared, the Board announced their intention of giv-
ing the shareholders the option of taking the divi-
dends or a portion of them in bonds of the company,
by which process debentures now in the hands of
the company, the proceeds of which were required
towards meeting the outlays on capital account,
would be placed among the proprietary ; and the
board expected that a large proportion would agree
to accept the bonds. Although the board had no
accounts to submit at the meeting, they had plea-
sure in stating that the working of the line for the
six months ending June had been very satisfactory.
The gross receipts of the line for the half-year end-
ing June last amounted to £43,784, as against
£26,503 in the corresponding period last year, or
an increase of 601 per cent., while the working ex-
penses amounted to £24,360, or 55} per cent., as
against £17,002, or 64 per cent. in the correspond-
ing period of last year. The profits for the first six
months of this year had been at the rate of 5f per
cent. per annum, after providing for interest on the
debentures. The increase was chiefly on the goods
traffic. The general manager stated in reference to
the goods traffic that while in the June half-year of
1866 the railway carried only 13 per cent. of the
produce brought into the southern market of
Buenos Ayres, it had this year carried 28.80 per.
cent. of the whole amount brought in. This was
satisfactory, as showing not only that the rail-
way was gradually superseding the bullock carts
as a means of transportation, but that there was
a large amount of traffic in the country which
must in time find its course over the railway. To
meet the increasing traffic of the railway the board
had sanctioned an extraordinary outlay on this ac-
count of £7,500. The board had sent out, at the
request of the local committee, during the present
year, two new locomotive engines, and the necessary
fittings for converting 42 ordinary waggons into
wool waggons. In addition to this, two new tram-
way carriages were being built which would be
shipped in a few weeks. With those increased
facilities for the transport of traffic the board hoped
to see the profits of the line greaty augmented at
an early date. The permanent way and rolling
stock were reported to be in excellent order. The
amendment proposed to be made in the resolution
declaring the dividend was rendered necessary
mainly by the difficulty and inconvenience which
would result from the income-tax being deducted
from the dividends for which the shareholders ac-
cepted debentures.