The Sun.
London, England, 1858-08-03 00:00:00

the application of the Metropolitan Board of Works, to
consent to an alteration or variation of the said dimensions
or either of them." He bad on the part of the board signed
that clause, and although it would have to go down to the
Commons as an amendment, that would be a mere matter
of form, as it had been agreed to by both parties. Therefore
they might consider the measure as practically passed. He
congratulated the board on the success of the measure, as
they should now enjoy that freedom in their operations
which they had so long desired, and without which it would
be impossible to carry on their works. At the same time
he could not conceal from himself that by this bill they
Were called upon to shoulder a large amount of respon-
sibility, but he ' for one was prepared to take upon
himself his share of that responsibility. As soon
as the bill had received the royal assent, it had
suggested itself to his mind that they should have a meeting
on an early day to consider and finally determine upon
the plan for the main drainage of London.
Mr. BIDGOOD said he found in the .Daily News a state-
ment made by the Duke of Newcastle that the City of Lon-
don would have a veto on any plan for the drainage of
London, and he was glad to hear from the chairman that
such was nut the case.

The CHAIRMAN said the Duke of Newcastle had alluded
to the clause saving the rights of the conservators of the
river Thames, and as the City members were in a majority
in that board, it gave them a practical veto upon that board.

AN
NUAL REPORT.
The annual report THE ANNUAL REPORT. -
The annual report of the proceedings of the board was
presented and read in extenso by Mr. Woolrych, the clerk.
It was of great length, and minutely stated what had been
done by the board during the year. It was received and
ordered to be printed.
After some other business of a routine character had been
disposed of the board adjourned.

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.
The half-yearly report of the directors, to be presented at
the meeting of Saturday, was issued yesterday. It states
the half-year's accounts now submitted show the net re-
venue for the six months ending June 30, 18587Ze
deducting interest on loans, and all other preferential
charges, to be £150,573 6s. 9d. ; to which is to be added
surplus at December 31, 1857, £7,234135. 4d.; leaving a
balance available for dividend of £157,808 Os. ld. From the
above sum the directors recommend that a dividend at the
rate of £4 ss. per cent. per annum, payable on the 21st day
of August, be dechred, amounting on £7,197,850115. 4d.
of capital paid up to £152,954 Gs. 5d.; leaving to be carried
over to next half-year, £4,853 13s. Bd. The decrease in the
gross revenue for the half-year, in comparison with the
corresponding period in 1857, is £13,514. The prolonged
depression in trade bas continued to exercise an unfavourable
influence on the traffic of the last half-year, but the receipts
of this company will bear a favourable comparison with those
of other metropolitan lines. A revival of trade, which may be
reasonably anticipated, will materially increase the traffic re-
ceipts. At the half-yearly meeting in August, 1856, discre-
tionary powers were conferred on the directors for the disposal
of the share capital then remaining unissued, and a consider-
able portion was immediately afterwards allotted to the
proprietors. It has now become nece'sary to take further
action respecting the still remaining share capital, when-
ever the directors may consider the state of the money mar-
ket and other circumstances favourable. It is therefore
proposed at this meeting to revive the powers delegated to
the directors in 1856, and to extend their application to the
capital as authorised and settled by the Amendment Acts of
1857 and 1858. A resolution to effect this will be submitted
to the meeting. The total paid-up capital of the company
in consolidated stock at the present time i5:17,713,650 ; the
preferential stocks, £185,676; the ordinary debenture debt,
22,850,176 ; the amount raised on the perpetual 4 per cent.
debenture stock is £47,862 ' • the amount of consolidated
stock remaining unissued is £515,799 18s. Bd. The report
of the locomotive superintendent shows a diminution of the
expenses chargeable against the revenue in that depart-
ment of £2,491 12s. 4d., notwithstanding that two engines
have been built at the expense of revenue during the half-
year, and added to the stock. The permanent way has been
maintained in good working condition. Although the
amount of expense incurred during the present, exceeds
that of the corresponding period of 1857, it will be ob-
served that £8,802 have been expended in relaying portions
of the line during the latter half-year at the expense of re-
venue. The doubling of the Southampton and Dorchester
line has progressed rapidly, and will be completed within the
time reported to the Board of Trade. The works oa the
Exeter extension line are also proceeding satisfactorily.
The bill introduced by the company into Parliament for
authorising the several objects sanctioned by the share-
holders at their special meeting in December last, has re-
ceived the royal assent, and in addition to those objects
other powers of practical value have been incidentally
secured to the company. The Northam Junction line au-
thorised by the above act is completed, and will effect a
saving of time of about half an hour in the journey between
London and Weymouth. This saving will be increased so
soon as the double portion of the Dorchester line is finished.
The works on the Topsham branch must in terms of the act
be completed in two years, and as they can be executed with
greater economy whilst the Exeter extension is in progress,
the directors have agreed with the contractor for that line
for the construction of the principal part of the works on
the branch, including the purchasing of the land neces-
sary for them. The directors see no reason to doubt
that the branch will be completed for £60,000. The respec-
tive working arrangements provisionally entered into, under
the sanction of the shareholders, with the companies who
own the lines from Topsham to !Exmouth, and from Wim-
bledon to Epsom, including a subscription of £.30,000 to-
wards the share capital of the latter, are now, under the
powers of the Act of 1858, capable of being finally concluded.
Resolutions will be submitted to the meeting for effecting these
objects. Parliament has extended the time for the completion
of the Salisbury and Yeovil Railway and has authorised the sale
or lease thereof to this company. By the Salisbury and
Yeovil Company's Act of 1857, this company is authorised
to guarantee the debenture debt of the Salisbury and Yeovil
Company. The proprietors sanctioned the acquisition of
these powers, and, subject to their approval, the directors
have agreed to act on them, the Salisbury and Yeovil Com-
pany being now in a position to exercise their borrowing
powers, and having applied for the guarantee of this com-
pany, so as to enable them to borrow on better terms, a
result which will be beneficial to both companies. A resolu-
tion authorising the completion of this arrangement will be
submitted to the meeting. The directors anticipated that
they would be able to submit to the meeting a provisional
agreement with the Stokes Bay Railway and the Isle of
Wight Ferry Companies for the working of this company
t.f the Stokes Bay Railway, and securing a punctual and
efficient sea service to the island in connection with it.
Circumstances, beyond the control of the directors, have
prevented the completion of ibis arrangement, and the
board, instead of submitting such an agreement as they
anticipated, will ask of the meeting discretionary powers
fir making one so soon as satisfactory terms can be con-
cluded. In the district of Brentford and Richmond the com-
pany have succeeded, after a protracted contest, in pro-
curing the rejection of a bill, by which the broad gauge
would have been extended to Richmond, and a hostile
company have been established to compete unnecessarily
for the traffic between Richmond and the north and north-
eastern parts of London. In connection with this question,
the directors, in or-ler to show the company's disposition to
facilitate every proper public requirement in their own dis-
trict, established au additional service of trains, to run (via
Barnes) between the terminus of the North and South-
Western Junction line and Richmond, and for the purpose
of improving this service the directors contemplate the
execution of certain works at the Kew and Barnes Junc-
tions. These will provide the best answer to any renewed
proposal of the rejected scheme, should such be attempted.
The bill for converting the Andover Canal into a railway
has received the sanction of Parliament. This line of rail-
way, when made, will for its entire length of 24 miles be
parallel to the company's main line between Basingstoke
and Southampton. The directors offered every opposition
in their power to the bill in its progress through Parlia-
ment, being convinced that, although. as a merely local line,
which its promoters were careful to charactise it in Perlis-
went, it could do le mischief except to those who might
subscribe theif
mig
capitalliltforceenhsiterfucting it, yet that, if once
sanctioned,
ht afford a pretence for a more direct
aggression on this company's interests. The directors con-
tinue so to regard it, and it will be the imperative duty of
the company, by readily according every accommodation
which the public can reasonably demand, and by watching
to anticipate and prevent the success
aggression.
y newauc
such
neighbours,
attempted
of
fealnr

COLCHESTER AND STOUR VALLEY.
The half-yearly meeting of this company was held on
Wednesday, at the offices, Colchester—Mr. T. L. Ewen in
the chair.

Mr. PHILBRICK, the secretary, read the report, which
stated that the whole bonded debt of the company bad now
been paid off. There had been received during the past
half-year from the Eastern Counties Railway Company
£4,630, from which, however, £620 for interest on pre-
ference shares, and £l2O for rent, &c., had to be deducted,
leaving a balance of £3,890. There were 9,417 shares to
take dividend, which at Bs. 4d. a share, the amount pro-
posed by the directors, would make £3,811, leaving a
balance to the credit of the next half-year of £79.
On the motion of the CHAIRMAN, seconded by Mr. TUR-
NER, the report was adopted, and the dividend declared.