The Sun.
London, England, 1867-08-13 00:00:00

Railway and Other Companies.

STAINES, WOKINGIIAM, AND WOKING.
The directors of this company have decided on
recommending the 'shareholders to declare, at their
ordinary Meeting on the. 28th inst., a dividend on
the ordinary-shares of 53. Gd. per share, being at
the rate of 21,per cent. per annum for the half-year
ending the 3Uth June last.

DUBLIN', WICKLOW, AND WEXFORD.
The report of the directors states that the avail-
able balance of revenue amounted to £19,170, which
was sufficient to provide dividends on all the pre-
ference stock and shares, and the directors recom-
mended the payment of those dividends, but they
had still to regret their inability to pay any divi-
dend on the original stock of the company. The
directors thought they were safe in hoping they
would leave the pleasure of advising the payment of
a dividend on the original shares at the February
half-yearly meeting. The expenditure on revenue
account exceeded that of the corresponding half-
year by £5,155. This excess in expenditure chiefly
belonged to the item of renewal of permanent way
and works. Of interest, not one penny had in the
present accounts been charged against capital, not
even where the outlay on works was still unproduc-
tive. The principal part of the increased revenue
was derived- from passengers. The gross increase
on goods and cattle amounted to only £258, while
in minerals there was a falling off of 3,036 tons,
representing in money £2lO. The number of horned
cattle carried during the half-year was 2,781 more,
while that of sheep and pigs was 2,932 less, than in
the corresponding period of 1866. The directors
had not made any attempt during the past half-year
to proceed with the works of the extension from
Enniscorthy to Wexford. The available and still
unexercised capital powers of the company would be
sufficient to complete those works, if public confi-
dence in railway securities were so far restored as to
enable the directors to issue the shares of the com-
pany. Pending the time for doing so on favourable
terms, the directors had considered that their wiser
course was to devote their attention to developing
the traffic on the portion of the undertaking
already in operation. As to the movement
that had been on foot for some time to urge
the Government to purchase the Irish rail-
ways, the directors wished to offer no opinion.
In any event, their anxiety would be to ascertain
the wishes of the shareholders, and to comply with
them. But the directors thought there Wa3 still a
way in which Irish railways might be materially
served, and that was by the State becoming the
creditor of all the Irish lines to the full extent of
their several Parliamentary borrawieg, powers. This
could be effected for every railway in Ireland for
£7,000,000, and if it were done by the creation of
terminable annuities on easy terms it would, in the
opinion of the directors of this company, render
railway property in Ireland reasonably remunera-
tive to those who had embarked their money in it.
The expenditure on capital account to June 30 last
amounted to £1,802,432. The revenue account
showed that the receipts for the half year ending
June 30 last amounted to £78,942, and the expenses
to £35,134 ; the rent to the ICingstown Company
to £18,044, and the interest on debentures to
£11,142—together, £64,320--leaving a balance of
£14,622, to which was added £4,548 from the pre-
ceding half-year, making £19,170.

BELFAST AND NORTHERN COUNTIES.
The half-yearly meeting of this company was
held on Thursday at Belfast—Mr. R. Grimshaw,
the deputy-chairman, presided.
The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving its adoption, said he
thought it was a very satisfactory report. There
was a considerable increase in the traffic, and in
every respect they had reason to be satisfied with
the working of the line. The most important thing
in the accounts was that they had a dividend at the
rate of 1 per cent. more for the past half year than
in the preceding half year.
Mr. E. WNEILL seconded the motion for the
adoption of the report.
Mr. J. BROWN was glad to see that they had a
dividend with which both the directors and share-
holders were satisfied. He thought if the share-
holders in English lines had made themselves bet-
ter acquainted with their affairs there never would
have been the collapses that had taken place. It
appeared that manyshareholders were satisfied when
they got a dividend, and never looked whether it
was honestly earned or not. In the present case he
believed the dividend had been honestly earned. If
the receipts on the line from the junction to Cooks-
town were taken separately he believed they would
not pay more than lor 11 per cent. The main line
to Ballymena was making from 10 to 12 per cent.
before the present branch lines were formed.
Mr. E. M‘NEILL said if the Cookstown branch,
per se, did not pay a great dividend, they must con-
sider that it had served as a good feeder to their line.
When the Belfast and Ballymena was opened they
were only in receipt of £3OO or £4OO per week ;but
since then the traffic had increased so much that it
was now upwards of £,OOO a week, which they
2
would not have had if it
ofi
were not for the feeders.
If they did not get a shilling of pt from working
the branch itself, they bad had a large amount of
over their main line. They
extra traffic from it
could not separate the nch
braes rom the main line,
but consider the undertaking Ufa
whole.
After some further observations, the report was
adopted. A dividend at the rate of 5 per cent. per
annum on the ordinary shares was declared for the
past half-year. The retiring directors were re-elected,
and the proceedings terminated.

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