The Sun.
London, England, 1866-02-02 00:00:00

ISLE OF WIGHT.

The half-yearly meeting of this company was held
yesterday at the office, Great George-street, West-
minster ; Mr. J. Simpson in the chair.
The report stated during the last half-year the '
number of passengers conveyed on the line from
Ryde to Shanklin was 162,860, and the quantity of
goods and coals moved was 11,178 tons. The re-
ceipts from all sources were £6,631. The working
expenses for the same period, including taxes and
passenger duty, amounted to £2,560, leaving a profit
on the half-year's operations of £4,070. To this was
added £1,159 from the preceding half-year, giving
a disposable balance of £5,229. The interest on
the debenture debt of the company for the half-year
amounted to £1,247, and a dividend of 5 per cent.
on all the preference capital issued would amount
to £963, making together £2,210, leaving a balance
of £3,019. As the whole line was not yet at work,
and the final obligations not fully ascertained, the
directors considered it prudent not to make any
distribution of this amount on the present occasion.
The first clear twelvemonth having elapsed since the
partial opening of the line, the results were that
from the Ist January to the 31st December, 1865,
252,818 passengers were conveyed on the line, and
16,157 tons of goods and coals were moved ; the
receipts from all sources were £10,486, the working
expenses, including rates, taxes, and Government
duty, were £4,802, or 46.36 per cent., and the net
profit £5,684. This profit was equal to 5i per cent.
on the capital expended on the opened line, includ-
ing the working stock. When the entire debenture
debt of the company was incurred and the whole
of the preference shares issued, the annual fixed
charges for interest and dividend would not exceed
£6,345. It therefore appeared that on the first year's
working of two-thirds of the line, and before the
main sources of traffic were reached by railway, the
profit was nearly sufficient for the whole of the
ultimate fixed charges ; and the increased profit on
the through traffic would nearly all be available for
dividend on the ordinary share capital of £125,000.
When the districts of Wroxall and Whitwell, St.
Lawrence and Niton, with Ventnor and Bonchurch,
were accommodated by railway, the result would
f ally equal all anticipation, while it might be assumed
that the working expenses would not increase in the
same proportion. Although unexpected difficulties
had impeded the operations of the contractors, the
whole line might be completed in March. It was
proposed to commence the central lines without
delay, and the directors felt convinced that when
the central lines were united to the eastern line a
very remunerative property would be obtained. The
capital account showed that £212,748 had been

expended, leavinc, a balance of £2,321.
The CHAIRMA; in moving the adoption of the
report, said that although the line had not yet been
opened to Ventnor, which be hoped would be the
case in March, the result of their operations must
be considered satisfactory.
Mr. WEBSTER urged
the importance of keeping
the western and central lines in
the hands cf the
company, and complained of the inefficient manner
in which the steamboat service had been worked.
The South-Western Company would
not allow that
state of things to continue, and would probably pro-
vide an efficient service. lie wished to have the
£3,000 that had been fairly earned from working
the traffic divided among the original shareholders.
A very long discussion ensued, which
resulted in
•
the adoption of the report, the re-election of the
retiring directors, Mr. F. Twynam and Mr A.
More, and also the retiring auditor, Mr. Christian.
On the motion of Mr. Webster, seconded by Mr.
Norton, two additional directors were elected to
represent the central section at the board, with the
understanding that the board should take into con-
sideration the expediency of electing two other direc-
tors to represent the western section in connexion
with certain financial operations.
A vote of thanks to the chairman concluded the
proceedings.