The Sun.
London, England, 1866-03-30 00:00:00

MIDLAND GREAT WESTERN.

The half-yearly meeting of this company was
held on Thursday, in Dublin, Mr. R. S. Cusack in
the chair.

The report stated that the receipts for the half-
year from the railway and canal were £123,864,
and the disbursements £91,319, leaving a balance
of £32,545, to which was added £2,806, the surplus
from last half-year, making a disposable sum of
£35,351, out of which the directors
,recommend a
dividend at the rate of 5 per cent. per annum on the
preferential stock, and at the rate of 21 per cent.
per annum on the consolidated stock of the com-
pany, payable on the 10th of April, leaving a ba-
lance of £6,628 for next account. The traffic on the
extension line from Athlone to Galway showed a
deficiency of £4,566 on the working of the half-
year, which was payable by the baronies. The high
value of money had interfered with the renewal of
debentures at former rates of interest, and had
also retarded the issue of the preference stock.
The management of the company involved 344
miles of railway and 92 miles of canal, and a
capital of £3,719,000, and therefore the directors
recommended that the number of directors be 12.

The CHAIRMAN, in moving the adoption of the
report, said that, although the dividend was a small
one, still the satisfactory increase in every branch of
their traffic and the sound state of their line led
them to hope for better things in future. The in-
crease in the number of passengers was 44,709, and
the increase in the receipts, including the increase
on the extension to Galway, was £7,020. By the
excursion trains 21,000 passengers had been car-
ried—(hear, hear)—and from the experience of the
directors excursion trains on their line had been a
great success. They adopted the principle of allow-
ing the excursion ticket to be available within the.
period for return by any of the ordinary trains ac-
cording to class, thereby offering a great boon to
the excursionists, and being a saving of mileage to
the company. In the goods traffic there had been an
increase in money of £4,435 ; in cattle, sheep, and
pigs a large increase. The expen liture had been
increased, especially in maintenance and renewals
of way, on which they had expended during the
half year £22,924. They proposed to spread over
the next eight half years the sum a: £14,962, which
would be at the rate of £1,492. They would thus
have a suspense account of £10;866 for this half
year, and £B,OBl for the preceding half year, mak-
ing £18,548. They had expended in January and
February £6,000, making the sum of £24,000, and
the entire sum expended would be £30,000. This
extra expenditure was in consequence of the defec-
tive construction of the works on the Cavan and
Sligo line.
The Earl of CLANCARTY seconded the motion,
which, after some discussion, was adopted.
It was agreed that the number of directors should
in future be nine ; a dividend at the rate of 5 per
cent. per annum was declared on the preference
shares, and at the rate of 21- per cent. per annum on
the ordinary stock ; the retiring auditor (Mr. R. C.
Collis) was re-elected ; and a vote of thanks to the
chairman concluded the proceedings.