The Sun.
London, England, 1866-02-20 00:00:00

CORNWALL.",

The report of the directors states that during the
half-year ended 31st Dec. last £11,570 of 4 per
cent. guaranteed perpetual preference stock was
issued, and a like amount of the 6 per cent. prefer-
ence shares were redeemed. During the same period
£88,819 of debentures were paid off and £75,460
raised on debentures. Notwithstanding the high rate
of interest current the whole of this sum was obtained
at a rate not exceeding 41- per cent. Aspecial agree-
ment had been entered into with the Government,
the effect of which was to place the dockyards and
gun-wharf at Keyham in direct communication with
the Cornwall and other railways of the district.
The Keyham branch was now in course of construc-
tion. The percentage of working expenses for the
half year had been 54.06 as against 56.05 in the
corresponding half of 1864. The surplus applicable
for payment of interest and preference charges had
been increased to £23,040 from £20,684. After
providing for those charges the deficit for the half-
year was £6,503 as compared with £8,428 in the
corresponding period. The traffic receipts fur the
past half-year amounted to £50,159 against £47,071
in the same half of 1864, £40,716 in 1863, and
£36,485 in the same half of 1862, the expenses being
£27,119, £26,387, £22,588, and £18,961 respec-
tively. The surplus also being £23,040, £20,684,
£18,128, and £17,524 respectively. With the con-
currence of all the parties interested, it had been
agreed that with regard to locomotives, the South
Devon, the Cornwall, and the West Cornwall Rail-
ways should be worked as one system, andthat, after
making due allowance for interest on capital, the
locomotive expenditure should be carried to one ac-
count and divided between the three companies in
proportion to the number of miles run on each sec-
tion. The directors believed that this arrangement
would cause a considerable reduction in the expenses
of the locomotive account.

EDINBURGH AND BATHGATE.
The half-yearly meeting was held at Edinburgh
on Friday ; Mr. Hamilton in the chair.
The report proposed the usual dividend of Os. per
share. Along discussion took place on the question
of receiving or adopting it, and it was resolved
simply to receive it. The meeting was then made
special to consider the proposed amalgamation with
the North British Railway.
The CHAIRMAN stated, in consideration of the large
majority of proxies held by Mr. Hill against their
views in this matter, the directors had resolved to
resign office. He then proposed that 5 per cent. be
accepted, with a security on the line, as the condi-
tion of amalgamation with the North British.
Mr. HILL moved an amendment, to the effect
that the company accept of 5 per cent. duly secured,
which was to be increased to 6 per cent. within
three or four years, the company remaining as
creditors without amalgamation.
Mr. BARBOUR alluded to the increased value of
the line from the greatest development of the oil and
shale district, and stated that the line would shortly
form part of one of the direct lines between Edin-
burgh and Glasgow.

The amendment was carried, and a vote of thanks
to the chairman concluded the proceedings.

DUBLIN AND BELFAST JUNCTION.

The report of the directors states that the traffic
during the past half-year produced £43,760, being
an increase of £5,739 as compared with that for the
same half of 1864. The traffic receipts for the year
1865 amounted to £80,471, against £74,031 in 1864;
and the expenditure to £43,447, against £45,612,
the net income being £37,024 for the year 1865, and
£28,419 for 1864, showing an increase in receipts
of 76,440, and a decrease in expenditure of £2,165,
making together £8,506. The total income of the
company amounted to £44,539, and the total ex-
penditure to £22,233, leaving a profit on the work-
ing of £22,306, which, with £1,899 brought from
last account, made a disposable sum of £24,205, out
of which the directors recommended a dividend at
the rate of 4i per cent per annum less income-tax,
leaving £4,552 for the current half year. The charge
for interest on loans showed a decrease of £2,471 as
compared with the same half of 1864.