The Sun.
London, England, 1866-11-05 00:00:00

MADRAS.

The report of the directors states that the season
and the state of the provinces through which the
railway passed had been peculiarly unfavour-
able for traffic. The failure of the monsoon rains
caused a great failure of crops, reducing the quan-
tity of produce to be carried, and raising the price
of food to nearly a famine rate, thus affecting inju-
riously both goods and coaching business. At the
same time the sudden fall in the price of cotton in
A pril led to an almost total suspension of the trade,
while general and severe visitations of cholera
throughout the country had interfered seriously
with passenger, and in less degree with all other
traffic. Those evils had cow much abated, and they
could look forward to the beneficial effect on the
receipts of an improving state of things. They had
also the satisfaction to know that the privations of
the suffering districts had been much mitigated by
the facilities of transport by the railway. No ex-
tension of the open lines took place in the past half-
year, but on the Ist of August last a further section
of 31 miles of the North-West line towards Gooty
was opened for traffic. Compared with the corre-
ponding half of last year, the mileage worked was
611 against 571 miles ; the number of passengers
930,845, against 861,467 ; and of goods 132,052
tons against 131,487 tons, exclusive of railway ma-
terials. The aggregate traffic receipts were
£213,676 against £179,893, being au increase of
£33,783, equal to nearly 19 per cent. ; and the net
receipts had been £117,873 against £87,952, an in-
crease of £29,921, or 34 per cent. over those in the
previous year. The permanent way and works
were in good order, and the requirements of the
traffic had been fully met by the locomotive depart-
ment. The lines had continued to be worked with
economy and regularity and with the usual exemp-
tionNr from injury to passengers. On the South-
Nest line and Bangalore branch the way and works
had been
mileiron per
maintained at an average cost of £176 per
annum, including charges for renewals by
-instead of wooden sleepers. The Bangalore
branch, which
had
perironinsilleeepi3eersr
a,
uhad
annum
for
cost only at the rate of £65
from the first been laid with
aiiitena u n
c cedi
. T i
re-
ceipts on this line for the half-year
theto t total
o thchg e
of June amounted to £185,898 against £165,005
for the corresponding half 0f1865, showing an in-
crease of £20,893, or 121 percent.,
to £86,654, against £85,334, leaving
the expenses
re-
ceipts £99,244, against £79,67eing the net
1 or
211 per cent. The receipts per train mi1e£19,573, or
6s. 91d., against ss. 71d. for the correspondingaveraged
half
of last year; and the expenses amounted to 3s lid.
against 2s. 11d. for corresponding half-year.* On
*
the North-West line, the earthwork ofsthe
opened
portion of the line, 119 miles, from Arconum to
Cuddapa, had stood well, and were in goo,- a
order.
The permanent way had been maintained at a cost
equal to £69 per mile per annum. A section of 34
miles beyond Cuddapah to Moodanoor was opened
on the Ist of August. This advance into the cotton
country would facilitate and encourage the convey-
ance of that great staple over the line. The num-
ber of passengers . durma the half-year had been
156,941, against 116,269,
and the goods, exclusive
of railway materials, 19,966 tons, against 16,638
tons in the same six months of last year. The total
receipts for the half-year ending 30th of June
amounted to £27,778, agams • t £14,888, and the
expenses to £9,149, against ,
£6 607 in the corre-
sponding half last year; and the net receipts
amounted to £18,629, against £8,281, showing an
increase of £10,348. The receipts per train mile
amounted to 6s. 61d., against ss. 31d., and the
"Iht, working
ex-
penses to 2s. lid. against 2s. 41d.
and maintenance charges had fallen from 44 per
cent. to 33 per cent. of the gross receipts on the
past half-year. The stagnation of the cotton traffic
had materially affected the receipts. Upon the
capital cost of the South-West Railway and Ban-
galore branch, the net receipts for the year ending
30th of June last might be taken as equal to a 4 per
cent. dividend. The directors were now issuing
debentures to the extent of £500,000, bearing a
guaranteed interest of 5 per cent. per annum for
five years, and convertible into stock.

WEST FLANDERS.
The half-yearly meeting was held on Friday at
the offices, Moorgate-street ; Mr. Temple Frere in
the chair.
The report, an abstract of which has appeared in
The Sun, was taken as read.

The CHAIRMAN said there was no particular alte-
ration in the capital and construction accounts. In
the revenue accounts they had carried forward

.E 12,463, with the intention of paying the sum due for
la comotion. That had been done, and there still re-
manned a sum of £1,300 due for carriages and trucks;
!, for this account there were bills outstanding, which
the directors had made provision to meet when due.
An opinion had been expressed by the shareholders
that, when the dividend reached 45., the directors
should pay off the liabilities of the company. Per-
haps that would have been the height of prudence,
with the balance in hand, to have paid off the whole
am ount due for carriages and trucks, instead of in-
cre acing the dividend from 4s. to 4s. 6d. per share.
If -they were enabled to pay 4s. 9d. per share next
Ma y, which he thought they would do, it would
make the dividend for the year 1866 more than Bs.
9d. per share. It had, therefore, been moved that
whaii the dividend arrived at this amount the ques-
tion of the right of the preference shareholders
would be raised. Upon this question the directors
had taken the opinion of eminent Belgian lawyers,
and of Mr. Lloyd and Mr. Price, and they had
agreed to the opinion that the preference share-
holders had no right to any increase of dividend
until the proprietors of the £324,872 original stock
had received 5 per cent., which was equal to 12s. 2d.
per share. The directors had also taken the joint
opinions of Sir Hugh Cairns and Sir W. Bullar,
which was in general terms the same as the other.
The directors gave notice that, if they passed a vote
at the next meeting giving effect to a dividend of 4s.
9d. per share, they would be prepared to pay it, and
that would be more than Bs. 9d. per share, and this
would give the preference shareholders an opportu-
nity of raising the question. Under Article 7of the
statute the directors could submit the subject to
three arbitrators, whose decision would be final.
Mr. GOEZ agreed with the chairman in the course

taken with respect to the preference shares, as he
did not think that there could be any doubt on the
subject. He believed that when 5 per cent. was paid
on the capital there must be a deduction from the
surplus to form a reserve fund.
After some observations from Mr. S. HERAPATH
and other shareholders, the report was adopted.
A dividend at the rate of 4s. 6d. per share was
approved.
The agreement for the concession of the branch
line from Hazebrouck to the Belgian frontier was
confirmed.

Messrs. A. Greig and E. V. Richards were re-
elected directors, and a vote of thanks to the chair-
man concluded the proceedings.

GIRVAN AND PORTPATRICK JUNCTION.

The half-yearly meeting of this company was held
in Stranraer, on Friday—Provost Guthrie in the
chair.

Mr. M'EnioNT, secretary, read the report, which
stated that since last meeting the directors had done
all in their power to get the remainder of the shares
taken up, but their efforts had been much retarded
by the effects of the monetary crisis, and the high
rate of interest which prevailed for several months.
Some of the landowners who had not previously
subscribed had since taken up a portion of the
stuck. But the directors had not felt justified in
actually commencing operations. The engineer of
the company had prepared the working plans for
the portion of the line between Girvan and the
March of IVigtOwnshire, being a distance of about
i 8 miles; and, where any objections were antici-
pated, the plans had been submitted to the land-
owners, and negotiations were now pending be-
tween the company and the proprietors as to the
taking of the land and as to accommodation works.
The directors were in hopes the arrangement would
be satisfactorily completed, and that they would be
in a position to commence the works, at the latest,
early next spring.
The CHAIR3IAN, in moving the adoption of the
report, expressed regret that the whole stock had
not yet been taken up. Probably some of the share-
holders had heard that another line was projected to
go along the shore, but of course the directors would
carry out their scheme if it was at all possible ; and,
as the two lines could not be made, and as this
would be the last opportunity they would ever have
of carrying out a central line as proposed, they
ought to resolve to make every exertion to get the
remaining stock taken up.
Sir J. C. D. HAY seconded the motion, which was
agreed to.

LONDON, WORCESTER, AND SOUTH WALES.

The report of the directors states that the provi-
sional arrangement made with a contractor for the
completion of the railway had been broken off, and,
owing to the state of the money market, they had not
entered into any new arrangement‘ The 'Terre
Valley Railway had received the royal assent. This
railway at the west, with the East and West Junc-
tion, which was in an advanced state of construction,
at the eastern end of the line, would perfect the
system between London and the Welsh coalfields,
which were admitted to be of much importance, in-
dependent of the intermediate traffic which might
be calculated upon.