The Sun.
London, England, 1866-02-22 00:00:00

ore body will undergo considerable modification
from the lines shown in the original drawings.
The Racoon, 22, screw, Capt. Count Gleichen,
shifted her anchorage from Spithead to Cowes
Roads on Tuesday, to relieve the Research, 4, Com-
mander R. Scott.
The paddlewheel steam frigate Gladiator, 6, Capt.
E. Aplin, left Plymouth yesterday for Ireland, with
stores and supernumeraries for the squadron.
The screw steam frigate Topaze, 31, Capt. W.
M. Dowell, C. 8., left Plymouth yesterday for the
1 Pacific Ocean.

Railway and other Companies.

VALE OF NEATH.

The directors of this company recommend the
declaration of a dividend on the ordinary stock and
shares of the company at the rate of 5i per cent.
per annum for the half-year ending the 31st of
January last.

GREAT EASTERN.
The report of the directors states that the re-
venue account for the half-year ending the 31st of

December last showed that the total receipts were

£909,271 and the working expenses £533,999,

leaving a balance of £375,272, to which was added

£43,469 from the preceding half-year's account

and £723, dividend on Lynn and Hunstanton
shares, making £419,404. From this was deducted'
£386,200 for payments to the Northern and
Eastern and other companies, interest on mort-
gages, and on guaranteed and preference stocks,
leaving a balance of £33,204, less sundries, as per
general revenue account, £33,014, leaving £l9O.
The table of receipts showed £909,271 had been
received during the half-year, against £881,526 for
the corresponding half of 1864, showing an increase
of £27,745. The expenditure amounted to
£533,999, against £427,805 for the same half of
1864, showing an increase of £106,194. The di-
rectors regretted to state that the very large re-
venue usually derived by the company from the
cattle traffic on the line in consequence of the cattle
plague had been seriously diminished. The direc-
tors felt that it was only fair to the new Board, and
just to the proprietors, not only that the whole of
the current charges against the revenue should be
brought into the accounts, but also all arrears
should be got rid of, so that the present Board
might be in a position to commence their adminis-
tration with an uncumbered balance-sheet as from
the Ist of January last ; and it would be the
duty of the directors half year by half year
to see that every charge applicable to revenue was
so debited, while at the same time they would most
zealously ascertain how far expenses now existing
might be reduced, due regard being had to efficiency
and punctuality. The condition in which the late
board lef t the finances of the company rendered it im-
peratively necessary that no time should belost by the
new board in taking the most energetic steps to meet
the pressing liabilities, and after great consideration
and anxiety they were able to express a hope that
arrangements had been made, by which this object
would be obtained. The Board of Directors
adopted the views enunciated by the Committee of
Investigation in respect of the proposed agreement
with the Great Northern, and had formally made
known to the Great Northern, and Manchester,
Sheffield, and Lincolnshire Companies, that in the
present position of this company it was undesirable
to proceed with the bills as deposited ; and had also
expressed their opinion that before the board could
recommend their shareholders to adopt the agree-
ments the terms would require further considera-
tion. Independently of the bills which had been
promoted this session by the Great Eastern, Great
Northern, and Manchester, Sheffield, and Lincoln-
shire companies, this company had only two bills
before Parliament; the first was merely for addi-
tional powers to improve the Enfield stations, and
to make short lines, so as to afford better accommo-
dation at those places to the public. The other pro-
ject was to construct a branch railway from Tot-
tenham
to Alexandra-park ; but before proceeding
any further with this measure the directors were
desirous of taking the opinion of the shareholders
thereon. The agreement to take over the Black-
wall Railway came into operation on the Ist of
January last, from which date it formed a portion
of the Great Eastern system. The directors hoped
that the acquisition of this line, giving as it did to
this company a direct communication with the
docks and manufacturing establishments on the
banks of the Thames, would ultimately prove ad-
vantagoous to. the Great Eastern. The agree-
ment which was entered into in the year 1852 with
the Great Northern Company for the leasing of
their Royston and Hitchin line for a period of 14
years expired on the Ist of April next, when that
line would be handed over to the Great Northern
Company. This company were under an agreement
to double the line from Shelford to Shepreth, so
as to give the Great Northern access into Cam-
, bridge, and to provide them accommodation at the
latter place upon terms to be hereafter arranged.
The Board trusted that the commercial result of the
continental steamboat service between the port of
Harwich and the ports of Rotterdam and Antwerp
would greatly improve by negotiations which they
purposed initiating, to make the facilities afforded
by this route more appreciated by the public, and
to give a fair remuneration for the outlay. In con-
clusion, the directors, while deeply regretting the
position into which the affairs of the company had
been allowed to drift, trusted that when the finances
had been satisfactorily adjusted, and a judicious
policy instituted, the prospects of the company
would materially improve. The report had been
delayed to afford the directors the opportunity to
report that, so far as it was possible, certain neces-
sary financial arrangements had been satisfactorily
concluded by which the credit of the company
would be sustained.
The capital account showed that £23,574,010
had been expended, leaving
_a balance against the
company of £724,605.