The Sun.
London, England, 1866-05-03 00:00:00

Diffusion of English Literature," which was acknow-
ledged by Judge MANOCKJEE CURSETJEE ; and
Mr. TROLL OPE gave " The Pioneers Civilisa-
tion," with which were coupled the names of Vis-
count Milton and Mr. Baker.
Several other toasts were drunk, and the pro-
ceedings did not terminate till a late hour.

RAILWAY INTELLIGENCE.

MADRAS.

The annual general meeting of this company was
held yesterday, at the London Tavern ; Mr. J.
Walker in the chair.
Mr. J. Byrne, the secretary, having read the
notice convening the meeting, the report. an abstract
of which has appeared in the Times, was taken as
read.

The CHAIRMAN, in moving the adoption of the
report, adverted to the loss the company has sus-
tained by the death of their late respected chair-
man, General D. Sim, who had during several years
rendered great services to the company, and they
all regretted his loss. The report gave them a sum-
mary of the affairs of the company, and he thought
the results were very satisfactory and encouraging.
The average mileage showed an increase of 60 miles
I
over that of the corresponding period of 1864. The
aggregate gross traffic showed an increase of £55,548,
and the net receipts an increase of £47,812 ; so that
while the increase in the mileage was 10 per cent.,
the increase in the gross traffic was 32 per cent.,
and in the net traffic 57 per cent. During that
time the rolling stock and permanent way were well
maintained ; and they felt most thankful for the
absence of accidents, which spoke well for the vigi-
lance and care of the officers and servants of the
company. Next month a further section, 32 miles
in length, of the line beyond Cuddapa would be
opened for traffic, and the whole of that line to the
junction with the Great Indian Peninsula Railway
at Raichoor would be completed by the time the
Peninsula Company's line was ready to join them
at that point. From Cuddapa to Raichoor was
156 miles, upon which the works were progressing,
including the great bridgethoevirerlintesheinTlunmdiba asudwra.
The shipment of stores for
going on actively as usual. The company since
its first establishment had shipped 307,000 tons
of materials, including machinery, rails, &c., the
cost being about £2,750,000, and the number
of ships employed 695, out of which only six were
lost, but of course the company did not lose, as the
cost of the materials shipped were covered by the
insurance. The whole of the 307,000 tons of ma-
chinery, plant, and stores was shipped by their own
office; no brokers or shipping agents were employed
or warehouses engaged, as the goods were sent
direct from the manufacturers to the ships ; so that
their office in London had saved all expenses of
brokerage and so forth, and thus rendered consi-
derable service. The working of the south-west line
showed the very remarkable ezonomy of using iron
instead of wood for sleepers. Even on the west
coast, where abundance of wooden sleepers could be
obtained, the cost of maintenance was £164 per
mile per annum; whereas, on the Bangalore branch,
laid with iron sleepers, the cost was only £75 per
mile per annum for maintenance. On the North-
West line the maintenance was as low as £7l per
mile. It in fact made all the difference between a
profit and a loss. He congratulated the proprietors
on being the first to adopt iron sleepers in India.
On the North-West line the gross receipts showed
an increase of £34,712, or 22 per cent., and the re-
ceipts an increase of £30,645, or 40 per cent. as
compared with the corresponding half of 1864.
That showed the success with which the expenditure
had been kept down, as they had carried more traffic
at less cost, and that was very creditable to the per-
sons employed. The gradients were very severe on
some of their lines : the section of the South-West

line was similar to an inverted At.. Starting from
Madras, the line ascended to a height of 1,500 ft. ;
then descended to the river Caudry, 501 ft. above
the sea level, whence it rose again to 1,300 ft., and
thence gradually descended to the sea level at Bey-
poor. When they had reduced the cost of working
to 4-1 per cent. of the receipts he thought that very
satisfactory. On the North-West line the mileage
had increased 77 per cent., the gross receipts 171 per
cent., and the net receipts 246 per cent., the work-
ing expenses being only 27 per cent, of the receipts.
They had lately got some superior locomotive en-
gines out there which drew 16 loaded waggons up
their inclines, instead of 11 loaded waggons, at a
cost of very little more fuel and water than the
other engines consumed. The South-West line, in-
cluding rolling stock and improvements, had cost
under £ll,OOO a mile. They had heard a great deal
of Indian railways having exceeded the estimated
cost. This line was roughly estimated to cost
£4,000,000, but since they commenced operations
the prices of labour and materials had increased
from 50 to 150 per cent. Theline had cost £5,000,000,
which was not much of an excess, considering the
great increase in the price of labour and materials.
The cost of the North-West line, so far as they had
gone, was under £9,200 a mile, and the net re-
ceipts of the past half year yielded a return of 4fr
per cent. on the cost. Those results reflected great
credit on the engineers and the officers and ser-
vants of the company. They had nearly expended
£8,000,000 on capital account, and they had re-
cently been authorised to raise an additional sum of
£1,000,000, with the usual guarantee of 5 per cent.

Mr. ARBUTHNOT seconded the motion for the
adoption of the report, and it was agreed to unani-
mously.
On the motion of the CHAIRMAN, the directors
were authorised to raise an additional capital of
£1,000,000 by the issue of 50,000 shares of £2O
each, upon which interest at the rate of 5 per cent.
per annum was guaranteed. It was understood that
the new capital would be offered rateably to the
shareholders.

The retiring directors, Mr. J. Walker, Mr.
Arbuthnot, and Mr. G. Norton were re-elected ;
and also Mr. J. Thomson, the retiring auditor. Mr.
A. Hall was elected an auditor in the room of Col.
Smith, resigned, and the proceedings concluded
with a vote of thanks to the chairman and directors.