The Sun.
London, England, 1866-09-04 00:00:00

WEST CORNWALL.

The half-yearly meeting was held at Penzance on
Friday ; Mr. L. Vigurs in the chair.
The CHAIRMAN, in moving the adoption of the
report, observed that the amount of loan on the
security of preference shares had been reduced to
the extent of £6,180, of which £BBO was provided
by the allotment of preference shares t 9 that amount
at par, and £5,300 paid in cash. The directors
looked forward to a further reduction. With re-
ference to the sum of £6,190 appearing as a balance
available for dividend, it was not solely composed
of the past half-year's earnings, but included a
balpice of £1,709 left last half-year, after payment
of the preference dividend, and which, owing to the
then unsettled state of affairs between the West
Cornwall Company and the associated companies,
was carried forward. He was happy to state that
the matters in dispute had all been settled, and he
might add that in every instance the award had been
favourable to the West Cornwall Company. The
directors recommended a dividend at the rate of 3
per cent. per annum, but this was an exceptional
dividend, and must, in fact, be considered as a year's
profits.
The report was unanimously adopted.
BUCKFASTLEIGII, TOTNES, AND SOUTH DEVON.
The half-yearly meeting of this company was held
on Friday at Totnes—Mr. A. Seymour, M.P., in
the chair.
The CHAIRMAN moved the adoption of the report.
The change in the money market was much in
favour of the company, and he hoped that before
long all their difficulties would be surmounted, and
the works rapidly pushed forward. One mile and a
half of permanent way was finished. Many of the
landowners had acted very liberally, but the direc-
tors had thus far been enabled to arrange any terms
with the Ecclesiastical Commissioners, who owned
a portion of the land required.
The report was adopted ; and Mr. S. Huxham
and Mr. J. W. Batten were elected directors, in the
room of Mr. T. Michelmore, deceased, and Mr. C.
Lempriere, resigned ; and the meeting separated.

31ANCHESTER,SHEFPIELD AND LIN CO LNS HIRE.
The total expenses of this company's railways and
canals, including rents, tolls, duty, &c., from July
1 to Aug. 26,1866, amounted to £80,569, as against
£71,869 for the corresponding period of 1865. The
proportion of the South Junction receipts accruing
to this company from July 1 to Aug. 26 amounted
to £6,757, as against £6,703 for the corresponding
period of 1865, and the expenses to £3.240, as
against £2,736.

DUBLIN AND ANTRIM JUNCTION.
The half-yearly meeting was held on
Friday at
Belfast--Mr. IV. F. Stannus chair.inthe
s The -
that
re-
port, which was unanimowly adopted, stated
£61,075 had been, expended on the works, and it
was expected that an application for a loan made to
the Public Works Loan Commissioners would be
complied with, to enable the company to complete
the construction of the railway.

WATERFORD AND LMERICK.

The half-yearly meeting of this company was
held on Friday at Waterford—Mr. Malcomson in
the chair.

The report . stated that in the goods and cattle

traffic there had been a considerable increase as com-
pared with the corresponding period of last year ;
the excess in goods carried was 7,632 tons, and was
larger than at any former time. In live stock they
had an increase of about 25 per cent. The passenger
traffic was nearly stationary, they now ran third-
class carriages with nearly all the trains, which re-
sulted in a continued increase of third-class passen-
gers and a serious loss in second-class passengers.
The receipts for first-class passengers amounted to
£2,054, against £2,004, for second-class to £2,409,
against £3,373, and the third-class to £3,976, against
£1,004 in the corresponding half of last year, show-
ing a falling off in the receipts for second-class pas-
sengers
of £964, and an increase in receipts for third-
class passengers of £1,004. The decrease in the
number of second-class passengers was 6,810, and
the increase in the number of third-class passengers
was 15,683, showing an increase in the number of
passengers of £8,873. The total traffic receipts for
the half-year ending June 80 amounted to £35,469,
and for the corresponding half of last year to
£33,541, showing an increase of £1,928. The re-
sult of the train charge made last year caused
weekly 600 miles of additional train running, at an
expense of at least £1,500 per annum, and for this
wholly unremunerative expenditure they had only
been able to obtain from the Port-office £l5O an-
nually as compensation. From this and other
causes the directors regretted they were unable to
offer more to the original shareholders than 2s. 6d.
per £5O share. They proposed to pay the usual
dividend on the preference shares, to transfer £5OO
to the reserve fund, and to carry forward a balance
of £240.

On the motion of the CHAIRMAN, the report was
adopted, and the dividend recommended therein
was declared.

DANUBE AND BLACK SEA.

The half-yearly meeting of this company was
held on Friday at the offices, Abingdon-street,
Westminster; Mr. J. Lewis in the chair.
The report stated that the receipts to the end of
May were £20,628, against £17,305 in the corre-
sponding half of the previous year, showing a gain
of 19+ per cent. The receipts of June and July,
however, showed a great falling off, which was at-
tributable to three causes-1. The grain crop of last
year was a short one, and almost entirely cleared off
by the end of May, while shipments of the new crop
had scarcely as yet commenced ; the German war,
during its continuance, stopped all goods and pas-
senger traffic from Western Europe via the Danube
to the East ; 3, the establishment of a quarantine,
in consequence of the fresh outbreak of cholera on
the Danube, had interrupted the trade since the
conclusion of the war. The crops of this year had
just commenced to come forward. Inthe neighbour-
hood of Kustendjie they were extremely good, but
it was as yet impossible to say what might be the
result of this year's working, as the bulk of the trade
was maize, which did not come down till somewhat
later in the year. The directors regretted to have
again to report that the convention with the Otto-
man Government respecting the harbour was un-
concluded. A change of Government at Constanti-
nople threw back the negotiations at the last moment,
and the same ground had to be again traversed.
Mr. Barkley was now at Constantinople, and was
using his utmost exertions to carry this protracted
business to completion. The manager reported that
the rolling stock was in an efficient state, and that
by a re-arrangement of the service he had been able
to reduce the mileage of the engines very consider-
ably ; for whereas the train mileage last year gave
lls id per mile, it now gave 13s 3d. The issue of
bonds authorised in 1864 having been completed, it
had become necessary to obtain the authority of a
general meeting for the creation of further amount,
in order to provide for the additional works which
were sanctioned at the last general meeting, and
which were now in progress ; and with the view of
placing all bonds henceforward to be created on a
common footing it was advised that a general au-
thority be given the board to exercise the remaining
borrowing powers, i.e., to the extent of £99,300,
by issuing bonds as occasion might require, and on
such terms as the condition of the money-
market might from time to time admit. In the
issue of these bonds the principle of offering them
rateably among the shareholders would of course be
adhered to.

On the motion of the CIIAIRMA.N, the report was
-‘nanimously adopted ; and the directors were autho-
rised to issue the remaining bonds, but it was stated
that not more than £lO,OOO or £12,000 would be
required for some time to come.

The proceedings concluded with a vote of thanks
to the chairman.

BUENOS AYRES GREAT SOUTHERN.

The half-yearly meeting of this company was held
on Wednesday at the London Tavern ; Air. J.
Brown-Westhead presided.

The CHAIRMAN; in moving the adoption of the
report, an abstract of which appeared in The Sun,
said he was aware that a very strong influence had
been exercised among the shareholders in various
parts of the country with the view of obtaining
proxies to be used at that meeting, for the purpose
which some of the shareholders thought desirable,
and so far as he was concerned he had no fault to
find with the efforts made to elicit as much infor-
mation concerning the affairs of the company as
mild be obtained. He had not taken much part in
the management of the affairs of the company lately,
as he was about to retire from the board, but so far
as he had observed he believed that, making allow-
ance for those errors which were unavoidable even
with the most intelligent and conscientious directory,
the affairs of the company had been conducted in a
manner which, however and whenever investigated,
would-redound to the credit of those who were at
its head. (Hear, hear.) The arrangements for the
traffic on the line, could not but be deemed satisfac-
tory. A manager had been found in the person of
Mr. Bonfield, who was in every way qualified for
the office, and it might be reasonably hoped that
with the addition to the population which might be
expected from the increased facilities afforded for
locomotion the receipts of the railway would not
only prove equal to the guarantee of 7 per cent.
which had been given by the Government of Buenos
Ayres, but would ultimately surpass that amount.
Mr. GILPIN, M.P., seconded the motion for the
adoption of the report.
Mr. HODGKIN asked what had given rise to the
correspondence between the secretary and one of the
auditors appended to the report.
Mr. WANKLYN (auditor), in reply, stated that he
had been dissatisfied with the manner in which the
accounts were, kept, and contended that they .re-
quired amendment.

• Mr. HODGKIN said it
would not
to him that the
statement of accounts
ta
nsofyost
eh
d b
e ythe
pay-
ment of a dividend of 5 per cent, assaspri
p s
directors, and he therefore moved a
that a committee of inquiry be appointed tov amendmenteti-
in
gate the affairs of the company and report to the
shareholders at an adjourned meeting.
Mr. S. HERATATII seconded the motion.

After some discussion,
The CHAIRMAN said that if it was the wish of the
majority of the shareholders present that a com-
mittee should be appointed, the directors would offer
no objection to it, as they had nothing to conceal,
and would rather court inquiry than otherwise.
(Hear, hear.)
The amendment was carried by a large majority,
and it was agreed that the committee should consist
of Mr. Wheeler, Mr. S. Herapath, Mr. A. Buckley.
(Manchester), Mr. 11. I'. Bowring (Liverpool), and
Mr. Moxon.

A vote of thanks was passed to the chairman, and
the meeting adjourned to the 26th September.

SOUTHAMPTON DOCK.

The half-yearly meeting of this company was held
on Wednesday at the offices, Bishopsgate-street ;
Mr. C. Capper, M.P., in the chair.
The report was taken as read. On the motion of
the chairman the report was adopted, and a dividend
of £2 10s. per cent. for the past half-year was de-
clared on the ordinary stock of the company, leay-
ing a surplus of £2,247 for the next account.

DAGENHAM DOCKS.
The half-yearly general meeting of this company
was held on Wednesday at the London Tavern ;
Mr. 11. Browne in the chair.
rho report stated that as questions had arisen be-