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

ISLE OF WIGHT,

The half-yearly meeting of this company was held
yesterday at the office, Great George-street, West-
minster; Mr. J. Simpson in the chair.
The report stated during the last half-year the
number of passengers conveyed on the line from
Ryde to Shanklin was 162,860, and the quantity of
goods and coals moved was 11,178 tons. The re-
ceipts from all sources were £6,631. The working
expenses for the same period, including taxes and
passenger duty, amounted to £2,560, leaving a profit
on the half-year's operations of £4,070. To this was
added £1,159 from the preceding half-year, giving
a disposable balance of £5,229. The interest on
the debenture debt of the company for the half-year
amounted to £1,247, and a dividend of 5 per cent.
on all the preference capital issued would amount
to £963, making together £2,210, leaving a balance
of £3,019. As the whole line was not yet at work,
and the final obligations not fully ascertained, the
directors considered it prudent not to make any
distribution of this amount on the present occasion.
The first clear twelvemonth having elapsed since the
partial opening of the line, the results were that
from the Ist January to the 31st December, 1865,
252,818 Passengers were conveyed on the line, and
16,157 tons of goods and coals were moved ; the
receipts from all sources were £10,486, the working
expenses, including rates, taxes, and Government
duty, were £4,802, or 46.36 per cent., and the net
profit £5,684. This profit was equal to 51 per cent.
on the capital expended on the opened line, includ-
ing the working stock. When the entire debenture
debt of the company was incurred and the whole
of the preference shares issued, the annual fixed
charges for interest and dividend would not exceed
£6,345. It therefore appeared that on the first year's
-working of two-thirds of the line, and before the
main sources of traffic were reached by railway, the
profit was nearly sufficient for the whole of the
ultimate fixed charges ; and the increased profit on
the through traffic would nearly all be available for
dividend on the ordinary share capital of £125,000.
When the districts of Wroxall and Whitwell, St.
Lawrence and Niton, with Ventnor and Bonchurch,
were accommodated by railway, the result would
fully equal all anticipation, while it might be assumed
that the working expenses would not increase in the
same proportion. Although unexpected difficulties
had impeded the operations of the contractors, the
whole line might be completed in March. It was
proposed to commence _the central lines without
delay, and the directors felt convinced that when
the central lines were united to the eastern line a
very remunerative property would be obtained. 'The
capital account showed that £212,748 had been
expended, leaving a balance of £2,321.
The CHAIRMAN, in moving the adoption of the
report, said that although the line had not yet been
opened to Ventnor, which be hoped would be the
case in March, the' result of their operations must
be considered satisfactory.
Mr. WEtsTER. urged the importance of keeping
the western. and central lines in the- hands cf the
company, arid complained of the inefficient manner
in which the steamboat service had been worked.
The South-Western Compaanydwould not allow that
gs state of thin to continue,
from working
an efficient • service. would
the
probably pro-
videHe wished -to have£3,ooo that had been fairly earned
the traffic divided among the on shareholders.
Which resulted in
A very long discussion ensued,
.F. v,)nam and Mr. A.
the adoptiou of the report, the re-el. •
Ir T• , • ectiou of the
retiring d irec tors,
More, and also the retiring auditor, Mr.
Christian.
On the motion. of Mr. Webster, seconded 1.
.4 Mr.
Norton, two additional directors were elected to
represent the central section at the board, with the
understanding that the board should take into con-
sideration the expediency of ele3ting two other direc-
tors to represent the western section in connexion
With certain financial operations.
A vote of thanks to tlie chairman concluded the
proceedings.