The Sun.
London, England, 1857-08-08 00:00:00

RAIL WA

PORTSMOUTH.

The half yearly meceng of this company was
held on Thursday, at the offices, Great. George-
street, Westminster—Mt;. W. Jackson, M.P., in
the chair. The report' stated, with respect to the
works, considerable progress bad been made-during
the last half-year with the excavations at all the
important point,, and in ballasting and laying the
permanent way, while the masonry of the bridges
and culverts was well forward. The directors were
confident that the line would be completed and
ready for opening t ) the public in the spring of next
year, provided the contractor was placed in posses-
sion of the land throughout its entire length, the
lighter works requiring close attention. More than
LOCO men and 160 horses were employed; and in the
excavations 1,090,000 cubic yards hadbeen removed
in the last six months, making about two-thirds of
the total quantity now completed. To secure the
opening of the line by the period above-mentioned,
and also to provide, in case of need, sufficient
plant to work the traffic, the directors had made
arrangements for the issue of so much of the
133,0001. debenture capital of the company as
would be necessary. In addition to the above,
as the company had power under its act of this year
to r.iise 50,000/. upon 5 per cent. preference shares
the directors had made arrangements for the imme-
diate issue of these shares, with the condition an-
nexed, that the company shall have the option of
redeeming them at par at, any time within two
years from the 3d day of July, 1857. A further
source of supply of capital at the • command
of the company was the issue of the shar s
the forfeiture of which was confirmed at the last
half-yearly meeting. The directors and their
friends were prepared to take up the remainder of
those shares as ordinary shares, without loss to the
company, but had deemed it right, before doing so,
to offer the shares pro rata to the proprietors.
The result of the above-mentioned arrangements
would be that the direcUirs would be able to
postpone calling up . the 21. per share remaining
unpaid upon the company? shares. The following
wCte the main features of the agreement between
the company and the London and South-Western
Company with reference to the Godalming and Shal-
ford line-Ist. the company isto abandon its
Shalford line, excepting the half-mile curve neces-
sary to connect the South-Western Godalming
branch with the South-Eastern line at Shalford.
2d. The Sonth-Western Company is to allow the
company's traffic to be worked over their Godalming
branch to and from the South-Eastern line at Shal-
ford, as well as to and from the Guildford
station. 3. The company is to pay the South-
Western Company 50 per cent. of its mileage rates
for -the above use, and may commute at 1,0001. a-
year the rate. payable in respect of its traffic to
and from Shalford. 4th. The company and the
South-Western Company are to have the right of
using each other's Godalming stations, and the in-
tervening portions of each other's lines, free of
charge, except the proportion of the station ex-
penses due to the traffic of each. By the above
arrangements the South-Western Company will be
relieved from having a line made side to side with
their Godalming branch, while the company will be
saved from raising the considerable amount of capi-
tal which their Shalford line would have cost, and
secured its independent connection with the South-
Eastern line, which has always been an object of
essential importance. The statement of receipts
and expenditure, made up to the 30th of June last,
since the formation of tho company, showed total
receipts to the amount of 269,9781. 9s. 7d., and
total expenditure 262,3411. 6s. 10d., leaving the
balance of 7,637/. 2s. 9d. in favour of the company.
The report was adopted, and the meeting having
been made special, resolutions were passed fur
carrying out the financial arrangements, and re-
electing the retiring:directors.

CROMFORD AND HIGH PEAK.
The half-yearly meeting of this company was
held on Thursday, at Derby—Mr. F. Wright in
the chair.
The report stated that the increase inthe revenue
during the last half-year amounted to 1401., arising
principally from minerals. The interest on the
debenture stock, class A, and on the 6 per cent.
preference shares will be payable on the Ist Sep-
tember next. The works between Buxton and
Whaley have made steady progress, and will be
completed by the time the junction with the
Stockport and Whaley bridge line is ready for
traffic. By the construction of this junction a direct
through communication will be obtained between
the Midland Railway and the London and North-
Western Railway, near Stockport, and a consider-
able increase in the traffic is expected.
Resolutions were passed adopting the report,
and approving the accounts.

CORK AND BANDON.
The directors of this company, in their report,
state that the receipts of the last six months show an
increase of 5831. as compared with the corresponding
period of the previous year. The increase of traffic
has principally arisen from the transit of merchan-
dise and agriculturalproduce. The working expenses
show a decrease of 2331., notwithstanding the extra
expenditure for rails for the permanent way and
for repairs and renewals of the rolling stock. The
accounts for the half-year show a profit of 1,8131.
'applicable for dividends, whiOthe directors recom-
mend to be paid on No. 1 preference shares at the
rate of 4 per cent. per annum for the half-year end-
ing the 30th June last, and on the No. 2 preference
shares at the rate of 6 per cent. per annum on the
paid-up portion of that stock, leaving a balance of
1431. for the next account. A contract has been
concluded with the post-office authorities for the
conveyance of the mails from Cork to Skibbereen
and Bantry. The mails have been carried over the
line under the contract since the 11th May last.