The Sun.
London, England, 1861-05-13 00:00:00

MADRAS.

The half-yearly meeting of the shareholders in
this company was held on Friday at the London
Tavern ; Major General Duncan Sim in the chair.
The report (taken as read) was a very voluminous
document. It stated that the work of construction
had been proceeding actively on the different lines
since the last genera report ; and by tnis date the
company had about 257 miles open and at work, as
against 137 miles at the date of the last report.
The traffic of the railway during the past half-year
had unavoidably suffered from the unfortunate pre-
valence of cholera, and the comparative failure of
the crops.. Other traffic, however, had sprung up,
and had supplied, to some extent, the temporary
deficiency in the receipts from grain. Other por-
tions of the line were being rapidly proceeded with.
The gross receipts for the last half-year exceeded
those of the previous six months by £1,358, and
those of the corresponding half of the previous
year by £5,118. The receipts for carriage of rail-
way materials formed 121 per cent, of the gross
receipts for the half-year. Various causes had
arisen which had increased the cost of working The
running of first and second-class carriages being
at present unremunerative, certain sugg, stions had
been approved for developing that description of
traffic. Last year it only represented 11 per cent.
of the entire passenger traffic. The total number
of passengers carried during the past year was
887,452, of which no less than 875,506, or 981 per
cent. nearly, were of the third class, at a fare of one
farthing a mile.
The capital account showed the receipts to
have been £4,771,891 17s, 4d., and the un-
appropriated balance to be £350,669 15s. 3d.,
making the expenditure £4,421,222 2s. ld. The re-
venue account for the half-year ending Dec. 31, 1860,
showed the receipts to have been £36,956 9s. id.,
and the expenditure £29,922 13s. Bd., leaving a
balance of .E 7.033 15s. sd.

The CHAIRMAN, in moving the adoption of the
report, pointed out, upon a large map suspended in
the room, the portions of the line already finished
and those in course of construction. He men-
tioned that the timber sleepers had showed unusual
symptoms of decay, and that better description
of sleeper was being laid down. The traffic had not
been quite so satisfactory as the directors had anti-
cipated, hut that had been occasioned by causes
over which they had no control, and he looked for-
ward with confidence to the future. There had been
a decrease in the passenger traffic of £879, and an
increase in goods of £2,65, so that the gross in-
crease had been £1,746.
Mr. Arbuthnot having seconded the motion, a
long discussion took place upon the prospects of
the undertaking. The report was said to be of a
discouraging character, and several shareholders
doubted whether the line would pay for a length
ened period.

• Dr:Beattie thought the fare of a farthing a mile
too low, and suggested the propriety of abolishing
either the first or second class carriages, keeping
two classes only, as both first and second traffic
was at present unremunerative.
Mr. M. Lewin doubted whether the line could
be improved for the future ; and in this view he
was supported by another proprietor, who called
attention to the fact that the working expenses
amounted in the half-year to upwards of 80 per
cent., while the first and second class passengers
combined were only 30 per day.
The Chairman replied that he was not quite so
desponding as some of the shareholders. Various
unforeseen causes had operated prejudicially to the
company during the past half-year, which might
not happen again. The present fares were only
experimental. The higher and richer orders of In-
dia had very great objections to associate with the
lower orders, but they had a still greater objection
to part with their money. That was the reason
why the first and second class carriages bad not
been patronised, for the highest and richest in the
land, in order to save their money, would take off
their jackets, go into the third class carriages, and
squat down with the lowest characters, like so many
pigs. (A laugh.) The seats had now been taken
out of the third class carriages, so that they might
contain more passengers; the present first would
be made into second class, and a new first class car-
riage substituted. If that did not answer, the di-
rectors would consider the desirabi.ity of adopting
the suggestion of abolishing one of the classes.
The farthing per mile was not quite so little as it
seemed, for money in India was supposed to be as
much as five times less value than in England. The
shareholders might be satisfied that the directors
would lose no opportunity of increasing the revenue
of the company.
In reply to a question, the Chairman said the
first-class fare was lid. per mile.
Several Shareholders—lt ought to be more.
The CHAIRMAN—.But they will not pay more.
We have already tried them. We began with
higher fares, and have been compelled to reduce
them.
Ultimately the report was unanimously adopted ;
the retiring directors were re-elected ; a resolution
was carried for the conversion into stock of all the
shares in the fourth extension capital, in respect
whereof the whole money subscribed shall have
been paid up; and a cordial vote of thanks was
given to the directors.
In reply, various members of the board expressed
their belief that as the resources of India became
developed the traffic on the lines would increase to
a very large extent ; that great attention was being
bestowed upon the cultivation of cotton in India,
which would also improve the prospects of the rail-
way; and that the government was fully alive to
the importance of opening math!, &c., to join the
line, which would have the effect of bringing a con-
siderable amount of traffic,
The proceedings then terminated.

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