The Sun.
London, England, 1850-09-11 00:00:00

NOR ru Btunsu.

report tube submitted to the gene-
ral at Edinburgh on meetingTheTuesday next
states that the directors have charged the whole of the
half-nearly t
o b e held
interest o❑ the debenture debt, and everything else
which they considered ought properly to be debited
against revenue. After these deductions the free re-
venue amounts to 22,8201., of which there fells to be
appropriated to pay the dividend on preference shares
17,993/. i leaving a balance in hand of 4,826/. to be

carried over to the current half-year. The directors
confidently anticipate that a large increase on the reve-
nue will arise from the opening of the Great Northern
line in the south, and the Aberdeen line in the north,
as well as from the completion of the Royal Birder-
bridge at Berwick, and the High Level-bridge at
Newcastle. Negotiations are pending with the view
of preventing any injurious effects being produced by
the undue competition which frequently arises on the
opening of new lines such as those referred to. The
short traffic in the vicinity of Edinburgh, which has
been much competed for by coaches, has all
along been a source of anxiety to the directors, and
they recently resolved to improve it by a large reduc•
tion of fares, and by running a few extra trains du-
ring the summer months to and from Portobello.
The result has been to increase the revenue upwards
of 56 per cent. over the corresponding period of last
year, and the number of passengers has been multi-
plied nearly fourfold, without any material addition
to the working expenses. Since the last meeting the
directors have gone on reducing expenditure. Their
own allowance they have reduced from 1,000/. to
6001. a year, and the manager's salary has been fixed
ata minimum of 7501., and the balance to be the amount
of dividend accruing upon 5,0001. of the ordinary con-
solidated stock of 6e company. They have also re-
duced the numbers and wages of the men in most of
the departments, but they state explicitly that they think
savings in this respect may be carried too far; and
while they are not advocates for high wages or a su-
perfluity of servants, they consider it to be false eco-
nomy either to underpay or to overwork men. All
the important works on the line are now nearly com-
pleted, and the capital account will, in all probability,
so far as practicable, be closed before next meeting.
In conformity with the resolutions of the shareholders,
the directors have procured loans to the amount of
450,0001. on their own responsibility, and the re-
mainder of the money yet to be raised will, in all
probability, be more than sufficient to complete the
works, and to pay off all existing liabilities. The
assets, however, are being realised but slowly. The
arrears due on the preference shares amount to 9,3711.,
and will be all realised, as will also a considerable
part of the arrears on the other stocks. But another
portion of these will not be easily got in at
present, and the directors recommend that they should
be empowered to compound with such of the holders
as are in doubtful circumstances by freeing them
from further liability on payment of a modified
sum, and giving up all right to their shares
in favour of the company. The balance of
the debt owing to the company, and secured
upon the lialbeath Railway, has not yet been
recovered, but the directors are -using every possible
means to get it arranged. Meantime interest is pay-
able upon it. The Lancaster and Carlisle share debt
is in the same position, and the directors have been
obliged to commence an action for its recovery.
The directors are anxious to obtain powers to enlarge
the Edinburgh station, at a cost of 6,0001., and to
adapt the Leith branch, at present worked by horses,
to the use of locomotives, which will cost about
11,500/., but negotiations upon the subject have not
yet heen completed. The revenue account for the
half-year shows receipts to the amount of 83,5661.,
and disbursements to the amount of 60,745/ , leaving
a free revenue of 20,820/. The capital account ex•
hibits a total receipt, from the commencement, of
4,:165,757/. During the last half-year the total
number of miles run by passengers and goods trains
was 587,726 ; the coke consumed was 10,641 tons, at
a cost of 8,102/., being at the rate of 40A lb. per train
per mile ; the present rolling stock of the company
consists of 64 engines, 60 first-class carriages, 70 se-
cond-class carriages, 60 third-class carriages, 26 com-
posite carriages, 1,968 goods and mineral waggons,
98 cattle and sheep waggons, 24 horse boxes, 20 lug-
gage vans, 21 carriage-trucks, 2 powder vans, and
3 ballast waggons.