The Sun.
London, England, 1850-08-27 00:00:00

EAST INDIAN.

The report of the directors, to be submited to the
I,roprietors on Thursday next, says—
" Mr. Stephenson, the managing director, and Mr.
George Turnbull, the resident engineer-in-chief, em-
barked for India on the 20th of March last, arriving at
Calcutta the latter end of April.
The directors have received a very int,re3ting report
from Mr. Turnbull as to the line of rainay which, in
his opinion, should be first constructed; and the directors
have the gratification to state that the report entirely
confirms the views already taken by the bJard on this
question.

" The board understand that the Government engi-
neer has also made a report to the Government of India
on the same subject, and that the views of this officer and
of Mr. Turnbull, upon all essential matters, are in per-
fect harmony.:

" The boa-rd further understand that the report of the
Government engineer has been forwarded by the Legis-
lative Council of India to his Excellency the Governor-
General for sanction. In the meantime Mr. Stephenson
has received, through his Excellency's Secretary, ' his
Lordship's assurance that his best and constant attention
will be given to the undertaking, and that he entertains
an anxious desire to facilitate, by every means at his
command, the operations of the East India Railway
Company, and to secure the successful conduct of an en-
terprise in which both the Government and the share-
holders have so greet an interest.'

Pending his Lordship's decision, the board consider
that it would be premature to print Mr. Turnbul►'s re--
port, but it is opea for the inspection of any shareholder
who may wish to see it.

" The statements which have appeared in some portion
of the Indian press, and thence copied into the home
journals, announcing the abandonment ot the under-
teking, are totally untrue.
" The directors think it right to correct a misappre-
hension which has been industriously circulated, to the
effect 'that the capital of the company is limited to
1,000,0001. sterling; and that, in consequence of such
limitation, and of certain proposed details of construc-
tion, the experimental line to be laid down by this com-
pany must terminate at such a point as to prevent its
being remunerative.' The line first to be made is to be a fair
experiment, and is to be carried to such a desirable
point as, in the opinion of the Government of India, will
render it sure of being so. If the million of capital be
insufficient for this object, new capital is to be raised
under the guarantee of the East India Company, on pre-
cisely similar terms as the original capital.
" In a return presented to the House of Commons, in
July last, on the subject of ' Railway Communication in
India,' is a copy of a dispatch addressed by the Court of
Directors of the Supreme Government of India, on the
subject of the contracts between the East India Company
and the railway companies, and contains, in explanation
of this particular point, the following extract:—
"' Clause 17 provides for the excess cf capital which
may be required above the respective sums of 500,000/.
and 1,000,0001., in order to complete the exact length
ot line which may be determined upon. In the first
plaec, our guarantee extends only to those sums, but as
it is impos.ible exactly to define the cost of the under-
taking beforehand, and more especially as in neither
case is the exact route fixed, and in the case of the East
Indian Railway the point of its termination is not even
fixed, it was necessary that some provision should be
made for any margin either of excess or deficiency ot ca-
pital necessary to complete these experiments. In the case
of the Great Indian Peninsular Company, the two points
ot Bombay and Callyan are determined, but in the case
of the East Indian Railway, the starting pint (Cal-
cutta) only is fixed. Yost will not only have to deter-
mine the exact route ot this line, but also the point to
which it would be most expedient, with a view to a fair
trial c.f the experiment, it should he carried, always hav-
ing reference to the sum which is contemplated to be
expended. And you will have to determine, in the
event of the sum mentioned in the contract (1,000,0001)
appearing sufficient only to bring the line to some inter-
mediate point, at which it would be undesirable to stop,
whether you will make your terminus at a nearer or
morn distant point, and to that extent increase or de-
crease the capital as the case may be, and the surplus or
deficiency will be dealt with as provided fir in the 17th
and 27th clauses of the contract. I❑ the one case, the
capital will be increased on the same terms as the original
capital; in the other case, the excess will be retuned to
the shareholders.'

" Upon a requisition frcm Mr. Turnbull, the board,
with the sanction of the East India Company, have sent
out by the steamer of the 20th of the present month
three additional engineers, and have authorised the ap-
pointment of a fourth on the spot. The services of these
gentlemen will, therefore, be available at the commence-
ment of the ensuing cold season in Indio.
" The board adopt this medium of acknowledging and
communicating to the shareh dders the liberality of the
Peninsular and Oriental Steam Navigation Company in
educing the passage money of the engineers and others
who have proceeded to India in the service of the
company.

"Tilt; accounts are made up annually, and, conse-
quently, are not submitted at the halt-yearly meeting;
but it will be satisfactory to the proprietary to know
that the interest guaranteed by the East India Company
is now accruing upon the sum of 354,567/. 55., being the
amount paid into the treasury in London up to the 30th
June last, and upon 2,4241 ls. 81 , the amount raid into
the Government treasury at Madras.
"Pending negotiations for carrying out the details of
the contract in India, the company's funds in Calcutta
were invested in Government loans. The last mail
brings intelligence of arrangements having been con-
cluded with the Government for the transfer of these
funds to tie treasury, in accordance with the terms of
the contract."

EASTERN UNION.
The report of the directors, to be submitted to the
shareholders at the half-yearly meeting on Friday,
states that the net revenue of the company, which
amounted, at the corresponding period of 1849, to 9,9261,
has gone on increasing, and now, in the least favourable
half-year of 18.50, amounts to 26,5622 The directors
concur entirely in the belief expressed by Messrs. Webb
and Head, the auditors, that the shareholders during
the current half-year may look forward to a further con-
siderable increase of revenue. The liquidation of the
liabilities, which are the main causes of the preference
stooks being at a discount, demands the earliest consi-
deration of the directors. The proprietary, if they are
united in a resolution to clear away the outstanding
debts, might do it, not only without any sacrifice what-
ever, but with a certainty of raising every portion of the
company's stock. The Act which passed in the late ses-
sion has enlarged the time for making the Harwich line;
and the Eastern Counties Company having admitted that
it would be a great advantage to themselves ae well as
to the public, and having shown a williugeess to cc-ope-
rate with this company to insure its construction, the di-
rect irs hope, before they:need expend any further money
upon the undertakieg, that the arrangement of 1815
tray be entered into between the two companies to pro-
tect the shareholders from any unremunerative
outlay in carrying a line into Harwich. The directors
have referred all unsettled professional accounts to Mr.
Dax, the senior Taxing-Master of the Court cf Ex-
chequer. They trust it will be a means of reducing
some of the demands against the company. With a
view to stimulate the local traffic, sever :l excursion
trains are now running and carrying great numbers of
the inhabitants of Norwich, Bury Bt. Edmund's, and
the vicinities towards Harwich, and of those of Colches-
ter, Ipswich, and Bury, through Norwich to Yarmouth.
This traffic, it is believed, will tend to improve the
present halt-year's revenue. The report of Mr. P. Bruff,
the engineer, states that the working expenses continue
to diminish, being now 2681. per tide, or 49 per cent.
upon the receipts. The rolling stock, permanent way,
and works continue to be maintained in excellent condi-
tion. Tho Trowee branch to connect the E ester n Union
line with the Norfolk line at Norwich will undoubtedly be
of great service in facilitatingand economising the traffic
arrangements of both companies; the estimate of cost
including lard and every expense is 16 0001. The bee
is set out, and the works can be commenced forthwith
upon the land being given up to the contractor. The au-
ditors state in their report that the liabilities of the
company aro in course of reduction, and they tee no
resew] why the whole amount should not be easily (le-
frayed from the powers possessed by the company; that
it would greatly improve the value of the a hole stock
of the company if the preference and ordinary share-
holders were to co-operate in assisting the directors in
some scheme by which the simple contract creditors of
the coaspany should be satisfied by the issue of the fur-
ther preference stock at a moderate rate of interest, and
the re-issue of debenture bonds as they fall due at a
lower rate. The preference stock, as well as the ordi-
nary stock, would not then fail to acquire ao increased
value, whilst the company would be placed in a sound
and proper position. The capital account to the 30th of
June last shows that 2,104, 6401. had been received, and
2,098,6381. expended, leaving a balance of 6,001/. The
company are authorised to raise 1,860,0001. on shares,
and 620,0001. on loans, total 2,480,0001 The amount of
shares issuer', and loans raised, is 2,115,9792, leaving
powers to raise 364,0211. unexercised. The loan account
shows that 523,5741. has been obtained on mortgage
bonds, of which 56,6001. was borrowed at 6 per cent.
per annum, 441,7681. at 5 per cent., 20 6564 at 4i per
cent., and 4,550/. at 4 per cent. The amount falling due
in 1850 is 221,7591., of which 198,5531. is at 5 per cent.
The revenue account for the half-year ending June 30
states that 52,3211 had been received, and 25,575/. ex-
pended, including 880/. for Government duty, and 6161.
rates and taxes, leaving a balance of 26,746/. to pay in-
terest cu borrowed money, 12,3951.; on 6 per cent.
stock 8,936/., interest on 10 per coat. stock, 2,2741.; rent
to Stour Valley Company, 2,00/ ; rent to Stowmarket
Navigation, 535/., and rent to Lark Navigation, 186/.;
making together 26,3271., and leaving a balance cf 4181,
of which 183/. is appropriated to the renewal fund.

MIDLAND.
At the half-yearly meeting of the shareholders of tl a
Midland Railway, held at Derby, on Friday last, Mr.
Ironside carried a motion that the names, duties, and
salaries of all the servar.ts of the company in the receipt
of 100/ a year and upwards be published and circulated
with the half-yearly statement of accounts. The follow-
ing is the list of salaries according to Mr. Ironsidt's
motion :
Secretary's department—J. P. Bell, secretary, Derby,
701/4 John Moore, dttto clerk, ditto, 155/ • John 0.
Burton, accountant, ditto, 1951. ; W. li. Hodges, ditto,
clerk, ditto, 1001.; W. Coulton, cashier, ditto, 1851.
E,.ginen's Department--11". IL Barlow, engineer,
Derby, 800/ ; T. H. MerChand, assistant ditto, ditto,
250/. ; J. Eekett, clerk, ditto, 1251. ; F. Campion
dratipitsman, ditto, 1101.; N. Eokersley, int peotor, ditto,