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

The CHAIRMAN, in moving the report, said that the
directors had been influenced by a desire to afford the
shareholders all the useful information in their power
with regard to the present position and future pros-
pects of the company. The report was prepared with
no ordinary care, and with as much attention as pos-
sible to all the essential details connected with the
progress of the works. He presumed it had prepared
the shareholders for the fact, that with regard to the
ordinary share capital of the company the revenue
had not been such as to admit of a dividend being de.
Glared. It would be observed that the interest
charged during the last six months on unproductive
capital was smaller than that charged in any former
half-year. In the previous half-year it was 13,0811.,
and it was beyond that in former half-years ; but last
half- year it was only 6,560/. ; and it was right to
mention that the sum charged and paid during the
half-year included interest on the company's pre-
ference shares which were held by the banks in se-
curity of the advances made by them. It was no doubt
easier to enter into matters of history than into
matters of prophecy; but he thought he might confi-
dently anticipate a progressive increase in their traffic.
The passenger traffic for the last half-year had been
exceedingly good. The goods and mineral traffic
were operated upon injuriously by the incomplete state
of the works at the ferries ; but from the rapid way in
which the works were progressing to completion
there would soon be an end to all drawback in this
respect. The average weekly receipts for coal traffic
amounted at present to 275/. Such a sum derived
in present circumstances from this branch of traffic
showed that the directors had not been deceived in
the estimate that had been made of the benefits that
would result from the coal trade when it came to be
more fully developed. There was an increase of
8,7381. in the receipts, and a decrease of working
expenditure of 6,533/.; and, as every attention would '
be paid by the directors to this subject, they might
expect a similar result at the end of the next half.
year. The plant and rolling stock of the company,
he was glad to say, were in a state of complete effi.
ciency. If a reduction in the interest on debenture
loans could be effected to the extent of only 1 per
cent., it would go far to pay a dividend equivalent
to the same amount on the postponed capital stock of
the company. He had to mention that it was the
intention of the directors to recommend to the
shareholders to make application, in the en •
suing session of Parliament, for an Act to
consolidate the several Acts of the company. This
measure was rendered necessary by the provisions
in several of the Acts, more especially the Granton
Acts, with reference to rates, &c. In that Act op-
portunity would also be embraced to place the shares
purchased in the Stirling and Dunfermline Railway
on a proper footing. The chairman concluded by
moving a series of resolutions to the effect that the
report be approved of ; that a dividend atthe rate of
5 per cent. be declared on the old Leith and Granton
preference shares, and a dividend of the same amount
on the 5/. guaranteed share capital of the company.
Captain ItAstsar seconded the resolutions.
A great many questions were ask.-d, in reference
chiefly to the accounts, by Mr. Smith, writer to the
Signet, and Mr. Monro, to which the chair and Sir
W. Dunbar replied.
Mr. HirrentNsoN moved the appointment of a
committee of investigation, but this motion being
only supported by the brother of the mover it fell to
the ground.

The report was then approved of and the dividends
declared.

Mr. M. HEatoT,
advocate (the son-in-law of Sir
Andrew Agnew), then moved that no trains be run
on the Sunday ; but this motion was lost by a majo-
rity of 282 to ,55 shares.

The meeting then broke up.
______

GREAT SOUTHERN AND WESTERN.
The general half-yearly meeting of this company
was held at the terminus, Dublin, on Monday ; Sir
E. M`Donnell in the chair.
The directors' report stated that the gross traffic
receipts for the half-year have been 105,5081., and, as
compared with 98,7451. for the previous half-year,
shows an increase of 6,763/. This increase arises
chiefly in the passenger traffic, and is mainly attri-
butable to the changes which were made eight months
ago in the fares. The number of passengers conveyed
has not materially increased when compared with the
corresponding period of last year, although the accom-
modation and facilities, more especially to third-class
passengers, have been greatly extended. The receipts
from cattle have also steadily improved, but the goods'
traffic does not show so favourable a result. With a
bountiful harvest, the directors looked forward with
confidence to a future and considerable increase in
this branch of revenue. The result of the entire traffic,
however, is, under all circumstances, very encouraging;
and the directors are enabled, out of their net earnings
for the half-year, and after the payment of interest
on the debenture debt and preferential stock, to re-
commend a dividend of 15s. per share, being at the
rate of 3 per cent. per annum on the subscribed capi-
tal, leaving a balance of 4,6301. to be carried to the
next half-year's account ; and it is satisfactory to
them to state that since the making up of the accounts
to the 30th of June, there has been a further increase
in the receipts of upwards of 3501. per week. The
company's solicitors have been instructed to prepare a
Bill fur the next session of Parliament to consolidate
the powers of the company s various Acts, and to
authorise the creation of stock for the future liquida-
tion of the company's liabilities to the Government
and their debenture debt; and also containing powers
for the construction of a dock or basin, with suitable
warehouses, on their land at the Cork terminus on the
river Lee, whenever such shall be found necessary.
After some discussion the motion for the adoption
of the report was carried, and a dividend of 15s. on
each original share (or 3 per cent, per annum) was
declared.
The meeting wag then made special, and the for-
feiture of 76 shares in arrear of calls was confirmed.