The Sun.
London, England, 1868-01-01 00:00:00

it might have great influence at Manchester. - Ile
believed that only one contrtet (for £250,000), in
connexi-In with the Settle and Carlisle line harlb,-en
let. The Midland in 1851 had a mileage of 496 ;
in 1856 of 550 ; in 1861, of 620 ; in 1366, of 680
miles. The gross traffic receipts in 1851 were
1,186,191 ; in 1853, £1,611,767 ; in 1861,
£2,104,772 ; in 1866, £2,743,751. In the first five
years ihe mileage increased 11 per cent., and the
increared 362 per cent. That was the gross
sum, and the working expenses had t.) be deducted
from it, but at least one half would be proilt. In
the second live years the increased mileage was 15
per cent., and of traffic 30 per cent. In the third
five years the increase of mileage was 91 per cent.,
and the increase of traffic 308 per cent. These
were very satisfactory figures. They proved that
up to this time all that had been done on their own
line had been done profitably. (Hear.)
In reply to a question, the CHAIRMAN said he
believed the capital .of the company in 1860 was
£20,931,119, and in 1857 it was £30,679,036.
The proceedings closed with a vote of thanks to
the chairman.

. EAST INDIAN.
The 42d half-yearly general meeting of this com-
pany was held yesterday at the London Tavern ;

Mr. R. W. Crawford, M.P., in the chair.
Mr. No D, the managing director, having read
the notice„, convening the mecting,_,l4o-nAmnrt, an
a—Cro
• -
abstrf which appeared in The Sari, wats taken
as read.

'fhe CIIAIR3IAN, in moving its adoption, explained
that they could not hold the meeting earlier, and

could not have deferred it longer, as it was neces-

nary to have the consent of the shareholders to de-

dare the extra dividend. The report referred to
the particul,►rs of the receipts and expenditure, so
that it would not be necessary for him to detain
them at any length upon the subject. This was the
second time they had had surplus profits to divide
over the five per cent. guaranteed to them. The
additional dividend was at the rate of one-half per
cent. per annum free of income tax. This was left
after paying income tax at the rate of 6d. in the
pound, after providing for Sir M. Stephenson's an-
nuity, after setting aside £lB,OOO to meet bad and
doubtful debts, and £3,000 for insurance against
fire. They did not burden the report AN ith numer-
ous statistics, which were seldom read or appre-
ciated. They bad merely stated what was useful
and easily understood. The directors had called
the attention of Mr. Mendel, their consulting engi-
neer, before his departure for India, to every point
of interest respecting the working and completion
of the railway. The working expenses in the past
half year had increased to 41 per cent., against 41i
per cent. in the Corresponding period of the previ-
ous year. The permanent way and rolling stock
were maintained in the highest state of effi-
ciency. Every item of expenditure was
brought to account in the half year, and
they had the certificate of the Government engi-
neer to the effect that the stock and works were
maintained in first rate condition. With regard
to the progress of the works on the line, they
had only to make the Chord line, which was now
in course of construction ; it cat across through the
collieries from one portion of the main line to the
other, and would be about 140 miles in length. It
was not the fault of the directors that the contrac-
tors bad been so slow with the works on this sec

tion. Still, they had two years to complete the
line, and he hoped that more progress would soon
be made with it. The Jubbulpore line was opened
on the lat of August lat for general traffic, and it
was to be regretted that the Great Indian Peninsu-
lar Railw.ay had not yet been completed up to the
East Incliandine—at Jubbulpore.. They..wera_gina
that the traffic in that dii•eci,ion was increasing, but
it could not increase to any large amount until the
rail k‘ ay communication was completed from Jub-
bulpore to the Great Indian Peninsular Railway, so
as to allow the trains to run through without ob-
struction. The communication between the two
lines was at present completed by means of a tem-
porary conveyance along the road for a distance of
180 miles. The mails were now being carried that
way between Bombay and Calcutta ; . but the
main traffic of the country could not be deve-
loped until the gap between the two lines was filled
up by means of complete railway communication.
The man question, however, was that Mr. Rendel
had placed himself at their service to examine and
report on their line and works in India. The direc-
tors had never at any time entered on works that
had not previously the full assent' of the share-
holders. In June, 1865, the directors submitted
a report by Mr. Rendel as to the sum of money
that would be required from that time to be ex-
pended in the completion of the works ; but new
circumstances had since arisen, and new exigencies
had shown that other things were now required be-
yond what was then anticipated. They now wanted
to know the full extent of works required of them.
In the early part of this year they had received an
estimate of certain additional works proposed by
the Governtnent, amounting to £400,000, including
the construction of houses, &c., for the persons em-
ployed on the railway ; but the board, not having
received an explanation of so large an outlay, tele-
graphed to India. The explanatio n was so far sat isf ac-
tory that the expenditure was to be spread over a
period of ten years, which had the effect of bringing
it into smaller proportions. The necessity of pro-
viding places for work-people to live in was not con-
fined to India alone, where the provision was now
so mucbrequired, but it .had arisen years ago on
English railways, such as near London, Crewe,
Wolverton, Swindon, and other places. But in
India their line passed near large cities, and it was
especially necessary they should provide proper
habitations, not only for hundreds, but for thou-
sands. They might, therefore, have to sanction an
expenditure on that account. It was the necessity
of this outlay, probably, that made Mr. Power,
their engineer, write so strongly about the ne-
cessity of providing the EurOpean workmen and
others with healthy habitations, as he knew the
company could not expect to get their full ser-
vice out of them if badly provided in that re-
spect. It was true that the rent of these places
would be paid to the company in lieu of the capital
expended in the construction of those houses. This
would be one of the subjects that would have to be
brought before the shareholders. The directors
were exceedingly anxious to have a clear and dis-
tinct understanding of all that would be required
of the company before they were called upon to in-
cur any, additional outlay of capital. Mr. Rendel
had ex pressed his readiness to go to India with the
sole el)ject of seeing the company carried in credit
through the great works they had undertaken. The
lengt.t, of railway now made was 1,4971 miles, which
was etivided into two districts —one from Calcutta
to a elhi, and the other, the loop line, from Allaha-
bad to Jubbulpore and the Chord line. They
wor .1d have to provide for the maintenance of 502
nii3 es of double line, and 934/ iniks of single line,
ms .king together 1,4961 miles, and beyond that they
'aad no other arrangements with the Government.
The whole was completed with the exception of the
Chord line and places on the main line. Ile then
read the instructions given to Mr. Rendel prior to
leaving for India, minutely detailing every inquiry
he would have to make and report upon both as to
the working of the line, the state of the works and
rolling stock, and the making of a careful estimate
of the works required to complete the whole under-
taking ; also as to whether some of the proposed
works could not be deferred or abandoned ; to con-
sult with the officials in India as to indispensable re-
quirements ; and, above all, to economise further
capital expenditure as much as possible ; to report
on the utility or otherwise of the proposed bridge
over the lleoghly, near Calcutta; and also as to
furthir requirements of rolling stock for a traffic
increasing from £25 per mile per week, .pp to £4O