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RAILWAY REPORTS.I

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RAILWAY REPORTS. CAMBr.IA-N.-Tlie report of the directors, sub- mitted to the thirty-eighth half-yearly general meeting held at Oswestry, on the 28th February, gives the total receipts for the past half-year at £101,706, a net decrease of E2,841 as compared with the coi res- ponding period of 1881; the expenditure being £ 59,647, a net decrease of E14. The report adds—The receipts from passengers, parcels, and live stock traffic show an increase, but the merchandise and especially the mineral receipts have fallen off to a large extent, the decrease being due mainly to depression in the slate trade, and to growing competition by the great com- panies in the Festiniog district. The expenditure includes an increased outlay upon the rolling stock, principally in the waggon department, upwards of sixty old waggons having during the half-year been replaced by new waggons of a superior type. The charge for compensation is exceptionally high on account of claims paid for injuries to cattle in an accident which happened to a goods train at Abermule, in July. The working expenses for the half-year are at the rate of 58'65 per cent. The net revenue amounts to 942,059, being a decrease of £2,827 as compared with the corresponding period last year. The balance due to the holders of coast debenture stock No. 2 for the year ending 31st December last, after deducting the payment made to the holders of debenture stock No. 3, is, as shown in account No. 10, equal to a dividend of 92 Is lid per cent., which will be paid on the 1st March. Payment will at the same time be made of the arrears of 91 2s id in respect of the previous year, as shown in the accounts for the half- year ending 31st December, 1881, making a total distribution to the holders of this stock of £ 3 4s per cent., which now completes all payment due to them to 31st December, 1882. In accordance with the pro- posals relating to renewal of the permanent way, sub- mitted to and approved by the proprietors at the general meeting in August last, twenty-five miles of line were re-laid with steel rails in 1882 at a cost of £ 15,690 7s 7d, of which 98,000 is charged to revenue in the present accounts. As anticipated, these renewals have resulted in a large saving in ordinary maintenance, and enabled the company to meet the increased expenditure on other heads without adding to the total amount of working expenses. Ninety-one miles of line have now been re-laid with steel. It has been deemed advisable to introduce into Parliament a bill conferring upon the company various additional powers in relation to the undertaking; and in pursuance of notice a special general meeting will be held immediately after the termination of the business of the ordinary meeting, for the purpose of considering, and, if thought fit, approving the bill. The original intention of con- solidating the stocks of the company was not persevered with on account of practical difficulties. THE BALA AND FESTINIOG RAILWAY.—The half- yearly general meeting of the proprietors of this company was held on Wednesday, at Paddington Terminus, London, under the presidency of Sir Daniel Gooch, Bart.. M.P., chairman of the company. The report stated that the directors had the pleasure to announce that the line between Bala and Festiniog was opened for traffic on the 1st of November last. The gross receipts and rebates for the two months ended the 31st December were as follows :—From passengers, f426 4s. Id.; parcels, horses, carriages, &c., f-26 14s. 9d.; merchandise, live stock, and minerals, JE262 2s. 9d.; rents, 12s.; rebates, £ 142 9s. Id.; making a total of £ 85S 2s. 8d. Having regard to the period of the year and the undeveloped state of the traffic, the directors did not consider the result of the first two months' working to be unsatis- factory. The receipts were also adversely affected through the line being blocked by snow for a few days in the early part of December. The proportion of the gross receipts to which the company was entitled, with the rebates, amounted to £ 464 10s. 2d.. and that sum had been applied towards payment of the debenture interest, amounting to £ 588 5s. Id., which accrued from the 1st of November to the end of the half-year, and general charges amounting to £ 32 16s. The directors regretted that a delay had taken place in completing the work of widening the Festiniog and Blaenau Railway, owing to difficulties which had arisen with the lessees and occupiers of the land required by tne company for Blaenau station. Those difficulties were, however, in a fair way of settlement, and the directors hoped that in a short time they would be so far removed as to enable the company to proceed with the works of the station. In pursuance of the resolution of the shareholders passed at the half-yearly general meeting held on the llth of August last, the whole of the share capital of the company had been converted into stock, on and from the 1st September, 1882. The engineer's report stated that the railway, after having been passed by the Government inspector was opened for traffic on the 1st November last, and since then the works had stood the test of the heavy floods and severe winter without the slightest failure of any kind. The extension from Festiniog to Blaenau had now the 4 feet Si inch gauge laid to Blaenau station, and had it not been for the difficulty in settling with the lessees, portions of whose land and premises were required for the station purposes that length would now have been ready for opening When those property questions were settled, about a couple of months would complete the works. The receipts and expenditure on capital account showed that the amount expended to June 30th, 1882, on lines opened for traffic, was X-271,066 Ss. Sd., and the amount for the half-year ending December 31st 930,486 13s. Id.. making a total of £ 301,553 Is. 9d. The amount received to June 30th, 1882, from shares and stock, amounted to £ 231,300, and for the last half- year £700, total £ 232,000 from loans to June 30th, 1882, E-43,500, and for the half-year E30,000 total, £ 73,500, leaving a sum to balance of L3,946 18s. 3d.— The Chairman formally moved the adoption of the report and statement of accounts, which was seconded and carried nem. con. David Maclver, Esq.. M.P., J. J. Bibby, Esq., C. G. Mott, Esq., the retiring directors, were unanimously re-elected. The retiring auditor, Mr J. H. Matthews, was a1 so unanimously re-elected, and the proceedings concluded with a hearty vote of thanks to the chair- man.

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