The Express.
London, England, 1852-08-13 00:00:00

LONDON, FRIDAY, AUGUST 13.

IN this month of half•yearly railway meetings, a
glance at the results of railway traffic for the last tux
months will be an interesting retrospect, not only to
those whose property is embarked in these uuder-
takings, hut to all who watch closely the march of
those stutistioal facts that bear on national wel-
fare.

Taking, then, the eleven great lines of England,
thuee either leading to, or actually centering
in, the Metropolis, it would appear that in
the first half of tho year 1852, as com-
pared with the corresponding period of 1831,
their receipts have been 4,387,036/. as against
4,188,2391. ; showing an increase in the whole of
98,797/. But, as is that I eriod 64 miles hare been
added t.• the length of these 11 lines, the mileage
receipts have not, it is clear, gone on augmenting in
the same proportion as the groin receipts; thus add-
ing another to the many proofs we before had, that,
however great may be the advantage to the public of
extensions, brandies and spurs, it is oa the main and
original lines, and schemes that proprietaries must
rely for profit and dividend.
Descending, however, from them general results
to particulars, the increased sum taken last half-year
has, it will be found been produced by seven of these
eleven hues, via.: bry the Booth Eastern, 10,8841.;
the Midland, 25.6(.44.. ; the Lancashire and York-
shire. 31.329/.: the Eastern Counties, 14,9311. ; the
North Midland. 9,632!.; the York and Berwick,
3,727!.; and the Great Northern, 34,9481. And of
these particular cases of increase, those of the Mid-
land, the North Midland, the Lancashire and York-
shire, the Eastern Counties, and the Great Nor-

them. are encouraging, as ;hewing the gradual de-
velopment of tic under the pressure of great com-
petition for it; for in none of those five lines is
there any mileage ifteTflUle; and it is exactly in the
instance of those two, the Midland and the Great
.

Northern, where the rivalry has been greatest, that
the increase in receipts has been largest ; thus indi-
cating, contrary to the opinion so frequently repeated
at half-yearly meetings by the most eminent of rail-
way chairmen, that competition is beneficial to rail-
ways, as to all other enterprises, if they will only
compete fairly.
The falling off in the teat& during the heat hallff•
year has been chiefly in the North Weellied
and, what is iemarkable while there Is *
decrease of 46,4191. in its receipts, there is as
increase in its mileage of 21 miles. So also with
the (drat Western ; there is a decrease of
.. '
sad an addition of 13 miles to its extent g 2
with the South-Western, an increase of five
has been followed by a decreased traffic of 1
In the case of the Brighton, the decrease is between
five and six thousand, but the mileage has, we be-
lieve, been stationary. The antagonism between
increased mileage and decreased receipts in the tint
half of 1832 is not, of course, cause and effect ;
and, as traffic is only gradually developed, it is quite
punible that this increased mileage may hereafter
tarn out profitable; though experience is rather
against any such expectation.
Part of this falling off in these four cases is no
doubt attributable to the loss of the Exhibition traf-
fic which they enjoyed in 18.11—for it is observable
that the earliest impressions on receipts produced by
that traffic were exactly on the lines on which there
has been in 1832 • deceased take; part to the un-
certainties of the weather and of the London season ;
sad something probably in the case of the North
Western to severe competition on both eastern and
western sides. The &creme, it must, however, be
remarked, would have beat more serious had it not
been for the • ' receipts from merchandise;
thereby showing that t the individual locomo-
tion has been less the general trade of the country
has been programing.
So far as the half-yearly accounts have yet
appeared it is inferible that the working expenses
have increased in the last half-year. This is so in the
North Western and Great Western ; but is accounted
far by part of the repairs arising daring the Exhibi-
tion jeer not having been paid far until the first
half of the current half-year. The effect of
this increase in working charges, and of the
decrease in receipts, on lividend in those two compa-
nies is, that, to maintain the rates formerly paid,
very considerable sums have to be taken from the ba-
lsams carried over, after payment of the dividend for
the half-year ending Dismember 31, 1851.
This practice at once glyceride to a meet important
question in railway morality and nianagemeat. To
maintain in a great concern • cossiderable balance
applicable to contingencies and unforeseen liabi-
lities is a matter of prudence which, as it
gives stability in value to the general property, me-
net be fairly or resioaably objected to; far railway
boards are bound to be as prudent as other people.
But, to carry over in good half-years great same in
order to support dividends in bad half-years is cer-
tainly objectionable; for it makes the living pap&
*tor pay, not for the dead, but far the nalein; and
unless there be a moral certainty that the ems rate
can be again divided in the conespenikig half
of the on-eaming year' it tends to eptve • tempo-
rarily Betides' vales to the property. It was
obviously the intends' of Pedismest, is
8 Viet., a 18, a 131) (the motion mg= divil=
that the prate et sash bilfiesr be divided
amongst the shareholder's at that period, e'a'st go
to augment the dividend' et those who wag thews.
after come into the company; and thee. sums
discretionary power is given by the meths to dicer
tam, it is very dear that the prime seamy at
things is to encroach on that power, and the ealegis
Wine° encroachment and abuse is mesh-•cdtpey
mull.
At all events, however, if rawily comPaillsele
to keep large balances or rests over From pea% ma
amount ought to be fixed, and the pvprM kr
which they are applicable ought to be dellami.
Then when it is universally knows that in id us-
producive half year a large win will be Sim bees
the rest, and be replaced in the nextprodasds; ball-
year, a much better approximation to the seal•
value of the property in question can be modest
is pow the came. Some sissy and distinct
standing ought to be come to hawses railway 'pro-
primaries and their directors as this sairleet at the
meetings now in progress.

The result of the workum of the half-year ending
30th of Julie last bee not been beneficial, but quite
the reverse, to prices, which in many cases had pre-
viously ruled unjuvtifiably high. But, on the whole,
if some principle be laid down on the point of rests,
there is not much to fear, and a great deal to hope.
espanies are takingadvantage of the abundance of
capital, and reducing, as fist as practicable, the inte-
rest on their debt, which, as a general nil., amounts
to one-third of their capital. The trade of the coun-
try is still, with the temporary exception of the
woollen seaaafectory, Increasing, and of that M-
orelos they will-hare the full advantage when they
choose to abandon the silly system of excessive com-
petition, gosling, and men+ after merchandise, that
now prevails. People, put to extraordinary.peniomal
expense last year, are this summer economical), M.
chned ; bet this stationary rule in lliZt2 is an =asp- I
tion to our general habits as a nation, and next year,'
in all probability. we will resume our locomotive
propensities in full force, and of them railways will
receive the benefit. And. sooner or later, rivel
companies will abate their extreme jealoa
mien ; for gradually , experience is teaching
them that a fair end reasonable competition
ie ailvantageoee to all; and when at last. instead of
the animosities and hostilities that now discredit

railwty_r
thea to a 'sacral ilysteta of accommodation of
thrtlaast booking .and of what la eaprewiaely termed
" roe sad take the nerprios will be what they
formerly weft foolish eisoegh to quarrel and waste
their VertltlPl'ut• WW period will POt he pn4-
Prigeda wale present premiere such as we hate

.... , •.• I. .

111,011 IN !NAY IVA

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