The Express.
London, England, 1855-09-01 00:00:00

GLASGOW AND SOUTH WESTERN RAILWAY

COMPANY.

no following report hen boon issued by the dine-
tan of this railway The directors sow lay before the
ehareholden their usual periodical statement of the capital
and revenue aesioonteol the company for the half year end-
lag ea 31st July last. The revenue of the company gene-
rally, although steadfly inereasing, has not improved as
mph as was anticipated- TM r teals has foliated
to some extent from the sauna severity of the weather is
the early portion of this half year, and also from the loog-
continued competition at low fares en neighbouring Hoes.
An important secession of may be looked for on
the opening of the Delmellington and Maybole Railways,
and especially from the mineral traffic which will thus be
developed. The following cemparative.statement of the
revenue of the main line during the last four years will
show the increase which has penodically taken place since
the amalgamation with the Dumfries and Carlisle Company :
floods,
Tem ending Pumpers. Minerals, Sm. Total.
July 31, 1942 113,633 I $ £122,383 1 3 £198,290 10
July 31, 1863 78,424 11 8 139.273 18 2 217,699 910
July 11, 1834 ... 97,138 7 6 162,719 8 9 219,946 16 3
Jury 31, 1843... 89,710 4 4 173,677 18 10 233,399 3 2
"The revenue of the Ardroman Railway has also materi-
ally improved. For the period ending on 31st December,
1853, the date of the Aresan Company's annual balance,
the receipts amounted to 14,0871. 6s. sd. This moms,
entered into possession of that line on let August, 1864, and,
from the various advantages arising from amalgamation
and combined working, the revenue, during the
succeeding year, has been 17,4801. 95., with the
prospect of still continued Improvement. The traffic
on the joint line has not similarly improved. This
may be attributed in same measure to the depressed
state of manufactures in Paisley during the last six months.
As contrasted with the corresponding period of last year,
the pasmagen show • considerable dimiaatiou is number,
while the oo is increased to • trifling extent:—
First elete-31st July, 1854, 24,622; 31st July, 1856,
28,710—increase, 4,098. Snood clam-31st July, 18.54,
66,E63; 31st July, 1866, 92,174—increase, 36,311. Tkiro
clue-31st Jely, 1864, 251,609; 31st July. 1856, 160,562
, decrease, 101,047. Total-31st July, 1854, 333,094; 31st
July, 1865, 271,466—decrease, 61.638. Revalue-31st July
1864, 7,9641. 12 Ild. ; 31st July, 1856, 8,0211. 17s. Id.—
increase, 671, 4s. 2d. This result is We:lmitable, in the
opinion of the board, to a discostinuance, in November
last, of the system of issuing return tickets to third class
passenger.. The attention of the shareholders is requested
to the engineer's report, appended, which contains
ample information as to the state of the line, rolling stock,
and the amount of work performed during the half-year, &c.
It will be seen from this report that the plant is still main-
tained in an effective state, and that two engines, with a
number of carriages and waggons, have been wholly
rebuilt, sad the revenue account charged with the cost. Six
new engines of • superior description have been obtained,
and two more are ordered, for the purpose of working the
Ardroesan branch, and the Dalosellington and Keyhole
lines. Considerable progress has been made in relaying the
line between Paisley and Beith, and the renewal of way
fund, specially set apart out of fer this purpose, has
been debited with 1,1051. 3s. 6d. The working charges are ,
under 42 per cent. of the receipts ; it is hoped that various
articles of supply, especially coke, may soon fall in price.
The board continue to devote unremitting attention to every
branch of the expenditure of the company. The new work-
shops at Kilmarnock are now in course of erection, and the
directors condenesatisfied with their selection of this locality.
The revenue account, after deduction of working expenses,
interest OS loans, and all other charges, shows a balance of
63,820!. Bs. 7d.; undivided profits of previous half year,
2,9381. 165.; together, 66,7591. 31. 7d. Um—dividends on
guaranteed consolidated stock sad 101. preference shares,
10,1661. se. ;—disposeble balance, 66,6021. 18s. 7.1. This
sum will allow a dividend at 0 rate of 31 per cent. pet
annum on the Ardroesasi and ung aaaaa teed stock of this
company, amounting to 51,9391. lls. 3d. to be paid ; leaving
a balance of uodividad profit of 4,6631. 7s. 41. to be carried
for card ; out of which sum, however, the board have
ordered 2,0001. to be appropriated In the replacement of loco-
motive power. The board accordingly recommend the share-
holders to declare • dividend at the forogoin,, rate—payable
on Thursday, the 20th inst., under deduction of income tax.
The board have pleasure in stating that the Consolidation
Act, referred to in the preceding report, has since been ob-
tained, and will be found of great practical utility. In ad•
dition to consolidating the numerous acts of parliament in
favour of the company into one, this measure, infer olio,
defines and regulates the capital of the company, legalises
the acquisition of shares in the Ayr and Dalenelliegton and
Keyhole Junction Railway Company, and extends the mon.
gage powers of this company. The authority sought in the
other bill, to sanction the employment of steamboats in im-
proving the communication with Ireland, was refused by
Parliament; but the short extension of the Mayfield
branch into the Granger coalfield, and • small.
branch for connecting the main line with the Ardroesan
Railway near the Eglinton iron work., were approved of.
The limit of the mortgage powers of the company, hitherto
exercised, wet 964,099!. 3s. 44., and by the Consolidation
Act is now extended to 1.166.661 , thus enabling additional
loans, amounting tis 202,5661. 16.. 81., to be raised. This
sum will meet the expenditure for additiooel plant required
for working the Ardroosao, Delmellington, and Keyhole
lines, and also for the increasing traffic of this company, and
to defray the cost of the new workshops at Kilmarnock, tic.
A resolution enabling the compenv to borrow on mortgage
to the defined amount of 1,166.6661. altogether, will accord-
ingly be submitted to this nesting for their adoption. The
Consolidation Act also confers on the company the power
of converting at any time the whole, or any portion, of
their mortgage debt into a first preference stock,' the
dividends on which shall be entitled to the same
Priority in payment as is now enjoyed by the interest on
the borrowed capital. The intrinsic value of this stock,
preferable to all others in the company, will be such as to
enable the board to raise it, on the first convenient oppor-
tunity, under a guaraetes of moderate amount; the mort.
gage debt can thus be gradually redeemed, and the com-
pany placed beyond the influence of monetary fluctuations,
while the constantly recurring expense of changing securi-
ties at the various terms will be avoided. The works on
the Ayr and Delmelliogton Railway have not progressed as
satisfactorily as the board could have wished, and it is be-
lieved that the line cannot be completed until the close of
the year. The Ayr and Keyhole Junction Company state
that their railway will also be finished about the same period.
A separate company is in course of being organised for the
purposeof continuing this line fromMaybole to Girvan—a
distance of about 12 miles—at the estimated met of 62,000/.
As these extensions are all likely to prove valuable feeders,
the board feel justified in recommending this new scheme to
the favourable consideration and support of the shareholders I
individually in this company. They have elan agreed, sub-
ject to the approval of this meeting, to contribute a sub-
scription of 12.000!. towards the capital of the Keyhole and
Girvan Company, as they deem it of importance that this
company shall possess some interest in the proposed under-
taking. It is stated by the promoters that the landed
proprietors along this line are anxious for its construction,
and are prepared to assist them by every means at their
disposal. In concluding, the board recommend that in
future free posses to the general meetings shall only be
given to shareholders holding stock to the amount of 6001.
and upwards, as is usual with other oempanies.".

• F.:doges of trate on the Archteeen Brandt.

ST. ANDRE irs AND QUEBEC RAILIVAY.

The half-yearly meeting of the " C ue A" share-
holders in this company was held on Thursday, at 46. Per•
ltantent•stnet. Mr. FRANCIS EDWARDS took the chair.

Mr- BYZNI, the secretary, read this report, which stated
that the board had given their anxious attention to the
wishes of the shareholders as expressed at the meeting held
on the 28th of Jane last, and that a member of the board,
accompanied by one of the solicitors to the ccmpaay, would
proceed on the Ist of nest month to New Brunswick to
negotiate with the local g nnnnn meat for the delivery of the
debentures and grant of the land due to the company, and
f the completion of the line to Woodstock. The direct.
tors hoped to be able to report to the shareholders a favour-
able issue to them negotiations.

The motion for the adoption of the report was
carried, end, after a vote of thinks to the chairman, the
amain separated.

Herepails announces that considerable distrust is
being entertained ►y British capitalists as to the political
mick.rity throughout Germany. In many parts the rye har-
vest is deficient; and, should this prove to be more general
than supposed, a straggle is anticipated between the rulers
and the peoples of the Germanic Confederation. A crisis is

at \and, "bleb it is considered will fuse Autria and
Primala to &slate either for or against the Welton Powsn.

_......__
BETTING AT MANCIiESTEIL-FAIDA
LEAMINGTON *HAKES (WARWICK).
7 to 1 apt Shoreham (t freely)
10 to 1 Selma (t)
12 to 1 Goorkah (1)
12 to 1 Nov Warrior (t)
100 to 7 Kaffir (t)
100 to 7 Caney (t)
100 to 8 Cook of the North (t)
GREAT YORKSHIRE HANDICAP.
5 to 1 apt Midammalf to (reel
Bto 1— Fanny Grey 1 9 1)
12 to 1 Indies W (t)
100 to 6 Radcliffe Hero (t)
100 to 6 Veteran (t)
ST. LEGER.
5 to 2 apt Rilleman
7 to 2 Genoa
4 to 1 Lord of the Lam
10 to 1 my of Soott's lot
CESAREW ITC Ii STAKES.
25 to 1 apt Rolmill (t)
25 to I Athenian, (t)
25 to 1 Blmaton (t)
25 to 1 Mr. Sykes (t)
30 to 1 Sesotho: (1)
30 to 1 any other.