The Express.
London, England, 1852-08-20 00:00:00

DUBLIN AND DROGHEDA RAILWAY.

The following are extracts from the directors' report,
to be submitted to the half-yearly meeting of the company
in Dublin, on Friday (this day).
The traffic of the last half-year exceeds that of the cor-
responding half-year by 2,1721. 9s. 4d. ; and when it is
borne in mind that the portion of the Belfast Junction line
at Newry, whi:h completes the communication between
Drogheda and Belfast, was not opened to the public until
the 10. h of June, and that it had consequently little effect
on the traffic of the last half-year, the increase which has
taken place may be regarded as very satisfactory. Since
the commencement of the current half-year, the receipts of
the company have Mill further increased, although, in con-
sequence of the break in the line at Drogheda, a portion of
the goods and passengers' traffic still continues to go be-
tween Belfast and Dublin by sea. The works on the
viaduct over the Boyne are rapidly progressing, and it is
expected they will be finished early next summer.
Since the last half-yearly meeting, the land necessary for
the Kells Extension (9l miles in length) was purchased on
favourable terms, and for rather less than the estimated
cost. Some time ago the directors of this company, in
conjunction with those of several other Irish railway COM.
panics, made an application to government for a reduction
of the rate of interest charged on the Inane to tai way com-
panies in this country, and they have pleasure in swing
that the rate of interest has been reduced from 5 per
cent. to 4 per cent. per annum, by which a saving of
about 1,0001. a year is effected to this company. In the
lest report it was stated that the directors 6clt it their duty
to take such steps ea they were advised might be useful for
protecting the interests of this company against the injurious
effects of a line of railway from Mullingar to Cavan, promoted
by the Midland Great Western Company. With this view
they gave some assistance to the Dundalk and Enniskillen
Company in obtaining a bill to complete their line to En-
niskillen. The bill has been paiPed, and the directors of
that company are taking active steps to carry out the works.
The balance of nett profit for the half-year, after paying in-
terest on loans, and 61. per cent. dividend on the preference
shares raised for the construction of the Kelp branch, is
6,1761. Ss. 9d., which will enable the proprietors to declare
a larger dividend than in the corresponding half of last
year, which was 12s. per old share. The directors recom-
mend that a dividend of I6s. per old share, and ss. 4d ocr
new share, be declared, which will amount to 6,0811., and
will leave a balance to be carried to the reserved fund of
921.8 e. 9d."

GREAT NORTHERN RAILWAY.

The half-yearly report of the directors is as fol-
low.:

" The accounts for the half year ended June 30, 1&52,
are circulated with this report, and the results of their de-
tails are the following : Gross amount of revenue earned,
290,6741. 175.; working and other expenses, chargeable
upon, and to be deducted from, revenue, 144,2101. is 6d.;
—leaving disposable revenue to the amount of 146,434/.
9s. 64. By the net revenue account,' No. 3, published
herewith, it is shown that, after provision for fixed rents,
other charges, and for dividend on the preference postion
of the capital, there remains a balance of 72,9061. 6s. 9d.
applicable to the payment of the interest for the ha'f year
on the mortgage debt, and to a dividend on the original and
the B stock. The amount of the mortgage debt on the
30th June was 2,580,9801.; unproductive works had cost
to 30th Jane, about 1,700,0001. ; the half-year's interest on
the mortgage debt (payable 15th July) was 59,2971. 16s. Bd.
Of this sum, it is proposed to charge or add to capital
35,5781. 145., and to charge upon and deduct from revenue
the remainder of the mortgage interest, being 23,719/ 1..84.
Thus the du po able balance of revenue, 72,90.51. 6s. a.,
being charged with 23,7191. 2.5. BJ., becomes reduced to
4'J,1861. 3s. 6d., and out of this amount the directors recom-
mend the payment of dividend for the half-year ended 30th
June, at the rate of 2 per cent. per annum on the original
stock, and at the rate of 4 per cent, per annum on the B
stock, which will absorb 48,082/. 51., and leave, to be car-
ried to the next account, the sum of 1,1031. 18s. 6d. The
last portion of the Great Northern main line from Werriog-
ton, four miles north of Peterborough, by Grantham and
Newark to Itetford, being 60 miles, was opened for traffic
on the 15th July, making the distance between London and
York 29 miles shorter than by any other route. By the
ripening of this portion of the line, the important town of
Nottingham is brought into the most direct communication
with London by means of the Ambergate Railway,
which joins the Great Northern at Grantham ;
and the distance to Sheffield, Barnsley, Wake-
field, and Leeds, itc., to which places the Great
Northern trains now run, is also shortened by' 0 miles.
li From the date of opening this portion of the m line, the
Great Northern Company becomes intitled, by agreement
with other companies for five years, from lot January,
18.51, to 63 instead of 34 per cent. of the receipts from
traffic between London and all places north of York. The
Royston and Ritchie Railway was, in April last, trans-
ferred to, and is now worked by the Eastern Counties Com-
pany—the Great Northern being relieved from the guaran-
teed rent. Under the pressure of a mandamus, obtained
by parties locally interested, and for other reasons, the
directors determined to proceed to purchase the land, and
to take the steps required before the expiration, on the god
of August instant, of the company's powers to construct the
Isle of Axholine Railway from the present termination of
the Great Northern line at Gainsborough, acres,. the
, Trent, and by Maxey, Epworth, Crowle, and Thorne,
to the Askerno Junction, the northern extremity of
the Great Northern, about four miles north of Doncaster.
It is intended to construct only a single hoe, and the length
being about 26 miles, the capital authorised to be raised is
coaamtertd nznP, 3C0,0001. ry &aro and 100,0004

by loan. The directors, with much \Tref, find it necessary
to state th .1 the loud, the general works, and the buildings I
sail phut, felleiti to iiniolll/11illi.a and carp on the
traffic hair..., sod will, so.: so much larger an amount that
was minion din 18)0, that they have no alternative but to
ask the ar.. eh tor.: to sanction application in the next
session of parlianislit for power to raiw fit: ther share
capita: to the amount of 1,000,0001., and to autlturiou them,
in the meantime, to take such measures u may appear to
them best ill;dcd for providing the required additional
capitol es V•e iniKt favograble tsrots for the company, and
in the form beat suited to meet the convenience of the pro-
prietor. generally. The following is a schedule of the
amertainel liabilities of the company, viz. —Land account,
167,3011. ; *into, stations, and permanent way materials,
522,401 r.; engines, carriage and waggon stock, tools, and
implements fur workshops, *c., 226,21331. ; interest account,
part of half year's mortgage interest (pollee 15th July) of
0,2971., say 3i,0001.; total liability, 941,6781. ; available
assets. 215.12141. • leaving, to be provided for, a di•ficiency
of 706,2.501. The directors advise also that the intended
application to parliament should embrace powers for cons°.
lidatiog the mortgage debt into a debenture stock, in the
eapectati in that it may he disposed of et a cornparativey
low fixed rate of interest, probably not exceeding 31 per
cent., and by which a considerable annual saving to the
company sill be effected. The station at King's-eross is
mid arrangements have twin made
to open it tor business on the Ist of October nest; and,
being convinced that an hotel at the London terminus is
riplispeiesibly necessary for the accommodation of passen-
gers, the directors have contracted for building one, under
the certainty sf its paying good interest on the outlay.
The capital account shows that 9,373.4071. had been re-
ceived to the :tom of June last, and 0,249,401/. expendel,
leaving a bound of 121,5061. in cash and South Yorkshire
Itailway chafes. The length of railway maintained by the
company out of revenue is 2411 miles. The number of
miles run by the trains during the half-year is 1,750,165.
The consumption of coke per mile for passenger engines is
2011 b., sea for goods engines, 37 llb. ; the averate con-
sumrion, 20316. of coke per mile. The working charges
an 40 62 per cent. of the gross earnings, and show an aver-
age cot or 1•61.. per mile per train. In addition to the
2411 tuilis of the West Northern system, the company's
trains have worked over 150 miles of the lines of other com-
panies. The grass length of railway worked over in the
early part of the year was 3.9111 miles, but en the 11th of
February the Great Northern ceased working over the 24
miles to Wobech, and in April over the las miles of the
Royston and Hitchin, making a deduction of 421 miles, and'
leavor.g the kerb over which the company worked on the
30th June 314 miles.

MANCHESTER, SHEFFIELD, AND LINCOLN.
SHIRE RAILWAY.

The following is the report of the directors to be
submitted to the half-yearly meeting, to be held at the
Cum lischange, Hanging Ditch, in Manchester, on the 25th
last., states that the total capital expenditure daring the
half-year amitosis to 168 4131. IN. 7,1. The Grimsby Docks
were opened on the 27th May last. The director. have sue.
culled a establishing a line of steam packets to Ilanz•
burg, and a weekly steam-packet to Rotterdam; this may
be couselered the esirionencement only of • large foreign
tra le. stitch the directors hope shortly to extend to the
pnntiptl porta in the north of Enrage. The
directors have succeeded in carrying suecessfully
through p rliarnent the company's bills, Noe. I and 2,
the one for authorising coal branches in the Barnale7 and
Mont. Id district, and the other to revive the borrowing
powers extinguished by the company's act of 1550. The di-
rector. anticipate effecting arrangements with the Lancashire
and Yorkshire and other railway companies, of a more
friendly and satisfactory nature than have hitherto prevailed,
and which wall throw considerable traffic on this company's
system. The revenue of the company for the put half-year has
exceeded that of the corresponding half-year of 1861 by the
sum of 12,6011 12s. led., but the real increase is not less
than 17,64.001.; errors to the extent of 5,0001. having been dis-
covered in the accounts of the half-year ending June, 1851.
The directors also report that in the settlement of the ac-
counts which have been long in dispute with the Great
Northern Company, the amount owing by that compasy
was found to be leas than hail been estimated by 3,7131. 78.SL
Further errors to the extent of 2,2061. 9.. have also been
deducted from the present half year. The directors have
thought it right to place to the debit of the put half-year's
revenue the whole of these sums. There are many other
wiattsrs consequent upon the opening of Grimsby Duke,
the change of station and other great alterations in Sheikh'
and other important places, which have contributed to the
great r ziense of the half-year, and which the unarguable
in progress will relieve the company from in future. The
condition of this undertaking at the present time
is a communication between Manchester and
Bhefil. and • good port on the 'lumber has
heel, eB. cted and a goood understanding with the great
railway interests either exists er is approximating. The
traffic has increased from 359,0001., in 18,50, to 397,0001. is
1861. and bids fair to go on at least at the same rote. From
the stat.ment of the capital et:count the total 11.14101 Dip ID
30th J eke last have been 7,662,0001. 7a 3d., leaving a bdiMei
Over the expenditure of 111,3311. 9s. 4d. The Nadia en
the sevenue account are 190,245'. 13s. 4,1., of which the fol-
lowing are the chief items .—Ctrackiag traffic,ss,992l. 6s. 84.;
inereli.inilise ditto, 66,5691. 9e. ltd.; maces! ditto.
37,2211.3..; from the Ashton Peak Forma, Yagelselaid, and
Chesterfield Canals, 31,4681. 14.. 4d., leaving • balsas. en
the expenditure of 68,696/. 3a. The interest on loons foe
the half 3 car amounts to 50,414/. 15s. Bd.; Ashton Canal
loans and annuities, to 6,291/. Its. Peak-forest ditto, to
6,63.1/. 9.. 3 I. ; Macclesfield ditto, to 4,6701. 3s. 7d.; interest
OD calls in advance on Cl. preference shares, to 5861.01. 10d.;
balance, 1.2111. 14e. Ild.
The auditors' report gays In their last report to the
shareholders, your auditors stated that' they found them-
selves placed in a position of some difficulty, in reference
to the accounts of this company, inasmuch as alterations
in the mole of keeping the traffic accounts had prevented
the head of that department from rendering his statements
in time to enable the auditors thoroughly to examine and
check what they consider an important basis of the ac-
counts.' Under these circumstances, the auditors were I
obliged to adopt estimates officially supplied. This coarse,
although by no means unusual with railway companies,
was very unsat...factory to your auditors at the time ; but
as the only alternative would have been to send out the
state's. nt altogether unavouched for, they contented them-
selves with stating to you the fact, and urging upon those
mhos-, duty it was, the necessity of preventing the recur-
rence of so objectionable a mode of proceeding. The re-
venue account for the last half- year exhibits in unmistakable
Linguae* the danger of admitting estimates in lieu of
ascertained amounts. There still remain unadjusted
as ousts with other companies, which may, on a set-
tlement, affect future statements. Ihe solicitors'
Fills against the company are still under taxation, but ties
whole amount his been paid and appropriated to capital and
revenue by Mr. ROM The company have during the pug
half-year sold to the corporation of Manchester a supply d
water from the Peak Forest and Macclesfield Canals to the
amount of 3,0001., hut only 2,0001. has been taken ermill
for in the accosate, the remainder being temporarily carnal
to • suspense account, to stand against disputed claims of
the company, of about the same amount for canal dues. The
awn of 2.101. has been appropriated to a fund for covering
damage by fin, in addition to • like sum for the preceding
half-sear, and it is intended to continue such appropriation
regularly. The auditors have received from Mr. Peacock a
written assurance that the rolling stock of the company is
maintained at the eapense of revenue in a state of full
value and efficiency, and on this statement th. y are, after
minute inquiries and examination, disposed to place
reliance."