The Express.
London, England, 1863-08-19 00:00:00

MIDLAND.

The half-yearly meeting of this company woe
bald yesterday at Derby ; Mr. serum, mums, M.P., in the
chair. The report and statement have appeared in these
columns.

The CHAIRMAN, in moving the adoption of the report, said
there was little to all for observation ; the receipta and
rx.mcii.its were much in the ordinary proportion ; the
was practically 28,000!. in excess of last year • *hie
was net revenue, the actual excess of receipts in traffi over
the corresponding half of last yeisr having been 58,0004 To
take u much from the net as made up the 21 dividend on
the half-year would absorb about 14,600/. ; the remainder
would be appropriated to the payment of interest on the
cost of works of lines not yet in operation, and consequently
unproductive. Amongst these was the Buxton line, which
was opened on the Ist of June, and consequently did not
contribute much to the half-year's revenue. They appeared
now to have arrived at what might be considered a minuet
state as to their expenditure ; small disturbances might
occur to cause increased expenditure, but the proportion
of their earnings and expenses would be found to
be pretty uniform. lie thought they had reason to be
satisfied with the monoclinal of the views they took in re-
ference to new undertakings, and might congratulate them-
selves on having got all they asked for • which was rather us.
usual, considering the importaot character of one of their
undertakings. In allusion to the growth of the Mid-
land system end its dividends, be said that in 1859 there
was an improvement of 150,0001. in their traffic : this was
followed by that sodden glut which took place in 1860, and
resulted in an increase of 4,0001. a week, making 7,000!. in
the two years. This brought up the dividend to 61. 15e.
per cent. Then there was the terrible American war the
next year, and it was all the Midland could do to maintain
its position. They lost 3. 6d. in dividend. In the spring
of last year down went the traffic three or four thousand
per week, but by the end of the year they had recovered it,
and a good dividend had been maintained, after paying out
of revenue interest on new work■ in course of construction.

..... -
The hon. gentleman concluded by moving the adoption of
the report, end expressing an opinion that the prospects of
the Midland Railway were highly satisfactory.
Mr. HUTCHINSON, the deputy chairman, seconded the
motion, which was put and carried unanimously.
The dividends on the various stocks were declared as re-
commended. A resolution was passed authorising the con-
version into stock of such of the 61. 4i preference stock sa
ban been fully paid up since the last meeting.
The audit committee was appointed, and 150,0001. voted
for rolling stock.
The CIILIEMAN announced that the average at which they
raised their money was 1.. per cent. cheaper than the beat of
the railway compudes. Their average was 10. above 4
per mot.
The promedinp concluded with • vote of thanks to the
chairman and the board of directors.

STAINES WOKINOHAN, AND WOKING RAILWAY.
—The report of the director■ to the half-yearly meeting on
the 28th instant, states that the payments on capital ac-
count during the half-year amount to the sum of 461. 2a.
The Wakes to the credit despite.' is now 8714 4s. 54„ ex-
clusive of s debenture for 100/. unnaued. The debenture
Exeunt has only slightly varied during the pest half-year,
6001. at 4t per cent. having been paid off, and 5001. borrowed
at the mane rate. The gross receipts for the half-year end-
ing 30th JUDO last amount to 12,2751. 7s. 71. apAust
10,3371. 9e. ld.. showing an increase of 1,937/. 18.. 6d.,
nearly 19 per cent The whole of this increase is derived from
the passenger traffic, the goods traffic showing a small de-
crease, sod it should be observed that the considerable
increase in passenger receipts has mainly arisen from the
large attendance at the Ascot races. There is a die-
losable balance of 3,7081. 4.. 6d., oat of which the
directors recommend a dividend at the rite of 51. per eget
per annum on the preference shares, amounting. lees income
tax, to 1,2081.65. Bd., and a dividend at the rate of 4s. per
share, being at the rate of 24 par cans per annum for the
hall. ear on the ordinary shares, amounting, less income
MI, to 2,465/. 19s. 44., leaving SY. 18e. 6d. to be carried
forward to the next ball-year's eseciant.

ATTENDANCE ♦T JITDOE'II CHAMBEES.—Yeaterday
Mr. Justioe Keating concluded the sittings at Berjeante-Mo,
and will preside today (Wednesday) at the Central
Court. Hie lordship will be succeeded at chambers, on
FridaFridaL next, by Hr. Justine Byles, on Me return from

Full benefit of reduced duty obtained by pur-
chasing Horslman's ?aro Tea; very choice at IN. td. sad es.
•• High Standard ' at ea. ad. (formerly 4s. Bd.l. Is the strongest
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is packets. —LAilivilisissat.l