The Express.
London, England, 1852-09-11 00:00:00

CALEDONIAN RAILWAY COMPANY.

The director.' report, to be geeeeoted et the halt
peril general meeting of this oinammy on Wednesday,
the*-.2i0l inst., states that—
'. The revenue for the half year Me hem 211,7631.17 a. 31d.
Expenditure on acc.ienst of working and generals
alerting reveling., 97,0541. Ss. 31.1.; interest, 50.0451.115=
guarantied annuities, 41,103/. 14e. 2d. ; thus leaving a ba-
lance of 23.5(411. 4s. sd. ; and the directors recommend that
a dleidead be paid 011 the preference stock at the present
statutory rate at 41. 4s. per cent. per annum, which will
Amman to 13,848/. 1.51. 7d. The habitue thus left, via.,
7,9111. %s. 104., increased by balance added from last half
year, 11.1.221. se. 31d., and balance of 2,0001., fund reserved
at the 31. t of January to meet rate*, taxis, dtc., not re.
quirvel, 1,003/. 13a. 3d., will furnish a free balance at the dr.
posal of the ordinary shareholders of 10,117 a. 10s. lid.
This balance is equal to a dividend at the rate of 34. per
301. share, or 12s. per cent. per anaum on the consolidated
ordinary stock, sad the directors recommend that it be so
appropriated. This result arises from a reduction in the
working expenses and in the rate of interest. The traffic
for this, the least favourable half of the year, is less than for
the sin months ending 31st January last, but the profit rea-
lised is a. good. During the half year renewals of expired
bonds, to the extent of 602,0661. have been flirted at re-
duced rates of interest. A considerable proportion of the
mortgage debt is still current on unexpired bonds at .5 per
cent., but ea they fail due they are being taken up at ai per
cent. The directors propose to obtain the Sanction of
parliament to a bill empowering the creation of debenture
stock in sahetitation of the existing bond debt. The traffic
of the half-year to July 31, 1531. was 193,5001. 14s. 9d.,
of the half-year to July 31, 1852, 209,2041. 13e. lid.;
while the working remain were 57,7981. fle. 2d. in
the first, and 88,4091. 19e. 71d. in the second pe-
riod. The superior officers have now an additional interest
in the concern, the increase of (their salaries being made de-
pendent on dividend—a principle successfully carried out in
many large commercial establishmeats. The changes on
capital account during the last half-year consist chiefly of
the sale of surplus property, and the appropriation of the
proceeds ,in extinction of liabilities fur which they were
pledged, and the conversion of the floating debt into mort-
gages. Favourable arrangements have been made frith the
Magnetic Telegraph Company for the laying down of their
wires along the whole line. The work is almost compluiarl,
and will, it is expected, be verhortly in operetta& The
direetois, in concert with the beard of the Edinburgh end
Glasgow Constnny, are enlaced in preparation fee annybe
through parliament a bill hisanction of the weakf epee.
meat confirmed by the yeeprietors ; sauna% tha met
amicable relations subsint betwern the two emnimies
the advancement of the trolls ea either side. An anenelet
step to the carrying out of He themeelbeet
a junction between the it* T=aw et Ilayseeted. Y as
neighbourh wd of Edinbantabiso imaatateisa mar
timed by the Caledonian lidiabasitt litades red
Breaches Act, 1847 ; the Mad and pinee MN been
served, and it is intended to yeesesn with tho erseltarth-
with. It is estimated that 15,511 wlr sever the esete It
chiding the price of land still to ha esmthed. In the meat
of parliamentary sanction to the apoes.4 this work will
be the means of saving the large Gettig whW adherent
must have been incurred in consgeglift Ole eempany's Lo•
Wan Road Station at Edinburgh= bat, apart ham the et,
rsagement with the Edinburgh sad elmeow Company, the
completion of this branch is most desk. tilt, forming, as it
does, a link of COlllOllllllO tios with the ports of Leith mad
Grantee.