The Express.
London, England, 1853-08-30 00:00:00

LANCASHIRE AND YORKSHIRE RAIL{f'AY.

We make the following extracts from the half-
yearly report, just published :
"CAPITAL ACCOUNT.—The total amount of share and
morgage capital chargeable on revenue for the half-year
ending 30th June last re as follows, excluding leased hues:
—Ordinary capital, 8,032,6931. ; guaranteed capital, 6 per
cent., 794,0401. ; guaranteed capital, 4.1, per cent., 258,7207.;
Manchester and Southport capital, 13,3951. ; loans and de.
layed payments, 2,921,4611.: total, 12,020,309/. The net
expenditure on capital account during the half-year
hos amounted to 64,075/. 175., of which the fel-
lowing constitute the main items:—Manchester and
Leeds main line and branches, 9,14h1. 4s. 2d.; Manchester,
Holten, and Bury line and canal, 4,37:11. 6s. 9d. ;1
Ashton branch, 7,7461. 181. ; Liverpool and
Bury line, Tithebarn-street extension, 7;2t 0/. 14s. 9d. ;
Manchester and Southport line, 21,9601. 7s. 50. ; West
Kliling Union lines, 6,806/. 4s. 14. ; Huddersfield and Shef-
field line, 5,6361. 73.22. ; working stock (see abstract K),
3,1621. 12s. 91 It may be generally stated that, with the
exception of such of the above paym. Lts as have arisen ex.
elusively out of the completion of land purchases and the
construction of the Wigan and Southport portion of the
Manchester and Southport line, the expenditure has been
mainly occasioned by the necessities of an increasing traffic
and the inadequa.e nature of the accommodation in sta-
tions and warehouses originally provided. The award of
the arbitrators in the case of disputed account with Messrs.
Harding aqd Cropper, couttactors, Ashton branch,
has been given, and in conformity therewith a
suns of 3,9701. 15s. 4d. has been paid by the
company. The claim amounted to upwards of
13,0001. This decision has had the effect of closing the last

oien account with contractors in respect of works executed
and finished. The general arrears of calls amount to
47,0171. 19s. 21., consisting principally of the arrears on the
more recent call, on the Fifth Shares. Tne Loan State-
meet (per Abstract I.) shows that an amount of
329,0051. ids. has been borrowed or renewed during the
halt-year—that an amount of 292,245!. lls. has been paid
off or transferred during the same period—and that the
company's total mortgage debt amounted, on the 30th of
June last, to 2,879,8831. Is. 33. A further saving in iute•
rest has been etticted during the half-year, and has led to
a reduction of the average rate from 41. 51. 63. per cwt.
to 41. 3s. 9d. per cent.
" Revenue Account.—The receipts of the company during
the last halfyear, including the receipts cf the Snettield,
Barnsley, and Wakefield line and the company's proportion
of the North Union line, have been 4te4,099/. 12a. 73.;
deduct amount received for working the traffie of the
Blackburn, and Liverpool, Crosby, and Southport lines,
12,3991. 16s. 4d. ; leaving 451,699/. les. 3d.; add two-thirds
of receipts of Preston and Wyre line, 13,2671. Ils. 7d.;
total, 461,9871. 7s. 103.
" The main increase in the working expenses shows itself
under the respective heads of ' Locomotive Power,' Mer-
chandise Charges,' and Maintenance of Way.' In the
two former cases, this increase must not be regarded apart
from the circumstance of a material increase in tho traffic
earnings and the weight of goods conveyed, as well as the
additional mileage incurred and staff employed in the
discharge of the business. The various movements, also,
which have occurred on the wsges question, in the large
manufacturing towns of Lancashire and Yorkshire, and a
general rise in the price of materials, h.,ve tended in no
inconsiderable degree to augment the current disburse-
ments. In the " Maintenance of Way" department the
additional expenditure has resulted in some measure from
the very unfavourable state of the weather during the
winter, but mainly from a revision advantageous to the
contractors of the terms of their respective contracts, the
object of your directors being to meet in a fair and liberal
spirit any disadvantages under which the cortraeors were
presumed to labour, sod at the same time to leave them
without excuse for any other than an efficient and satisfac-
tory performance of their duties. The compensation
account has been charged with the amount of such
claims arising oat of the accidents of the previous half
year as could not be arranged before going into coot t. In the
case of the lamentable accident which occurred on the line
between Manchester and Beaten in March last, the princi-
pal claims have been recently adjusted through the same
preen-, and will be charged to the current half-year. line
renewed account (No. 5) has been debited with 13,67.'!.
14s. 7d., being the cost of relaying about 91 miles of single
line during the half-year. The balance of revenue appli-
cable to the payment of interest and dividend, and other
tired charges, is 274,6031.5 x. 103. It is recommended that
a dividend at the rate of 31 per cent. per annum, less in-
come tax, be declared, leaviug a surplus of 6,460/. 2s. Si. to
be carried forward to the next account."

GREAT SOUTHERN AND WESTERN (IRELAND)
RAIL IVAY.

The half-yearly meeting of this company was held
in Dublin on Saturday ; Sir E. hi'Dossitu. in the chair.
The following m the directors' report, read and unati-
mously adored on the occasion :
" The traffic of your line continues steadily to improve,
and the following details of the receipts for the half-year
ending 30th June, 1353. show a considerable increase on
the correspuiling period of the year IK2 :
....