The Express.
London, England, 1853-08-17 00:00:00

GREAT NORTHERN RAILWAY.

The report of the directors to the fourteenth half-
yearly ordinary general meeting of the proprietors, to be
held at the London Tavern, on the 20th of August, 1853,
states that—

The aecounts for the half-year to the 30th of June, 1833,
are circulated herewith to the proprietors, and with so little
variation in the form which for several half-yean has been
adopted and found convenient, as not to call for explanation
beyond the particulars afforded by the several accounts
themselves. Aber providing for the fixed rents end charges,
including the interest on the mortgage debt, now entirely
borne by revenue, and for the dividends on the various pre-
foresee shine, there remains, as per net revenue account
(Account No. 3), a balance of 61,1701. lls. 2d. applicable
Ito dividends on the original stock, and on the B stock.
To pay a dividend at the rate of 21 per cent. per
annum on the original stock, and at the rate of
6 per cent. per annum on the B stock, will require
the sum of 60,1061. 9s. 4d., and the directors recommend
dividends accordingly, which, if adopted, will leave to be
carried to nexthaltyear's account the sum of 1,0651 Is. 10d.
In the cam of the Four-and-a-Half per Cent. Redeemable
Preference 101. Shares, as only three calls ate paid, and the
fourth will not be due till September 30, it is intended to
defer paying the dividend till after the scrip has been sent
in for registration, and, therefore, to pay it with the next
half-year's dividend on the whole share after the general
meeting in February, 1854. The dividend to June 30, n ill
be Is. 71d. per share, and the sum of 8,5141. is reserved to
meet it, including also interest on calls paid in advance.
The comparative statement of traffic for the last four half
years, attached to the accounts, exhibits the satisfactory re-
sult of a continued increase. The gross receipt of the half-
year to June 30, although the first half of the year, and
which is usually less productive than the second or autumn
half-year, exceeds that ended December 31, 1852, by a sum
of 20,0001. The working expenses of the half-year being
larger than those of the previous half-year by If per cent.
on the gross receipt, it is right to explain that this has arisen
chiefly from the higher rates of wages, and from the in-
creased prices of materials and articles of consumption
generall.
On they 28th June last the royal assent was given to" The
Great Northern Railway Company's Increase of Capital
Act, 1863."
The directors found it expedient to abandoa a second
bill, which they were authorised to promote in the present
session of parliament, for obtaining power to construct a
branch line of 7• miles, between the town of Bedford and
Sandy, a station upon the Great Northern Line, with a view
of preventing a parliamentary contest with the Midland
Railway Company, for a line between Ilitchin and the town
of Bedford, having made arrangements by which a reason-
able number of trains on the line to be constructed by the
Midland Railway Company from Leicester, by Bedford, to
Hitchia, on the Great Northern Railway, are to meet the
Great Northern trains, sad to convey the goods and pas.
senger traffic to and from the Great Northern line and
Leicester, by Bedford and Hitchin and in case of any dis-
pute arising as to the number of trains, or the nature and
leztent of the accommodation afforded, or as to the rates
and fares, such dispute is to be derided by the Board of
Trade. The directon consider that this arrangement will
practically secure to the Great Northern the full benefit of
the contemplated Sandy and Bedford branch, without
putting the proprietors to the cost of its construction, and
a clause, securing this object, is inserted in the Midland
Company's Let. •
The general meeting in August last year was informed
that, uader the pressure of a mandamus, the directors had
found it necessary to take steps towards the construction of
the Isle of Axkoims Railway, of miles. A subsequent
decision, however, of the courts in a similar case, that a
mandamus for such an object cannot be grlnted, relit ved

them from the necessity, and the intention of making that
railway has been abandoned.
Subsequently to the lot half-yearly meeting the guts-
thou of the validity of the so-called working agreement of
26th February, 1862, between the Great Norther*ltnih
way Company and the South Yorkshire Railway and River
Bun Company, came on for argument before the Court of Ex-
chequer. The learned counsel both in iniquity and at law, un-
der whose advice the directors have been guided, are clearly
of opinion that the judgments of the learned Barons Parke
and Platt arc erroneous, and that the view stated by Mr.
Baron Martin will ultimately prevail; and, under thi se
circumstances, they have not hesitated in carrying the
case by way of appeal to the Court of Exche-
quer Chamber. The question of the validity of the
agreement will, therefore, be argued before that
court, which will consist exclusively of the judges of the
Queen's Bench and Common Pleas. In the meantime the
deavours
director
Kato ve not been int:47„,, * • •
. NIL to the ,r ri, Ly n-
icome
an amicable arraneement with the
ouitio
....rissoire Company, to be regulated entirely by the
payment of t3i', according to the quantity of coals carried ;
but the communications had between the parties have not
hitherto resulted in tiny arrangement.

EDMUND DZSISON, Chai mao.
The statement of receipts and expenditure on capital
account to 30th June, 1853, is as follows :

REcitirve :-To capital-for amount received on the
original 251. stock, and on the A and B la 10.. stock,
408,437/ 10.. ; extension capital-balance as per statement
to 31st Dec., 1852-lees 20,. per share paid during the half-
year to holders of 19 Extension Scrip Shares, on cancelling
the same, as the balance of the deposit thereon, alter pay-
ment of parliamentary expenses, 1661. ; to preference capi-
tal, 1849 50-for amount received on this account, say on
103,454 shares' 1,298,224/. 16.. 91. ; to redeemable prefe-
rence capital, 1851, for amount received on this account,
750,0001.; to redeemable preferenco capital, 1853, for
amount received on this account, 675,4341. 17s. 2d. ; to
loans on mortgage under the seal of the Great Northern and
East Lincolnshire Railway Companies, 2,594,622!. ; to Reli-
gious Instruction Fund-balance in hand on this account,
51/. lle. 11d.; to traffic account-for amount ti stiporarily
advanced to capital out of earnings, 100,4411. lbs. 105.-
total, 10,227,378/. 14.. Bd.
PAYMENTB -By general charges on capital account,
513,575/. Bs. 7d. ; law and engineering expenses in parlia-
ment (including 1,2001. paid on account for examining law
hills), 157,6251. 16s. ltd. ; laud and compensation (includ-
ing 165,497/. Os. 4d. for cony, yancing, stamps, &c., see
Analysis A), 1,795,6381. 10s. Id. ; works of eonstru, lion,
and materials delivered, on the line completed and in
course of construction, 5,490,628!. lis. 7d. ; machinery and
bolls for company's workshops, 30,5531. 14s. Bd. ; P14611101
and tenders, 489,2981. 2s. 72. ; currying stock, 578.7351.
16s. Bd. ; goods and coaching departments-For cost of
sack., sheet., cranes, weighing machine., &e., 21,0291.
14s. Bd. ; interest on loans, and on capital, and advances
(les. interest received), 688,184!. 16.. 9d. ; redo:onion of
land tax, &c.,9,3281 Bs. ltd. ; E ist Lincolnshire Railway
Company, payments to complete works of, 76,3791. 10s. Id.;
ditto permanent way works of 1848 and 1849,7,664/ 16s. 4d.;
Royston and Hitchin Railway Company, advance to com-
plete works of, 23,182/ 2s. sd. , Boston, Stamford, and
Birmingham Railway company (transfer account), 76,6521.
19a. 84. ; total payments to 30•11 June, 1853, 9,958,4781.
6.. Ild. ; balance (including amount invested in South
Yorkshire Railway shares, &c.), 268,900!. 7s. 92.
Statement of the number of miles of railway (Great
N irthern and East Lincolnshire) in work, the mileage
maintained out of revenue, the miles run by trains end by
engines, and the cost and consumption of fuel, &c , for
the half-year ending 30th June, 18.53. The miles main-
tained, f.,r which the sum of 18,5611. 12s. sd. is charged in
the revenue statement for the halt-year ending 30th June,
1833, are as follows :-London to Walton Junction, near
Peterborough, 79 miles 3 furlongs; \Walton Junction to
Grimsby, 73 miles 3 furlongs; Boston to Gaineborough. 47
miles 3 furlongs ; Retford to Askerne, 21 miles 6 furlongs:
total miles maintained,out of revenue, 223 miles 7 furlongs ;
main line, Walton Junction to Retford (maintenance still
in contractor's hands), 59 miles 1 furlong : total miles in
work, 283.

Statement of the miles run by engines during the six
months Ist Jan. to 30th June, 1853:-With passenger
trains, 914,914; with goods, coal, and cattle trains,
1,153,701 ; total number of miles run with trains,
2,068,615; piloting and empty, 69,765 ; ballasting, 24,739 ;
gross miles run by engines, 2,163,119.
The Revenue Statement for the half-year ending the
30th June, 1833, gives the following details of payments
and receipts :
Patts‘ ENTe.-To maintenance of road, station, buildings,
approaches, signals, &c., and junction expenses, 18,6641.
I2s. sd. ; locomotive power, 55,1771. 19e. 4d. ; coaching
traffic expenses, including compensation, 22,4851. sa. sd. ;
merchandise traffic expenses, including compensation,
23,3791. 13a. ; mineral traffic expenses, 10,9601. 7e. ; repairs
and renewals of carriages and wsggons, 11,1421. 19e. Id. ;
general compensation, not applicable to coaching or goods
department, 661. 7s. 7d.; rents and insurance, 1,995/. 17s.
10d.; lighting account, 2,3001. 17s. Bd.; water rents and
pumping 4991. lls. 6d. ; clothing account, 1,4811. 2s. 2d.;
office expenses and general charges, including direction and
audit, 11,0361. 10s. 7d. ; law charges, 1281. Os. 6d. ; other
items, 13,7771. 15s. 9d. ; navigation expenses, 1,5821.170.24. ;
balance carried to net revenue account, 206.6981. 1.. Id.:
making a total on the debtor side of 381,6771. 18s. Id.
RECIIIP7B.-By coaching traffic, viz.: For the carriage of
725,064 passengers, 156,8871.9 a. 81. ; parcels, 8,6161.7 s 4d.;
horses, carriages, and dogs, 9,1601. 18s. 5d.; mails,
3,6311. 3s. 4d.; by merchandise traffic, via.: For the car-
riage of goods and merchandise, 94,7841. 10s. 2d ; live
stock, 8,534/. 4s. 7d. ; coal and minerals (after reserving
Is. 6d. per too for South Yorkshire toll), 87,2221. 3s. 4d. ;
by interest on cash balance, rents, &c., 3,5661. ls. sd. ; by
transfer fees, 2671. 155.; by dividends on shares held by the
company in other railways (less income tax retained by the
paying companies), 2,3301. 10s. 6d. ; by navigation traffic,
viz.: For amount received for tolls, slues, drainage, and
bank rents, &c., on the Foesdyke and Witham Navigation",
5,3501. ls. ; ditto, ditto, ditto on the Louth Navigation,
1,2961. 13s. 4d.: total, 381,5771. 18s. Id.