The Express.
London, England, 1851-08-21 00:00:00

GREAT NORTHERN RAILWAY

The following is an abstract of the report to bo
submitted to the proprietors at the lialf•yearly meeting, on
Tuesday next:
" The gross amount of revenue for the half-year is
230,0611. 3i. 7d., from which the directors have thought it
right, under the circumstance's specially explained in the
auditors' report, to deduct seven monthe expenditure in-
stead of six. This operation increases the amount to he de-
ducted ter the working expense', which were unavoidably
large at the commencement or the goods traffic. The result
is a balance of 108,0•481. 70. 2d. net revenue, which, after
deducting guaranteed rents and preference dividembi, to-
gether with interest on one-half of the mortgage debt (tho
other half being applicable to works not yet opened), will
leave a balance available for dividend of 40,1231. 17s. fhb.
and the directors recommend that a dividend be declared at
the rate of 1.1 her cent. per annum, being 3s. lid, per origi-
nal 251. share, payable, after the 15th Sept. next, to thepro-
prictors on the righter on the 26th of August inst.
"The amount of capital expended in the half year, was
605,3•571. os. 6d., and as the works yet incomplensil are pro-
gressing with great rapidity, the directors have to request
authority from this meeting to rube: the additional capi al
and loans sanctioned by the set of parliament recently passed.
The plan by which they propose to raise the share capital
of 750,000/. is by issuing at par, rateably to the proprietors
registered in the hooks of the company on the 20tk of
August inst., 60,000 0 per cent. preference scrip sham of
121. 10s. each, redeemable by the company at any period on
ail months' notice, at a premium of 10 per cent; such shares
to remain us scrip unregistered until the full amount of the
call has been paid up.
" The Towns line will he opened for traffic early next
year, and it is expeeted the King's-cross station will be
completed about Midsummer next.
" With regard to parliamentary proceedings, the company
have ohtaiued their hill No. 1, authorising the additioual
capital, as well as the establishment of stations at K notting-
ley and Waki field, which the increase of traffic has ren-
dered imperatively necessary.
" The company a bill No. 2, which was framed to regu-
late the relation, of the Great Northern with the Man-
chester, Sheffield, and Lincolnshire Railway Company, line
also been passed, alter a severe and protracted opposition.
The company has established the right to accommodation for
fi,h traffic and goods at the Grimsby Docks, as well as the
power to construct a goods station at Sheffield, and conve-
nient junctione at Retford ; whilst the privilege of using the
Gainsborough line of the Manchester, Sheffield, and Lin-
colnshire Railway Company has been confirmed.
" The directors regret having to state that their relations
with other companies have not improved since the last meet-
ing. The Loudon and North Western and the <Midlland
companies have taken the position of competing at lower
fares for the passenger traffic of the places at which those
co:npanien meet the Great Northern—viz., York, Leeds,
Wakefield, Doncaster, Sheffield, and Lincoln. This ones
vernally-condemned competition, at low fares, has the un-
avoidable effect of reducing the aggregate amount to be
ultimately divided, so that the shareholders of all the three
companies suffer by it.
" In connexion with this subject, it may be necessary to
state that the London and North-Western and the Midland
companies, have, by treaties, excluded the Great Northern
from participation in the traffic of the towns lying upon the
lines of the Manchester, Sheffield, and Lincolnshire Com-
pany west of Sheffield ; and of the Lancashire and Yorkshire
Company west of Wakefield; the effect of which would be
that even at Bradford, west of Leeds, and other places to
which the Great Northern route will bo nearest from Lon-
don by 20 miles, all right to a share of such traffic is denied.
" In consequence of this, the directors felt it their duty
' to insist upon these hostile treaties being withdrawn before
they would consent to arrangements for equal fares to tho
places front which the Great Northern was so excluded
, and the determination expressed by the London and North
Western and the Midland companies is, that the fares shall
be run down against the Great Northern, unless the Great
Northern will virtually
consent to be excluded from the
• places alluded to. The directors can have no hesitation in
1 persisting in upholding the reasonable rights of the Great
• Northern, and Wi not doubt being able ultimately to esta-
blish them, whatever may be the opposition of competing
companies.

."I Itoydna and Ilitchin line hr...1.‘ en opened to Ship-
nth, within ss en miles of Cambridge, and the Ore at
Northern trains mow run to Shepreth, communicating by
cur.ihus wait Canilni Ige, the Eastern Comities Company
refusing to permit the Great Northern f'ompany to run
their train. I..twe.n Shepts.th, Shelforil, and Cantlitidge.
"The Great Noth•ra have also cinurneeced working
Prom Peterborough to Wisbeeeh, and over the East Anglian
bats from Wiebeach to Ucreham. The Eastern Counties
Company., in contravention of their agreement with the
Oteat Northern, as well as against the rights of the East
Afghan Company, secured by act of parliament, have shut
up the points of junction between the Eastern Counties line
and East Anglian line at WU/beach ; in consequence of
which the passengers and traffic have to be transferred from
train to train by omnibus about half a mile, and great loss
and inconvenience are occasioned, as well to the public auto
the companies,. The directors have been, therefore, obliged
to institute proceedings, which are still pending.
" A further part of the South Yorkshire line, extending
to Ilarnslry. having Leen opened by the Oreat Northern
Dampany, trains hate, from the Ist of July last, run be-
tween Doncaster and Barnsley, connecting that district with
the Great Northern system.
The directors have thought it right, under the circum-
stances of the increase of traffic, and consequently of the
labour of lb:: several departments, to revise the salaries a
ell the officers; not doubting that the proprieter, will approve
of the principle of making the salaries commensurate with
the labor; and, in order to induce the hest exertions on
the part of thr Lacers to encounter teethe, and at the same
time to promote economy in the working expenses and
general is mem-meat, the directors hove nilopted the plan
of ',tektite the coral salaries increase with the amount of
the dividend paid to the proprietors; thereby giving the
Otters u direct pecuniary interest in the success o: the
undertaking.
The die., tom recommend that the secrelary'n salary be
blot. per annum, and he included in the arrangement
m.lotited as t, the nth r officers."
the report of Mr Jost ph Cubitt, the engineer, states that
every exertson cositinuis to be made by the contractors at all
the prir.eired point. uu the Towns' line. Moat of the ela-
tion. on the istt r tune have bean commenced, and there is
es cry preopi-et on th, it being ready for use by the time the
works of the hair are completed. Ile anticiputto the corn-
pletion of the works in February next. At the London end
ul the- but good progress bas been made. The earthwork
and tunnel north of the Itegent's-canal, ore completed ; the
eon dart I. pru eding rapidly and very satisfactorily;
the earthwork between the canal anti King s•cruss, which
has but Fs., nett been commenced, will, in a very few days,
oomph t ly ups ned out, and rapidly proceeding ' • the to. r-
nument station !millings arc in a forward state, and he ex-
pert. to hate the extension complete and ready for truffle
bythe spring ul next year.
The re pre of th.. auditors, Messrs. J. Chapman and 3.
Carley, mimes." s their entire satisfaction with the accuracy
01 the honks uud the clear and simple system en which
thi v continue to be kept. It states with reference to the
prop,tl to charge the res,nue account with only a moiety
of the interest due by We compcuty on the 15th of July,
twit y conaider the arrangetuent fair and reasonable— u
they find on examination that about half the amount raised
by the tempos} on mortgage has been expended on the
Towns' lune, the extension to King'&crose, and on sundry
other so. to yet unproductive. 'I he traffic. accounts laid
before the oliari.helders in March last embraced the ex-
penditaire fur the nix mouths, 31st of May to the 30th
01 November, nitainst the earnings of the six months,
3itth of June to 31st of December; that is to say, the
e-etinut of expenditure commenced a month before and
wd. eleoctl a month earlier than that uf the income. This
• was adopt, lat the cummeni...ment to facilitate the
mal.ing up of the accounts at the end of tie. half-year. 'flit
else, however, now being altered, and means out of which
&dividend may be declared hating been earned, the expen-
diture has need judiciunaily been brought 114.0 to the 30th
June;nt the half. year's account now closed, therefore, is
charged with 11,411 1 ...... ths' expenses against six months'
earning, 'I he balance of prulit, after writing uhf the pro-
portion of interest on mortgages before referred to, will b"
400,1n1. 17s. bd.
capitol iiccuunt to the 30th June last shows that
11;171,9 al. had Non received, including 1,807,"2731. on ori-
ginal stares, 1,295,317/. on prefer net sham and'J,
mi loan; and that µ,116!1,7g51. had been expe;teleil, including
4315331. expended preliminary to the passing of the act.
134,4971. law and engineering expense s, I ,596,..6'4/. land and
woupeiwation, 4,111,1691. works and materials; 325,6101.
esegmes and lender., 2...in,5931. carrying stock, f.• 91,1701. in-
tent ou Igen. and capital, and nthsreet on P.ast Lincoln.
&Mee Railway; hoeing a bidance in favour of the company
of J 0.5,11401., 10.5,8911. is in mash and 99,379/. in-
vested iu South Turks:sire shells, ittc. The revenue at ount
toe the lialtyror ending the :alth of Jam' show that
Z0,t061/ had 1.11 received, including 124,7661. fur pia
'angers, ...9.113/. low guide and merchandise, and 20,511/.
for Niels and minerals. The expenditure. fne seven months
ending the 30th June emounted to 130,97.5 f., including
3,1121. rates and lases, and. 1,791/. goveruinent duty, leaving
a 1/41.1bCf• of lut4,lloss. 'the number of miles in Uper4lll.lll is
216, null the 11110111(r on which the maintenance of way is
ellasged i. 113. The grins mileage run by the trains was
1.f.71,351. and by the engine. I,6tehttl.s. The consumption
of coke per engine per mile run was 34916., cost 2 a 31.1.
worknig charms are stated to be t 096 per cent. on the
ma months' gross earnings. The total elpeuditure gives an
aserag,• of Is. 61.3. per mile per train.
The net revenue account to the 30th June, including
52,3321. 111.1111 the last iterount, shows a total of 160,0111.,
out of which is deducted 91,3341. foe interest on preference
and guotaoteed abate., rents, itc., and a moiety of the in-
t-rest on the bonded debt, leaving a balance of ti 6,307. The
receipts 101 thy liolf.year On the kurstlyke and Witham na-
vigation. amounted to 6,3f00. and the expenses to 11,223/.,
kiss 1,864. ; tits the faiuth navigation the receipts
automated to 1,5661., the espenees to 2,12111., the toes 5611.