The Express.
London, England, 1867-02-18 00:00:00

RAILWAY INTELLIGENCE.

GREAT NORTHERN.

The report of the directors to the half-yearly
meeting on Saturday next has been issued. The re-
ceipts on capital account for the half-year amount
Ito 006,171!. This sum includes 150,6227 /. received on ac-
count of the ordinary stock (dividend deferred) of 1865,
217,999/. for calla on the permanent preference stock, and
87,425/. on mortgage and on debenture stock. Original
stock to the amount of 210,0001. has also been issued in
exchange for a similar amount of West Riding and
Grimsby Company's stock, pursuant to the act for the
purchase of a moiety of that undertaking. The expendi-
ture on capital includes 415,130/, on account of new lines
not yet completed. In reduction of this sum 201,7711. has
been received from the Midland Company for their pro-
portion of the amount expended on the Cheshire and
Liverpool lines and the Liverpool station. The net
expenditure for the half-year on unfinished works
being, as shown in the capital aocount, 213,359/.
The branch from the Leeds and Bradford line to the pas-
senger station of the Lancashire and Yorkshire Company
at Bradford, was completed and opened for traffic on the
7th January, and the company have now, by arrangement
with the Lancashire and Yorkshire Company, the joint
use of a passenger station in the beat part of the increas-
ing town of Bradford. The line from Lincoln to Honing-
ton is rapidly approaching completion, and will be ready
for opening in March. The Edgware and Highgate line,
and the lines from March so Spalding, and from Doncaster
to Gainsborough, have not progressed so rapidly as was
anticipateL Owing to the wet season some serious slips
have occurred in the banks and cuttings at several places.
The board are, however, assured that all will be completed
by the end of the current half-year. The revenue shows
an iecreasell receipt of 44,1201., of which 10,2421. is derived
from coaching traffic, 17,277/. from the goods and cattle
traffic, and 17,815/. from the mineral traffic. Owing to
the unfavourable weather which prevailed during the
summer and autumn, the receipts usually derived from
excursion and teuristtraffic were reduced, and commercial
distrust, with the accompanying stagnation in trade, af-
fected thetraffic in high-class goods. Consequently,although
the aggregate weight of goods and merchandise carried was
greater than inthocorresponding period of 1865, the rate per
ton realised was loss. Notwithstanding theseadversecircum-
stances, there has been the above-mentioned increase in
each description of traffic in the half-year. The expendi-
ture is 38,933?. in excess of the corresponding six months.
Wages generally are higher, and materials have increased
in price. The coal consumed in the locomotive depart-
ment has alone cost about 5,600/. more. The rolling stock
has been well maintained,33 engine boilers having been re-
placed, and 441 wagons rebuilt and materially improved
in design and capacity, as compared with 30 boilers and
308 wagons in 1865. The use of steel tyres instead of iron
has also been further adopted, and 409,000 more train
miles have been run. Notwithstanding the additional ex-
pense of labour and material, the line and works have been
efficiently maintained at only a slightly increased cost.
The renewal of the permanent way has been continuously
carried on, twenty-three miles having been replaced with
iron rails and chairs of heavier descriptions, and five miles
with steel. The fixed and preference charges and interest are
23,194/. more than in 1865, and the stock entitled to sharein
the general dividend le also greater by the 210,0001. repre-
senting thepurchsse of the West Riding and Grimsby Rail-
way. The requirements of the Railway Securities Act of last
session with respect to the borrowing powers of the com-
pany have been duly complied with ; the returns made
pursuant thereto show that the company have created 4
per cent. irredeemable debenture stock to the amount of
2,800,0001., and that terminable mortgages are current to
the amount of 1,300,000/. only. The borrowing powers of
the company are thus placed on a substantial mid satis-
factory footing, and the company are to a large extent
relieved from the expense and inconvenience attendant on
the frequent renewal of loans on mortgage and the pay-
ment of fluctuating rates of interest