The Express.
London, England, 1867-03-04 00:00:00

REV IN CL

piuutengerd,
p.tra el+, num.,.
Re. £9.51,313 .. £960.486 £15,148
27,mi nier.han-
dant, coal, Ac. 944.874 .. 973,827 .. 28,933

CI a 96,192 LI.NO.VS L 44,101 —IOIIIINDITURE.

Maintenance of
way
and
arrillgU at. wk 317,365 .. .. 12,090
Tratit-: expendi-
ture
Government due v
and rate■ and
taxes 60,401 65,6.t1 4,930
Other expendi-
ture

a 933,043 C 900,4336 4".:0,046 L 3,083
Net Increase 5.36,973
The influences which have affected almost all other rail-
way companies in the kingdom have operated very in-
juriously on this company. Not only have the enhanced
price both in wages and materials, and the continued pres-
sure in the money market, tended to increase considerably
the expenses, but the effects of the recent financial crisis,
and the unfavourable weather which prevailed during the
summer and winter months, have had a prejudicial effect
upon the traffic receipts. The reports of the engineers and
the locomotive superintendent will explain more par-
ticularly the causes which have led to the increased expen-
diture in their departments. After providing for all fixed
and preference charges the available balance will admit
of the payment of the following dividends, vix. :—On
Great Western consolidated stock at the rate of V. per
cent. per annum ; on West Midland (Oxford) stock at the
rate of Ss. per cent. per annum ; un West Midland (New-
port) stock at the rate of 7s. teL per cent. per annum ; on
South Wales consolidated stock at the rate of 31.:a. per
cent. par annum ; on Vale of Heath consolidated stock at
the rate of N. per cent, per annum. The balance to be
carried forward will amount to 21,0431. 16e. Bd. In ac-
cordance with the provisions of the Great Western
(Further Powers) Act, 1866, it becomes necessary that the
dividends on the preference stocks of the original section,
which have hitherto been cdculated up to the 30th Jane
and 31st December shall in future be calculated to the
31st January and 3ist July in each year, being the periods
to which the dividends on the preference stocks of the
other sections of the company are payable. The holders
of these stocks would, therefore, now be entitled to a
dividend for seven months, to the 31st January last, par
able simultaneously with the dividends on the other pre-
ference stocks of the company. Having regard to the
large and exceptional extent to which the revenue
has necessarily been appropriated in discharge of
temporary loans and other liabilities on capital
account, which, but for the unusual state of the money
market, and the ilistrumt of all railway securities, would
have been defrayed by the issue of preterence stocks, the
directors have no alternative but to recommend that the
payment of the dividends on the ordinary capital should
deferred. They are of opinion that this course, however
inconvenient to individuals, is the only one by which the
financial condition of the company will be placed in a
position which will inspire public confidence, and by
which its credit will be maintained. In pursuance of the
notice which has been given, the approval of the pro-
prietors will be asked to a bill now before parliament,
For Conferring further Powers on the Great Western
Railway Company in relation to their own undertaking
and the undertakings of other companies, and for
other purposes.' A hill has been intro laced into
parliament by the London and South-Western, the
Bristol and Exeter, and the South-Devon Railway
Companies, jointly with this company, hating for
its object the improvement of traffic arrangements,
and the more effectual utilising of the railways in the
West of England. The proprietors will have the oppor-
tunity of considering the details of this measure, when it
is sulenitted for their approval, at • meeting which must
be specially convened for the purpose. It may be suffi-
cient now to state that the directors hope, by means of
improved facilities for interchange of traffic, ny an eaten.
lion of through booking and through rates and fares, and
by the establishment of friendly relations between all the
companies to afford increased accommodation, and to
bring about results which, while beneficial to the
public, will be attended with economy and advantages to
the companies concerned. The bills affecting this com-
pany at the commencement of the present session of par.
Bement, are considerably fewer in number than those by
which it has usually been threatened. Some of them,
however, affect materially the interests of the company,
and will require the careful attention of the directors."
Regret is afterwards expressed that the continuance of
monetary pressure has prevented the completion of any
general scheme for the completion of the narrow
and further at the resignation during the half-year ftler:
Walpole, MP., and Mr. Watkin, M.P., as directors. It
is added, among other things, that Mr. Walter Stevenson,
who has held important offices of trust for nearly 30
years, having been compelled by ill health to tender his
resignation, has received • superannuation allowance.

LIVERPOOL COTTON MARKET.
(THIS DAY.)
(ST ILIETRIO AND INTERNATIONAL TZLEORAPH.)
(raox OUR owN CORRIRPONDENT.)
The market steady. Sales about 10,000 bales.