The Express.
London, England, 1868-08-13 00:00:00

„MIDLAND RAILWAY

The directors report an increase in the following
description of traffic carried npon the railway during the
past half year ; the receipts from which, compared with
those of the corresponding period of 1867, show the fol-
lowing result, viz.:- an increase from coaching of 16,112/.;
from cattle of 2,5771. ; from merchandise of 47,9171. ;
increase, 66,636/. But from this amount the sum of
13,138/. has to be deducted, owing to the dermas.° which
has taken place in the mineral traffic during the half-
year, so that the total increase is 63,498/. The
directors had looked for a much larger increase in
the traffic than this, but their expectations have been
disappointed, partly fr,m their inability to avail them-
selvt aof the new line between Bedford and Lond in for
the passenger traffic, and partly from the severe di:-
premien in the iron and coal trades, which ham existe 1
during nearly the whole of the half-year. To the gross
amount of traffic for the half-year 1,419.3.511.. 47,0001. has
been added, being a further portion of the hitherto undi-
vided balance due to revenue from the English and Scotch
traffic, obtained under the decision of the Court of Chan-
cery in 186 G. The balance available for dividend is
607,932/. Ifie 3d., of which die foam of 12.0691. 12a. led. is
the balance brought forward from the account of the pre-
vious half-year, and the directors are enabled to recom-
mend the declaration of the following dividends (leas in-
come tax), payable on the Ist day of September next :-
21. 10s. upon each 1001. consolidated stock ; 11. 10s. 3d.
upon each 1001. consolidated Birminzharn and Derby
stock; 31. upon each 1001. consolidated preferential
stock; 31. upon each 100/. consolidated Erewash Valley
stock ; 2/. 51. upon each 1001. consolidated 4i per cent.
preferential stock • 21. upon each 100/. Lciiiester and
Hitchin preferential stock ; 21. Zlii. upon each 100/. con-
solidated irredeemable 4} per cent. preferential stock;
2/. 101. upon each 100!. A 5 per cent. preference stock ;
2/.los. upon each 100/. B 5 per cent. preference stock ;
4s. 6d. upon each W. share, at 5/. per cent. per annum;
Kn. per share upon each 181. five per cent. preference
share, being half year on 16/. per share, at S per cent.
per annum ; 6e. 1 Id. per share upon each Di/. inconver-
tible 5 per cent. preference share, being half year on
12/. per share, and 167 days on 2/. per share, at 5
per cent. per annum ; 3s. 9d. and two-fifths per share
upon each 221. five per cent. preference share, being half-
year on 4!. and 140 days on 41. per share, at .5 per cent.
per annum ; leaving a balance of 3,4391. 3s. 6d. to be
carried to the account of the current half-year. The
dividends recommended above are lens by se. per cent.
upon the open stock than those declared for the corre-
sponding period of 1867, and the reduction has been occa-
sioned by the bad state of trade, and the continued large
outlay upon lines and works, some of which at present
produce but little, whilst others are entirely unproduc-
tive of revenue.
The report of the auditors states-In addition to our
certificate of the accuracy of the accounts of the past half-
year, given in terms required by the Railway Companies
Act, 1867, we have much satisfaction in further stating
that the premiums received on shares issued by the com-
pany, amounting to 116,1851. 3a. 10d., is now carried to
capital amount. That the increase in traffic shown by
the published weekly statements at 24,583/. proves to be
63,498/. in actual result; that this latter amount is correct,
and haebeen earned during the half-year coding 30th June
last. That interest on all unproductive capital has been
charged to the revenue of the past half-year, and that there
are no arrears of any kind chargeable against future years.
That there is still a balance of 34,989/.165. remaining
as a revenue credit unappropriated of the English and
Scotch traffic, after placing 47,0001. to the credit of the
revenue account of the past half-year. We regret to find
so large a sum as 27,986/. 17e. lid, chargeable against
revenue for " compensation for accidents and losses "
during the past half-year. The greater part of this
(19,400!.) is for personal injury. We beg respectfully,
but urgently, to press upon the attention of railway share-
holders the necessity for seeking, at the hands of parlia-
ment, some alteration in the law by which the liability of
railway companies for compensation for personal injury
may be put upon a more equitable basis than now exists.
The enormous amount paid this half-year for " compen-
sation " by the Midland Company is equal to nearly
one-half per cent. for the half-year upon the open stock
of the company.