The Express.
London, England, 1868-08-29 00:00:00

GRILIr IPBSTS#X.

The report 6f the directors dates that, am compered with
the correseending period of tile 7, there has hoes an increase from
painengers, tamers, malls, Ike., of £54,4113, and from merelum-
diee, coal, de., of 1.3,466, making a total indeed et ft/Ad. The
cape aditure ehows a decrease. Considering the extreme deism-
AIM in the trade of the country, which hoe prevailed during t.lei
half-year, the directors *el that the proprietors will regard this
result as eatiefactory. After payment of the dividerebe on all the
preference and guaranteed Mocha, the available balance will
admit of the payment of the following dividend" on the ordin try
stocks :—On threat Western eonsolWated Stock at the rate of
Ll b. per cent. per annum • West Midland tOxford) Stock, res.;
Wog Midland. (Newport) Ittoek, lie.; and South Wales Orrivoli-
dated Stock, £3 10s. Vas balance to be carried forward will be
£17,862 lee. 3d., OA against £17,575 Is. Id. in the lad half-yuar.
The directors have given their bed attention to the HIM affecting
this company which were introduced into pattraitient during the
last sermon. In reference to the act by whirl the government is
enabled to &mire the telegraphengem of the tawdry, an agree-
ment has been entered into with the Poirtasader-Osacral for the
protection of the intereete of this company. " The Regulation of
ltailwaya Act" contains provirdons under which the forme of se-
count, will in future be materially altered. It is a matter of re-
gret that in this hill nausea should have been inserted which
must e utail roneideenbie expense on railway companies, without
any corresponding advantage to the public. In reference to the
Important suliket of an alteration In the gauge of the line, the
directors are happy to iumerunoe that they are now prepared to
take further steps towsrds giving effect to the policy which
ham more than once received the approval of the proprietors, and
with this view they peewee to discontinue the broad gauge over
about 96 miles in length of the lines of the company on which the
mixed gangs already mien. It is intended to take up the third
rail between Oxford and Wolverhampton (RI mike), and between
Basingstoke, and the Junction near Reading 116 miles), and to
conduct the service of those (latrine for the fuMe by means of
narrow gauge trains only. It I also proposed to convert the
present broad gauge line between Hereford and Orange Court
Into narrow gauge, and to lay a third rail within the broad gauge
rails between the latter point and (Bowater, and from Oloorwiter
to Standish Junction, ea air to form in connection with the
Midland line, a complete through narrow gauge route between
Brand and the narrow gauge lines north ard south of Hereford.
The value of the insierals which by this operation will be
released between Oxford and Wolverhampton, and on the
e Branch, will go far to meet the outlay to be incurred
In the and Olouceekr districts; and if the proprietors
of the course thus proposed to be taken, their consent
approve
sated to an additional vote of £16,1140 to complete the
work. The directors aresatirdedthat the thua incurnd
will have the effect of improving the of the line, lamas-
beg the Indic thereon, whale at the mate the permanent
way expenses will be diminished. It will be necessary to ex-
pend • sum of £71,700, for which a vote ie also asked, in addi-
tional narrow gauge rolling stock, to provide for the services on
these lines, as well em on the Metroltan. The directors have
to report with much =ttte4s kas death, dodos theheat-
less% of two ef their Mr. }Award Smith, of Midfiel,
, and Mr. Rowland Venatdee, Oswestry. The active and valud -
able ansistruwe which Mr. Smith bad rendered to the company,
se chairman of the recent committee of cousultation, and after-
minim as • director of the ECRlllparej is well known to the proprie-
tors. Mr. Venable& services, although not so prominently known,
were not of less value. Be had been for many years connected
with the company, and his long experience, his excellent liminess
habit., and his great knowledge of the concerns of the com-
pany, rendered ham one of the most useful members of the board.
The vacancies caused by the deaths of these gentlemen have been
filled by the election of Mr. F. N. If iekelthwait, a former director.
of the company, and Mr. C. O. Mott, of Birkenhead, the chair-
man of the Birkenhead Improvement Oxamissionera.