The Express.
London, England, 1861-02-14 00:00:00

GREAT WRETERN RAILWAY.

The report of the directors of this company states
that " although the aggregate revenue of the pest half-year
exceeds that of the same period in the preceding year (1859),
it will be remarked. as an exceptional case, that the income
derived from passenger traffic over the Great Western lines
has diminished (almost for the first time) by no less an
amount than IG,$ 1. Twocoecurrent circumstances suffi-
ciently aecount for that falling off : one being the diversion
of pasengers by the opening of the direct railway from
Salisbury , by 'jetted, to Exeter, which route is in competition
with the Great Western KW through Bristol ; the other
being the wet weather prevalent duriig the summer and
autumn, as well as the severity of frost at the commence-
ment of winter, both naturally affecting the movement of
railway travellers. This deficiency in receipts has, however,
been more than counterbalaoced by other revenue, derived
front nierehandise, coals, and cattle, which exceeds the corre-
sponding income of 15t.7.0 by the sum of 29,231 f. It is to be
&deemed, in respect of the working charges, that an in-
crease in goods and mineral business necessarily involves an
increase .1 expenses incidental to the conveyance of that
traffic ; while a temporary decrease of passenger receipts
does not admit of any proportionate diminution of charges.,
because the number of trains and other conveniences
of station establishment cannot simultaneously be reduced
without risk to the efficiency of the service. The ex-
penditure of the half-year shows the increased amount to
be mainly owing to the maintenance and renewal of per.
maaent way, and to carnage and waggon repairs (which are
always enhanced by wet or severe weather), besides an item
for hire of waggons, now intreduad for the tint time into
the revenue accounts. The directors, acting upon an earnest
desire to prevent the increase of capital expenditure. deter-
mine-1 io the spring of last year to him additional new wag-
gons, in preference to building and paying for them out of
CJIAtAI ; contracting to pay annually a sum per which
which
will comprise, within • period of 10yean, not oelythell" bat
also the drama of them, at the expiration el which time
the wawa will belong to the company. andallfarther pay.
meats for the use of them cease. It will, of course, be
understood that the operation of that contract augments
the traffic charges in the interval, while it saves the outlay
of capital. The revenue accounts to the 31st of December,
1460, of all the Great Western lines arid of the Kenna
and Avon Canal, beluniiing to the company, leave a net dis-
jumble balance of 1:,,,1541. 10e1., after defraying all
clairax for interest and preference charges ; and your three-
tors recommend that the game dividend shall be paid to
the proprietors is was declared for the corresponding period
of Ptak iris. —at the rate of 34 per cent. per annum. leaving
13,001 f. 19s. 3d. to be carried forward se balance to the cur-
rent half-year. In pursuance of the resolutions of the
special general meeting in November last, the directors have
introduced into parliament a bill for giving effect to them.
It has become essential also, as experience has proved, to
unite with local interests in increasing the accommodation '
afforded by your system of lines, for the purpose not merely
of improving but of preserving existing traffic ; and your
directors, enterteining these views, now purpose to con-
nect their main line by means of branch railways
with works at Weeffiesbury. in Staffordshire; with Coal-
brookdsle, that-Jars, and Ellesmere, in Shropshire; and
with Matra, near Wrexham, in Denbighshire, for which
several branches bills will be submitted to parliament
during the present evasion. The Wycombe Railway Com-
mswyare promoting a bill for a loud extension from
towards Oxfonl, near to which it will join
the Great Westeru Railway. They project also a
branch between Princes Ruffiorough and Aylesbury.
The Rickinansworth Company are promoting a line be-
tween that place and Uxbridge, while a branch fram
the Berks and Hants Extension to Marlborough is also
before parliament ; the working of which several lines will
be undertaken by this company. A subscription is proposed
to be given towards the capital of the two latter projects,
the ream of which will be fully explained at the
Wharmliffe meeta.4. A bill is now in parliament
for permanently vesting the property of the itirk•
enhead Company jointly in the two companies, and
for conferring additonal powers in relation thereto." All
matters of difference with the South Wales Railway
t'onmany have been referred by agreement to the arbitration
of Mr. C. S. Whitmore. The directors of this company
have signinsal to the South Wales Company their willing.
ness to concert any reemeable modifications for working the
trim& calculated to insure a remunerative result to both
companies