The Sun.
London, England, 1855-02-13 00:00:00

RAILWAY INTELLIGENCE•

GREAT WESTERN.

Trio directors of this company have just issued the
statement of accounts for the Latf-year ending tne 31st
of Dacember last. The capital account shows that
11,637,2141. hal
been received on shares, including
3,414,561/. on 4 and 44 per cent. preference stock,
6,593,4411. on debentures, loans, &c., and 2,709,9701.
securities on the Birmingham and Oxford, and Birming-
ham, Wolverhampton, and Dudley Railway, making the
total receipt on capital account 20,940,6251. The total
expenditure amounted to 20,384,8321., leaving a balance
of 555,793/. The expenditure on the Great Western,
Oxford, Berks and Hants, Windsor, and other lines, and
for locomotive stock, amounted to 10,493,2301. s the
payments on account of estimated liabilities existing on
81st Dec.' 1849, to 263,2131. ; on the Oxford and Rugby
Railway, 1,281,580/. ; on the Birmingham and Oxford
Railway, 3,069,053/. ; on the Birmingham, Wolver-
hampton, and Dudley, 1,782,9431.; on the Wilts, Somer-
set, and Weymouth (partially opened), 668,094/. ; on
lines in course of construction—namely, the Uxbridge,
42,641/. ; Henley, 5,409/. ; and Didcot deviation, 24,9961.;
in subscriptions to the South Wales, 581,000/. ; to the
South Devon, 225,000/. ; to the Shrewsbury Lines
Amalgamation Act, 25,778/. ; expenditure on the G!o-
-cester an:l Dean Forest Railway, 100,766/. ; on the
Paddington hotel, 55/334/. The interest on the fol-
lowing amounts is borne by revenue, namely-545,0001.
in respect of the Wilts, Somerset, and Weymouth Rail-
way ; 183,8571. Oxford, Worcester, and Wolverhamp-
ton Railway ; 48,562/., Cornwall Railway ; 10,0001.,
Wycombe Railway ; 12,500/. Plymouth Great 'Western
Docks ; 31,3701., North Metropolitan Rail way ;
500,4071., on new rolling stock ; 411,8291., on the new
station at Paldington ; and 71,9851., on additional
houses, workshops, &c., at Swindon ; new works at
Bull's-bridge, and new station accommodation ; making
the total expenditure, as above, 20,384,8321.
The revenue account for the half-year ending the 31st
of December last shows that 648,6611. had been received,
including 387,7831. for passengers ; 196,0181. for mer-
chandise, cattle, &c. ; 7,0501. for rent from Bristol and
Birmingham Railway ; 11,095/. for use of plant by
other companies ; 3,0391. interest on cash balances ; and
4,9171. for rents and registration fees.
The expenditure during the same period amounted to
264,7341., including 14,7291. for Government duty,
12,7651. rates and taxes, and 3,5001. fir Parliamentary
and legal expenses, leaving a balance for the half-year of
383,9271. To this sum is added 15,699/. brought from
the last account, and 2,2271. received for dividends on
the South Devon and Glocester and Dean Forest Rail-
way shares, making together 401,8531. Out of this
sum the following amounts are deducted—namely, 3651.
for additions to works on lines opened, 16,4821. annui-
ties of 4 per cent. per annum guaranteed to shareholders
of the Wilts, Somerset, and Weymouth Railway, 1,3281.
interest on Berke and Hants Extension shares, 5,7151.
rent of Glocester and Dean Forest Railway (on 254,0001.
at 42 per cent. per annum), 1,2861. rent-charge on Pad-
dington estate, 1,5001. proportion of rent of the Wy-
combe Railway from the opening on the Ist of August
to the 31st of December last, 4,2331. appropriated
against any loss on the lease of the South Wales Rail-
way to the 30th of June, 1854, 74,9091. interest on pre-
ference stack, and 191,9051. balance of interest paid on
loans ; together, 237,7201., leaving a disposable balance
of 164,133/. The sum estimated to meet the claims of
the Shrewsbury and Chester and Shrewsbury and Bir-
mingham shareholders for the half-year ending the 31st
of December last is 27,000/., and the amount estimated
to meet the deficiency under the South Wales lease to
December, 1854, is 8,0001., making together 35,0001.
This sum is deducted from the disposable balance of
164,1321., leaving 129,132/. for dividend on the ordinary
stock (8,236,2761.). A dividend at the rate of 14 per
cent. for the half-year on that amount would absorb
123,5441., and leave a balance of 5,5851.
The debenture statement shows that 9,303,411/. has
been raised by the company on various securities to the
31st of December last ; of which amount the sum of
3,508,7861. was borrowed at 5 per cent., 897,6201. at
41 per cent. 1,586,893/. at 41 per cent., 40,500/. at 44
per cent , 1,967,880/. at 4 per cent., 331,725/. at 31 per
cent., and 970,507/. at 34 per cent. per annum.
Appended to the statement of accounts is a circular
by the directors, explaining the business which they pro-
pose to submit to the proprietors at the special meeting
to be held on Thursday next. It would be well if this
course were generally adopted by railway directors, as
it would tend to save much valuable time from being
consumed at meetings in asking and answering compara-
tively trivial questions, and thus driving off the consid-
eration of the important business to the end of the day,
before which, in all probability, many of the shareholders
are compelled to leave the meeting and the decision to
the few remaining shareholders. The circular explains
that it is intended to raise 1,325,000/. to reimburse
the sums already advanced, and to make all further
payments for the construction and completion of the
'Wilts, Somerset, and Weymouth Railway, and of
other lines and works duly authorised and required
to be constructed by acli• of Parliament. The Wilts,
Somerset, and Weymouth Railway expenditure will
provide fir the entire completion of the several lines
with all necessary stations, &c., connected with that
undertaking still unopened—namely, between Frome
and Weymouth, 522 miles, between Warminster and
Salisbury, 201 miles ; Melkeham and Devizes, 14 miles ;
and between Bradford and Bathanipton, 9 miles. Also
a junction station at C'nippenhatn for the Wilts, Somer
set, and Weymouth traffic. This creation of capital will
comprise also the expenditure for the Westeru Branch
of the Berks'and Hants Railway, with an enlarged sta-
tion at Reading, and other accommodation there for
goods an minerals, as well as for the rails, &a., required
to be laid down in completion of a narrow gauge com-
munication between Wolverhampton and Basingstoke.
It is recommended by the directors that this ruin of
1,325,0001. should be created in shares, with fixed pre-
ference dividends not to exceed 5 per cent, per annum,
with a power to the company t ) redeem the same after
the expiration of seven years from the dates which may
be fixed for the issue of such shares. The lease of the
Cornwall Railway, to be considered at the same special
meeting, Is proposed to enable that company to raise on
mortgage debentures in further construction of their line,
with the interest thereon guaranteed by the associated
companies. For such purpose.' the companies in the pro-
portions hereunder-named—viz., the Great Western Com-
pany of two-ninths, the Bristol and Exeter Company and
the -South Devon Company together of seven-ninths,
agree to work the Cornwall Railway, and to Eacure the
interest (limited to 5 per cent. per annum) to the holders
of their mortgage debentures upon a capital not exceed-
ing 375,020/., which annual interest will be the first
charge upon the revenue, amounting to 18,750/. per an-
num. The working expenses, to the extent of 37,5001.,
are to be next deducted out of the gross receipts of the
underkin,s, and the residue divided between the Corn-
wall shareholders and the associated companies in fixed
proportions until the whole working expenses shall have
been defrayed. Covenants are provided that the lease
shall continue for a term of seven years, and further un-
til full reimbursement shall have been made of every dis-
bursement of the lessees in respect thereof, all payments
which may become necessary in working the line being
held to be advances for account of the Cornwall Com-
pany, to be replaced with interest out of their future
revenues. The works are to be finished and the line
opened in the first instance between Plymouth and
Truro, in continuation of the South Devon Railway,
a distance of fifty-three miles, and the lease is to com-
mence from that event, with a provision for an open-
ing in the interval, at the option of the associated
companies, of any portion of their railway. The proprie-
tors will be asked to ratify an agreement with the Birk-
enhead, Lancashire, and Cheshire Junction Railway Com-
pany for working traffic ever their lines of railway, at
agreed proportions out of the receipts of the line. It is
intended to secure to the Birkenhead Company that the
traffic revenues of 1854 shall not be diminished in amount
during the year 1856, and that from and after the Ist of
January, 1857, there shall be a minimum increase to the
revenues of 1854 of 5,000/. per annum during each of the
succeeding five years. The Great Western Company are
to receive out of those revenues 35 per cent, for working
expenses, and the Birkenhead Company are to receive
65 per cent, for the use of their lines, stations, and other
conveniences, and for the maintenance of way, repair of
stations, and parochial rates, The agreiment will al:=o
provide an option to the Great Western Company, sub-
ject to the sanction of Parliament, to rent the Birken-
head line in perpetuity, at a fixed rent of 4 per cent, per
annual upon the capital of the company, if the option be
exercised within three years ; or at 44 per cent. per an-
num if exercised within the succeeding two years ; for
which purpose application is to be made for an act of
Parliament.

LONDON AND NORTII-WESTERN.
The directors of this company have just issued the
statement of accounts for the half-year ending Dec. 31,
1854. The capital account shows that 21,831,009/. bad
been received on shares; 10,432,7771. by loans on de
bentures ; 402,830/. on debenture stock 3 per cents. ;
uanpdosn7,ttr 1• by calls paid in advance—total, 32,744,5521.
Whole of this amount interest and dividend is
charged to re
hand and revenue. The expenditure on the stock in
property of the company, amounted
to 23,347,703 k ; carrying stock, 2,777,4071. ;on
estate of the conicipuman
rent, 339,4841. Llenaonde and buildings yielding
the company have expended 304,2981.,
Nuneaton line
penditt,l29B/., West London
68,2481., making a total ex
this is t 9 be added the expenditureroenoftZo6i-837,1431. To
viz.: Lancaster
lines
B,i
on which the company have an interest,
and Carlisle, 350,0001. ; Caledonian, 143,7841.
Scottish Midland, 95,7721. 93. Bd. ; Shropshire union•
c'd • Manchester and S. Junction,
165'3831. 17'.?.
')
"iff0d5hire,190,7151.175.9435'
xi. 7 670/.
I.Bs. 2d.; South St, 5
7:0...
Dl. 11s. 10d. ; Cheste;;andallelloryB:
ter and Buxton, 5 ,
304 9541 17
bead, 1,472,1121; 4s. ,
,21 (911. . ;ditto
ie s . ;
ditto advances,
advances,, 10i,126i1.!
North London, :).577i _. e
____,_____.m.
12? t. 2d. ; Buck ingharnsh;r , 376 739/ 10 Id. ; ditto
Nvork p, 151,6491. 7s.
r 7 3451. 10.4. ; ditto works,
9d. ; Birmingham,.
Wolverhamp-
ton, and Stour Valley, 1J ,
542,437/. 198. 7d. ; Hantrwtendm I J etion, 55,9291. 15s.
Making a total expenditure on capital account of
31,950,944/. To ba!anee, 815, 3081.
The rex-emits account f,r the half year ending
Dec. 31,
1854, slows that 1,449,573/. hatbeen received from
traffic, ine!uding 788,253/. from
pasieng( r. 4, parcel.,
stores,and
mails ; and 632,201/. from coal and live
stock ; 4,7491. interest on cash ba!ances ; 14,5371. rents i
and transfer fees ; 990/. Huddersfield Canal ; 7,0141.
North Union IlailwaY ; and 47,0291. estimated divid,nd '
from Lancaster and Carli&e, Chaster and Holyhead,
South Staffordshire, Mandester and South Junction,
North London, Caledonian, and Scottish Midland Rail-
ways. Total receipts, 1,523,955/. The expenditure
dining the same period amounted to 892,5651. ; ba'ance
brought down, 631,380/. less 43,775/, for renewalof rails
---r--517,604/., balance of revenue account. Thefollowing is
the dividend, as proposed for the half-year ending Dec.
31 1864, at sLper cent. per annum :—..19,858,3521.