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

RAILWAY INTELLIGENCE.

GREAT WESTERN.

The directors of this company have just issued the
statement of accounts for the half-year ending the 31st
of December last. The capital account shows that
11,637,2141. had been received on shares, including
3,414,5611. on 4 and 41 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 20,884,8321., 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. ; the
payments on account of estimated liabilities existing on
31st Dec.' 1849, to 263,213/. ; on the Oxford and Rugby
Railway, 1,281,560/. ; on the Birmingham and Oxford
Railway, 3,069,0531. ; on the Birmingham, Wolver-
hampton, and Dudley, 1,782,943/. ; on the Wilts, Somer-
set, and Weymouth (partially opened), 608,094/. ; on
lines in coarse of construction—namely, the 'Uxbridge,
42,641/. ; Henley, 5,4091. ;and Didcot deviation, 24,9961.;
in subscriptions to the South Wales, 581,0001. ; to the
South Devon, 225,0001. ; to the Shrewsbury Liues
Amalgamation Act, 25,7781. ; expenditure on the Glo-
cester and Dean Forest Railway, 100,7661. ; on the
Paddington Hotel, 55,6341. The interest on the fol-
lowing amounts is borne by revenue, namely-545,0001
in respect of the Wilts, Somerset, and Weymouth Rail-
way
Rail
;wy
183,8571. a 48,5621.,0xf0rd, Wcoorrcnews ,
Railway;an and Wolverhamp-
ton
l o ,00ca.
Wycombe Railway ;12,5001. Plymouth Great Western
Docks ; 34,3701., North Metropolitan Railway ;
500,4071., on new rolling stock ; 411,8291., on the now
station at Paddington ; and 71,985/., 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 648,661/. had been received,
including 387,7831. for passengers; 196,0181. for mer-
chandise, cattle, Ste. ; 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 rants 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 3,500/. fer Parliamentary
and legal expenses, leaving a balance for the half-year of
383,9271. To this sum is added 15,6991. brought from
the last account, and 2,227/. 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, 1,3251.
interest on Lerka and sffaute Extension shsres, 5,7151.
rent of Glocester and Dean Forest Railway (on 254,0001.
at 4A per cent. per annum), 1,2861. rent-charge on Pad-
dington estate, 1,500/. proportion of rent of the Wy-
combe Railway from the opening on the Ist of August
to the 31st of December last, 4,2331. appropriatsd
againseany loss on the lease of the South Wales Belt-
way to the 30th of June, 1854, 74,909/. interest on pre-
ference stock, and 191,9051. balance of interest paid on

leans ; together, 237;7 201., leaving 3 diTorable balauea
of 164,1331. The sum estimated to meet the claims of

the Shrewsbury and Chester and Shrewsbury and B:r-
-iningham shareholders for the ha!f-year ending the 314
of Dceeaiber last is 27,0001., an -I 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 (8,236,276/.). A dividend at the rate of 1i pl.
cent. for the half-year on that amount would absorb
123,5441., and leave a balance of 5,5881.
The debenture statement shows that 9,303,4111. has
been raised by the company on various securities to the
31st of December last ; of which amount the sum of
3,503,786/. was borrowed at 5 per cent., 897,6201. at
41 per cent. 1,586,3931. at 4i per cent., 40,5001. at 41
per cent., 1,967,8801. at 4 per cent., 331,7251. at 31 per
cent., and 970,5071. at 31 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 1,3!5,0001. 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 act of Parliament. The Wilts,
Somerset, and Weymouth Railway expenditure will
provide fey the entire completion -of the several lines
with all necessary stations, &c., connected with that
undertaking still unopened—namely, between Promo
and Weymouth, 521 miles, between Warminster and
Salisbury, 20i miles i • Melksham and Devizes, 84 miles ;
and between Bradford and Batlaampton, 9 miles. Also
a junction station at Cbippenham for the Wilts, Somer-
set, and Weymouth traffic. This creation of capital will
comprise also the expenditure for the Western Branch
of the Berks and Hants Railway, with an enlarged sta-
tion at Reading, and other accommodation there for
goods ani minerals, as well as for the rails, lice., 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 sum 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 to redeem the same after
tho 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 pompany to raise on
mortgage debentures in filither 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 secure the
interest (limited to 5 per cent. per annum) to the holders
of their mortgage debentures upon a capital not exceed-
ing 375,0201., which annual interest will be the first
charge upon the revenue, amounting to 18,7501. per an-
num. The working expenses, to the extent of 37,5001.,
are to be next deducted out of the gross receipts of the
undertaking, 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 De-von 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 he asked to ratify an agreement with the Birk-
enhead, Lancashire, and Cheshire Junction Railway Com-
pany for working traffic over their lines of rail way, at
agreed proportions out of the receipts of the line. It is
intended to secure to the Birkenhead Company that the
traffic revenues of 1554 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 5,0001. per annum during each of the
succeeding five years. The Great Western Company are
to receive out of those revenues 25 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 agreement will also
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
annum upon the capital of the company, if the option be
exercised within three years ; or at 4i per cent. per an-
num if exercises within the succeeding two years ; for
which purpose application is to be made for an act of
Parliament.