The Sun.
London, England, 1864-08-24 00:00:00

TIIJ SUN, LONDON, WEDNESDAY EVENING, AUGUST 24, 1864.

body will take the trouble to look back, which few
men are disposed to do, because they are too busy
looking forward (" hear," and cheers); if any man
will look back and glance at the immense progress
which hos taken place in this country during the
last thirty years, he will be astonished at the mag-
nitude of the improvements which have been made,
the magnitude of the obstructions which have been
thrown down, Ithe magnitude of the new doors to
industry which have been opened, and the pro.
gress which the country has made in national
wealth and the comfort and happiness of the people.
(Cheers.) I need not, indeed, preach these doe.
trines in this town, because they have not only
been understood, but successfully practised. It
is not in Tiverton, where a most thriving and
durable manufacture has been so long established,
that I need debate on the advantage which genius,
industry, enterprise, capital properly applied and
adapted, with skill produce not only to the indivi-
dual who directs the machine, bat to the whole
community who are in any way connected with
such a system. (Cheers.) The noble lord, after
passing a Ihigh eulogium on his lamented colleague,
Mr Heathcote, concluded by thanking the guests
around, him for the manner in which he had been re-
ceived among his kind friends in Tiverton, saying
that these periodical visits were always marked with
a red letter in his diary. The noble lord resumed
his seat amid loud and prolonged cheering, and
the party soon afterwards separated.

The Great English and French Railways.

THE GREAT WESTERN.

We come next to this great and powerful under.
taking, which, however, as regards a large portion
of its shareholders-that is, the holders of ordinary
stock-has long, however, produced only compara-
tively indifferent results. A definitive amalgamation
was efftcted last year between the Great Western,
the South Wales, and the West Midland; but for the
purposes of this article we must assume that they
were united under one administration in 1862 and
1861. The Great Western, which, like its old rival,
the London and North Western, was originally a
comparatively modest affair-merely aiming at
placing London and Bristol in communication with
each other-has thus acquired colossal dimensions
of late. Instead of confining itself to Bristol, it has
stretched far away to Milford Haven, Birkenhead,
and Weymouth; and at the close of January, 1864,
the following concerns were comprised in its not
very prosperous, but still highly important enter-
prise :-The Abingdon, the Berks and Hants Ex-
tension, a moiety of the Birkenhead, the Bourton-
on.the-Water, the Bristol and South Wales Union,
the Coleford, Monmouth, Usk, and Pontypool, the
East Somerset, the Ely Valley, the Leominster and
Kington, the Milford (from Sept. 7, 1863, to Jan.
31, 1864), the Much Wenlock and Severn Junction,
the Severn Valley, the Shrewsbury and Birming-
ham, the Shrewsbury and Chester, a moiety of the
Shrewsbury and Hereford, the Stourbridge, the
Stratford-upon-Avon, a moiety of the Tenbury, the
Tewkesbury and Malvern, the Vale of Llangollen
(from Aug. 31, 1863, to Jan. 31, 1864), the Welling-
ton and Severn Junction, part of the West London
Extension (from April 1, 1863, to Jan. 31, 1864),
the Witney and Wycombe, the Calne (from Nov. 3,
1863), and the Nantwich and Market Drayton (from
Oct. 20, 1863). The length of wey worked-assum-
ing for the purposes of comparison that the West
Midland and South Wales were amalgamated with
the Great Western in 1861 and 1862-was conse-
quently as follows :-Miles in operation, Dec. 31,
1861, 9891 (7241 double and 265 single); Dec. 31,
1862, 1,148 (748 double and 400 single) ; and Jan.
31, 1864, 1,199 (783 double and 416 single). In 25
months the general undertaking thus expanded to
the extent of 2091 miles. The traffic acquired, the
working expenses incurred, and the profits realised
upon this mileage in 1861, 1862, and 1863.4 (that is
1863, and Jan., 1864) were as follows ;-
Year. Revenue. Expenses. Profits.
1801 .... £2,887,020 .. £1,422,249 .. £1,464,771
1862 .... 3,097,241 .. 1,551,002 .. 1,513,239
1863-4 .. 3,465,653 .. 1,667,679 .. 1,791,661
Although the result here disclosed is satisfactory,
still some confusion is created by the last year's
figures being for 13 months, the company having
decided OR making up its accounts to July 31 and
January 31 in each year, in order to equalise to a
greater extent the dividends of the two half-years.
If we deduct one-thirteenth part from the total set
down as the revenue for 18634, we arrive at a sum
of £3,199,069 as the approximate receipts of 1863.
Applying the same test to the working charges, the
total would be reduced to £1,529,396, and the
profits for the year would be £1,659,673, The in..
crease in the revenue, comparing 1863 with 1861,
would thus be £312,049, acquired with an increase
of £117,147 in the working charges. While, then,
the proportion of working charges to rough re-
ceipts was 49.25 per cent. in 1861, it appears to
have been reduced to 48 11 per cent. in 1863.
There has thus been an improvement effected in
this regard of at least 1 per cent.-a very important
matter when we are dealing with a rough total of
£3,000,000 ; there still, however, seems to be some
room for the realisation of some further economy.
From circumstances, perhaps, beyond the control
of the directors, the finance of the Great Western
has been administered on principles differing radi-
cally from those of the London and North-Western.
Thus, while the latter has a comparatively small
amount of preference stock, in the Cheat Western
the preferential charges have in some years,
although the company is now recovering
itself to some extent, almost entirely swamped
the unfortunate proprietors of ordinary stock.
Thus, of the £39,719,140 raised by the three com-
panies-Great Western, South Wales, and West
Midland-to December 31, 1861, only £13,164,575
was ordinary stoch-and 25 menthe later-that is
January 31, 1864-of the £40,666,111 raised, only
£13,318,244 was ordinary stock. It is to be hoped
that as years roll on this stock will find itself in a
better position than it does at present, as for the
year ending January 31, 1864, the dividends paid
paid upon it were at the following meagre rates :-
Upon £540,944, 0.75 per cent.; .£1,400,500, 1.08
per cent.; upon £23,899, 2.12 per cent; upon
£8,175,199, 2.35 ptr cent. ; upon £2,426,416, 3 per
cent. ; upon £188,087, 3.28 per cent. ; and upon
£563,199, 4.68 per cent, The amount of preference
stock outstanding, January 31,1864, was something
tremendous, es the following recapitulation shows;
-110,050 at 3 per cent ; £1,715,424 at 31 per
cent.; £3,660,384 at 4 per cent. ; £1,321,950 at 41
per cent. ; £4,269,963 at 41 per cent.; £36,000 a t
41 per cent. ; £2,315,765 at 5 per cent. ; £219,055
at 51 per cent.; £1,846,482 at 6 per cent.; and
£175,000 at 8 per cent.-in all, £15,470,093. The

•
total capital raised by stock of all kinds at
the close of January, 1864, was £30,286,951, the
company having created or assumed £B,OOO of 4
per cent. and £1,480,034 of 4i per cent. debenture
stock. The debenture debt outstanding January
31, 1864, was £10,379,160 (rather more than the
London and North Western, which, in fact, so far
as its undertaking proper is concerned, finds itself
distanced by the Great Western in matter of capital)
the bulk of which was floating at rather more than
4 per cent., £1,500 bearing interest at 31 per cent.,
£598,900 at 4 per cent., £5,337,703 at 41 per cent.
£3,891,645 at 4-1- per cent. £136,640 at 4i per cent.,
and £482,772 at 5 per cent. The company's credit
would appear, comparing this year with 1861, to
have somewhat improved, the amount of debentures

outstanding at 4i per cent. having increased, while
the extent of the 4y per cent. debt has been reduced.

Thus, the position of the debenture debt at the close

of 1861 was as annexed :—£217,207 at 31 per cent.,
£3.800 at 31 per cent., £1,525,898 at 4 per cent.,
£2,366,257 at 41 per cent., £5,128,700 at 4+ per
_ _ _

cent., £352,107 at 4; per cent., and .£1,644,964 Ett, 5
per cent. These figures, it should be observed, re-
present the debenture debt of the three companies—
Great Western, West Midland, and South Wales

combined ; and they afford another proof that what

may now in general terms be styled the Great
Western has for several years past been paying a
liberal rate of interest upon its debenture capital.
The company is struggling gallantly to ovarcome
the difficulties of its position, although its financial
history may be said to have been for some years a
race between the growth of revenue and the growth
of fixed charges. On the whole, the position of the
ordinary shareholders may be said to be improving,

the policy now announced by the directors being
one of peace,and tranquillity. Aa !the growth of
fixed charges is thus likely to be checked for a few
years the dividends on the company's multitudinous
ordinary stocks may be expected to expand to some
extent. We have said that the company is strugg-
ling gallantly to overcome its difficulties, and we
may add that in the 13 months ending January 31,
1864, 240,609 passenger and 89,817 goods trains were
run, the former accomplishing a distance of 6,573,261
miles, and the latter of 5,467,527 miles, making an
aggregate of 12,040,788 miles (against 10,593,480
miles in 1863). The number of tickets issued was
17,291,221 (against 12,954,951 in 1862). The im-
mense circulation of passengers in the 13
months ending January, 1864, was made up thus :-;
First-class, 3,112,888 passengers, yielding £429,567
second class, 6,058,575, yielding £662,222; and
third class, 8,119,758, yielding £475,557. It is per-
haps worthy of remark that the Great Western has
a larger first-class traffic than the London and
North... Western, but that the amount derived by it
from this category of voyageurs is less. A sum of
£19,164 was also derived by the Great Western in
the period under notice from 1,975 season ticket
holders, making the total passenger receipts of the
13 months £1,586,510. The accessory receipts of
the quick trains from parcels, carriages, horses, dogs,
&c., amounted in the 13 months to £156,617, and
£56,335 was derived from the conveyance ofmails,
making the total quick train receipts of the 13
months £1,799,462, against £1,677,945 in 1862.
The number of beasts conveyed over the system in
the 13 months was 166,190 ; sheep, 516,565 ; pigs
155,265, The quantity of coal and coke transported
was 3,009,223 tons; of minerals, 1,851,065 tons; and
of general merchandise, 2,360,374 tons. This very
considerable movement on the part of the slow train
service produced a receipt of £1,666,196 against
£1,419,296 in 1862, The goods traffic, as in the case
of the London and North-Western, thus appears to
have profited considerably last year from the revival
of trade. The ratio of the working charges to the
traffic receipts was, as we have before shown, about
48 per cent.; and the total of £1,672,166 expended
under this head in the 13 months may be dise
tributed as follows ;-_Maintenance and renewal
of way, /350,277 ; locomotive power, £421,067 ;
repairs and renewals of carriages and waggons,
£164,879; traffic charges, coaching and merchandise,
£537,639; rates and taxes,Xso,376; Government duty
£57,579; compensation for personal injury, £2,176;
compensation for damage and lose of goods,
£11,138; legal and Parliamentary expenses,
£16,904; and miscellanecns outgoings, £60,131.
It is creditable to the management of the Great
Western that in the 13 months ending January,
1864; the amount paid to passengers for injuries
sustained should have been only £2,176, while in
1862, with less mileage at work, the corresponding
outlay was £4,832. The amount set down for legal
and Parliamentary expenses is also extremely mo-
derate when compared with the corresponding
heavy items in the accounts of the London and
North-Western for 1863. The rolling stock upon
the system in January, 1864, comprised, we may
add, 650 locomotives, 1,249 carriages used for the
conveyance of passengers only, 719 other vehicles
attached to passenger trains, 12,873 waggons of all
kinds, need for the conveyance of live stock, mine-
rals, and general merchandise, and 1,164 other car-
riages or waggons, making an aggregate of 16,655.
The additions made to the rolling stock in 1863
comprised 31 locomotives, 67 carriages used for the
conveyance of passengers only, 33 other vehicles
attached to passenger trains, and 617 other trucks,
&c. The locomotive power of the Great Western
appears to be relatively smaller than that of the
London and North-Western. Thus the Great Wes.
tern, with 1,199 miles in operation, or under its
control, in January, 1864, had only 650 locomotives,
while the London and North Western, with 1,209
miles, had 1,095 locomotives. In each case each
locomotive would seem to be earning for its owners
about £llO per week in spring,summer,and autumn,
and from £9O to 100 per week in the winter months.
A few words must be said as to the position of
the minor undertakings which have associ.
ated themselves with the Great 'Western either
through leases or working arrangements. The Ab-
ingdon had raised at the close of 1863 £19,500,
but after providing for fixed charges nothing ap-
pears to have been paid upon £14,500 of ordinary
stock; the Berke; and Hants Extension had raised
£269,308, and after providing for fixed charges
£158,168 of ordinary stock received 11 per cent. ;
the Birkenhead (vested jointly in the Great Western
and London and North-Western) bad raised
£2,672,919, and after providing for fixed charges
£2;075,821 of ordinary stock received 31 per cent.;
the Bourton-on-the- Water had raised £39,647, and
after providing for fired charges £29,647 of ordi-
nary stock received 11 per cent. ; the Bridport had
raised £105,561, and after providing for fixed
charges nothing appears to have been paid on the
ordinary stock ; the Bristol and South Wales Union
had raised £289,339, but after providing for fixed
charges there was nothing for the ordinary stock;
the Calae had raised £32,420. but after providing
for fixed charges there was nothing for the ordinary
shareholders; the Coleford, Monmouth, Usk, and
Pontypool had raised £192,479, and after providing
for fieed charges £192,479 of ordinary stock re-
ceived 2; per cent. ; the Esst Somerset had rased
£152,052, and after providing for fixed charges
£67,933 of ordinary stock received nothing; the
Ely Valley had raised £108,796, and after providing
for fixed charges £82,996 of ordinary stock received
2a per cent.; the Leominster and Kington had
raised £101,430, and after providing for fixed
charges £59,010 of ordinary stock received 4 per
cent ; no information can be afforded as to the Mil-
ford or the Much Weelock and Severn Junction;
the Nantwich and Market Drayton had raised
£54,822, and after providing for fixed charges
£44,222 of ordinary stock received nil; the Severn
Valley had raised £607,053, and after providing for
fixed charges £330,373 received 3 per cent. ; the
Shrewsbury and Hereford, on lease to the Great
Western, West Midland, and London and North-
Western jointly, had raised £832,128, and after pro-
viding for fixed charges £533,195 of ordinary stock
received 6 Fen cent., and £6,753 41 per cent.; the
Tenbury had raised £38,570, and after providing
for fixed charges £24,370 of ordinary stock received
2 per cent. ; the Tewkesbury and Malvern had
raised £323,580, and after providing for fixed
charges there was nothing divisible on £235,580 of
ordinary stock; the Vale of Llangollen had raised
£60,000, and, after providing for fixed charges
£45,000 of ordinary stock received 3 per cent. ; the
Wellington and Severn Junction had raised £59,772
(fir a wonder the whole of this amount was ordi-
nary stock, and it received 41 per cent.) ; the Wes-
London Extension (in which the Great Western has
en interest to some extent) had raised £622,500--
£487,500 of ordinary stock appears to have received
nothing; the Witney
had raised £66.000, and after
providing for fixed charges £37,850 of ordinary
stock received 2i per cent.; and the Wycombe had
raised £350,269, £60,875 of the ordinary stock 34 per cent., and £56,392 receiving nil, In-
completeour recapitulation of the capital raised
b re-
ceiving
y th s
the Great 'Western's allies necessarily is, it
amounts to £4,937,310, and adding this amount fo
111 of Great *Western capital properly
st
oh
calledthe 4066,,W6e
arrive at a total of £45,603,421 as the
virtual capital of the general undertaking in Jan-
uary, 1864, But our figures are, as we have said,
not quite complete, and we prefer to state the amount
in round figures, and place it between £46,000,000
and £47,000,000. If we continue our comparison
of the Great Western with the London and North
Western, it will be seen that the Great *Western,
wi
aa 18
tof y
eia4r 6; ,Gwohoi,loootoh, e reaLlised aa n profitd
N o
r tohf
£l,,
Western, with £56,000,000 engaged, realised
£2,866,849. The London and North Western could
thus divide a clear 5 per cent. all round ; while the
Great Western would only be able to squeeze out
somewhere between 3L- and 34 per cent. We
have placed the two systems together, because in
times gone by they have been old rivals. Commit-
tee-rooms at Westminster have resounded with their
contentions, and Parliamentary agents and barris-
ters have fattened upon their quarrels, Isolated
and vanquished in the struggle of broad gauge
against narrow gauge, the Great Western now must
eede the pas to its more prosperous and fortunate

contemporary. Bar, for all that, it is a grand con■