The Sun.
London, England, 1864-08-18 00:00:00

ordinary stock of the London and North-Western
proper have been steadily advancing, Thus while
in 1861 the distribution was 41 per cent. upon
£25,224,349, in 1862 it was 4,1- per cent, upon
£25,296,921, and in 1863, as previously indicated,
5-1- per cent, upon £25,755,350. In the current
year, as must have been abundantly evident to every
reader, the receipts of the system have been making
extraordinary progress, having amounted in the six
months ending June 30, 1864, to £2,596,156,
against £2,310,046 in the corresponding six months
of 1863; and there appears every probability of a
6 per cent. dividend being secured for the year upon
the company's very large amount of ordinary stock.
Including the leased lines and the lines partly
vested in the company, the capital represented by
the Londo❑ and North-Western is close upon
£56,000,000 ; but confining ourselves to the London
and North-Western properly so called, we find that
the total capital raised by shares and loans to De-
cember 31 1861, was £37,603,249,whi1e at the close
of last year it had risen to £38,864,064. It is a
specie? characteristic of London and NertheWestern
finance that the directors have always manfully in-
sisted upon the maintenance of a very large pro-
portion of ordinary stcck. Thus, of the £38,864,064
raised December 31, 1863, no less than £25,755,350
was represented by ordinary stock. The amount of
preference stock was only £653,018, the remaining
£12,455,696 being represented by£2,185,966 of de-
benture stock and £10,269,730 of debenture loans.
As we have already shown, the ordinary stock
received 51 per cent. in 1863, while 5 per cent. was
paid on the preference stock and 4 per cent. upon
a portion of the debenture stock (£1,875,136)
and 31 per cent. upon the remainder. The de-
benture debt of the company was floating, Dec. 31,
1863, at the following rates :—£1,618,591 at 41 per
cent., £1,030,388 at 41 per cent., £7,527,857 at 4
per cent., £91,954 at 31 per cent., £240 at 31 per
cent., and £7OO at 3 per cent. The improving credit
of the company is shown in the faot that at the core
responding date of 1862 £10,112,775 of deben-
ture debt then outstanding bore the following rates
of interest :—£480,550, 46 per cent. ; £2,122,691, 41
per cent.; £1,103,163, 41 per cent.; £6,291,517, 4
per cent.; £113,154, per cent.; £l,OOO, 31 per
cent. ; and £7OO, 3 per cent. The 411 per cent. de-
bentures were thus wholly extinguished last year,
while the 41 per cent. and 41 per cent. debentures
were reduced, and a great addition was made to
those floating at 4 per cent.
The results indicated were attained, of course, by
sheer hard work, the only real means, after all, by
which human undertakings can be placed in a satis-
factory posiaion. Thus in 1863 the company ran
392,662 passengers and 266,768 goods trains, which
accomplished between them an aggregate distance of
17,304,138 miles (in 1862 the corresponding total
was 15,745,908 miles). The number of passengers
conveyed—or rather of tickets issued—last year was
19,185,751 (against 17,453,527 in 1862). This vast
movement of human life was divided as follows :
First class, 2,308,727 passengers,yielding £632,516;
second class, £6,952,775, yielding £708,247; and
third class, £9,924,249, yielding £626,227. A sum
of £31,416 was also derived from holders of season
tickets, making the total passenger receipts of last
year £1,999,405. The accessory receipts of the pass
senger trains from parcels, carriages, horses, dogs,
&c. amounted last year t0£223,850,and £142,067 was
derived from the conveyance of mails, making the
total quick train receipts of 1863 £2,365,322 against
£2,307,021 in 1862. In the other departments of
the traffic service, live stock produced last year
£160,814, coal, ccke, and minerals, £659,6u1, and
general merchandise, £2,094,522, making the total
slow train receipts for the year £2,914,937, against
£2,611,138, in 1862. It results from these figures
that the greater portion of the additional revenue
acquired last year, as compared with 1862, pro-
ceeded from goods, indicating the gradual revival
of the productive districts traversed by the system
from the depressing stagnation which characterised
the latter months of 1862. Of course, the large
traffic cultivated by the company was not effected
without a ♦ery large outlay for working expenses.
Thus, the amount expended for maintenance and
renewal of way and works last year was £421,863;
for locomotive power, £672,294 ; for repairs and
renewals of carriages and waggons, £180,600; for
traffic charges (coaching and merchandise),
£750,752; for rates and taxes, £88,534; for Go
vernment duty, £71,224 ; for compensation for per-
sonal injuries to passengers, £20,000; for compen-
sation for the damage and loss of goods, £24,118;
for legal and Parliamentary charges, £52,905 ; and
for miscellaneous outgoings, £131,064. On com-
paring these figures with those for 1862 we find an
increase in the amount expended for maintenance
and renewal eaf way, locomotive power, repairs of
carriages and waggons, traffic charges, rates and
taxes, Government duty, compensation for damage
and loss of goods, and legal and Parliamentary
charges. The divisions of compensation for personal
injury and miscellaneous outgoings showed a dimi-
nution last year. It is also worthy of remark that,
notwithstanding the very large addition made to
the number of train miles run last year, the charge
for locomotive power was only £3,345 in excess of
the corresponding total for 1862. Tho rolling stock
possessed by the company at the close of 1863
comprised 1,095 locomotives, 2,058 carriages used
for the conveyance of passengers only, 1,083 other
vehicles attached to passenger trains, 17,543 waggons
of all kinds used for the conveyance of live stock,
minerals, and general merchandise, and 1,619 other
vehicles: the additions made to the rolling stock in
1863 amounted to 64 locomotives, 3 carriages used
for the conveyance of passengers only, and 910
trucks and other vehicles.
Such are a few general details with regard to the
position of the London and Worth Western Rail-
way Company in 1863. We ought also, perhaps, to
add a few particulars with respect to the minor
undertakings, which although not directly amalga-
mated with the company, have yet linked their for-
tunes with it by leases or other arrangements, and
the earnings which are included in the genera)
revenue tabulated above. The Bedford and Cam

bridge had raised at the close of 1863 £319,008, and
after providing for fixed charges, £239,008 of ordi-
nary stuck received last year 3; per cent. ; the
' Birkenhead (vested jointly in the London and
North-Western and Great Western) had raised
' £,672,919, and after providing for fixed charges,
12,075,821 of ordinary stock received 31 per cent. ;
the Birmingham, Wolverhampton, and Stour Val-
ley had raised £760,350 (the whole of this amov-,
was ordinary stock, which received 3.416 x,.. cent.)
the Buckinghamshire had raised 4:2,245,000 (the
whole of this amount was 0-atnary stock, which
received 4 per cent,); th. Cannock Mineral had
raised £145,582, .ad after providing for fixed
charges,'Xiog fa 2 of ordinary stock received 31 per
cent. ; the Chester and Holyhead had raised
£4,6r0,257, and after providing for fixed charges,
A:2,100,000 of ordinary capital received 23 per
cent. ; the Knighton had raised L 73,255, and after
providing for fixed charges, £51,255 of ordinary
stock received 5 per cent. ; the Lancaster and Car-
lislo had raised £3,004,066, and after providing for
fixed charges £2,420,300 of ordinary stock, re-
ceived 91 per cent. (lucky dogs these Lan-
caster and Carlisle shareholders !); the Mer-
thyr, Tredegar, and Abergav enny had raised
£220,974, and after providing for fixed charges
£170,874 received 5 per cent.; the North Union
(on lease to the London and North. Western and
Lancashire and Yorkshire jointly) had raised
£1,143,242, and after providing for fixed charges
£739,201 received 8.80 per cent.; the Shrewsbury
and Hereford, on lease to the London and North-
Western, Great Western, and West Midland jointly,
had raised 1832,128, and after providing for fixed
charges £553,195 of ordinary stock received 6 per
cent., and £6,753 43- per cent.; the Shrewsbury and
Welshpool had raised £245,050, and after provid-
ing for fixed charges £160,451, received 4 per
cent.; the Shropshire Union had raised £2,025,251
and after providing for fixed charges, £1,304,953
of ordinary stock received 2.5625 per cent. ; the
South Leicestershire had raised £205,226, and after
providing for fixed charges, £42,100 of ordinary
stock received 4 per cent.; the South Staffordshire
had raised £1,412,439, and after providing for fixed
charges, £944,935 of ordinary stock received 49
per cent. ; the Stockport, Disley, and Whaleybridge
had raised £376,465, and after providing for fixed
charges, £135,620 of ordinary stock received 3 60