The Sun.
London, England, 1864-08-31 00:00:00

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cent. At the cloe of 1861 the loans outsta.ndi:
iixe. tv
to £3,997,965—name1y, £l,OOO at 5 per cent., _ o
percent., £110,393 at 4 per cent , £229,958 at 4+.
£3,151,467 at 4 per cent., £177,34! at 3i per cent.l 111
£22,800 at 31 per cent. On ilia whole, the credit of the
company has thus steadily improved, the bulk of the deben-
ture capital having been made to float at 4 per cent., and a
larger amount being now in that position than in 18G1. It
should be added that the amount which the company c.as
authorised to subscribe to other undertakings at the close of
1863 was £481,500, and the amount actually paid up was
,E 313,625.

The Price of Gold.

The quotation of gold at Paris is about 21 per runic pm., and
the short exchange on London is 25.274 per £1 sterling. Ott comparing these rates with the English Mint price of £3
17s. 101 d. per ounce for standard gold, it appears that gold is
nearly 2-10ths per cent. dearer in London than in Paris.
By adviccs from Hamburg the price of gold is 425 per mark
and the short exchange on London is 13.51 per .£1 sterling.
Standard gold at the English Mint price is, therefore, 2-10ths
per cent. dearer in London than in Hamburg.
The course of exchange at New York on London for bills at
60 days' sight is quoted 2761 to 278 per cent., and the pre-
mium on gold 155/ to 157 per cent. Gold still continues to
arrive in moderate quantities.

The Midland would not have secured the excellent posi-
tion which. it now enjoys had not the traffic been cultivated
and developed with useidtteue ability. lu 1862 the efforts
of the managetneet could not, of course, overt the lose of
business occaeioued by the distress in Lancashire ; but in
epite of this the traffic of the network slightly expanded,
although the working expenses rolled on st ill faster. In 1863
the net revenue of the company ageiu resumed its progres-
sive course. and the total number of passengers conveyed was
9,916,465 (against 0,0'0,761 in 1862), while the quantity of
minerals transported was 4,225,700 tone (against 3,801,153
in 1862), and of general merchandize 3,299,634 tone (against
2,985,071 tans in 1362). The total of 9,916,465 passengers
was made up thus :-First class, 707,343 ; secend class,
2,235,614 ; and third class, 7,003,508. There were besides
1,810 holders of periodical tickets. The Lumber of carriages
conveyed by the quick trains in 1863 was 3,451; of horses,
17,517 ; and of dogs, 27,898. The total distance traversed
by the 155,334 quick trains run during the year was
3,984,820 miles ; and the total amount acquired by
the coaching department was £869,641, made up thus :-
First class passengers, £131,338; s,cond class, £210,932;
third class, £321,448 ; season and periodical tickets,
£9,077 ; excess luggage, parcels, dogs, &c., £71,808 ;
and mails, £35,068. la 1562 the corresponding total was
£765,825, of which first data passengers yielded :6125,697-
second class, £231,116-third class, £297,612-season and
periodical tickets, i9485-excess luggage, parcels, dogs,
&c., £66,877-and mails,, £35 03S. The passenger fares
charged on the Midland proper in 1363 were 2.373 per mile
first class, 1.72 d. per mile Second class, and 0.97 d per mile
third class ; on the affiliated lines the rates charged were
rather higher, but not very materially so. The 155,376
goods trains run in 1863 traversed betweea them 5,820,947
miles (making the total train mileage for the year 9,805,767
miles), and the amount acquired by thee, was £1,554,754,
which we discompose thus :-Live stock, £32;500-ceal,
coke, and minerals, £485,171-and general
merchandise,
£1,037,083. In 1862 the corresponding total rats 44462,831,
made up thus-Live stock, £32,557-coal, coke, and mine-
rats, £454.444-and general merchandise, £975,800. eel the
general augmentation of £135,739 established in the traffic
receipts in 1863, as compared with 1562, £43,816 was ob-
tained by the coaching, and £91,923 by the goods depart.
ment, showing how accurately a great railway system
reflects the comparative commercial activity of the country,
and also how greatly dependent its own prosperity is upon
a more or less animated movement of goods. The working
charges showed a gradual expansion last year under every
head, as, indeed was to be expected, considering the
increased business done. Thus the amount expended last
year in the maintenance and renewal of way and works wes
£106,294 (against £161,645 in 1862)-in locomotive power,
£315,935 (against £307,459 in 1862)-repairs and renewals
of carriages and waggons,£B2,3ss (against.£7s,46o in 1862)
-traffic charges (coaching and merchandise), £277,280
(against£26l.l69 in 1362)--rates and taxes £46,969 (against
40,493 in 1862)-Government duty £20,496 (against
£17,818 in 1862)-compensation for personal injury, &c.,
£17,794 (against £10,520 in 1862) ; compensation for damage
and loss of goods, £4,951 (against £9,615 in 1862) ; legal
and Parliamentary expenses, £16,93S (against £13,065 in
1362) ; and miscellaneous working charges, £74,186 (against
£73,876 in 1862). The only item of expenditure which
showed a decrease last year was thus the compensation
paid for damage and loss of goods, and the reduction under
this head atoned to some extent-so far as it was an indi-
cation of the care of the management-for the very large
sum paid in respect to the personal injuries sustained by
passengers. The directors will no doubt use their utmost
exertions to reduce this last extremely regretable feature
in their accounts. The rolling stock upon the system in
December, 1863, comprised 499 locomotives, 907 carriages
used for the conveyance of passengers only, 438 other
vehicles attached to passenger trains, 10,282 waggons of
all kinds used for the conveyance of live stock, minerals,
and general merchandise, and 552 other vehicles, making
a total of 12,678. The additions made to the rolling
stock in 1863 comprised 20 locomotives, 69 carriages
used for the conveyance of passengers only, 32 other vehi-
cles attached to passenger trains, 76 waggons used for the
conveyance of live stock, minerals, or general merchandise,
and 51 other vehicles. The Midland is thus liberally sup-
plied with rolling stock, having nearly 191 carriages, trucks,
and locomotives per mile worked at the close of 1863, while
'the corresponding average in the case of the Great Western
was not quite 14. There can be no doubt that a largo sup-
ply of trucks is one great means of developing a fine goods
treffic, such as the Midland has so successfully cultivated.
Such is a general outline of the position of the Midland.
We ought also to append a few details as to the position of
its allies, and it may be observed accordingly that the North- ill
Western had raised at the close of 1863 £1,182,719, and after 0
providing for fixed charges, £785,560 of ordinary stock re- "
ceived 3 per cent.; the Manchester, Buxton, Matlock, and
-Midland junction had raised £515,378, and, after pro-
rat
viding for fixed charges, £436,250 of ordinary stock re-
ceived
£2 Bs. 6d. per cent. ; and the Redditclt
had raised £46,740, 2/ per cent. being paid on £36,000
of ordinary stock, after providing for fixed charges. Th
total capital raised by lines worked in connexion with the
Midland at the close of last year was thus £1,774,837.
Adding this amount to the £23,377,447 raised by the Mid-
land proper, we arrive at a total of £25,152,284; and at the
close of 1864 it appears probable that the aggregate capital
represented by what is popularly known as the Midland
Railway will not be far short of £26,000,000. The position
of their property must be highly satisfactory to the Mid-
land shareholders, and it is interesting and instructive to
the railway world at large. When discretion took the
place of recklessness at the Midland Board-and the happy
transition may be dated from about 1850-the position of
the undertaking was deplorable. Its credit was at a low
ebb. and its ordinary stock stood at somewhere about 30,
while the concern was in general bad odour with the
public. How is it that the present directors can now
proudly say that they have changed all that ? The answer
is plain and obvious. The apparent miracle hag
been wrought by a careful development of traffic, an
intelligent utilisation of the resources of a naturally fine
district, and rigorous economy in the working charges.
Under any circumstances the Midland would probably be
a fine property, but it owes no inconsiderable portion of its
present exceptional prosperity to moderation of the work-
ing expenses. Thus the difference between a ratio of 43
per cent. and 50 per cent, represented last year, on the rough
receipts acquired by the Midland, a round sum of £165,503.
The whole amount was applicable, it should be re-
membered, for division among the holders of the or-
dinary stock, who received, in consequence, a divi-
dend at least lb per cent, in excess of that which
would otherwise have been paid. This is a practical
illustration deserving of the attention of all interested in
railways. Another point worthy of notice in connexion
with the Midland is what the French would call the soli-
darzte of the concern. It is probably the most unassailable
railway enterprise in Great Britain, as ft extends in almost
all directions and embraces almost all interests; and if wisely
administered, as it appears to be at present, it bids fair to en-
joy a long period of prosperity. It may be interesting be-
fore closing an already long article to recall the fact that it
was at one time seriously proposed to transfer the under-
taking to the London and North Western in consideration
of the latter assuming all fixed liabilities and taking the
ordinary
stock at £62 19a per £lOO. The negotiation went
off, and happy is it for the Midland shareholders that thsy
held on to their property pure and simple. That such
terms should ever have been propsed shows how iaade.
quate were the estimates formed as to the future of a
system which has since worked itself into a foremost
place among the railways of the empire.-Times.

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