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

NEI ) PAPER
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cent. At the close of 1861 the loans ou tie fling amounted. '
to £3,997,9 55—namely, £l,OOO at 5 per 'at.,x,5,000 at 4.1_.*
per cent., £4 10,398 at 4} per cent., L 229, 51,i-att 4 oer ',„ t-a. i
£3,151,467 at 4 per cent., £177;342 at ° per oat; ..1 ' /..if:,
£22,800 at 3, \ per cent. On the whole, as.-orecl" -f . ',iv/
company has t hus steadily improved, the bill 4411044 - S
ture capital hal Ting been made to float at 4 per cent., and a
larger amount b eing now in that position than in 1861. It
should be added that the amount which the company was
authorised to sub scribe to other undertakings at the close of
1863 was £484,50t ), and the amount actually paid up was
£313,625.

The Midland wet tld not have secured the excellent posi-
tion which it now en, joys had not the traffic been cultivated
and developed with a 9siduous ability. In 1862 the efforts
of the management et mid not, of course, avert the loss of
business occasioned by the distress in Lancashire ; but in
spite of this the traffic , .)f the network slightly expanded,
although the working ex, -ienses rolled on still faster. In 1863
the net revenue of the co mpany again resumed its progres-
sive course, and the total ni =bur of passengers conveyed was
9,916,465 (against 9,020,76 tin 1862), while the quantity of
minerals transported was 4, 225,790 tons (against 3,804,153
in 1862), and of general mare. tandize 3,299,634 tons (against
2,985,071 tons iu 1862). Thy total of 9,946,465 passengers
was made up thus:—First c lass, 707,313; second class,
'2;235,614; and third class, 7,0( 13,508. There were besides
I,SIO holders of periodical ticket, a The number of carriages
conveyed by the quick trains in 1863 was 3,451; of horses,
17,517; and of dugs, 27,898. TL te tom' distance traversed
by the 155,331 quick trains run during the year was
3,981,820 miles ; and the total amount acquired by
the coaching department was £809,, 511, made up thus :
First class passengers, £131,338; Ht coact class, £240,902;
third class, £321,418 ; season am. 1 periodical tickets,
£9,077 ; excess luggage, parcels, d. lge, &c., £71,808 ;
and mails, £35,068, In 1862 the corn v3Pending total was
£765,825, of which firsttlass passengers yielded £125,697
second class, £23l,ll6—tVird class, £29', ',fin—season and
periodical tickets, £9,4Bs—excess luggag 3, parcels, dogs,
&c., £66,B77—and mails, £31,038. The passenger fares
charged on the Midland
mile
mile
third class ; on the affiliated lines the rates t
first class, 1.72(1. per milperospeeoeruind
hargod were
16038638,weeerdeit 21:9377dd
ppeerr
rather higher, but not very materially 80. The 155,376
goods trains run in 1863 traversed
between that a 5,820,947
miles (making the total train mileage
was 9,805,767
for the year
miles), and the amount acquired by them £1 ,654,754,
,

'485,'5.,37,567-acgeal7riatoal k-me,er:d4nlne-;
47 1 sue . -7"t"011M-.":" •,, , 4, -", ...,., e......:...;0fir5t.,
coke, and minerals,
£1,037,083. In 1862 the corresponding total wa-,,'-x136‘2,831,,,•
made up thus—Live stock,
rats, £4s4.444—and.general merchandise, £975,809,, pi ‘4,3
general augmentatitni of £135,739 established in the sr,„ pic ,
receipts in 1863, as compared with 1862, £43,816 was A._
tamed by the coaching, and £91,923.by the goods del
yz,,,t.
went, showing how accurately a •great railway sa ,stern
reflects the comparative commercial activity of the cat' trA
and also how greatly dependent its own Prosperityis upon \
a mere or less animated movement of goons; The "w( liking
in
charges showed a gradual expansion last year under Kevery ,
head, as, indeed was to be expecttA considering;' considerir the N
increased business done. Thus the ,amount expeneff.d last s.
year in the maintenance and renewal el may and woeas was '
£166,294 (against £161,645 in 1862)--inlocomotive.cpower,
£315,935 (against £307,459 in 1862)'—repairs knd renewals ‘,
of carriages and Vragg0n5,482,355 Tagairtst47s,46o In 1862)
—traffic charges (coaching and "merchant/is 1a); 4;277,280 '',
(against426l.l69 in. 1862)—rates and taxes 441,061 *(agifinst ~
!' •
40,498 in 1862)—Government duty 420;496;i. (akailast i
£17,818 in 1862)--compensation *for personal'i4jtl4, &a:,
£17,794 (against £10,520 in 1862) ; compensation 'for damage
and loss of goods, 4951 (against £9,615 in 18,62); legal
and Parliamentary expenses, £16,938 (against £13,065 in ,
1862) ; and miscellaneous working charges, £74,186 (against
£73,876 in 1862). The only item, otexpenditiose which
showed a decrease last year was thus-the compensation
paid for damage and loss of goods, and the itcluclitnder
this head atoned to some extent—so far. as it was an in,ail. . ~
..._..— ..,
cation of the care of management—for the verflagel
sum paid in respect, to,the personal -injiiiearsustained jbar .:
passengers. The directors .will no-doubt use their utmost ' .
exertions to reduce this last extremelyregretabkaAistUrel
in their accounts. , The, rolling , stock upon the system itt
December, 1863, comprised 499 to'ctitnotives; 90tcaiiiatae
used for the conveyance of passenger only, 1438 otheid
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 ~that rolling , :
, A
stock in 1863 comprised 20 locomotives, ~69 cairrites
, • ,
used for the conveyance "of passengers only, 31 'other Are i-,'''
cles attached to passenger . trains, 76 'aiaggOns'itsed4or the
conveyance of live stock, minerals; or general gaer:ehandiee,,
and 51 other vehicles. The Midland is thus liberally sup?' ,
plied with rolling stock, having nearly 19f cii'rrfaic:ft, trucks,
and locomotives per mile worked at the close of 18f63,'While
the corresponding average in the case of thaGreat;Western
was not quite 14. ' There can be no doubt that. a large sup-
ply of trucks is ono great means of developing a fine goinis
traffic, such as the Midland has so successfully cultivated.
Such is a general outline of the position of the I\ildltuid...
We ought also to append a few details as to the position of
its allies, and it may be otnerved accordingly that the North-
Western had raised at the cltse of 1863 41,152,719,an0d. after' . ,
providing for fixed charges, £785,560 of ordinary stock re-
ceived 3 per cent., the Manchester, Buxton, Matlock, and
Midland lunotion had raised £545,378, and, after pro-
viding for fixed charges, £436,250 of ordinary stock re-
ceived £2 Bs. 61. per cent. ; and the Reddiach
had raised £46,740, 2f per cent. being paid on £3(5,000
of ordinary stock, after providing for fixed charges. Tit
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 has
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 £165,508.
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 11 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-
darde 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 con.sideration
of the latter assuming all fixed liabilities and taking the
off,ord aninadryhsatpo;yk
last
if6fo2rlthOsepzittirid.
shareholders
held on to their property pure and simple. That such
ee negotiationhole r s th at t h wentthey
terms should ever have been propsed shows how inade.
aua.ta warn thn estimates formed as to the future of a
system which has since worked itself into a foremost
place among the railways of the empire.—Titnts.

The Price of Gold.

The quotation of gold at Paris is about 2i per mile pm., anti
the short exchange on London is 25.271 per 41 sterling. On
comparing these rates with the English Mint price of £3
17s. 100. per ounce for standard gold, it appears that gold is
nearly 2-10tha per cent. dearer in London than in Paris.
By advicas from Hamburg the price of gold is 425 per mark
and the short exchange on London is 13.51 per Z 1 sterling.
Standard gold at the English Mint price is, therefore, 2-Mho
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 276 i to 278 per cent., and the pre-
mium on gold 155 q to 47 per cent. Gold still Continues to
arrive in moderate quantities.

Foreign Mail Packet Lilt.

MAILS DUE.

Australia and Mauritius, via Southampton......, Sept. 18.
via Marseille* cept. 12.
Jrazil and Cape Verde, by British packet. ....... Sept. 4- I
Cape of Good Hope, Ascension, and St. Helena., Sept. 18.
China, Penang, and Singapore, via Southarnpton.Sept.l.
via Marseilles ..,Sept. 11

Falkland Islands .......................
Gibraltar, via Southampton .................. I.
India (Calcutta), and Ceylon, via Southampton. • B'-'o' ,''
via Mar-sullies.... SeS. 12.
India (Bombay),
vviiaa
hiSoaurtsehamillepßto..n.
......... Sept. N.
Fortuge.l.... ............................... Sept.
Nlalta, Rgypt, and •Aden, Via ‘-: t
. .1" aynpr.o7l• y) •
..... via Marseilles ...
e.O
Sept.
. . 4441... .
Nnwfoundland Aug. 31.
°P°"° nd Vigo
,:. ..... , t
U. S. and British N. Amo ........ t..
Brit. Pack°t• • '' Ang. 31.
by U.S. packet
•••-•.
by Canadian packet. Sept. 2.
M

EL AN C HOLY ACCIDENT.--Cla Thursday after-
on
at Leckie-house, was returning
no Mr Bruce residing
home from the moor with Mr Campbell, of Boquhan, when
his horse reared and threw him over a precipice on Boquhan
Hills, He was, unfortunately, killed on the spot. Mr
Bruce has left a considerable amount of money, and his heir
is understood to be the second son of the late Earl of Elgin.
"--Lailibtir,94 OW One,