The Sun.
London, England, 1863-02-10 00:00:00

RAILWAY INTELLIGENCE.

ROYSTON, HITCHIN, AND SHEPRETH.
The half-yearly meeting of the proprietors of
this company was held at their offices, Gracehurch-
street, yesterday, under the presidency of Mr. Cob-
bold, M.P.
After the preliminary business had been disposed
of, the CHAIRMAN said the only matter before the
meeting was the declaration of a dividend. He then
moved the following resolution :—" That a dividend
after the rate of 6 per cent. per annum, less income
tax at 9d. in the pound, and ld. per £6 ss. stock for
expenses of management, be declared on the
Royston, Hitchin, and Shepreth Consoli-
dated Stock for the half-year ending Ist of Febru-
ary, 1863, and then paid forthwith," which, having
been duly seconded, was passed, and on the motion
of Sir R. Carden, a vote of thanks to the chairman
closed the proceedings.

GREAT WESTERN.
The account shows that the total receipts for
traffic for the half-year ending December 31st were
£1,454,769. To this is added £22,033 for the Bris-
tol and Birmingham Railway, use of plant by other
companies, interest on cash balances, rent of estate
cottages, and some minor sources of income, mak-
ing altogether £1,476,803. To these items a fur-
ther sum is added of balance of revenue account for
the Shrewsbury, Kennet, and Avon, and West Mid-
land Canals, amounting to £68,275, bringing up the
grand total to £1,545,079. The working expenses,
though higher than in the corresponding half-year,
are still considerably below the estimate put forward
by Mr. Adams, being not more than 46.311 per
cent. This increase is mainly due to preparations
for the increased traffic caused by the Exhibition.
The permanent way has cost £148,169, the locomo-
tive account has absorbed £174,164, the carrying
account £201,488. The accident account is happily
a very small item, not more than £BB6. General
charges are £65,841; expenses of working joint
stations, £8,832; rent for the hire of waggons, ter-
minable at the end of ten years, when the waggons
become the property of the company, £7,778. These,
with some minor items, make up the total charges
against the revenue account to £673,723, or, as we
have just stated, 46.311 per cent. The rent charges
for the half-year are put down st 44,267, the
Wycombe extension appearing for £ the sum of
£1,165. The interest on joint capital is £23,009.
The parliamentary expenses, which, at the close of
the last half-year, amounted to a large sum, are
dealt with in this half-year to the extent of £lO,OOO,
the sum being included in the charge of the joint
account of the Great Western and West Mid-
land system. The working expenses, rent charges,
interests, and Parliamentary expenses make up
a total of £751,085. After the payment out
of the balance of £88,250 to the South Wales
Railway, the remainder is divided as follows:

Great Western Railway, 821 per cent., £582,238;
West Midland Railway, I'7l per cent., £123,505.
The accounts are signed by the auditors, subject to
certain reservations which will not materially affect
the result. The share of the net earnings Viich
fell to the lot of the Great Western Railway is thus
appropriated :—ln the first place there are guaran-
teed annuities to the Wilts and Somerset Railway
and the Kennet and Avon Canal, which take away
£20,188 ; next come rent-charges to the Gloucester
and Dean Forest Railway, the Hereford, Ross, and
Gloucester Railway, the Brentford Dock and Rail-
way, the Wycombe Railway, and the Trustees of
Paddington Estates—together, £20,714 ; the
Shrewsbury Railways next take £66,565; after
this comes the payment of interest on loans,
amounting to £234,164, less dividend received in
£11,504,
stock and shares belonging to the company,
thus reducing the charge to £222,659; then there
is a payment of £118,866 on the preference stock of
the company; on the Berks and Hants Extension
shares, £1,330; and for the Henley Railway sub-
scriptions the modest sum of £l5O ; bringing up
the grand total of charges against earnings for the
half-year to £450,476, leaving a balance available
for dividends of £140,786. The payment of a divi-
dend at the rate of 3 per cent. per annum on the
capital stock, amounting to £8,238,609, absorbs
£123,579, leaving a blance to be carried forward to
Great Western account proper of £17,206. In
addition to the proportion of amount of earnings
received under the agreement with the West Mid-
land, the Great Western has some other small items
available. The dividends on the shares which they
hold in other companies amount to £11,697. Next
half-year this will receive a considerable addition
in the shape of the dividends on the £175,000 which
the company hold in the Metropolitan Rail wall
,
and this is in addition to the profits which tthelfwtiiile
derive from working the line at 45 per
gross receipts. There was a smalltthe account is
bacleannce from
the last half-year of £2,826, b
debited with a sum of £5,500 for
old parliamentary
and legal expenses referred to in a directors' re-
and £2,00.0 as reserve
port as far back as 1864,
for doubtful debts.
The net sum received from the
working of the railway is £591,262, available for
dividends and interest on about £25,000,000 of
capital. There is a decrease in the rate of interest
in the debenture portion of the debt. The amount
held at 5 per cent. has been reduced. by £304,419,
at 41 by £31,050, at 41 by £78,150, and there has
been a corresponding increase at the more moderate
rate of 4i per cent. The amount, however, still
stands at the very high figure of £10,590,182. Any
reduction that can be made in the charges of the
very large dead weight of the company must have
a beneficial effect upon the comparatively small
amount of open stock. The revenue account of the
Shrewsbury Railway shows receipts from traffic
£153,749, the expenditure being £81,554, leaving a
balance of £60,972; the charges on debenture loans,
preference, and guaranteed stocks being £66,565.
To this is added a balance of £2,211, in reduction
of deficiency for previous half-year, leaving a defi-
ciency upon the Shrewsbury and Birmingham line
of £7,805.