The Sun.
London, England, 1863-02-11 00:00:00

LANCASHIRE AND YORKSHIRE.

The report of the directors states that the
amount of capital chargeable to revenue on Dec. 31,
1862, exclusive of leased lines, is as follows!—Con-
solidated stock, £12,093,594 ; guaranteed and pre-
ference stock, £2,758,385 ; and loans, £4,619,614 ;
total, £19,471,593. The expenditure on capital
account for the half year amounts to £126,038.
The total traffic receipts for the half year ending
Dec. 31 amount to £903,991 against £982,760 for
the corresponding period of 1861, showing a de-
crease of £78,779. The total expenses amount to
£399,411 for the past half year against £430,518
for the corresponding period of 1861, showing a
decrease of £31,107. The balance of revenue appli-
cable to the payment of dividend on the ordinary
stock of the company is £257,372, cut of which the
directors recommend the proprietors to declare a
dividend at the rate of 4 per cent. per annum, less
income tax, leaving a balance of £15,500 for the
next account. The continuance of the American
civil war has had a most depressing effect upon the
revenue of the company, the receipts having fallen
off -078,769 belowthose of the corresponding half
year, although that half year showed nearly £49,000
less than the same period of 1860. It is satisfactory,
however, to the directors to observe indications of a
gradual improvement in the future revenue of the
company. The working expenses have been consi-
derably reduced ; but among other things the in-
crease of the charge for rates and taxes, consequent
upon the distress in the cotton raanuf ~ acturindis-
tricts, has caused them to be heavier than was ex-
pected. The rolling stock and the permanent ray
of the company are reported to be in good order and
condition. In future, or until the proprietors may
otherwise determine, the renewal account will be
closed each year, a sum of, say £15,000 or £20,000
being charged to revenue in the first and the balance
in the second half year's accounts. The directors
expect that the Oldham, Rochdale, and Royton line
of railway will be opened for traffic in July next.
The directors have for some time past bees engaged

in purchasing the property required for the via-
duct from Salford to Victoria Station, and intend to
proceed with the execution of the works without
delay. The works upon the branches to Dewsbury,
Heckmondwike, Aleltham, and Shawforth, for
which Acts were obtained in the year 1861 and
1862, will be gradually proceeded with, so that,
' while meeting the public requirements, the expen-
diture upon them may be as little burdensome to the
proprietors as possible. The directors have consi-
dered it their duty again to deposit plans for mak-
ing a more direct railway between Doncaster and
Hul: ; the North-Eastern and South Yorkshire
Companies have also deposited plans with a similar
object. Ever since the last session of Parliament
the directors have laboured most earnestly to effect
an arrangement by which another costly Parlia-
mentary contest would be avoided, and they have
now every reason to believe that such an arrange-
ment will be concluded. The directors regret to
find that they are to be called upon again to defend
the interests of the company from attack in Parlia-
ment. New lines are proposed in Lancashire and
Yorkshire not required for the public convenience;
and measures are again to be submitted to Parlia-
ment injurious to the company's property, and of
which the Legislature has already expressed its dis-
approval. Looking at the cost of these contests,
the directors will gladly avoid them in every in-
stance where such a course is practicable.