The Sun.
London, England, 1865-09-09 00:00:00

CARMARTHEN AND CARDIGAN.

A few days ago reference was made in The Sun to
the financial position of this company. From what
has since transpired it appears that of the £970,000
capital represented to have been expended £200,000
has been issued in Lloyd's bonds, for which no value
has been received, and a promise has been made to
return them, and if this promise is carried out the
capital will be reduced to £770,000. The railway
is now virtually in the hands of the Court of
Chancery, but there is every probability that the
undertaking will ultimately be either leased or sold
to the Manchester and Milford Railway Company.

GLASGOW AND S OUTH-WES TERN.
The report of the directors states that E 5,145,629
had been expended to the 31st of July last on capital
account, including £284,0.16 in shares of other Conn-
panes. The sum of £15,,219 empended.
the renewal of permanent way during the half year,
and £lO,OOO had been charged against revenue
Five Ac of Parliament had been obtained by the
company Miring the last Session, and the works
would when executed add very considerably to the
value of the undertaking. The first Act authorized
the amalgamation of divers railway companies with
this company ; the second Act enabled the company
to make new railways between Kilmarnock and
Glasgow ; the third Act authorized the company to
make and maintain certain railways in the county
of Ayr ; the fourth Act to construct new railways
in• connexion with the company's railways and Kirk-
cudbright and Bridge of Weir railway ; and the
fifth to contribute funds towards the City of Glas-
gow Union Railway. The amalgamation with the
Castle Douglas and Dumfries, Maybole and Gir-
van, Kirkcudbright and Bridge of Weir railways
took effect on the Ist of August, the length of line

now open being thus increased to 249 miles. The
working plans for the Kilmarnock direct Railway
were in course of preparation. A portion only of
the railway to Larges included in Act No. 4 was
obtained. The remaining works authorised by it
would effect considerable improvements at various
parts of the line at a small cost. The Act promoted
by independent parties, with the support of this
company, for the construction of the Greenock and
Ayrshire Railway, was obtained after a severe con-
test, and no time would be lost in carrying out the
undertaking, which it was thought must form a
very valuable feeder to the railway. The total
traffic receipts for the half-year ending the 31st of
July last amounted to £248,193, against £238,073
for the corresponding half last year, showing an in-
crease of £10,120. The total expenditure amounted
to £109,885, against £106,941, showing an increase
of £2,944. The net receipts amounted to £138,308,
against £131,132, for the corresponding half of
1864, showing an increase of £7,176. The balance
available for dividend on preference and ordinary
stocks amounted to £119,711, against £109,781,
showing an increase of £9,922. The dividend on
the 5 per cent. perpetual gdaranteed stocks ab-
sorbed £14,461, leaving a balance of £105,251, out
of which the directors recommended a dividend at
the rate of 6 per cent. per taintun on the preference
and ordinary stocks, leaving £4,094 for the next
account.