The Sun.
London, England, 1862-09-03 00:00:00

_RAILWAY INTELLIGENCE,

GLASGOW AND SOUTH-WESTERN,

The report of the directors states that the total expendi-
ture of the company on capital account now amounted to
£4,919,397, including £9,567 expended during the past
half-year, and £244,221 the cost of shares held by the com-
pany. A considerable portion of the line had been relaid
during the half-year, and the sum of £5,000 had been
charged against revenue on that account. The mortgage
Joans had been renewed en favourable terms, and the aver-
age rate of interest on the total loan capital of the company
was now £3 19s. 3d. per cent. The directors were of opinion
that the time had now arrived for an application to Parlia-
ment for powers to raise additional capital, which would
enable them to reduce the interest charges on bank advances,
and also to provide the necessary requirements for increased
traffic as they might from time to time arise. The works on
the Kirkcudbright Railway had been let on favourable
terms, and the contractor was under an obligation to com-
plete the line and stations in the course of next autumn.
The promoters of the Bridge of Weir Railway obtained their
Act of Incorporation during the last session of Parliament,
and after the first meeting of the company the requisite
steps would be taken for proceeding with the works. This
line would be worked under the agreement which was rati-
fied at the special meeting on 3d June last. The branch
railway from Paisley to Renfrew must be relaid, and the
directors contemplated an application to Parliament for
power to make a junction between that line and the Glas-
gow and Paisley Joint Railway, thus placing Renfrew in
direct railway communication with Glasgow and the Cale-
donian system on the one hand, and With Ayrshire and
Dumfriesshire on the other. The total receipts from all
sources showed a trifling diminution from those for the
corresponding period. Though there has been some fall-
ing off in the passengers and merchandise, as might
have been expected from the continued depressed state of
trade, a most satisfactory and encouraging increase had
taken place in the mineral traffic, which formed the
most important item in the receipts of the company.
In addition to the depression in trade, the exceedingly
unfavourable weather during the whole summer, and the
attractions of the International Exhibition in London,
had both tended to withdraw a considerable portion of the
usual summer traffic from the line, which this company's
share of the additional traffic to the Exhibition had not
sufficed to replace. The total revenue for the half .year
ending the 31st of July amounted £206,856, and the work-
ing expenses to £82,668, or 40i per cent. The balance of
revenue, after deduction of working expenses, interest on
mortgages, £5.000 transferred to account for renewal of
permanent way, rates and taxes, and other charges amounted
to £90,107 ; and after payment of the dividend on the gua-
ranteed and preference stocks, the sum of £71,398 remained,
out of which the directors recommended a dividend en the
ordinary stock after the rate of 5 per cent. per annum, pay-
able on the 18th September, carrying forward £143 for the
next half-year.