The Sun.
London, England, 1853-07-28 00:00:00

NORTH STAFFORDSHIRE.

The half-yearly report of the directors of this com-
pany states, that the arrangement with the London and
North-Western Company having been carried out ac-
cording to the recommendation of the arbitrators, they
are enabled to declare the stipulated dividend of ss. 3d.
per share, being at the rate of 3 per cent. per annum for
the first year. The dividends secured will be increased to
31 per cent. in 1554, and 34 per cent. in 1855 and all
future years. The directors state that the very large in-
crease in the local traffic of the line, averaging upwards
of 1,0001. per week, is a sufficient guarantee of the
prosperity of the undertaking, and, if not promising an
immediate security equal to a 31 per cent. prefer-
ence stock of the London and North-Western Com-
pany, at all events demonstrates its safety and value
as an investment. The amicable relations subsisting
between the two companies have, under the advice of
the joint committees appointed for the purpose, led to
arrangements of traffic operating much to their mutual
advantage, as well as to the increased convenience of
the public ; and further trains, for bath passengers and
goods, will be passed over the North Staffordshire Rail-
way so soon as the details can be completed. The capi-
tal account shows, that 5,011,6981. had been raised to
the 30th of June last, including 1,170,0001. for the canal
and 3,841,698/. for the railway. The loan account
shows, that 1,015,3261. hael been borrowed on the rail-
way, of which 213,6501. was at 5 per cent., 223,1261.
at 44 per cent., 128,0001. at 41, 199,0501. at 4, 15,5001.
at 34, 142,5001. at 34, and 93,5001. at 3 per cent. The
construction account shows, that 3,866,6381. had been
expended on the railway, leaving a balance against the
company of 19,851/. The revenue account for the half-
year ending the 30th of June states, that 98,7281. was
received on the railway, and 63,318/. on the canal ; and
that 45,0591. was expended for working the railway,
and 25,4121. for working the canal; making the aggre-
gate receipts 162,0461., and the expenses 70,471/. ; leav-
ing a balance of 91,5751., which, added to 1,2801., the
rent of the Ashbourne branch, makes a total of 92,8551.
for interest on loans and dividends.

SAMBRE AND MEUSE.
The report of the directors states that the traffic of
the company shows steady improvement from the com-
mencement to the present time, and particularly the
great stride it has taken within the last few months.
The receipts in 1849 amounted to 7,6301., in 1850 to
10,0181., in 1851 to 11,7311., and in 1852 to 14,7261.
The receipts for the half-year ending the 30th of June,
1852, amounted to 6,3671., while those for the same
period in the present year amounted to 11,0841., show-
ing an increase of 4,7161., or 74 per cent., on the gross
earnings of the line. The working expenses have in the
meantime somewhat increased. The profit on the half-
year's business is 4,679/., which, added to the balance
from last half-year, amounts to 8,343/., and after dis-
charging the interest on the debenture 10 per cent.
loan, as well as the interest of so much of the new
capital as has been called up, leaves a sum of 7,2681.
to meet the interest on preference shares and bonds
yet to be issued to Mr. Brastey for works in the
course of execution. During the half-year a fur-
ther sum of 1,1361. of the 10 per cent. loan has
been paid off, and 11,7801. remains outstanding, and
falls due on the 15th of August next, for the payment
of which funds are already in hand. The works on the
line are now being prosecuted with much energy and
skill, leaving no reason to doubt that they will be com-
pleted by the time stipulated in Mr. Brassey's contract,
if not earlier. The branches are in a great state of for-
wardness, and would have been nearly ready for traffic
hail not great difficulty arisen in obtaining the neces-
sary land, and had the Minister of Public Works given
his decision as to the Florennes and Philippeville
branches as promptly as the directors had expected. The
balance of profit in hand has been stated above to be
7,2681., which might be applied to a dividend, but the
directors recommend that this amount be reserved until
they have to announce the completion of the entire un-
dertaking, believing it most for the interest of the com-
pany to show they have, until that event, ample means
for the payment of all preference charges, no tonly
from the earnings arising on the portion of the in. now
open, but from a fund already provided in advance.
This course the directors deem the more
advisable, as
tending to strengthen the position of the company,
wh fi libera 1 con-
duct entitles him to every possible consideration.so
,
and
enhance the security of Mr. Brassey,
rect r The
states
report of Mr. Sheward, the managing
di
a
that the improvement that has taken place in the coal
iron trades of Belgium has had a favourable effect
on the traffic of the line, which has increased 74 per
cent. as compared with the corresponding period
of last year. The expenses have been greater
than he had calculated upon, owing to various
causes. Wages have increased a third ; coke—a
material item—from 14f. 50c. a ton (11s. 7d.) to 18f.
(14s. 5d.) The distance run has been 41,965 miles ; the
goods carried, 58,778 tons ; and the consumption of
coke at the rate of 651 b. per mile, equal to 54d. per train
per mile. The working expenses are, altogether, at the
rate of 4321. per mile per annum. The report of the
engineer states that the section from Silenrieux to Cer-
fontaine might be opened on the Ist of November next,
and the works on other portions of the main line are in
a forward state. The branch lines from Walcourt to
Florennes and from Mariembourg to Couvin may be
opened in December next. The construction account
shows that 814,538/. had been received, including
160,000/,
guaranteed by the Belgian Government, and
715,795/, expended, leaving a balance of 98,743/. The
traffic account shows that 11,0481. had been received
during the half-year ending the 30th of June last, and
6,405/. expended, leaving a profit on the working of
4,6191.