The Sun.
London, England, 1865-08-11 00:00:00

MIDLAND.

The report of the directors states that they have
stil to report an increase in the traffic of the railway
for the past half year. The receipts from coaching
were £398,206, showing an increase of 11,111; from
minerals £283,265, showing an increase of £604 ;
from merchandise to £509,632, showing an increase
of £26,093 ; from cattle, £15,034, showing an in-
crease of £393 ; the result of the whole being that
the gross amount of the traffic vas £1,206,137 and
the total increase £38,201. The result was much
below that for the corresponding half of 1864, espe-
cially under the head of minerals, the receipts from
which had been materially reduced in consequence
of the strikes which had taken place in various parts
of the country, and from other causes. The balance
available for dividend was £438,327, of which £6,615
was brought from the account of the previous half-
year, and the directors were enabled to recommend
the declarations of the following dividends (less in-
come tax), payable on Sept. 1 next :—£3 ss. upon
each £lOO Consolidated Stock ; £2 lls. 3d. upon
each £lOO Consolidated Birmingham and Derby
Stock ; £3 ss. upon each £lOO Consolidated Prefer-
ential Stock ; £3 5s per cent. on the Erewash Valley
Stock ; £2 per cent. ou the Leicester and Hitchin
Preferential Stock, and at the usual rates on the
other preferential stocks ; nel. upon each £9
share, being 91 days at 6i per cent. per annum,
leaving a balance of ' £4,304 for the current half-
year. The dividend proposed was somewhat less
than that earned in the corresponding half of 1864.
This arose partly from an increase in the expenses
caused by the advance which had taken place in
wages, fuel, and other materials neossary for the
working of the railway, and partly from the in-
terest accruing upon the new lines which are at
present unproductive. Mr. Kirtley reported that
the rolling stock was in good working order, and
that during the half-year the mileage performed
with goods and passenger trains was 5,556,950
miles, showing an increase of 183,562 miles in the
passenger trains, and of 247,134 miles with goods
and mineral trains ; total increase, 430,696 miles.
The renewals of locomotive stock for the half-year
had been 10 engines, 33 carriages, 6 break-vans, 12
horse-boxes, 3 carriage-trucks, and 240 waggons,
the entire cost of which had been . charged to
revenue.

Mr. CROSSLEY reported that during the past hale-
year the railway works and stations had been kept
in good repair, and that' the permanent way had
been relaid to the extent of 354 miles. With re-
spect to the new lines considerable progress had been
made upon the Rowsley and Buxton Extension to
New Mills, and the line might be ready for traffic
in the summer of next year. The contracts upon
the Bedford and London Extension were nearly all
let, and most of the works were making good pro-
The portions remaining unlet were from
near the Finchley-road to the River Brent, a dis-
tance of about two miles, and from the North Lon-
don Railway to the Euston-road, London, a distance
of about three-quarters of a mile. The branch
from the Leeds and Bradford Railway to
Otley and Ilkley was opened for traffic on
the Ist instant. The works on the Duffield and
Wirksworth Railway were proceeding satisfacto-
rily. The tunnel on the Sheffield and Chesterfield
.I..Clway had also been commenced, and contracts for
the remainder of the line were being prepared. Con-
tracts for the Mangotsfield and Bath, and Yate and
Thornbury, and Melbourne and Sawley Railways
were also in course of preparation. The following
acts promoted by 4ie Midland Railway Company
had received the Royal assent, viz. :—" An Act for
conferring additional powers on the Midland •Rail-
way Company for the construction of works, and
otherwise in relation to their own undertaking and
the undertakings of other companies ;" " An. Act
for enabling the 'lndiana Railwas- Company to eon-
...2,la,nefiell to. -BOuthwell and
stria railways froth
ft. oni 2ilan.,:,field to IVorksop; to.Stave-
ky, and other branches." The bill for enabling the
company to construct a railway from Barnsley to
Kirkburton was withdrawn while in cominittee of
the House of Lords, an arrangement hating been
made with the Lancashire and YOrkshire and Man-
chester, Sheffield, and Lincolnshire Railway Com-
panies,
under the terms of which this company will
obtain running powers in perpetuity from. Brighton
and Sheffield to Peniston, and fromPeniston to Ilud-
dersfield. The following acts promotedby the Mid-
land Railway Company jointly with other companies
had also received the Royal assent—viz. :—An Act
for a joint station atliriitol for the Great Western,
Bristol and Exeter, • and Midland Railway Com-
panies; an Act to authorise the S ton ehouse and Nails-
worth Railway Company to. extend- their railway
from Dudbridge to the Great Western Railway at
Stroud ; an Act to vest in the ,Great Northern, the
Manchester, Sheffield, and Lincolnshire, and thel‘ilid-
land Railway Companies jointly the Stockport and
Woodley Junction, the Stockport, Tiniperley, and
Altrincham Junction, the Cheshire Midland; e West
Cheshire, and the Garston and Liverpool Railways;, an
act (as amended in committee) for authorising the
making by the Tottenham and Hampstead Junction
Railway Company of lines of railway by way of
substitution for lines of railway already authorised
to be made by them, and for authorising arrange-
ments between them and the Great Eastern Railway
Company and the Midland Railway Company.
There were 14 acts promoted by other railway com-
panies which conferred powers upon the Midland
Railway Company. A further creation of capital
was necessary for the purposes of the railway and
works authorised by Parliament during the Session
just ended in respect of six acts to. the amount of
£2,314,975. The shares would be £lB each, and in
respect of the amount paid thereon would be entitled
to a preference dividend without further participa-
tion of profits (subject to existing preferences) at
the. rate of £5 per cent. per annum in perpetuity.
Calls might be paid in advance, and interest at the
rate of 4 per cent. per annum would be allowed until
each call became due. The capital account showed
that £25,129,886 had been expended, leaving a
balance of £104,397. The revenue account for the
half-year ending the 30th of June showed that
£1,229,988 had been received, and £562,481 ex-
pended on -working, £211,772 for interest on loans
and preference shares, £,254 Manchester and Matlock
deficiency, £23,265 North-Western rental, and £5OO
for redemption of debentures, leaving, with £6,615
brought from the preceding half
-Year, a balance of
£438,327.

greys.

LONDON AND NORTH WESTERN.
The capital account of this company show', that
£28,605,436 had been raised on shares, £10,134,678
on debentures, £310,830 on 3,1- per cent. debenture
stock, and £1,952,280 on 4 per cent. debenture stock,
making together £41,003,224. The expenditure
amounted to £39,679,981, leaving a balance of
£1,323,943. The expenditure on capital account
during the past half-year appeared to be £656,263.
The cost of working stock amounted to £4,400,919.
The revenue account for the half-year ending 30th
Juno showed that £2,788,331 had been received and
11,305,160 expended, leaving a balance of
£1,483,171. To this was added £25,482 from the
preceding half year, £28,707 interest on cash ba-
lances and calls in arrear, £36,252 rents, and
£77,655 estimated dividends on shares in other
companies, making together £1,651,627. From this
was deducted £259,888 interest on loans and deben-
ture stock, £13,932 chief rents and.interest on land
purchases, and £183,599 for dividends and interest
on shares, rents, and other payments, t 0.26 rail-
way and canal companies, leaving a disposable ba-
lance of £,.`7:91,208, out of which was deducted
£880,597 for the proposed dividend at the rate of
6 per cent. per annum, leaving a balance of
£10,611 to be carried forward. It was proposed to

make the dividend warrants payable on Tuesday,
the 22ilinst.

NORTHERN AND EASTERN:

The half-yearly meeting of this company was held
yesterday at the Bishopsgate Station—Mr. R. W.
Kennard in the chair.

The report stated that the dividend on the re-
spective charges would become payable on the 23d
inst., on shares of £5O guaranteed 5 per cent. per
annum £1 ss. each, and on shares of £5O guaranteed
6 per cent. £1 10s. each.

The CHAIRMAN moved the adoption of the report.
Mr. T. C.WHITEMAN seconded the motion, and it
was carried.

Mr. H. L. S male was re-elected a director, and
the proceedings terminated with a vote of thanks to
the chairman.

ULSTER.

The half-yearly meeting of this company was held
in Belfast on Wednesday—Mr. W. Coates, J.P.,
in the chair.

The report of the directors of this company states
that the expenditure on capital account for the half
year ending June 30 last amounted to £13,040, of
which £7,704 was for additional rolling stock. The
traffic re ceipts for the half-year amounted to £65,731
against £63,516 for the corresponding half of
last year, showing an increase of £2,215.
Exclusive of rates and taxes and after de-
duction of £2,376 for working the Banbridge
line, the working expenses amounted to
£29,442 as compared with £26,849 for the corres-
ponding year of 1864. The increase in the expen-
diture was mainly attributable to extensive repairs
and renewals of locomotive stock, to a larger con-
sumption, and higher price of coal, and to mainte-
nance of the Banbridge, Lisburn and Belfast and
Clones Extension lines. After paying interest on
loans and debenture stock, and the rent payable to
the Portadown, Dungannon; and Omagh Railway
Company there remained a balance of £21,720, out
of which the directors recommended a dividend of
£1 on each £5O share, 10s. on each £25 share, and
of ss. on each £12.105. share, being at the rate of
4 per cent. per annum, less income tax, payable on
the 18th inst. to all shareholders not in arrear of
calls, leaving a balance of £2,137. The directors
had no doubt, from the applications they had re-
ceived, that the whole of the £lOO,OOO 4i per cent.
preference stock would be placed without difficulty
among the shareholders. There were now four
through trains each way daily between Dublin and
Belfast, two of which perform the journey in four
hours. The principle of issuing third-class return
tickets on the line had been recently adopted. The
questions at issue between the Newry and Armagh
Railway Company and this company had been satis-
factorily arranged. The capital account shows that
£1,388,887 h6,d been expended, leaving a balance
against the company of £95,710. The revenue ac-
count showed that £65,738 had been received and
£31,563 expended, leaving a balance of £34,175.
The CHAIRMAN having moved the adoption of
the report, a discussion with reference to high fares
and increased expenditure took place. The report
was adopted, and the dividends recommended therein
were declared.