The Sun.
London, England, 1862-09-23 00:00:00

NORTH BRITISH.

The report of the directors of this company states that
thnievenue of .the past half-year bas been seriously affected
by the depression of trade,_ and, in common with other rail-
way companies, the shareholders are called upon to acqui-
esce in a dividend on ordinary stock inferior to any that has
been declared for several yeirs. Special circumstances have
contributed to this result, inasmuch as the opening for pub-
lic traffic of nearly 100 miles of new railway in sections un-
connected with each other has necessitated a larger amount
of train mileage than would otherwise have been required,
and even now, when the whole system is worked in unison,
it is impossible, until experience shall have shown where
reduction can be usefully applied, to adapt precisely the
amount of accommodation required for the traffic. In the
locomotive department the expenditure, including repairs
and renewals, has been during the half-year £32,387, as
compared with £29,870 in the corresponding half of 1861.
The maintenance of the line and stations has cost £23,884,
as compared with £15,050 in the corresponding period, of
which £6,000 is for sleepers alone. In relaying the line
the directors have used sleepers thoroughly creosoted, and
rails hardened by patent process, with fish-joints. The total
working expenses have been £80,998, as against £66,242,
and the whole expenditure £111,778, as compared with
£99,414. The railway mileage on the 31st of July, 1862,
was 292, and on the 31st of July, 1862, Dot miles, show-
ing an increase of 92i miles. The total revenue from
traffic receipts, exclusive of the Border Union Railway,
has been £161,814, against £163,534 for the corresponding
half of last year, showing a diminution, notwithstanding
increased mileage, on the North British of £1,730. But
to the receipts of £161,814 must be added the Border
Union working expense, 40 per cent. of the gross re-
ceipts, and proportion of net earnings due to the
North British, together £4,725, making £166,539,
rents and transfer fees, £1,046, and surplus
from preceding account, £l,oss—total, £168,640. From
this is deducted £111,778 for expenditure, leaving available
for dividend on preference and ordinary stock £56,862. The
total dividend on the preference stock and shares amounts
to £42,479, leaving £14,383. A dividend at the rate of 1
per cent. per annum on the consolidated stock, including
£221,460. Border Counties shares exchanged, will absorb
£13,712, and leave a surplus of £672. On the Ist of July
the Border Union and Border Counties sections were opened
throughout for general traffic, although the works on each
are still in partial progress, and until the line between the
Riddings and Riccarton junctions be doubled, and the
station accommodation and telegraphic communication be
completed, the traffic will be worked at a disadvantage,
both as to cost and convenience. The directors recommend
a dividend on Border Union ordinary shares at the rate of
lf per cent. per annum out of the net profits. The capital
account of the North British shows that £5,263,368 had
been expended. The Border Union capital account shows
that £835,955.had been expended and the 'Border Counties
section £32,988 expended. The expenditure of capital on
the Edinburgh, Perth, and Dundee Railway, now amalga-
mated with the North British Railway, amounts to
£3,416,299.

MANCHESTER, SHEFFIELD, AND LINCOLN-

SHIRE.
The total expenses of this company's railways, including
rents, tolls, duty, &c., from the Ist of July to the 14th of
September, 1862, amounted to £65,461, as against £68,832
for the corresponding period of 1861. The proportion of
the South Junction receipts accruing to this company from
the Ist of July to the 14th of September amounted to
£7,025, as against £7,289 for the corresponding period of
1861, and the expenses to £2,945, as against £3,345.

DUTCH RHENISH.
The receipts for the fortnight ending Aug.3l, 1862, amounted
to £11,432, and for the corresponding period of last year to
£10,854, showing an increase of £578. Tho receipts since
the commencement of the present book year, on the Ist of
May, including the above, amounted to £78,726, showing an
increase, compared with the corresponding period of last
year, 0fi£4,032. The working expenses for the fortnight
amounted to £3,632, or 31'77 per cent, of the receipts, and
for the corresponding period of last year to £3,291, or 30'35
per cent,, showing an increase of £33. The working ex-
penses from the Ist of May to the 31st of August last
amounted to £28,145, or 3574 per cent. The working ex-
penses for the year 1861-62 were 38.45 per cent, of the re-
ceipts,