The Sun.
London, England, 1865-09-02 00:00:00

RAILWAY INTELLIGENCE.

GREAT WESTERN.

The following is the report of the directors of this
company for the past half-year :

" The usual statement of the receipts and expenditure on
account both of capital and revenue is transmitted with
this report. In comparing the receipts and expenses on re-
venue account during the half-year ending the 31st of July
last with those for the corresponding period of 1864 the
following results appear :

REVENUE
1864.

1865.

Ince. Dece.

Frompaseengers, mails,
ecc £808,294 £836,007 £27,713
From merchandise, coal,
&c
From parcels, ware-
house rent, &c.

54,841 54,383

£1,643,656 1,691,088 £47,890 458
EXPENDITURE.
Maintenance of way £153,172 £154,866 £1,694
Locomotive expendi-
ture
Traffic expenditure 341,167 373,760 32,593
Other expenses

£763,742 816,130 52,704 316

After providing for all fixed and preferable charges, and
making a reserve to meet any probable loss under the ar-
rangement with the Vale of Neath Company, the balance
available for distribution will admit of the payment of the
following dividends :

Per Ct. p. An.
OnGreatWesternConsolidated Stock at the rate of .£2 0 0
On West Midland (Oxford) Stock 77 77 12 6
On West Midland (Newport) Stock - 017 6

) -- 1 71
On West Midland aiereford) Stock „ 5 0 0
On South Wales Consolidated Stock „ 35 0
leaving a balance to be carried forward of £12,675 19s. 6d.
Acting upon the suggestion which was made at the last
half-yearly meeting, and in conformity with the assurance
which the directors then gave, they have carefully consi-
dered the course which ought to be pursued in dealing
with the expenditure incurred in the purchase of new wag-
gon stock, in the renewal and reconstruction of timber
structures with stone or iron, and in the replacement of
Barlow rails by a permanent way of a more durable but
more expensive character. Desirous as the directors are
to prevent an unnecessary increase of capital expenditure,
they are of opinion that, having regard to all the interests
involved, it is inexpedient io continue the charge to reve-
nue of the whole of the expenditure thus incurred. It
is therefore proposed to charge capital with the cost of new
and additional rolling stock, and with so much of the
cost of the renewal and replacements of timber viaducts
and bridges and of Barlow rails as represents the increased
cost and greater durability of the new structure as com-
pared with the old one. On the Newport, Abergavenny,
and Hereford section ,the substitution of a cross-sleeper
road for the Barlow rails, over a length of 32 miles, has
been completed during the past half-year, the outlay on
which, together with the cost incurred in the purchase
of new waggon stock, has been dealt with in the ac-
counts now submitted in the manner recommended. It
will be observed that a sum of £15,000, being £12,500 in
excess of the ordinary sum, has been charged in respect
of the accident fund. The directors have made this addi-
tional charge against the half-year's revenue towards the
exceptional claims arising from the lamentable accident
at Rednal in June last. The increase under the other
heads of revenue expenditure arises principally from the
working of lines which were not opened in the corres-
ponding half-year of 1864. The arrangement under
which the Farringdon line is worked took effect from the
Ist of June last, but the Llangollen and Corwen is the
only new line opened for traffic during the last half-year.
There has, however, been an increase of 46 miles in the lines
which have been worked during the last half-year as com-
pared with the corresponding period of 1864. The expen-
diture on capital account, amounting during the half-year
to £341,027, has been incurred chiefly in the purchase of
new rolling stock, in the enlargement and improvement of
stations, sidings, and permanent way, and in the construction
of branch lines and subscriptions to other undertakings.
The importance of a concentration of the carriage and waggon
shops of the company has been urgently felt, and the inter-
ference with the workshops at Paddington, rendered neces-
sary for the widening and improvement of the line, has
also pressed the subject upon the attention of the directors.
Several places were suggested as suitable for the purposes re-
quired ; but. after much deliberation, and weighing well all
the arguments adduced in favour of and against the different
localities, the directors came to the conclusion that Oxford
presents, upon the whole, the greatest advantages. Nego-
tiations for the purchase of the necessary land were accord-
ingly commenced with the mayor and corporation of that
city, by whom the directors have been met in a fair and
liberal spirit. After arrangements had been entered into,
representations were made on the part of some influential
members of the University in opposition to the course which
had been determined upon. The directors have endeavoured,
they hope not without success, to allay the apprehensions
which have been expressed; and it is their intention so to
arrange the works and to regulate the est,Ablishment as shall
conduce to the benefit of the city without injury to the Uni-
versity, whose;wishes and interests they would on all occa-
sions desire to meet. In pursuance of the notice which
has been given, a resolution will be submitted to the pro-
prietors to sanction under the provision of the acts of 1863
an alteration in the periods for holding the half-yearly ordi-
nary meetings of the company. It is proposed that instead
of the meetings being held in the present periods of March
and September, they should be held between the 15th of
February and the 15th of March, and between the 15th of
August and the 15th of September. The Parliamentary
proceedings of the last seesion have been so recently under
the consideration of the proprietors, at the Wharncliffe
meetings held in the months of May and June, and it is un-
necessary to refer to them here at any length. The bill for
additional powers promoted by this company has become
law. In the course of its progress through Parliament the
branch lines at Stroud and Bristol were struck out, but in
other respects the act contains substantially the same pro-
visions as were comprised in the bill approved by the pro-
prietors. The bills for the construction of the Acton and
Brentford, and the Newport, Caerleon, and Pontypool lines,
promoted in the interest of this company, and a bjll for the
construction of a short line in connexion with the Weexham
and Minera Railway, promoted in the interests of the Ton-
don and North-Western and Great Western Companie4
have also received the sanction of Parliament. An act has
been passed authorising the construction of the South
Wales and Great Western Direct Railway from Wootton
Basset to Chepstow. It contains a clause empowering the
Great Western Company to require the construction of the
line on the mixed gauge, with a corresponding obligation
on the part of this company (in the event of that power
being exercised) to lay the narrow gauge on the Great
Western Railway between Didcot and Wooton Basset, and
between Chepstow and Cardiff. The act also contains pro-
visions enabling the two companies to agree as to working
and traffic arrangaments. In order to give effect to the ar-
rangement for an amalgamation of the Vale of Neath Com-
pany with this company, which was approved by the pro-
prietors in March last, a bill was introduced into Parliament
with the concurrence of the directors of the two compa-
nies. During the progress of the bill it became doubtful
whether time would permit of its passing into law
before the close of the session, and the committee to whom
it was referred having expressed an intention of inserting
clauses of a most inconvenient and objectionable character
the bill was, with the consent of the directors of both com-
panies, withdrawn. The London, Bucks, and East Glou-
cester and the East Gloucester and Wiltshire bills were re-
jected by the committees to which they were referred—the
one in the House of Lords, and the other in the House of I
Commons."

The capital account shows that £27,244,655 had
been received on shares and Great Western joint
account, and £13,184938 on debentures, making to-
gether £40,426,593. The expenditure on Great
Western account was .£.27,994,196; on Oxford ac-
count, £4,350,805; on2Vewport account, £1,356,581;
on Hereford account, £7t.19,970 ; on West Midland
account, £567,631; on South Wales account,
£4,585,135; and on joint capital account,
£1,033,046—total £40,697,3'64.

sOUTII YORKSIIIRE.
The half-yearly meetingl,v was -held on Thursday at
Doncaster ; the Hon.
The report, an abstract.
of
t G.
Wen in the chair.
whicth has appeared in
The Sun, was taken as read.
The CHAIRMAN moved, and Affi,
—.ion of the re-
.
deputy chairman, seconded the LISTER, the
ad
port, which was agreed to, and thev-t
re-
dividends
the 4 per cent. and 5 per cent. guaranteed
of stock:-.8.2
shares were declared, and also at the
cent. per annum on the ordinary stock. it wPeraa
agreed that 375 ordinary shares be converted into
ordinary stock, and the proceedings concluded with
thanks to the chairman.

WHITERAVEN AND FURNESS JUNTMON.
The half-yearly meeting was held at Wititehaven
on Wednesday ; the Earl of Lonsdale in the chair.
Mr. H. Cook, the secretary, having read the
notice convetting the meeting,

The CHAICMAN moved the adoption of the report
(an abstract has appeared in The Sun). He said
that in the last Session of Parliament this company
had done battle with the Furness Company about a
line across Du%ldon Estuary ; but this company had
got the best of it. A coalition had, however, re-
sulted, and the Furness Company had made an offer
which he thougl. It would be beneficial to this com-
pany and the wh tole country in general. Comparing
this line with wh at it was seven or eight years ago
it was now in a s tate of high prosperity.
Mr. FURNESS seconded the motion, which was
agreed to.

Mr. J. DEES I novt T 1 the payment of a dividend at
the rate of 13s. per si hare, less income-tax, on ori-