The Sun.
London, England, 1865-09-21 00:00:00

Naval and Military Intelligence.

The iron-clad frigate Bellerophon, of 16 guns,
upon the trials of which the future construction of
the British navy so much depends, had steam up
for the first time late on Tuesday, and yesterday
steamed out to the Nore and back for the purpose
of affording the engineers who have built her engines
(Messrs. Penn and Sons) an opportunity of turning
her engines round for an hour or two preparatory
to taking the ship upon the measured mile to-day,
and likewise for the purpose of affording Mr. Reed,
the chief constructor of the navy, who was on board,
an opportunity of making a preliminary trial of the
balanced rudder with which this ship is fitted. Messrs
Penn were represented in the trial by Mr. Matthew,
and the run was attended by most satisfactory
results. Although this was the first time of steam
being admitted to the powerful engines of this ship,
which are fitted with surface condensers and all
recent fuel-saving appliances, the ship, as soon as
she was clear of the sand-banks off Sheerness,
started off at a speed of nearly 14 knots, and after
running for two or three hours returned to the har-
bour to await the full speed trials of to-day. The
action of the new rudder was most remarkable, the
ship turning completely round at high speed from
one direction to the opposite one in 1 minute 48
seconds.

The Helicon, paddle, improved despatch vessel,
Commander Morgan Singer, was placed in dock
yesterday at Portsmouth to clean her copper, &c.,
and prepare for her trial with the Salamis in the
Channel. Both vessels will now start under equal
conditions, the Salamis having been docked very
recently.

The Vimiera, sailing convict ship, belonging to
Dunbar and Co., of London, yesterday received on
board at Spithead 95 convicts from the convict
prison at Portsea, and afterwards sailed for Port-
land and Plymouth to fill up her complement from
those prisons previous to finally sailing on her foreign
voyage.

The engines of the Valiant, screw iron frigate, on
the trial of the ship and her machinery in Stokes
Bay, on Monday, gave an indicated horse-power of
3,560, or nearly five times their nominal power,
with a maximum number of revolutions of the
engines of 61. This gives a fair promise that when
the Valiant is commissioned and brought down to
her load water-line she will prove to be the fastest
vessel under steam of her class.

The Florence Nightingale, a vessel built by the
Engineering Shipbuilding Company at Millwall for
the special conveyance of invalids from the Solent
to Netley Hospital, has been received by the autho-
rities of Woolwich dockyard for inspection and
approval prior to being sent to Portsmouth for ser-
vice. She is iron built and is flat, drawing only
2ft. of water. She is masted and rigged fore and aft,
so as to preserve a steady buoyancy, and is hand-
somely fitted up, in accordance with the purpose for
which she is intended. There are cranes to lift the
invalids on board when in their cots, and below
easy chairs, sofas, &c., of the most approved form.

A new steam launch, fitted with machinery by
Messrs. John Penn and Son, of Deptford, yesterday
went down the river from liroolwich on trial. Her
steam power is of eight horses, and speed about seven
knots. The trial was satisfactory. She is intended
for the flagship Bristol, now being fitted at Sheer-
ness for the coast of Africa.

The screw steam frigate Arethusa, 35, Capt. R. J.
J. G. Macdonald, from Portsmouth, which arrived
in Plymouth Sound on Tuesday, was removed yes-
terday into Hamoaze for the purpose of being docked
and having her bottom examined, preparatory to
another trial with the Constance and Octavia.

The screw steam troopship Dromedary, Com-
mander J. H. Allard, from Sheerness, which arrived
at Plymouth on Tuesday, has been filled up with
coal, and now awaits final orders for proceeding to
her station, the West Coast of Africa.
Col. Borton, C. 8., commanding at Colchester, has
appointed Major Anderson, 56th Regiment, Capt.
Grain, R.E., and Surg. Nellie, 17th Lancers, a per-
manent garrison sanitary comniittee, in accordance
with a circular memorandum lately received from the
Horse Guards. Capt. Hill, of the Ist, is ordered to
proceed to India ; Lieut. White, of the 6th, is to
join the service companies ; and Lieut. Lambard, of
the 54th, is to join the depot until the arrival of the
service companies.

The time-expired and invalided soldiers brought
to England in the ship Louisa, the arrival of which
at Spithead has been announced in The Suit,iwere
yesterday disembarked from the ship and forwarded
to their several destinations—the invalids to the
Royal Victoria Military Hospital at Netley, and the
time-expired men to their regimental depots. The
Louisa afterwards sailed for London.

The Orontes; screw troopship, Capt. li. W.
Hire, is under orders to sail from Portsmouth for
China. She will call at Plymouth Sound with
supernumerary naval officers and seamen 'for ships
on the China station. Officers ordered a passage
in the ship, we are requested to state, should be on
hoard on the 25th inst.

The following appointments have been made at
the Admiralty :—Commander W. A. Gambier, to
the Formidable, for service in the Bristol ; Com-
mander R. A. E. Scott, to the Research, vice
Wilmshurst, appointed to the Fisgard, for service
in the Prince Albert ; Commander Arthur J. Innis,
to the Alert, vice Majendie, promoted; Lieut. P. E.
Luard, to be lieut. and commander of the Havock
gunboat, vice Barkley, promoted ; Lieut. Malcolm
M‘Neile, to the Greyhound ; Lieut. Walter B.
Bridges, to the Helicon ; Sub-Lieut. Gerard N.
Noel, to the Basilisk ; Hussey C. Vivian, naval
cadet, to the Constance ; Corbet C. Edwards,
assist.-paymaster, additional, to the Octavia ; Chas.
W. King, assist-paymaster, to the Narcissus ;
Allen C. Dennysracting second-master, to the Vic-
tory, as supernumerary ; Reginald F. Yonge,
master's assistant, to the Terrible ; Francis Pow-
lett, iancaonab
master's assistant, to the Helicon ; John H.
clerk, as supernumerary, to the Royal
Adelaide ; John S. Ramsey and Reginald C. Hod-
deassist
-clerks, additional, to the Octavia ; W.
Brown, chief engineer, to the Basilisk ; G. F.
Boothe, chief engineer, to, the. Greyhound ; William
Gtortheyehßouasnileri‘tocl;,,esinesh,rodorWrc
eGnigbisnoene,re:itgci)n
the,
°Pfirst-
class assist.-engineer, to the P
M'Garallan and W. N. Taylor, first-class
Henry G. Johnsssistoti.-
engineers, to the Basilisk ;
acting second-class assist-engineer, to the Grey'
hound.
The following appointments have been made in
the Royal Naval Reserve :—To be Sub-lieut. Alex-
ander APPetrie ; to be Hon. Lieut., Richar.l
Frankland.

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Great English and French Railways.

THE LANCASHIRE AND YORKSHIRE.

This important system has been struggling during the
last three years with many and great difficulties, occasioned
by the pressure of the American war ; and perhaps no other
European railway property was so seriously affected by that
terrible convulsion, unlesi indeed it was the Western of
France. The shareholders of the Lancashire and Yorkshire
have shown, however, great and deserved confidence in the
undertaking, and the ordinary stock has always been at a
respectable premium, even during the last four trying years.
Now, however, that the terrible civil warhas at last ceased
in the United States, Lancashire has regained a large mea-
sure of her old industrial activity, and the Lancashire and
Yorkshire has profited in consequence, and may be said to
be enjoying a renewed lease of prosperity. The original
undertaking, which constitutes the basis of the present
Lancashire and Yorkshire enterprise, was the Manchester
and Leeds, but an amalgamation with the East Lancashire,
and leases and other arrangements with the North Union
Preston and Wyre, &c., have placed a considerable extent
of railway under the control of the Lancashire and York-
shire Board. The Preston and Wyre section, we should
state, is leased to the Lancashire and Yorkshire and London
and North-Western, but is worked by the former company,
which was conducting traffic upon the following length of
way at the dates indicated :—Dec. 31, 1862, 403 miles (378
miles double and 25 miles single) ; Dec. 31, 1863, 410 miles
(385 miles double and 25 miles single) ; and Dec. 31, 1864,
410 miles (385 miles double and 25 miles single). The
traffic acquired, the working expenses incurred, and the
profits realised upon this mileage in 1862, 1863, and 1864
were as follows :

Year. Revenue. Expenses. Profits.
1862 ... £1,732,122 £846,003 ... £886,119
1863 1,845,016 860,583 ... 984433
1864 2,027,692 ... 835,098 1,192,594
In 1861 the profits were returned at £1,034,012, and we
believe they even exceeded that amount in 1860, when the
industrial life of Lancashire appears to have attained its
maximum development ; but in 1863 and 1864 the net re-
venue again displayed great buoyancy, and this probably
will witness a still further increase of revenue. The pro-
fits realised represent very accurately the general course
of Lancashire affairs in 1861, 1862, 1863, and 1864 ; and it
is satisfactory to note that the ground lost in 1862 was in a
great measure recovered in 1863, while 1864 pretty well
made good all previous shortcomings. We believe that as
regards the figures given above for 1864 an addition of
about £7,500 ought to be made to the amount set down for
working expenses-and a corresponding amount deducted,
of course, from net profits-for the company's shares of re-
sponsibilities incurred in connection with the North
Union, of which it has a joint lease in conjunction with the
London and North-Western. We regret that we find it
necessary to speak with a certain vagueness on this sub-
ject, but the accounts immediately available for 1864 afford
no positive information on the subject. We may safely set
down, however, the net profits for 1894 at about £1,100,000,
and accept it as a fact that the position of the system at
the close of 1864 was about as good as it ever had been.
In the first half of 1864 the rough revenue increased to the
extent of £122,506, and the traffic continued to expand
until October, 1864, when a certain gloom again stole over
Lancashire ; nevertheless, the second half of 1861 yielded
on the whole an additional rough receipt of upwards of
£60,000 as compared with the corresponding six months
of 1861. In the first half of 1865 the traffic revenue, in-
cluding the receipts of the Preston and Wyre section and
the Manchester, Bolton, and Bury Canal, amounted to
£1,012,344, as compared with £986,057 in the correspond-
ing half of 1864, showing an increase of £26,287. This re-
sult was satisfactory, so far as it went, but the increase was
not sufficient to provide for an augmentation of £28,359 in
the workini expenses, and of £13,904 in the fixed charges
on capital at present unproductive ; and the balance avail-
able for dividend on the ordinary stock on June 30, 1865,
was reduced to £337,072, as compared with £368,127 June
30, 1861. The additional working expenses and fixed
charges for the past half-year amount to £42,263, whb,
added to the balance available for dividend on the ordinary
stock, would make up a total of £379,335. It may appear
at first sight that there is an awkward difference between
this sum and the total of £368,127 previously indicated as
available for June 30, 1864; but the apparent discrepancy
is explained by the fluctuations in the balances carried
forward. The dividend paid upon the ordinary stock for
1861 was 5-1- per cent. ; for 1862. (when the cotton famine
was felt in its full force), 3i per cont. ; for 1863, 41 per
cent. ; and for 1864, 5i per cent. For the first half of 1865
the dividend was at the rate of 51 per cent., as compared
with a rate of 54 per cent. for the first half of 1864, show-
ing a falling off, from causes already indicated, of per
cent. The increase in the working expenses arose princi-
pally in the cost of fuel, repairs, and compensation, which
last item, by the way, presents an increasing gravity to
railway proprietors. The cotton crisis prevented, in the
case of the Lancashire and Yorkshire, the rapid increase in
the capital account witnessed during the last three or four
years in other great English railway companies. Without
taking account for the moment of the capital engaged in
leased lines, we find that the amount of capital raised by
shares and loans by the Lancashire and Yorkshire at the
close of 1861 was £19,272,706; at the close of 1862,
£19,790,778; at the close of 1863, £19,913,571; at the close
of 1864, £20,255,371; and June 30, 1865, £29,677,839. The
entire additions to capital in the 42 months comprised be-
tween December 31, 1861, and June 30, 1865, would thus
appear to be £1,405,133. The amount of ordinary stock
in existence at the close of 1861 was £12,093,594 ; of
preference stock, £2,631,943; and of loans £4,527,169.
The corresponding totals June 30, 1865, were :-Ordi-
nary stock, £12,093,594 ; preference and debenture
stock, £3,751,305 ; and loans, £1,829,940. No additional
ordinary stock was thus created, in the 42 months ending
June 30, 1865 ; but preference and debenture stock was
issued to the amount of £1,102,362, while additional loans
were contracted to the amount of £302,771. With regard
to the loan capital, a very largo amount appears to have
been borrowed within the last 18 months, the amount out-
standing December 31, 1863, having bean returned at only
£4,096,371. Tho share and loan capital of the North
Union, leased jointly to the Lancashire and Yorkshire and
the London and North-Western, amounted at the close of
1863 to £1,143,212, so that the capital represented by what
is popularly known as the Lancashire and Yorkshire rail-
way may be stated roughly at between £21,000,000 and
£22,000,000, to serve interest upon which profits are now
annually acquired to the amount of about £1,100,000,
although in the exceptional year, 1862, the net revenue
fell considerably below that standard. Following the
example of the London and North-Western, it will be seen
that the Lancashire and Yorkshire directors have always
had a very large amount of ordinary stock in existence,
although during the last two or three years the proportion
of ordinary capital to the whole amount raised has been
declining. It is something, however, in a £21,000,000 con-
cern to be able to point to a solid £12,000,000 of ordinary
stock, and that stock, too, at a premium of 20 per cent.
We hare sketched in fair, rough, broad outlines the po-
sition of the company at the close of June, 1865 ; but if we
go into details as to the traffic we must stop short at tho
close of 1863, although it is important to remark that in
1861 the traffic increased to the extent of about £lBO,OOO
as compared with 1863, the largest share of the augmen-
tation being contributed by goods. Considerable as
was the increase in the revenue of 1864, it did not
fully represent the increase in the actual number of
passengers or weight of merchandise conveyed. To
review now in detail the treffic of 1863-The number
of passengers conveyed in that year over the
Lancashire and Yorkshire proper was 16,210,097 (against
15,010,539 in 1862). This great circulation may be discom-
posed ay follows :-First-class, 1,882,836.; second-class,
3,684,549; third-class, 10,642,712. The number of holders
of season or periodical tickets was 2,385. The passenger
trains also conveyed in 1863 1,592 carriages, 5,531 horses,
and 31,312 dogs. The total receipts from passengers in
1863 wore :-First-class, £141,920 ; second-class, £130,789;
third-class and pailiamentary, £332,347; and periodical
tickets, £22,246. The accessory receipts of the quick trains
were £48,196, and £5,590 was derived from the-cOnvey-
ance of mails, making the total earnings of the coaching
department during the year £741,107. Turning now to the
slow train service, wo find that the number of cattle con-
veyed in 1863 was 190,602; of sheep, 494,136; and of pigs,
60,154. The quantity of coal and coke transported was
2,112,764 tons, and of other minerals 805,440 tons. The
quantity of general merchandise conveyed was 2,586,420
tons (against 2,415,185 tons in 1862). The revival of Lan-
cashire industry in 1863 was forcibly reflected in the con-
veyance of 2,112,764 tons of coal, while in 1862 the corre-
sponding total was only 1,914,412 tons. The earnings of
the slow trains were-from live stock, £25,906; from coal
and coke, £141,237; and from general merchandise, £870,011,
making an aggregate of £1,037,154, while in 1862 the cor-
responding total was only £975,052. The number of pas-
senger trains run in 1863 was 205,695, and of goods trains
132,259; and tho total distances traversed by the former
were 3,405,257 miles, and by the latter 2,876,238 miles. The
average faros charged in 1863 were-first-class, 1.58 d. per
mile; second-class,l.3ld. per mile ; third-class, 0.76 d. per mile.
These detailsrefer exclusively to the Lancashire and York-
shire proper, but it may be well torecall some of the results
established on the Preston and Wyre section. Upon this line
602,038 passengers were conveyed in 1863-96,543 first-class,
155,376 second class, and 350,119 third-class; there were,
besides, 1,452 holders of season and periodical tickets. The
movement of live stock comprised 15,410 head of cattle,
2,315 sheep, and 8,031 pigs. The quantity of coal and
coke carried was 97,305 .tons; of other minerals, 74,118
tons ; and of general merchandise, 72,318 tons. The total
distance traversed by 19,604 trains was 185,749 miles. Tho
passenger fares cliargod were rather lower than on the
general system-the third-class charge, for instance, being
only at the rate of
0.6 d. per mile ; and the receipts from
passengers wore-first c1a55,.£9,271 ; second class,£lo,o36 ;
third class, £13,738 ; and
and
dTiltne esaialcscprsoodryucerdece2toso,omf talkminqguictlheetrtraoitiaisl
periodical tickets, .E 1,438 ; or
rwe3ev4reen4£2uB3e:f6nroo2am'lla.coaching for the year £37,485. The receipts
from live stock were £498; from coal and coke, £4,771;
from other minerals, £7,092 ; and from general merchan-
dise, £16,909 ; making the slow train revenue of 1863
£29,270. With respect to working expenses, we may note
that they amounted in 1863 to £830,782 on the Lancashire
and Yorkshire proper; that total being made up as follows :
-Maintenance and renewal of way, £152,359; locomotive