The Sun.
London, England, 1853-02-08 00:00:00

EAST LANCASHIRE.

The report of the directors ofthis company, to be sub-
mitted to the proprietors at the half-yearly meeting on
the IGth inst., states that the net profit of the half-year
enables the directors to recommend a dividend at the
rate of 3 per cent. per annum on the ordinary stock of
the company, and to carry 8701., after paying all fixed
charges, and debiting the earnings with the interest on
capital, both productive and unproductive. The gross
receipts for the half-year ending 31st December last
show an increase over the corresponding period of 1851
of 12,7691., an increase in the working expenses of 4,367/,
and in the net profits of 8,402/. The gross receipts in
the half-year ending 31st December last amounted
121,0141., the working expenses to 57,2441., and the
net profit to 73,770/. ; the gross receipts at the corre-
sponding period of 1851 amounted to 118,2451., the
expenses to 52,8771., and the net profit to 65,368/. The
extension of the Bacup branch, about 24 miles in length,
has been opened for passenger traffic since the Ist of
October, and for goods' traffic since the Ist inst. This
is the only addition to the company's mileage during the
half-year. The directors remind the proprietors that the
last six months of the year are, and will continue to be
the most productive to the company ; and, therefore,
the Christmas dividend must not be taken as a certain
indication of the amount which the company may be able
to pay at Midsummer. Since the last meeting the direc-
tors have been able to work amicably with the neighbour-
ing companies. The board concluded a comprehensive
agreement in December last with the London and North-
Western Railway Company, and with the Lancashire and
Yorkshire Railway Company for the term of seven years,
by which the receipts upon all traffic at competing points
are now divided in fixed proportions. As this arrange-
ment secures the transmission of the merchandise traffic
by the shortest route, and enables the Lancashire and
Yorkshire and East. Lancashire Companies to work the
traffic at Liverpool, Manchester, Blackburn, and Burnley
stations with one staff, it has the 'advantage of securing
to the public the shortest and best communication for the
trade of the district, at the same time that it assists the
railway companies in conducting their business in a
more economical manner. The average rate of interest
upon the mortgage debt has been reduced from 41. 9s. 2d.
per cent. in December, 1851, to 41. ss. 2d. per cent, in
December, 1852. The expenditure on capital account
,7901., a considerable
expended
upon the construction
the have taken the ruction
fpoofarrt
part
heo ef
Bacupwhichhalfc-
hy
be
hasarar n acbhme
eo
nu nTe txhspe
ne-
cessary preliminary steps for promoting bills in Parlia-
ment for the following objects :—The extension of the
line from Clifton to Salford ; the making of a branch
from Ormskirk to Southport, and an extension of the
authority to con-
struct Skelmersdale branch to Rainford ; and power to convert
the mortgage debt of the company into perpetual annui-
advising the
ties.
shareholders
the
The di
proposed
directors cat oprpnew works,
s yt areo
Parliamentconfident
they arethat,r
in
promoting the
best interests of the undertaking. Since the last meet-
ing the conversion of the paid-up share capital into stock
has been effected. The capital account to the 31st of
December last shows that 3,692,2621. had been received,
and 3,756,9271. expended, leaving a balance due to
bankers and others of 64,6651.

The stock and share account shows that the company
is authorised to raise 3,865,8331. on shares and loans, of
which 2,719,5861. has been raised on shares, and 954,0251.
on loans, leaving a nominal available capital 01192,2211.
Deducting 64,6651. due to bankers and others, the net
available capital amounts to 127,5551. The revenue ac-
count for the half year ending the 31st of December last
shows that 131,0141. had been received, and 57,2431., or
43.69 per cent. of receipts, expended, including 3,092
rates and
of 77
andt3:7xeso. Out,land
of this
1,6271. passenger duty, leaving a
sum
20,724/, is appro.
printed to interest on loans, 14,823 to interest on pre-
ference share, 1,575/. to interest of money due to bankers
and others, 3,1041. for Leeds and Liverpool canal lease,
and 33,319/. for dividend on the ordinary stock at 3/.
per cent. per annum, leaving 8701. to be carried to the
reserve fund.