The Sun.
London, England, 1849-08-22 00:00:00

Ott Jelling '7.Ants

LONDON, WEDNESDAY. AUGUST 22, 1849.

The present is'a busy and an anxious period for the
railway interest throughout the entire country. The
general half-yearly meetings of the several companies
have been or are about to be held, statements as to
the position and prospects of the different lines sub-
mitted to the shareholders, and, what is perhaps most
eagerly desired, dividends declared from the profits
that have been actually realised for the first six months
of the present year. 'the various reductions of ex-
penditure are explained, and dwelt on with a pardon-
able complacency by hoards of directors, as affording
some consolation for diminished profits and abridged
dividends. The nature of the traffic, and the reason-
able expectations of its speedy increase, afford ample
grounds on which to expatiate, and from which the hope
of a" good day coming " may be collected. Every matter
on which the shareholders may desire information is
expatiated on, and if the report, or the opening speech
of the chairman, should not he considered sufficiently
explicit, there are parties ready to answer any inter-
rogatories and to submit to a searching cross-exami-
nation by any shareholder. Full advantage has been
taken of the opportunities thus afforded, and a vast
quantity of additional information is placed before
the public in consequence of the recent meetings.
The transactions of the Great Western and South-
Western Railways, the two great trunk lines pro-
ceeding to the westward, end having metropolitan
termini, may be considered of importance, second only
to those of the leviathan company—the London and
NOrth-Western. The rivals of the broad and narrow
gauge had to render accounts of their proceedings,
and to offer reduced dividends :,to
,their pro-
prietors; the prospects, however, are not altogether
gloomy, and notwithstanding the falling off of divi•
dead so painfully perceptible to every shareholder,
some cheering anticipations for the future were ob-
tained. The prices of both Companies' stock have, in
fact, improved, notwithstanding the reduction ; and
strong r evidence could not be afforded of the conti•
nued confidence of the public in the integrity of the
management, and of their belief that the worst has
already been encountered, and that no further misfor-
tunes are to be dreaded. The directors are not likely
to enter into expensive Parliamentary contracts, or
rashly to assume new liabilities. A. perpetual peace
has been proclaimed between the gauges ; and
although the former wars have entailed heavy bur-
dens upon the present proprietors, it is well to know
the evils that are to be encountered, and to be assured
that nothing of a similar class is henceforward to be
provided for.
The dividend of the Great Western Company for
the half-year, ending the 30th of June, is declared to
be after the rate of 4 per cent. per annum. This is,
indeed, a sad falling off, when it is considered that 8
per cent. was the usual dividend until within the last
few 3 ears, and that nothing below 6 per cent. has
ever been announced. The reasons for the change
were, however, sufficiently cogent to command the
unanimous assent of the shareholders. It was, indeed,
at painful, although a judicious step, and one by which
the
permanent welfare and prosperity of the company
will be materially promoted. The unnecessary ex-
penditure that took placev in more prosperous times on
branch lines, that have either abandoned or are
rogreess, bas b
no longer in been written off, and
the interest of the sums so lost and also the subscrip-
tions to other companies not at
present e
dividend or interest to their shareholders, paying any
have
first time been charged to the revenue of the for the
half-year, in place of to capital, as was formerlyu current
the
nt
case. Were it not for this alteration, the net profits
would have justified a dividend at the rate of 5 per
cent. per annum, with a small balance over. The
adoption of a course, on the propriety and expediency
of which there can be no second opinion, only enabled
them to recommend a dividend at the rate of 4 per
cent. per annum ; after payment of which a surplus
of 18,020/. 9s, 10d. will remain unappropriated, ap-
plicable to future dividends or to such other purposes
as may be required. The directors deserve credit for
having regarded the real interest of their constituents
by stopping " any increasing burden upon th 9 future