The Sun.
London, England, 1848-07-18 00:00:00

Total to the 31st December, 1847 .. £3,174,472 4 5

Suppose that there has been no money borrowed or expended
since, or that the amonnt so raised has been spent entirely upon
the Branches not yet opened (neither of which suppositions repro •
sent the real facts), then here is a•debt of 1,127,1101. 4s. sd. at
least, on your main Line from Carlisle to Edinburgh and Glasgow,
the interest of which has to be met out of the revenue received front
the traffic on that Line.

At live per cent. per annum (I will not suppose that your Direc-
tors have paid a higher rate) this amounts to 56,3551. Then you
know that the Wishaw and Coltness and Garnkirk Lines, which
form the chief parts of your Branch .to Glasgow, are leased by you ;
you have to pay for
The W ishaw and Coltness per annum, for rent and interest £20,250
Lue Garnkirk . • .. .• oe oe 12,503

£41,758
Add the Interest, as above •• •• .. .. .. 56,355

Which makes a total of annual charge • • .. £98,113
To this we must add the expense of working the line ; what this
will amount to must to some extent be conjectural. Your Line has
the disadvantage of steep gradients, and the expenses of mineral
lines, such as the Wishaw and Coltness and Garnkirk, are notoriously
heavy. On the other hand, your New Line has few stations, and
not many trains, and that part should be worked with a small esta-
blishment and at little expense.
I believe the average expense per mile per week of all the princi
pal English lines considerably exceeds 301.; we will suppose yours not
to exceed 201. per mile per week ; it is absolutely impossible that it
can be less, or even so low. The length being 130 miles :-
130 X 20, or 2,6001. per week, or for 52 weeks
52 X 2600 .. £135,200
Add to this the interest and guarantee as above.. 98,113

£233,313

We have a total annual charge of ••
before any dividend whatever can be paid to you.
Now what revenue have you to meet this charge. The receipts
since your line opened have not averaged 4,000/. per week. Take
them at that amount for 52 weeks, which will give 208,0001. per an-
num, leaving an actual deficiency of 25,3131. from the sum necessary
to meet working expenses, rent, and interest to bondholders.
This looks very black, but you might hope for an increase of
revenue sufficient at least to cover this, and, perhaps, to pay a
small dividend on the 2,047,3621. share capital sunk in this con-
cern, you might hope, for instance, that the revenue would rise
to 5,0001. per week; and if there has been no more capital ex-
pemded since 31st December, 1847, this would leave a surplus of
26,6871., after meeting the deficiency shown above, which would
actually give a dividend of almost 1 1-3 per cent. But here your
Directors come forward with a proposal to create a perpetual pre-
ference dividend of 52,160/.111 It is true that this can never be paid
unless your revenue rises to 6,0001. per week, but it effectually
destroys the very remote chance you have of ever receiving one
fraction of dividend on the Old Stock.
I have not taken into account any of the Guarantees your
Directors have given in other lines, than those over which your
traffic is now passing. My statement supposes that the traffic
on these lines will meet the Guarantees. But every one knows
this will not be the case; they have guaranteed the Glasgow
and Greenock 4 per cent., and the Perth, Dundee, and Arbroath
8 per cent. These lines have been open for some time, and
are not earning respectively more than one half the dividend
proposed to be secured to them. Where is the balance to come
from ? Then there are the Guarantees of the Scottish Drlidland !
the Scottish Central ! ! the Neilston and Barrhead 1! ! and many
(Auer trifles which need not be dwelt upon—and these, too, from
a Company, which after threatening its Shareholders with the
harshest proceedings, and scouring the money market in vain for
help, has actually at this moment a circular issued to its creditors,
requesting them, as the only mode of " keeping their railway open,"
not to proceed at law for recovery of their overdue bills, and
promising to pay them by five instalments, each at three months'
interval I from a Company which has actually stopped payment ! !
There never was such infatuated madness, even in the railway
world; as that exhibited by youratidtra. _
Your only chance of saving YtOrline ibatn-vmor ruin br-oeting
promptly now. Refuse to create this Preference Stock; change
your whole Board ; the Directors are, of course, all of them most
respectable men, but have shown their utter incompetency for pru-
dent management. Appoint a new Directory; select men who will
stop all needless and extravagant expenditure ou new works—who
will manage their line themselves, and not stoop to receive the dic-
tation of Agents and Engineers, and who will study to raise the ut-
most revenue from year legitimate traffic without involving you in
ruinous guarantees and needless competition.
If you take this course I would not yet despair of your retrieving
your Line from utter ruin; your trade from Edinburgh and the
north-east of Scotland must be considerable, and thus, by proper
arrangements with other Lines, should be all your own, while you
may fairly claim to divide that to London and the South. From
Glasgow and the West you should have the entire English traffic.
An arrangement could be made with your only competitor for this,
by which you would mutually refrain from interfering with each
other.
In short, you should have a new administration, whose motto
should be—economy, retrenchment, and peace; and if you appoint
such an one, you may yet flourish. Maintain your present manage-
ment, and nothing can be hoped for you.
July 7, 1848. YATES.

FIVE POUNDS REWARD.
SPANISH THREE PER CENT. STOCK.
LOST or STOLEN, in the course of transmission
through the POSt-office, SPANISH THREE PER CENT.
BOND, No. E. 1,756, par 5101. Any one who shall resters the same
to Mr. Dowling, Stock-broker, Gresham-chambers, 75, Old Broad-
street, will receive the above reward.
be detained, Shouldand info ma the toneßon b
sent offered
to
for sale, it is requested it may
Mr. Dowling.

SOLICITORS' AND GENERAL LIFE
ASSURANCE SOCIETY,
57, CHANCERY-LANE, LONDON.
Notice is hereby given, that Interest at the rate of our
Fo per
PAYABenL CE
t.
per Annum on the paid-up Capital of this Society will be
at the Office, 57, Chancery-lane, between the hours of Eleven and
Three o'clock, on and after the 10th day of August nest.
By order of the Board,
CHARLES JOHN GILL, Secretary.

Dated July 6, 1848

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