The Sun.
London, England, 1851-08-21 00:00:00

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N°. 18,381.] LONDON THURSDAY
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7 AUG UST 21)

BRITANNIA LIFE ASSURANCE
COMPANY.
•
1, Princes-street, Bank, London.
Empowered by special Act of Parliament, 4th Viet., cap. 9.
DIRECTORS.
Cnamtku--- Colonel ROBERT ALEXANDER, Blackheath Park,
Kent.
William Bardgett, Esq., 149, Fenchnrch-street.
G, orgy Bev'ngton, Esq., Neckinger Mills. Bermondsey.
F. P. Cockerill, Esq., Shadwell, and Twickenham.
George Conen, Esq., Shacklewell-lane.
Miles Coventry. Esq., Welts Hart-court, Lombard-street.
John DreweA, Esq., 4, Princes-street, Bank.
Erasmus Robert Foster, Esq., Cold Harbour-lane, Camberwell.
T. S. Gir tier, Esq., 7, Tokenhouse-yard.
H. L. Smale, Esq., Doctors'-commons.
RANKERS.
Messrs. Drewett, Fowler, and Fowler, 4, Princes-street, Bank.
SOLICITORS.
Messrs. M'Leod and Stenning, Lon .ion-street, Fenchurch-street.
ADVANTAGES OF THIS INSTITUTION.
Halt Credit Rates of Premium.
Persons assured according to these rates are allowed credit (with-
out security) for half the amount of the first seven annual premiums,
paying interest thereon at the rate of five per cent. per annum, with
the option of paying off the arrears of premiums, at any time, or
having the amount deducted from the sum assured should the policy
become a claim.

For Securing Loans and Debts.
A Table adapted especially for the securing of Loans and Debts, by
which the fullest security is obtained on very low, but gradually in-
creasing premiums.
Policies revived, without the exaction of a fine, at any time within
twelve months, if health remain unimpaired.
A Board of Directors in attendance daily at Two o'clock.
Age of the Assured in every case admitted in the Policy.
Medical attendants remunerated in all cases for their reports.
Extract from the Half Credit Rates of Premium.
Annual Premium required for an Assurance of 100/. for the whole

Term of Life.

Age.

Half Premium for I Whole Premium after
Seven Years. I Seven Years,

£ s. d.
1 1 9
1 9 2
2 2 G
3 6 8

Xs. d.
2 3 6
2 18 4
4 5 0
6 13 4

E. R. FOSTER, Resident Director.
ANDREW FRANCIS, Secretary.
Detailed prospectuses, and every requisite information as to the
mode of effecting assurances, may be obtained upon application at
the office, 1, Princes-street, Bank, London ; or of the several agents
throughout the country.

BRITISH COLLEGE of HEALTH,
NEW-ROAD, LONDON.
MORISON'S; VEGETABLE UNIVERSAL MEDICINE.
None are genuine unless they come direct from the College, us
above, with the words " Morison's Universal Medicines," engraved
on the Government Stamp.
See List of duly authorised Agents. This caution is highly neces-
sary. No chemists or druggists are authorised to sell
_Morison's
Pills.

(Signed)

MORISON and CO., Hygeists.

GENERAL ELECTION.
THE MEN OF THE PEOPLE.
Few are prepared for a general election, and yet the on dit is, that
the present Parliament is n•.t. to meet again, cons( quently a few who
think they are alone n tie secret, are quietly, bu very earnestly,
canvassing their constituents, in a friendly way, not as it they
were in any alarm about their seats, but simply exhibiting an
officious attention, as if they were desirous of serving all the people
they call upon in the metropolis—One name absorbs a,l the interest
—not exactly for a seat in Parliament, because their ambition has
always pointed to another office. But it the whole population of
the metropolis were polled to-morrow, Messrs E. MOSES and SON
would be voted the cri.apest, the best. the most extensive Clothiers,
and the greatest benefactors in the kingdom to all classes. In the
field they choose to occupy, they were reformers. Through their
exertions, and the employment of their talent and capital, the price
of Clothing, which was a complete bar to the well 'dressing of all
persons of limited income, was reduced one-half, which
brought it within the means of even the humble classes, who can
now dress respectably out of business, and creditably in it ;
for they not only procure things cheap, but durable;
in fact, Messrs. E. Moses and Son have so completely laid them-
selves out with their immense staff of the first designers, fitters,
oar.ters, and workmen in Europe, for the supply of rich and poor,
malted and humble, fashionable and plain, that they are not men
for a class, but men of the people. By employing a capital that
would buy up the productions of half the factories, they command
the markets, and the public have the benefit of their cheap pur-
chases, for their profit has always been uniformly small, because
they have preferred to sell a hundred suits to any body else's one,
and gain by numbers what others unfairly gain by exorbitant profits.
Messrs. E. Moses and Son have every garmen made of the best
material of the kind —they mark every article with their unvarying
price, in figures which everybody can understand ; and if any one
should feel dissatisfied after purchasing. they receive bacit the
article and return the money. Their noble Mart, at the corner of
A ldgate and the Niinories, is thrown open to the public, whether
purchasers or not, and they invite the visitors in London to inspect
the first stock in the world. Nor is their Wes' -end branch less at-
tractive, in New Oxford. street, corner of Hart-street. At both
these places there is such an assortment of Sportsmen's Dresses,
from head to foot, as was never seen elsewhere, comdrising every
article desirable for the river and the field, light, strong, and
weather-proof.

A CURIOUS INCIDENT.—On Friday last Mr.
Catlin, the Indian traveller, conducted the party of Iroquois
Indians now in London, to the Crystal Palace, showing and
explaining to them the many wonderful works
impassablesitcontains
which excited their highest admiration and surprise, and
repeatedly elicited the war-whoop, attracting
crowds around them. In the midst of their excitement and
pleasure they were conducted to the statue of the " Dying
Indian," in the American division, which seemed to produce
an evident dejection, leading their minds back, most pro-
bably, to the painful legends of their forefathers. They then
were led by Mr. Catlin to view the statues of two of their
own countrymen, which he had promised to show them, and
which he had constructed, the size of life, with great labour,
and elevated upon the end of trenchingdge, standing in the
American department. On app the spot, he found
them missing, and the crumbled fragments of the chief and
his wife gathered and shrouded in a curtain, and lying on
the floor, under the bridge on which they had stood, and
from which they had been hurled down by a drunken
woman the day before, as was soon explained, and dashed
completely to pieces ! Nothing could exceed the
le sudden
dejectic n of the spirits of those poor superstitious peop on
seeing the only two representations of their own race in the
" world's fair" lying thus demolished. In a conversation
which ensued amongst them, the words " rum," and
" whisky," were often repeated ; and the old chief, address-
ing Mr. Catlin, said, "This thing, my friend, makes us very
sad. We have been long used to see rum and whisky throw-
ing down our red brethren, and our hearts have been grieved
at it; but we r.ever before know that the images of the red
men were to be destroyed also by fire-water."
DEATH OF MR. MOSCMAN, THE SCULPTOR.—OUT
readers will perceive in our obituary the unexpected death
of Mr. William Moesman, senior, a sculptor of no mean
eminence in his profession, and a gentleman who was highly
esteemed, in Glasgow, not more for his talents than for his
warmth of heart and high sense of honour. Mr. Mosaman
was not one of those geniuses who are termed self-taught, as
he worked for years in the studio of Chautrey, by whom he
was frequently noticed for his proficiency. The decea'ed
followed his profession for some time in Edinburgh, and,
about thirty years ago, removed to Glasgow, where he has
been constantly engaged ever since, assisted by a whole
family of sculptors, all of whom have been distinguished in
their elegant art.—Glasgow Constitutional.

RAILWAY INTELLIGENCE.
MIDLAND.
Tye half-yearly meeting of this company was held
e.t Derby yesterday; Mr. J. Ellis, M.P., the chair-
man of the board of directors, presided.
Mr. BELL, the secretary, read the report, of which
the following is an abstract :
" The revenue of the company for the half-year
ending the 30± of June last amounts to 566,0821,
beinv, an increase over the corresponding half-year of
1850 of 8,6271.,
" In the receipts from passengers there has been a
decrease of 17,6781., and in those from horses, &c., of
1 0291., as compared with the corresponding half-year
of 1850; while from merchandise there has been an
increase of 18,8511., and from minerals of 7,4501., as
compared with the same period.
" The stun available for dividend is 132,075/. ; the
directors therefore recommend that a dividend be de-
clared, subject to income-tax, and payable the 21 of
September next, of 1/. is. upon each 1001. consoli-
dated stock ; lls. 3d. upon each 1001. consolidated
Birmingham and Derby stock; 3/. upon each 100/.
consolidated preferential stock; 1/. 103. upon each
Ere wash Valley share; and 9s. ld. upon each 501.
nhare, being 1/. 53. per cent. on 33/. Os. Bd., and 21.
is. per cent. on 1/. 13s. 4d., leaving a balance of
4,454/. 7s. 7d. for the next account.

" The large decrease in the coaching traffic is a
subject of the deepest concern to your directors.
They had anticipated that the opening of the Great
Exhibition, in May last, would have largely increased
the revenue of the company. They regret that this
has not been the case, and that their expectations have
been disappointed; for, although a great number of
passengers have been conveyed over the Midland
Railway to and from London, the competition of the
Great Northern Company has materially reduced the
receipt over a considerable portion of your line ;
whilst the flow of traffic to London, which has this
year been so remarkable, has diverted much of it from
its ordinary channels, and has seriously damaged the
receipts from the local and excursion traffic of those
portions of your railway not affected by the Great
Northern or other competition. They see no reason
to alter their opinion of the policy of the arrangement
with the Oxford, Worcester, and Wolverhampton
Company, and of the equitable claims which the Lon-
don and North-Western and Midland Companies have
upo❑ that company, for the honourable carrying out
of the agreement which they themselves had volunta-
rily proposed, and had subsequently sanctioned at a
meeting of their shareholders.
The report of Mr. Barlow, the engineer, states
that 483 - miles of railway are maintained by the
company at a cost of 1241, per mite per annum; and
that the iron road continues to exhibit very satisfac-
tory results
The CHAIRMAN begged to say, with regard to the
subject of free passes given to shareholders to attend
special and general meetings of the companies, that
the directors would take no part in the matter. It
was altogether a question for the decision of the
shareholders, and with them it must remain. They
would see by the report that there had been a de-
crease in passenger traffic to the amount of 17,678/. ;
while from merchandise and minerals there had been
an increase of 26,0001. They would recollect that, at
the last meeting, he gave it as his opinion that as
much traffic would come upon their line as would be
taken off it. So far his anticipations bad proved
true, and to him the result had proved satisfactory.
The revenue from goods had increased, although,
owing to the competition to which they were now
subjected from York, their rates had been reduced.
With respect to the passenger rraffig, he must confess
that he had been disappointed. He had, on a for-
mer occasion, been over sanguine. They must
recollect, however, that they had no way into
London, and, owing to this, the Great Northern had
take❑ a great portion of the passengers during the
Exhibition into the metropolis. There was another
element which had worked detrimentally as respected
their internal traffic. People had gone to London
to visit the Exhibition, instead of, as in former years,

visiting other places of fashionable resort. This was
shown on parts of the Midland line not subjected to
the competition of the Great Northern. The whole
attention of travellers appeared to be directed towards
London, and the consequence was that the Midland
Company had had fewer persons travelling for the
purposes of pleasure than in former years. Among
their allies were the London and North-Western, the
Yorkshire and Lancashire, and the Manchester, Shef-
field, and Lincolnshire. Their agreement with the
North-Wester❑ was for 21 years, and had so far
worked satisfactorily. It was, indeed, his (the Chair-
man's) opinion that it was the interest of the Mid-
land Company to draw closer than hitherto the bonds
of union between themselves and the London and
North-Western Company. The directors knew their
position, and they would try to make the best use of
it. Tne Great Northern, they would recollect, had
been opened little more than a year ago, and on that
occasion they (the Midland Company) were anxious
to prevent useless and wasteful competition.
Their first object was to obtain an equalization of
rates and fares upon those parts of their respective
lines which were more particularly competing
portions. This they secured, but in March last
the Great Northern gave a month's notice to termi-
nate that agreement. Before that period they had
entered into several traffic agreements with the North
Midland, the Newcastle and Berwick, the Caledo-
nian, and other companies, to divide traffic north of
York. Any competition with the Great Northern
would not, therefore, affect that traffic for five years.
The matters in dispute between the lllidland and
Great Northern had been referred to Mr. Gladstone.

that gentleman hail, he believed, sent for the las
information he should require upon the subject, and
the award might be expected within a fortnight. If
they would place their confidence in the directors
they would do their best to protect the property of
the shareholders. They would make the most of it.
It was essential that the directors should possess the
confidence of the shareholders, more especially with
regard to the matters to which he had referred ; if
they did not—if the shareholders did not believe that
they were acting honestly for the good of the pro-
perty under their management—they would be ut-
terly powerless, and the sooner they were removed
the better. When the Exhibition was over he was
confident they would see a very different state of
wings. For himself, he saw nothing discouraging in
the affairs of the Midland Company, and he should
conclude by moving that the report be received and
adopted.
Mr. S. BEALE (deputy-chairman) seconded the
motion.
Mr. DARIN, of Birmingham, in allusion to the
cheap fare of ss. from Leeds to London, in competi-
tion with the Great Northern, wished to know what
proportion of mileage was paid by the London and
Not th- Western Company.
The CHAIRMAN—The North-Western paid their
mileage proportion. Everything was paid in propor-
tion, as by agreement, to the farthing.—(Hear.)
Mr. DAKIN thought it extremely foolish to be
travelling at a loss. It was like a tradesman selling
goods at 103. which cost him 20s. They bad better
give the line altogether to the Great Northern than
pursue such a course.
The CHAIRMAN defended the course adopted.
Mr. IRoNSIDES, of Sheffield, said he thought that,
with regard to the accident at Clay-cross, there was
gross negligence, and he wished to ask Mr. Paget if
he had heard the amount of costs incurred ?
The CHAIRMAN said all the costs and damages were
not paid. On the part of the directors he might be
allowed to say, that if their servants had, upon the
lamentable occasion referred to, attended to the regu-
lations laid down for their guidance the accident
would not have occurred. In the accounts made up
to the 30th of June, and of which the shareholders
were in possession, a portion of the costs of the late
accident were included, but some portions were not
yet paid.
Mr. IRONSIDES agreed with the Chairman that rail-
ways could not entirely be free from accidents ; but
judges, juries, and courts of law seemed now to think
railway companies good game. If the dictum of a
judge was to be taken as law it would be necessary
that every passenger, who entered a station, should be
asked his station and position in life, for, according to
that, a judge directed a jury to assess damages. He
wished to observe, however, with regard to Broad-
hence case, he understood that no attempt at an
arrangement had been made until all expenses had
been incurred.
The CHAIRMAN replied that a compromise had been
attempted before the writ was served ; and Mr. Smith,
I,ncor:hrmation, said the son of the deceased, in the
first instance, demanded nothing less than 1,0001., and
ultimately he accepted 4501. with taxed costs, which
might amount to 701. or 801. in addition.
Mr. hoirsinEs said, in the cases of Mrs. Blake and
Broadbent, he believed that if the claims had been
left to the Sheffield committee, they would have been
settled for half the sums paid.
A SHAREHOLDER—DO you mean to pay Mrs.
Blake the sum of 4,0001. awarded to her by the jury
at Derby?
The CHAIRMAN—Don't ask me the question. It
is now under the consideration of the directors.
SHAREHOLDER—I only hope. you do not.
The report having been received and adopted,
The CHAIRMAN proposed the several dividends as
stated in the report.

Mr. IRONSIDES—Now, Mr. Chairman, can we
honestly pay these dividends while subjected to the
present competition ?
The CIIAIRaIAN—AII I can tell you is that it has
been honestly earned up to the 30th of June, but if
you choose to leave 20 per cent. in the hands of the
directors we shall be all the better pleased.
Mr. laoNslDns was satisfied, and the dividend was
dect areci.

Messrs. E. Baines, of Leeds; D. Malins, of Bir-
mingham ; Maxwell, of Liverpool; G. Chambers,
Wilson, and J. Hurd, were appointed an audit com-
mittee according to a resolution adopted at the last
half-yearly meeting.
The meeting was then made special, when
Mr. AlvEas moved and Mr. ASHTON seconded a
motion to the effect that the present ruinous competi-
tion with the Northern Railway Company be discon-
tinued.

An amendment to the effect that none but share-
holders holding 1001. worth of stock ba invited to the
general meeting, and that no paper be issued except
to such persons, was carried all but unanimously.
A resolution was then passed to the effect that,
" as soon as any of the proprietors of the 501. shares
shall have paid up the 35/. in respect of any such
share held by him, and also shall have paid up the
call of 3/. 6s. Bd. per share made thereon, such share
shall be divided and converted into two shares—one
for the nominal value of 331. 68. Bd., and the other a
nominal value of 161. 13s. 41, in respect of which
latter share the sums of 11. 13s. 4d. and 3/. 61. Bd.
shall then be taken and considered as having been
paid, and each share of 331. 6s. Bd. shall be converted
into part of the consolidated stock of this company."
After a vote of thanks to the Chairman the meeting
separated.

GREAT NORTHERN.
The report of the directors, to be submitted to the
proprietors at the half-yearly meeting, to be held on
Tuesday next, has been issued. The following is an
abstract of the report :
" The gross amount of revenue for the half-year is
239,0641. 3s. 7d., from which the directors have thought
it right, under the circumstances specially explained in
the auditors' report, to deduct seven months' expenditure
instead of six. This operation increases the amount to
be deducted for the working expenses, which were un-
avoidably large at the commencement of the goods
traffic. The result is a balance of 108,088/. 75. 2d. net
revenue, which, after deducting guaranteed rents and
preference dividends, together with interest on one-half
of the mortgage debt (the other half being applicable to
works not yet opened), will leave a balance available for
dividend of 40,1231. 17s, 8..1.; and the directors recom-
mend that a dividend be declarei4 at the rate of 1 per
teat. per annum, being 3s. 9d. per original 25/. share,
payable after the 15th of September next, to the proprie-
tors on the register on the 26th of August inst.
" The amount of capital expended in the half-year was
605,3571. ss. 6d. and as the works yet incompleted
are progressing with great rapidity, the directors have
to request authority from this meeting to raise addi-
tional capital and loans sanctioned by the Acts of' Par-
liament recently passed. The plan by which they pro-
pose to raise the share capital of 750,000/. is by issuing
at par, rateably to the proprietors registered in the books
of the company on the 26th of August instant, 60.000
3 per cent. preference scrip shares of 121. 104. each, re-
deemable by the company at any period on six months'
notice, at a premium of 10 per cent.; such shares to re-
main as scrip unregistered until the full amount of the
call has been paid up.
" The Towns' line will be opened for traffic early
next year, and it is expected the King's•cross station
will be completed about Midsummer next.
" Wish regard to Parliamentary proceedings, the com-
pany have obtained the Bill N.o. 1, authorising the addi-
tional capital, as well as the establishment of stations at
Knottingley and Wakefield, which the increase of traffic
has rendered imperatively necessary.
" The company's Bill No. 2, which was framed to re-
gulate the relations of the Great Northern with the
Manchester, Sheffield, and Lincolnshire Railway Com-
pany, has also been passed, after a severe and protracted
opposition. The company has established the right to
accommodation for fish traffic and goods at the Grimsby
Docks, as well as the power to construct a goods station
at Sheffield, and convenient junctions at Retford; whilst
the privilege of using the Gainsborough line of the Man-
chester, Sheffield, and Lincolnshire Railway Company
has bee❑ confirmed.

" The directors regret having to state that their re-
lations with other companies have not improved since
the last meeting.. The London and North-Western and
the Midland Companies have taken the position of com-
peting at lower fares for the passenger traffic of the
places at which those companies meet the Great
Northern, via., York, Leeds, Wakefield, Doncaster,
Sheffield, and Lincoln. This universally-condemned
competition, at low fares, has the unavoidable effect of
reducing the aggregate amount to bo ultimately di-
vided, so that the shareholders of all the three com-
panies suffer by it.
" In connexion with this subject, it may be necessary
to state that the London and North-Western and the
Midland Companies have, by treaties, excluded the
Great Northern from participation in the traffic of the
towns lying upon the lines of the Manchester, Sheffield,
and Lincolnshire Company west of Sheffield ; and of
the Lancashire and Yorkshire Company west of Wake-
field ; the effect of which would be that even at Brad-
ford, west of Leeds, and other places to which the
Great Northern route will be the nearest from London
by twenty miles, all right to a share of such traffic is
denied.
"In consequence of this, the directors felt it their
duty to insist upon these hostile treaties being with-
drawn before they would consent to arrangements for
equal fares to the places from which the Great Northern
was so excluded ; and the determination expressed by
the London and North-Western and the Midland Com.
panies is, that the fares 01%11 be run down against the
Great Northern, unless the Great Northern will vir-
tually consent t bo excluded from the places alluded to.
The directors can have no hesitation in persisting in
upholding the reasonable rights of the Great Northern,
and do not doubt being able ultimately to establish
them, whatever may be the opposition of competing
companies.
" The Royston and Hitchin line has been opened to
Shepreth, within seven miles of Cambridge, and the
Great Northern trains now run to Shepreth, communi-
cating by omnibus with Cambridge, the Eastern Coun-
ties Company refusing to permit the Great Northern
Company to run their trains between Shepreth, Shel-
ford, and Cambridge.
" The Great Northern have also commenced working
from Peterborough to Wisbeach, and over the East
Anglian lines from Wisbeach to Doreham. The Eastern
Counties Company, in contravention of their agreement
with the Great Northern, as well as against the rights
of the East Anglian Company, secured by Act of Parlia-
ment, have shut up the points of junction between the
Eastern Counties line and the East Anglian line at
Wisbeach; in consequence of which the passengers and
traffic have to be transferred from train to train by om-
nibus about half a mile, and great loss and inconvenience
are occasioned, as well to the public as to the compa-
nies. The directors have been, therefore, obliged to in-
stitute proceedings, which are still pending.
" A further part of the South Yorkshire line, extend-
ing to Barnsley, having been opened by the Great
Northern Company, trains have, from the Ist of July
last, run between Doncaster and Barnsley, connecting
that district with the Great Northern system.
" The directors have thought it right, under the cir-
cumstances of the increase of traffic, and consequently
of the labour of the several departments, to revise the
salaries of all the officers; not doubting that the pro-
prietorri will approve orbe principle cf making the
salaries commensurate with the labour; and in order to
induce the best exertions on the part of the officers to
encourage traffic, and at the same time to promote
economy in the working expenses and general manage-
ment, the directors have adopted the plan of making the
several salaries increase with the amount of the dividend
paid to the proprietors; thereby giving the officers a di-
rect pecuniary interest in the success of the undertaking.
"The directors recommend that the secretary's salary
be 8001. per annum, and be included in the arrangement
adopted as to the other officers."
The report of Mr. Joseph Cubitt, the engineer,
states that every exertion continues to be made by the
contractors at all the principal stations of the Towns'
line. Most of the stations on the latter line have been
commenced, and there is every prospect of their being
ready for use by the time the works of the line are
completed. He anticipates the completion of the
works in February next. At the London end of the
line gocd progress has been made. The earthwork
and tunnel, north of the Regent's-canal, are completed;
the canal aqueduct is proceeding rapidly and very sa-
tisfactorily; the earthwork between the canal and
King's-cross, which has but recently been com-
menced, will, in a very few days be completely
opened out, and rapidly proceeding ; the permanent
station buildings are in a forward state, and he ex-
pects to have the extension complete and ready for
traffic by the spring of next year.
Toe report of the auditors, Messrs. J. Chapman and
3. Catley, express their entire satisfaction with the
accuracy of the books and the clear and simple see,-
tem on which they continue to be kept. It states
with reference to the propotel to charge the revenue
account with only a moiety of the interest due by the
company on the 15th of July, they consider the ar-
rangement fair and reasonable—as they find on ex -
rnination that about half the amount raised by the
company on mortgage has been expended on the
Towns' line, the extension to King's-cross, and on
sundry other works ttlyet unproductive. The traffic
accounts laid before the shareholders in March last
embraced the expenditure for the six months, 31st of
May to 30th of November, against the earnings of
the six months, 30th of June to 31st of December;
that is to say, the account of expenditure commenced
a month before and was closed a month earlier than
that of the income. This plan was adopted at the

commencement to facilitate° the making up of the
accounts at the end of the half-year. The case, how-
ever, now being altered, and means out of which a
dividend may be declared having been earned, the
expenditure has most judiciously been brought down
to the 30th of June; the half-year's account now
closed, therefore, is charged with seven months' ex-
penses against six rnontts' earnings. The balance of
profit, after writing off the proportion of interest on
mortgages before referred to, will be 40,1231. 176.8 d.
The capital account to the 30th June last shows
8,274,9691. had been received, including 4,807,273/.
on original shares, 1,295,3171. on preference shares,
and 2,162,5571. on loan ; and that 8,069,7881. had been
expended, including 436,2231. expended preliminary
to the passing of the Act, 138,6971. law and engi-
neering expenses, 1,596,9741. land and compensation,
4,411,1691. works and materials; .325,640/ engines
and tenders, 298,5931. carrying stock, 591,1701. in-
terest on loans and capital, and 69,8881. on East Lin-
colnshire Railway; leaving a balance in favour of the
company of 205,1801., of which 105,8011. is in cash
and 99,3791. invested in South Yorkshire shares, &c.
The revenue account for the half-year ending the
30th of June shows that 239,0641. had been received,
including 128,7661. for passengers, 59,4431. for goods
and merchandise, and 29,514/. for coal and mine-
rals. The expenditure for seven months ending
the 30th June amounted to 130,9751. including
3,142/. rates and taxes, and 5,7941. Government
duty, leaving a balance of 108,0881. The number of
miles in operation is 236, and the number on which
the maintenance of way is charged is 143. The gross
mileage run by the trains was 1,571,381, and by the
engines 1,689,815. The consumption of coke per
engine per mile run was 30.91 b., cost 2.534 d. The
working charges are stated to be 46.96 per cent. on
the six months gross earnings. The total expen-
diture gives an average of Is. 6id. per mile per
train.

The net revenue account to the 30th of June, in-
cluding 52,5521. from the last account, shows a total
of 160,6411., out of which is deducted 94,3341. for in-
terest on preference and guaranteed shares, rents,
&c., and a moiety of the interest on the bonded debt,
leaving a balance of 66,3071. The receipts for the
half-year on the Forsdyke and Witham navigations
amounted to 6,3601., and the expenses to 11,2251.,
loss 4,8651.; and on the Louth navigation the re-
ceipts amounted to 1,5681., the expenses to 2,1291.,
the loss 5611.