The Sun.
London, England, 1856-08-08 00:00:00

LONDON AND NORTH-WESTERN.

The report of the directors of this company congratu-
lates the shareholders on a considerable increase of re-
ceipts, without any augmentation in the ordinary work-
ing expenses. The rolling stock and works of every
description have been maintained in full efficiency at the
cost of revenue, and when it is recoilected that the cost
of coke and other necessary stores has been greatly en-
hanced, and that the company is now subject to the full
effect of competition at all points, both on the east and
west, the result of the following statement may be re-
garded as satisfactory :—The receipts during the past
half-year for passengers amounted to 742,2751., and for
goods to 74$ 2471., as against 709,3081. for passengers,
and 711,6891. for goods, showing an increase of 32,967/.
in the receipts for former, and 36,6581. in the latter, the
total increase being 69,6251., and the total receipts
1,490,6221., against 1,420,9971. in the corresponding
period of 1855. The working expenses amounted for
the past half year to 597,3991., or 40'07 and for the cor-
responding period to 600,7191., or 42'27 per cent. The
report then explains that a ded of arbitration respecting
the division of traffic which has been referred to Mr.
Gladstone had been sealed by that company, the Mid-
land, the Manchester, Sheffield, and Lincolnshire, and
the Great Northern Railway Companies, and signed by
the respective chairmen ; and as the award is to be for
14 years, the directors trust that the companies may not
again be subjected to the evils of similar contests, and
that they may be enabled to carry on the traffic of their
respective districts to the advantage alike of the share-
holders and of the public. The claims raised by the
North Staffordshire Company are still undetermined.
The arbitration under the West London Act of 1854
has resulted in an award, by Mr. Hawkshaw, that the
lessees shall pay to the proprietors of the West London
Railway, for the use of their line, a sum of 1,1001.
per annum, from the Ist of July, 1856, in lieu of
the undefined and fluctuating payments provided
for in the original lease, and which have led to so much
litigation. Tne arrears and damages awarded amount
to 4,127/. of whit 2,0001. are charged in the accounts
of the past half-year. The bill for the deviation and
completion of the Crewe and Shrewsbury line, and for
the necessary powers to provide station accommodation
at Shrewsbury and at Bolton, and fur other purposes, has
received the sanction 14 Parliament, as also the bill to
extend Li. one year the time allowed fur tee construction
of the works of the Hampstead Junction line. Five of
the six bills affecting the company's interests, introduced
in the last session by the North Staffordshire Company,
were withdrawn. Au act has been obtained by parties
locally interested for the construction of a railway from
Shrewsbury to a junction with the Oswestry and New-
town Railway, near Welchpool (a distance of about 16
miles) with powers to enter into working arrangements
with this company. As the constructionof this railway
would tend materially to aid in developing traffic over
the Crewe and Shrewsbury line, the board have under
consideration the terms of a working agreement. The
Oldham branch, about 4 miles in length, connecting the
town of Oldham with the Huddersfield and Manchester
line of this company, was completed and opened for pub-
lic traffic on the sth of July. Nearly the whole of the
land requisite for the construction of the Crewe and
Shrewsbury, Northampton and Market Harborough, St.
Albans, and Hampstead Junction railways, has been
purcdu.sed, and the contracts for the works have been let
on satisfactory terms. The board request authority from
the proprietors to make arrangements, conjointly with
the directors of the Manchester, Sheffield, and Lincoln-
shire Company (as joint owners of the Manchester and

South J unction Railway), for the working and inter•
change of traffic on the Warrington and Stockport
Company's line, by which the ten miles of line between
Warrington and Altrincham may be worked in connection
with, and as a continuation of, the South Junction Rail-
wo.y. The committee of the Railway Clearing-househave
called upon the company to enlarge the buildi❑g occu-
pied by them at a cost of about 6,0001. ; for which out-
lay, however, the company will receive rent equal to
interest at 6i per cent. under the lease. The directors

_ .
request a vote of the proprietors for 19,0001., being the
cost of a warehouse at Poplar, now occupied by tb• com-
pany at a rental equal to 6 per cent. on the cost ; and
fur additional land, sidings, and other works at various
stat.ons on the line, amounting to 10,1361.
The dispo,sable balance amounts to 578,4621., out of
which a dividend is recommended at the rate of 5 per
cent. per annum, which will absorb 564,3851., leaving
14,0761. for the next account. The dividend for the cor-
responding period of 1855 amounted to 535,8651., being
at the rate of 41 per cent. per annum, leaving a ha-
lals a of 6,9501.

The profits of the half-year exceed those of the corre-
sponding period by 58,4051. 15s. 11d., and the directors
are therefore enabled to recommend a dividend at the
rate of 51. per cent. per annum.