The Sun.
London, England, 1860-02-16 00:00:00

BATA JV

GENCE.

GREAT WESTERN.
The report.; of the directors of this company states
that steadily improving from almost
ever), t,li soe
duringrevenue,
n the last half-year, eables the
;reeve n
directors 40 recommend an increased dividend to
the ordinar: shareholders of the company. This
"
improvement of income was the more satisfactory,
as not only deiived from every branch of traffic,
but as extending ,alike over all portions of the Great
Western system. While the lines south of Wol-
verhampton had contributed £55,588 more than in
the corresponding period of 1858, the two Shrews-
bury Railways had added £10,720 of excess to the
general receipts, making together an average weekly
increase of £2,550 for the same length of railway.
The loss entailed upon fhe company by the Shrews-
bury Railcvays, which amounted in the last six
months of 1 tt7,f"iB to £15,292, had been now reduced
to £7,325, notwithstanding that a charge of about
£l,BOO had been incurred and paid in the latter
period for reneVring a portion of the joint line be-
tween Wellington .and Shrewsbury. The accounts
which had been circulated showed fully every item
of expenditure, representing the working charges.
In relation to those which affected the South %Vales
Railway, an award was made in the month of Sep-
tember last by Captain Galton, of the Board of
Trade, declaring the rates which were to be charged
against that company for the supply of locomotive
power and rolling stock, which award not only
affected those charges during the last half-year,
but for au antecedent period of two years. The
accounts for the last half-year were made upon the
basis of that new award •, but it would occupy
some time to apply it to the former accounts. The
directors were led to believe that the total amount
would not be much varied, although the details by
which it was to be finally ascertained might give
rise to complication. and occasion much labour and
loss of time in arriving at the final conclusion. The
directors proposed to the company, as the result of
the accounts made up to the 31st December, 1859, to
declare a dividend at the rate of 31 per cent. per
annum on the consolidated stock of the company,
and on the Great Western Windsor shares, payable
on the Ist prox., carrying forward a balance of
£25,748 to the next account. The report goes on to
state that, "It will be observed, from the state-
ments printed with the accounts, that a saving of
interest on capital has been commenced, by re-bor-
rowing at lower rates, as well as by a reduction of
interest from S to 6 per cent. per annum on a por-
tion of the Shrewsbury and Birmingham prefe-
rence stock, which will hereafter save about £3,000
per annum. The Metropolitan Railway, after a pro-
tracted struggle for the means of obtaining capital
to carry it into effect, is now happily in a financial
condition which will insure its construction. The
whole capital of that company has been subscribed,
with the aid of a contribution from the City Cor-
poration of £200,000 ; the contracts for the works
have been satisfactorily taken, and the works com-
menced in several places. The city authorities are
also promoting a large Meat-market in Smithfield,
which is intended to be connected with the Metro-
politan Railway by a short branch, adding much
to the usefulness of the whole undertaking, and
affording to railway companies the means of pos-
sessing a very convenient terminal station for
goods,
&c., within the city. The Brentford Rail-
, way and Docks, provisionally opened in July last,
were completed, so far as concerns the conveyance
of goods, &c., in the middle of September. The re-
moval and adaptation of machinery removed from
Bull's-bridge to Brentford has been gradually pro-
ceeding with as much expedition as circumstances
would allow, provision having to be made for car-
rying on a considerable traffic at both these places
during the interval. The directors have the satis-
faction of reporting that the minimum monthly-
tonnage under the agreement has been already at-
tained since the month of November, and there can
no longer be a doubt of the stipulated quantity of
100,000 tons of goods, &c., exclusive of coals, being
shipped or landed in the Brentford Docks within
the first year of the lease. The Board of Trade
made some requirements before the Brentford
Railway could be opened for the accommo-
dation of passenger traffic, which necessarily
postponed it until the commencement of winter, and
rendered it undesirable to commence running pas-
senger trains just at that season; but the directors
propose to do what is necessary for that purpose
early in the spring. When the Metropolitan line
shall be finished, and a connection perfected by
railway trains with their stations in the North of
London and the City, the Brentford and Isleworth
population, as well as that of the suburban districts,
will be enabled to make the journey with the ut-
most facility by a system of frequent trains, cal-
culated to promote their convenience, and so to in-
crease the number of all classes of daily travellers
over the Great Western line. The directors hove
deemed it necessary to apply in the present session
of Parliament for power to make a short extension
branch at Yeovil to the South-Western Yeovil and
Exeter line for interchanging traffic, near to the
point where the two railways intersect each other.
There would not otherwise be any convenient
method of providing for the traffic which must ne-
cessarily require to pass from the trains of the one
to the other company. The estimated cost of that
branch is £15,000. The Birkenhead Leasing Bill,
of which this company gave notice, is still before
Parliament, although the ultimate fate of any such
application has been rendered uncertain by a notice
received from the London and North-Western solici-
tors that their company will not be parties to any
bill for that purpose. It seems unnecessary at the
present time to discuss at length the various cir-
cumstances which have led to a relinquishment by
the London and North-Western Company of the
agreement entered into in August last, and sanc-
tioned by meetings of the three companies, for the
permanent working and joint lease of the Birkenhead
Railways. It is sufficient to say that in the interval
important differences have arisen on this subject be-
tween the two companies, and that, duritig a pro-
tracted correspondence, your directors expressed
their willingness to refer those differences to arbi-
tration, but the London and North-Western Com-
pany declined recourse to any arbitration, except-
ing it was restricted to two points only, .which
they had raised and selected, but which, in effect,
could not have led to a final adjustment of differ-
ences on vital points between the companies who
were parties to the agreement. Since the last half-
yearly meeting your directors have given much
consideration to the means of procuring the very
best quality of materials, both of iron and timber,
required for the renewal and maintenance of the
permanent way and works. Those materials form
important items in the ordinary expenditure of the
company, and the supply of them requires therefore
to be watched with peculiar care, in order to insure
their being of the best and most enduring charac-
ter. To accomplish this with respect to iron rails,
the Board have decided, after the most careful in-
quiry and investigation, to construct upon their
premises at Swindon a rolling mill for the working
up of the worn or damaged iron, in order to be con-
verted, with the aid of fresh material of the very
best quality, into new rails, which would possess a
longer and therefore more economical existence
than any which have yet been manufactured for
them. The first cost of the roiling mill and machi-
nery will amount to £20,000, which sam, with all
current interest upon it, will be absorbed within a
period of 14 years by an annual charge on the new
rails of £2,000, in addition to the expenses of the
manufacture. Your directors are satisfied that this
process will utilise your worn rails at the highest
price obtainable for old iron, and will provide new
rails of the most durable quality at a comparatively
moderate cost. The directors very much regret that
a deficiency has been proved in the waggon stock
belonging to the Shrewsbury narrow gauge linos.
The most searching inquiry will be made into this
matter by the directors, who will spare no ended..
yours to prevent the recurrence of any similar mis-
take. It may be right hero to mention that in the
engineering stores for the maintenance of the rail-
way there is a considerable amount of materials
which havelnot yet been used, but for which charge
has been made against revenue in previous accounts,
exceeding the value of £17,000, which will be
brought back gradually in future accounts to the
credit el maintenance of way. The directors
are unwilling to conclude this report without
adverting to the melancholy loss which the com-
pany have sustained in the recent death of Mr.
title
srel As
ni
tgs:.
as
a sa t
of
faithful
or
fuloriginaltailno dsezeraeel
remarkable
ugasirlpe raeobrml
cooft thisenie. u
no whose
ndthsoielsi-
l•e_
t igeia
ienlvsatad abilitiesrnnthof. were
Ilia heart not more
and
thecons
kindness piucuoosftln
ihisa
disposition, the directors think that the proprietors
will wish to join with them in paying this passing
tribute to his memory, in heartfelt proof of their
gratitude for his services rind their adrniratiox of
:is character."

BRISTOL AND EXKTER.
The directors of this company intend to propose
a dividend for the half-year ending the 31st Dec.
last at the rate of 6 per cent. per annum, which,
with the dividend for the first half, ending the 30th
June last, at the rate of 51 per cent. per annum,
makes the dividend 51 per cent. for the year 1859
on the consolidated stock of the company.

I ANCASHIRE AND YORKSHIRE.
The half-ye irly meeting was held yesterday at
Manchester—Mr. G. Wilson (the vice-chairman) in
the chair.
The CHAIRMAN moved the adoption of the re-
port. He stated that, although many people were
under the impression that a large increase cf traffic
could be worked without an increase of the work-
ing expenditure, the directors' experience showed