The Sun.
London, England, 1860-08-13 00:00:00

AS "....11.• ,
Medbourne, Seaton, Islip, Darlaston, Willenhall,
Stockport, Mossley, , Morley, and Atherton, £12,439;
additional sidings at Bushbury, Birdswood, Acton,
Hartford, Delph, Tattenhall, Huddersfield, and
Spring's Branch, £4,150; diversion of two level
crossings at Northampton, £ll,OOO ; total, £58,493.
The statement of the half-year's accounts show that
the net proceeds are £607,279 10s. Bd. ; to which
add the balance carried from last account, £10,870
7s. ; showing a disposable balance of £618,149 17s,
Bd. ' • dividend recommended (5 per cent.) £605,341
Bs. 6d. ; balance to be carried to next account,
£12,808 9s. 2d. The directors recommended the
payment of a dividend for the past half-year after
the rate of 5 per cent. per annum, carrying forward
a balance of £12,808 9s. 2d.

GREAT WESTERN.
The capital account of this company for the half-
year ending 30th of Slanelast shows that 113,044,777
had been raised on shares, including £4,805,911 on

preference shares; and £10,590,518 on debenture
and loans, making the total £23,635,296. Of the
£4,805,911 raised on preference shares £1,471,000
was at 4 per cent., £2,009,911 at 42 per cent., and

£1,325,000 at 5 per cent. The two latter and re-

deemable stocks.
The expenditure on capital account amounted on
lines constructed by the company prior to January
1, 1850, to £10,904,288, including £1,016,591 for
rolling stock; and from the latter date to June, 1860,
on various lines and stations a further sum of
£10,440,872, including £6,702,457 expended on the
Oxford, Wolverhampton, and Dudley, £1,688,073
on the Wilts, Somerset, and Weymouth; £649,504
on the new station at Paddington, and £872,162
on locomotive and carriage stock, making alto-
gether £21,345,161 for lines, stations, and rolling
stock. The subscriptions and disbursements for
other undertakings amounted to £1,991,810, includ-
ing £637,220 for the South Wales, £225,000 South
Devon, £103,434 Gloucester and Dean Forest,
£545,000 Wilts, Somerset, and Weymouth,
£181,500 Oxford, Worcester, and Wolverhampton,
£60,000 Cornwall, £132,155 Shrewsbury lines, and
£70,000 for the Metropolitan Railway, making the
total expenditure on capital account £23,336,971,
leaving a balance of £298,325.
The principal alterations in the capital account
during the half year consisted of the complete issue
of £2,009,000 redeemable 41 per cent. preference
stock, and the liquidation of a similar amount of
loans. The full advantage of this operation would
not be felt until next half-year. In the debenture
and loan account the sum of £856,425, borrowed
at 5 per cent., and £153,025 at 41 per cent., to-
gether £1,009,450, was paid off during the half-
year, and a larger amount was re-borrowed at 41-
and 4 per cent. making a saving in interest of more
than £9,000 a year.
The capital account of the Shrewsbury lines
showed a total expenditure of £3,439,750. The
traffic on those lines for the half-year amounted to
£138,003, from which was deducted £4,726, for
the proportion of Birkenhead expenses, leaving
£133,276. The working expenses amounted to
£86,712, including £9,385, being the moiety of the
expense of relaying 13 one-third miles of railway,
including materials ; also in another item a further
sum was included, being a proportion of relaying
a joint line of four miles between Wellington and
Shrewsbury, leaving a balance of £46,563 towards
the interest on loans and dividends on preference
and guaranteed shares, amounting in all to £64,833,
and leaving a deficiency of £18,270, which was, as
usual, charged against the revenue of the Great
Western Company. Had it not been for the extra
cost of those renewals being charged entirely against
revenue, the deficiency would probably not have ex-
ceeded £8,2Q0 in the present account. But those
charges were made against revenue in accordance
with the principle laid down by the directors of
the Great Western Company since the completion
of their lines. Not only were all renewals strictly
charged against revenue, but in some cases addi-
tional working stock was provided out of revenue
by spreading the large amounts when necessary
over a limited number of half-years until liquidated,
with a view to keep down the expenditure of
capital as much as possible.
The revenue account of the Great Western lines
shows that £863,229 had been received during the
half-year ending June 30, including £6,750 for
Bristol and Birmingham rent, £11,740 for use of
plant by other companies, £3,068 for interest
on cash balances, £5,181 for rent of Great Western
Hotel, cottages, and other property, and £279
for registration fees. The total expenditure
amounted to £352,700, or 42.172 per cent., includ-
ing £17,381 for passenger duty, £14,310 rates
and taxes, £2,500 reserved for doubtful debts,
and £l,OOO reserved for fire insurance, leaving a
balance of £510,529. To this sum was added
£25,749 brought from the preceding account,
£4,395 on account of the Kennet and Avon Canal,
and £11,389 for dividends on shares held in the
South Devon and South Wales Railways, making the
total £552,162. From this was deducted £20,189
for guaranteed annuities to the Wilts, Somerset, and
Weymouth Railway, and Kennet and Avon Canal ;
£20,028 for rent charges of Giocester and Dean
Forest, Hereford and Glocester, Brentford Dok
and Railway, Wycombe Railway, and trustee of
the Paddington Estate ; £9,942 for loss on the lease
of South Wales Railway ; £245,455 interest on
loans; £1,331 interest on Berks and Hants exten-
sion shares; £l5O on Henley Railway subscriptions;
£107,650 interest on Great Western preference
stock; and £18,270 deficiency before mentioned in
respect of Shrewsbury line-total, 423,016, leaving
a disposal balance of £129,046. The proposed divi-
dend on the ordinary stock (L 8,237,276) at the rate
of 3 per cent. per annum for the half-year, would
absorb £123,559, and leave a balance of £5,487.
The increase in the expenditure on capital ac-
count during the half-year amounted to £37,023, of
which £12,283 was for old liabilities, and £24,740
for new works and additional station accommoda-
tion. The increase in the receipts on revenue
account during the past half-year amounted to
.£67,783, as compared with the corresponding half
of 1859, while the increase in the working expenses
only amounted to £19,100, of which it appeared
that about £14,000 was expended in providing some
additional stock and improving a large numer of
second-class carriages, supplying them with seats
and cushions, and otherwise increasing the passen-
ger accommodation. The dividend at the corres-
ponding period of last year was at the rate of 2 per
cent. per annum, using £29,582 of the balance
brought into that account, while the dividend on
the present occasion was at the rate of 3 per cent.
per annum, using £20,261 of the balance brought
into this account, showing an increase of 1 percent.,
or rather more ; and if the dividend for the next
half-year should also increase 1 per cent. over the
corresponding period, of which there was every
probability, the dividend for the year 1860 would
amount to 31 per cent. on the ordinary capital.

GREAT NORTHERN.

The report of the directors of this company states
that the tottll amount expended on capital account
was £11,532,666, including £44,267 during the
half-year, principally for land, at the new junction
with the North London Railway, for works at the
eastern junction with thebranch of the Metropolitan
Railway in Maiden-lane; the extension of the coal
drops at King's-cross, and for additional accommo•
dation at London, Hitchin, Peterborough, and Gran-
tham. It was intended to expend about £lB,OOO in
the construction of additional carriage and wag-
gon stock to meet the requirements of the in-
creased traffic. Nearly £324,000 had been received
on the 4 per cent. perpetual debenture stock dur-
in,g the half-year, making the total amount paid up
£1,412,165. The gross receipts for the first six
months of 1860 amounted to £659,010, and for the
corresponding period of 1859 to £596,939, showing
an increase of £62,071. The gross expenditure
amounted to £363,064 against £330,243, showing
an increase of £32,821. The excess of receipts over
expenditure was £295,946, against £266,696,5h0w-
ing an increase of £29,250. The total net revenue
amounted to £301,734, out of which was deducted
£185,647 for fixed charges, including mortgage and
debenture stock, interest and preference dividends,
leaving £109,087 available for dividend on the
original and A and B stocks. The disposable
balance of £109,087 would suffice to pay dividend
at the rate of 41 per cent. per annum on the origi-
nal stock, and therefore of three per cent. for the
half-year on the B, 11 per cent. for the half-year
on the A stock, and the directors recommend that
a dividend at those rates be accordingly declared,
leaving a balance of .£1,161. The locomotive power
had cost more by £11,146 than in the first half of
1859, which was mainly accounted for by 252,068
additional train miles having been run. The re-
pairs and renewals of carriages and waggons had
caused an increased outlay on revenue account of
£3,258, a portion of which had been expended in
improving the second-class carriages. The com-
pany had to appear in Parliament against two bills
promoted by the Midland Company for powers to
construct a station contiguous to the King's-cross
station, and to use the North London and other
metropolitan lines. Clauses were consequently
inserted in those bills for the protection of the
Great Northern Company. The Dunstable, Luton,
and Hertford Railway, which intersects the Great
Northern main line near Welwyn, about 20 miles
from London, was nearly completed, and would be
ready for traffic in the course of a short time. The
directors were of opinion that the permanent in-
terests of the Great Northern Company would be
promoted by the incorporation of the line from
Dunstable to Hertford with the Great Northern
system, and recommended the proprietors to sanc-
tion an agreement with that company. The prin-
ciple of the agreement was that the Great
Northern Company should pay for the Dun- ,