The Sun.
London, England, 1867-02-11 00:00:00

RAILWAY INTELL IGEN CF,

MIDLAND.
The directors state in their report that the traffic
of the railway for the half-year ending Dec. 31 last,
as compared with the corresponding half-year of
1865, showed an increase from coaching of £30,985 ;
from cattle, of £4,613 ; from merchandise, of
£25,318 ; from minerals, of £10,689 ; total increase,
£72,265. The amounts under these heads would
lave been considerably greater but for the unfortu-
nate accidents which occurred during the autumn of
last year to the Apperley Via lust and other works
on the Leeds and Bradford Railway, and the great
land slip at Bugsworth. on the Rowsley and Buxton
Extension to New Mills, whereby the traffic on both
these railways was interrupted. The expenses had
increased very considerably over those for the cor-
responding period of 1865, and were beyond the
proportion which they usually bore to the receipts.
This matter had received the cicse attention of the
directors, and the increase was mainly to be attri-
buted to the continued advance in the price of la-
bour and materials, and to the great expense which
it was necessary to incur in working the traffic in-
terrupted by the incidents referred to. The balance
available for dividend was £518,251, of which
£4,617 was brought from the previous half-year ;
and the directors were enabled to recommend the
declaration of the following dividends (less income
tax), payable on the Ist day of March next :—.E3
2s. 6d. per cent. on the Consolidated Stock ; £2 2s.
9d. per cent. on the Consolidated Birmingham and
Derby Stock ; £3 2s. 6d. per cent, on the Consoli-
dated Preferential Stock ; and on the Consolidated
Erewash Valley Stock; also the usual dividends on
all the preference shares and stocks ; leaving a ba-
lance of £6,551 to be-carried to the current half-
year. The dividend recommended was less than
that declared for the corresponding half-year of
1865, but the diminution was occasioned by causes,
some of which would prove only temporary in their
operation—viz., the large amount of interest and
dividend paid out of revenue in respect of railways
and works at present unproductive, the outlay upon
which, to the end of 1866, might be estimated at
four millions ; and the restoration of the viaduct
and other works destroyed by the floods upon the
Leeds and Bradford Railway, the cost of which
would be borne by revenne, the greater part having
been already charged in the accounts of the half-
year. There had also been an increase in the amount
of interest upon the debenture debt of the company
during the half-year, in consequence of the enhanced
value of money, and the larger amount borrowed.
Mr. Kirtley reported that the rolling stock was in
good working order, and that during the half year
the mileage performed by trains had been—with
passenger trains, 2,680,059 miles, and with goods
and mineral trains, 3,640,106 miles—total, 6,320,165
miles, showing an increase of 524,612 miles over
the corresponding period. The renewals of locomo-
tive stock for the half year have been 11 engines,
43 carriages, eight break vans, 11 horse-boxes,
nine carriage trucks, and 399 waggons, the entire
cost of which has been charged to revenue. Mr.
Crossley reported that the length of line relaid
was 324 miles, and that the line and works corn-
prising .78 miles of addition railway bad been main-
tained in an effective state during the Lalf-year, with
the exception of those upon the Leeds and Bradford
Railway, which sustained considerable damage from
the unusual floods of November last ; but those
works have now been so far restored as to enable the
traffic to resume its ordinary course. With respect
to new lines in course of construction he reported that
the Midland and Furness, and Duffield and Wirks-
work railways were nearly completed ; and that on
the Sheffield and Chesterfield, Mangotsfleldandßatb,
Cudworth and Barnsley, and Melbourne and Sawloy

lines as much progress had been made as could reason-
ably be expected, considering the extremely unfavour-
able weather which had prevailed during the last few
months. Messrs. Barlow & Liddell reported that the
works upon the Bedford and London Railway were
proceeding with activity. The tunnels and all the heavy
works were in a forward state, and the line might
be ready for goods traffic during the autumn of the
present year. The foundations for the passenger sta-
tion and Hotel at St. Pancras had been commenced.
The directors were glad to observe that the bills de-
posited for the present session were few in number
as compared with those of former years. The (Mid-
land (Additional Powers) Bill, promoted by this
company, proposed to raise £170,000 on shares and
£56,600 on loans; and the Midland (Derby Gas-
works) Bill £30,000 in shares. The directors strongly
recommended the proposed amalgamation of the
Midland with the Glasgow and South-Western
Company :to the approval of the proprietors. Tile
London and North-Western and Midland (Hudders-
field and Halifax) Bill authorised the raising of
£440,000 in shares and £146,600 by borrowing, of
which capital the Midland were to provide one-half.
With respect to the Cheshire Lines Bill, the Mid-
land Company were to raise one-third of the capital
or £34,000 on shares, and £11,300 by loans. It had
become necessary to create capital for the purposes
of the railways and works authorised by Parliament
last session, and the directors intended to submit a
resolution at the ensuing meeting for power to raise
£2,755,000 for the construction of the Settle to Car-
lisle Railway ; the Ashby and Nuneaton, the Addi-
tional Powers Act, the Branches Act, the Liverpool
Extension Joint Line, and Cheshire and other lines.
It was proposed that the shares be £22 each, and bo
entitled to a preference dividend at the rate of 5 per
cent. 'per annum, with an option to the holders to
convert the same into the ordinary stock of the com-
pany after June 30, 1872.