The Sun.
London, England, 1867-08-27 00:00:00

COMMER CIA L INTELLIGEN

CE.

The favourable harvest weather has had more to do
with the late improvement in public securities than any
change that has taken place in the, appearance of Conti-
nental politics. In that respect no change has taken
place ; the same largo standing armies are still kept up
and nothing has been done as yet to place Europe upon
a peace footing, though it is said that it is the intention
of the French Government to give public opinion soon
some security in that respect, in order to restore con-
fidence; but no article in the .2Lfoniteur can have any
beneficial effect unless it is accompanied by a decree for
.the reduction of the army ; the only act on the part of
France that can enable Foreign Governments to reduce
their war expenditure. The lirvest is now far advanced
in France ; the yield is stated to be under an average
crop, the quality being not so good as was expected. In
Algeria there has been a total failure on account of the
excessive dry weather, and the Government will be
obliged, it is stol, to send the seed necessary for the next
crop. The country, it is stated, is in a state of famine,

and importations of corn for sustenance will also be neces-
sary. It is, therefore, not probable that corn will fall
much in price this year, unless large supplies arrive front
America, where the crops are said to be very promising.
Any rise in Stock Exchange securities is an immediate
cause of reaction by the realisation of old standing limits
for sales, together with the distrust still entertained by
the operators in the possible permanence of any advance,
each moderate rally that has occurred, whether from fa-
vourable harvest prospects or the influx of bullion, hav-
ing throughout the present year been speedily followed
by a return of weakness and stagnation.
At the meeting of the London and South-Western
Railway a dividend was declared at the rate of 31 per
cent. per annum, payable on the 2nd of September,
amounting, on £7,772,641 4s. sd. of paid-up capital, to
.£145,737 Os. 5d., leaving to be carried over to the current

half year £1,664 13s. 11d. The average rate of interest on
the mortgage debt has been slightly increased, it stand-
ing for the half year at 4.40 per cent. as compared with
4.31 for the corresponding period of 1866. During the
half year great exertions have been made to reduce the
working expenses, and a saving has been made of £10,454,
with a reduced mileage of trains run of 128,140. It is
anticipated that the same saving will be made during the
coming half year ; and, as it is to be expected that deben-
tures will be renewed at reduced rates, there is every
prospect of a better dividend for the present half, as the
first six weeks show an increased receipt of £17,000.
The chairman gave a full explanation of the accounts,%nd
said that the liabilities of the new lines under construc-
tion amounted to only £650,000. A resolution was passed
against any further extensions or branches without first
consulting the shareholders. With the present good
management the South-Western will, no doubt, stand well
in the market.
The directors of the London and North-Western Rail-
way Company have issued'their report with statement of
accounts for the half-year. They show that the net pro-
ceeds of the working for that period have been £917,851
17s. 5d., to which has to be added the balance from last
account, amounting to £24,500 6s. 3d., together £942,352
3s. Bd. From this sum they pay a dividend at the rate of
5-1 per cent. per annum, leaving £28,676 4s. Bd. to be car-
ried to the credit of next half-year. The traffic returns
show for the six months a decrease of £10,723 in receipts
from passengers, and an increase of £21,649 in those frog'
goods as compared with the corresponding period of
1866.
With regard to the South-Eastern Railway, it is stated
that the accounts of the company are made up to the half-
year ending the 31st of July last, and are now in course
of audit. They show a total net profit of £330,613 avail-
able for dividend, after the rate of £2 16s. 6d. against
17s. 6d. in the corresponding period of last year. It ar
pears, however, that the arectors have adopted the sound
resolution to recommend the proprietors to charge to re-
venue the whole of the interest, amounting to £29,182, on
the unproductive capital for lines and works unfinished/
including the direct Tunbridge line, a process which will
reduce the amount available to £78,694, and will give a
dividend after the rate of '2 per cent. per annum, and lag°
a balance of £2,300.
In relation to the Rio Improvements Company, it al)"
pears that the Brazilian Government have, as usual, Pala
punctually the half-yearly tax to the agents of the
pany, Messrs. John Moore and Co., of Rio. At the
tremely low rate of exchange, caused by the continuance
of the war, and the creation of paper money, the remit-
tance is only £34,700, to pay expenses and dividend WI/
a share capital of £850,000 and debentures, during this
first half year. •
The report of the directors of the Great Northern nalli
way Company has been issued. The receipts on capital
account for the half year are £560,565. Mortgages to 00
amount of £62,300 have been paid off, and £24,600 has been
reborrowed at a reduced rate. The revenue account shows'
receipts £992,373, and expenditure £544,193, leaving, after,
payment of fixed and preference charges, the soil'°
£163,953, from which it is proposed to pay a dividend 8,1
the rate of 41 per cent. per annum. The interest paT
upon the mortgage debt of the company is £42,941'
against £31,613, paid during the corresponding six months
of last year, showing that a largo saving may be
pected when the debentures are renewed. The 00'
capital authorized to be raised is £18,315,460, and the total
powers not exercised £3,197,211. The weekly trafg°
shows a fair amount of increase, and the dividend for the
ast six months of last year was at the rate of 8 per cent'

per annum.
The business in the markets for stocks and shares 10'4
not been of an extensive character. Railway shares el:
hibit greater firmness. Foreign stocks continue neglectedv;
they may, however, be expected to improve if no °ere
loan is brought out, and the peace of Europe made °0
secure. The bargains in English securities are far froo
large— Westminster Gazette.