The Sun.
London, England, 1858-08-13 00:00:00

GREAT WESTERN.

The directors of this company have just issued their half-
yearly report. It gives the following summary of receipts
and working espouses, as deduced from the revenue shie-
r-merits of the Great Western lines, to exhibit to the pro-
prietors, in a concise form, the comparison of the two
correspor (Tina periods in the years 1857 and 1338. The
number of miles of railway opened in 1857 was 467, and in
1838, 466.
Receipts to—
Juno 30, 1857. June 30, 1853.
Passengers, mails, &c £153,157
Gooth, minerals,kc 258.520 -
Parcels
Other sources of revenue.... 28,432
768,955 '—
741,116
Expenses to—
June 30, 1857. June 30,1853,
Maintenance of way £07,238
Locomotive department.— 79,869
Carrying account 117,410
General charges
Government duty and rates. 39,333
Other disbursement
319,257 330,830

The balance of net revenue £i19,697

Ri23,616

The report also contains the following passages :—" The
operating causes which have led to such a diminution
of traffic receipts have been in almost universal action
upon every railway, and it could scarcely be expected that
this company should be exempted from the temporary effect
of such a remarkable paralysis as that which has occurred is
the commercial and manufacturing business of the country.
It will, however, be seen from the foregoing summary that,
although the revenues of the Great Western lines under such
exceptional circumstances, have been diminished from causes
beyend control, the directors have succeeded in effe.ctin,g, a
more than commensurate saving in the working expenses
of those lines, amounting to no less a sum than V 8,427 in
one half-year. The stagnation referred to both in the export
and import trade of the country has been felt, however, with
greater force in the northern division of railways, where every
description of traffic is more dependent upon the commer-
cial and industrial classes than in the south of England.
The falling off in the aggregate receipts upon the two
Shrewsbury lines alone within the same period bas been
£18,785, while the saving in working expenses (omitting for
the purpose of a just comparison the renewal of five miles of
railway, which did not apply to the farmer period) has been
only £6,706. It must be remarked that one distinguishing
feature in the loss upon those lines has been the active com-
petition which has been in operation between the London and
North-Western and the Great Northern and Sheffield Com-
panies. It has most injuriously affected the receipts of the
Shrewsbury lines by diverting some of the northern traffic to
other routes at ruinously low fares, as well as by the neces-
sity of submitting to a reduction of charges upon other
traffic, for a time, in order to protect those lines from a still
further loss. During such competition, too, the company
has been precluded. for obvious reasons, from making any
material reduction in the locomotive or other working ex-
penses, which could not have been judiciously attempted.
While your directors deplore that such a disturbing cause
should have been allowed to exist, and especially in times of
depression from natural causes, they trust that the indica-
tions of more active trade on the one hand, coupled with a
more peaceful policy by those companies on the other, will
be the means of restoring to this company the progres-
sively increasing revenue of which those lines, under
ordinary circumstances, are susceptible. Under a firm
Conviction of the prudence of such a course, the directors
have decided to recommend the proprietors to refrain
upon this occasion from declaring any dividend upon
the consolidated stock. They believe that the reser-
vation of a considerable balance, after defraying every
engageinent, will be more calculated to strengthen the
financial position and credit of the company, with a view
to obtain reductions in the rate of interest upon loans, than
paying a dividend at the present moment and carryiug for-
ward a smaller balance. It is true that the current half-
year is always the best in point of income, and, as such,
cannot fail to provide the means of paying a dividend, even
irrespective of the balance ; but the directors have reason to
know that many proprietors concur in the view that (he
course so recommended will be conducive to the stability
and future welfare of the company. Some reduction in the
interest upon loans has already been effected, as apptars

from the accounts; and the directors will persevere i f
every effort to avail themselves of the improved state o
the money market fur a further saving in that charge.
The capital expenditure of the company may now be
considered to be practically closed, as was explained very
fully to the proprietors at the last meeting. The
accounts for that expenditure show that, while some
of the outstanding balances have been paid during the
half-year, the turns already received for the sale of surplus
property, and for a portion of shares in other companies,
have exceeded the capital payments by about X-29,000. In
pursuance of an arrangement which was notified at the
half-yearly general meeting in February, the directors im-
mediately proceeded, under the promise they had given, to
make vacancies for the admission of three new directors
into the board, whose names had been recommended by
proprietors for election, as willing to undertake the duties
of that office. Mr. Samuel Baker of Thorngrove, Worcester;
Mr. Robert J. Brown, of Cirencester; and Mr. Edward
Leeming, of Richmond, being duly qualified, were conse-
quently appointed in the place of the Right Hon. Spencer
H. Walpole, M.P. ; the Hon. Robert Windsor Clive, M.P. ;
and Mr. icklethwait, who resigned their seats to admit
them into the board of management."