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

much in price this year, unless large supplies arrive from
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 f -
vourable harvest prospects or the influx of bullion, bay;
ing throughout the present year been speedily followcn
by a return bf weakness and stagnation.
At the meeting of the London and South-Western
Railway a dividend was declared at the rate of 3 per
cent. per annum, payable on the 2nd of September,
amounting, on £7,772,611 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 £10,4541
with a reduced mileage of troins 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 owl
prospect of a better dividend for the ,presdnt half, as the
first six weeks show an increased receipt of X 17,000.
The chairman gave a full explanation of the accounts, and
said that the liabilities of the new lines under consync-
tion amounted to only £650,000. A resolution was passed,
against any further extensions or branches without firs:
consulting the shareholders. With the present gee:l
management the South-Western will, no doubt, stand We'
in the market.
The directors of the London and North-Western Bail;
way Company have issued their report with statement 0.
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 lag
account, amounting to £24,500 6s. 3d., together £942,352,
3s. Bd. From this sum they pay a dividend at the rate °'`
541-, per cent. per annum, leaving £28,676 4s. Bd. to be car:
ried to the credit of next half-year. The traffic reWn°
show for the six months a decrease of £10,723 in receiPtS
from passengers, and an increase of £21,649 in those
goods as compared with the corresponding period °
1866.
With regard to the South-Eastern Railway, it is state
id
that the accounts of the company are made up to the half"
year ending the 31st of July last, and are now in cours°
of audit. They show a total net profit of £330,613 110,11;
able for dividend, after the rate of £2 16s. 6d. against
17s. 6d. in the corresponding period of last year. ItliPci
pears, however, that the directors have adopted the sotto
resolution to recommend the proprietors to charge to re'
venue the whole of the interest, amounting to £29,18271
the unproductive capital for lines and works unfinisliein
including the direct Tunbridge line, a process whieb•W o
reduce the amount available to £78,694, and will glue,
dividend after the rate of 2 per cent. per annum, and lea'
a balance of £2,300.
In relation to the Rio Improvements Company, 3_5
pears that the Brazilian Government have, as usual, 17.
punctually the half-yearly tax to the agents of the c°':
pany, Messrs. John Moore and Co., of Rio. At the.efre;
tremely low rate of exchange, caused by the continuant
of the war, and the creation of paper money, the reral„o
tance is only £34,700, to pay expenses and dividend nris
a share capital of £850,000 and debentures, during th
first half year.
The report of the directors of the Great Northern '3,1
way Company has been issued. The receipts on cainti:o
account for the half year aro £560,565. Mortgages t°
amount of £62,300 have been paid off, and £24,600 has hoe
d
reborrowed at a reduced rate. The revenue account sbow7,
receipts £992,373, and expenditure £544,193, leaving, 'tft'of
payment of fixed and preference charges, the sure at
£163,953, from which it is proposed to pay a dividend ,a
the rate of 41 per cent. per annum. The interest
upon the mortgage debt of the company is X4-219,1,s
against £31,613, paid during the corresponding six moV",
of last year, showing that a large saving may be
petted when the debentures are renewed. The t°,,',l
' capital authorized to be raised is £18,345,460, and the Ws",
powers not exercised £3,197,211. The weekly tr 30,0
shows a fair amount of increase, and the dividend fur pt,
last six months of last year was at the rate of 8 per ce

per annum.
The business in the markets for stocks and shara
not been of an extensive character. Railway share° 1;
hibit greater firmness. Foreign stocks continue negloctei
they may, however, be expected to improve if no liero
loan is brought out, and the peace of Europe made ril°°l9
secure. The bargains in English securities aro far ft
largo— Westminster Gazette.