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 expenses, as deduced from the revenue state-
ments of the Great Western lines, to exhibit to the pro-
prietors, in a concise form, the comparison of the two
correspor ding periods in the years 1857 and 1858. The
number of miles of railway opened in 1857 was 467, and in
18.58, 466.

Receipts to—
June CO, 1857. June 30, 1853.
Passengers, mails, Sic £453,157 ...... £836,169
Goods, minerals, Scc 258.526 ...... 251,265
Parcels
Other sources of revenue.... 28,432

---- 768,951 714,411
Expenses to—
June SO, 1857. June 30,1853,
3Taintenanre of way £47,238
Locomotive department ..... . 70,869
Carrying account 117,416
General charges
Government duty and rates. 33,328
Other disbursement .......... 14,532
319,257 320,830
The balance of net nvenue £419,697 £123,616

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 la
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
beyond control, the directors have succeeded in effecting a
more than commensurate saying in the working expenses
of those lines, amounting to no less a sum than £28,427 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 has 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 former period) has been
only £0,706. It must be retnarked that one distinguishing
feature in the loss upon those lines has been the active cotn-
petition which has been in operation between the London and
North-Western and the Great Nsrthern and Shfffield Com-
panies. It has most injuriously affected the receipts of the
Shrewsbury lines by diverting some of the northerthe n traffic is
other routes at ruinously low fares, as well as by neces
sity of submitting to a reduction ( f 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 redaction in the locomotive or other wotking ex-
penses, which could not have been judiciously attempted.
While your directors deplore that such a disturbing cause
'hould have been allowed to exist, and especially in times of
depression from natural eausee, they trust that the indica-
tion= of more active trade cu the' one hand, coupled with a
by those companies on the other, will
more peaceful palicY
be the means of restoring to this company the progres-
sively increasing revenue cf which those lines, under
ordinary circumstances, are susceptible. Under n firm
conviction of the prudence of such a course,
.the direetors
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 balsnee after defraying every
engagement, will be more calcwated 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 carrying for-
ward a smaller balance. It is true that the current
year is elways the best in plat 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 the
course so recommende.(l will lie conducive to the stability
and fntere welf)re of the cltnpany. S reduction iit he
iattrot tzvou 'coos Imo altetvly been OX:eteti, es spp azs