The Sun.
London, England, 1859-02-14 00:00:00

„RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN,

The report of the directors of this company states that
the receipts from passengers, parcel f, mails, &c., for the past
half-year amounted to £814,665 against £910,258 for the
corresponding half of 1857, showing a decrease of £95,593.
The receipts for merchandise, &c., in the past half-year
amounted to £767,197 against £771,802, showing a decrease
of £4,605. The total receipts for the past half year
amounted to £1,581,862 against £1,682,060 in the corres-
ponding half of 1857, showing a decrease of £100,196.. The
working expenses for the past half-year amounted to
£657,092 against £669,363 in the same half of 1857, show-
ing a decrease of £12,271. The report goes on to state that :
" The continuance throughout the past half-year of se-
vere competition at very reduced rates for the traffic be-
tween London and Lancashire, and the depressed state of
trade, together with the absence of any extraordinary source
of revenue, such as that derived from the Manchester
Exhibition, have caused the receipts of the past half-year
to compare unfavourably with those of 1857.

" In the working expenses considerable economy has been
effected under various heads, especially in the cost of fuel
and in the consumption of stores generally ; but the neces-
sity forced upon the company of keeping up numerous
trains at high rates of speed, in order to retain the traffic,
has prevented any large saving in the total expense of the
half-year.
" On the night of the 21st of September last the timber
viaduct, 150 yards in length, by which the Trent Valley
line is carried over the river Penk and the Trent and Mer-
sey Canal, was destroyed by fire, cawing a complete inter-
ruptiOn of the main line for 15 days: Arrangements were
immediately made for its reconstruction with brick piers and•
wrought-iron girders. The estimated cost of replacement,
as originally built, was £5,500 ; the new viaduct is estimated
at £lO,OOO. It will be satisfactory to the proprietors to
learn that, although originally timber was largely used in
the construction of their branch lines, there is now notimber
structure of importance on any of the lines of this company.
" The oppressive operation.4f the law as respects com-
pensation for accident under Lord Campbell's Act has
rendered it necessary to make further provision to meet such
claims. A special charge to revenue, under that head, will
accordingly be observed in the accounts herewith submitted.
" The directors have to report the settlement of the long-
pending differences, and the Ajpendonment of all litigation,
between this company and lEe North Staffordshire Com-
pany. _ _ _

- "The negotiations between the directors of this company,
the .Great Northern, and Manchester, Sheffield, and Lin-
colnshire Companies, having resulted in the admission and
adoption of the important principle of equality of charge
between all points of competition, at rates to be fixed by
arbitration in case of difference, the heads of an agreement
were exchanged on the 26th of November, providing for the
interchange of traffic at through rates ; for co-operation
between the several parties ; for the conduct of competitive
traffic at equal rates, to be settled by arbitration; and for
the adjustment on satisfactory terms of- all questions con-
nected with the London-road station, Manchester. On the
23d of December a further agreement was signed, providing
for a division of competitive traffic, and for arrangements
generally,' which, it is believed, will tend to the advantage

of the cOMpanies'and promote also the public convenience.
Steps have been taken to obtain Parliamentary sanction to
these arrangements, which will be submitted to the pro-
prietors in due time for approval.
" The agreement with the Great Western Company,
referred to in former reports, is now in operation, by which
it has been provided that they are to use the lines and
stations of this company for the Manchester traffic for a
period of years upon mutually advantageous conditions,
and the arrangements for the division of traffic at all com-
petitive places are also in progress.
" The general extension of the railway, system, and the
policy of Parliament, rendering it no longer safe for large
companies to be dependent for the retention and develop-
ment of valuable branches of traffic upon agreements not
legally binding, and therefore nor capable of being enforced
it has become the duty of your directors to consider how
your interests may be permanently secured at several im-
portant towns in the vacinity of your line of railway, to and
from which the company are now carriers, but dependent
for access upon arrangements which will shortly expire.
The directors have deemed it necessary with that object to
seek powers to effect a junction with the Bradford, Wake-
field, and Leeds Railway, where it passes over the lino of
the London and North-Western, near Morley, and to make
a short line from Dewsbury to Wakefield (power to con-
struct a portion of which was originally granted to the
Leeds and Dewsbury Company, now incorporated with this
company), and to again apply for the branch from Staley-
bridge to Denton; for which purposes they have presented
bills to Parliament, which will be submitted at the proper
time to the proprietors.
" At a future meeting it will also be the duty of the di-
rectors to submit to the proprietors a bill introduced into
Parliament to enable this company to maintain its position
in respect to the important trade of Burton-upon-Trent, for
the accommodation of which such large provision has been
made at different places on your line.
" The directors have to report the completion of the agree-
ment.for the purchase by this company of the Chester and
Holyhead Railway, on the terms sanctioned by the special
general meeting of proprietors, held on the 30th of Decem-
ber, 1858 ; and that the contract with the Postmaster-
General, for the improvement of the postal and passenger
communication between England and Ireland, has been
completed, and will come into operation as soon as the ves-
sels to be provided, and which are in course of construction,
are ready.
" The directors, in announcing the retirement of Captain
Huish from the position of general manager, avail them-
selves of this opportunity of publicly expressing their sense
of his great ability, integrity, unwearied industry, and de-
votion to the interests of this company, for the lengthened
period of 18 years, during which he held Ulla office. Mr.
William Cawkwell hos been appointed to succeed Captain
Huish." •
. _

The directors request a vote of the proprietors for provid-
ing additional station accommodation at Camden, Wolver-
ton, Poplar, Dewsbury, and several other places on the
railway amounting to £22,445. The net proceeds of the
past half-year ending Dec. 31, 1858, amounted to £528,457
as against £619,032 on Dec. 31, 1857; the balance brought
from the last account amounted to £5,926 as against £7,776
brought into account on Dec. 31, 1857, showing on being
added a disposable balance for the past half-year of £534,383,
as agains £626,858 in 1857. The amount recommended for
dividend is £511,186, as against £583,512 which was divided
for Dec., 1857, leaving a balance for next account of £23,196,
as against £43,347, which was carried over from the same
half of 1857. The directors recommend the payment of a
dividend for the past half-year after the rate of 41 per cent.
per annum, carrying forward a balance of £23,196.
The statement of accounts is, as usual, full and explicit.
The capital account to Dec. 31 last shows that £23,323,107
had been received on stock and shares, including £447,606
during the past half-year, £293,506 in advance of calls,
£10,732,120 loans on debentures, £312,830 on 3f per cent.
debenture stock, and £335,209 on 4 per cent. debenture
stock received during the past half-year—total, £34,996,773.
Interest and dividend upon the whole of this amount is
charged to revenue. The expenditure on railways and pro-
perty belonging to the company, including £3,082,996 for
engines and carrying stock, amounted to £28,731,830 on
14 lines in which the company have an interest £5,493,516,
and an improvement of road £261,263, total £31,486,609,
leaving a balance of £510,163.
Of the £10,732,120 borrowed on debentures, the sum of
£372,300 was borrowed at the rate of 5 per cent., £1,674,161
at 41 per cent., £5,837,451 at 41 per cent., £295,284 at 44
per cent., £1,965,868 at 4 per cent., £210,450 at 31 per cent.,
£334,206 at 31 per cent., £41,700 at 34 per cent., and £7OO
at 3 per cent.
The summary of expenditure on capital account shows
that from 31st Dec., 1849, to 31st Dec., 1858, £6,294,578
had been expended.
The revenue account for the half-year ending the 31st of
Dseevce.nclasraantilaNsvl ra
hatoywss that £1,649,825 had been received, includ-
ing £12,510 for interest on cash balances, £19,595 for rents
of land and buildings, £376 transfer fees, £1,607 Hudders-
fieldffii
nc ,
whicha nd
t£hse4
company, 266 estimated
havean
dividend
interest.fro m
The total working expenses; including £30,579 for parish
rates and taxes, and £25,124 for passenger duty, amounted
t50t:6701112;7£9164.,9-2T3hfeorotphearrleiaxmpeennstearys area,:d24leog,la7iBprfooreeinedteilargesst,
rerednetfis,6l2,soo, Peterborough joint
otn2,2l6o7ansp
're sXt4;ns7a7ndW chief
estimatedlianishire dreenfite,ien£c2y2,o9f26shiN.ooprtshheinrtiecyni_u, 0:n
Union,
9 9 f
dividend,olro6B MatlockuLk3 nl6
i,)
ge Valley
traffic,
deficiency, £9OO rent of West London Railway,' £1,328 d-
eficiencylzB9ssoonr canalstockpleoarstesa,
ndXBw,llh4aleSyt_olu3rridxidividend,,94()
Hayden-square depot, £12,000 for accident account, £5,000
for replaoeutent of Coventry and Nuneaton viaducts, and