The Sun.
London, England, 1866-08-20 00:00:00

Railway and other Companies.

GREAT NORTHERN.
The directors of this company state in their report
that the capital has been increased during the half
year by the incorporation of the original stock of
the West Yorkshire undertaking with that of the
Great Northern, by the receipt of calls on the ordi-
nary stock (dividend deferred), and by loans on
mortgage. Those additions amounted to £766,714The
,
and the total capital was now 116,808,615.
expenditure included £335,478 for land and works,
chiefly for the Doncaster and Gainsboroye,ah, March
and Spalding, and Lincoln and Honington lines
now in course of construction, and £156,719 for
additional rolling stock. The lines between March
and Spalding and Lincoln and Honington, and the
branch to the Lancashire and Yorkshire Rail-
way at Bradford would shortly be opened. In
the ensuing spring that between Doncaster
and Gainsborough would be ready for traffic, and
arrangements would be made to hasten the com-
pletion of the Edgware and Highgate Railway. The
railways in Lancashire and Cheshire owned jointly
with the Midland and Manchester, Sheffield, and
Lincolnshire Companies were also being steadily
pressed forward. The proprietors would be.asked
to authorise the creation of new capital to the extent
of £1,075,000 under the powers of nine acts. It
was intended to create this capital with a preferential
dividend of not exceeding 5 per cent. per annum,
and to allot the stock rateably to all proprietors.
With regard to the revenue account for the half-year
ending the 30th of June the coaching traffic had
increased by £93,918 and the merchandise traffic
by £27,808. The gross amount of increased receipts
was £50,449. The expenditure on the working of
the whole line had increased from causes beyond the
control of the company, including the rate of wages,
and advance in the prices of the principal materials
consumed. The directors had determind to ex-
tend the use of steel rails through all principal
stations and on inclines, and to place to capital
two-thirds of the difference between the cost of steel
and iron, charging to revenue the remaining third,
in addition to the sum that would have been ex-
pended on rails if the rails had been relaid, as here-
tofore, with that material. In the locomotive de-
partment 296,076 additional train miles had been
run. Twenty-five engines had been thoroughly
reconstructed and fitted with new boilers, and with
steel tires in place of iron, and. 367 waggons had
also been rebuilt in an improved form and of an
enlarged size. Those and other causes had increased
the expenditure by £46,941. The gross traffic re-
ceipts for the half-year ending the 30th of June
amounted to £960,784 against £910,335 in the same
half of 1865 ; the gross expenditure amounted to
£526,345, against £479,404, leaving a balance of
£434,439 against £430,931 for the same half of 1865.
The total net revenue amounted to £447,012 against
£445,327 for the corresponding half of last year,
showing an increase of £1,685. Out of the net revenue
£271,459 was deducted for fixed charges, leaving
£175,553 divisible as ordinary dividend. The ba-
lance available would admit of a dividend of £2los.
per cent. for the half-year on the original stock, £3
per cent. for the half-year on the B stock ; and £2
per cent. for the half-year on the A Stock, leaving
£624. This dividend was less by ss. per cent.
for the half-year than in the corresponding period
of 1865. On the Ist of February they took pos-
session of the West Riding line, by which a saving
in time of about 20 minutes between Leeds and
London had been affected by the adoption of this
route. The Royston and Hitchin line had reverted
to the Great Northern Company on the Ist of April
last, since which date it had been worked by
them. Running powers had been obtained over
a short line to be constructed by other parties, from
Wood-green, on the main line, to the Alexandra
Park. Clauses for facilitating traffic were obtained
by the Great Northern Company, acting in concert
with the North-Eastern Company, in the bill for
amalgamating the Scottish North-Eastern and the
Caledonian Railways.

SOUTH DEVON.
The directors state in their report that the re.
venue for the half-year ended the 30th of June lasi

amounted to £109,172, as compared with £101,518
received during the corresponding half of 1865,
showing an increase of £764. The working ex-
penses amounted to £59,860, against £53,903,
showing an increase of £5,957. The profit on the
working amounted to £49,311, against £47,615 for
the same half of 1865, showing an increase of
£1,696. The weather during the winter was very
unfavourable for the maintenance of the permanent
way, and the increased value of labour had also
added to the expenses of this, as well as of other rail-
way companies. The revenue account presented a
disposable balance of £29,649, and after providing.
for all preference and other charges, the di-
rectors recommended the payment of a dividend
on the ordinary stock at the rate of £1 15s.
per cent. per annum, leaving a balance of £155
to the credit of the current half-year. The
goods traffic on the Launceston and South Devon
Railway was undeveloped from the want of proper
accommodation at the stations, and that company
found it necessary to issue preference shares in the
first instance to the extent of about £lO,OOO, but
eventually to the amount of £36,000, to meet exist-
ing liabilities and future necessary outlay on works.
The South Devon Company was authorised by Par-
liament to guarantee interest on this capital for 7
years, and the directors recommended the proprie-
tors to attach their credit to the shares. The pre-
sent surplus revenue of the Launceston Company was
more than sufficient to cover the interest on the capi-
tal now required. The working of the Moretonhamp-
stead and the South Devon Railway commenced on
the lthJuly, and the passenger traffic on the line had
since been satisfactory. This railway opened up a very
picturesque and healthy district, which had hitherto
been comparatively inaccessible,but was now largely
visited. The goods traffic had only been partially
commenced at Moretonhampstead, but there were
already indications of a considerable and important
merchandise and mineral traffic there and at the
other parts of the railway. The South Devon, the
Cornwall, and the West Cornwall Railways, 2141
miles in length, had since the Ist of July been worked
for locomotive purposes as one railway. The direc-
tors had appointed Mr. J. Wright the locomotive
superintendent of the three lines. During the past
half-year communications had taken place between
the associated broad gauge companies and the Lon-
don and South-Western Railway Company, with
the view of bringing about an agreement for afford-
ing additioaal facilities to traffic in connexion
with their respective railways, and for rendering
the several systems of greater public and mutual
advantage. All concerned were earnestly endea-
vouring to arrive at a permanently binding agreement,
which would be brought before the proprietors of
the respective companies, and to which the sanction
of Parliament was proposed to be sought in the
ensuing Session. The expenditure on capital account
amounted to £2,710,172, leaving a balance of
£27,999.

NORTE' LONDON.
The report of the directors ofthis company states
f
that the traffic receipts half-year ending the
30th of June last amounted for passengers to
£82,216, for merchandise and minerals to £54,464,
and for live stock to £2,loo—total £138,780,
against £96,030 for the corresponding half othf 1865
showing an increase of £42,750, of which
of .E 36,922 was for passengers, and £5,437 fore sum
mer-
chandise and minerals. The expenses on the other
hand were necessarily increased, but not to a.greater
extent than was anticipated, by the additional cost
of working consequent ou the opening of the City
Extension line and stations. The general result after
providing for debenture interest, was a disposable
amount to the credit of revenue of 262,128, from which
the directors recommend that a dividend be declared
on the preference shares at the rate of 4,+ per cent. per
annum ; and on the ordinary stock and shares at
the rate of 6 per cent.. per annum ; leaving a balance
of £4,578. The goods station in Broad-street, now
in course of construction by the London and North-
Western Company, being still unfinished, the earn-
ings on the City Extension line did not include any
receipts from that source, while the interest and
dividends on the entire capital expended by the com-