The Sun.
London, England, 1857-08-10 00:00:00

LONDON, MOAN DAY EVENING, AUGUST 10, 1857.

VERLAN -0 TO AUSTR A LTA.—Pa*ages
for the next Mail received at this Offices ti'l eaturday, the
Bth; or until Two o'clock on Monda—, the lino thstant, on payment
of 2s. 6d. extra. Jewellery and specie eceived till the 10th instant.
Parcels, from 56., periodicals, Is. each.—European and Australian
Royal Mail Company (Limited), 12, St. Helen's-place, Bishops-
gate, E.C.

REAT WESTERN RAILWAY.-
111- WATERFORD AGRICULTURAL MEETING, on the 19th,
20th, and 21st August.
nett', n T;ckets to Waterford (via Milford), at a single fare, Rill be
issued at Peldington, Reading, Oxford, Chc'tenham, and G'oucester,
on the 14th instant, and folowing days, up to the 25th, Inclusive,
available on any intermediate days.

GREAT NORTHERN RAILWAY.-
MANCHESTER ART TEE ASURES EXHIBITION.
Week Days. Sundays.
Morning. Afternoon. Morning. titer.
-- -
Trains leave King's 730 9.30 1.45 530 7.30 10.36 5.30
Cross Station,Lon- 10.0 11.0 8.45
don, at....
TrainsleaveLond on- 6.5 9.55 1.45 5.20 7.0 11.45 5.20
roa 1 Station,Man- 9.20 11.38 9.%*
cheater, at

Fares :-355. 8' t class ; 251. second c'-'ss ; and 15c, Bd. third class.
DAY TICKET 4, r.voils;),e -oz Seven Dies, are issued by any trpin
from Kin,fs Cross to llianchcsLer at O'i 6d. first class, and 375. 6d.
second class, or the double journey.

Commencing the Bth of August—EXCURSION TRAINS will
leave King's Cross every WEDNESDAY and SATURDAY at 10.40
morning*, for Manchester; and Manchester every Wednesday and
Saturday, at 11.0 morning, for Kit-g's Cross, by which tickets avail-
able fa four or seven days will be issued it,

21s. first class,
12s. 6d. covered can lages.
And EXCURSION TICKETS, aysnable for 28 days, returning on
Wednesdays and Sal urdays, will be issued at

375. first class,
17s. covered cal riages, for the double journey.
Tickels for the above excursions can be obtained at the King's
Cross Station; and at the Great Not thern Company's 031ces, 32,
Regent-circus. Piccadilly; 264, Holborn; and 16, Fish-street-hill.
For further particulars see the time tables of the Company, and
the excursion handbills. Care must be taken at Manchester to ask
for tickets by the Great Northern route.
SEYMOUR CLARKE, General Manager.
King's Cross Station, July 31, 1857.

SECURE INVESTMENTS.—Messrs. It.
HORLEY and Co., 48, Threadneedle-street, Sworn Stock, Share,
and Mining Brokers, will be happy to forward a list of carefully selected
Securities, paying good dividends, to those who mr y favour them with
their business, and tO advise them on the sa est node c investing
their capital. Business transacted in Et,`;''': Funds at I-16th
per cent., and in all Stocks Railway and lir,in•-; Silares, on the most
reasonable terms. A so!cUecl dividend-nay-In (from 12 to 20
per cent.) and progressive mines to be had personey or per letter.

NOW OPEN.
Fr HE "L 0 NDON" RESTAURANT,
METROPOLITAN COFFEE HOUSE,

WINE SALOONS and SMOKING ROOMS,
191, FLEET-STREET, COLICI Of CHANCERY-LINE.
SAWYER and STRANGE, Proprietors.

The "LONDON" DINNER served in ONE MINUTE.
Consisting of Soups, Fish, Entrees, Joints, Sweets, Vegetables,
Cheese, and Salads. Ready from Two till Eight, at 2s. 6d. each.
Ice Creams, Jellies, Water Ices, &c. Dinners, Luncheons, Chops,
Steaks, &c., &c., as per bill of fare, charged as moderate as at my
respectable City house.

NEWSPAPERS and PERIODICALS.
OPEN on SUNDAYS from Five to Eleven p.m.
*** A Dinner from the Joint, with Vegetables, &c., Is. 6d.

CONTRACT FOR. COALS FOR MADEIRA.
Department the Sto,ekee,cr General of the Navy,
Somerset-place, Aug., /357.
rrHE Commissioners fol: e.-alecuting the Office of
A_ Lord High Admira) of ite United Kingdom or G7ent Britain
and Ireland do Hereby Give Notice, that on Tcasney, 1801
instant, at Two o'clock, they Rill be rawly to treat with such
persons as may be willing to contract for supplying and delivering
on board her Majesty's steam-vessels at Funchal, in the Island of
Madeira, all such quantities of
SOUTH WALES GIALS,
fit for her Majcs:y's steam-vessels, i's shall i,em time to time:be de-
manded, mule: colttvei ror 12 months ceria'r, from the Ist October,
1857, and after wares nu:'l the expinytioa 0"3 months' warning.
. _

A form of the tenecr mry be seen at the s-iid office. No tender
will be received a ;ter i cvo o'clock on the day o treaty, nor will
any be noticed unless the party aUenos, or an agent for him duly
authorised in writing.

Every tender mn .be 'dressed to the Seeretarr or the Admiralty,
and bear In the 'ea-band comer ;'.e words, Tender for Coals for
Madeira," and mast be del,vered at SomerseL-place, accompanied
by a letter st.med by two responsible Persons, engazing to become
bound with the person tendering, in the sum of £5OO, for the due
performance of the contract.

free and s;raple. The Handel Festival was an
" event," and appealed to a large upper class pos-
sessed of ample leisure and purse; but ordinary
concerts will neither biing the upper cl ISSC3 nor the
middle ones. '

If the Crystal Palace Company will take our ad-
vice they will try a much shorter and simpler mode
of courting the public. They have already in the
air, sky, and landscape which tho place commands
the great attractions which appeal to a Londoner.
It only remains that they should give him as good
a lunch or dinner as is practicable in this unculi-
naiy country. Let the ref, eshment department
be attended to. Let the pale ale be the very best,
the wine excellent, the attendance unexception-
able. If they give the " best good dinner" that
can be had, the Ciy,tal Palace is sure to be popu-
lar. Let the price be only fairly remunerative. It
will be a mistake if they tiy .to make 3,0001. a-year
by soda water. Let them be content with the shil-
lings as their main payment. The shillings will
come in when good and cheap fare is to be had.
Look at the thousands who go to Greenwich and
other places simply to dine. The Crystal Palace,
with its superior accommodation, its magnificent
gardens, its prospect, and its band, ought to be
able to outbid humbler rivals. There is an-
other point tc attend to. Tie Crystal Palace
is by no means ea=y of access from some pats of
London. It takes as long to go fr,,m. Belgravia to
London-bridge as to drive to Sydenham, and there-
fore for all that part of London the railway is useless
and a car( iage. is necessary. Bat how few have car-
riages or horses, organ afford to have them ! The
price of almissionthay be only one shilling, but tl2e
conveyance will be one pound. There must be new
railway accommodation before oils-half of London
can make the Crystal Palace a place of resort.

RAILWAY INTELLIGENCE.

GREAT WESTERN.

The directors of this company have just issued
their financial statement for the half-year ending
the 3Cth of June last. It slows, on comparison
with preceding statements, that the heavy expen-
diture of capital requisite for the completion of
tlie;r authorized system of railways is being
brought to a close. The opening on the Ist of
July of the Devizes branch, 81 miles in length
has complete," the whole of tht railways the Com
pang are authorised to make.
The statement of receipts rad expenditure to
the above date shows that tl e total receipts on
capital account amounted to 23,537,5641., consist-
of 8,161.1251. ordinary stock 7,7841. Windsor
shares, 59,392/. Bello and Halts extension shares,
1,341,9791. irredeemable 4 per sent stock, 129,0001.
redeemable 4 per cent. stock, 1,780,457/. redeem-
able 41 per cent. stock, 1,006,)621. redeemable 5
per cent. stock, and the debentures, loans, &c.,
amount to 10,603,7101. The total expendiure on
capital account amounted to 23,115,4061. Of this
sum 10,171,2821. was expenald on the Groat
Western, Oxford, Berks and Hants, Windsor, aeld
other lines, and on rolling stock 143,0611. on the
Uxbridge and Henley Railways, 6,715,0591. on the
line from Oxford to Wolverhampton and Dudley,
1,577,0451. on the Wilts, Soneerset, and Wey-
mouth Railway, 41,3351. on the Didcot deviation
line and. engine-11 •use, 134,6411.. f r laying narrow
guage rails from Oxford to Basugstuke ; 29,8511.
Western Fort at:leading ; 12,57"/. on bridges in
lieu of level crossings ; 2,7491. )n the Acton and

West London Junction ; 2,060,137/. in subscrip-
tions and disbursements for other undertakings, in-
cluding 707,2801. for the South Wales, 225,00.1.
for the South Devon, 125,882/. for the Glocester
and Dean Forest, 545,.10')/. for the Wilts, Somer-
set, and Weymouth, 183,8571. forthe Oxford, Wor-
cester, and Wolverhampton 6.1,000/. for the Corn-
wall. 97,0311. for the Shrewsbury and Chesteiq
35,1241. for the Shrewsbury aid Birmingham,
24,692/. for the Shrewsbury Amalgamation Act,
10,0 .01. for the Wycombe, 12,54)/. for the Ply-
mouth Gteat Western Docks, 34370/. North Me-
tropolitan Railway, 815,7791. on Lew rolling stock,
631,7521. on new station at Paddington, and
79,5011. at Bull's-bridge and in dher new station
accommodation, making the tota expenditure, as
atove, 23,115,405/., leaving a baance of 411,958 .
The capital account of the Shrewsbury railways
shows that 3,427,9901. had been raised, including
2,459,129/. in stock and shares, 071,5761. on loan,
247,7201. loans raised -for joint purposes, and
58,565/. on personal accounts, irclusive of 19,276
due to Great Western account. The total expen-
diture on these lines to the 30th of June last

amounted to 3,208,2011., and fer subscription to
Stourbridge Valley Railway 190,087/., together
3,393,2881., leaving a balance consisting of assets
and personal accounts amounting to 29,7011.
The debenture statement showed that 10,222,7601.
had been borrowed to the 30th of June on deben-

tures, of which 4,333,421/. was borrowed at 5 per
cent., 1,139,7451. at 41 per cent., 3,085,8261. at 4i
per cent., 90,500/. at 4 per cent., 887,160/. at 4
per cent. 57,200/, at 3 per cent., and 628,9071. at
3 per cent.
The revenue account of the Great Western lines
for the half-year ending the 30th of June, 1857,
shows that 768,9541. had been received, including
7,05 J/. rent from the Bristol and Birmingham Rail-
way and dividends from Glocester tramroad,
12,1701. for the use of plant by other companies,
2,9141. interest on revenue cash balances during
the half-year, 6,0731. rent of Great Western Hotel
and other property, and 2231. for registration fees.
The expenditure on revenue account amounted to
349,2571., 0r47'16 per cent., including 16,6711. for
Government duty, 15,6521. rates and t ixes, and.
2,500/. for Parliamentary and legal expenses, leav-
ing a balance for the half-year of 419,696/. To this
sum is added 17,2781. balance from the preceding
account, 2,5721. from net balance of Kennet and
Avon Canal traffic for the half-year,
570/. profits
under South Wales lease for halt-year ending 31st
Dec., 1856, and 16,5661. dividends on shares held
in the South Devon, South Wales, and Dean Forest
companies—making a total of 456,684/.
From this
sum is deducted 1581. for additions to works,
20,1681. for guaranteed annuities to Wilts, Somer-
set, and Weymouth, and the Kennet and Avon
Canal proprietors. 15,8321. rentcharges for the half-
year, including that of the Glocester and Dean
Forest, Hereford, Ross, and Glocester and Wycombe
Railways and of the Iladdington estate, 5,4221. ap-
propriated against loss on the lease of the South
Wales Railway prior to the 30th June, 1854 (being
a moiety of the dividend received this half-year),
239,1361. interest on loans, and 106,1481. for inte-
rest on Berks Extension shares and Great Western
Preference stock, and 18,6191. to make up deficiency
of receipts on Shrewsbury lines, leaving a disposa-
ble sum of 51,197/. Out of this sum the directors
recommend a dividend at the rate of 1 per cent.
per annum, which, on 8,237 2761. of ordinary capi-
tal, will absorb 41,1861., and leave a balance of
10,0111.
The revenue on the Shrewsbury lines for the half-
year, after deducting 5,6571. to cover expenditure
in respect of traffic at Birkenhead and passing over
the Birkenhead Railway, amounted to 124,3381. ;
and the working expenditure to f 4,791/., leavinga
balance of 49,546/. to meet 19,1781., the interest
paid on debentures, loans, &c., and 48,9881., the
amount of the half-year's guaranteed dividends ;
together, 68,1661., leaving a deficiency of 18,6191.,
which is provided by the Great Western Company
out of their revenue.
The decrease in the dividend from 2& per cent. at
the corresponding period of 1856 to 1 per cent. in
the past half-year is owing entirely to the whole
of the interest on the capital (with the exception
of 7,6171.) being charged for the first time against
the revenue. The increase in the items of interest
on loans and preference shares charged against re-
venue amounts to 60,8001. over that period for the
4
half-year ending June, 1856, and is about equiva-
he rate
stock of per
of the company.
per cent. per an-
numlent toona
theconsolidated dividend
This result was to a great extent anticipated, but
it was expected that the profit arising from the in-
crease of traffic would have the effect of reducing
a at
t
the pressure, and thus increasing the net revenue
to meet the heavy charges against it for the inte-
rest on the capital expended on the new lines as
they came into operation. Against this expected
advantage, however, there were the' expenses of
the additional working and maintenance of 92
miles of new railway opened in sections, and at va-
rious periods within the apace of 13 months. Not-
withstanding the efforts made by the officials the
traffic on these new lines could not be sufficiently
developed to pay all the working expenses, and
consequently some disappointment has been expe-
rienced in that respect. Time will be required to
develops the traffic on new lines, particularly on
those passing through the agricultural districts, but
there can be no doubt, according to the statistics of
railway traffic, that the returns on these at present
unproductive lines will gradually increase year after
year. It is right to state that the total receipts
during the past half-year show an increase of
64,900/. over those of the corresponding period of
1856, and its probable that a large portion of it be-
longs to the ordinary increase of traffic on the old
lines. On the other hand, the increase in the work-
ing and other expenses appears to be about 67,000/.
More than at the corresponding period of 1856, so

that for the present the expenses consequent on the
developement of the new lines appear to have more
than absorbed the advanta:es of tbe increased traffictrafficdating, the half-year. During the fist half of the
year the traffic is considerably less on the Great
Western lines than in the second half-year ; this
difference might be estimated from former returns
at about 90,0001., while the difference in the work-
ing expenses may be taken at about 20,0C91., so
that the result of the second hilf-ye?r's working,
even should the traffic on the new lines not increase,
will show a considerable improvement in the sum
available for dividend at the end of the year. There
is another matter, in the present state of the money
market, which acts injuriously to the Great West-
ern ; that is the very large proportion of their bor-
rowed capital to the ordinary capital, being about
10,500,0001. against 8,250,0001. of ordinary stock.
The increase of 1 per cent. in the rate of inter est on
the borrowed money would alone reduce the ordi-
nary dividend by 11 per cent., quite irrespective of
the traffic, and, vice versa, a decrease in the rate of
interest on the borrowed money would raise the di-
vidend on the ordinary stock. The conversion of
the whole of the borrowed capital into a 4 per cent.
debenture stock would be of considerable advan-
tage to the ordinary shareholders. Considering
that very nearly everything is now being charged
against revenue, both in respect of capital and traf-
fic, in this, the least productive half of the year,
that all the company's lines are completed and
opened for traffic, it may be presumed that the
Great Western Railway Company have arrived at
their lowest dividend, and as the traffic and re-
sources of the undertaking become more productive,
and increase beyond those of the past half year, the
ordinary shareholder may look forward to a pro-
portionate increase of dividend. The company
have n,fw 467 k miles of railway in operation, with
access to several seaports against 3674 miles at the
corresponding period of 1856. It is probable that
the traffic on the 100 miles of additional railway
will increase from time to time as on all other new
lines, pay their working expenses, and eventually
yield a profit on the working. At present thetraf-
fic on the old lines pays the interest and preference
dividend on the capital which has been expended
on the new lines. These being as it were already
paid for by the.ordinaryshareholders, it is clear that
whatever may be the increase of traffic or profit on
those new lines it must go directly towards increas.
ing the dividends of the ordinary shareholders.