The Sun.
London, England, 1850-10-18 00:00:00

RAIL WAY INTELLIGENCE

LONDON AND NORTH-WESTERN.

THE DECEMBER DIVIDEND.
In our publication of May last we ventured to give
our own calculation of the probable dividend of the
London and North-Western Company for the half-
year ending June 30, 1850, and the result showed
that we were almost entirely correct in our views
upon the subject.
After a very careful consideration of the probabili-
ties of the case, we have now to lay before our readers
the figures which induce us to believe that the Dec.
dividend wilt he 5 per cent., with a practical closing
of the capital account, by taking in the whole of the
debenture interest, and with a tolerably large surplus
to carry over in addition :
The traffic of the half-year ending Dec
31, 1849, was
Interest on cash balances, rents, &c. 19,058

Total ... £1,148,663
And the net balance avilable for interest
and dividend was ..

£517,247

The increase of traffic in the current half-year has
so far been at the average rate of 3,170/. per week,
and we see no reason to doubt that the same rate of
increase will he maintained. Thus an additional gross
earning of 82,1001. will appear in this, as compared
with the corresponding half-year of 1849.
The additional working expenses incurred to earn
this sum of 82,100/. must, of course, so far be matter
of estimate only ; but we b.lieve they would be rather
over than under stated at 26,0001.
Thus the available balance at the end of the cur-
rent half-year bids fair to be—
Corresponding half-year

Add £82,100

Less

26,000

56,100

£573,347

Then the amount required at the end of the half-
year June, 1850, for dividend was 460,7601., and at
the end of the current half-year it will be about
480,0001. Then the additional capital expenditure
to be charged against revenue for the whole or a por-
tion of the half-year will be ab'but 700,0001. (includ-
ing the Coventry and Nuneaton branch), or an addi-
tion to the charges of the current half-year of (say)
about 14,000/ for interest.
Then there is the Buckinghamshire guarantee.
We do not know whether the directors can legally
charge this to revenue till the whole of the lines are
finished next year. But, as the Banbury branch has
been open since May last, and the line to blip, six
miles from Oxford, since Ist October, it is clear that
the amount of the guarantee, less the profits earned,
ought to be reserved in some way as a liability of
the present half-year. If it be so reserved it will
amount to about as follows:—
Capital expended, 950,000/. at 4 per cent.... £38,000
Less profits, say ••• ... 10,000

28,000

or £14,000

for the current half-year.
All this will leave over, in the shape of interest
upon expended capital, or uncompleted works, a sum,
as against the half-year, of about 34,0001. only.
Supposing this to be boldly charged at once to reve-
nue, although the lines are not opened, the half-
year's account will stand about thus :—.
Net balance available as above ... £573,347
Less dividend, at 5 per cent. .. £484,000
Interest (additional) ... ••• 14,000
Bucks guarantee ... ••• 14,000
Interest ••• 34,000
- - -

542,000

£31,347

Less additional allowances for
reproduction of rails, &c., say £5,000
Loss on Shrophire Union, say 5,000

10,000

£21,347

Probable balance over liabilities
To add to present " rest" of 140,0001.
This is extremely satisfactory ; and although there
may be loss of revenue from the further development
and opening of the Great Northern, and from the
opening of the Birmingham and Oxford and other
lines, still, with the Exhibition of 1851 in prospect,
and the general prosperity of the country, there is no
doubt that a 5 per cent. dividend will be maintained,
with probably an ultimate increase in the rate of di-
vidend, provided always that the proprietors be con-
tent to keep to a conservative policy, and to accumu-
late their surplus earnings until all chances of com-
petition and warfare with other companies are
passed by.

RAILWAY TRAFFIC RETURNS.
LONDON AND NOATII-WESTERN RAILWAT. —Return 01
Traffic for the week ending Oct. 13:—
Passenger. par&ls, &c. £27.300 1 11
Merchandise ... ... 18,265 15 1
Cattle ... 1,870 13 8

Total ... •-• ••• £17,436 10 8
Corresponding week last week 45,070 8 9
SOUTH-EASTERN RAILWAY. Gross traffic receipts for
the week ending Oct. 12:—
Passengers
Carrying account

... £11,774 1 3
... 3,340 6 5

Total ... £15,114 7 8
CHESTER AND HOLYHEAD RAlLWAY.—Traffic for the
week ended Oct. 13 :

MAIN LINE.

Passengers
Parcels, H. C. and D.
Goods, cattle, &c.
Mails

£1,489 14 7
100 2 1
.••
433 0 4
•••
... 6( 0 0 0

Total

£2,622 17 0

...
DIOLD.

Passengers ••• ... •••
Parcels, H. C. and D. ... ...
Goods, cattle, &c.
••• •••

Total ...

STEABI-BOATS.

Passengers
Parcels, li. C. and D.

£37 4 7
1 10 2
70 11 0