The Sun.
London, England, 1868-02-13 00:00:00

MIDLAND.

The directors state in their report that, notwith-
standing the severe depression which has now so
long existed in the trade of the country, the traffic
of the railway for the half-year ending December
31, 1867, as compared with the corresponding half
year of 1866, shows the following results :—An
increase from coaching of £38,543 ; from cattle of
£5,609 ; from merchandise of £37,654 ; from
minerals of £40,452 ; total increase, £122,258.
This increase, however, is mainly to be ascribed to
the traffic brought to the railway by the new lines
which have been opened since the Slst of Dec., 1866.
The balance available for dividend is £525,633, of
which the sum of £4,702 is brought from the ac-
count of the previous half-year ; and the directors
are enabled to recommend the declaration of the
following dividends (less income tax) payable
on the 2d day of March next :—£2 15s. on each
£lOO consolidated Midland stock, £2 ls. 3d. upon
each £lOO consolidated Birmingham and Derby
stock, £3 upon each £lOO consolidated preferential
stock, and the usual dividends on the other prefer-
ence stocks and shares, leaving a balance of £12,069
to be carried to the current half year. The dividends
now recommended are less than those declared for
the half year ending December 31, 1866, and the
diminution is occasioned chiefly by the interest and
dividend upon the capital expended on lines and
works not yet productive. The proportion of Eng-
lish and Scotch traffic, awarded to this company
under the decree of the Court of Chancery, is still
available on revenue account, but the directors do
not deem it expedient at prevent to appropriate to
dividend any part of this amount. Mr. Kirtley re-
ports that the rolling stock is in good working order,
and that during the half year ending Dec. 31, 1867,
the train mileage has been increased by 562,313
miles. The renewals of locomotive stock for the half
year have been 12 engines, 52 c irriages, 15 break-
vans, six horse boxes, 11 carriage trucks, and 455
waggons, the entire cost of which has been charged
to revenue. Mr. Crossley reports that the railway
works have been maintaked in efficient and sub-
stantial repair during the past half-year, that 32k
miles of angle line have been reconstructed, upon 13
miles of which rails of much greater strength have
been used ; upon some parts of the line the iron
rails have been replaced with steel, and the entire
cost of these improvements, as well as the cost of
maintenance and renewal, had been defrayed out
of revenue. Messrs. Barlow and Liddell report—
" That the stations along the line of the Bedford
and London Railway and the St. Pancras branch
which connects it with the Metropolitan Railway,
will be ready for traffic in the course of the half-
year; that the foundations of the London passen-
ger station have been built up to the level of
the rails, and that the main booking and parcels
offices and a sufficient portion of the roof may
be expected to be ready for traffic during the sum-
mer." The line was opened for goods traffic in
September last, but as the contractors have re-
quired the use_of it during the greater part of the
day, only a portion of that traffic could be carried ;
the unfinished works, however, are now approach-
ing completion, so that more of the traffic may
be soon accommodated. The directors have caused
a bill to be deposited for the present Session of
Parliament to obtain pow rs to raise additional
capital, to construct some small branch railways,
to acquire land on various parts of the line, to ex-
tend the time for the completion of the Cudworth
and Barnsley Railway, and of the connection of
the main line with the joint station at Bristol,
and to obtain Parliamentary sanction to the
agreement with the Metropolitan Company for
the use of the railway and stations between the
junction with the Midland Railway, near King's-
cross, and Moorgate-street inclusive, and for
other objects of minor importance. The amount of
capital sought to be authorised by this bill is
£s,ooo,ooo—viz., £3,750,000 by the creation and
issue of new shares, and £1,250,000 by borrowing
powers.