The Sun.
London, England, 1850-10-12 00:00:00

RAILWAY INTELLIGENCE.

RAILWAY EXPENDITURE AND TRAFFIC.
From the half-yearly reports of 63 railway com-
panies in the United Kingdom, it appears that
218,000,000/. had been expended by them up to the
31st of July, 1850. The traffic for the half-year
amounted to 6,130,2001., and the working expenses,
including the duty on passengers and rates and taxes,
to 2,861,2401., leaving a profit to pay interest on loans
and dividends on capital of 3,268,9601., being at the
rate of 3 per cent. per annum for the half-year. The
gpgerreigoadte was
6,000 miles; the average
borrowed money is estimated at 65,000,0001., which
at 4i- per cent. per annum would require 1,462,5001.
to pay the interest on loans, and leave 1,806,4001. for
dividends on guaranteed shares and ordinary share-
capital, which would allow on the whole about 1.26
per cent. for the half-year, or 252 per cent. per
m. T
length of railway open at
then n a
end of thhea t a
cost per mile 35,973/.
a
35,9731., the gross receipts per mile
1,0211., the expenses 4761., or 46.68 per cent., and the
net revenue 5451. per mile for the half-year.
The amount expended on the English railways in-
cluded above
.was 113,191,800/., the gross traffic re-
turns 5,261,7601., the expenses of working and taxes
2,419,280/. ; the miles open at the end of the half-
year 4
,760, the average cost per mile 38,4901, the
receipts per mile 1,1001., the expenses 5051. or 45.95
per cent. for the half-year. The capital expended on
the Scotch railways amounted to 25,401,900/., the
gross traffic receipts to 616,7181., the expenses to
325,5141, the miles open to 790, the cost per mile to
32,120/., the gross receipts per mile to 7801., the ex-
penses to 4121., or 52.69 per cent., and the net re-
venue to 368/., being equal to 1.15 per cent. for the
half-year. The expenditure on the Irish railways in-
cluded above amounted to 9,407,000/., the traffic re-
ceipts to 251,7251., the working expenses and rates
and taxes to 116,4421., leaving 135,283/. profit. The
length of line open 481 miles, the cost per mile
19,5571., the receipts per mile 5231, the expenses
2421., or 46.27 per cent., and the net revenue 2811.
per mile, being equal to 1.44 per cent. for the half-year.
It would appear from this that the gross receipts
for the first half of the present year amounted to
2.873 per cent. of the capital expended on the
English lines, to 2.675 per cent. on the Irish lines,
and to 2.429 per cent. on the Scotch lines. The
working expenses on the English lines amounted
to 45.95 per cent. of the gross receipts, on the Irish
lines to 46.27 per cent., and on the Scotch lines to
52.69 per cent. The average cost per mile of the
English miles appears to be 38,490/. ; of the Irish
lines, 19,557/. ; and of the Scotch lines, 32,120/, It
appears from these figures that the Scotch railways
have cost a larger sum per mile than the traffic in
that country would warrant, and also that the average
cost per mile of working expenses very much exceeds
that of the English and Irish railways. This is a
matter of considerable importance to English share-
holders who have invested their money in Sottish
lines of railway; for, looking at these results, it would
appear that land, materials, and labour are nearly as
valuable in Scotland as they are in England. It
would also appear from the working expenses that
materials and labour are much dearer in Scotland
than in England. At all events, these results show
that the reputed economy of Scottish management in
railway matters falls very far short of what is ge-
nerally supposed ; and the fact is fully borne out by
the late reports of committees of investigation on the
affairs of the Caledonian, the North British, the Glas-
gow and Greenock, the Scottish Central, and the Glas-
gow and Ayr railways; and in these cases nearly the
whole of the unguaranteed stock was held in Eng-
land ; at the same time it is due to the Scottish di-
rectors to state that on most occasions they have been
supported by overwhelming numbers of English
proxies.

MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE.
Yehterday a special meeting
by
yf this
preferencecompany
shirestook
polaeceeaxtpeAdliaennechyestoefr,
rfoarisitnhge purpose of considering
1,035,0001., or some part thereof.
Lord YAnnoaouau, the chairman of the board, said
the question had occurred to the directors wheth.2r in
calling up the capital on this new class of shares un-
pun-
paiddividend or interest warrants were to be con-
sidered as part payment of such calls. The di-
rectors had decided to ask for money for the first call,
but they would instruct the bank to accept the pay-
ment of the second and third calls in interest and
dividend warrants.—(Hear, hear.) The board ex-
pected that they would be thus enabled to meet their
creditors in a much more satisfactory manner than
they-had been able to do recently. He trusted the
resolution they had to propose would receive the sup-
port of the shareholders. Their traffic was increasing,
as they expected it would do, and there was good reason
to suppose it would go on increasing. There was
nothing they had done with regard to the general po-
licy of the company that the directors saw reason to

regret. He then moved a resolution to the effect that
there be now created 172 500 new shares of 61. each,
to be called preference shares, for raising 1,035,0001,
and to be entitled to a guarantee dividend of 6 per
cent. per annum, to take precedence of all dividends
or claims of other shareholders, such guarantee to
continue for twenty years certain, and for ever unless
the company shall within five years after the expi-
ration of such twenty years redeem the new shares at
par; the three first instalments of 11. each to be paid
before March, 1851, the remainder to be paid by
subsequent calls at intervals of two months each; the
new shares to be offered to the shareholders in the
proportion of one new share for every 101. preference
share, one for every quarter share, one for every 20
Manchester and Lincoln shares, and one for every 501.
of consolidated stock.

Mr. CHAPMAN (deputy-chairman) seconded the
motion.

Mr. MORTON complained that the shareho!ders hod
not had information enough of the position of the
company to justify them in granting the capital, the
chairman not having mentioned the objects for which
the money was required. He concluded by moving
as an amendment that the worth " five per cent." be
substituted for " six per cent." in the motion, and
that the distribution of shares be made rateably.
The amendment having been seconded,
The CHAIRMAN explained that the objects for which
the new capital was to be raised were stated in the
last half-yearly report. He said be thought, as a
shareholder in this and no other company, he had a
right to complain of the systematic mode adopted by
Mr. Morton of depreciating the value of their stock.
—(Cheers.) With reference to the proposition to
make the preference 5 instead of 6 per cent., it would
be unwise to issue the shares at a price which would
cause them to hang on the market. If the shares did
not get off their hands, ho could hardly say where
their difficulties would end ; but he thought he saw a
reasonable probability of getting through them under
the present arrangements.
Mr. GEACH (director) expressed his surprise that
Mr. Morton should have said he did not know what
the new capital was to be raised for, after the very
full explanation given at the last meeting.—(Cheers.)
He said with 7,0001. a weak receipts they would be
able to pay off all their guarantees by 1855, and with
an increase to 10,C00/. a week ; and he was much
deceived if by that time their receipts did not far ex-
ceed 10,0001.—there would be 3 per cent. dividend for
the original shareholders.—(Cheers.)
I g 1 sr. WILSON, in a very violent speech, moved as a
second amendment that no more preference stock be
issued so long as the present directors remain in office,
but it was not seconded.

Mr. WOOD, of Sheffield, thought it was not desira-
ble that they should raise capital at 6 per cent., giving
it a preference over all other stock, since he had
known other companies who had borrowed money at
3 per cent. He contended that they had no power to
do this without the consent of the holders of present
preference stock. He, therefore, moved Et third
amendment, to the effect that no new stock have a
preference or priority of dividend over the previous
dividend shares.

The CHAIRM 4,N then put Mr. Morton's amendment,
when only six hands were held up in favour of it.
Mr. Wood's motion was also negatived by a large
majority.
Mr. Woon d2manded a scrutiny.
The meeting were going to a scrutiny when our
report left.

RAILWAY SHARE MARKETS.
BRISTOL, Ocr. 11.

STOCK EXCTIANGE.—The share market was not quite so
active as yesterday, and prices declined. The transactions
were as follow:—Great Western, 69;4—Manchester, Buxton,
and Matlock, 4 dis.—Midland, 43
LIVEIPOOL, OCT. 11. _

STOCK ExcHANcia.—The transactions to-day were as fol-
low:—Birkenhead, Lancashire, and Cheshire (late C. and B.),
6 per cent. till 1850, 9 dis.—Caledonian, 8 East Lan-
cashire, 91/2—Great Western, 70—Lancashire and Yorkshire,
Consolidated, 4914—Ditto, Fifths, 7% dis.— Leeds and Thirsk,
10% London and North-Western, 115!i2 Ditto, New
Quarters, 214 p.—Ditto, Fifths, 2% p.—Manchester, Sheffield,
and Lincolnshire, 191/ —Ditto, Quarters (No. 1), 7IA per
cent. till 1853, 9—Ditto, Preference, Midland, 44--
Ditto, Halves, 2114 dis.— Oxford, Worcester, and Wolver-
hampton, 11%—South-Eastern and Dover, 20q—York and
North Midland, 23% —Belfast and Ballymena, 22 th—Wate:-
ford and Limerick, 355 h.
MANCHESTER, OCT. 11.

STOCK Forcaariog.—The share market has been rather
inanimate to-day, but prices are well maintained.
BIRMINGHAM, Ocr. 11.

STOCK EXCHANGE.—The share market was somewhat
weaker to-day, and prices did not exhibit that steadiness
which they have man►fested for some days past; still there
was no material depreciation, and the general feeling is that
this slight depression will be but temporary, and the market
will speedily rally. The transactions were as follow : South
Staffordshire, 3Ai dis.—York and North Midland, 211/a.
YORK, Oar. 10. _ _

STOCK EXCHANGE.—The only transaction to-day was—
York, Newcastle, and Berwick (Newcastle Extension), 118/4

RAILWAY TRAFFIC RETURNS.

MIDLAND RAlLWAY.—Traffic Returns, including the Bris-
tol and Birmingham receipts, also Leeds and Bradford, Not-
tingham and Lincoln, Syston and Melton, Stamford and
Peterborough, Leicester and SWannington, Ashby Canal and
Erewash Valley, and Nottingham and Mansfield:—
Week ending Oct. 6 ... £24,698 9 4
Corresponding week of last year, exclu-
sive of the Nottingham and Mansfield
receipts ... ... 00,000 0 0
Aggregate :-1849, 329,591/. 1 ls. Id, ; 1850, 341,147/. 17s.
10d. Miles opened for traffic : —lB5O, Double line, 468 ; single,
total, 491 i. 1849, Double line, 460 i ; single, 23i—
total, 4831.
MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE RAILWAY.
Traffic returns for the week ending Sunday, Oct. 6,1850,
inclusive :

Passengers, parcels, &c. £2,860 2 10i
Goods, merchandise, &c. ... 3,303 17 8

Total £3,161 0 64
Corresponding week in 1819 ... 4,825 1 1
Number of miles opened, 1674. The above includes the
Manchester, Sheffield, and Lincolnshire Railway Company's
proportion of the receipts of the Manchester South Junction
and Altrincham Railway; also, the Grimsby Dock duties,
&c., and Chesterfield Canal receipts. Number of miles
opened corresponding week 1849, 160