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Out of this sum £7,590 is required for interest, and the balance £27,708 is available for dividend. The shares in the new capital of £300,000 were offered to the proprietors, and 24,154 shares, representing £157,001 of the capital, have been taken up. If, however, it should be found necessary to issue the other shares at a less price than £6. 10s. each, the directors consider that the proprietors who have taken shares at £6. 10s., should be placed in the same position as those who may take the shares at a reduced price. Interest at the rate of 6 per cent. per annum has accrued upon the deposit of £1. 10s. per share paid on the new shares in September last, and it will be divided among the holders of those shares. The capital account showed that £1,823,655 had been received, and £1,962,453 expended, leaving a balance against the company of £138,798.

LONDON, BRIGHTON AND SOUTH COAST.-The dividend declared was at the rate of 7 per cent. per annum for the half-year. The directors in their report stated that the accounts for the half-year showed that the amount of capital raised was £9,654,639, consisting of £4,618,554 ordinary stock, £2,622,995 preference capital, £1,670,775 mortgage debt, and £742,315 debenture stock. The issue of debenture stock progresses satisfactorily, and since the 1st of July, a further sum of £100,405 has been placed, making the total amount now issued, £742,315. The purchase of the Lewes and Uckfield Railway has been completed, and the cost, £47,300, placed to the debit of capital, which is credited with £33,900 of perpetual 4 per cent. stock, forming the purchase money, and with the mortgage debt of that company, amounting to £13,400. The further amount of capital expended has been £186,806. The gross revenue for the half-year has been £505,269, being £28,662 in excess of the corresponding half of 1859. The receipts for the year have been £903,782, or £61,489 more than those of 1859. The expenditure during the half-year amounted to £231,914, or 46 per cent, including £29,643 for renewals, against £218,418, or 46 per cent. in the corresponding half of 1859, which included £37,948 for renewals. The expenditure per train mile averaged 3s. 3d., against 3s. 4d. The progress of the traffic is exhibited in a tabular form, which showed that in the year 1848, 2,485,778 passengers were conveyed on the line, and in the year 1860, 9,545,103, including 5,568,235 third-class passengers, showing an increase of 7,059,325 passengers in the course of twelve years. The total receipts for the three classes of passengers amounted in the year 1848 to £349,979, including £66,392 for third-class passengers; and in the year 1860, the total receipts for the three classes amounted to £621,778, including £211,578 for third-class passengers. The receipts from season ticket holders increased from £10,427 in 1848, to £42,624 in 1860. The gross revenue in 1848 amounted to £453,408, and in 1860, to £903,801, showing an increase of £450,393, or nearly cent. per cent. The total working expenses increased from £147,132 in 1848, to £356,114, the preferential charges from £104,041 to £197,528, and the dividend from £3. 12s. per cent. to £6 per cent., at which latter rate it has been steadily maintained for the past five years. The total amount expended in improvements is £155,215, of which £115,921 has already been paid out of revenue. The net amount at the credit of the revenue account is £166,724, out of which the directors recommended the payment of a dividend at the rate of 7 per cent. per annum, amounting to £161,649, leaving a balance of £5,075 to the credit of the current half-year, and making the dividend for the year 1860 amount to 6 per cent.

LONDON, CHATHAM, AND DOVER.-There has been no dividend declared by this company at present. The directors stated in their report that the Western Extension line was opened on the 1st of December last. They had great difficulties to contend with, from the unprecedented bad weather which prevailed for some weeks after the opening, and also from the want of rolling stock. The company are still suffering from the insufficiency of locomotive power. The capital account of the main line showed that £1,792,101 had been received, and £1,680,926 expended, leaving a balance of £111,175. The Metropolitan Extensions capital account showed that £679,102 had been received, and £248,656 expended, leaving a balance of £430,446.

The capital account of the Western Extension showed that £598,310 had been expended, leaving a balance against the account of £78,310, The revenue account for the half-year ending the 31st of December showed that £17,058 had been received, and £14,082 expended, leaving a balance of £2,976.

LONDON AND GREENWICH.-This company declared a dividend at the rate of £1. 68. 8d. per cent. The statement of accounts showed that £257 was the balance from the preceding account, £22,500 the half-year's rental of the railway, due the 31st of December last, £6. 10s. transfer fees, and £129. 10s. balance of interest account; total, £22,893, Out of this was deducted £4,638 for interest on bonds, £5,568 interest on preference stock, £7. 10s. half-year's annuity to J. Nash, £379. 10s. for office and other expenses, and £512 for income-tax, leaving a balance of £11,788 for dividend on £861,540 stock, which, at the rate of £1. 6s. 8d. per cent. would absorb £11,487, and leave £301 for the next account.

LONDON AND NORTH WESTERN.-The dividend declared by this company was at the rate of £2. 12s. 6d. per cent. for the half-year. The capital account of this company showed that £24,560,061 had been received on stock and shares, £10,128,846 loans on debentures, £312,830 on 3 per cent. debenture stock, and £1,406,697 on 4 per cent. debenture stock; total, 36,408,434, upon the whole of which interest and dividend is charged to revenue. The expenditure on capital account showed that £29,147,044 had been expended on the main lines, stations, &c., including £3,427,837 on working stock, and £441,285 on lands and buildings yielding rent. The expenditure on 19 railways in which the company have an interest amounted to £6,878,494, including £298,122 for improvement of permanent way, making the total expenditure to the 31st of December, 1860, £36,025,538, leaving a balance of £382,896. The expenditure on capital account during the past half-year amounted to £758,770, of which £165,752 was for additional works and improvements on the company's main lines, £95,561 for additional rolling stock, £200,000 for rolling stock transferred from the Lancaster and Carlisle Railway, £5,696 on lands and buildings yielding rent, and £291,761 on railways in which the company have an interest. The revenue account for the half-year ending the 31st of December showed that £2,193,045 was received for traffic,£16,095 for interest on cash balances and calls in arrear, £23,807 for rent of land and buildings, £432 transfer fees, £1,964 Huddersfield Canal traffic, and £76,867 for dividends on shares held in other companies, making the total receipts £2,312,210. The working expenses amounted to £974,310, including £33,470 for rates and taxes, and £33,543 for duty on passenger traffic. The interest on loans amounted to £234,713; the interest on land purchases to £5,707; Parliamentary and legal proceedings, £20,000; Preston and Wyre deficiency, £2,341; Buckinghamshire Guaranteed rent, £24,900; Connock Mineral Railway rent, £2,750; North Union rent, £24,446; Chester and Holyhead Guaranteed interest, £54,546; Lancaster and Carlisle dividend and interest,£120,664; Kendal and Windermere dividend, £4,170; Shropshire Union deficiency, £23,381; Buxton and Matlock deficiency, £795; Canal lease deficiency, £1,088; Stour Valley estimated dividend, £13,306; Warrington and Stockport dividend and interest, £5,564; Warrington and Garston rent, £5,000; Stockport and Whaleybridge, £3,844; depreciation and insurance of Holyhead steamboats, £6,750; Haydon Square Depôt, interest, £2,104; accident account, £17,285; replacement of viaducts, £1,612; and renewal of road, £83,333, leaving a balance of £678,696. To this was added £12,808 from the preceding half-year's account, making a disposable sum of £691,505. The proposed dividend would absorb £663,944, and leave a balance of £27,560 for the next half-year.

LONDON AND SOUTH WESTERN.-This company declared a dividend at the rate of 5 guineas per annum for the half-year. The directors' report stated that the net revenue for the half-year ending December 31st, 1860, after deducting interest on loans and all other preferential charges, amounted to £187,686, to which is added

£3,097, the surplus from the preceding half-year, making the balance available for dividend £190,783. From this sum the directors recommended that a dividend be declared at the rate of £5. 5s. per cent. per annum, amounting on £7,199,656 of paid-up capital to £188,991, leaving a balance of £1,792. The increase in the gross revenue for the half-year over the corresponding period in 1859 amounted to £45,757, which had been earned over an increased mileage of 50 miles opened for traffic in 1860. The total receipts during the past half-year amounted on 389 miles to £565,727, the working expenses to £241,049, the taxation to £28,010, and the net revenue to £296,668. For the corresponding half of 1859 the total receipts amounted on 339 miles to £519,970, the working expenses to £229,469, the taxation to £25,241, and the net revenue to £265,260, showing an increase of £45,757 in the total receipts, of £11,580 in the working expenses, £2,769 in the taxation, and £31,408 in the net receipts. In pursuance of the authority given by the proprietors, £554,898 of the perpetual 43 per cent. preference stock, and £346,948 of the perpetual 4 per cent. debenture stock, had been issued to the 31st of December last. In the carriage department the whole amount of the expenses incurred for repairs, &c., was £935 less than in the corresponding period of 1859. The permanent way had been maintained in good working order, although at an increased expense of upwards of £8,000. Upwards of £5,000 of the amount had been expended in repairing some very heavy slips in the clay districts. Twenty-three additional miles of the main line had been relaid and fish-jointed during the past year, and a sum of £33,105 had been carried to the debit of the permanent way improvement account. In accordance with the resolution of the proprietors, £10,000 had again been charged from this account against revenue. The report of Mr. J. Beattie, superintendent of the locomotive department, stated that the expenditure in the locomotive and carriage department for the half-year was represented by a mileage rate of 9.59d., the locomotive department being 7.84d., and that of the carriage department 1.75d. During the last six months of the year 1859 the rate per train mile was 10'06d., showing a reduction of 0.47d. per mile. The increase in the passenger train miles was 123,233, and' in the goods train miles 78,106, giving a total increase of 201,339 miles. The capital account showed that £11,288,394 had been received, and £11,191,412 expended, leaving a balance of £96,982.

NORTH LONDON.-The dividend of this company was at the rate of 5 per cent. for the half-year. The report of the directors stated that the total receipts from all sources, including (£230) the balance from last half-year, amounted to £79,377, and the total expenditure to £42,850, leaving £36,527. From this was deducted £7,593 for interest on the debenture debt, leaving £28,934, out of which the directors recommended the declaration of a dividend, and leaving £580 for the next account. The receipts from the passenger traffic had been fully maintained, notwithstanding the unusual inclemency of the weather. The coal traffic receipts continued to show progressive improvement. The capital account showed that £1,444,169 had been received, and £1,394,302 expended, leaving a balance of £49,857.

SOUTH EASTERN.-The dividend declared was at the rate of 6 per cent. per annum for the half-year. The report of the directors stated that the accounts for the half-year ending the 31st of January, 1861, exhibited an increase in the revenue of £12,620, the gross receipts for that period having been £624,350 as compared with £611,730 in the corresponding period of the preceding year. The statements of expenditure on revenue account showed that the ordinary working expenses during the six months have been £219,489; the rates, taxes, tolls, and Government duty, £37,822; and the expenditure on the steampacket service £16,759; or a total of £274,070. After providing for the fixed charges for rents of branch lines, interest on loans, annuities, dividends on guaranteed stock and preference shares, &c., there remains a net balance of £225,066 available for dividend on the ordinary consolidated stock of the company. After which there will be a balance of £2,055. The gross receipts for the past half-year showed that £624,350 had been received

against £611,730 for the corresponding period of 1859, showing an increase of £12,620, and the working expenses to £279,741 against £257,038, showing an increase of £22,703. The net receipts for the half-year amounted to £344,609 against 354,692 for the corresponding half of 1859, showing a decrease of £10,083. The total number of passengers conveyed during the half-year was 5,604,699, against 5,440,996, showing an increase of 163,703. The total receipts for passengers amounted to 401,742 against 398,339, showing an increase of £3,403. The increase in the locomotive expenses has been £5,023, arising partly from the increased mileage run (of 213,455 miles), and the increased cost of stores, but principally from the increased expenditure of £2,000 on repairs and renewals of engines during the half-year. The outlay on capital account during the half-year has been £151,927, of which £80,000 has been in respect of the works of the Charing Cross Railway, now in progress, and the remainder for the purchase of rolling stock, and the provision of additional station accommodation, as duly authorized by the proprietors.

BIRKENHEAD.-At the half-yearly meeting of this company the following report was adopted:-The proprietors at the last half-yearly general meeting were informed that the agreement for the working the undertaking of the Birkenhead Railway Company by the London and North Western Railway and Great Western Railway Companies was completed for the term of 999 years, subject to the approval of the Board of Trade. On the 16th of November last the Board of Trade granted a certificate of their approval of the agreement, and on the 20th of that month the two companies were placed in possession of the railway, working stock, &c., and are now, in pursuance thereof, working the traffic of the line. In accordance with the arrangements, a Bill has been prepared and deposited with Parliament by the three companies, for the ensuing session, for the absolute transfer of the railway to the London and North-Western and Great Western Railway Companies jointly, subject to the terms entered into between the Birkenhead Company and the two companies. Under the provisions of this agreement, the dividend on the consolidated stock of the company for the half-year ending 31st of December last, will be after the rate of 24 per cent.

BRADFORD, WAKEFIELD, AND LEEDS.-The report of the directors stated that the total expenditure on capital account was £262,196. The expenditure on the Ossett branch line had been £8,477. The gross revenue for the past half-year was £10,719. The net amount available for dividend was £6,978, out of which the directors recommended a dividend at the rate of 6 per cent. per annum, leaving a balance of £4,656 to the credit of the reserved fund. The dividend paid for the past three years averaged £5. 1s. 8d. per cent. per annum. The report was adopted.

BRISTOL AND EXETER.-This company declared a dividend at the rate of 5 per cent. per annum. The report of the directors stated that the consolidated stock of the company amounted to £2,022,460, the preference stock to £1,023,212, and debentures to £853,076, being an increase as compared with the previous half-year in the preference stock of £9,270, and a decrease of debentures of £34,810. The sum of £28,323 has been expended on account of capital during the past half-year, the bulk of the outlay having been for additional locomotive and rolling stock, rendered necessary by the increased requirements for traffic. With respect to revenue, the report stated that, although several causes during the past half-year have operated injuriously upon the receipts from passenger traffic; yet, though less than those of 1859, they are larger than those of 1858, the traffic receipts having been for 1858, £177,181; for 1859, £194,127; and for 1860, £181,463. The disposable balance of revenue account, including £882 from the previous halfyear, is £58,608, out of which the directors recommended the declaration of 2 dividend and carrying a balance of £2,991 to the next account.

BLYTH AND TYNE.-The report stated that the traffic fully kept pace with the augmentation of capital. The gross revenue for the half-year was £43,175, and the expenditure £28,574, leaving a balance of £14,601 applicable to dividend. Out of this the directors recommended the payment of dividends at the rate of 10 per cent. on the original preference shares, 9 per cent. on the ordinary and extension shares, and 5 per cent. on the A and B preference shares, leaving £1,215 to be carried to the reserve fund. The report was adopted, and the dividends as recommended declared.

BUCKINGHAMSHIRE.-The report stated that the rent received from the London and North Western Company for the half-year ending the 30th of June, 1860, amounted to £24,900, to which must be added the balance of £4,500 from the previous account, making a total of £29,400; the dividends paid to the proprietors during the six months ending the 31st of December last have amounted to £24,149, leaving a balance of £5,251 to be carried forward to the next account. report was adopted.

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CARLISLE AND SILLOTH BAY.-This company did not declare any dividend. The report stated that during the half-year ending December, 1860, the receipts for passengers and mails were £1,393; goods, £1,055; coal, &c., £732; harbour and dock traffic receipts, £951; rents, £416; total, £4,547. The working expenses were £1,767, and of the dock and harbour £620; rents and taxes, £32; total expenses, £2,419; leaving a balance of £2,128. The share capital of the company is £165,000, and the borrowed money £55,000, making a total of £220,000. The amount actually expended already is £290,000, and to complete minor works and settle outstanding engagements the addition of nearly £100,000 to the capital account will be necessary.

COLCHESTER AND STOUR VALLEY.-The dividend declared was at the rate of £3. 6s. per cent. per annum. The financial statement showed that the total receipts on capital account had been £284,710, and the total payments £284,816, leaving a balance of £106 due to revenue account. The revenue account for the past six months showed a balance of £4,598, from which £809 was deducted for preferential charges and current expenses, leaving a net divisible surplus of £3,789, and out of this sum the dividend was paid.

CORNWALL.-There was no dividend declared by this company, The report stated that the receipts for the past half-year showed an increase of £5,004 over those of the corresponding half of 1859, notwithstanding the state of the weather, which was most unfavourable to both passenger and goods traffic. The total receipts for the half-year amounted to £33,494, which, after payment of the working expenses, left £14,767 as the net profit of the half-year. The capital account showed that £1,405,842 had been expended. The interest account showed that £22,240 was the charge for the past half-year, and £14,767 the profit on the working, leaving a deficiency of £7,473, which, with the balance of £6,433 due on the 30th June last, made a total outstanding charge against revenue of £13,906 on interest account.

EAST ANGLIAN.-The dividend declared was in accordance with the directors' report, which stated that the traffic receipts for the past half-year amounted to £24,357, against £25,121 for the corresponding half of 1859, showing a decrease of £764. After paying interest on the A and B stocks in full there would remain sufficient to pay a dividend on the C stock at the rate of 2 per cent. per annum. The decrease in the traffic arose from the unfavourable season and consequent unfavourable harvest, all the crops having proved not only deficient in quantity, but also inferior in quality. The effect had been greatly aggravated by the heavy charge made by the Eastern Counties Company for working expenses, amounting to

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