on the Wilts, Somerset, and Weymouth Railway; £649,566 on the new station at Paddington, and £877,839 on locomotive and carriage stock. The company's subscriptions and disbursements for other undertakings amounted to £2,064,010, making the total expenditure of £23,416,770, leaving a balance of £400,858. During the half-year a reduction in the interest on £801,000, from 41, 4, and 5 per cent. to 4 and 4 per cent. was effected. The increase in the expenditure on capital account during the past half-year amounted to £79,799, of which £52,200 was paid on account of the company's subscription (£175,000) to the Metropolitan Railway, and £20,000 on account of their subscription (£100,000) to the West London Extension Railway. The revenue account of the Great Western lines for the half-year ending the 31st of December last showed that £894,081 had been received for traffic, £6,750 from the Bristol and Birmingham company for rent ; £9,606 for the use of plant by other companies, £3,263 for interest on cash balances of revenue, £4,887 for rent of the Great Western Hotel and other estate, cottages, &c., and £298 for registration fees, making the total receipts for the half-year on revenue account £918,886. The expenditure amounted to £365,249, or 40·85 per cent. of the receipts, including £18,882 for passenger duty, £16,112 for rates and taxes, £3,500 towards liquidation of Parliamentary and legal expenses, £2,000 reserve for doubtful debts, £1,500 reserve for fire insurance premiums, and £1,423 rent for hire of additional wagons under special agreement, including therein the purchase-money, such rent being terminable in ten years, when the wagons become the property of the company, leaving a balance for the half-year of £553,637. To this sum is added £5,487 brought from the preceding half-year's account, £4,264 balance of revenue account of Kennet and Avon Canal for the half-year, and £8,950 for dividends on shares in the South Devon and South Wales Railways; total, £572,338. From this sum is deducted £20,188 for guaranteed annuities on the Wilts, Somerset, and Weymouth Railway, and Kennet and Avon Canal; £21,114 rent charges on the Glocester and Dean Forest, Hereford, Ross, and Glocester, Brentford, and Wycombe railways, and of Paddington estate; £13,511 loss on lease of South Wales railway, £2,000 balance in full of the Kennet and Avon Canal loss to the 30th June, 1856, £241,193 for net interest on loans, £1,331 interest on Berks and Hants Extension shares, £109,416 interest on Great Western preference stocks, and £6,279 for deficiency of revenue on Shrewsbury lines, making together £415,183, and leaving a disposable balance of £157,154. Out of this sum the directors recommended a dividend at the rate of 3 per cent. per annum on £8,237,276, being for the half-year £144,152, leaving a balance of £13,002 for the next half-year's account. The capital expended on the two Shrewsbury lines belonging to this company amounted to £3,501,513. The traffic receipts on these lines for the half-year ending the 31st of December last, amounted to £145,094, after deducting £4,610 for proportion of expenses on the Birkenhead Railway, and at Birkenhead. The working and other expenses amounted to £86,969, including £9,385 for the remaining moiety of the expense in relaying 13 miles of railway, including materials, leaving a balance of £58,125 towards payment of the interest on loans and preference shares, and also the guaranteed dividends on the ordinary stock and shares of those companies, amounting in the aggregate to £64,404, and leaving a deficiency of £6,279, which has been charged as usual against the revenue account of the Great Western Company. The deficiency on the Shrewsbury lines for the first half of 1860 amounted to £18,270, and for the second half as above to £6,279, making together £24,549; but, as £18,770 of this sum might be considered as expended in the complete renewal of 13 miles of those lines, the actual deficiency on the ordinary working only amounted to £5,779. So that by the time the indispensable renewals of the permanent way and works of the Shrewsbury lines are effected, there will probably be no deficiency to make good in respect of those lines out of the Great Western revenue.

LONDON AND BLACKWALL.-This company declared a dividend at the rate of 4 per cent. per annum for the half-year. The report of the directors stated that the total revenue for the half-year ending the 31st of December, amounted to £54,030, and the total expenditure to £18,732, leaving a net profit of £35,298.

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. 6s. 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 504 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 44 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 54 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 2 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.