residue of the rent with any contingent advantage that may arise out of the lease to the Midland. This alteration was duly effected on the 11th July, 1864. A new arrangement with the Midland was agreed to in August, 1870, of which the subjoined are the main particulars:-The terms agreed upon in respect to the "A" and "B" stock, as originally united are-For the year 1871, 3 per cent.; 1872, 4; 1873, 4; 1874, 4; 1875, 5; and thenceforward in perpetuity. As the "A" stock already takes a first and preferential dividend over the "B" stock of 5 per cent., its position remains unaltered; and the latter stock, taking all contingent benefit from or in lieu of the fourth rent, will receive the whole of the remaining dividend, and will be entitled to the progressive increase as follows:-For the year 1871, 17. 17s. 6d. per cent.; 1872, 27. 10s.; 1873, 31. 2s. 6d.; 1874, 31. 15s.; 1875, 57.; and thenceforward in perpetuity. The absolute conveyance of the North Western to the Midland took place on the 1st January, 1871. MANCHESTER, BUXTON, MATLOCK, AND MIDLANDS JUNCTION.-Incorporated by act of 16th July, 1846, for a line between Ambergate and Rowsley, near Chatsworth. Length, 11 miles. Opened 4th June, 1848. By act of 26th June, 1870, this line is incorporated with the Midland, on and from 1st July, 1871, when the registered holders of shares became holders of (Matlock) stock in the capital of the Midland, of an amount equal to the amount held by them in the company, and to be entitled to a dividend thereon at the rate of 51. per cent. per annum in perpetuity, payable half-yearly. Within twelve months after 1st July, 1871, shareholders may, by notice in writing to the secretary of the Midland, elect to accept ordinary stock of the Midland in exchange for the whole amount of their respective holdings in Matlock stock, as from the then next 30th June or 31st December, as the case may be. WOLVERHAMPTON, WALSALL, AND MIDLAND JUNCTION.-Incorporated by act of 6th August, 1872, to construct three lines, viz. :-The first (12 miles) from Walsall, on the Wolverhampton and Walsall, to the Tame Valley Branch of the Midland; the second (3 furlongs) from Rushall, on the foregoing, to a junction with the South Staffordshire at the last lodge level crossing; and third (5 furlongs) from Rushall to the South Staffordshire at North Street. Capital, 250,000l. in 10. shares and 83,300l. on loan or by debenture stock. By act of 7th July, 1873, the company obtained powers to use portion of the Midland, and to make an additional junction with the Midland near Water Orton. Length, mile. New capital, 20,0007. in shares and 6,6007. on loan. By the Midland (Additional Powers) Act, 1874, the undertaking was dissolved, and vested in the Midland. DURSLEY AND MIDLAND JUNCTION.-Incorporated by act of 25th May, 1855, for making a railway from the parish of Cam, in Gloucestershire, by a junction with the Bristol and Birmingham (Midland), to the town of Dursley. Length, 2 miles. Capital, 12,000l. in 207. shares; loans, 4,000l. The purchase money amounted to 10,750., on which the Midland allows 4 per cent. FURNESS AND MIDLAND.-Incorporated by act of 22nd June, 1863, by which the Furness and the Midland are authorised to construct a line from Carnforth to Wennington, connecting the Ulverston and Lancaster and the Little North Western. Length, 9 miles. Capital, 150,0007. in shares, to be provided in equal proportions by the two companies; borrowing powers, 50,0007. CHESTERFIELD AND BRAMPTON.-Incorporated by act of 12th May, 1870, to construct a line from the Midland, at Chesterfield, to Brampton, with branches or tramways. Length, 2 miles. Capital, 10,0007. in 107. shares and 3,300l. on loan. Vested in Midland by act of 1871. BIRMINGHAM WEST SUBURBAN.-Incorporated 31st July, 1871, to make a line from Albion Wharf, Birmingham, to King's Norton, on the Midland. Length, 6 miles. Capital, 100,0007. in 10. shares and 33,3001. on loan. By act of 7th July, 1873, the company was authorised to make certain abandonments, diversions, and alterations, and to extend the time for completion of works to July, 1876. New capital, 65,000l. in shares or stock and 21,5007. on loan. By the Midland (Additional Powers) Act, 1875, the undertaking was vested in the Midland in its entirety, each holder of preference shares in the Birmingham West Suburban to receive in exchange a like amount of Midland 5 per cent. consolidated preference stock; and of West Suburban ordinary shares, 90 per cent. of Midland 5 per cent. stock. MIDLAND AND SOUTH WESTERN JUNCTION.-Incorporated by act of 14th July, 1864, to construct a line from the North and South Western Junction, at Acton, to the London Extension of the Midland at Hendon. Length, 4 miles. Capital, 90.0007. in 107. shares, 53,0007, of which was paid up in September, 1867, and 30,0007. on loan. Vested in the Midland at an annual rental of 6,000l. per annum. MIDLAND. MANCHESTER AND STOCKPORT.-See Sheffield and Midland Joint Lines. 243 TEWKESBURY AND MALVERN.-Incorporated by act of 25th May, 1860, to construct a line from the Ashchurch and Tewkesbury Branch of the Midland to Great Malvern. Length, 144 miles. Capital, 145,000. in 107. shares; loans, 48.0007. Opened from the Malvern Junction with the West Midland to Malvern Hill Station on 1st July, 1862, and throughout on 1st May, 1864. By act of 30th June, 1862, the company was empowered to raise additional capital to the extent of 120,0007, in shares and 40,000l. on loan. The Midland subscribed 80,000l. By act of 11th August, 1876, the undertaking was vested in the Midland as from the 1st of July, 1877, on the following payments:-To the holders of the first mortgages in the Tewkesbury Company (amounting to 29,4007.) the full amount of their holdings, together with arrears of interest; to the holders of the second mortgages (amounting to 59,1007.) 50 per cent. of the amount held; to the holders of Lloyd's bonds (amounting to 107,250.) 10 per cent of the amount held; to the holders of shares (amounting to 155,6107.) 10 per cent. of the amount held. REDDITCH.-Incorporated by act of 23rd July, 1858, to construct a line from Redditch to the Midland at Barnt Green. Capital, 35,000l. in 10. shares; loans, 11,500. Length, 4 miles. By act of 7th August, 1862, the company was authorised to raise new capital to the extent of 15,000l. in shares, at not exceeding 6 per cent., and 5,000. on loan. Also to create debenture stock in lieu of loans. Leased to Midland at 4 per cent. per annum, and worked by that company. WORCESTER AND HEREFORD.-By act of 1858, the Midland subscribed 37,500l. to this undertaking. HEREFORD, HAY, AND BRECON.-Leased to the Midland, as from the 1st July, 1874. See Hereford, Hay, and Brecon. SWANSEA VALE.-This was originally a registered company, formed in January, 1850, to acquire the Swansea Valley Railway-a line authorised by act of 2nd July, 1847, from the port of Swansea to Čadoxtan-juxta-Neath, 19 miles. By act of 15th June, 1855, the company was converted into one acting under the authority of Parliament, with a capital of 147,000l. in 351. shares, and a debenture debt of 49,000l. This act authorised an extension from the terminus at Swansea to Fabian's Bay (6 chains), and a branch from Pentreguinea to Swansea Harbour Float (13 chains). By act of 14th July, 1856, the company was authorised to make an extension to Ystradgunlais (6 miles); and branches to Ystalyfera (8 chains), Twrch (17 chains), and Yniscedwyn (23 chains). Power to lay down broad and narrow gauge. By act of 8th April, 1859, the capital was increased 33,000l., and the borrowing powers 11,0007. At a meeting held on the 2nd May, 1859, the capital authorised by this act was issued in 6 per cent. preference shares at 157. each. By act of 22nd July, 1861, the company was authorised to extend its line to the Llanelly at Brynamman, and to construct a branch from this new line to Llangadock; length, 6 miles. Company to purchase Palleg Railroad. Working arrangements with Llanelly. New capital, 33,0007. in shares and 11,0007. on loan. By act of 28th April, 1864, the company was authorised to raise new capital to the extent of 36,000l. in shares and 12,0007. on loan; and by act of 23rd July, 1866, the Swansea Vale obtained facilities over part of the South Wales to Swansea, and to lay down the narrow gauge to effect that purpose. Also to raise new capital to the extent of 21,000l. in shares and 7,000. on loan. Arrangements with Great Western, Vale of Neath, and Llanelly. By act of 17th June, 1867, the company was authorised to construct a branch (length, 4 miles 70 chains) from near the Upper Bank Station to the main line north of Glais Station; and a branch (14 chains) from the above line on the eastern side of the Swansea Canal to the western side of the Canal. New capital, 65,000l.; borrowing powers, 21,6001. Power to create debenture stock. Traffic facilities to Great Western. Lease to Midland.-By the Midland (Swansea Vale Lease) Act, 1874, the Swansea Vale is leased to the Midland from 1st July, 1874, at an annual rental (clear of all deductions) of 18,904/., payable halfyearly; the first payment to be paid on 1st January, 1875. The Midland to double, within five years, that portion of the line lying between Gurnos Junction and the Swansea Terminus. In operation, 264 miles. By act of 11th August, 1876, the undertaking was vested in the Midland on the following terms:-The Midland to create and issue to every holder of shares in the Swansea Vale such an amount of Midland preference stock as will yield to him an annual dividend equal to the amount of rent to which the said holder is entitled under the Lease Act of 1874. WOLVERHAMPTON AND WALSALL.-Incorporated 29th June, 1865, to construct a line from Wolverhampton to Walsall. Length, about 6 miles. Capital, 120,000/. in 107. shares and 40,0007. on loan. By act of 23rd July, 1866, a deviation from the original line and a short branch in Wolverhampton were authorised. Length, mile. New capital, 25,000l. in 107. shares and 8,300l. on loan. By act of 12th August, 1867, a further deviation was authorised, and an extension of time to 12th August, 1870, obtained. By act of 13th July, 1868, new roads were authorised, so as to avoid level crossings. New capital, 50,000l. in 107. shares and 16,6007. on loan. London and North Western to subscribe 2,000l. to aid in the construction of a new road at Walsall. By act of 20th June further deviations and alterations of levels were authorised. New capital, 70,0007. (in 6 per cent. preference shares of 107. each) and 21,1007. on loan. Time for completion of works extended to 1st December, 1872. The line was opened throughout on the 1st November, 1872, By the London and North Western (New Lines and Additional Powers) Act, 1875, the Wolverhampton and Walsall was vested in that company as from the 1st July, 1875, on the following terms:-The London and North Western to subscribe for the unissued preference shares, amounting to about 25,0007.; to pay 4 per cent. per annum on the preference capital of the Walsall Company, and dividends on the ordinary capital after the following rates:-For the years ending 30th June, 1877, and 30th June, 1878, 2 per cent.; for the years ending 30th June, 1879, and 30th June, 1880, 2 per cent.; for the year ending 30th June, 1881, 3 per cent.; for the year ending 30th June, 1882, 3 per cent.; for the year ending 30th June, 1885, and all subsequent years, 4 per cent. The entire mortgage debt of the Walsall Company to be assumed by the London and North Western, which may issue debenture stock in lieu thereof. Provisions are made in the act for the immediate dissolution of the Walsall Company. By act of 1876 the line was sold by the London and North Western to the Midland. REVENUE.-The receipts, &c., on this account for the half-years ended 31st December, 1875, and 30th June, 1876, were as given below: MILEAGE, 30th June, 1876.-Authorised-Lines owned, 1,129 miles; partly owned, 354; leased or rented, 51; total, 1,534 miles. Constructed-Lines owned, 1,006 miles; partly owned, 305; leased or rented, 51; total, 1,363 miles. Worked by Engines-Lines owned, 1,006 miles; partly owned, 139; leased or rented, 51; other companies lines worked, 120; foreign lines worked over, 256; total, 1,573 miles. NEW LINES AND WORKS.-The Settle and Carlisle Line was opened for goods traffic on the 1st August, 1875, and for passenger traffic on the 1st May, 1876. The results have so far been fairly satisfactory. The Hawes Branch is now being proceeded with. The works upon the Nottingham and Melton, and the Bennerley and Bulwell lines are making fair progress. The Shipley and Guiseley Line, and the Stockingford, Bestwood Park, Burton, and Skegby branches are now completed and opened for traffic. The Teversall and Pleasley, Dronfield and Unston, and Litchurch wagon branches are completed and ready for traffic. On the Kingsbury Branch more than one-half of the work is done, and the contractor is pressing on with the remainder. The first portion of the Killamarsh Branch, from the junction to the Norwood new collieries, was completed in September last, and the remaining portion to Kiveton Junction is making satisfactory progress. The works of the Kettering and Manton Line are now in progress at all points. Considerable progress has been made on the Walsall Branch, the greater part of the earthwork having been executed, and upwards of one half the masonry and brickwork done. CAPITAL.-Authorised-Stock and shares, 48,367,9447.; loans, 14,648,0907.; total, 63,016,0317. Created or Sanctioned.-Stock and shares, 45,117,9447.; loans, 13,564,2577; total, 58,682,2017. The stock and share capital of the company at 30th June, 1876, stood as follows: Description. Amount Received Received £ £ 4 per cent. consolidated perpetual rent-charge stock 3,087,306 3,087,306 4 per cent. consolidated perpetual guaranteed pre- Consolidated 4 per cent. preferential stock, redeemable at par on 30th September, 1875..... *5 per cent. consolidated perpetual preference stock *164,375 167. 5 per cent. preference shares, 1872, 5 per cent. in perpetuity. Option to convert 150,000 150,000 5,994,577 5,994,577 1,239,467 1,239,467 7,155,681 7,155,681 into ordinary stock not later than 31st Aug., 1877 2,630,000 2,630,000 *189,062 167. 5 per cent. preference shares, 1873, £ 5 per cent. in perpetuity. Option to convert into ordinary stock not later than 31st Aug., 1880 3,024,992 *193,750 127. 5 per cent. preference shares, 5 per 3,024,056 cent. in perpetuity 2,325,000 195,000 107. 4 per cent. preference shares, 43 per cent. in perpetuity Consolidated ordinary stock.. Leaving-in arrear, 9,420/.; uncalled, 621,6717. • Dividends contingent on profits of each separate year ending 31st December. The total receipts on capital account to 30th June, 1876, amounted to 57,823,6437.. The expenditure on capital account to the same date was as follows: Subscription to other railways, and contributions to Joint Lines, viz.:- The estimate of further expenditure on capital account was as follows: On lines open for traffic, including working stock.. Subscriptions to other railways and joint lines...... Total estimated further expenditure....... Half-year | In subse- £821,000 £849,483 £1,670,483 482,000 1,754,848 2,236,848 197,000 781,595 978,595 1,264,939 1,264,939 £1,500,000 £4,650,865 £6,150,865 The capital powers and other assets available to meet which were as under:Share and loan capital authorised, but not created or sanctioned. Stock and share capital created, but not received Calls in arrear...... Amount uncalled £4,333,833 £9,420 621,671= 631,091 558,452 627,489 £6,150,865 Loan and debenture stock account-Balance of available borrowing powers Capital account-Balance at credit thereof Total... NEW CAPITAL.-At a special meeting held on the 22nd February, 1876, it was resolved and ordered:--That in pursuance and under and by virtue of the powers of the undermentioned acts, the capital stock of this company be, and the same is hereby increased by the additional sum or amount of 1,950,000l. as follows, viz.— Under the Midland (Additional Powers) Act, 1875, by the sum of 1,800,000/.; under the Sheffield and Midland Companies Committee Act, 1875, by the sum of 100,0007.; under the Midland and North Eastern Act, 1875, by the sum of 50,000l.: and that the same be raised by the creation and issue of 195,000 shares of 107. each, to be called "107.4 per cent. preference shares," and that they be offered to the registered holders of consolidated ordinary stock in this company at this date, at the rate of one new share for every 100l. stock (rejecting any fraction under 1007.): and that as to so many of such shares in respect whereof any shareholder shall for one month after such offer of new shares fail to accept the same, and pay the first instalment called for in respect thereof, at the time which shall be fixed by the directors, and specified in the letter offering such new shares; and also as to so many of the said shares remaining unallotted, that the directors be, and they are hereby authorised to dispose of the said shares respectively in such manner as they may deem most for the advantage of the company. And that such new shares, in respect of the amount called up and paid thereon, shall be entitled to a preference dividend, without further participation of profits (subject to the existing preferences), at the rate of 47. 10s. per cent. per annum in perpetuity, payable half-yearly, the first payment to be for the period ending the 30th day of June, 1876, and to be paid with the dividend of the ordinary stock of the company, on the 1st day of September |