from the earlier opening of any portion of the railway, with the option on the part of the purchasers of paying off the purchase-money at par in cash, or in 4 per cent. debenture stock. REVENUE. The receipts for the half-year ending 31st December, 1869, showed that 1,316,553, had been received, as compared with 1,315,144. in 1868, showing an increase of 1,409. The disbursements amounted to 613,9697., against 621,219, showing a decrease of 7,2501. The balance applicable to dividend on the ordinary stock was 443,815., and a dividend at the rate of 6 per cent. left 15, 4067. The receipts for the half-year ending 30th June showed that 1,281,8601. had been received, against 1,236,7401. in 1869, showing an increase of 45,1201. The expenditure amounted to 569,5557., against 539,2991., showing an increase of 30,2561. The balance was 454,3011., out of which a dividend at the rate of 7 per cent. was declared. CAPITAL.--The particulars of income and expenditure on this account to 30th June, 1870, were given as follow: Shares and stock Received. Expended. £17,492,282 On lines open for traffic. 4,667,607 On lines and works in course of £20,419,261 Debenture stock 2,616,321 Loans.. Moneys in advance Forfeited and merged shares, &c. 151,717 construction 276,784 On lines and works for which Acts have been obtained, not yet contracted for..... Subscriptions to other railways, &c. ...... 13,507 280,079 The estimate of further expenditure, including 10,000. between the Blackburn, Chorley, and Wigan, and the Halifax and Ovenden, was 180,000l. for the December half-year, leaving 965,3581. to be hereafter provided for, the assets to meet which being: Balance of capital authorised but not yet sanctioned Balance of available borrowing powers The accounts are made up to 30th June and 31st December in every year, and the meetings held in Manchester in February and August. Scale of Voting.-One vote for every 1001. stock, nominal amount. Certificates must accompany transfer deed. Registration fee, 5s. each deed or bond. Parts of 11. may not be transferred. Several classes of shares or stock may go on one deed. Transfer books close usually 22 days be ore meetings. No. of Directors.- Maximum, 26; minimum, 12. Qualification, 2,5001. stock, nominal value. Allowance, 5,000l. Present board, 15. DIRECTORS: Chairman-GEORGE WILSON, Esq., Manchester. George Anderton, Esq., Cleckheaton, near Joshua Appleyard, Esq., Clare Hall, Thomas Barnes, Esq., Farnworth, near Samuel Fielden, Esq., Todmorden. James Holme, Esq., Liverpool. John Hargreaves, Esq., Silwood Park, Berks. William Henry Hornby, Esq., Blackburn. Rt. Hon. Lord Houghton, Fryston Hall, John R. Kay, Esq., Bury. James Pilkington, Esq., Blackburn. OFFICERS.-Sec., William S. Lawn; Traff. Man., William Thorley, Manchester; Treas., Samuel William Bulteel; Res. Eng., Sturges Meek, Manchester; Audit Accountant, W. J. Benbow; Loco. Supts., William Hurst and William Yates, Manchester, John Jaques and R. Mason, Bury; Supts. Passenger Traffic, Henry Blackmore (Western Division), Victoria Station, Manchester; C. H. Binstead (Eastern Division), Wakefield; Goods Man., T. Collin; Bankers, Cunliffes, Brooks, and Co., Manchester; Solicitors, T. A. and J. Grundy and Co., King Street, Manchester. Head Offices-Hunt's Bank, Manchester. LANCASTER AND CARLISLE. 167--LANCASTER AND CARLISLE. (LEASED TO LONDON AND NORTH WESTERN.) 145 Incorporated by 7 and 8 Vic., cap. 37 (1844), for a single line in the first instance until the Act authorising the Caledonian was passed, when it was made a double line, continuing the Lancaster and Preston to Carlisle, and there forming a junction with the Caledonian. Length, 70 miles. An Act 13 Vic., cap. 87 (1st August, 1849), sanctioned an agreement between this company and the Lancaster and Preston, as follows:-That the Lancaster and Preston receives 7-22nds and the Lancaster and Carlisle the remaining 15-22nds of net profits derived from working of both lines. Out of their proportion the Lancaster and Preston paid interest on mortgage debt, 113,000. By 20 and 21 Vic., cap. 161 (25th August, 1857), the Lancaster and Carlisle was authorised to construct the connecting link between Tebay and Ingleton. Additional capital, 300,000l.; loan, 100,000. Length of main line is 19 miles; that of the branch, 1 mile 2 furlongs 1 chain. By 21 and 22 Vic., cap. 14 (23rd July, 1858), the company obtained power to abandon part of Lowgill Junction, the connection between Little North Western and Lancaster and Carlisle being in no way impaired. Opened October 1st, 1861. By 22 and 23 Vic., cap. 124 (August 13th, 1859), the Acts of the company were consolidated, and lease and amalgamation with the Kendal and Windermere and Lancaster and Preston authorised. By 28 and 29 Vic., cap. 333 (5th July, 1865), it is provided that shareholders in the Lancaster and Carlisle shall participate pro rata in future allotments of London and North Western stock. LANCASTER AND PRESTON JUNCTION.-Incorporated by 7 Wm. IV., cap. 22 (1837), for a line between those towns. Length, 20 miles. Opened throughout, 30th June, 1840. Leased to the Lancaster Canal for 21 years, from 1st September, 1842, per agreement, dated 14th July, 1852, at an annual rental of 13,000l. By Act 13 Vic., cap. 87 (1st August, 1849), the Lancaster and Carlisle assumed the management of the two undertakings, under agreement of 13th November, 1848. This company's relations with the Canal company are as follows, viz. :-On 1st August, 1849, the Canal relinquished their lease, paying their portion of the stipulated rent up to that date; receiving from the Preston company 4,8751. a-year. The option of purchasing this annuity was reserved to this company; at the meeting of 12th April, 1850, it was agreed to be exercised-the "twelfth" shares were created, and the Canal was paid 48,1551.38. 6d, principal and expenses, less proceeds of certain sales in 1849 (2,9761. 138. 5d.); balance, 44,137. 108. The Lancaster and Preston agreed to the terms of lease with the Lancaster and Carlisle, which took effect on 10th September, 1859, the Preston proprietors receiving 1011, 18s. 11d, for every 1001. stock. KENDAL AND WINDERMERE.-Incorporated by 8 and 9 Vic., cap. 32 (1845), for a line from the Lancaster and Carlisle, at Oxenholme, to Birthwaite, near Windermere Lake, 10 miles. Opened 21st April, 1847. Leased in perpetuity to the London and North Western, at 3 per cent. PORTPATRICK.-The Lancaster and Carlisle subscribed 100,000l. to this undertaking, and the London and North Western exercises the power of nominating two directors. LONDON AND NORTH WESTERN.-This company leased the Lancaster and Carlisle and the Lancaster and Preston, for 900 years, from 1st August, 1859, on the following terms: On the London and North Western paying a dividend at the rate of 4 per cent. or under, the Lancaster and Carlisle to receive a dividend of 8 per cent.; on paying 41, to receive 8; on paying 41, to receive 9; on paying 41, to receive 94; on paying 5, to receive 101; and on the London and North Western paying 6 per cent., Lancaster and Carlisle to receive 10, and so on for any greater or less fraction than per cent., increasing in the same ratio as London and North Western. The dividends paid to the Lancaster and Carlisle, under this arrangement, have been as follow: CAPITAL.-The capital on which dividends were payable is as follows :— Ordinary stock 4 per cent. preference stock £2,420,300 £2,876,300 No. of Directors-17; five of whom are nominated by the London and North Western. DIRECTORS Chairman-E. W. HASELL, Esq., Dalemain, Penrith, Samuel Edward Bolden, Esq., Lancaster. George H. Head, Esq., Rickerby House, William Birley, Esq., the Larches, Preston. Alex. Brogden, Esq., M.P., Ulverston, and 1, Victoria Street, Westminster, S. W. William Nicholson Hodgson, Esq., M.P., Newby Grange, Carlisle, and 33, Duke Street, St. James's, S. W. Henry Garnett, Esq., Wryeside, near Lan caster. W. A. F. Saunders, Esq., Wennington Robert Jackson, Esq., Cotteswold, Leck- John Stamp Burrell, Esq., Parkfield House, near Lancaster. Colonel Henry Lowther, M.P., Barley Thorpe, Oakham, Rutlandshire, and 21, Wilton Crescent, S.W. *Nominated by the L. and N. W. + Nominated by the Earl of Lonsdale. OFFICERS.-Sec., William King; Auditors, Joseph Salkeld and Henry Crosfield. Solicitor, J. B. Batten, 32, Great George Street, S.W.; Bankers, The Lancaster Banking Company, Lancaster." Head Offices-Lancaster. 168.-LEOMINSTER AND KINGTON. Incorporated by 17 and 18 Vic.. cap. 144 (1854). Length, 13 miles, single line. Capital, 80,000l. in 10. shares, with power to borrow 26,0001. Opened 2nd August, 1857. By 22 Vic., cap. 34 (19th April, 1859), power was given to the company to issue the shares not taken up at not exceeding 5 per cent. preference. These shares were issued at 4 per cent. preference. By 26 and 27 Vic., cap. 127 (13th July, 1863), the company was authorised to enter into working arrangements with the West Midland, and to devise a lease of the line to that company. By provisions of a lease to the Great Western, in accordance with this Act, the shareholders receive a minimum of 4 per cent., with a future increase in proportion to increase of traffic. The directors have stipulated for the purchase of the fine at 5 per cent.. whenever the traffic is sufficient to warrant the purchase. Dividends at the rate of 4 per cent. are declared on the ordinary shares, and at the rate of 4 per cent. on the preference. A bill for construction of a branch to Presteign, for additional capital, and for lease of branch to Great Western, is to be submitted to Parliament during the forthcoming session. CAPITAL-The expenditure on this account to 30th June, 1870, amounted to 105, 1801; the receipts having been on shares, 78,2901., and on loan, 26,0001.; leaving a balance against the account of 8901. DIRECTORS: Chairman-The Right Hon. LORD BATEMAN, Shobdon Court, Shobdon, Herefordshire. Vice-Chairman-JAMES KING KING, Esq., Staunton Park, Staunton-on-Arrow, Herefordshire. James Bedford, Esq., Leominster. The Rev. Sir Gilbert Frankland Lewis, Thomas Bristow Stallard, Esq., Leominster. 169.-LESLIE. Incorporated by 20 and 21 Vic., cap. 86 (7th July, 1857), to construct a line from Markinch to Leslie, with three small branches. Length, 6 miles. Capital, 35,0007. in 10 shares. and 11,5001. on loan. Opened 11th February, 1861. Arrangements with North British, which works the line. The divisible balance for the half-year ending 31st January, 1870, was 7914, which was applied as follows:-1. In payment of a dividend at 5 per cent. on 9,1201. of preference shares, 2281. 2. A dividend on ordinary shares (22,7967.), at the rate of three per cent. per annum, 3411. Leaving a balance of 2211. LEVEN AND EAST OF FIFE-LIMERICK, CASTLE CONNELL, ETC. 147 The divisible balance for the half-year ending 31st July was 7612, which was applied as follows:-In payment on a dividend at the rate of 5 per cent. per annum of 9,1207. of preference shares, 2281.; a dividend on the ordinary shares (22,8107.) at the rate of 3 per cent. per annum, 3421., together 570., leaving a balance to the credit of next half year's account of 1911. The traffic receipts for the half-year amounted to 1,6162; and for the corresponding period in 1869 to 1,337, showing an increase of 2791. But for an excess in the working expenses, caused by an increased expenditure on rails, chairs, sleepers, &c., for the permanent way, the divisible fund would have been larger. The working expenses amounted to 7781, whereas in the corresponding period of 1889 they were 5341., showing an increase of 2441. DIRECTORS: Chairman-WILLIAM TULLIS, Esq., Rothes, by Markinch. OFFICERS.-Solicitor and Sec., Adam Morrison, S.S.C.; Eng., Thomas Bouch, 170.-LEVEN AND EAST OF FIFE. Incorporated by 15 Vic., cap. 95 (17th June, 1852), for a line from Thornton Junction, Markinch, Fife (Edinburgh Perth and Dundee), to Burnmill, in Scoonie; branches to Kirkland Works and Leven Harbour. Length, 6 miles. Opened 3rd July, 1864. By 24 and 25 Vic., cap. 158 (22nd July, 1861), the EAST OF FIFE was amalgamated with the Leven. New capital, 17,000. The former company was incorporated by 18 and 19 Vic., cap. 165 (23rd July, 1855), to make a railway from the Leven, at the town of that name, to Kilconquhar, in the county of Fife. Capital, 32,0001, in 101, shares; borrowing powers, 10,6061. 1856), the terminus at Kilconquhar was changed to the Opened 18th August, 1867. Length, 7 miles 5 chains. By 19 Vic., cap. 24 (5th June, North of Muircambus Mill. REVENUE-The compensation received from the Post Office in respect of the company's telegraph system was applied in wiping off the debt to the Royal Bank, whereby the interest charges during the half-year ending 31st July had been reduced by 1601. From those causes the sum available for dividends had been increased from 3,6781. in the corresponding period of 1869 to 4,1241. The sum of 1,0021. was applied in paying dividend on the preference stock, 2007. for contingencies, and at the rate of 10 per cent. on the Leven stock, and at the rate of 4 on the East of Fite stock, leaving a balance of 1641. The accounts are made up to 31st January and 31st July, and the statutory meetings are held in March or April, and September or October. Scale of Voting.-From 2 to 10 shares, one vote; one vote for every 10 shares above 10 to 100; one vote for every 20 above 100 shares. No. of Directors.-Maximum, 7; minimum, 3. Qualification, 15 shares Leven capital, and 30 shares East of Fife capital. DIRECTORS: Chairman-JOHN HAIG, Esq., Distiller, Cameron Bridge. John Wood, Esq., Banker, Collingsburgh. | John Luke, Esq., of Brownhills. James Anderson, Esq., Durie Foundry. Secretary and Solicitor, Andrew Wilkie, Writer and Banker, Leven. 171.-LIMERICK, CASTLE CONNELL, AND KILLALOE. Incorporated by 18 and 19 Vic., cap. 76 (June 26th, 1865), to construct a railway from the Waterford and Limerick, at Killonan, to Castle Connell. Length, 9 miles. Completed at the original estimate of 5,000l. per mile. Opened 28th August, 1858. By 21 and 22 Vic., cap. 144 (2nd August, 1858), the company was authorised to extend the line from Castle Connell to Killaloe, at an outlay of 37,000l. in 101. shares, and 12.3331, on loan. Length, 73 miles. Opened to Birdhill on 10th July, 1860; from Birdhill to Killaloe (22 miles) on 12th April, 1862. By 29 and 30 Vic., cap. 339 (6th August, 1866), the company was authorised to extend the line to the river Shannon. Length, mile. Capital, 7,5001. in shares, and 2,500. on loan. In operation, 13 miles. REVENUE. The receipts on both lines for the half-year ending 30th December, 1869, were 1,529., showing an increase over the corresponding period of 1868, of 581. The receipts for the six months ending 30th June amounted to 1,631, exhibiting an increase of 2051. over the corresponding period of 1869. The deficit on net revenue account was stated at 2711. CAPITAL.-The receipts on the Castle Connell to 30th June were 30,1152. (including 5,5001, on loan), and the expenditure 27,0821., leaving a balance on hand of 3,0327. The receipts on the Killaloe were (including 12,3331, on loan) 49,2111., the expenditure having been 53,131., and showing a balance of 3,9201. against the account. Meetings in February and August; quorum, 5 shareholders, representing 2,5002. Scale of Voting.-5 shares, 1 vote; 10 shares, two votes; one additional for each 10 shares excess; but no shareholder to have more than 10 votes. No. of Directors-5; minimum, 3; quorum, 3. Qualification, 50 shares; Auditors, same qualification. DIRECTORS: Chairman-WILLIAM MALCOMSON, Esq., Portlaw, County Waterford. Joseph Robinson, Esq., Corbally House, | Samuel B. Pim, Esq., Portlaw. Limerick. James Martin, Esq., M.D., Portlaw. OFFICERS.-Traffic Man., Thomas Ainsworth; Sec., Thomas Naan, Limerick; Eng., James Tighe; Solicitors, Murdock, Green, and Co., 52, Lower Sackville Street, Dublin. Offices-Limerick. 172.-LIMERICK AND ENNIS. By 17 Vic., cap. 114 (4th August, 1853), the company was incorporated by this new title: empowered to abandon the branches to Killaloe, the Great Southern and Western, and near Limerick. Reduced length, 24 miles, single line. Worked by Waterford and Limerick, under Act of 1862, at 45 per cent. By 23 Vic., cap. 56 (25th May, 1860), the company was authorised to maintain the line over certain roads on a level, to purchase lands, and to make alterations in respect to meetings, &c. By 33 and 34 Vic., cap. 58 (20th June, 1870), the Limerick and Ennis was authorised to cancel certain unissued shares, to borrow on mortgage in lieu thereof, and to issue debenture stock to the extent of 25,000l. LIMERICK, ENNIS, AND KILLALOE.-Incorporated by 10 Vic.. cap. 195 (1846), for a line from Limerick Junction to Ennis (Clare), and branches to Killaloe Junction with the Great Southern and Western, and a branch to Clare. The first portion of the line, between the Shannon and Clare, was opened on 17th January, 1859; the bridge across that river, with the section to Limerick, on 26th March; the remainder, from Clare to Ennis, 1 mile, 2nd July; total, 24 miles. REVENUE.-The receipts for the half-year ending 31st December, 1869, amounted to 6,2961., in comparison with 5,907, for the corresponding period of 1868. The working expenses exhibited an increase of 1571., the profit on the half-year being 3,1861. After payment of interest on loans, &c., extending to 2,5541., a surplus of 6311, was applied in reduction of revenue debt. Subjoined is a tabular statement for the half year ending 30th June: It was reported in September that the balance of old revenue debt would be cleared off by current profits in four months. The revenue account would then be in a condition to pay the full dividend of 5 per cent. each half-year thereafter, on all the preferenced, and to leave a balance available for dividend on ordinary shares. CAPITAL. The expenditure on this account amounted to 198,7121.. the receipts (including 73,6651, on loans, and 12,3254, at 5 per cent. preference) to 177,806., leaving a balance against the account of 20,9061. The meetings are held half-yearly, in March and September, at Limerick. The accounts are made up to June and December. Scale of Voting.-1 and not exceeding 5 shares, one vote; 6 and not exceeding 10, two votes; and for more than 10, a vote for every 10. Transfer books close 14 days before meetings. Certificates must accompany deedsfee, 2s. 6d. on transfers: 5s. on deaths and marriages. No. of Directors.-Maximum, 15; minimum, & Elections in March. |