CAPITAL-The receipts and expenditure on this account, to 30th June, 1870, were as under: Received. Expended. £112,600 .£112,569 31 £112,600 The accounts are made up to 30th June and 31st December, and the statutory meetings held in February and August. Certificates are not required to accompany transter deeds. Fee charged for each transfer, 2s. 6d. No. of Directors.-Maximum, 10; minimum, 6. Qualification, 20 shares. DIRECTORS: Chairman-3 Captain JAMES GILBERT JOHNSTON, Union Club, Trafalgar Square, W. 1 Charles Castleman, Esq., Glasshayes, 2 Mr. Serjeant Gaselee, 2, Cambridge Lyndhurst, Hants. Square, Hyde Park, W. 3 The Hon. Ralph H. Dutton, Timsbury 1 Captain Charles Edward Mangles, Poyle Park, Farnham. Manor, Romsey, Hants. 2 The Count Eyre, 7, Hinde Street, Man chester Square, W. 1, Retire in 1871; 2, in 1872; 3, in 1873; all eligible for re-election. OFFICERS.-Sec., George Henry Harris; Solicitors, Bircham, Dalrymple, and Drake; Auditors, William Cann and John Taylor. Head Office-25, Bucklersbury, E.C. 117.-FAREHAM AND NETLEY. Incorporated by 28 and 29 Vic., cap. 153 (29th June, 1865), to construct a line from the Southampton and Netley to Fareham, with two small branches. Length, 8 miles. Capital, 105,000l. in 10. shares, and 35,000%. on loan. Arrangements with South Western. By 31 and 32 Vic., cap. 159 (31st July, 1868), an extension of time and revival of powers for compulsory purchase of land was conceded to the company, the period for completion of works being fixed for 29th June, 1871. 118.-FERMOY AND LISMORE. Incorporated by 32 and 33 Vic., cap. 21 (24th June, from the Great Southern and Western, at Fermoy, to Capital, 100,000l. in 10. shares, and 33,3007. on loan. Great Southern and Western. 1869), to construct a railway Lismore, Length, 15 miles. Working arrangements with No. of Directors-5; minimum, 3; quorum, 3 and 2. Qualification, 2001, DIRECTORS: Chairman- His Grace the DUKE OF DEVONSHIRE, K.G., Devonshire House, Lord Frederick C. Cavendish, M.P., 21, | Francis Edmund Currey, Esq., Lismore. Frederick John Howard, Esq., Eastbourne. Head Office-14, Great George Street, Westminster, S.W. 119.-FESTINIOG. Incorporated by 2 and 3 Wm. IV., cap. 48 (1832), to construct a railway or tramroad at Portmadoc to certain slate quarries near Festiniog, in the county of Merioneth. Single line. Capital, 24,1857. in 251. shares, and loans, 10,000Z. FINDHORN-FINN VALLEY. 85 By 1 and 2 Vic., cap. 30 (1838), the company was authorised to raise additional capital to the extent of 12,000%. in shares, and 4,000l. on loan. By 32 and 33 Vic., cap. 141 (26th July, 1869), the company was re-incorporated and authorised to widen and improve the railway, to construct additional works, and a branch and junction about 3 furlongs in length. New capital, 90,000l. preference or otherwise, with 30,000l. on loan. Gauge, 1 ft. 11 in. No. of Directors-5; minimum, 3; quorum, 3 and 2. Qualification, 5001. Incorporated by 22 Vic., cap. 8 (19th April, 1859), to construct a line from the Inverness and Aberdeen Junction, near Kinloss, to the town of Findhorn. Capital, 9,000. in 10. shares; loans. 3,000. Length, 3 miles and 5 chains. Opened 18th April, 1860, and worked by the Highland as a branch. Meetings annual, in September or October. No. of Directors-7; minimum, 3; quorum, 3. Qualification, 1001. Incorporated by 23 Vic., cap. 40 (15th May, 1860), to make a railway from Stranorlar, county Donegal, to Strabane, on the Londonderry and Enniskillen. Length, 13 miles. Capital, 68,000l. in 10. shares; loans, 20,000. Opened 7th September, 1863. IRISH NORTH WESTERN.-An agreement has been effected with this company, under which the Finn Valley is to be worked for 35 per cent. of the traffic receipts, with a new clause fixing at 375l. a year, from 1st July, 1865, the rent to be paid for station accommodation at Strabane, and the half mile of line. REVENUE. The receipts for the half years ending 31st December have been as under since the opening of the line: The dividend for the December half-year was equal to 1 per cent. per annum, and that for June 2 per cent. It was reported in October that 309., six months' interest at 33 per cent., of 17,6831. 78. 3d, the balance of principal, had been charged to revenue for the half-year ended 30th June. A like amount of interest will have to be debited to the December half-year's revenue. The residue of the annuity of 1,300l., viz., to 6807., the year's repayment in respect of principal. The directors propose to raise by the issue of preference shares, to be allotted to shareholders applying for them, rateably in proportion to their present holdings. CAPITAL.-The details of receipts and expenditure on this account to 30th June, 1870, are subjoined:--- Received. Expended. Shares, per account No. 2....... £55,139 On line opened for traffic............ £76,385 Loans, per account No. 3........... Profits on revenue account capitalized by resolution of general meeting on 1st April, 1869 17,683 3,768 £76,591 Balance 206 £76,591 Application is being made to parliament for an extension to the wharf of the Londonderry and Strabane canal, at Strabane. Accounts made up to 30th June and 31st December. Meetings in April and October. No. of Directors-8; minimum, 5; quorum, 3. Qualification, 3001. DIRECTORS: Chairman-THE RIGHT HON. VISCOUNT LIFFORD, Meen Glas, Stranorlar, County Donegal, and Cecil House, Wimbledon, S. W. Vice-Chairman-JAMES THOMPSON MACKY, Esq., J.P., Belmont, Londonderry. James B. Delap, Esq., Monellan, Killy- | Lord Francis Conyngham, The Hall, gordon, County Donegal. Edward Hunter, Esq., D.L., J.P., The Mountcharles, County Donegal. Robert Russell, Esq., J.P., Salthill, Mountcharles, County Donegal. Benjamin Briggs Popplewell, Esq., Beacon Hill, Addingham, Yorkshire. OFFICERS.-Sec., James Alex. Ledlie, Stranorlar; Auditors, John Craig, Killygordon, and John Gunning, Stranorlar; Bankers, Northern Banking Company. Offices-Stranorlar. 122.-FORCETT. Incorporated by 28 Vic., cap. 61 (2nd June, 1865), to construct a line from the Darlington and Barnard Castle and Forcett. Length, 8 miles. Capital, 30,0007. in shares, and 10,000. on mortgage. Arrangements with North Eastern. The line has been opened for goods and minerals, but is not yet employed in the conveyance of passengers. No. of Directors-7; quorum, 3. Qualification, 4001. DIRECTORS: Chairman-CARL F. H. BOLCKOW, Esq., of Middlesbro'. Thomas Vaughan, Esq., Middlesbro'. J. G. Swan, Esq., Middlesbro'. James Bowron, Esq., Forest Hall, Newcastle-on-Tyne. R. T. Richardson, Esq., Barnard Castle. OFFICERS.-Sec. and Solicitor, T. Richardson, Barnard Castle; Engs., and MacNay, C.E., Darlington; Auditors, J. C. MacNay, Darlington, and J. Bowron, Jun., South Stockton. Offices-Barnard Castle. 123.-FOREST OF DEAN CENTRAL. Incorporated by 19 and 20 Vic., cap. 100 (11th July, 1856), to make a railway from the South Wales, near Brimspill, to Howbeach Valley, in the Forest of Dean (broad gauge.) Capital, 65,000. in 101. shares; loans, 21,6607. The Woods and Forests advance 20,000l., secured by prior claim of 5 per cent. Length of main line, 44 miles; of Fox Bridge branch, 24 miles; and of the branch which terminates by a junction with that railway, 4 furlongs 7 chains. FOREST OF DEAN CENTRAL-FORTH AND CLYDE JUNCTION. 87 By 23 and 24 Vic., cap. 129 (20th August, 1860), an extension of time for completion of works was conceded till 14th July, 1862. Agreements were also authorised with the South Wales, and joint committee appointed to be formed. New capital to the extent of 1,000l. to be raised in shares; and the Commissioners of Woods and Forests were authorised to grant an extension of time for repayment by the company of sums advanced by them, five years, instead of one twelvemonth, being now allowed. By 24 and 25 Vic., cap. 184 (22nd July, 1861), the company was authorised to construct some new works for coal traffic, and to increase the capital of the undertaking by 15,000. in shares at 6 per cent., and 5,000, in loans. No. of Directors-7; minimum, 3; quorum, 4; if at minimum, 2. Qualification, 5001. DIRECTORS: Chairman-ARTHUR T. PRATT BARLOW, Esq., Wellbank, Taplow, near Maidenhead, Berks. Osman Barrett, Esq., Mitcheldean, Glou- | Edmund Kendall, Esq., 26, Basinghall cestershire. William Bower, Esq., 96, Tottenham Court Chas. Greenwood, Esq., 61, Nelson Square, Street, E.C. George Williams Morris, Esq., Denmark Charles J. B. Williams, Esq., M.D., F.R.S., OFFICERS.-Sec., J. Wilson Theobald, 6, Victoria Street, Westminster, S.W.; Solicitors, Wright and Venn, 1, Paper Buildings, Temple, E.C.; Bankers, Ransom, Bouverie, and Co., 1, Pall Mall East, S.W. Offices-6, Victoria Street, Westminster, S.W. 124.-FORTH AND CLYDE JUNCTION. Incorporated by 17 Vic., cap. 125 (4th August, 1853), for a railway from Stirling (junction with the Scottish Central) to Alexandria (junction with the Caledonian and Dumbartonshire), near Balloch, foot of Loch Lomond. The line connects the east and west of Scotland, and the rivers Forth and Clyde, by the shortest possible route. Length, 30 miles. Opened 26th May, 1856. By 20 and 21 Vic., cap. 34 (13th July, 1857), the company was authorised to cancel certain forfeited shares, of the nominal value of 43,0007., and to issue the same amount and also 21,000/. additional, at 5 per cent. preference. The Act also contains clauses for converting the same share capital and mortgage debt, and the money to be borrowed under the Act into stock, and to authorise the company to attach a preference to the shares for all or any of the additional money to be raised, and to fund the debt of the company, with various provisions in relation thereto. By 24 and 25 Vic., cap. 230 (1st August, 1861), the company was authorised to raise new capital to the extent of 21,000. in shares, and 7,0007, on loan. Also to construct a branch to Dalmonach print works. Length, 62 chains. REVENUE. It was reported in March that the expenditure had again been heavy in maintaining and renewing the line and rolling stock, as the directors considered it judicious to fully keep up the value of the rolling stock and to maintain the line in good order. The balance, after charging 1,713/. for maintenance and renewal of permanent way, and 1,2667, for repairs and renewal of rolling stock, was 2,9957., from which were deducted 1,5631. for interest on debentures, 921. for interest on deferred dividend warrants, and 1647. for interest on banking balances, leaving 1,1967. Dividend at the rate of 4 per cent. per annum on the first preference stock, left a balance of 207. It was reported in September, that the receipts had considerably increased from the corresponding half-year, and although the expenditure had been heavy in consequence of great repairs making upon the permanent way, the company had a greater surplus than last year-so much so that they could pay upon first preference shares 4 per cent., instead of 24 per cent. Of the 2,0751. received as the purchase-money of the company's telegraph wires, 1,2007. was ordered to be carried to capital account, and the balance to suspense. CAPITAL-This account consists of 107,000l. in ordinary stock; 64,000l. of 5 per cent. preference; 4,500l. of second 5 per cent., and 16,4801. of 6 per cent. preference, making a total of 192,0007., and of which 186,1557. have been received. The loans amount to 64,000. The expenditure to 31st July amounted to 263,788., leaving a balance against the account of 13,6331. Meetings half-yearly (at Stirling), in August or September, and February or March. No. of Directors-9; quorum, 4; committee of directors, 3 to 5; quorum, the majority. Qualification, 50 shares. DIRECTORS: Chairman-1 His Grace the DUKE OF MONTROSE, K.T., Buchanan House, Drymen, Stirlingshire, and 45, Belgrave Square, S. W. 3 Henry Kerr, Esq., Glasgow. 3 John Mc. Gaven, Esq., Glasgow. 1 Henry Ritchie Cooper, Esq., of Ballindalloch. 2 James Morrison, Esq., of Livilands. The figures show the order of retirement. All are eligible for re-election. OFFICERS.-Man. and Sec., Robert Young, Forth Place, Stirling; Engs., R. Young and Sons; Locomotive Superintendent, William Holmes; Accountant, Thomas Ronald; Auditors, 1 James Thomas Wingate, Writer, Stirling, and 2 Patrick Graliam Morison, Writer, Stirling; Solicitors, J. and J. Mothie and MacLuckie, Writers, Stirling, and T. L. Galbraith, Writer, Stirling. Offices-Stirling. 125.-FURNESS. Incorporated by 8 Vic., cap. 22, for a line commencing at Barrow and Piel Piers, Morecambe Bay, mainly for the conveyance of minerals from Dalton and Kirkby mines, opened for traffic in 1846. The line was subsequently extended to Broughton, and opened for traffic in 1848. Power was also obtained for an extension eastward from Dalton to Ulverston. This extension was opened to Lindal în 1851, to Halfway Bridge in 1852, and to Ulverston in 1854, where a junction was afterwards (1857) formed by the Ulverston and Lancaster. CONISTON.-Incorporated by 20 and 21 Vic., cap. 110 (10th August, 1867), for making a railway from Broughton (junction with the Furness line) to Coniston Lake. Length, 9 miles. Capital, 45,000l.; loans, 15,000%. Opened 18th June, 1859. This undertaking was amalgamated with the Furness, under an Act passed on the 7th July, 1862 (25 and 26 Vic., cap. 133), under the following arrangements:-"That the Coniston shareholders receive a dividend in accordance with the terms of the present working agreement between the two companies for the period for which that agreement has been entered into. The agreement bore date the 17th June, 1859, and was for a period of five years. The terms of it are, that the Coniston shareholders should receive no dividend for the first year; for the second and third years a dividend equal to one-third of the dividend paid upon the ordinary shares of the Furness; and for the fourth and fifth years, a dividend equal to half of the dividend on the Furness ordinary shares. After the expiration of the term of the working agreement, the Coniston shareholders are, under the arrangement for amalgamation, to receive for the then ensuing five years, a dividend equal to two-thirds of the dividend on the Furness ordinary shares; and after the expiration of that period of five years, they are to receive the same dividend as the ordinary shareholders of the Furness." ULVERSTON AND LANCASTER.-Incorporated by 14 and 15 Vic., cap. 102 (24th July, 1851), for a line from the Furness, at Ulverston, to a junction with the Lancaster and Carlisle, at Carnforth, 7 miles north of Lancaster. Length, 19 miles. Opened August, 1857. Original capital, 220,000l.; additional capital, 150,0007.; debentures, 123,3331., under the powers of the Ulverston and Lancaster Act, 1858. The whole of this undertaking has been transferred to the Furness under the following arrangement, adopted on the 21st January, 1862:-"The Furness to allot to the shareholders in the Ulverston, in exchange for their shares, preferential shares or stock of the Furness, bearing interest at 5 per cent. per annum, for the half-year ending 31st December, 1861, and, at 6 per cent. per annum thenceforth in perpetuity, clear of all outgoings. The preferential shares or stock to be so created, and the existing preference shares of the Furness to rank equally in point of priority as a first charge on the divisible profits of the two undertakings, after satisfying a dividend of 24 per cent. on 10,000l. to Lady le Fleming and her lessees. Neither the new nor the old preferential shares entitled to vote, and the Furness to be allowed two years from 1st January, 1862, to make the necessary arrangements with their present preference shareholders (who are redeemable) for effectuating these purposes." In connection with the purchase of the Ulverston and Lancaster railway, it was necessary for the directors to arrange for purchase of the Ulverston Canal, and an agreement was accordingly entered into for the sale of the canal to the Furness, for the sum of 22,0001. WHITEHAVEN AND FURNESS JUNCTION.-Incorporated 21st July, 1845, by 8 and 9 Vic., cap. 100, for a railway from Whitehaven to a junction with the Furness, near Dalton; subsequently extended to a junction at Whitehaven with the Whitehaven Junction, and fixing the junction with Furness at Foxfield, near Broughton. Opened |