and South Western Railway (Paisley Canal) Act, 1869, the company guarantee the payment of dividend after the rate of 4 per cent. per annum in perpetuity upon the share capital of 150,000., which the Greenock and Ayrshire are by the Greenock and Ayrshire Railway Amendment Act, 1868,' authorised to raise, or any part thereof. Provided always that such guarantee shall not in any way alter, prejudice, or affect the rights or interest of the holder of any mortgage, rent-charge, or other security granted by this company, or any preferential shares or stock in the capital of the company, lawfully subsisting at this date. Opened 23rd December, 1869.

PAISLEY CANAL.-By 32 and 33 Vic., cap. 48 (24th June, 1869), the Glasgow, Paisley, and Johnstone canal was vested in the Glasgow and South Western, the annual payments in respect to which is fixed at 3,4717. 128. 8d., such sum to be paid in priority of dividend on the ordinary stock of the railway. Also to acquire the capital of the canal.

REVENUE.-The receipts for the half-year ending 31st January amounted to 316,1157., against 291,9007. in the same period of 1869, and the expenses to 131,4037., against 124,3381. in the corresponding period, showing an increase in the receipts of 24,215., and in the expenses of only 7,0657. The net revenue amounted to 195,2751, against 173,3421., showing an increase of 21,9337. The interest on debentures amounted to 44,9407., against 36,557., showing an increase of 8,3331. The dividend was at the rate of 5 per cent. The receipts for the half-year ending 31st July amounted to 335,334, against 293,9831. for the six months ending 31st July, 1869; the expenses were 150,9317., against 129,4197. in 1869, leaving the net receipts 184,4031. against 164,564., and showing an increase of 19,8397. The net revenue amounted to 194,8547. against 175,1927. The interest on debentures, &c., amounted to 42,9701., against 38,5931., leaving 151,8847. available for dividend against 136,599. in the corresponding six months of 1869. The dividend on the fixed preference stocks and shares amounted to 30,133, leaving a balance of 121,751; out of which a dividend at the rate of 5 per cent. per annum on the ordinary and participating preference stocks left 5,611. to credit of next account.

CAPITAL.-The amount to 31st January, 1870, was 7,245,784., including 106,4767. during the half-year. The amount expended during the July half-year was 54,8731. less than the amount estimated, and the estimated expenditure during the current half-year was 162,7077. The debentures due at Martinmas were renewed on favourable terms, and the average rate of interest on the debenture debt was now reduced to 31. 19s. 10d. per cent. Holders of 5 per cent. preference convertible stock to the amount of 49,2901. had exercised their option of converting it into ordinary stock during the half-year.

The receipts and expenditure on this account were detailed as under:

Perpetual guaranteed No. 2 issued at 8 per cent. premiam

GLASGOW AND SOUTH WESTERN.

55

95

The statement of stock and share capital created shows the proportions received to have been as follow:

Description.

Guaranteed consolidated

Preference consolidated

Perpetual guaranteed

Castle-Douglas preference

Maybole and Girvan preference

48,150 207, 5 per cent. preference shares (option to)
convert into ordinary stock not later than 31st
Angust, 1872, and as from 30th June, 1872)
In advance...

Amount created.

Five per cent. convertible preference stock (option) to convert into ordinary stock not later than 31st July, 1873).

£140,000

January last..

Converted into ordinary stock since 31st

49,290

The estimate of further expenditure required 162,7067. during the December halfyear, with 248,9277. in future periods, irrespective of 150,000l. for the Girvan and Solway engagements. To meet this requirement of 561,6341. the available powers and assets were detailed as under:

Share capital authorised (permissive) but not created or sanctioned

Loans and debenture stock-Balance of available borrowing powers...
Kilmarnock Direct- Proportion of costs and outlay to be refunded
Glasgow, Paisley, and Johnstone canal, A and B debts held by company

The accounts are made up to 31st January and 31st July, and the meetings held in Glasgow in February or March and August or September in every year.

Certificates must accompany transfer deeds. Registration fee, 2s. 6d. each transfer, for each description of stock. Transfer books close 21 days before meetings. Proxies, 48 hours before meeting. Several classes of stock may go on one stamp.

No. of Directors-10. Qualification, 1,000/. stock.

DIRECTORS:

4 Chairman-Sir ANDREW ORR, of Harviestoun and Castle Campbell.

1 Deputy-Chairman-ALEXANDER RONALDSON, Esq., 7, Park Terrace, Glasgow. 9 Robert Barclay, Esq., 21, Park Terrace, 17 Patrick Playfair, Esq., Merchant, GlasGlasgow.

gow.

3 Peter Clouston, Esq., 1, Park Terrace, 2 James M'Clelland, Esq., 140, St. Vincent
Glasgow.
Street, Glasgow; and Reform Club,
S.W.

8 Andrew Galbraith, Esq., 163, St. George's

Road, Glasgow.

6 Charles Randolph, Esq., Pollokshields.

5 James Rodger, Esq., 1, Claremont Gar-10 Thomas Richardson, Esq., of Ralston,

dens, Glasgow.

Paisley.

Retiring Directors are eligible without waiting,

OFFICERS.-Sec., W. J. Wainwright; Gen. Man.. William Johnstone: Engs, William Johnstone and Andrew Galloway: Solicitor, Thomas Brunton; Assist. Man., W. S. Gilmour; Man. of Goods Traffic, David Dickie; Supt of Loco. Dep., Jas. Stirling; Accountant and Cashier, James Thomson; Registrar of Transfers, John Morton; Audit Inspector, William Brown; Auditors, William MacLean and Walter Mackenzie. Head Offices-14, Bridge Street, Glasgow.

130.-GLOUCESTER AND DEAN FOREST. Incorporated by 9 and 10 Vic., cap. 240 (27th July, 1846), for a line in connection with the Great Western, at Gloucester, to the Hereford Ross and Gloucester, at Westbury, and also to the South Wales at Aure. Broad gauge. Length, 16 miles. The total capital subscribed for was 354,0007. The South Wales held 4.000 shares (100,000); subsequently, in lieu thereof, the company took upon itself the construction of seven miles of the line, from Aure to Grange Court, and the capital became reduced, and the 4,000 shares treated as cancelled. The Great Western subscribed 50,000. In 1847, the Gloucester and Dean Forest was empowered to construct a dock at Gloucester (canal). Powers were given by these Acts to either sell or lease the line to the Great Western; and in accordance with these powers, a lease of 999 years was entered into, under which the line is now being worked by the Great Westernterms 4 per cent. per annum upon the share capital of 254,0001. (any extra capital required found by the Great Western); that rate to be increased to 5 per cent. at the end of 5 years from the opening; and either of these rates increased to 5 per cent. on the line being completed to Hereford, which was done in 1855. The company has obtained power to convert its debentures into stock at 4 per cent.

Dividends for the half-year ending 31st December were at the rate of 12s. 9d. per 251. share, free of income-tax, and for July 13s. per share.

CAPITAL. The general statement of receipts and payments on this account to 30th June, 1869, presented the subjoined details:

The accounts are made up to the 30th June and 31st December, and the statutory meetings held in Gloucester in February and August every year.

Scale of Voting-C. C. C. Act, sec. 75.

Transfer fee, 2s. 6d. each deed. Certificates need not accompany transfer deed.
No. of Directors-9. Qualification, 1,000l.

DIRECTORS:

2 Chairman-WILLIAM PHILIP PRICE, Esq., M.P., Tibberton Court, Gloucester, and 105, Pall Mall, S.W.

3 Deputy-Chairman-D. MOWBRAY WALKER, Esq., Gloucester.

2 Thomas Charles Avery, Esq., Gloucester. 1 W. H. K. Gibbona, Esq., Harley, Salop. 3 William Charles King, Esq., Warfield 1 Charles Barton, Esq., Holbrook House, Hall, Bracknell, Berkshire. Wincanton.

The figures opposite the names indicate the number of years each party has to serve. OFFICERS.-Sec., John Nash, Ross; Auditors, John Calton and Thomas Henry Pike. Gloucester.

Secretary's Offices-Ross.

131.-GREAT EASTERN.

Incorporated by 25 and 26 Vic., cap. 223 (7th August, 1862), and comprising the EASTERN COUNTIES, NORFOLK, EASTERN UNION, EAST ANGLIAN, EAST SUFFOLK, and other subsidiary undertakings in connection therewith.

I. EASTERN COUNTIES, which is mainly formed of two arteries-the one to Colchester and the other to Cambridge; the first was incorporated by 6 and 7 Wm. IV., cap. 106 (1836), for a railway from London to Norwich and Yarmouth, by Romford, Chelmsford, Colchester, and Ipswich. Owing, however, to difficulties in raising the requisite funds, the original scheme was not carried beyond Colchester, 51 miles from London.

NORTHERN AND EASTERN.-Incorporated by 6 and 7 Wm. IV., cap. 103 (4th July, 1836), for a line from Stratford to Newport, with a branch to Ilertford (44 miles). By an Act of 1844 (7 and 8 Vic., cap. 20), this company was leased for 999 years to the Eastern Counties, in perpetuity, at 5 per cent, per annum, with surplus profits. These terms have been secured by the Amalgamated Act, and the capital is constituted and confirmed by an Act passed in 1847 (11 Vic., cap. 157), a first claim on the net revenue of the Great Eastern, before any other classes of shares. The company also receives 1,000%. per annum to cover the expenses of management.

NEWMARKET. By resolutions 17th April, 1851, worked at the rate of 40 per cent. on gross receipts, under an agreement dated 28th May, 1851 (confirmed by an Act obtained 28th May, 1852), which took effect from the opening of the branch to Cambridge (viz., from 9th October, 1851); whereby the Newmarket proprietors received such a sum, as with their own net earnings, were sufficient to make up a dividend of 3 per cent. per annum on their share capital (350,0007.)

NEWMARKET.-BURY EXTENSION.-Incorporated by 10 Vic., cap. 172 (16th July, 1846), as the NEWMARKET AND CHESTERFORD, for a line from Chesterford Junction (Eastern Counties) to Newmarket, with a branch to Cambridge, 23 miles. In 1847 the company obtained power to extend the line to Thetford (junction with Norfolk) and its title was altered; also to make branches to Ely on the one hand and Bury St. Edmunds on the other. The Eastern Counties purchased the original line at 157. per share, payable in debentures at three year's date, bearing 4 per cent. interest in the meantime, and to work the extension at 5 per cent. upon the outlay, not exceeding 145,000l. The extension from Newmarket and Bury was opened on 1st April, 1854, when the Eastern Counties took possession, and the 5 per cent. dividend commenced. II. NORFOLK.-An amalgamation of the YARMOUTH AND NORWICH and NORWICH AND BRANDON, under the powers of 8 and 9 Vic., cap. 41. The former was incorporated 18th June, 1842, by Act 5 and 6 Vic., cap. 82, for a line from Norwich to the port of Yarmouth. The latter was incorporated 1844, by Act 7 and 8 Vic., cap. 15, for a line in continuation from Norwich to Brandon (where a junction was formed with the Eastern Counties), and was opened simultaneously with that company's extension from Newport to Brandon (30th July, 1845), with a branch to East Dereham, which has since been continued to Fakenham.

WELLS AND FAKENHAM.-Incorporated by 17 and 18 Vic., cap. 180 (24th July, 1854). The line (10 miles) was promoted by residents in the districts, who determined to obtain possession of the land at reasonable prices before commencing the works. Capital. 70,000l. in 207 shares; power to borrow extends to 23,000. Opened December 1st, 1857. By 22 and 23 Vic., cap. 139 (13th August, 1859), the company was Authorised to extend the line along the quay at Wells, to raise additional capital to the extent of 3,8007, at 6 per cent preference, with loan of 1,2007., and to convert the debenture debt into stock. By the same Act the Norfolk may guarantee interest or dividend on the new capital of 3,8007., provided the annual net revenue will so permit EPPING.-Incorporated by 22 and 23 Vic., cap. 117 (13th August, 1859), for establishing railway communication between Longhton, Epping, and Chipping Ongar. Capital, 100.000/. in 10. shares; loans, 33,000. The first line commences by two junctions of the Woodford and Loughton Branch of the Great Eastern and terminates near Epping; the second by a junction with the first near Coopersale, and terminates near Chipping Ongar. By 25 and 26 Vic., cap. 187 (29th July, 1862), the Epping was transferred to the Eastern Counties, and thence became a portion of the Great Eastern.

III EASTERN UNION.--An amalgamation (under powers obtained in 1867, by Act 11 Vic., cap. 174) of the original EASTERN UNION and the IPSWICH AND BURY. The Eastern Union was incorporated by 8 Vic., cap. 85 (1844), for a line (18 miles) fix m Colchester to Ipswich, which was opened for traffic 15th June, 1846. The Ipswich and Bury was incorporated by 9 Vic., cap. 97, for a line from Ipswich to Bury St. Edmunds, with an extension from Haughley to Norwich. From Ipswich to Bury St. Edmunds (27 miles) was opened 23rd December, 1846, the remainder of the 31 miles from Haughley to Burston, 2nd July, and thence to Norwich, 12th December, 1849, and the Trowse branch (2 miles), connecting the railway with the Eastern Counties system at Norwich, in 1852. The extension to Woodbridge was opened 1st June, 1859. The Eastern Union leases the Colchester and Stour Valley, which see.

WAVENEY VALLEY-Incorporated by 14 and 15 Vic., cap. 66 (3rd July, 1851), for a line from the Tivetshall station of the Eastern Union, and terminating at Bungay, Suffolk. Length. 13 miles. By the 26th and 28th clauses of Act, this company and

H

the Eastern Union are to afford each to the other the necessary facilities for an interchange of traffic, and they are also authorised to enter into mutual contracts for working and joint use. An Act of the 4th August, 1853 (17 Vic., cap. 144), authorised extension of Waveney Junction with the "Halesworth" to Beccles. Length, 6 miles. Further capital authorised, 40,000, and 9,000l. on loans. Compulsory powers, two and five years. By 18 and 19 Vic., cap. 157 (July 22nd, 1855), the time for compulsory purchase of land for this extension was extended to 4th August, 1856; and by 19 and 20 Vic., cap. 129 (29th July, 1856), the period for completion for whole line was postponed to 31st August, 1858. By 22 and 23 Vic., cap. 115 (13th August, 1859), the company was authorised to extend the line from Harlestone to Bungay and Ditchingham. No new capital. By 23 and 24 Vic., cap 157 (23rd July, 1860), the company was authorised to extend its line from Bungay to Beccles, on the East Suffolk. Length, 51 miles. Compulsory purchase, three years; completion of works, four years. No new capital. By 24 and 25 Vic., cap. 171 (22nd July, 1861), the company obtained powers to increase its capital by further loans, to the extent of 4,3341.; to issue cancelled shares at a preference of 5 per cent.; and to convert debentures into stock. Open from Tivetshall to Harleston in October, 1860, 64 miles; further extension from Harleston to Bungay, opened November 2nd, 1860, 6 miles; Bungay to Beccles (6 miles), 2nd March, 1863.

By 25 and 26 Vic., cap. 195 (29th July, 1862), the Eastern Union was authorised to make certain arrangements in regard to its capital account, to issue new 5 per cent. preference shares to the extent of 250,0007.; of which 200,000l. was to discharge existing liabilities, and 50,0007. as its contribution on the Waveney Valley.

IV. EAST ANGLIAN.-Incorporated by 11 Vic., cap. 275, being an amalgamation of three distinct companies, viz., the LYNN AND ELY, incorporated by 9 Vic., cap. 55, for a line from a junction with the Eastern Counties, at Ely, to the port of Lyun, with a branch to Wisbeach, 36 miles, all open; the LYNN AND DEREHAM, incorporated by 9 Vic., cap. 126, for a line from a junction with a branch of the Norfolk and Dereham, to join the Lynn and Ely, at Lynn, 26 miles, all open; and ELY AND HUNTINGDON, incorporated by 8 and 9 Vic., cap. 48, for a line from a junction with the Lynn and Ely, at Ely, to Huntingdon, 223 miles.-At a special meeting on 22nd September, 1863, it was resolved to divide the East Anglian stock into two classes, one to be called No. 1 stock, amounting to 206,7217., to be entitled to fixed dividends at the rate of 51. per cent., and the other to be called East Anglian No. 2 stock, amounting to 826,8851., to be entitled to a dividend thereon equal to one-half of the amount of dividend exceeding 31. per cent., which shall in any half-year be declared upon the ordinary stock. The practical effect of the arrangement is that every proprietor of 100. stock became entitled to 201. of a new 51. per cent. stock, and 801. of a stock bearing a dividend equal to one-half of the excess over 31. per cent. paid at any time on Great Eastern ordinary stock, one-half of such excess on 801, being the same as two-fifths on 1001.

V. EAST SUFFOLK.-Incorporated as HALESWORTH BECCLES AND HADDISCOE by 14 Vic., cap. 26 (June 5th, 1851), for a line from Halesworth to Beccles, and to join the Lowestoft at Haddiscoe, in Norfolk, with a branch. By Act of 1854 (17 and 18 Vic., cap. 119 the name of the company was changed to "East Suffolk," and the capital fixed at 450,000. The borrowing powers extend to 150,000, which, with the share capital "shall be applied only in carrying into execution the object and purposes of the Act." Length of new main line, 24 miles 3 chains and 30 links, and that of the branches respectively, as follow, viz.:-Leiston branch, 3 miles 4 furlongs 8 chains and 50 links; Snap bridge branch, 1 mile 4 furlongs 4 chains and 50 links; Framlingham branch, 5 miles 5 furlongs 8 chains and 20 links. Total, 53 miles. Opened 1st June, 1859. By 21 and 22 Vic., cap. 47 (28th June, 1858), the company was authorised to construct a branch near Lowestoft, and to raise 360,000l. in shares, and 120,000. on mortgage. Of this additional capital, 350,0007. was required for making the East Suffolk a double line, and 10,000l. for the new branch. By 21 and 22 Vic., cap. 3 (23rd July, 1858), the two following undertakings are incorporated with the East Suffolk:-Lowestoft and Beccles, incorporated by 19 and 20 Vic., cap. 53 (23rd June, 1856), to make a railway from Lowestoft to join th East Suffolk at Beccles. Capital, 80,000l. in 107. shares; loans, 23,000. Yarmouth and Haddiscoe, incorporated by 19 and 20 Vic., cap. 79 (7th July, 1856), for making a line from Yarmouth to the East Suffolk, at Haddiscoe. Length, 8 miles. Capital, 90,0007. in 107, shares; loans, 25,000. By 22 Vic, cap. 28 (19th April, 1859), the company was authorised to raise new capital in shares, 40,0007, and on loans, 13,3331. Also to construct a branch to Aldborough. Length, 4 miles. Estimate, 40,0007. Opened, 1860. By an Act, 22nd July, 1861, the company was authorised to determine the lease to Sir Morton Peto. The Great Eastern issued to the East Suffolk 340,0001. debenture stock, bearing a