FINANCE OF THE RAILWAYS
IN THE
UNITED KINGDOM.
Cnntpileb front (Pomrnmrnt Itetisfo
BY
JOHN (^RINSTED.
j£*cont) 3E&tt(on.
W °^s
REPRINTED FROM " THE TIMES."
LONDON:
EFFINGHAM WILSON, 11, ROYAL EXCHANGE.
E 3 0 11869.
(Price One Shilling.)
I
In consequence of numerous applications being made for
tbe Statistical Tables on Railways which were published in
" The Times" of the 25th and 30th of August last., the
Compiler is induced to reprint them, with the remarks
thereon, in compliance with such demand.
6th September, 1859.
THE
Jfhraittt of % futtftos in tlje United Jirngknt.
REPRINTED PROM "THE TIMES."
At the Rochdale Meeting last week, Mr. Bright, in drawing one of
his elaborate contrasts between the follies of a Government and the
wisdom of the people, selected our Railway system and its develop¬
ments as a signal illustration of his favourite doctrine. The
example was rather an awkward one. Certainly, our Railways are
the work of the people, commenced in true popular spirit and accom¬
plished in true popular fashion ; but what is the evidence furnished
by the results ? Let the elaborate figures which we yesterday pub¬
lished give an answer to the question. There stands the whole
story in black and white, and, if it offers one moral more obvious
than another, it is that British nature is pretty much the same in
all classes of the social body. Railway Companies have done exactly
what Governments and Cabinets have done : they have achieved
their respective enterprises and secured a practical success, but they
have indulged themselves so freely in competition, quarrels, and
extravagance of all sorts, that they are now overwhelmed with debt
and crippled with their standing obligations. It would be difficult
indeed to find a parallel more complete than that which might be
produced between a Budget of Mr. Gladstone and the report of a
great Railway Company. In each case there would be the leading
feature of a permanent debt overpowering all the small economies of
the financier, and in each case this incubus might be referred to the
follies or passions of times gone by.
If nothing beyond the fair expense of a Railway were to be in¬
curred in its construction, there are no two spots in this kingdom
between which a line might not be made to pay. This, we take it,
is now an established fact. Buy the land at a reasonable price,
make a good contract for the execution of the works, set a locomotive
running on the rails, and the most stagnant borough or sequestered
district will infallibly yield its returns. Traffic is called into being
nobody knows whence. It has been " dormant" or " latent/' as
the phrase used to run, but at the first shriek of the engine it is
4
invariably brought to life. Even in India the result is the same,
and timid Bengalees, who never before went a mile from their abodes,
are found to save up their pice for the pure pleasure of being carried
out and home again in a Railway train. In this sense there is no
"extension" or branch which would not be remunerative. Any
Railway whatever not having cost more than the just price of the
work will pay fair interest on the outlay. The whole mischief
has occurred because the outlay is never thus limited because
capital, for which interest has still to be found, has been squandered
on things bringing no return, and because the concern has then
become oppressed with a load of deadweight and debt.
The tables in our impression of yesterday show the whole case at
a glance. The "capital " of a Railway Company is not a simple
sum constituted by the cost of the line. It is a composite affair,
partaking of three separate elements, and requiring three separate
columns for its exposition. First comes the sum raised by " ordinary"
Shares, that is to say, the original capital of the concern,—the amount
for which it was reasonably calculated that the line could be made.
But the line was not made, or not worked, for this sum, and more
money became needful. These additional funds could only be raised
at an additional rate, and accordingly " Preference" or " Guaranteed"
Shares were added to the original capital, the dividends upon which
have a priority and advantage over the others. Still, however, the
cry is for more money, and finally it is borrowed by way of "loans,"
carrying interest at such a rate as it is found necessary to offer.
The result of all this it is very easy to understand. When interest
has been paid upon loans or debentures, when preference Shareholders
have been satisfied, and the small remnant of profits is at length
produced for division among the original contributors, the returns
dwindle down to a figure so low, that Consols would often have been
a better investmemt.
It is not to be supposed that every addition to the original capital
represents purely so much money sunk and wasted. In many cases,
indeed in almost all, it became absolutely necessary to increase the
capital stock of the Company for the purpose of developing the
resources of the line. Additional Shares produced so many additional
miles of Railway, so that the capital and the mileage increased toge¬
ther, and the balance between outgoings and incomings would, as far
as this practice was concerned, have been kept straight. But the
tact is, that these "developments" were almost always matters of
contest and scramble. It was only after furious competition or ruinous
lawsuits that a new line was leased, or an extension secured, or a
branch established. Every Company considered that a particular
district was its own legitimate property, and that its duty was
5
not only to perserve this patrimony at all costs, but to extend it, if
possible, at the expense of a neighbour. Nothing can exceed the
desperation with which these battles were fought. No wars of Kings
or Cabinets can surpass them for folly or extravagance. It was pre¬
cisely the history of State quarrels enacted over again, with the
same shortsighted greed, the same destructive ambition, and the
same affectation of justice, patriotism, or duty. Railway Companies
conquered some district or branch exactly as Sovereigns used to con¬
quer a province, an island, or a colony—that is to say, at a cost
which the object would not repay in centuries to come.
Except for this inveterate mania, there would be nothing in the
mere "increase of capital account'"' to call for the denunciation of
Shareholders. A tradesman does not think that he is doing any the
worse because year after year he puts AT,000 more into his business.
On the contrary, if the business is a good one, he knows that the
returns will bear a proportion to the capital invested, and he sees no
harm in even borrowing money to expand so sure a source of profit.
He wishes his " capital account" could be doubled or trebled, well
knowing that three sovereigns will return three times as much as
one. Why, then, are Shareholders so universally seen to complain
of these additions ? Simply because they do not represent merely
so much more money invested legitimately in the concern. They
represent also " legal expenses," " Parliamentary expenses/"' and
expenses of fifty kinds which are utterly unremunerative, till at
length only a fraction of the sum added remains to produce its fair
commercial return. Year after year the poor " original Share¬
holders " are compelled to witness the introduction of new contri¬
butors, claiming not only an equality but a priority of rights at the
distribution of the dividend, this dividend all the while presenting
no increase proportioned to the increase of the divisors. No wonder
they complain and murmur, for this, indeed, is not their only loss.
With the depreciation of yearly prospects goes also the depreciation
of the property itself, which cannot be sold except at a ruinous sacri¬
fice, so that the victims have no option but to remain as they are.
In estimating the responsibility for all this miscarriage, it is
curious enough to observe that the popular complaint against Govern¬
ment is not that it did anything, but that it did nothing. The
people say they ought not to have been left to themselves, but that
Government ought to have interfered with the strong arm and stopped
them from cutting each other s throats, as they were sure to do if
uncontrolled. All that Sir Robert Peel did was to proclaim free
trade in Railways ; to say that any promoters of any undertaking
might, if they could, make out their case and get their Bill. It is
to this system of open enterprise that the mischief has been traced ;
but, however that may be, it is of no use arguing the point now.
6
At present the only wise course is to make the best of things, and
fortunately traffic is so abundant and the trade so good, that there is
still a fair margin left for profit if the Companies will but forego
their old propensities to quarrel and squander. Even " capital
accounts " may be beneficially increased, if the increase goes to re¬
munerative work only ; and if Shareholders can but prevail upon
themselves and their Directors to make a clear, fair, and open state¬
ment of accounts, whether they are good or bad, we shall soon see
Railway property fetching, not, indeed, such a price as it might
once have commanded, but still a price more nearly commensurate
with its unquestionable value.—From " The Times."
The elaborate Annual Report on the Railways of the United
Kingdom, presented by Captain Douglas Galton to the Board of
Trade, furnishes all the leading financial and working details of each
Company, together with the aggregate totals of the complete system.
These statistics may be condensed and arranged in three series, as
follows:—
I.
The total Capital authorized to be raised by each Company
respectively in England and Wales, Scotland, and Ireland.
The proportion of this Capital actually raised,—
1. By Ordinary Shares.
2. By Preference and Guaranteed Shares.
3. By Loans.
The total Capital actually raised by each Company, the total
for each division of the kingdom, and the aggregate for the entire
kingdom.
II.
The Annual Preferential Charges on each line for interest on
Preferential and Guaranteed Shares and Loans, and the totals of the
whole.
III.
The gross traffic receipts.
The wrorking expenses.
The total of working expenses and Preference Charges.
The net income available for dividend,
7
From these it appears that the total Capital authorized for Rail¬
way purposes amounted at the end of last year to <£346,408,287,
for lines open. The amount actually raised for open lines was
£308,824,851, of which 53J percent, was in Ordinary Shares, 21J
per cent, in Preference and Guaranteed Shares, and 25J per cent,
in Loans. The total sum of money authorized to be raised for the
construction of Railways, open and remaining to be opened, on the
31st of December last, was £392,682,755, of which £325,375,507
had been raised,—viz., £181,837,781. by Ordinary Share Capital,
£61,854,547 by Preference Shares, and the remainder, £81,683,179,
by Loans, leaving £67,307,248 to be raised.
FIRST SERIES.
Table showing the several Railways Open in the United
Kingdom, the Capital Authorized to be Raised, and the
Capital actually Raised in Ordinary Shares, Prefer¬
ence and Guaranteed Shares (including Ordinary Shares
Guaranteed by other Companies), and Loans, for the
Year ending 31st of December, 1858 :—
Name of Railway Company.
Total Capital
Authorized.
Total Capital Raised December 31, 1858, from
Returns furnished to Parliament.
Ordinary
Shares.
Pref. & Gua.
Shares.
Loans.
Total.
England & Wales.
£
£
£
£
£
Abingdon
20,000
14,375
# • »
5,000
19,375
Bideford Extension .
65,000
53,618
• • •
10,000
63,618
Birknh., Lancshre., &
Cheshire Junction.
3,150,000
1,942,075
1,325
511,362
2,454,762
Blyth & Tyne
466,500
192,000
65,630
60,466
318,096
Bridport
86,600
64,114
21,600
85,714
Bristol and Exeter...
4,435,999
2,092,460
963,665
1,050,130
4,106,255
Carlisle & Silloth Bay
100,000
75,000
• . .
25,000
100,000
Chester & Holyhead .
4,499,332
2,100,000
1,049,075
1,093,567
4,242,642
Cockermth. & Work¬
ington
143,332
75,220
24,999
35,381
135,600
Coleford., Monmth.,
Usk, & Pontypool .
210,000
98,585
. . •
50,000
148,585
Drsly .& Midland June
16,000
11,677
• • •
3,850
15,527
East Anglian
1,600,000
1,033,606
239,371
278,465
1,551,442
Eastern Counties
14,100,949
6,233,054
4,163,321
3,100,049
13,496,424
Eastern Union Sec.
3,978,969
1,336,328
739,276
730,204
2,805,808
Norfolk Section ...
2,678,880
996,690
1,144,070
83,615
2,224,405
East Lancashire
4,237,833
2,357,586
753,448
1,004,298
4,115,332
Eurness
610,000
268,740
169,940
137,452
576,132
8
Name of Railway Company.
Total Capital
Authorized.
Fleetwood, Preston,&
W. P. Junction ...
GreatNorthern ...
Great Western
Hull and Holderness
Lancashire & York...
Lancaster & Carlisle.
Leominster& Kington
Llanelly
London & Blackwall.
Lon. and North-West.
Lon.and South-West.
London Brighton, and
South Coast
Lymington ..
Manchester, Sheffield,
and Lincoln
Maryport and Carlisle
Midland
Monmouth ...
Newcastle - on - Tyne
and Carlisle
Newport, Abergaven
ny and Hereford ..
N. & S. West June...
North Devon
North-Eastern
North London
North Stafford
North-Western
North Yorkshire and
Cleveland ..
Oxford, Worcester, &
Wolverhampton ...
Port Carlisle, Dock
and Railway
Rhymney
St. Helen's Canal
and Railway
Shrewsbury & Ileref.
Shropshire Union ...
South Devon
South Eastern
South Staffordshire...
South Wales...
South Yorkshire
Total Capital Raised December 31, 1858, from
Returns furnished to Parliament.
Ordinary
Shares.
320,000
15,609,412
28,744,283
153,000
16,384,841
3,567,630
106,000
408,000
2,032,000
43,793,873
11,845,326
8,953,500
33,000
10,454,198
557,951
21,982,408
1,100,000
2,000,000
1,510,333
105,600
828,500
25,839,45?
1,299,666
5,820,000
1,759,300
343,000
4,474,999
35,000
400,000
1,278,900
900,000
1,072,500
2,445,216
13,831,675
1,427,000
4,906,600
1,373,625
Pref. & Gua.
Shares.
189,647
5,557,364
8,884,941
106,800
10,071,292
2,380,819
57,955
237,041
I,398,69
24.334,036
7,447857
4,747,063
21,761
4,089,013
167,175
10,013,867
360,000
1,141,006
547,260
79,443
328,030
II.624,846
975,000
2,826,372
784,136
132,043
4,951,110
11,545,404
1,707,842
28,540
61,319
3,849,389
227,167
1,474,281
2,107,390
252,627
6,326,366
463,144
150,000
361,989
# • •
38,512
3,411,603
• • •
• • •
126,285
Loans.
1,442,346
1,347,964
1,336,044
35,000
• • •
189,215
19,873
82,755
316,800
624,945
319,685
373,840
50,000
150,000
212,841
...
• • •
1,469,425
234,121
449,801
7,914,980
2,537,190
2,804,446
968,217
...
314,015
2,452,974
809,077
1,227,698
642,647
64,760
343,625
Total.
£
39,000
3,653,625
7,850,253
32,992
3,798,722
340,216
26,000
65,970
338,850
11,041,803
2,980,681
2,098,785
7,000
2,370,000
117,443
4,380,577
266,325
476,389
377,000
20,816
130,800
6,245,299
324,666
1,298,379
245,722
23,150
£
228,647
14,162,099
28,280,598
139,792
15,577,856
2,749,575
83,955
364,330
1,737,547
39,225,228
10,655,705
8,320,129
28,761
8,566,403
537,245
20,720,810
1,089,469
1,767,395
1,286,249
100,259
497,342
21,281,748
1,299,666
4,124,751
1,156,143
155,193
4,126,354
35,000
291,843
1,261,430
573.840
912.841
2,153,347
13,256,616
1,282,232
4,489,749
1,051,032
9
Total Capital Raised December 31, 1858, from
Total Capital
Authorized.
Returns furnished to Parliament.
Name of Railway Company.
Ordinary
Shares.
Pref. & Gua.
Shares.
Loans.
Total.
£
£
£
£
£
Stockton &Darlington
3,560,452
760,135
1,471,045
697,342
2,928,522
TaffVale
1,820,600
678,478
365,000
251,085
1,294,563
Ulverstone and Lan.
493,333
259,800
• ■ •
97,298
357,098
Vale of Neath
953,333
671,303
• • •
238,300
909,603
Warrington &Stockpt.
300,000
172,093
3,687
63,739
239,519
Wells and Fakenham
93.000
69,916
• • •
17,250
87,166
West Cornwall
665,000
353,825
• • •
164,290
518,115
West Hartlepool, Har.
and Railway
2,686,080
815,853
763,422
650,000
2,229,275
Whitehaven&Furness
Junction
489,859
227,206
73,904
124,933
426,043
Whitehaven, Cleator,
and Egremont
99,600
75,000
• • •
23,300
98,300
Whitehaven Junction
279,000
100,000
55,185
47,400
202,585
289,536,444
138,315,486
54,852,261
66,153,938
259,321,685
Scotland.
Ayr and May bole ...
43,000
28,500
• • •
10,000
38,500
Banff, Macduff, and
Turriff Junction ...
160,000
84,935
• • •
40,000
124,935
Caledonian ...
9,036,612
3,289,426
3,104,522
2,399,431
8,793,379
Caledonian and Dum¬
barton Junction ...
866,600
226,407
• • •
• • •
226,407
Crieff Junction
57,000
29,927
• • •
12,000
41,927
Deeside
248,250
111,834
• • *
35,400
147,234
Dundee & Arbroath
355,600
199,865
65,342
71,225
336,432
Dundee & Perth and
Aberdeen Railway
Junction ...
1,006,599
299,507
373,842
239,560
912,909
East of Fife
42,600
20,749
»«•
10,660
31,409
Edinburgh Glasgow
4,773,075
2,403,375
883,827
1,374,049
4,661,251
Scottish Central
1,782,560
1,045,000
293,399
445,555
1,783,954
Forth and Clyde
Junction ...
228,000
106,373
49,060
57,000
212,433
4,717,203
Glasgow and S. West.
4,868,916
2,878,999
686,430
1,151,774
Glasgow, Dumbarton,
-
and Helensburgh...
300,000
1,432,740
123,322
80,000
51,900
255,222
G. North, of Scotland
291,242
300,768
299,998
892,008
Inverness and Nairn
and Inverness and
Aberdeen Junction
573,236
358,640
23,975
140,232
522,847
Monkland ...
1,176,666
390,731
170,000
167,710
728,441
Morayshire
72,933
24,132
5,000
9,850
38,982
North British
4,759,826
2,551,343
997,410
1,130,259
4,679,012
a 3
10
Name of Railway Company.
Total Capital
Authorized.
Total Capital Raised December 31 1858, from
Returns furnished to Parliament.
Ordinary
Shares.
Pref. & Gua.
Shares.
Loans.
Total.
Peebles
PerthjAlmondValley,
and Methven
St. Andrew's
Scottish North East .
Ireland.
Bagenalstown & Wex
Ballymena, Bally-
nioney, Coleraine,
and Portrush June.
Belfast and Ballym.
Belf. & County Down
Cork and Bandon ...
Cork, Black., & Pass.
Dublin & Belf. June.
Dublin and Drogheda
Dublin & Kingstown
Dublin and Wicklow
Dundalk & Enniskil.
Great S.and West.
Lim. & Castle Connell
London and Coleraine
Londonderry and En-
niskillen ...
Midland Gt. Western
Newry and Armagh .
Newry, Warrenpoint,
and Rostrevor
Portadown, Dung.,
and Omagh June...
Ulster
Waterfd. & Kilkenny
Waterfd. & Limerick
Waterford & Tramore
Total for the United
Kingdom ...
, £
129,000
33,000
28,000
3,104,006
£
68,616
16,389
21,000
1,663,273
£
23,112
• • •
• • •
600,912
£
31,891
7,650
5,300
759,087
£
123,619
24,039
26,300
3,023,272
35,078,219
16,233,585
7,657,599
8,450,531
32,341,715
360,000
260,000
778,333
681,666
398,000
226,663
1,266,666
1,270,666
670,000
933,332
762,300
5,453,630
82,333
746,666
605,000
3,476,266
335,660
159,933
339,360
1,000,000
599,000
1,310,800
77,350
67,962
200,000
610,000
257,740
175,091
118,700
878,872
526,572
350,000
417,230
171,420
3,453,405
19,172
176,050
129,200
1,352,642
55,660
100,000
82,282
721,623
250,000
638.963
47,920
35,535
76,752
225.145
✓
174,910
207,890
1,122,251
145,303
324,596
24,439
12,766
196,885
337,164
7,820
60,000
168,333
161,623
79,540
39,309
195 830
267,342
70,000
229,251
135,600
477,863
165,763
149,691
460,383
15,798
47.259
218,218
141,547
340,141
16,000
67,962
260,000
778,333
454,898
331,383
158,009
1,074,702
1,019,059
420,000
851,391
514,910
5,053,519
19,172
487,116
603,487
1,813,025
80,099
128,564
129,541
939,841
588,432
1,316,268
71,740
21,793,624
10,830,504
2,891,456
3,439,491
17,161,451
316,408,287
165,379,575
65,401,316
78,043,960
308,824,851
11
SECOND SERIES.
Table showing the Preferential Charges, being Interest on
Preference and Guaranteed Shares, and on Loans :—
Preferential Charges on the 31st of December,
1858, from Returns furnished to Parliament.
Name of Railway Company.
Interest on
Pref. and Gua.
Shares.
Interest
on
Loans.
Total.
England and Wales.
£
£
£
Abingdon
• • .
250
250
Bideford Extension ...
• • •
500
500
Birkenhead, Lancashire, and Ches. Junction.
53
23,874
23,927
Blyth and Tyne
5,780
3,002
8,782
Bridport
1,025
1,025
Bristol and Exeter ...
38,913
47,069
85,982
Carlisle and Silloth Bay
• • •
1,402
1,402
Chester and Holyhead
54,103
53,810
107,913
Cockermouth and Workington
1,222
1,474
2,696
Coleford, Monmouth, Usk, and Pontypool...
2,850
2,850
Dursley and Midland Junction
• • •
192
192
East Anglian...
13,680
13,727
27,387
Eastern Counties
219,356
143,156
362,512
Eastern Union section
30,843
35,299
66,142
Norfolk section
53,254
3,839
57,093
East Lancashire
39,185
43,469
82,654
Furness
8,360
6,720
15,080
Fleetwood, Preston, & West Riding Junctn.
...
1,950
1,950
Great Northern
243,205
155,008
398,213
Great Western
515,692
363,991
879,683
Hull and Holderness
...
1,545
1,545
Lancashire and Yorkshire ...
96,843
167,500
264,343
Lancaster and Carlisle
1,712
15,033
16,745
Leominster and Kington
...
1,300
1,300
Llanelly
3,176
3,060
6,236
London and Blackwall
• * •
15,200
15,200
London and North-Western...
161,205
499,486
660,691
London and South-Western ...
14,782
127,121
141,903
London, Brighton, and South Coast
76,447
86,988
163,435
Lymington
338
338
Manchester, Sheffield, and Lincoln
112,283
109,681
221,964
Mary port and Carlisle
11,435
4,947
16,382
Midland
307,179
194,044
501,223
Monmouthshire
23,157
12,385
35,542
Newcastle-upon-Tyne and Carlisle ...
8,062
20,579
28,641
Newport, Abergavenny, and Hereford
20,326
18,189
38,515
North and South-Western Junction..
. . .
977
977
North Devon...
2,311
6,112
8,423
North-Eastern
162,407
279,131
441,538
North London
14,874
14,874
North Staffordshire ...
...
56,924
56 924
North-Western
6,314
11,647
17,961
North Yorkshire and Cleveland
• • •
1,107
1,107
Oxford, Worcester, and Wolverhampton ...
58,959
63,282
122,241
12
Name of Railway Company.
Port Carlisle Dock and Railway
Rhymney
St. Helen's Canal and Railway
Shrewsbury and Hereford ..
South Devon ...
South Eastern
South Staffordshire ...
South Wales... ... ■ ..
South Yorkshire
Stockton and Darlington
TatfVale
Ulverstone and Lancaster
Vale of Neath
Warrington and Stockport ..
Wells and Fakenham
West Cornwall
West Hartlepool Harbour and Railway
Whitehaven and Furness Junction ...
Whitehaven, Cleator, and Egremont
Whitehaven Junction
Scotland.
Ayr and Maybole
Banff, Macduff, and Turriff Junction
Caledonian ...
Crieff Junction
Deeside
Dundee and Arbroath
Dundee and Perth
East of Fife ...
Edinburgh and Glasgow
Scottish Central
Forth and Clyde Junction .
Glasgow and South-Western
Glasgow, Dumbarton, and Helensburgh
Great North of Scotland
Inverness and Nairn, and Inverness and
Aberdeen Junction
Monkland
Morayshire ...
North British
Peebles
Perth, Almond Valley, and Methven
St. Andrew's ...
Scottisli North-Eastern
Preferential Charges on the 31st of December,
1858, from Returns furnished to Parliament.
Interest on
Pref. and Gua.
Shares.
£
1,750
993
32,347
2,250
10,397
130,893
35,443
2,590
82,965
20,154
184
31,690
4,064
2,973
2,648,917
150,218
3,267
14,309
40.316
12,439
2,453
34.317
15,004
1,198
8,675
250
49,870
1,155
34,086
367,557
Interest
on
Loans.
4,004
13,627
7,440
21,148
124,372
14,638
53,680
15.851
32,216
10,669
4,897
10,410
3,084
797
8,014
30,822
3,311
1,018
2,004
2,976,059
465
1,985
105,195
600
1,480
2,898
11,330
514
59,914
18,716
2,67*2
47,389
1,649
13,233
2,537
7,474
492
49,468
1,512
382
212
32,328
362,445
Total.
£
1,750
4,997
45,974
9,690
31,545
255,265
14,638
89,123
18,441
115,181
30,823
4,897
10,410
3,268
797
8,014
62,512
7,375
1,018
4,977
5,624,976
465
1,985
255,413
600
1,480
6,165
25,639
514
100,230
31,155
5,125
81,706
1,649
28,237
3,735
16,149
742
99,338
2,667
382
212
66,414
730,002
13
Name of Railway Company.
Preferential Charges on the 31st of December,
1858, from Returns furnished to Parliament.
Interest on
Pref. and Gua.
Shares.
Interest
on
Loans.
Total.
Ireland.
Ballymena, Ballymoney, Coleraine, and Port-
rush Junction
Belfast and Ballymena
Belfast and County Down
Cork and Bandon
Cork, Blackrock, and Passage
Dublin and Belfast Junction
Dublin and Drogheda
Dublin and Kingstown
Dublin and Wicklow
Dundalk and Enniskillen
Great Southern and Western
Londonderry and Coleraine ...
Londonderry and Enniskillen
Midland Great Western
Newry, Warrenpoint, and Rostrevor
Portadown, Dungannon, & Omagh Junction.
Ulster...
Waterford and Kilkenny
Waterford and Limerick
Waterford and Tram ore
Total for the United Kingdom
£
1,776
3,825
10,813
• • •
10,494
10,394
44,297
7,265
16,547
765
11*812
17,758
391
£
3,000
7,598
7.805
3,991
1.806
9,622
12,231
2,800
10,586
5.798
23,328
9,560
7,126
21,867
805
2,628
9,749
6,392
16,176
684
£
3,000
7,598
9,581
7,816
1,866
9.622
23,044
2,800
21,080
16,192
67,625
16,825
23,673
21,867
1,570
2.623
9,749
18,204
33,934
1,075
136,137
163,612
299,749 x
3,152,611
3,502,116
6,654,727
THIRD SERIES.
Table showing the Receipts from Traffic, the Working
Expenses, the Total of Working and Preference Charges,
and the Amount of Surplus Income, or Deficiency :—
Name of Railway Company.
Receipts from Traffic
during the year 1858,
as furnished by the
Railway Companies to
the Board of Trade.
Working Expenses dur¬
ing the year, from the
half-yearly statements
of the Companies.
Total of Working and
Preference Charges.
Amount of Surplus
Income available for
Dividend.
England and Wales.
£
£
£
£
Abingdon ...
2,122
No account
—
—
Bideford Extension
3,123
No account
—
—
Birk.,Lan.,& Ches. Junction
120,087
74,150
98,077
22,010
Blyth and Tyne ...
68,118
42,370
51,152
16,966
Bridport ...
4,871
3,385
4,410
461
Bristol and Exeter
338,037
156,018
242,000
96,037
14
Name of Railway Company.
Carlisle and Silloth Bay ...
Chester and Holyhead
Cockermouth&Workington
Coleford, Monmouth, Usk,
and Pontypool ...
Dursley and Midland June.
East Anglian
Eastern Counties ...
Eastern Union section
Norfolk section
East Lancashire ...
Furness
Fleetwood, Preston, and
West Biding Junction ...
Great Northern ...
Great Western
Hull and IJolderness
Lancashire and Yorkshire .
Lancaster and Carlisle
^Leominster and Kington .
Llanelly
London and Blackwall
London and North-Western
London and South-Western
London, Brighton, & South
Coast
Lymington...
Manchester, Sheffield, and
Lincoln ...
Mary port and Carlisle
Midland
Monmouthshire . .
Newcastle-upon-Tyne and
Carlisle ... ... •
Newport. Abergavenny,and
Hereford ..
North & S.-West. Junction
+North Devon
North-Eastern
North London
Receipts from Traffic
during the Year 1858, 4
as furnished by the
Railway Companies to
the Board of Trade.
Working Expenses dur¬
ing the Year, from
the half-yearly State¬
ments of the Com¬
panies.
Total of Working and
Preference Charges.
Amount of Surplus In¬
come available for
Dividend.
£
£
£
£
5,609
3,068
4,470
1,139
218,240
136,406
244,319
3,921
11,437
5,829
8,525
2,912
5,723
No account
—
1,036
j Deficit
1,000
888
( £80
50,112
( Deficit
48,426
22,725
( £1,686
929,560
434,990
797,502
132,058
185,912
91,543
157,685
28,227
185,912
91,543
148,636
37,276
329,791
145,054
227,708
102,083
53,817
)
26,637
41,717
12,120
( Deficit
[ 4,091
2,363
4,313
\ £222
1,293,189
672.310
1,070,523
222,666
1.786.462
797,056
1,676.739
109,723
11.946
6.425
7,970
3.976
1,229,490
546,658
811,001
418,489
341.770
124,249
140,994
200,776
8,380
No account
—
•—
23,910
17,449
23,685
255
77,007
35,028
50,228
26,770
3,280,483
1,753,419
2,414,110
866,373
847,198
388,000
529,903
317,295
772,490
350,760
517,195
255,295
662
No account
—
—
518,301
258,862
480,826
37,475
50,443
25,500
41,882
8.561
1,755,939
751,524
1,252,747
503,192
116,520
64,346
99,988
16,632
163,513
67,436
96,077
64,436
( Deficit
65,552
32,354
70,869
( £'5,317
7,361
2,741
3,718
3,643
24,128
No account
—
—
1,772,288
759,569
1,201,107
571,181
115,719
66,491
81,365
64,354
* Liuo worked by Mr, Brassoy.
t Liuo leased by Mr. Brassoy;
working expenses not published.
15
O * 0 o
oo en .
I di w
sis
*T3
s •
C3 TO
a V?
y i-i . 2 ®
a « rri
g a
a a «
a ^ a
S e3
<D
bn£P
a c3
03
a 3
Name of Railway Company.
zfi to g go
m ® >> a
•9- S1!
O
o
O
o
CO o3
ra
c3
o fc-
ro
a a? a
81 M J .2
§ ^ rH
M br.rs
i" d 03
O .3 O
SH
o
o a ^
9 o t»
£
EH
£
£
£
£
North Staffordshire
235,532
129,592
186,518
49,014
North-Western
50,818
26,229
44,190
6,628
North Yorks. and Cleveland
3,883
3,012
4,119
I Deficit
( .£236
Oxford, W orcester & W ol ver.
209,629
89,070
211,311
j Deficit
\ <£1,782
i ^
Port Carlisle Dock and Rail.
6,881
3,335
5,085
| Deficit
/
< <£1,796
Rhymney ..
18,479
No account
—
* St. Helen's Canal and Rail.
72,626
33,713
79,687
( Deficit
( <£7,061
+ Shrewsbury and Hereford
80,743
No account
—
Shropshire Union ...
47,552
32,625
32,625
14,927
South Devon
135,543
71,788
103,333
32,210
South-Eastern
1,106,874
489,988
745,253
261,621
+ South Staffordshire
98,858
No account
—
South Wales
342,185
91,172
221,567
310,690
31,495
South Yorkshire ...
45,640
64,081
27,091
Stockton and Darlington ...
360,480
189,166
304,347
56,133
TafFVale
204,045
114,183
145,006
59,039
Ulverstone and Lancaster .
19,929
13,125
18,022
1,907
Yale of Neath
79,287
43,960
54,374
24,913
Warrington and Stockport
12,300
No account
—
—
Wells and Fakenham
3,296
No account
—
—
West Cornwall
32,315
21,364
29,378
2,937
W. Hartlepool Har. & Rail.
137,285
—
Whitehaven &Furness June.
26,076
12,415
21,790
4,286
Whitehaven, Cleator, and
Egremont
14,582
7,511
8,529
6,053
Whitehaven Junction
24,546
13,821
18,798
5,748
20,253,543
9,519,250
15,039,775
4,712,133
Scotland.
Ayr and Maybole ...
2,509
No account
—
Banff, Macduff, and Turriff
Junction...
6,480
No account
—
Caledonian...
703,016
305,758
560,071
142,945
Caledonian and Dumbarton¬
shire Junction ...
13,135
7,259
7,259
5,876
Crieff Junction
5,074
2,996
3,596
1,478
* Railway traffic only.
f Line leased to Mr.
Brassey. \ Line leased to Mr. Macclean.
16
Name of Railway Company
Deeside
Dundee and Arbroath
Dundee and Perth and Aber¬
deen Railway Junction..
East of Fife
Edinburgh and Glasgow ...
Scottish Central ...
Forth and Clyde Junction .
Glasgow & South-Western
Glasgow, Dumbarton, and
Helensburgh
Great North of Scotland .
Inverness and Nairn, and
Inverness and Aberdeen
Junction
Monkland ...
Morayshire
North British
Peebles
Perth, Almond Valley, and
Metliven
St. Andrew's
Scottish North-Eastern ...
Ireland.
Ballymena, Ballymoney,
Coleraine, and Portrush
Junction
Belfast and Ballymena ...
Belfast and County Down
Cork and Bandon ...
Cork, Blackrock, & Passage
Dublin & Belfast Junction
Dublin and I )roglieda
Dublin and Kingstown ...
Dublin and Wicklow
Dundalk and Enniskillen...
Great Southern & Western
Receipts from Traffic dur¬
ing the year 1858, as
furnished by the Railway
Companies to the Board
of Trade.
Working Expenses during
the year, from the half-
yearly Statements of the
Companies.
Total of Working and Pre¬
ference Charges.
Amount of Surplus In¬
come available for Di¬
vidend.
£
14,182
30,860
£
6,420
16,183
£
7,000
22,348
£
6,282
8,518
54,133
2,460
286,599
150,585
15,991
371,384
26,533
1,878
121,322
73,363
10,250
160,964
52,172
2,392
221,552
104,518
15,375
242,670
1,961
68
65,047
46,067
616
128,714
14,693
72,248
No account
28,381
56,618
15,630
24,080
74,706
3,497
288,343
10,421
| 1,392
3,402
194,486
13,660
27,200
1,899
117.479
6,016
1,574
2,225
98,390
17,395
43,349
2,641
216,817
8,683
1,956
2,437
164.804
6,665
31,357
855
71,526
1,738
( Deficit
( £'564
965
29,682
2,343,682
1,029,750
1,753,653
565,426
15.295
59,945
17,722
15,294
12,678
64.296
84,607
58,683
32,435
27,639
368,572
No account
27,215
9,710
6,924
5,699
12,495
37,418
20,277
17,299
15,752
143,610
34,813
19,291
14,740
7,565
32,117
60,462
23,077
38,379
31,944
211,235
25,132
( Deficit
\ <£4,579
554
5,113
32,179
24,145
35,606
( Deficit
( <£5,944
( Deficit
\ <£4 305
157,337
17
Name of Railway Company.
Limerick & Castle Connell
Londonderry and Coleraine
Londonderry & Enniskillen
Midland Great Western ...
Newry and Armagh
Newry, Warrenpoint, and
Rostrevor
Ulster
Waterford and Kilkenny...
Waterford and Limerick...
Waterford and Tram ore ...
Total for United Kingdom
Receipts from Traffic dur¬
ing the year 1858, as
furnished by the Railway
Companies to the Board
of Trade.
tcj, ffl
Working Expenses durii
the year, from the hal
yearly Statements of tl
Companies.
£
£
422
No account
16,607
No account
38,451
20,292
186,459
56,752
2,462
| 3,746
77,927
2,152
2,613
30,589
17,485
No account
66,640
31,137
4,934
2,676
1,172,299
442,610
1
23,769,524
10,991,610
*
%'
.3 ho
•a a
o £4
<D
o
_ qj
cd
<2
o ^
Eh
43,965
78,619
2,152
4,183
40,338
65,071
3,751
711,702
17,505,130
o S
W H
00
= <2
G,
03
a
0
o
a « >
4J PI
S3
O ■rH
£
Deficit
<£5,514
107,840
310
Deficit
£437
37,580
1,569
1,183
407,769
5,685,328
Table showing the Proportion per Cent, which the Surplus
Income bears to the Ordinary Share Capital; the Pro¬
portion per Cent, which the Net Receipts bear to total
Capital ; and the Proportion per Cent, of the Working
Expenditure to the Receipts from Traffic :—
Name of Railway Company, and Proportion which the Receipts
from Traffic, less the Working Expenses during the Year, and the
Preference and Guaranteed Charges and Interest on Loans on the
31st of December, 1858, bear to the Ordinary Share Capital raised
on the above date.
Proportion which the
Receipts, less Working
Expenses, during the
Year bear to total
Capital raised Decem¬
ber 31, 1858.
Proportion of the Work¬
ing Expenditure to the
Receipts from Traffic.
England and Wales.
Per Cent.
Per Cent.
Per Cent.
Birkenhead, Lancasli. and Ches. June. .
113
1 87
62
Blyth and Tyne
8-83
806
62
Bridport
072
1 73
69
Bristol and Exeter
4-59
4*43
46
Carlisle and Silloth Bay ...
I 52
254
54
Chester and Holyhead ...
0*18
263
55
18
Name of Railway Company, and Proportion which the Receipts
from Traffic, less the Working Expenses during the Year, and the
Preference and Guaranteed Charges and Interest on Loans on
the 31st of December, 1858, bear to the Ordinary Share Capital
raised on the above date.
Proportion which the
Receipts, less Working
Expenses, during the
Year, bear to total
Capital raised Decem¬
ber 31, 1858.
Proportion of the Work¬
ing Expenditure to the
Receipts from Traffic.
Per Cent.
Per Cent.
Per Cent.
Cockermouth and Workington
3-87
4-12
51
East Anglian
1*65
• *
Eastern Counties
211
366
\
Eastern Union Section
211
336
( 50
Norfolk Section ...
3-74
4*24
)
East Lancashire ...
4*37
4*48
43
Furness
4*53
4*72
49
Fleet., Pres., and West Riding Junction
• • r
0'75
57
Great Northern
400
4-38
52
Great Western
I 23
3'49
53
Hull and Ilolderness
372
395
54
Lancashire and Yorkshire
4*15
4 38
43
Lancaster and Carlisle ...
8*43
7*91
36
Llanelly ... ... ... ... ...
010
1*77
73
London and Blackwall ...
1 91
2*47
44
London and North-Western
3.55
389
54
London and South-Western
4*26
431
46
London, Brighton, and South Coast
5-37
5-06.
46
Manchester, Sheffield, and Lincoln
0 91
303
52
Maryport and Carlisle
512
464
50
Midland ...
5*02
5*33
42
Monmouthshire ...
4*62
478
55
Newcastle-upon-Tyne and Carlisle
5*91
5 44
40
Newport, Abergavenny, and Hereford ...
• » •
2*58
49
North and South-Western Junction ...
4*59
4*80
38
North-Eastern
491
476
42
North London
660
6" 10
45
North Staffordshire
1*74
2*56
55
North Yorkshire and Cleveland...
• • •
056
77
North-Western ...
0*84
212
...
Oxford, Worcester, and Wolverhampton
, , ,
2 92
45
Tort Carlisle Dock and Railway
• • •
10 13
47
St. Helen's Canal and Railway...
• • •
3 08
46
Shropshire Union
1*63
1*63
69
South Devon
2-19
295
53
South-East ern
330
3*89
49
South Wales
1-28
2-67
66
South Yorkshire ...
421
4*33
50
Stockton and Darlington
7*38
5*85
52
TaffVale
870
694
56
Ulvcrstone and Lancaster
0-73
1*90
51
Yale of Neath
3*71
3'88
55
West Cornwall ...
0'83
211
65
19
Name of Railway Company, and Proportion which the Receipts
■ from Traffic, less the Working Expenses during the Year, and the
Preference and Guaranteed Charges and Interest on Loans on
the 31st of December, 1858, bear to the Ordinary Share Capital
raised on the above date. «
Whitehaven andFurness Junction
Whitehaven, Cleator, and Egremont ...
Whiteheaven Junction ...
Average for England and Wales ...
Scotland.
Caledonian
Caledonian and Dumbarton Junction ...
Crieff Junction ...
Deeside
Dundee and Arbroath ...
Dundee and Perth
East of Fife
Edinburgh and Glasgow...
Scottish Central ...
Forth and Clyde Junction
Glasgow and South-Western
Great North of Scotland...
Inverness and Nairn and Inverness and
Aberdeen Junction
Monkland ...
Morayshire
North British
Peebles ...
St. Andrew's
Scottish North-Eastern ...
Average for Scotland
Ireland.
Belfast and Ballymena ...
Belfast and County Down
Cork and Bandon
Cork, Blackrock, and Passage
Dublin and Belfast Junction
Dublin and Drogheda
Dublin and Kingstown ...
Dublin and Wicklow
Dundalk and Enniskillen
Per Cent.
1-88
807
574
3*41
4*34
2-59
4-93
562
4*26
065
032
279
4-40
0*57
447
5-40
1*86
802
3'54
2-80
253
459
1*78
3'34
4-12
0*31
4-37
366
4-58
1017
° ®
«.9 ©P
^ co 9 «
* 8 ^ U .S3 00
«, c3 »©
« co cu Sh OO
J-H
° 52 ■—<
•a ca a . ca
*=>"
S 'H CO
O o g. 03 ft ^
a <»
a® * « 03 g
Per Cent.
3-20
719
5-29
403
4*53
2*59
4-95
526
4-36
302
1-85
354
4*38
2*70
4*46
4'91
1*99
6*52
409
365
356
4*47
3*17
3'95
4-20
1*76
252
441
3*89
4-61
914
1-75
230
44
45
55
44
44
35
45
39
53
56
20
Name of Railway Company, and Proportion which the Receipts
from Traffic, less the Working Expenses during the Year, and the
Preference and Guaranteed Charges and Interest on Loans on
the 31st of December, 1858, bear to the Ordinary Share Capital
raised on the above date.
Proportion which the
Receipts, less Working
Expenses, during the
Year, bear to total
Capital raised Decem¬
ber 31, 1858.
Proportion of the Work¬
ing Expenditure to the
Receipts from Traffic.
Great Southern and Western
Londonderry and Enniskillen ...
Midland Great Western...
Newry and Armagh
Newry, Warrenpoint,and Rostrevor ...
Ulster
Waterford and Limerick
Waterford and Tramore...
Average for Ireland
Per Cent.
455
7*97
5'21
0-24
2*46
Per Cent.
445
301
716
038
0*88
503
2*57
315
Per Cent.
39
52
31
87
48
39
47
54
409
4*22
40
The per-centage proportion which the Preference and Loan
Capitals have borne to the Ordinary Share Capital, and the per¬
centage which the net Receipts bear to the money invested, as com¬
pared with the average rate of Dividend on the Ordinary Share
Capital, are shown by the subjoined Table:—
Year.
-3c
Ordinary
Capital.
Preference Capital
and Loan.
X
Proportion of
Gross Receipts,
less Working
Expenses, to
total amount of
Capital and
Loan.
Average Inter¬
est on Prefer¬
ence Capital
and Loan.
Average rate of
Dividend on the
Ordinary Share
Capital.
Preference.
Loan.
1858.
Per Cent.
5355
Per Cent.
2118
Per Cent.
25-27
>
Per Cent.
375
Per Cent.
4-63
Per Cent.
3 06
46-45
It will thus be seen that the Preferential and Loan Capital in¬
vested in Railways is nearly 46£ per cent, of the whole Capital, and
that the interest which has to be paid upon the Preferential and
Loan Capital averages £k. 125. Id. per cent. (4-63). The net
receipts on Railways give an average interest on the whole Capital
invested of 3| per cent., but the Preferential and Loan Charges
reduce the interest on the Ordinary Capital to a fraction above
3 per cent. (3'06).—From " The Times " Money-Market and City
Intelligence.
Printed by Effingham Wilson, 11, Royal Exchange. E. C.