(navigation image)
Home American Libraries | Canadian Libraries | Universal Library | Community Texts | Project Gutenberg | Children's Library | Biodiversity Heritage Library | Additional Collections
Search: Advanced Search
Anonymous User (login or join us)
Upload
See other formats

Full text of "Railway Times"

Supplement to The Railway Times, January y, 1909. 



®h^jljtilttijig®imes 



With which is incorporated 



HERAPATH'5 RAILWAY JOURNAL, 



A Journal of Finance, Construction, and Operation. 



VOL. XCIV. 



JULY TO DECEMBER, 1908. 






LONDON: 
12, NORFOLK STREET, STRAND, W.C. 



SUM'L'iMKST TO "XIIE RAILWAY I'lMKS," JANIA 11 V '.', 190>. 



INDEX TO PRINCIPAL CONTENTS. 



VOL. XCIV. 



DIRECTORS REPORTS & ACCOUNTS. 

Alberta Kiihvav aiul Irri^alian, 4^.: 

Alexandra {Newport and South VVak-s) DkUs ami Rail- 
It way. 89 

Argentine flreat WV-stera R lUwav. 331 
Argentini- North F.iUeni RaUway. 5«3 
Argentine Tran^aTuhiic Railway, 607 ^ 
Assain-Bon:<al Railway, 6.53 

Bahia Blanca and North W.-U<Ti. Railw.iv, 47S 

Baker Strict and VValrrl .a Railwav. i6i 

Bala and Fcstinio- Railway, 160 

Baltimore and Ohio Railway, 424 

Barranquilla Railway and Pi^-r, 553 

Barr>' Railway. 127 

Barsi Lisiht Railway, 6-^, 600 

Bcira Railwav-ii, (in-) 

Belfast and County D.^wn RaUway. 20 "> 

Bengal and North Western Railwav, 55'j) 

Bengal- Donars Railwav, 560 

Bengal-Naiipur Raih\a\, 632 

Bolivar Riihva% 310 

Bombay Biroda and Central India Riilw i\ , OoS 

Brecon and M*rth\r T\dhl Railwi\. 22<) - 

British Columbn ! ' trif RtiKvi\ 351 

Buenos Avres 1 1 ! \ i\ ss ^77 

Buenos A%^e 1 \ lU^ t\ 4j- 

Buenos A\r< >- i I -.4 

Buenos A\res 1 i -> uih L )i-,l Radway, 655 

Buenos A\r(.b (.rtat bouUurn R idw n , 3_/> 

Buenos A>Tes MidUnd Railw \\ 482 

Buenos Ayres Western Railway, 421 

Buffalo and Lake Huron Railway, 230 

Burma Railways, G31 

Caledonian Railway, 300 

Callcndcr and Oban Railway, 302 

Cambrian Railways, 253 

Canadian Northern Railway, 480 

Canadian Pacific Railway, 321 

Cardiff Railway, 171 

Carrizal and Ccrro Blanco Railway, 400 

Cavan and Lcitrhn Railway, 130 

Central London Railway, 126 

Central Uruguay Eastern Extension Railwav, 422 

Central Uruguay Northern Extension Railway, 422 

Central Uruguay Raihvay of Montevideo, 421 

Charing Cross Eiiston and Hampstcad Railway, 171 

City and South London Railway, 69 

Cleator and Workington Junction Railway, 230 

Colne Valley and Halstead Raihvay, 230 

Colombian National Railway, 686 

Colombian Northern Railway, 376 

Cordoba and Rosario Railway, 507 

Cork and Macroom Direct Railway, i2'> 

Cork and Muskeiry Light Railway, 198 

Cork Blackrock and Passage Railway, 230 

Costa Rica Railway, 46 

Cuban Central Railways, 453 

Cuba Railroad, 478 

Delhi- Umballa-Kalka Railway, 4S1 

Demerara Railway, 454 

Denver and Rio Grande Railway, 334 

Dick, Kerr and Co.. 354 

Didcot, Newbury and Southampton Railway, 205 

Dorado Extension Railway, 354 

Dublin and South Eastern Raihvay, 1O8 

East and West Yorks Union Railways, 112 
. East Indian Railway, 608 
East London Railway. 87 
Eg>'ptian Delta Light Railways, 20 
Entre Rios Railways, 378 

Fcstiniog Railway, 202 
Forcctt Railway, 225 
Forth and Clyde Junction Railw.ay. 2^0 
Freshwater Yannouth and Newport Railway. 458 
Fumess Railway, 206 
*•' lasgow and South Western Railway; 301 
^- rand Trunk Railvviiy of Canada, 374 
reat Central Railway 164 



iL l-a^tm-n Railwav, S7 
,it lu.lian'Paiinsula Railway, 60S 
I Great Northern and Citv Railwav, I3'J 
1- ; Great Northern (Ireland) Railway, 167 
' Cireat North-rn Piccadilly and Brompton Railway, 
I Great Northern Railway, 165 
Great North of Scotland Railway, 302 
Groat Southern an<l Western Railway, 170 
Great Western Raihvay, 163 

Highland Railway, 375 
! Horncastle Railwav, 354. 
I Hull and Barnslcy Railway, 168 

; Indian Midland Railwav, 608 

Interoceaiiic Railway of Mexico, 607 

Isle of Wi-ht Central RaUway, 230 

Isl.-of Wight Raihvay, 155 
. King's Lynu Docks and RaUway, 354 

Lanarksliire aiul Ayrshire Railway, 302 

Lanarkshire and Dumbartonshire Railway, 400 

Lancashire and ^'orkshire RaUway, 122 

Limx RaUways, 22g 

Livt rpool Overhead RaUway, 165 

London and Greenwich RaUway, 47 
I London and North Western RaUway, 162 | 

' London and South Western RaUway, 119 
' Lon Ion Brighton and South Coast RaUway, 121 

Loniion Chatham and Dover RaUway, 121 

London Tilbury and Southend Railway, 86 

Londonderry and L<iugh SwUly Railway, 254 

Lyuton and Barnstaple RaUway, 355 

Madras and Soutiiern Mahratta RaUway, 631 

Manchester Ship Canal, 154 

ManUa RaUway, 481 

Maryport and Carlisle RaUway, 205 
I Merscv RaUway, 253 

Metropolitan District RaUway, 167 

Metropolitan RaUway, 83 
I Mexican Central Railway, 686 
! Mexican RaUway, 508 

Midland and South Western Junction RaUway, 234 

Midland Great Western RaUway of Ireland. 122 

Miiland RaUwav, i6fi 

Midland RaUwav Carriage and Wagon Company, i; 
: Miun.'apolis St. Paul and Sault Ste. Marie RaUway 
I Mi>^ouri Kansas and Texas RaUway, 354 
I Mold and Denbigh Junction RaUway, 482 



South Eastern Railwav. 8<, 

Southern Pniiiab Railway, 584 

South Indian Railway. 633 

Southport and Ch<-slure Lines Extension RaUwa 

South Yorkshire Junction RaUway, 560 

Taff Vale Railway. 16S 

Taltal RaUway, 478 

Tralee and F'enit, 254 



Uutierground Electric Railwa' 
United Railways of Havana, 
I Uruguay Northern RaUway, i 
! Vale of Rheidol Light Railwa 
Villa Maria and Rufino Railw 
Western Railway of Havana, 
West Somerset Railway. 133 

Yorkshiiv Dal.-s RaUwav. -y.j 



i of London, 634 



COMPANIES' MEETINGS. 



Nat.il-Zululand Railway, 302, 354 
NV-alU and Brecon Railway, 207 
Xc'w South Wales C.ovcrninent RaUways, 130 
New York, Ontario and Western Railway. 394 
Nizam's Guaranteed State Railways, 453 
North and South Western Junction Railway, 84 
North British Railway, 322 
.\ortli Eastern Railway, 169 
North London Railwav. 170 
North Staffordshire Railway, 171 
North liastern of Uruf^uay Railway, 353 
North Western of Urusnay Railway, 560 
Nottingham Suburban Railway, 302 
Ottoman Railway, 353 
Paraguay Central Railway, 354, 452 
Penuisula and Oriental Steam Navigation, 606 
Peruvian Corporation, 685 

Plymouth iDevonport and South Western Junction Rail- 
wav, 354 
Port Talbot Railway and Docks, 204 

Quebec Central Railway, 481 
Rhondda and Swansea Bay RaUway, 164 ; 
Rhvmnev Railway, 123 1 

Rohilkund and Kum.aon RaUway, 89, 507 , 
Ross and Monmouth Railway, 205 , 

Salvador Railway, 584 

San Paulo Railway. 480 

Shelfield District Railway, 164 ^ 

Shropshire Union Railways and Canal, 194, 230 

Somerset and Dorset Railway, 130 

South Easleru and Chatham .Managing' Coiumittso, 85 



.Alberta Railw. 
Alexandra (Nf 

way, 120 
Anslo-.'^rsentir 

Argenlm- (.p. 
Argont.M' Nmi 
Argentina. [ rii 
.\rica ,11,. 1 r.iri 



V and Irrigation, =iOi 

,vport a:id South Wales) Docks 



rn Railway, 558 
■rn Railwav. 60^ 
Railwav, '632 



K.iilwa 



.\ssani-Bei]g,il K.iilwa 

Bahia Blanea and North Western Railwav. 51 

Baker Street and Waterloo Railway, 204 

Bala and Festiniog Railway, 2oC> 

Barry Railway, 203 

Beira Railways, Ijl 

Belfast and Countv Down Railwav, 229 

Bengal and North Western RaUway. 633 

Bombay Baroda and Central India Railwav, f 

Brecon and Merthyr Tvdiil Junction RaUwav, 

Brush F.lectrieal EnRmeering, 46 

Buenos Avres and Pacific RaUwav, 117, 502 

Buenos Avr. s .md Rosario Riilwav. 479 

Buenos Avrr^ i.r(,.t Smilhcrn Railway 44.S 

Bueno,, Amis Mi.ll.md Railwav, 530 

Buenos Avr.s W . ^l.■^n Railwav. 446 

Buffalo and l..ike Huron Kailwav, 278 

Burma Radwavs, 1.5S 



Caledon 


an Raihvay, 325 


Cambria 


n Railways. 277 


Canadia 


I Pacific Railwav, 399 


Cavan a 


ild Leitrim Railwav. 101 


Cential 


:.oii.l.m RaUway, 161 


Centt.il 


•.,i_M>N Kniw.iv of M.intevideo, 443 


Centr,,! 


;:i: ,!■ W'^i'rn i'.Ntension Railwav, 609 


Chan,, 


1 1 . 1 1 : .11 and Hampstead Railway. 204 


City an. 


SmmH, l.-.iid..il Railway, 119 


Cleator 


ii.l Workingtoii Junction RaUwav, 2i4 


Cockern 


outh Keswick and Penrith RaUway, 278 



Colombian Northern Railw 
Cordoba and Rosario RaUway, 529 
Costa Rica RaUway. 6g 
Cuban Central RaUways, 482 

Delhi-Umballa-Kalka RaUway, 453, 510 

Demerara Railway, 454 

Dick, Kerr and Co., 377 

Didcot Newbury and Southampton RaUwa 

Dublin and South Eastern RaUway, 202 

East Indian RaUway. C57 

East Loniion RaUwav, 117 

Edinburgh .^nd Bathgate Railwav. 202 

Egyptian Delta Light Railways, ti4 

Entre Rios Railways, 422 

Floating Dock of St. Thomas, 559 

Forth Bridge RaUway, 152 

Furness RaUway, 226 

Glasgow and South Wistern RaUway, 325 

Grand Trunk Railway of Canada, 39O 

Great Central Railway, J59 

Great Easlenr Railway, iiJj 



Siippitinait lo 



THE RAILWAY TIMES. 



[[ani'ary 9, 1909. 



DIVIDEND ANNOUNCEMENTS. 



LEADING ARTICLES, etc. 



Gr< 



Brompton K:iilwa\% 204 
327 



Texas and Pacific Junction Rail- 



Great Sn^jthen* .lul WV^t' rn Raihv 

Great Western Railway, 187 

Guayaquil and Quito Railway, 584 

Highland Railway, -^75 

Hull and Barnsley Railway, 191 

Humber Commercial Railway and Dock, 120 

Indian Midland Railway, 654 

Interoceanic Railway of Mexico, 630 

Isle of Thanet Electric Tramwavs and Lighting. 51^ 

Isle of Wight Central Railwav, 2%i 

Isle of Wight Railway, 206 

Lancashire and Yorkshire Railway, 155] 
Lima Railways, 251, 400 
Liverpool Overhead Railway, 304 
London and North Western Railway, 195, 660 
London and South Western Railway, 156 
London Brighton and South Coast Railway, 152 
London Chatham and Dover Railway. 149 
London General Omnibus Conpany, 305 

London Tilbury and Southend Railway, 124 
Louth and East Coast Railway, 422 

Madras and Southern Mahratta Railway 

Madras Railway, 16 

Manila Railway, 508 

Maryport aid Carlisle Railway, 254 

Mersey Railway, 278 

Metropolitan District Railway, 201 

Metropolitan Railway, 115 

Mexican Railwav, 532 

Midland Great We;tern Railway of Ireland, 230 

Midland Railway, 199 

Mumbles Railway and Pier, 207 

Neath and Brecon Railway. 229 

Nizam's Guaranteed State Railwa\-s, 481 

North and South Western Junction Railwav. 64 

North British Railway, 351 

North Easteim of Uruguay Railwav. 37? 

North Eastern Railway, 198 

North London Railwav. 193, 6gS 

North Staffordshire Railway. 186 

Ottoman Railway, 376 

Paraguay Central Railway, 482 



Quebec Central Railway, 305 
Rhondda ajtd Swansea Bay Railway, 



Salvador Railwav, 605 

Sin Paulo and Minas Railway, 451 

San Paulo (Brazilian) Railwav, 510 

Sheffield District Railway, 2jo 

S^uth Eastern Railway, 127 

Southern Punjab Railway, 6oj 

South Indian Railway, 654 

Southport and. Cheshire Lines Extension Railway. 37! 

Taff Vale Railway, 234 
Taltal Railwav. 531 
Tcruiscouata Railway, 60-) 

Undert^round Electric Railways of London, mi, (»7(i 

United Railways of the Havana, 423 

Uruguay Northern Raihvay, 634 

Vale of Glamorgan Railway, 200 

White. L G., and Co., 19 

Wirral Railwav. 278 

Wrexham and Ellesinen- Railwav, z<y< 



PARLIAMENTARY. 

Ards and Ban?or Railways Rill. 1, 

Assessment of Railways, 456 

Automatic Couplers, 131 

Barry Railway BUI. 45 

District Railway Traffic, 70 

Electric Railways and Conciliation Boards, 534 

Glasgow and South Western Railway Ordtr Confirmation 

BiU. 70 
Great Northern, Piccadilly and Brompton Railway Bill, 90 

Irish Railway Matters, 604 

Liraavady and Dungiven Railway, 13: 

Metropolitan District Railway Bill, 44 

Midlands Goods Guards, 582 

Midland Riilwav Friendlv Society, 425 

Minf>rs' Ei?ht Hours Bill, 22 

North British Railway, 582, 604 
Progro-ss of Railway Bills, 20, 45, 70, 90, 131 
Railway Air^^Ti'sats. 534 
Railway Bills for next Sassion, 580, 604 
Railway Com-nission, 560 

Railway Employees as Town Councillors, 56a, 604 
Railwav >fatioaalisation, 90 
Railw:iy Working Agresm^nts, 426, 560 
Scotch Mails and Railway Companies, 436 
Taff Vale Railway BiU, 20 
Taxatioa of Railways, 604 
Wastage Allowance on Coal Freight, i3r 



Alabama. New Orlear 

ways, 302 
Alberta Railway and Irrigation, 379 
Anglo-Chilian Nitrate and Railway, 511 
Antofagasta {Chili) and Bolivia Railway. 423 
Argentine North Eastern Railway, 511, 524 

Baker Street and Waterloo Railway, 108 

Barrv Railwav, 108 

Barst Light Railway. 36 

Belfast and County Down Railway, 84 

Bengal and North'Western Railway, 414 

Bengal-Dooars Railway, 511 

Bilbao River and Cantabrian Railway. 321 

Birmingham Railway Carriage and Wagon Co., 172 

British and Irish Railway Dividends, 89, in, 148, 186, 225, 

251, 300, 316 
Buenos Ayres and Pacific Railway, 456 
Buenos A\Tes and Rosario Railway, 392 
Buenos Ayres Great Soujthern Railway, 375 
392 



Caledonian Railway, 280 
Canadian Pacific Railway, 206 
Carrizal and Cerro Blanco Railway, 379 
Cathcart' District Railway. 456 
Central Bahia Railway Trust, 36 
Central London Railwav, 84 

Central Uruguay Eastern Extension Railway, 392 
Central Uruguay Northern Extension Railway, 392 
Central Uruguay Railway of Montevideo, 392 
Charing Cross Euston and Hampstead Railway, loS 
Chicago Junction Railways and Union Stock Yards, 3-12 
City and South London Railway, 60 
Cockermouth Keswick and Penrith Railway, 230 
Cordoba and Rosario Railway, 482 
Cork and Macroom Direct Railway, 84 
j Cork Bandon and South Coast Railway, 60 
Cuban Central Railways, 456 

Delhi-Umballa-Kalka Railway. 456 
Dsnver and Rio Grande Railwav. 634 
Dublin and South Eastern Railway. 84 

East Indian Railway. 511 

Glasgow and South Western Railway. 280 

Glasgow District Subway, 255, 303 

Great Central Railway, 84 

Great Eastern Railway, 84 

Great Indian Peninsula Railway, 392 

Gr?at Northern Piccadilly and Bfompton Railwav. loS 

Great Northern Railwav, 108 

Great Northern (Ireland) Railwav, 84 

Great North of Scotland RaJway. 256 

Great Southern and Western Railway, 108 

Great Western of Brazil Railway, 392 

Hi;;hland Railway, 280 

India General Navigation and Railway, 482 
Interoceanic Railway of Mexico. 585 
Isle of Man Railwav, 280 
Isle of Wight Railway. 108 

Lancashire and Yorkshire Railway, 84 
l-ondon and South Western Railway, 84 
London Brighton and South Coast Railwav. 108 
London Chatham and Dover Railway, 84 
London Tilbury and Southend Railway, 60 

Metropolitan Amalgamated Railwav Carriage and Wagon 

Co.. 5S6 
Metropolitan District Railway, loS 
Metropolitan Railway, 84 
Mexican Railway. 456 

Midland Great Western of Ireland Railway, 60 
Midland Railway. mS 

Minneapolis and Sault Ste. Marie Railway, 280 
.Missouri Kansas and Texas Railway, 414 

Nitrate Raihvays, 456 ! 

North and South Western Junction Railway, 36 ' 

North British Railway, 302 

North Eastern Railway, 108 

North Western of Uruguay Railway, 511 

Peninsular and Oriental Steam Navigation, 555 ' 



Quebec Central Railway, 392 



I 1 General Trust, 36 
'mpany, 302, 321 
-urance, 256 
ind Agency, 36 



Railu 

Rail 'A . . 

Raiiwa. ;.... 

Rhyniiuy R-id 

Rio Claro Sao Paulo Railway, 392 

Rohilkund and Kumaon Railway, 414 

Royal Exchange Assurance. 456 

Royal Mail Steam Packet. 456 

San Paulo (Braz:-ian) Railway, 321 

South Eastern and Chatham Managing Committee, 84 

South Eastern Railway, 84 

South Indian Railway, 482 

Stewarts and Lloyd's. 256 

Taff Vale Railway, to8 

Taltal Railway. 456 

Temiscouata Railwoy, 414 

Ten Years' June Dividends, 84, 130, 220, 244, 277, jjo 

United Railways of Havana, 392 

Waterford and Traraore Railway, 25C 
W?llington and Manawatu Railwav, 280 



B.A.G.S. Report, 300 

Brighton Railwav Electrification, 650 

British Railway Finance, Crisis in, 67 

Buenos Ayres and Pacific Accounts. 470 

Buenos .A.yres Great Southern Meeting, 438 

Buenos Ayres Western Outlook, 4;** 

Business and Politics, 522 

Canadian Pacific Report, 314 

Canadian Railway Results, 182 

Central Argentine Railway, 470 

Cheap Fares. Dangers of, 7 . 

Commercial Aspect of Railway Speed, 314 

Conciliation Boards. 217, 414 

Corridor Carriages, 21S 

Decline in Railway Traffic Receipts, The, 269 

Depression in Price of Railway Stocks, 242 

Discipline, Development of, 8 

District Finance, 366 

District Revival, 674 

Dividends and After, 33 

Dividends of British Railways. 81 

Easy Running, 390 

Either-Side Brakes Decision, 673 

Electric Train Fires, 58 

Electric Traction on Victorian State Railways. 21S, 310 

Fastest Railway Runs, 1908, 245 

Fires on Electric Railways, 82 

First-Class Traffic, Revival of, 493 

Further Railway Results, 105, 146 

Grand Trunk Meeting. 389 

Gcand Trunk Report, 365 

Grand Trunk Sitmition, 82 

Great Eastern an.l the Railwav Problem, 244 

Great Northern and its Allies'. 181 

Great Northern, '.r-at Eastern and Great Central. 549 
; Great Western Railway Enginemen, 34 
j Guayaquil and Quito Railway Bonds, 494, 550 
' Half- Year, Home Railway, 8 

Home Railway Outlook, 649 

Home Railway Position, 241 

Hours of Labour, 338 

Income Tax Deduction, 338. 

Index Numbers for Stock Exchanse Securities, 61 

Institution of Civil Engineers, 4 im 

Inventors and Railways, 290 

Labour Problem, 217, 266 

Legislation, Prospects of, 1909, 46^ 

Licensing Bill and Railway Shareholders. 573 

London and its Railways, 598 

London Traffic, 550 

Long Railway Runs, 1908, 37 

Melbourne Suburban Electrification, 218, 319 

Mexican Railway Meeting. 521 

Midland and North Western Alliance, 145 

Motors as Railway Feeders, 50S 

Non-Stop Railway Run, Meaning of. 34 

North British Position, 313 

North British Meeting, 337 

North Western and North London Agreement, 597 

Omnibus Finance, 266 

P. and O. Record, 624 

Paralysis of Railway Enterprise. 57 

Presidential Address to the Institution of Civil Engineers 

499 
Progress of Railway Co-operation, 339, 525 
Promotion in the Railway Service, 437 
Promotion. Railway, 106 

Prospects of Railway Legislation in 1909, 469 
Railwav Accounts Committee and Ton-Mileage Statistics, 

624 ■ 
Rhodesian Railway Stocks, 623 
Railway BiUs for 1909, 574 
Railway Results in Past Half- Year, 184 
Railway Shareholders' Association, 33 
Returns for 1907, 494 
Scottish Railway Half- Year, 290 
Scottish Railway Results, 265 
South Wales Railway Fusion, 550 
State Control of Railways, Mr. Acworth on, 279 
Steara Locomotive of the Future, 242 
Stock Exchange Values, 574 
Sunday Traffic Competition, 58 
Suburban Traffic Unpunctuality, 366 
Three " Greats." 650 
Triple Alliance, 106 
Traffics, Course of Railway, 413 
Traffic Receipts. Decline in, 269 
Tube Railway Situation. 146 
Victorian State Railways, Electric Traction on, 218 319 



ILLUSTRATED ARTICLES. 

Accumulator Cars on the Prussian State Railways, 627 

American Built Locomotives for France. 247 

American Electric Railway Accident, 224 

American Steel Rail Motor Car, 91 

American Tunnelling Machine, New, 349 

Audible Signals for Locomotives, 553 

Bahia Blanca Port, 528 - 

Beogal-Nagpur Railway, New Locomotives for, 370 

Berlin Elevated Railway Disaster. 369 

Bombay Baroda and Central India Locomotives, 275 

Brakes Dispute Judgment, 683 

Brighton Company's New Boat Train, 370 

Brush Rolling Stock for Eg\*pt. 526 



Supplimeiil /;> 



THE-: RAILWAY TIMES. 



[JANCARN 9, 1909. 



CalcJonian Railwav. Ni w lir.ike Vans, 63 
Caledonian Railway, New Locomotives, 473 
Cammell Laird and Company's Exhibits. 419 
Chelsea Power Station Accident, 418 
Cross-Country Route, New 11 
Electric Railway Motar (•.earin?, 276 
Electric Signal Indicators. 601 

Electrification of Melbourne Suburban Railways, 341 
Forced Lubrication for .\xle-Boxes. 24') 
Fusion-Weldins Process, 92 

Garston Docks, 63 

Grand Trunk IClectriftcation in St. Clair I'unnel. '.yy 

Great Northern (loods Engines. 441 

Great Northern Railway. New Royai ..aui, jio 

Great Western Loconiotiv»s, .New. 44 

Herbert's Machine Tool Exhibits, 442. 

Imperial Japanese Railway Travellins Cranes. 349 

Interpole Traction Motors, 273 

Lay-out and Equipmenrof Stations, 372, 474 

London and North Western Company's (iarston nocks 

Institute, 1 32 
Malay States Motor Traflie, 6(1 
MaUet Articubtr.l C<.nipni,ii.l Locomotive. 417 
Melbourne Rail w.,v, I 1 . irili. aion. 221. 141 
Metropolitan I>i-.Irii : ( h.tn^i v, i>7.S 
Metropolitan K.nlw..v t li.in-.~. u7 

Needless .\Ianu. 225 

New York Central Railway Electrification, 679 

New York Central Railroad Locomotives, 348 

New Zealand Ciovemment Railways, 271 

Northern Railway of France, New Compound Locomotives. 

246 
North Western Companv's Docks at Garston. 63 
North Western Railway Brid,^c Reconstniction. 24S 

ftices of some Home Rails, 522, 576, 626, 676 
Pullman- Train to Brighton, New, 500 

Reinforced Concrete for Coal Blinkers, 43 

Renard System of Road Transport, 65 

Royal Saloon on Great Northern,j20, 602 

Shippins; RolUns Stock to Egypt, 629 

Siam.-si R ii, , \l -i.ir Car. 554 

Soutli \ i AS in 1907, 14 

South 1 I ' I Lthani. Latest Locomotive. 223 

Tham-1. 1:. I ii. Mujle-Phase Electric Railway, 293 

Track in Relation to Electric Traction, 270 

Traffic Returns and the Price of Stocks, 62 

Twin- Screw Steamer ■;^Rathmore," 109 

Vacuum Cleaner in the Railway Service, 275 

Victoria Station of South Eastern and Chatham Railwav =27 

Western Railwav of France Locomotives. 39 

Westinsihouse Railwav Carriage Heatina System. 41 



172 

Lancashire ami Yorkshire, New Rail Motor Service, 427 

Lancashire and Yorkshire Railwav Insuranc- Soeietv, 134 

Light Railw.iv ( oininwMoii, i.f,. 2S4. !oi. n«7 

Li2ht K,^l^v,l^ l.i I --. x :' , 

l.i-llt \< ,||« r, A ! \ >v jsS 

Load'.ii .ill. I 1m , . h . 

I.on.lon ,,ii.| N.ir:', \\. .11, \iMbiil.iiic.- Cc.rp^. f.f.2 

LtJlldoii .111,1 NiTlh W'.sl.rii .111,1 North London .Agreement, 
611 

London .ind North W.st.rn and Mi.llaiid R.iilways Agree- 
ment. 401 

London ami N.W.R. (l.omlon) Atlil.tii- Club. S32 

London Omnibus .■Vinaliianiation. 120 

London Tralfir. 3S5 

London School of iCeconoinies. 3>o. 43s 

Mersey Railway ami WestiilRlionse Co.. 427 

Metropolitan Railway I-'aeilities. 351 

Midland ami Lomlon and Nonh Western Railway Ag- " 

Midl.iii,! S|u',.l K, .,.1,1. 22 

Midl.iu.l M.,11 \^i., iiellt. S24 

MineiMl li.illi. I n, pill,-, 483, 524, (>i7. '■.84 

Mineral I rallie on Seoleh Railways. sSft 

Miners' Eight Hours Hill, 663 

Motor Omnibus Season Tickets, 303 



HOME KAILWAY NEWS. 

Accidents, A Quarter's, 346, 511 

Accidents in 1907, 328 

Amalgamated Society of Railwav Servants, 400 

Amalgamation of Great Norhtern and Great Central London 

Receiving OE&ces, 70 
Bala and Festiniog Railway. 528 
Board of Trade Returns, 1007. 4')7 
Brake Controversy, 610, 6S3 
Bridge Building Record. 42? 
Brighton Railwav Electrification, 231 
Brighton Railway New Pullman Train, 402 , 
Canal Commission, 36, 457 
Cambrian Railway Stations, 334 
Carlisle Passenger Staff, 379 
Central London Accelerated Service, 611 
Central London Extension, 561 
Cheshire Lines Derailment, 94 
City and South London Railway Fire, 71, 93, 5^3 
Clapham Juiiction Extension, 403 
Coal Contracts. 328 
Conciliation Boards, 71, 160, 231, 442 
Demurrage on Wagons. 172 
District RaUwav Extension Proposal, 402 
District Railway Improved Service, 328 
District Station Signs, 402 
Dividend Declaration Dates, 47 

Either-Side Brakes, 583 

Electric Railway Carriage Fire. 6; 

Essex Light Railwav Proposal, 60 

Exeter (St. David's) Station Improvements, 676 

Fishguard and Plymouth, 173 

Fleetwood and Belfast Service, 279 

Forth and Clyde Ship Canal, 457 

Fumess Railway Ambulance Competition, 231 

Glasgow Subway Breakdown, 441 

Great Central New Line at Doncaster, 94 

Great Central Railway Pension Funds, 639 

Great Eastern and its Employees, 255 

Great Eastern New Turbine Steamer, 244, 561 

Great Eastern Railway. Further Reductions, 328 

Great Eastern Steamer, Loss of, 472 

Great Eastern Summer Services, 21 

Great Northern Athletic Association, 6ri 

Great Northern and Great Central Co-operation, 370 

Great Northern Rating Appeals, 134. 172, 611 

Great Northern Wage Reductions, 561 

Ha^^vich-Hook of Holland Service. 22 

Hull and Bamsley Rifle Club, 5ri 

Immingham Docks, 94 

Institution of Civil Engineers, 473 

Iron and Steel Institute. 304 

Irish Railway Commission, 401. 424, 533, 557. 611. 68 

Irish Raiiwav Officers' Association, 254 



stlo 1), 



»t. 427 



Xon-Sb'P Km: ^n N,,rtli Western, 22 

Norlh KriM li K-iilu,iv and Leven Dock. 134 

North l;nii-.li K-.ilw.iy and Scottish Shureliolders' A^isoria- 

tion, 314, 3>o 
North British RaQwav Capital, 328 
North Britisli Railwav Insurance Societv. 2ss 
North Hriiish St,Ui..ii. X. av. 172 

North I 1 I 1 :, ■ \ -.iiient Reduction, 355 

Norili 1 1 ■■ : !■■■;■. ' i-l.^vf^es, 22 " 

North >' 111 .i,i :;ir Iv iiIa IV N'cw Locomotives, 526 

North WfSt'Tii and Midl.ind Economies, 355 

Nottingham to Hull Railway Proposal, 4 58 

Queen's East Coast Saloon, 678 

Rail-less Traction, 292 

Railway Accounts Committee, 663 

Railway Agreements, 328 

Railway Benevolent Institution, 71 

Railway Combination, 632 

Railway Conference, 663 

Railway Nationalisation, Sir G. Gibb on, 527 

Railway p-.'usioneri and State Funds, 610 

Rail\v,i\ S-rv.nit^' 11.111-. -.f Labour, ^SS 

R.ii!w,r s!. n, l.,|,i. )-■ \.-.M i.Uion. 47 

RavM, ..;,-- ,11, ; I -L.i.^l' Knlwav. 172 

Rem'>v,,l Ml til-- ^Miiil, \\v-t,.rii Works. 386 

Renard Tram. 303 
j Returns for 1907, Board of Trade. 497 
i Royal Mail Steam Packet, 447 

Royal Train, New, 220, 299 
! Running Powers. 68, 416 

Russian Steel Rails for Ireland, 561 

Sandberg Rails, 361 

Scientific Mrthnl- in RhIv.t,- M-tm-'^m'^nt, 418 

Season Tickft^ ■■■. I ^ 1 .-i I ■■!>■ i-: nhv.u-s, 280 

Scottish Ani.il- ■ ■ ; ; ■■i - 1 ■■ ;;■ 'w ; > i 

Scottish Railw.f l> ■.r^\: ■. ■ ^ i.ti-'^, 267. 

Scottish Railw^> h.,wn.,iia-^. ;i, 4-7. 43^, 663 

Scottish Railway Purchase. 44 

Scottish Railwav Rates. 304 

Scottish Railwav Reform, 367 

Scottish Railway Running Powers Dispute, 534 

Scottish Shareholders' Association, 22S, 328 

Scottish Sliareholders" Protest, 36 

Southampton Dock Development, 561 

South Eastern and Brighton Agreement. 231 

South Eastern and Chatham New Rail Motor Service, 483 

"Southern Belle," 483 

South Kensington Subway, 663 

South Western Ambulance Work, 638 

South Western. New Docks, 534, 663 

Steel Rail Damping, 561 

Taff-Rhyranev-Cardiff Fusion, 586 

Taff Vale Railway, 663 

Temperley Transporters, 279 

Traffic Canal Act, 417 

Tube Lift Accident. 611 

Tube Railwav Accelerations, 328 

Tube Railway Innovations 373 

Tube Railway Mishap. 456 

Unauthorised Electric Power Schemes, 22 

Underground Railway Breakdown, 401 

Underground Scheme Sanctioned. 71 

Uniform Brake Dispute, 662 

Victoria Station, 22 

Warner Engineering Co.. 311 

Week-End tickets, 511 

Welsh Railway Fusion Terms, 662 

White Star Line Development, 392 

Wirral Light RaUway, 687 

Vork Station linproyrmcnts, 172 



AMERICAN AND CANADIAN NEWS. 

.American Railways as Coal Owners, 32S 
Canadian Pacific N'ew Capital, 279 
Canadian Pacific Steamship Development, 4,83 
Canadian Pacific Strike, End of, 402 
Canadian Railway Prospects, 36 
Canadian Railways, Sale of, 303 
Canadian Railway Subsidies, 60 
Electrification of Pennsylvania Railroad, 534 
Electrifiration of Railways, 511 



iiin,,-ls Pr.ipliftjfor S-.v V.irk. i;i 

nk I'.i, iti, Extensions. 22 

uk I'.i, 111. I'roKrcss. 379. <>i 1 

Ilk I'.I, 111,- Railwa^■. 2^4. im. V2,** 

Ilk K.iilw.iv Svsbin. 3S7 

ink K.iilwav Traliii; Kctnriis. 6S7 

11k WorUiiii: Sl.ilemenl. 10, 2,11.. 2!t.i 



Hudson Hay Rallw.iv Projiosal, 
Inter-Colomal Railway, 687 
Quebec llrid'^,- Reconstruction. 



FOREIGN A.^D COLONIAL NEWS 



.,\r(;,.iitiii,- N,-w si.,1. K 111" 
.Are.-nli.,,. K ulH.,'. \ii, ,1;, 
.^rueiiliii, K.iiliv.iv ^, h, in 

H.ad.-n R.ulw.iv I'U.itriti, al 
BeUBUella Railwav. 2U 
Bolivian Railw.iv Conslru. 



Cap, 



R.,il« 



Capital, 4 27 
lladen, 71 



German Electric Railways, 255 

Gold Coast Colony, New Railway, 6n 

Greek Railway New, 303 

Guayaquil and Quito Railway, 525, 561 " .' 

Hedjaz Railway, 402 

Highest Railway in World, 401 

Indian Railway Receipts, 36, 172, yn, 4S3, 5^4 

Interoceanic Railway of Mexico, 456 



Japanese State Railways, 256 



Lagos Railway Receipts, 254 

Lima Railways, 401 

Lima Railways Debenture Scheme, 357 

Lobito Bay Railway, 254 

Mail and Parcel Underground Railways, 22 ' ■' 

Manawatu Railwav Debentures, 254 

Manawatu Railw.iv State Purchase, 303 

Manchurian Railway. 172 * » .=0 

Melbourne Railways Electrification. 71. 483, 68J 

Mexican National Railways, 380 

Mexican Railways. 2or» 

Moscow Railway, New, 172 

Nationalisation m Irance. 30 

National Raili.i.l .1 M- 1 .'. ',26 

Netherlaml ..u . . .' \i,i ,.1 Railw.ay. 2o6 

NewSouthW,! , I . ,1 Railways, 299, 61c 

New Zealand KjiI,.. ,> 1 ' . . l-ipment, 172 

Nigerian Railway Development, 458 

Pekin-Hankow Railway Loan, 414 

Rails for India, 303 

Railwav Nationalisation, 71 

Rhodesian Railwav Extension, 639 

Russian Railway Electrification, 355 

San Salvador Railwav Extension, 348 

Siberi.ui R.iihv.iv Development, 20S 

Sunplon Tumi' I, Ivli-ctric Traction in, 23: 

SinBapore-Penaiii; Railway Opening, 6O3 

Smyrn.a-Aidin Railway Strike, 368, 401 

south Australian Railway Revenue, 340 

southern Nigerian Railway, i>i\ 

sucz Canal Statistics. 132 

xehuantepec Railwav Developments. 231 

.[.ransvaal and Australian Sleepers, 208 

Victorian Railwav Statistics, 39,1 

Victorian Slate Railway Revenue. 373 

Wellingt,.n ami Mii 



•atu Railway. 355. f>39 



PERSONAL 

Allen. H.. 470 
Allcrton. Lord, 39,!. .sn 
Akers-Douglas, A., 130 
.Aspinall, J. A. I-'., (mi 
Avis. J., 676 

Bailcv, G. B., .511 
Baldwin, S., 470 
Balfour of Burleigh, Lord, 534 

liirlliil.iv Honours. 22 
Hl,i,l.-t,., k. W. H.. 052 
lira,, ^inll, . V. W., 173 
HiTOvii. I.. V. L.. 652 
Brown, W. II.. 292 
Burke. ,1. V.. 2(iS 
Calthrop. G., 420 
Cameron, A., 652 
Camp, W. .]., 220 
Chapman, S., 638 
Clements, F., 130 
Constable, A. ,T., 470 
Cooper, D., sSfi 



^"PP'^-""-»< '" THE RAILWAY TIMES. [Januarv 9, ,909. 



rnltrdl. 


S. B.. \- 1 


(■-.rkluU, 


. W, 


^^. r. 


fourt-a 


i»V. 


I..w„ : 


Cox, E. 


, .!H 




D.-nt. F 


, H, 


■iir 


D.n-o:l. 


Lor. 


i, -Ml 


Dick i XI 


, N. 


H . !■>• 


Hylv- S 


ir W 


, 47'- 
■ 11,, J. 


Elliott, 


r,, ■; 


[, 


lUl.s .K 


c. 


- )2 


Hill*, r. 


H., 


1.;; 


l-il-:,u--, 


I., 
C.)l, 


1 '. ' 
,\ .1,, 


l-rv. Sir 


1;,, 


^!1 


1! .r,l.;i. 


, Sir 
.1..' 


\V,, SI 


i.r.iut, I 
l.r, .1. 1 




lC.>1., 


H.ill-Tn: 


i.-i 


\V,, 1-.; 


H,ivii-J. 


a! 


A., i;; 


H.iv*. C 


, M. 


S'. . 


Hirn^n 




r |,- (,- 


11'. 1;,^: 


1', H 


' 1-.V^.7. 


11 .11,111. 1 


, Sir 


W, H 



, Sir H, 



, 1: r,, 

II , I. 

• w. r 



\ 1 


'iioi, 1:, I 


,\ 11 


,••', II, 1; 


\l. 'l 


.li. 1, C, I 


N..M 


■, I H, 1; 


.Null 


r, 1 . .J , 



NEW ISSUES. 

K.uln.iy. shii 

( ,in uli,iii i.civi-nimciit v!"„ Stock, iSu 
<- .1111,11 (lut.in.. K.uhvav. 063 
Chill,.-...' K,uliviiv ,iiid Min.'s, 41(1 
C.ril.ib,. l..ntr,il liu.-n.i, ,A>t.= KM.iisi..,, K.,i|„.i 
C,r,.ii.l Trunk IM.ifR- Issues, 650 
i.r,iii.l Iruiik R.ulwav of CaiMcl.i. .iSo 
Loii,l..i. Tilbury ,iii.l Southt-ud Railway, 586 
M,,i,il,i K,iilwav I.. 
-M.tn.i..-.lit,m I>istri.:t Railwav, !,Sn 
M.-.\icau Irrisation Works, 4>-' 
( >:.iM.i„i, I I ,.,.,:, , M.jim apolis St, Paul an.i Sault Stv. Man.- Raihva 

.lii.Kvivti, M,ij..r 1.,, I... Ottoman Railway from Smyrna to ,-\idiii. 1...0 

,:,i;|;::-,| iV','r;, R..v,,iM,„is,.,,iniM.k.t,45; 

liaiv, I., i„, Ch i^r. 1111.1 II,. tiK Raihvavs ol L..i„l..,i, , ;j 

hiiv, I, 11 , I.., . 

111. 1, in- L , ji.s 



1'. ;nl. 
1', rki; 

r,.li'. 


.11, \:\. 41 
rl.a. Sir 1: 
1-, W, 1,, , 
r ,v, r W 
r, ,\ 1- , J 
, 1 1 11 -1 .1 
k C I-,, .- 
l\' r , J.. 
1 1, 1-., I., 


','1, 
, 17 
" 11 


Kiiu, 
!<.■•■, 1 


'In, !■■, ,1,, 


>7-, 



Ki. hinl., R W 



111 

Ir. 

W, 
W. 
W. 
\\"1 
W 1 

i;r, 

I'.ri 
ll.i 


ilk. 
.,illi 
1.1. 
i,il.' 
l-.i: 

■ i:l 

i;li 


1^, [■ 
r, 1'. 

r, 11. 
.Tl.n 
■r, S, 

1, 1'',' 

1, 1'. 
Sir 

, W 
., 1.. 


li 

w 
li 
r', 

11. 
11 , 


'r,','j, 

li,! ::. 


OBITUARY. 



STATISTICS AND FINANCE. 

Bank R.-turii, 47--. ^..i, i;;, s^:. 370, i"V'. f.;6, GjZ 
Ind.,'X IVi.;.'sol Raihvav Deb. iitur.-s, ;.'n, ;f,7, 567, 524, Ooo 
.MniRV and Stock .Markets, o, 35. 50. Sj. 107, 147, l.-i?, 2ri, 
-^^, ^fi/. 2nl. us, 3.V1. .5i>7. vn, 4ts, 43'1. 47'. 4'is, 5--. 
,^.ii- .i75, 5'.w, (>::?, 051. 675 
Oflicial Traffic R.lunis. ;;4, ns. 40, so. r^. 74, r/', or, nfi. 
i.!7. i/i. 17'.. ^10, ::il. 2-ii. 2:14, 2yi, 26v.2S2.2H-f, ^^6, 
307. .?!'.. lU. ,557. JjS. 38J, 3.S:;. 40.S. 40(1, 4to. 151 4' 1, 
4f.:i. 4^(\ 4S7. 514. .il.i. ,S,i7. SiS. 565. 5()6, 5»9. 5'.", 614. 
[..Iinston I R sSi. \\ il-.ii. I-, R , I.I.- i.i s, (.4.^. I14 !. 6ti(j. 667, 6.)0, 691 



R.iihv.iv Stork an.l Sliarc List. 2!. 4S, -j, 'iS, i.vi 174 ;.' 
.;i:^. 2S."i. ;»I, ios, I2u. 33I.. v"-!. 4"S. 4"4 4-'^. I2',. 4 = 
I'..., 4''-'4, 4'^s. '^l,:, St!, S!S. s:ll.. SDi. •.<>l. s.s;, S-'''". 'il 



PUBLICATIONS. 



in. If, HI K'.lliHj -Mill-, ,s.. 
,1 ,\i.| K',,.l' K. ! r H" .--' 

IVl K,.ll«,.\ MjM.iluiJ, IJl 

CORRESPONDENCE. 

-% knnniiij ,j.. 

,1.-1. K,.il« .-,, .1 

.Ihsl, N .i:.v.,v-, :-'. 

.11 1 th.' R.ilu,.v Ti'.l.l'in ... 



July 4. 1908.] 



THE RAILWAY TIMES. 




WESTINGHOUSE BRAKE 

for Steam and Electric Railways and Tramways. 

AIR COMPRESSORS 

driven by Steam, Electric - Motor, Belt, or Axle. 

Morse Rocker-Joint Chains 

Silent-Running, High-Speed, Flexible Gearing. 

frictionT^raft gear 

Lengthens Life of Rolling Stock. 

Manufactured by 

THE WESTINGHOUSE BRAKE CO., LTD., 

82, York Road, King's Cross, N. 



GREAT CENTRAL RAILWAY 



RATID TRAVEL IN LUXURY 



d THE LONDON EXPRESS TRAINS CENTRE ON SHEFFIELD, branching therefrom 
%vestivard to Manchester, Oldham, Stalybridge, Stockport, Warrington and Liverpool; norfll^rard 
to Huddersfield, Halifax, Bradford, Leeds and York ; eastu^ard to Doncaster, Grimsby, Hull and 
North Lincolnshire. 

C CROSS COUNTRY EXPRESSES AND THROUGH ARRANGEMENTS WITH 
OTHER COMPANIES are a distinct feature of the Great Central ser^-ices. 

Liverpool, Manchester and Sbetflcid are linked up by corridor trains with Lincoln, Harwich, Lowestoft, 

Norwich and the Great Eastern system. 

Newcastle. Sunderland, Darhaai, York. Bradlord. Hnddcrsfleld, Rotbertaam and Sheffield are 

provided with through trains via Nottingham, Leicester, Banbury and Oxford, to nd from Southampton, Bournemouth 
(J) and the South Western line. 

Bath, Bristol, Exeter, Torquay, Klnssivear, Plymonth and the Cornish Rlylera are reached kj 

Express Trains from Leeds, Wakefield, Halifax, Huddersfield, Sheffield, Nottingham and I.«icester. 

The services between the Great Western and Great Central sytems centre 

upon Oxford for south and west, and Banbury for Cheltenham, Gloucester, 

Newport, Cardiff and South Wales. 

Via M/fHTLEEONE h LOO^ON'S TOPULJR 1{pUTE for STRATA ORD-OO^AVON 
I All Express Trains include Buffety Breakfast, Luncheon, or Dining Q^rs. 



C TICKETS are Issued In Bdvaaec at all olttees. or by Messrs. Dean & Datvsoa. Oie Company's Agents, who also book 
*« the Continent by any Channel aervicc In coaneetlon with the Rundrelse or Toorlst system. Mrhlch atlords travellers 
ckolec of roate and a r»«— tl sn of mhvat 30 per ecat. oU ordinary tare*. 

SAM. FAY, Gmtral MaitAgor. 



THE RAILWAY TIMES. 



[July 4. i< 



London & North Western Ry^ 




NEW DAYLIGHT EXPRESS 
PASSENGER SERVICE 



TO 



IRELAND 



VIA 



Nortli Western Steamer alongside Railway Platform at 
Holyhead. 

EUSTON, 1908. 



Holyhead and Kingstown. 

PM. P.M. 

EUSTON dep. 1.20 Dublin (Westland Row) dep. 1.15 

Kingstown arr. 9.50 Kingstown „ 1.4S 

Dublin (Westland Row) „ 10.20 Euston arr. 11.0- 

VESTIBULED CORRIDOR STOCK. 
RESTAURANT CARS PROVIDED. 



FREDERICK HARRISON, General Manager. 




HARLING'S DRAWING INSTRUMENTS. 

Illustrated Catalogues seiit 07i application, 

W. H. HARLING, 

47, Finsbury Pavement, London, E.G. 

Manufactory: CROSVENOR WORKS, HACKNEY. 

ESTAELI.-HED 1851. 



Taylor's Patent Shunting Levers. 

" Pevet^sers," " Run-thpoughs," "Fast-Locks.' 



dSEO ON THE GREAT 
RAILWAYS OF THE WORLD. 

Dorailment 

ImpossiblB. 

INDISPENSABLE FOB COLLIEBIES, 
BREWERIES & OTHER SIDINGS. 

Taylor's Patent Shunting 

Lever, Ltd., 

29, REGENT STREET, LONDON, S.W. 

Tele*.: SWITCHES, LONDON. 
Tel.: 7200 GERRARD. 




WILLIAM JONES 

AND SONS. Ltd.. 

Cecil Street Foundry, 

BIRMINGHAM. 



Makers of 

GALVANIZED 
SIGNAL 

PULLEYS 

FITTINGS 
CAST & MALLEABLE IRON. 




July 4, 1908.I 



THE RAILWAY TIMES. 



Th -! List of Subscriptions will be closed on o.- before Tuesday, the 7th July, I908. 

THE MANILA RAILWAY COMPANY (1906), LIMITED. 



..(.;/■ Il„- 



.1 (.■(,<, 



lo 1:< 



AUTHORISED CAPITAL - - - £4,000,000. 

I'lVIOEt* INTO 

12,000.000 in 200.000 F.vo per Ccnl. Preference Shares of JtlO eacll, and I;2.000.000 In 200,000 Ordinary Shares of ilO each ; 

Ai.Sl) 

i3,250,000 Four per Cent. "A" Debenture Bonds and JL-3,250,000 Four per Cent. " B " Debentun 



(With aoircr to incrmse each cltiss oj Debenture Jlondx bi/ AiJ.uOii i"'' "lit r for milcane bitjond Unit mmitris,;! in tin- i-m 
j^SOfiOU per annum /or providimj funds jor oilier Caintnl iiurimscs of the Manila Ilailroad lomiiaiuj bcio 



Bonds. 

ion I 'in 



OFFER OF £1,250,000 FOUR PER CENT. "A" DEBENTURE BONDS. 



K«.-'a)ab|j at par on 15th Jjnil)r>, ig.s(>. or as lo llie while or 
any time after 1925. at the Compaiya option at lospercei 
months notice 
Interest payable, ijth January and isth July. 



The 


abive Bo 


nd.i an 


e secur 


ed by a Ti 


rii-t 


l)e( 


Ihe 


Bonds. « 


,hich a-e 10 


Bearer, ai 


re if 


1 de 




and £ 


200. 










Hold 


ers can 


if they 


desire 


. convert 1 


heir B< 




Stock. 













nds into registered Oebentur 



DIRECTORS: 

CllAKI.KS .IAMBS CATER SCOTT. Km, Lcailciiball Street. E.C.. Chairmnn. 
AUJIIItAI, .SIR CYPRIAN ARTHUR CiKORUE BRIDGE, C.C.IJ., 1. Katoii 

TcrrxKC. S.W. 
SIU .IDIIN F. F. HORNER, Manor House. Mells, Frome. 
JOHN IIASI'AKD LE MARCHANT, l:!. Tliurloo -Square. S.W. 
RAI.H'ill HI LLlvIt I'lIII.I.POTTS. 7 CI, v. Inn. 1 K-w. s \V 

TRUSTEES POR THE "A" AND ^B" DEBENTURE BONDHOLDERS. 
THE MEKUIIANI'S nil , ST, I.IMIIIUI, '. :, Ciiiliill, li.C. 



Solicitors : 

Messrs. E. F. TURNER k SONS, U-'.. Lea.leiiliall str 
Messrs. JIIRCnA.M-& CO.. -"'0, GUI Uroai Street, E.C 



, E.C. 



, Luildon Wall BuiMiil!;s,E C. 



For the Company : 
For the Trustees : 

Auditors : 
MtssK^ UELOITTE, PLENDRR.dltlFFITIlSACI 

Secretary and Registered Officii : 
JOHN MACKENZIE. 7 luKin Court, L..iiili)ii. EC. 
Messrs. SPEYER BROTHERS and the HONG KONG & SHANGHAI 
BANKING CORPORATION itt. r fur Sil. tlir ;Ll..nr £1,250,01)0 4 PERCENT. 
"A" DEBENTURE BONOS at the price of 83 per oent., |i:iNaljli iis l..ll.iw« ; - 
5 percent, piyable on Application. 
78 „ ,. on 16th July, 1903. 

83 per cent. 

Deflaitive Bonrls carrying a full half-ycar".s coupon, payable on the IStli 
January next, will be delivered in due oourse after payment m full. 

Ti defaut ol" payment of the itistalnicnt due on Ititli July the Allotintnt 
will be subject to cancellation and the amount previously paid to forfei'-.irc. 



The ■■ A 

of 2U8 lAlh 
and lioiid 



of th 
the H 
of thi 



D'elientrire Bonds are, in effect , .1 first cliarjie on the old system 

..1 lailuav. through the Company's holdin;; of tlir entire Stor-li 
:i|ii:il ii ilie American Company below ref i rrrd t". This sy-.rten: 
I. iim. I. .,11 in successful- operation in tin- Philippines, and its 

,cnpuii;,,l in 1907 to about tlis.duo. wiuli' tli.j iiilere."!t chargi 

,1. !:hj ■• t ■ Debenture B,,ii,U i- t,.-. 

;i ;.. I.. ,11- .-eeur^d on tin M l.l:l^^,^ system, the Bond,; will 

-, ill., I ii|. n about W mil,- l n, « Inos n,ow under construe- 
I ,;i.l 1,, I,,- ,/onipleteil hv liii:: lii. -,■ lines, combined with tlios. 



ini'i - ,.1 laiway and the further 
.444 nuUi now in eour.ve of eonstrui-tion was granted by the U.S. Government 
to the Manila Railroad Company (an American Company). This American 
Company wii I opiriiLe the railways, and its w-iole Sioek and Bond Capital, 
with the exifpli.n <>t Directors' iplaliHeations. has been, or wl'l be, as isslli'd, 
lodged wllh In,' 11,' Mini ' Tin i . 1,1,1 il'i,, T-n - , , , ;•), lo secure the "A" 
and " H ■■ I'. ', rir:, r il- 1 11, I'm- --'^ '' '"i' " '■ 

Tlie a'-'ri, nit.iiii. .1.-11..:. tlii,.ii-jli uli.li tin liii:,-., ,i., -. run arc thickly popn- 
latcil, ami iii.iuj huulil.- ,i1 imii.s :u |,r,-,,Ui< -.d. including rice, Manila 
Il -mp, ,.-opra sugar and tobacco. 

Atieiition is drawn to the accompanying copy of a letter dated l.stli June. 
lOii-", from Genera! Itdwardi, the Chief of the Bureau of Insular Affairs at 
Wii-lun^ti.n 

111 |i.i iti 11 and prospects of the old Railway system and of the new lines 
1111,1 I ., II, Ml II, n and to he built are set forth in a letter (enclosed in the 
pi,.-|.. , lii,i 11, .in Mr. Horac.> L. Higgins, who has been associated with the 
RaiUaj, liniii its earliest days. fir.sit during construction, and then as General 
Manager -Muce 1.S92 ; Mr. HiH'-iins h.is a unique knowledge of railway matters 
in the Pliilippin.s and durin'.' his long connection with tin- Railway has 
gained the complete confld me of the Directors. Mr. Hicig' ' * *' -* 



the 


eoi 


iistructiol 


a of the 


ce-.«i 


on 


will cos 


t, appro 


he c 


on 


ipleted il 


a 1913. 


durii 


11 g 


the period of ir 


lS"^iir 


'.'1. 


to prov 


ill,- th- 


diirii 


ng 


the who 


!,- ' nil 


dnrii 




such pi 


n „l iii\ 


their 


■ h 


and>, :i~ 


«.-M .1- 


put 


int 


o t-p. r;il 


, II \m;[ 


Du 


inr 




1. -- 111 V 



HI 



nl to h,-- 1,1 
1,1 tli-il 



iind 



•r the new CoTi- 
■truction shouhi 
ail,' for .interest 
^ue.d. anil to be 



Thi 



w 



11 ,1 uill be debittd to Capital Account, and 
■i;.-« -,1 bv the Bankers on fundi lying in 
,111, nj.- of t1ie new lines as each swtion is 
l,il to such account. 

i-arnings of the old system are expected to 
ith 1907 of some £1.'),000, owing t-o drought 
lop, w!ii,-h is the worst experienced in the 
III i.hMu 20 years ago. This decrea.se in 
il. 11 .: 1 of the irrigation works during 
1], .1 1.1, ieasons which followed these 
,1. i.ii , . 111. restoration wi'l n.ow be taken 
o hiiv.- ri i.lv vr.t.-.I a .suiH for this object, 
le be r 11 1.1 1 .1 1.. I..- of a 'temporary nature 



Milv iiiii-t the Lo^s of revenue be en 

111,- prr>-peets for the future are ver\ . n. mi- p.,- 

Mr. Hnjni-is G?timates that for the i ai P.ns iin- net earnings 
o-i the old system of 208 miles (without taking into account 
the earning.! on any of the new lines) will amount to .. .. £113,200 

Ani the charge, during construction, on the " A " Debenture 

Bends against revenue is £68,00(1 



ly Ub 
Mr. Iliggins furth.-r .si 

the completed sy»t,. 

will be about 

Whilst the charixe on the maximum issue of £3,250,11110 

Debenture Bonds wouhl amount to 



or the 



X'.iUII.OIll) 
£130,11110 



The 



.lie experience of tlie lines so far built justilles the expectation that their 
■nings will .show coiisiderable expansion from year to year as the country 
ved by the new line, is developed. 

,1, II II- in 111 1.11.1. mil. ipat. ,| that b\ lliith Juii.-. 1906. .-onn- 112 



for the Deb.-iiti 



lio 



iiinth.n iin.l fi.iiiiation of the C 
lllnliiin. 

id.s may be made on tin 



paiiyi 



ami llie 

the ollice of M 

E.G., during Tni 

Eondoii. E.C, 

■ 3rd Jul> 



and Form,s of Application may be obtained from Messrs. 
, No 7 Lothhiuv. E.G., or from the Hong Kong ami Shanghai 

aiK.ii, .11. I.i.inliiird Street, E.C. 

h 1 u ,1,, 111 1.1 ,1 Contr.acts and I,ett.irs, the Plan of Rec-on- 
M. in ,1 oiliiiii an. I Article" of Association of the Company, 
111, ,1 ii.i M,iiiiii..; the Debenture BoikU. may he inspected at 

s.srs. E. F. 'Ininer and Sons, lii, l.eailenhall Street, Umdoii, 

usual business hours whilst the list is oiu-n. 

19U8. 



. ISth. 191 
of the .\Ia 



Il h 



..... Department. Bureau of Insular Affairs. 

Wa.ihington. Jii: 
Cater Scott. 

, ii.|nii\ a- I., niv vaw (if the pro.speets 

i.Vn 1 I, .|,\. I'm, i", ,11 .1 better than rep at what 

,I,..,V., ,1- .iiiii;-- III-- II. .-,1 lain MS hading up to the grantini 

.„, i,/ii,,. Miiiiii I: I a. I r.inpaiiy, that ,s, that the roail 

,1 I III. Act of July "j WUG, of till 
• - . . ' — iiieir completion, am 



fri 



Philippine Commis.i.-ii, ...iil.l iml 

"'Tn?-"l!,nmon'ils'ha"'.l',,irmx , V.'-' M a'l' 1' ill. ' a nd 'im'tile VieWS of tile onireil. 

„riemntime Government It wa, >tr,-n,.'them d by the fact that ■ tin 
1 ,.'inee w S' md com "eted in 1870 a study of thi. ip.estion for the Spams 
Government had similarly reporttd with reference to the .Imast identical 



That tlitse roads have, under Mr. H. L. Higgin.s, not only " f-iir, l'"' _■"' 
ccel'linl and economical management is the testimony ol the Philippine 

'v,'',?"i",',,'lu' li-,w much the Philippine Government desired the construction 
* ■ - to note, as 1 do, in the last report 



ree and Poll. 
iction far in 
of War ha? 



Verv 



" that the Manila Railroad Com- 
/ance of the requirements of th-- 
[pressed his cratrTiealioii at '.In- 
ly complet on 



.11 111 , 



1.1. Ill 

tin- I- 



.- ... lOs 

Mith the Unilid 



iincerely. 

C. E. EDWARDS 
(Brigadier-General, U.S. Army, Chief of Bureau). 
C J Cater Scott, Escp, Chairman, , „„„, ,. ,. j 

Maiiila Kailway Company (1906), Limited, 

Loukm. 

MEMORANDUM. , , . , .mi.p 

The Manila Railway Company (1906). Limited (below ."'"f"''"' l<;. .''f,,, [\\l 

^s^"r?ne"?:afirsf^?k^^a^!iy?^^^tih?t^^^;fftS'£ 

refeirt'd to as " thV American Company"), for the purposes and under Ibe 
'■"^;''?r;^:r;:^::r?c;^n:"^i:^r-grantd tothe .ne.ca^^ 
Uni.,-.l si ,1 -. «l,ah *'"";P"^,f,"«,,"'''-\ V;:;.!. 1^ «e?e C^^^^^^ 

"'I'l'"' -':i':M\rnil- It-r w'y Coil ' l-i.M iH. but akso a f.irth.r 
^T'ni'.^'i.u. ,:;"wh!ch"iL IJ^rilfcours;. .;, ..ai..,,n..on and th. whole of 

^^1- ,:';:;;. .:;^; 111'' ir/^x^'™,nrof^i;ifi:tend.ed'';L 

tie V H; '«lnile of t^^= issue capital of the Ame, ean Cmnpany j^ ves.ed a 
li-e'ilolnir ani 'l^. T;^;;any'lJ"agS^'S>"I«^ire 1.1. C^e^o^ - 
St . -l-s herc-.ft-r to be i«sned by the American Company which will also in 

'"i^,fb";rtl;^ ;;:^^ ■liiii^J'it-'ati-d ;.," ■---r.^iirtL-MeSS'i 
^^,,:t:'ii;St'r:;fr<sfpaW-'^.'';;. ; .^ 

chir.'e in "f-ivour of the " B " Debenture Bondho'ders. , 

^"The A':tl„;?"ld Loan t^ipUal of the American Compiui^o^s.h^^ * .-^0^^ 

c'"t ^"!,'!^'"ui'<^!;ck'^"^it ^e;ti U of^oSl^n'^'nef (^nt'^umula^ve 
Pr '^:r d"s oekhi,^ *3 SiJi C^::;;,^!.' Stock. Clf this crroital ^;;f''^^^..^;}. 
M.rt.',!:' Bonds. .s.a.iVifi.OOO Sceand Mortgage Bonds. ••'•^- '""■™"' ' U'' '™;,„ 
Stock 'nd «l.ofJO.Oiin Common Stork. repr«s,;nt-d the purchase ''"''^'7" '" 
fo, the xisti-i» riilwav. and were acquired by the Company and at th ' 
request issued to theTriistees for the " A " and "B" Bondholders of the 
'"iT^'eonsideration for which the Company acquired these Bonri. and Ste<-;;s 
was the issue and payment of £1.3.17.200 "A" Debenture Bonds. £'■""" 
"B" Debenture Bon-ds, £1,180,000 Preference Shares, £396,270 Ordinary Shares 
ind £4-*^ son oash 
Tlio Comprxny fias also contracted, under Contract Nf>, 4 mentioned h'^.cv,- 



THE RAILWAY TIMES. 



[JULV 4. I' 



to acquire at par such of the balance of the authorised Loan and Stock- 
Capital of the American Company as it ii.ay hi called upon to do, ami under 
Contracts Nos. 6 and 7 also mentiontd below sufBcient moneys have been 
provided for the puR-hase of the following Bonds and Stocks of tlie Anieri. 



Company forniin;^ j 
Bonds, $1,7511.0 'I - 

$610,000 Com 

against the i-^ 
applied in or t- 
be constructed innl. t 
The following Cont 
15th March, 1900, fR. 
and a letter datt-.l tli 
Brothers in ari-\v. i 
procure the p:i\ d. 
tion for their .^ i 
claim against th^ I i. 
of the Spanish-Anieric 
arrangement, except a; 



namely 



Fii>t JUirtgage 



'tK 



entered into :— (1) A letter dated the 

^1 - •■r Brothers to the Old Manila Company, 

M . h, I'.'iKi. fR>m that Company to Messrs. Speyer 

t>y which that Company undertook to pay or 

" i>. Speyer Brothers of certain sums as remunera- 

MiRCtiou with the prosecution of that Company's 

.1 .<t,iti-s for damage to thsir line <lnni,- in tin- course 

War and the obtaining of tlir n, « (.i., -i.ri lliis 

regards the sum of i:iO,0(iii p ^ i'' ■ in. ui^t 

head, is in effect superseded by Agreement No. 5. Tli ! . : i i M.m !i, 
1906, was conflrmed by Messrs. Speyer Brothtrs by lettii ilii-l ih' : ;nl M.mh, 
1906. (2) A contract, made the First day of January, I'Ji.iT, Tjttwteu the old 
Manila Company of the one part, and the American Company of the other 
part, being an agreement for the sale of the whole ra'ilwav system and 
undertaking of the ohl Mniila tumiMnv to tiie American Company, for the 
consideration in Bond- - I'^.i. -: it <l (3) A contract made the 

First day of Januai.\, i .■[ Muiila Company of the one 

part, and the CompaIi^ ;'im. Im [u ;in agreement for the sale 

to the Company of ili. ii. n m i, 1 1 nrd ~Bonds and Stocks of 

the American (''■i]ii.aTi,\ ;■ i :l.i . ii-:.li i .it h ii ,iI".m- -tat.d. (4) A contract 
made the First .l;i,i <'l .l.iiniai;. . I'ln,. l, i«,.rii tlu' (■.'lujiniy uf the one part, 
and the Ameriraii i\'iiiii,iu\ ot ili, ,.iliri [..m. In hi-; ,, contract by which 
the Company undiTtaku^ iii tllei.t (,-uljjic t lo v.ir.ous' conditions and restric- 
tions) to purch:ise in cash at their par value the re»t of the above-mentioned 
loan and stock capital of the American Company as and when required to 
be issued in order to raise money for the completion of the railway system 
comprised in the Concession. (5) A contract made the First day of Feb- 
ruary, 1907 (below referred to as " the Service Agreement "), between ihe 
Company of the one part, and Messrs. Speyer Brothers on behalf of them- 
selves and otliers of the other part, whereby in consideration of various 



vices and cast! commitments hereinafter -; tr-ifj-il 
to issue to Me.ssrs. Speyer Brothers or ili- i' iMrn i 
and "B" Debenture Bonds and Pni'i m ■ ^!i 
referred to as to be issued under tin s i\i 
dated respectively eth June, 1907, and IJtIi Juii. 
Brothers to Mr. William .Mendel, and two lett 
1907, and 29th June. 1907, from .Mr. Wi 



detail the Company agrtes 
<■- as fully paid the " -^ 
- of th« Comnany below 
-icement. (6) Two letters 
11)07, from Messrs. Speyer 
s dated respectively lOtli 
m Mendel, to llessirs. Speye 



Brothers. (7) A contract dated the 16th June, 1908 (supplemental to the 
Service Agreement), between the Company of the one part, and Messrs. 
Speyer Brothers on behalf of themselves and others of the other part, 
embodying and superseding letters dated the 7th August and 15th August, the 
2nd December, the 5th December, the 9th December, 1907, and the "utli 
January, 190S, and passing between the same parties. 

The Bonds and Shares issued and to be issued to Messrs. Speyer Brothers, 
or their nominees, as fully paid imder the Service Agreement and the Con- 
tract No. 7 above referred to consist of £442,800 *' A " Debenture Bonds, 
£1.100,000 " B " Debenture Bonds and £'820,000 Preference Shares, which 
were agreed to be issued to them in consideration of their assifting tlie Com- 
pany in carrying through the plan of Reconstruction under which the Com- 
pany was formed, and acting as managers, of such plan; of their guaranteeing 



that the holders of the fixed charges of the old Manila Company would 
accept the £1,257,200 "A " Debenture Bonds of the Company offered under 
the plan in exchange for their securities; of their providing and paying on 
behalf of the Company the £4:i.800 cash part of the consioeration payable 
und."r Contract No. 3, the preliminary expenses of the Company, including 
tlh- ,-t:imi> duties immediately payable on the Trust Deed, and on £1,700,000 
■ .\ • lionds and £1,830,000 "B" Bonds of the Company, and also all the 
Ircal and other expenses incidental to the promotion and incorporation of the 
Auurican Company, the negotiations for and grant of the new concession and 
the formulation of and carrying out the Plan of Reconstruction of their 
paying or providing the Company with the sum of .$4,860,000 required by It 
for taking up (under Contract No. 4 above) Bonds and Stocks of the ijail- 
Toad C.ompany of that aggregate nominal value : of the services rendered hv 
them to the old Company through their New York House in obtaining the 
mew concession for the American Company; and of their permitting the 
moneys provided by them for the con.structicn only of the flrst 150 miles of 
line to be used also for the construction simultaneously of further mileage 
and of their maintaining and furthering the credit of the Company by pro- 
curing a postponement of the reallfatiim hy their friends of the Bonds held 
by Messrs. Speyer Brothers for their accoirat under unfavourable market 
conditiOiiiS. 

The 'labilities for the cas-h commitments of Messrs. Speyer Brothers under 
the Service Agreement have been distributed amongst Messrs. S:»eyer Brothers, 
liessrs. Speyer and Co., and the Hong Kong and Shanghai Ba'ukinc Corpora- 
tion, with certain other persons and corporations who took no" part in 
arranging the terms of the Plan of Reconstruction or in the promotion of 
the Company, but are interested in the realication of the above-mentioned 
Bonds and Shares. 



No. 



THE MANILA RAI LWAY COM PANY (1906), LIMITED. 

OFFER OF £1,250,000 FOUR PER CENT. "A' DEBENTURE BONDS 
AT 83 PER CENT. 

To Mc.srs. Spevkr Rrothkrs, 

7. Lothbury, London. K.C. 
,, the HoNGKoxG & Shaxghai Banking Corporation, 
31, Lombard Street, London. E.G. 

_- rerjuestyou to allot— £ of the Four per Cent. "A" Deben- 

\V e us 

ture Bonds of the. above Company upon the terms of the Prospectus issued by you 
dated 3rd July, 1908. 

,y- enclose £ , being a deposit of 5 f er cent, on the above amount, 

and — engage to "accept that or any lessamount you may allot to ^^ and to make 
the further payments thereon in accordance with the said Prospectus. 

Signature 

Nanip. ill full 

Mrfd whether Mr., Mrs., or JIis«, and Title, if any. J 
Address in full 



Please 

WRITE 
DISTINCTLY. 



Cheques to be . 




EASILY REACHED 

By the Express 
Corridor Trains of the 

L. & S.W.R. 

FROM 

W aterloo S tation 

^ _ --....,^ (LONDON). 

g ^ PATH OF Tg ^ 



FOB HEALTH AND PLEASURE. 



Bracing and Invigorating Climate 

ILFRACOMBE, LYNTON, PADSTOW, 
Bideford, Wadebridge, Tavistock, 
Bude, Budleigh-Salterton, Seaton, 
PLYMOUTH, EXMOUTH, SIDMOUTH, 

AND OTHER DELIGHTFUL RESORTS IN 

DEVON 
CO RN WALL. 



Full particulars of Train Service, Cheap Tickets, etc., upon application to Mr. Henry Holmes. Superintendent of the Line. Waterloo Station, S.E. 

CHARLES J. OWENS, General Manaeer. 



[JuLV 4, 1908. 



THE RAILWAY TIMES. 



This ProspBOtus has bosn Died with Ihs Registrar of Joint Stock Companies. 
The List will bo olosed on or before Tuesday, the 7th July, 1908. 

The Cordoba Central Buenos Ayres Extension Railway, Ltd. 

( tiicoipomtcd under the Cumpaniei Acts lsi:i to 1007 J. 

The due payment of the interest on the undermentioned Debentures up to the 15th October, 1912, is guaranteed 
by the Cordoba Central Railway Company, Limited. 



SHARED OAPIXAL 



CTOO.OOO. 



of \vhi<^h fcvri 
Cninpany of t 
fiiU.v paid up i 



Divided into 70,00ti Ordinary Shares of £tO each. 

islian-sWHrOissilo.iii, '■...:, i„r , .sh. „,„1 ;ir.- tullv l.ru.l np. ...'..'..lO sliaios «,.,,- i-M„'.l in lilii:. as. lullv |mi-1 i.,.. a. p rl .■,.„s„to 
he Oi.uccssinn for tile Huhvav i;i.iiil,-.l l.y lhii Ars;i-Titine (iovcrniiieiil in the Cor.lol.:! Centnil linilwav Companv, Limited, i 
n lil'iil. as part coiisi<ieralioii fur the imilnwritiiiK of an issue of fi.noo.nuo Kive pcreeiit. Deheiil ures of the Coiiipanv martc 
! 1,HJ7 shares as fully-paid up .as cousi.lcraf io« for the subscription of Dobcntures uniler Contract No. I liereafter nientionKl, 



In l!iOf the Company 



ISSUE OF £1,240,000 FIVE PER CENT. DEBENTURES AT 90 PER CENT. 



'Of £•!■ 



In nebentmosto lie 
£3 .illO.Om). of nliieh t.'.^CiJ foil lias Lceil issnt-.lj. elit lU.I lo interest at 111 
!, per e.-iit per aiiiiiiiu an.l in a.lditii.n (f.oni the termination of the Cluarantee 
uiven liy the C >r.ioha Cenlr.il Hailwiiv Company) to two-lhiidi of any surp'ns 
profits of the t'omoany reinainintr after payment of a non-euniu'ative dividend of 
.'. per eeiit. on its (luiiiiary Sliare Caj ital. 

Payable as follows: - 

On Application ... '... ... £ 5 prr cent. 

01 Allotment • ... ... ... 15 

On 15th Octoljer, 1908 ... .. ... 20 

On 15th Janua'v. 1909 ... ... ... CO „ 

On 15th Apri', 1939 .. - ... ... ,. 30 ,, 

£90 

Payment in full may he made on Allotment or on the date fixed f.ir the 
nC tf any instalment, at a discount of 2^ per cent, per annum. 



payn 



.\llotn 
payn 



Scrip to Bearer will be i:rued afti 
Pefinitive Dehenture.s to Bearer aft 

The first payment of Interest w 
cent, per annum upon the amounts 
dates fixed for tlie payment tliereo 
mnn. the Coui-.on for wlii(-:i will he attarhed to tl 
meats of Interest will be made half-yearly on the 



I will be exchanged for 

lent of all the in.stalments. 

aleulated at t1ie rate of ^ per 

f the reipective ins-talments from the 

and will be made on the I.->th April, 

^ Kerip. .Subfte((uent pay- 

Tl1i .\pnl and the loth 



October in each year by Coupons attached to the Dehentu 

of profits will be payable yearly, and will be inoludtd in the Oet<*l)er Coupon, 

beeinning with that of the 15th October, li!l3. ' 

The Debentures are secured by a Trust Deed, constituting them a first 
specific charge ufon the Railway authorised by the Concession and a first float- 
ing charge on the remaoning propei-ty of tlie C^impany. 

,The Debentures are not to be redeemed before the 15th October, 1917, 
nnless the .Argentine Government slrall previously exercir-e its option under 
tlie Concesision to acquire the Railway. After the above date tlie Company 
has the option to redeem on .six months' previous notice, the price of redemp- 
tion in either case being .£'110 per cent. 

In tile event of the voluntary liquidation of the Company, either for tiie 
purpose of amalgamation or reconstruction, the Debentures will also be 
redeemable at .£110 jier cent. 

The Directors have authorised the Capital and Counties Bank. Limited. 
and Martin's Bank. Limited, as Bankers -of the Company, to receive appli- 
cations for the above-mentioned issue. 

By arrangement witli the Cordoba Central Railway Company. Limited, one- 
third of the above i.ssue has been reserved fo'r .Applications from and preferen- 
tial allotment to, the f^hareholders and Debenture Stockliolders of that 
Company. 

Trustees for the Debentu<-e Holders. 
THE CITY .S4FE DEPOSIT .*XD AGKNCY COJIl'ANY, LIMITED, 13, 
Thrpgmorton Avenue, London, E.C, 

Directors, 
EDWiRD BAVPRSTOCK MERRHfAN (Chairman>. W. Threadnerdle Street, 
Lond;m E.C. Chairman of the Cord<iba and Rosarro Railway Ccni- 
pany. Limited. 
GEORGE WILLIAM HOGHTOV. Dashwood House. 9. New Broad Street, 
London. E.C. Managing Director of the Coidoba Central Railway Com- 
panv. Limited. 
STUART N'E\:mk, ^'A. Boroush Higli Street, London, S.E.. Hop Factor. 
EDWARD NORMAX. f.«. Lombard Street, London. EC. Director of the 
Buenos .\yres and P.icific Railway Company, Limited. 
Ba.nkerp> 
THE CAPITAL AND COCNTIES BANK, LIMITED, 3!), Threadneedle Street. 

London. E.C. 
MARTIN'S BANK. LIMITED, CS, Lombard Street, London, li.C. 

Solicitors. 
ASHURST, 5I0RRIS, CRISP .\ND CO., 17. Throgmorton Avenue,. London, E.C. 

Auditors. 
J. n. DrNC«N AND CO.. Charlertd Acco^intants. 30, Coleman Street, Lon- 
don, E.C. 

Brokers. 
LEONARD CLOW AND CO:mpaNY, 11. Austin Friars, London, E.C. 

Chie-F En5:ince*'s. 
LIVESEY, SON AND HENliEi;si)N. 14, s..,ith Place, London, E.C. 

Secretary. 
N. STR2ELECKI, F.C.I.S. 

Registered O-Ffices. 
D.ISHWOOD HOUSE, 0, NEW BROAD STREET, LONDON. EC. 



PROSPECTUS. 

This Company was formed in lOO.i for the purpose of .acquiring a Conces- 
sion granted by the Argentine National Government bv virtue of Law No. 
4.255, of the 8t!i October. 1003. to the Cordoba Central Railway Company. 
Limited, for the riglit to construct and work a one-metre gauge railway of 
about IfiT miles in length, commencing at a convenient point of junction 
with the Co.-doba and Ros.ario Railway in the suburbs of the City of 
Rosario, and passing through the zone lying between the Buenos Ayres 
Hn<J Rosario Railway anij the Lujan an<l Pergamino- line of 'the Central 



t industrial or rural 



nival line.s of entrance to the 
rants the right to construct 
stablishmcnts with the main 



The 

peetu; 



>:irse of the 



doba Cent 

t I. approval of tiK 
all t'.uir rights undi 
oi ,l.:.:;5,100 in fuUv 

I fourths of the total 

The Company has 

which exemjition is j 

and free imio-tato- 

j or wo-king puip" - 
to pay to the i. i\ 
of the net reeeip.s 
expcndifjre n.xed at 
for tliree consecutrivi 
ment of this fact, h 
f tile 3 per cent. 



is shown on the inap accompanying the Pros- 
ay Company, Limited, as Vendors, have. 



Government, tra 



etion or 



Departmen 

a'so provid 

intervent:oa 

of the line during tlirce consecutive v. 

.Share and Debenture Capital as rec... 

The Conces;;ion jirovides (linter alia) 
tomary right to expropriate the rai'«: 
value to be fixed by arbitration, plus '- 

The Company's railway will form t 
gauge system north of Rosario. which 
most direct communicat'on by 
caiiital of the .irgentihe Repul: 
a break of gauge from that 



sl'erred to this Company 
oncerr.on m consideration of tlie issue t<i them 
.linary Sha'.-v of tins fomiiany (being Uiree- 

Mp t.il . i.M,. -II ari.l I ,11, 'ii cash. 

1 ■'!' p!.-v,-iM]i. ..1 iifr ■■Miirr" Law, under 
ii"n ii:,i.,')i', j,"niiiiii ML I niiniicipal taxation, 
'.M'l "! ,iM uii'mmU I iiiiinit tor construction 
■ 1 : 1 HMi I'l v\: In I. Ill, I 111,- Comiianv are 
-III :iu .. '- 1- I ..-I •■] . N. i,ipl..Ml, 3 per "cent. 
al».i,>, I..I...I iq...! ,u, a-;-illi|..l rate ot Working 
rent., tmt siumid til-.' fxpeiiditure exceed this 
tlie Company will, upon siitisfying the Govern- 
ed ujjon the actual net receipts. The proceeds 
to be applied by the Government to the con- 
,!ir l.r:d;;es and roads of the Municipalities or 
-lat ..1- .,f or cro.^sed bv the Railwav. The law 
oods taritts shall he subj.ct to the 



will 



the 



il.,- 



at th, 



ms of bringing the narrow- 
considerable extent, into the 
row-gauge line with Buenos .\yre«, the 
and will constitute a trunk line without 
northwards to the 



system over 1,0110 miles are controlled by or are closely 
ha Central Companv, and under the traflic agreement 
between tli, c.,;,!,,!,,! fentral Railway Company. Li'mited. the Cordoba and 
Rosario K.i '« n i -iniiny. Limited, and this Company, hereinafter referred 
to, a con li ii.i iniiiant of traftlc to and from Buenos .\yres and the 
Nortliern Pi ..\ iiur.- niint pass over tlii.s Company's line. 

The Cordoba Central Railway Company. Limited, are the contractors for 
the construction of the railway, the works contract originally involving an 
expenditure of .f2.n23,750 sterling, but further works since authorised will 
increase the contract price to an extent which will absorb the remainder 
of the Debenture capital. The most important of the additional works are 
(I) the construction of the retaining wall for the entrance into Buenos 
-\yres at a distance varying from 101 to ."^93 feet further out in the Rio de 
la Plata than was or-iginal!y contemplated (consequent upon an alteration 
in the plans as finally approved bv the authorities) and (2) the erection of 
an important -Administration Building on land purchased in the busines 



qtiarte 



of the Citv 



of Buenos .\vres, the greater part of which will he let 

■d t'lf rr •nainder nti'ised for the accommodation of the 

I'l I M : iial cost to this Company of the retaining 

I ■■ II. is estimated at fCO.OOO, and the cost ot t!;e 



As <i)iii|n ii.satioii lor liie rxira work involved in reclaiming an increased 
area from tiie Rio de la Plata, the Company is granted a permanent low- 
level entrance to its terminus in Buenos Ayres, and is thus relieved from 
all liability to rai-.ie its lines ko as to enter on ihv high level. The Municipality 
of Buenos Ayres has agreed to pay part of the cast of filling in tlie in- 
creased area, and it has al.so been arranged with the Government that 
any railway which may hereafter enter Buenos Ayres over the reclaimed 
contribute to this Comjiany a defined proportion of the cost of 



ctaii 



^-all 



The Co doba Central Railway Company. Limited, has entered into an 
agreement under which it undertakes to advance £100,000 at 5 per cent, 
on a First mortgage of the .Administration Building and site in the City 
of Buei'os Ayres, and wi'l be granted a lease from the date of completion 
of the Building to the lath October. 1012. upon the same terms as govern 
the lease of the railway below reiited. Jlr. D. M. Miinro. the General 
Manager of the Cordoba Central Railway Company. Limited, and of the 
Cordoba and Roiario Rnilway Company, Limited, and the Company's repre- 
sentative in Buenos Ayres. eitimate.s tliat after payment of insurance, rates 
and taxes, and making ailowanre for depreciation, a net rental of .£15,000 per 
annum should be obtained as from tlie expiration of the lease to be granted 
lo the Cordoba Central Railway Company, Limited, from that portion of 
the premises wltich the Company will not retain for its own occupation. 

Rails have been laid for a di.itance of 235 kilometres out of a total of 
.100 kilometres, and the greater part ot the locomotives and rolling stock 
has been shipped. 

The Works Contract specifies that the main line shall be laid with rails 
weighing 70 lbs. per yard, which is a heavy rail for a narrow-gauge line, and 
with a greater number of sleepers per mile than is usiia', thus ensuring 
a first class permanent way, very conducive to economical working. The 
locomotives and other rolling stock provided under the contract are far 
in excess of what is u.sual, and will accommodate a very heavy trafllc per 
mile of line. 

One hundred and twenty ki'ometres of the railway are already open to 
local trafllc, and advice h.is been received from Mr. P. M. JIunro that he 



THE RAILWAY TIMES. 



[July 4, 1908. 



antidpates tlio linr will li.' ..|.,.Mr,] t„ lliHiU-li •_•.,. 
of October m-\t. -.uul , ..mi, , ..-.I, uith tli.' ,\..|.ii. 

tlie Jicrmanflll .lilian.'. u..il,^ .it Kll.liOf An., ii 

Tlie Coriiolia IViil,,,! I!,,i!tt,,> C.n.i.anv . I.ii„l..l. Ila^.• Ih.' iii..|,l (,. ..prrat.- 
the niilw.-iy hj' s.-.t i.m.s ,,^ ™Il^llll.■ll d, .m.l Ih, v iiii.l.i I ak.' I., pai iiit.-i ..-I. 

duriiis coiihtnii-ti.iM nii iiu. i:i.r,iiii.niiii fn.^ |.,a .-.ail li. i ,.■ ..i' ili,> i'..iii 

lian.v. Tllcy furllii-r iiiul.-i i.ako t<i «i.rk Ih,' In,., «l,,ii . ,„i,|,|,a , ,| ,,ii |,.av,. 

until tllc l.-,tll (Vt.)l.,-r, l!)|-.>. Ill,- r,.|,tal (., !..• an am I -nlli. i.iil 1,, |.a\' 

the interebt on the Ilel.entuii-.-, ami tin- i'..|ii|.an\ ■- i.lmmi -1 i il ..ii ,\i.,iims 

At the end o( Ih,- term of llie ],;a-,. til,, lailuav u..,l,> ami r..l'll|., -t,,rl, 

an; to he haniled o\er I., tlii> (■.,m|.aii\ in a .1 lal, ,,i »,,iiJii., ,„,|,., 

and repair (fair «ear ami teai al.,ii,' ex.epl,,l., «!ien tli,. hue «ill )„■ 
worked a.s a jeparat,- un.hrlakm;; for the r,,mpaii>-> ..wn ae.anint 

Inder an agreement eiuen-d iiit<, in Pm;, uilli llie (■.,i,l,,l,a f.aitial llail- 
«a.v Coriii.all.v. Limitnl. ami the (•,,r,i,,l,a ami I;., -an,, liall«av ('-.|li|,all\. 

Limit, li. all Ihioiiah Irani, ,v.iini." nial.a lli, ,.,nl,,,l .,i il,.., l«,, r •„„.' 

ami ile-timii l,„ p.,nil, :-..,i,h ,.i i;,.s.i,H, i, ,,l,.,l l.v ,„ , ,,,,1 mm,,.,,:- i,, ihr 
(■"Mip;iii>-s lini.s uill !„■ 1 ,,i,. 111,. (',,„i|,ain :. an. I m, ,■ i,i:.a 

Itailwav Ciiinpan.v, i.imil,,!, nml, i «li,ili 11, i-' l'.,m'piT!'i ,',llt:uns 'I'l'i'.'- u'Si",",\ 
til.- Conloha ami l{.,>ari.. I'..mpan>'. t.lnrmil l.i-llm- al K-.sa ..plil- 



h.- al„,nl Ih.- c-mi u , i,:ii,,l ::„il, .I,-,n,i 
h,- «..lk^li,,ps ami M,:--,- la.,na,.l 



,,l..l :■-,.,, .linn-, 
, ,,liar.l II. .» an 



, inn;.. ...ii;.ritiit,,J l,v h-tlei-,< e\, -hanged iietween 
.« ami r.. , .ii„l 111,- C.iiip.ini l.,r tlic sale and 

I ,, 111 |i,l, .1,1.11,- ..1 111.- (■..nipaiiv. Under this 
iij a-_-r. ..I 1., ,ili.,i t.. M.-fM-. ia-onard Clow and 
-,>, I Hi? lnll.\ paiii OiJinal.v Sliaies of t~ie Coin- 

II ...iiH.I. i,iti.,ii ..1 their agreeing to purchase the 

V. I..iu,.ii 111. I'.niipanv and the Cordolm Centml 
l.nni.-.l l.,-niL- Supphniental Works Contract for 
1,1,1,11- 111 lln,ii,,> .\,\r,-.. an.l eontainms iirovisii ns 

1.. '.lie lali -1 paii> 

.. ,-.,11 .liliil,,l in i.-ll.i^ ,-\,-lianged between Messrs. 
■.. an.l 111.- l',.mpan\. iimler which the former 
111,- |,i,-,iil i.-Hi, <,] tt.LMii.iidCl of Debentures in 
iin,l,r \M ,1 in,_- ,'.niinii> moii of '11 iier rent, and an 
,111111 --..It ..1 - i-.-t ..111 "11 111. iK.niinnI amount of t-ueil 
li,.,li I■.,lllnll^f .Ills li.ni-.; ],,iiaM,- m .asli. 
Inn,, it'lis. l„-lu,-,-ii 111.- i'..iiii..,n\ .iml tin- Cirdoba Central 
ii|,iin. Limit, .1, bi-iinj .-,-,,,ii.l .^iippl, in, ntal Works Con- 
1 1, aiilli,! i-e,i ami III,- |.a,\ni,-nl ..1 iiil.-r.'^t on .l-:!,."iflll,n(in 

:iii.-t:-, l..i;,-tilei «i|li ill,- •llnst 'l)ee,l, niav b,- inspeited 
llie (.■onil.any b,lu,-,ii fin- In, in.- uf 11 a in. and 4 |, in. 



Mr 11 \1 Mini,,, « 
ln..-|..-,-N .,1 111,., i-.iilua 
n..rinal ,-..ii.i,l i.,iis I In- i 



ii|..-ini. 111.- alli.-,i . In 

iil»a\ (■.niipann-s m.-i 

.1, .1,.- i.->p,-.-t,-.i. Pu-i 

iMllll-.; III.- lialli.- will 

iliiiii Ihii 1111,1,1 \| 

,.,. I,.-, n v\..ik..l 1 ,. 



.- ..1 ,- p.-r eeiit. p.-r annum will be charjed on all mstai- 

, sl„.t of lliis i>siie ol li.hentureis paid in arrear of 

.l.it.s. and failure to pav anv instalment wlien due 

l,.iMll,-lit.- habli- lo linl.-iiure. 

1.1,. mill, f -li..nl.l I..' 111,1.1.- on tlie form accomiianyina 

. li 1 1 I., s. 111. l,.-j. Iln-r with a elicqne for the 

„,-ii. I.. Ml, r,|,i',,i ,111,1 ronntie.s Bank. Limited, 39, 
i...i„l.,'i. 111'. ,,i 1,, M.Hiln-,- Bank, Limited, C8, Lombard 



,ii 11 



■ip.il, II 



ol the period .iinni,.. «lii,-|i ih,: ,i,t,-,, 
b.v the Cn-dolia C-ntial C.nipaiu. lln- 
cienliy e\.-i-eii Ihe Inbinliii ,- int,-r.-s.' 
rate than .a per i-.-iit, .Mr \liini.. 
Ko-ar!o ami Hu,-m,> .Vvi,.-. lli„,ii;;h U 

'%"'"■,"'"'« '"■'"■^l '" 'l'<- -\.ile,il,n,- li, -pill, In-, ami i> llii,-kl> | 
The lollowin;; ililormal n.li i> s^eli in , .mipliam .- «:lli Un pi.,i 
the Comiianies .^.-1,- :— 
The dates of and parln-s 1.. mat.;-rial (-..nli.i.-tv eiil,-r.-,l into uitliiii 



I ., P v ill I,,- returned witiiont deduction; 
iitii,,-- i„ all,. Med than is a|iplied for, the 
1,1- .i|,i,i.>pi.it,-d toward.5 tlie balance due 



, ,-: hniali-ii Tin, -a. 111.. .11. Sli.-, 

l.ai.ilh .-\- I Sir. el. lani.l.in. I' 
..p,-.l 'i'he if no alNilm, r. 

Ill,- ,\piiy I sin, aid a sin, ill. -i . 

iiniL's .,1 til,- Kail«av"\nll Milli | ml aliotni'.-n: 

ibi,- a ili-'li-il on at a lii-.-li.-r \n apl.lnal .,a 1.,,- a -,Ill.iii.nt in and ,-i limitation of the IV-bentures 

p.,11.,1 lini; 111,- y,,iii- bi-t«,-,-i, Mil he mall.- in .la.- i-,,ilis,- le, lb,- Si,i,k i-:\,liaiiae, London. 

I win.li the liin- will run Pi-,,>pe.-Ius,- - iinn b,- ..bl.inn.i at lb.- f..mi,ali\-s (•fflce,-<: from IMessrs 

.1 \.|iin:l. M<.rii.~, Cii-p. ai-.i C.i . 17. 'Ihi ..giinn ton .\venue. London, K.V.. tile 

,,i Capital ami (■.,niil,.-s Uink. l.!iii-t,.i. :;'i, ■i'hreadne, die Street, London, K.C.. 

Miiliirv iiiiik, 1,1111,1, . I. I,-. loiiil.ai.l .sli,-,-l, laiinion, E.C., and from Messrs. 

St I l.i.niar.i Clow ami C.i.. -Ji, .\iistin Fnar.s, Loudon, E.G. 

iiaieii I.-t July, Ulils. 



Re-adJustment and Union o-t 

Mexican Central Railway Company. 

Limited, National Eailroad 

Company of Mexico 

To Ih,- h„hl.-rs of l.ni,.i,<„ Jl,;,o<)l l;,;;:ph 

MEXICAN CENTRAL RAILWAY COMPANY, LIMITED. 
PRIORITY 5 PER CENT BONDS..' 
FIRST MORTCACE BONDS ASSENTED. 
CONSOLIDATED MORTCACE 4 PER CENT. BONDS. 

TV'OTICE IS HEREBY (ilYEN that the 

1\ amnnnt .,f tl,,- (-..n , ,1,,,. ,,, .|„u., |,.,i,v. ..n 

tile ab,,\''-i,,- 111-,,,!. ,1 p, n.|- ,1, |,,,. il, ,1 i;i|,|, I rh,- iilan 

April, 1','ii-, ■ r 1- ; -- -, , . I,, i , ■ -. , , .■. I ,„„|, ' 
Deposit U- . , i|,i . r- [ I, ..■i,i,n- .ii, i, i; j pi,-s,-iit.-i- 

il.p,,'-itari,-s. \iz. : — 



•I. HK.NiiV si'iiiiiinHb .V ,11 . 

1 l'>, L,-a,l,-iili.-ill .^Ir.-.-t. F..V. 

cLV.v, MiLi,^, cruiiii.; .V en., 
'17. I.,.ml,ar.l Slri-et. |.:.c. 
SI'EVER lIUuTliEltS, 

7. i,,,tbb!ir\,TI': C. 
SWi.SS BA.\K\ Mlil.l.N," 

I-:. I.,,tl,l,,ir>. H.C. 
D.-p.isil ii,-..-ipt- 111 1,1 l„- l.-tt Ihr,-,- ei,-ar .lav 
Manimatinnaml i.,r tin- p irp,.„- ,,( havin-i n,,ti 

miipiyni-nt slamp,-,! ||„.r ,. 

t>.■^to^ .'iOlb .luiic. 100!3. 
Kl IIX, l.iil-lii ,v (11, 
i,\i)l-:Xiill(i;, TilAl.MAN.V ,v IK 

si"i-,vi.:ii lUiiiTiii-njs 

SI'KVKK .V (•". 

II \l.i.ilAi{Tl-:.\ .y Cii., 

IIA.NK iiii II \Nili.:l,V.\|) iMllsTljll-: 

HKKLINF.K HAN i)Ki.sia.;s|,;l,|,-<(-|| \ kt 

/.••■ .(./;» /„„ „/ .U„„',„„ 



East Indian Railway Company. 

YOTI(.;k is hp:rei;y giyex iimt iiii- 
ik li.-Ki.t.-rs of Ib.Mer- 1.1 Ibis C.nipanv's :i p-i 
!<'-■',','.■ '^'■"' ".'■;."•"'"■'■ ^'-^ ■■Old ■'■[ P-i.-.iit. D.-b.-nlnn- 

tii'Momlav"tle-":iM dav' !.l"' Amnn'"' l' '! '' 'i'llh' 'u\' 

inclusive tor the pir, 1 pi..|,,,n.,, ;>.,,, ,,nt - 'l„i' 

tiie iiaynfciit 1,1 iut,-r,-,l I.ir lii,- il,i,. i,i,,„th. imln,,, 
lird Aumi.st, iuii> •iran-i.-rs n, r.-,p.-.t ,,i ih.-si- 
stiic-l<.s will not be r.-c.-.v,.,l at this ,,liice wiiil.- ib.- 



Hegiste 



iaincio,e,i, 

liy Order, 

C. W. YOUNO. 



as no, Niclinlas I.an,-, 
London, EC. 

.■ililh .In 



Royal Siamese State Railways. 

rpKNDERS aro i.-.iu.-ste,l l.ir ilm .-^ui.pl' 
.Ml co\-|,;iii;ii (loiiiis WACtiO-NS. 



I'iie Director General, 

L WEI I.Eli. 

Haii..lk..k. th.' mil May, I'llW. 



Bombay, Baroda, and Central India 
Railway. 



rpHE DIliKCrnlis ,11,- in-.-paipil tn i-ivi- 

I up l.> n.„.ii ..11 'i'n. -.i,i\. Htii .liiiv. 'liN 
iiPK.s l.,r th.- Sil'i-i.V .il 

WHEELS ami A.M.E-i. 

■IVinlii- inn-1 l„- mail- .,ii f,,riiis. ,-,,pi,-s ,,f »ln,-ii. 

-.vilh .-p.-cliialn n. .all l„ ,>l,Ialll,.l al tll.-se ofllccs 

nil [..iMinlil ni --'1- la.il iwhl.-h Hill 11.; in- re- 

linncll 

•I'lii- llii,-clnr- ,|,. lint bimi tb.ins.-lv. ., to a,-,-el.t 
111. I, ,«,,.! ,,1 am T,i„lil 

W. \, CUNST.MILI-;. 



llli,-,-.. i;l,,n,-, 1,1 11. 



.,t Ultbnlll. 



The Great Indian Peninsula Railway 
Company. 



rnHE DIRECTORS are ].in|-arinl to reeniv.- 
I •|'t:\ii|;li.s; p.r th, sli'l'LY of tlie foll..» 



.Spnii;;,- Chillis. < Aei.l ( Ipi-n-llearl b Sle.l 

V..rksliire lr..n. Ji.,iler Plat.-s. 

liailway Ti.-k,-ts. .1;.-. . SI ra ij;lil. As es. 

S|.,-.ili.-a-n,n, ami Inriiis of Teniier inav b,- eb 

1-Nn..l .11 tin. ..till. .a.Mm-nt ,,f th- t. ,- l,,r lb, 

-P ' -'" Il , "Ini 1, paiiin-nl M,l| pnt. I,,- i.tiiin.-.l 

I, n,|, 1 - ill, It l„ ,', H,-!, ,1 111 seal,-,i elll-lnp, -. 
'■'bin -al In 111, 1111,1, i-,,.,in-.l, iiiaikcl ■■ T, n,l,-r Ini 
S|„.in;,- Cbitbs," ,,r as 111,- ,-.1-.,- iiiav l„- !,,,! 1,1 ,-r I ii.iii 
i-'.leveii ,,-,-l,,.-l< :,,i,,..„i '1 Inn .,!,, v . 1 b.- -.lb .Inlv. p.,,,' 

Il, lliM-h,, t,. a,-.-.pt 



.T, i BEItRV, 



i'.,iiip-iii\-- oiri,-,-s. 

I-. Cnpthall AM-nii.-. I..,n.i.,ii. E.C 
Ist .llilv, Jims. 



Railway Shareholders' Association 



rnHE FIRST CONFERENCE will l,e 
1- belli 1,11 Wepnesd.w, JfLY .St h (commencing at 
2 p.m.) at till- LONDON INSTITUTION, FIN.SBUKY 
CiiU'liS, E.C. (one minute from Broad Street and 
Monrgate Street Stations). Mr. W. K. LAWSON in tilc 
chair. Tlic Conference will be op.Ml to tlie Piildic. An 
t-lhciai reiiort will be issued in due course. 

The Bengal and North Western 
Railway Company, Limited. 

rnHE DIRECTOliS am |.n-iiaiaal (,, n-eoivr 
J TENDERS for the SI I4'L\ ami liEi.i\ i-:i; V 



•. Ii.ii. liEl) ami WHITE LEAD (.Iry p..w.i,-rl, 
Inlisl'AINT.Stvarioiis), 
Specilieatinii.s t., be seen at tin- C..m|,aMv'3 



Oftices. 



Teiider.s addressed to the undersigned, and marked 
"Tenders b.i- Eye Bolts, ic.," or as tlie case may be, 
are t.i b.- In.tged n.-t later than .Noon on Tiies.lav, the 
I itb .lav nl .July, iws, 

l'',,i , ,1, b .vp.eih. atii.n a fee oflOs. wi'l he oiiarged, 
«lii,li .iiiinot iimier any eireurastanees be returned. 
■I'll,- Direelors do not bind themselves to a<-cept 
ih,- Inwest or any Tender. 

liy Order of the Board, 

ALEXANDER IZAT. 
Managing Director. 
Ji.. iJre.sham House, 

Old lir<.ad Street, London, E.C. 
2nd July, 11)08. 



I^OAD VANS of every flcscription 
A' supplied or repaired by Contract. - 

McDougall Bros., Wheelwrights, Vine Yard i)7 99 
Aldersgate Street, London. ' 



Reading Cases. 

T)EADIXG CASKS to hold Twenty-aix 
l_t Copies of Thk Railway Times may 
be obtained from the Publi.«hers (2- (1.1.) • who 
ilfO undertake to hind Siili.-crilers Volcmes at 
. tid. jier Volume. 



A Journal of Finance, Construction, and Operation. 



Vol. XCIV. 



SATURDAY, JULY 4, 1908. 



No. 



PRINCIPAL CONTENTS. 



Articles — pag 

The Dangers of "Cheap" Fares 
The Development of Discipline.- 
The Home Railway Half Year .. 

A New Cross Country Route 

South Indian Railways in 1907.. 
Great Eastern Summer Services 
New Issues *.►...-.. 

Money and Stock Markets 

Meetings AND Reports— 
Grand Trunk Railwiiy Company 



7 Madras Railway 

S Arica and Tacna Railway ■ . . 

S J. G. White & Company 

M Underground Electric Railw, 

14 of London 

21 Parliamentary 

10 Correspondence 

9 Personal 

Railway Notes 

Railway Stock and Share List 
10 Official Traffic Returns 



THE RAILWAY TIMES 

rUHLISIIED EVER J ' S A Tl 'RD. 1 i '. 

THE OLDEST RAILWAY NEWSPAPER. 

Established in 1837. 



TekgraphU A<(i»CiS 

Offices ; 



•ALTJ.METiiV, I.OMjoN." TcUplwnc No.: 2948 Ge 

12, Norfolk Street. London, VV.C. 



A ht oad. 

£ s. d. 

7 6 
14 o 
I 7 o 
rifiti^, and may 



SUBSCRIPTION RATES, 

In ndvaitti, tost-frce to any aidress : — 

United Kingdom, 

£ s. d. 

Three Mouths 6 

Six Months ... ■ ... 12 C 

Twelve Months ... ... t S o 

The Railway Times is pttblishci on Satin d y 
be obtained at all bookstalls, and of any newsagent throughout the United 
Kingdom at 6d. per copy. Should there be any irrei;nlarily in the iupply 
of copies, complaints should he made to the Publisher. 

ADVERTISEMENTS 

Rates for Advertisemin/s will be sent upon request. 

Alterations and tuw copy for insertion in the inside pa^es of the currem 
week's issue must be delivered by 6 p.m. on Friday, or, when proofs are 
required, by noon on Wednesday. A'ew copy or alterations for the co7>ei 
must be received not lat,r than 10 a.m. on Wednesday. If proofs are 
required, the instructions and bloihs for the cover must be received on 
Monday. 

REMITTANCES. 

Money Orders, Cheques, crc, should be dtawn in favour of Tut: 
Railway Times, and should invariably be crossed "National Bank." 
Stamps will be taken in payment of sums not exceeding los. 

EDITORIAL. 

All communications intended for publication should be -written on one side 
of the paper only, and should be addressed to " The Editor.' Contributions 
are invited ftom those conversant with the various departments of railway 
service. If such contributions are not accepted they will be promptly 
returnei if accompanied by a stamped and addressed envelope. When 
payment is de.ired this fact should be stated. In all cases the full name 
and address of the writer should appev on the AISS. The Editor does 
not hold himself responsible for the opinions expressed by contributors. 
CORRESPONDENCE. 

Con espondence is also invited upon 11 It topics relating to railwa} s. Letters 
intende.i for insertion in these pages must be accompar.ied with the name 
ani address of the writer, although the name need not necessarily be 
published. 



THE DANGERS OF "CHEAP" FARES. 

Consideriny the mitnljer of present trouljles, financial 
and otherwi.'^e, dne to excessively cheap railway, tram- 
way, and omnibus fares, is there any room for surprise 
that during the last year or two a reaction has come in 
favour of making reasonable charges? The difficulty is 
that it is far easier to reduce fares than it is to increase 
or even restore them. Ijut for this circumstance, we do 
not doubt that in various directions the process of elim- 
inating excessively cheap fares would be much more 
in evidence. The point is that all the leading authori- 
ties, including railway, tramway, and omnibus adminis- 
trators, have come, or have been compelled by force of 
circumstances to come, to the conclusion that the ten- 
dency towards all-round reduction of charges to the 
public has been seriously overdone. The theory that 
traffic can be attracted or created to an unlimited ex- 
tent, if only the charges made are sufficiently low, is 
now exploded. A practical example of that in the rail- 
way world has been afforded by the District Company, 
which was able to boast of a record number of pas- 
sengers carried, at the same time that it had to admit 
to its proprietors that its financial position was never 
worse. It goes without saying that the mi.schief done 
by excessively cheap fares has come to the surface to a 
greater extent in the metropolis than anywhere else. 
Within that area competition between railways, 
"tubes," tramways, and omnibuses, had become a 
positive mania. Even the motor omnibus companies, 
which were ultimately responsible for the most 
grotesque forms of competition, have had to throw up 
the sponge, and are closing their ranks with a view, 
no doubt, to an attempt to earn some profit. But the 
scourge of the cheap fare is by no means limited to the 
metropolis. In Scotland, the improvement of com- 
petitive fares has already gone so far that a halt has 
been called, and the process of revision of unduly low 
excursion and week-end fares has already begun, and 
will no doubt continue. South of the Tweed the leading 
companies have apparently not yet realised the needs 
of the situation, but there can be no doubt that any 
attempt to improve the financial position of the railways 
must take into account the necessity for revising many 
of the absurdly low special and excursion fares. In 
theory, these low fares were intended to create traffic, 
and appealed only to a .special class— the "tripper." But 
the days when people could only travel by excursion 
trail? by incurring some loss of tiiiK and dignity are 
gone by, and a large section of the public which used 
to travel at ordinary fares now avail themselves of the 
too lavish excursion and other special facilities at low 
fares. That fact explains to a large extent the per- 
sistent decline or want of expansion in railway receipts 



THE RAILWAY TIMES. 



[July 4, 1908. 



from passenger traffic, wlien growth of population and 
increase in the travelling habit would suggest that the 
;i"ailways should be earning larger revenues from this 
class of business. 



' THE DiVELOPMENT OF DISCIPLINE. 

One of the many arguments against the nationalisa- 
tion of railways is the difficulty of making discipline 
effective among all departments of a huge Government 
undertaking. Civil servants understand that their berths 
are permanent if they do their work passably, and be- 
have themselves in a general way; promotion comes 
according to a mechanical process of seniority, and 
there is no particular reason why any member should 
"hustle" in order to distinguish himself. In fact, his 
hustling is more likely to result in unpopularity than 
in rapidity of advancement. Work becomes a vast pro- 
cess of routine, and is easy, comfortable, and conse- 
quently, inefficient and unprogressive. A well-managed 
railway is always in process of evolution. New methods 
of working are adopted from time to time; alterations 
are made in details of organisation; and a certain 
amount of elasticity in the staff arrangements is accord- 
ingly necessary. That is much more readily secured 
under the flexible conditions enjoyed by private enter- 
prise than in a Government department, where every 
employee is ticketed in advance, and his duties defined 
with mechanical precision. Only those who are ac- 
quainted with the inside of (iovernnient organisations 
can appreciate the inertia possessed by these vast 
machines, or the difficulty of increasing the pace of any 
one part by an infinitesimal degree. Each official, big 
and little, is interested in keeping things as they are, 
since no change can make their positions more secure, 
or is likely to increase their salaries as well as their 
work. Under private enterprise there is the constant 
knowledge that security is only retained by efficiency, 
that promotion depends on merit as well as seniority, 
and that new departures give all members of the staff 
an opportunUy of displaying new capabilities. These 
circumstances impose a form of automatic discipline, 
which is most valuable, but it would be absurd to claim 
that such discipline is sufficient for the proper control 
of a large railway undertaking. All large enterprises 
suffer in varying degrees from the same trouble — the 
difficulty of maintaining efficient personal supervision 
over hundreds or thousands of employees of all grades. 
In a small organis.ation the manager can supervise, per- 
sonally, every individual under his care, but in a large 
organisation the task is physically impossible, apart 
from the fact that managers and superintendents have 
their time fully occupied with responsible administra- 
tive work, which is, to some extent, independent of dis- 
cipline. It is therefore a serious problem to know how 
to infuse through all the ranks down to the lowest the 
spirit of loyal activity. One road to a solution may be 
found by giving close attention to the differences" be- 
tween large organisations in which discipline is efficient, 
and others in which there is slackness among the em- 
ployees and friction between different departments. It 
will often be discovered that the differences resolve 
themselves into varieties of personnel among the sub- 
ordinate heads of department. The moral is that the 
supreme heads of departments, however intelligent and 
energ/tic, are comparatively useless if thev are not well 
served by the men w4io are in actual daily contact with 
the body of w^orkmen. The greatest possible care 
should be taken to select as foremen and others in posi- 



tions of secondary authority, men- who are capable of 
handling workmen with firmness and yet with a reason- 
able understanding of the limitations of unskilled or 
semi-skilled labour. This seems almost obvious, but 
one may doubt whether in all cases it is recognised that 
the character of subordinate heads is the most common 
weakness in gigantic organisations like railways. Fre- 
quently these heads are men who are unused to avithority, 
or have not had personal acquaintance with the idiosyn- 
cracies of workmen. Consequently their policy oscil-. 
lates between petty tyranny and ecpially harmful weak- 
ness. It is important, therefore, that the selection of 
these men should be freed from mere routine influence, 
and that it should be associated with a careful investiga- 
tion of ability to get the best out of the comparatively 
raw material which is the ultimate basis of railway 
organisation. 



THE HOME RAILWAY HALF-YEAR. 

The traffic tables published in this issue complete the 
record of the home railways for the first half of 1908, 
so far as gross receipts are concerned. Until the 
figures showing the expenditure are also available, it 
is impossible to take stock of the situation in the 
proper sense of the term, but the statistics already fur- 
nished give a fairly reliable indication of the actual 
working results of the half-year. An examination of 
the published traffics first discloses a general decline 
with some half-dozen exceptions, which are able to 
chronicle moderate increases. Taking the fifty prin- 
cipal railways of the United Kingdom, the aggregate 
for twenty-six weeks has decreased from £52,957,457 
to £51,748,745, a decline of 2. 28 per'cent. Unfortu- 
nately, there is> ample evidence that this decline will 
not be off-set to any great extent by reductions in the 
working expenditure. The train-mileage has qo doubt 
been reduced, but coal has been dearer, and labour 
concessions still form a considerable item. Undoubtedly, 
some saving has been effected by the reduction in the 
prices of many of the materials used by the railways, 
.and the sturdy resistance offered to municipal imposi- 
tion in the form of rates and taxes, has, in several cases, 
been justified by results. Co-operation, whether it takes 
th; form of close working agreements, or more elastic 
combinations, is the only panacea for the excessive 
waste resulting from the hurry to augment traffics at 
all costs, which has been so marked a feature of mod- 
ern railway development. A general survey shows that 
while both departments of traffic have suffered heavily 
during the half-year which has just closed, the goods 
and mineral traffics have fallen away in a greater pro- 
portion than coaching. The remarkably fine sunmier 
we are now experiencing will certainly stimulate the 
holiday traffic, but while the present commercial depres- 
sion continues, the outlook for the goods traffic is not 
assuring. The encouragement to the home producer 
afforded by the passage of the Patent and Designs Act 
is, however, rather a hopeful feature, which may serve 
to strengthen Britain's threatened industries. Com- 
ing to detail, it will be found that the best com- 
parative results among the home railways have been 
achieved by the Great Western, with an increase of 
£36,000 on the half-year, and the Metropolitan District 
who report an improvement of nearly £1,000 a week. 
These are the only five-figure increases, but on the 
other hand six-figure decreases are published by the 
Midland, North Western, North Eastern and Great 
iVorthern Companies. The gross receipts published 



July 4, 1908. J 



THE RAILWAY TIMES. 



are, as a rule, somewhat iinder-estimatctl. so that the 
adjiisted figures will, iu all probability, disclose slightly 
bctter results. But shareholders must be prepared for 
decreases of from i to i per cent, in most cases, 
although the Great Western and the Creat Northern 
Railways may be able to maintain the rates of distribu- 
tion of a year ago. Clearly, the lesson of the half- 
year is the imperative necessity of adopting, at the 
earliest practicable moment, a policy of co-operation 
among companies having more or less identical 
interests. 



MONEY AND STOCK 
MARKETS. 



Settleme.nt Dates. 
Consols:— Thursday, August 6. 
Conlinuation Days. | Ticket Days. 



Pay D.iy? 



I July io 

Alls;- 13 



Mines... July 10 Mines July l^ \\ t„, ,, 

Clen'eral , 13 General ,, 14 I ^ ■' 

Mines ,, 27 Mines ,, 2S l\ 

General ,, 28 General ,, 29 

Mines .\ug.- 10 Mines .\iig. n |\ 

General „ u ' General ,, 12 / 

Our usual comparison of the present position of the 
Bank of England, the Money Maiket, the Foreign Exchanges, 
etc., with the position a week ago and at the corresponding 
period of last year is given below. 





At Present. 


Last Week. 


Same Week 
Last Year. 


Bank's Coin and Bullion ... 


;^38.6o7,393 


jf 39,404,61 3 


;£35,2o8,9il 


Total Reserve 


£;27,o8i,i28 


^(,"28,86 1, g68 


£23,680,981 


Proportion of Reserve to 








Liabilities 


44i per cent. 


5li percent. 


38! per cent. 




/29,976,265 


.^28,992,645 


i;29,977.930 


Bank Rate* 


2j per cent. 


24 per cent. 


4 per cent. 


Open Market Discount 


J pel cent. 


i per cent. 


3.;.. per cent . 


banliers' Clearing-house ... 


;^302, 520,000 


.1^193.969,000 


/32l,762,ooo 


Silver bars, per oz. (spot) ... 


24l«d. 


25d. 


3id. 


Consols (account) 


sSiV 


8711 


S4f 


French 3 per Cents, (ace.) 


95f. . 


95f- 


94f. 


Paris Cheque exchange ... 


2,,. ,2.10. 


25 f. I2ic. 


25f. 14c. 


New York 60 days ditto ... 


St.85i 


a.4.85i 


s;4S3;? 


Rio de Janiero exchange ... 


■SAri- 


15^1. 


i54d- 


Valparaiso 90-day exchange 


nu- 


7{2d. 


I2V'':l. 


Calcutta transfers 


IS. di- 


Holiday. 


IS. 4.'c'l. 


Hong Kong transfers 


IS. 94d. 


IS. lojd. 


2s. 2,*cd. 


Shanghai transfers 


2SS. Sid- 


2s. 5id. 


2S. Ilgd- 



The movements of cash in Lombard .Street have been 
on a large scale, as must always occur in the week 
that includes the completion of the half-year. The pay- 
ments of interest and dividends, and the redemption of 
bonds which took place on the first of the month, 
amounted in the aggregate to more than £25,000,000. 
The terms for over-night accommodation were high. 
Three per cent, was readily accorded, and four per 
cent., and in a few instances, as much as five per cent. 
was paid in order to avoid application to the Bank 
of England, which required 3 per cent., and did not 
lend for less than a week. The half-yearly borrowings 
of the market are estimated to have been about seven- 
and-a-half millions; this was more than had been antici- 
pated, and the figures of the return issued on Thursday 
show large amoiints still owing, in spite of the repay- 
ments of the day before. The Reserve is low^er by 
£1,781,000, reflecting the fact that the demand for cur- 
rency on home account has been heavy. The active 
note circulation shows an expansion of £983,000, and 



coin and bullion has been drawn upon to the extent of 
£797,000. (Jther .Securities are ui) €6.324.000, and 
(Jther Deposits, £5,030,000. The undischarged bor- 
rowings from the Bank thus disclosed will probably be 
all repaid next week, and loan rates are expected to 
be lower than ever. 

The Bank Kate, as was expected, remains at 2^ per 
cent. There is considerable likelihood that a decline to 
2 per cent, may take place during this month, but the 
fact that the reduction has been deferred so long, while 
the rate was so wide of tlie market rate of discount, 
must be considered a notice to all whom it may concern, 
that there are possibilities of troubles ahead. While the 
Bank Rate is 2.V per cent., and the rate for three 
month fine bills is down to i^, a difference of 1 ['f; 
per cent., which is more than twice the average differ- 
ence between the two, and stops business coming to the 
Bank, e.xcept on occasions like the present, when there 
are the exigencies of the half-year to be dealt with. A 
reduction of the Bank Rate to 2 per cent., however, 
would have a weakening effect upon the foreign ex- 
changes, which are unaccountably low- as it is. We 
have not had a 2 per cent. Bank liatc for more than 
ten years, the last date upon which it was declared 
being May. 1897. When, and if, it is announced in the 
course of this month, we may expect to witness a fur- 
ther attempt to raise prices and galvanise the stock 
markets into activity. Meanwhile, the tendency of 
Stocks is dow-nward 

Consols shared in the general stagnation, although 
they were carried over at the montiily settlement, at 
exceptionally favourable terms. At the opening, the 
rate was if to 2 per cent., but little business was done 
at the higher figure, and the charge was soon reduced 
to lA to i^ The yield being £2 17s. per cent at present 
price, there is a profit to the holder of over 1 per cent., 
but this consideration has had little effect on the price. 
Foreign and Colonial stocks show no changes of 
importance, e.xcept those due to dedtiction of dividends, 
and very little business has been recorded among them. 
American Rails exhibit, in many instances, an improve- 
ment, but the tendency in Canadian and' foreign rail- 
wavs has been downwards. 

J^Iome Rails have been depressed by the decline m 
the traffic receipts, which has been growing all through 
the half-year, and now threaten to dock the ordinary 
dividends of nearly all our railways to the extent of 
i per cent, or more. The Great Western is a con- 
spicuous exception, and thanks chiefly to its heavy 
capital expenditure on new construction during recent 
years it may be expected to distribute the same divi- 
dend 'as last vear. The shareholders have endured the 
results of a policy of expansion with great fortitude, 
and will, no doubt, welcome their exceptional position 
this half-year, if it can be upheld. The Great Northern 
is the only other railway of importance wdiose share- 
holders may hope to be no worse off. In this case, 
there is a larger carrv-over than usual to fall back on, 
and much is expected from under-estimation of the 
traffic receipts. The latter is not a very substantia 
o-round to build upon, as there is the psychological 
aspect to consider. He who under-estimates increasing 
receipts, may even fall into over-estimation when re- 
ceipts are diminishing. It is noteworthy that in 1893, 
the most recent vear when a heavy decline of trafiic 
receipts occurred, "the adjusted figures of the combined 
receipts of the 33 railways, whose traffics were then 
summarised in this paper, came to within £1,000 ot 
their totals as estimated in the published returns. 



lO 



THE RAILWAY TIMES. [July 4, 1908. 



On iM-idav. the (■rand linnk Iratlic rciurn \va> an- J|EW ISSUES. 

ni.unced, ai'ui in mi far as it disclo-ctl an incrca-o ol 

^■:;4",S in contrasi with tlie luu-j; st-iio "I (U'creases Manila Railway. 

uludi hive characterised tins vear, it was \erv favcuir- .\Ie>M.«. Spcver Ki.>tlHa> and the Hong Kong and Shanghai 
11 '■ 1 I',-;-. inii,r,,w,i in consedlience th(iimli I'-anknig Corjioraiion ofter /i.^su/joo four per cent. '• A ' 
ahiy received. 1 u.e> ' "1" "^ ^'' " ^ \"^^''"; ".\ ' . ' '.; debenture bonds of the Manda Radway Company (.906) Ltd., 
the fact that the period covered by the retnm lont.inis ,^^^^^^^ ^^^^^^ ^ . ^-^ _.^,^., ,„_,^ already issued. The price is 83 per 
an extr.i workini; day on tliis occasion, and compares ,,.,,,''' .,, ,|,,,i the yield is nearfy 5 per cent. The tends are 
with •' i.articul.ariv had reltirn last \ear, ^;a\e \er\ little ,,1 rrtr, t a first charge on the old system of 208 miles of 
,,i;,l"..r,niiid fen-' the advance The stren-lh (d the-c r.idu.iv .md the further 444 mile, no\v in course of construc- 
",1 11 ■ ,1 I-,,. . 1„.n- u-cnnnl oneili)' '!""■ ■The .\ -tern ha^ lor s.jme time been m successful opera- 
stock hes wholly m the lai.ic biai account opui n. ,,,,,, ,,j j,^,. p,^,l,j,j„„,.,, ,„,, i,,,. n,,i revenue amounted in 1907 
them. 1,1 /12S. "!«.>, whilst the i harge on the outstanding "A" deben- 

■]'he iirincipal mn\emeiits on the week. s(, far as titev tuie bonds i~ /i,.s,,„,u. The prospectus gives estimates, which 
relate to secnritics in which the readers .d' this jonrnal sh..w for the fir.~t year of the completed system of 652 miles 
icia c t ^""". ■- fnllowiii"- "'-t carnin-s of £yjn.uou. against a total fi.Ked charge on the 
are likely to he interested, aie set loith m the tolloum..., maximum of £^Uo.noo -A- bonds of /i30,ooo. The pros- 
table: — [lectus aNn nmt.iin- a letter from the Chief of the Bureau 

N.U11C ..f S'.uk. Ki-e. K.i'l. Nam.- <.t S'.ick. K.sl-. 1-mI. ,,, hisular .Art.in- at Washington, u hr h states that the roads 

/hi'i.t/: Fmii'. tlilnnioie ana (iliio ^ — oiwred bv thr coinr~-ion of tlu' Philippine Commission can- 

Ci'n^ols 2i per cent. . ir. ■■■ — Cliesa)<i.-alr an.l ' >,ii,' . — . -- j, .^ i^^.j j.^', j,, ,,f,i,,l)U- from their i ompletion. and increasingly 

Do. i.icc. ! it. 1x1 cent. vi. .. ': '"' ''-s" ' '1' '^ 1 .''~'','" "^ ' 'J_ -,> thrrr.ifur under .niv fair man. igement. It also refers to the 

/.V///,.-/, K.:i.wy Sto<.. ^ p,'.r';',^,''^,,!i'|'i,,V,',in"e -^ '.■■ -- '■' ' "'■" ''"' ^■•"'-'' ' oni|.letion of the branch lines will place 

Barry DefLiiecI - ^^ VC," T'reli n'ol ' ' . ."^ — \>1 — ''i>' company in .i po-ition to profit fully by the more favour- 

l a-i-a.-niaii^..^...^^^..-^^^.^ ^ ■ ^i |.a k-' Cnmmon - .. \ abb- tr.ide relations \Mtli th<- I'nited States, which it is hoped 

Do T).>f Con (Ira. — j I'"', isi I'lcS r<-iice -- ..- — will soon be extended to the islands. Full particulars will be 

Central London — ■ — ' '" -'"' I'nfercnci h .. — found in our adxcrtising pages. 

Do. iVfiriol .. .. — - ' Ilhh. 1^ C'.iiU.ii 2...— CokDOliA Cl-.NIKAL BfE.XOS .\\KKs ExriAs]ON RAILW.W. 

CiiviVS. Li'H. Con. I ha. — ... 1 I,oiii>\i:U and N'asliyilic I.-. .. - l-ioin .in advertisement on .mother page it will be seen 

1-iirncss — — Mi~..oai. kins. \ 1 . \a- -- — (| j | Cariiial .and Counties Bank and .Martin's Bank are 

,,,>,,( 1 V .. \ ...1 r",.,oi. \i\ — I . . . - . . . 



ill I'njt.irca — ... J V V '' " "\"\V si, ^ " _ inviting applic .itions fiu" /i, 240, 000 fi\e per cent, debentures 

1''"' 1' "^"j'"r , •" r^ 1 I "' k'o !oll'"in'l"\Vcstt-iii"" \'-. -- ■'* ''"' l'ri<eof 00 per cent. The is.^tie ronstitutes the balance 



N.V. iinia.io.x Wisui 

i;r\d.n.rref.C..n.iV,i. i .. ^^ ^'i'v'"' ntir 'eJ ''.',". - .!! - "f a foK.l .luthoits^d amount of i;3,y, 0.000 of these debenture 

( .' t W Mri 1 "" '' '^' IVnn^vlv.iu'i . - - whidi. in addition to interest at tjie rate of 5 jier cent, per . 

Iliill and irirnsl-v — J la-.iduig ('■.:■... iion 1 ', . 1 .iiiniiiii. .iii' entilled (from the Icimination of the .guarantee 

Linca-liiu- & \oiksliiio — . 5 Soutlui.. I'.icifu (.'oiiii) I - gi\en b\ ihc Cnrdolia (_'inti.il K.iilw.iv Company) to tWo-thirds 

London r.i. and .'^. Coa^t — .. I Soullu in ( 'oninior ... .- -- ,.| an\ siu|>lii^ ]iiofiN of the i<ini|ianv remaining after Jiay- 

Do. Iirfcirrd ... — -. -■; I'", folrricd — ... - ment of iho imui -( iiinnl.iti\T dividond of 5 |>er cent, ojl the 

LondonCdiat. an ill i^Lf — | Cm. 11 I'.i. ii.r .1 ... -- ,iiclin,ir\ -haio i.ipilal. Cidcs- the .-Xrgentine Covernment 

Lond. nand N. W. siciii — .- I j 1 ' ■■ la..lLir..d — ... -j ^\y,M pie\ioii4v exoi.i-e its oiition to .arquire the railway, the 

L.ndon and .s. \Ve-tr,i. -^ ... I W ,,l,,isl. ^^^^ ^^^^.^.^^ ^-- ^ deb.-nlures are" not tn be redeemed bidoie 0< tober iS.'iQi/. 

"'I Vp''| '^ "" ,''*' _ ' i "' /,!,', v^lj'/'/c,;./,..,.-!.-. " ■'*''■'' "'ii"l' 'h'te the <oin]iany has the option to redeem on 

m"" !'.'" Vi'V"'^' '''^' — 1 \niofa'>a-ia' . .",,'— g'ving six months' noliie, the ]iriie of ledeinption in either 

Mitiiil.oliian lii't'iiii ... — •'. Ar.;( uiTnc I ot. Wisirrn — ... — '-'.o being no per cent. The company was formed in 11)05 

M'ldlaiid Dff. Ord. .. - ... 1 lUuno, .Avr.s.md i'a. iiic - ... 2 bir the ])urpii~e of .n fpiiring a ( once-sinn granted bv the 

Noriii Ihiuai I'rel! Or.i. — ... ij 1! ano, ,\vi>s 1 a. Sll.ni. 1 .Xvjentine .Vational C,n\ei nineiil to the Cordoba Centraf Rail- 

D,.. Chi — . li irunos Alios \ Ko-aiio i \\.i\ Comp.mv, Ltd.. foi the right to tonMriut and work a 

North I'.asiein C..ns. .. — ... \ 1 'o. i>-lcni;.l — 1 t,iilv\.iv of .iliont 1X7 indr.. in lenoth, p.i^-inu through the zone 

No th Stafford^liirc ... -- ... - b" no^ Avu-.- Ucsir,,, 1^ |^,„,_, p,, ,„>.,,,! ,1,,, p,,„,n,,. .\vres and Ro.ario Railway and the 

.SoMih Ka.tcrn - ■ 1^ (. ciii I rii-u ,\ ol \ ,.„i. - ... |„j,,„ ^,,,j| p,.,-o,„niuo line nf the Cnlral Argentine' Railway. 

Do^ D.fc-irol - . 1., ( 01, 1.,, a.vuo-. ,,,,,,. ^ ^ ,^_^^| joinino with ihe neutral lines ,,f entrance to the port of 

'■'" '^ - |-,,.t,|;ici - 1 loienos A\ rrs. R.iii- h.iv.' beon l.iid for a distance of 2^,5 

/,iM,r, A\iir.,;iv>. CuVan C<-niial , — ... — kilometres out cd' a lolal of 3<.,. kilomrties. and 120 kilometres 

Last Indian " .-\ " -- -- Pii.ronai.iL I'rrl. — ... k '•"'■' already open to loral traffir. while it i^ .inti< ii.ialed that 

lii.Li.liaiil'cninsula'-.V" — ,, -- I.co|.oldiiia — I 'k'' 'ice will be opened to thnuigh gr.nds traffi' at about the 

Coliiiiui! A'.iihK'ys. \P.\i( .111 S iiiiluin ... — .. — end of October next. 

Cana.lian I'acitic — .. i Mes.c.ui 1 hdin.uy ,. — ... I ^ =^==^=^^^=z= 

''\io^'p'c!V™ie',i - :.■ 7 ^ L.'.: ^2n'di";::;..'|M. - ■: -^ grand trunk railway company of Canada. 

I!"' '"' ''"^'^■'■'^^'"•■= -~ ■■■ ^ '""','',■'"■,"',' "''■",- _ The Gr.and Tnink Railway CompanvufC.inadah.is issued ihe following 

o. .na i< L-icncc. „ ' ',x',o,,v, , , \,d,n "- statement for the month of May :— 

D.I. ^oi I'reler.-iice... ,• .. — "i 'iii.iinSinu na to \i.iiii — . t- ." 

'.\Ni,rh.in /\,ii/:,--i . S.ii. I'aaio — 2 Gnuiii Trunk Raik^-ay Conipaiiy of Canada. 

.\t,.lil-oii (. oniiiioli ... + . .South .\ii..lnali — ... - MomhofM.iy. Inc. Jan. r to May ji. Pec. 

—-—-—— -—-^—^^^^^^^^^^3;^^:^^^ » too3, 1907. or dec. 1.-J0S. 1907. 

Weekly Traiiic Summary. \\ rianje^pcses .5;^.^ 4^3, io« — ^c,a^.... i^ej^ 1^966^— _^oMoo 

llie tr.illic receipts lor the week ending; Itine JS. as '^■•-•' •-■miiii.i;s..;C.s-.Soo ^^4., 400- .£53,60., . .. Ci^<,,^ ;£794,6oo - ;£274,7«> 

.dbcialK pnlihshed In the tihy principal ratlua.s ot the y^^^'""^"''' S^May 3. nee 

I nited Kin.gdom. amoinited to +_'. joi).oo^. which w.as ^ luis. 1907. oniec. 190S. 1907. 

earned on ji.jo^v "h'^'^. '-'i"^ ^'t the rate of tio,, ^'^x^^....^-^;^^ ^;^^^:Z ^^;::, ^^ ^^^^Z ^^ 

14s. l)(l. per mile ol hue open. 1 or the la urespondin.i^ X.-i cirmngs Dr.;£95.,Dr..C5,,co + i;;,.5o .. Dr..Ci3,350 Dr..£9,=oo- l^,^-:,o 

week in HjnJ the receilds of tln' same lines amonniedto Craud Trunk Western Raihvay Company. 

£-',^^.040, with Jl.-'Si; miles o|ien, or (JloS 1 ^s. jd. .MomhofMay. In>:. Jan.-ito M.-.y 31. Dec. 

* "., -,., , 1 re, ' .1 r-r'S. 1907. or dec. 1908. 1907. 

per mile. I here was thus a decrease ol lioC.o:;^, m the i;.,..srec..-ii.is ....i74..„« x;os,4oo - /;33.8o.v . . . ;£432,4oo /;495,5oo — /:63,io.j 

receipts, an increase (d \ 2I in the iiiiK-a.ge. and a de ^-it-n.^ .-xi.ciiscs 7<-...oo £5..°o- o.oqo... i3P4^ 435,70°- 4u,3co 

/rease of £; os. lod. in the receipts per mile. Ihe N.>c.m,iims .Dr./,. 500 i;. 3,300- ;C.4,8oo.... ;t37,5oo ;<;s9,8oo- ;C=2,3oo 

a^t4reu-ate reecipLs for twenlvsix weeks ,,„ the same Dctroil Gran^ Haven and Milwaukee Railu^ay Company. 

^.■7-^ •^., ' 1 . ,•■ o Momh of May. Inc. Jan. i to May 31. Dec. 

tittv railwtivs atiionnted to L,s 1 .74S.74s. m comp.arisoii looS. ig,,?. oniec. .908. 1907. 

^vllli V-^i,-- I-- ill lb,, riir'v.-vluiniiilio i,,.r;,ul -i do Or.i^.. ri:. eipls ..../:.•.., 500 i,2:,T>a— £200 .£117,330 .£139.000— jC^i.joo 

Willi t-,_',()T^, ,4-,/ . Ill IIK r 01 t c spoIKim^ pclloil ,1 (U- \v„il.iii.s expenses :4,5,x) 22.40U -f 2,100... 122,200 121,600 -I- 600 

crease of ei,JoS,71J. ,\et earnings Dr.£2,ooo ""T^o - ^£^. , . .Dr.^.goo /.7,40O - £22,30, 



July 4, 1908.] 



THE RAILWAY TIMES. 



n 



A NEW CROSS-COUNTRY ROUTE, 

BiRMixr.nA.M — Wkst AIiulanus — Bkisioi. -W'kst or 
]£.v(;r.AND. 
On July I, the Great Western Cunipany opened a 
new route between i5ii-niiii,i;liani and the West of Ent;- 
lancl, via Stratford-on-Avon, C'heltenliani. and P.ristol, 
made up as follows : — 

(a) ]jinninghani and Xorth W'arwicksliirc new rail- 
way; Tyseley to Bearley West Junction. 

(b) Bearley West Junction, through .Sliatfoici-on- 
Avon, to Iloneybourne (ICast Junction I: an old single 
line, completely remodelled. 

(c) Iloneybourne (East Junction) to Cheltenham 
(Malvern Road); a new railwav in a sense, although it 
has been open for local traflic to and from Honeybourne 
Station and Cheltenham, and also for working the Chel- 
tenham " slip " coaches (slipped at Honeybourne South 




Sketch Map of New Route between Bristol and Birmingham 



Junction) from the 4.45 p.m. express from Padding- 
ton, non-stop to Worcester, since July i, icjoj. 

(d) Cheltenham to Gloucester, old joint line with the 
Midland Kailway Company. 

(c) Gloucester to Bristol (Temple Meads). 2'ja Stan- 
dish Junction, Stonehouse, Berkeley Road, Yate, and 
Mangotsfield: Midland Railway, as between Stan- 
dish Junction and Bristol, over which the Great Western 
Company possess running powers. 

To begin with, the new works included in this route, 
which works extend from Tyseley to Cheltenham (AJal- 
vern Road), may be described in detail. 

The Birmingham and North Warwickshire Railway 
starts from Tyseley. which is a new station on the 
London-Birmingham main line, situated 3 miles. 21 
chains south of Birmingham (Snow Hill), and effects 



a junction with the existing branch from Hat- 
ton, between Bearley and Wilmcote Stations, 
to Stratford-on-Avon and Alcester. It comprises 
17 miles, Gy.k chains of new line. The country which 
it traverses is \ery undulating, but there are no liigh 
hills or deep valleys in the way. There is only one tun- 
nel, fie, at Wood End, near Danzey, which is iSo yds. 
long, and is approached by a cutting 50 ft. deep on 
either side. The cutting extends for a quarter-of-a-mile 
beyond the Birmingham portal and for half-a-mile on the 
Stratford side. There are 70 bridges over and under 
the railway within the i<S miles. The names of the 
stations, together with the distances from Birmingham, 
are as follows: — Tyseley, 3 miles, 21 chains; Hall 
Green, 4 miles, 61 chains; .Shirley, 7 miles, 16 chains; 
Earlswood Lakes, 9 niiles, 11 chains; Danzey (for Tan- 
worth), 12 miles, II chains; Henley-in-Arden, 16 miles, 
71 chains. Platforms for rail motor cars have also been 
erected at Spring Road, between Tyse- 
ley and Hall Green; Yardley Wood, 
between Hall Green and .Shirley: 
(irimes Hill, between Shirley and 
Earlswood Lakes; Wood End, between 
Earlswood and Danzey: and Wooiton 
Wawen. between Heidey and Strat- 
ford. Xear Tyseley .Station, which has 
been in use for a year, new engine 
sheds, to accommodate 100 locomo- 
tives, have been built. At Henley, a 
short spur line connects the new rail- 
wav with the branch from Lapworth 
(also on the Birmingham main line), to 
that village. The ruling gradient (on 
the Xortli Warwickshire hue) is i in 
150. and except at junctions, there is 
no curve with a radius of less than half- 
a-mile. Good, easy running junctions, 
permitting of a speed of 40 miles per 
hour, have been put in at Tyseley and 
at Bearley (West). 

In its local capacity, this new rail- 
way will serve to exploit the beautiful 
country around Henley-in-Arden as a 
fresh outer suburban area for the popu- 
lation of Birmingham. Several large 
factories also have been opened at 
Tyseley since the station was built, 
notably one devoted to the manufac- 
ture of pens, which finds work for 
several thousand hands. 

The improvements to the old 
•Stratford-on-Avon single line branch 
extend not only from Bearley 
West lunction to Honeybourne East Junction, a 
distance of 1 1 miles. 67 chains, but include the widening 
of the old branch in the direction of Hatton as far 
as Bearlev station. Perhaps the heaviest part of the 
whole scheme lies between Wilmcote and Strat- 
ford, wdiere a gradient of i in 75 for 1} miles has 
been reduced to less than a mile by means of 
a slight deviation and raising of banks. Both Wilm- 
cote and Milcote stations have been rebuilt, two new- 
platforms, 400 ft. long, superseding the old single Ime 
platform, with which" each was furnished. Stratford 
station has undergone considerable improvements, the 
"up "platform i)eing converted to an island one, 
600 ft. long, and the "down" platform extended to 
:^5o ft. The curves at either end of the station have 
been readjusted from a radius of 18 chains to 25 chains, 



12 



THE RAILWAY TIMES. 



[July 4, 1908. 



and in the case of that at the north end it was necessary 
to deviate the Una over the canal. However, the prin- 
cipal engineering' work on this section was the con- 
struction of a new viaduct and bridge across the 
River Avon, south of Stratford. The new viaduct com- 
prises nine brick arches for flood water, and is punctu- 
ated by a .steel girder bridge, 114 ft. wide on the skew, 
over tile stream itself. Between Long Marston Station 
and Honeybourne East Junction a long gradient of i in 
130 has been eased to i in 150. The work between 
Bearley West Junotion ^nd Stratford, a distance of 
3 miles, 65 chains, was carried out by ^lessrs. C. T. 
Wills and Sons, and that between Stratford and Honey- 
bourne, 8 miles, 2 chains, by Messrs. Walter Scott and 
Middleton. 

The important cluster of junctions in the neighbour- 
hood of Iloneybourne requires detailed description. The 
through route to Cheltenham proceeds straight on from 
the Ilast box to the low level West box, the latter 
l)eing situated just before the north to south line 
passes underneath the West Midland (G.W.K.) line 
from Oxford to Worcester, the distance between 
these two boxes being 38.48 chains. Referring 
to the accompanying" plan it 
there are also two loop lines 
East Junction, connecting the 
the West Midland line in the 
cester and Oxford respectively, 
is not new, as it forms part 



will be seen that 
from Honeybourne 
Stratford line with 
direction of Wor- 
The former loop 
of the old line 
from Honeybourne to Hatton, lia Stratford, but 
it has been doubled. Another loop, between the North 
and West signal cabins, enables traffic to be transferred 
from the West Midland line in the direction of Worces- 
ter to the Gloucester and Bristol route and vice z'crsd. 
By means of the Honeybourne East Loop the company 
have now an alternative route between London and 



^iT.' 




Honeybourne Loops from West Midland Line (G.W.R.). 

Stratford, and also an alternative route between Lon- 
don and Birmingham. 

All these alterations necessitated the enlargement of 
Iloneybourne Station, by four platforms, instead of 
two^; exchange sidings; and a new engine shed.'Honev- 
bourne West Box, distant 33 miles^ 43* chains from 
Birnnngham, may be taken as the starting point of the 
new Honeybourne and Cheltenham Railway, which has 
been open to light traffic for nearly a year^ though the 
new through station in Cheltenham at Malvern Road, 



which supersedes the old terminus of St. James", was 
not brought into use until ALarch 30, 1908. 

The new line is 21 miles, 43 chains in length, and has 
the following stations, to which the distance of each 
frojn Birmingham is appended: — Weston-sub-Edge, 
^^ miles, 24 chains; Broadway, 37 miles, 79 chanis; 
Toddington, 42 miles, 42 chains; Winchcombe, 44 
miles, 65 chains; Gotherington, 49 miles 18 chains; 
Bishop's Cleeve, 50 miles, 61 chains; and Cheltennam 




Sketch Plan of Honeybourne Loops, 

(Malvern Road), 54 miles, 48 chains. In addition, there 
are rail motor car ■'halts" at Willersley, Laverton, and 
Gretton. All the stations are equipped with a 6-ton 
crane, goods shed, and accommodation for cattle. At 
both Toddington and Broadway the goods yard can be 
entered at either end, while at the former, extensive 
fruit packing sheds have been erected. The course of 
the line may be described as running from north-east to 
south-west, and the only deviation of any note is a wide 
sweeping reverse curve between Toddington and Chel- 
tenham, for the purpose of obviating a two-mile tunnel 
beneath Cleeve Common. As the line keeps under the 
toe of the Cotswolds, no important stream is crossed ; 
on the other hand, there are many drains and culverts, 
no less than 27 of the latter being necessary in the 
iij miles from Honeybourne to Winchcombe. The 
ruling gradient is i in 130, and except at junctions the 
radii of curves are restricted to a minimum of one mile. 
1 he chief engineering features comprise two tunnels 
and an extensive viaduct. The Gretton tunnel, through 
blue clay, is 693 yds. long; and the Huntingbutts tunnel, 
near Cheltenham, which likewise pierces blue clav, is 
97 yds. long. The Stanway Viaduct, a little north 
of Toddington, consists of fifteen segmental arches of 
36 ft. span and 15 ft. rise each. The arches are five 
rings thick, and the concrete foundations of the piers are 
sunk from 8 ft. to 12 ft. below the surface. The total 
length of the structure is 630 ft., and the maximum 
height from the valley to the top of the parapet wall is 
50 ft. The design of Malvern Road Station, Chelten- 
ham, differs from the others. It consists of a slightly 
curved island platform. 700 ft. long, having a bay for 
rail motor cars at the south end. The platform 
is reached by means of a footliridge from the booking 
oihce, which is situated on the opposite side of the 
line. A new engine shed has been erected parallel with 
the western side of the station. Stone from the Cleeve 
Hill quarries has been largely utilised for all the station 
buildings on the line, while the platform copings are 
composed of a stone peculiar to Pontypridd. Here if 
may be mentioned that the Cheltenham-Honeybourne 



July 4, 1908.] 



THE RAILWAY TIMES. 



and Birmingham and North Warwickshire new hnes, 
together with the remodelled section of the Stratford- 
on-Avon liranch merged into the new route, arc laid 
with bull-headed steel rails, weighing 07 i- lbs. per yard, 
and 52 lb. chairs. The construction of the C'heltenham- 
Honeybourne Railway was carried out by .Messrs. 
W'alter Scott and Middleton, Westniinstei". 

Miich of the remaining distance of the new cross- 
country route recalls the historic battle of the gauges, 
inasmuch as the lines made use of were first broad- 
gauge, next " mixed " gauge, and finally became 
narrow, or standard, gauge. Proceeding from Chelten- 
ham, Malvern Road, the junction is shortly afterwards 
made wuth the Cheltenham and Cdoucester Railwa}-. 
7 miles in length, which is still the subject of a curious 
old arrangement. The northern half, from Chelten- 
ham (Lansdown Junction) to Churchdown, is owned by 
the Creat Western Company, with the Midland as 
trustee, while the latter company possess the southern 
half, with the Creat Western as trustee. Hence, the 
trains of both companies use the line throughout with- 
out paying rent or toll. However, the two direct trains 
between Bristol and Birmingham, which the (ireat 



dish, and to la\' down a third rail, so as to form a 
" mi.xed "" gauge, between .Standisii and J'rislol. When 
those works were carried out, .Standish Junction was 
abolished, as there was no longer any need for it. It 
sliould be added that the (ireat Western Company 
never exercised their running powers by virtue ol llie 
.Act of 1845 over the Midland route between Bristol and 
(iloucester until .Xugust i, 1S71, when they began to 
run goods trains to and from South Wales this way. 
That service was, however, discontinued coevally with 
the opening of the .Severn Tunnel on .Septemljer i, 1886, 
and the jiowers have remained dormant to the present. 
L'ntil a few weeks ago, the Great Western Company 
pro|)osed to work through trains between Birmingham 
and Bristol and South Wales as follows: — (a) between 
(iloucester and Standisii Junction, over their own Ime, 
i.i\. a ])art of the line from Cloucester to Swindon; ("/; ) 
between .Standish Junction and ^'ate, a distance of jo 
miles, o\er the Midland Company's line: (r) immediately 
south of Vate Station they were to rejoin their own ter- 
ritory, in the shape of the .South Wales direct line, liy 
means of the short s|)ur that runs from ^'ate to <hc 
Westerleigli Junctions, on the South Wales line; (d) 





South Face of Gretton Tunnel. 

Western Company instituted on July i, do not call at 
the company's existing station at Gloucester, as this 
would mean negotiating a troublesome detoui". rhe\- 
travel instead over what is known as the Glouces- 
ter " T " loop, which strings the bow, so to speak. .Xt 
the southern extremity of the loop a new station, called 
Chec[uer's Bridge (distance from Birmingham, G.W.R., 
61 miles, 34 chains), is to be erected at a cost of £30,000. 
From this point the Great Western line to Kemble and 
Swindon, and the Midland line to Bristol run side by 
side for the distance of 6 miles, 12 chains. The point 
where they diverge, called Standish Junction, was many 
years ago a physical juitction, in order to enable the 
broad-gauge trains on the Bristol-Gloucester railway 
to complete the journey to Gloucester over the metals 
of the Great Western Union Railway from Swindon. 
From being controlled by the Great Western Company, 
the Bristol and Gloucester railway passed into the hands 
of the Midland Company by an Act of 1845. But 
that Act contained a special clause vesting the Great 
Western Companv with running powers over the whole 
of the Midland route between Bristol and Gloucester. 
In 1848, the Midland Conij^any obtained powers to make 
a new narrow-gauge line between Gloucester and Stan- 



Gotherington Station. 

from t'le Westei'leigh Junctions, the Bristol-bound trains 
were to travel z'ia Filton, while the .South Wales traftic 
would fork off through I'atchway to the Severn tunnel. 
The Midland Railway Company, however, contested 
the right of the (ireat Western Company to come off 
and on the (iloucester and Bristol line by means of 
junctions at Standish, and Yate, or, rather, denied 
them any right to use those two junctions for the pur- 
poses of a north to south service; but they did not deny 
the Great Western's rights as to running powers over 
the whole length of their own line between Standish 
and Bristol. Tnirther, the Midland asserted that the 
access to their line at \'ate from off the South Wales 
direct route, and vice versa, was only given for the 
purpose of East and West traffic to and from the Severn 
and Wye, and Severn Bridge Joint Railway, wliich com- 
mences at Berkeley Road. An action was brought to 
decide these issues, and on May 26, Mr. Justice War- 
rington gave judgment against the Cireat Western 
Company on all points except the claim of the latter 
to run on and off the Midland line at Standish Junction, 
which has just been reconstituted. Conse<|uently, the 
two new- through trains, one in each direction, between 
Birmingham and Bristol, which came into operation on 



'4 



THE RAILWAY TIMES. 



[Jul,^ 4, 1 90S. 



July I. run as follows soutli of Gloucester: — between 
"(iloucester and Standish Junction, on the (ireat Wes- 
tern line, between Gloucester and Bristol [Temple 
Meads), on the Midland line. The new route thus 
forn.ed between Bristol and Birmingham is 98 miles in 
length, and the journey occupies 2 hours. 25 minutes. 



SOUTH AFRICAN RAILWAYS IN 1907. 



This year the annual reports of the Central South 
African, Cape Government, and Natal Government Rail- 
ways have been issued sinndtaneously, all three docu- 
ments reaching England at the beginning of the present 
week. .As was expected, each of the Administrations 
shows a decline in net revenue, the actual decreases, .'is 
compared with 1906, being; — C.S.A.R., £133,081: 
Cape, £146,619; Natal, £30,744. The gross receipts 
of the C.S.A.R. have fallen by £642,418, and of the 
Cape Railways !)y £303,065, while the Natal Railways 
have increased their gross revenue by £6,232. On the 
other hand, the working expenses have decreased ..s 
follows: — C.S.A.R., by £509.337; Cape by £156,215: 
Natal by £36,976. The C.S.A.R. have reduced their 
proportion of working expenses to receipts from 60.2 
to ^/■2, while the Cape proportion has risen from 72.3 
to 74.1. and that of Natal from 67.32 to 69.09. A new 
railway map of South Africa and the usual diagrams 
are included in each of the reports, while the 
C.S.A.R. and Natal documents are also embellished 
by a number of half-tone reproductions of photographs 
taken on the line. We give below abstracts of the 
reports of the three Administrations. 

Cen'traf, South African Railways. 

During 1907, 248! miles were opened for traffic. On 
April 6, 1907, the line from Klerksdorp to Fourteen 
Streams was acquired by the Administration, and as 
the length of that line is 143^ miles, the total addition 
to the mileage during the year was 392 miles. The 
whole of the railways in the two colonies are now the 
property of the Transvaal and Orange River Colonies, 
with the exception of the line from Bethlehem to 
Kroonstad (88| miles), which is owned and worked 
by the Natal Government Railways, and 28J miles of 
private lines worked by the C.S.A.R., on behalf of 
the owners. At the end of 1907, 163 miles were under 
construction. During the ten years between April 16, 
1898, and April 16, 1908, the mileage has increased 
from 1,0734 (361! miles in the Orange River Colony, 
and 71 1 J miles in Transvaal), to 2,409 (901 miles 
in the Orange River Colony, and 1,508 miles in the 
Transvaal). From this comparison it will be seen that 
during the decade, with a long war intervening, the 
mileage in the Orange River Colony has increased by 
539i miles (or 149 per cent.), and in the Transvaal bv 
7961 miles (or 112 per cent.). All new construction 
work has ceased for the time being, owing to financial 
considerations. 

The capital expenditure to December 31, 1907. was 
£24,529,966, the receipts being £24,702,479. £1,521,085 
of capital was expended during 1907, of ' which 
£1,113.075 was on open lines, and £408,010 on lines 
in course of construction. The capital expenditure per 
open mile was £10,702. 

The gross revenue during 1907, as compared* with 
1906, Avas £4,130,631 (against £4,782,049), while the 
working .expencliture was £2,369,376 (against 
£2,878,713), leaving a surplus of £1, 770,2^5 (against 
£1,903.336). The substantial reduction of over half-a- 



millioii sterling in the working" expenditure was only 
achieved bv the exercise of the most stringent economy, 
and by effecting considerable reductions in train mile- 
age. The latter has been reduced from 7,002,020 miles 
in 1906, to 6,323,158 miles in I9P7, a reduction of 
678,862 train miles, or 9.7 per cent. 

The revenue from passenger traffic marks a decrease 
of £63,911, or 5.51 per cent., while the goods traffic 
showed a falliiig-off of £4i3,8<)4, or 18.3 per cent., as 




Coaling Plant at a C.S.A.R. Station. 

compared with 1906. The decrease in the passenger 
traffic is attributed to monetary stringency, while the 
serious shrinkage in the trafltic from the ports accounts 
for the reduction in the goods earnings. 

The Central South African rolling stock in 1907 com- 
prised 482" locomotives, 491 passenger coaches, and 
7,423 good5 wagons. The staff included 6,154 whites 
and 7,587 coloured employees. 

Cape Government Railways. 

The Gc>vernment railways of the Cape of Good Hope 
are divided into three systems — Western, Midland, and 
Eastern. During 1907 the total mileage was increased 
from 3,191 to 3,254 miles. 

The working results for 1907, as compared with 1906, 
show that the gross revenue was £3,469,705 (against 
£^./y2,//0). while the expenditure was £2,372,634 
(against £2,728,849), leaving" a credit balance (including 
£231 net earnings of the Mossel Bay-George line in 
1907) of £897,302 (against £1,043,921). The interest 
payable to the Treasury was £1,114,656 (against 
£1,087,313), and after allowing for the payment of this 
interest, there was a loss on the year's working of 
£217,354 (against £43,392). The earnings per train 
mile w'ere 8s. 3.8d. (against 8s. 2.3d.), and the expen- 
diture per train mile, 6s. 2.od. (against 5s. 11. id.), or 
an increase in earnings per train mile of 1.5 per cent., 
and an increase in expenditure of 4.1 per cent. 

The figures indicate that the revenue still continues 
to decrease, and, as the railway earnings may be as- 
sumed to reflect fairly accurately the trade of the Colony, 
it is evident that tlie change for the better has not yet 
commenced, and this is confirmed by the falling ofl in 
the receipts for the opening months of the current year. 
Under these circumstances, it is proposed to reduce the 
train service where it is in excess of requirements, to 
increase the rates on certain commodities which are at 
present carried at exceptionally low rates, and to with- 
draw the special concessions to passengers at holiday 
times, and when attending agricultural shows. 



Jui.v 4, 1908. 



THE RAILWAY TIMES. 



riie passenger traflic returns sliow a heavy decline 
on tlie previous year, the number dccrcasinj;- from 
20.691,686 to iK.067.524, and the receipts falHnii' from 
£1,187,145 to £1,073.364. The tonnage of goods car- 



jfioss & NerEARNiNGS Af</D Expend/ture:. \ 


\£5poopoo 
'i^wo.ooo 
^ispoopoo 
'€zpooooo 


30 


99 


is->c 


01 


on 


0^ 


U4 


«5 


OfS 


0/ 
























^GOPOO 










9- 


-^ 


















/ 


\ 
















/ 


\ 










'/^poofloo 
'dspoa.ooo 










' .. 




\ 
















cr* 


A 


\ 
















J? 


A, 


\ 
















// 






-a. 










.u 


V 




\ 


r-^^v^ 










/(^ 


/ 




\ 


^ 












/ 




\ 






Sd 






> ^ 


' 1 






^ 




j-Vi 


(5/05 


1I&95. 


090J 


f1^ 




i 






\, 






V 


. / 






JS 






^ 


L._ 








^ 




/ 1< 


\} 








^ 












^ n^ 










.jUfu 


■■'^i*! 


'JBpoopoo 






A 


tl^ 














^«)/^ 


S90 


^^ 
















^ 


■V 


yr 
















':imO.OOO 
';£80.0.ooo 
^opoo 

^400P00 
'^200,000 




i 


























'^, 












4 

7/. 


i^w 


w/ 


A 


. 


'' \ 














\/ 




\, 




p— 


— 0^ 




°~ 


^_4 


'^r 






V, 




/ 




'^ 




^^/x 


'-V// 


Vr^ 


n/ 




i*» 


1730? 












•-v 







































































P£f9C£f^rAG£ 

SL 






A 




A 
















' \ 


, 


' \ 












if*f;.< 


«/ 




'. / 


^ 












— 


^ 




\/ 




V 










^* 










\ 














\bt i 


''^ti/' 




\ 




,P-. 














'"'^d 


K, 




/ 


"^ 


, 












%^ 


\/ 




v'snSs 












-"-»• 


,v 


















^'0 


/Ti) 


p/rAt 


















98 


99 


1900 


0/ 


OS 


03 


o-* 1 a5- 1 Off 1 07 



Cape Railways Revenue and Expenditure. 

ried fell from 1,716,682 to 1.539.263 tons, and the re- 
ceipts from goods traflic fell from £2.182,699 ^o 
£2,006,124. The purely -South .'\frican traffic dropped 
from 825,806 tons in 1906 to 770,408 tons in 1907, and 
the imported traffic from 890,876 tons to 768.855 tons. 
There was a reduction in the train mileage of 9.35 per 
cent. 

The rolling stock returns for 1907 include 638 
locomotives, 3 petrol motor cars. I steam motor car, 
813 coaching vehicles, 12,069 goods and live stock 
wagons, and 487 other vehicles on the 3ft. 6in. gauge; 
and 14 locomotives, 3 petrol motor cars. 38 coaching 
vehicles, 312 goods and. live stock wagons, and 3 other 
vehicles on the 2ft. gauge. The European staff on 
December 31, 1907, nunil)ered 9.187 persons, while there 
were 6,384 coloured employees. During the year the 
former were reduced by 1,389, and the latter by 691, or 
a total reduction of 2,080. 

X.\T.\L GOVERXMENT 1\.\II,\V.\VS. 

The expenditure on the capital account of the Natal 
(iovernment Railways during 1907 amounted to 
£302,760, bringing the total capital expenditure to 
£13,995,729. The open mileage on December 31, 1907, 
was 926} miles, an increase of 41] miles during the 
year. 

The total revenue amounted to £1,843,148 as against 
£1,836,916 for the year 1906, an increase of £6,232, or 



0.34 per cent. The working expenditure amounted lo 
£1,273,587, comi)ared with £1,236,611 for I9t;6, an in- 
crease of £36,976, or 2.99 per cent. Tin.- expenditure 
includes £15,644 u])on additions and in'i)rovements to 
buildings, ways and works. The working expenditure 
amounted to 69.09 per cent, of the gross revenue, as 
against 67.32 per cent, for the preceding year, or an 
increase of 1.77 per cent. 

The number of passengers carried din-ing the year 
shows an increase of 395.752, due to the larger number 
of third-class passengers (principally convicts) conveyed 
during 1907. The increase, therefore, was sohiewhat 
fictitious. The coaching revenue was £459,588, as com- 
pared v.iih £4^6,192 in 1906. The goods tonnage was 
2.577,879 (against 2,383,152) tons. 

The surplus of earnings o\er working exiienditure in 
1907, as compared with 1906, was £8,974 (against 
£62,368), and the suri)lus over working expenditure, 
betterments, interest, and sinking fund cliarges was. 
0.(37 (against 0.46) per cent, of capital. The earnings 
per open mile were £1.918.95 (^against £2,088.60), and 
the working expenditure per open mile was £1,325.96 
(against £1,406.04), yielding a net return per open mile 
of £592.99 (against £682,56). The train mileage was 
4,855.764 (against 4.628,953) miles; the earnings per 
train mile were 9i.09d. (against 95.24d.). and working 
expenditure per train mile was 62.95d. (against 64.1 2d., 
vielding a net return per train mile of 28.i4d. (against 
3i.i2d.). After deducting the working expenditure, 
beitermeut, and interest and sinking fund charges of 
90.66d. (against 92.oid.) per train mile, there was a net 
gain to the Colony of o.44d. (against 3.23d.) per train 
mile. 

The rolling stock returns of Xatal Government Rail- 
ways show that at the end of 1907, there were in service 
1,768 locomotives, 2,914 coaching vehicles, and 30,352 
goods wagons. The salaried staff numbered 1.468, an 
increase of one, and the wages stafif numbered 3,431, 
an increase of 112. 

The general manager (Mr. Edward R. Ross) thinks 
the prospects for the present year, but for the con- 
tinuous serious falling off in the overberg trade and 
the existence of East Coast fever, would be favourable. 
The coal trade during 19)7 made solid and material i^ro- 
gress, and already looks far beyond the Cape for its ex- 
port market, while the agricultural prospects in the 




Export of Maize from Port Natal. 

Colony are .good, and there should be no reason why 
the marked improvement noticeable last year in the 
quantity of colonial products handled should not con- 
tinue. Mr. I^oss fears that the dark spot on the horizon 
is the continued existence of East Coast cattle fever. 



i6 



THE RAILWAY TIMES. 



[JuLV 4, 1908. 



MEETINGS & REPORTS. 



FORTHCOMING MEETINGS. 

July 7 (Tiifs.) — Brush Electrical Engineering Company. Limited 
(Exlraordinary), 112, Belvedere K^ail, S.E., 
at n. 

July 8 ( ;rfi/. )- London and Greenwich Railway (Haif-yeaily), 
Winchester >loase. E.C.. at i. 

July 10 (/vv. ) — Midland Great Western Railway of Ireland (Wliarn- 
clilTe) Briiiulsloue Station, Diil.lin, .it i. 

July 17 (/■;7.)— North and South Western Junction Railway (.Half- 
yearly), Eustoii blat-on, at 12. 

July 21 (7"« i.)— Egyptian Delta Light Railways (Annual), \Vi - 
Chester House, t.C, at 12. 



Reports, Traffic Rclitrvs, Frospectiis,s, and all her Hems of financial 
inlelli^tnce should be sent as early as possible 10 I he Eiiitor oj Tn E 
Railway Times, 12, Norfolk street, London, II'. C. {'J'elep/ione 
2Q4S Gerrai-d.') 



MADRAS RAILWAY. 

The 56th annual general meeting of the stockholders was 
held on Tuesday, June 30, at Salisbury House, Finsbury 
Circus, E.C., Lieut. -Col. R. Gardiner R.E. (chairman of 
the company) presiding. 

The Secrktauy (Mr. T. E. Berry), having read the notice 
convening the meeting, 

The Chairman said, Gentlemen, I presume we may take the 
report, which has been in your hands for iome days, as read. 
1 do not think I need detain you long over the hrst part of 
our business of to-day, namely, the resolution that the accoun's 
and the portion of the report referring thereto be receixed 
and adopted. Our last meeting was practically the obsequies 
of the old company as a working railway company, and what 
there was to be said was then said, and we need not rake up 
old unpleasantness. Our approval of the accounts is practi- 
cally a formal matter. You received your guaranteed divi- 
dend for the period these accounts cover last January. 
Though the earnings continued to show- a satisfactory growth, 
they were swamped by the abnormal e.xpences, so that there 
are no surplus profits for the period to whxh they ^pply. To 
criticisms directed against the expenditure, all I can say is, 
that the Madras Railway was, and is, going through a period 
which must occur on all railways where depreciation funds 
to equalise such waves of maintenance expenditure, are not 
maintained. The hardship in our case is, that owing to "the 
bolt from the iblue" shot at us last year, the old company have 
not been given the opportunity of benefiting from the expendi- 
ture. It is possible we could have po:tponed some of it, had 
we known of the Government's intentions towards us, but the 
abolition of one of the old pioneer railway companies of 
India was not a denouement we had any grounds to expect 
or anticipate. I do not see that there can be anv advantage 
in detaining you for any lengthy review of the figures, and 
unle'-s anyone desires to put any question on these accounts, 
I will now move the resolution adopting them. 

No questions being asked, or comment made by sharc- 
ho'ders. 

The Chairman formallv moved : 

"That the rcpr-rt and accounts as presented to the proprietors be received 
and .idopted. 

Sir Harry Prenderg.a.st, V.C. seconded the resolution, 
which was carried unanimously. 

The Chairman s^id : The next portion of the report refers to 
vyhat are more properly annuity ' matters, but it 'seemed de- 
sirable briefly to outline what had been done in that direction. 
The 'business of dealing with some 8,000 different accounts, 
distributing their equivalents over the k and B class annui- 
ties, and the rateable allotment of the new Madras and 
Southern Mahratfa rtock over those who signified their desire 
to partake of the same, in time to make the various annuity 
distributions, and aV.otments of the new stock by; the dates 
fijed, has been very heavy. Thanks very largely to our 
secretary and registrar, Mr. 'Berry, the work has been accom- 
plished. The firft quarter's annuity was distributed on its 
due date, .'Vpril i, and the distribution of the warrants for the 
portion of the annuity for the period April i, iqoS, to June ^o, 
iqoS, attrdnitable to the amount which is being exchanged for 
the new Madras and Southern Mahratta stock, will be made 
to-morrow. The next ordinary distribution o-f annuity will be 



as on October 1 next. I now pass to the final portion of the 
report, which deals with the distribution of the separate assets 
of the company, as provided for in the Madras Railway Annui 
ties Act of 1908. We held on this account, on January i, 
what was estimated to produce in round figures ;/;29,ooo— 
jTSoo being a tealance at credit of surplus profit account, and 
^28,000 to be realised from the separate 'fund. ;£i 5,300 was 
hypothecated by the resolutions passed at the meeting in 
December last, and the balance, /;i3,7oo, on these amounts 
remains to be dealt with. The first of the four reso'utions 
covering the dijposal of this balance, of which notice has 
been given in the report, and in the advertisements, calling 
this meeting, deals with the question of some additional re- 
muneration to the directors for their services, past and pre- 
sent, and I propose to leave it to be treated from your side 
of the tabic. Under the .Annuities Act, your directors remtain 
in office until the company is dissolved, but they ceased to 
receive salaries as directors from April i last, when, in addi- 
tion to directors, they became annuity trustees. 
Mr. Schooling propo:ed: — 

"Th« under the authority of Section -,i W .-ind (0 of the M.i'rai Rail- 
way Annuities Act, 1908, there be paid to the directors as further remunera- 
tion for their past services a sum of ^£3,000 out of the separate assets 
of the company." 

He remarked that in making the proposition, the company 
were only following the example of other Indian railway com- 
panies, who were pilaced in a similar position to this under- 
taking, and he felt sure the Madras shareholders would will- 
ingly set aside the sum he had indicated in recognition of the 
services which the chairman and directors had rendered. 

Mr. Sellars seconded the resolution, which was also agreed 
to nem. con. 

The Chairman further said—The remaining resolutions I 
propose in my remarks to tr^eat together. The next one (No. 
2 in the advertisement), authorises your directors to grant 
certain honorariums to such members of the old staff as they 
consider have claims to special treatment. The limit fi.xcd in 
the resolution is ^4,000. Two of the propo ed recipients are 
specificially named in the resolution, Mr. H. J. Thompson 
and Mr. T. Wake. Neither of these two officers are con- 
tinuing in the Indian executive servi.ce of the new adminis- 
tration. They have been acting as the company's ag^ent and 
chief auditor 'respectively, for the past fix months, in addi- 
tion to similar duties for the new administration, and for 
this have received no separate payment. In addition to your 
directors' testimony to the excellent services of these officers, 
I am glad to be able to say that Sir William Bisset, the chair- 
man of the new administration, in a letter to myself, expresses 
his very cordial appreciation of their ability, zeal, and loyalty 
under specially trying circumstances. The next succeeding 
resolution (No. 3 in the advertisement) is a nece:sary one, 
providing for any residuum of the separate assets. It autho- 
rises such residuum being credited to the annuity contingent 
fund, the establishment of which was sanctioned at the meet- 
ing in December last. As was then explained, it is intended 
to hold the capital of this fund as a reserve, to meet any 
contingency that may arise in the conduct of the annuity 
operations, the income from the fund being at the disposal of 
the annuity trustees. The crediting of any residuum of sci^ar- 
ate assets to this fund appears to be the correct disnosa! of 
such, and does not seem to call for further remark. The last 
resolution provides for the distribution amongst the stock- 
holders of any balance of the separate assets not otherwise 
allocated to special objects. The amount likely to be avail- 
able cannot be actually determined until the final outcome of 
the arbitration proceedings is known. The resolution is 
couched, therefore, in general terms, as indicated, and the 
amount to be distributed is not, I fear, likely to be of any 
ser-ous importance. 

Mr. C. E. Phipps said he would like to be allowed to say 
a few words in regard to the latter part of resolution 2. He 
wished to point out that in the case of some of the older 
officers whose services had been retained by the new adminis- 
trat'on, they had served so long already in India that it could 
not 'be expected that they would be able to serve very much 
longer ; and 'the result would be, that although in the Govern- 
ment order it had, been promised that in all such cases pre- 
vious service would be considered as continuous, they would 
not have the same claim for a gratuity as if the transfer of the 
line had not taken pl.ace. In reply to a proposal made to the 
Government by the late agent to the company, that the 
Government should grant jjratuitios to the ofUcers and subor- 
dinates of the Madras Railway Company on the termination 
of the company's contract, and the transfer of the line to the 



July 4, 1908.] 



THE RAILWAY TIMES. 



17 



new working agency, the Railway Board, in a letter of the 
5th May last, wrote: — 

"Those officers and subordinates whose services the new company do 
not continue, ajid for whom Government cajniot find employment < n ^"t:uc 
railways, will receive such gratuities as may be admissible under the rules 
regulating the grant of gratuities to the company's servants, whose ser- 
vices are terminated on abolition of appointment."' 

In such cases the men could not fairly complain of the treat- 
ment meted out to them; but the letter continued : — 

•• Those officers and subordinates whose services the new company re- 
tain, will receive nothing at present by way of gratuity for their service 
on the Madras Railvi-ay. There will be no break in their service, and the 
tluty rendered to the Madras Railway will count for gratuity under the 
ordniary rules payable on retirement by the new comi ;o.y " 

It appeared to him that the sanction for gratuities offered 
would l>c dependent upon the strength of the support given 
by the forwarding agency, and it was scarcely likely that an 
application sent in their favour, after some two or three 
years' service only with the new administration, would be 
so favourably received as would have been the case ha-d the 
application been forwarded by the old company. X memorial 
oil the subject had been sent to the directors of the Madra 
Company, and it was signed by eight well-known officers of the 
old company. Of these, Mr. A. B. Strange had been pro- 
moted to the post of chief engineer, and Mr. R. E. Pigott had 
found service with the Bombay and Baruda Company, so 
that they were provided for. The remaining si.K had been 
taken over by the new company, and as there was no break 
in their service, the Government had refused to grant them 
a gratuity. This decis'on was peculiarly hard in regard to 
Mr. J. M. Ewing, the new district manager, who had served 
the old company 24 years, and also in regard to Mr. A. 
Edwards, who had completed 29 years' service. Messrs. \V. 
A. Wilkin.on, and A. Pilkington, who had been deputies, had 
been superseded and reduced in rank, and the remaining 
signatories were Messrs. J. L. Taylor, and F. A. Pawley. If 
any of these gentlemen retired in two or three years' time, the 
probability was that their long service under the old company 
would be forgotten, or not considered. Under these circum- 
stances, he begged to propose an amendment to resolution 2, 
to the effect that instead of setting aside /2,ooo for further 
gratuities, the board should reserve an additional ^5,000, 
making a total of ^^7,000, for distribution to such officers and 
servants who were considered to be worthy of remuneraiion 
on such a long or meritorious service. 

The amendment was not seconded. 

Mr. SeLI.ars and another shareholder pointed out that the 
meeting was without information on the question raised by 
Mr. Phipps, besides which the amendment was not seconded, 
and it was therefore not before the meeting. 

The Chairm.an al-o remarked that no notice of the amend- 
ment had been given by Mr. Phipps. He proceeded to say : 
The general effect of our reply to what has been said is this : 
The board have carefully considered the cases of these men. 
We are the protectors of your money, and we propose what 
we think is reasonable and fair. If you wish to be generous, 
that is another matter. We propose that only the two gentle- 
men who are losing their positions, should get this allow- 
ance of ^1,000 each. As regards the rest of the gentlemen, 
they are retained by the new administration. The orders 
parsed by the Railway Board of India, and approved by the 
Secretary of Sta'e, we consider were right. They are, that 
the staff should be treated precisely in the same way as they 
would have been in the matter of gratuities, had not the 
Madras contract been terminated. We have, therefore, stated 
that we think that is fair enough as their condition' is not 
altered. They are placed in the same po ition as regards re- 
tirement as if the company had remained on, and we think that 
fair. As to the two men who are leaving, we made a pro- 
posal which, I think, is a reasonable proposal, and it is our 
duty to put that forward. That is the position. With regard 
to the alteration in the amount, if we were to do as suggested 
— transfer /7,ooo — it would mean that we should do away 
altogether with any further distribution to the shareholders. 
£7,000, as stated in the report, is what is left over after this 
distribution. We ask you to allow us to have ^2,000, which 
we shall consider very carefully how we di-tribute. Alto- 
gether, we ask for /4,ooo, of which £2.000 is allocated, and 
/2,ooo is left to be dealt with. As the amendment is not 
seconded, I cannot put it to the meeting. 

Mr. Phii'P.s : May I say one word more ? It is true the 
Government say the men would be treated as if there had 
been no break in their service, but the new administration 
in dealing with these men in two or three vears to come will 
not back up their apijlication with the same zeal and interest 
as their old masters would have done, 



The CHAIR.MAN" : I am afraid I cannot listen to imputa- 
tions upon another administration, and we cannot go into that 
matter. I will now propose the resolutions, whit h arc : 

"That under the authoriiy of section ;j («) and (/) of the said .\ct 
there be paid to the late iluL-f eiiKinecr of the companv, iMr. II. I. 'I roonp- 
son, and tlie the late chief auditor, Mr. T. Wake, "out of the separate 
assets of the company an honorarium of Ai.nno each, and that the dir.-i tors 
be and are hereby aulhoriM-d to grant gratuities in such other rases out 
of the separate assets to such persons as in their absolute discretion they 
may think fit to an aggregate amount not exceeding /.-,ooo. 

"That a sum equal (/) to the amount remaining over after deducting an 
amount sufficient to distrihnie the sum of is. td. or such other sum as 
the directors may tlelermine per fioo stock under section 72 (s) of the 
said .'Xct and (;0 to the amount remaining over after payment ol any 
gratuities out of the sum referred t.) in resolution No. 2, be carried to the 
credit of the aujiui.y contingent fund under the authority of section 72 (rf) 
of the said Act created under the resolution passed at the half-yearly 
general meeting held on the i;th Uccenlber, 1907. 

" That under the anlhority of section 7= (g) of the said Act a distribu. 
lion of IS. .id. or such other sura as the directors may dctcrmi'ne per /;,„„ 
of slock be made 10 tin- persons enlill.cl thereto under the said section 7.- 
<.S)" 

Mr. J. W. .^KiifriiNor : I beg to setond tlie resolutions 
13ro])osed by the (li.iirman. 

The resolutions were then put to the vote and dei lared 
carried. 

The Chairma.x : That concludes the business of the meet- 
ing. It only remains for me to thank you for your attend- 
ance, and also to thank those ladies and gentlemen who, 
being unable to attend, have lionourcd us willt their con- 
fidence by sending their proxies. 

On the proposition of iVIr, St hoolinc, seconded by Mr. 
Sf.LLARS, a vote of thanks was accorded to the chairman for 
his courtesy : and able conduct in presiding; and the chair- 
man having brief!)- acknowledged the same, :h- jirot ccdings 
terminated. 



ARICA AND TACNA RAILWAY. 



The annu.il ordinary general meeliiij; of the shareholders 
was held on \\edne,da\-, July 1, at the otlices, 51, Lombard 
Street, E.G., Mr. C. J. HwiA.N (thairman of the comn.my) 
presiding. 

The Chairman, having read the notice tonvening the meet- 
ing and the auditors' certificate, said: — Our report and state- 
ment of accounts has been in your hands, gentlemen, for up- 
wards of a week, and I think I may safely take it for granted 
that you will wish to treat it as read. I have very little to add 
to what is therein stated. It is a great satisfaction to your 
directors to be able to point to even a slight improvement 
upon the figures of last year, for there have been many ad- 
verse influences at work tending to bring about a quite con- 
trary result. There has been a shrinkage in the weights of 
cargo carried both up and down, due chiefly, so far as the up 
traffic is concerned, to the greater inducements offered to the 
Bolivian importer to bring his goods in through Peru. I 
alluded to this a year ago, and I am sorry to say there is no im- 
provement in this respect. There has also been a falling off in 
the down traffic, caused chiefly by the large importations of 
rough sulphur in ballast from Japan and Peru, which has 
made it impossible for the Tacora sulphur to compete profit- 
ably with them in the Chilian markets. The Chilian Govern- 
ment, wiser in their generation than some Governments nearer 
home who enjoy the reputation of being more enlightened, 
are not prepared to let a home industry be thus destroyed, and 
a duty of 25 per cent, has been recently imposed upon im- 
ported sulphur, which will no doubt tend to relicic the situa- 
tion; but the fact remains that during the year under review 
we carried 1,540 tons less sulphur over our line than in the 
preceding year. 

Then we have had to contend with .in unusually severe fall 
in e.xchange. The year 11)07 o])ened with a rate of I3.5d. to 
the dollar, which was looked upon as an exceptionally low 
rate; but it went on declining steadily, and at the end of the 
year stood at gd., having touched 8d. in the early part of 
December. An inevitable consequence of this fall in the 
value of the dollar was the demand for higher vvages on the 
part of the staff. This demand always commences, and is 
most severely felt, in the nitrate districts, but labour troubles 
there sooner or later affect the labour market all along the 
Coast, and nowhere more so than in the neighbouring port of 
Arica. We have thus had to contend at one and the same 
time with a falling revenue and an increasing expenditure, 
and it says much for our late manager's capability and energy 
that he has so successfully grapjiled with a difficult situation. 

There is a gratify-ing increase in the number of passengers 
carried, the figures for the last three years being 20,549, 
24,634, and 32,817 respectively; but the accounts now before 
you did not derive full benefit from that increase, as the 



i8 



THE RAILWAY TIMES. 



[July 4, 1908. 



revision of the fares rendered necessary by the fall in the 
value of the Chilian dollar did not take effect till January i 
of this year. It is not the least of the services rendered by 
our late manager, Mr. Guillemard, that before leaving Tacna 
he succeeded m raising not only the passenger fares, bu also 
the eoods tariff, an all-round increase of lo per cent. n 
freights having been established in July, -W- ^ "as only 
a ffir and reasonable step to take in view oi the continued 
depreciation in the currency, but for all that it -as bound 
to be verv unpopular with the community and it required 
both tact -and firmness to carry it out. We have alreadj^ 
notified to vou the fact of Mr. Guillemard s retirement, which 
i. much to 'be regretted; but Jie had employment offered h.m 
eUewhere which afforded a wider scope for his energies, and 
better prospects than lay before h.m in Tacna, and it is not 
to be wondered at that he accepted it. Our new manager, Mr 
Chapman, has had considerable experience, and has alread> 
occupied positions of trust and responsibility both in Spam and 
in South America, and we have every reason to believe that 
he will be no less successful than his predecessor m safe- 
guarding the interests with which he has been entrusted. 

Our statement of accounts requires, I think, very little eluci- 
dation It will be noticed that the slight improvement ot 
/71 in the net traffic receiots is converted into a more sub- 
stantial improvement of ^548 in the net revenue This has 
been brought about bv a reduction of £448 m the London 
expenditure, and of £20 in the loss in exchange. It niay 
appear strange that after such a heavy fall in exchange as that 
iu4 alluded 'to our loss in this respect should be lighter than 
It was a year ago; but partly by good management and partly 
bv good fortune the remittances sent home were made on very 
favourable terms, and worked out at a slightly better rate of 
exchange in the aggregate than the average late of the year, 
so that in that respect we actually made a small profit, instead 
of, as might have been the case, a heavy loss. 

The only item in the accounts which it seems to me might 
excite comment as being much in excess of the figure at which 
it stood a vear ago, is that of "goods in transit," which last 
vear was o'nlv ;^4i2, and this year is £2.?,()i. This is repre- 
sented by a "shipment of steel rails, which happened to be 
afloat when the accounts were made up. The relaying of the 
line with steel rails in place of the iron ones put down 50 
vears ago becomes each" year, as I have frequently pointed 
out, a matter of more urgent necessity. Considerably more 
than one half of the line has been now relaid, but it has been 
done graduallv, as weak spots here and there declared them- 
selves. The o'ther portion must be taken in hand much more 
expeditiously, for the remaining iron rails are rapidly wearing 
out, and we must be prepared to see our expenditure under 
this head increasing considerably during the next year or two. 

The only other matter on which you will naturally expect 
me to say a few words is the projected railway from Arica to 
La Paz; but that is just the one point on which it is necessary 
to be verv careful what one says, for fear of wounding other 
people's susceptibilities. The Chilian syndicate which ob- 
tained the concession in igo6 to construct a line along the 
Lluta Valley, failed to carry it out, as w'e always prophesied 
they would- But a certain sum of money has been spent on 
this abortive attempt, and the Government seem loth to re- 
cognise that they made a mistake, or, at all events, were very 
ill-advised, in selecting that route, the engineering difficulties of 
which were very much underrated. A strong banking combina- 
tion were said to be going to take it in hand after the Chilian 
syndicate threw it up, but it turned out that the terms offered 
were not good enough for them, and that fell through. Ac- 
cording to latest advices the Government are still trying to 
find contractors who will undertake the work, but so far 
nothing appears to have come of it. 

We announced to you in our report a change in the direc- 
torate, brought about bv the retirement of our colleagues. Dr. 
Pollock and Mr. C. H. Kennard. The latter had not been 
long on the board, but of Dr, Pollock it ought to be recorded 
that he was for 30 years an active director of the Company, 
always taking the greatest interest in its welfare, and we very 
much regret that advancing years obliged him to resign his 
seat^ on the board. It has been decided to fill only one of 
the vacant scats, and this has been offered to and accepted 
by Captain A. C. H. Kennard, who, in his own person and 
acting for others of his family, represents a large holding in 
the company. I have now concluded the few remarks which 
I wished to make, and will move : — 
r . -Ued'and'adoplcd." '"'"'" '"'' "'"'^"'^ staUmenl of accounts, now subn.il.ed, b. 



Colonel E. H. Kennard seconded the resolution, which was 
put to the vote and carried unanimously, without discussion. 

On the motion of the Ch.urmaN, seconded by Mr. E. G. 
A.NTROBIS, the retiring directors. Colonel Kennard and Com- 
mander Hegan, R.X., were unanimously re-elected. 

Mr P.WLE proposed the ro-appointment of the auditors, 
Messrs. Tribe, CJarke, Painter and Company, at the same 
remuneration as last vear— 20 guineas. 

Mr. Gordon Prvnne seconded the proposition, which was 
also carried unanimously. 

Mr PA.WLE: Mr. Chairman, as one of the largest holders 
in the companv, I should like to propose the following reso- 
lution. It will' be recollected that we have always, up to last 
vear, had the pleasure of voting a sum of money to the 
directors. Last vear times were exceedingly depressed^per- 
haijs thev are depressed now— but they are not so bad now as 
then. I 'rather felt at the time that the resolution I had put 
before vou for some years previously it would be r.ather in- 
vidious' to leave out.'but certainly a considerable talk was 
made outside this room about the expenses, and we were ver>- 
much on an economical basis at that time. Therefore, I did 
not move the usual resolution which I had the pleasure of 
moving in vears before. Now, at this time I see that two of 
our director's have resigned, and I am not surprised at that, 
because the directors' fees last year came to ^22 los., and 
of course vou cannot possibly expect directors to manage a 
company like this for a nominal consideration. Therefoie, I 
thought' I would suggest to our shareholders present that a 
bonus of /50 be voted to each of the directors, other than the 
Chairman and Captain .A. C. H. Kennard, the last-named 
gentleman only recently having joined the directorate. I 
hope we shall 'in future' be able to include him in connection 
with the proposal. I should say at the same time— and I wish 
to impress it upon gentlemen here present — that I have had 
an experience lately of a company which is a smaller one than 
this, and we tried to the utmost of our ability to reduce 
London expenses. It is a foreign company like this, although 
we had no office of our own. and only shared the office with 
another company. Our London expenses come to ;£i,5oo, and 
I am sorry to say that the London charges of the company I 
have mentioned come to slightly more than the expenses here, 
and we made even,^ possible effort to get these expenses on the 
lowest possible scale. Although it is true that the expenses 
here, considering our income, appear to be heavy, still that 
•s not the fault, I assure you, of our expenditure, but the fault 
of our income, and that fault we cannot help. Well, I hope 
I may be permitted, although I am not exactly speaking on 
that subject, to also say how this meeting appreciates the 
efforts of our late manager in Chili, Mr. Guillemard, and also 
of our present manager, who, I am sure, from what I can 
hear of him, has done everything he can to push our interest 
in that country. I think, gentlemen, I may say from the 
very few and judicious words that our chairman has used 
•to-day with regard to the extension to La Paz, I think we 
may gather that this absurd Lluta Valley scheme, which has 
always been looked at in this room from both sides of the 
table as rather an absurd scheme altogether — it is quite likely 
in the coming vear that it will not be persevered in, and it is 
quite likely that some overtures will be made to us. At any 
rate, this will require the constant attention of the board, and 
I am sure we can rely upon the Chairman and directors to 
look after our interests now as they have done in the past, 
even although their remuneration is not altogether munificent. 
Wei!, gentlemen, I have much pleasure in moving the reso- 
lution which I have read to you. 

In reply to a shareholder. 

The Ch.\IRM.an said the sum received as remuneration by 
the directors, other than the Chairman, last year was _^22 los. 
each. It was a percentage upon the dividend. 

Mr. Stokes seconded Mr. Pawle's proposition, which was 
carried unanimously. 

Mr. ANTRonus : On behalf of my co-directors and myself, 
I beg to thank you for the vote you have just passed, and 
the kind way in which it was proposed and seconded. 

Mr. Pawle proposed a vote of thanks to the chairman and 
directors, and also to the staff in Chili, and trusted that in 
the next letter to the coast the chairman would say how the 
meeting appreciated the diligent services of all those con- 
nected with the railway. 

The resolution was unanimously agreed to, and the Chair- 
man said he would take care that the wishes of Mr. Pawle 
were carried out. 

The proceedings then terminated. 



July 4, 1908.] 



THE RAILWAY TlMLi 



19 



UNDERGROUND ELECTRIC RAILWAYS OF LONDON. 

A meeting of holders of the i)i()til->harinj,' secured notes of 
the Underground Electric Railways Company of London, 
Ltd., was held on Tuesday at Winchester House, EX., by 
order of the Court, to consider a proposed scheme of arrange- 
ment. 

Sir Georck Crlisu, who presided, stated that the meeting 
had been convened for the purpose of considering the scheme 
of arrangement between the company's creditors. That scheme 
had been formulated by the directors of the company after 
very full and careful consultation with Messrs. Spoyer. It 
had then been examined and very thoroughly considered by 
advisory committees in London and Amsterdam, and these 
committees had arrived at the conclusion that the scheme was 
equitable and in the interests of all concerned, and they 
therefore recommended it for acceptance. It had been already 
approved by the shareholders -of the company. The scheme 
was, in his judgment, fair to all interests dealt with; it was 
the best which, in the circumstances, could be devised; it 
effected the most important object of preserving the whole of 
the L^nderground undertaking intact according to its original 
design, and thus secured that the railways and tramways of 
which the undertaking was composed should have time to 
develop, and also maintain the continuity of administration 
which was a necessity of their harmonious and favourable 
development. In his capacity as managing director, as well 
as in his capacity as liquidator, he confidently recommended 
them to approve the scheme. There was one point which he 
wished specially to mention. The draft trust di,-ed, which 
had been prepared to carry into effect the arrangements pro- 
posed by the scheme, contained one or two provisions which 
were not identical with those in the scheme. For example, the 
trust deed g-ave power to the trustees to apply, if they saw 
fit, to any necessary extension or improvements of the power- 
house propfrtv, moneys arising from sales of Tube shares, or 
other mortgaged assets. 

Sir Edc;.ar Spever recommended the scheme as a tair and 
equitable one, and proceeding, he dealt with the 
present position of the company. He said that they 
had spent about ^18,000,000, which had been raised by 
share capital, notes. Tube and District debentures and shares, 
power-house debentures and by loan. This has enabled the 
company to carry on their business and meet all their obliga- 
tions till November of last year, when it became necessary to 
provide for the December coupons on the notes and for the 
further needs of the company. It was then that the Speyer 
firms stepped in and bought the Decemlx;r coupons, amount- 
ing to about ;^ 1 75, 000, so as to secure the company against 
their immediate presentation for payment, and provided a 
further ;£3oo,ooo by the placing of short notes. This action 
had prevented a disruption of the company and had pre- 
served the assets. Any other policy would have been fatal to 
the enterprise, as had no provision been made to satisfy the 
unsecured creditors they would have taken proceedings 
against the company, which would have ended in its disrup- 
tion. These considerations formed the basis of the scheme 
which was now before them, and it was these considerations 
which convinced both the London and Amsterdam committees 
that any other course would have been against the true 
interests both of the shareholders and security liolders. He 
concluded by moving a resolution approving the scheme of 
arrangement. 

Mr. A. G. Clark objected to the scheme, notwithstanding 
the fact that it had been approved by a large majority of note- 
holders under the provisions of the agreement. His objection 
was made now not for the purpose of influencing votes at the 
meeting, but for the purpose of indicating the ])oints which 
it was intended to raise when the scheme came before the 
Court for ap])rova!. The modifications which would be sub- 
mitted to the Court were (i) a reduction in the time for the 
maturity of the bonds and income bonds; (2) a ]irovision that 
the income bonds should be cumulative as against the share- 
holders; (3) that the amount to be raised by prior lien bonds 
should be no more than the actual amount, required for re- 
deeming the temporary loan notes, for paying outstanding 
commitments, the items of which should be supplied, for ])ay- 
ing the coupons on the notes and on the new bonds, and the 
actual expenses of and incidental to the scheme; (4) that the 
security for the bonds and income bonds should include the 
^^342, 000 Charing Cross, etc., debenture stock and /378,7oo 
ordinary shares of the London LInited Tramw-ays, now part of 
the security for the temporary loan notes ; and (5) that the 
directors' power to set aside out of profits sums for reserve 



and depreciation should be exercisable only with the api)roval 
of the income Ijondholdeis so long as they were outstanding 
and any interest on tliem was in arrear. 

After' some discussion, the Ch.\irm.\N, in auswer to Mr. 
Behring, said that the scheme had the approval of (/) l)cr 
cent, of the noteholders. The resolution was then put to the 
meeting and declared carried on a show of hands. 



J. G. WHITE AND COMPANY, LIMITED. 

The annual meeting was held on Monday at tlu; <i>niiiany» 
ottices, <j, Cloak Lane, Cannon Street, E.C., Mr. J. (.. W lirrK 
presiding. 

The CH.\1RM.\N, in moving the adoption ot the report and 
accounts (an abstract of which appeared in TuiC Kau.waV 
Times last week), said that the ditticulties arising from strin- 
gencies in the money and securities markets and the severe 
competition existing m all branches of trade had !)een very 
great, but these ditticulties had been satisfactorily met. W illi 
regard to the asset side of the balance-sheet, the cash at 
bankers and in hand showed an increase of approximately 
^9,000, as compared with February 28, 1907. investments 
aggregated a higher total than last year, owing to additional 
securities having been acquired, but since the dale of the 
balance-sheet this figure had been reduced by sales at a sul)- 
stantial profit of securities valued in the balance-sheet at 
/24,752. In consequence the present book value of securities 
owned w^as below the figures shown in last year's balance- 
sheet. After deducting dividends and bonus paid and recom- 
mended in the report, amounting to S per cent, on all classes 
of shares for the year, the company's reserve fund would stand 
at /;8o,ooo, in addition to further accumulated profits earned 
forward of £ib,24C). That left the total accumulated i>rofits 
at /q6 ^40- He believed that the investments had been valued 
on a thoroughly conservative basis, and that shareholder.s 
would not be willing to sell the entire lot of securities owned 
by the company at their present book value. Ample provision 
had been made for any bad debts or possible contingent liabili- 
ties- The securities owned by the, company were acquired in 
the ordinary course of its business. Careful attention was 
given to the development of the properties in which they were 
interested, with the general result that the average yield in 
interest and dividends during the year was equal to 6;f pei 
cent on the average valuation of the securities owned. Ihat 
was entirely satisfactory, especially as some of the securities 
were likely to increase in value substantially, under norma 
conditions The whole of the securities were unpledged and 
would be available for borrowing purposes should the needs 
of the company at any time require this. If the cash in hand 
was deducted from the total indebtedness the remainder w'as 
less than one-half of the general accounts and bills receivable, 
including retentions on work in progress, and these assets plus 
investments would equal nearly four times the remaining in- 
debtedness Ample provision has been made for depreciation, 
and plant and tools appeared at about 25 per cent of their 
cost Regarding the future, he was pleased to be able to s.ay 
that the business in hand was sufi^cient to ensure thoroughly 
satisfactory profits for the current year, and negotiations for 
other important business were progressing favourably. \\ itli 
regard to their investment in Waring and White (1906) Ltd., 
in consequence of the expansion of the business of the building 
company, it was reorganised in 1907 with an authoris-d capital 
of ^250,000, divided into ^£150,000 deferred and. / 100,000 -■'di- 
nary shares. The ordinary shares were issued to the ori^-nai 
building company in paym'ent of the business transferred, ana 
this company, as owners of a half interest m the origmal com- 
pany was entitled to practically a half interest in the ordinary 
shares of the new company. The preferred shares authorised 
were available for issue to provide further working capital, 
but, owing to the financial depression prevailing until quite 
recently, the issue had not yet been made. It was already 
almost certain that the profits of the building company for the 
year exceeded ^20,000, or more than 20 per cent, on the issued 
capital. That would justify substantial dividends on the out- 
standing shares, and provide a substantial amount to be carried 
forward. The profit and loss account now submitted did not 
include any dividends or profits from the shares in Waring and 
White (1906) Ltd. If the earnings of the building company 
had been taken into account the profits of this company would 
have been substantially increased. The company s interest in 
it should in the future'be a source of substantial profit. 

Mr. J. B. White seconded the motion, which was carried 
unanimously. 



26 



tHE RAILWAY TtMfeS. 



[J 



ULY 4, 1 90c 



Assam-Bengal Railway. — At the half-yearly meeting on Tues- 
day, the Chairman (Mr. Robert Hart) said that, excluding 
the receipts for the steamboat service, the average gross earn- 
ings during the half-year had increased by over 73 per cent., 
which afforded satisfactory evidence that the development of 
the traffic continued to be well maintained. If the progress 
which had marked the last few years were to be continued, the 
equipment of the railway must keep even pace with the re- 
quirements of its traffic, and the annual capital expenditure 
on this account must be on a more liberal scale than had 
hitherto been sanctioned by the Government. At present the 
companv could barclv handle the traffic which was offering. 

Egyptian DePla Light Railways. — The report for the year ended 
March 31, 190S, states that the gross receipts amounted to 
£2y(ifioo, an increase of ;r2o,8i4, which, in view of the acute 
financial crisis through which Egypt has been passing, is con- 
sidered most satisfactory. The percentage of working 
expenses to gross receipts increased from 57.35 per cent, to 
60 per cent. — principally due to the higher price of coal, cost 
of providing a better service, chiefly on the Helouan branch, 
and general improvement of salaries of employees. Net earn- 
ings for the year from all sources amounted to /i 10,624, 
which, with interest and dividends earned amounting to 
£3-059- and .^£43,153 brought forward from 1907, makes a total 
to he. dealt with of /i 56,837. After providing for interest on 
the debentures, for the debenture and share capital redemp- 
tion sinking funds, reserves, etc., a balance of £s<)AS7 remains, 
from which a dividend of 2 ped cent, was paid in December, 
1907, on the preference share capital, leaving ^38,642 avail- 
able for distribution. The board now recommend a further 
dividend of 35 per cent on the preference share capital, 
making a total of 5^ per cent, for the year, whicli will al5--orb 
£2,(),A-7 and leave a balance of ^2,214 to be carried forward. 
During the year an issue of ^{^20,000 four per cent, debentures 
at 97i has been made privately, and a further issue of /25,ooo 
has been made to the Nation.-vl Bank of Egypt, as collateral 
security against advances made by them to this company. 



PARLIAMENTARY. 



PROGRESS OF BILLS. 



TafF Vale Railway Bill. 

The Taff Vale Railway Bill again came before a committee 
of the House of Commons on Wednesday, Sir J. COMPTON 
RiCKETT presiding. The only contentious clause was that 
relating to the ^50,000 to be advanced to the Slipway Company 
and the repayment of the ^^5,000 already advanced. The chair- 
man remarked thai: it had already been decided that the 
;^5o,ooo should be advanced on the distinct understanding that 
the ^£5, 000, which was an ultra vires payment, was refunded. 

Mr. Balfour Browne intimated his willingness to accept 
that condition, but counsel in opposition asked for a definite 
wording as to the period within which the repayment should 
be made, and suggested it should be before any construction 
work was taken in hand. The promoters were prepared to 
amend the clause so that it should read that under no circum- 
stances, without the previous consent of Parliament, was the 
advance to the Slipway Company to exceed ^50,000, and that 
the repayment of the sum of £5,000 already advanced was to 
be forthwith enforced. The opposition agreed to this word- 
ing, and the committee accepted it. 

The two remaining contentious clauses were, as the result 
of a conference between counsel, agreed upon. The first in 
effect was that from and after the completion of the pontoon 
it should not be lawful for the company to demand from any 
vessel anv additional dues if it should leave dock for the 
purposes of survey, repair, or light work in the dry dock in 
the slipway outside. 

Mr, Browne, K.C. remarked that if a vessel left under such 
circumstances after it had been a couple of days in dock, no 
extra dues would be demanded. 

The other agreed clause was one enabling surveyors all 
reasonable facilities for carrying out repairs to vessels, etc; • 



The following tables show the progress of railway bills in Parliament to date : — 

TABLE I.— BILLS ORIGINATING IN THE HOUSE OF LORDS. 



Name of Bill. 



Argentine Norlh Eastern Railway 

Barry Railway 

Cardiff Railway 

Cambrian Railways 

Fishguard and Rosslare Railways and Harbours... 
Great Northern riccadilly and Brompton RIy. ... 

Great Western Railway 

Great Western Railway (Superannuation .Scheme) 

Interoceanic Railway of Mexico 

London Brighton and S.C. Railway 

Metropolitan District Railway 

Rhy mney Railway 

•Stratford, etc. C\malgamation) 

Taff Vale Railway 



pR0GRE.ss IN House of Lords. 



Second 
Reading. 



Mar. 26 

Feb. 18 

Feb. 18 

May 6 

Feb. 19 



Feb. 20 

Feb. 1 9 

Feb. 19 

Mar. 3 

Feb. 18 

Feb. 20 

Feb. iS 

Mar. 18 

Feb. 19 



Result in 
Committee. 



Unop. April I 
Passed May 19 
Unop. April i 
Passed May 20 
Unop. Mar. 25 
Unop. May 27 
Unop, Mar. 25 
U r.op. Mar. 1 1 
Unop. Mar. 18 
Unop. April 9 
Unop. May 20 
Unop. Mar. 18 
Unop. May 20 
Passed Mar. 18 



Third 
Reading. 



April 7 

June t 

April 6 

May 26 

Mar. 31 

June 16 

May 5 

Mar. 16 

Mar. 23 

May 12 

June 1 7 

Mar. 24 

May 26 

Mar. 31 



Progress in House of Commo.vs. 



Second 
Reading. 



Result in 
Committee. 



May 4 

June 24 

May 4 

June 10 

April 27 

June 29 

May 18 

Mar. 3! 

April 6 

June 22 

June 29 

April 9 

June 22 

May 12 



Unop. May 14 

Unop. June 16 
Unop. June 25 
Unop. Slay 14 
Unop. 

Unop. May 28 
Unop. April 30 
Unop. May 7 



Unop. May 7 
Passed July I 



Third 
Readinsr. 



May 25 

June 25 

July 2 

May 21 

June 12 

May 8 

May 14 



May 



Royal 
Assent. 



June 18 



June 18 

June 18 

June 18 

June 18 



June 18 



TABLE II.— BILLS ORIGINATING IN THE HOUSE OF COMMONS. 



Name of Bill. 



Ardsand Bangor Railways 

Cheshire Lines Committee 

Dublin and South Eastern Railway 

Great Eastern Railway (General I'owers) 

Great Eastern Railway (Stenmboats) 

Hull and Barnsley Railway 

Humber Commercial Railway and Dock .. 

Knqtt End Railway 

Louth and East Coast Railway (Transfer) 

Madras Railway Co, (Annuities) 

Mullingar Kells and Drogheda Railway .. 

North Eastern Railway 

North East London Uailway ,..!.....!..!!!!! 
Sligo and Arigna Railway 



Progress in House of Commons. 



Second 
Reading. 



June 2 

Mar. 2 

Mar. 9 

Feb. 17 

Withdrawn 

Feb. 24 

Mar. II . 

Mar. 9 

Feb. 25 

Feb. 1 2 

Withdrawn 

Feb. 24 

Mar. 3 

Mar. 23 



Result in 
Committee. 



Third 
Reading. 



Unop. .\pril 30 
Unop. Mar. 19 
Unop. Mar. 26 

Passed Mar. 25 
Passed Mar. 31 
Unop. April 2 
Unop. Feb. 2 
Unop. Feb. 27 

Passed Mar. 31 
Unop. May 14 



May 12 

Mar. 30 

April 14 

April 3 

April 27 

April 28 

April 28 

Mar. 6 

April 27 

May 21 



Progress in House of Lords. 



Second 
Reading. 



May 20 

May 5 

May 13 

May 7 

May 13 

May 14 

May 13 

Mar 16 

May 13 

June 17 



Result in 
Coitimiltee. 



Third 
Reading. 



Unop. May 27 June 16 
Unop. May 7 May 12 
Unop. May 20 May 25 



Unop. May 20 
Unop. June 23 
Unop. May zo 
Unop. June 23 
Unop. Mar. iS 



May 
June 
May 
June 
Mar. 



Unop. May 27 June 16 
Unop. June 23 June 25 



Royal 

Assent. 



June 18 

June 18 

June 18 

June 18 

June 18 

Mar. 27 



•The full name of this bill is the Stratford-on-Avon Towcester and Midland Junction, Eveshn n P^dditch and Stratfordon-Avc 

East and West Junction Kailways 1 Amalgamation). 



Junction, and 



JuLV 4, 1908.] 



THE RAILWAY TIMES. 



2t 



GREAT EASTERN SUMMER SERVICES. 

The Great Eastern Company, whicli enjoys the advaniai^e 
of having the shortest and fastest route lo Cromer, Slierini,'- 
ham, Overstrand, and Mundesley, has l)ecn devoting the 
interval which has elapsed since the close of the last holiday 
season to the important consideration of how best to add to 
the comfort of its passengers, with the result that, commencing 
in July, great impiovements, both in the service and the 
rolling stock, will be introduced. 

The service of vestibuled corridor luncheon car trains, 
known as ''The Norfolk Coast Expresses,'' which was 
inaugurated last summer, will be repeated this season, leavinj; 
Liverpool Street for Cramer and other coast towns at 1.30 
p.m. In -the opixjsite direction they will leave Cromer, 
Sheringham, and Mundesley for Liverpool Street at i p.m., 
12.36 p.m., and 12.47 P-™- respectively, every week-day. 
These expresses will, it is anticipated, be much appreciated 
by visitors to the Norfolk coast. The time on the journey 
between London and Cromer will be 2 hours 55 minutes, 
Sheringham will be reached in 3 hours 13 minutes, and 
Mundesley in 3 hours 4 minutes. For passengers desiring to 
start earlier in the day, an additional special fast train will be 
run from July lo to September 12, leaving Liverpool .Street 
at 9.50 a.m., arriving at Cromer at 12.50 p.m., Sheringham 
1. 10 p.m., and Mundesley 1.27 p.m. 

Corridor carriages and restaurant cars are also attached to 
the important expresses to the principal East Coast resorts, 
viz., Sheringham, Cromer, Yarmouth, Lowestoft, Hunstanton. 
Southwold, Felixstowe, Clacton. etc.. and the Norfolk Broads, 
including the principal East Anglian towns en route. 
Passengers journeying from London in the evening to the 
large towns on the main line and the coast are thus enabled 
to dine en route, and in the morning breakfast is served on 
the journey to town. Non-stop trains will be run between 
London and Yarmouth and Felixstowe, the former journey 
being performed in . 25 hours, and the latter in i hour 51 
minutes. 

The popular midnight supper train to Clacton, which leaves 
Liverpool Street every Saturday, and which has proved a 
grea.t boon to those detained in town until late that night, 
continues to provide many, who would otherwise be debarred 
from the enjoyment of a week-end holiday, with a comfortable 
and convenient means of reaching the coast. 

Season tickets at special reduced rates arc issued by the 
Great Eastern Railway. .A.s an illustration it may be men- 
tioned that the quarterly tickets between Liverpool Street and 
Clacton-on-Sea works out at about is. 4d. per day, for the 
return distance of 140 miles, or at the rate of about one-tenth 
of a penny per mile. Similar facilities are available between 
Liverpool Street and Frinton-on-Sea, Walton-on-Naze. and 
Felixstowe, whilst exceptionally low rates are also in operation 
to Sheringham, Mundesley, Trimingham, Overstrand, Cromer, 
Lowestoft, and Yarmouth. In addition, tourist, fortnightly, 
week-end, and other cheap tickets for varying periods are 
issued. For the convenience of visitors to some of the Norfolk 
and Suffolk coast towns, arrangements have been made for the 
issue of cheap holiday season tickets, to enable tourists, while 
making their headquarters at some convenient centre, to visit 
the various places of attraction in the neighbourhood. 

The popular half-day excursion from London (Liverpool 
Street) and Stratford to Clacton-on-Sea on Thursdays is 
being repeated this season from- June to the end of Septemiier. 
During July and .August this half-day excursion train will 
run from Liverpool Street without stopping, and in addition a 
special fast half-day excursion will also be run to Clacton-on- 
Sea on Thursdays from St. Pancras, calling at stations. High- 
gate Road to South Tottenham inclusive, and at Stratford 
and Ilford. 

Corridor, breakfast and dining car trains, vestibuled 
throughout, and specially constructed for the through train 
service between York and Parkeston in connection with the 
company's Continental boats, afford convenient facilities for 
passengers travelling to and from the principal tov ns in the 
Midland and Northern counties, including Manchester. Liver- 
pool, York. Harrogate, Scarborough, Durham and Newcastle. 
Attention is also drawn to the very attractive country districts 
near London, which embrace much forest scenery, and which 
are made specially convenient for residential purposes by an 
excellent service of trains with season tickets at reasonable 
rates. 

The company issue gratis illustrated and descriptive litera- 
ture, also pamphlets containing useful information for those 



contemplating spending tlieiv lioliday^ <ui tin- l-;a>l Coast, and 
a postcard to the superintendent of the line, Lnerpool S'.reet 
Station, E.C., will receive prompt attention. Full informa- 
tion, literature, etc., may also be obtained at the comiiany's 
town oflfices. 



CORRESPONDENCE. 



ENGLISH RAILWAYS. 



To the Editor of Thk R.aii.wav Times. 

Sir. .After reading the very valuable inemorandum of the 
Railway Shaiolioldcrs"' .'\ssociation, published in the press 
as having been presented to the President of the Board of 
Trade, on the 15th ult., I looked into the Railway Re; urns 
for 1906, a copy of which 1 had in my po session. Taking 
the decade 1897 to 1906, 1 find that the gross receipts of the 
whole of the railway companies in the United Kingdom rose 
from /93, 737, 054 to'^i 17,227,931— an increase of 25 per cent. 
— and that the working expenses rose from /53. 084,804 to 
/72, 78 1, 854— an increase of 2i7 PL'r «"t. ! 

This, sir, teems to me the key of the whole railway situa- 
tion ; for it is patent that if the outgoings advance at a speed 
about half as fast again as the gross receipts, the time must 
come when the former will outi-un the latter. Surely, a busi- 
ness conducted by an individual on such lines would not be 
commercially sound, and unless he took effective and speedy 
measures to' change that relation of expenditure to receipts 
would be within measurable distance of bankruptcy. 

Why, it may be asked, do the Boards of Direaors allow 
such a state of things to exist? The answer is, they are not 
entirely responsible ; unfortunately for the shareholders, the 
directors of railw'ay companies are not like the directors (if 
any other trading association, free to conduct its own busi- 
ness according to the ordinary rules of commerce and politi- 
cal economy; but, on the one hand, are trammelled as to .the 
rates charged to traders and the fares to passengers, as well 
as in other respects, by certain statutory restrictions, and, 
on the other hand, are handicapped in the matter of working 
expenses by exorbitant local rates and Government taxes, 
over which they have no control. 

During the decade I have mentioned, rates and taxes ad- 
vanced from ^3, 294,094 to ;{;4, 964.636— an increase 0(f alxiut 
51 per cent.— exclusive of the additional income tax levied 
under the name of Railway Passenger Duty (the unfairness 
and injustice of which I po'inted out in my letter, of 21st Feb- 
ruary), which, in the last financial year, amounted to the 
sum'of ^356,647 (per Mr. Runciman, 6th March. 1908). AVhilc 
during the same period the wages bill— of fi'fteen railway 
companies only— grew to ;^26,33S,i97— an increase, as appears 
by the Railway Shareholders' Association's memorandum, of 
323 per cent. ! 

Without doubt the position is serious, and is likely to l>e- 
come more so, threatened as it is with a further increase— in 
rates under the Education Bill, in taxes under the Old .^ge 
Pensions Bill, and in cost of fuel (besides loss of traffic) 
under the Coal Mines (Eight Hours) Bill. But perhajis Uic 
sooner its real nature and gravity are grasped by shareholders 
and directors, as well as by legislators and traders, the soon -r 
may some relief come to the unhappy persons, including my- 
self, who have contributed to sink 1,098 millions (Preliminary 
Railway Returns for 1907) of paid-up capital in the railways 
of this country. — I am, sir, yours obediently. 



FR.ANCIS RO.KBURGH. 



43, Lein^ter Gardens, ^^' 
July 3. igOvS. 



Mexican Central Railway. ^Notice is given lo the holders of 
London deposit receipts representing Mexican Central Railway 
Co., Ltd., ])riority five per cent, bonds, first mortgage bonds 
assented, and consolidated mortgage four per cent, bonds, that 
the amount of the coiqion due July i, 1908, on the above- 
mentioned bonds deposited under the plan and agreement of 
readjustment and union, dated .April 6, 1908, will be paid 
to the holders of the London dcjiosit receipts, representing 
such bonds, on presentation thereof at the offices of either of 
the London depositaries, viz., Messrs. J. Henry Schroder and 
Co., Messrs. Speyer Brothers, Messrs. Glyn, Mills, Curric, and 
Co., the Swiss Bankverein, 



THE RAILWAY TIMES. 



[July 4, k 



RAILWAY NOTES. 

Grand Trunk Pacific Extensions. — On \V"ednesday, 400 miles of 
extensions of tlie Grand Trunk Pacific Railway were opened, 
making a total opened this year of i.Soo miles- The;elcctrification 
of the Sarnia tunnel line, connecting Ontario with Michigan, 
has just been completed by the Westinghouse Company. 
Heavier trains can now be run and the smoke nuisance in 
the tunnel will be abolished. 

Mail and Parcel Underground Railways. — It is reported fiam 
Vienna that a scheme is being considered for the construction 
of a system of underground electric railw'ays for the con- 
veyance of letters and small parcels between the post offices 
in the city and the railway terminal stations. The length 
proposed is 47 miles, and the tunnels will be made to accom- 
modate mail wagons about 5ft. high. 

New Midland Speed Record. — The Midland Railway express 
leaving St. Pancras for Carlisle and Glasgow only at 11.30 
a.m., created a fresh record on Thursday by covering 308 
miles between London and Carlisle in 5 hours 49 minutes. 
This was two ininutes better than the run on Wednesday, 
when the Midland train reached Carlisle eight minutes ahead 
of time. The only stop during the run was at Shipley, where 
the engines were changed. 

North Eastern Railway Men. — The 4Sth annual report of the 
North Eastern Railway Company's savings bank for employees 
states that the bank continues to make steady progress. 
During the 12 rnonths ended on April 30, 1,040 new accounts 
were opened and 569 closed, a net increase of 471, the total 
number of depositors now being 11,003, against 10.532 at the 
close of last year. In the 12 months ;£io4,67i was deposited, 
and ;£96,864 withdrawn, while the total amount, inclusive of 
interest, now standing to the credit of the depositors is no 
less than ^893,761. 

New Victoria (London) Station. —The completion of the work 
of construction on the new Victoria Station of the London, 
Brighton and South Coast Railway Company was marked by 
the informal opening on Wednesday last of the last section 
of the new station. The whole work was described and 
illustrated in THE Railway Times of July i, 1905. The last 
section embraces four platforms. The entire structure covers 
nearly 16 acres, and is 1,500ft. long by 320ft. wide. The 
aggregate length of the platforms is 2^ miles, and their area 
is 40,000 sq. ft. There are 13 tracks between the platforms. 
The old station was 8ooft. long by 230ft. wide. 

Railways and Unauthorised Electric Power Schemes. At the 

annual conference of the Incorporated Municipal Electrical 
.'\sspciation at Nottingham on Thursday, attention was called 
to the granting of facilities by Scottish railway companies 
to a syndicate (w^hich had not obtained Parliamentary powers) 
to lay cables alongside the lines for the supply of electricity 
to places en route. The Conference regarded such arrange- 
ments as inimical to the rights of municipal bodies, and the 
Council was empowered to take such action as might be 
deemed necessary to deal with such competition. The ex- 
pediency of undertakings of this description was discussed in 
Thk R.ailw.w TIME.S of May 23 last. 

Fast Non-Stop Run on the North Western.— On Wednesday the 
London and North Western Railway Company ran a non- 
stop tourist train from Euston to Rhyl, a distance of 209 
miles, in four hours five minutes, which works otit at over 
fifty-one miles an hour. The actual running speed was greater, 
in order to permit of a reduction to fifteen miles an hour 
through Chester Station. The train, which was drawn by one 
of the newest and most powerful locomotives, was composed 
of eight composite carriages, dining saloon, and guard's van, 
and there was a fair complement of passengers. The start 
was made from Euston at 11.15, Chester was reached (179 
miles) at 2.45, allowing thirty-five minutes for the remaining 
thirty miles to Rhyl, which was reached in scheduled time. 
Cape to Cairo Railway.— It is reported by Rcuter that the 
negotiations between the British South Africar Company and 
the.Congo State, which have been in progress for some months, 
with a view to the extension of the Northern Rhodesia rail- 
ways to the Tanganyika mining area, are now practically 
completed. The agreement also ensures the construction of 
another section of the Cape to Cairo railway from its present 
terminus at Broken Hill to the Congo Free State, and for 
this purpose negotiations are in active progress with the Beit 
trustees and other groups for obtaining the necessary capital. 
It is expected that work will comjnence during the present 



dry season and will be easily completed in a year, when there 
will be direct railway communication between Cape Town 
and the Congo. 

The Harwich-Hook of Holland Service — For the convenience 
of travellers to Belgium by the Harwich route, the Great 
Eastern Company has placed on the Antwerp express train 
from Liverpool Street Station dining and breakfast cars in 
which table d'hote dinners and other refreshments are served 
on the down journey, and table d'hote breakfast on the up 
journey. The Radio-telegraphic Convention came into force 
on Wednesday, and the Great Eastern Company has fitted the 
turbine s.s. "Copenhagen" and the twin-screw' s.s. "Dresden" 
with wireless telegraphy, which will enable passengers on 
board these vessels to send telegrams in the course of the 
voyage. The other steamers on the Hook of Holland service 
are also being- provided with wireless telegraphy, and will be 
available to the public shortly. 

P. and O. Summer Cruises. — The six weeks following the 
beginning of July constitute practically the only period 
throughout the whole year when the beautiful islands of Spitz- 
bergen are accessible by those who travel for pleasure. The 
P. and O. Company announce the departure on Friday, July 
10, of their steam yacht " Vectis," an exceedingly comfortable 
and well-appointed ship of 6,000 tons, currying a limited num- 
ber of passengers, on a 28 days' cruise, the itinerary of which, 
besides a run to Spitzbergen, will include visits to the Har- 
danger, Sogne, Mord, Lyngen, and other Fjords; to Bergen, 
Trondhjem, Hammerfest, Tromso, the North Cape, and 
various points on the coast of Norway. Fares range from 
thirty guineas, and an illustrated programme of the cruise 
and of shorter cruises to Norway in .August may be obtained 
at the Company's offices. 

Railway Companies and the Miners' Eight Hours' Bill. — On 
Thursday the Railway Companies .Association issued a 
memorandum against the Coal Mines (Eight Hours) Bill, the 
second reading of which is fixed for Monday next. The 
memorandum reminds all concerned "that the large incre<i'se 
in the working expenses of railways which the bill will entail 
must necessarily affect not only the shareholders' dividends, 
but (a) the public by the stoppage or decrease of improve- 
ments and facilities, and {h) the workmen by the retrench- 
ment which may be necessary in the numbers and the re- 
muneration of the workmen employed. With regard to the 
shareholders, the railway returns show that the average 
dividend is at present only about 31 per cent., and, unlike 
other industries, the companies, b^' existing legislation, are 
practically unable to raise the price of transportation to meet 
any increased expenses which may be put upon them." 



PERSONAL. 



Major John C. W. Madden was elected on Tuesday to a seat 
on the board of the Great Northern Railway (Ireland), 

Mr. Robert 'Weatherburn, M.I.Mech.E., informs us that he 
ceased by friendly agreement and arrangement with A. 
Borsig, of Berlin, to represent that firm after June 30, in 
consequence of taking up other business. 

Mr. C. F. Pollock, district locomotive superintendent of the 
Cape Government Railways, whose death in Cape Colony at 
the beginning of June is reported in the South .African news- 
papers, was born in Leeds, in 1855- He served his apprentice- 
ship w'ith Messrs. James Kitson and Co., the locomotive 
builders, of .iMredale Foundry. Leeds, and subsequently met 
with considerable success in the United States, the .A.rgentine 
Republic, Rhodesia, and Cape Colony. For his services during 
the Boer War he received the Queen's medal. 

Birthday Honours. — Last week's list of honours and promo- 
tions in connection with the King's birthday, included the 
following :- Mr. John Wynford Philipps, M.P., chairman 
of the Buenos .Avres and Pacific, Bahia Blanca and North 
Western, Villa Maria ancV Rujfino, and Costa Rnca Rail- 
ways, receives a peerage; Mr. Robert William Perks, M.P., 
formerly deputy-chairman of the Metropolitan District 
Railway, is made a baronet ; while the honour of knighthood 
is conferred upon Mr. Robert Abbott Hadfield, chairman of 
the Sheffield District Railway, and of Hadfield's Steel Foundry 
Company. Other interesting promotions are the bestowal 
of a baronetcy upon Mr. Hudson Ewbankc Kearlev, M.P., 
Parliamentary Secretary to tlie Board of Trade; and the ap- 
pointment of Mr. Thomas Rees Price, general manager of 
the Central South African Railways, as K.C.M.G, 



July 4, 1908.] 



THE RAILWAY TIMES. 



23 



RAILWAY STOCK AND SHARE LIST. 



Ra,il«vay Ordinary Stocks. 



Railway Ordinary Stocks, 



Closing Prices. 



Barry, Ord 185 

Do. Pref. Conv. Ord. (4%) ..: 98 

Do. Dcf. Conv. Ord 89 

Caledonian, Ord 94 

Do. Pref. Conv. Ord. (3%).. 69% 

Do. Def. Conv. Ord 25 '4 

Do. Def. Ord., No. 1 1 

Cambrian, Ord. Capital, No. 1 2 

Do. Coast Cons. Ord 2 

Cardiff, Pref. Ord., 1896 (4%) 85 

Central London Ord 73 

Do. Pref. (4%) 92 

Do. Def p3 

City & South London Cons. Ord. 46 

East London Cons 3 

Furnesa, Con. Ord 58 

GlasgowandS. Western, Pref. Ord. 61 

Do. Def. Ord 31 

Great Central, Pref. Ord. (6%).. 26' 4 

Do. Def. Ord 13'b 

Great Eastern, Ord 70^4 

Great N.of Scotland, Pf. Cnv. Or. 62 

Do. Def. Conv. Ord 19 

Great Northern, Pref. Conv. Ord. 95 'i 

Do. Def. Conv. Ord 39' = 

Do. Cons. A a ' 36 

Do. Cons. B 0(6%) : 143 

Great Northern (Ireland), Ord... 145 

Great North. A CityPref.Od. (4%), 2 

Great North. Pico. & Bromp. Ord.; 6 

Gt. South. & West. (Ireland) Orig 83 

Great Western, Cons. Ord 124 

Highland, Ord. Cons. Capital 40 

Hull and Barnsley, Cons 49 '4 

Isle o( Wight, Pf. Conv. Ord. (4%)| 78 

Do. Def. Conv. Ord. b I 42 



Last Week. 
164 169 



Yesterday- 
164 169 



39 
144 
141 



Lanes, and Yorka., Cons. Ord 

Load. Brighton & S. Coast, Ord. . . 

Do. Prof, a (0%) 

Do. Def. a 

Do. Cert.Con. Rights above 6*;^ 
Lond. Chat. & Dover, Arbit. Ord. 
London and North Western, Cons. 
London and South Western, C0119. 

Do. 4% Pref. Conv. Ord 

Do. Def 

Load. Tilbury & Southend, Cons. 

Mersey, Cons. Ord 

Metropolitan, Cons 

Do. Surplus Lands Stock.... 

.Metropolitan District, Ord 

.Midland, Pref. Conv. Ord. (21%) 

Do. Def. Conv. Ord 

North British, Ord. Pref. (3%).. 

Do. Ord 

N. Cornwall (L. & H.) 4% Pref. Or. 

Do. Def. Ord 

Norlh Eastern, "* Consols " 

North London, Cons 

North Staffordshire, Cons. Ord... 
Plymouth Devon & S.W. Jun., Or, 
Port Talbot Railway aid Docks. . 

Rhondda and Swansea Bay 

Rhyniney, Cons. Ord. Cap. Stock 

Do. Pref. Ord. (4%) 

Do. Def. Ord 

Scarb. Brid., &c., June, Cons. Ord. 

Sheffield District, £10 jliares 

South Eastern Ord 

Do. Pref. a (6%) 

Do. Dcf. a 

Tart Vale Ord 

Vale of Glamorgan. Ori 




Railway Debenture Stocks. 



Ale-tandra Docks and Railway 4° 

Baker Street and Waterloo . . 4 

Barry 3 

Brecon and Merthyr A 4 



Do. C 4 

Do. D 4 

Cardiff 3 

Central London 4 

Charing Cross Euston & Hamps. 4 

City and South London Perpet jal 4 

East London 2Qd Charge A . . . . 4 

Do. 2nd Charge B 4 

Do. 3rd Charge 4 

Do. 4th Charge 4 

Do. E.L.R. IstDebeatures .. 3} 

Do. Whitechapel Exteusiou e 2J 

Forth Bridge 4 

Furness 3 

Glasgow and South Western . . 4 

Great Central 5 



Great Eastern 

Great Xorth of Scotland 

Great Northern 

Great Northern (Ireland) .... 
G.N. riecadilly & Broinpton 
Great Western 



Highland 

Do 

Hull and Barnsley 1st 



116 


118 


130 


133 


121 


124 



119 
123 
131 
143 



121 
125 
133 

146 



Debenture Stocfus -(contimied.) 



North British 3% 

North Eastern 3 

North London 41 

Nortli Staffordshire 3 

Plymouth Devon & S.W. June. 4 

Port Talbot Railway and Docks 4 

Rhondda and Swansea Bay .... 4 

Rhymney Perpetual 4 

ShefBeld District Permanent . . 4 

South Eastern Perpetual 4 

Do 5 

Do 3i 

Do 3 

Taff Vale 3 

Tottenham and Forest Gate . . 4 

Whitechapel aud Bow 4 



Railway Preference Stocks. 

DIVIDENDS CONTI-VOEST ON THE PROFITS OP EACH 
SEPARATE YEAE. 



106 


109 


101 


106 


103 


106 


106 


108 


93 


96 


106 


109 


l.« 


136 


92 


95 


73 


80 


81 


84 


102 


lOh 


101 


104 



Do. 



2nd 



l3leofWiKht 

Lancashire aad Yorkshire 

London and Blackwall 

London and Greenwich 

London Brighton & South Coast 
Do 

London Chat, an J Dover Arbitn. 



103 


105 


9H 


103 


HH 


30 


110 


113 


104 


107 


110 


112 


123 


12s 



1883 
18M 
1899 



118 
115 
103 
100 



121 
118 
103 
103 



London aad Nortli Wt-s'-eru . . . 
London aud S luth Western A . 

Do. Consolidated 

London Tilbury and Southead . 
Metrojjulitan 

Do. A 

Metropolitan District 

Do 

Do. Perpetual (1903-5) 

Midland 

Midland Jt S.W. Junction A ... 

Do. 11 

N-atb and Brecon Ist 



Alex. Docks. & Rail. 4t% 1st Pref. A 100 102 

Do. 4}% 2nd Pref. B , 86 89 

Barry 5% PreL Stock (1st) 130 133 

Do. 4% Cons I 103 106 

Do. 4% Third 101 103 

Caledoiiau 4% Cons. No. 1 107 109 

Do. 4% Do. No. 2 ■•106 108 

Do. 5% 1878 ,129 132 

Do. 4% 1884 ' 103 106 

Do. 4% 1887, Conv 103 107 

Do. 4% 1902 103 106 

Do. 4% 191)4, Conv 104 107 

Cambrian No. 2, 4% 9 12 

City and South London 5% 1891 113 116 

Do. 5% 1896 112 115 

Do. 5% 1901 110 113 

Do. 6% 1903 104 107 

Furness Consol. Pref., 4%, 1881 96 99 

Do. 4% Pref. Stock A. 1881 94 97 

Do. 4% Pref. Stock B, 1883 94 97 

Do. 4% Pref. Stock, 1394 92 95 

Do. 4% Pref. Stock, 1399 90 95 

iv and South Western 4% 106 109 

4% Pref., No. 2 103 106 

4% Pref., 1888 103 106 

4% Pref., 1891 105 106 

Central 5% Perp. Pref 125 128 

, 4% Pref 98 101 

5% Conv. Pref. 1872 120 124 

5% Conv. Pref. 1374 120 125 

5% Conv. Pref. 1876 113 117 

5% Conv. Pref. 1379 113 117 



Do. 
Do. 
Do. 



1831 



Pref. 

1889 

1891 

18D4 

s. 4% Pref. 



Qieat 

Do. 

Qreit 



5% Coi 

4% Pref. 

4% Pref. 

5% Pref. 
Eastern Con 

3J% 18 

3J% 1833 

North of Scolland A 4% ... 

B, 4% 

Northern 4% Perp. Pref. ... 

3% Pref. Stock 1396 

3% Pref. Stock 1393 

Z'/o Pref. Stock 1893 



100 

70 



Railway Preference Stocks 

(cujilini"^'ij. 



Great Western, Cons. Pref., 8% 

Highland Class A 4J% 

Do. B, 5% 


138 
110 
115 
93 
80 
80 
87 
100 
98 
82 
106 
132 
129 
66 
35 
112 
111 
110 
.109 
96 
105 
104 

3 
86 
75 
73 
23 
69 

105 
116 
125 
125 
115 
116 
125 
104 
104 
104 
104 
104 
104 
104 
110 
113 
108 
80 

112 
9 

12' 
104 
9' 
112 
125 
9/ 
86 


140 
113 


Do. 4% 




Do. 3 % Pref. Stock 1897 

Do. 3 % Pref. Stock 1898 

Hull and Barnslev 3!% Pref. 1899 

Do. 4% Pref. 1907 (70% paid) 

Isle of Wight 4% 


83 
83 

90 
102 


Lancashire and Yorks. Con. 3% Pref. 


84 


London Brighton, etc.. Cons. 5% 


135 

132 


London Chatham, etc., Arbit., 4}%.. 


68 


Lon. .t .Vorth Western Cons. 4% Prof. 
Do. 4% 1902 


114 


Lon. >l So.lth Western Cons. i% Pref. 

Do 4% Perp. Pref. 1331 

Do. 3i% Pref 


112 
111. 


Lond. Tilb. & Southend Cons. 4% Pref. 


108 


Morsev 3% Perp. (red. fr. 5% Jan.'Ol) 

Metropolitan 3i% Pref 

Do. 3}% A Pref 


6 
89 
78 






Metropolitan Di-itrict Exten. Pref. 5% 
Midland 2} % Perp Pref 


28 


N'orth British Cons. 4% No. 2 

Do. Edin. and Glasgow Prct. 41% 
Do. 1863 Pref 5% 


107 
119 
128 


Do. Conv. 5% Pref., 1874 

Do. 4!% Pref., 1875 

Do. 44% Conv. Pref., 1875 

Do. 5% Conv. Pref., 1879 

Do. 4% Conv. Prjf., 1884 

Do. 4% Conv. Pref., 1 08 

Do. 4% Conv. Pref., 1890 

Do. 4% Conv. Pref., 1892 

Do. 4% Conv. Pref., 1897 

Do. 4% Conv. Pref., 1901 

Do. 4% Conv. Pref., 1904 


128 
113 
119 
128 

107 
107 
107 
107 
107 
107 
107 
112 


North London Pref. Cons., 1866 

Do. 4J% 1375 


116 
111 


North Staffordshire 3% Cons 

Plymouth Devon and S.W. June. HZ 


83 

115 
10 


Rhondda and Swansea Bay 5% Pref. . . 


2 13'j 
107 


Sheifleld District. 5% Prct. flu Share 


! 10'.! 

115 




iZa 


Do. 4% IS9I •■ 

Do. 3)% 


4 00 

89 



3/„ 

4% Pref., 1'JOO 

4% Conv. Prof, l'J03. 

lie 4% Pref 

4% 1900 



Notes and Explasations —a** A " rerclvesoodiv 
until 6 % has been paid to •' B." 6 Def. re:eive< 00 
div. until pref. has had 4 % c Una hy Met. • ij 
Met. Dist. U Una. by G.N., Mid., .N.B.and .N.B. 



24 



THE RAILWAY TIMES. 



July 4, 1908.] 



OFFICIAL TRAFFIC RETURNS. 



Barry, b 



Great Northern (Ireland) 



Metropolitan. 



1908. 



Week ending June 28 

Passengers, etc 

Goods, etc 

Totftl for Week | £16.925 

Aggregate tor 26 weeks "»" '■"-' 

MMea open 



£16.151 



Week ending June 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks .. 
Miles open ■ . .. 



1908. 
£11.487 

8.603 

£20,090 
£462.825 



543 



1907. 

£13.279 
9.508 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks 
Miles open 



1908. I 

£15.386 1 

J, 505 
£16.891 I 
£402.79 9 
78 " 



a 1907. 

£14,986 

1.589 

£16:575" 

£598.231 

78 



this ' 



Pk. £774 



Dec. 26 ' 



Dec. this week. £2,697 Dec. 26 weeks, £11,125 



Inc. this week. £316 Inc. 26 weeks, £4.568 



Caledonian. 



Creat North of Scotland. 



Metropolitan District. 



Week ending June 28 I 1908,^, 

Passengers, etc { £^0.561 

Goods, etc. 



' Total for week ^^Hl?. .^i>?S'Uo 

ARRregate for 22 weeks . . I .Rl 9.5 ^0 , 1.9 07.175 
MiWonpn 941' 



Week eadlQg Juu;; 27 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 21 weeks . 
Miles open 



1908. 
£5.450 
4,700 



Week ending June 27 



Passengers, etc. 

Goods, etc 

Total for week 

Aggregate for 26 weeks 
Miles open 



£9,794 
£233.034 


£8.287 
£207.633 


24 


24 



Dec. this week. £8 295 Dec. 22 weeks. £87.599 



Cambrian. 



Dec, this week. £587 Inc. 21 weeks, £123 
Great Southern and Western. 



Inc. this week: £1.507 Inc. 26 weeks. £25.401 



Midland. 



1908. I n 1907. 
£3.614 I £3,704 
2 RSI ; P.^Q*^ 



Week ending June 28 

Passengers, etc 

Goods, etc , ^ 

Totalforweek £6.244 „ £6.189 

Aggregate for 26 weeks... £154 R 40 £136.655 

Miles open 280 



PRO 



Week ending June 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks . . 
Miles open 



1908. 
£17,027 
12.640 



1907. 
£17.323 
13.1 35 
£30.508 
£663.286 
1.121" 



Inc. this 1 



ek. £55 



Dec. 26 weeks. £1815 



Dec. thi.s week. £841 



Week ending June 27 | 1908. 

Passengers, etc £85.000 

Goods, etc 145,000 

Total for week £^8,000 

Aggregate for 26 weeks . . 5.799.000 j 6.050.000 

Miles open I 1,407'= I 1,407'* 

Dec. this week. £16.000 Dec. 2S weeks, £231,000 



Central London. 



Great Wester 



Midland Great Western of Ireland. 



Week ending June 27 

Passengers etc 

Goods etc 

Total for week 

Aggregate for 26 weeks.. 
Miles open . 



1908. 

£139.300 

135.400 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks 
Miles open 2.878' 



a 1907. 
£126.300 
136.300 
£263.100 
6.264.000 
2.879'J 



Week ending June 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 wecki 
Miles open 



1908. 
£5,822 
10.245 



£16,067 

£284^^ 

598 



1907. 
£5.945 
8,895 



Inc. this week. £2.124 Inc. 26 weeks £5.264 
City and South tondon. 



Inc. this week, £11.600 Inc. 26 weeks. £56.000 



Inc. this week, £1.227 Dec. 26 weeks, £1.R99 



North British. 



I 28 



Week ending Ju 

Pa.ssengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks.. 
Miles oner. 



1908. 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 22 weeks . . 
Miles Open 



1908. 

£7,666 

3.665 

£11.331 

£205.425 



492' 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 22 



ks 



1908. 
£41.736 
57.852 



Dec. this week. £522 



Dublin and South Eststern. 



Week ending June 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks.. 
Miles oTien 



1908. I 

£3,959 I 

1,57T 



1907, 
£4.313 
2.043 



Dee. this week. £«80 Dec. 22 weeks. £463 



Hull and Barnsley. 



Miles open 




1.319^-* 1 1.318'3 


Dec, this w 


!ek. £4.906 Dec. 22 week4, £49.216 


North Eastern. 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks . 
Miles open 



Week ending June 27 | 1908. I a 1907. 

Passengers, etc I £73.436 £80.765 

Goods, etc I 129,561 I 138.536 



Total for week ] £202,997 £219.302 

Aggregate for 26 weeks . . ' 4.735.569 | 4.898.9=7 
Miles open 



D.^c. this week £810 Dec. 2R 



Dec, this week. £1.015 Dec. 26 weeks, £25.352 Dec this week, £16.304 Dec. 26 weeks, £163.593 



Lancashire and Yorkshire- 



North London. 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total tor week 

Aggregate tor 26 weeks.. 
Miles open 



1908. I 1907. 
£3.949 £5.624 
6.110 8.056 



Dec. this week. £1.621 



Glasgrow and South Western. 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 23 weeks . . 
Miles open 



1908. 
£50.425 
61.197 



a 1907. 

£56.828 

66 .636 

£125.464 

2.905.185 



584' 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total Cor week 

Aggregate for 26:week3 ,, 
Miles open 



1908 
£4,107 
3.284 



: 1907. 
£4.634 
.';.582 



Dec. this week. £ 1 ,842 Dec. 36tweek3, £78.821 i Dec, this week. £825 Dec. 26 weeks. £27.600 



London Brighton and South Coast. 



North StafFordshire. 



Weekending June 27 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 22 weeks , 
Miles open 



1908. 
£22.254 
18.761 



a 1907. 

£22.965 

21.445 

' £44.408 

£745,548 



444' 



Week ending June 27 

Passengers, etc 

Goods, etc 

Total tor week 

Aggregate for 26 weeks 
Miles open 



1908, 
£51,518 
17,631 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks 
Miles open 



1908, a 1907. 
£5.690 £5.781 

)■ 12,369 7 14.344 



Dec thi< week. £3.393 Dec. 22 weeks. £54.719 



Dec. this 



ek. £^88 Dec 26 weeks. £33.085 



Dec. this week. £2.066 Dec. 26 weeks, £18.511 



Great Central. 



London and North Western. 



Week ending June 28 1 908. 

Passengers, etc £24.723 

Goods, etc 54.567 

Total for week £79,290 

Aggregate for 26 weeks...; 1.959.153 
Miles open ' 609 



a 1907. 
£29.944 
58.242 



£88,186 
2.024.833 



Week ecding June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks . 
Miles open 



1908. 
£142.000 

155.000 
£297.000 
7,238.000 

i:948'4 



1907, 
£152.000 

181^000 
£555.666 
7.408.000 



1.946' 



Dec this week. £8.896 Dec. 26 weeks. £65,700 



Dec. thi- 



ck. £36.000 Dec. 26 weeks, £170.000 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks , 
Miles open 



Dec. this week, £1.055 Dec. 26 weeks, £8.650 



Great Eastern. 



London and South Western. 



South Eastern and Chatham. 



Week ending June 28 



Passengers, etc. , 



1908. 
£ 6 '0 
42,300 



Goods, etc 

Total for week 

Aggregate for 26 weeks.. . | 2.470.8' 
Miles open I 1.056 ' = 



a 1907. : 

£65,700! 

43.200 



Dec. this week, £5.000 Dec. 26 weeks, £71.100 



Week ending June 28 

Passengers, etc 

Goods, etc , 

Total for week , 

Aggregate for 26 weeks . . 
Miles open 



1908, I 1907, 
i £73.700 £75.600 
31.200 30,700 



£104.900 £106,300 

2^297,500 I 2 296,900 

1.019'; I 1,016'. 



Week ending June 27 


1908. 

£75.668 

2 20.192 

£95.860 

2.096.742 


1907. 




' 21.991 






Aggregate tor 26 weeks . . 


2.178,335 


Miles open 


654 1 654 



Great Northern. 



Week ending June 27 1908. 

P^sengers, etc £54.960 

Goods, etc 63.040 



Total tor week. £118,000 £129.050 

Aggregate for 26 weeks... 2.852.100 2,944,290 



a 1907. 
£60.710 
68.520 



Dec. this week. £1.400 Inc. 26 weeks, £400 



Dec. 26 weeks, £81,593 



London Tilbury and Southend. 



TafF Vale.n 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks 
Miles open 



1908, 
£10,375 

2 ,564 

£12.759 

£248.679 



81 



a 1907. 
£9.980 

2. 322 

£12,302 
£244.472 



81 



Week ending June 28 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks 
Miles open 



1908. 
£4.751 
17,215 



a 1907. 

£4,660 

16.075 

£20.755 

^522^50^ 

124 '4 



Dec, this week. £11,030 Dec. 26 weeks. £112.190 Inc this 



ek. £437 



Inc. 26 weeks. £4.207 In-., thi- 



31.231 



Di 



.£5.541 



NOTIS AND ExPLAXiTioxs. — n The receipts for the corresponding period last year are adjusted to the actual figures, b Includes the receipts of the} Vale of 
Glamorgan Railway, c Dock dois, ic, are included in thij return, d The above figures do not include the receipts of any of the Company's Joint Lines. e Excli.- 
sive ol 1451 miles Joint Lines. f Exclusive of 145J miles Joint Lines, i; Includes 249 miles Joint Lines (Q.N. proportion), h Includes 246 miles Joint Line. 
«. N. proportion). i Includes the receipts of the Waterloo and City Railway. /Including the receipts of the Canal. *■ Railway 206 miles, Canal 119 miles. 
Includes 8t«amboat receipts aal tolls, m Paoarth Dock and Railway included, n Including 47^ miles jointly worked with G.C.R. 



July 4, 1908.] 



THE RAILWAY TIMES. 



25 



OFFICIAL TRAFFIC RETURNS. 



BRITISH AND IRISH RAILWAYS, &e. 



FOREIGN AND COLOmkL-Oonthm^d. 



Railway. 



Baker St. & W. 
BoUastA Co. D 
coo & Mer. 
Ch. C. Eu. & H 
Cleator AWork. 
Cook. Kes. & V. 
Cork B. & S. C. 
Ck. B'rck. & P. 
East London.. 
O.N. and City 
Q.N., Pic, & B. 

Isle of Man ., 
Isle of Wight.. 
Isle of W. Cent. 
Mane. Canal . . 
M'port Sc Car. 

Mersey 

Mid. & S.W.Jn. 
Neatb ABrecon 
Port Talbot . . 
Rhon. & 3. Bav 



Milmge. 


1908. 


1907. 

4i 


80 


80 


61 


61 


n 


— . 


231 


281 


aii 


311 


103 


103 


^i 


61 


1i 


w 


Bi 


9 


46} 


46i ! 


m 


14i 


2ii 


21 i 


411 


in 


4J 


41 


61 


61 


31 


31 



Latest EarolDgs Eeportel. 



Juue 27 
June 26 
June 28 
June 27 
June 27 
June 2' 
June 27 
June 27 
April. 
June 27 
June 27 

June 27 
June 27 
June 27 

May. 
June 27 
June 27 
June 28 
Juue 27 
June Zi 
Juno 28 



1908. 



£3,010 
3,979 
2,723 
3.450 
1,118 

874 
2,252 

559 
3,383 
1.469 
5,750 



39.924 
2,097 
1,793 
2,562 
1,S13 
2,788 
2.400 



1907. 

£27765" 
3,125 
2,445 
2,715 
1,558 

971 
2,247 

431 
3,882 
1,770 
4,430 



12,683 
2,429 
1,905 
2,199 
1,365 
3,391 
2,533 



Aggregate to date. I 



£79,410 |£62,241i|Sin Paulo ..- 
69,196 I 67,016 I stim. Puniab c 
55,821 ! Ludlla. Ett 

South. Indian c 



80.923 

84.46 I 
30,341 
18,8S1 
43,198 
9,179 



33,783 



iO,632 Taltal 

41.380 Teiulscouata 
«.711 Un. Rys. Hav.a 
13,816 15,247 Urug. North, a 
43,783 47,208 i 
141,130 ,102,06a:l WeU. & Man 

W. of Havanai 
13,539 j W.P.&Yukon 6 
'5,972' Zaf. AHuelvaa 



13,513 
I5,.502 
15,872 
190,8*2 
54,3(9 
49,837 
41,311 
36,83S 
61.116 
67,8W 



16,328 
! 195,964 
I 03,789 
I 48,275 
i 40,888 
; 35.210 

64,37! 
! 57,413 



FOREIGN AND COLONIAL RAILWAYS. 



Mileage. 



Litest Eirnings Reported. , Aggregate to date. 



Alcoy & Oand.t 

Algeciras t 

Ang.-Ch. Nit. a 
Antol. & Bol. a 
Arg. N.E...0 
Assam-Bengal i^ 



771 



1906-7 Wk. or Month 



771 



Ben. *N. W. c 1,797 1,698 

Beng. Dooars r 36} I 36; 

Extensions — c- 117 j 117 

Bengal-Nag. c.2,119 2,031 

Bil. Eiv. & C. al 15 j 15 

Bolivar ....a — — 

Bom. B & C.l.c 505 ! 505 

State Lines., c 1,918 ,1,918 

Braz. Gt. Sn. d 110 i 110 

•B. A. & Pac. n]2,427 12,023 

B.A.R. & C.A.c 2,390 2,389 

B.Ay. Cent...n 137 137 

B.A.En.AS.C.ii 54 ] 54 

tB. Ay. Ot. S.tt 2,657 |2,511 

B. Ay. West, a 1,219 1,111 

Burma c 1,340 11,340 



June 23 
Juno 23 
Mvy 30 

i May 30 
'Jan. 1-Miy 30 

June 6 
April. 
May 
j June 27 

M%y. 

June 27 
i June 27 
I May. 
June 28 



128} 
549} 
94} 



655 



Can. North. 6 2,874 
Can. Pacifto b 9,230 
Central Urug.o 271 

East Exten. a 159 

North. Ext. oi 182 

West.Exten. a\ 
Cordoba Cent.aj 

Cent. N. Sec.o 

N.W. Argen. a 
Cord. & N.Vf.b 
Cord. & K.OS. a 
Costa Rica ,,a 
Cuban Centrata 
Del, Um. & K. c] 
Demerara ..& 

Berbice 61 

West Coast.. ii| 
Dom. of Canada! 
East Indian — c 
Egypt. Delta a 
Emu Bay.. ..a 
Entre Rios . .a\ 
a. Tk. of Can.n' 3,535 

Can. Atl...a 463 

O. T. West, a, 336 

D.T.G.H.&Md 189 
Gt. Ind. Pen. c|2,8511 
G.W. of Braz, (I 893 
H.H. Nizam's c\ 335 

Hyder. God. c 392 
Indian Mid. ..rll,128 
Inter.of Me.t. i; 736 
La G. & Car. a, 23 
Leopoldina . .a, 1,571 
Mad.&S.Mah. c 2,046 

Manila &j 211 

Mashonaland al — 
Mexican ....£! 321 
Mex. South.. 6! 263 
Mid. Uruguaya' 197 
Nassjo-Oscar.al — 
Nitrate ....a 
N.W.of Urug.ft: 
Ottoman ... .a 
Parag. Cent, a 
Peruv. Corp. b 
Pir.-Ath.-Pel. h 
Puerto C. & V.a 
Queb.&L.St.J.i 
Qubec Cent, b 
Rhodesia .. ..a 
Rohll. & Kum.c 

Luck. Bar...c 
Salvador. ... b 



2,554 

9,102 

271 



1281 
549} 
94J 



162i 
211 



1907-8. i 1903-7. I 1907-3. 



20 ,00 J 
33,803 
13,850 
23,653 
3,1'U 
83,00 J 

3,40,633 



15,000 
31,5561 

10,100i 

il9,745| 

3,743! 

95,79 j' 



339,000 
1,732,435 

76,5.10 

614,833 

169,255 

19,10,073 



327,000 

l,723,3Jl 

66,750 



3,9J,S03 72,37,381 78,61,999 

— I 1,41,357 1,43,034 

— 1 2,42,255 2,42,783 
4,91,325 6,01,0031,1,28,03,000 1.41,21,000: 

8,0181 9,073' 32,509 37,680 

5,016l 5,458 I 44,103 45,235; 

4,14,003 3,96 000 1,10,55,000 1,18, 37,O0C: 

4,63,000| 6,15 000, 1,31,41,000 1,52,71,000 



Mileage. 



Latest Earnings Reported. 



1908-7 ff tor Month 



May. 

Miy. 

June 27 

May. 

4 wks. Jan. 
June 27 
7 dys. June 14 
April 



19,237 

86,330 

17.235 

3,31,915 

19,591 
17,345 
11,317 
1,618 

15,916 
4,6.33 
48,5')0 
11,814 



30,941 

99,666 

18,706 

3,05,011 

10,688 
15,228 
13,502 
2,3 J2 

14,302 
6,130 
73,550 
12,169 



Aggregate to date 



770,323 

22,92.1177 
4.03,795 
76,94,985 



1032.999 
2091,092 
3,81,103 
5513,514 



182,572 
63,945 
21,424 11213,073 
19,519 20,396 



UNITED STATES RAILWAYS- 



Alab. Gt. Sth. 
Ala.N.O.A T.P. 
Atc.Top.&S.Ff 
Bait. & Ohio.. 



Mileage. I Latest Earnings Reported. 



310 

528 

9,429 

4,006 



1,913 

648 

1,831 

818 



Cent, of Geor... 
Central ot N.J. 
Ches. and Ohio 
Chic. Gt. West. 
Ch. Mil. & S.P.[7,I87 
Cin. N.O. & T.j 338 
CI. Cin. Ch. &c.il,9S3 

Denv. & Rio G. 2,532 

Erie 12,169 

Illinois C9ntral'4,419 
Llals. & Na3h.'4,349 
Minn. & St. L.i 799 
M. St.P.S.S.M.|2,262 
Miss Kau. &T.)3,072 



1907. IWk.or M'nth 1907-8. 1903-7. 



21,250 
73,500 
90.3 10 i 
13,793| 
544 
89,093 
41,00ll 



!4,500 
70,438| 
89,2321 
13,093 
323; 
75,876 
40,374| 



82.0001 109,000 N.Y. Ont. &W. 

3,613,0341 3,033,010 Norf. &. West 

2,701,615! 2,391,033 Northern Pac. 

120,333 121,782' 

32,161 28,101 < St. Jos. A G I 



546 
1,877 
3,617 

317 



May 30 3,23,517j 3,18,215: 1,63,79,35411,51,11,081 



9,631 8'992!1 503,132 491,1071 

2,031 1581 115,838 113,426! 

1,414 l,253i 78,108 73,770i 

1.131 l,018l! 66,769 68,759| 

4,190 3,875' 92,480 81,925, 

7,685 8,010 1 170,630 177,356 

3,145 2,970 ! 47,105 «8,945l 

43,428 40,379 I — — 

5,15 I 4,435 ' 247,403 225,843i 

5,937 5,817 , 316,782 231,772 

5,379 5 328 357,093 427,074 , 

!>7,I03( 45,183 9,91,138 11,46,121 ! 

10,153 
3.230 
2,493 

83,000 
1827,000'l630;00o: 4,23,04,000 4,19,87,000 



291 



222 



Dscember. 
June 21 
June 6 
June 27 
Juna 20 
April, 



Miy 
June 20 
Juue 13 
May. 
June 27 
9 days June 3 



June 20 
June 27 
; Jan. 1-Juae 8 

I June 23 
I June 21 
Miy. 
June 27 



207 I June 27 

— I May. 
321 J7 days June 21 
263 9 days June 3 I 
197 [ May. 

— I April, 
291 June 16 to 30 
111 I May. 
3201 ! June 27 
155 I June 27 
7971 •fl"'f. 
346 I December. 

34 May. 

— February. 

. 222 I Ist wk. May. 

— April. 
119 May 30 

100 [ June 27 



392 

1,126 

736 



St. L. &Su. Fr.!6,021 
St. Louis S.W.|1,454 

Southern 7,301 

Texas & PaciOcj 1,833 

Wabash 2,317 

Whl. & L. Erie 433 



31U 

523 

9,332 

4,018 

1,903 
613 

1,823 
818 

7,063 
336 

1,983 




ll wk. June. 
April. 
Miy. 
id wk. June. 
799 ,2niwk.Jun3 
237 2ad wk. Juue. 
072 April. 



2,542 
2,163 
4,377 
1,323 



353.2 )3[ «73,tfil 

403.003 537,00il| 
73 113S3|U94333 

73703491 



183,300, 
2271591 
1718352 
149,493 



193,6)0 

233309'. 
;;0362lj 
163,1841 
(995634! 



July 1 to Latest Date 



13.317,862 »3,7l)1,a.>ii 

2,344,000 2,723,000 

77,571,782 77,,337,330 

83,172,53.1 75,017,837 



4s.tl l.iiii .".II r)J..I59 
7,211,;;14 7, IS!!, 441 
21,213,491, 21,035,849 

19,451,843' 19,859,653 
41,310,113 44.13»,216 
4'J,il^'..;llu ,■.1.727,739 
4_',7ir,'J,rj t:,r, 17.91311 



1,731 

3,78 » 

546 

1,878 

5,817 



2ud wk. June 
April. 
April. 
.A.nril. 
Miy. 



April. 

April. 

2nd wk. Juno 

1st wk. Jun3 

2 id wk. JUU!!, 

2^517 |2nd wk. June 

493 list wk. June 



6,014 
1,452 

7,498 



360,000 455,800,! 
333373314371405 
1703403 1832104 
761,l)73' Oil, 1,045 
65.9J'1| 77,827 
202,703 233.5-12, 1 !'..OI.5.342 12,133,77 
1523746 2326332! I 20,003,201, 21,793,93 



230,2721333,093, 
6732253!l039>80 
685,358 707,303 , 



123,218 
3075399 
172,193 

845,117 
233,573 

98,'012' 142,841 



131,1871 
4316833; 
175,530! 
1046393 
284,455 



15,001,349; 15,038,730 
78,019,0691 79,038,571 
6,633,459 ■ 6,781,041 
24,802,783 25,542,33.' 
63,876,148 62,592,753 

1,362,253! 1,434,041 
40,310,243! 41,243,177 

9,21!,033 9,814,84" 
49,711, 18!!l 53,095.(133 
13,8 55,9331 15,931,973 
21,456,783' 26,070,427 

5,027,310i 5,670,019 



WORKING STATEMENTS. 



43,720, 
13,565 
10,312 



4,530, 
4,490 
8,700 
201,984 
11,639 
25,786 
7,034 



4,5771 

6,4031 
193,430] 
11,749]1 
29,330 

8.4161 



2,31,000 2,77,792: 
135,900 146,420| 
Nil. 5,730 

18,463 18,934 
3,89,456| 3,24,303 
37,38 4] 40,60" 
21,823 16,238 
124,8001 141,100] 
31,080 30,772i 



5,292 
21,370 
21,000 

4,463 

1,670 
879,360 
516,616 

4,750 
31,941 
20,285| 
42,378 
25,071 
41,313 
16.230 



6,433 
5,335 
20,534 
23,753 

5,200,1 
1,470; 



1,758! 
33,977 
15,173 
36,414 

21,743 
32,4651 
21,750 



48,783 
28,734] 
293,921 
2,858,9031 
158,818! 
513,.389| 
138,211 



63.62.738 

7,521,010 

24.000 

546,480 

73,91,932 

1,016,763 

102.323 

3.726,800 

637.637 

64.204 

18,909 

286,161 

220,481 



16,750] 
68,2161 
360,504] 
151,991 
5,22,876 
7,83,560 
1,031,090 



Alabama Great Southern. ..Apr. 

July 1 to Apr. 30 

Atch.Top.A Santa F6.. .. Apr. 

July 1 to Apr. 30 

Baltimore and Ohio May 

July 1 to May 31 

Canadian Northern Apr. 

July 1 to .\pr. 30 

Canadian Paciflc Apr. 

July 1 to Apr. 30 

— ;' Chesapeake and Ohio Apr. 

258,8)5:1 July 1 to Apr. 30 

3,330 817 Chicago Great Western ..Apr. 

173.957! July 1 to Apr. 30 

591,462 Denver and Rio Grande . . Apr. 

163,922 July 1 t1 Apr. 30 

Louisville and XashviUe ..Apr. 

July 1 to Apr. 30 

Minn. St. P. & S.S.M Apr. 

July 1 to Apr. 30 

75',53;240 Miss. Kan. & Texas Apr. 

6,999,870, July 1 to Apr. 30 

35,750, National of Mexico Apr. 

530,594; July 1 to Apr. 30 

63,27,783 New York Ont. & West. Apr. 

1,291,741' July 1 to Apr. 30 

81,777 Phil, and Reading Apr. 

3,777,700 July 1 to Apr 30 

683,027 Coal and Iron Co Apr. 

68,688: July 1 to Apr. 33 

19,082i Total both Companies.. Apr. 

234,732 July 1 to Apr. 30 

236,821 Pitts. Cin. Ch. & St. L. ..Apr. 

123,219 Jan. 1 to Apr. 30 

72,844 St. Jos. and Gr. Isl Apr. 

8,823,150 July 1 to Apr. 30 

6,305,921 i St. Louis & San. Fran. .. Apr. 

15,000 ! July 1 to Apr. 30 

69,862 Southern Railway Apr. 

278,071 I July 1 to Apr. 30 

142,172 Union PaciBc Apr. 

5,32,810 I July 1 to Apr. 30 

8,33,180;; Wabash Apr 

1123,028'] July 1 to Apr. 30 



1907-8. 



»252,553 
3,008,451 
7,361,383 

77,571,762 
5,092,4)4 

68,172,530 

633,100 

7,633,100 

5,497,736 

60,435,763 
1,718,852 

22,102.218 

623,779 

6,833,4.59 

1,432,772 

17,32:i,243 
3,271,226 

37,934,957 

812,446 

9,832,343 

1,520,748 

20,063.2)0 
1,168,780 

13,23 4,J28 

865,358 

6,633,4>9 

3,283,977 

35,425,493 
4,433,707 

32,861,571 
7,723,684 

68,237,068 
1,838,318 
7,934,178 
120,218 
1,382,255 
3,075,393 

40,340,243 
3,938,356 

45,341,516 
5,968,854 

64,061,450 
1,314,719 

21,741,037 



1906-7. 



$332,352 

3,271,899 

8,494,388 
77,8.17,330 

7,370,849 

75,047,837 

569,900 

5,659,400 

6,391,561 
58,482,877 

2,209.621 

23,975,241 

719,587 

7,534,934 

1,698,089 
17,162,853 

3,933,602 
39,835,203 

1,236,428 
10,446,450 

2,028,892 
21,703,1155 

1,48 4,498 

12,833,551 

707,503 

6,781,04 4 

3,993,083 
35,544,648 

4,121,379 
32,010,481 

8,119,418 
67,552,110 

2,747,674 [j 
10,317,296 
131,187 

1,434,044 

4 316,633 
41,243,177 

4,763,457 
47,222,711 

6,414,196 
62,088,673 

2,213,283 
22,857.601 



Net Ea'minga. 



1907-8. 



J33.264 

472.614 

2,931,551 

24,562,705 

1,078,450 

17,908,516 

163,700 

2,140,400 

1,722,231 

18,435,374 

577,904 

7,454,074 

67,544 

1,127,608 

411,837 

5,503,533 

741,893 

9,189,713 

273,815 

3,827,902 

305,42) 

6,345,755 

483,236 

4,731,216 

237,523 

2,015,105 

1,172,442 

13.027.740 

203,131 

2,230,894 

1,373,576 

15,233,431 

333,090 

1,800,244 

54,439 

654,382 

828,520 

11,084,0)3 

962,241 

9,178,935 

2,807,277 

26,171,790 



1903-7. 



$47,441 

602,667 

3,293,243 

29,556,466 

2,431,609 

24,915,588 

104,700 

1,427,000 

2,366,926 

20,363,844 

743,82' 

7,391,87 

153,200 

2,031,867 

604,033 

6,838,241 

1,213,470 

12,757,577 

483,71 

4,434,338 

.4,83,721 

7,933,183 

515,005 

4,347,830 

200,922 

2,147,935 

1,583,334 

13,023,432 

220,227 

1,690,580 

1,783,531 

14,719,012 

603,257 

2,166,902 

42,200 

57,217 

1,280,344 

13,544.031 

718,202 

9,912,155 

2,351,337 

28,510,853 

588,969 

6,596,212 



a Bamiags reported la pounds, 6 in dollars, c In rupees, d in milreis, e in rels, g in crown), h in dra.hmis, iln p jsatas. ;' relucei to goU, k '," M«^°»»^j"»"- 
•Indudea Argeatiae Great Wostem and Transandine receipts t Including Busenadi Sestion, 3. Coast Lines, &c. , All sections. 



26 



THE RAILWAY TIMES. 



July 4, 1908. 



r 



■THE METROPOLITAN AMALGAMATED 



RAILWAY CARRIAGE AND WAGON COMPANY, LTD., 

and Patent Shaft and Axletree Co., Ltd., Docker Bros., Ltd. 

IRON AND STEEL UNDERFRAMES, WhtELS, AXLES, 

AND EVERY DESCRIPTION OF ROLLING STOCK, 

PRESSED STEEL BOGIE TRUCKS, Etc. BRIDGEWORK & ROOFS. 

DOCKERS' SUPERFINE CARRIAGE PAINTS, VARNISHES, 

JAPANS & FINE COLOURS. 



Recletcrcd Offices: SALTLEY, BIBIHINGKAM. 

Telegrams: "METRO," BIRMINGHAM, 



London Offlcei 
"RAILCAR." LONDON, 



36. VICTORIA STREET. WESTMINSTEB, 
"SHAFT," WEDNESBURY. 



8.W. ^^ 



Mr. JOHN E. RAWORTH, 

latent ^Vgent, 



QUEEN ANNE'S CHAMBERS, 

THE BROADWAY, WESTMINSTER. 



JAMES KENNEDY h CO., Ltd., 

69, Bachanan Street, fiLASQOW. ^c.% 




LIVERPOOL & LONDON ENGLAND 
CINCINNATI ic. 
U,SA. ,^ 



SAWN TO SIZE 

_ In America under 

own supervision and shipped 

dlpecttoany port of the United 

Klng-dom. 

Orders solicited now for delivery during the Autumn and 

Winter of 



Established 1868. 



I Telephone: 2866 LONDON WALL. 
I ,. 11489 CENTRAL. 

1 ., 837 EAST (STRATFORD). 

[ „ 3 ANSTEY (LEICESTER). 



PATENT VICTORIA STONE 

Laid on London Stations for over 20 years, and is used extensively by Great Eastern, 
Oreat Western, North London, Great Central and other Railway Companies fop 
Platform Coping and Pavingr, &c. 

ALL KINDS OF ARCHITECTURAL WORK TO MATCH PORTLAND AND RED 
AND YELLOW MANSFIELD STONES AND OTHER PLEASING COLOURS. 



THE PATENT VICTORIA STONE COMPANY, LIMITED. 

Head Offices: 10, 11, 12 & 13, HAMILTON HOUSE, BISHOPSGATE STREET WITHOUT, B.C. 

(Works: STRATFORD MARKET, ESSEX and GRO BY QUARRIES. LEICESTERSHIRE.) 

THE COMPANY ARE NOT CONNECTED OR ASSOCIATED IN ANY WAY WITH ANY COMBINATION OF ARriFICIAL STONE MANUFACTURERS, 



ESTABLISHED 1774. 



JESSOFS 
STEEL 



London Office; S.VICTORIA STREET, S.W. 
Glasgow Office ; 29, ST. VINCENT PLACE. 



WILLIAM JESSOP & SDKS, Limd., 

BRIGHTSIDE WORKS, SHEFFIELD. 



TOOL STEEL, 



HIGH-SPEED STEEL, 



FORGED AXLES AND LOCO : CRANKS. 
Lagging Sheets. Self-Hardening Steel. 

LOCO ; CASTINGS, WHEEL CENTRES & HORN>BLOCKS. j 



July 4, 1908.] 



THE RAILWAY TIMES. 



27 





SUM/VVER 

Holidays 



on the 



EAST COAST 



e» 



NORFOLK BROADS. 



A ^ ^% COAST 
SELECTION 1 U 

OF 1 V RESORTS. 




■ HUNSTANTON 




Frequent and 


SHERINGHAM 


Magijlificent 


Convenient 


WEST RUNTON 


(iolf Links. 


Service of 


CROMER 




Fast Trains. 


OVERSTRAND 







TRIMINGHAM 


CHARMING 


Restaurant Car 


MUNDESLEY-ON-SEA 


COUNTRY 


Expresses. 


YARMOUTH 
GORLESTON-ON-SEA 


CYCLINti, 
DRIVrNG & 


CHEAP 
TICKETS 

FfiR 


LOWESTOFT 
SOUTHWOLD 
ALDEBURGH 


; WALKING. 

■ - .J f- 


Varying 


FELIXSTOWE 


ANQLING & 


Periods. 


HARWICH ■. 


- Vive H TING 




DOVERCOURT 


. • ON THE 


LUQQAQE 

|IN- •: 


WALTON-ON-NAZE 
FRINTON-ON-SEA 


NORFOLK 

BROADS,. 


ADVANCE. 


CLACTON-ON-SEA 
SOUTHEND-ON-SEA 


Etc., Etc. 



J 


^■j 


m^ 


;jl 


m 




i 


^^^^r'T^J 




II 




^^^^^^P^^Bif'' 




lii 






■ f 


1 ■ ] 




a^Ti^^^m}' 


p 


W. :^^ 




ill 


fe ■ *•"■'• -"^" 


.■^j^^ 




^ 


'l^BtJFt 


im^y 


1 ^ 


*■■» —^L. 


-^^t^ 


f 


«t"*»-«^\Z 


""^^'^ 


^ ' 


t^ 7^ 






V 



Descriptive and Illustrated Pamphlets ami full information can be obtained at all tbi 

Company's-'Ijondon OfBees. -or will be sent gratis upon application to the 

St'PEKlNTKSDF.sT cF THE LiNFJ, Liverpool Street Station. London, E.C. 



28 



THE RAILWAY TIMES. 



[July 4, 1908. 



The Birmingham Railway Carriage & Wagon Co., 

■, cj LTD. 



Eailway Carriages, Tramcars, and 
Wagons of every description for Hire 
and Sale by Immediate or Deferred 
Payments, Ironwork, Wheels & Axles. 



Works : 

SMETHWICK, BIRMINGHAM 

Manufactu.re.Ti o/ 



Wagons for Hire, capable of carrying 
Six, Eight, and Ten Tons, part of 
which are eamstrncted specially for 
Shipping purposes. Wagons in Work- 
ing Order maintained by Contract. 



OAK AND STEEL UNDERFRAME WAGONS. 
HYDRAULIC PRESSED BOSS, AND OTHER WHEELS AND AXLES 



SECOND-HAND BALLAST WAGONS FOR MAIN LINE TRAFFIC 



STEVENS AND SONS, 

Darlington Works, Soathwark Bridge Road, London; and 

Signal Works, New City Road Glasgow. 



S>^!^^^^^, 




'^^^S^S^' 



PATENTEES AND MANDFACTURBRS OF 

INTERLOCKING LEVER FRAMES, 

For Junctions, Stations, Sidings &c.. 

Of ths HOST AFPBOVED DESCKIPTIOK; alao Enr; DHOrlptloB o( 

SEMAPHORE AND DISC SIGNALS, 

IN XITHEB IRON, STSXL, OS WOOD. 
■umrrAOTiTBiu or 

Every Description of Railway Signal and Station Lamps, 

A STOCK OF ALL KINDS ALWAYS KIPT OK HAND. 

CoDtrmoton to tba prinatpal Rtllwiiyi la the United Klofdoa ; *lM tkt OeatlMst, IbAU, 

Araerie*, and the O«loalet. 

WROUGHT AND CAST IRON GIRDER BRID0K8, &«. 
GAS ENGINEERS, fto. 



Regristerine- Turnstiles for Toll Bridges, Public Gardens, &c. 



f MELLOWES " Eclipse " Pitent Roof Claziot 



Glazing 



& CO.'S 



ra toon or au Mscumon. 



AbBOluMly Imperuhable. No P«ttj or Albeeto*. 
Millione ot Feet died for tk* PriBeipiil Bulwa; Csm- 
paniee aod otkan. All Wark Oaarantaad. 

I4<1 •/ ITorki awl all Pmrtunian firtm 

MELLOWES & CO^ LtfL, 

SheUlcld. Eng.. a 28, VktsrU St„ HcitnlBStar. Uadaa. S.W 



THOMAS TURTON ft SONS, ltd 

Sheaf Works, SHEPFIELD. 



LOMDQMi 

90, CANNON STREET. 
CITY. 



PATENT KNAPPING MOTION 

Ston* Breakers, Elevating and Screening Machiner7 

£ock. Crushers, Sand and Stone Washers, 

»ra adoplad by the LEADING CONTRACTORS and TtN OF THE 
LARQEtT RAILWAY COMPANIES for Ballaat and Concrete Work. 

8<>.^M.»a., W. H. BAXTER. Ltd., LEEDS. i«S*.^n«* 



Spring Steel, 
Cast Steel Forg^lnc^, 
Ploks, Hammers, Toole, 
CAST STEEL FILES. 

Railway Springs 6 Buffers. 



JAVIS BURROW&SONS 



BRUSH MANUFACTURERS, 



^EDS. 



LION 
BRAND 




Contnactors to The Railway Companies. 



LoadoD Printed for the Proprtetore at 32-24, Fleet l«ne, E.G., and Publishe.i by JiS. W. Courienay at 12, .Norfolk Street, Slraii,!.— Saturdav. Joit 4. IW* 



July r i, 1908 ] 



THE RAILWAY TIMES. 



29 



London & North Western Ry. 




NEW DAYLIGHT EXPRESS 
PASSENGER SERVICE 



TO 



N. ith Western Steamer alongside Railway Plattorm at 
Holyhead, 

EUSTON, 1908. 



IRELAND 



Holyhead and Kingstown. 

P.M. P.M. 

EUSTON dep. 1.20 Dublin (Westland Row) dep. 1.15 

Kingstown arr. 9.50 Kingstown „ 1.45 

Dublin (Westland Row) „ 10.20 Euston arr. 11.0 

VESTIBULED CORRIDOR STOCK. 
RESTAURANT CARS PROVIDED. 



FREDERICK HARRISON, General Manager. 



JAMES KENNEDY & CO., Ltd., 

69, Buchanan Street, GLASGOW. ^ 




UVEilPOOL i LONDON ENGLANO 
CINCINNATI So. _.«.•' 

U.S A -^ ^*^ 



'f^^SAVJH TO SIZE 

^ in America under 

own supervision and shipped 

direct to any port of the United 

Klng-dom. 

solicited now for delivf-rv (iiirint: lli<- Art 

Wmt r of UiiL" 



Mr. JOHN E. RAWORTH, 

?atent 5\.gent, 



QUEEN ANNE'S CHAMBERS, 

THE BROADWAY, WESTMINSTER. 



The only GUARANTEED device for holding Nuts. 



£^ 



9f 



W A S TN U T WASHERS 

save TIME, MONEY and ACCIDENTS. 

As supplied to the Admiralty and War Office. 

HOLD ALL NUTS, STUDS and SCREWS under ANY VIBRATION. 

NO COHERPINS. lOCKNUTS or ORDINARY WASHERS REQUIRED. Shorter Bolts can b« used. 

... IN USE ON . . . 
Railways, Tramways, Steamships, Collieries, Motors, Agricultural 
Implements, Machinery of all kinds, and invaluable wherever 

Nuts are used. 2 Doi. Assorted Sizes, } to J in.. Is. 

Telecrams— " Fasnu T, LONDON." 





Telephone ^,...4 Cbntrau "'llZ\T.^.''' 



FASTNUT, Ltd., 60, Aldermanbury, LONDON, E.G. 



THE RAILWAY TIMES. 



[July ii, 1908. 



STEVENS AND SONS, 



Darlington Works, Southwark Bridge Road, London ; and 



.*oi!SI!y&J*, 



Signal Works, New City Boad Glasgow. 

rATEXTEES AND MANCFACT0BKRS OF 

INTERLOCKING LEVER FRAMES, 

For Junctions, Stations, Sidings &c., 

Ot the MOST APPROVED DESCRIPTION ; «l«o ETtry DMeription o( 

SEMAPHORE AND DISC SIGNALS, 

IN BITHEK IRON, STEBL, OR WOOD. 
luirnrioTDKiu or 

Every Description of Railway Signal and Station Lamps, 

A STOCK OF ALL KINDS ALWAYS KEPT ON UAND. 



|^^^q^^^^a^»r^^ WROUGHT AND CAST IRON GIRDER BRIDGES, &-& 

^^^JIoOTt^ GAS ENGINEERS, &c. 

Regristeringr Turnstiles for Toll Bridges, Public Gardens, &c. 





( MELLOWES "Eclipse "Patent Roof Cliiiij 
& CO.'S roR Roors or ux descriptions. 

Ah«olutely Imp«riBhable. No Pmttj er Asbeiit««. 
Miljoiia of Feet lli»<l (or tbe Prlacipiil Bulwaf C«m- 
piuiie* and others. All Work OutrutMd, 

Lixt «/ Workt mnd M PtrtvmUrt frvm 

MELLOWES & CO., Ltd., 

Shellleld. Eng.. & 28. Vlrlorla SI.. WMtmlnrtrr. I nnd*n. S W 



READ THE 



GREAT WESTERN 
RAILWAY MAGAZINE. 



AN UP-TO-DATE 
ILLUSTRATED 
RAILWAY 
PUBLICATION. 



^0 be dad at all Slailway 
SSooRstalls. 



Subscription— An Edition, 3/6 per ann. 
Ordinary , 2/6 ,, 



Paddlngton Station, London 



THOMAS TURTON & SONS, ltd 

Shtaf Works, SHEFFIELD. 



LONDON I 

90. CANNON STREET. 
CITY. 



PATENT KNAPPING MOTION 

Stone Breakers, Elevating and Screening Machinery 

Rock Crushers, Sand and Stone Washers, 

Ar, adopted by the LEADING CONTRACTORS and TEN OF THE 
LARGEST RAILWAY COMPANIES for Ballaet and Concrete Work. 

Tellffams : 
" Knaf-pin^, Ltedi' 



W. H. BAXTER, Ltd., LEEDS. 



Of Interest to all who follow 
the workings of our Railways. 

TMt 



GREAT 
RAILWAY 

Published Monthly. 




CENTRAL 
JOURNAL. 

FuUy Illustrated. 



^, ,r^o^r.im-i - M i-» A-ri-c 1 2s. per annum, post-free. 
SUBSCRIPTI N RATES] Art P aper Editicn. ;s.do. 

Address — 
THE EDITOR, Central Station, Leicesterm 




Spring Steel, 
Cast Steel Forginge, 
Picks, Hammers, Tools, 
CAST STEEL FILES. 

Railway Springs 6 Buffers. 



Davis Burrow&Sons 



BRUSH MANUFACTURERS. 




LION 
BRAN 



Contractoi^ to The Railway Companies. 



Irr.Y 1 I, 1908. 1 



THE KAII.WAV TIMES. 




EASILY REACHED 



By the Express 
Corridor Trains of the 



&S.W.R. 



FROM 

Waterloo Station 

(LONDON). 



PATH OF THE 



FOR HEALTH AND PLEASURE. 




THE 
SUNNY SOUTH & SOUTH-WEST 

ISLE OF WIGHT 

SOOTHSEA, SWANAGE, 
LYME REGIS, WEYMOUTH, 

BOURNEMOUTH 

("The Land of Pines and Sunshine") 



BREAKFAST, LUNCHEON AND DINING CARS 

(all classes) in Principal Trains. 
Full particalars of Train Service. Cheap Tickets, etc.. upon applicati 



Bracing and Invigorating Climate 

ILFRACOMBE, LYNTON, PADSTOW, 
Bideford, Wadebridgc, Tavistock, 
Bude, Budleigh-Salterton, Seaton, 
PLYMOUTH, EXMOUTH, SIDMOUTH, 

AND OTHER DELIGHTFUL RESORTS IN 

DEVON 
COR N W ALL. 



Mr. Henry Holn 



The Birmingham Railway Carriage & Wagon Co., 



Railway Carriages, Traircars, and 
Wagons (f fV9ry fe^ciiptiou for Hire 
and Sale by Immediate or I'eferred 
Paymeiiti-, Ironwork, Wheels & Axles. 



Works: 

SMETHWICK, BIRMINGHAM 

Manufnctureri of 



Wagons for Hire, capable of carrying 
Six, Eight, and Ten Tons, pirt of 
which are cjastructed specially for 
Shipping pni poses. Wagons in Worli- 
ing Ordpr maintained by Contract. 



OAK AND STEEL UNDERFRAME WAGONS. 
HYDRAULIC PRESSED BOSS, AND OTHER WHEELS AND AXLES 



SECOND-HAND BALLAST WAGONS FOR MAIN LINE TRAFFIC 



Taylor's Patent Shunting Levers. 

" Reversers," "Run-throughs," "Fast-Locks." 



USED ON THE GREAT 

RAILWAYS OF THE WORLD. 

Derailment 

Impossible. 

INDISPENSABLE FOR COLLIERIES, 
BREWERIES k OTHER SIDINGS. 

Taylor's Patent Shunting 

Lever, Ltd., 

29, REGENT STREET, LONDON, S.W. 

Tele*.: SWITCHES. LONDON. 
Tel.: 7200 QERRARD. 





HARUNC'S DRAWING INSTRUMENTS. 

niiislrated Calaluyues snd on apidinUlon. 

W. H. HARLING, 

47. Finsbury Pavement. London, E.G. 

Manufactory: GROSVENOR WORKS HACKNEY. 



THE RAILWAY TIMES. 



i"]ULV II, 1908. 



Great Indian Peninsular 
Railway Company. 



Issu! of £1,000,000 Great Indian Peninsular Railway 
£3 10s. per cent. Debenture Slock. 
Transferable free of Stamp Duty. 

Guarantccrtliv Ihe Secretary of State !vr India in 
Council, as mentioned below. 

Trustes a^e empowered to Invest in this Stock, unless 

exnressly forbidden by the instrument creating the 

frust. (See the Trustee .\et, \S'.<3.) 

Issued ini.ler the authoritv "f tlie Great iTidiau 
Peuii.»'.l.i l(,>il«»v I'urehaee Act, liiOO Oi3&64Vict., 
ch rxxxviiii -.vilii tlie sanction of Ihe Secretary ol 
Stitefur In.ii:. in Oouneil. 

PRICE OF iSSUE, £96 PER CENT. 

First Dividend being a lull Six Months' Interest, due on 
the 15t.i Janu ry, 1909. 



N 



The Great Northern Railway 
Company. 

OTICE IS HEREBY GIVEN that ihe 
i , bool.8 kept by the Company for the registration 
^Transfers of Stock will be closed from the 20th 
July until the 11th August next, both days mclusivc. 
By Order, 

E. H. BUEROWS, 

Secretary 

Secretary's Office, King's Cross Station, London, N 

9th July, 1908. 

Great Eastern Railway Company. 

NOTICE IS HEREBY (!,VEN ll..it tlu' 
Tran.sler Booki of the Coinpuiy i.ir th- ''r'liniuy 
Stock will be closed on the evening of tr.day, the 241h 
day of July instant, and will be re-opened ou Saturday, 
the l3t day of August next 

By Order, 

W. H. PEPPERCORNE 
Secretary. 
Liverpool Street Terminus. 
London, 10th July, 1908. 



THE GOVERNOR and COMPANY of 
the Bank of England give notice that they 
are authorised by tlie Directors of the Great In- 
dian Peninsular Railway Company to receive appli- 
cations for £1,000.000 £S^ per' cent. Debenture Stock 
at the price of .406 for each ,6100 of Stock. 
The Stock will be transferable free of Stamp 

The sanction of the Secretary of State for India 
in Council has been obtained to the iseue, \inder 
the ■uMIm.iiIv <if llie Great Indian Peninsu'a Rail- 
„.,y'|.)i - I "10. of the present loan, which 

l„'Vc.|i, jeneral purposes of tlie Coin- 

pan, of interest and of principal 

(i-li',.,, : ini>tion is given) is guaranteed 

Kv |i,, state for India in Council ir 

mnnii' ' » letter from the Under 

SeV'r. 1 I '■ India to the Company, dated 

itl, ,i;|, ' , »is, which will in due course be 

embodied ni a formal contract. 

The Register of the Debenture Stock will be ke)it 
at tlie Company's OfBces, and the Stock will he 
registered (in multip'es of £1) in the names fipeci- 
fied in the requests made for tliat purpose. 

The Debenture Stock will bear interest at the 
r.ate of .t.'?^ per cent, per annum, j.ayalile hall- 
yearly on the 16th .Tanuary and ir.tli .Tuly. the first 
half-year's interest being due on the l.lth January , 
next The interest on the Debenture Stock will be 
paid by warrant transmitted by post, and payable 
at the' Bank of England. , ., ,. ' 

Tlie Stock may be redeemed at par l.v Wn- 1 ""n 
pany on or at any time after 15th .Inlv, m:;- ii 
their option, with the previous ciifriii .ii Ci. 
Sei-retarv ol State for India in Council, ami uii"ti 
twe've "calendar months' previous notice being 
given. . , . 

Applications, which - must be ae<-ompanied by a 
deposit of ,€.T per cent., will be received at t'^e 
Chief Cashier's Office. Bank of England. EC. In 
case of a partial allotment, the balance of t'le 
amount paid .1? deposit will be applied toward 



Great Eastern Railway. 

DRAWING OF LAING'S MORTGAGES. 

NOTICE IS HEREBY GIVEN lliut tlif 
fol'owing Mortgages were drawn this day 
for payment on the 14th July, 1908, at a premium 
of "0 per cent, and the same will be paid oft on 
beiiig presented, duly receipted, with all undue 
CoarTons attached, to the Secretary of the Com 
panv. and that from the said date all interest on 
'.ucli Mortgages will cease. 
B '20. 
B 21. 

B 70.-1, 2s. td. and ,. 
B 8-2. 6, 7, S, 9, and 10. 
B 85—2, 3, 4, .5, 7, 8, 9, and 10. 

CL\LID J. HAMILTON, Chairman. 
W. H. PEPPERCORNE, Secretary, 
'erpool Street Station, London, E.C. 
7th July. 1908. 



Midland Railway Company. 

NOTICE is hereby given that the 
BOOKS in which the TRANSFERS of the under- 
mentioned STOCKS of the Company are registered, 

2* per Cent. Consolidated Perpetual Guaranteed 

'Preferential Stock, 
24 per Cent. Consolidated Perpetual Preference 

Stock, „. , , 

Preferred Converted Ordmary Stock, and 
Deferred Converted Ordinary Stock, 
Will be CLOSED from and after FiilDAY, the 17th 
dav of July instant, until the 14th day of August next, 
inclusive, and that all Transfer Deeds for Registration 
must be deposited in thi. Office not later than Friday, 
the 17th day of July instant, to entitle the Transferees 
to receive the forthcoming Dividend. 
ERNEST PAGET, 

Chairman of the Board of Directors. 
HENRY TYLSTOJf HODGSON, 

Deputy Chairman. 
ALEXIS L. CHARLES, Secretary. 
Secretary's Office, Derby, July 8th, 1908. 

London and South Western 
Railway Company. 

nvjOTICE IR HEREBY GIVEN that the next 

N H\LF-yE\RLY GENERAL MEETING of the 
Plonrietors wil! be held at Waterloo Station, Lon- 
Jin on THURSDAY, the 6th day of AUGUST, 1908, 
at twelve o'clock noon, when a Report will be sub- 
mitted by the Directors on the affairs of the Com- 
pany, a dividend will be de<;lared. and General 

^The'^'^Transfef'' Books of the Company will be 
closed from the 17tli July until the end ol the 

■'■'■■ By Order, _„ 

GODFREY KNIGHT, 
Secretary. 
Water'oo Station, London. 
9th July, 190S. 



payi 



fi .1 infalment. Shou'd there he 
■I 1' ■! : ili.it payment, such surplur 

I-, imii li. lor multip'es of £100. No 
:ll be made of a less amount than £100 



allotment 
Slock. 

The dates on which the further payments will b 
reonired are as follows; — 
On Monday, tlie 27t.h July. 1908. £21 per cent : 
Oil friclav.' Ihe IMh August, inns, £.'55 per cent.: 
On M.>iMliiy tlie 2.8II1 Sept.. inns. C.'iS per cent : 
but the instalments nnv b- |.iid in fnH on or aftr 

ttlc 27th Ju'y. und.i .1 - :ii llM ,:,l,. of .£2 per 

cent, per annum. I : -1 Mnilt m the 

payment of any in-; i.,, 1., ,' ; i-i'i 'late, the 
deposit and instalin. n!.- pu wou.-lj luul will hr 
liable to forfeiture. 

Scrip Cei-tiflcates to Bearer will be issued in ex 
change for tlje provisional receipts. 

The Stock will be registered in the Companv'r 
books fin or after the 1st October. 1908. but allot- 
ments imid up in full in anticipiition may be regs 
tend fortliwith. 

A eoiiy of the Great Indian Peninsula Railway 
Purchase Act. 1900 (OS and C4 Vict., ch. cxxxviii I. 
and the letter from the Under-Secretary ol Sti'te 
above referred to. may be seen at the Company'? 
onices between the hours of 11 a.m. and 4 p.m. 
Applications for the Stock must he on printed 
the 



Ca.^lii 
Br 



.. . . om.e. I 
idles of the V. 



,,r riiL'i 



Comp: 



iiid, E.C: at t'le 
rl : at the offices o 
me. London, E.C 
id Co., 13, Geor"< 
or of Messrs. R 



of Messrs. Mullell^. Nhu 
Street. Afansion House. ... 
Nivisoii and Co., 76, Cornhill, E.C. 

The List of Applications will he closed on 
before. Thursday, the 10th day of July. 1908. 

Bank of Eng';ind, E.C, 10th July, 1908. 



Great Eastern Railway Company 

NOTICE IS HEREBY GIVKN ili.l 1..- 
Ninety-second Half-Yearly i:-n..,! \r . ■ 1-- 
of the Proprietors of the Great l.:i ' I ' '^ 

Compaiiv will be held in the Hamill. 1. II ' '■ " 
1.1. ,1 if.i l.in Hotel (BIshopsgate Sli.>i . n;. .^:.> • 1. 
I s,,i.,.l street Station, in the City ol London. 
,,, i-,i,i the 31.st day of July, 1908, at twe ve 
,,-, !.,rk iH.i.n. precisely, for the general purposes ol 
the undertaking. . 

And notice is hereby further given that Wi ban; 
Johnson Galloway, Esquire, and the Right Honour 
able Ailwyn Edward Fellowes, two of the Directo-; 
of the Company, will retire at this Meeting. aT;il 
being e'igible. offer themselves lor re-election: a;i 
that any Pro|n-ietor eligible for the direet.on ;ii 1 
intending to become a candidate lor election :i 
this Meeting, must give to the Secretary notice 11. 
writing, under his hand, not less than 14 clear 
days previous to the date fixed lor the Meeting, 
ol'his intention to offer h^msell as such cand.date. 
And notice is hereby lurther given tliat Josei'li 
Gurney Fowler. Esquire, one of the .Auditors ol t le 
Company, will retire by rotation at this Meeti';g, 
and. being elii/ible. oilers himself for re-elect,oi: 
and that an> lier-.m ,.|....il.'e f<ir election l>y tne 
Cotnpany a> :ni >.ii.l:l'ii. ;ui(l intending to ...im 
himself as .1 . m.l .I..1. Mr Micli oilue. nuist «im 
to the Secretar.i noUee in writing, nn.ler liis IkmcI 
not less than 14 clear days previous to the ibi> 
fixed for the Meeting, of hks intention to offei 
himself as such candidate. 

And notice is hev.-l.v fni-tlier ant-n that, in ac 

cordance witb the Sim > lim- iml imM miide 

liy t'lie Board of Tinl. '1 |,ir • " I i'-' '\ 

Railways Act. \nvi.. ,. .^1 -1 i.^i.' ' M ' ''-; " 

the Proprietors of tin- t.i,a; i:.i leiu l'-" "'.^ ' *' ' 
panv will be held in tlie Hamilton Ha 1. .at t e 
tlr-eat Eastern Hotel, on Friday, the 31st day ., 
Ju'y. 1908, at half-past twelve o'clock in the a'ur 
noon, or so soon tli' rt ;if tcr .i^ the tmsinese of tnt 
Ha'f-Yearly General Miilmc, ...•iMn.d for twi'v. 
o'clock on the same >l,i>, ,ii iln '■<">■ pace s nil 

be concluded, at mIiiHi S|,rr,;,l 1; i;il Meet,;". 

t^ie liii.lri.rHiitHimd Older as subnutled by tu 
Lii;lii t,i:l.v,i\ romnijssioners to the Board <i! 
Tr;iai i.,^ ...nlii Illation will he submitted to fn 
Pn,|,iiri..i^ I lull iiresent in person or by proxy f»i 
tlieir a|.iirov;il, viz.:— . . 

"Older of the .Light Railway Commissioner; 
authorising the construction of a Light Rail 
wav in tlie County of Essex between Elsen 
ham Station and Thaxted." 

By Order. 
CL\UD J. H.VmILTON. Chairmin 
W. H. PEPPERCORNE, Secrda y 
Liverpool street Station. 
9th July, 1908. 



London, Tilbury and Southend 
Railway. 

NOTICE IS HEREBY GIVEN tliat the 
ONE HUNDRED AND FOURTH HALF 
YEARLY G-ENERAL MEETING of this Company 
will be held in the Board Room, 41, Trinity Square, 
Tower Hill, London, E.G., on Thursday, the 30th day 
of July, 1908, at 12 o'clock noon. 

The Transfer Books will be closed from the 13th to 
the 30th instant inclusive. .„„,„„ „, . 

ARTHUR L. STRIDE, Chairman. 
H. CECIL NEWrON, Secretary. 
41, Trinity Square. 
Tower Hill, EC. 
10th. July, 1908. 

Manchester Ship Canal. 

TENDER FOR STORES. 

THE DIRECTORS^he MANCHESTER 
SHU' C\NAL COMPANY are prepared to 
receive TENDERS for the SUPPLY of the follow- 
ing STORES required during the Six Months ending 
RlSt Janriary, 1909. 
1 Iron, Steel and Files. , „ .. 

2. Nails, Bolts, Buckets, Screws and Cotter Pins. 

4' Si'ick Ties, Engine Waste, Sponge Cloths, White 



Lead, 






Hid Forms of Tender may be ob- 

.iiter Monday, the 13th July, on 

,'i.. Stores Department, Manchester 

1 i;.ih1. Salfonl. Intending cont 



the Cla 



Stores for n! 


.•■i l!ii 


\ «i.-li 


M 1 


■li.ler. 






Se 


I'ed tei'. 
be d-l 


velol 






.■l.iKUl 


d not 


later 


tliai 


10 a.m. 


on 1' 


.1.11. 1 


1 h 


.Inly. 






Nf 


foreign 


matt. 1 


. Ii'l t r 1 




1 1 iilai 




must 


be I 


nelosed v 


Jith til 


■ 1 ' nil, 


vv 1 












llle D 


e.t 


Jl'.S, 












F. 


A, 


BYRE 


Secretary. 


41, 


Spring G 


rdens. 


Manchester 









r>0-iD VANS of every des riidio-i 
\, supplied or repaired by Contract - 

M.Dougall Bros., Wheelwrights, Vine Yard, .11 99. 
Aldersgatc Street, London. 



Reading Cases. 



EEADING CASES to hold Twenty-six 
, Copies of TnK Railway Times, may 
be olitaincd from the Publishers (2s. Cnl.) ; who 
>!.o iiB.lerlnke to bind Subscribers Volumes at 
6s. till, per Volume. 



A Journal of Finance, Construction, and Operation. 



Vol. XCIV. 



SATURDAY, JULY ii, 1908. 



No. 2. 



PRINCIPAL CONTENTS. 



33 



The Railway Dividends and Af 

An Excess of Zeal 

Enginenicn on the Great West- 
ern Railway 34 

The Meanins of the NonStop 
Railway Run 34 

Long Railway Runs 37 

Powerful New Passsenger Loco- 
motives for the Western Rail- 
way of France 

Westinghouse Railway Ca 
Heating System 

Reinforced Concrete for 
Bunkers 



33 



39 



4U 



43 



Railway Shareholders 

tion 

Honey and Stock Marke 



Dl' 



Ann 



3H 



Weekly Thai-i-ic Summary 

Railway Notes 3fi 

Meetings and Reports — 

Costa Rica Railway ^li 

London and Greenwich Railway 47 



RLIA 



reLt: 



Railway Stock ; 

Official Traffic Returns ••■ 



—'SS, 



THE RAILWAY TIMES 

PUBLISHED EVERY SA TVRn.W. 

THE OLDEST RAILWAY NEWSPAPER. 

Established in 1837. 



Telegraphic Addrea 

Offices : 



Altuietky, London." TeU/lune Nil: ^548 Gj 

12, Norfolk Street, London, W.C. 



THE RAILWAY DIVIDENDS AND AFTER. 

The yeiioral anticipaiiuiis regarding dividends for the 
half-year ended June 30 last, are cheerless enough for 
Home Railway proprietors, as we indicated in some de- 
tail last week. Only the Metropolitan lines and tubes 
and the Great Western could muster any increase in 
their gross earnings, and even in those instances no 
advances in distribution are generally anticipated, be- 
cause of the advancing working expenditure and especi- 
ally the higher coal bills. In the great majority of cases 
the decreases in receipts have been so serious that the 
only doubt remaining is the extent of the fall in the 
approaching dividends. So gloomy is the immediate 
outlook in this respect that all concerned will be glad 
to be out of the wood so far as pending dividend declar- 
ations are concerned. The earliest announcements oi 
leading companies will be made in about ten days, and 
they will last until the first week in August. When 
these are out of the way, the prospect may be regarded 
with greater equanimity. There will certainly be con- 
siderable savings in the coal bills during the new half- 
year on account of the lower prices at which new con- 
tracts have been arranged, and the reduced quantities 
which are being consumed from contraction in traffic. 
In many cases these savings may be approximately es- 
timated at \ per cent, per annum on the ordinary stock. 
Even some relief may be hoped for in the matter of gross 
earnings, as it is quite probable that the falling off in 
goods and mineral receipts will be less serious than it 



has been recently. But after all, the chief hope of all 
railway shareholders is that economy in working will 
be rendered possible by a scries of alliances on the lines 
already sketched out by the Great Eastern, Great 
Northern, and (^•eat Central Companies. Unmistak- 
aljle evidence that the necessary steps arc being taken to 
remedy existing evils is needed and can be given in the 
reports at the meetings of the companies. Not only Is 
the present situation disturbing, but the general appre- 
hension is that it may become worse if the companies 
do not move in the matter without delay. In short, the 
first duty of railway directors is to restore confidence in 
Home railway securities. At present it is all butnon- 
existent. Railway stocks in this country have, until the 
last few years, been the most popular of investments. 
In almost every other quarter of the globe they are 
popular still; but distrust regarding Home Railways is 
so general that even their present low prices fail to at- 
tract. The best thing that could happen would be a 
pronouncement by all tne leading chairmen that they 
had unitedly resolved to take all necessary steps to re- 
store confidence in British railways. That they would 
then have the fullest support from the shareholders and 
from the Government goes without saying. Even to 
railway employees also the truth is being brought home 
that their position cannot be improved unless _ much 
better financial results are obtained from the railways. 
In fact, the moment is opportune for a new departure, 
and we trust that the directors will not let slip the chance 
of putting British railway securities on a more satis- 
factory basis. 

AN EXCESS OF ZEAL. 

Had the object of the i^ailway Shareholders' Asso- 
ciation which held its hrst public conference on Wed- 
nesday, been to shake confidence in railway securities 
and to hasten the progress of depreciation m prices, it 
could not have succeeded much better. If hal the 
statements made were well founded, the proceedings 
would be well calculated to throw discredit on the 
management of British railways. There is, of course, 
no question that the railway situation is generally un- 
satisfactorv, and we sympathize with those shareholders 
who feel some discontent at the skrinkage of their stock, 
and with their apprehensions with regard to the future. 
No useful object can, however, be served by attacking 
railwav directors with the allegation that most of the 
troubles under which the railways now work are due to 
mismanagement or to indiscriminatmg enterprise. o 
implv, as one of the speakers did, that the reason why 
the extreme demands of the Amalgamated Society ot 
Railway Servants could not be granted was because 
railways were uneconomically conducted is certamly not 
the way to secure an improvement in the position of the 



THE RAILWAY TIMES. [Jt'Lv ii, 1908. 

.l)-.,du.kler. S,)uu- nf tlu- speakers appear to Uiink ^.f men ,n reeeipt ..f 5s. 6d. t.. 6s. (h1. per day totalled - 

that there is,,,, reaM.n wl,v ra.luav expense>shnnl,l >n- J.nj4 a„ incease ..I i.<,.,n. '1 h,s put, ai, e,U„-e!y 

crease exeein lor ihe personal amhiticis of the man- ,l,ltereiit c, .ini.lexion ..n the matter, and when it is 

a-ers to 'ive tl,e pnhhc eonstaiillv i,ierease(l laeilitie> hMiau- in ,,m,d that e,i,L;ineinen are „i many eases pa;d 

and Inxnrrev. Ilu.'se th.it look .,( the situation m this spccal ,-,ate> h .r h.n^ ..r special JMurneys; that they 

ii'dit can k,unv \ e, v htlle of the acln;il ciren,ustiiices ,iK<. secure paynient for Sumlay duty. etc.. a lH,nu>. 

tlrit .•ittcnd lailwav ina, lavement. il ,s ,a c.mpar.itivelv pcnnane.n emi.h.vment. and inivile-es. it will he 

e;is\ matter to discus- h.akHices ami lo criticise results re.idily cniceded tli.it this .-,-a(le has ,iotl,„i.L: t, . oni- 

fn.m tlie outside. Imt it is .a ,micli moie dillicult u,ider- j)l.iin ..f. Indeed, we have reason to helieve that tiie 

takiu- to deal with the traffic proiilems ;is ihey ari-e in ure.it m.ii..,ity ,if Cieat Western em^iuenieu are pe,'- 

d'aily'woik. To ;, veiv kari^e extcU the increase in ex h-ctly s.alislied with their conditiMU,. 

ncnses is u,ia\ <iid.il.l\ loired „i>on the railways. I he 

increasim, rcpuremcuts ,d the' I'.oa.xl ..I Irade, ihe THE MEANING OF THE NON-STOP RAILWAY RUN. 

streu-th ot compelitiou, ;uid ihe -la.win- demands .d ^y^^^^ ,,^^, .ccent introduction on the Midkuid Railway 

the en, plo\ecs h.a\c continually increased the pr<iporHon ,,, .^ ■•m,|,.stop" ,-uii from St. I'anci-asto Carlisle, as 

of cxiienses to receinls. How irresistihle .are Ihe ile- ^^.^^.^ ,,| ,1,^. accelcatcd service hetween London a, id 

,nauds iiiaile upon the railways, only a comparativelv i,la.,-,,\v. the (piesti.ni as {•< the meaiiiu- tn the 

fewinen .are in .a piisitioii to appreciate. It is. (,t C(nirse. ,-.|,]\vav c.iUipauies .and the [inhhc > d" sucli [ler- 

,lcsir,il.le (hat ..harehol.lers sh.nd.l tak^ .an mtelliL;ent f,„-,nances is a^ai,i revive.l. dd,e ohject of the 

interest in the affairs (d" their coniii.imes. and .as we have f,,r,,icr is. of course, that id' altractiuL; attention 

freqneiitly nointed out. there is ,a -real .imouiit ol use ,^, j^^ route hv offeriuu; scmethiu- which ,ieither 

ful w<irk which can he done hv them in siipriortin- the |,^^,,| |,,_,. jj^ 'comnetitors have iirevioiislv under- 

dii-eciors and in creatini^ a riu'.hl leehm: .1,110111; the ,.|]^^.„^ .,,„| ^]^^ niatter, viewed from the com- 

IMihlic Piw.ards the railwavs. We had honed that the |,.,,,^ ^ st.andnoint. then resolves itself into a (pies- 

iiew asMiciati.m would he wiscl\ L:inde<l. .and that it ^^^^^^^ ^^^ wlieihe,'. hv sacrihcin- i,iterniediate statin, 1 

,ui-ht form a micleus ,d" .an or-ams.alion wliicli would m ^,_,j,^^ ,, ,„-,,,,„rlioii,atelv lar-er numher of '■ throu.uh " 

ti,ue hrinL; powc,-fnl htdp to r.iilw.av , merest. .\p- ,,as>e,i'^ers can he secured. .\s a matter of fact, the 

p.ai-eniK there is little , .r<d..al.ihi v ol llns hone hein- ,Mj,i|;nid I .oud. m-( 'arlisle run does not come strictlv 

f„n,ll,-d. ;ind uiiU-s Ihe ass,,ciation shows m..re discia- ^^,,1,,,, ,],,. „,,,, Miippm- cate^orv. for the reason that a 

tion. <.\e cannot scr thai sh.arehoMer- can look lor much ^,.^,, ^^^^. i,,,.,,,,,,,,,^ ,. ,,„rposcs is made .at .Sjiipley, where 

real help Irom it. lln. en.^ines .are clianL;ed: li,il. inasnuich as passenL;e,s 

. can ,,eitlu'i- euler tiv !ea\e the Ir.iin th,ainL;hout the 

journex' id v'^ I miles, the s.anie etlect i- secured t'W 

ENCINEMEN ON THE GREAT WESTERN RAILWAY. ,l,o.e tr.avel'lim.; hy the train ,,ver that .listance as 

.1 . I ,1 \,,,. 1, ,,,,,-,. .,1 thom^li llu- train never ceased moving;, ."so f.ar as the 

he (• oris (1 lie secretar\ ol the .\m,il,L;.im.itei| •■- 

. ,- ,, ., ,. ■ •, , , ,,, ciuestioii o the .aliih v ol the Midland loconiotives to 

S.,ciel\ o \idw,i\ Seiwants to secure ,-ecnuts 1,-om the 1 ■• ■ , , 1 • • 1 

■ , . i\ ol^^,l^ . , ,er f orui 1 1 ic cui , ic I 111 ) w It liout liali ,11 - IS couccmed , uo 

I'.auks II eiiL'inemeii and ircmeii arc well known, as ■ . 11, 1 ' c 1 .. 

'■;"" , , ■ , , ... ,, . ,, , iloiiht i-.an exist th.it the latest .and most powerful tvpes 

a so the had that these \-er\' persislent elloi'ts ai c imt • ,1 , 1 r 1 1 ' ,\ ^ 

, , , , 111 , ,, 1 ■, ; .'md csiieci.allv the ihree-cvlinde,- compcnmds. or the 

resiiiiiided to i\ the -eiier.a hod\ ol the i^raile it is _ ,,' . , . ■ . 1 1 m. i i„^, , . 

, '. , ,- . 7 , , ■ , ^- • '100 cl.ass s,,uple eu-ines desiL^ned bv .Mr. fieele/, 
( esired to euro] nito the Aniali^ainated .Socetv as op- . .' ■ • ,..,,,„* ,.,^;, 
... ^ rT • 'i- ■ wilhcuit uieutionmLj others ot rather less leceiit eon- 
posed to the .Xssiici.ated Society of Locoinotive hn.^me- . , ,, , ,1,,,,., i. t^ ; . ,, „.„,-^,. 
' , ... ,, , ,- i, n u- I ^ ., structioii. .a,f tiilh ec n.al to the task, it ,s, l,owe\e,, 
men and l'ii-emeii, l.ut irom Mr. I>ell s remarks at the . , ' , ,. , i., , . f ..1, .,„,,;„,.■ ti,., 
,- , ,, ., ,., , ,, , . • ■ hetter im)1ic\ to .adopt the present plan ot clian.nini; tli? 
"'^^•,""-,"' "'^' '^^"'^^^;> ^'••'7l';"lers Association. ,t ^. _^^^_l ,^^^,.^^^.^. ^^J^,^^^^ ^^^,,,,^ ^^,,,^, nudoubtedlv con- 
nn.^ht .almos, ..ppcu; that he held a ve,w special hrie. ^^.^^^^^^ ,|^^. ,^.^^.^1^,^^ .^j,,;^ ^^^ ^1,^. ,.^^,,^ i„,.olvi,iq- Ion- 
h.r en.mnemen ,...rt,cula, ly as the oulv delmite state- ^,,.^,j^.,,^,^ „f ,,.„ie .at 1 in loo. a,i,l other less' severe 
nienl made re late.l to ihe umiiher ,, en.i^uiemen e,n j,,^,,;,,^.^ Leavhi- the prollle to he worked over out 
!''">!■'' "" "'^; •"■^■^" \\^;-'^-';V ^a,lway. hrom „,• ,1,^ matter, however, it is cei'tainlv advantaijeous to 
niqmries we tmd. however, that his st.atement was a ^,_ ,_^^. ^ ,.^.._^,^ .._^^,_^^ .^,,,, enuiuenien after a run of 
very specmns piece ol special pleadm.L;. W ,th the ,,,,^ ,^;;,^.^ w itlionl ' stopping, alth.amh it can safelv r,e 
..hjecl of shown,- that men were leceivm- less w.a-e,, ^.^;^, ^|,.^j ,,, ,,,, ^^, ^^ j-.^,. f,.,„,, ,,^j„^ .,„ ,^^.j„^, „ecessitv. 

",""■ "'■■'" "'■''■ '''>• ''''"^' -'" .^'^^■"■^ ■'-"■ ■'"'! l"*--""!:'!''.- The f.ondon and North Western Ivailwav, in the case of 

also to denionsii.aie his coiitention that there li.id been ;,^ ^,_,^^. ,.^|,,^,, hetween I.im.lon and Rhvl. a distance 

sta.mi.ation o| piomoiion. he -ave the lollowm- .alleged ,,,• ,^„j, ,„i,,.^^ ,,.,, .„i,„,ted the same method as the Mid- 

^'"'"l'-"'>'"i: I" i''-'^- the ,iuniher ot < ne.at W cslcru j,,,,,, j,, ,.„ivertisii,.^ the train as makin- the journev 

hrst-class en-menien was. he sai<l, 577: secmid class, ^^i,i„-,„t ., i,,.^;,],, whereas, in realitv. a service stop is 

f.13: third class. ,4j: pilotmen. (r^tK In iqof,, he stated. an-an-ed mitside Crewe to enahlc a chan-e of en-ines 

lhe,e we,-e 4O4 li,-sl cl.ass, 434 second class, O.'S third to be'eftected. The attempt to set up a contention that 

class, and 1.307 pilotnien. Ile careltilly avoided ni.ak- ,-;,ii\vav companies aiherlise what lliev are not i.repared. 

iii,L4 reference to the iiionev r.ates of wa.qes, .and the ,-^,-,, f^-,^./^,^ („ perform bv lettin- it aiqiear in the time- 

^ speciousness of h,s statenieni in.av be -athered from ,.|i,]es that these Ion- journevs are made without anv 

tlu- lollowmL; h-ures which we h.ave received : -In intermediate stops, and" that a'dvanta-e is thereby taken 

1 SS7 Ihe number ot eii-memen cnploved al I'ates of the public, because in iTality the I'un is not of a non- 

\:i,\,ii,- Irom 7s. to 7s. f,d. pe,- d.ay w.as 706; in ii)o6 stop character, misses its noiiit, if for no other reason 

Ihe ,,iaxiiniiiii r.ite h.id been raised to Ss., and the num- t||,.„i u,,.,, the trains do not stop for the purpose of 

her employed ,it the r.ale ol 7s. to Ns. was 04_' an t.akin- up or setting- down nassen.uers. This is the 

uicre.ase of .;-(,. n\ men .al 5s, d.l. tn (,s. 6(1. per d.,\ only nie.aiiiu- cd' the word wliei-e the public time-tables 

llieie were, m I ■'^''^7. ,^54. In loofi t he ininimiun r.ate h u ;iie concerned. These trains a,-e special expresses 

( i,,L;i,ieme,i li.id been r.iised to 3s, r,<!., .and Ihe mimln-r ir.avelliiiL: belween two points, .and it is imixissilde to 



July ii, 1908.J 



THE RAII.WAY TIMES. 



35 



b(3ok by llieni f(ir any intenneiliate statimi; tlierefore 
whether tliey make one scheduled call lietween station 
or several unscheduled signal stops, is immaterial. 
The two runs to which we have referred above are 
being- made daily in less than tlie advertised schedule 
timing, in spite of the service stop which does not ap- 
pear in the time-tables, and we have therefore a clear 
demonstration that the companies are acting in good 
faith and doing all. and more, than thev claim. 



MONEY AND STOCK 
MARKETS. 



Settlement Dates. 
Consols: — Thursday, Ai'gi'st 6. 



Continuation Days. 

Mines July lo 

General ,, 13 

Mines ,, 27 

General ,, 28 

Mines Aug. 10 

(jeneral „ II 



Ticket Days. 

Mines, July 

General ,, 

Mines ,, 

General ,, 

Mines Aug. 

General , 



13 
14 

28 h 

29 ( 



j I';ty Days 

} J-iy 15 



July 



/ Ai'g- 



Our usual comparison of the present position of the 
Bank of England, the Money Market, the Foreign Exchanges, 
etc, with the position a week ago and at the correspondmg 
period of last year is given below. 



Bank's Coin and Bullion ... 

Total Reserve 

Proportion of Reserve to 

Liabilities 

Notes in Circulation 

Bank Rate ' 

Open Market Discount 

Bankers' Clearing-house ... 
Silver bars, per 02. (spot) ... 

Consols (account) 

French 3 per Cents, (ace.) 
Paris Cheque exchange ... 
New York 60 (i.iys ditto ... 
Rio de Janiero exchange ... 
Valparaiso 90-day exchange 

Calcutta transfers 

Hong Kong transfers 

Shanghai transfers 



^37,767,608 
,{,26,466,408 

49i percent. 
.1^29,751,200 
2i,per cent. 
I per cent. 
ir259.7S7,ooo 

24l"9d. 

»7i; 

95 f- 
25 f. II Jc. 

iSAd. 

8;.id. 
IS. 3|d. 
IS. 9fjd. 
2s. 5jd. 



Last Week. 



/.38,6o7,393 
£27,081,128 

44i per cent. 
£29, 976, 265 
2j per cent, 
i pel Cent. 
£302,520,000 

8SA 

251. I2^C. 

i5Ad- 
7l'J- 

IS. jid. 

Is. 9jd. 
2SS. Sid. 



Same Week 
Last Year. 



i;35,56i,654 
;{.'24.4I 3.429 

43f percent. 
/29, 598,225 
4 per cent. 
3| per cent. 
£258,3X9,000 

3I4<1- 

84i 

951. 
25f. 15c. 

•'S4-S31 

IS/.d. 

I2j?d. 

IS. 4^(1. 

2S. 2id. 
2S. Hid. 



• Fluctuatio.vs in the 

Bank Rate. I 

4 per cent. Jan. 17, 1907. 
4A ,, ,, Apr. 12, 1907. 
4 „ ,. .Apr. 25, 1907. ! 



4iper cent..j\u,i. 
si „ ,, Oct. ! 

6 ,, „ Nov. 



5 percent., Jan 


iS, 


1908 


4 „ ., Jan 
3* .> ,. Mar 


23. 
5, 


.90S 
1908 



'■ i 6 „ „ Jan. 2,1908. I 2i „ „ May 28, 1908 

The Reserve of the Bank of England is again lower 
this week by £614,7.20, of which £106,000 is accounted 
lor by the value of bullion exported, and the active 
note circulation having contracted to the extent of 
£225,065, the absorption of coin into the interior has 
exceeded £730,000. This is the natural result of pay- 
ments of bills and salaries, which take place at the 
end of the half-year, and to the additions to pocket 
muiiey made by railway and other servants through- 
out the country in preparation for sunmier holidays. 
The tnovement is about the same as for last week, and 
almost up to the normal, indicative, perhaps, of the 
people's disposition to enjoy themselves, whatever 
happens. All, however, is not well, as the falling off 
in the revenue of the country is alone sufficient tO 
testify. 

The event of the week has, undoubtedly, been the 
issue of five millions of the guaranteed 2| per cent. 



stock created under the Irish Land Act of 1903, at Hcji 
which was sprung on the public late last Saturday. The 
price of closing on that day had been 92 ex-dividend, 
having risen | during the morning, but it fell to 90^' 
on Monday, when the market opened again, bringing 
with it the whole list of Government Stocks to the 
extent of I ur l. -jjie new stock, however, was still 
comparatively clieap, and dealings soon took place at 
lA premium lor Special Settlement. Then began a 
process of active and scientilic ■" slagging," which re- 
sulted in the total amount ottered being applied lor .some 
forty times over, as Air. Lloyd George disclosed to a 
questioner in the House of Commons. 

The trick of sending in a prodigious number of 
applications for small amounts seems to have come to 
grief this time, and no applicants for less than £2,000 
are known to have received allotments, in spite ui 
the desire of the Government, and, indeed, the \T.vy 
obvious good policy of encouraging small investt^rs. 
ilie BauK of England has developed extraordinary 
skill in dealing with lieavy applications of this charac- 
ter, and their money was returned to all applicants 
with wonderful celerity, but the temporary withdrawal 
of so considerable an amount Inun tlie iii'arkei had its 
natural effect in stiffening rates, and at one time 2.i 
per cent, was paid for day-to-day money. 1 he tigures 
of the Bank Return give no information as to the 
amoimt locked up in applications for the loan, since 
•■ Other Deposits" would be unaffected. 

The principal change is in Other Securities, which is 
down £6,350,000; of this £4,765,000 is due to transfers 
from "Public Deposits," for payment of dividends upon 
securities, and the remainder may be ascribed to repay- 
ments of marked indebtedness. 

The Bank Rate remains 2i per cent., in spite of every 
muication of increasing ease in the money market, as 
far as domestic affairs are concerned, but the continued 
lowness of the continental exchanges fully accounts for 
the reluctance of the directors to make any alteration. 
Indeed, the general hunger for gold has caused the 
metal to be dealt in at a slight premium, J pence per 
ounce. 

Of the stock markets there is little to be said, and 
that little is not satisfactory. Government stocks are 
all lower on account of the counter attraction presented 
by the new issue of Irish land stock. Among Colonial 
stocks there have been fractional improvements in 
several Australian issues. Eoreign stocks have been 
quiescent generally, but among Chinese, Russians, and 
Turks, there have been small advances in prince. 

Home Rails have wilted under the adverse influence 
of poor traffic returns and gloomy vaticinations of divi- 
dends. Metropolitan Consols offer an exception almost 
unique, because the old rumour of its absorption into 
the (ireat Western system lias been revived in certain 
cpiarters. 

(Jrand Trunk issues have been distinctly firm, and an 
advance is recorded in Canadian Pacific; some of the 
principal Argentine railway stocks are also fractionally 
better, but prices have generally been stationary or 
drooping, and little business has been recorded. 

In American rails many improvements have occurred. 

The principal movements on the week, so far as they 

relate to securities in which the readers of this journal 

are likely to be interested, are set forth in the following 

table : — 



3^ 

N.ime of Stock. Rise. Fall 
British Funds. 

Consuls, 2A per cent. ... ... % 

Do. (ace.) 23 percent. — ... j'g 
British Rairji'ay StOiki. 

Barry Deferred i ... — 

Caledonian — ... ^ 

Do. I'ref. Con. Or.l. -■ ... - 

Do. Def. Con. Ord. — .. — 

Central London — ... i 

Do. Deferred — ... i 

City & S. Lon. Con. Ord. — ... — 

Furness — ... 3 

Great Central Preferred — ... \ 

Cireat Eastern — .. i.j 

Gt.Nthn. Pref.Con.Oid. — ... - 

Do. Def. Con. r)td. — ... J 

Gr-at Western — .. \ 

Hull and Barnslcy — ... :f 

Lancashire iJv: Vorkshiie — ... -- 

London L'r. and S. Coast — ... I 

Do. Deferred — ... I 

London Chat, and Djver — ... i 

London and N. Western — ... 2 

London and S. Wotern — ... 2 

Do. Def. Coil. Ord. — ... li 

London, Tdbury, etc — .. — 

Melro|iolitan — ... I 

Metro|)olitan District ... — ... — 

Midlan.l Def Ord. ... — ... \ 

N'>rth British Prcl. r)rd. J ... — 

Do. Ord ~ ... A. 

North Eastern Cons. .. — ... i^ 

North Staffonlshire -- ... — 

South Eastern — ..I 

Do. Deferred — ... I^ 

Taff Vale — ... — 

huiiii'i Kailicays. 

^ast Indian "A" — ... — 

jt.IndianPeninsuIa "A" — ... — 
Colonial Kaihoays. 

Canadian Pacrlic 3^ .. — 

Grand Trunk of Canada j ... — 

Do. 4 p. c. Guaranteed i ... — 

Do. 1st Preference I ... — 

Do. 2nd Preference... I .. — 

Do. 3rd Preference... — ... i 
Amcriiaii Kailmayi. 

Atchison Conrrnon ... 2\ . — 



tHE RAILW 

Name of Slock. Rise. Fall. 

Baltimore and Ohio . . 5 . — 

Chesapeake and Ohio... 3i .. — 

Chicago (ireat Western — .. — 
C^icagoMrl.and St. Paul 5 — 

Denver and Rio Gramle i ... — 

Do. Preferred i* . — 

Erie Common I ... — 

Do. 1st Preference 2 ... — 

Do. 2nd Preference 1 ... — 

Illinois Central 5 ... — 

Loui.-.ville and Nashville 4i ... — 

Missouri Kans. & Texas \\ ... — 

New \'ork Central 2 ... ~ 

N.V. Ontario & We-lern I ... — 

Norf.ilk and Western ..2 .. - 

Do. Preferred — ... — 

IVnn-'ylvania I — 

Rcadin[^ C^)nrlnlln 2 ... — 

Southern I'acihc Corriii. 2.\ ■' — 

Southern Conrmon 1 ... — 

I)o. I'referred 2 ... — 

Union Pacilic 4J ... — 

Do. Prelerre.l — ... — 

Wabash — ... — 

Do. Preferred !. . — 

Fort'ipi A'<ti/zo<iy^. 

Antofa^asta — ... — 

Argentine Grt. Western I ... — 

Buenoi Ayresand I'acrhc I ... — 
Buenos AyrcsC a. Sthrrr. — 

Buenos A)res& Kosario J .. — 

Do. Deferred — ... — 

Buenos Ayres Western — ... — 

Cent. Uruguay of Mont. — ... i 

Cordoba & Ros. 1st Prcf. — ... i 

Cordoba Central I si Pref. — ... — 

Costa Rica — ... — 

Cuban Central — ... — 

Interoceanic P'ref — ... — 

Leopoldina — ... — 

Mexrcan Southern .... — ... — 

Mexican Ordinary ^1 ... — 

Do. 1st I'ref., 8 p.c. I .. — 

Do. 2nd Pref. ,6 p.c. i ... — 

Nitrate Ordinary — ... J 

Do. Deterred — ... — 

Ottoman(.Smvrna to Aidin) )i.. — 

San Paulo ..'. — '... i 

South Austrian — ... — 



\Y TIMES. 



ULV II, 1908. 



RAILWAY NOTES. 



Weekly 

I lie 

.ilfKKlll 

riiitod 
earned 
£104 I 
|i( iiidiii 
aiiiduii 
£105 I 
uf ,■£_' 
iiiilcaj. 
mile. 



Traffic Summary. 

ti.'it'fic leceipt^ fi'i tlic week cihIihl: JtiK 5. 1^ 
y ptilili^lied liy the lilty pi-iiieiiial iail\\ay> i>l tlie 
KiiiL;d"tii, aiii'itiiiU'd t" t-',-;33,5i)l , wliieli w a ^ 
I'll Ji,_'<)3-^ miles, lieiiiy at tlie late id 
5s. (j(l. iicr mile nl line niicn. k'nr the ei>ri-c-.- 
y week iti 1907 tlic feceipts uf the same lines 
ted til £_',_'5f).j86, with ji.jSi] miles npen, 1" 
OS. lod. ]rer mile. There was thus a decrease 
!,695 '" tl"^ receipts, an increase uf 12I in the 
e, and a decrease of 15s. 4d. in the receipts per 



Colonel ,\ J lilKale, R.L . h.- bren edi'i ted 'i. the board of 
the Kidiilkrmd .mil Kuni.u.n R.iilu.i\. in the id.in' of the Kite 
.bir Chai le- Tiiinei . 

.Mr. I-;, T. Lawrence, -nrel.in .d the Miclbiinl .mil Smith 
We-tirn Irimlion K.iilu.i\. h.i- l>ei'n .ippninlrd -eiiet.irx of 
the H.iny"K,rilu.r>. .Mr. I'.iui.-n. e h.i- ii.i^M'd the ulmle of hi^ 
i.irlu.u i.ireer 111 the -eninnf tire biririer ci.inp.my. ,ind lui- 
oecripied the pi.xiiion i.f >eeiet.ir\ for nine \e.ii-. lie 1- .(5 
xear.- of age. 

Scottish Shareholders Protest. lln S, iiii-h K.iil\\,i\ Share- 
liiiKlei-' .\--iM i.itioii In- i-..iied .1 |iiiite-t to the Cila-yow and 
.Siiiith We-tein Coiiip.ms 111 n-pni id the luller- eu nperation 
uiilr the .MkI1<iiu1 R.iih\.i\ ( oiiip.ilu m the noii ~tnp exiucss 
M-ntiiie. The .r"iH i.iIimii h.i- done -. 1 on the liH'IIIkK that 
till- iirw ilep.n tiiir will tinil t.. 111. le.i-e r.ii iiil; eompention 
K, ihr .\nith: ilr.ii il will rniiiM-r tlu- ii-k id tr.i vi llmj,-. and 
th.ii 111 \ ii-w (d lie- 1.0 I th.it an inti-r iiietli.ue tr.im li.i- tn be 
run .1- well to lie.il witli the hii.il ti.illH. .1 ipiite iinw, 11 ranted 
biiKleii I.f ,0-1 uill III- added In workiii- ihargcs. 

Raihva> Nalionalisatiiin In Frame. I In- n p.ul nt tie- (. l)iunu^ 
-1011 on Kailu.i\- .111(1 riibli. W i,ik~, ^^llP h ha- been , nn-idei ini; 
the ii.ilioii.ili-atioii id tin' We-leiii R.iilw.iy id li.iiiie. war. 
piibb-lird on .Ml. 11.1. i\ Tlie (_oiriirii--ii.iiei ^ rxi.re-^ tlieir 

i.]iiiiH.n tli.rt ill.' Si. I'.- i.iiiiKit L:i\e imtii e l.ithe r.iilu.iy 1 out 
p.iii\ of tie- .1. ipii-iiiiiii of till' line imlil the l.iw- < i.ni ei nint; 
the pii.\ i-H.ii.il i,iilu.i\ wi.ikiiyL; lr.i\e l.ieen p.i-^ed .ind the 
iieir--.irv I ledit- h.r\i-'breri \.ili'<l. On.- i.t the e. .miiii"i. iriers 
•dd- tin- -taleiiient ih.il 11 h.i- not \.'t been dei ided whether 
the line , horrid be worked bv the Slate ...1 le.i-ed to the 1 0111- 



DIVK>ENL ANNOUNCEMENTS. 



N'oRIU .\.\1) Sorill Wk^ikkn JlXi lliiN Rmlwvn. .\t the 
rate of 7 per lent ]jii .miiiini. i.nryin;.; ti.rw.iitl yi"S 

B.\KsI Lle.ni R.vn.w.w. .\n intonni <b\rdeiid ,ii ilie i.iie ..I 
2 per tent, for the ye.ir eiideil Jrriie ;.' I i-t. pa\.ible on jirl\ r 5 

K.\IL\V.AV SH.\KK Trim ,\\|i .\i.km\. .\n inliriin .dr\ ideml 
at tfic rate i.>f 4 per cent, jier annum 1- anni.iiin i-d on the -.X ' 
shares for tlic half-year ending,' July 15. p.ix.il.le on Jiil\ J4. 

RMLW.A'i- DKiiENItKK. AM) C.l-.NKK AI, TUIM. li.i the h.ill- 
\e.ir ending Jirh 15 the drreitm^ have dei l.iMil .m mteniii 
dividend at the r.rte of 4 per lent. ]ier annuiii. pa\,rlile on 
July .4. 

(K.MK.M. U.\H1\ R\IL\v\\ rKtsI, Subjeit to audit, the 
liu-tee- Ir.rve <lri hired a dnideiid on the 1! i erlihcate- for the 
SIX months ended June 311 l.ist, at the i.ite of 1 j! })vi cent, 
licr .innum, free of income tax. 



li.iiiy. 

Canadian Railwa> Prospects. Reuti r repoit- that >everal 
hundred men weie t.iken i.m la^t week .it the C.iiuidi.iii Taeitie 
R.rilw,i\ Compaii) - work-hops at iMontieal, and mine are to 
be iii:.;a^ed. The i.ompany is anti< i|iating .m extraordinary 
li.iive-t in the West this ve.rr. and i^ m.iking it^ jneparations 
for iii.>\in;.^' rt. The (irand Trunk K.ulwav'i uoikshops have 
been \M.rkin.L,' -teadily all the summer and a large amount of 
new rollnii.; -link h.is iK'cn produced, but there is still ])lenty 
of work to be done Ixfore the lii-t f.rlls of -now, and the 
i-om]).tny doe- not ex|iiet that there will be any diftn.ulty in 
tindmy wmk for all it^ employees. 

Canal Commission. -Ah. .\. K.iw. liiilou w 01 ih. general 
■ u.iii.iL;ir of llie .\i.nh K.i-ieiii R,iilu.i\. m .i.;i\in;..; evrdenee 
on liie-d.i\ l.idoie lire Ro\,il C l.mllrl-^lon on C.m.ils and 
\\ .itei w.i\ -. -.lid th.it the Ni.rih I'i.i-tein R.irlw.i\ Company 
..wiied tlii.-e w.iierw.i\- in \ork-hne. The .illeg.ilions lh.it 
llie I .iiir|i.rii\ h.id did 1 1 .11 .itel\ .id'.iHed e\er\ pi.--ible me.m- 
ol pie\entirig ti.iltii lioin p.i--iiiL; uvi'i the u .rteiw .i\ -. and 
li.id t.iilecl -l.ili-l.ii loiiK to maint.iin them, were ijuite un- 
I. .1111(1.(1. It w.i- ol.Nii.ii- fi..m the e\-i<ien(e -i\i-ii bidon- the 
C.imiui--ii)n tli.it iii.iiu pei-i.n- who .i^ked for ,111 iiiipri.xcmei.l 
of i.in.il- did not w.iiit to ii-^e them for ti.ifh'. but llioui^ht the 
efteit would lie to riilii.e r.ulw.iv r.ite-. If I'.n I i.imeirt decided 
th.it I anal- -lii.uld be h..iuledover to publi, h.,clie- ihev -liould 
b.- w..iked on CI. miner, lal iine>. It would not be fair to 
i.iihv.i) com]ianies. espeiiallv in their present finaneial 
pi. -nil. n. to .-ub>idi?e from pul.dic fund- a riv.il mode of tran.s- 
l.oit.ition. 

Indian Raih>a> Receipts. The hidiiiu and Edstcrn Ew^inccr, 
111 the June i.--iie, give^ its usu.rl table sh(.\vin_i; the ic-ults of 
working: eai li railway in India to .May jj l,^^t. Ciivini,' tot.ils 
only. ,rnd reiki. nin;.; the rupee at i(.d.. the ti:;ure^ arc as 
li.n'ow-. WL. : Re-ult- of workm- durin.;; the lirst half of the 
\r.rr tot.il e.irnmg- lii.m J.muarv r to M.iv 23. igoS, 
A 1 :.'.-■". 4''^.. ; j.inii.i.y 1 t.. M.i\ 25. 111..7. /13.311..24.S ; a decrease 
,.f /(..Si I, ;(.,><, The le-nlts of workin.o; for the oflii ial year 
troni .\pril 1 to AI.iv 2;. ii|i.S. were, as re<jards the total earn- 
'■'K^- i'4'5-.s-4"7 ; .I.muarv 1 to Mav 25,' 1907. /Ij.oo.s.SiS. a 
dei reas'e lif V:4S3.4i'i . Th'i- wa- mo-'tly made up of the follow- 
inu; decreases, vi/. : Cireat Indi.in Penin-tila. ^/ifu .Sjo ; X<jr;li 
W'e-tern system. /7....S44; Rajptitana-AIalwa system, ^^10,187; 
M,idi.r- ,ind Southern Mahratta system, /52.7;S; Ben.ual-Xai;- 
piir -y-teni. /si-7Qo; F.,i-tern Bengal system. /37.526; Bombay, 
li.iioda, and Central India system. /37.205 ; Indian Midland 
-\'-tem, _^32.4.S2; and of the following; increases, viz. :--Snuth 
Indian system, i!34.352; Burma. /2o.3i)6. The mean mileage 
worked wa^ 2i>.b4u in iijoS, and 28,984 in 1907 — an increase of 
l.;fi miles. 



July 



1908." 



THE RAILWAY TIMES. 



37 



LONG RAILWAY RUNS: 1908. 



By H. G. Akciii.k. 

Below are our annual tables particularising all the 
non-stop runs of loo miles and upwards in length, which 
are being performed every week-day during the height 
of the current holiday season. < )nly actual non-stop 
runs, that is, runs which are not broken by a halt for 
service purposes, althougli no booked sto[) mav' be 
shown in tlie public time-table, are reckoned. On the 
other hand, conditional stops, to set down or pick up 
passengers, are not considered to imi)air the running, 
while the start-to-stop timings of " slip " coaches are 
excluded : — 

London and North Wkstern Railway. — Fortv-nink Runs. 





Dis- 
tance 
Mi'es. 




Journey 


Speed. 




Runs belween — 


Vo. of 
Runs. 


by 

O.iickest 

Train. 


Miles 

per 

Hour. 


Quickest Train. 








H. M. 






Euston and Liverpool 


192 


2 


3 28 


55-3 


5.55 p.m. L..* 


(Edge Hill) 












Euston & Warrington 


182J 




3 2" 


54 '4 


11.35 p.m. D. 


Euston & Stockport 


1774 


3 


3 -8 


55-3 


6.5 p.m. i>. 


Willesden and War- 














1763- 
IS8 




3 '7 

2 52 


53-8 
55-1 


11.42 a.m. D. 


Euslon and Crewe ... 


9 


10.30 a.m. I). 


Willesden and Crewe 


I 52* 




3 02 


50-2 


3.55 a.m. u.t 


Crewe and Carlisle... 


141 




2 40 


52-8 


10.55 p.m. I). 


Stoke and Willesden 


140A 




2 28 


569 


1.20 p.m. u. 


Euston and Stafford 


n^A 




2 23 


56 


5.30 p.m. D. 


Stafford & Uolyliead 


ISoi 




2 55 


45 '0 


4. p.m. I). 


Willesden. & Stafford 


128 




2 17 


56-0 


11.40 a.m. u. 
4 trains in 


Euston & Birmingham 


"3 




2 00 


565 


each direc- 
tion. 


Crewe and Bletchley 


inj 




2 12 


50-5 


4.23 a.m. u. 


Liverpool (Edge Hill) 












and Rugby 


109J 




2 2 ) 


46-8 


j 11.05 ^-m. V. 


Wdlesden and B rm- 














'072 
10=, ![ 






1 53-3 
1 51-5 


9. 14 p.m. I>. 
2. a.m. ti. 


Crewe& Holylica.i... 


2 


2 03 


Wigan and Carlisle... 


105 


.4 


2 02 


516 


12. 10 a ni.i). 



from Leamington (depart 11.45 •i-'"-) l<' I'addington in 
two hours, now leaves at 1 _' noon, and calls at ()xford. 
It should l)c explained tliat the Fisliguard lioat ex- 
presses, with conditional calls at Iveading or Swindon, 
are included in the London-N'ewport total. 

C.REAT Westbrn Raii.wav. -Th irtv-five Runs. 



* D = Down journ -y. t U = Up journey. 

As already explained in the article on the "Summer 
Train Services," the run of the new Rhyl ex])ress, 
Euston depart 11. 15 a.m., Khyl arrive 3.20 p.m., is 
Ijroken bv a halt for locomotive purposes at 
Crewe. This journey of 2ogl miles is performed 
at an inclusive rate of speed of 51.2 miles per 
hour. There were also noticed in the former article, 
the two new long runs to Warrington on the 
part of Anglo-Scottish expresses, and the discon- 
tinuation of an old-established and longer run '"up," 
which used to start from Wigan at 4.34 p.m. The 
fastest run between Euston and Crewe is made l)y a 
"down" Liverpool and Manchester express, which only 
stops to divide there, and does not show a booked halt. 
The run from Stoke to Willesden is four minutes 
quicker, and now ranks as almost the fastest start-to- 
stop run on this system. The Stafford-Holyhead break 
is new, the train being the altered boat express for 
Kingstown instead of Dublin (North Wall). Condi- 
tional stops at Chester, to set down passengers for Car- 
narvon only, and Gaerwen, to set down for, and pick up 
from the Anglesey Central line, account for the com- 
paratively low speed, while the equally humdrum Liver- 
pool to Rugby run provides for conditional stops at 
Mossley Hill and Allerton. 

Great Western Railway. 
The Great Western table is the same as a year ago, 
save that two runs have been discontinued. By the 
withdrawal of the 5.35 p.m. " down " express to the 
North, one of the London-Birmingham runs has dis- 
appeared, while the " up " express which formerly ran 





Dis- 




Journey 


Speed . 








by 


[Miles 

per 
Hour. 


Kniike-t 


Runs between — 


tance. 
Miles. 


Runs. 


Ouickest 
Train. 


Tr.dn. 


I'addingtonandv 






H. M. 






Plyninulh (Nnrlh 1 
Road) r..'« Wust- j 


225V 


I 


4 07 


54-8 


10 30 a.m. I). 


l.ury ' 












V a d a i n g t o n and 










1 11.50 a.m. & 


I'.xeter Tia West- 


173S 


5 


3 00 


57-8 


3.30 p.m. P. 


bury , 










( 1.45 p.m. u. 


Taunton and Pail-l 












dinglonrv'' West- - 


'42i 


2 


2 30 


57-1 


1 1,0 a.m. II. 


bury ... ) 












Padd i n sjt o nand j 












New port wn li.ul- [• 


'3Si 


9 


2 30 


53-3 


8.45 a.m. and 


mington... ...) 










fS.45 p.m. D 


P a d d i n g t o n and \ 
Birmingham .../ 


I2a| 


2 


2 20 


55-3 


(■11.25 »••"• * 
I 2.15 p.m. P. 


Pad d ington and \ 
Worcester ... / 


120^- 


3 


2 10 


55-6 


4.45 p.m. 1). 


Bristol and Shiews-\ 
I'ury / 


119* 


X 


2. 43 


43 9 


12.50 p.m. N.« 


Pad ding I on and\ 
Bristol' -■,a Halh/ 


liSg 


2 


2 00 


59-2 


( 10.15 a.m. & 
\ 1 1.0 a.m. I). 


Pad ding ton and") 










f 1.0 p.m. 1,. 
! 12.0 p.m. & 


Bristol fin BadA 


ii7i 


3 


2 CO 


58-8 


mington J 










I 5-5 p.m. c. 


Padding ton aniU 
Balh / 


io6i 


S 


I 51 


577 


4 15 p.m. I>. 


Leami ngton and\ 
Paddington .. / 


106 


2 


I 50 


57-S 


4.30p.m: u. 



Midland Railway. . ■ 

The Midland table contains some new good things. 
After the proof time-talile had been issued, it' was de- 
cided to run the half-past eleven morning Scotch express 
in two portions throu.ghout as befors— for Glasgow and 
Edinburgh respectively. The first, or Glasgow portion 
starts from St. Pancras at' 11.30 a.m., and is advertised 
to run through to Carlisle without a booked stop in six 
hours exactly. 

Midland Railway.— Seventeen Run.s. 



Runs between — 



St. Pancras & Shipley 

Leeds & St. Pancras.. 

Cheadle Heath & St. 
Pancras 

Chinley & St. Pancras. 

St. Pancras & Sheffield 

St. Pancras & Not- 
tingham 

Trent & St. Pancras... 

Leeds & Carlisle 

Carlisle & Appcrley 
Bridge 

Shipley & Cirlisle 



Dis- 
tance. 

Miles. 



2o6i 
196I 

181.J 
ifi9i 
I58i 

I23i 

119.? 

II2i( 



No. 

of 

Runs. 



Journey Speed, 

by ! Miles 

Quickest per 

Train. Hour. 



H. .M. 
3 57 
3 38 



52'2 

54'o 

530 
54 'o 
52-1 

56-5 
56-5 
51-6 

48-8 
52-3 



Quickest Train. 



11.30 a.m. 1). 
3.37 p.m. u. 

12.15 p.m. I'. 
10 47 a.m. t). 
7.10 p.m. D. 

().4 a.m. u. 
8. 13 p. in. r. 
12.35 .'.m. I). 

1. 12 p.m. II. 
r 3.32 p.m. D. 

(11.30 a.m. e. 
I St. Pancr.is) 



As a matter of fact, the train halts at Shipley from 
3.27 p.m. to 3.32 p.m. for locomotive purposes, and 
arrives Carlisle at 5.29 p.m. The St'. Pancras-Shipley 
run of 2o6.i miles is a fresh record for the Midland Com- 
pany, and the saine train adds anotlier new run to the 
table as between Sliiplev and Carlisle. It is not 

improbable that whenever an Anglo-Scottish express 
begins to make a regular feature of non-stop runs 



?8 



THE RAILWAY TIMES. 



[July ii, 1908. 



between London and Carlisle, a feat that the London 
and North Western Company has performed on several 
occasions with special trains, it will be the Midland and 
not the Xorth Western that will set the example. Since 
last suminer, the Midland has equipped the northern 
section of the line with track troughs, 7'j"., at f of a mile 
south of Hawes Junction, this snot having to be re- 
arranged so as to get a true level, so that it is now quite 
possible for it to perform the London-Carlisle break of 
308 miles. Taking into consideration these new troughs, 
it is rather odd to find that the running between Leeds 
and Carlisle should be a trifle slower. Formerly, the 
"Highland Express" accomplished the distance in 2 
hours 7 minutes; it is now allowed 2 hours 13 minutes, 
and the auickest timing is that of the 8.30 p.m. 
ex St. Pancras. The cheap third-class corridor 
express to Scotland. Saturdays only, now runs 
from Nottingham, to Ilkley and from Ilkley to 
Carlisle without another stop, but' apparently 
neither division yields a break of quite 100 miles. 
The old working of this train was Nottingham to Carlisle, 
with a stop at Leeds engine-sHed junction, to change 
locomotives. Then, there are fine- new rtms from 
Cheadle Heath and Chinley to London. Leeds to St. 
Pancras is five minutes slower, while if the better of the 
two non-stop runs to Sheffield take 2 minutes longer, it 
is becau.se a conditional call at Leicester has been added. 
A run from Trent to London reappears. When last 
performed in 1905, it took 2 hours 15 minutes. Lastly, 
there is no longer a nm from Sheffield to Heysham. 
io8| miles. 

Great Northern Railway.— Tvventy-fou'j Runs. 



Runs between — 


Dis- 
tance. 
Miles. 


No. of 
Runs 


Tournev 

quickest 
train. 


Speed. 

Miles 

per 

Hour. 


Quickest Train. 


Wakefield (Westgale) 

and King's Cross .. 

King's Cross and Don- 


mi 

156 

I38i 

nil 

'03 


H. M. 

I 3 09 

5 2 4.0 


557 

55-3 
54-3 
51-5 

57-5 

50-2 


2.21 p.m. V. 
3.15 a.m. D. 


Ret''ord& King's Cro^s 
York & Peterborough 
King's Cross and 

Grantham 

Finsbury Park and 

Grantham 


2 
I 


2 33 
2 10 

1 50 

2 03 


S.57 a.m. u. 
12.15 p.m. u. 

5.54 p.m. U. 

11.32 a.m. D. 



p ^ P'^- Mo. ol 
Runs between- . tance. ^^^^ 

1 i 


Journey ; Speed 
by Miles 
Quickest per 
Train. Hour. 


Quickest 
Train. 


lyverpool Street and 

North Walsham 131 2 

Liverpool St. & Yar-"> „ 

mouth (Sth. Town)/ '^'* ^ 
Liverpool Street and 

Lowestoft Il7i I 

Liverpool Street and 

Norwich iTrowse)... 114 1 
Liverpool Street and"l , ^ 

Beccles j ^* 


H. M. 

2 38 497 

2 30 487 

2 36 452 

2 17 49-9 
2 26 44-8 


1.30 p.m. D. 
/ 10.20 a.m. n. 
\&i.35p.m.u. 

10 a.m. I). 

9.50 a.m. r>. 
) 1.50 p.m. I) 
1 (Sats. only). 



There is no change in the Gi-eat Eastern table. 
Great Central Railway.— Two Runs. 



Runs between — . 


Dis- 
tance 
.Miles. 


No. ol 
Runs. 


Journey 

by 

Quickest 

Train. 


Speed 
Miles 
per 
IK.ur. 


Quickest 
Train. 


Marylebone & Sheffield 
viii Aylesbury 

Marylebone & Leices- 
ter, vid Aylesbury ... 


164I 
>03 


I 
I 


H. M. 

3 00 
I 52 


54-9 
551 


3.20 p m. D 
6.20 p.m. D 



There is now only one non-stop run between London 
and Leice.ster. The train in question is timed as it was 
last season, while the two others, which then existed, ■!•(>., 
the 10.10 a.m. and 4.40 p.m. "up," performing the run 
in I hour 50 minutes, have been altered to call at 
Woodford and Hinton, and, in consequence, are allowed 
five minutes longer. The Continental boat train, leav- 
ing Grimsby Town at 11.40 a.m. on Wednesdays and 
Fridays, is advertised to run through to Manchester 
(Central). 115I miles, with conditional stops alone, but 
these extend to any station. 

North Eastern Railway — Eleven Runs. 



The fastest train between London and Doncaster can- 
not be very familiar to ordinary travellers, owing to the 
early hour at which it starts. The 9.45 a.m. Leeds ex- 
press, on the same schedule, which, indeed, it originated, 
has ceased running since last autumn. There are now 
two runs from York to Peterborough, instead of one, 
and the quicker is 3 minutes faster than last year, but 
this alteration has subtracted one from the King's Cross- 
Grantham total. Otherwise no change in this table. 
Great Eastern Railway.— Eight Runs. 



Runs between — 



Newcastle and Edin 

burgh 

Doncaster & Newcastle 



Dis- 
tance. 
Miles. 



1244 

I12i 



iSTo. of 
Runs. 



Journey Speed 

by Miles 

Quickesi per 

Train. Hour. 



H. M. 
2 18 

2 17 



541 

49 "2 



Quickest 
Train. 



II. 17 a.m. D 
12.56 p.m. D 



There is one less run between Newcastle and Edin- 
burgh, while that from Doncaster to Newcastle (9.50 
a.m. e.v King's Cross) is three minutes slower 

Glasgow and South Western Railway. — One Run. 



Run between — 


Dist- 
tance 
Miles. 


No. 

o( 

Runs. 


Journey 

by 
Quickest 
Train. 


Speed. 
.Miles 
per 
Hour. 


Quickest. 
Train. 


Carli le and Glasgow.. 


"5l 


I 


H. M. 
2 25 


480 


5.35 p m. D. 



The Glasgow and South Western Railway is a new- 
comer to these tables. Hitherto, its longest run was 
between Kilmarnock and Glasgow, 91 J miles; but it now 
gives the accelerated express leaving St. Pancras at 
11.30 a.m. a genuine non-stop run as stated. 

Lo DON and South Western Railway. — Four Runs. 



Runs between- 



Waterloo and Bourne, 
mouth ^Centra') .. 

Waterloo and Christ- 
Church 



Dist. 

Miles. 



I04l 



No. 

of 

Runs. 



Journey 

by 

Quickest 

Train. 



H. M. 
2 c6 



Speed. 
Miles 



Quickest 
Tr.ain. 



51-4 
4S1 



4 lo p.m. D. 
2 p.m. D. 



The London and South Western table remains un- 
changed. 

Caledonian Railway. — Five Runs. 



Runs between — 


Dist. 
Miles. 


No. 

of 

Runs 


Journey 

by 
Quickes' 
Train. 


Speed. 
Miles 

per 
Hour. 


Quickest 
Tr.iin. 


Beattock and Perth .. 

Glasfiow (Central) and 

Carlisle 


hi 

102J 
I oof 


3 

2 
I 


11. M. 
2 14 

2 12 

2 00 


496 
464 
50-3 


I 40 p.m. ex 
[Carlisle 
10 a.m. V. 


Edinboro' (Princes St.' 
and Carlisle 


10.5 a.m. u. 



July 



1908.] 



tHE RAILWAY TIMES. 



39 



As all the Caledonian Company's north-bound trains, 
which are shown as running without a booked stop, 
from Carlisle to Perth. Stirling-, Edinburgh, or Glas- 
gow, invariably call at Bealtock to take water, or, if 
piloted, at Summit. 10 miles further on. to drop the pilot 
engine,, the accurate table should read as above. The 
three runs from Carlisle to Perth, one of which has a 
conditional stop at Stirling, are assumed to begin .il 
Beattock (if from the Summit the faster train is allowed 
I hour 55 minutes for the loi miles), while as between 
Glasgow and Edinburgh and Carlisle, the only genuine 
performances are south-bound. This company is work- 
ing the through expresses between Carlisle and Aber- 
deen, 240 miles, with one engine for the entire journey. 

The following longest runs on the part of companies, 
which are precluded from accomplishing breaks up to 
the foregoing standard are worthy of mention. The 
North B^ritisii has five non-stop trains over the steep 
"Waverley" route between Edinburgh and Carlisle. 
98^ miles.' The fastest takes 2 hours 11 minutes, speed 
45.1. The Great Southern and Western Company of 
Ireland has put on a new "up" express from Cork. Kil- 
larney, and Mallow, which runs from Thurles to Dub- 



Walschacrts' pattern actuating piston valves above the 
cylinders. A spring cc|ualising system is introduced, 
whereby the trailing truck springs connect with those of 
the coupled wheels. 

The boiler is of great size, and it will be noticed from 
the illustration, for which we are indebted to the autho- 
rities of the Western of France Railway, that the lire- 
box is of the combined Belpaire and wide pattern, and 
a very long smoke-box is fitted. The latter has. at its 
forward end. an ash ejecting pipe and valve, and a spark- 
arresting grid is also provided. Inside framing is em- 
ployed throughout, the frame being of steel plates, with 
suitable openings to reduce the weight. The bogie at 
the forward end is allowed lateral movement of 2 in. 
total, and it will be noticed that the bogie is fitted with 
independent brake apparatus, and that with the excep- 
tion of the Bissel truck at the rear, all wheels are 
braked. 

The engine is equipped with the l-'laman system speed 
indicator and recorder, forced lubrication, air sanding, 
and Westinghouse (piick-acting brake apparatus. Its 
principal dimensions are as follows: — 



«» r 




New ■■ Pacific" type Compound Express Locomotive for the Western Railway of Frai 



lin, 86f miles, in i hour 45 minutes, speed 49.5 — 
the longest genuine non-stop run ever performed 
in Ireland. The Brighton Company provides one run 
from Clapham Junction to Fratton, 83! miles, in i hour 
49 minutes, speed 45.8. 



POWERFUL NtW PASSENGER LOCOMOTIVES FOR 
THE WESTERN RAILWAY OF FRANCE. 



An engine which will rank among the largest and 
most powerful express passenger locomotives in use 
upon any Continental railway, is about to be introduced 
into regular service on the Western of France Railway, 
after a" few weeks of experimental running with traf- 
fic of less importance than that for \fhich it has been 
principally designed. The type is the 4—6—2, or 
" Pacific,'' and the engine is equipped with four com- 
pound cylinders, two outside the frames, and two in- 
side. The inside, or high-pressure, cylinders are set 
somewhat in advance of the outside, low-pressure, ones, 
and the arrangement is that the former drive the crank- 
axle of the leading coupled wheels, while the latter drive 
the middle pair of coupled wheels. The valve gears are 



Cylinders, liijili jjitsture, diauielt;i 16 in. 

Uyliuders, low-piessui'e, diauietei- 264 in. 

i'lston stroke 25j in. 

Wheels, bogie diameter 3 tt. 2j in. 

Wheels, coupled diujiietei- 6 ft. 6 in. 

Wheels, trailing truck 4 ft. 7i in. 

Coupled wheelbase 13 ft. fa in. 

Total wheelbasie of engine 35 ft. 1 in. 

Number of boiler tubes 285. 

Len'gth of boiler tubes 19 f- 8i in. 

Heating surface in tubes 2,894 s<i. ft. 

Heating surface in firebox 1^0 >>'l- ^^■ 

Total heating surface '^'0'''' %\- "■ 

Grate area o'S 1? *""'■ 

Working pressure of boiler 225 lbs., per s-]. in 

Weight available for adhesion 53 tons. 

Weight of eng'ine without tender (working 

order) ^'^ ^o""- 

The difficultv experienced by the Western Railway of 
France in maintaining the punctuality of its suburban 
passenger services around Paris, and which had lately 
become acute, will now be relieved by the introduction 
on those services of some powerful compound tank 
locomotives of a new tvpe, capable of hauling without 
difificultv. the longer and heavier trains which are tobe 
utilised'for the purpose of accelerating the traffic during 
the "rush" hours of the morning and evening. Our 
second illustration shows one of the new tank engines 



40 



THE RAILWAY TIMES. 



[July ii, 1908. 



wliich are of the four-cylinder compound type, with six 
wheels coupled, and two Bissel trucks, one at either end. 
The high-pressure cylinders are placed outside the 
frames, and the low-pressure between them, the four 
cylinders lying in the same transverse plane, and being 
arranged to drive the same axle, vi::.. that of the middle 
coupled wheels, the cranks in this axle being actuated 
by the low-pressure cylinders. 

The outside cylinders are fitted with piston valves, 
and the inside oiies with balanced flat valves, the valves 
in both cases being actuated by Walschaerts' gear. 
The Bissel trucks have their springs equalised with 
those of the coupled wheels next to them, and a com- 
pensating beam connects the driving-wheel springs, and 
those of" the trailing coupled wheels. The boiler has 
the Belpaire type of fire-box, and an extended smoke- 
box, the latter containing a spark-arresting device, and 
ash ejector. 

Sanding is performed under the tread of each coupled 
wheel, and on both sides in the case of the driving- 
wheels, by means of compressed air, tlie necessary 
mechanism being worked in conjunction with a cylin- 
drical sand-box mounted on the boiler barrel at the 



WESTINGHOUSE RAILWAY CARRIAGE HEATING SYSTEM- 



The Westinghouse Brake Company, Ltd., are now in- 
troducing to this country a system of railway carriage 
heating which has for some time been in use on the 
carriages of various railways on the Continent, about 
4,000 sets of apparatus having already been supplied or 
ordered. The distinctive features of the system, the 
efficiency of which has already been thoroughly demon- 
strated, are summarised in the present article. 

In the first place, the steam in the apparatus is kept 
at atmospheric pressure only. This obviates any risk 
of breaking or bursting, and enables the joints of the 
piping and radiators to be made without any special pre- 
caution, little expense being thus required for mainten- 
ance and inspection. The steam, on entering the ap- 
paratus, is mixed with air, and this mixture flows along 
the pipes, etc., more rapidly than steam alone. It is, 
moreover, automatically kept in continuous circulation 
in each individual carriage, irrespective of the position 
of the carriage in the train, and without any attention 
on the part of the train officials. 




New Four-cylinder Compound Tank Engine for the Western Railway of France. 

rear of the steam dome. The regulator handle, and, The temperature of the radiators is automatically 
indeed, all handles manipulated by the driver from the maintained at any desired degree up to about 212 de- 
cab, are fitted in duplicate on the left-hand side of the grees Fahr., and does not vary with the temperature of 
engine, so that control is effected with equal facility the atmosphere, nor with changes of pressure in the 
from either side of the footplate. The engines are main pipe of the train. This does away with a trouble 
equipped with the Flaman system speed indicator and which has often been apparent in train heating, viz., 
recorder, air reversing gear, and the latest form of that the carriages next the engine get too warm, while 
Westinghouse brake, the" latter acting on each coupled those in the rear of tlie train are cold. The steam is 
wheel. completely condensed in the heating circuit, all the heat 
The principal dimensions are as given below : — in it being made use of, except the little contained in the 

Cylinders, h.p. (2), diameter 13^ in. water of condensation. Maximum efficiency is thus ob- 

Cylinder l.p. (2), diameter 21 in. ■ ^ j^j ^jnij^yni steam consumption. The radia- 

Piston stroke 24 in. Lcmiv-vi " , . j ■ i j- i *„ tu^ 

Diameter of fruck wheels 3 ft. 2i in. tors and other apparatus bemg dramed du'ect to ttie 

Diameter of coupled wheels 5 ft. 2 in. atmosphere, no water of condensation can. remain sta- 

Tofal wheelbase 29 ft. -4 in. tionarv in them, nor in the piping, which is arranged 

Boiler, mean diameter outside 4 tt. 9^ in. • ' ^ 1 t i „:„ ,. f„r.,,o^ TUore- ic 

\nmber of serve tubes 117. SO as to prevent water pockets being formed, there is, 

Danietor of tubes outside 2^ in. therefore, iio risk of freezing. 

Heating sniface, tube,s 131 s<j. ft Referriu"- to Fig I it will be seen that a main pipe, 

Sn^ :ur[:::: ,^°1.:::::::::;:;:::::::;;:::::::;: ^b"^,. 'k. n to 2 in. diameter, extends throughout the train, mider- 

Grate area 27 sq. ft. neath the vehicles. This pipe is supplied with sufficient 

Working boiler pressure 223 lbs. steam from the locomotive to ensure that it will be 

^J^J^Vls^'.:'''!.:::::::::. lo IZ: ""der pressure throughout its length, the maximum 



July ii, 190S.] 



THE RAILWAY TIMES. 



41 



pressure from the locomotive not usually exceeding 40 
lbs. per sq. in. The pipe is so arranged under each 
carriage that it has a fall from the ends of the carriage 
towards the centre, where there is a separator witu 
steam trap attached, to drain it (.I'^ig. 3J. On the main 
pil)e, also, underneath each vehicle, is a tee-piece, from 
which a ^-in. branch pipe leads to the injector. On the 
branch pipe is an isolating cock, by which steam may be 
cut off from all the heating apparatus of the carriage 
without interfering with the rest of the train. 

Steam enters the injector at .1 (l''ig. 2) and Hows along 
the passage h' in the body and covers of the injector 
to tlie nozzle C, the valve (' being fully open at the 
connnencement of working. From nozzle C the steam 
passes with increased velocity into delivery tube J>. 
drawing witli it air from the atmosphere through tube 
E, and from the heating circuit through tubes /•" and 
G, and chamber H. The mixture of air and steam, 
which is now at practically atmospheric pressure, passes 
along the delivery pipe (i in. in diameter). This pipe 
falls from the injector towards a steam trap at the othei' 
end of the pipe. 

From the delivery pipe, a branch pipe about J-in. 
in diameter, runs to each radiator. In each branch 
pipe, either below the seats in the compartment or 
underneath the carriage, as convenient, is a compart- 
ment valve, for turning on steam to the radiator, or 
shutting it off. This valve is controlled by the pas- 
sengers by means of a handle to wliich it is connected 
by a suitable arrangement, such as a steel calde, guided 
when necessary by pulleys. 

The radiators, which are usually wrought-iron tubes. 
with covers screwed on the ends, and of length and dia- 
meter specified by the railway companies, are inclined 
slightly from the end at which steam enters, toward the 
outlet at the other end. Steam passes along them to 
the branch pipes (about j-in. in diameter), leading to the 



end of the tube being ri,L;i(lly lixed by boll ,/. the other 
end presses against tiie head of screw .V in the end of 
valve y, moving the latter towards the left. ;uid grad- 




Fig. 2. — Section of Injector. 

ually closing the steam passage />' as the temperature in 
chamber // rises, 'i'lie temperature at which valve /' 
closes the passage /> comi)letely can be regulated as 
desired, up to _'IJ degrees b'ahr., by adjusting the screw 





LF-- 



Fig. 1.- Diagram showing arrangement of Apparatus on a Bogie Carriage. 



References. 

S. Separ'atop. 
S.T. Steam Trap. 
T.P. Tee Piece. 
I.e. Isolatini; Cock. 

1. Injector. 
C.V. Compartment Valv 
P.H. Passengers' Handli 

p. Pulleys. 

R. Radiator. 



return pipe (i in. diameter). This jiipe falls towards 
tube F of the injector, and all water of condensation 
escapes thence to the atmosphere by tube L and outlet 
M . Any hot air and uncondensed steam returning from 
the heating circuit is drawn by the action of the in- 
jector through tube (/ and chamber // back to the 
delivery pipe. 

In passing through chamber // the mixture of steam 
and hot air impinges on the thermostatic tube K. which 
expands, owing to the increasing temperature. One 



,S', which is thei) tixed in the desired position by means 
of lock-out T. Before the injectors le;i\e the works 
these screws are adjusted so that steam is coin])letely 
shut off when the temperature of the chamber // reache.i 
._'io degrees P'ahr. When valve /' is closed, the conden- 
sation of the steam remaining in chamber // can.ses 
a partial vacuum to be created, into which air enters 
from the atmosphere through tube /;". cooling the ther- 
mostatic tube K and allowing the valve I' to re-open. 
In actual working, however, valve V seldom closes 



THE RAILWAY TIMES. 



[July ii, 1908. 



completely, but allows only as much steam to pass as is 
necessary to maintain the temperature in the heating 
apparatus at the desired degree. Once the heating cir- 
cuit is warm, therefore, very little steam is used to main- 
tain the heat. 

In the event of all the compartment valves being 
closed, steam blows back from the delivery pijie into 
chamber H , causing tube K to expand and close valve 
V, thereby preventing any loss of steam taking place. 
As the mixture of steam and warm air returning from 
the heating circuit through tube F is continually taken 
up and re-circulated by the injector, there is no escape 
of steam to the atmosphere, and no loss of heat, except 
that remaining' in the water of condensation. 




Trap. 



The injector is attached to tne flooring or underframe 
of the carriage by bolts, the holes for which are seen in 
the top flange. Jt should be flxed in such a position that 
the necessary fall can be got for the delivery pipe. When 
it is necessary to bend tlie delivery pipe, the flrst bend 
should be as far as possible from the mjector, or be of 
very large radius to ensure that a clear flow is given to 
the steam and air issuing from the injector. With each 
injector is supplied a branch piece into wnich the return 
pipe may be led in any of three directions, plugs being 
provided for the two openings not in use. i^^unning 
joints are also supplied for the pipe between the branch 
piece and the injector. The brancn piece is fixed at 
such a level as will ensure that the return pipe will have 
the necessary fall towards it. The inclination of the 
delivery and return pipes from and towards the injector, 
as well as of the branch pipes leading to and from these 
pipes and the radiators, should never be less than i per 
cent., and should be greater, if possible, especially on 
carriages which have to run over railways with long and 
steep gradients, the inclination of the pipes being always 
greater than the severest gradient of the line. 

The separator is placed about the centre of the car- 
riage on the main pipe, which falls towards it from botii 
ends. All water of condensation in the pipe therefore 
finds its way to the separator, and thence to the atmos- 
phere by the steam trap. The method of attaching the 
steam trap to the separator is clearly shown in Fig 3. 

,The steam trap for the main pipe, which iS screwed 
into the elbow on the separator, drains the main pipe 
of all water of condensation. So long as there is no 
steam in the main pipe and separator, the valve of ths 
steam trap remains open. There is, therefore, no 
water allowed to remain in the main pipe. Whenever 
steam reaches the steam trap, the heat causes the 
thermostatic tube to expand and close the valve. Thn 



valve remains closed until the water gathers in the 
separator, when the tube cools and contracts, opening 
the valve and allowing the water to escape as before. 
There is thus no unnecessary waste of steam, although 
the main pipe is kept free of water. 

A steam trap is also used to drain the delivery pipe 
of all water of condensation. When there is no steam 
in the delivery pipe, the valve of the steam trap re- 
mains open, so that no water can remain in the pipe. 
Immediately steam reaches the trap, however, the ther- 
mostatic tube expands and closes the valve. It remains 
closed until a little water gathers in the end of the pipe, 
when, owing to its temperature being lowered, the tube 
again contracts and allows the valve to open and the 
water to escape. 

Ihe compartment valves are placed on the branch 
pipes leading from the delivery pipe to the radiators, 
tne ends of tlie valve body being screwed to take J-in. 
pipe. They are to enable passengers to turn on steaui 
to the radiators, or shut it off, as desired. The steam 
is controlled by a lift valve, operated by a cam fixed 
on a spindle, at the end of which is fixed a grooved pul- 
ley, 'ihis pulley is turned by a flexible steel cable, 
connected to the passengers' nandie. Two holes are 
drilled in one of the flanges of the pulley, through 
which is passed the cable to prevent the latter slipping. 
In order that the steam may not short circuit through 
the first two or three radiators in the heating circuit, 
leaving the others insufficiently warm, it is necessary 
to regulate the amount of steam entering each radiator. 
This is accomplished by a regulating valve in the upper 
part of the compartment valve body. When the fitting 
of the heating apparatus on a carriage is completed, 
steam is turned on and the regulating valves are ad- 
justed by turning the hexagonal heads of their spindles 
to such positions that the temperatures of all the 
radiators are equalised, when the valves are fixed by 
tightening up the nuts at the other end of the spindles. 
They, of course, never require to be altered again 
while in the same compartment. The head of the valve 
spindle has a notch cut across it which indicates the 
position of the valve, and the positions of the valves 
can be compared by observing which of the pointers 
the notch is opposite. 

\Mien it is not desired that a compartment valve 
should be used to control the supply of steam to each 
radiator, or pair of radiators, separate regulating 
valves are used to regulate the amount of steam to the 
radiators, and are placed in the branch pipes leading 
from the delivery pipe to the radiators. Ihe ends of 
the valve bodies are screwed to take J-in. pipe. 
Notches are stamped on the flat portion of the upper 
surface of the valve body, and the degree of valve 
opening is ascertained by observing which notch is 
opposite the pointed end of the washer. 

Tests of this system have been made with a train ot 
twenty-four vehicles — a total length of over 900 ft. — 
containing 141 radiators, while the temperature of the 
atmosphere was at freezing point. The steam pres- 
sure in the main pipe at the locomotive was 60 lbs. per 
sq. in. When the train started the pressure in the rear 
carriage was 15 lbs. per sq. in., and this pressure was 
maintained during the journey of over two hours. The 
temperature of the radiators in all the vehicles up to, 
and including, the rear vehicle was maintained from 
150 degs. to 160 degs. Fahr. throughout the journey. 
The system worked perfectly during the past winter on 
trains running in a district where the temperature of 
the atmosphere was frequently 4 degs. below zero Fahr. 



July i i, 1908.] 



THE RAILWAY TIMES. 



43 



REINFORCED CONCRETE FOR COAL BUNKERS. 

Electrical eiii^iiieers, in coinnion with other branches 
of the en.irineering and archite(|tnral professions, are 
giving increasing consideration to the merits of 
reinforced concrete for structures of one kind and 
another. This is as it should he, for the uses to which 
this n:cth()d of construction may he jiut are many and 



placed by station cn.gineers, notably for Croydon, 
Warrington, and Alontevideo. The original schen.c 
for the last-named, as ordered by the consulting 
engineers, Messrs. Kincaid. Waller, Manville, and 
f)a\vson, was for a bunker 300 ft. long, with a capacity 
of 10.000 tons of coal. It was constructed on the 
fvahn system, as were also the Warrington bunkers. 
As an illustration o{ weight-carrying capacity 




Cross Section — ^ 




Plan 

Coal Bunkers Constructed with Reinforced Concrete 

varied. Among the forms of construction to which 
reinforced concrete has recently been put are switch 
Ijoard galleries, foundations, sub-stations, coa 



junkers, 
lloors, and retaining walls. 

For coal bunkers its economical advantages are 
claimed to be largely superior to the ordinary steel 
work, and several orders have recently been 



of reinforced concrete may be interestmg, we give an 
account of a recent test on a floor of the Bury tramway 
depot. The floor is 86 ft. long by 46 ft. wide, and is 
constructed in four main spans averaging -'-' ft. each, 
to carry a load of 5 cwt. per square foot. 

The floor slab is 5 ft. thick, reinforced by i m. Kahn 
trussed bars in the slab, and ij in. Kahn trussed bars 



44 



THE RAILWAY TIMES. [July ii, k 

PARLIAMENTARY. 



PROGRESS OF BILLS. 



in the hcani^. The llnor. as coiistnictcd, is siiliject 
1(1 \i(ileiil \il)ialiiin diii- tn llii' attaclmifiit nl niacliiiuTv 
on the uiiiUt -.idi.-. and, ni addition, it .sn|'|i(n"ts .'in i(S in. 
hrick w.ill. l(i It. In-li. and the wei-lit id the roof ol 

tile stores. Ards and Bangor RailwEiys BjII. 

'idle test w.i^ eondneted in tlie ]>resenee of i\Ir. .A, "" julv ^^ d.. s,l. i r Cnnimittcr <.r tin- llnn-c nf Ccimninn>, 

\V. ]!i-adlev. the lioron-li en-nieer, an.l Mr. de ( olle- iin-i,l. ,1 ,,\ ,-,- l,\ M,. .•^n.,^lr-. , ,„i-ulcrr<| thr Ard> and Hangor 

vdle, enmn'eer l,, ilie Trn.M-d Cnicrete .Steel Conipanv. '-•''"■•^- I""'' ' l'" '"II l"';v"l- <■"- th;- ni. orporation uf a 

,,., , , ,■ , ,- ' ■• (uni|i,iin \Mtli .1 i.ihit.il lit ^ J4.i,.i...i, Willi tin- obieet of con- 

I he test h,,id .-ipplied wa^ (■ cwt^. per sciuare loot, ni .,,u. tm^. a line .,f r.,il«.,v, .t.uini..; ..t \,-utu«nardN and 

the form ol nam hdlets over a distrilmled .aie.'i, ;ni<l n nmninLj tln..u,L;h iln- .\rd~ |winnMil.i, .i <lisi. nue (if 24 miles, 

was allowed to rein.ain foi' fonr d;i\s. At the end of l'\ <o"\ Afiluy. Knmliluii. r..ill\ w.itcr, (Junit.pn, and Porta- 

Ih.it time the delleelometers .sjiou'cd no delleetion '''"^ '" ^"-"iS'toHl I.nu-h. Thr lin.- 1- m I,,- wnrkcd liy the 

1 . 11 1 . ,• ■ 1 ■ ,1 I'.cil.i-l .nid ( ouiil\ l)ii\Mi R.iilw.iN un llic ;lt. '.m. eaiiec The 

w h.-itsoc\ cr. Mie L;eneial eoiisfruetion is >lio\\n in (lie , . , ■ , _-..,■ b-"it, * i'^ 

fitter iMm|i.iri\ li.i- nitrnil mln an aL;rccnicnt to work tlie 

aeeompailvniL: plan .and sections. I,,,,. ^^,,,| ^^^^^^^^^. ,,,,. ^^i,,,,,. ,,,- ,|^^, uAUn^; stock on favmir.able 

trriii^. Till' line will |i.i-s t hi iiu,l;1i one of the licst ai^ricultural 

di^trirl- in the \iirth of Irrl.ind. and the |iromiitfr^ (ontcnd 
th.it it will lari;cly develop the hshini; indii-tr\ on that part 

of the ioa-.t. and a imniher of small watering; |ilai:cs whi(h 

The ;ieeoinpaii\inL: illnsi r.ition. wliuli is reprodneed lie .iloii._. the louie. .Ml the , ..ndnion- of the County Council 

V eoin-tesv ol the (,./;-.A'. .1/,, e,,.:„n', shows the •■|'.e- "' ^Y"!\'l^ Keen embodied ,n , he lull, and the promoters ron- 

. ., ..■ ,. . -^ , tempi. ited th.it the (ouMtN (oiin.il Hiiiild, at an early date, 

oiit.i (\o. 4,lo.M, one (d the new series ol 4-4-0 tviie ,,„,,.,. ,,, _.,_,., ,,,,. ,„;,,,|„,„. ,„ ^„.n.,„u-rmii 4 per c'-nt. on 



NEW GREAT WESTERN LOCOMOTIVES. 



•xpress pas-,cnL;cr loeomoti\ 



immlier ol N\liieli .are /'r.o.noo. 








New E,x|)ress Passenger Eiigine'on the Great Western Railway. 

now under eonstritetioii at the ( h-e,it Western works at ^Ir. Ckiri's, h ho .ippe.ned f.ir the l',elf.i-t and Cminty Down 
Swindon, ddiev will he known .as the '•llower" class '■"">r''"iv. -..id the 4;,rd , l.iu-.- e.,ve p,,wer 0, the cmpany to 
, , 1 ■ 1 , ■ " 1 ■ 1 t .. , , .. . , ciui^iniit r.iilw.n- of mu li L'.iiiee- .1- the Hoard of '1 rade 
,ind .ire identical with the Ath.ar.as. cxcentin- that ,„„,h, .ppmve. ' He M.e.e.ted that , lause mi^ht be struck 
they .are lilted with x.atantm. instead ol ste.atn, hr.ake .mt. -0 a- to en-ure ih.it the railw.iv- would have to be con- 
:.;"e;ir. The c\liiiders have ;i di.amcier of iSin., .and a -trmted .m the nvdin.irv 5ft. jin, tjaugc, whiih was corn- 
stroke of jfiin. The hoilerli.arrel is 1 i ft . and the Virel.ox l"'l-"v '" li<d.iiid. He alsV, suKgcsted an addition to another 
-fi ;,, l..,,,.ii. 'PI ^' . 1 1 ,1 ..11 I l.iii-e. pinviiliiiL' tli.ii diirin'' the workin"- of the line bv the 
^''- '" '"■"".'■ ' ''^■'^' ■"-'' -'^" "'''^•^' ■•""' 'I'^' '■>'■'! iH'.at- p,,||.,-, ;„„| ,-,,„mv IVun Riiluav ComiMtiv. the tolls, rates, 
iiil; siirf;ice is 1.317..10 s(|. f|,, ib,. Pi-c ^r.ate li.avin;.; an ami .h.nee- slmuld be the ^.ime .0 on the company's lines, 
ai-e.a of 31,35 s(|. ft, 'i'|,e collided wheels ,are h ft, S,'.in. ^^'' (Ami ko\. f.,i ih. C.iiniv C..1111. d. -aid he did not think 
in di.ameteiV.an.l the hie.de wheels :; It, S in. The tender '|'",'' ,'""'-'"l'"'"'- atfe. ted them, and theief.ue he rai-.xl no 
h.as ;i water capacitv of 3.50,, ..alloiis. A workin- pres- M,- Kl'^\M.^. the T.,ili.,mentarv a<;ent for the promoters. 
s'tre ol 105 Ills, .and a Ir.actixc effort of n'^.^is Ih-^. are de- -aid the ]iinp,,,.,l- were ,,nK m.ide that morning, and if the 
velojied li\- these locomotives. cnininitiei tli,.iiu;lit tit to meet ihem. while he did not object, he 

hi- nu'lit til ii.n-ider them before the bill was 



Scotlish I(nilwa\ I'lirihasc, It 1- anrniiin ed ihal the Xmlh 
liritish Railua\ Comp.inv li.i- de, i,l,-,| 1,, eek ihiimeh a I'lo 



ll Ol.ler p,,», 



tile W e-i lli..|il.,i,d K.iilu.iv 



de.dl u,t|, l,v the Hnll-e nf ].<n(U. 

'I'he , i.mmiitee df l.ned the iireamblc of the bill passed, and 
lire to be reported to the House. The title 



iiiid.at.ikiie.v ,\| oie-enl the We-I iritdil.iiid 
In the \,,rh lliilldi Coinp.iiiv 011 llie i,.i,,. , 
yii.ii.inleed dividend, bill ll hi- not -im,> it- , 



been ih.in,i.;ed to the Ards Railway P,i 

Metropolitan District Railway Bill, 

, ^. , , , i (In Mond.i\ the Metropolil.m Oi-tri.t K.iilu.i\ Rill came 

ni- the Xni.h 1,11, i-.h ( oinniriv il-^oia, iiile.d .loidend The befia-ethe .Sele.t Committee of the Hou-e nf Commons, presided 
\\''-l Hieh|;iiid hue extend- from lleleiv-luii c.li to f,,il William nver bv Sir l.eui^ M'lver, P.art, 
■""' ^'-'Ihiii;. The Hox. J. 1). Frrz(-,F,R.ALn, K.C., for th.< promoters, said 



Ju. 



1908.] 



tHE RAILWAY TIMES. 



45 



this was au omnibus bill dealing with various subjecu, bul ihc 
main proposal was to authorise the issue of /JS^.-O'-kj of prior 
lien debentures. They proposed to issue that stock for the pur- 
pose of meeting certain existing and prospective liabilities ol 
the companv, and that was the only object of the bill to which 
there was any opposition. During the last seven-and-a-half 
years the net income 01 the District Railway Comp:Hiy had not 
been sufficient to meet the fixed charges of the company, and 
there had been a deficit at the end of eacli half-year. Tliat arose 
largely through the expense of electrifying the District rail- 
way system, and running increased trains. Up lo the present 
the increa.sed traffic had not been sufficient to wipe off the 
deficit, but that was expected in the course of the next two 
years. Owing to the financial position of the District Railway 
Company during the last few years it had not Ijeen possible to 
raise money in the ordinary way. The necessary money was 
raised by mortgages on the surplus lands of the com|)any, 
amounting to ^4/8, 17;. The surplus lands were not included 
in the dcl)enture security. Further money was required, and 
it would not be possible to raise it by any further mortgages. 
The money was required for the purpose of meeting the 
deficit on the net revenue account that was expected in the 
course of the next few half-years. Owing to the increase of 
traffic, it was expected that after 190Q the net revenue 
would be able to bear all the charges upon it. If some 

scheme of this kind were not carried out the interest of the 
debenture stock would go in arrcar, and the debenture holders 
would be in the position of being able to apply for the appoint- 
ment of a receiver. The only opposition arose from the 
London, Tilbury, and Southend Railway, based, he thought, 
on a misconception of their position. 

Sir R.alph LiitLER, K.C for the petitioners, asked llial 
the promoters should secure the probable deficit out of the 
traffic receipts derived from the Whitechapcl and Bow Railway. 
He submitted that the District Railway were seeking in their 
own interest to make an alteration in the existing order of 
things or in a probable or possible condition of things. 



The committee pa~^ed the bill, 
been through the House of Lords. 



The 



Barry Railway Bill, 

On Tuesday the ISarrv Railway Bill, uhi. h has already 
passed the House of Lords, cune' before a Select Committee 
of the Hou>c of Commons, presided over by Sir Lewis Mclver. 

Mr. KUEK.M.\N, K.C. who had with him Mr. Wedderburn. 
K.C., and Mr. Coward, K.C, explained the objects of the 
bill, '.\lihough this was an omnibus bill, the only opposition 
was with reference to that part of it by which the Barry Rail- 
way Companv asked powers to suljscribe lapital for the pur- 
pose of enabling the .\eath-Bontardawe Railway Company lo 
construct a line' from Xcath to Brynamman, m fulfilment of 
a pledge the Barry Companv gave to l^irliament last year 
when the .Xeath-Po'ntardawe Railway Company were granted 
an extension of the time during which the .line might be con- 
structed. The object of the Xcath-Pontardawe line was 
to develop the surrounding field of anthracite coal and take it 
to the ijurls of Swansea and Bort Talbot, and any other ports 
as might be rc(|uired. The Neath-Bontardawe Company 

obtained a bill to construct this railway so long ago as 1S95, 
but the promoters were not able to raise the necc^ssary funds 
to enable them to do so. In ujo;, application was made to 
enable the company to obtain another set of pnuiiotcrs, and 
up to that time the companv had been working m tnendly 
relations with the C.reat Western Company, but they turned 
round and said thcv were going to promote a bill for the 
same purposes themselves. The two bills came before Parlia- 
ment, with the result that Parliament passed the Neath-Pon- 
tardawe line and rejected the rival scheme of the Great 
Western Comnanv. The new line connected with the Great 
Western line and with the low level line, and also with the 
Rhondda and Swansea Bay Railway, with two arms at Neath, 
one giving direct access to the Swansea side, and 
the other direct access to the Port Talbot side. If they 
traced the railwav to I'ontardawe. it there made a C(ninectinn 



The following tables show the progress of railway bills in Parliament to date :— 

TABLE L-BILLS ORIGINATING IN THE HOUSE OF LORDS. 



N.-\ME OF Bill. 



Argentine North Eastern Railway 

B.-irry Railway 

Cardiff Railway 

Cambrian Railways 

Fishguard and Rosslare Railways and Harbours... 
Great Northern I'iccadilly and Broin[)ton Rly. ... 

Great Western Railway 

Great Western Railway (Superannuation Scheme) 

Interoceanic Railway of Mexico 

London Brighton and S.C. Railway 

Metropolitan District Railway 

Rhyinney Railway 

•Stratford, etc. f.\malgamation) 

TafI Vale f\ailway 



Progress in House of Lords. 



Second 
Reading. 



>L-ir. 
Feb. 
Feb. 
May 
Ftb. 
Feb. 
Feb. 
Feb. 
.Mar. 
Feb. 
Feb. 
Feb. 
Mar. 
Feb. 



Result in Third 

Committee. Rtading. 



Unop. April i 
Passed May 19 
Unop. April i 
Passed May 20 
Unop. Mar. 25 
Unop May 27 
Unop. Mar. 25 
Unop. Mar. 1 1 
Unop. Mar. 18 
Unop. April 9 
Uno;>. May 20 
Unop. Mar. 18 
Unop. May :o 
Passed Mar. iS 



April 
June 
April 
May 
Mnr. 



lune 16 



May 
Mar. 

Mar. 
May 
June 
Mar. 
May 
Mar. 



Progress in House ok Commons. 



.Second 
Readin.'. 



Result in 
Committee. 



May 4 

June 24 

May 4 

June 10 

Ai^ril 27 

June 29 

May 1 8 

Mar. 31 

Ap.il 6 

lune 22 

June 29 

April 9 

June 22 

May 12 



Unop. May 14 
Passe 1 July 7 
Unop. June 16 
Unop. June 25 
Unop. May 14 
U nop. 

Unop M-iy 28 
Unop. April 30 
Unop. May 7 
Unop. 

Unop. May 7 
Unop. July 7 
Passed July i 



Third 
Reading. 



M.ay 



June 


2S 






July 


2 






May 


21 


June 




June 


12 


lune 


18 


M;iv 


8 


lune 


18 


May 


14 


lune 


18 



May 19 



RoVAL 
Assent. 



June 1 8 



June 18 



TABLE II.-BILLS ORIGINATING IN THE HOUSE OF COMMONS. 



N.-\ME OF Bill. 



Ards and Bangor Railways 

Cheshire Lines Committee 

Uiiblin and South Eastern Ra Iway 

Great Eastern Railway (General Powers) 

Great Eastern Railway (Steamboats) 

Hull and Barnsley Railway 

Humber Commercial Railway and Dock .. 

Knott End Railway 

Ljuth and East Coast Railway (Transfer) 

Madras Railway Co. (Annuities) 

MulUngar Kells and Diogheda Railway ... 

North Eastern I^ailway 

North East London Railway 

Sligo and A:igna Railway 



Progress in House of Commons 



Second 
Readin^. 



lune 2 

"Mar. 2 

Mar. 9 

Feb. 17 

Withdrawn 

Feb. 24 

Mar. 1 1 

Mar. 9 

Feb. 25 

Feb. 12 

Withdrawn 

Feb. 24 

.Mar. 3 

Mar. 23 



Result in 
Committee. 



Thiol 
R- ading. 



Passed July 2 ■ July 

Unop. April 30^ May 

Unop. Mar. 19 Mar. 
Uiiop. .\Iai 26 



Pa-se<I Mar. 25 
I'assed Mar. 31 
Unop. April 2 
Unop. Feb. 2 
Unop. Feb. 27 

Passed Mar. 31 
Unop. May 14 
Unop July 7 



.\|.ril 14 

April 3 

-April 27 

April 28 

April 28 

Mar. 6 

April 27 

May 2 1 



Progress in House of Lords. 



SfCC 


nd 


Read 


»g- 


May 


20 


May 


S 


May 


13 1 


May 


7 


M.y 


I? 


Miv 


'4 


Mav 


n 


ALir 


16 


May 


'3 


June 


J7 



Result in 
Committee. 



Unop. May 27 
Unop. May 7 
Unop. May 20 

Unop. May 20 
Unop. June 23 
Unop. M ly 20 
Unop. June 23 
Unnp. yiat. iS 

U.M.p May 27 
Unop. June 23 



Third 
Reading. 



June 
M.iy 
.May 

May 
June 
Mav 
Jun. 
Mar. 

June" 
June 



RoVAL 

.Assent. 



June iS 

June iS 

J n- 18 

June iS 

June iS 

Mar. *27 



' The full name of this bill 



the Strattord-on-Avon Towcester and Midlarid Junction. Eveshai^ 
cne oirai u ^^^^ ^^ ^^,^^^ Junction Railways .Amalsamation). 



Redditch and Stratfordon-Avon Junction, and 



46 



THE RAILWAY TIMES. 



[July ii, 1908. 



with the Midland Railway, and at Brynamman it made 
a connection with the Midland and Great Western 
Railways; so it was a usefully planned line, giving 
connection with all the great railway systems ot the 
neighbourhood and developing a coalfield wbich, up to the 
present time, had not been develoj^ed at all, as well as giving 
lacilities for passengers wanting to come from Brynamman to 
Pontardawe, which was the market for that town. The pro- 
moters came before the committee in confirmation of an 
absolute promise given to the committee last year that if the 
Neath-Pontardavve scheme was sanctioned the Barry Company 
would give the necessary financial support, including coming 
to Parliament for sanction if necessary. They were now ask- 
ing for that sanction. Proceeding to deal with the petition 
ot the Swansea Harbour Trustees against the bill, counsel 
said that the allegations it contained were identically the same 
as those in the allegations last session, when the iNeath-Pon- 
tardawe scheme was sanctioned. 

At the conclusion of Mr. Freeman's opening statement the 
committee consulted in private, and on tne proceedings being 
resumed the chairman intimated that the committee were 
distinctly of opinion that the promoters should confine their 
evidence to the question as regarded Barry supplying money, 
because the committee were not going to repeal the judgment 
of last year, which sanctioned tne iXeath-Pontardawe scheme 
with the suggestion that Barry would find the money. 

Mr. Edward L.-vke, general manager of the Barry Rail- 
way, stated, m reply to Mr. \\edderburn, that the Barry 
Railway Company was started in 18S4, and since then it had 
greatly developed, till it was now a very large undertaking, 
with docks in South Wales. The capital was six millions, 
half of which was spent in railways and half in docks. The 
Neath-Pontardaue Railw'ay had been authorised, but had not 
been constructed. In 1907 the directors of the Barry Rail- 
way Company passed a resolution stating that it was desirable 
that this new railway should be maintained in independent 
hands, and that the Barry Railway Company should give the 
necessary assistance to raise the necessary capital^ and last 
year both Houses of Parliament, having heard both sides, 
passed a bill authorising an extension of the time for the con- 
struction of the r.ew' line upon the guarantee of the Barry 
Railway Company that it would financially support the new 
railway comjjany. The shareholders of the Barry Railway 
Company had approved the scheme, the House of Lords had 
already passed the bill, and they now asked the present com- 
mittee to sanction the last step. 

Cross-examined by Mr. Balfour-Browne, K.C., who appeared 
for the Swansea Harbour Trustees, witness said that since the 
Barry Railway was authorised they had extended the system 
to Bridgend on the west, and also away to the north-east, and 
last year they obtained leave to make a line to Cross Keys 
and Xine Mile Point. The total mileage of their railway was 
about 65 miles. Their railways were intended to carry traffic, 
first down to Cardiff and to Newport, and to Barry, and 
possibly to Penarth, and they stated in Parliament that they 
would carry to all those ports. 

Mr. Balfour-Browne proceeded to address the committee 
on behalt of the Swansea Harbour Commissioners, whose 
interests, he said, were considerable in the matter. They 
were going to spend two millions of money on the docks to 
serve this district. He asked that the same rates should be 
charged on the new lines whether the traffic was going to 
Swansea or Barry. 

Mr. Wedderuurn said that that suggestion had been re- 
jected last year. 

The committee found the preamble of the bill proved. 

Mr. Freem.\n referred to the fact that all these questions 
had been thrashed out last year, and to bring the promoters 
back to fight them all over again was neither more nor less 
than an abuse of the procedure of Parliament and the time 
of the committees, and it was putting the promoters of the 
bill to an unnecessary expense in prolonging their opposition 
^n the frivolous way it had been done. He had to make an 
application that the committee would order that so much of 
the costs of the promoters of this bill as had been unnecessarily 
increased by the factious opposition of the Swansea Corpora- 
tion and the Harbour Trustees should be paid by them. 

The Chairman intimated that the committee refused the 
application. 

The clauses of the bill were tlien adjusted, and it passed 
through committee. 



MEETINGS & REPORTS. 



July 

July 
July 
July 

July 
July 

July 

Aug. 

Aug. 
Aug. 



FORTHCOMING MEETINGS. 

13 (yJ/»«.)- Costa Rica Railway (Annual), Winchester House, 

!■;.(.■., at 12. 
17 (f>i.) — North and South Western Junction Railway (Half- 
yearly), Luston Station, at 12. 

2u (jl/o«.)— Midland Uruguay Railway (Debenture Holders), 
71, -biusbury Pavement, E.C., at 12. 

21 (Tiies.) — Eg-yptian Delta Light Railways (Annual), Win- 
chester lluuje, h'.C, at 12. 

28 {Tiles.) — London and Blackwall Railway (Half-yearly), 17, 
John Street, Crutched Friars, K.C., at i. 

30 ( 7/;«r.r.)— London, Tilbury and Southend Railway (Half-yearly), 

41, Trinity Square. Tower Hill. E.C., at 12. 

3 1 (i'V/.)— Great Eastern Railway (Half-yearly), Great Eastern 

Hotel, Liverpool Street Station, E.C., at 

12. 

S_(lVei/.) — London, Brighton and South Coast Railway (Half- 

^ yeaily), London Bridge Terminus, E.C., 

at 12. 

6 (TVimi.;— London, and South-Western Railway (Half-yearly), 

Waterloo Station, S.E., at 12. 
14 . (/•>/.)— North Staffordshire Railway (Half-yearly), Cannon 
birect Hotel, K.C., at 2. 



Reports, Traffic Returns, Prospectuses, and all other items vf financial 
intelligence should he sent as early as possible 10 the Eaitor oj iHE 
Railway Ti.mes, 12, Noifolk Street, London, IV. C. {Telephone 
2048 GerrarJ.) 

COSTA RICA RAILWAY. 

The receipts on capital account to June 30, 1908, amounted 
to /;3,435,ooo, viz., prior mortgage 5 per cent, debentures, 
£\Q,,ooo\ ditto second series, /i 72,200; first mortgage deben- 
tures (6 per cent.), £pii,ooo; second debentures (6 per cent.), 
^600,000; stock, ^1,800,000; and prior mortgage debenture 
sinking fund, ^39,600. The expenditure to the same date was 
/3, 354, 088, leaving a credit balance of ;£8o,9ii. 

The report now issued covers the twelve months ended June 
30, 190S, the third year of the working of the company's rail- 
way bv the Northern Raihvay Company. The rental dealt 
with in the accounts in terms of the working agreement is 
;£i35,6oo, to which must be added interest on investments and 
loans /4.236. and transfer and registration fees ;£79, together 
^139,915. .A.fter deducting the interest on prior mortgage 
debentures to June 30, 1908 (paid and accrued), £-iT,2ob; 
redemption of prior mortgage debentures (paid March 1, 1908), 
;^5,6oo; interest on first mortgage debentures to June 30, 
190S (paid and accrued), i;39,30o; interest on second deben- 
tures to June 30, 1908 (paid and accrued), ;£36,ooo; expenses 
of administration, /3.710, and income tax, ^1,205; together, 
;£i02,84i ; there remains a balance of ^37,074. Out of this 
balance the directors recommend that a dividend of ij per 
cent, be paid on the capital stock (which will absorb ^22,500), 
and that" the balance of ;£i4,574 be transferred to reserve, 
raising that fund to ;£79,032. 

The report states : — "The general agent in Costa Rica reports 
that the company's property continues to be well maintained 
and improved by the Northern Company. The Limon Yard 
has been re-modelled and much enlarged, and iii miles of 
branch lines, acting as feeders to this company's railway, have 
been constructed during the year. .-X decree of the Government 
of Costa Rica modifying an agreement made between this 
company and the Government on October 10. 1904, was passed 
on May 9, 190S, whereby this company is released from certain 
onerous liabilities to construct branch lines." 



Brush Electrical Engineering Company. — .-Vn extraordinary 
general meeting was held in London on Tuesday to confirm 
resolutions nassed at a previous meeting, to sub-divide each of 
the 150,000 fully-paid non-cumulative seven per cent, pre- 
ference shares of £1 6s. 8d. each into four fully-paid non- 
cumulative seven per cent, preference shares of 6s. 8d. each, 
and to divide each of the 105.732 fully-paid ordinary shares 
of /i 6s. 8d. each into four fully-paid ordinary shares of 
6s. 8d. each. Mr. W. L. Madgen. who presided, proposed the 
resolutions, which were seconded and adopted. Resolutions 
were also passed to consolidate every three of the preference 
and ordinary shares into single preference and ordinary shares 
respectively of £\ each, and to subdivide each of the 74,268 
unissued ordinary shares of £2 each into two ordinary shares 
of £1 each. 



THE RAILWAY TIMES. 



47 



London and Greenwich Railway.—The h;ilf-yc;uly report 
states that the acrounts for llic jiast half-year, after 'providing 
^5,568 for interest on the preference stock, show a balance of 
/;i2,3i6 available for dividend on the ordinary stock. The 
directors recommend that a di\iden<Pat the rate of £i i6s. 6d. 
per cent, per annum be declared, leaving"- a sum of £\^y to be 
carrieil forward to the credit of the next account. 



RAILWAY SHAREHOLDERS' ASSOCIATION. 

The recentlyfuiiucd Railu.i> .Shareholder,' .\,,ociatiun lield 
its first half-yearly conference on Wednesday at the London 
Institution, E.C., Mr. W. R. L.VWSON presiding over an 
attendance of about forty. 

The Ch.MRM.-vn, in his oi)ening address, sketched the 
growth of the movement wliuh led to tlie formation of llie 
.Association, and referred to certain aspects of tire work it 
migltt hope to undertake. The railway boards, he said, might 
certainly count on the .A.ssociation's hearty support in agitat- 
ing for a reform of the method of promoting Bills in Parlia- 
ment, and it was also with them heart and soul on the 
question of London traffic. That was a scandal which could 
not be shelved much longer. If the railway directors would 
undertake to reduce their own share of it by shutting up one- 
half of their competitive receiving offices and withdrawing 
an equal number of collecting vans, that would be a good 
lead for the public authorities. Next session at latest the 
London traffic question should be taken up and thoroughly 
settled. No matter how many Education Bills and Home 
Rule Bills should have to be shunted to make room for it, 
some scheme for rendering the streets of London reasonably 
safe for passengers and reasonably habitable for residents, 
which few of them were at present, should be pushed through 
Parliament within the next twelve months. There were 
points on which they might have to differ from the directors. 
Instead of having to act in a panic, as many people did last 
October, they could ask the Board of Trade in a friendly way 
to give them some indication of a railway policy in which 
their rights and interests would be fairly considered along 
with those of the traders and workers. Their case, in a single 
sentence, was "regulate the railways as much as you please, 
but defend them from robbery under the guise of regulation." 
A discussion on "Raijway Capital and Labour" was opened 
by the CHAIRM.-iX, who, in stating the case for capital, said 
that whoever knew anything of British railways was well 
aware that labour had become a crucial factor in their opera- 
tion. And the prominence of this new- factor was likely to 
go on increasing. Rates and fares were still vexatious 
questions, but not half as much so as wages and hours of 
labour. It was labour that now governed the working ex- 
penditure of their raihvays, and working expenditure governed 
dividends. The uncertain factor in the case was, and always 
would be, the growth of working expenses. Could that be 
kept within the growth of the traffic or would it maintain the 
higher rate of increase which had distinguished it of late 
years? The fact w-as indisputable, for it admitted of absolute 
demonstration that more and more of the r.ailway revenue went 
to the operators, while less and less remained for the share- 
holders. Between iSgj and 1906 the passenger and goods 
traffic of all the railways in the Ignited Kingdom produced 
about twenty millions more revenue, of which less than a 
million-and-a-half reached the shareholders. The rest was 
swallowed up in operating expenses. The respective rates of 
increase were 22^ per cent, in gross receipts, 36 per cent, in 
operating expenses, and barely 33 per cent, in net earnings ! 
This 3i per cent, had, moreover, to cover the annual charge on 
nearly two hundred millions of new capital put in. The 
average return to the shareholders on their money was thus 
actually smaller in igo6 than it had been ten years before, 
4. 07 per cent., as compared with 4.34 per cent. For the past 
ten years or more the railways had been practically giving 
away nearly all the annual increases in their earnings. Who- 
ever had been getting it — whether the men, or the officials, or 
the traders, or the tax collectors— it had certainly not been llio 
shareholders. .Another ten years, or perhaps even five years, 
of the sort of progress thev had enjoyed in the past decade 
would reduce their share of railway earnings to a negligible 
quantity. He went on to say that no class of British capital 
Should be farther out of reach of socialistic cupiditv than 
that invested in railways, and as to the "all grades" programme 
of the Amalgamated Society of Railway -Servants, he con- 
tended that from a purely economic standpoint it had not a 
leg to stand on. Judged by the test of the old law of supplv 



and demand, that programme was most inopportune and 
illog-ical. If the railwaymen were to appeal to them as 
Tiationali.sers, some ground of compromise might be fcjund ; but 
a claim which on the threshold branded, tliem as roljbers and 
blood-suckers, was not entertainable in decent so< i<-ty. .Already 
the standard wage on railways was confessedly higher than that 
of any corresponding labour in the same liKalit) and lu-i- 
formed under similar condilicms. 

Mr. R. Bell, M.P., who was subjected to frequent interrup- 
tions, claimed that the interests of the railway owner and the 
railway worker were in some degree common.' The ( hairman 
had referred to the socialistic proposals of some people in this 
country. He (Mr. Bell) was not in accord with all those pro- 
posals. He agreed with Mr. Paish's views as to the necessity 
lor fuller information. No one required that more than the 
enqiloyees, for as a matter of fact they got less wages than 
they received twenty years ago, and if they had fuller statistics 
they would know where the additional expenditure in railway 
management had gone. As far as labour was concerned, he 
disagreed with the chairman in his remark as to labour govern- 
ing working expenses and working expenses governing 
dividends. Labour had not had more than its fair share. Of 
the 259,000 railway workers from whom information was 
obtained last year, over 100,000 received 20s. a week or less. 
(.A. Voice : "Including boys.'') Yes, but there were thousands 
of men getting not more than 12s. a week. Then over 87,000 
received between 21s. and 25s. a. week, and among these were 
nearly the whole of the firemen, whose risky occupation need 
not be enlarged on. Again, the hours worked were excessive. 
Instead of going to the operatives the money they heard so 
much about was going somewhere else. Much of it was re- 
quired for the extravagant number of officials. The railway 
workers could see where the money was being wasted; millions 
were expended in unnecessary officialdom, while the share- 
holders on the one side and the operatives on the other could 
not get their due. He believed there were many things on 
which the shareholders and the men engaged on the railways 
could take united action, and if that .Association was going to 
be of any advantage at all it might do something towards 
bringing about common action on matters of common interest. 
Mr. B. S. Str.\us, M.P., said that the Association only 
desired to have light, and if the companies objected to light 
being thrown on the working of the railways it w'as clear that 
they knew things would be found out that they would not like 
the shareholders to know. L'ndoubtedly extravagance had 
been great. Looking at the boards of the Knglish railway 
companies it was remarkable to him that the fall in the value 
of railway securities had not been even grea'ter than had been 
the case. The want of knowledge, capacity, business acumen, 
and experience on those boards was a disgrace to the civilisa- 
tion of the country. 

In a paper on "The Need for Fuller .Accounts and Statis- 
tics,'" Mr. G. P.-\ISH submitted that only after our railway com- 
panies obtained full and complete knowledge of the extent of 
their traffic, and of every phase of their business, would rail- 
way officers be able to deal with the traffic to the satisfaction 
of traders and passengers, and at the same time to provide and 
permanently to maintain reasonable rates of dividend on the 
vast amount of capital which had been ex])ended upon con- 
struction and equipment. 

In a contribution on "The Crisis in British Railway Finanie'' 
Mr. W. J. Stevens submitted that the railways could helj) 
themselves by taking steps to reduce expenses, and could even 
withdraw some of those unnecessary facilities extended to the 
public merely in the interests of competition. In this way both 
capital and revenue outlays might be reduced. In the national 
interests it was essential for directors, managers, shareholders, 
and railwaymen to combine their forces and influence to induce 
Parliament and the public to recognise their iust claims. If 
such a combination could be arrived at even Parliament itself 
could not withhold a reasonable settlement with the railways. 
Mr. G. H. HargkeavES had also prepared a pajier on "Rail- 
way Co-operation." 

Dividend Declaration Dates. The following railway companies 
have estimated the dates upon which their half-vearly dividends 
will probably be declaied : South Eastern and Chatham Manag- 
ing Committee's statement, July 20; Great Eastern dividend, 
July 22; Metropolitan, July 22; South Eastern, July 22; 
Lancashire and Yorkshire, July 23; London and South 
\\'estern, July 23; Great Central, Julv 24; Great Northern, 
July 30; Midland, July 31; North Eastern, July 31; Hull 
and Barnslev, July 31; Great Western, August 4; ancl London 
and North Western, August S- 



THE RAILWAY TIMES. 



[July ii, 1908. 



RAILWAY STOCK AND SHARE LIST. 



Railway Ordinary Stocks. 



Closiso Prices. 



irry, Ord 

■0. Pref. Conv. Ord. (i%) . 
')o. Dcf. CoQV. Ord 

il !doiii.-»n, Ord 

Do. Prof. Conv. Ord. (SJil. 

no Def. Conv. Ord 

1)0. Dof. Ord., Mo. 1 

,1 ;>')ri-n, Ord. Capitil, No. 1 . . . 

O). Coast Cons. Ori 

ir lilf, Pref. Ord., 1896 (4%).. . 

vitr;il London Ord 

Pref. (4%) 



Do 



Def. 



t/ & South London Cons. Ord, 

. it London Cons 

raess, Con. Ord 



HI H10W and S. Western, Pret.Ord. 

.)6. Def. Ord 

lir.jit Centril, Pref. Ord. (6%).. 

Do. Def. Ord 

ilr'it Eastern, Ord 

ir ■ It N'.of Scotland, Pf. Cnv. Or. 

)o. Dcf. Conv. Ord 

Ir^it :*orthern, Pref. Conv. Ord" 

Do. Def. Conv. Ord 

Do. Cons. A a 

Do. Cons. B a (6%) 

lirjat Northern (Ireland), Ord... 
'Ireat North. * CityPref.Od. (4%) 
Or! it North. Pico. & Broim. Ord. 
Ot. South. & West. (Ireland) Orig. 

ir^at Western, Cons. Ord 

Highland, Ord. Cons. Capital 

K ill and Barniley, Cons 

[sle of Wight, Pf. Conv. Ord. (4 '/„) 

Do. Def. Conv. Ord. 6 



Last Week. 
134 163 



42 



Yesterday 
155 170 



38' = 
144 
141 



37 



Railway Ordinary Stocks. 



Lan'^s. and Yorks., Cons. Ore" 

l^ond. Brighton .t S. Coast, Ord. . . 

Do. Pref. a (6%) 

Do. D3f. a 

Do. Cert.Con, Right? above 6% 
r.ond. Chat. & Dover, Arbit. Ord. 
Lon'loa and North Weste i. Cms. 
Loadoi and So ith Weste ■ i, Cons. 

Do. 4% Pref. Conv. Ord 

Do. Def 

Loni. Ti)b irv A Southend, Cons. 

Mersey, Cons'. Ord 

Mitropolitan, Cons 

Do. Sarplns Lands Stock 

Metropolitai District, Ord 

Midland, Pref. Conv. Ord. (21%) 

Do. Def. Conv. Ord 

North British, Ord. Pref. (3%).. 

Di. Ord 

N C.jrnwail (L. & tl.i 4% Pref. Or. 

Do. Def. Ord 

N.inh Eastern, " Consols " 

North London, Cons 

North Stitfordshire. Cons. Ord... 
Plyni:i>ith Devon & S.W. Jun., Or. 
Port Talbot Railway a > 1 Dicks. . 

Rhoadda uid Swansea Bay 

llhy.nn:v. Cms. Or I. Cip. Stock 

D.J. Pref. Ord. (4%) 

Do. Def. Ord 

Searb. Brid,, Ae., June, Cons.Ord. 

ShelBeld District, £10 Shares 

So ith Eastern Or I 

Do. Pref. a (G%) 

Do. Def. a 

Tait Vale Or I 

Vale of Glamorgan. Ord 



Closiho Prices. 



100 
105 
131 



101 
107 
133 



143' 
149 
103 



138 
144 
100 



Yesterday. 

92'2 
102 
126 

81 'i 



91 '3 

100 
124 



11' 
136 
142 
100 



Railway D3!!3Sntur3 Stocks. 



Vl.jtandra Docks and Railway 4% 

U i';er Street and Waterloo . . 4 

Ii irry 3 

Rricon and llirthyr A 4 

Do. Do. B 4 

'■iledonian 4 

Cinbrian A 4 

Do. B 4 

Do. C 4 

Do. D 4 

Ciriia 3 

0.! itral London 4 

Curing Cross Bjston & Hainps. 4 

City and South London Perpetual 4 

K lit London 2nd Charge A . . . . 4 

Do. 2nd Charge B 4 

,)o. 3rd Charge 4 

' )o. 4th Charge 4 

Do. E.L.R 1st Debentures . . 3i 

Do. Whitechapel Extension c 2i 

K irth Bridge 4 

F iraess 3 

iUigow ani South Western .. 4 

ir;it Central 5 

Do 4i 

Do 3i 

J I- -It Eastern 4 

r, r : it North of Sc HIand 4 

Unit Northern 3 

Qreit Njrthern (Ireland) 4 

U N. Piccadilly & Bronipton .. 4 

Great Western 4 

.)o H 

10 4} 

Do 5 

)0 2i 

1 1 ;liland 4 

)o 41 

1 ill and Barnsley 1st 3 

.)o. 2nd 3-4 

I <l ! of Wight 4 

Lii^ishire and Yorkshire .... 3 

liiidon and Blackwall 41 

L>aion and Greenwich 4 

L t idon Brighton & South Coast 4 

Do 45 

L') idoa Cliat. an I over Arbitn. 4| 

Do. B 4i 

Do 4 

Jo. I8S3 4 

Do. 1890 3 

Do 1S99 3 

Do 3J 

1,1 idon and North Western 3 

I. II idon and So ith Western X.. 3 

Do. Consolidated 3 

l,o idoirTilblry aul 3)ithen 1 . 4 

vietropolitan 31 

Do. A 31 

Metropolitan District 6 

Do 4 

Do. Perpetual (l!)03-i) 4 

Midland 2 J 

Milland& S.W. Junetlon A 3 

Uo. B 3 

Neath ani Brecon Ist 4 



116 
130 
121 



119 
123 
131 
143 



110 
104 

no 

123 

118 
115 
lOO 
100 



121 
125 
133 
143 



113 
107 
112 



121 

iia 

103 
105 



0»"j3nVjc3 Stacks (couhvued.) 



North Britiih 3% 

North E litem 3 

North Lnlii 4S 

North Stilordshire 3 

Ply.niith Djvon & S.W. June. 4 

Port Talbjt R ill way ani Docks 4 

Rhoud U and Swmsea Bay .... 4 

R'lymuey Perpetual 4 

S'i3a;li District Pennneut .. 4 

SJUth Eistsrn Perpetual 4 

D) 5 

Do 31 

D) 3 

rat V lie 3 

Tottenham and Forest Qite .. 4 

Whitechapel and Bow 4 



101 


10.1 


10.1 


105 


lOJ 


108 


93 


93 


10 i 


109 


13-( 


i.-sa 


92 


95 


73 


HO 


81 


84 


1(14 


107 


101 


104 



Railway Preference Stocks. 

DiytDSNDS co^n.vaKvr o:i the profits of each 

SBP.\R\TR YEAR. 



-Uet. Docks. A Rail. 41% 1st Pref. A 

Do. 41% 2nd Pref. B 

Bury 5% Pref. Stock (Istl 

D>. 4% Cons 

D ). 4% Third 

C lie Ionian 4% C.)us. No. 1 

D) 4% D). .No. 2 

D). 5% 1378 

Di. 4% 1831 

1837, Conv 



D) 



4% 1902 



4% 1901, Conv 

C iinbrian No. 2, 4% 

City and So ith London 5% 1831. 



D> 



5% 1901 
5% 1903 



130 


133 


104 


107 


101 


103 


107 


109 


lOH 


108 


129 


132 


10,1 


103 


105 


107 


10,1 


103 


104 


10/ 


9 


12 


113 


11H 


112 


115 


110 


113 


104 


107 



Furnesi Consol. Pref., 4%. 1331. 

Do. 4% Pref. Stock A, 1831. 

Do. 4% Pref. Stock B, 1333. 

Do. 4% Pref. Stock, 1894 ... 

Do. 4% Pref. Stock, 1839 ... 
Glisgow and South Western 4%. 

Do. 4% Pref., No. 2 

Do. 4% Pref., 1838 

Do. 4% Pref., 1891 ~ 

Great Central 5% Perp. Pref. ... 

Do. 4% Pref 

Do. 5% Conv. Pref. 1872 .. . 

Do. 5% Conv. Pref. 1874 .. . 

Do. 5% Conv. Pref. 1876 ... 

Do. 5% Conv. Pref. 1879 ... 

D). 5% Conv. Pref. 1331 .. . 

Dj. 4% Pref.- 1830 

Do. 4% Pref. 1891 

Do. 5% Pref. 1894 

Greit Evsteru Cons. 4% Pref. ... 

Do. 3V% 1890 

Do. 31% 1893 

Or; It North of Scotland A 4% . 

Dj. B, 4% 

Qrvit Northern 4% Perp. Pref. . 

Do. 3% Pref. Stock 1893 ... 

Do. 3% Pref. Stock 1893 ... 

n^. 3% Pref. Stock 1899 . . . 



103 
103 
103 
125 
98 
121 
119 
113 
111 



128 
101 
124 
122 
117 
115 



Raij^ay Preference Stocks- 

(conliniieii). 



Great Western, Cons. Pref., 5% 

Highland Class A 41% 

Do. B, 5% 

Do. 4% 

Do. 31% Pref. Stock 1897 

Do. 31% Pref. Stock 1898 

Enll and Barnsley 31% Pref. 1899 

Do. 4% Pref. 1907 (70% paid) 

[sle of Wight 4% 

Lancashire and Yorks. Con. 3% Pref. 

Do. 4% Pref., 1903 

London Brighton, etc.. Cons. 5% . . . . 

Do. Second Cons. 5% 

London Chathan, etc., Arbit., 4J%.. 

Do. 41% Second Pref 

Lon. & North Western Cons. 4% Pref. 

Do. 4% 1902 

Lon. & South Western Cons. 4% Pref. 

Do. 4% Perp. Prof. 1884 

Do. Z\% Pref 

Loud. Tilb. & Southend Cons. 4% Pref. 

Do. 4% Prof., 1904 



Mersey 3% Perp. (re.l. fr. 5% Jan '01) 
Metropilitan 3i"/„ Pref 

Do. 31%APret 

Do. 3J% Conv. Pref 

Metropolitan District Esten. Pref, 5% 
-Midland 21% Perp. Pref 



North British Cons. 4% No. 2 

Do, Edin. ani Glasgow Pref. 41% 

Do. 1865 Pref. 5% 

Do. Conv. 5% Pref., 1874 

D). 41% Pref., 1873 

Do. 41% Cm.-, Pref., 187.i 

D). 5% Coiv. Pref., 1879 

Do 4% Conv. Pref., 1834 

Do. 4% Conv. Pref., U88 

Do. 4% Conv. Prof., 1890 

D). 4% Cinv. Pref., 1892 

D). 4% Conv. Pref., 1897 

Do, 4% Conv. Pref., 1901 

Dj. i% Conv. Pref., 1904 

North Eastern 4% 

N irth London Pref. Cons., 1868 

D,j. W/o 187.5 

Nirth Staffordshire 3 '/„ Cons 



I'lyioo Ith Devon .and S.W. June. 41% 

P .rt T.albot 4% Pref 

Rvindda and Swansea Bay 5 /» Pref. . . 

R'lyiuney 4'!^ Cms 

Shetteld District, 5% Pref. eiO Share 
Ith Eastern Cons. 4}% 



Do. 



do. 
1891 



5% 



t% 

Do. 31% 

Do. 3"/o 

Do. 4% Pref., 1900 

Do. 4% Conv. Pref., 1903. 

Ta 1 Vale 4% Fret 

Do. 4% 1900 



138 
110 
115 



106 
132 
129 



112 
111 
110 
109 



140 
113 
118 

100 



109 
135 
132 



114 
113 
112 
111 



107 
119 
128 
128 
118 
119 
128 
107 
107 
107 
107 
107 
107 
107 
112 
116 
111 



112 115 



l05 



NorE^ ASD EXPLASATIONS — a "A " receives no div 
intil 6 % has been paid to " B." b Def, reieives do 
liv. until pref. has had 4 % c Qua by Met. and 
Met. Dist li Qua. by O.N., Mid.. N.B.and N.E. 



July m, 1908.] 



THE RAILWAY TIMES. 



49 



OFFICIAL TRAFFIC RETURNS. 



Week ending July 5 

Passengers, etc 

Goods, et(* 

Total for Week 

Aggregate to date . . . . 
Miles open 



this week, £369 Inc. to date, £369. 



Caledonian. 



Week ending July 5 1908. , « 190C. 

Passengers, etc ' £46.205, 

Goods, etc I 50^967^ - 

Total tor week £97172 £95. /Ol 

Aggregate for 23 weeks .. 1.916,751 i 2.002.879 



Miles open i 941 '4 


939-4 


Inc. this week, £1.471 Dec. 23 weeks. 


£86.128 


Cambrian. 



Great Norticrn 


(Ireland) 


Weekending July 3 


1908. 
£13.199 
8.599 


1907. 


Goods, etc 


8.1>i5 


Total for week 

Aggregate to date 


£21,V98 
C21.798 


£22.^293 
E22295 


.\Iilcii open 


543 


543 


Dec. thi.ijvv,-ok, £495 D^c. to d if. i;495 




Great Norfh of 

W'cek^i^in? Jiilv 4" 

Paisengcrs, etc 

Goods, etc 


Scotland 




190B. 
£6.720 
4-2-0 


1907. , 


Total for week 1 £10.90,> 

Aggregate for 22 woiks ..| £203 993 


£10 4/3 
£203.360 


Miles open 


33b 


336 



Metropolitan. 


Week ending July 5 


1908. 
£14.477 
1.550 
£16.027 
£16.027 


" 190/ 
£14.800 
l.tiOS 
£16.41u 

£16.41n 






ABgreg.-ite to date 


Miles open 


78 II 


78 


Dec. this week, £383 Dec. 1 


" date. £383 



Metropolitan District. 



Week ending July 4 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate to dito.. .' 

Miles open 

Inc. this week, £821 In 



Great Southern and Wester 



Midland. 



Week ending July 

Passengers, etc 

Goods, etc 

Total for week . . . 

Aggregate to date. 
Miles open 



1908. 'I 1907. 

£3.339 £3,419 

£^60 2.655 

£5.799 £6.074 

£3.967 £4.112 



280 



280 



Dec. this week, £275 Dec. to d.ate, £145 



Wi-cken.lmg July 3 

Pas-seugers, etc 

Good.s, etc 

Total for week 

Aggregate to d.itc 

Miles open ...... 



1908. 1 
£17.V85 
_ '.4.547 I 
£32.332 I 
£32.532 ' 



1907. 
£20.333 
14.304 
£35.137 
£35.137 

1.121 



Week ending July 4 

Passengers, etc 

Goods, etc 

Total for week 



Central London. 



Week ending July 4 

Passengers etc 

Goods etc 

Total for week 

Aggregate t.i d.ite.. . 
Miles open 



Dee. thi< \ 



ek. £2.8J;; IJ.'.'. I" .Lite. £2 8 J5 



1908, I <l 190V. 
£85.000 £85.000 
145.000 156.000 

, £230.00C £241.000 

■egate to date 1250.000 241.000 

MJIes open | i,407'i T 1.407 ^ 

Dec, this week. £11 .000 Dec. to date, £1 1.000 



Inc. this week, £1,167 Inc. to date, £1.167 



Great We 


tern. 




Weekeudinj July 5 


i9ca. 

£145 200 

12-900 

£i:/i;.100 

£272.100 

2.8V8' = 


a 1907. 
£142.900 
128,400 
£271.500 
£271.500 
2.879' = 


Goods, etc 

Total for week 

Aggregate to dite 

Mi es open 


Inc. this week. t83C Inc. t-. ilaf. £800 





Midland Great Western of Ireland. 



City and South London. 



Week ending July 5 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate to date . . . . 
Miles open 



Dec. this week, £161 Dec. to date, £161 



Week ending July 5- 

Passengers, etc 

Goods, etc 

Total for week 

-Aggregate for 23 weeks 
Miles Open 



1908. 
£9.365 

5.345 
£12,7 10 
£218 135 
492 1 



" 1907. 

£9.543 

5.508 

" £12.85! 

£218,737 

49^'/ 



Dee, this week. £141 Dec 23 ' 



Dublin and South 


Eastern. 




Week ending July 


3 


1908. 

£5.502 

. 1.702 

£7.004 

£7.004 

160 


1907. 


Goods, etc 


- 


1,359 
£6.515 






Miles open 


' | — 


160 



Hull and Barnsiey. 



Inc. this week £489 Inc. to date, £489 



Week ending July 7 I 1908. I ii 1907. 

Passengers, etc 

Goods, etc 

Total for week ^in.19; ^£10.057 

Aggregate to date £11.1 93 £10.057 

Miles open | 80 'j 



Week ending J 11 
Passengers, etc. . . . 
Goods, etc 

Total tor week . 

Aggregate to dat 
Miles open . . . . . . . 



this 1 



£11,571 
£5.801 
598 ' 



ek, £1.516 Dec, tu dats, £5,500 



North British. 



Week ending July 5 

Passengers, etc 

Goods, etc 



Total for week 

Aggregate for 23 weeks 
Miles open 




ek.£676 Dec. 23 weeks, £48.540 



North Eastern. 



Week ending July 4 

Passengers, etc. . . . .' 

Goods, etc 



this 



ek, £1.136 la 



Total for week . . . 

.Aggregate to date . 

Miles open 



1908. 
£85.900 
125.357 



£211,257 
211.257 
1.697 




iiltf.£1.13h 



Dec this weok, £3.544 Dec. to ilate, £3.544 



Lancashire and Yorkshire 



Week ending July 5 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate to date. . . 
Miles open.. 



Dec, this week, £1.791 Dec, to date, £1.791 



Week ending 
Passengers, etc 

Goods, etc 

Total for week 
Aggregate to date 
Miles open 
Uec^iS" 



Glasgow and South Western. 



Weekending July 4 

Passengers, etc .' 

Goods, etc 

Total for week 

Aggregate for 23 weeks . . 
Miles open 



1908. 
£22,286 
17.150 



t 1907. 

£21.128 ,' 
17.914 

£39.042 
£784.590 



Inc. thi.s 



444 



ek, £594 Dec. 25 weeks, £34.325 



Great Central. 



Week ending July 5 1908. 

Passengers, etc £25.130 

Goods, etc 55. 500 

Total for week £80.450 

Aggregate to date 80.430 1 

Miles open ' 609 1 



" 1907. 
£25.710 

59 .510 
£83.220 

83,220 

607 




North London. 



Week ending Juli 
Passengers, etc. . . . ." 
Goods, etc 

Total for week . . 

Agsregate to date 



1908 . I a 1907. 
£4.342 £5.052 
3.377 I 3.558 



•■k. £871 Dec. to d itc. £871 



London B 



North Staffordshire. 



Week enJ ng J ,ly 4 

r.asscngers, etc 

Goods, etc 

Total for week 
Aggregate to date 

Miles open 



. Week ending July 

Passenger-, etc 

Goods, etc 

Total for week . . . 

Aggregate tu date. 
Miles open 



1908. 
£6.026 
} 12,068 



I 1907. 

£5.299 
7 15.641 



Inc. this week. £2,475 I 



this week. £2 846 Hi 



£18.094 I £20.94' J 
7 18.094 ; 20.9'''" 
/.■ 325 I 32b 

o il itr, 1:2 846 



London and North Western. 



Dec. this week, £2,790 Dec. to date. £2.790 



Week ei-ding July 5 

Passengers, etc 

Goods, etc 

Total for v. eek 

Aggregate to date. . . 
Miles open 



19j8. 
£144,000 

155,000 
£297.000 
£297.00" 

1.940' » 



1907.- 
£156.000 
166.000 
£302.000 
£302^0 C 
' 1.946 ^ 



Weekending Jul\ 

Passengers, etc 

Goods, etc 

Total for week . . . 

Aggregate to date. 
Miles open 



Dec. thi, 



ek. £5.000 Dee 



Inc. this week, £141 Inc. to date, £141 



Great 


Eastern. 




Week ending July 5 


1908. u 190/. 














£113,900 
115.900 


£117.300 
117.300 


Aggregate to date 




1.056 '2 -! 


1.058 1 




Dec. this week, £3.400 


Dec. 


to date, £5.400 



London and South Western. 



Week ending July 

Passengers, etc 

Goods, etc 

Total for week . . . 

Aggregate to dati. 
Miles open 



. thii 



1908. 
i £74 50D 
27.200 
£101,500 
£101 50 5 
1,019'= " 
, t'l ,1 ,u-. i 




Great Northern. 




Week eQdiag July 4 


1908. 
£54.290 
61.210 


II 1907. 












£115.500 
115 500 




Aggregate to date 


112.500 




998 









London Tilbury and Southend. 



Inc. tllLs week, £5,000 Inc. to date, £3,000 



Weekending July o 

Passengers, etc 

Goods, etc 


1908. 
£10.35 7 
2-309 


<i 1907. 
£951 
2.2 ' 


Total for week 

Aggregate to date 


£12.666 
£12.666 


£11. 5, t, 
£ll,57t 


M:les open 


81 


81 



South Eastern and Chatham. 



Week ending July 4 



, etc. 



Goods, etc. 

Total for week 

Aggregate to date... 
Miles open 



£90.256 £89.161 

I2q.2\i\ / 21.2 30 

£110,469 i £110.399 

110.469 1 110,399 



Inc. this week, £70 Inc. to date, £70 



Week eodin;4 July 5 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate to date 

Miles open 



1908. 
£4.616 
16.678 



fi 1907. 

£4.493 

14.567 

£19,bb3 

£19,065 

124"-. ^ 



luc. this week. £1.08/ In.' to d i',-. £1.037 



this 



ek £2,231 



lodnte, i'2,231 



N'OTES ASD EXPLANATIOVS. — a The rccei,>t3 for the corresponding period last year are .adjusted to the actual figures, h Includes the receipts of the Vale i 
Glamorgan Railway, c Dock dues, Ac, are included in tliis return, d The above fig ires do not include the receipts of any of the Company's Joint Lines. e Exclu* 
sive of 1451 miles Joint Lines, f Exclusive of 145J miles Joint Lines, a Includes 249 miles Joint Lines (G. N proiiortion). A Includes 246 miles Joint Line- 
Q. N. proportion). i Includes the receipts of the Waterloo and City Railway. .; Including the receipts of the Canal, k Railway 200 miles. Canal 119 miles 
ajUl;j i^jia boat receipts an! tolls, m Peaarth Djck anl Railway incladoJ. n luolidiag 17J miles jointly worked with G.C.B. 



50 



THE RAILWAY TIMES. 



[July ii, 1908. 



OFFICIAL TRAFFIC RETURNS. 



BRITISH AND IRISH RAILWAYS, &e. 



Belfast & Co. D 
Brecon & Mer. 
Cli. C. Ell. & H 
CleatorAWork. 
Cock. Ke3. & P. 
Cork B. & S. C. 
Ck. B'rck. & P. 
I£ast LondoQ . . 
13. N. aod City 
G.N., Pic, & B. 

[sle of Man . . 
Isle of Wight.. 
Isle of W. Cent. 
Mane. Canal . . 
M'port & Car. 

Mersev 

.Vlid. & S.W.Jn. 
Neath (SBrecou 
Port Talbot . . 
Rhon. & S. Bay 



Mileage. 


1908. 


1907. 


H 


4i 




80 


61 


61 


7} 


7f 


'Mk 


28S 


3li 


31i 


103 


103 


«* 


6i 


5fJ 


5H 


■M 


3i 


»i 


9 


46} 


46} 


14} 


14} 


iiU 


21} 


41} 


41} 


44 


4i 


61 


61 


31 


31 



Latest Earnings Reported. 



Wk. or Month 



July 4 
July 7 
July 5 
July 4 
July 4 
July 4 
July 3 
July 3 
April. 
July 4 
July 4 

July 4 
July 4 
July 4 
May. 
July 4 
July 4 
Julys 
July 4 
July 5 
July 5 



3,183 
1,471 
6,250 

1,094 

768 

653 

39,924 

2,220 

1,804 

1,804 

845 

2,214 

2.473 



328 
3,882 
1,748 

4,440 



734 

621 

42,683 

1 2,475 

I 1,882 

1,919 

1,3S4 

2,483 

I 2,376 



Ag^ra^ateto date, 



13,816 
1,471 
5 250 

14,808 

768 

653 

190,842 



FOREIGN AND COhOVnkh—Continvxd. 



Railway. 



£2,785 San Paulo 
4,089 stlin. Punjab 
2,28:' Ludha. Ext. 
2,66 I South. Indian 
1,241 

l,039|Taltal _ 

1,6881] Xemiscouata b 
328 1 Un.Rys. Hav.a 
15,247| Urug. North, o 
1,748; 

4,44flj| Well. & Man. a 

W. of Havanan 

14,795, W.P.&Vukon 6 

734 zaf. AHuelvaa 



195,964'! 
2,475 
1,882 
1,949 ; 



Mileage. 


1907-8 


1906-7 


118} 

425 

155 

1,375 


118} 

425 

155 

1,131 


166 


145 


660 

72j 


660 
72} 


147 


125 


113 


113 



Latest Earnings Reported. 



Wk. or Month 



May 30 

June. 
May. 
July 4 
June. 

4 wks. Jan. 
July 4 
7 dys. June 14 
June, 



1907-8. 1906-7. 



21,705 

66,300 

17,205 

3,79,341 

?3,466 
17,345 
11,870 
1,702 

15,916 
4,924 
46,500 
10,951 



10,804 
15,228 
13,604 
2,221 

14,502 
5,951 
78,550 
12,333 



Aggregate to datt 
1907-8. I 1906-7. 



792,028 11104,168 



22,92,977 
4.08,795 
80,98,675 

229,258 
82,364 
6,89ci 
21,251 



2,814 
67,605 



2091,692 
3,81,105 
J793,22» 

19.?,377 
6S,945 
11,857 
22,618 



UNITED STATES RAILWAYS. 



FOREIGN AND COLONIAL RAILWAYS- 



Railway. 



Mileage. I Latest Earnings Reported. 



Alcoy & Gand.i 
Algeciras . . . .tj 
Ang.-Ch. Nit. a 
Antof. & Bol. a\ 
Arg. N.E...a! 
Assam-Bengal c\ 



771 



Ben. & N. W. cji,797 
Beng. Dooars C| 36j 

Extensions — c| 117 
Bengal-Nag. <::2,119 
Bil. Riv. & C. 15 
Bolivar ....al — 
Bom. B & C.l.c 505 

State Lines, .c, 1,918 
Braz. Gt. Sn. d\ no 
•B. A. &Pac. 012 427 
B.A.R. &C.A.C 2,390 
B.Ay. Cent... a 137 
B.A.En.&S.C.n: 64 
tB. Ay. Gt. S.fl 2,657 
B. Av. West. «|l 219 
Burma c 1,340 

Can. North. 612,874 

Can. Pacific & 9,230 

Central Urug.a 271 

East Exten. a\ 159 

North. Ext. a, i82 

West.Exten. a\ 211 

Cordoba Cent.ni i28i 

SCent. N. Sec. a 643} 

Cord. & llos. u, ]8o 

Costa Rica . .a, 201 

Cuban Centrak 241 



162} 
21} 



655 



Del. Ura. & K 
Demerara . 

Berbice . . . 

West Coast . 
Dora. ofCanada 



East Indian— c 
Egypt. Delta a 
Emu Bay. . . .a 
Entre Rios ..a; 
O. Tk. of Can.a; 3,535 

Can. Atl...a' 

0. T. West, a 

D.T.G.H.&Mal 
Gt. Ind. Pen. f,2,851} !2.813i 
G.W.of Braz. b[ 893 
H.H. Nizam's cl 355 

Hyder. God. e\ 392 
Indian Mid. ..r! 1,126 
Inter.of Mpk.*- 736 
La G. & Co 



Wk. or Month 



,511 
1,111 
1,343 



472 
3,535 



June 28 
July 3 
June 6 



June 6 

June. 

May 

4 days July 4 

May. 

July 4 

July 4 

June. 

July 5 



9 days June 28 



June 2^ 
June 13 
July 4 

10 dys June 30 
April. 

June 

10 dys June 30 
June 20 
June 
July 4 

7 days July 7 



1908. 



Aggregate to date. 



Alab. Gt. Sth. 
Ala.N.O.&T.P. 

Atc.Top.&S.FS 
Bait. & Ohio.. 



Leopoldin 
Mad.&SMah. c 

Manila b 

Maslionaland a 
Mexican ... .k 
Mex. South.. 6 
Mid. Uruguaya 
Nassjo-Oscar.o 

Nitrate a 

N.W. of TJrug.d 
Ottoman . . 
Parag. Cent, a i 165 
Pe/uv. Corp. b' ] 797} 
Pir.-Ath.-Pel. hi , 346 
Puerto C.& V.a ' i.34 
Queb.&L.St.J.ft ' — 
Qubec Cent, b: 222 
Rhodesia .. . .a, , — 
Rohll. &Kura.c [203 
Luck. Bar...c\2l8 



,1263 



111 
320} 
I 1S5 



Salvador. . . 



.'00 



Juno 30 
July 4 
355 iJan. 1-June 13 
392 I 
1,126 I June 30 ! 
736 19 days Juno 30 
23 i May 
July 4 



20,000 
30,515 
13,850 
23,650 
3,681 
8<»,500 



4,91,325 

9,172 

5.016 

2,04,000 

2,30,00& 

21,250 

7? 656 

84,227 

13,968 

436 

68,372 

37,267 

3,0i),S58 



9.432 
1,856 
1,276 

»2; 

3,670 
10,830 
5,59J 
6,474 
4,027 

64,500 
10,155 
3.280 
2,495 
104,700 

2373,000 
4,208 
3,613 
4,800 
112,853 
8,247 
21,998 
6,662 

1719,000 
5,816 



13,0001 
29,134 
10,100 
19,745 
3,429 
73,988 



6,01,000 

7,533 

5,458 

3,28,000 

4,68,000 

24,500 

58,225 

89,450 

9,865 

341 

62,004 

35,182 

3,15,609 



935 
4,116 
12,545 
4,700 
6,465 
5,046 

65,324 
10,420 
3,131 
2,362 
95.135 



Mileage. I Latest Earnings Reported. I July 1 to Latest Date 



528 
9,332 
4,018 



1903. 



1,460 

1,733} 

207 



320} 
155 
797} 



as 

July 4 

May. 

7 day? July 7 

July 7 

June. 

April. 

June 16 to 30 

Jane. 

July 41 

June 27 

June. 

December. 

May. 

February. 

1st wk. May. 

April. 

June 6 

July 4 



18,906 

3,74,383 

35,487 

21,826 

124,800 

27,798 

6,400 

5,292 

21,370 

21,800 

5,559 

1,670 

879,360 

516,616 

4,750 

31,941 

20,285 

42,578 

23,852 

31,876 

15,500 



3,682 
134,857 
8,660 
25,310 
7.411 
1665,985 
6,464 



5,18,844 

193,050 

5,750 

16,884 

3,0ii,182 

42,693 

16,256 

142,500 

33,197 

6,064 

5,335 

20,534 

24,180 

4,513 

1,470 

817,950 

38,970 

1,758 

33,977 

15,173 

36,414 

22,66" 

32,563 

22.500 



389,000 

1,762,950 

76,500 

614,838 

3,681 

20,00,138 

76,09,613 

1,55,621 

2,66,110 

1,26,03,000 

50,232 

44,103 

2,04,000 

2,03,000 

82,000 

37,066 

47,635 

134,357 

436 

48,113 

37,267 

1,66,85,71 

9,012,400 

71,2S7,000 

5,403 

751 

671 

552 

96,150 

228,615 

252,99;' 

223,256 

2,192 

10,63,878 
41,980 
13,194 
9,709 



52,991 

30,347 

2,774 

112,853 

8,247 
21,998 



1907. 



Cent, of Geor... '1,913 ii,903 
Central of N.J. 648 618 

1| Ches. and Ohio 1,831 1,829 

340.000! Chic. Gt. West. 818 818 
1,758,5231 Ch. Mil. & S.P.!7,187 7,( 
66,750 Cin. N.O. & T.j """ 
473,236 Cl. Cin. Ch. &C.I1 
3,429! 
20,63,262 Deny. & Rio G. 2,55 



2,542 
2,160 
4,377 
4,323 



Wk.or M'nth 1907-8. 1906-7. 



2nd wk. Juno 
May. 
April. 
May. 

2ad wk. June 

Mvy. 

April. 
2nd wk.June 

April. 
2nd wk.June 

April. 

3rd wk. June. 

April. 

May. 
3rd wk. Juno. 



Erie !2,169 

80,84,324 I Illinois Central|4,419 
1,58,951' Louis. & Nash. 14,349 

2,64,94.1 Minn. A; St. L.I 799 ' '799 i3rdwk. Jun 
1,41,21,000' M. St.P.S.S.M. 2,262 12,207 ,3rd wk.June 
55,115li Miss Kan. &T.!3,072 13,072 I April. 
45,23511 I i 

3,28,000 Nat. of Mexico! 1,732 !l,731 !3nd wk.June 



4,68,000 N.Y.C. & B. R, 
109,000; N.Y. Ont. & W. 
45,980! Norf. & West. 
57,80u Northern Pac. 
131,648 

341 ! St. Jos. A G. I. 
62,004i| St. L. &Sn. Fr. 
35,182l| St. Louis S.W. 

1,54,26,780 , Southern 

I Texas & Pacific 
7,493,100; Wabash 
72,218.000|| WhI. & L. Erie 
6,236 



3,783 


1,784 


546 


546 


1,877 


1,876 


5,617 


-1,617 


317 


312 


6,021 


6.014 


1,454 


1,452 


7,501 


7,496 


1,835 


1,856 


2,517 


2,517 


498 


498 



April. 
April. 
April. 
May. 

April. 

April. 
3rd wk. June 
2nd wk.June 
3rd wk. June 
3rd wk. June, 
k. June, 



»64,332| «76,449 
409,000| 537,0001 
7311388|S494368 
'>092,4947370349| 

188.4001 185,100; 
2280166124645081 
171885212209621 
149,495! 169,1641 
1224,629(4995664 
133 200 182,414! 
1734815 2158884! 

354,700' 409,200 
3639733 4671405 
.1709408' 4862104 

987,015] 928, 520 
70.708 87,733 

192,671' 266,715! 

1520746[2026892j 

280,2721303,093; 
678223313039260 
665,358 707,503, 




120,218 
3075399 
165,820 
886,586 



131,187 
4316683 
201,126 
1048005 



10 263,717 
;454,657; 594,984 
98,885 147,066 



1,382,255 
40,340,243 

9,377,9;4 
50,597,772 
14,071,143 
24,911,442 

5,126,223 



44,134,216 
51,727,739 
46,625,510 
3,764,563 
12,403,490 
21,798,955 

15,096,730 



1,434,044 
41,243,177 
10,015,773 
54,143,088 
16,252 
26,685,411 

5,817,085 



WORKING STATEMENTS. 



86,040 
238,845 
230,545 
29;,237|! 



.Apr. 



17,88,324 

68.74.269 

7,694,410 

24.000 

565,386 

77,86,432! 

1,122,250 

102,325 

124,800 

665,455 

71,046 

18,900 

286,161 

242,754 

5,559 

85,502 

10,153,44! 

6,693,70,'. 

16,75n 

68,216 

360,504 

151,991 

5,46,775 

6,19,422 

15,60o! 



4,3641] Alabama Great Southern. ..Apr 

! July 1 to Apr. 30 

1 1,99,970 ! Atch.Top.A Santa F6.. .. Apr, 

48,720! July 1 to Apr. 30 

13,365 I Baltimore and Oliio May 

10.312j| July 1 to May 31 

— ! Canadian Northern Apr, 

July 1 to Apr. 30 

4,39,79,000 Canadian PaciBc Apr, 

57,192 July 1 to Apr. 30 

— !l Chesapeake and Ohio .... Apr. 
3,156i| July 1 to Apr. 30 

134,867 Chicago Great Western ..Apr. 

8,660 I July 1 to .A.pr. 30 

25,310;' Denver and Rio Grande 
7,411 ! July 1 to Apr. 30 

4,01.04,396 Louisville and Nashville 
235,4321; July 1 to Apr. 30 

25,14.044 ! Minn. St. P. & S.S.M. .. 
19,01,053!, July 1 to Apr. 30 

80,72,034 Miss. Kan. & Texas .... 
7,192,920 July 1 to Apr. 30 

33,730' National of Mexico 
546,478' July 1 to Apr. 30 

66,33,962'! New York Ont. & West. Apr. 

1,334,434 - " 

81,7771 
142,500 
716,224 
74,750 
19,082 
234,732 
261,005 
4,513 



.Apr. 



..Apr. 



...Apr. 
. . .Apr. 



July 1 to Apr. 30 

Phil, and Reading Apr. 

July 1 to Apr 30 

Coal and Iron Co Apr. 

July 1 to Apr. 30 

Total both Companies. .Apr. 

July 1 to Apr. 30 

Pitts. Cin. Ch. A St. L. . . May 

Jan. 1 to May 31 

7:,^ 1 1 St. Jos. and Gr. Isl Apr. 

,'■--. I •;> July 1 to Apr. 30 

,:;ii,,,'i.:i ,-^t. Louis & San. Fran. .. Apr. 

l:.,iiiin July I to Apr. 30 

69,,stJ2 Southern Railway Apr. 

278,071 July 1 to Apr. 30 

142,172 Union Paciflc Apr. 

5,55,47;'> ' July I to Apr. 30 

8,65,723| Wabash Apr. 

22,500!| July 1 to Apr. 30 



Gross Earnings. 



Net Eaminga. 



S252,553 

3,008,451 

7,361,388 
77,571,762 

5,092,494 

68,172,530 

686,100 

7,683,100 

5,497,736 
60,435,768 

1,718,852 

22,102,2H 

623,7; 9 

6,839,459 

1,432,772 
17,323,243 

:!,271,226 

37,934,937 

812,446 

9,852,348 

1,520,746 
20,068.210 

1,168,780 

13,234,J26 

665,358 

6,688,4.i9 

3,269,977 
35,425,498 

4,453,707 
32,861,571 

7,723,684 
68,287,088 

2,031,992 

10,019,170 

120,218 

1,362,255 

3,075,399 
4i),340,243 

3,936,336 
45,341,516 

5,966,854 
64,061,430 

1,814,719 
21,741,017 



1906-7. 



1907-8. 



$332,052 

3,271,899 

8,444,368 
77,887,330 

7,370,849 

75,047,837 

569,900 

5,659,400 

6,391,561 
58,482,677 

2,209,621 

2'),975,241 

719,567 

7,534,934 

1,696,069 
17,162,853 

3,998,602 
39,833,203 

1,236,428 
10,446,460 

2,026,892 
21,793,1155 

1,484,498 

12,88.5,551 

707,503 

6,781,044 

3,998,069 
35,541,648 

4,121,379 
32,010,461 

8,119.448 
67,552,110 

2,864,544 

13,181,840 

131,187 

1,434,044 

4 316,683 
41,243,177 

4,768,457 
47,222,711 

8,414,196 
82,686,673 

2.218,28J 
22,657.801 



$38,264 

472,814 

2,931,551 

24,562,703 

1,078,450 

17,908,516 

160,700 

2,140,400 

1,722,234 

18,435,374 

577,904 

7,454,074 

67,544 

1,127,608 

411,897 

5,509,593 

744,893 

9,189,713 

273,815 

3,827,902 

305,42 J 

6,345,755 

483,236 

4,781,218 

237,523 

2,015,105 

1,172,442 

13,027,740 

203,134 

2,260,694 

1,373,576 

15,288,434 

567,27« 

2,367,514 

64,459 

554,382 

828,520 

ll,064,0ii3 

982,241 

9,178,935 

2,807,277 

26,171,790 

361,692 

5.838,288 



1908-7. 



$47,441 

602,067 

3,298, 

29,556,466 

2,431 ' ' 

24,915,586 

104,700 

1,427,000 

2,388,926 

20,368,844 

743,825 

7,391,875 

155,200 

2,064,867 

604,053 

5,868,241 

1,213,470 

12,737,577 

483,712 

4,454,388 

488,721 

7,933,168 

516,005 

4,647,860 

200,922 

2,147,993 

1,563,304 

13,028,432 

220,227 

1,690,580 

1,783,531 

14,719,012 

695,717 

2,882,619 

42,200 

57,217 

1,280.344 

13.544,051 

718,202 

9,912,155 

2,351,337 

28,510,855 

588,969 

6,598,212 



1 Earnings reported In pounds, b la dollars, c In rupees, d In milreis, e in rels, a in crowns, h In drjo^mas i in paietai, ; reduced to gold le in Mexican dollars. 
•Includes Argentine Great Western and Transandine receipts t Including Eoseoada Section, S. Coast Lines, &c. I All sections. SIncluding North West Argentine Extension 



July ii, 1908.] 



THE RAILWAY TIMES. 



-THE METROPOLITAN AMALGAMATED 



RAILWAY CARRIAGE AND WAGON COMPANY, Ltd., 

and Patent Shaft and Axletree Co., Ltd., Docker Bros., Ltd. 

IRON AND STEEL UNDERFRAMES, WhiiELS, AXLES, 

AND EVERY DESCRIPTION OF ROLLING STOCK, 

PRESSED STEEL BOGIE TRUCKS, Etc. BRIDGEWORK & ROOFS. 

DOCKERS' SUPERFINE CARRIAGE PAINTS^ VARNISHES, 

JAPANS & FINE COLOURS. 



> 



■•Clatored Offices: 8ALTLEY, BIRMINGHAn 

Telegrams: "METRO." BIRMINGHAM. 



London Ofllces : 36. VICTORIA STREET. WES TMINSTER, 8.W. 
■RAILCAR •■ LONDON. "SHAFT." WEDNESBURY. 






AVONSIDE 




n 



A 



jgimM^^i^^^^m^ 






ENGINE CO., 

FISHPONDS, BRISTOL, 



LOCOMOTIVES. 



20,000 10/6 "DIAMOND STAR" FODNTAIN PENS FOR 2/6 EACH 



fitted witli 14.capat Gold Nib, Twin ri..>d, ,i,i,| 



.-■jul.ito fiow of Ink 



THE SELF-FILLING AND SELF.CLEANINli PERFECTION FOUNTAIN PEN FOR 6 6. 



Honestly worth 15./-, for 5/6. Non-leakabl? ; fllk 
it..iclf, cleans itself la one second : fitted with 
large 14-Oarat Gold Nib. The simplest Pen made. 
Every Pea a pleasure. 



Readers of THE Railway Times should write at once to the RED LION MANUFACTURING CO., LTD.. 71, Hi gh Holborn, 
London, W.C., and acquire these bargains. (Ageuti^wanied)" 



ESTABLISHED 1774.. 



WILLIAM JESSOP & SONS, Limd., 

BRIGHTSIDE WORKS, SHEFFIELD. 

TOOL STEEL, ^^i HIGH-SPEED STEEL, 

ARK 

FORGED AXLES AND LOCO : CRANKS. 
Lagging Sheets. Self -Hardening Steel. 

\Z!:::i:: "-Z'"s^Z^cZll,!u"'- loco : castings, wheel centres & HORN-BLOCKS. 




THE RAILWAY TIMES. 



[lULY II, 1908. 



WILLIAM JONES 

AND SONS, Ltd., 

Cecil Street Foundry, 

BIRMINGHAM. 




Makers of 

GALVANIZED 
SIGNAL 

PULLEY 

AND 

FITTINGS 
CAST & MAILE/^BLE IRON. 



CARLEY COXHEAD 

C.E. 

Motor . Patents . Expert 



To Inventors 
Do You Want 

To take out a Patent —British or 
Foreign ? 

A Model Made ? 
To be sure your Patent is good, 
valid and really marketable, and 
one which may be offered to in- 
vestors with every confidenc- ? 
To Sell your Patent Rights ? 
Expert Advice of any kmd upon 
Patent Matters ? 

F rm a praclVal (xp.-rience of over a quirter of 
- century h the Engineering and P te t professions. 
1 a-n confid ■• t I can render you vjluib'e assisla-ce 
in ei tier o( ih ■ I b-.ve i ec ions if reguied ; a d ■ hall 
t^er f ^re be 1 leased to hear from you at any tim -. when 
my b?st and personal attention ma- be te!i?d upon. 

All Advice Free. Write or Call. 

118, Chancery Lane, London, E.G. 

ESTAB JSHED 1879. 



GREAT CENTRAL RAILWAY 



'ratid travel in luxury] 

C THE LONDON EXPRESS TRAINS CENTRE ON SHEFFIELD, branching therefrom 
westward to Manchester, Oldham, Stalybridge, Stockport, Warrington and Liverpool; norUwara 
to Hnddersfield, Halifax, Bradford, Leeds and York ; eastward to Doncaster, Grimsby. Hull and 
North Lincolnshire. 

C CROSS COUNTRY EXPRESSES AND THROUGH ARRANGEMENTS WITH 
OTHER COMPANIES are a distinct feature of the Great Central services. 

Liverpool. Manchester and Sheffield are linked up by corridor trains with Lincoln, Harwich, Lcwestoft, 

Norwich and tht Crc-at Ivastern system. 

Newcastle, Sunderland. Durham, York, Bradford. Hnddersfield. Rothcrh^m and Sheffield are 

pr*W,fe!l "til th"""h trains vu, Nottinghatn, Leicester, Banlnuy a,id Oxford, to nd from Southa.npton, P.ournemouth 

and the South Western line. 

Bath. Bristol. Exeter. Torquay. Kingswear, Plymouth and the Cornish Riviera are reached by 

Express Trains from U-eds, Wakefield, Halifax, Huddersfield, Sheffield, Nottini,rham and Leicester. 

The services between the Great Western and Great Central sytems centre 

upon Oxford for south and west, and Banbury for Cheltenham, Gloucester, 

Newport, Cardiff and South Wales. 

Via {MA-Iil-LEBONE is LOj^ON'S POPULAR 1{pUTE for STRATI- ORD-O^N^Al'ON 



All Express Trains 'inchide Buffet, Breakfast, Lunc' eon, or Dining C'^rs. 



C TICKETS are issued In advance at all olfices, or by Messrs. Dean & Dawson, the Company's Agents, who alsi book 
to the Continent by any Ctaannel service In connection with the Rundreise or Tourist system, which allords travellers 
choice ol route and a r^-'-wtion ol about 30 per cent, oil ordinary lares. ^^^ ^^^ Gemrcd Manager. 



=^^^TnI^ for the Proprietors at 32-34, Fleet Lane, E.C., and Pufjlisl.ed hy .lAs. W. Cocrti^nay at 12, Norfolk Street, Stra.Kl.-,S.iTURD.U-, JLIY 11. 1908. j 



luLv 18, 1908. ] thf. railway times. 



WESTINGHOUSE BRAKE 

for Steam and Electric Railways and Tramways. 

AIR COMPRESSORS 

driven by Steam, Electric - Motor, Belt, or Axle. 

Morse Rocker-Joint Chains 

Silent-Runnmg, High-Speed, Flexible Gearing. 

FRICTION DRAFT GEAR 

Lengthens Life of Rolling Stock. 

Manufactured by 

THE WESTINGHOUSE BRAKE CO., LTD., 

82, York Road, King's Cross, N. . .. 



GREAT CENTRAL RAILWAY 



RATIO TRAVEL IN LUXURY 



C THE LONDON EXPRESS TRAINS CENTRE ON SHEFFIELD, branching therefrom 

1/VestlVard to Manchester, Oldham, vStalybridge, Stockport, Warrington and Liverpool; norUllvard 
to Huddersfield, Halifax, Bradford, Leeds and York ; eastivard to Doncaster, Grimsby, Hull and 
North Lincolnshire. 

C CROSS COUNTRY EXPRESSES AND THROUGH ARRANGEMENTS WITH 
OTHER COMPANIES are a distinct feature of the Great Central services. 

Liverpool, Manchester and Staellield are liuked up by corridor trains with Lincoln, Harwich, lyowettoft, 

Norwich and the Great Eastern system. 

Newcastle, Sunderland, Durham, York, Bradford, Huddersfield, Rotberham and Sheffield are 

provided with through trains v;.i Nottingham, Leicester, Banbury and Oxford, to nd from Southampton, liournemouth 
(Jj and the South Western line. ^ 

Bath, Bristol, Exeter, Torquay, Kingswear, Plymouth and the Cornish Riviera are reached by 

Express Trains from Leeds, Wakefield, Halifax, Huddersfield, .Sheffield, Nottin'.,'hani and Leicester. 

The services between the Great Western and Great Central sytems centre 

upon Oxford for south and west, and Banbury for Cheltenham, Gloucester, 

Newport, Cardiff and South Wales. 

Via MATiTLEBONE is LOj^ON'S TOPULAR lipUTE for STRJTFORD-0:J^JFON 



All Express Trains include Buffet^ Breakfast, Luncheon, or Dining Qirs. 



G TICKETS are issued in advance at all olflces, or by Messrs. Dean & Dawson, the Company's Agents, who also l>ook 
to the Continent by any Channel service in connection with the Rundreise or Tourist system, which affords travellers 
choice ol route and a r*4ii<>tion oi aliout 30 per cent. 611 ordinary lares. 

S.\M. F.W, Ginn.d M.iuagtr. 



54 



THE RAILWAY TIMES. [July i g. igog- 



FOR 



WORKS, FACTORIES, 
WAREHOUSES, Etc. 



Adjoining the 

Great Western Railway Company's System, 

the largest in the United Kingdom— there are in various localities considerable 
areas of land admirably situated for the erection of Works, Factories, 
Warehouses, and other industrial undertakings. 

The Railway is directly connected with some of the largest Steam, 
Anthracite and House Coal Fields in the kingdom, as well as with 
important and extensive Iron and Steel producing Centres and 
Ironstone Fields. Combined with these advantages, good Water 
Supplies, Cheap Labour, Proximity of Good Markets, etc., offer 
inducements to Manufacturers, Companies, Syndicates, and others desirous 
of establishing new industries. 

The districts served by the Company's Railway have many hundreds 
of miles of Seaboard, on which are some of the principal and largest 
Ports in the Country. These districts are therefore very convenient 
for import and export, as well as for inland business. 

The Company are desirous of assisting in the establishment of Works, 
Factories, Warehouses and other industrial undertakings adjoining their 
system of Railways, by entering into arrangements for siding connections 
to be made with the Railway. 

Information as to suitable sites, siding faciHties, conveyance rates, etc., 
will be readily afforded on application to Mr. T. H. REN DELL, Chief 
Goods Manager, Paddington Station, London. 

JAMES C. INGLIS, 

General Manager. 



July i8, 1908.] 



THE RAILWAY TIMES. 



FURNESS RAILWAY. 



BLACKPOOL & THE LAKES 

(Via FLEETWOOD) 
In connection with the Company's Paddle Steamer 

"LADY EVELYN" or "PHILOMEL." 
Every Week-Day during JULY, AUGUST and SEPTEMBER. 



THE OUTER CIRCULAR TOUR. 

UNEQUALLED COMBINATION ! 
By SEA. RAIL, LAKE, and COACH, embracing 
FURNESS ABBEY, 
WINDERMERE LAKE and CONISTON. 

Time is allowed for Luncheon at the Pavilion, Lake Side Station, Windermere. 





BLACKPOOL (Talbot Road) Train dop. 10.10a.m. 

FLEETWOOD Steamer dep. 10.30 „ 

r> A r.r..rv»»r /t. j r. i ^ I Steamer arr. 11.45 ,, 

BARROW (Ramsden Dock) ■■\Train dep. 12.0 noon. 

f Train arr. 12.45ii.m. 

WlXDEBMEUE (Lake Side) \ (Lunclieon.) 

(S. Yacht dep. 20 „ 

/S. Yacht arr. 3.0 
\Coach dep. 3.15 „ 

(■Coach arr. 4,45 ,, 

CoNiSTON -j (Time allowed for Tea.) 

[Train dep. 6.0 p.m. 

BARROW (Kamsden Dock) {Jt^amer dJp! 

FLEETWOOD Steamer arr. 



Ambleside . 



Lmiv E\kly: 



BLACKPOOL (Talbot Road) Train arr 

1st Clas.s .Srd Class 1st Class 

Inclusive Fares for the Round :— & Saloon. & Fi>re Cabin. & Saloon. 

From BLACKPOOL 11/6 7/6 | From FLEETWOOD 10/ 

Tickets are available for a week, with break of journey at any Station on the Circle. 

Passengers holding 3rd Class Tickets may travel Saloon on payment of 1/= extra on Board of Steamer 



6.5.0 „ 
7.0 „ 
S.15 ,, 
9.2 „ 
3rd Class 
& Fore Cabin. 
6/9 



BOOKING OFFICES. — Tickets and pirticulara of Sailing.s, &c., may be obtained at Talbot Road Station; from tlie Furness Railway Co. '3 
Ar;ent, Mr. H. A. Ueakin, Talbot Square ; and at Messrs. Thos. Cook and Son's Agent.s — Mr. S. Bancroft, Victoria Street ; Mr. \V. 
Marshall, 11, South Parade, South Shore, Blackpool ; and at 62, North Albert Strec^t, Fleetwood ; or on board the steamer. Alto at 
Messrs. The;. Cook and Sou's Offices at Blackburn, Boi;on, Burnley, Oldham, Preston, Rochdale, and Manchester. 

20 COACH & STEAM YACHT TOURS THROUGH LAKELAND 
Every Week-day during JULY, AUGUST and SEPTEMBER. 



The followlnsr Tours embrace the chief places of interest in the Lake District :— 



Outer Circular Tour, embracing WiDdermcre Lake, Furuess 

Abbey, and ConistoQ. 
Inner Circular Tour, embracing Furness Abbey, Coniston Lake 

[Gondulal, and Crake Valley. 
Middle circular Tour, embracing Windermere Lake, the Crake 

V;ilU.y, and CoQiston Lako. 
Red Bank and Orasmere Tour, via Ambleside and Skclwith 

[ Amble- 



Fo 



No. 13. The Five Lakes Circular Tour— viz. : Windermere, Rydal. 

Orasmere, Thirlmere, and Derwentwatcr. 
,, 14. Wastwater Tour, cm Seascale and Gosforth Churchyard Cross, 

.\.D. 680. 
,, 15. The Six Lakes Circular Tour — viz.: Windermere, Rydal, 

GrasmL're, Thirlmere, Derwentwatcr and Ullswater, 
,, _i<^. The Duddon Valley Tour, via Broughton-in-Furness, Ulpba, 

and Seatliwaite. 
.. iQ. The Rusland Valley Tour. 



For furtber particulars aoe tbc Company'a Illustrated Tuurs Programme, to be had ^Tatis at all 
Harrow -in- Furness ; and at Messrs. TIios. Cook & Son's Oftiei 
The Palette Album, illustrating the Furness Ilsulway Company's 20 Tours through 
District (New Serie^. 6 for 3d. 

Tlie abjvemay ba obtained at anv Station on the FurnosB Railway, and on the Compai 
Bookstalls. 

Barrow.i>-Fl'R>-ess, July 1908. 



Furness Railway Stations; also from the Superintendent of tlie Line 
;s ; also at the principal Boukstalls. 
Lake Land, in colours, price Hd. Picture Post Cards of the Lake 

ly's Steamers; also at Furness Abbey Hotel, and the principal Railway 
ALFRED ASLETT, Secretary ami General Manager. 



56 



THE RAILWAY TIMES. 



[July i8, 1908. 



LONDON TILBURY AND 
SOUTHEND RAILWAY. 

AUGUST BANK HOLIDAY. 

SOrTHEND-ONSEA, WESTCLIFF and LEIGH ON 

SEA, DAILY. 

Third-class 2.6 by Morning Trains. 

On FRIDAY and SATURDAY, July 31s^t and 

^uoii-t l^t W.fk-i-nd Tickets will be issued from 

FKNCHrncH .-ilKEET. ST. PANCRAS, and MARK 

LWF (IM.-tint Railway). For Time* of Trains 



I'u! 



Hil 



Sdi riMMi 'IN SEA Cheap Friday or Saturday 
to \\,,ii, I,. K.'turn Tickets to Southend and 
\V.-i< 111 "11 s, ,, r,u-«s 3s. 6d. Third-class; 6s. First- 

""^^ SUNDAY, AUGUST 2nd. and MONDAY, 

AUGUST 3rd. 

»5 6d SOUTHEND-ON-SEA 2e. 6d. 

and Back, Third-class. 

Fii-et-class, 5s., by the Tilbury and Southend 

Comr-anv's Special and Ordinary Trains trom FEN- 

CHinrH =Tn|-,l:T, ST PANCRAS and Liverpool 



St I 



J on the North London 

(iiill l.iim and Bow; also trom 
iLMii K.I -I, St. Mary's. Whitechapel, 

Mile En'i, and Bow Road Stations. 



COMPANY NOTICES. 



City and South London Railway 
Company. 

^TOTICE IS HEREBY GIVEN that the 

IM Forty-Eighth ORDINARY GENERAL MEETING 
of 'the Proprietors of this Comp:iny will be held at 
the offices of the Company. 71, Finsbury Pavement, 
in the City of London, on Tuesday, the 28th day of 
Julv 190.S, at 12 o'clock, noon, for the purjjose of 
receiving the Report of th.- I>iir. t..iv .iii.l the State- 
ment of Accounts for tin li.iiiM.ii . udmg 30 1; 
June, 1908, and the tran.- ii i.iii .m iIic ordniary 
business of the Company. Tli. 'Ii;ni-ur Books will 
be closed from the 17th to the 31st day of July, 
1908, l)Oth days inclusive. 
Dated this tenth day of July, 1908. 
By order, 
C. B. STUART WORTLEY, Chairman. 
■W. F. KNIGHT. Secretary. 
71, Finsbury Pavement, London, E.C. 



Mark I. .Ml. 
Stepney G 

MONDAY, BANK HOLIDAY. 
SOUTHEND-ON-SEA and BACK, 2s. 6d. 

Fast Trains leave FENCHURCH ST. about every 
15 minutes, or as often as required up to 12 noon, 
commencing at 6.30 a^m. 

siiK, ,;,1 1 ,1-t Through Trains from ST. PANCRAS 
(Ml, II, II. I l;n«.iM and by Ordinary Trains from 
T.nvii.-ii .^iiM I Station at 8.6, 9.19, 10.33 a.m. 
anil I'll !■ Ill \t all Stations aiik for Tickets via 
LONDON. TILBURY and SOUTHEND LINK. 

Cheap Excursion Tickets from Stations on the 
DISTRICT AND METEOPOLITAN RAILWAYS 
to SOUTHEND-ON SEA. 

B. BULLOCK, Manager. 

The English Association of the 

American Bond and Shareholders, 

Limited, 

6. GREAT WINCHESTER STREET, LONDON. 

TRUSTEES iND DIRECTORS. 

Alfred W. Smithera, Em]., Chairman, London. 

Thomas P. Fowler, Esq.. New York. 

Walter Lindley, Esq., London. 

Thomas Revnolds, Esq , London. 

it. Hon. Lord Welby of Alltngton. G.C.B., London. 

B.tNKERS. 

London and Westminster Bank, Limited! 
London Joint Stock Bank, Ltd. Martin's Bank, Ltd. 

Agents in America and Canada. 

The Bank of Montreal. The Morton Trust Co. 

The Association actj as Agent for transmitting to 

America and Canada Shares of Railway and other 

Companies for registration ; undertakes the CoUfcc- 

tiion of Dividends and Rights to New Is«uoi: 

cashes Coupons. Drawn Bonds, etc. ; and also repre- 

ienta all London American and Canadias CompanI.e. 

Full particulars can be obtained on application. 

T. LINDLEY, CHAS. D. BRASSEY, 

Manager. Secretary. 



The Great Western of Brazil 
Railway Company Limited. 

•vrOTlCE IS HEREBY GIVEN tbat the 

±\ Permanent G per cent. DitMiitiin Stock 
Tr.ansfer Books of the Company »ill 1.. .1..-, .1 from 
the 20th to the 31st July (both d.i\. m. hi-i\.) for 
the purpose of preparing \Varraiit> \<>v tin.- Interest 
payable 1st August, 1908. 

By order of the Board, 

H. TATTAM, Secretary. 

OfUces of the Company. 

River Plate House, 

Finsbui-y Circus, 

London, E.C. 



Metropolitan Railway Company. 

IVfOTICE IS HEREBY GIVEN that the 
X\ ne.\t Ordinary Half-Yearly General Meeting 
of the Company wi'i be held at the f annon Street 
Hotel, in the City of London, at twelve o'clock 
noon, on Thursday, the 30th day of July, 1908, foi 
the general purposes of the undertaking. 

CHARLES McLAREN, Chairman. 
s<?>>j" K- H. SELBIE, Secretary. 

At the conclusion of the above Meeting, the 
Ordinary Halt-Yeariy General Meeting of the Sur- 
plus Lands Stockholders will be he'd for the trans- 
action of the General Business relating to the 
Surplus Lands under the control of the Surplus 
ands Committee. 

ALBERT G. KITCHING. Chairman of 
Committee. 
32. Westbourne Terrace, Paddington, London, W. 
l*th Julv, 1908. 



London, Tilbury and Southend 
Railway. 



^OTICE IS HEREBY GIVEN that the 

j\| - ONE HUNDRED AND FOURTH HALF 
YEARLY GENERAL MEETING of this Company 
will be held in the Board Room, 41, Trinity Square, 
Tower Hill, London, E.C, on Thursday, the 30th day 
of Julv, 1908, at 12 o'clock noon. 

The Transfer Books will be closed from the 13th to 
the 30th instant inclusive. 

ARTHUR L. STRIDE, Chairman. 
H. CECIL NEWTON, Secretary. 
♦1, Trinitv Square, 
Tower Hill, E C. 
10th, July, 1908, 



North Staffordshire Railway, 



]^OTICE IS HEREBY GIVEN that the 

IM ONE HUNDRED AND TWENTY-FIFTH 
HALF YEARLY ORDINARY .MEETING of the Pro- 
prietors of the North Staffordshire Railway Com- 
pany will be held at the Cannon Street Hotel, in 
the City of London, on Friday, the 14th day of 
August. 1908, at Two o'clock in the afternoon, for 
the transaction of the ordinary business of the 
Company. 

The last davfor the Regis^tration of Transfers will 
be the 29th day of July, 1908. when the books will 
by closed until after the Meeting. 

TONMAN MOSLEY, Chairman. 

R. E. PEARCE, Secretary. 
Offices. Stoke-on-Trent, 
6th July, 1908. 



Reading Cases. 



-pEADlNG CASES to hold Twenty-six 
JA; Copies of The Railway Times, niaj 
be o'llainid from ihn Pnblishere (2fl 6il.) ; who 
ilso uBilertake to bind Subrcribers Volumes ai 
6s. tid. per Volume. 



TENDERS INVITED. 

The Bengal and North Western 
Railway Company, Limited. 

THE DIRECTORS are pi-eiaied tu receive 
Tenders for the Supply and delivery of; — 
2.360 tons 50 lb. RAILS and 
065 tons FISHPLATES for ditto 
as per Specifications to be seen at the Company's 
Offices. 

Tenders, addressed to the undersigned and marked 
'■ Tenders for Rails and Fishplates," are to be 
lodged not later than noon on Tuesday, the 28th 
day of July, 1908. 

i'or each specification a fee of £1 will be 
charged, which cannot, under any circumstances, 
be returned. 

The Directors do not bind themselves to accept 
the lowest or any tender. 

Bv Order of the Board, 
ALEXANDER IZAT, Managing Director. 
237. Gresham House, 

Old Broad Street, London, E.C. 
15th Ju'y, 1908. 



ROAD VANS of every description 
I Eupplied or repaired by Contract. — 

McDougall Bros., Wheelwrights, Vine Yard, i»7-99, 
Aldersgate Street, London. 



THE METROPOLITAN AMALGAMATED 

RAILWAY CARRIAGE AND WAGON COMPANY, Ltd., 

and Patent Shaft and Axietree Co., Ltd., Docker Bros., Ltd. 



IRON AND STEEL UNDERFRAMES, WHEELS, AXLES, 

AND EVERY DESCRIPTION OF ROLLING STOCK, 

PRESSED STEEL BOGIE TRUCKS, Etc. BRIDGEWORK & ROOFS. 

DOCKERS' SUPERFINE CARRIAGE PAINTS VARNISHES, 

JAPAMS & FSN5 COLOURS. 



ReelStcrcd Offices: 8ALTLEY, BIRMINGHAM. 

Telegrams: "METRO." BIRMINGHAM. 



London Office 
" RAILCAR." LONDON. 



VICTORIA STREET. WES TMINSTER. 8.W. 
"SHAFT.- VifEDNESBUnV. 



©he (JljiilttT Jig ®imcs 

A Journal of Finance, Construction, and Operation. 



Vol. XCIV. 



SATURDAY, JULY i8. 1908. 



No. 



PRINCIPAL 



VRTICLES — PACE 

The Paralysis of Railway Enter- 
prise 57 

Electric Train Fires 58 

Competition for Sunday TrafKc 5K 

Index Numbers for Stock Ex- 
change Securities fil 

Traffic Returns and the Price of 
Stocks fi2 

New Brake Vans for the Cale- 
donian Railway 63 

The North Western Company's 
Docks at Garston 63 

The Renard System of Road 
Transport 65 

Motor TrafKc in the Malay States 6li 



CONTENTS. 

Articlks— pack 

An Electric Railway Carriage 

Fire 67 

The Crisis in British Railway 

Finance 67 

Money and Stock Markets 59 

PEkSONAl SI) 

Meetings and Reports— o )', 

Barsi Light Railway 69 

City and .South London Railway 69 

Costa Rica Railway 69 

Parliamentary 70 

Railway Notes 7t 

Railway Stock AND Share List 72 

Official Traffic Returns 73 



THE RAILWAY TIMES 

rrr-LisiiED f-very sa ri'Ki<Av. 
THE OLDEST RAILWAY NEWSPAPER. 

Established in 1837. 
Telegraphic Address: "Altimetry, London." Telephone No.: ^948 Gerr 

Offices: 12, Norfolk Street, London, W.C. 



SUBSCRIPTION RATES. 



Aho 



£ 



In advance, tost-free to any aadress : — 

United Kiitc^dom. 

£ s.'d. 

Three Months ... ... 6 

Six Months ... ... I2 C 14 o 

Twelve Months 130 I j o 

The Railway Times is publishel on Saturday morning, and may 
be obtained at all bookstalls, and of any newsagent throughout the United 
fCin^doni at 6d. per copy. Should there he any irrei^ulaiity in the mpply 
of copies, con/plain's should /v made to the Puhlisher. 

ADVERTISEMENTS 

Rates for Adz<ertisemcnts will be sent upon retjuest. 

Alterations and n,7u copy for insertion in the inside pages of the current 
weck^s issue must be delivered by 6 p.m. on Friday, or, 7ohen proofs a<e 
required, by noon on Wednesday. New copy or alterations for the caver 
must be received not lattr than 10 a.m. on Wednesday. If proofs are 
required, the instructions and blocks for the coi'er must be received on 
Monday, 

REMITTANCES. 

Money Orders, Cheques, &^c., should be drawn in favour of TliR 
Railway Times, and should invariably be crossed " National Bank." 
Slam 's Tviil be taken in paymejit oj sums not exceeding ros, 

EDITORIAL. 

All communications intended for publication should be written on one side 
of the pai^ra/tiy, and should be addressed to " The Editor.''' Contributions 
arc invited from those coni'crsant with the "tarious departments of railway 
service. If such contributims are luit. accepted they will be promptly 
returnel if accompaniid bi/ a statnped and addressed envelope. When 
payment is desired this fact should he stated. In all cases the full name 
and address of the writer should appear on the MSS. The Editor does 
not hold himself responsible for the opinions expressed by contributors. 

CORRESPONDENCE. 
Correspondence is also ini'ited upon all topics relating to railway s. Letters 
intended for insertion in these pages must be accompanied with the name 
and address of the writer, although thj name need not necessarily be 
published. 



THE PARALYSIS OF RAILWAY ENTERPRISE. 

In our opinion quite in.sufiicient attention lia.s been 
paid by the (joveinment and the pubHc to the virtual 
paralysis of new enterprises in the railway world. Until 
a few years ago, new railway construction and the open- 
ing up of districts not yet adequately served by lailwavs 
proceeded naturally and automatically by the develop- 
ment of private enterprise. The growtli of the railway 
system has, in fact, kept pace with the increase in po[)u- 
lation, and there has never been any real check to uiis 
movement. But in the last few years a new feature has 
arisen which has never before appeared since the 
inauguration of our railway system. This new 
feature opens up a vista of alarming possibilities for 
the public and for those whose employment depends 
u])on the normal development of the railway system of 
the country. It is a matter which is likely to affect the 
wage-earning classes most of all. The proportion of 
capital utilised for new construction, which repre- 
sents cost of labour directly and indirectly, is very 
large, and e\ery additional mile of line opened means 
permanent employment for more railwaymen. We 
commend this aspect of the question to those unthink- 
ing agitators who have helped to drive capital away 
from railway enterprises because their demands in 
respect of wages are extravagant, and, indeed, 
impossible. As we have before pointed out, it it foolish 
to suppose that the interests of railwaymen arc served 
by an uncompromising and hostile policy, which only 
has the effect of pauperising the railways. On the 
principle that "You cannot take the breeks off a 
1 lielandman," it is absurd to suggest that by making 
the employer worse off you can improve the position 
of the worker. For the last two or three years the 
additions made to the authorised capital of the r;iihvays 
of the United Kingdom have been on a record low 
scale, and what small promotions were undertaken were 
by a few existing companies which incurred the dis- 
approbation of many of their shareholders by taking 
these further powers. The year 1907 was remark- 
able for the fact that only 3S miles of new railway were 
added to the system throughout the United Kingdom. 
That, too. is the smallest increa.se on record. Facts 
like these go to the very kernel of the situation, be- 
cause they show that a marked change has taken i)lace 
and that it is not due to natural causes. .Surely it 
cannot be for the good of the trading community that 
an artificial restriction is placed upon railway develop- 
ment in tliis way. This is an aspect of the railwav 
problem, which deserves, and is. we believe, already 
receiving the attention of the Government. Parlia- 
ment cannot be absolved from a very large share of 
the responsibility for the present unhappy state of 
affairs. Not only has Parliament added enormously 
to the obligations of existing companies, but its 



58 



THE RAILWAY TIMES. 



[July i8, 1908. 



original contracts with then, have been varied out of 
all recognition, without' any corresponding concession 
being made to them. Regulation by the State has 
generally been accompanied by State protection, and 
this is the policy which President Roosevelt has advo- 
cated for the United States railroads. It is the duty 
of a Government to assist the development of tne 
railway system of the country, and especially so when 
that system has been provided at no cost or even risk 
to the State. When the financial position has become 
so strained that natural development has been arrested, 
then surely the friendly co-operation of the Government 
is essentially to the well-being of the community. 

ELECTRIC TRAIN FIRES. 

The report by Mr. A, P. Trotter, of the Board of 
Trade, on a fire which occurred on April 30 in one of 
the carriages of an electric train on the Liverpool and 
Southport Railway, discloses one remarkable fact which 
distinguislies this accident from- others \of a similar 
kind. Briefly put it amounts to this, that a short- 
circuit took place between one of tlie main cables of the 
train and earth, and that the current passing did not at 
once increase to such an extent as to open the circuit- 
])reakers in the power station and the sub-stations 
concerned, but that it gradually grew until the breakers 
at last opened. It was during this period of increase 
that a great and destructive electric arc did the damage. 
The circumstances were such as to leave no doubt of 
the fact. While* the train was running the (circuit- 
breakers controlling the section opened. In accord- 
ance with the regulations they were at once closed. 
Instead of opening again immediately, as might be ex- 
pected in the case of a "dead short,"' they remained in 
for two minutes and then they opened again. That of 
course led to the trouble on the train being discovered. 
It is clear that the current which began to pass on the 
short-circuit being formed on the tram grew in amount 
till it opened tlie breakers, and it is equally clear that 
after it was interrupted by the opening and started 
again by the closing, it took two minutes before it had 
.grown enough to open the breakers for the second 
time. The first period of undue current is therefore 
likely to have lasted about two minutes also. The 
breakers concerned were set so that among them they 
could pass 9,100 amperes before opening. The up and 
down conductor rails are coupled together at section 
pillars, so that all the current which could pass through 
the feeders for both tracks was concentrated on the 
point of short-circuit. It is probable that a current of 
somewhere between 2,000 and 8,ogo amperes passed to 
earth by the frame and wheels of the car. Several 
pounds weight of iron were melted bv the arc and the 
carriage was set on fire. It was of' course not com- 
posed of non-flammable materials as in the case of cars 
on tube railways. Mr. Trotter savs that until he in- 
vestigated this accident he held the opinion that the 
earthing of the negative on this railwav would ensure 
that any leak would quickly develop into a dead short- 
circuit, -and that the circuit-breakers would open and 
put an end to the trouble. He considered that in this 
/ respect the line was more favourablv situated than 
those underground electric railways in London which 
employ an insulated negative or return rail, and where 
a leak from positive to the frame of the car allows a 
current of from 500 to 800 amperes to pass, enough to 
cause mischief, but not enough to open any circuit- 
breaker. He adds that it seems, however.' that the 
short-circuit did not develop very quickly. Mr. 



Trotter does not advance any theory in explanation of 
this peculiar circumstance, but he makes some recom-'. 
mendations calculated to prevent damage in future. 
The chief of these is that each feeder should be pro- 
vided with a separate circuit-breaker, and that Mie 
switches for cross-connecting the two conductor rails 
at the section pillars should be kept open, except on 
emergencies, etc. The breakers could then be set for 
a much smaller current, so that any one section of the 
track would be limited to the current (with reasonable 
margin) required to start a train. It will be some 
satisfaction to all connected with the railway that Mr. 
Trotter so clearly indicates that the peculiar circum- 
stance which arose could not be foreseen, and it is also 
satisfactory to know that at no great cost or time 
arrangements can be carried out which will prevent 
this particular imforeseen circumstance from ever 
occurring again. Just before these pages go to press 
another electric railway fire is reported. It occurred 
on Thursday evening near Moorgate Street Station of 
the City and South London Railway, and it is attri- 
buted — with what accuracy remains to be seen — to a 
fault developing in a cable in the tunnel, whereby a 
short-circuit set fire to a disused signal-box and some 
sleepers. If inflammable material was close at hand it 
is quite possible that a dangerous arc might be formed 
without a very large current passing, especially as the 
constant service of trains on this railway entails a heavy 
continuous demand for energy. 

COMPETITION FOR SUNDAY TRAFFIC. 

During the summer months, when the weather con- 
ditions are improved and circumstances generally are 
such as to induce people resident in London and the 
surrounding districts to travel afield oil Sundays, there 
arises an opportunity for gauging the extent to which 
the public nowadays makes use of the railway in com- 
parison with other methods of locomotion. The re- 
sult of making such observations is to bring out with 
clearness the fact that, generally speaking, the railways 
have lost whatever hold they may have had on the 
Sunday traffic, except in those districts where com- 
petition by road is wholly absent. Before the advent 
of the long-distance tramway routes and the popularis- 
ation of the motor car. the railways were in a position 
to dictate to the travelling public, and the somewhat 
meagre facilities offered by them for Sunday travel 
were very different to what they are now, because of 
the limited patronage accorded to them. The develop- 
ment of what is now know as "the week-end habit" 
has been rapid of late years, and the use of the ex- 
pression is not by any means limited so as to include 
those alone who, leaving town on the Saturday, return 
only in time for the commencement of business hours 
on the following Monday morning. It embraces also 
those who make a regular practice of spending Sunday 
alone, or a part of it. out of London, and this class is 
of course largely in the majority. A carefully estimated 
census was taken on a fine .Sunday recently, of the 
number of people arriving at one of the most popular 
country resorts some 15 miles from town, the place being 
situated on a well kept main road, and being also served 
by two lines of railway besides having a direct tram- 
way route from London. The result of the observa- 
tions showed that quite 80 per cent, of the public 
arriving between the hours of 8 a.m. and 5 p.m.. came 
by road, either by means of the tramways or in other 
road vehicles, wliile the remaining 20 per cent, were 



July i8, 1908. J 



THE RAILWAY TIMES. 



59 



distributed about equally between the two railways. It 
is of course impossible to judge to what extent the 
public road service and travelling by road generally 
interferes with the traffic over the railways on this par- 
ticular route, because it may be regarded as certain 
that a large percentage of tlie visitors to the district 
come on account of the open air ride and not with any 
decided wish to travel in that nailicular direction. 
Furthermore, by patronising the road route they ai'e 
enabled to choose their own time for making the 
journey, and are not restricted to the couple of hours 
or so preceding the commencement of church services, 
with the alternative of obtaining only half instead of 
1 full day in the country. In matters of this sort it is 
unnecessary to take into account the protestations of 
those who object to Sunday railway traffic on principle, 
for. however estimable their arguments may be, they 
have no bearing upon the effect of competition, nor do 
they influence the fact that Sunday travel is, and must 
alwavs remain, a settled feature of the national life. 
There is some need for a reorganisation of their ser- 
vices if the railwavs are to sectire a more proportionate 
sliare of the week-end business. 



MONEY AND STOCK 
MARKETS. 



Settlement Dates, 
Consols :— Thursday, August 6 ; Tuesday, .SErTKMEER i. 



Continuation Days] 

Mines July 27 

General ,, 28 

Mines Aug 10 

General „ n 

Mines ,, 24 

General.., ,, 25 



Ticket Days. 1 Pay Day: 

Mines July 28 h . , 

Gener.il ,. 29 \( J"'*' 

Mines Aug. 11 ,) . 

Gener.al ,, 12 \ t -^"S- 

Mines ,, 25 \ 

General 26 J " 



30 



27 



Our usual comparison of the present position of the 
Bank of England, the Money Market, the Foreign Exchanges, 
etc., with the position a week ago and at the corresponding 
period of last year is given below. 



Bank's Coin and Bullion ... 

Total Reserve 

Proportion of Reserve lo 

Liabilities 

Notes in Circulation 

Bank R.ite* 

Open Market Discount 

Hankers' Clearing-house .... 
Silver bars, per oz, (spot) ... 

Consols (account) 

French 3 per Cents, (ace.) 
Paris Cheque exchange ... 
New York 60 days ditto ... 
Rio de Janiero exchange ... 
Valparaiso 90-day exchange 

Calcutta transfers 

Hong Kong transfers 

.Shanghai transfers 



.^37,823 994 
^26,803,999 

503 per cent. 
'/29,469,99i; 

2i per cent. 
I per cent. 

-^253.199.000 

87^ 

95f- 

2sf. I lie, 

84-85? 

8AI- 
IS, 3?l<i. 
IS. gi^d. 
2^. 4Sd. 



:f37,767.6o8 
;^26,466,4o8 

49i percent. 

;<f29.75'.20O 

2i per cent. 

J per cent. 

i:259,787,ooo 

24x11 d. 

87n 

95f. 

25f. Iljc. 

84.85! 
i5Ad. 
8J>d. 
IS. 3id. 
IS. 9Tl5d. 
2^. 54d. 



Same Week 
Last Ye.ir. 



/35.95I-968 
;f2S,ii8,043 

46 per cent. 
-;^29, 283925 
4 per ecnt. 

3A pe' '^<="'- 
,^269. ?M, 0:0 

vM- 

84J3 

95f. 

25f. ific. 

S4.83i 

I5,V1- 

i2^Sd, 

IS. 4rVd. 

2s. 3id. 

3s. od. 



• Fluctuations in the 


4J per cent 


.Aug. I 


5. I9°7. 


5 per ce 


nt., Jan..6, ic 


Bank Rate. 


54,. .. 


Oct. 3 


, 1907. 


4 ,. .. 


Jan. 23, .5 


4 per «nt. Jan. 17, 1907. 


6 ; .. 


Nov. 


4, 1907. 


3*.. .. 


Mar. 5, IC 


4§ .. » Apr. 12, 1907. 


7 .1 .. 


Nov 


J, 1907. 


3 ., ,. 


Mar. 19, I 


4 „ ,. Apr. 25, 1907. 


6 „ ,. 


J.-,n. 2, .908. 


'i „ ., 


May 28. 1 



The Bank return this week somewhat bettered expec- 
tation, due again to the contraction of the internal cir- 
culation of notes and gold, and although the metal 
sent abroad during the week was £181,000, the stock 



of coin and bullion is larger by £56,000, notes having 
come in to the amoimt of £281,000. The Reserve is 
thus larger by £338,000. ']"he Market is poorer by 
a reduction of £i,o_'y,ooo in ( )ther Deposits, due partly 
to the increase of £441,000 in Treasury balances, but 
( )ther Securities being less by £887,000 shows to what 
extent repayment of recent borrowings has lieen in 
progress. The I'ank rate remains _'.\ per cent., and 
the prospect of ha\ing a two per cent, rate for a few 
weeks during tne .>uinmer which was hopefully antici- 
pated in May has become less likely. The adverse 
character of the Continental e.xchanges which has been 
continued for a longer period than was expected, is 
against it, and although the margin between the Bank 
rate and the Market rate remains unusually great, the 
profits of the former do not ap])ear to have been much 
affected. Three months' fine bills are quoted at i|, 
and si.x months' at 2}, in anticipation of rising rates in 
the autumn. Meanwhile, day to day money and loans 
for short periods hang around one per cent. 

The Stock Markets, have not been very cheerful 
dtu-ing the week, the disposition towards investment 
which has of late months been evinced by the public 
I'.as l)een exhibited with some canriciousness, and 
chiefly in high-class stocks. Consecjuently the specu- 
lative commitments which have been entered into_ in 
less substantial stocks frequently come to grief. l'"or 
this week the chief example is furnished by Home Rails. 
Government stocks were steady for the greater part 
of the week, some cheerfulness being perhaps due to 
profits secured on the Irish loan issue of last week. 
These same profits were made the subject of several 
questions in Parliament, and the Chancellor of the 
Exchequer is to be urged to further measures for the 
protection of small investors. The real difficulty con- 
sists in the fact that the action of small investors is 
nnich influenced by the action of the members of the 
Stock Exchange, and if the latter take little interest 
in an issue, it may fail to find favour with the former. 

Government stock fell off towards the end of the 
week. Colonial and Foreign stocks were generally 
firm, with a slight tendency in certain stocks to rise. 
American Rails continued their erratic courses, and 
Home Rails, as noted above, were subject to several 
liquidations of accounts, v,-ith, the result that quotations 
are considerably lower. The falls that have taken 
place since this time last year are in many instances 
remarkable, as the following table will show: — Cale- 
donian Deferred, 17 per cent.: Great Central 1894 Pre- 
ferred, t8 per cent. : Great Eastern Ordinary, 10 per 
cent.: Great Northern Deferred. 6 per cent.; Great 
Western, 3 ner cent.: I^ancashire and Yorkshire, 9 per 
cent.; London and Brighton Deferred, 3 per cent.: 
London and North Western, 6 per cent.: T>ondon^and 
.South Western Deferred, .4 per cent.: Metropolitan, 
22 per cent.; Midland Deferred, 8 per cent.; North 
l^astern Consols. 10 per cent. 

The falls during the week will be found in om- list 
below. The traffic receipts were more than ordinarily 
bad, which acted as a discouragement to buyers, and 
in resnect to Scotch railways a nmiour that the Govern- 
ment were to discontinue furtlier expenditure at 
Rosyth had depressing influence. 

Among Colonial railways Canadian Pacifies record 
an advance which has been secured mainly at the ex- 
pense of the "bears." Brazilian, Cuban, and (Colum- 
bian railway stocks remained fairly steady, while Ar- 
gentine wei-e inclined to advance, Init Mexican railways 
did not show the same stability. 



6o 



THE RAILWAY TIMES. 



[July i8, 1908. 



The principal movements on the week, so far as tliey 

relate to securities in which the readers of this journal 
are likely to be interested, are set forth in the following- 
table : — 

Name of Stock. Rise. Fall. Name of Slock. Rise. Fall. 

British Funds. Baltimore and Ohio ... — .. \ 

Consols, 2i per cent. ... — ••. — Chesapeake ami Ohio... — ... i 

Do. (accO 2i per cent. — ... iz Chicago Great Western - ... — 

Brilisk Railway Stocks. ChicagoMil.and St. I'aul f .. — 

Barrj' Deferred — ... I Denver and Rio Grande — ... — 

Caledoni.an — ... I Do. Preferred — .\d — 

Do. I'ref. Con. Ord. — ... — Erie Common — ... i 

Do. Def Con. Ord. — ... h D,). ist Preference — .- — 

Centr.al London — ... 6 Do. 2nd Preference — ... — 

Do. Deferred — ... i Illinois Central I ... — 

City & S. Lon. Con. Ord. — ... 6 Louisville and Nashville - xd — 

Furness i ... — Missouri Kans. & Texas J ... — 

Great Ceni'rai Preferred — ... S New York Central — xd — 

Great Eastern — ... 3 N.Y. Ontario .t Western — xd — 

Gt.Nthn.Pref.Con.6rd. — ... — Norfolk and Western .. \ .. - 

Do. Def. Con. Ord. — ... — Do. Preferred — ... — 

Great Western — ... 2^ Pennsylvania — ... — 

Hull and Barnsley — ... \\ Reading Common -- xd — 

Lancashire & Yorkshire — ... \ Southern Pacific Comn. ij ... — 

London Br. and S. Coast — ... 3 Southern Common — ... — 

Do. Deferred — ... 3i Do. Preferred — ... — 

London Chat. andDover — ... A Union Pacific — ... 5 

London and N. Western — ... 2 Do. Preferred — ... — 

London and S. Western ~ ... — Wabash — ... — 

Do. Def. Con. Ord. — ... i Do. Preferred l4 ... — 

London, Tilbury, etc.... — ... 3 Forei^i Railways. 

Metropolitan ^ ... 2 Antofagasta — ... — 

Metropolitan District ... — ... A Argentine Grt. Western 2 ... — 

Midland Def. Ord — ... i Buenos Ayres and Pacific — ... — 

North British Pref. Ord. — ... 4 Buenos Ayres (Jt. Sthrn. I ... — 

Do. Ord — ... I Buenos Ayres & Rosario — ... \ 

North Eastern Cons. ... i ... — Do. Deferred — ... — 

North Staffordshire — ... I Buenos Ayres Western — ... i 

South Eastern — .. — Cent. Uruguay of Mont. — ... — 

Do. Deferred — ... i4 Cordoba & Ros. 1st I'ref. i ... — 

Taff Vale .- — ... \\ Cordoba Centralist Pref. — xd — 

Costa Rica — xd — 

Imiian Railways. Cuban Central — ... — 

■^ast Indian "A _. — ... — Interoceanic Pref. \ ... — 

!Jt.IndianPeninsula "A" — ... — Leopoldina .- A ... — 

Colonial Railways. Mexican Southern — ... — 

Canadian Pacific 4 ... — Mexican Ordinary — ... 3 

(J rand Trunk of Canada — ... — Do. ist Pref, 8 p.c. — ... 2j 

Do. 4 p.c. Guaranteed — ... — Do. 2nd Pref., 6 p.c. — ... 4J 

Do. 1st Preference .. — ... — Nitrate Ordinary — ... — 

Do. 2nd Preference... — ... 2 Do. Deferred — ... — 

Do. 3rd Preference... — ... % Ottoman(Smyrna to Aidin) .. — 

American Railways. San Paulo — ... — 

Atchison Common ... li ... — South Austrian . — ... — 



DIVIDEND ANNOUNCEMENTS. 



Midland Gre.vi- Western of Irel.and Railw.av \July i;). 

At the rate of 3 per cent, per annum, carrying forward 

;^2,700. A year ago the dividend was at the same rate, and 
^5,900 was carried forward. 

Cork, B.^ndon .^vnd South Co.^st R.-^ilway (July 18).— .A.t the 
rate of i\ per cent, per annum, after appropriating ;^goo for 
locomotive renewals, carrying forward 2^869. .\ year ago 
the dividend was at the same rate, and /i,786 was carried 
forward, after writing ;C88i off locomotive renewals' account. 

Cri'YAND South London Railway (July 14).— .^.t the rate of 
\\ per cent, per annum, carrying forward ^1,863, after placing 
^1,500 to the renewal fund. The dividencl for the correspond- 
ing period last year was at the rate of 2.} per cent, per annum, 
/1.500 was placed to renewal fund, and /i,857 was carried 
forward. 

London, TirnuRY and Southend Railw.4y (July lO).— At 
the rate of 3 per cent, per annum, carrying forward ^4,392. 
For the corresponding period of last year the dividend 
was at the rate of 34 per cent, per annum, with ;f4,io6 
carried forward. Negotiations with the Metropolitan District 
Railway Company have resulted in a settlement of their claims 
against the Whitcchapel and Bow Joint line and the Tilbury 
Company for electrical train working from August 1905, when 
the service commenced, to December 31, 1907. This has in- 
volved an additional charge to the Tilbury Company's revenue 
of ^10,215, which has been met with a transfer of £10.000 
from the special reserve fund. 



Weekly Traffic Summary. 

The traffK- receijits for the week ending- July 12, as 
oliicially published by the fifty principal railways of the 
United. Kingdom, amounted to £2,184,285, which was 
earned on 21, 293^ miles, being at the rate of £102 
IIS. 5d. per mile of line open. For the corresponding- 
week in 1907 the receipts of the sarne lines amounted 
to £2,322,447, with 2i,28iJ miles open, or £109 2s. 7d. 
per mile. There was thus a decrease of £138,162 in 
the receipts, an increase of I2i in the mileage, and a 
decrease of £6 us. 2d. in the receipts per mile, i he 
aggregate receipts for twenty-si.x weeks on the same 
fifty railways amounted to £4,370,723, in comparison 
with £4,530,831 in the corresponding period — a decrease 
of £160,128. 

Essex Light Railway Proposal. — The Board of Trade has ex- 
tended the time for the compulsory purchase of the land 
ncccssarv for the construction of the Central Essex Light Rail- 
' way to December, 1909, and the time for the com]iletion of 
the work to December, 191 1. The railway will join the Great 
Easte-rn Railway at Ongar and the Colne Valley Railway on 
the north. The promoters of the line are the Light Railway 
Syndicate kx an inquiry into the application on which the 
extension was granted it was stated that certain people had 
now offered to find the capital as well as construct the line. 
It was further stated that a deposit had been made which 
would be forfeited if the work was not commenced within a 
fortnight. 



PERSONAL. 



Lieutenant-Colonel Greene has l>cen appointed Minister of 
Rai.lwnv- in X.ilil. 

Sir H. Seymour King, M.P., has joined the board of the Rail- 
wav Passengers' .Assurance Co. 

Major Lincoln Sandwith, of Rowler, Brackley. Northants, will 
succeed Mr. C. V. Godfrey, recentlv appointed chief constable 
of Salford, as superinitendent of police to the Midland Railway 
Company. Major Sandwith was captain in the 8th Hussars 
from 1895, and retired as major in 1903. He was a member 
of the Imperial Yeomanry Committee, and served in the Soirth 
,A.frican W'ar a.s lieutenant-colonel, commanding the 15th Bat- 
talion Imperial Ycomanrv, which he raised in Oxfordshire, 
Northamptonshire, and Bucks. He w^as mentioned in de- 
spatches, and received the honour oif a brevet. Since April, 
1908, he has been secretary of the Bucks Territorial Forces 
.Association. He was LTnionist candidate for East Tyrone in 
1900, and is a justice of the neace for Northants. 

General Manager for the Mersey Railway.— The board of the 
Mersev Railwav Co. some time ago resolved to appoint a 
eeneral manager \\ho is an electrical engineer, and Mr. J. 
Shaw% M.lnst.C.E.,, and M.Inst.E.E., the resident engineer 
of the company, has been am-iointed to the po'sition, and en- 
tered on has new ditties on Mondav last. Consequent on th's 
appointment, Mr. R. Bowmian .Smith, the nresent traffic mana- 
ger of the company, has intimated his resignation, and he will 
cea.se to act in that capacity, but his services have been re- 
ta'ned for the company untii the end of the present year. The 
treneral offices of the company w-ill now be tranferred from 
James Street, Liverpool, to Central Station, Birkenhead. 



A New Guide to London, which has been compiled by Mr. 
^^■alter Gott, has jmst been issued by the London Underground 
Electric Raihvavs. This guide, which can be oibtained foi 
id. at all bookstalls on the Di.sitrict, Piccadally, Bakerloo, and 
Hamps'cad Railways, is profusely illustrated, and contains a 
good miap. It deals with the pl.aces of interest in alphabetical 
order, and contains lists of clubs, theatres, and gol'f links, to- 
gether with other useful information. 

Canadian Railway Subsidies. — Renter reports that the Canadian 
Government has given notice that it will take over the Quebec 
Bridge from the company and construct it as a public work. 
The Dominion Parliament is to be asked to vote subsidies for 
2,511 miles of new railways in Canada at a minimum rate of 
Si3,20o per mile. The Government will also guarantee bonds 
for the construction of 608 miles of the Canadian Northern 
Railwav in Manitoba and the North West, the amounts of the 
bonds guaranteed varying from $13,000 to Sjg.ooo per mile, and 
the rate of interest being 33 per cent. 



July i8, 1908.] 



THE RAILWAY TIMES. 



61 



INDEX NUMBERS FOR STOCK EXCHANGE SECURITIES. 



I'.v K. W. Wkstkkv. 
Tlie (luestion of what " yield " slioiild be expected 
from the various classes of Stock l^xcliaiii;e securities 
with which the public is familiar has always been ditVi- 
cult. The dilliculty has been much ai^i^ravaled of late l)y 
iiie relative scarcity of cajiital awaitin;^ iitvesliucnt, 
which has had the effect of discrediting- old standards 
of valuation, so that those whose business it is to take 
note of the prices of public securities have often been 
at a loss to decide what fi.L;nres are low for a quotation 
and what are very low. We can only gauge liie pre- 
sent and discuss the future in the light of experience 
in the past; and the application ol this is. for tiie esti- 
mation of "yields," impeded by the absence of any 
exact standard for comparison. 

In the case of commodities, a standard has been \n-o- 
vided bv the computation of Index Xundjers on several 
systems from various data. This has been possible and 
practical, because the nature and quality of commodities 
are not subject to any great or frequent changes. A 
ton of pig iron is the same now as it was fifty years ago, 
and the nutritive properties of a bushel of wheat remains 
what they have always been. With Stock Ttxchange 
securities it is different: the degree of certainty attach- 
ing to the payiuent of interest or dividends is always 
changing, and differs not only with different stocks. 
but, from time to time, with the .same stock and to an 
extent which makes statistical figures of little value 
except in special circumstances. 

The most favourable circumstances are perhaps to be 
found among the debenture issues of our leading Kng- 
lish railways. The services of these debentures require, 
within moderate limits, like proportions of the income 
of the railways; their quoted prices are not suliject to 
the changes arising out of any fixed date for the repay- 
ment of the debt; and the marketability of each is mucli 
the same. In fact, the quotations of these stocks repre- 
sent as nearly as may be the value of the right to receive 
yearly, £3 or £4. as the case may be, on security which 
has not been measurably altered for many years. The 
recorded quotations of such stocks are, therefore, a 
valuable guide to the prices of all securities bearing a 
fixed rate of dividend, but the question remains of how 
these records may best be turned to accoxmt. Since the 
amount of the debentures issued has been a continuously 
increasing quantity, there would be no advantage in 
taking the aggregate market valuation of all, and the 
mere addition of the prices quoted would be of little 
assistance, since the rates of interest paid are not the 
same for the different companies, and in numerous in- 
stances have been altered by conversion for the same 
company. We may, however, obtain a common basis 
of comparison by computing the mean yield for each 
year in the case of every debenture issue: these quan- 
tities being the same in kind may be averaged, and, 
assuming an arbitrary standard yield, the corresponding 
price may then he computed which will offer a fair index 
of fluctuations in price for these stocks generally from 
year to year. 

In the accompanying table is given the mean yield 
froin the principal debenture issues of from six to seven 
of our leading English railway companies from 1871 
onwards. The mean yield for each year has been ob- 
tained by taking the average of the yields from the 
several debenture issues at regular intervals, except for 
years in which the fluctuations have been small when a 
sufficiently accurate result is more simply arrived at by 



multiplying the sum of the dividends by the number of 
inlervais. and dividing this by the sum of all prices taken 
after deducting the interest accrued. It is not, there- 
fore, a weiglited mean: liiat is to say, no yield is gi\cn 
greater weight than another in computing it. 





.\veraRe Vic'il of 


INDEX NUMBERS. 




Vsar. 


I'rincip.-il F.nah-li 
Railw.-iy IJcbfiilur.- 


I'eing tin- 
c(iuiv:il'*iit pric«; of a 
,1 p.,r«nl.sto.;k. 


Aver.ige ILuik Kate. 


1871 


4-12 


79 


2-88 


1872 


404 


80', 


4'IO 


1 87; 


4 00 


81 


4 79 


1874 


3-96 


82 


369 


1 87 5 


3-91 


S3 


323 


|S7(> 


3X3 


85 


2-6.. 


1S77 


3-80 


854 


290 


1S78 


382 


85 


378 . 


1879 


377 


8n 


2-52 


1880 


;-68 


88 


277 


1S81 


3-52 


92 i- 


,•50 


1882 


3'53 


92 


413 


1883 


3'S4 


92 


3 57 


1884 


3-4' 


95 


295 


1885 


3 39 


96 


2-88 


1886 


336 


97 


305 


1887 


3-29 


99 


3-35 


1888 


309 


105 


3-30 


1889 


2-95 


1 10 


360 


1S90 


307 


106 


4-52 


1891 


30S 


106 


326 


1S92 


297 


109?! 


2 53 


1893 


291 


112' 


305 


1S94 


2-78 


>I7 


211 


1S95 


2-66 


122 


2 00 


1896 


253 


128 


2-48 


1897 


2-58 


126 


263 


1S98 


271 


120 


324 


1899 


275 


iiS 


375- 


1900 


2 93 


1 1 1 


3 97 


lyoi 


2-95 


110 


372 


1902 


2-98 


109 


3'33 


1903 


3-II 


104^ 


375 


1904 


3'9 


102' 


330 


1905 


3''7 


103 


3-01 


1906 


i'jO 


98 


4-27 


1907 


3-45 


94 


4-97 


Averaije 


3-30 


100 


3 33 



Of these debentures London and North Western 3 per 
cent, has generally been quoted to yield at the lowest 
rate, and the difference between this yield and that of 
any other debenture included, has usually been less tlian 
two shillings per hundred pounds, or about three per 
cent, of the rate yielded. Such differences appear to 
have generally arisen out of considerations of market- 
al)ilitv rather than from those touching security of 
interest, and the effect of weighting the mean would be 
rather to accentuate the influence of the former. 

The examples taken have not always been the same, 
and never less than six in number. The principle 
adopted has been to choose always the most represen- 
tative and best secured stocks, and in each particular 
year to omit any that may have been subject, or be 
suspected of having been subject, to some special in- 
fluence, as for example, the influence of an exceptional 
increase in the amount issued. 

The average yields thus obtained appear in the second 
column of the accompanying table. It will be seen that 
the average yield for the whole period is closely ap- 
proximate to' 3i per cent. Assuming this as the 
standard rate, the prices at which a 3J per cent, stock 
would produce the yields given in colunm 2 have l)een 
computed and set out in column 3. .\ fourth column is 
provided for the average Bank-rate of each year, in 
order to facilitate comparison. 



62 



TME RAILWAY TIMES. 



[July i8, 1908. 



It will be observed that while the average or arith- 
metical mean of the index prices is 100, the mean as 
derived from the average of yields is 98^. 

The index prices thus obtained furnish a convenient 
standard by which to gauge fluctuations in the value 
of invested capital generally. More recently the figures 
have been as follows : — 

For end of December, 1907, Index price... 93 
For end of January, 1908, Index price ... 95^ 
This rise is greater than a mere comparison of quota- 
tions would show, because the index numbers deal with 
prices from which accrued interest has l)een deducted. 
For end of February, 1908, Index price ... 96J 
For end of March, 1908, Index price ... 95I 
For end of April, 1908, Index price ... 94* 
For end of May, 1908, Index price ... 93 

For the end of Jtme the index may be estimated as 
folloAvs : — 



Great Noithein 3 I 91 

Great Western . 4 120 

Lancashire and Yorkshire 3 Sgex. 

London and North Western 3 93 

London and .South Western Consul. 3 90 ex. 

Midland | 2^ 75 ex. 

North Ea-stern j 3 90 



89* 
118 
89 

914 
90 

75 



3'35 
3-39 
3"37 
3 '28 

3'33 
333 
3 '39 



Average of Yields ... 3.376 
Index Price, 96. 

The index price for the first half of this year as ob- 
tained from the average yields at the end of each montli 
is 95- 

TRAFFIC RETURNS AND THE PRICE OF STOCKS. 



The accompanying diagrams have been drawn to 
show in graphic form the estimated traffic returns pui)- 
lished by fotu" of the principal railway companies at 
the close of each six months during the last five years. 



n, Jvirtii meii ,»arif MCaf cU/ts'x mas' tmeis eaie Muti; Deti^ i^rf/sir 


7i 
74 
7 


M 

% 
1\ 
li 

7 

6} 


m 
m 

ISO 
(35 


















/ 


^ 


liO 
ISi 
fSO 

m 

/Si 






.■' 












/ 


\ 










/■' 






^^ 


/ 


\ 










/ 






'■N 


^ /-' 


\ \ 






/ 




/ 
















/ 




/ 
















/ 




/ 












,/Msei /lec'^ Jiwi-f j)£c>!f Ji/mi^f juow jt/z/eis oeffle i/tr/rsi/ '^^'i'"/ </<"ff'i> 



London .wii Xorth Wf.stkux K.mlw.w. 

They also indicate the prices of the ordinary stocks of 
each of these companies on the day following the pub- 
lication of the estimated half-yearly gross receipts. In 
the diagrams the solid lines represent the traffics, and 
th^ dotted lines the prices. The amount of the former 
is given in the outer vertical margin in millions sterling, 
while the inner vertical margin contains the prices. 
The "peaky" character of the diagrams is occasioned 
bv the half-years being shown consecutivelv, instead 
of the usual comparison of each six months with the 



corresponding period of the previous year; this 
emphasises the well-known fact that the first half of 
each year is always the "lean" period. For the 
London and North Western and Great Western Rail 
ways the prices cpioted are those of the consolidated 
ordinary stocks, while the Midland and Great Northern 
prices refer to the deferred converted ordinary stocks. 





,M/y^i> nicii M/ii'of- MiU Mfsif /^if tX/zreic ocu'iK M//£i; M&e? MMsal^ 


6% 
6 

Sk 


in 
m 

m 
m 






















lii 


/ 
&\ 

6i 

6* 
6 

Si 

r 




















\ 


■■■' 








\. 


•••/ 


\ 












\ 
\ 


/ 




/ 


'■■> 














/ 




' 
































Ji//f£i3 Mcm i/ii/t£i!f Ji£&if oiMiHf Min^w t/i/jffit /ufoe ^.w^ iieeti^ a///fci 



Gre.\t Western R.\ilw.\y. 

Only the prices at the end of each six months 'are 
shown, the fluctuations which took place within these 
periods being ignored. The diagrams show how little 
influence the traffic returns have upon the price of 



ba iteig ji/mi^ eecM iMeis /nebs on/ztiie ji£Ci>6 ji/miy ouij i/c/mit 




jii/uii 0£Ci3 t/i/KDf jMOif u^/iHi' Mabr ,/m£i6 mcw i/MS't!^ xat^ tturiit 



MlDI..\ND R.\II.\V.\Y. 

stock. It may be noted, for instance, that in this group 
the most consistent advance in traflics has been made 
by the Great Western Railway; yet, of the four, the 
price of this conipanv's stock shows the most consistent 
decline. With the exception of the stock of the Great 



juNfta DECbz jwe'cm- dec'o^ jume'of dk'os Jdnc'os CEciM JME&7 OEC'07 Mfi^'Ot 




55 2i 



JUNE S3 MctoS JWE'ot BECbif JUNEB5 DEtBS Jl/NEDS BECBB Mlifay DEC07 MW'bt 



GRE.'^r Northern R.\ii.w.-\y. 

Northern Railway, which has been subject to special 
influences, it will be seen that the prices show a fairly 
steady average decline during the past five years. This 
depreciation has taken place notwithstanding the fact 
that dividends have been well maintained, and that 
traflk has steadily increased. Although we are now 
enjoving a period of easy money, so far it has had no 
intltience on railway stocks; but it is reasonable to 
assume that the innuence of cheap money will soon 
beijin to make itself felt even in the railway market. 



July iS, 1908. J 



THE RAILWAY TIMES. 



NEW BRAKE VANS FOR THE CALEDONIAN RAILWAY. THE NORTH WESTERN COMPANY'S DOCKS AT GARSTON. 

The (larston iJocks. with ihcir adjacent warchi.)u.--es 
and .stora^i;c i4rouiids, coal rccciitioii roads and i;cncial 
niarshallint; sidin.^'s, aU the pi"o[jeily ot tlic London and 
Xorlh Western Railway Company, are situated on the 
Upjjer Mersey, ahout four miles south of the J.iverpool 
Docl<s, on the same side of the river. '1 hey are, liow- 
ever, free from Liverpool dock rates, the only liahility 
bein,!.;' for harbour and li,i;ht: dues, in addition to the 
dues recoverable under the railway C(;mpany's special 
Act of I'arliameiU. I'nder this latter all vessels eiiter- 
in,L;' the .Vortli Dock ])ay Jd. jier ton dock dues on net 
rei^ister, while vessels enterins.;' the old dock pay 3d. 
])er ton on the quantity of carL;'o discliarLjed or loaded, 
except in the case of coal exported, upon which at 
piesent no dues are levied. The i^rowiiii; imporl;ince 
of ( larston as a general and coal sliip^iinu; ceiUre is 
largely attributable to its geoL;ra])hical [)osition in close 
proxiniitv to the inanufacturiiiL,'' districts of [,ancasliire, 
Vorkshiic and the .M idl.nids. as well as the exce])tion- 
ally shoi't h;ad from the South Lancashire and North 
.Staffordshire coal fields. 

Tiarston is recognised as a cheap port, both for ship- 



Tlie accompanying illustration shows the latest t.'ale- 
donian Railway iimovation, namely, a corridor bogie 
passenger brake van, which, in addition to having a 
gangway at either end, is _'ft. longer and Ciin. wider 
than any previous type. The length of the body is 
50ft., the height from floor to ceiliiig 7ft. g'/m., and the 
width 9ft. The underfranie is of composite construc- 
tion. The side-soles, headstocks, bogie and centre cross- 
bearers are of chamiel section steel, (jm. by 3.Vin. by 3.lin. 
by Ain., the intermediate cross-bearers being of angle 
section. 3in. by 3iu. by iin. The cross-liar to which 
the dynamo is .attached has its lower member of 4.^11. by 
_':\in. by 'An. section. The longitudinals and diagonals 
at the headstocks are of oak. The cross section of the 
body, as well as the side elevation, both as regartls 
panelling and painting, is similar to that of the com- 
pany's 65ft. "(Irampian'" corridor coaches, which this 
new class of van will match and work along with when 
required. J'he floor for a distance of _'oft. from each 
end slopes toward the longitudinal centre, along which 
is a jin. b\- tin. gutter, conuiiunicating with three drain 
pipes. There are four double luggage doors on either 



H 












^^ 


M 


5 




. 1 i M 


■^■■1 


tlH 


H 


l^^BMM|PlijPBHPt| 


^V! 


9 


^ 




^^H 


b 


^...__., 


rr7~r=: 




■Hi 




ZH 


.-™«.^.-- -^ ^jj 



side, and a centre guard's door opening inwards. In 
the guard's enclosure, which is partitioned with a glazed 
screen, are two side seats, under which are placed 
storage heaters and a locker for valuables. The electric 
light for night illumination is supplied by an a.xle-driven 
dynamo and accumulators, there being si.x double roof 
lights, two guard's lights, and two side lights. The 
internal fittings include electric bells, cycle racks and 
straps, and " tlavock " ventilators. We.stinghouse, 
\acuum and hand brakes are available. The four- 
wheeled bogie frames are of pressed steel. The wheels 
are 3ft. gin. in diameter, and have steel centres. The 
journals are Q'sin. by 4in. The axle-box bushes are of 
gunmetal, lined with white metal. The wheelbase of 
the bogies is Sft.. and of the van 42ft. 6in. The '"tare" 
is 24 tons. These vans, of which six are now in traffic, 
have been built at the Caledonian Company's workshops 
at St. Kollox, to the designs of Mr. J. F. Mcintosh, 
locomotive carriage and wagon superintendent, to 
whom we are indebted for the foregoing particulars. 



New Railway Motor Omnibus Route. — Tlie Great Eabtern Rail- 
w.iy Company has inaugurated a motor omnibus service 
tlirou^h West .Suffollc from Bury St. Edmund's to Great Barton 
and Horringcr. This will opi-n uj) a large area hitherto some- 
what difficult of access. 



owners and merchants, conse(juently its resources arc 
continually ta.xed. Under these conditiotis the London 
and North Western Railway Company some time ago 
obtained powers for the construction of a third dock, 
and this extension when complete (i)robably towards 
the end of present year) will practically double the 
existing berthing accoumiodation, while additional 
sidings and storage grounds to an even greater ratio 
are well advanced at tiie time of w^riting. Being a 
railway port, goods are naturally transferred direct 
from ship to railway wagon, or vice versa, thus reduc- 
ing handling and obviating costly cartage, advantages 
representing a great saving to merchants, who, for this 
reason, maititain a steadily growing connection with 
the port. 

At the present time vessels up to 5,000 tons carrying 
capacity can be dealt with at (iarston Docks, but when 
the new South Dock is complete it will be accessible to 
vessels of 10-12,000. To make this possible the com- 
pany are cutting a new channel Soo yds. long and 300 
ft. wide, leading direct from the Garston deeps to the 
South Dock entrance. This iiuportant development will 
put a stop to the drawback caused by large vessels 
arriving in the Mersey on tiean tides, and then having 
to lie in the river until the higher tides serve. 



64 



THE RAILWAY TIMES. 



[July i8, n 



The dock dues in the new South Dock will be 4d. per 
ton on the vessel's registered tonnage, except in regard 
to. vessels arriving in ballast, and loading outwards 
with coal or coke, which will be liable to pay to the 
company dock dues of 3d. per ton upon their regis- 
tered tonnage. 

During 1907 the vessels clearing totalled : — 
Steamers, 3,980; sailing vessels, 4S0; lighters, 4,110. 
As these figures show the density of traffic in and out 
of the docks to be very marked, the company have de- 
cided to improve the general conditions under which 
the work is carried on at night time by laying down a 
complete electrical installation sufficient to light the 
dock entrances, coal tips, quays, wharves, sidings, and 
storage area, as well as the extensive new shunting 



The total dock accommodation is as follows : 



North Dock 


Width of 
entrance. 

feet. 
S5 
50 

65 


Depth 
water on 
Spring, 
feet. 
28 
25 

36 


of 
sill. 
Neap. 
feet. 

18 

15 

26 


Water 
area. 

acres. 
8 
6 

14 


Berthing 
space. 

feel. 
2,400 


Old Dock 


South Dock (near- 
ing completior)) 


3.170 



The total tonnage of inifiorts at the docks in 1907 
was 665,0X1 tons, while the exports (excluding coal) 
were 2,738.131 tons, so that in all, nearly 3.2 tuillion tons 
were handled at (3arston' Docks during the year. 

In connection with the new .South Dock, there is a 
lock 300 ft. long. Large hydraulic tips will be here 
provided, and these, as well as the two already in use 




Sketch of Garston Docks and Estate. 



and marshalling yard at Speke. This scheme for im- 
proved lighting should be of considerable benefit to 
shipowners and others, as the work of loading and dis- 
charging at night will be much expedited, the inten- 
tion being to provide portable arc lamps for use in ihe 
holds of vessels wherever the natiue of cargo will 
admit. 

In addition to the many facilities provided by the 
company in their efforts to make the port complete in 
all equipment, it should be mentioned that tenancy 
facilities have been granted on their estate whereby 
engmeers, ship store dealers, rej)airing shops, etc., are 
brought conveniently near, to the benefit of steam.sliip 
owners who wish to take advantage of the loading or 
discharging days in order to effect slight repairs, altera- 
tions, etc., withouf causing additional delays to vessels. 



in the North Dock, are intended to accommodate the 
larger type of coal wagons of 15 to 20 tons carrying 
capacity, which colliery proprietors and others are be- 
ginning to appreciate as more economical to work. A 
number of these wagons have been regularly working 
to and from Garston since the installation of the two 
hydraulic tips at the North Dock. A very large busi- 
ness in minerals is conducted through this port, viz., 
sulphur, copper, manganese, iron, and other ores. The 
company have provided floored berths of a special char- 
acter, and acconuiiodation now exists in these berths 
for upwards of 100.000 tons of mineral cargo. 

The London and North Western Railway Company 
are owners, and therefore control the entire working 
of the docks, which are, of course, directly connected 
with their main line system— and through the latter 



July i<S, 1908.] 



THE RAILWAY TIMES. 



65 



witli tlie systems of all the railway companies in the 
coimtry. There arc some seventy miles of sidin.ys at 
uie port, of which 8 miles are actually on or alon^- 



THE RENARD SYSTEM OF ROAD TRANSPORT. 




Hydraulic Coal Tips at North Dock, Giiiit.jJi, 

side the riiiays, and ihei'efore axailahle for diix-ct work- 
ing of cargoes from, ship to trucks or z'icc versa. I'lie 
company have two passenger stations (viz., (iarston 
Docks and Church Roadj on the estate, five minuLes' 
walk from the docks. In connection with the neces- 
sary manipulation of tratlic. no less than ^2 wagon 
weighing macliines of 30 tons ca|)acily will he a\ailal)le 



A demonstration of considerable importance to all 
interested in road transport was given in the grounds 
of the Crystal Palace on Tuesday and Wednesday last 
by the Renard Road and Kail 1 rans]Jort Corporation, 
two trains were used; the passenger train w'liich for 
some time past has been in regular service at the 
I'ranco-British Ji.xhibition, and a heavy goods train 
which is destined for India, antl is one of a number of 
trains Iniilt to the order of the Kenard (India) Trans- 
port Corporation. 

The I'tenard svsteni of road transport is claimed to 
be the tnost eflicietit type of road traction vet evolved. 
With the Renard system there is no hauling or trail- 
ing (as with the ordinary form of traction engines and 
trailers), but each vehicle in the train is mechanically 
propelled, although there is only one motor to a train. 

Ihis "continued jiropulsion" is eflected Ijy means 
of a universal or cardan shaft running throughout the 
entire length of the train. l'"rom this shaft the power 
is transmitted to the centre pair of wheels of each 
vehicle by means of an ordinary differential shaft and 
side driving chains. 'I'o lessen all vibration and undue 
shocks there is a stiff spiral spring contained in the 
hub of each driving wheel, which takes the strain of 
all the power. Another feature of tlie Renard train is 
that each chassis is mounted on si.x wheels (three 
a.xlcs). This ensures a very light axle weight through- 
out the train, and consequently reduces the damage to 
the road surface, bridges, etc., as there are six bearing 
IJoiuts on the ground, as against four in other methods 
of road transport. The six wheels .also help to take 
up all undue shocks due to bad roads, etc. The dis-. 
tribution of driving ])ower in the manner explained 
above enables small and light driving wheels to be used 
instead of large, heavy, and broad wheels, which are 
met with on traction engines and which damage roads 
and bridges to such a great extent. 

Another advantage of this continued .piopulsion is 
that, should one or two vehicles of a train get into 




Renard Road Train for the Assam Bengal Railway. 



for the weighing of traffic. At the present time 18 
powerful locomotives are engaged day and night with 
the traffic, and when the new .South Dock is ready this 
numljer will be considerably increased. 



Tenders are invited by the drcit Indiiin Peninsula Railway 
Company for Sheffield tools and rolled steel beams fur bridtjes. 
Specifirations and forms of tender may be obtained at tlic 
company's offices, 4S, Copthall .Avenue, E.C. 



difficulties on soft or bad ground, so that the driving 
wheels would be unable to get an effective .grip, liie 
driving wheels of the remaim'ng vehicles, being on 
good ground, would assist those in trouble by pushing 
them forward. A further feattu-e of the Renard train 
is its steering qualities. Each vehicle of a train is 
mechanically steered, so that it follow\s in the_ exact 
track of its predecessor. Moreover, this steering is 



66 



THE RAILWAY TIMES. 



[July i8, k 



quite as effe.tive when a tram is travelling backwards. 
A train, con posed of any number of vehicles, can turn 
in a complete circle of 3 ft. diameter backwards or 
forwards. 

The passenyer train used at the Crystal Palace con- 
sisted of one motor vehicle and three light char-a-banc 
coaches. The former was constructed by the Daimler 
Motor Compauv, of Coventry, and fitted with a four- 
cvlinder engine developing 80 h.p. at ISoo revolutions, 
the cylinder being 180 by 150 mm. The passenger 
\ehicles, which were built by the United Electric Car 
Company, of Preston, have seating accommodation for 
33 jiassengers in each car. The goods train, which is 
shown in the foregoing illustration, consisted of a 
similar motor vehicle, one jiassenger car and three 
goods wagons. Each of the latter was loaded with 
5 tons of iron, and as in the case of the passenger 
train which was hlled to its fullest capacity, the trials 
were of a most practical nature and arranged to de- 
monstrate the efficiency of the system under \arying 
conditions. 

A complete tour of the gi'ounds of the Palace was 
made, and in \iew of tlie saturated condition of the 



drixiiig wheels is braked from the engine by means 
of the cardan shaft. A fully loaded train can be 
brought to a stand on a steep hill in six feet when 
travelling at the rate of 10 miles per hour. 

The tare weight of the trains is as follows: — Motor 
vehicle complete, 3 tons 5 cwts; body of car. 2 tons; 
chassis, i ton 3 cwts. So that a full train has a total 
weight of 15 tons 17 cwts. and a carrying capacity of 
20 tons, and this on a fairlv good road can be run at 
the rate of 12 miles per hour. 

The train ordered for India is being sent to Calcutta, 
and from there will be taken over for trial purposes by 
the Assam Bengal Railway. It will run between 
Gauhati and Shillong, a distance of 63 miles. We 
understand that since the formation of the Renard Com- 
panv a vear ago. orders have been received from Bel- 
gium. Turkey. Chili, Brazil, India, and during the last 
few davs from the Czar of Russia. 



MOTOR TRAFFIC IN THE MALAY STATES. 

The illustration reproduced loclow shows one of 26 
Milnes-Daimler vehicles supplied to the Crown Agent.s for 
the Federated Mahiv States Raihvavs. Tliis is of distinct 




Motor Omnibus for the Malay States Railways. 



narrow roads in the low-lying parts of the grounds 
and the loads carried, the amount of damage done to 
the road surface w-as remarkably small, while in the 
higher parts of the grounds where the road had re- 
covered from the recent lieavy rains, no marks were 
made by either train. A most interesting feature of 
the tour was a circular ttirn in a radius of about 25 ft. 
A path was taken between two trees, giving a clearance 
of a few feet ; the trains following in the same track 
made a com]jlete revolution, returning by the same 
road. The hill-climbing tests were performed outside 
the Palace grounds, notably on Anerlev Hill, which 
lias a gradient of i in 8. Both trains were severely 
tested on this hill, and gave every satisfaction. They 
4re each fitted with 8 different speeds, and the makers 
claim that they are able to negotiate any hill up to a 
gradient of I in 5!. 

In the case of the passenger trains, solid rubber tyres 
are fitted, but in the goods trains the wheels are of 
steel, 40 in. in circumference, the drivers being 8 in. 
wide and the free wheels 5 in. wide. Each of the 



interest as indicating the possibilities of this type of vehicle 
as a feeder to the railways, and for maintaining a passenger 
service in thinly-po]5ulated clistricts. The chassis is of the well- 
known Milnes-Daimler 3-ton type, fitted with j8 h.p. four- 
cylinder motor. 

I.i^lit Railway' Commission.- -The Board of Trade have recently 
(onfirmed the Portmadoc, Beddgelert, and South Snciwdon 
Railway (Light Railway) Order, igoS, authorising the Port- 
madoc. Beddgelert, and South Snowdon Railway Company to 
reconstruct, construct, and work the railways authorised by 
the Portmadoc, Beddgelert, and South Snowdon Railway Acts, 
1901 and 1904, as a light railw'ay under the Light Railways 
Act, 1896, and authorising the construction of a light railway 
in the County of Carnarvon, from the termination of the 
railway authorised by the said Act of 1901, near Beddgelert, 
to Bcttws-y-Coed, and amending and consolidating the rajiital 
and borrowing powers of the company, and for other inuposes. 
Tliey have also confirmed the Portmadoc, Beddgelert and 
South Snowdon Railway (Light Railway Extension at Carnar- 
von) Order, 190S, authorising the construction of light railways 
in the Borough and County of Carnarvon, being a deviation 
and extension of the authorised undertaking of the Portmadoc, 
Beddgelert. and South Snowdon Railway, from Dinas to Car- 
narvon, and the abandonment of part of the scheme. 



July i8, 1908.] 



THE RAILWAY TIMES. 



67 



AN ELECTRIC RAILWAY CARRIAGE FIRE. 



The Board ui Trade on Monday is>ued the re|)on of iheir 
inspecting ofticer, Mr. A. 1*. Trotter, on a tire which broke 
out in a trailing carriiage of an electric train on the Liver- 
pool and Soiithpon Railway on April 30 last. The fire was 
severe, but no one was injured. Mr. Trotter says that the 
fire may Ix; divided into a i)riman- fire due to an electric arc 
and a secondary fire, which spread by ordinary combustion. 
The cause cvl rlie priinary fire was a sihort cirtuiit from a 
positive cable to earth, and the persjatence of the elecr ( 
current after it had been automatically cut off. The arc 
occurred below the floor at the comer of the under-frame where 
the cables turn to lise up through the floor. The cable 
which probably was the cause of the fire, is a main train 
cable, and consists o'l 37 sitrands of No. 13 S.W'.C'i., rubber- 
insulated, taped and braided. This, and other cables 
are run bunched in a wooden casing lined wiili 
uralitc. Where they bend upwards the uralite is cut 
away, and the braiding lies against the wood. While there 
is a somewhat greater risk in this arrangement than in that 
on some other electric railways, the most serio'US matter was 
the persistence of the electric supply. The e.xact nature of 
the defect which resulted in the short circuit is not ascertain- 
able. Mr. Trotter proceeds to discuss details of wiring from 
the point of view of excluding moisture, and he points out 
that uralite will melt when close to aji arc. . If iron pipes are 
not used, perhaps the bes:t bed for cables is a certain asbestos 
com|x>sitioTi which will stand an electric arc better than any 
substance he has seen. In tiliis case the arc was more severe 
than any he has known in London. It was a dead -short 
from positive to negative. It is estimated that it lasted two 
or three minutes, and it melted several pounds of ironwork. 
The partial burning of the carriage indicates the value of 
end doors and free through communication. 

In regard to the persistence of the current, the accident 
occurred l)etween Fres.hfield and Formby. This section is 
supplied with current both from the Formby power-station 
and the Freshfield battery-station. Mr. Trotter gives details 
of the circuit breakers at both these stations, and says that 
at 1.8 p.m. the converter circuit-breakers at Formby opened, 
and on being replaced they stayed in. Two minutes later 
they opened again. Simultaneously with the first opening of 
the breakers at Forfnby the battery breaker opened at Fresh- 
field with a loud report. It was replaced and opened two 
minutes later. The attendants appe.^r to have acted rightlv, 
promptly, and in co-operation by telephone between the sub- 
stations and the signal-ho.xes. The driver oif the train and 
the two guards appear to have acted rightly and efficiently. 
The total possible supply to the section was 9,100 amperes. 
It is not improbable that a current of 2,000 to 8,000 amperes, 
insufficient to open the breakers, did most of the mischief of 
the primar)' fire,_ and the apparent simultaneous opening of 
the breakers indicates that at a certain stage it quickly in- 
creased, and largely e.xceedetl 9,000 amperes. During the 
two minutes after the breakers were replaced the fire started 
again, and reached the same point, again opening the 
breakers. Had the sub-rtation at'tendants, after the first 
opening of the breakers, guessed that there was something 
wrong, and kept them open, it is probable that the fire would 
not have spread. But circuit-breakers frequently open, and 
it is the practice on this line to put them back at once on the 
supposition that they have come out in consequence of a 
temporary ov^er-load. 

The driver of the train put his short-circuiting bar across 
the rails and prevented any further supply. These bars 
afford a simple and effectual protecition which is not so easily 
applicable to a line when the negative conductor ritil is in- 
sulated. The fire was extinguished and the train started 
again after a delay of )S or 20 minutes. Mr. Trotter points 
out that it is clearly desirable that on all electric r.iilvvays 
automatic circuit-breakers shcaild be arranged completely to 
cut off current from any section on which an accident is hap- 
pening. I'ntil he had investigated this accident he. held the 
opinion that the earthing of the negative on this railway 
would ensure that any leak would quickly develop into a 
dead short-circuit, and that the breakers would open and put 
an end to the trouble. It seems, however, that the short- 
circuit did not develop very quickly. Mo*t careful considera- 
tion is immediately necessary as to the arrangement of the 
breakers, their time-limits, a'nd length of line controlled by 
each, and to the procedure to be adopted by sul>5tat'on at- 
tendants in replacing them. The feeders at Formby and 



Hirkdale, thougli supplying the up and down rails llirough 
>eparate knife-switches, are controlled by a single circuit- 
breaker, and the rails are ci(is>-( <innected at the sedion 
pillars. If ca<h feeder were provided with a bre.aker, and 
the switches at tho section pillars were ke|)t open, lh<; br<'.ikers 
could be .set at a much smaller rurient. .Nnv iine section of 
up or down line would ilu-n be limited to, the 1 urrent (with 
reasonable margin) requiied lo start a train. In con( lusion, 
Mr. Trotter recommends that in ( (jnviruction of new and in 
alterations and rejiair of present rolling-stock care should be 
taken to protect cables not only against water in ordinary 
weather conditions, but in conditions of high wind or driving 
snow, and that the lay-out of feeders. < ircuit-breakers, and 
section switches should be arranged with the view of limiting 
for each section the current distriljirtcd to that section, wiili 
a reasonable margin in excess of the maximum requirements 
0! that .section, and each section should be. where possible, 
of such a si/e that one train only is likely to start on it. 



In the House of Commons on W'ednesd.iy. Mr. Cross asked 
the President of the Board of Trade if his attention had been 
specially directed to the report, published on .Saturday by his 
department, made by Cajjtain A. P. Trotter, relating to his 
inquiry into the fire which broke out recently in an electric 
carriage on the Liverpool and Southport Railway, and, having 
in view the liability to such fires inseparable from all elec- 
trically-driven railway carriages, what regulations had been 
made for the protection of the public from the consequences 
which might ensue from any such fire upon any of the 
London passenger railway tubes; and whether a copy of such 
regulations had been ordered to be publicly exhibited at the 
stations of all such railways for jjublic information and 
assurance. Mr. Churchill replied : The Board of Trade have 
made special requirements regarding the construction of tube 
railways with the object of guarding against the risk of fire. 
These requirements, however, relate to materials, ventilation, 
insulation, lighting, and such matters, and a knowledge of 
them by passengers would not, I think, add to the safety. I 
may add that hydrants and fire hose are fixed on every plat- 
form, and fire extinguishers are carried in every carriage. 
Copies of Mr. Trotter's report have been sent to the railway 
companies which have adopted electric traction. 



THE CRISIS IN BRITISH RAILWAY FINANCE. 



By \V. J. STI--.VENS. 

Few observers of raUway matters will venture to deny the 
statement that the financial position of British railways to-day 
is critical, and that for some years past matters have grown 
steadily worse. In support of this view it may "be jwinted out 
that the ratio of working expenses to gross receipts has reac:hed 
the record figure of over 63 per cent., and the net return on 
nominal capital is the record low- figure of barely 33 per cent. 
— or, say, less than 4 per cent., if the entire amount of 
"water" be squeezed out of the existmg capitalisation. For 
the year 1906 no less than 250 millions of ordinary capital out 
of 4S6J millions received from nothing at all to only 3 pc^r 
cent, dividends. For 1907 the complete returns are not avail- 
able, but so far as they go they reveal an even worse state of 
things, whilst 1908, of course, will almost certainly rank as one 
rf the worst years ever experienced in the history of the rail- 
ways of the United Kingdom. Perhaps the worst feature of all 
is that the present unprofitable character of the railway in- 
dustry should have been emphasised during a period of com- 
mercial activity and enormous indeed, unprecedented ex- 
pansion in railway receipts. During the two years 1906 and 1907 
the total revenue of the railways of the Tnited Kingdom rose 
bv eight millions sterling; but additional expenses accounted 
for no less than ^6,600,000 or 82^ per cent. The year 1907 
WPS still more disturbing in it? net results, for the extraordinary 
add'tion to receipts of four-and-a-quarter millions produced a 
Tie' increase of merely £428,000. In short, for the first time 
in the history of our railways a period of trade expansion has 
ceme and gone without any benefit to the ordinary shareholders. 
On the contrary, it has only served to suggest to thoughtful 
i-vrs'ors the awkward possibilities which may result from trade 
cl"r:r.-ss'on an unpalatable foretaste of which will be given in 
t'le cIm 'dends for the past half-year, due in a very few days. 

Pe h ips the most serious feature of all is that even the rail- 
way c':npanies themselves have modified their traditional 

* Paper read before the Railway Sharetiolders' Associ.itionat the London 
Institution. E.C.. on Wednesday, July 8. 



68 



THE RAILWAY TIMES. 



[July i8, 1908. 



improvident methods, by refraining from dividing profits up to 
the hilt Within the last two years the North Western, after 
nibbing along for sixty years without any disclosed reserve 
fund, celebrated its "diamond jubilee" by inaugurating such 
a fund. It is true that it is "only a little one"— /i 50,000 on 
a capital of over 100 millions— still, it seems to suggest that the 
directors of our "premier" company, after sixty years of un- 
mitigated optimism, are dubious about the future, and have 
abandoned the orthodox view that all is well in the railway 
outlook. 

Needless to sav, another most alarming feature is the shrink- 
age of no less than, in round figures, 350 millions sterling in 
market values of Home Railwav securities in the past ten years, 
and the difficulty in raising fresh funds for capital purposes 
which has been encountered for some years past. In short, 
the credit of our railways is on a lower basis to-day than for 
over thirty vears past, notwithstanding the improvement m 
credit which has to be noted in the case of most Colonial, 
.'American, and Foreign railway enterprises. 

Without dwelling further on the evidence of the present 
serious financial situation in the railway world, it will perhaps 
be useful to examine the chief causes of the mischief. I hese 
may be summarised under two heads :— Firstly, those for which 
Parliament is mainly responsible. To put the case m a nutshell, 
Parliament has regulated railways without extending them any 
protection. Moreover, Parliament has frequently varied the 
original contracts m.lde with the railways without granting any 
quid pro quo. Examples of this are to be found m every 
direction. The law provides that the companies shall not 
charge fares or rates in excess of certain maxima, but it gives 
the railways no protection from rate-aided competition of tram- 
wavs provided by municijial authorities, or from other forms 
of competition by road vehicles. Theoretically, Parliament has 
made provision for the increase of goods and mineral rates to 
meet possible permanent increases in the cost of working. But, 
in practice, this supposed margin of protection has been of no 
use whatever, and Parliament has not troubled to amend the 
law so that it may be of real value. Still more striking has 
been the action— or, rather, inaction— of Parliament m regard 
to dividends. In 1S44 an Act was passed so regulating rail- 
way dividends that more than 10 per cent, could not be paid 
by any companv. and that .^ct also reserved to the State the 
right to acquire' the raihvavs on the basis of dividends not ex- 
ceeding 10 per cent. Rut no corresponding protection has been 
given by way of a minimum dividend in return for obligations 
laid on the companies. I say without hesitation that the extent 
of the regulations and obligations imposed upon the railways 
long a"-o "warranted the concession of a guarantee by the State 
of minimum dividends. Parliament dictates the conditions 
under which railwav capital is raised, superintends the con- 
ditions under which'the lines are constructed and worked, and 
also lavs down very precisely the conditions of service. More- 
over, the State has' the right to demand the carriage of mails, 
soldiers and sailors, on practicallv its own terms, and it decides 
beforehand what is the limit of charges to Ix; made to the 
public for railway services. In return for all these adyanfages, 
generouslv bestowed by our thoughtful legislators, is it not 
mere justice that some protection should be afforded to the 
railwav shnreholders ? A good deal has been heard recentiv 
from leading members of the Government about the waste 
arising from competition, and with thege remarks most of us 
will heartilv aeree. But it mav b€ remarked that no competine 
line exists to-day without not merely the express sanction of 
Parliament, but also the encouragement of Parliament, for 
has not the policy of the State for manv years been based on 
the erroneous assumption that 'he greater the competition the 
better for the public? So much for Parliament, and its share 
of the responsibilitv for the present troubles of railways. 

Now the responsibility of the railwav companies and of the 
shareholders themselves for the existing difficulties may be 
profitably analysed. First of all, I should say that extravagance 
in both capital and revenue expenditure has been the most 
fruitful source of impoverishment. The readiness with which, 
until a few vears ago. the companies have had command of 
capital in unlimited amounts has been a dis'inct encouragement 
;fo the construction of unprofitable, unreressaryl and merely 
competiner lines. Directors and shareholders have sanctioned 
outlays of millions on new lines, without a thought as to what 
promise there was of adeaua*e profit bein£r earned. In very 
few cases, apparently, did the companies themselves examine 
that aspect of the matter. Where thev did their estimates 
were ridiculously belied. In support of this statement, I would 
merely refer to the official estimates framed by the Manchester, 



Sheffield, and Lincoln regarding its line to London, and those 
contained in the prospectus of the Lancashire, Derbyshire, and 
East Coast Railway-. 

Next to the loss arising from extravagance in capital outlays 
should be placed the excessive waste from unbridled competi- 
tion. The remedy for this is, of course, co-operation or amal- 
gamation, matters with which Mr. Hargreaves will deal in his 
paper. 

Another serious cause of loss to railway shareholders is the 
tendency of the big railways, and even many small ones, to set 
up in any and every form of business. Steamers, docks, har- 
bours, canals, hotels, locomotive shops, carriage and wagon 
shops, omnibus and motor-car services — these are but a few 
of the enterprises which are now comprised within the opera- 
tions of most railways. To sum up the situation, enterprise 
in the ingathering of revenue is not tempered by due appre- 
ciation of the risk of spending too much capital or revenue 
in the operation. 

The remedies for the existing evils may now receive attention. 
That nearly all the troubles which 'threaten the financial 
stability of our railways are capable of being removed is the 
only re'al hope of the shareholders, and, indeed, makes it well 
worth while for them to retain their holdings. Both Parliament 
and the companies may do much, though I do not share the 
view that without the help of the former the companies are 
helpless. What Parliament can and ought to do for the relief 
of railways, has formed the subject of a deputation to the 
President of the Board of Trade from this .Association, received 
by him on Tune 15 last. To indicate the directions in which 
relief can be afforded, I would specially mention the necessity 
for a revision of the law regarding maximum rates charged by 
the companies. The relief to the companies contemplated by 
the provision of maximum rates should be really afforded, and 
this can only be done by amending the law, and in particular 
the Railway and Canal Traffic Act, 1894. 

The injustice and expense entailed by the existing system of 
rating railways also calls for earlv attention. The Scottish 
plan of rating railw.avs as a whole by a central authority would 
certainly save English and Welsh railways manv thousands 
a year, as compared with the cumbersome "parochial" principle. 

Then Parliament can encourage the companies to economise 
by helping them to restrict competition. That the Government 
contemplates a revision of its old policy of fostering unlimited 
rivalry may be gathered from the pronouncement of various 
Ministers, and especially the present Prime Minister, the 
Chancellor of the Exchequer, and the President of the Board 
of Trade. Finally, Parliament can help the companies most 
of all, perhaps, at present, by inducing them to prepare and 
publish more complete accounts and statistics. 

The railways can help themselves by taking steps to reduce 
expenses, and can even withdraw- some of those unnecessary 
facilities extended to the public merely in the interests of com- 
petition. In this way both capital and revenue outlays may be 
reduced. Railwav directors and officials must be induced to 
appreciate the fact that there is a far wider railway interest to 
be considered thnn the immediate concerns of each separate 
companv, particularly as railway shareholders generally have 
the misfortune to be interested in one or more competing com- 
panies. That the outlook for our railways is hopeless I, for 
one, do not believe for a moment, though, strange to saj', such a 
view exists among railwav officials who are so often prone to 
find excuse for their own shortcomings in "circumstances bevond 
their control." In the national interests it is essential for 
directors, manairers. shareholders, and railwav men to combine 
their for'"es and influence to induce Parliament and the public 
to recognise their just claims. If such a combination can be 
arrived at even Parliament itself cannot withhold a reasonable 
settlement with the railways and their claims. 

Rdnning Powers. — .At Edinburgh on Tuesday the First 
Division of the Court of Session disposed of an apiieal from 
a decision given by the Railway and Canal Commissioners in 
an application by the North British Railway Company for a 
re-aiijiistment of the terms on which it exercises its running 
powers from Kinnaber Junction to Aberdeen, and made use 
of the joint passenger station at Aberdeen. The application 
was opposed by the Caledonian Railway Company. The 
decision of the Railway and Canal Commissioners was that 
the Nor h British Railway Company had not made out_ its 
case, and the application was dismissed as irrelevant. The 
I'irst Division of the Court of Session on Tuesday recalled 
that decision, and remitted the application back to the Commis- 
sioners to dispose of as they considered just. No costs were 
allowed either party. 



July i8, 1908.] 



THE RAILWAY TIMES. 



6c 



MEETINGS & REPORTS. 



July 21 (Til s.)- 
July 27 (Moii.)- 

July ;8 (Tiifs.)- 
July 28 (7««.)- 
Jii'y :^u(7/iurs.)- 
July 30 {///«,•<. )- 
July 31 (/•>/.)- 

July ,31 (/^W.) 

July 31 (Fn.)- 
Aug. 1 (5a/.) 
Aug. 5 {/;>./.) 

Aug. 6 {TV/wj.) - 
Aug. 6 (7y;OT-,.;- 
Aug. 6 (r/iiirs.)- 

Aug. 7 (/.>/.)- 
Aug. II (Viies.)- 
Aug. 14 {f,,:i 



FORTHCOMING MEETINGS. 

Egyptian Delta Light Railways {.Annual), Win- 
chostL-r House, E.G., at 12. 
-Brush Electrical Engineering Company (Extra- 
ordinary), 112, Belvedere Road, I.ambeth, 
S.U., at 3.45. 

-London and Blackwall Railway (Half-yearly), 17, 
John Street, i lutclu- I l-"riars, I'^.C, at i. 

-City and South London Railway (Half-yearly). 71, 
Finsbiny Pavement, K.C., at 12. 

-London, Tilbury and Southend Railway (Half-yearly). 
41, Trinity Square, Tower Hill, ICC, at 12. 

-Metropolitan Railway (Half-yearly), Cannon Street 
Hotel, K.C. at 12. 

Alexandra Newport and South Wales) Docks and 
Railway i Half-yearly), 14, St. Alary .\.xe, 
i;.( ., at 3. 

Great Eastern Railway (Half-yearly), Great Eastern 
Hotel. Liverpool Street Station. E.C, at 
1 2. 

South Eastern Railway (Half-yearly), 1 annon Street 

Hotel, E.G.. at 12. 
West Somerset Railway (Half-yearly), Taunton, 

at 1.45. 

— London, Brighton and South Coast Railway (Half- 
ycaily). London Bridge Terminus, E.G., 
at 12. 

Central London Railway (Half-yearly), Holborn 
liestaurant. W'.C., at 12.30. 

-London and South Western Railway (Half-yearly), 
Waterloo Station, S.E., at 12. 

-Midland Great Western Railway of Ireland (Half- 
yearly), Broadstone Terminus, Dublin, 
at I. 

Dominion Atlantic Railway (Special), Threadneedle 

House, E.G., at i 2. 
-Taff Vale Railway (Half-yearly), Royal Hotel. 

Golle>4e Green, Bristol, at 2. 
-North Staffordshire Railway (Half-yearly), Gannon 

Street Hotel, li.G., at 2. 



Reports, Traffic Keliiriis, Prospectuses, ami all o.'her Hems I'f financial 
inlelligence should he sail as early as possible 10 lite Editor of TuE 
Railway Ti.mes, /», Not foil; Street, London, II'. C. (Telephone 
2Q4S Gerrard.) 

CITY AND SOUTH LONDON RAILWAY. 

The afcounts iHr the lialf-yo.ir ending June 30, iijo.S. -Xvws 
a grus.s revenue of ;{;,SS,5oi (against ^82,456) and an expendi- 
ture of ^40,964 (against ^36,592), leaving net earnings /;47.5.)7 
(against ^45,864). Adding the balance brought forward from 
previous account, £\,\\(i, the total net revenue is ^48,656. Of 
this debenture stock interest absorbs ;£i3.2io, and ;£i,5oo is 
transferred to renewal fund, rent charge ^275, general interest 
£()T2, leaving a balance of £i--'n')- Out of this the directors 
recommend that the full dividend of 5 per cent, per annum 
be paid on the 1891, 1896, igoi, and 1903 preference stocks 
(amounting to ^^3,750, ^5,000, ^7,500, and /3,7Si respectively), 
and they propose that a dividend at the rate of lA (against 
23) per cent, per annum (amounting to ^i r.ioo) be paid on the 
ordinary capital, leaving a balance of ;/li,86S to be carried 
forward to the next account. The number of passengers carried 
was 10,891,535 (against 10,048.780); length of line in opera- 
tion, 7 miles 26 chains; train mileage, 694,392 (against 587,948). 

The capital account shows an expenditure of ;^3,i35,3<>3, 
while the receipts have been ;f3,07i,3io--viz., ordinary stock 
;^i, 480,000; 5 per cent, preference stock (1891), ^150.000; 5 
per cent, preference stock (1896), ^200,000; 5 jier cent, pre- 
ference stock (1901), ;/^3oo,ooo ; 5 per cent, preference stock 
'^■9"3)' -£'5^'i96; debenture stock, 4 per cent. ;£68i,S29; 
premiums, ^^103,285. The receipts during the half-year 

amounted to ;^47,250, while the ex]ienditure during the same 
period was ^10,544, viz., ^4,252 on line open for traffic, and 
£(i.2C)2 on working stock. The debit balance is ;^63,993. 

The report states : — "The receipts for the half-year have been 
unfavourably affected by various causes. The weather in May 
and June has been finer and warmer than in 1907; an exhibi- 



tion at tlu^ .-Xgrirultural Hall in the summer of 1907 proved far 
more attractive to the puljlir than that which h.is been held in 
the corresponding part of this year; and the London County 
Council's electrified tramways from Moorgatc to King's Cross 
and past the .-Xngc! to Highbury, were opened for traffic in 
July, 1907. And since .April 10, 1908, the London County 
Council tramways on the south side-of the Thames have been 
jilaced in direct communicatiion, by way of Westminster 
Bridge, with the Angel and Highbury tlirougli the completion of 
the subway from the Victoria Kmbankment to Theol)alds Road. 
The lower price of coal has only to a limited extent influenced 
the working of the half-year. With the excejition of a sum 
of almut /2,8oo the whole of the charges for the extension to 
Kusion, the new works at .Storkwell and the two new trains of 
five coaches each, ordered in the month of July, 1907, have 
now been paid." 

BARSI LIGHT RAILWAY. 

The interim report states that the net re\-enue fcjr the vear 
ended June 30. i()c)8. amounts, as advised by eable^ to 
apjiroximately ^10.750. After providing f(n- debenture interest 
(^5,600) and adding the balance carried forward from [jrcvious 
year (/4,622), there will be a sum of about ^9,770 to be dealt 
with. The directors have declared an interim dividend of 2 
per cent, on the i'':,ooo shares representing the /lOo.ooo of 
capital fully paid and on the amounts jiaid up in respect of 
the new issue of 4,000 shares of /lo each from dates of pav- 
mcnt to June 30. at the same rate per annum, which will 
absorb /3.447. The disappointing result of the year's work- 
ing is due to a falling off of Rs.67,000 in the gross earnings 
of the June half-year, as compared with the corresponding 
period of the previous year, in consef|ucnce of the failure of 
the monsoon ; to the continuance of the competitiim of bullock 
carts with the Tadwala Extension, and to a largo increase in 
working expenses due to increased train mileage necessitating 
the em]iloyment of a larger staff and resulting in a larger con- 
sumption of coal (the price of which has also risen), and, 
further, to special outlay on the maintenance of both, exten- 
sions. The expenditure was exceptionally heavy in the first*' 
half of the vear, but substantial reductions were effected in the 
second half. The determination of the amount of the final 
dividend for the year will, as usual, rest with the shareholders 
at the annual general meetine in December, when the audited 
accounts will be submitted. The board hope that the negotia- 
tions will shortly be broticht to a satisfactory conclusion for 
the construction of Latur Extension, which, it is confidently 
anticipated, will not only be profitable in itself, but will sub- 
stantiallv increase the receipts from the Tadwala Extension, 
as well as from the original line. 



COSTA RICA RAILWAY. 

The annual meeting u.i^ held mi Monday at W'liif heater 
House, E.C, Lord St. D.wid ])ie-.iding. The Ch.\ikm.\.n, in 
moving the adojition of the report and accounts (an abstract of 
which appeared in The Railway Times last week), said that 
^4,500 additional rental was received during the past year, 
bringing the total to ;£i35,6oo. Next year the same amount 
was expected to be received, but in the year ending June 30, 
1910, the rental should go up to the extent of another J- per 
cent., and to the same extent in 191 1 and 1912. It was not in- 
tended, however, to depart from the scale of dividend pay- 
ments now observed. The northern company last year had 
;£32,ooo increased traffic, although the coffee crop had been a 
poor one. The nosition of the company under the lease was 
now considerably stronger than it was three years ago. In 
rcplv to Sir J. .Swinburne, the chairman stated that the iirior 
mortgage debentures were liable to regular drawings, which 
could not, however, be anticipated ; but tbere was no power 
to pay off the other debentures before 1916. which would then 
all fall due- /i, 255. 000. It was in view of tlieir repayment 
that it was necessarv for the company to build up a good reserve 
fund. The report was adopted. 



The (ireat Nor'thern Railway is running lliroiu,'h express trains, 
with restaurant cars, between London and the Norfolk coast 
every week-day, the journey from King's Cross beginning at 
ten minutes past one o'clock, while that from Cromer com- 
mences at a Cjuarter to one. In addition, a "golfers' special 
express" leaves London at a quarter to six o'clock on Friday 
afternoon and returns at 6.35 p.m. on Sunday and at 7.45 a.m. 
on Monday and Tuesday mornings. 



THE RAILWAY TIMES 

PARLIAMENTARY. 



[July i8, k 



AMALGAMATION OF GREAT NORTHERN AND GRtAT CENTRAL 
LONDON RECEIVING OFFICES. 



Another Nationalisation Project. 

Ill till- Hnii-,' (.1 (. nnininn- (,n Thui-il.i\. .Mi. W m. Th.iiiir, 
l.ab..i!i meniii.T l.n thr .s<.uth.in l)ivi-i. ,i -I Wr-t Hun. ini-- 
,M-u:i-d a bill liif thr ii.\tFr.n,ili-.i'ioii m i.uUv.iy- ,ind (:in.iN. 
.ind It w.i... fc.ul a lii-.. Umr. 'Ihcrv i- im. . Imih ■■ ''f 't- fv<-t\ 
bc-iiiK <li-< ii--f-l. 
Glasgow and South Westc.-n Railway Order Confirmation Bill 

Tlu, bill, uhn h i~ !.i ' iltliin 1 ri.:Vi-:M!..,l ( In.i, ; ^;i.,nlr-a 
uiKlei !hr .S(nt(li | .n . r.l ui c. u.i> mliv.lu..'a m tlu- ll<.u-o of 
I.orN <,n Mi.ii.lav. It ua- ii-ad a lirM time, ami illKk-r llir 
>|ir(ial |>ri><i>diir.-'» i- dri-?iif :1 tu have I.itii rrad .1 .-riond time 
and U' have ita--c-,l ;Iic (.a iiiiiri n c -i.i-i'. 
DUtrict Railway Traffic. 

On ■riuir-d,i\-. Mr. I'. |. I'lawer, .\.iti(inali-t member for 
E.iM Wa!ert.i,;i, a-kr,l ib'.- I'leMdeni uf the linard of Trade 
whetleT he \\.i- ,n\.iie of ihr c nntinited oven rou tlin;.; on mO'*! of 
the tr.iin- of the l)i--iiei Kailuay in -pite of the a~-uran(cs of 
the Company to- I'aiiianient iliat they ueie i l..-ely \vat< hin.L; the 
tr:iffi( and makini; ar^.lne(■ment^ aci ordin^'ly ; if hi- attention 
h.itl I cen called to ih<' fat t that, fxtept during terta'n hours 
in the morn'ni; .111 I <-\e ioil:-. the Driiiii trains ronsisted of 
iiot more than two ordin.ii\' and one tir-'-eba-- earri.tSf i ;ind 
whether, t (jn-iderin;.^ the ,;reat o\-erci ow din,:; on these three- 
(.irri il;c tram-, he would -ec th.it at any r.oe ;i fourth earriaee 
was luan-ided on -ufh tr.ain-. .Mr. Chunhili'. in rejilN', stated 
that the Bo.ircl e-f 'l"r,id<> were infonm-d tli it llie raihvav ((.m- 
]);iny are at jire-ent pittline till tlieir iidlmi,' -lock throu;.^1i the 
-!iop- for thorou'^h <)\-erh.uil, and for the iemo\-.il o':' ilie pneu- 
matir arranj^ement- eontrollinij the rarri.i^e door-, and the 
■ub-titution <if l.at> hos. The rrvmpany expee, ih it tliis work 
uijl b-!^ finished by ilie atttumn. and they then intend to in- 
ere.i-e tlie number i.,f e.irriaoe- on their train-. In the metin- 
•im- thev state that they do not antieip.ate that there will he 
;iny rau-e for ronipl.iint with reo.ird to o\-or. rowd mu, as dur- 
in- the holiday -eason the triffir i- f nn-iderablv <leereaM-d. 



The forward pidiiy of the Cireat Xonhern and Great Central 
Comp.inte.- adyan< ed another staee on Monday last, with the 
do-in-' of a nutcber of dupl'oau- reK-ivin- ot1i< es in London, 
lour (, re.it Central e.fHre- ;ind two Creat X<.rthern offi< e, 
were clo-ed. the biisi.ne^- beniK tran-ferred to the _correspnnd- 
II)- four C.rea; Xorth(<rn and two Cre.it Centra' of^res, whu h 
wdl now taaue under the jo-.nt m.in.i-ement of the two com- 
p.inie-. ra--en:cei ticket- for b. th the (.real Northern and 
Cre.it Ceniral liiK-. .and line.- beyond, will be i--ued at the one 
oMiie, an:l all matters eonneeted'with the receipt and forward- 
in:.^ of .i.'oeds and iiartels' tr.aftic w.ll receive the same prompt 
attentitjn as heretofore. Passen.C'ers Ix-tween London and the 
.Xorth iiavc the advaniai;e of alternative routes wh<"n Ixioking 
bv either the C.reat Xordiern or C.reat Ccn'ral Comp.anics. 
S'timniansed. the amal.i,' mi ilion of ot^iees 1- as follows; — 
1; I- Olf,,-,- !! T!>a si.T lircil iri.terii Sir,-.-!. Sli-.naiti li, ir.anBtcrred tn 



Br m,.t 



N. 



K:.:ui, \V. 



w 



lio l^r Ro 



rrv.l t.i G. N, CXiirf. i_-!'. BrfnM> 
ir.in-fcircl t.. G. .X. Office-. <)a, 
M-f<rr<.l t > G. X. Office, 7, Eorcs- 
f.l V, C. C. Office. Gloucester 
[. ir.in-fcrrcc! ir. G C. Office. ^5". 



\, ufli.r. Coii.l- i.i:e ( 
M.oi-i-.n-. C.-.iiil.ri.'ae I 
X Oiliie. .;;, W.-.imirl- 
W. -on-.ioter Urui.,;.- R..:id 

Thi-. we undc-i.-iand, i- only the (nmrncnremenf of the 
hrriu- of joint otUces. l-'uiih<-r cluji'it ,ite c»t1ices will be dis- 
■;i-e,l with a- -oon as the neee-sarv traffic arran.i^ements are 

anid--ed. 



Trips to Kill.iloe. Ide- C.reat W'e-tern Company have decided 
this year to repeat their conducted tour- to Killaloe, co. Clare. 
Tickets will be i—ued at moderate r.ite- every Friday in this 
mriith and .An<;ust and September. Full jiarticulars may be 
oil .unod ,it any of the prim ipal -tations and offices, or direct 
fi.eii the -iip-:-nirendeni. .it I\-iddinL:ton Station. 



The following tables show the progress of railway bills in Parliament to date : — 

T.4BLE I.-BILLS ORIGIN.^TING IN THE HOUSE OF LORDS. 







1 


KOGREs 


5 IN IIOITSE 


- Lords 




Progres 


IN House of 


Com MO 


NS. 




























ROYAI, 

Assent. 


N.\ME OF KlI I- 




Set 


ond 


Result in 


Third 


Seco 


nd 


Result in 


Th 


rd 






Rea 


ling. 


Committee. 


Keadi 


ng- 


Reading. 


Committee. 


Rcat 


mg. 




.■\rgentine North Fiistern R.iihva) 




Mar 


26 


Unop, April ! 


April 


7 


M.-.y 


4 


Unoi. Mav 14 


May 


2--, 


June 18 






hel. 
I- el 


iS 


Fassetl Mav iq 
Fnop. .-\i.fil 1 


lune 
April 


I 
6 


lune 
'May 


24 

4 


Passed lulyy 
Untjp. lune 16 


luly 
Tune 


Ib 
2'; 




Cardifr Railway 






Cambrian Raibv.ivs 




M;n 


6 


Pa-sed May 20 


May 


20 


fiinc 


10 


Unop. June 25 


luly 


2 




Fi.hguard .ind ko^sl;lre Rnilw.ivs 


and Harhouis... 


Ft b 


19 


Inop. >bir. 25 


M.ir. 


i' 


April 


27 


Unop. May 14 


.May 


21 


June iS 


Great Northern I'iccadilly and li 


oinpton RK. ... 


Fel 


20 


Unop Mav 27 


lime 


Ifa 


lane 


2t) 


L nop. 








Great Western Raihvav 




Feb 


ig 


Unop. Mar. 25 


.May 


.i 


May 


iS 


Unop. May 2S 


June 


12 


June iS 


Great Western Railway (Superan 


nuation Scheme) 


Feb 


10 


Ur.op. Mar. It 


Mar. 


10 


Mar. 


3' 


Unop..-\pril30 


Mov 


8 


June oS 


Interoceanic Railway of Mex'co 




Ma. 


5 


Unop. Nbar. iS 


Mar. 


23 


Ap.U 





Unop. Mav 7 


May 


14 


June iS 


London Brighton ,-in 1 S C. RaiU 


•ly 


Feb 


iS 


Unoji. April fi 


Mav 


12 


lune 


22 


Unop. lulv It. 








.Metropolian DisT ct R.-iihvay .. 




Fel 


20 


Unoo. May 20 


lune 


17 


Jmie 


21) 


Unop. lu'y 7 


luly 


'7 




l-^hymney Riilway 




1 el 


iS 


UnopMar. iS 


.Ma-. 


24 


April 





Unop. Mav 7 


M.iv 


19 


June iS 


•Siralford, etc i'.\iiials;amatioii) 




Ma 


. i,S 


Cnop. Sln-o 


^b^v 


:b 


lun? 


22 


Unop, Inly 7 








T.ifi Vale Railw.ry 




Fel 


19 


I'a-edMar.l!-; 


.\hir. 


J- 


Mav 


12 


Pa.se.l July I 


July 


16 


... 



TABLE IL-BILL- ORIGIX-ATIXG IX THE H .)USE OF COM.MONS 



Progress i.n IIolise of Commons. 



N.NME OF Bll.l.. 



Ards and Bangor RaiUvays 

Cheshire Lines Committee 

Dublin and South F.astern Railway 

Great FZastern Railway ((leueral Powers) 

Great F,astern Railway (Steamboats) 

Hull .and Barnsley Railway 

Ilumbtr Commercial Railway and l^ock ., 

Ifnott End Railway 

Louth and East Coast Railway (Transfer) 

Madras Railway Co. (Annuities) 

MuUingar Kells ami IJrtjgheda Railway .. 

North Eastern Railway 

North F^ast London Railway 

Sligo and Aiigna Railway 



Second 


Result in 


Third 


Re.idin;. 


Commiilee. 


Reading. 


lune 2 


Passed July 2 


July S 


Mai. 2 


Unop. Apiil 30 


May 12 


M.ir. 9 


Unop. Mar. iq 


.\bir. 30 


Feb. 17 


Unop. .Mar. 26 


April 14 


Withdrawn 






Feb. 24 


Passed Mar. 2S 


April 3 


.Mar. .11 


P.issed Mar. 31 


April 27 


Mar. 9 


Unop. April 2 


April 2S 


I-eb. 25 


Unop. F"eb. 2 


April 2.S 


Feb. 12 


Unop. Feb. 27 


M.ir. 6 


Whhdrawn 







; Passed Mar. 31 

I Unop. May 14 

Unop. luly 7 



d 27 



F'ROGRESi IN House of Lords. 



Secon.l I Result in Third 

Re,ading. Committee. Reading 




June 
June 
Jun- 

June 

June 

.Mao' 



* The full name of this bill is tlie Stratford-t 



l-.^von Towcester anj .Midland Junction. Evoslia 
liast and West Junction Kailways Amalganiati 



ml Str-atford-on-Avon Junction, anti 



July i8, 1908.] 



THE RAILWAY TIMES. 



71 



RAILWAY NOTES. 

Railway Benevolent Institution. A special general meeting of 
tlie nu-mbers of this In^titulion will be held at the offices, 133, 
Seymour Street, Euslon, on Saturday, August i, at 12 o'clock, 
to receive the announcement of the resignation of the treasurer 
and to. elect a successor. 

Electric Railways for Baden.— It is stated that the Government 
of the Grand Duchy have decided upon an elaborate project of 
electric traction, the necessary powej being obtained from 
waterfalls and rivers. Thus, out of 507,550 horse-power 
believed to be available, 261,820 would be obtained from the 
Rhine, 24.110 from the Neckar, and 221,(520 from the rivers 
and tonents of the Black Forest. A third of this force is 
directly ob:ainable, and as the railways of the Grand Duchy 
can be worked by 32,000 h.p., sufficient direct force is left to 
light by electricity all the towns of Baden of 3,000 inhabitants 
and over. The first application of the principle will be made 
in the valley of the Wei-e. 

City and Soutli London Railway — On Thursday evening an 
outbreak of fire occurred in the tube a little to the soutli of 
Moorgate Station. It was occasioned by a fusion of the cables 
at the crossover, which set fire to an old disused signal-box. 
Fortunately there was no train in the section at the time. The 
driver of a train about to start from Mooreate southward 
noticed smoke ahead of him. and an order was immediately 
given to all passengers to alight and leave the station, and the 
current was instantly switched off. The fire brigade, operating 
from the Bank Station, quickly mastered the outbreak, and 
there were no casualties. Traffic was soon after ' resumed 
northward from Old Street Station and southward from the 
Bank, and at noon yesterday the trains were running through- 
out the system. 

Railway Nationalisation — Last Saturday, after a brief debate, 
the French Chamber of Deputies approved of the bill for the 
purchase of the Western Railway by the State in the form 
adopted by the Senate, and afterwards passed a bill determin- 
ing the provisional conditions for the working of the line and 
the financial provisions involved in the purchase. Reutcr 
reports that the negotiations between the Government and 
Herr Laussig for the purchase of the lines of the State Rail- 
way Company, the North Western Railway, and the South- 
North German Junction Line have been successfully con- 
cluded, a complete agreement having been reached. The con- 
tracts were signed on Tuesday, and the lines thereby become 
the property of the State, with retrospective effect from 
January i, igoS. 

The A.S.R.S. and the Conciliation Boards.— .\n important 
decision has been made by the Master of the Rolls in con- 
nection with the construction of the agreement which brought 
an end to the strife between the Amalgamated Society of Rail- 
way Servants and the railway companies last year. The signal- 
men on the Great Western Railway submitted to the company 
that under the agreement they were entitled to lay before the 
conciliation board the items of the national programme as 
drawn up by the Birmingham conference, and the matter was 
submitted to the Master of the Rolls, who has given his 
decision in favour of the men's contention. The result is that- 
the various conciliation boards will have to discuss, so far 
as the signalmen are concerned, an eight hours' day, a single 
booking for a day's work, time and a quarter for overtime on 
ordinary days, and time and a half for Sundays, and advances 
of wages for those not receiving an eight hours' day, and for 
London workers. 

Scofttish Railway Economies. — .As a result of recent conferences 
between the boards of the Caledonian and North British Rail- 
w.ay Companies, important changes in working arrangements 
have been agreed upon, which will result in considerable 
economies. The Grangemouth branch line will in future be 
worked solely by the Caledonian, while the North British will 
staff the Kilsyth and Bonnybridge Joint Railway. It is under- 
stood that more economical methods of working the Dumbar- 
ton and Balloch line and the Dundee and .-Arbroath Joint Rail- 
way will also be adopted at the first favourable opportunity. 
We understand that the Scottish railways will shortly announce 
their intention to exercise their full rights with respect to 
demurrage charges, and a new scale is under the considera- 
tion of the boards. It is now proposed that is. 6d. per day 
per wagon be charged, besides 6d. for siding rent, as the 
companies are working in close harmony, ancl pooling some 
of their traffic. 

Underground Arrangement Scheme Sanctioned. — On Thursdav. 
Mr. Justice Swinfen Eady had before him in the Chancery 



Division, the petition brought by the Underground Electric 
Railways Company of London and the liquidator under the 
Joint Stock Companies' .Arrangement .Act, iiS7o, asking for the 
sanction of the Court to a scheme of arrangement of the atfaiv> 
of the company, which had been duly sanctioned and approved 
by the Registrar. There wore two opponents, vvho contendetl 
tiiat the scneme was not in the interest of the note-lioldeis, bui 
only of the shareholders. His Lordship, in giving judgnient, 
said that the duty of the Couti was to consider whether the 
scheme could be regarded as beneficial to all parties. L'n- 
doubtedly a large and overwhelming body of creditors a|)- 
proved ot the scheme. But, at the same tune, a small mir.orily 
liad a right to have their chums considered, and, if ihe scheme 
was not a reasonable one, it ought to be rejected. The Court, 
however, held that the scheme was fair and reasonable, and 
sanctioned it. 

Tlie I-urness Railway Company have issued, in connection with 
their exhibit at the Franco-British Flxhibition in London, their 
circular tours programme through the English Lake-land for 
the season of 190S in French. The programme is very 

artistically prepared, with twenty views of tlie same number 
of circular tours (voyages circulaires) in and around the 
English Lake District, and the outer cover displays in colours 
the Hags of the two nations with the seal of ihe 1- urness Rail- 
way Company above the flags. 1 he programme announces 
the issue of excursion tickets, available tor a week or a fort- 
night, from London (Euston or St. Pancras stations) to the 
several tourist stations on the Furness Railway, with the le- 
spcctive times of departure, and also the circular tour between 
Blackpool and the Lakes in connection with the Furness Rail- 
way Company's steamers "Lady Evelyn" and "Fhilomel, ' 
which run three times daily between !■ Icelwood and Barrow 
(Ramsden Dock) during the season. 'Ihe issue of this pro- 
gramme in French should materially assist the Furness Co. 
m the further development of their excursion and tourist 
business, which has increased so rapidly during the last few 
years. 

Electrification of Melbourne Railways. — The Hon. J. A. Boyd, 
Minister without portfolio in the Government oj Victoria, 
Australia, has been in Northumberland and Durham for. a 
couple of days studying the electrical developments that have 
taken place with a view to the electricar equipment of the 
Melbourne suburban railways. These railways have an extent 
of about 40 miles and serve a population of about 534,000, and 
it is felt that there is a parallel between them and the New- 
castle-upon-Tyne suburban railways, whose extent is very 
much the same. The railways, which are the property of the 
State, are at present worked by steam, but it is proposed to 
transfer them to electrical power on the third rail system. Mr. 
Charles Merz, of Newcastle, is 'drawing up a report for pre- 
sentation to the Railway Commissioners of Victoria. They 
will present it to the Cabinet, and, if the Ministry approves of 
the report, it will recommend the voting of the money by 
Parliament. Mr. Boyd saw the generating stations in Durham 
and the large station of the Newcastle Electric Supply Com- 
pany at Wallsend. On Monday he made a tour of the North 
Eas'.ern Railway Company's electrical lines on Tyneside. 

From the Cape' to the Congo. — The Brussels correspondent of 
The Times states that, as the result^ of the negotiations which 
have been carried on by Mr. Robert Williams for the last 
six years, an agreement has been signed between the British 
South .Africa Company, the Katanga Railway Company, the 
Union Miniere du Haut-Katanga, and the Lower Congo- 
Katanga Railway Company, whereby the British South .Africa 
Company is to ttike steps for the extension as soon as possible 
of the khodesian Railway from Broken Hill, the present 
terminus, to a point on the frontier of the Congo Stale at or 
near Mayaba. .As soon as this railway is sufficiently advanced 
to enable plant and materials to be carried over it to the 
frontier of the Congo State, the Katanga Railway Company 
agrees to begin the construction of a railway from the frontier 
to the Star of the Congo mine, in the Congo State, a distance 
of about 60 miles, and to continue it, as and when the mineral 
industry justifies the extension, to the Ruwc copper deposits, 
and eventually to the navigable waters of the Lualaba River, 
which is the prolongation of the Upper Congo. It is pointed 
out that if the railways contemijlatcd in this important agree- 
ment are constructed, together with the line which is under 
consideration between Stanleyville and the Nile, it would De 
possible to proceed by rail and boat from Cape Town to i!ie 
latter river, for the Grands Lacs Railway is constructing a 
line avoiding the rapids in the Kasongo stretch of the Congo 
between Kindu and the Porte> d'F.r.fer. and is already working 
the line between Stanleyville and Ponthicrvillc, 



72 



THE RAILWAY TIMES. 



[July i8, 1908. 



RAILWAY STOCK AND SHARE LIST. 



Railway Ordinary Stocks. 



Closing Pbioes. 



Railway Ordinary Stocks. 



Barry, Ord x" V /.V// •" 'In 

Do. Pref. Conv. Ord. (4%) .. 98 
Do. Def. Conv. Ord «' 

Caledonian, Ord ; • v^V, ', " ' I car' 

Do. Prof. Conv. Ord. (3%).. 682 

Do. Def. Conv. Ord '^0/2 

Do. Def. Ord., No 1........ 1 

Cambrian, Ord. Capital, No. 1 g 

Do. Coast Cons. Ord ^ 

Cardiff, Pref. Ord., 1S96 (4%) . . . . [ 84 

Central London Ord 

Do. Pref. (4%) 

Do. Def • . 

City & South London Cons. Ord. 

East London Cons 

Furness, Con. Ord 



Last Week. 
165 170 



Glasgow and S. Western, Pref.Ord. 

Do. Def. Ord 

Great Central, Pref. Ord. (6%).. 

Do. Def. Ord 

Great Eastern, Ord ....... 

Great N.of Scotland, Pf. Cnv. Or. 

Do. Def. Conv. Ord 

Great Northern, Pref. Conv. Ord 95 

Do. Def. Conv. Ord 39 

Do. Cons. A a 35 

Do. Cons. B a (6%) 144 

Great Northern (Ireland), Ord... 145 
Great North. 4 CityPref.Od. (4<;i) 2 
Great North. PIcc. & Bromp. Ord. b 
Gt. South. & West. (Ireland) Orig.| 85 

Great Western, Cons. Ord.. 123 

Highland, Ord. Cons. Capital 40 

Hull and Barnslcy, Cons ..', 49 

Isle of WlRht, Pf. Cunv. Ord. (4%) 



25 '/2 

13% 
7C=/4 



39 '2 
147 
144 



Yesterday. 
165 170 



83 

213/, 



ClOSISfQ PKI0E3. 



38 
144 
141 



r,l. b 



42 



Lanes, and Yorks., Cons. Ord 

Lond. Brighton & 9. Coast, Ord.. . 

Do. Pref. a (6%) 

Do. Def. o 

Do. Cert.Con.Right3above6% 
Lond. Chat. & Dover, Arbit. Ord. 
London and North Western, Cons. 
London and South Western, Cons. 

Do. 4% Pref. Conv. Ord 

Do. Def 

Lond. Tilbury & Southend, Cons. 

Mersey, Cons. Ord 

Metropolitan, Cons 

Do. Surplus Lands Stock 

Metropolitan District, Ord 

Midland, Pref. Conv. Ord. (2J% 

Do. Def. Conv. Ord 

North British, Ord. Pref. (3%)., 

Do. Ord 

N. Cornwall (L. & H.) 4% Pref. Or 

Do. Def. Ords 

North Eastern, " Consols " 

North London, Cons 

North Staffordshire, Cons. Ord. . 
Plymouth Devon & S.W. Jun., Or 
Port Talbot Railw,ay aid Docks. 
Rhondda and Swansea Bay . . . 
Rhyraney, Cons. Ord. Cap. Stock 

Do. Pref. Ord. (4%) 

Do. Def. Ord 

Scarb. Brid., &c., June, Cons.Ord, 
Sheffield District, £10 Shares.. 

South Eastern Ord 

Do. Pref. a (6%) 

Do. Def. a 

Tafl Vale Ord 

Vale of Glamorgan, Ord. . . 



A Year Ago. 

99 'a IOC's 



7 '.'= 
12 ''4 
142 '/2 
147 
103 
45 Vb 
122 
4 
47 



195 
100 
95 



100 
124 
80' = 



136 
142 
100 



Yesterday. 



134 
142 
100 



10 '/2 

13'/! 
170 



Railway Debenture Stocks. 



Debenture Stocks (continui'd.) 



Alexandra Docks and Railway 4^ 

Baker Street and Waterloo .. 4 

Barry J 

Brecon and Merthyr A » 

Do. Do. B 4 



Do. 



D 



Cardiff 

Central London * 

Charing Cross Euston & Hanips. 4 

City and South London Perpetual 4 

East London 2nd Charge A 4 

Do. 2nd Charge B 4 

Do. 3rd Charge 4 

Do. 4th Charge 4 

Do. E.L.R. Ist Debentures . . 3i 

Do. Whitechapel Extension c 2 J 

Forth Bridge * 

Furness 3 

Glasgow and South Western .. 4 

Great Central 6 

Do *i 

Do 3J 

Great Eastern 4 

Great North of Scotland 4 

Great Northern ,■■ 3 

Great Northern (Ireland) 4 

G.N. Piccadilly &. Brompton .. 4 

Great Western 4. 



North British 3% 

North Eastern 3 

North London 4S 

North Staffordshire 3 

Plymouth Devon & S.W. June. 4 

Port Talbot Railway and Docks 4 

Rhondda and Swansea Bay .... 4 

Rhymney Perpetual 4 

Sheffield District Permanent . . 4 

South Eastern Perpetual 4 



Taff Vale 3 

Tottenham and Forest Gate .. 4 
Whitechapel and Bow 4 



106 


109 


101 


106 


104 


107 


106 


108 


9.1 


96 


106 


109 


1.1,1 


1.16 


92 


95 


73 


80 


81 


H4 


104 


107 


101 


104 



Do 2i 

Highland 4 

Do 4J 

Hull and Barnsley 1st 3 

Do. 2nd 3-4 

Isle of Wight 4 

Lancashire and Yorkshire .... 3 

London and Blackwall 4J 

London and Greenwich 4 

London Brighton & South Coast 4 

Do 41 



London Chat, an 1 L over Arbitn. 



Do. 18 
Do. 



3J 



London and North Western . . 

London and South Western A.. 3 

Do. Consolidated 3 

L<4ndon Tilbury and Southend . . 4 

Metropolitan 3^ 

Do. A 3J 

Metropolitan District 8 



Do. 



Do. Perpetual (1903-5) 4 

Midland 2J 

Midland £ S.W. Junction A 3 

Do. B 3 

Neath and Brecon 1st 4 

Do. Al ...; 4 



116 
130 
121 



117 
121 
129 



112 
104 
110 
124 



118 
133 
124 



119 
123 
131 
144 



115 
107 
112 
126 

119 
116 
101 
101 



Railway Preference Stocks. 

DIVIDENDS OONTISOENT ON THE PROFITS OF EACH 
SEPAR.^TE YEAR. 



Alex. Docks. & Rail. 4J% 1st Pref. A 100 
Do. 4i% 2nd Pref. B ! 86 

Barry 6% Pref. Stock (1st) , 130 

Do. 4% Cons 1104 

Do. 4% Third 

CaleJonian 4% Cons. No. 1 

Do. 4% Do. No. 2 

Do. 5% 1878 

Do. 4% 1884 103 

Do. 4% 1887, Conv ; 103 

Do. 4% 1902 1 103 

Do. 4% 1904, Conv 1 104 

Cambrian No. 2, 4% 9 

City and South London 0% 1891 113 

Do. 5% 1896 112 

Do. 5% 1901 1 110 

Do. 6% 1903 1 104 

Furness Consol. Pref., 4%, 1881.... I 96 
Do. 4% Pref. Stock A, 1881... 
Do. 4% Pref. Stock B, 1883... 

Do. 4% Pref. Stock, 1894 

r>n 4% Pref. Stock, 1899 

iw and South Western 4% . , . 

4% Pref., No. 2 

Do. 4% Pref., 1888 

Do. i% Pref., 1891 

Great Central 5% Perp. Pref 

Do. 4% Pref »o 

Do. 5% Conv. Pref. 1872 121 

Do. 5% Conv. Pref. 1874 119 



5% Conv. Pref. 1876 

5»/„ Conv. Pref. 1879 

Do. 5% Conv. Pref. 1881 .. 

Do. 4% Pref. 1889 

Do. 4% Pref. 1891 

Do. 5% Pref. 1894 

Great Eastern Cons. 4% Pref. . . 

Do. 3J7o 1890 

Do. 3J% 1893 

Great North of Scotland A 4% 

B, 4% ; 95 



133 

107 
103 
109 
108 
132 
106 
107 
106 
107 
12 
116 
115 
113 
107 



109 
106 
106 
106 
128 
101 
124 
122 
117 
115 



Railway Preference Stocks- 

(continvcd,). 



Great Western, Cons. Pref., 5% i 138 

Highland Class A 4J% | 110 

Do. B, 5% 115 



Do. 4% 



3S% Pref. Stock 1897 

3J% Pref. Stock 1898 

Hull and Barnsley 3i% Pref. 1899 

Do. 4% Pref. 1907 (70% paid) 

Isle of Wight 4% 

Lancashire and Yorks. Con. 3% Pref. 

Do. 4% Pref., 1903 

London Brighton, etc.. Cons. 5%.... 

Do. Second Cons. 5% 

London Chatham, etc., Arbit., 4i% . . 

Do. 4J% Second Pref 

Lon. & North Western Cons. 4% Pref. 

Do. 4% 1902 

Lon. & South Western Cons. 4% Pref 

Do. 4% Perp. Pref. 1881 

Do. 3.i% Pref 

Lond. Tilb. & Southend Cons. 4% Pref, 

Do. 4% Pref., 1904 



Mersey 3% Perp. (red. fr. 5% Jan.'Ol) 
Metropolitan 3J% Pref ; 

Do. 31% A Pref 

Do, 3}% Conv. Pref 

Metropolitan District Exten. Pref. 5% 
Midland 2!% Perp. Pref 



140 
113 

118 
100 



101 


101 


98 


101 


H2 


H4 


10B 


109 


112 


I.Vl 


1MH 


1.W 


fil 


(Sh 


.W. 


,15 


11X 


114 


111 


111 


110 


^v/. 


109 


111 


96 


99 


lO.'i 


10H 


104 


107 



Great Northern i% Perp. Pref. 
Do. 3% Pref. Stock 1896 
Do. 3% Pref. Stock 1898 
Do. 3% Pref. Stock 1899 



109 
31 



North British Cons. 4% No. 2 

Do. Edin. and Glasgow Pref. 41% 

Do. 1863 Pref. 5% 

Do. Conv. 5% Pref., 1874 

Do. 4j% Pref., 1875 

Do. 4J% Conv. Pref., 1875 

Do. 5% Conv. Pref., 1879 
Do. 4% Conv. Pref, 
4% Conv. Pref. 
4% Conv. Pref. 
4% Conv. Pref. 
4% Conv. Pref. 
4% Conv. Pref. 
Do. 4% Conv. Pref. 

North Eastern 4% 

North London Pref. Cons.. 1866 

Do. 4}% 1875 

North Staffordshire 3% Cons. 



Do. 



Do. 



1884. 
1888. 
1890. 
1892. 
1897. 
1901. 
1904. 



, 4!?, 



Plymouth Devon and S.W. J 

Port Talbot 4% Pref 

Rhondda and Swansea Bay 5% Pref 

Rhyraney 4% Cons 

Shetfield District, 5% Pref. £10 Share 
South Eastern Cons. 4J%.. 

Do. do. 5% 

Do. 4% 1891 

3i% 

3% 

4% Pref,, 1900 

Do. 4% Conv. Pref., 1903 

Taff Vale 4% Pref 

Do. 4% 1900 



Do. 
Do. 
Do. 



105 


107 


IIB 


119 


I'^h 


128 


W.b 


128 


115 


118 


116 


119 


125 


VM 


104 


10V 


104 


107 


104 


lOV 


104 


107 


104 


107 


104 


107 


104 


107 


110 


112 


11,1 


116 


110 


Hi 



115 
128 
100 



NOTES AND EXPLANATIONS — o"A " receives uo«iv 
until 6 % has been paid to " B." b Def. re-.eives nci 
div. until prel. has had 4 % c Cua ly Met. and 
Met. Dist li Gua. by Q.N., Mid.. N.B. and N.E 



July iS, 1908.] 



THE RAILWAY TlMES. 



73 



OFFICIAL TRAFFIC RETURNS. 



Grcai Northern (Ireland) 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for Week 

Aggregate for '2 weeks. 
Miles open. 



Week ending July 10 

Passengers, etc 

Goods, etc 



Metropolitan. 



Total for week . 

Aggregate for 2 

Miles open 



1908. 
£12.107 

9.169 

£21.276 
£43.074 



Dec. this week, £1.060 Uee. 2 vvei-ks, £691. 



545 



1907. 
£16.215 
8.471 



Caledonian. 



Dec. this week, £3.410 Dec 2 wi-iks, £3,905 
Great North of Scotland. 



Week ending July 12 

Passengers, etc 

Goods, etc ] 

Total for week 

Aggregate for 2 weeks, 
Miles open 



Inc. this week, £514 in 



1908. 
£14.886 
1,575 
£16,461 
j;32^88 
_78^ 
•■•rks tfil 



a 1907. 

£14.353 

1.594 

£15.947 

£52 .357 

78 



Weekending July 12 i 1908. ! 

Passengers, etc ! £42,616 I 

Goods, etc I 54,527 , 



Week ending July 1 1 



Metropolitan District. 



, etc. 



Total for week 1 £96,943 ' £1 18,244 

Aggregate for 24 weeks .. 2.015,694 | 2.121.123 
Miles open ' 941 '4 959^4 



Goods, etc. 

Total for week . . 

Aggregate for 23 ' 
Miles open 



Week ending July 11 



ek,£21.301 Dec. 24 weeks, £107,429 Inc. this week. £59 Inc. 23 weeks, £689 



Cambrian. 



Great Southern and Western. 



Goods 

Total for week . . . 

Aggregate for 2 we 

Miles open 

Inc. this week,^T7l^l fnc7.2 weeks, £1.972 



cks 



1908. 



Midland. 



Weekending July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 wi eki . 
Miles open 



1908. 

£3.751 

_£2.524 

£b,275 

£10.242 ' 



; 1907. 
£3,881 
2.729 ' 



280 



Week ending July 10 

Passengers, etc. . . .'. 

Goods, etc 

Total for week 

Aggregate for 2 weeks . . 
Miles open 




Dec. this week, £335 Dec. 2 week-i, £480 



Dec, this week. £4,2 08 De.-. 2 weeks. £7.013 



1907. 
£20.192 
15.294 
£35.486 
£70,625 

ia2i 



Central Londor 



Week ending Jiily 11 

Passengers etc 

Goods etc 

Total lor week 

Aggregate for 2 weeks . . 
Miles open 



Great Western. 



Week ending July u 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks, 
open 



1908. I 
£83.000 
135,000 
£21 8,00c 



r 1907. 
£83.000 
154,000 

C237,000 



£448,000 £478.000 
i.407'i I 1,407' 



_Dcc^U week^£19^qo Dec. 2 wcuks, £30.000 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks 
Miles open 



Midland Great Western of Ireland. 



1908. 

£145.100 

126.400 



Inc. this week, £1,572 Inc. 2 weeks, £2.739 



i;27 1,500 
£543.600 
2.878'!! 



a 1907. 
£144,500 

'130,800 
£275.300 
£546.600 

2.879's 



Dec. thi 



ek £3.800 Dec. 2 weiks £3.000. 



Week ending July 1( 

Passengers, etc ". . . 

Goods, etc ] 

Total for week 

Aggregate for 10 dayi 
Miles open 



Dec. thi 



ek, £182 



1908. 

£4,77T 

_ 5.286 

£10,063 

£15,864 

598 



1907. 

£5.460 

4.785 

£10.245 

£19,746 

598 



City and South London. 



Week ending J uly 1 2 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks. 
Miles open 



Inc. this week. £2 Dec. 2 weeks, £159 



Dublin and South Eastern. 



Week ending July 10 



Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks . . . 



North British. 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 24 weeks 
Miles Open 



1908. 

£10,267 

3.221 

^£15,488 

^231^521 

492 '4 



a 1907. 

£10,417 

3.280 

" £13.697 

£232.434 

49^ '4 



Week ending July 12 

Passengers, etc 

Goods, etc 



Dec. this week, £209 Dec. 24 ' 



Total for week 

Aggregate for 24 weeks , 
Miles open 



1.319' 



1.318' 



Hull and Barnsley. 



Dec, this week. £15.946 Dec. 24 weeks, £64.486 
North Eastern. 



Miles 


open. 


160 


160 


Dec. 


this w 


eek £1.311 Dec. 2 week^ 


£822 


Furness. j 



Week ending July 14 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate fur 2 weeks 
Miles open 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks 
Miles open. 



Dee, this week, £2.333 Dec. 2 week~. £1.197 



Week ending July 11 

Passengers, etc 

Goods, etc 

Total for week £202,378 

Aggregate for 2 weeks £413.635 

Miles open 1.697 



1908. 
£76.328 
126.050 



'I 1907. 

£76,! 05 

132^2^2 

£208,357 

£423. 1 38 




Lancashire and Yorkshire. 



Dec. this week, £2.250 Dec. 2 weeks, £4.041 




Dec, this week, £5.959 Dec. 2 weeks. £9,503 



l.oab 



North London. 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week 



Miles open 



Week ending July 12 

Passengers, etc 

Goods, etc 



1908 I o 1907. 
£4.458 £4.979 

3.41 2 I 3J06 

£7.8/0 I £8.V85 
£15.589 £17.375 



12 



12 



' k. ^915 Dec. 2 weeks. £1,786 



Glasgow and South Western. 



London Brighton and South Coast. 



North StafFordshire. 



Week ending July 11 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 24 weeks . . 




Miles open 1 444'4 


444'4 


Dec. this week. £12.147 Dec. 24 weeks, £46.472 


Great Central. 



Week ending July 12 1908, 

Passengers, etc £25,600 

Goods, etc 51.180 

Total for week I £76,780 

Aggregate for 2 weeks £157.210 



o 1907. 
£24,710 
57.630 



Weekending July 11 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks 
Miles open 



1908. 
£50.753 

15.773 

£66,526 

£15 9,818 

487 



" 1907. 

£50.762 

16.C96 

£67,458' 

£138,275 

487 



Week ending July 12 

Passengers, etc 

Goods, etc 



Aggregate for 2 weeks. 



1908. 

£5,208 

11,799 



(I 1907. 
£5.179 
i 13.193 



Total for week £17,00/' i £18^372 

j £55.101 I ) £39.312 



Dec. this week. £932 Iiie 2 «v,-k~, i 1,543 



h Dec, this week, £1.365 Dec. 2 weeks, £4.211 



London and North Western. 



Miles open 609 


607 


Dec. this week. £5,560 Dec. 2 weeks, £8.350 


Great Eastern. 



Week ecdiug July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks 



Miles open 1 .948 



1908, 
£143.000 
_ 149. 000 
£292.000 
£589.000 



1907. 
£147,000 
171,000 
£318,000 
£620,000 
"1.946' 4" 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks. . . . 
Miles open 



Dec, this week, £26.000 Dec. 2 weeks, £3 ! . 000 
London and South Western. 



Dec, this week, £1.316 Dec. 2 weeks, £1.175 



South Eastern and Chatham. 



ek ending July 5 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks. . . 
Miles open 



1908, 

£68.900 

42. 100 

£iii.obo 

£224.900 



1.056' = 



a 1907. 

£72,300 

41.700 

£114.000 

£231.300 



1,058 _l 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weck> 
Miles open 



1908. 
i £74.600 
_ 27.900 
£102.500 
£204,000 
f,019'^2 



1907. 
£72.400 
^8,000 
£100,400 
£198.300 
l,016'i 



Week ending July 1 1 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate fur 2 weeks. 
Miles open 



1908. 

£79,540 

I 19.731 

£99.271 

£164.194 



bb4 



1907. 
£77,980 
/ 21.029 



Dec. this week, £3.000 Dec. 2 weeks, £6.400 



Inc. this week. £2,100 



Inc. this week. £262 Inc. 2 week4,£l 481 



Great Northern. 



London Tilbury and Southend. 



Week euding July 11 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 2 weeks 
Miles open.. 



1908. 
£56.250 
62.230 



■I 1907. 
£53,400 
68.000 



Week ending July 12 



Goods, etc 

Total for week . 
Aggregate for 2 1 



eks 



1908. 
£10,528 
2.445 
£12^973 
£25.639 



Dec. this week, £2,900 Inc. 2 ' 



81 



a 1907. ' 
£10.35! 
2.353 

"£12;704 
£24.283 



■eks £100 



, this week, £269 Inc. 2 weeks £1,356 



81 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week . . 

Aggregate for 2 w 
Miles open 



ks. 



1908. 
£4,773 
15.933 



ti 1907. 
£6.260 

_ 16.065 
£22,525 
£41.388 



Dec this week £1,619 Inc. to date, £612 



124'. 



Notes and Explasations. — a The receipts for the corresponding period last year are adjusted to the actual figures, b Includes the receipts of the Vale 01 
Glamorgan Railway, c Dock dues, Ac, are included in this return, d The above figures do not include the receipts of any of the Company's Joint Lines. e Exclu- 
sive of 145i miles Joint Lines, .f E.«lusive of 145J miles Joint Lines. .; Includes 2« miles Joint Lines (G.N proportion). Ii Includes 240 miles Joint Line. 
G. N. proportion). i Includes the receipts of the Waterloo and City Railway. / Including the receipts of the faial. k Railway 206 miles. Canal 119 miles. 
( Includes steamboat receipts and tolls, m Feaarth Dock and Railway included, n Including 47^ miles jointly worked with G,C.R. 



74 



THE RAILWAY TIMES. 



[July i8, 1908. 



OFFICIAL TRAFFIC RETURNS. 



BRITISH AND IRISH RAILWAYS, &e. 



Mileage. 



Latest Earoings Reported. jAggregateto date 



3ikei.3i. .w ... 
Belfast <» Co. D 
Brecn-i .1! Mer 
•h C R'i I- H 

CleatorAWork 

Cock. Ke3. & P. 

work B.«; S C. 

Ck. n'rck. ,«: P. 

East Lon ion . . 

I.N. anl City 

a.N., Pic , A B. 

Cite of .Vlan . . 
tile of Wiglit.. 
I3le of W. Cent 
Mane. Carnl . 
M'port <t Car. 

-VIersev 

Mid. & S.W.Jn. 
Neath & Brecon 
Port Talbot .. 
Rhon A S Bav 



1908. 


1 1907. 


M 


~iT 


m 


80 


(ii 


61 


7} 


7i 


M\ 


28i 


■Ml, 


31J 


03 


103 


8J 


8i 


■if.\ 


m 


■H 


31 


UJ 


9 


*8f 


481 


l*^ 


14i 


i!li 


21i 


«U 


4U 


4» 


4} 


(tl 


61 


~ 


~ 1 



Wk. or Month I 1908. 



Juiv 11 
July 14 
July !2 
July 11 
July 11 
July U 
July M 
July 10 
April. 
July 11 
July 11 

July 11 
July 11 
July 11 

May. 
July 11 
July 1 1 
July 12 
July 11 
July 12 
July 12 



£3,U90 
3,377 
2,406 



3,3S3 
1,427 
6,420 



£2,595 
4,373 



3,882 
1,692 
4,405 

1,159 
848 
657 
42,68:1 
2,482 
l,9.i9 
2,217 
1,413 
2,S94 
2,517 



6,685 
1,674 
1,648 
3,378 



10670 

16,073 
1,549 
1,307 
190,842 
4,419 
3,635 
3,604 
2,036 
4.712 
4,963 



1907. 



£5,380, 
7,074 
4,61S, 
5,346, 
2,612) 
2,061 
3,S06l 



FOREIGN AND COhOmkL-Contimicd. 



Hallway. 



87, 



15,24; 
3,441 

8,84; 



1.1 
"!,27f 
195,96- 
I 4,95T 
3,84 
4,191 
2.79' 
4,87 
4,8it: 



3an Paulo ..i 

StliB. Punjab 

Ludha. Est. 

South. Indian 



Taltal 

feiuiscouata 
Uu. Ry3. Hav 
Urug. North. 



FOREIGN AND COLONIAL R.1ILWAY3 



Litjit Birnii^i lljp > 



VIcoy iS Gand.i 
Vlgeciras . . . .t 
Vng.-Ch. Nit. a 
Vntof. & Bol, 
Vrg. N.E...<. 
Vssarn-Bengal ' 

Ben. 4 N. W.,] 1,797 
Beng. Dnoars r 3gj 

Extensions — *l n? 
Bengal-Nag. c 
Bil. Riy. &C.a 
Bolivar . . . .o 
Bom. B & C.I.f 

State Lines. ,c 
Braz. Gt. Sn. d 
•B. A. & Pac. 
B.A.R. &C.A.r 
B.Ay. Cent...(i 
B.A.En.&S.C.n 
tB. Ay. Gt. S.o 
B. Ay. Wnst. a 
Burma t'l,3ib 



VVk. orMoath.l 19J8 I 1907. 



July II 
July 4 
May. 
July 12 
July 10 
Jane 13 

June 13 
36} J.in. 1-Juae 20 



!,031 



2,511 

1,111 

1,340 



Can. North. '2,874 12,554 
Can. Pacific I. 9 23a J,l.)4 
Central Urug.n' '— ' — • 

East Exten. a 

North. Ext. a 

Weat.Exten. 
Cordoba Cent.o 
SCent. N. Sec.o 
Cord. & R03. a 
Costa Rica ..a 
Cuban Centealo 



Del. Um.&K.f 
Demerara ..b 

Berbice b 

West Coast../ 
Dora. ofCaaada 



159 


128 


182 


182 


211 


211 


128* 


128* 


6431 


643S 


180 


180 


201 


181 


241 


241 


162} 


162} 


2M 


21« 


39 


39 


15 


16 


472 


2,468 


601 


388 



June 13 
June. 
May 

Jaly 11 

May. 
July 11 
July II 

June. 
July 12 



7 days July 14 
July'u 



July 5 

July 5 
June 20 
July 11 

11 dys July 11 
May 



20,00J 
31,6.51 
13,8JU 
23,500 



16,000 
28,650 
10,100 
20,471 



93,50.1 3j;u7 
3,59,60 j 3,56,95 



4,87,000 5,24,000 
9,172 7533 
5.0161 5,458 

3,27,0u;) 3,82,000 



os.oac 

21,250 
70 697 
83,397 
13.933 
784 
68,020 
37,957 
3,03,034 2,86,844 



5,46,00t 
24,500 
59,528 
86,700 
9,885 
318 
60,911 



— June 



East Indian—. 
Egypt. Delta a 

Emu Bay 

Eatre Rios ..a 
O. Tk. of Can.o 

Can. Atl...a| 

Q. T. West. 01 

D.T.G.H.&Ma __. , ,._ 
Gt. Ind. Pen. c 2,8611 '2,813) 
G.W. ofBraz.o 893 
H.H. Nizam's f 355 

Hyder. God. c 392 
Indian Mid. ..(■1,126 
Inter.of Mex. i-l 736 
La G. & Car. oi 23 
Leopoldina . .0.1,571 
Mad.4S.Mah. ci 2,046 

Manila 6 

Mashonaland 



655 472 
3,535 3,535 
463 I 463 
336 336 



355 



Mexican 
Mex. South.. 6 
Mid. Uruguaya 
Nassjo-Oscar.ii 
Nitrate ....a 
N.VV. of Urug.S 
Ottoman ... .a 
Parag. Cent, a 
Peruv. Corp. I 
Pir.-Ath.-Pei. * 
Puerto C. & V.tt 
Queb.&L.St.J.i 
Qubec Cent, h 
Rhodesia ... .a 
Rohll. & Kum.c 
Luck. Bar. ..CI 
Salvador b\ 



1,460 

1,7331 

207 



321 



July 11 
7 days July 14 



July 11 

July 11 

Jan. 1-June 20 

Jufy II 
7 days July 7 

May. 

July 11 

June 20 

July 11 

May. 
7 days July 7 

July 7 

June. 

April. 
July 1-15 

June. 

July 11 

July 11 

June. 
December. 

June. 

February. 

1st wk. May. 

April. 

June 13 

July 11 



177.500 
139J,0(IU 
8.246 
1,597 
1,203 
3,052 
3,840 
11,255 
4.630 
5,930 
4,404 

62,600 
13,219 
2,811 
2,238 
104,700 

1628,000 
5,003 
3,613 
4,300 
118,087 
8,718 
21,012 
6,090 

1344,400 
6,726 



Nil. 

21,616 

3,47,525 

32,779 

21,826 

124,800 

27,798 

6,400 

5,292 

23,270 

21,800 

6,868 

1,150 

879,360 

516,616 

4,000 

31,941 

20,285' 

42,578 

23,595 

12,300 



216,600 
1542,000 
7,874 
l,39o 
1,161 
1,094 
3,820 
12,095 
4,485 
6,609 
4,609 

71,624 
14,466 
2,992, 
2,384 
95,135 



Agiiregate to date. 



1933. 



■419,000 

18,086 

76,5r0 

658,938 

4,660 

20,94,336 

79,89,869 

1,68,961 

2,77,884 

1,38,19,000 

50,232 

44,103 

5,31,000 

5,88,000 

82,000 

107,763 

133,03: 

134,357 

1,22U 

116,r 

67,898 

l,63,90,79t) 

329.80( 

1,399,00'! 

13,649 

2,318 

1,874 

1,674 

99,990 

239,88U 

254,315 

329,186 

6,696 



511,1174 

5,009 

2I,4.S,439 



2,74,878 

1,51,57,000 

55,115 

45,235 

7,10,00c 

10,14,0001 

109,000 

105,50(-, 

144.50(1 

131,648i 

6591 

122,915 

67,420! 

1,57,13,62j 

424,401 

1,542.0011 

14,11 

2,488 

2,016 

I,82b 

89,86. 

250,940 

230,545 

297,846 

8,973 



Well. & Man. a 
W. of Havanaa 
W.P.AYukon b 
Zaf. & Huelvaa 



Latest Earnings Reported 



Wk. or Month 


1908. 


Julys 
Juno 20 

June 6. 


24,3oO 

66,300 

17,205 

3,90,103 


June. 
May. 
July 11 
June. 


f3,466 
17,343 
12,826 
1,702 


4 wks. Jan. 4 

July 1 1 

7 dys. June 14 

June. 


15,916 
5,199 
48,600 
10,951 



1907. 



Aggregate to dali 



24.300 I 25.214 
2,92,977 j 2091, 692 
18,706 4.08,795 3,81,105 
t,83,316 84,91,7610077,045 



10,804 
15,228 
13,899 
2,221 



229,258 1 
82,364 
19,722 
21,251 



193,377 
63,945 
25,756 
22,618 



11,247 
74.21 



UNITED STATES RAILWAYS- 



Mileage. I Latest Earnings Reported , 



1903. ' 1907. jWk. or M'nthj 1907-8 1 IM3-7 . 



Alab. Gt. Sth, 
Ala.N.O.A T.P 
Atc.Top.&S.FS 
Bait. & Ohio . . 



Cent, of Geor... 
Central of N.J. 
Ches. and Ohio' 1,831 
Chic. Gt. West. I 818 
Ch. Mil. & S.P.|7,I87 
Cin. N.O. & T. 336 



July 1 to Latest Date 



1907-8. 1906-7. 



1,913 



CI. Cin. Ch. &c 

Denv. & Rio G. 

Erie 

Illinois Central 
Louis. & Nash. 
Minn. & St, 



1,983 

2,552 
2,169 
4,419 
4,349 
799 



M. St.P.S.S.M. 2,26; 



Miss Kan. & T 

Nat. of Mexico 
N.Y.O. & H. R 
N.Y. Ont. & W. 
Norf. & West 
Northern Pac. 



3,072 

1,732 
3,783 
546 
1,877 
5,617 



1573,000 


25,68,000 


6, 106 


69,096 


— 


30,347 


4,252 


7,044 


145,618 


230,940 


9,489 


16,966 


24,828 


43,010 


7.521 


12,752 


983,162 


13,44,400 


5,420 


225.447 


— - 


25,91,072 


— 


18,60,570 


4,63,340 


2.75.200 


133,250 


123,200 


5,750 


24.000 


16,327 


587,002 


2,8i,633 


81,46,323 


40,463' 


1,155,029 


16,256| 


102,325 


142,500| 


124,800 


33,197 


666,455 


6,0641 


71,046 


5,335' 


18,909 


24,371 


23,270 


24,180 


242,754 


5,0ie 


10,10) 


1,565 


1,435 


817,9501 


I0,i63,443 


38,970 


6,693,765 


l,750l 


20,751 


33,977' 


68,216 


15,1731 


360,504 


36,414i 


151,991 


23,633^ 


5,76,37) 


— , 


8,49,54- 


30,500 1 


28,001. 



71,62< 
63,181 
16,547 
12.696 



7,408 

280, 48o 

18,14ii 

50,13.- 

14,932 

19,83,162; 

240,832; 

25,87.82cl 

19,67,381' 

4,63,340' 



142,500 
716,224 
74,750 
19,082: 
24,371 
261,00-1 
8,70.' 



16,750 
69,862 
278,071 
142,172 
5,79,108 
8,96 793 
53,000 



St. Jos. 4 G. I. 

St. L. ASn.Fr. 16,021 

St. Louis S.W. 1,454 

Southern |7,501 

Texas APaciBci 1,885 

Wabash 2,517 

Whl. & L. Erie 498 



April 

3rd wk. June 

April. 

4th wk. June 

Miv. 

May. 
3rd wk. June 
3rd wk. June 
3rd wk. June 

May. 



1,829 
818 

7,066 
336 

1,983 

2,542 
2,160 
4,377 
4,323 
799 
2,207 
3,072 

1,731 
3,784 
546 
1,876 
5,617 



April. 

April. 
i;462 i3rd wk. June 
7,496 l3rd wk. June, 
1,856 |ird wk. June. 
2,517 Isrd wk. June. 
498 i2nd wk. June. 



$81,244' $72.492,i •^3.444,018; S3,857,480 

427,0011) i20,000 I 2,771,000 3,243,600 

; 8715416;, 30i918. 1 84,287,178 86,393,249 

■>092, 494 7370349 i 83, 172,530 73,047,837 



198 101 h^'l^Sflh 
228)101! ; (61 ',08: 
1817621 Us 10338 
13",,2I.'.{ l.<9,9?8 
1224,63 M99i8S4 
130,7'i I 181,6701 
173431 ;I3338. 



526,100 
3851252 
.i70J40S 

787,0(5 
70,708 

192,67 

1485356 

273,498 
6782263 
692.77, 
2008197 
4982475 

120,218 
3076399 
185,826 
894,225 



632,200! 
(866882'! 
1862104 
i928,52il 
87,735 
266,715!:' 
2271841't 



11,123,0121 11,8')9,850 
,24,922,887! 2( 249,172 
,23,919,84,>-! 23,368,181 
' 139,978 



48,414.22' 
7,668.377 
■21,249,49) 

20,383,03 

45,670,370 
49,685,910 
43,518,150 
3,741,619 
11.198.213 
21,663,566 



317,418,1 15,278,69s 

3039260, 78,019,069 

895,070!] 7,381,231 

■2870603' 26,810,890 

873I127I 63,876,148 



131,187 
4316683 
201.126 
1076230, 
205,2101263,717 
454,657! 594,984 
98,885! 147,066 1 



1,362,255 
40,340,243 

9,377,924 
51,694,982 
14,071,143 
24,911,442 

6,126,225 



50 742,059 
8,149,279 
21.05 ),849 

20,993,654 
49,000,879 
51,727,739 
46,626,510 
3,764,663 
12,403,490 
24,070,797 

15,414,148 
79,038,571 
7,476,114 
28,412,998 
82,692,766 

1,434,044 
41,243,177 
10,015,773 
56,219,318 
16,252,696 
26,865,411 

5.817,085 



WORKING STATEMEKTS. 



..May 
. May 
..Apr. 



.May 



Alabama Great Southern.. ..May 

July I to May 31 '. 

Atch.Top.A Santa F6 May 

July 1 to May 31 '. 

Baltimore and Ohio May 

July 1 to May 31 

Canadian Northern May 

July 1 to May 31 

Canadian Pacific May 

July 1 to May. 31 

Chesapeake and Ohio May 

July 1 to Ma/ 31 '. 

Chicago Great Western ..Apr 

July 1 to Apr. 30 

Denver and Rio Grande . 

July 1 to May 31 
Louisville and Nashville 

July 1 toM.ay 31 
Minn. St. P. & S.S.M. . . 

July 1 to Apr. 30 
Miss. Kan. & Texas .... 

l3i,-2oi July 1 to May 31 

35,750 National of Mexico ....May 

562,805 July 1 to May 31 

i9,20, 595' New York Ont. & West. May 

1,374,887 1 July 1 to May 31 '. 

81,777, Pliil. and Reading May 

July I to May 31 '. 

Coal and Iron Co May 

July 1 to May 31 

Total both Companies . . May 

July 1 to May 31 

Pitts. Cin. Ch. & St. L. . . May 

Jan. 1 to May 31 

2,494: 1 St. Jos. and Or. Isl Apr. 

8,626,150ii July 1 to Apr. 30 

St. Louis & San. Fran. 

July 1 to Apr. 30 

Southern Railway .... 

July 1 to May 31 

Union !Paciflc 

July 1 to May 31 . 

Wabash Apr 

July 1 to Apr. 30 



Gross Earnings. 



1907-8. 



Apr. 



May 



$251,733 
3,260,185 
6,715,415 

84,287,178 
5,092,494 
88,172,530 
654,900 
8,338,000 
5,392,570 

65,828,338 

; 1,817,629 

23,919,848 

623,779 

6,839,459 

1,470,890 

18,794,133 
3,259,673 

41,194,630 

812,446 

9,852,348 

1,485,358 

21,563,566 
1,204,394 

14,438,620 

693,772 

7,381,231 

3,294,932 

38,720,430 
3,076,765 

35,937,336 
6,370,897 

74,657,76J 
2,034,992 

10,019,170 

120,218 

1,382,256 

3,075,399 

40,340,243 
3,627,538 

48,969,065 
6,846,592 

69,908,043 
1,814,719 

21,741,087 



1906-7. 



$382,693 

3,634,692 

8,506,913 

86,393,249 

7,370,849 

75,047,837 

870,600 

6,630,000 

6,937,135 

85,399,812 

2,390,938 

23,366,180 

719,567 

7,534,934 

1,822,900 

18,985,754 

4,050,858 

43,886,060 

1,236,428 

10,446,450 

3,271,841 

24,070,797 

1,582,791 I 
14,468,34? 
695,070 I 
7,476,114 , 
3,996,910 
39,537,558 ! 

3,407,668 
36,418,019 ' 
7,403,468 I 
74,955,578 

2,864,544 I 
13,181,840 
131,187 
1,434,044 
4,818,683 
41,243,177 
4,825,977 
52,048,689 
6,957,340 
69,644,015 
2,213,289 
22,657.601 



1907-8. 



1908-7. 



$54,163 

528,780 

2,473,784 

27,036,489 

1,078,450 

' 17,908,516 

131,800 

2,272,200 

I 1,681,495 

20,116,889 

1 838,737 

8,090,811 

67,544 

1,127,608 

472,316 

5,981,909 

798,181 

9,987,894 

273,816 

3,827,902 

236,488 

6,582,243 

471,978 

5,253,192 

252,159 

2,267,264 

1,198,953 

14,226,693 

173,797 

2,434,491 

1,372,750 

16,881,134 

567,270 

2,367,514 

64,459 

554,382 

828,520 

11,064,0«3 

880,545 

10,059,481 

2,768,803 

28,940,593 

361,692 

5.838,288 



156,131 

858,798 

3,002,931 

32,559,397 

2,451,609 

24,915,586 

358,100 

1,785,100 

2,519,368 

22,888,202 

844, 

8,238,814 

155,200 

2,064,887 

822,163 

6,430,394 

1,109,340 

13,866,91« 

483,712 

4,454,368 

826,194 

8,758,362 

568,746 

5,208,60» 

214,826 

2,362,620 

1,669,988 

14,598,420 

239,25 

1,929,835 

1,809,243 

17,528,266 

695,717 

2,862,619 

42,200 

57,217 

l,280,34i 

13,544,051 

869,960 

10,783,116 

2,837,079 

31,347,934 

688,96. 

6,596,21 2 



Kanl Ids reported In pounds, b In dollars, c In rupees, d In milreis 



•Inclnd;, \r ;LTnV^Orli w«.t« „'. H .J""*"."'" fupnes. i In mi reis. e in reis, „ in crowns, h in drajhmn i In pesetas, ; roiaooJ to gold, k in Mexican dollars. 
includes A r -entme Great Western and Ttansandme receipts t Including Ensenada Section, S. Coast Lines, 'Ac. lAII sections. $Iucluding North West Argentine Extension 



Jui-Y 1 8, 1908.] 



THE RAILWAY TIMES. 



1^ 



London & North Western Ry. 



NEW DAYLIGHT EXPRESS 
PASSENGER SERVICE 




North Wes*ern Steamer alongside Railway Platform at 
Holyhead, 

EUSTON, 1908. 



IRELAND 



VIA 

Holyhead and Kingstown. 

PM. ■ PJW. 

EUSTON dep. 1 .20 Dublin (Westland Row) dep. 1.15 

Kingstown arr. 9.50 Kingstown „ I.45 

Dublin (Westland Row) „ 10.20 Euston arr. 11.0 

VESTIBULED CORRIDOR STOCK. 
RESTAURANT CARS PROVIDED. 



FREDERICK HARRISON, General Manager. 




HARLING'S DRAWING INSTRUMENTS. 

lllii^trnted Catalogues sent on application. 

W. H. HARLING. 

47, ^ Finsbury Pavement, London, E.G. 

Manufactory: GROSVENOR WORKS, HACKNEY. 

ESTABLI BED ISol. 



Taylor's Patent Shunting Levers. 

" Peversers," "Run-throughs," "Fast-Locks." 



dSEO ON THE GREAT 
RAILWAYS OF THE WORLD. 
Deraiiment 

ImpossiblCm 

INDISPENSABLE FOR COLLIERIES, 
BREWERIES & OTHER SIDINGS 

Taylor's Patent Shunting 

Lever, Ltd., 

29, REGENT STREET, LONDON, S.W. 

Teleg.: SWITCHES, LONDON. 
T«l.: 7200 QERRARD. 




WILLIAM JONES 

AND SONS. Ltd., 

Cecil Street Foundry, 

BIRMINGHAM. 



Makers of 

GALVANIZED 
SIGNAL 

PULLEYS 

AND 

FITTINGS 
CAST & MALLEABLE IRON. 




THE RAILWAY TIMES. 



[July i8, 1908. 



The Birmingham Railway Carriage & Wagon Co., 



Railway Carriages, Traircars, and 
Wagons of every desciipt'ou for Hire 
and Sale by Immediate or Deferred 
Payments, Ironwork, Wheels & Axles. 



Works: 

SMETHWICK, BIRMINGHAM 

Uanuficturer$ of 



Wagons for Hire, capable of carrying 
Six, Eight, and Ten Tons, pirt of 
which are cjastructed specially for 
Shipping purposes. Wagons in Work- 
ing Order maintained by Contract. 



OAK AND STEEL UNDERFRAME WAGONS. 
HYDRAULIC PRESSED BOSS, AND OTHER WHEELS AND AXLES 



SECOND-HAND BALLAST WAGONS FOR MAIN LINE TRAFFIC 



STEVENS AND SONS, 

Darlington Works, Southwark Bridge Road, London; and 

Signal Works, New City Road Glasgov. 



.^oJtfMl^** 




PATBNTKB3 AND MANUFACTURBBS OF 

INTERLOCKING LEVER FRAMES, 

For Junctions, Stations, Sidings &o., 

OJ th« MOST APPROVED DESCRIPTION; also BT»ry DMOriptloa o« 

SEMAPHORE AND DISC SIGNALS, 

IN BITHEB IRON, STBBL, OR WOOD. 
lUicciAOTintiu or 

Every Description of Railway Signal and Station Lamps, 

A STOCK OP ALL KINDS ALWAYS KBPT OK HAND. 

OoBtrmoton to tha principal Rallwajri In the Unlt«d Klntdoa : *lM tha OeatluBt, lalto, 

America, and the CoIodIu. 

WROUGHT AND CAST IRON GIRDER BRIDGES, ft*. 
GAS ENGINEERS, fto. 



Registering: Turnstiles for Toll Bridges, Public Gardens, &c. 




f MELLOWES 
& CO.'S 



"Eclipse" Paleni Roof Gli/i .j 

FOR ■OOFS or tU DESTRIPTIONS 



Absolutely Imperi»h«bl". No PottN or *«b«a'<.. 
Milliona of Feet fiici for th* Princii*! Rulwij Conj 
paniea and others. All Work ijn>iraiit«<«l. 

Lut 0/ ITork. «nd «ll Port.rul.-. I'rm 

MELLOWES & CO^ Ltd^ 

Shenicld.Eng..S 28. victoria SI.. Woimlnsirr. london.S v% 



PATENT KNAPPING MOTION 

Stone Breakers, Elevating and Screening Machinery 
Rock Crushers, Sand and Stone Washers, 

Ar. adopUd by tha LEADING CONTRACTORS and TEN OF THE 
LARGEST RAILWAY COMPANIES for Ballaat and Concrete Work. 

SOL.M...E., W. H. BAXTER, Ltd., LEEDS. -eJ^^I^lu^: 



THOMAS TUiiTON & SONS, >-TD 

Shcai W orks, SHEHFIBLU. 




LOMOONi 

90. CANN9N STREET. 
CITY. 



Spring Steel, 
Cast Steel Forsin«:s, 
Picks, Hammers, Toole, 
CAST STEEL FILES. 

Railway Springs 6 Buffers. 



DAVISfRURR0W&50NS 



BRUSH MANUFACTURERS, 




ConTraclors to the Railway Companies. 



=^^l^rrT7SiS=^nS?T^;ri^or. at 32.34. Fleet Lane. E.C., and Published by J*s. W. Co„R«K« at 12, Norfolk Street. Strand.-S^iSS*,. July 18, 1908. 



July 25, 1908.] 



THE RAILWAY TIMES. 



London & North Western Ry. 




NEW DAYLIGHT EXPRESS 
PASSENGER SERVICE 



TO 



IRELAND 



VIA 



Holyhead and Kingstown. 

P.M. P.M. 

EUSTON dep. 1.20 Dublin (Weatland Row) dep. 1.15 , 

Kingstown arr. 9.50 Kingstown „ 1.45 

Dublin (Westland Row) „ 10.20 Euston arr. II.O , 



North Western Steamer alongside Railway Platform at 
Holyhead. 

EUSTON, 1908. 



VESTIBULED CORRIDOR STOCK. 
RESTAURANT CARS PROVIDED. 

FREDERICK HARRISON, General Manager 



JAMES KEimEDY & CO., Ltd., 

69. Bnch&nan Stxeet, GLASQOW. 




LIVERPOOL i LONDON ENGLAND 
CINCINNATI & 
U.SA. 



Orders solicited 



SAWN TO SIZE 

In America under 

own supepvlslon and shipped 

dlpect to any port of the United 

Kingdom. 

for delivery during the Autumn and 

Winter of l'908. 



Mr. JOHN E. RAWORTH, 

?atent ^gent, 



QUEEN ANNE'S CHAMBERS. 

THE BROADWAY, WESTMINSTER. 



The only GUARANTEED device for holding Nuts. 

r A S TN U f WASHERS 

save TIME, MONEY and ACCIDENTS. 

As supplied to the Admiralty and War OfTice. 

HOLD ALL NUTS, STUDS and SCREWS under ANY VIBRATION. 

NO COTTERPINS, LOCKNUTS or ORDINARY WASHERS REQUIRED. Shorter Bolts c»n be used. 

... IN USE ON . . . 
Railways, Tramways, Steamships, Collieries, Motors, Agricultural 
Implements, Machinery of all kinds, and invaluable wherever 

Nuts are used. Z Doi. Assorted Sizes, J to i in., Is. 

Telegrams-" Fasnut, LONDON." Telephone -12214 Central. ^^Tone^Crusher. °° 

FASTNUT, Ltd., 60, Aldcrmanbury, LONDON, E.C. n-??^"' 





78 



THE RAILWAY TIMES. 



[July 25, 1908. 



MIDLAND RAILWAY. 

The Best Route for comfortable I 

Travel and Picturesque Scenery. I 

AUGUST 

BANK HOLIDAY EXCURSIONS 

will be run from LONDON (St. PANCRASj, 
etc. (with bookings from City, Greenwich and 
Woolwich Stations) affording to the public 




SATURDAY TO MONDAY TICKETS 

issued on Saturday, August ist, available 
to return up to following Tuesday. 

EXCURSION PROGRAMMES 

Free on application to any Midland Railway Siation 
Or Office, or to any of Office Thos. Cook & Son, or to the 
District Superiniendent, St. Pancras Station. 

W. GUV (IRANET, General Manager. 
Derby, 1908. 



L. & S.W.R. 



AUGUST HOLIDAY 

■*^ EXCURSIONS * 

— TO ~- 

DEVON^, CORNWALL, 

— ASP — 

THE SUNNY SOUTH. 



EXCURSIONS from LONDON (Waterloo) 



00 certain days (for 



Bournemouth 10/- 

Swanage 12/- 

Weymouth 13/6 

New Forest 8/6 

Portsmouth 7/6 

Southampton 7/6 

Isle of Wight 9/- 

Lyme Regis 13/6 

Seaton 13/6 



SIdmouth 16/ 

BudleIgh Salterton.lS 6 

Exmouth 16/6 

Exeter 16/- 

llf racombe 20/6 

Lynton 21/6 

Bideford 19/- 

Liskeard 23/- 

Tavlstook 21/- 



rying periods) tn 

Plymouth 21 ■ 

Barnstaple 19/ 

Padstow 24/- 

Wadebridge.., 24 

Bodmin 24 

Boscastle 24 6 

TIntagel 24 6 

Bude 2t 

Launceston 21 - 



DAY TRIP to Exeter (10/-), Barnstaple, (11/-), llfracombe, Tavistock, 

Plymouth (12 •). etc., leaving Waterloo at 12.30 midnight, 

Sunday, August 2nd (Bank Holiday morning). 



•RAIL & SEA" TRIPS via SOUTHAMPTON 

to St. Male, Havre (24 6), Cherbourg (23 6), Trouvllle (25 6), 
Caen (27/9), Etretat (29 2), Rouen (28 6), and other pla. cs iu 

NORMANDY & BRITTANY 

also to Channel Islands (22 -), and 
PARIS <1st, 39/3; 2nd, 30/3; 3rd, 26/-)- 

For "Free" Illustrated Guides, Tourist, Week-End and Excursion 
Programmes, send postcard to Me. Henrv Holmes, Supt. of the Line 
Waterloo Station, S.E. 

CHAS. J. OWEXS, General Manager. 





"THE 
HOLIDAY 
LINE." 



AUGUST EXCURSIONS 
-OM pADDINGTON ° 

ALL PARTS. 

r.imphlet civina full rlctails 'rce, at all Stations and 
Oflires of tie C'i'mi>:in\, nr direct from the E.nqviry 
OfFICE, r.lI>DIM:T.iN Sl'ATLiiN, \V. Tel.; 4901 Padd. 



ALSO ATTRACTIVE DAY TRIPS. 

r.id.lm,'lon De|it 
8.30 1 



SUNDAY, 

AUGUST 

2na. 



{ TEK ;hic1 C'1IEI,'IKX1L\M, 6 -. 

, Tn WE.ST(1N-SI TKl! .M.VliE. 5 6. IllCill- 
I BlilUGE ami BHlDCiWATEU, 6/6. 

I To EXETER, 10/-. TClEQlAY, 11/-. PLY. 
' MOETII, 12/.. and many other stations. 

(To LEAMlXflTdN. 6 6. BIKM INtill AM 
. \ and \V(II,\-Elill.\.MrTllN, 8-. 

To WKSTON-Srl'Kli MAUK, 5 6. 
To BATH and BKl.SIllL. 5 6. 
/■To SWINDON. 5/-. C'l l!EN(;:E.STEI!, 5/6. 
' STIiOl'D. GL 

TENHAM, 6/ 
HALl'DA'^ NilN-srOI- E.M'lilCSS Til 

|WESTON-SUPER-MARE, 4-/3 

To BREST (BRITTANY), 33/6. 

LIMITED SPEC-ALLY CONDUCTED TOURS TO KILLALOE (Co. CLARE). 
EVERY THURSDAY. 1>1 dnv t'h.a|. Excursions through the GAKDEN 
OF IHEl.ANl), 1.. tlj. \ iih i)f O\o( A, Hathi. RIM, Gi.ENi.iLoi..n (with its 

seven churrtu'-.), \\lrKI.<>\V, Brav. KlN(i.STO\VN, DLin.IN, etc 
" Hoi.ijTAi' Hu N I ~," cnntaiiiing particulars ofj accommodation in England, 
Wales, Ireian.l. Channel l.slaii.is, Scillv Mamls and Brittany, jirice 6d. post 
free, (mm the Superintendent of the Line. Paddineton St^iti.in, W. 

.J\MKS (■ INcil. IS. Central M.inn<;er. 



MONDAY, 

AUGUST 

3rd. 

WEDNESDAY, 
AUGUST 
5th. 



GO TO THE 


CROMER. 


BREEZY 

EAST 
COAST 


OVERSTRAND, 

MUNDESLEY, 

SHERINGHAM. 

YARMOUTH, 

LOWESTOFT, 

GORLESTON, 

HUNSTANTON, 


BY THE 


ALDEBURGH. 
SOUTHWOLD, 


A^ CT D 


FELIXSTOWE. 


G. t. R. 


CLACTON. 
WALTON. 


FOR YOUR 

Summer 


FRINTON, 

DOVERCOURT, 

SOUTHEND, 


Holidays. 


AND THE 

NORFOLK BROADS 


% MBUNDANT \ QRACING 


\ nHARMINoX 


^^Amusements. \Ureezes 


\ll0UNTRY. \ 


FAST TRAINS. co 


RRIDOR CARRIAGES. 


CHEAP TICKETS. RE 


3TAURANT CARS. 


YACHTING. M 
FISHING. G 


AGNIFICENT 
OLF LINKS. 


EXTENSIVE SANDS AND 


PROMENADES. 


RAIL AND BOAT E 


KCURSIONS. 


BANK HOLIDAY PROGRAM 


ME NOW READY. 


Descriptive Pamphlets and full particul 
to the Superintendant of the Line, Liverp 


ars sent gratis ou application 
ool Street Station, E.C. 



July 25, 1908.] 



THE RAILWAY TIMES. 



79 



LONDON & SOUTH WESTERN RAILWAY 



SOUTHAMPTON DOCKS 

POSmOK AND FACIUTIES UNRIVALLED. DODBLE TIDES. 



/ 1 hour and 40 minutes \ 
\from London (Waterloo)/* 

fflGH WATER 4 TIMES EYERY DAY. 



Never less tlun aS feet alongside new Ocean Quays. Channel to Docks dredged to 30 leel at lowest low water. 

As safe by night as by day, being lighted by gas buoys. 

LARGE OCEAN UMERS DOCK AMY HOUR, DAY OR NIGHT. 

Pasienger snd Msll Trains go alongside Steamsri. No Tender requlrsd. Docks IiiIIt equipped wtth H)dnullc and Elsefrta AppHinM*. 

"TRAFALGAR" AND "PRINCE OF WALES" DRY DOCKS. 

879 ft. and 730 ft. lon^ respectively. 

WAREHOUSES, BONDED AND FREE. FOR STORAGE OF WINK, TOBACCO. PROVISIONS. GRAIN, ta. 

COMPLETE EQUIPMENT OF GRAIN ELEVATING & CONVEYING MACHINERY. 

SPACIOUS SHEDS FOR WOOD GOODS UNDER COVER. 

SpeclallT coostructed Coal Barge Dooks aoalmg 14,000 tons of Coal in Lighters, ready foi the Caalta« of Uoe Steaina*. TW tasfl hutsltoHf «t Cold Storage 

LD the Kio^dom ia now complete. 

STE A.]M SHIP BEXCVZCBB. 

PARIS, via BOUTHAMPTON & HAYRE. Dally asboh way (Boiidaya •xeap««d). 

Steainer leaves SOUTHAMPTON at 12.0 midDight (last train from Waterloo 9,50 p.m.). Train learea HaTre 8.8 a.m., due Parfs H.14 z.m. 
Steamer !oa"es HAVRE, 12.0 midnight (last train from Paris 7.47 p.m.). due London 10.11 a.m. (TA* co«wi«eMon between the Boat and Train at Hawrt 

is guaranteed.) 

The f«Tonrtt«N«mandr Route for PARIS, ROUEN, ETRETAT, HOMFLKUR, CAEN, TROUVILLE-DEAUVILLK, SWITZERLAND, SOUTH of FRAJJCB.fce. 

SOUTHAMPTON AND ST. HALiO. Paasanfers and Merchaodlsa. 

SOOTHAMPTON to ST. MALO— Monday, Wedneaday and Friday. I ST. HALO to SOUTHAMPTON— Monday. Wednesday and Friday. 

SOUTHAMPTON AND CHERBOURG. Paaaantfers and Merohandisa. 

SOUTHAMPTON to CHERBOURG— Erary Tuesday. Thursday, and | CHERBOURG to SOUTHAMPTON— Ererr Monday, Wedneaday, and 

Saturday at 12.5 midnigh!. ILajt train from Waterloo, 9.50 p.m. 

SOUTHAMPTON 

CHANNEL 'islands (.To' hOVTHAMPTON-Steamer leares JERSEY, 8 a.m. GUERNSEY. 10 a.m. (abool). 
JERSEY to ST. MALO, and vice vena, once weekly each way. 
JERSEY to GRANVILLE, and v^c* txras, once weekly each way. 

Tlina Is il»i a Mrrke batwc«n SOUTRAHPTOM ud HORn.EUR 'tUi Cati» oaly. 

> Sup«rtnten<t«iit, 
rloo St .tlon. S.E. 

CHAS. i. •WENS. General Hanatfar. 



Friday night, at 11.0 p.l 



The Birmingham Railway Carriage & Wagon Co. 

■s LTD. 



Railway Carriages, Tramcars, and 
Wasons of every description for Hire 
and Sale by Immediate or Deferred 
Payments, Ironworls, Wheels & Axles. 



Works : 

SMETHWICK, BIRMINGHAM 

Uanufacturtrt of 



Wagons for Hire, capable of cairying 
Six, Eight, and Ten Tons, part of 
which are eaastrncted specially for 
Shipping pniposes. Wagons in Work- 
ing Order maintained by Contract. 



OAK AND STEEL UNDERFRAME WAGONS, 
HYDRAULIC PRESSED BOSS, AND OTHER WHEELS AND AXLES 



SECOND-HAND BALLAST WAGONS FOR MAIN LINE TRAFFIC 



Taylor's Patent Shunting Levers. 

"Reverseps," "Run-throughs," " Fast- Locks." 


dSEO ON THE GREAT / 
RAILWAYS OF THE WORLD. B 




^ 




Dorailment M 
Impossible. 

INDISPENSABLE FOR COUIERIES, 
BREWERIES Sc OTHER SIDINGS 


u4-.;vS 




\ ' • •"•TJltK^ 


H ^^ 


w& 


Taylor's Patent Shunting 
Lever, Ltd., 


M %M 


29, REGENT STREET, LOKDON, S,W. 




Taleg.: SWITCHES. LONDON. 
Tel.: 7200 QERRARD. 






HARLING'S DRAWING INSTRUMENTS. 

niuttraled Calaloguri itnt on applicalion. 

W. H. MARLING, 

47, Finsbury Pavement, London, E.G. 

ManMfactoryi OROSVENOR WORKS, MACKNEV. 

ESTABLISHED 13.51. 



8o 



THE RAILWAY TIMES. 



[July 25, k 



COMPANY NOTICES. 



North London Railway Company. 

"VrOTICE IS HEREBY GIVEN tliat the next 

J_l Ordinary Half- Yearly General Meeting of this 
Company will be held at the Company's Offices, Enston 
Station. London, N.W. on Thursday the 13th day of 
Auvnst, 1908, at one o'clock. 

■The Transfer Books of the Company will be closed 
from the 31st July to the 13th August, both days 
inclusive. 

JOHN' HYDE. 

Secretary. 
Euston Station. 

London, N.W. 20th July, 1908. 



Great Southern & Western Railway 
Company (Ireland). 



-vrOTICE IS HEREBY GIVEN that the 

JL 1 next Half-Yearly General Meeting of the Pro- 
prietors of this Company will be held at the Kingsliridge 
Terminus, Dublin, on Wednesday, the 12th day of 
August, 1908, at two o'clock p.m., for the purpose of. 
receiving the Report and Statement of .-Vccounts from 
the Directors for the half-year ended 30th June, 1908, 
and of transacting the genera! business of the Company. 
(By Order of the Board) 

FRANCIS B. ORMSBY. 

Secretary. 
Dated this 18th day of July, 1908. 

Kingsbridge Terminus, Dublin. 

Taff Vale Railway Company. 



lyrOTICE IS HEREBY GIVEN that the 

J_l One Hundred and Forty-Fifth Half-Yearly 
General Meeting of the Proprietors of this Company 
will be held at the Royal Hotel, follfge Green, in the 
City of Bristol, on Tuesrtav, the lUli day of August 
next, at two o'clock in tli-- :itttrrinuti. 

The Transfer H.mk. «ill I- i hi^r.l from Tuesday, 
the 28th July, until altrr ih. Ip.l.ln,!; ,,f such Meeting. 
Dalcd this 14tli day "I July 1008. 

ROBERT LOWE GRA.VT VASSALI., 
thaiim in. 
EDWARD EDWARDS, 
Secretary. 

North Staffordshire Railway. 



"VrOTICE IS HEREBY GIVEN that the 

Xl ONE HUNDRED AND TWENTY FIFTH 
HALF YEARLY ORDINARY MEETING of the Pn> 
prietors of the North Staffordshire jlailway Com- 
pany will be held at the Cannon Street Hotel, in 
the City of London, on Friday, the 14th day of 
Augu.st, 1908, at Two o'clock in the afternoon; for 
tlje transaction of the ordinary buisiness of the 
Company. 

The last day for the Registration of Transfers will 
be the 29th day of Ju'y. 1908, when the books will 
be closed until after the Meeting. 

TONMAN MOSLEY, Chairman. 
R. E. PEARCE, Secretary. 

Offices, Stoke-on-Trent, 
6th July, 1908. 



TENDERS INVITED. 



Great Northern Railway Company 
(Ireland). 

THE DIRECTORS are jirepared to receive 
Tenders for the Supply of 3,000 Tons of 90-1h. 
Steel Bullhead Rails, with the nei-essary Fish- 
plates, and 1.N50 Ton.'! of Cast Iron Chairs. 

Specifications and forms of Tender can be ob- 
tained from the Secretary on payment of One 
Shilling each (not returnable). 

Tenders, made out on the forms supplied by the 
Company, shou'd be delivered under sealed cover, 

endorsed "Tender for ," to the undersigned 

not later than Ten a.m. on Monday, 10th August, 
190S. 

The Directors do not bind themselves to accept 
the lowest or any Tender. 

T. MORRISON. 

Secretary. 
Secretary's Office, 

Amiens Street Terminus, 
Dublin, 22nd July, 1908. 



Bombay, Baroda, and Central India 
Railway. 

THE DIRECTORS are prepared to receive 
up to noon on Thursday, 6th August, Tenders 
for tJie Sujiplv of the following Stores, viz. : — 
CLASS A. 

1. Indiarubber Sheeting, etc. 

2. Metals. 

3. Posts, etc., for Fencing. 

CLASS B. 
1. Galvanised Strand Wire for Fencing. 
Tenders must be made on forms, copFes of which, 
witli specifications, can be obtained at these offices 
on pavment as follows: For Cass A. 21s. each, and 
for ciass B, 10s. fid. each (which will not be re- 
turned). 

The Directors do not bind themselves to accept 
tlie lowest or any Tender. 

W. V. CONSTABLE, 

Secretarj'. 
Offices, Gloucester House, 
2, 3, and 4, Bishopsgate Street Without, 
London, EC., 23rd July, 1908. 



East Indian Railway Company. 

THE EAST INDIAN RAILWAY 
COMPANY is prepared to receive TENDERS 
for the SUPPLY and DELIVERY of :— 
PORTLAND CEMENT, 
as per specification to be seen at the Compmy's 
offices. 

Tenders are to be sent to the tandersigned, 
marked '* Tender for Cement," not later than Twelve 
o'clock noon on Wednesday, the 5th day of August 
proximo. 

The ('"ni|>:iii\ rrs, rves to itself the right to divide 
Ihe i> .1. , ii-.. '.. .lecline any Tender without as- 
signiiiL' I (.1 HI, ,iTid does not bind itself to accept 
the l.iu. -I ■!! inv Tender. 

For each specification a fee of £1 Is. is charged, 
which cannot under any circumstances be returned. 
By order, 

C. W. YOUNG, 

Secretary. 
Nicholas Lane, London, E.G. 
23rd July, 1908. 



POSITIONS VACANT. 



Gold Coast Railway— Tarkwa 
Prestea Branch. 

DISTRICT ENCilNEERS REQUIRED 
for the aljove Railway. 

«alaiy at tlie rate of iGOO a year: free single 
furnished quarters or canii> equipment; flrst-class 
passage.5 out and home again on satisfactory com- 
pletion of engagement ; half salary on voyage out 
and home; full salary from date of arrival in 
Colony; 2 months' leave on half pay granted after 
12 months* residential service. 

Stri<-t medical examination and vaccination (if 
necessary). 

Candidates should not exceed the age of 4r», ami 
have liad experience on railway survey and con- 
struction. 

Previous co'onial experience desirable. 

Applications by letter only. Mating age, whetlier 
married or single, giving particulars of experience, 
names and addresses of past and present employers, 
also two personal references, to the Consulting En- 
gineers, Staff Department, West African Govern- 
ment Railwavs, 3a, Great George Street, Wetstrain- 
ster, S.W. 

Envelopes to be marked "District Engineer." 



Penang Straits Settlements. 

J MUNICIPAL ENGINEER'S DEPARTMENT. 

THE MUNICIPAL COMMISSIONERS 
of George Town, Penang, require an Assistant 
Engineer, 25 to 30 years of age, of sound constitu- 
tion. 

He must have had a good technical education, a 
regu'ar training as a Civil Engineer, and have a 
knowledge of surveying. Levelling, Estimating, and 
some experience in ordinary Municipal Work, in- 
cluding the collection, filtration, and distribution 
of water, both in the design and in the confitruc- 
tion of new works, more especially reservoir work. 
Preference will be given to one connected with the 
Institution of Civil Engineers. 

The engagement wi'l be for three years, and the 
applicant is to state the earliest date upon whicl? 
he could be free to leave for Penang. The selec- 
ted candidate must pa&s a medical examination. 

A second-class passage will be provided by mail 
steamer, or a first-class passage by other steamer, 
with half pav during the voyage out. 

The salary wiU be 3.600 dollars for the first, 3,900 
for the second, and 4,200 for the third year, paid 
monthly, the value of the dollar being two shillings 
and fourpence sterling. Such local transport allow- 
ance as may from time to time be sanctioned by 
tlie Commissioners wiM be paid. 

Applications, stating age and place of birth, and 
giving details of education, training." and experience 
generally, and in waterworks and municipal engin- 
eering, and referring to the above requirements 
seriatim, accompanied by copies (only) of testi- 
monials and also personal references, to be lodged 
with C. C. Lindsay. Esq., M.Inst.C.E., ISO, Hope- 
Street, Glasgow (who wj'l give further particulars if 
requested), not later than Monday. 3rd August, 190S. 



T) OAD VANS of every description 
\\) suppi ied or repaired by Contract. — 

McDougall Bros., Wheelwrighte. Vine Yard. »*7-99. 

Aldersgate Street. London. 



AVONSIDE 



A_JlA. 




ENGINE CO., 

FISHPONDS, BRISTOL. 



LOCOMOTIVES. 



A Journal of Finance, Construction, and Operation. 



Vol. XCIV. 



SATURDAY, JULY 25, 1908. 



No. 



PRINCIPAL CONTENTS. 



Articles— page 

British Kailway Dividends SI 

The Grand Trunk Situation Si 

Fires on Electric Kailways 8.; 

The FusionWeldinB Process ... S2 
British and Irish Railway Divi- 
dends 89 

An American Steel Railway 

Motor Car 91 

Fire on the City and South Lon- 
don Tube 93 

The Great Central Company's 

New Line at Doncaster 9t 

Mosey ANU Stock Markets 8:) 

Meetings AND Reports— 
South Eastern and Chatham 
Railway Company's Mannging 
Committee 85 



PAGE 

South Eastern Railway Wi 

London, Tiibury and Soulhend 

RLuKvay K(i 

East London Railway 87 



88 



Metropolitan Railway 88 

Alexandra (Newport and South 

Wales) Docks and Railway . . 89 

Rohilkund and Kumaon Railway 89 

Railway Notes 94 

Forthcoming Meetlngs 85 

Parliamentary 90 

Railway Stock AND Share List -- 96 

Official Traffic Returns 97 

Dividend Announcements 85 



THE RAILWAY TIMES 

PUBLISHED EVERY S A TURDAY. 

THE OLDEST RAILWAY NEWSPAPER. 

Established in 1837. 



Telcsraphic Addrcs: 

Offices : 



Altimetkv, Lonijon." Trlcfhone No. : 2948 

12, Norfolk Street, London, W.C. 



NORTH BRITISH 
& MERCANTILE 

INSURANCE COMPANY. 

Established 1809. 

FIRE, LIFE, 

BURGLARY, ANNUITIES, 

ACCIDENTS TO SERVANTS &c. 



TOTAL FUNDS— 

ei8,ioo,ooo. 

ANNUAL INCOME- 

C4,I00,000. 

Absolute Security. Liberal Conditions. Prompt Settlements. 



Chie? Offices : 

61, THREADNEEDLE STREET, LONDON, E.C. 
64, PRINCES STREET, EDINBURGH. 



BRITISH RAILWAY DIVIDENDS. 

UnsatisfacUiry railway ilixideiids have for sonic time 
been anticipated for tlie past half-year, and shareholders 
were thus to some extent prepared for the announce- 
ments of the past week. " Blessed is he that ex[)ectetli 
nothing, for he shall not be disapi)ointed." The South 
Eastern and (ireat Eastern results were so amply dis- 
counted that iiTthe former case the payment of nothing;- 
on the ordinary (against i per cent.) and in the latter 
case, the reduction of the ordinary dividend from \h to i 
per cent, per annum, were r<'garded in the circumstances 
as highly satisfactory. Indeed, the Great Eastern 
declaration proved to be about i per cent, per annum 
better than average expectations and was the signal for 
quite a " bear "' hunt in the market, producing a re- 
covery all round on Wednesday last. The Chatham 
Company has had to reduce its Arbitration Preference 
dividend from 2h per cent, per annum to only i per 
cent, per annum. This is cjuite the worst dividend to 
date: but it is partly accounted for by the reduction of 
£17,000 in the balance forw'ard at the close of last year. 
The Metropolitan and the Central London, with the aid 
of the exceptional trafific arising from the Franco- 
British Exhibition, are in the comparatively forward 
position of having maintained their dividends, though 
it should be noted that the rates paid a year ago were 
exceptionally low. The Central London is to pay 3 per 
cent, per annum upon its ordinary stock, carrying for- 
ward £29,125, against £25,890 a year ago. The Metro- 
[lolitan maintains its dividend at i per cent, per annum, 
and the proprietors for the fourtli half-year in succes- 
sion are reminded that their distribution is literally 
next to nothing. The South Western announcement 
on Thursday was very poor, and, indeed, frankly dis- 
appointing to all concerned. In view of its compara- 
tively favoural)le trafific result, it had been hoped that 
the reduction in its dividend would be trifling— perhaps 
not more than \ per cent. However, it proved to_ be | 
per cent, below last year, and the price of South 
Western Deferred at once fell 3 points. The Lancashire 
and Yorkshire Company ha'd a decrease in receipts of 
nearly £80,000, and a considerable reduction was ex- 
pected. Consequently, the declaration of 3 per cen>.. 
per annum, against 4 per cent, a year ago, was not 
much worse than recent estimates. As that company 
is the f^rst of the great trade lines to make known 
its results for last half-year, this decline of 1 per cent. 
is not of happv augury regarding those which are to 
follow. As 'indicating how deep-seated is the present 
distress in the railway world, we may point out that 
even the Great Northern of Ireland, after paying 61 per 
cent, per annum for the f^rst half-year for over twelve 
vears.'now has to reduce its dividend to-si per cent, per 
anmnn. The accounts of th? South Eastern and 



tHE RAILWAY TIME^. 



[July 25, 1968 



Chatham Managing Committee disclose a reduction of 
£59,100 in receipts, and an advance of £19,500 in ex- 
penses, making a net loss of £78,500. The fall in 
revenue was about equally divided between the 
passengers and goods departments, and is attributed to 
tramway and motor competition, and to the depressed 
state of the building trade. The advance in receipts 
was wholly explained bv the higher coal bill — indeed, 
savings were effected in maintenance of way, 
carriage and wagon repairs, and rates and taxes. 
The Great Central dividend for the past half-year, 
announced yesterday afternoon, proved to be in accord- 
ance with anticipations, but £23,000 was taken from 
Revenue Contingencies Account, which was not ex- 
pected. The dividend will be paid in full on the 1876 
Preference, but nothing on the 1S79, 1881, or 1889 
Stocks. A year ago 2 per cent, per annum was paid 
on the 1889 Preference. The transfer from the reserve 
was made in view of the high price of coal. 



THE GRAND TRUNK SITUATION. 

The Grand Trunk Railway is passing through one of 
the most trying times ever experienced by it, and the 
recent adverse changes in its fortunes go far to justify 
the conservatism of the present directors, which has 
at times brought down upon their heads severe 
criticism. In the first six months of the present year 
the gross receipts declined by no less than £656,000, and 
since the beginning of the new half-year, on ist July, 
there has been a further decrease of £96,000. In fact, 
for less than seven months there has been a loss in 
revenue over the entire system of about £750,000. In 
spite of large economies which have gradually become 
more important as the year wore on, the official working 
statement to the end of May revealed a net decrease of 
£323,000 for the entire system. The savings in Mav 
were so large tliat it is even hoped the month of June 
will show no further net decrease, so that at the end of 
the six months, the company will have lost about 
£320,000 net profit. This is about equal to the entire 
profit earned, after paying all fixed charges in the June 
half of 1907. The official dividend announcement is 
shortly due, and curiosity is excited as to what the out- 
come will be. On the cold statistical showing there 
would appear to be no dividend for the Guaranteed 
Stock. On the other hand, it is contended that the 
company will have recourse to exceptional measures in 
order to maintain that distribution. To pav the full 
rate of 4 per cent, on the Guaranteed issue for the half- 
year requires about £175,000. Of course, the resources 
of the company are quite equal to finding the money : 
the point is whether it can be paid if not earned. On 
this score the company might have strained a point if 
it had already become evident that the year's net earn- 
ings would provide it. But the gross decrease of 
nearly £100,000 for the first three weeks of the new 
half-year is not encouraging from that point of view. 
Much may be hoped from the expected good harvest 
in the North West, and from the development of traffic 
on the opened secfions of the new Grand Trunk Pacific. 
'But these advantages will not accrue to any extent till 
the closing months of the year. The manner in which 
quotations are maintained has proved somewhat discom- 
forting to the " bears " of Grand Trunk Junior Stocks. 
It is clear, however, that these various stocks are very 
much over-sold, and ITie real holders are by no means 
convinced that the imdertaking has seen its best davs. 
The present trials of the company may last some weeks 



or even months longer ; but for the most part, they are 
temporary in character. Of course, all hopes of a divi- 
dend on the Third Preference Stock for this year have 
disappeared, and even First and Second Preference 
holders are apprehensive on the point. But when 
normal traffics return, the situation should right itself 
to a very great extent, and much may be hoped from 
the development of Canada itself, and particularly of the 
new area now being opened out by the Pacific exten- 
sion. When the very doubtful results for last half-year 
are declared and done with, Grand Trunk proprietors 
may be able to regard the outlook with greater 
equanimity. 

FIRES ON ELECTRIC RAILWAYS. 

It is gratifying to be able to ascribe the fire that 
occurred in the tunnel of the City and South London 
Railway on Thursday of last week to a cause which has 
nothing to do with the electrical working of the line. 
The whole incident appears happily to have been grossly 
exaggerated, and the fire was not unnaturally, as it 
followed so soon after the fire on the Liverpool and 
Southport Railway, attributed to a short circuit pro- 
duced by a fault in the cable. When alluding briefly to 
the accident last week, we suggested that the accuracy 
of the first report was doubtful, and the facts elicited 
at the Board of Trade inquiry on Monday show that the 
fire was in all probability due to burning waste, a 
cigarette end, or to matches on the track. Electricity 
makes a convenient* scapegoat, however, for accidents 
of all kinds; but as the public, especially in London, 
is now so dependent upon electric railways for travelling 
facilities, it is particularly desirable that great caution 
should be exercised in discussing accidents in connection 
with them. Very great precautions have been taken 
in the construction and equipment of the London under- 
ground electric railways, and as a consequence they 
have been happily immune from serious accidents. The 
danger of fire from electrical causes is remote, and it 
may be hoped that the habit of ascribing to electricity 
all accidents which occur will be soon outgrown. It 
may be noted, by the way, that the fire occurred in the 
older section of the City and South London Railway, 
in which the sleepers are of pitch pine. In the Euston 
extension of the line and the other tube railways the 
sleepers are of Jarrah, and as they are nonflammable it 
is practically impossible for a fire to take place in the 
tunnels, as there is nothing to burn. 



Weekly Traffic Summary. 

The traftic receipts for the week ending July 19, 
as officially published by the fifty principal railways of 
the L'nited Kingdom, amounted to £2,256,669, which 
was earned on 21,293! miles, being at the rate of £105 
19s. 6d. per mne of line open. For the corresponding 
week in 1907 the receipts of the same lines amounted 
to £2,274,912, with 2i,28iJ miles open, or £io6 17s. 
I id. per mile. There was thus a decrease of £18,243 
in the receipts, an increase of i2i in the mileage, and 
a decrease of i8s. 5d. in the receipts per mile. The 
aggregate receipts for three weeks on the same fifty 
railways amounted to £6,629,393, '•'' comparison with 
£6,805,763 in the corresponding period--a decrease of 
£176,370. 

Mr. John H. B. Noble, of Jesmond, Ne\vcastle-on-Tyne, has 
been elected to the board of the North Eastern Railway in 
place of Lord .■Armstrong, who recently resigned. 



July 25, 1908. J 



THE RAILWAY TIMES. 



83 



MONEY AND STOCK 
MARKETS. 

SEiTi.EMENr Dates. 
Consols :— Thursday, Augi,st 6 ; Tuksday, Sp-riEMBER i 



Continuation Days. 

Mines July 27 

General ,, 28 

Mines... Aug. 10 

General ,, 1 1 

Mines ,, 24 

Geneial ,, 25 



TicUet Days. | P.iy D.iys 

Mines July 28 : ) . 

General 29 / J"'>' J° 

Mines Aug. 11 I . 

General , 12 1/ ^"S- ''' 

Mines „ 25 [> 

Gcnerall , 26 '/ " ^^ 



Our usual comparison of the present position of the 
Bank of England, the Money Market, the Foreign E.xchange s, 
etc., with the position a week ago and at the corresponding 
period of la.st year is given below. 



Bank's Coin and Bullion ... 

Total Reserve 

Proportion of Reserve to 

Liabilities 

Notes in Circulation 

Bank Rate-- 

Open Market Discount 

Hankers' Clearing-house ... 
Silver bars, per oz. (spot) ... 

Consols (account) 

French 3 per Cents, (ace.) 
Paris Cheque exchange ... 
New York 60 days dillo ... 
Rio <le Janiero exchange ... 
Valparaiso 90-day exchange 

Calcutta transfers 

llong Kong transfers 

Shanghai I ransfers 



^37.771,468 
^"26,752,533 

50J percent. 
^29,-168,935 
2i per cent. 
Ijri per cent. 
;f 209,292, 000 

861 J 

95 f- 

25 f. 13JC. 

J«4.85i 

Swd. 
IS. sUd. 
IS. 9jd. 
23. 4|d. 



^^37. 823,994 
/26,So3,999 

5of per cent. 

^^29,469,995 

2i per cent. 

I per cent. 

jf 253, 199.000 

24Ad. 

S/w 

951- 

25f. ii}c. 

S4.85I 

5A^- 

8Ad. 

IS. Sii^d. 

IS. >)^<\. 

2S. 4jd. 



Same Week 
Last War. 



Z36.449.829 
.425,54.9,079 

47J per cent. 
;i29,3iO,750 
4 per cent. 

3^^ per cent. 

]?207, 121,000 

3'iJ- 

95f- 

25f. 1 6c. 

if 4. 832 

i5Ad. 

I2,»jd. 
IS. 4sl5(l. 
2S. 2ftd. 
jS. Ojd. 



• Fluctuatio.ns i: 
Bank Rate. 
4 per cent. Jan. 17, 
4J „ „ Apr. ,2, 
4 ,, tt -^pr. 25, 



4* per 
S4,. 



int.. .'Vug. 15, 1907. 
Oct. 31, 1907. 

Nov. 4, T907. 

Nov 7, 1907. 
J.in. 2, 190°. 



nt., Ja 



16, I 90S 
23. 1903 



The Bank Return this week shows no changes of 
great importance, but the figures indicate the continu- 
ance of movem-ents already remarked upon. The active 
note circulation is practically unaltered, and although 
£145,000 was sent abroad, the Reserve is but £52,500 
less, so that £92.500 has been taken from internal 
sources. Such small sums are mere surface ripples and 
mean nothing by themselves, but when they form part 
of a long series of the same kind, as now, the meaning- 
is obvious enough. The country bankers find thev are 
not called upon to provide as much coin as before for 
the payment of weekly wages, and are sending the 
surplus of their bills to f .ondon, whence it is sent abroad 
to strengthen the resources of several foreign centres 
of commerce, whose credit has been more profoundlv 
shaken than our own by the recent financial crisis. The 
Bank is still in a strong position, the reserve being 
£1,200,000 greater than at this time last year, and the 
ratio just over 50 per cent., but the present leakage 
of gold cannot be allow-ed to continue much longer, in 
view of our possible requirements later in the year, 
when our demands on the world's harvest comes to be 
paid for. and it is satisfactory to note that there are 
some indications of a change of conditions supervening. 
The market rates of discount are hardening; if per cent. 
is now asked for three months' bank bifls. and 2^ for 
six months' bank bills, and the foreign Exchanges show 
a tendency to improve. Other deposits are lower by 



£1,011,479, corresponding to an increase of £1,172,000 
in public deposits, due to payment of subscriptions to 
Irish I.and Loan. This transfer of credits has been 
accompanied by a small rise of £219.000 in other securi- 
ties, and the increase in I^xchequer balances, accom- 
panied as it has been by the prospect of further (lovern- 
mcnt issues of various types, has assisted in hardening 
the rates of discount at a time when the general situa- 
tion required it. 

Tlie .Stock Markets have not been very cheerful 
during the week. Government Stocks are lower, and 
many have been disappointed to find that the profit they 
anticipated from allotments of Irish Land Stock is likely 
to prove less than they expected, the premium having 
fallen off considerably on account of the slackness of 
genuine investors in coming forward. Colonial Stocks 
and other purely investment stocks were comparatively 
firm. There is no doubt a steady stream of investment 
going on, but its volume is insufficient to protect prices 
against the depressing influence of new demands for 
capital on the present scale, h'oreign Stocks exhibit 
various tendencies. .A.rgentine Securities are fairly 
steady; Brazilian downward inclined. Some of the 
Japanese issues are a fraction lower. Egyptians tend 
upward. But the general movement has been towards 
lower prices all the world over. 

The Home Railway Market experienced one brief 
spasm of joyful hope on Wednesday, when the dividend 
announced by the (ireat Eastern proved a fraction more 
than the best anticipations of tlie market. It was 
thought that other railway companies might prove -^he 
market wrong in the same welcome fashion, but the 
rise was of short duration. A drop in Consols, which 
occurred later on the saiue day, took the heart ouf of 
It, and the announcements of dividends which subse- 
quently took place afforded no justification for the 
hope which had been momentarily entertained. These 
dividends are given elsewhere in this issue, and it will 
be seen that in most cases they are even lower than 
moderate e.s'timates had calculated. Thus, the down- 
ward tendency of prices was quickly resumed, and the 
quotations are lower than ever, as is shown by our 
usual list below. The fall has been aggravated by the 
litpiidation of speculative accounts, the amount of which 
has been carefully kept from the public, but it is certain 
that the quantity of stock concerned would have been 
dealt with in times past when Home Rails enjoyed their 
legitimate popularity, without causing any appreciable 
change in the prices quoted. 

.A^merican Rails offer a sharp contrast in their upward 
rush, which received no check until iM'idav. The 
financiers in control have determined to augment profits 
by reducing wages or increasing rates, or both, and are 
now apparently bu.sy discounting the effect of their in- 
tention. Canadian Pacifies have followed the same 
course, in sympathy, but other Colonial Railways tend 
downw-ards, and ainong Foreign Railways a like ten- 
The principal movements on the week, so far as thev 
relate to securities in which the readers of this journal 
are likely to be interested, are set forth in the following 
table: — 

Name of Stock. Rise. Fall. Name of Stock. Rise. Fall. 

Brilish Funds. Central London ... — ... — 

Consols, 2i per cent. ... — ... i Do. Deferred — ... I 

Do. (ace.) 2^ percent. — ... i City & S. Lon. Con. Ord. i ... — 

British /iaiiwiy Slocks. Furness I ... — 

Barry Deferred — ... 2 Great Central Preferred — ... 2* 

Caledonian — ... — Great Eastein — ... I 

Do. Pref. Con. Ord. — ... — Gt.Nthn. Pref.Con.Ord. — ... 4 

Do. Def. Con. Ord. — ... — Do. Def. Con. Ord. — ... i 



THE RAILWAY TIMES. 



[July 25, 1908. 



Name of Slock. Rise. 

Great Western — 

Hull and Barnsley — 

Lancashire & Yorkshire — 
London Br. and S. Coast — 

Do. Deferred . — 

London Chat, and Dover — 
London and N. Western — 
London and S. Western — 

Do. Def. Con. Ord. — 
London, Tilbury, etc.... — 

Metropolitan — 

Metropolitan District ... — 

Midland Def. Ord — 

North British Pref. Ord. — 

Do. Ord J 

North Eastern Cons 
North Staffordshire. 
South Eastern — 

Do. Deferred — 

Taff Vale — 

Indian Railways. 

East Indian "A" — 

Gt.IndianPeninsula "A" — 
Colonial Railways. 

Canadian Pacific ij 

Grand Trunk of Canada — 
Do. 4 p. c. Guaranteed — 
Do. 1st Preference... — 
Do. 2nd Preference... — 
Do. 3rd Preference... — 
American Raihuays. 
Atchison Common ... 2 
Baltimore and Ohio ... 2| 
Chesapeake and Ohio... ij 
Chicago Great Western i 
ChicagoMil.and .St. Paul 2\ 
Denver and Rio Grande i 

Do. Preferred 3j 

Erie Common i\ 

Do. 1st Preference 2 



Fall. Name of Stock. Rise. Falj. 

1 Do. 2nd Preference 3 ... — 
i Illinois Central .. 6 ... — 

\\ Louisville and Nashville 3i ... — 

2 Missouri Kans. & Texas ij ... — 
4 New York Central 3| ... — 

\ N.Y. Ontario & Western 2I ... — 

li Norfolk and Western ... 24 .. — 

5j Do. Preferred — ... — 

2 Pennsylvania \\ ••• — 

3 Reading Common \\ ... — 

ij Southern Pacific Comn. 2^ ... — 

— Southern Common li ... — 

i Do. Preferred 3i ... — 

— Union Pacific 4J ... — 

— Do. Preferred — ... — 

— ... ij Wabash I ... — 

... — Do. Preferred ij ... — 

— ... 6 Foreign Railways. 

— ... i Antofagasta — ... — 

— ... — Argentine Grt. Western — ... 2 
Buenos Ay res and Pacific — ... 2 
Buenos Ayres Gt. Sthrn. — ... — 
Buenos Ayres & Rosario — 

Do. Deferred — 

Buenos Ayres Western — 
Cent. Uruguay of Mont. — 
Cordoba & Ros. ist Pref. — 
CordobaCentiallstPref. — . 

Costa Rica — ... — 

Cuban Central — ... — 

Interoceanic Pref. — ... \ 

Leopoldina — ... \ 

Mexican Southern — ... 3 

Mexican Ordinary — ... \ 

Do. 1st Pref., 8 p. c. — ... T.\ 

Do. 2nd Pref. ,6 p. c. — ... 3^ 
Nitrate Ordinary — ... \ 

Do. Deferred — ... \ 

Ottoman(Smyrna to Aidin) .. — 

San Paulo — ... — 

South Austrian — ... — 



DIVIDEND ANNOUNCEMENTS. 



[The dale gi' 



1 parentbe 



that on which the announcement ^ 



ade.] 



London Chatham and Dover Railway (July 22).— ,A.t the 
rate o^f ^i per cent, per annum {i.e., ibs. per cent, for the 
half-yeaij on the ajbitration preference stock, making ^£2 15s. 
per cent, for the financial year ending June 30, carrj^ng for- 
ward i;9g6. ."^t this date last year the arbitration preference 
stuck received a dividend at the raite of £,i los. per cerJ. per 
annum, and ^{^4,326 was carried foirward. 

Gre.at Eastern Rau.w.ay (July 22).— .A.t the rate of i per 
cent, per annum, as against ij per cent, for the corresponding 
period of last year. Tihe balance carried forward is about 
^18,500, as compared with ^25,000. 

Dublin and South Eastern Railway (July 23).— The divi- 
dend on the consolidated preference stock will be paid, carry- 
ing forward ^3,827, as against .£2.708 a year ago. 

London and South Western Railw.'VY (July 23).— At the 
rate of 31 per cent, per anuum, carrv-ing over ;£28,26i, in 
comparison with 4 per cent., and a balance of /24,972. 

Rhymney Railway (July 23).— .A^t the rate of 7 per cent, per 
annum, carrying forward /4,40<)- For the corresponding 
period of last year the dividend was at tire same rate, and 
/O,6o8 was carried forward. 

Lancashire .and Yorkshire R.ailway (July 23).— At the rate 
(if 3 per cent, per annum, carrj-dng forward about ^22,100. 
Tihe dividend for the corresponding half-year was at the rate 
of 4 per cent, per annum, with a balance of £2\ ,byq. 

Gre.at Central Railway (July 24).— .\fter transferring 
£22,,ooo from revenue contingencies account towards meet- 
ing the increased expenditure due to the high price of coal, 
the interest will be paid on the 5 per cent, convertible pre- 
ference stock, 1876, carrying forward about /1.400. A year 
ago a dividend at the rate of 2 per cent, per annum was paid 
on the 4 per cent, preference stock. 1S89, and £j,.7oa was 
carried forward. 



Cork and Macroom Direct Railway (July 16). -At the 
rate of 6 per cent, per annum, carrying forward ^^380, after 
placing .£100 to credit of suspense account. A year ago the 
diviidend was at the same rate, and .£469 was carried forward. 

Belfast and County Down Railway (July 17).— .At the rate 
of 6 per cent, per annum, carrying forward about ^2,600. For 
the corresponding half-year the dividend was at the same 
rate, and a similar amount was carried forward. 

South Eastern and Chatham Man.'Vging Co.mmittee (July 
20).— .At a meeting of the South Easitern and Chatham Rail- 
way Companies' Managing Committee held on Monday, the 
accounts of the Committee for the half-year ended June 30 
were submitted, showing, subject to fina! audit, a net revenue 
for the half year of ^579, 990, divisible between the South 
Eastern and London, Chatham and Dover Railway Companies 
respectively in the proportions of 59 and 41 per cent. TQids 
compares with ^659, 420 divided as net revenue for the half- 
year ended June 30, 1907. 

Great Northern (Ireland) Railway (July 22).— At the rate 
of 55 per cent, per annum, carrying forward about ^30,000 to 
next account. A year ago the dividend was at the rate of 
6^, per cent, per annum, and ^£39,000 was carried forward. 

South Eastern Railway (July 22). — No dividend will be 
paid on ithe ordinary land preferred ordinary stocks, the 
balance of ^£10,705 being carried forward. .A year ago a divi- 
dend at the rate of i ner cent, per annum was paid on the 
ordinary and preferred ordinary stocks, with £y,oy2 carried 
forward. 

Metropolitan Railway (July 22).— At the rate.of \ per cent, 
per annum, carrying forward about /3.600. For the corre- 
sponding half of last year the dividend was at the same rate, 
and ;£3,294 was carried forward. The surplus land stock will 
receive a distribution at the rate of 2j per cent., the same as 
a year ago. 

Central London Railw.ay (July 22).— .At the rate of 3 per 
cent, per annum on the undivided oi'dinary stock, 4 per cent, 
per annum on the preferred ordinary stock, and 2 per cent, 
per annum on the deferred stock. .£29,125 is carried forward, 
as compared with ;£25,89o a year ago, when the distribution 
was at the same rate. 



JUNE DIVIDENDS FOR THE LAST TEN YEARS. 



The following table shows the rate per cent, per annum at 
which dividends have been declared on the ordinary stock 
(unless otherwise stated) for the first half of each year since 
1898, by the principal companies whose 1908 announcements 
have already been made. 



Rau.wav. 


1899 


1900 


1901 


1902 


1903 


1904 


Ijos 


,906 


1907 


.90S 




p.c. 


p.c. 


p.c. 


p.c. 


p.c. 


p.c. 


.c. 


p.c. 


p.c. 


p.c. 


Cily and S. L 


Ji 


.1 


'.? 


3 


=J 


=1 


2 


3.1 




i4 


Mid.G.W.(Ireland' 


4 


4 


35 


3 


3^ 


3 


3 


3 


3 


3 


Tilburv 


34 
4 


3i 


3* 
nil 


. 


, 


4 


. 


3* 


34 




South Easiern. . . . 


niL 


-1 


4 






nil 


Chatham (1st pref.) 


4i 


4* 


>4 


2i 


=5 


=1 


2i 


2? 


^4 


I 


Great Eastern 


2J 


2 


'i 


li 


ij 


A 


I* 


i| 


■4 


I 


Central London . . 


— 


— 


4 


4 


4 


4 


4 


4 


3 


3 


Metropolita i .... 


3l 


3i 


2j 


=J 


2S 


3 


=4 


l4 


4 


4 


G. N. (IreUind) .. 


6i 


6i 


6i 


6i 


6i 


63 


6J 


61 


6i 


A 


South Western 


5 


4j 


34 


4 


4 


4 


4 


4 


4 


3i 


Lanes, and Yorks. 


5 


4J 


3 


3i 


3i 


3 


3l 


4 


4 


3 


Rhymney 


10 


9 


6 


5i 


7 


84 


74 


7 


7 


7 



North and South Western Junction Railway. — The half-yearly 
report shows a net revenue balance off ^4,384, and the direc- 
tors recommend a dividend at the rate of 7 per cent, per annum, 
leaving a balance of ;£io8 to be canried forward. 

Egyptian Delta Light Railways. — .At the annual meeting on 
Tuesday, the Chairman (Sir Charles W. Freemantle) said 
they had good reason to be satisfied with the way in which 
the passenger earnings had kept up. The fact went to show 
that their lines had become firmly established as the most 
convenient and inexpensive means of travel. On the 

Helouan line they had found it needful to make further 
arrangements for a considerably improved train service, and 
on the system generally many stations also required re- 
arrangement, in order to enable the company to run more 
passenger trains at a higher speed. Their gross earnings had 
increased by over ;/^20,ooo, of which rather more than one- 
half was attributable to the light lines- The balance was 
contributed by the Helouan line and the Cairo Quarry lines. 
As to the current year, with improved conditions and an 
average cotton crop in Lower Egypt, there was no reason 
to believe that the result of the whole year would be dis- 
appointing. They were likely to effect a considerable saving 
in the cost of coal. 



July 25, 1908.] 



THE RAILWAY TIMES. 



85 



MEETINGS & REPORTS. 

FORTHCOMING MEETINGS. 

Inly r; (.I/oM.j-Beira Railways (Annual), Salisbiiiy lloiiso, ICC, 
at 12. 

luly 27 (i)/i</;.)— Brush Electrical Engineering Company (lixtra- 
onliniry). 112, liflvedereKoad, l.ambeth, 
S.E., at' 3.45. 

Tuly 28 r/""".) -East London Railway (I lalf-yearly), < aniion Street 
Hotel. E.( ., ;u 2. 

July 28 (rw.t.)— London and Blackwall Railway (Half-yearly), 17, 
John Street, ( rutched Friars, E.C., at i. 

July 2S (7";«-j.)— City and South London Railway (Half-yearly), 71, 
Finsburv Pavement, I-;.t_:.. at 12. 

July 30 (7//«rj.)— London, Tilbury and Southenxi Railway (Half-ye.irly), 
41, Trinity Square, lower Hill, E.G., at 12. 

July 3) ( 7/(«rj.)— Metropolitan Railway (Half-yearly), Cannon Street 
Hotel, E.C. at 12. 

Inly 30 (r//H>j.)-Rohilkund and Kumaon Railway (Extraordin.ary), 

•* 2i7. Gresham House, Old Broad Street, 

E.C, at :2. 

July 31 (/Oi.)— Alexandra (Newport and South Wales! Docks and 
Railway (Half-yarly), 14, St. Mary .\xe, 

i;.c, at 3. 

July 31 (i^//.)— Great Eastern Railway (Half-yearly), (ireat Eastern 

Hotel, Liverpoo: Street Siation, V..i'., at 

1 2. 
July 31 (/^n.)— South Eastern Railway (Ha'fvearly), CannonStreet 

Ho'el. i:.C.. at 12. 
•\ug. I (5a/.) -Vilest Somerset Railway (Half-yearly), Taunton, 

at 1.45. 
.\u^. 4 ( 7'«f,(. )- London, Chatham and Dover Railway (Hall-yearly), 

Cannon Street Hotel, E.C, at 2. 

Aus 5 ( (/v./.)- Forth Bridge Railway (Half-yearly), 16, C.reat 
George Street, Westminster, at 12.15. 

.\ug. 5 (/F<</) Great Northern and City Railway (Half-yearly). 
River Plate House, E.C, at 12. 

Aug. 5 (;fc(/.)— Lancashire and Yorkshire Railway (Half-yearly), 
Hunt's Bank. Manchester. at ij. 
Followed by a Special Meeting. 

.\ug. 5 (;f'«/.) -London, Brighton and South Coast Railway (Half- 
yearly), London Bridge Terminus, E.C, 
at 12. 

Aug. 6 (/"//Kry.)- Central London Railway (Half-yearly), Holboni 
Restaurant. W.C. at 12.30. 



.\ug. 6 (/»«' 



-London and South Western Railway (Half-yearly), 
Waterloo Station, S.E.. at 12. 



.■\ug. 6 (7.4Krj.)~Midland Great Western Railway of Ireland (Half- 
yearly), Broadstone Terminus, Dublin' 
at I. 

Aug. 7 (/^fi.) — Dominion Atlantic Railway (Special), Threadneedle 
House, E.C, at i 2, 

Aug. 7 (7";;.)-Rhymney Railway (Half-yearly), Cardiff, at 12. 

Aug. 8 (.Sa/.j—Rhondda and Swansea Bay Railway (Half-yearly). 
Swansea, at 1 2.30. 

.•\ug. II ( 7«f-,(. )- Great Northern Railway (Half-yearly), King's 
Cross Station, at 12. Followed by a 
Special Meeting. 

Aug. II (■/««.)— Taff Vale Railway (Half-yeaily), Royal Hotel, 
Collese Green, Bristol, at 2. 

Aug. 12 ( //V-tf.)- Great Southern and Western Railway .Ireland! 

(H.ilf-yearlv), Kiiigsbrulge lerminus, 
Dublin, at 2. 

.•\ug. 13. (7//»rf.)— North London Railway ( Half-yearly K Euston Sta- 
tion, N.W., at I. 

Aug. 14 (T^n.)— North Staffordshire Railway (Half-yearly), Cannon 
Street Hotel, E.C, at 2. 

.\ug. 14 (Fn.) — North Eastern Railway (Half-yearly), York, at 12. 
I'^ollowed by a Special Meeting. 

Reports, Traffic Returm, trospectuses, ami all o'her Hems of financial 
intelligence should be sent as early as possible to the Editor of The 
Railway Ti.mes, jz, Norfolk Street, London, W.C. (Telephone 
204S Gerrard.) 



SOUTH EASTERN AND CHATHAM RAILWAY COMPANIES- 
MANAGING COMMITTEE. 

KlAIC.Nl'l.. 

The revenue aci otiiu lor the half-year entled June ;,o show 
he receipts to have been as follows : — 

1907. lyoS. 

Passengers— First-class ^^203,458 ... £\>y),l^S 

„ Second-c'ass 213,417 ... 211,774 

Third-class 698,752 ... 676,34° 

„ Season-tickets 200,877 ... 203,298 

Parcels, horses, carriages, etc 200,292 ... i96,2(>o 

Mails 32.340 ■■■ 32,493 

Merchandise S^^-^^S ••■ .312,185 

Livestock 9.43° ••■ 9.368 

Minerals 194.9" ■■■ 176,713 

Tolls 7.2SS ••■ 6,116 

Canal, harbours, and pier dues 3.673 •■• 3.335 

.Steamboats 126,101 ... 125,956 

Tot.aI receipts /2,2I2,73I ... ^^2,153,623 

For the same period the cxpi'iiditiire on revenue account was 
as follows : 

Maintenance of w.iy, woiks, etc. ... /236,9S6 ... ^231,799 

Locomotive power 375. '22 ... 4"7i40O 

Carriage anil Wagon repaiis 100,808 ... 94.973 

Traffic expenses 43'. "'9 ••■ 432.7'8 

General charges 60,214 .. 61,646 

Law charges 5.5'3 ••• 5.6,>5 

Parliamentaiy expenses 39° ■• 566 

Compensation- Passengers and men 1,810 ... 4.4^0 

Goods 2.595 ... 2,152 

Rates and taxes 140,692 ... I36,4"6 

Government duty 23,510 ... 23,090 

Tolls 4.507 ■■• 4.396 

Canal, harbours, etc., expenses 5,401 ... 3,269 

Steam packet working expenses and 

depreciation 95.9>7 ■■ 95.4 75 

Total expenditure £t,4HA''4 •■•^l.5"3.945v 

Tlie net revenue and tin- manner of its disposal are shown 
hereunder: — 

Net earnings Z728.247 ■•• ,.^649,677 

Interest on banker's balances 2,029 •■■ '.235 

Net receipts from lines partly owned 7.016 ... 5.270 

Total ;i737.292 .■■ ^^656,182 

To interest on value of stores and 

cash balances transferred to 

Managing Committee at Decem- 
ber 31. 1S98 /5.576 ... /5.576 

To interest on capital expenditure 

by South Eastern and London 

Chatham and Dover Railway 

Companies in respect of lines, 

works, rolling stock, etc., brought 

into use after December 31, 1898 70,451 ... 68,648 

Interest on purciiase money of land 23 ... II4 

Interest on steamboat renewal liind 195 •. '°2 

Interest on Kent and E.ast Sussex 

Railway capital 1,627 ... 1-672 

To balance divisible '659,420 ... t579.990 

rot.al ^737,292 - .^656,182 

•S.K. 59 p.c.=£s^,°5^' L.'-'. ii D. 41 p.c.=;£37o,362. 
(S.E. 59 pc.=;£342.>94. I-C. & D. 41 P-c-^£m,796- 

The gro.ss receipts for the past half-year show a decrease of 
/:50.10c) the expenses an increase of £igA(>h and the net 
revenue a decrease of ^78,570- The ratio of expenses to 
receipts is 6(),S3 per cent., as against 67.09 per cent, for the 
corresponding half of last year. 

Traffic, etc. 
Half-year ending June 30. 1907- •9o8. 

Passengers— First-class 931. 89S ... 839,740 

Second-clacs 2,232,901 ... 2.074.496 

,, Third-class 27.623,532 ... 2 5,677,380 

Total number carried.. 30,788,331 ... 28,591.616 

Mik-.ige— Lines owned 626} ... ^26! 

,, Partlyownel 14? ••- ■ ' 

,, Leased or rcnle<l 3+ ■•■ 3l 

Foreign line= worked over 31 ■■ 31 

Total operated 675/ ■■• ''75? 



86 



THE RAILWAY TIMES. 



[July 25, 1908. 



-I'as.engct 
M..tors .. 



1907. 


looS. 


S.704,ij.5 ^ 


5-7"3-i74 


S3."74 


50.2(35 


l,520,uS2 .. 


■ 1,457.275 



lijlaiice Hum I.ist liaif-yc 

Nut caiiiMiRs 

Sundiv ciL-iiils 



T..1.1I, 



7..;07.!S.|1 .-. 7,220,714 

Ih,. u'u..il M.iir^ "Tlir l..i-r ,lr. r-...r in |,.,-,.T,L;r, tL.TIi. 

I- Hiaiulv .mill. .11.. I. Ir I,, tl.,- -..111.- ..Ill-'' "lll'll l'.'- I"'" ""■'>- 

,„.i,.-,l 1,1 (...■vi..,i- r.-i...rl-. ii.iin.lv. 'lir li.innv.iN .iiul m-.l... 
,ni,i|„.iili..;. ,..,111. iil.ii-h m 111.' I,..ii,l..n ..ir.i. i 'ii 'In- ..ih-i 
1, ,n.l li 1- ..1I1-I.1.1..1-V U. liiul lliU ..n ..111. -I IMit- ..f III,.' Im.' 
Il„. n.iit,. ...nliniu- t,. -Ii..u :i,i in. n-.i-'. Tlif ( ..ntin.'nt.il 
,, ,11,, ,„ ,.,,, I.,,,,,,- ,,.,,1 ,,l ih,- li.ill-\.Mr li.i- ir..li/.-.l tl,.- .mil. I- 

',!,,,,,, ,,f ,1, ,,ii,,itt..- .,- I., il..' inlliix ..I X1-1I..1- In. Ill ill.- 

I-', nun. -1,1 ..111.1. t.-.l l.N tlu- |-i.in...-l'.iiii^li Kxlnl.-t ..;i. .in.l 
,1,,.,,. ,,,.. nuli.,.li..n- lli.il <l„invj lln- .h,,.-,„ 1,,.1I n.-;., iIu-h- 

H,'.- ,i."-.,i'i',l.'..'.M.'.".-'i'|it-".'".l.i.-iU 11, ih.-C.nuiM-iii.il --....I- ii-.,ni. 

■|-|„. -,,,...1. Ii.itl,. .In.w, :i .1.-.,.-.. .-.1 i.-.'-i|.< "l ./-'1.4-,'). "!''■'; 
,- ni imlv ..unnj I., lli.- .l.-pi.-M-.l -l-.f '>f lln' Imi Mm-s: n..,'.- nnrl 
il,,. , ..iintv ..i K.-i-it. .111.1 .il-.. t.i tin- -in.ill.-i 
,,,.-d. Th.- ,r. i.-.i-.-d .-\|..-n<l nm- ..f ii<i.4i'i 
,, ,..,,, mil. -.1 f..r l.N th.- . it. n.., 111., I ]«<"■ .'f -'-il-. H"' . ..mm -it.-.- 
1, ,v.- ,,.. .-iillv ni.i.l.- m..n- f..\-. .111 .il,l.- . ..ill 1:1. 1-. "hi. li »ill 
,,.,],„,, ,1,,. ,.ul l.ill in 11,.- .1111.-111 li.ill-\.-.,r. .-X- lli'-n- -"H 
,,,n,-.ir-, I.. I,.- -..111.- mi~.ii.|.i.-li.-n-i.,n .t- to the- ]..,u(-v- ..t tl;.- 
,,„„„i,,„.,. ,,i |).,v.-, n. 11-1... 111. 11 i'- nf<-r;;-^;iry to st.iK- that ih.- 
h.,,li.iiii- I- 11. .t th.- |.r..l„-i-l\ ..f thi< conimiitc- or ..f th.- r.iih\.,\ 

;i,?.''|,V.''.mH,,'.'.'i'.,t'..',i' uh'i.'l, 'i'''I,r.!vi,l.-,l l.v ih.- I'.-v.-i H,.,l....i. 
l'„,.,i,l I.,, ihu .■n,l..,il..ili..i, and .liM-n,l,.ii h..l 1..1, <.l |.,i".-nL..-i -. 
•n,,. l|.,il...ii|- l!...,iil -t.il.- that Ih.- ].l.in- Im ■.-. 1.. 11, 1111.; ill.- la-.. I 

u'l'lh Ih.- C. .^. -11111, .-nl .1.-1..,, ini, -1.1- I..1 th.-ii .. 1 ., .1 . .^ .1 1 Wh.n 
,1,1, ,i|.|.i..\,.l h.i- l..-.-r. ..I.I, ,111.-. I. Iln- II, 111,..,, I l'...,i.l nmM I-i'. 
,,.,.,1 1., ,n\ii.- l.-n.h-i- 1..1 111.- "..ih- " 



Total 

Prior char^ts 

rrelerencc .livi.lc.ls 

Divi.k-n.l.inuii.livi.lcl ..i.hnarv st..tk 

|.rdc-r,cl or,lli,a,y sl...k 

]!alanCL- t.i next I, .ill year 



T..I.d lyJ9.<>'<^ 

.\, , I.e.,,,. <,f., .-.,-.., 1-r ..„......, A:„,l 



1907. 


1 90S. 


£4-45^ ■ 


/.S,4S9 


4(19,400 


426,861 


90,140 . 


89,121 


/569.99S 


/■524.471 


/'2j6, 113 -. 


■ X247.240 


266,sSi .. 


266,525 


io,2S7./ .. 





3.1.045'' ■• 





7,072 .. 


10,706 


/,509,.to.S 


/, 524,47 1 



..ll„-r in.li 



SOUTH EASTERN RAILWAY. 



LONDON, TILBURY AND SOUTHEND RAILWAY. 

•|-|,,, .,,,,.1,1,1- l..r Ih." h,,ll-yc.ii i-ndi-d Jiiiu- 3.., i.|.>S. were 
MMi.-d on rinii-d.iN-, Cm- ii'-ii.il ,lIlalyM^ i> given bchrw ; - 
CAtMT.^L. 

T..l,il i-x|>cn.lit„ie yJ5.457.100 

T..lal recci).t^ '.alloealta a„ fulluws) 5,427,274 

Orili,iary sl,,ck /,'l, 863,350 

PrefercMK-e slo.-Us 1,804,100 

TlcbentiUL- itoek 1,236,000 

I'ltmiuiii' 523.S24 

UalaiKc- to ,lcl>i; ..f caiijlal ace,.um £2<),ii2b 

l-:stini.,!i-d fnrlhi-r ex],,-iul,t,,r,- In the runent iKili-^e.ii', 

/!,...,...... ; 111 -iib-e.nient h.,1 N\ ,-.,1 -. Av'. ; t.il.d, /is..,, .00. 

r.,l,it.,l i,..u,-i- ,,nd .,ll,.-i .,x.,,l,il:h- .,--rl-. ,/:3;<..i74. 

I'he ...[.ii..! .-Xj., inliiiii.- f..r th.- |..i-l h.ilf-\ear ainounterl to 

/.i.,s.45.|. \i/.. /■;;,. 14.. ..n In,.-- ..|..-,i t..i- u.iftie. .uul /ie,,5i,) on 

u,,;king -I,..k7 

K,,\1M'1-J- 
The H-, ,-i|>l- .iiid i-xiieiiililiin- ..n i-e\-enue .1. . ..iiiit fi.t till' 

1, ,lf-vear .-nd-.ng j,,ii,- v. "ei,- 



.11. ,u, 
I9"7- 



vK. l„ir,e,. 



W 



,1 ,ii.,.K 



i|,|. 



,l.-..l. 



(■ \i'i r \i,. 
T..l,.l exiK-ii.lihiu- /.'32, .867,608 

T,,,al ,,-.-,,1,1. (all..ral..l ., s f..ll..«.s) 32.6K..980 

r„.l,\,,l<-.l ..,.h,,arv s|,„k ^2,003. 260 

l'nf,iri,l ,.i.lii,.,iy -I.,, k 4.022,080 

l)L-f.-,,i-.l ..r,li,iary -.l,„k 4,022,980 

OlIiL-r ,.,.linary sL.ck 59 

I'rcfeience an.l yiiaiaiitt-e.l st...k.- 13.771.685 

Del.entiire st..cks 8,1,64, 441 

Sun.hies 134-581 

Balance 1.. ,1,-1. il ..f capital nre..,inl /;247,622 

l-\tim.it,-,l hiith.-i .-xiL-ndiiiii.- In lie- ,1111. -ni h.ilt\,-.,i. 
/2(,a.....-, Ill Mil.M-,|ii,-nl h. , II V. -.,,-. /Ji. ......-, I..lal. /47-"""- 

Capital ],..«. -I- .uvl ..ih-i av.iihiM.- a-M-i-. /i. 414. 474 

The i.i|>it.il ,-x],i-iidil,ive f,.r tlie |>.,^t l,.,lt y<-.ir amounted t.. 
/30.93f' vi/., /j. .!.)-• ,>ii lin,-^ o|).-n lor trafti. . £y)-Si<) on 
.S ]•; C.K. Mana-inK Coiiimittee, .ind Z',.. .m -iil,-eri|>tion- to 
other r.iil-.v.iy-. togetlu-r /4i.54i. le-- .1 ercdit ,.f /'i.'...; on 
iiindrv s.ile- of |,r.. petty. 

Thci rev(-iute ac-(Ounl forth,- h. ill-year .-ndini; June 3,, -h..u- 
the rcceijits to li.ive been a= f..ll,.\v- : 

1907. 1 90S. 

l'rop(.rli.,n i.f hal.incr- of the 
Mana5;in}; C..iimi,tlce'.s revenue 

arcunl /389.058.; .■ Z342,104''' 

T'ri.i.ortii.n of East!).. nine tiaffir ... 12.704 ... 13-505 

Kent an.l hotel accunts, cic 87,568 ... 91.159 

■|-r-inslcr fees 2,/j 297 

T..tal £a^9<7'(> ■■■ /447.155 

„ K,AuA v, i.<-, ..'-.", ■'< £''w.r,--, '. I>.-i.,s ^,0 1-1 ,.-nt of <o7'j,y9"- 

For the same jieiiod tin- e\p,-nditiin- ..11 levemi.- a(<<,itiit was 
as follows ; — 

' Directors' remuneration /2.0CO /.2,ooo 

A uililors' remuneration 150 0.9 

Salaries anil office expenses 2.577 2,522 

I.aw charges 240 4.>o 

Kent account- R. pairs ami rents 

payable 15..M9 '5.233 

T.ilal /:20,3i6 /:20,294 

The net levemiP :ind the manner of its dispo-;il are siiown 



C, Is, inin.-rals, ami ,altle 

Sun.hies 



Total receipts ,,, 
Total expen.liuut 



£181,102 

62,1 ;i 



Z'-:54-476 
102,035 



1 908. 

/. 188,479 
62,512 
11-73' 

£'262, 722 
171,70s 

.,^91,014 



Net receipts i^92,44' 

,- .in.l ll,.- pi..p..-.-,l .ip].r..priatioii of balance 
dend m.i\- 1.,- -iimm.,i i-,-d as foHoWs:- - 



he 11,-1 1. 
.liable to, 
llalance Ironi last half year ... 

Net carninus 

Whiie.hapel an,l How HaiU-ay 
11.11. kcr,' an.l i;cneral intciest 

Tian.feire.l fi.mi special re 
fun.t 



Total . 



Prior charges 

Preference diviilen.ls 

Orilinaiy ilivi.len.l 

Balance to next half-year 



92,441 •- 

Oi)I .. 
1,87., .. 


.^4.444 

91,014 

654 

1,902 




10,000 


Z9'i.673 - 

£28,6 19 „ 

34.339 - 

•32,6..9 ., 

4,1. .6 .. 


,. /,' 108,014 

£39.590 

36,082 

t27,95o 

4.392 



£108,014 



T,.tal £'>9<('7i 

•,\l itic r.ilc uf j! l.», ct..t. per .innu,ii. I.\l th.: ,ate of 3 p« cc-iil. per annum. 

Tlu- .^niss receijits for the ])a-t h.ilf-year sluiw an increase 
,,f /■8.;4i,. the ,'\pen(litnre an in, ri-ase of ./!o.',73. -mtl '''C net 
,1, i-'i,i, .1 ,1.-. i.-.,-e .f /'1.4-T 'hhe r.iii., of i-x|icnscs to 
,,-,oipl- 1- I..S-3S pet ,ent.;. a- a,,;.iin~t (.3. (.7 pei ,_,-nt. 
Tk.xffu:, cS;g. 
ilalf-yeai cn.letl bine 30 1907. 

Passengers canie.l (L.tal numbeil... 13.4.10.938 

Season-tickets 17-3''"* 

Mileage— Lines owned 79,1 

,, Lines partly owneil 8 

Foreign lines w.irke.l 



13,876,986 

19,296 

79} 

8 



,, Tot.al operated ... 

Train mileage* — Passenger 

(iooifs 



96 
903,420 
145.749 



Tot.al 1,049,169 .-- 

Including mileage run l.y trains of other companit 



s; 

96 

966,802 
146,844 

1,113,646 



July 25, 1908.] 



THE RAILWAY TIMES. 



87 



The report states:- "The widened lines between Kast Ilani 
and Marking, and the new station at the latter place have been 
brought into use, and the service of electrical trains was ex- 
tended to Harking on April i last. A new station, Dagen- 
ham Doik, which has been built by arrangement with the 
landowners with a view to the development of property between 
Barking and Rainham, was opened for traffic on July i. The 
Metropolitan District Railway Hill promoied by that company, 
mainly for financial purposes. ])rovidecl for the issue of prior 
lien deber.ture stock, and the directors were advised that pro- 
tection should be sought in respect of the liabilities towards 
the Whitechapel and How Railway Comjjany, jointed under- 
taken by the Tilbury and District Companies. The Tilbury 
Company accordingly were represented before the committee, 
but were unsuccessful in their endeavour to obtain the inser- 
tion of a protective clause. The bill has been passed bv 
committees of both Houses of Parliament. The I'ort of 
London Bill, introduced by the (Government, is still under 
consideration by a Joint Committee of l)oth Houses of Parlia- 
ment, and all possible steps arc being taken to protect this 
company's interest under agreements with the Dock Comiiany. 
The London Electric Supiily and London and District Elec- 
tricity Supplv Bills provide for the supply of electricity in 
bulk for manufacturing and other purposes, and are still 
under consideration by Committees of Parliament. Clauses 
for the protection of this company have been inserted. 
A settlement has been arrived at with the Metropoli- 
tan District Railway Company respecting the payment to 
that company for working their electrical trains over the Til- 
burv Railway between Bow and East Ham from .August,' ic)05, 
when the service was commenced, to the end of last year; 
and the accou-nts have been adjusted and paid. The same 
remarks apply to the working of the Whitechapel and Bow- 
joint line. The District Company have intimated that they 
will require the terms of working to be revised as from 
January t, igoS, and negotiations are proceeding. The ad- 
justment of past accounts shows that undercharges were made 
in former half-years, of /5,qi4 in the case of the Tilbury 
Company, and /S.602 for the Whitechapel and Bow joint 
line. The latter amount has been paid in equal proportions 
bv the Tilbury and District Companies, and the total involved, 
viz. : — ^10,215. has been debited to net revenue in the present 
accounts, and liquidated by a transfer of /to. 000 from the 
special reserve fund 

EAST LONDON RAILWAY. 

The half-yearly report states that the coaching traffic for the 
six months ended .April 30, 1908, amounts to /i 5,509, show- 
ing a decrease as compared with the corresponding period of 
1906-7, of ;£2,oi7, and the goods traffic to ^5,577, a decrease 
"' £537- i lie gross receipis on revenue account for the year 
1907 w-ere _£45,cS89, as compared with ;£5o,279 in 1906. In 
order that the minimum guaranteed rent of ^30,000 may be 
augmented, the annual gross receipts must yield £53,571. 
When this latter amount has been arrived at, the receipts, less 
44 per cent, for working expenses, belong to the company. 
The decrease in the goods traffic from the Great Eastern 
Railway over the line during the past six months is almost 
wholly accounted for by reduced consignments of bricks and 
other building materials, the demand for which in the southern 
districts of London has fallen off considerably. Owing to 
the cessation of through train services of the Metropolitan 
Railway Company, the diminution in receipts from passenger 
traffic continues. Having regard to the serious losses sus- 
tained, arising out of the declining receipts from through 
passenger traffic, the lessee companies have, since last 
February, given the question of the electrical working of the 
line exceptional attention. By their instruction Mr. C. Jones 
and Mr. H. W. Firth — electrical engineers respectively of 
the Metropolitan and the Great Eastern Railway Companies 
— have prepared a comprehensive report as to the best system 
and the cost of equipping this railway for electric traction. 
They have furnished estimates of: (1) The annual working 
costs; (2) capi'al outlay on the permanent way; (3) supply 
of electric current, and a detailed specifica'ion upon which 
tenders for carrying out the works could be asked for. The 
matter has been referred to the general managers of the 
lessee companies for their report to the Joint Committee. 
These gentlemen and officials of other railway departments 
have held several meetings to discuss the various points aris- 
ing out of so complex a subject. No definite conclusion has 
as yet been arrived at, but the directors have some confidence 
that the result of the deliberations will be fruitful for good, 
if not immediately, at all events in the near future. 



GREAT EASTERN RAILWAY. 

The half-yearly account-, to June 30, 190S, were issv 
yesterday. Our usual analysis is appended :- 
C.vi'ir.vL. 

Toliil expcnilitiirc ■ ■■ £S7A')-U^ '3 

I'olal receipts (alloc.ited as follows) 56,2CX3,2ofi 

Ordinary stock /15, 362, 886 

Preference .ind guaranteed stocks 20,826,335 

Debenture stock 

L ans 

Mortgages redeemed 

H debeiilure stock redemption 

account 

Premiums 



74,400 
102,200 



225,270 
',575.2"S 



Balance to debit of capital account jC^j'i'Jj/Joj 

The capital expenditure for the past half-year amounted t( 
X' 55,402, of which ;/^24,697 was on lines open for Irafiic, 
/ 1,000 on Norfolk and ,Suffolk joint line, / 129, 137 on dockS; 
steamboats, etc., and /5O7 on conversion of stocks. 
Rkve.nue. 
The revenue account for the half-year ending June 30 give? 
the receipts under tliis head as follows : 



P.issenycrs — Kirst-cklss 

,, Second-class 

,, Third-class 

,, Season-tickets .. 

Parcels, horses, carriages, etc. 

Mails 

Merchandise (less cirt.age) 

Livestock 

Minerals 

Carriage and wagon lure 

Continental steamboats 

Ipswich .TJid Harwich boats .. 
Lowestoft Harbour dues, etc. 

Harwich pier dues 

Kossdyke Navigation Tolls .. 

\Visl)cch Tramways 

Keiits 

Transfer fees 



Tolal receipts £ 

E.KPIiNDITURl 
The expenditure on revenue account 
is shown hereunder: — 

Maintenance of wav, etc 

Locomotive power 

Carriage and wagon repairs 

Traffic expenses 

General charges 

Law charges ... 

Parliamentary expenses 

Compensation— Passengers 

,, Goods 

Rates and ta^es 

Government doty 

W'oiking other lines 

Woolwich ferry-boat, working and 

repairs 

Continental steamboat expenses ... 

Harwich Harbour, etc 

Ipswich and Harwich boats .. 

Lowestoft Harbour, wi rking and 

repairs 

Fossdyke, elc, navigation, repairs 

Total expendilure ;^i,8o9,233 ^1,819,763 

The net revenue for the half-year, and the proposed 
appropriation of the balance available for dividend may be 
summarised as follows : — 

Balance brought forward ^88,259 ... ^89,795 

Net receipts 931.415 ■■ 885,742 

Sundry credits 7.332 ■■■ 8,174 

Total ;ri,o27,oo6 ... /983.7'> 

Piiorcharges ^99,457 ■•. .C5°^<5S7 

Preference and guaranteed divi- 
dends 386,803 ... 386,803 

Dividend on orHinary stock *II5,222 .. t7'>.Si4 

Balance carried forward 25,524 ... 18,537 

Total ;fi, 027,006 ... ,^983,71' 

• Al li per cent, per .innuni. t At i ptr cent, per annum. 

The gross revenue for the past half-year shows a decrease 
of ^35,143, the expenditure an '' '' '"'" "'' 



iq07. 


1908. 


/74.761 


■ .. ^71.310 


.58,287 


33,887 


804,315 


829,435 


206,376 


207,662 


■55-899 


162,324 


15.227 


15,240 


806.243 


794.331 


42,413 


47,o6S 


337,364 


342,665 


374 


1,326 


119,029 


119,408 


1,181 


1,701 


6,017 


7,028 


218 


218 


573 


582 


1,804 


2,« 22 


69,729 


68,787- 


537 


511 


2,740,647 


- ^^2,705,505 


:)unt for 


the same period 


^'277.036 


... ^257,421 


463.381 


502,099 


147-585 


141,890 


521,408 


522,036 


86,941 


87.931 


7,110 


5,264 


362 


1.233 


10,201 


392 


8,420 


7,519 


153.407 


150^519 


9,313 


9,078 


0.651 


Cr.741 


1.932 


1,732 


109,764 


119,152 


()6z 


2,070 


3,234 


3978 


8,566 


7,873 


262 


319 



icreasc of ;£io,53o, and the 



88 



THE RAILWAY TIMES. 



[July 25, u 



net receipts a decrease of ;r{j45,673 compared with the cor- 
responding period of last year. The ratio of expenses to 
receipts is 67.26 per cent., as against 66.01 per cent. 

Traffic; &c. 

Half-year ending June 30 190?. 1908. 

Piissengess — First-class 794,602 ... 724, 664 

„ Second-class 1,579,094 ... 1,360,532 

„ Third-class 47,902,671 ... 44,450,655 

„ Total number can ietl 50,276,367 ... 46,535,851 

Mileage — Lines owned 1,046 ... 1,044^ 

,, Joint lines 149S ... 1495 

,, Leased or rented 6 ... 6 

,, Lines worked 109 ... 123 

,, Total operated l,3loJ ... I,323j 

Train mileage* — i'assenyer 6,434,871 ... 6,479,632 

,, Goods 4,004,126 ... 4,076,612 

Total 10,438,997 ... 10,556,244 

'Including mileage run by other companies and empty carriage trains. 

The report states : — "The continued decrease in passenger 
receipts is mainly due to electric tramway and to motor com- 
petition. The unfavourable weather prevailing in Easter 
week also adversely affected the receipts. The Continental 
traffic receipts show an increase of £371), and there is an 
increase in the working expenses of that traffic of ^^9,388. The 
new turbine steamer, " Copenhagen," referred to in the last 
report, commenced running in February last, and has proved 
to be satisfactory in every respect and is highly appreciated 
by the travelling public. The directors have ordered an 
additional turbine steamer similar to the ss. "Copenhagen" 
for the Hook of Holland service. It is expected this vessel 
will be delivered to the company by the contractor in 
December next. The total decrease in earnings from all 
sources has been ^35,143, and there is an increase in the 
working expenses of ;^io,530, which is mainly due to the in- 
creased cost of coal. It has already been announced that 
the companv has entered into negotiation with the Great 
Northern and the Great Central Railway companies with a 
view to closer working. The chairman will deal with this 
.subject at the meeting. The General Powers Bill promoted 
by the company and approved by the proprietors at the special 
(Wharncliflfe) meeting on January 31, 190S, received the 
Royal assent on June iS last. The Steamboats Bill, approved 
at the same meeting, was withdrawn. .A.n Order of the Light 
Railway Commissioners authorising the company to construct 
a light railway in Essex, between Elsenham Station and 
Thaxted, will be submitied to the special meeting for 
approval." 

BUENOS AYRES AND PACIFIC RAILWAY. 

The directors have decided to increase the capital of the 
company by the creation of 300,000 new shares of ^10 each, 
to be called "ordinary igii shares," entitling the holders up to 
June 30, 1911, to a dividend (payable half-yearly) at the rate 
of 5 per cent, per annum in priority to the holders of the 
existing ;^6, 000,000 ordinary stock and the existing 100,000 
ordinary _;£io shares. Of the proposed new shares, 200,000 
will be issued early in September next and offered to holders 
of the ordinary stock and shares pro rata to their holdings. 
The balance will be held in reserve for future requirements. 
In a circular issued last Saturday convening an extraordinary 
meeting of the company to sanction the proposal, the 
directors state that the estimated gross receipls from July i, 
1907, to June 30 last, the end of the financial year, show an 
increase of ^604.429 over the corresponding period of last 
year, the Argentine Great Western and .Argentine Transan- 
dine Railways being included for the purpose of comparison 
in the 1906-7 figures. The above satisfactory result is 
attributable to the expenditure undertaken in the past, and in 
order to maintain the company in its present strong position 
it is necessary to provide additional engines, wagons and 
passenger stock (a considerable portion of which are already 
on order), to continue the doubling and stone ballasting of a 
further length of line, and generally to make such additions 
and improvements to the railway as the expansion of its 
business necessitates. During the past financial year 141 miles 
of branch lines have been opened to public service, and the 
companj' has under construction additional branches of a 
length of about 234 miles. Congress has authorised the 
construction of a further 296 miles of branch lines 



METROPOLITAN RAILWAY. 

C-\P1T-\L. 

June 30, 1908. — The total expenditure amounts to 
;£i5,02S,439, while the receipts have been /.i 5,069.126, viz.: 

Ordinary stock ^^5,732,062 

Preference stocks 5,972,041 

Debentute stock 4,850,273 

Terminable debenture stock 50,000 

Total .^16,604,376 

Less nominal additions to capital, dis- 
count, etc 1,535.250 

;f 1 5,069, 126 

Credit balance, £\o,b%-]. During the past half-year there was 
expended ;£65,845, of which .£59,950 was on lines open for 
traffic and ;£5,895 on working stock. 

The estimate of expenditure for the current half-year is 
/39.000, and in future half-years, ;£265,ooo — together, 
;£304,ooo. The capital powers and other available assets 
amount to ;£i, 107,353. 

Revenue. 
The revenue account for the half-year ending June 30 
shows the following results : — 

1907. 1908. 

CoAching receipts ^^289,472 ... /30o,i95 

Goods, minerals, etc 30,167 ... 30,792 

Miscellaneous 25,880 ... 25,800 

Total receipts /345.5'9 ••• ll'fia^l 

Total expenses '193,361 ... ti99.78o 

Net receipts .;^>52,I58 ... .;£'iS7.oo7 

• £209,677. less ;£i6,3i6 for working trains of other companies. t;£2i8,i38, less;£i8,358 
for working trains of other companies. 

The net revenue and the manner of its appropriation are 
shown hereunder: — 

Balance from last half-year ;f5,822 ... /5>5l6 

Net earnings as above 152,158 ... 157,007 

Sundry credits — ... 5>I44 ' 

Interest on Hammersmith and City 

debenture account J, 130 •■■ 1,13*^ 

City Linesand Extension Joint Com. 14,308 ... I5'873 

Railway estate revenue .iccount ... 6,486 ... 7i282 

Kent of leased lines 32,000 ... 32,000 

Proportion of net revenue of Metro- 
politan and Great Central joint 

line 1,643 ••• 253 

Total ^^213,547 ... ^,^224,205 

Prior charges /9i,4i2 ... £m:i\,(x)1 

Preference dividends 104,511 ... 104,511 

Dividend on ordinary slock «I4,330 ... "14,330 

Balance to next half-year 3,294 ... 3.673 

Total ;f2I3,547 ... ;^224,205 

* At the rate of" ^ per cent, per annum. 

The report of the Surplus Lands Committee states that the 
rental accrued during the half-year amounted to ^4 1,066, 
and the outgoings to ;£3,8i4, leaving, with the balance 
brought from last year, ^38,191 available for dividend. This 
will admit of a dividend at the rate of £2 15s. per cent, per 
annum upon the surplus lands stock, carrying forward a 
balance of /i,879. 

The total receipts show an increase for the past half-year 
of ^11,268, the expenditure an increase of £b,\\<), and the 
net earnings an increase of ^4,849. The ratio of expenses to 
receipts is 55.99 per cent, (as against 53. 68 per cent.). 

Tr.\ffic, etc. 

Half-year ending June 30. 1907. 190S. 

Passengers— (number) 37,481,552 ... 36,624,222 

Mileage — Lines owned 69J ... 69J 

,, Lines partly owned \% ... ij 

,, Lines wholly or jointly 

leased or rented 6k ... 6h 

,, Foreign lines worked over 4i ... 4i 

Total lines operated 81J ... 82 

Tr.iin mileage — P.-tssenger (steam) 197,718 ... 148,963 

,, Electric pass. trains 1,272,866 ... 1,705,011 

Goods 95.654 ••• 97,712 

Total 1,566,238 ... 1,951,686 



JULV 25, 1908.] 



THE RAILWAY TIMES. 



89 



The ix-pon states: 'During; ilu- h;ilf-y(\ir ilic train ser- 
vices have been considcraljly iinreased, and a K'^^^-TtT 
mileage has consequently been run. The full benefit has not 
yet been felt in the receipts, but it is expected tliat as the 
greater facilities offered by the company become better l<"ho\\Ti 
among the tiavclling public the traffic will rcsjiond. It is 
now more than twelve months since the last of the tul)c lines 
was opened, and the immediate effect of that competition is 
therefore known. The opening of the several tubes has 
caused a serious diversion of traffic from the Metropolitan 
line, but it has at the same time given rise to a large increase 
in the amount of local travel generally which will be a 
continuing benefit to this company. On some sections of the 
line the traffic during the half-year has shown a healthy ex- 
pansion, and on others, where there has been a falling-off 
through competition, steps are being taken to prevent further 
loss and to regain the business. Owing to the delay in the 
completion and opening of the Franco-British Exhibition, 
the traffic from that source was not so great during the past 
half-year as was contemplcted. It has, however, increased 
since the beginning of July, and it is fully expected that it 
will develop largelv as the holidav and excursion season 
advances. 



ALEXANDRA (NEWPORT AND SOUTH WALES) DOCKS AND 
RAILWAY. 

The accounts for the half-year ending June 30, igo8, 
showed a gross revenue of ^135,941 (against /120.7S5). an 
expenditure of £'/4.7g() (against /77,20s), and a profit of 
;£6i,i45, vvhich was disposed of as follows: — Rent-charges, 
£S,(>47 ', interest, ;£6,2io; interest on debenture stock, _^r),ioo; 
dividend on the A and B preference stock at the rate of 4^ 
per cent, per annum, £32,544; balance carried forward, 
;^7,644. The length of railway owned was gj miles, and 
foreign lines worked over 13J miles. The number of train 
miles run was 289,961 (against 299.233). The capital account 
showed a total expenditure of ^(^2,640. 126. whilst the receipts 
had been ;£2, 288,640, as follows : — Consolidated first prefer- 
ence A stock, ^^557.720; consolidated second preference B 
stock, £613,430; preferred ordinary stock, £388,500; deferred 
ordinary stock, £267,350; 4 per cent, debenture stock, 
£461,640. It will be seen that the gross receipts were £6.156 
more than those for the same period of T907. The working 
expenses amounted to £74.796, or 55.02 per cent, of the 
traffic receipts, against ^9.29 per cent, in the corresponding 
period of 1907. The balance of the net revenue account is 
£40,188. This enables the directors to recommend the pay- 
ment of the full dividends for the six months to June 30. 
1908, at the rate of 45 per cent, per annum on consolidated 
stock A first preference, and of 4i per cent, per annum on 
consolidated stock B second preference, absorbing £32,544, 
and leaving a balance of £7,644 to be carried forwnrd to th(* 
end of the ve.Tr. The rpplt-n] evperditure on works in pro- 
gre.<-.s and at present unprndurtive, amoimt= to £314,1)01. 

ROHILKUND AND KUMAON RAILWAY. 

The directors have issued a circular stating that at the 
general meeting held on May 16 last shareholders were in- 
formed that the lx>ard had under discussion with the Secre- 
tary for India a proposal for raising moneys required for 
capital outlay, not only on the company's own railway, but 
also the State railways worked by the company, on the joint 
security of the united net revenues of both railways. The 
negotiations are now approaching completion, and to enable 
the directors to conclude them and enter into the necessary 
contract with the Secretary of State to carry out and give 
effect to the arrangements, as also to raise thereunder the 
required capital, a meeting of shareholders will be held to 
pass the necessary resolutions. In addition to £160,000 im- 
mediately required for open line cajiital purposes, the follow- 
ing extensions of the State and company's railways are pro- 
posed : — 

State. 

Workshops, estimated cost Rs 8,96,000 

Exten-ions Diidwa Branch Rs20,i?.ooo 

Pililihit Burmdeo Branch Rsi2,9J,ooo 

COMPASV. 
Pililihit to Shah jahanpur Rs2i,oo,ooo 

•folal Rs63,oo,ooo 

or, say, £420,000, which, added to th_' before-mentioned 
£160,000, vCill make as the amount first proposed to be raised, 
say. £580,000, of which it is proposed to issue £300,000 at an 
early date, and the balance as required. 



BRITISH AND IRISH RAILWAY DIVIDENDS. 

The following table shows the dividends on the ordinary 
stock (unless otherwise stated) announced so farbythc leading 
English and Irish companies for the half-year ending Jun" 30. 
In the case of the Scottish companies the dividends are for the 
half-year ended July 31. For purposes of comparison the 
dividends for the corresponding half of the previous year are 
appended : — • 





June 


Ilnlf, 


907. 


June 


n.-iif, 


938. 


N.Tme of 
Company. 




i a. S 

— ^ C 


'J _. 


K .5 


-5 - 


M 



Hal.-i and Fcstiniog..! £473 

Barry 1 2,804 

Belfast & Co. Downi 5,857 

Biec. & Mertliyr.... ) 357 

Caledonian (<ler. )....! 2-), 507 

C.Tmli. (D.leb. s k.)' 12,329 

Cardiff. I 43.379 

Central I^ondon 14,608 

City and S. London 2,521 

CorkBandon&.S.C. 2,943 

Dublin &.S.E ! 1,072 

Furness t 4715 

Glas. & .S W. (def.'.: 6,998 . 

Great Central | 7.500 . 

Great Fastern '' 88 260 . 



52^649 

51,200 

5,962 

67,470 



1,849 
32>.ioo 

4,246 
30,040 



Great NortliTn... 
G.N. (Ireland).... 
G.N. of .Scot def. 
Gl. S. & Western. 

GreatWestcrn ' 85,799 

Highland :.. 10,167 

Hull anil Barnsley... 7,487 
Isle of Wight def.... 
lanes, and Yoik«. ... 
I iverponl OveiheaH 
Lnnd. B. & S. C<a<ii 
L. C. & n.(islprer.)j 27,226 
Lend, and N. West.j 20,000 
Lond. and .S. West.| 31,967 
Lond. Tilbury & S.i 4,371 
Maiyport and Carl. I 1,582 

Metropolitan I 5,822 

Met. Dist. 'guar.).. !A 
Midland (deferred'..' 81 624 
Mid. Great Western! 17,344 
North British def... 10,589 

Nnrih Faslern | 82,800 

Noith London | 5,276 

North Staffordsl.ir.'..; 10,465 

Port Talbot 955 

Rhyinney j 5,225 

South Eastern , 4,458 

TaffVale 17,219 

Vale of Glamorgan.. 589 



3i - Z245 
8J ... i.oSo 
f) ... 2,600 
1 ... 1,085 
\ ... 15,800 

4 ■•■ 302 

5 ■■ '5'''.7i3 
3 ••■ 25.^90 
i\ ... .1.857 
^i ■ ./1. 786 
!• ... 2,708 
3 ... 7,068 
!'• - 7,537 

h ... 4,700 

[,; ... 25,524 
61,646 
39,000 , 
2,222 



£260 .. 

3.'33 •• 

S.716 .. 
473 ■■ 

7,5"9 ■• 

3,657 • 
43007 .. 
10,218 .. 

1,119 .. 

3,222 .. 
11,044 ■■ 
10,332 .. 

6,842 .. 

8 121 .. 

89,705 •• 

54,511 ... 

51,184 .. 

2,310 ... 



.34.033 I 65,940 
So. 000 '103 020 



12,623 

1,94s 
32,546 

4, "79 
28,705 
10,072 



4,144 
1,260 
5,Si6 



7,684 
2 ... 24,692 

2i ... 224 

4 ... 21,600 
c ... 4,452 

2? ... 18,150 ' 
2i 4.326; 

5i ../i33,coo ,125, ?94 

4 .. 24,972 ; 32.615 

34 ... 4,106 

7J ■•• 2,390 

4 ... 3.294 

^T,S(io 1 g Dr.2S,i()2 \Or. 4j;.S29 

i ... 29,405 1105,000 ... 

... 5.500 19.106 . 

... 15,000 ; 11,190 ... 

i ...101.000 121,6(8 ... 

i ... //6,14s , 7.77S .•■ 

... 10,555 ! "..!62 ■•• 

\ ... 2,608 ! 85S ... 

... 6.608 6,029 •■ 

... 7,000 8,489 ... I 

^21,621 22,262 ... 

544 506 ... 



■ 4rii- 



29.125 

,M.863 

h,869 

3,827 



1,400 
18,500 



996 



28,261 
4.392 



3,600 



4<449 
10,706 



a At the rate of 4 per cent, per annum on the first preference stock. 6 Diviilends paid 
on all preference stocks down to 1881, and at the rate of 2 per cent, per annum on the 
1S89 Slock, e .At the rale of 5 per cent, per annum on the preference shares, d Equiva- 
lent to 10 per cent, per annum on the old stock, e After placing C',^°° 'o renew.il 
fund. / After writing Itii off locomotive renewals .-iccoi.m. H After pl.iciiig X;5,ooo to 
reserve. /, .\fter placing ;£io,ooo to reserve, i Aftei transferring .£5,000 to con- 
tingen :y account, j ^£70.000 added 10 the reserve fund. /; Full dividend on the 6 per • 
cent, preference stock. I After appropriating .£900 for locomotive renewals, in Divi 
dends paid on preference stock down to 1876. 



90 



THE RAILWAY TIMES. 



[July 25, i< 



PARLIAMENTARY. 



Railway Nationalisation. 

Mr. William Tliorne, supported by Mr. Stcadman, Mr. 
Shackelton, Mr. Gill, Mr. Bell, Mr. Bowerman, Mr. James 
Haslam, and Mr. Wilkie, has presented to Parliament a bill, 
ihc text of which has just been published, to provide for the 
nationalisation of all railways within the Railway Clauses 
Consolidation Act, 1S45, ^H canals within the Railway and 
Canal Traffic Act, 1854, and any Act amending either of 
these, and to other railways, light railways, tramways, and 
canals, except such as are already the property of some local 
public authority and worked directly by it. The measure 
sets forth that, on or before May i next, every person or 
company claiming to be the owners of property included in 
the Act must make a return to to the Local Government 
Board of the value of their property, under a penalty for non- 
compliance of £^ on summary conviction, and on conviction 
upon an indictment at assizes to a penalty not exceeding 5 
per cent, on the value of the property. Whether or not a 
return is made, the Local Government JBoard will estimate 
the value, and at any time within five years from the passing 
of the Act serve notice on the owner of its intention to 
purchase. The provisions of the Lands Clauses Consolida- 
tion Act of 1845, in the case of compulsory purchase of land, 
and all Acts amending the same, will, so far as applicable, 
be applied in cases of purchase. Having acquired the pro- 
perty, the board "may use, manage, and conduct all or any of 
the said property, or properties, for the national advantage." 
The board will have power to depute all its powers under this 
Act to a board of control, numbering not fewer than fifty 
persons and not more than a hundred. All purchase money 
for the purpose of carrying out this Act may be raised by the 
issue of Consols, by the creation of nationalisation bonds, 
bearing interest at three per cent., or such other interest as 
may be fixed after consultation with the Governor of the 
Bank of England. L^nless the Local Government Board, or 



a local authority, retains the property for use to the national 
advantage, the person, or persons, entitled to occupy it at the 
date of purchase will be entitled to become the lessees, or 
tenants, at a rent to be ascertained by arbitration under the 
Arbitration .Act, 18S9. The board, or local public authority, 
may lease any of the properly for terms of seven, fourteen, 
or twenty-one years, subject to the approval of the rent or 
royalties and covenants by a judge in chambers. 

Great Northern, Piccadilly and Brompton Railway Bill. 
On Tuesday the Select Committee of the House of Commons 
presided over by Mr. Emmott considered the Great Northern, 
Piccadilly, and Brompton Railway Bill. Sir George Gibb, 
general manager of the Underground Electric Railways of 
London, stated, in reply to the Chairman, who asked what 
was the real object of this rearrangement of capital, that the 
undertaking was intended to be leased to the Underground 
Railways Company, who were to pay a rent, under a per- 
petual lease, equal to 4 per cent, on the total share and loan 
capital of the company; 320,000 shares, representing 
^3.200,000, were, by agreement, to be made into preferred 
ordinary shares, it being estimated that the rent payable by 
the Underground Railways Company would cover the whole 
of the dividend on those shares, and the rest of the capital 
was to remain as deferred ordinary shares. The anticipations 
on which this arrangement was made had not been fulfilled, 
and it was now proposed practically to cancel the arrange- 
ment, and to deal with the whole of the shares issued to the 
public, 35,000, by giving them 4 per cent, preference shares 
guaranteed by the L^nderground Railways Company, thus 
leaving them in exactly the same position as if the original 
arrangement had been carried out. The whole of the balance 
of the capital was held by the Underground Railways Com- 
pany, and what they would do with it would depend upon the 
nature of the earnings of the undertaking. The object was to 
enable the company to create a block of shares that would 
have a pretty sure dividend of 4 per cent., and to sell them 
as preference shares. The committee passed the bill, and 
ordered it to be reported to the House for third reading. 



The following tables show the progress of railway bills in Parliament to date : — 

TABLE I.— BILLS ORIGINATING IN THE HOUSE OF LORDS. 



Name of Bill. 



Argentine North Eastern Railway 

B,irry Railway 

Cardiff Railway 

Cambrian Railways 

Fishguard and Rosslare Railways and Harbours.. 
Great Northern Piccadilly and Brompton Rly. .. 

Great Western Railway 

Great Western Railway (Superannuation Scheme 

Interoceanic Railway of Mexico 

London Brighton and S.C. Railway 

Metropolitan District Railway 

Rhymney Railway 

•Stratford, etc. (.Amalgamation) 

Taff Vale Railway 

TABLE IT.— BILL 



Progress in House of Lords. 



Second 
Reading. 



Mar. 26 

Feb. 18 

Feb. 18 

May 6 

Feb. 19 

Feb. 20 

Feb. 1 9 

Feb. 19 

Mar. 3 

Feb. 18 

Feb. 20 

Feb. 1 8 

Mar. 18 

Feb. iq 



Result in 
Committee. 



Unop. April 1 
Passed May 19 
Unop. April I 
Passed May 20 
Unop. Mar. 25 
Unop May 27 
Unop, Mar. 25 
Unop. Mar. 1 1 
Unop. Mar. 18 
Unop. April 9 
Unop. May 20 
Unop. Mar. 18 
Unop, May 20 
Passed Mar, 18 



Third 
Rtading, 



April 7 

June I 

Apiil 6 

May 26 

Mar. 3. 

June 16 

May 5 

Mar. 16 

Mar. 23 

May 12 

June 17 

Mar. 24 

May 26 

Mar, 31 



Progress in House of Commons, 



Second 
Reading, 



Result in 
Committee, 



May 4 

June 24 

.May 4 

June 10 

April 27 

June 29 

"May 18 

Mar. 31 

Apiil 6 

June 22 

June 29 

April 9 

June 22 

May 12 



Unop. May 14 
Passed July 7 
Unop. June 16 
Unop. June 25 
Unop. May 14 
Unop. July 21 
Unop. May 28 
Unop.April 30 
Unop. May 7 
Unop. July 6 
Unop. July 17 
Unop. May 7 
Unop. July 7 
Passed July I 



Third 
Reading, 



May 25 

July 16 

June 25 

July 2 

May 21 

June 12 

May 8 

May 14 

July 17 

May 19 

July 21 

July 16 



ROVAL 

Assent, 



June 18 



June 18 

June 18 

June 18 

June 1 8 



June 18 



ORIGINATING IN THE HOUSE OF COMMONS. 



Name of Bill, 



Ards and Bangor Railways 

Cheshire Lines Commiitee 

Dublin and South Eastern Ra Iway 

Great Eastern Railway (General Powers) 

Great Eastern Railway (Steamboats) 

Hull and Barnsley Railway 

Hu*ibfr Commercial Railway and Dock 

Knott End Railway 

Louth and East Coast Railway (Transfer) 

Madras Railway Co. (Annuities) 

Mullingar Kelts and Drogheda Railway 

North Eastern Railway 

North East London Railway 

Sligo and Aiigna Railway 

• The full na-ne of tliis bill is the Stratford- 



Progress in House of Commons, 



Second 
Reading, 



June 2 
Mar, 2 
Mar. 9 
Feb, 17 
Withdrawn 



24 . 



Feb, 
Mar, 

Mar. 9 

Feb. 25 

Feb, 12 
Withdrawn 

Feb, 24 

Mar. 3 

Mar. 23 



Result in 
Committee, 



Passed July 2 
Unop, April 30 
Unop, Mar, 19 
Unop. Mar. 26 

Passed Mar, 25 
Passed Mar, 31 
Unop, April 2 
Unop, Feb. 2 
Unop. Feb. 27 

Passed Mar. 31 
Unop. May 14 
Unop. July 7 



Third 
Reading. 



July 8 

May 12 

Mar. 30 

April 14 

April 3 

April 27 

April 28 

April 28 

Mar. 6 

April 27 

May 21 

July 13 



Progress in House of Lords. 



Second 
Reading. 



July 16 

May 20 

May 5 

May 13 

May 7 

May 13 

May 14 

May 13 

Mar 16 

M.ay' 13 

June 17 

July 20 



Result in 
Commiitee. 



Third 
Reading. 



Unop. July 21 

Unop. May 27 June 16 

Unop. M.ay 7 May 12 

Unop. May 20 May 25 



Unop. May 20 


May 


26 


Unop, June 23 


June 


.SO 


Unop, May 20 


May 


25 


Unop. June 23 


June 


.?o 


Unop. Mar, 18 


Mar. 


23 



Unop May 27 June 
Unop. June 23 June 
Unop, July 21 



Royal 

ASSBIi.T. 



June 18 

June 18 

June 18 

June 1 8 

June 18 

Mar. 27 



i-.^von Towcester ani Midland Junction. Evesham Redditch and Stratford-on-Avon Junction, and 
East and West Junction Railways ' Amalfiamation). 



July 25, 1908.] 



THE RAILWAY tliMliS. 



tools for roughing or finishing work of ijin. and lin. square 
mild steel with strips of lin. and iin. square high-speed steel 
inserted, and with a strip of copper wire iin. diameter held 
along the line of joint. Any number of these tools can be 
done at one heat, the number being governed by the size of 
the furnace. The tools are placed in a box and surrounded 
by the composition (causing tlie copper to melt and the fibres 
of the steel to o])en up) wljirh i* hammered tight similar to a 




Fusion Welded Tramway Rail Joint. 

foundry mould. The Iju.x, or bo.ve^, ,ue tlu'n \)M unci the 
furnace and are left there in a temperature of about 2,200 to 
2,300 degrees F., until the copper melts and runs between the 
joints, after which they are removed and taken out for harden- 
ing in the usual way, except that these tools are hardened all 
along the strip oif high^speed steel. The same process takes 
place with all welding to be done. The articles to be welded 
are placed in lx)xes of steel, iron, or plumbago, and sur- 
rounded with composition. The only point of difiference is 
the question of time which varies with the bulk of the articles 
or boxes. 



THE FIRE ON THE CITY AND SOUTH LONDON TUBE. 



liO.^RU oi- Tk.uji. l.\yuiu\. 

Lieutenant-Colonel Yorke and Mr. A. P. Trotter (electrical 
adviser to the Board of Trade) held an ofttcial inquiry on 
Monday at the offices oif the City and .Sottth London Rail- 
way Company, Moorgaite -Street, into the circumstances at- 
tending the fire which occurred on that line on Thursd.iy 
of last week. .Among those also present at the inquiry were 
Mr. C. B. .Stuart Wortley, K.C., M.P. (chairman of the City 
and Soiuth London RaiJway), Mr. T. C. Jenkin (general 
manager), Mr. David Hay (construction engineer), Mr. P. \'. 
McMahon (engineer of the line), and Mr. A. A. Voysey (elec- 
trical engineer to the corporation). The proceedings are 
reported in the Times as follows: — 

The first witness called was Mr. P. Kelly, lift machinery 
attendant. He said thait shortly 'before 6 o'clock on Thui s- 
day night he was on duty at Moorgate Street Station and 
saw what appeared to be an insignificant fire at the points 
on the do\^■n road. He fetched some sand and threw it nn 
the place. The tinder side of two sleepers was on fire. The 
sand seemed to have very little effect in checking the out- 
break, so he went to the down platform and informed llie 
stationmaster, who also brought sand. Finding that very 
little could be done with it, the stationmaster returned to ihe 
platform to see that every one left th* train and ascended to 
the street. The flame went in the direction of the cables. 
There seemed to be a small explosion on the other side of the 
down road. He subsequently returned to the platform and 
the passengers had bv that time all gone up. He told the 
liftman to stop the lift in case the cable "went" and the 
lift was left half-way ud. He then went back to see whethei 
the flames were spreading, but he could not see because of 
the smoke. When he first saw the fire he did not see any- 



thing burning in the loft. invert below tlve slo<'])ers. He in- 
spected the invert aljoiit three months ago, ami then lhe;e 
was only water in at. 

Mr. Firedorick Charles Niclliols, a lunesman, said that 
atx)Ut 5.4S p.m. on Thursday he arrived at Moorgate Street, 
and his aittention was c;i(Med to a fire in the down tunnel, but 
as he approached Jt with .some sand the cable "blew out.'' 
He advised the stationmaster, who was with him, that the 
current should be shut off in order to check the fire, and this 
was dcme. 

Colonel Vorke : Did you see any signs of alarm among ti.e 
passengers .'-No, sir. Every one was very cool. 

Was the smoke collecting in the station ?— It was uhcii 1 
came out <)\f tlie tunnel the second time. 

The witness, in reply to further questions, said that the 
air current was towards the staition. 

Mr. Percy Knovvles, stationmaster, aaid that about 5.4;; loi 
Thursday night he was standing on the down platform, when 
he saw a fire about 40 yards away in the tunnel in the direc- 
tion of the Bank Station. He took sand to it and found that 
the sleepers were on fire underneath. The main cable then 
became ignited. He saw Kelly switdi off the current from 
the section. Altiiough there was smoke in the station, the 
passengers were not nervotis, buit left tOve station in the usual 
way. There were about 120 altiigether, and most of them 
were carried up by the three lifts which were running. Pos- 
sibly a few went up the stairs. When the jiassengers lia<l 
all gone, Ihe proceeded to sec that the staff oif eight or nine 
men came out. The fire brigade arrived about (1.15. but by 
that time smoke was beginning to show itself in the >ti<-el 
above. 

Mr. Trotter read a numter of new-spaper extracts, and ques- 
tioned the witness as to their accuracy. Witness, in rejjly, 
denied that "passengers made a hurried exit, driven out by 
the noxious fumes," or that "ladies were screaming." None 
O'f the staff were overcome. 

Mr. Trotter : Supposing a train were on the "up" line 
from the Bank, and was stopped in the tunnel <in aca)unt of 
this fire— supposiilg the signal were against it to jirevent it 
from entering the station, it would stay in the up luniud? 
- It would stay there until I could fetch it in. 

The witness further stated that if the officials had any inti- 
mation of a fire they would at once block both roads. If a 
train had already started from the Bank there would l>e the 
"outer" and the' "inner" home signals to stop it. He atl- 
mitted that if a train were held up in the tunnel and the 
smoke were driven in that direction it wottld, if unable to 
"clear back," be in a serious position. In' reply to a further 
question by Colonel Yofke, witness said that passengers could 
alight from either end of the train, and in the case mentioned 
could wa,lk back to the Bank Station assisted by the officials. 
It was possible to back a train along the line, but it was 
rather an unusual thing to do. 

Mr. Jenkin : In case of a train stopping between the 
Bank and Moorgate Street and unable to go into the latter 
station in consequence of fire, the driver would comriiunit ate 
by telephone either with Moorgate Street or the Bank Station ? 
— Yes. sir. . , 1 . 

A.nd vou would at once tell them to instruct the guards to 
take the passengers on to the Bank, the electric liphts wouk 
be switched on from the Bank and from Moorgate Street, and 
they would go through lighted tunnels without risk to them- 
selves ?— Yes, sir. ■ . , , , If 

Mr. McMahon said the lights would be switched on hall- 
wav from the Bank, and from Moorgate Street half-wav. 

The witness, in replv to Mr. Tonkin, said that, if any un- 
usual delay occurred in the arrival of a train from the next 
station, say, four minutes, the lights in the tunnel would be 
at once sw'itched on bv the signalman. 

The witness, in answer to Colonel Yorke. said he could not 
ascribe any cause for the fire. About four or five minutes 
elapsed between the discovery of the fire and the shutting off 
of the current to "make the line dead." 

A E. Limberick. engine driver, said he was in charge of 
a train which left Old Street Station at ;.47 n-"\- \\ 'i<-n "^ 
arrived at Moorgate Street he saw "a little fire, but it was 
oracticallv "subdued." He ran over the place. .So far as 
he could see three men were throwing sand on it. He some- 
times saw evidences of little fires on the line, and reported 
them to the station-master at the next station. If he were 
" held up" in the tunnel bv a fire, he could connect his tele- 
phone with the telenhone line in the tunnel and warn the 
sicrnalman in both directions. .Several years ago he had had 



90 



THE RAILWAY TIMES. 



[July 25, k 



PARLIAMENTARY. 



Railway Nationalisation. 

Mr. Willi.im Thorne, supported by Mr. .Stcadman, Mr. 
Shackclton, Mr. Gill, Mr. Bell, Mr. Bowcrman, Mr. James 
Haslam, and Mr. Wilkie, has presented to Parliament a bill, 
the text of which has just been published, to provide for the 
nationalisation of all railways within the Railway Clauses 
Consolidation .'\ct, 1845, all canals within the Railway and 
Canal Traffic Act, 1854, and any Act amending either of 
these, and to other railways, light railways, tramways, and 
canals, except such as are already the property of some local 
public authority and worked directly by it. The measure 
sets forth that, on or before May i next, every person or 
company claiming to be the owners of property included in 
the .Act must make a return to to the Local Government 
Board of the value of their property, under a penalty for non- 
compliance of £^ on summary conviction, and on conviction 
upon an indictment at assizes to a penalty not exceeding 5 
per cent, on the value of the property. Whether or not a 
return is made, the Local Government Board will estimate 
the value, and at any time within five years from the passing 
of the .Act serve notice on the owner of its intention to 
purchase. The provisions of the Lands Clauses Consolida- 
tion Act of 1845, in the case of compulsory purchase of land, 
and all .Acts amending the same, will, so far as applicable, 
be applied in cases of purchase. Having acquired the pro- 
perty, the board "may use, manage, and conduct all or any of 
the said property, or properties, for the national advantage." 
The board will have power to depute all its powers under this 
.Act to a board of control, numbering not fewer than fifty 
jiersons and not more than a hundred. .All purchase money 
for the purpose of carrying out this .Act may be raised by the 
issue of Consols, by the creation of nationalisation bon-ds, 
l>earing interest at three per cent., or such other interest as 
may be fixed after consultation with the Governor of the 
Bank of England. LTnless the Local Government Board, or 



a local authority, retains the property for use to the national 
advantage, the person, or persons, entitled to occupy it at the 
date of purchase will be entitled to become the lessees, or 
tenants, at a rent to be ascertained by arbitration under the 
Arbitration .Act, iSSg. The board, or local public authority, 
may lease any of the properly for terms of seven, fourteen, 
or twenty-one' years, subject to the approval of the rent or 
royalties and covenants by a judge in chambers- 
Great Northern, Piccadilly and Brompton Railway Bill. 
On Tuesday the Select Committee of the House of Commons 
presided over by Mr. Emmott considered the Great Northern, 
Piccadilly, and Brompton Railway Bill. Sir George Gibb, 
general rnanager of the Underground Electric Railways of 
London, stated, in reply to the Chairman, who asked what 
was the real object of this rearrangement of capital, that the 
undertaking was intended to be leased to the Underground 
Railways Company, who were to pay a rent, under a per- 
petual lease, equal to 4 per cent, on the total share and loan 
capital of the company; 320,000 shares, representing 
/3, 200,000, were, by agreement, to be made into preferred 
ordinary shares, it being estimated that the rent payable by 
the Underground Railways Company would cover the whole 
of the dividend on those' shares, and the rest of the capital 
was to remain as deferred ordinary shares. The anticipations 
on which this arrangement was made had not been fulfilled, 
and it was now proposed practically to cancel the arrange- 
ment, and to deal with the whole of the shares issued to the 
public, 35,000, by giving them 4 per cent, preference shares 
guaranteed by the Underground Railways Company,^ thus 
leaving them in exactly the same position as if the original 
arrangement had been carried out. The whole of the balance 
of the capital was held by the Underground Railways Com- 
pany, and what they would do with it would depend upon the 
natiire of the earnings of the undertaking. The object was to 
enable the company to create a block of shares that would 
have a pretty sure dividend of 4 per cent., and to sell them 
as preference shares. The committee passed the bill, and 
ordered it to be reported to the House for third reading. 



The following tables show the progress of railway bills in Parliament to date :^ 

TABLE I. -BILLS ORIGINATING IN THE HOUSE OF 



LORDS. 



Name of Bill. 



Argentine North Eastern Railway 

Barry Railway 

Cardiff Railway 

Cambrian Railways 

Kioliguard and Rosslare Railways and Harbours.. 
(Ireat Northern Piccadilly and Brompton Rly. .. 

(jfcat Western I^ailway 

Great Western Railway (Superannuation Scheme 

Interoceanic Railway of Mexico 

London Brighton and S.C. Railway 

Metropoliian District Railway 

Hhymney Railway 

•.Stratford, etc. f.^malgamation) 

TafT Vale Railway 

TABLE IT.— BILL 



Progress in House of Lords. 



Second 
Reading. 



Mar. 26 

Feb. 18 

Fe1\ 18 

May 6 

Ftb. 19 

Feb. 20 

Feb. 1 9 

Feb. 19 

Mar. 2 



Feb. 18 

Feb. 20 

Feb. 18 

Mar. 18 

Feb. 19 



Result in 
Committee. 



Unop. April I 
Passed May 19 
Unop. April i 
Passed May 20 
Unop. Mar. 25 
Unop May 27 
Unop. Mar. 25 
Unop. Mar. 1 1 
Unop. Mar. 18 
Unop. April 9 
Unop. May 20 
Unop. Mar. 18 
Unop. May 20 
Passed Mar. 18 



Third 
Rtadirg. 



April 7 

June I 

Apiil 6 

May 26 

Mar. 31 

June 16 

May 5 

Mar. 16 

Mar. 23 

May 12 

June 1 7 

Mar. 24 

May 26 

Mar. 3: 



Progress in House of Commons. 



Second 
Reading. 



May 4 

June 24 

.May 4 

June 10 

.\pril 27 

June 29 

May 18 

Mar. 31 

Apiil 6 

June 22 

June 29 

April 9 

June 22 

May 12 



Result in 
Committee. 



Unop. May 14 
Passed July 7 
Unop. June 16 
Unop. June 25 
Unop. May 14 
Unop. July 21 
Unop. May 28 
Unop. April 30 
Unop. May 7 
Unop. July 6 
Unop. July 17 
Unop. May 7 
Unop. July 7 
Passed July i 



Third 
Reading. 



May 
July 
June 
July 
May 

June 
May 

May 

July" 
May 
July 
July 



Royal 
Assent. 



June 18 



June 18 

Tune 18 

June iS 

June 18 



June 18 



ORIGINATING IN THE HOUSE OF COMMONS. 



Namb of Bill. 



Ards and Bangor Railways 

Cheshire Lines Cummiitee 

Dublin and South Eastern Ra Iway 

Great Eastern Kailw.iy (Cleneral Powers) 

Great Eastern Railway (Steamboats) 

Hull and Barnsley Railway 

Humbrr Commercial Railway and Dock 

Knott End Railway 

Louth and East Coast Railway (Transfer) 

Madras Railway Co. (Annuities) 

MuUingar Ktlls and Drogheda Railway 

North Eastern Railway 

Nortli East London Railway 

Sligo and Aiigna Railway 

• The full n-iTie of this bill is the StrattorJ- 



Progress in House of Commons. 



Second 
Reading. 



June 2 

Mar. 2 

Mar. 9 

Feb. 1 7 

Withdrawn 

Feb. 24 

Mar. 1 1 

Mar. 9 

Feb. 25 

Feb. 12 

Withdrawn 

Feb. 24 

Mar. 3 

Mar. 23 



ResiUt in 
Committee. 



Passed July 
Unop. .\pril 30 
Unop. Mar. 19 
Unop. Mar. 26 

Passed Mar. 25 
P.assed Mar. 31 
Unop. April 2 
Unop. Feb. 2 
Unop. Feb. 27 

Passed Star. 31 
Unop. May 14 
Unop. July 7 



Third 
Reading. 



July 
May 
Mar. 



i° 



April 14 

April 3 

April 27 

April 28 

April 28 

Mar. 6 

April 27 

May 21 

July 13 



Progress in House of Lords. 



Second 
Reading. 



July 16 

May 20 

May 5 

May 13 

May 7 

May 13 

May 14 ; 

May li 

Mar 16 

May 13 

June 17 

July 20 



Result in 
Committee. 



ThM 
Reading. 



16 



Unop. July 21 , 

Unop. May 27 June 

Unop. May 7 May 12 

Unop. May 20 May 25 



Unop. May 20 
Unop. June 23 
Unop. May 20 
Unop. June 23 
Unop. Mar. 18 



May 
June 
May 
June 
Mar. 



Unop May 27 June 16 
Unop. June 23 June 25 
Unop. July 21 



Royal 

AsSBtiT. 



June 
June 
June 

June 

June" 

Mar. 



i-Avon Towcester anJ Midland Junction. Eveshai 
East and West Junction Railways Amalgamatic 



Redditch and Stratford-on-Avon Junction, and 



July 25, 1908.] 



THE RAILWAY tliMLS. 



tools for roui^hinj,' or finishing work of ijin. and iin. square 
mild steel with strips of iin. and iin. square high-speed steel 
inserted, and with a strip of < opper wire iin. diameter held 
along the line of joint. .Any number of these tools can be 
done at one heat, the number being governed by the size of 
the furnace. The tools are placed in a bo.v and surrounded 
by the composition (causing the copper to melt and the fibres 
of the steel to open up) wljich is hammered tight similar to a 




Fusion Welded Tiamway Rail Joint. 

foundry mould. The box, or boxes, are then put into llic 
furnace and are left there in a temperature of about 2,200 to 
2,^00 degrees F., until the copper melts and runs between the 
joints, after which thev are removed and taken out for harden- 
ing in the usual way, except that these tools are hardened all 
along the strip O'f high-speed steel. The same process takes 
place with all welding to be done. The articles to be welded 
are placed in Ijoxes of steel, iron, or plumbago, and sur- 
rounded with composition. The only point of difference is 
the question of time which varies with the bulk of the articles 
or boxes. 



THE FIRE ON THE CITY AND SOUTH LONDON TUBE. 



Hoard oi- Tkadl lNQrii;v. 

Lieutenant-Colonel Yorke and Mr. .\. P. Trotter (electrical 
adviser to the Board of Trade) held an ofticial inquiry on 
Monday at the offices of the City and .South London Rail- 
way Company. Moorgaite Street, into the circumstances at- 
tending the fire which occurred on t'hat line on Thursd.iy 
of last week, .\mong those also present at the inquiry were 
Mr. C. B. Stuan Wortley, K.C., M.P. (chairman of the City 
and South London Railway), Mr. T. C. Jeukin (general 
manager), Mr. David Hay (coristruction engineer), Mr. P. V. 
McMahon (engineer of "the line), and Mr. .\. A. Voysey (elec- 
trical engineer to the corporation). The proceedings are 
reported in the Times as follows: — 

The first witness called was Mr. P. Kelly, lift machinery 
attendant. He .said that shortly 'before 6 o'clock on Thurs- 
day night he was on dtity at Moorgate Street Station and 
saw what appeared to be an insignificant fire at the points 
on the down road. He fetched some sand and threw it on 
the place. The under side of two sleepers was on fire. The 
sand seemed to have very liftle effect in checking the out- 
break, so he went to the down platform and informed ihe 
stationmaster, who also brought sand. Finding that very 
little could be done with it, the stat'ionmaster returned to ihe 
platform to see that every one left the train and ascended to 
the street. The flame went in the direction of the cables. 
There seemed to 1>; a small explosion on the other side of the 
down road. He subsequently returned to the platform and 
the passengers had bv that time all gone up. He told the 
liftman to stop the lift in case the cable "went" and the 
lift was left half-wav iiD. He then went back to see whethei 
the flames were spreading, but he could not see because of 
the smoke. When he fir-t saw the fire he did not see any- 



thing burning tn the 10ft. invert Ix'low the sleepers, lie in- 
sljet'ted the invert about three months ago, and then tlu-;e 
was only water in it. 

Mr. Frederuk Charles Xiciliols, a linesman, said that 
al>out 5. 48 p.m. on Thursday he arnved at Moorgate Street, 
and his attention was c;i!led to a fire in the down tunnel, but 
as he approiichcd it with .some sand the cable "blew out." 
He advised the stationmaster, who was with him, that the 
current .should 'be shut off in order to check the fire, and '.his 
waji done. 

Colonel Yorke : Did you see any signs of alarm among ['..<.• 
passengers ? — No, sir. Every one was very cool. 

Was the smoke collecting an <he station?- It was when I 
<a'me out o\f tihe tunnel the second time. 

The witness, in reply to further questions, said that the 
air current was towards the station. 

Mr. Percy Knowles, stationmaster, a;iid that about 5.43 on 
Thursday night he was standing on the down platform, when 
he saw a' fire alxiut 40 yards away in the tunnel in the <lirec- 
lion of the Bank Station. He took sand to it and found that 
the sleepers were on fire underneath. Tiie main cable then 
beiame ignited. He saw Kelly swittili off the current from 
the section. .Although there was smoke in tlu; station, the 
passengers wer<! not nervous, but left tilvc station in the usual 
way. There were about 120 altogether, and most of tlieni 
were carried up by the three lifts which were running. Pos- 
sibly a few went 'up the stairs. When the jjassengers had 
all gone, Ihe proceeded to see that the s/tafi' <iif eight or nine 
men came out. The fire brigade arrived about 6.15, but by 
that time smoke was Ix-ginning to show itself in the street 
above. 

Mr. Trotter read a numter of newspaper extracts, and qnes- 
lioned the witness as to their accuracv. Witness, in rejjly, 
denied that "passengers made a hurried exit, driven out by 
the noxious fumes,"' or that "ladies were scre^aming." None 
of the staff were overcome. ^ ^ .. 

Mr. Trotter: Supposing a train were on the "up' line 
from the Bank, and was stopped in the tunnel <m account (if 
ihj., fire— supposing the si.gnal were against it to jirevenl U 
from entering the station, it would stay m the up tunnel. 
— It would stay there until I could fetch it in. 

The witness furtlier stated that if the ofticials had any inti- 
mation of a fire thev would at once block both roads. If a 
train had alreadv started from the Bank there would be the 
"outer' and the "inner" home .signals to stop it. He M- 
mitted that if a train were held up in the tunnel and tlie 
smoke were driven in that direction it would, if unable to 
"clear back," be in a serious position. In reply to a further 
question bv Colonel Yorke, witness said that passengers could 
alieht frorii either end of the train, and in the ca.se mentioned 
could walk back to the Bank Station assisted by the officials, 
It was possible to back a train along the line, but it was 
rather an unusual thing to do. 

Mr Jenkin : In case of a train stopping between the 
Bank and Moorgate Street and unable to go into the latter 
station in consequence of fire, the driver would communicate 
by telephone either with Moorgate Street or the Bank Station ? 

"And vou would at once tell them to instruct the guards to 
take the passengers on to the Bank, the electric lights woulc 
be switched on from the Bank and from Moorgate Street and 
they would go through lighted tunnels without risk to them- 

''^Mn' McMahon' said the lights would be switched on half- 
way from the Bank, and from Moorgate .Street half-wav. 

The witness, in replv to Mr. Jenkin. said that, if any un- 
usual delav occurred in the arrival of a train from the next 
station, say, four minutes, the lights in the tunnel would be 
at once switched on by the signalman. , , , 

The witness, in an'^wer to Colonel ^ orke. sau! he could not 
ascribe anv cause for the fire. About fou, or five "?'"" ''^ 
elapsed between the discoverv of the fire and the ^hutling off 
of the current to "make the line dead." 

A E Limberick, engine driver, said he was in charge of 
a train which left Old Street Station at ^_47 P"^; ,^\X\J: 
arrived at Moorgate Street he saw "a little fire, but t was 
oractically "subdued." He ran over the place. ^^J^l'' 
he could see three men were throwing sand on '*• "«J;°™/: 
times saw evidences of little fires on the line, antl reported 
them to the station-master at the next s ation. T e were 
" held np" in the tunnel by a fire, he could connect his tele- 
phone Jith the telenhone line in the tunnel "'"' Y;? 1^^ 
signalman in both directions. Several years ago he had had 



54 



THE RAILWAY TIMES. 



[July 25, k 



to get the passengers in a traiin to walk back. The cause 
of the trouble in that case was the breakdown of a locomotive, 
but they seldom had such things occur now. 

Mr. P. V. McMahon said that at rare intervals pieces of 
cotton waste had been found on lire in the tunnels. He did 
not know how they became ignited, because the quantity 
would not be large enough to start a fire by spontaneous 
combustion. Someitimes a " little light" occurred at the 
base of the insulator near the sleeper, and the remedy was 
to send a man to brush away any accumulation of carbon. 

Mr. Trotter : Have you any theories to suggest about the 
cause of this fire? — From the evidence, I am certainly con- 
vinced that it was not of electrical origin. 

The witness, continuing, said that whenever large repairs 
had been undertaken of late wood was replaced by slate slabs, 
where that was possible. He did not think that the cables 
were the cause of the fire. 

Mr. Trotter said that when he visited the tunnel after the 
fire he found four sleepers badly charred on the up line. 
One newspaper stated that " for some distance the permanent 
way had been destroyed," and another alleged "that the 
track for over loo yards leading into Moorgate Street Station 
had been destroyed." 

The witness replied that there was no truth whatever in 
these statements. Only 5ft. or 6ft. of permanent way on each 
road was damaged. So far as the permanent way was con- 
cerned running could have been resumed half an hour after 
the outbreak was extinguished. The smoke and smell were 
probably due to the coating of the cables — the bitumen, etc. 
There was also a certain amount of wood smoke. He ad- 
mitted that it was important to have a cable covering which 
was not liable to fire, and thought that perhaps the inverts 
might be filled up altogether. It was absolutely untrue to 
state, as one newspaper had done, that the iron sides of tlie 
tunnel became "red hot." At no time were the passengers in 
any danger. The case of a train held up in the tunnel and 
the smoke drifting: back upon it was the only dangerous situ- 
ation that could happen, but even then the passengers could 
be scit out in the way described bv a former witness. 
Mr. McMahon added that he had formed a theory that possibly 
the fire in regard to which the inquiry was held was caused 
by a spark from the " shoe " of the locomotive. 

Colonel Yorke said, if the origin of the fTre was of such a 
simple non-electrical nature as had been described, he could 
not see why the sand did not put it out. 

The inquiry was adjourned sine die. 



THE CREAT CENTRAL COM PANY'S NEW LINE AT DONCASTER. 

The Great Central Railway Company of recent years has 
carried out many large undertakings in the construction of new 
radways, docks, and goods depots, oifering better facilities 
to the travelling public, and for dealing with their enormous 
goods and mineral traffic. Few of these schemes have been 
of more importance or afforded more advantages when com- 
pleted than will the new line which the company has just 
commenced near Doncaster, known as the "Doncaster .Avoid- 
ing Line." The idea of a loop line to avoid the town of 
Doncaster was first seriously considered in the year 1902, it 
being the intention to construct such a loop iri connection 
with the large schemes which the Great Central Company 
contemplated carrying out in connection with the concentration 
sidings at Wath and the new dock at Immingham. 

Doncaster, as it well known, is a very important railway 
centre, lines conver[,nng there from Grimsbv, York, Pontc- 
fract. Leeds, Sheffield, Lincoln, and London.' The loop line 
will be a great relief to the level crossing of the Great North 
Road at Marshgate, Doncaster, for whereas to-day the Great 
Central Company works about 105 trains over that crossing 
in the course of twenty-four hours, this number will be re- 
duced to about forty. It is the intention to use the line 
chiefly for the running of heavy goods and coal trafiic pass- 
ing from all points on the Great Central svstem to Froding- 
ham and the ports of Goole, Hull. Grimsby, New Holland, 
and, eventually, Immingham. when tlie dock scheme there 
is completed. 

The new line leaves the company's existing line at a point 
about two miles west of Doncaster, in the parish of Warms- 
worth, close by Hexthorpe, at which place the company have 
a large sorting yard, crosses the river Don, and through part 
of the parish of Sprotborough ; is carried over the Great 
Northern Company's main line and the West Riding and 
Grimsby Railway in the pari-h of Bentley with Arskey, and 



connects with the Great Central Company's Hull and 
Grimsby line about \l miles to the east of Doncaster. 

With the exception of two small cuttings, the line is carried 
on embankment throughout, which in some places reaches a 
height of fifty feet. So much embankment was rendered 
necessary from the fact that the country in the neighbourhood 
is low-lying and the line has to be carried over several public 
roads and railways, allowing a clear headway of 17ft. 6in. to 
the former, and 15ft. to the latter. It will be a double line 
of way, and will connect with the down line at the east 
end by a flying junction. Some idea of the magnitude of this 
undertaking may be gathered from the fact that, although the 
line is slightly under four miles in length, the contract em- 
braces upwards of 1,000,000 cubic yards of earthwork in 
cuttings and embankments, 13,000 cubic yards of brickwork 
in bridges and culverts, and 1,400 tons of steel work in 
girders, trough flooring, etc. The heaviest -bridge is that 
carrying the railway over the river Don, which is a lattice 
girder bridge of 143ft. sq. span. 

The works have been designed by the engineer-in-chief, 
Mr. C. A. Rowlandson, M.Inst.C.E., and are being carried 
out under the immediate superintendence of the Assistant 
Engineer for new works, Mr. J- B. Ball, M.Inst.C.E. The 
contract is let to Messrs. Logan and Hemingway, and it is 
anticipated that the line will be opened for traffic in about 
2' years. 



RAILWAY NOTES. 

Wolverton Works. — .-Xfter nearly three montlis on short time, 
the employees at the London and North Western Railway 
carriage works at Wolverton have been notified that full time 
will be worked. The 4,000 men affected by the previous order 
were at work last Saturday. 

Immingham Docks. — A visit was paid last Saturday to the 
Immingham deep water dock (fonsH-uftion works, near 
Grimsbv, by the directors of the Great Central, the Great 
Northern, and Great Eastern Railways. The Great Central 
Company is promoting the dock venture. A tour of the works 
was made, and the progress made during the two years the 
works have been under construction was recorded. The 
facilities for dealing with the mineral traffic were also ex- 
plained, and the area scheduled for sidings and additional 
railway works was surveyed. 

P. si O. Sailings. — The current issue of the P. and O. sail- 
ings table states that the new twin-screw steamship "Morea," 
11,000 tons, to be launched in .August, will make her maiden 
voyage on the Australian line, leaving Tilbury on December 
4, and Marseilles a week lateT. The "Morea" is one O'f the 
three new steamers of the "M" class, which will differ from 
their predecessors in that they will possess a larger number 
of single-berth cabins and an additional saloon, to be known 
ais "the divan," for the use of passengers of both sexes, which 
will form a pleasant smoking lounge. The "Sicdlia," 7,000 
tons, is now assigned to the intermediate line to Japan, and 
will sail in October. By this line passengers arc conveyed 
at lo\ve,r fares than bv the mail steamers. The issue is an- 
no'unoed of a third edition of the "P. and O. Pocket Book," 
a publication of special interest to travellers in eastern waters. 
The cruising-yacht "Veotis" will be dispatched on two 14-day 
cruises to Norway on .August 12 and 2S, calling at Leith 
on the respective following days to embark passengers. 

A Cheshire Lines Derailment. — A worn tender wheel flange 
meeting with a worn rail at an awkward bit of permanent way 
is given as the cause of an accident in the report of Lieut. - 
Colonel E. Di-uitt, R.E., on the mishap on May 15 to a 
Midland Company's passenger train which left the rails at 
Cornbrook West Junction, near Manchester, on the Cheshire 
Lines. The tender of the engine and the three vehicles form- 
ing the train were derailed. Colonel Druitt says the speed of 
trains, according to regulation, should not exceed 20 miles an 
hour when passing Cornbrook Junction. On this occasion the 
driver put his speed at 15 to 20 miles an hour, and the guard 
at 20 miles an hour, the usual rate, while the signalman con- 
sidered the speed at 20 to 25 miles an hour. He thinks it will 
be generally admitted that in practice drivers rather under- 
estimate the speed at which they are running at places where 
they are restricted to speeds of from 10 to 20 miles an hour. 
In this case, he concludes there was a higher speed than was 
justified by the conditions attending the lay out of the perma- 
nent way, and a worn flange on the leading outer wheel of the 
tender, binding against a worn rail, adjoining a set of facing 
points which led off at a sharp radius. He considers the de- 
railment was due to the conjunction of these circumstances. 



July 25, 1908.] 



tHE RAILWAY TIMES. 



95 



RAILWAY STOCK AND SHARE LIST. 



Railway Ordinary Stocks. 



Railway Ordinary Stocks. 



CLOsma PRICES. 



CLos[sa Prices. 



Barry, Ord 

Do. Pref. Conv. Ord. (4%) ..! 9' 

Do. Def. CoDV. Ord I °g 

CaledoDian, Ord. °= 

Do. Pref. Conv. Ord. (3%)..! 6= 

Do. Def. Conv. Ord 24 * 

Do. Def. Ord., No. 1 i 1 

Cambrian, Ord. Capital, No. 1 I g 

Do. Co.ist Cons. Ord I ^ 

Cardiff, Pref. Ord., 1896 (4%) .... j 84 

Central London Ord 73 

Do. Pref. (4%) 92 

Do. Def I °S 

City <t Soutli London Cons. Ord. 

East London Cons 

Furness, Con. Ord 



A Tear Ago. 
183 188 



Last Week. 
165 170 



61 



23'4 



Glasgow and S. Western, Pret.Ord. 

Do. Def. Ord 

Great Central, Pref. Ord. (6%).. 

Do. Def. Ord 

Great Eastern, Ord 

Great N.of Scotland, Pf. Cnv. Or. 62 

Do. Def. Conv. Ord 19 

Great Northern, Pref. Conv. Ord 92 

Do. Def. Conv. Ord 37 4 

Do. Cons. A a 34 2 

Do. Cons. B a (6%) 144 

Great Northern (Ireland), Ord. . . 145 

Great North. * CityPref.Od. (4°^) 2 

Great North. Plcc. A Bromp. Ord. 6 

Gt. South. * West. (Ireland) Orig. 88 

Great Western, Cons. Ord 121 ■ 

Highland, Ord. Cons. Capital 40 

Hull and Barnslev, Cons 48': 

Isle of Wight, Pf. Conv. Ord. (4%) 78 

Do. Def. Conv. Ord. b 42 



87 


79 


75 


63 


q4 


88 


,■16 


53 


49 


32 


3'2 


2'j 


61 


43 


R?. 


56 


Sl'a 


28 


23^4 


21 '3 



yesterday. 
165 167 



Lanes, and Yorks., Cons. Ord 

Lond. Brighton & S. Coast, Ord. . . 

Do. Pref. o (6%) 

Do. Def. a :--;i; 

Do. Cert.Cott.Kight3above6% 
Lond. Chat. & Dover, Arbit. Ord. 
London and North Western, Cons. 
London and South Wc.<:e.-n, Cons. 

Do. 4% Pref. Conv. Ord 

11 Do. Def 

I Lond. Tilbury A Southend, Cons 
!l Mersey, Cons. Ord 

!! Metropolitan, Cons 
Do. Surplus Lands Stock 
Metropolitan District, Ord 
Midland, Pref. Conv. Ord. (21% 
Do. Def. Conv. Ord 
Lvorth British, Ord. Pref. (3%). 
Do. Ord ,; ■ •/ W 
I N. Cornwall (L. A H.) 4% Pref. Or. 

Do. Def. Ord 

1! North Eastern, " Consols " 

jl North London, Cons ■ . 

North Staffordshire, Cons. Ord. 

I Plymouth Devon A S.W. Jun.. Or. 

II Port Talbot Railway and Docks. 
iBhondda and Swansea Bay . . . 
I-Rhyraney, Cons. Ord, Cap. Stock 
I Do. Pref. Ord. (4%) 
'! Do. Def. Ord 

Scarb. Brid., Ac, June, Cous.Otd. 
Sheffield District, £10 Shares. 
|! South Eastern Ord 



Do. Pref. 



Def. 

'Tall V'ale Ord 

I Vale of Glamorgan. Ord. 




Railway Debenture Stocks. 



Debenture StocWa -(continued.) 



Alexandra Docks and Railway 4^ 

Baker Street and Waterloo .. 4 

Barry ^ 

Brecon and Merthyr .\ 4 



Do. 



Do. 
Do. 
Do. 



Cardiff I 

Central London 4 

Charing Cross Euston A Haraps. 4 

City and South London Perpetual 4 

East London 2nd Charge A 4 

Do. 2nd Charge B 4 

Do. 3rd Charge * I 

Do. 4th Charge 4 

Do. E.L.B. 1st Debentures .. 3t 

Do. Whitechapel Estension c 2J 

Forth Bridge ♦ 

Furness ^ 

Glasgow and South Western . . 4 

Great Central 6 

Do \\ 

Do 3* 

Great Eastern 4 

Great North of Scotland 4 

Great Northern 3 

Great Northern (Ireland) 4 

O.N. Piccadilly A Brompton .. 4 

Great Western * 

Do *t 



1 North British 3 

North Eastern 3 

North London ■*4 

North Staffordshire 3 

Plymouth Devon A S.W. June. 4 

Port Talbot Railway and Docks 4 

Rhondda and Swansea Bay .... 4 

Rhymney Perpetual 4 

Sheffield District Permanent . 

South Eastern Perpetual 4 



Do. 
Do. 
Do. 



Highland *, 

Do *« 

Hull and Barnsley 1st 3 

Do. 2nd 3- 

Isle of Wight ♦ 

Lancashire niid Yorkshire .... 3 

London and Blackwall 4t 

London and Greenwich 4 

London Brighton A South Coast 4 

Do *i 

London Chat, an 1 1 over Arbitn. 4 J 



116 
130 
122 



117 
121 
129 
142 



112 
104 
110 
124 



Do. 
Do. 



1883 
1890 
1899 



118 
133 
124 



119 
123 
131 
144 



115 
107 
112 
126 

119 
116 

101 
101 



Taff Vale 3 

Tottenham and Forest Gate .. 4 
Whitechapel and Bow ..^.^.. , 4 



Railway Preference Stocks. 

DIVIDBSD3 CONTISaENT OS THE PROFITS OF EACH 
SEPARATE YEAR. 




Railway Preference Stocks— 

(continued). 

Great Western, Cons. Pref., 5% 138 140 

Highland Class A 4J% 110 113 

Do. B, 5% ,115 118 

Do. 4% I 95 1«0 

Do. 3J% Pref. Stock 1897 1 80 83 

Do. 31% Pref. Stock 1898 1 80 83 

Hull and Barnsley 3}% Pref. 1899 87 90 

Do. 4% Pref. 1907 (70% paid) . . . . ! 101 103 

Isle of Wight 4% I 99 101 

Lancashire and Yorks. Con. 3% Pref, 82 84 

Do. 4% Pref., 1903 106 109 

London Brighton, etc.. Cons. 5%.... 132 135 

Do. Second Cons. 5% 1129 132 

London Chatham, etc., Arbit., 41%.. 1 61 63 

Do. 4}% Second Pref 28 31 

Lon. A North Western Cons. 4% Pref. I 112 114 

Do. 4% 1902 Ill 113 

Lon. A South Western Cons. 4»/<, Pref. 110 112 

Do. 4% Perp, Pref. 1884 109 HI 

Do. 31% Pref 

Lond. Tilb. A Southend Cons. 4% Pref 
Do. 4% Pref., 1904 



London and North Western 

London and South Western A.. 3 

Do. Consolidated 3 

London Tilbury and Southend . . 4 

Metropolitan 31 

Do. A 31 

Metropolitan District 8 

Do * 

Do. Perpetual (1903-5) 4 

Midland 2J 

Midland A S.W. Junction A 3 

Do. B 3 

Neath and Brecon Ist 4 

Do. Al « 



31 85 



Alex. Docks. A Rail. 41°i 1st Pref. A 100 

Do. 41% 2nd Pref. B 86 

Barry 5% Pref. Stock (Isti 130 

Do. 4% Cons 104 

Do. 4% Third : 101 

Calelonian 4% Cons. No. 1 107 

Do. 4% Do. No. 2 106 

Do. 5% 1878 129 

Do. 4% 1884 103 

Do. 4% 1887, Conv 103 

Do. 4% 1902 103 

Do. 4% 1904, Conv 104 

Cambrian No. 2, 4% 9 3 

City and South London 5% 1891.... Ho 

Do. 5% 1896 112 

Do. 5% 1901 1 110 

Do. 5% 1903 104 

Furness Consol. Pref., 4%, 1881 ' 96 

Do 4% Pref. Stock A, 1881.... 94 
Do. 4% Pref. Stock B, 1883.... 94 

Do 4% Pref. Stock, 1894 i 92 

Tin' ii.L Pref. Stock, 1899 1 90 

d South Western 4% ; 106 

Pref., No. 2 103 

Do. 4% Pref., 1888 103 

Do. 4% Pref., 1891 103 

Great Central 5% Perp. Pref 125 

Do. 4% Pref 90 

Do. 5% Conv. Pref. 1872 121 

Do. 5% Conv. Pref. 1874 119 

Do. 5% Conv. Pref. 1876 110 

Do 5% Conv. Pref. 1879 100 

Do 6% Conv. Pref. 1881 85 

Do. 4% Pref. 1889 66 

Do. 4% Pref. 1891 52 

Do. 5% Pref. 1894 | 37 

Great Eastern Cons. 4% Pref ; 104 

Do. 31% 1890 1 90 

Do. 31% 1893 ! 90 

Great North of Scotland A 4% , 98 

Do. B, 4% 95 

Great Northern 4% Perp. Pref 109 

Do 3% Pref. Stock 1896 81 

Do. 3% Pref. Stock 1898 81 

Do. 3'Vo Pref. Stock 1899 81 



133 

106 
103 
109 
108 
132 
106 
107 
106 
107 
10' 
116 
115 
113 
107 



109 
106 
106 
106 
128 
101 
124 
122 
115 
110 



Mersey 3% Perp. (red. fr. 5% Jan. '01) 
Metropolitan 31% Pref 

Do. 31% A Pref 

Do. 3}% Conv. Pref 

Metropolitan District Exten. Pref. 5% 
Midland 2}% Perp. Pref 



North British Cons. 4% No. 2 

Do. Edin. and Glasgow Pref. 41% 

Do. 1865 Pref. 5% 

Do. Conv. 5% Pref., 1874 

Do. 4! % Pref., 1875 

Do. 4}% Conv. Pref., 1875 
Do. 5% Conv. Pref, 
Do. 4% Conv. Pref. 
4% Conv. Pref. 
4% Conv. Pref. 
Do. 4% Conv. Pref., 1892 
Do. 4% Conv. Pref., 1897 
Do. i% Conv. Pref., 1901 
Do. 4% Conv. Pref., 1904 

Nortli Eastern 4% 

North London Pref. Cons., 1866 
Do, 41% 1875 

North Staflordsliiro 3% Cons. 



Do. 



1879. 
1884. 
1888. 
1890. 



Plymouth Devon and S.W. June. 4}/; 

Port Talbot 4% Pref 

Rhondda and Swansea Bay 5% Pref. . 

Rhymney 4% Cons 

Sheffield District. 5% Pref. £10 Share 
South Eastern Cons. 41% 



105 


107 


116 


119 


12.5 


128 


r/u 


128 


115 


118 


116 


119 


125 


I'M 


104 


10'/ 


104 


10'/ 


104 


107 


104 


10'/ 


104 


10'/ 


104 


10'/ 


104 


lUV 


110 


112 


11.^ 


lib 


110 


Hi 



do. 
1891 



5% 



Do. 4% Pret., 1900 

Do. 4% Conv. Pref., 1903. 

Taff Vale 4% Pref 

Do. 4% 1900 



112 


115 


i';:5 


128 


97 


100 


86 


89 


7.^ 


7b 


98 


101 


99 


101 


105 


108 


102 


105 



NOTES AND EXPLANATI0S3 -a"A " KCelVeS pO JlT 

until 6 % has been paid to •' B." » Def teMivej no 
5?v until pret. has had 4 %. » «"»• "^ "«*• "'' 
Met. Dlst. d Qua. by Q.N..Mld..N.B.and N.E. 



THE RAILWAY TIMES. 



[July 25, 1908. 



OFFICIAL TRAFFIC RETURNS. 




Great Northern (Ireland) 



Metropolitan. 



Week ending July 19 
Fasseoger?, etc, 
Goods, etc, 

Total for Week 

Aggregate for 3 weeks . 
Miles open 



Inc. this week, £605 Dec. 3 weeks, £86 



Caledonian. 



Week ending July 19 I 1908. i a 1907. 

Passengers, etc I £60,133 1 

Goods, etc I 46,760 .. 

Total for week I ^£106,893 ( £81.622 

Aggregate tot 25 weeks .., 2.120,587 2.202.745 



Week ending July 17 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks 
open 



Dec. this 



1908. 
£16,479 
8.031 



1907. 
£16,624 
7.973 



ek, £87 Dec. 3 weeki. £3.992 



Week ending July 19 

Passengers, etc 

Goods, etc [ 

Total for week 

Aggregate for 3 weeks.. 
Miles open 



Great North of Scotland. 









941 


4 












Inc. this week 


£25.271 


Dec 


25 we 


sks 


£82.158 


Cambrian. 



Week ending July 18 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 24 weeks 
Miles open 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 



1908. i 

£4,422 

£2.588 



1907. 
£4,437 
2.648 



Inc. this week, £40 In 



1908. 
£7,410 

4,350 

£11,760 

£226.590 

336 



Inc. this week. £653 Ic 



1908. I 
£14,742' 
1,6 90 
£16,432 
£48.920 



a 190/. 
£14,056 

lj'43 

£15,799 
£48,156 



78 n 



78 



Metropolitan District. 



Week ending July 18 

Passengers, etc 

Goods, etc ] 

Total for week 

Aggregate for 3 weeks. 
Miles open 



Inc. thi° week. £1,751 Inc. 3 weeks. £3,723 



Great Southern and Western. 



,... £7.010 
tor 3 weeks .... £17.252 
I 280 



ek, £75 Dec. 3 weeks, £555 



Central London. 



Week ending July 18 



Passengers etc. 

Goods etc 

Total for week 

Aggregate for 3 weeks . . . 
Miles open. 



Week ending July 17 i 1908. i 19Q7. 

Passengers, etc £16,598 £17,801 

Goods, etc ]^357l 12.780 

Total for week £29.955 1 £30.581 

Aggregate for 3 weeks £95,565 I £101.204 

Miles ope n | 1,121 i 1.121 



Week ending July 18 



Dec, this week, £626 Dec. 3 weeks, £7.639 



Great Western. 



Goods, etc 

Total for week 

Aggregate for 3 weeks, 
^iles open 



Dec, this week. £13,000 Dec. 5 weeks. £43.000 




Midland Great Western of Ireland. 



Week ending July 19 



Inc. this week, £2.420 Inc. 3 weeks, £5. 159 



Total for week £271,800 

Aggregate for 3 weeks £815,400 

I Miles open 2.878' 2 



City and South London. 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks. 
Miles open 



Dec, this week, £491 Dec. 3 weeks, £650 



Dublin and South Eastern, 



Week ending July 17 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks . . . 
Miles open 



u 1907. 
£4.455 
1.357 



Inc. this week £161 Dec. 3 weeks, £661 



Week ending July 1 9 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks 
Miles open 



1907. 
£4,766 
7,400 



ek. £1.957 Dec. 3 weeks. £5.998 



Giaserow and South Western. 



Weekending July 18 

Passengers, etc 

Goods, etc 

Total for week , 

Aggregate for 25 weeks , 
Miles open.. 



1908. 
£31,931 
17,384 



a 1907. 

£27.357 
_ 16.014 

£43.371 
£877.949 



444' 



Inc. this week, £5.944 Dec. 25 weeks, £40.528 



Great Central. 



Week ending July 19 1 1908. 

Passengers, etc ! £24,910 

Goods, etc 55.860 

Total for week £80,770 

Aggregate for 3 weeks £237^98 

Miles open ^ 



Dee, this week. £2.030 Dec. 3 v 



609 



u 1907. 
£24.980 
57.820 



Dec. this week £2.600 Dec. 3 ' 



n 1907. 
£146,000 
128.400 
£274^400 
£821.000 
2.879' J 



Week ending July 17 



, etc. 



Goods, etc. 

Total for week 

Aggregate for 17 days 
open 



1908. 
£4,300 
5,610 



£S,910 
£25,774 
598" 



1907. 
£4,482 
6.157 



Dec, this week,£729 Dec. 17 d«ys,£4,611 



North British. 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 25 weeks 
Miles Open 



Dec, this week. £205 Dec. 25 weeks, jel.OlU 




Week ending July 19 

Passengers, etc 

Goods, etc 



Total for week 

Aggregate for 25 weeks 
Miles open 



Inc. this week. £15.760 Dec. 25 weeks, £48.726 



Hull and Barnsley. 



North Eastern. 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks 
Miles open 



Week ending July 18 1 1908. j u 1907. 

Passengers, etc j £82.364 £81,549 

Goods, etc 120.665 i 137.29 

Total for week ...' £203,029 1 £218.839^ 

Aggregate for 3 weeks 1 £616,664 £641 Q"" 



Dec, this week. £666 Dec. 3 weeks, £ 1 .863 



Lancashire and Yorkshire. 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks 
Miles open 



1908. 
£60,227 
58.879 



! Mile 


open . . . 




.... 


1.697 


1.696 


■ Dec. 


this week 


£15.810 


Dec. 


3 we 


eks 


£25.313 






North 


London. 








Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks.. 



1908 a 1907. 
£4,359 £4.908 
3.543 =; 552 



Mile 



open 



Dec, this week. £6.575 Dec. 3 weeks, £14,823 



Dec, this week. £558 Dec. 3 weeks. £2.344 



London Brighton and South Coast. 



North Staffordshire. 



Week ending July 18 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks 
Miles open 



1908. I 
£49.853 
__15._752 
£65,605 



« 1907. 
£50.683 
15.680 
£66.363 



^^05.423^1 ^204,638 



487 



487 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks. 
Miles open 



1908. I 

£5.165 

i 12,202 



1907. 
£5.308 
) 13.659 



Dec. this week. £758 Inc. 3 weeks, £785 



Dec, this week, £1.600 Dec. 3 weeks, £5.811 



London and North Western. 



£82.800 

£248.360 

i07 



Great Eastern. 



Week ending July 12 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate tor 3 weeks. . . 
Miles open 



[1 1907. 
£74.200 
44.100 



Week ending July 19 

Passengers, etc 

Goods, etc , 

Total for week 

Aggregate for 3 weeks 
Miles open 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks. 
Milr^s open 



Dec, this week. £12.000 Dec. 5 weeks, £43.000 



Inc. this week. £141 Dec. 3 weeks. £1.034 



London and South Western. 



South Eastern and Chatham. 



Dec, this week. £5.300 Dec. 3 weeks. £1 1.700 



Great Northern. 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks 
Miles open 



1908. 
i £76.300 
29.500 
£105.800 
£309. 800 
1.019' = 



1907. 
£78.300 
28.600 



£106,900 
£305.200 
1.016'f 



Week ending July 18 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks. . . 
Miles open 



1908. I 
£77.178 
' 20.368 



1907. 
£78,476 
'21,840 



Dec. this week. £1,100 Inc. 3 weeks, £4,600 



Dec. this week, £2.770 Dec. 3 weeks, £1.289 



Week ending July 18 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks . . 
Miles open 



London Tilbury and Southend. 



Taff Vale." 



1908. 
£57,260 
67.740 



Inc. this week. £800 



£125.000 

£359M0 

998 n 



a 1907. 
£56.00C 
68.200 



eks. £900 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks 

Miles open 

DeerthU 



1908. 
£10,277 
2,378 



I 1907. 
£10.742 
2.369 



Week ending July 19 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 3 weeks.. .. 
Miles open 



1908. 
£4,452 
14.527 



; 1907. 
£5,557 
14,738 



£20,295 
£61.683 
124 '4 



ek. £456 In 



eks £900 



Dec thi" we»k £1.316 Dec. 3 weeks. £704 



Notes ASD Explanations.— « The receipts for the corresponding period last year are adjusted to the actual figures. ') Includes the receipts of the Vale of 
uiamorgan Kailway. c Dock dues, Ac, are included In this return, d The above figures do not include the receipts of any of the Company's Joint Lines. e Exclu- 
sive oi I46t miles Jomt Lines, j Exclusive o( 1451 miles Joint Lines, q Includes 249 miles Joint Lines (0. N. pronortion). h Includes 246 miles Joint Line. 
■ n. proportion). ! Includes the receipts of the Waterloo and City Railway, j Including the receipts of the C»ial. * Railway 206 miles. Canal 119 miles. 
». _i. J i-.i. peoarth Dock and Railway included, n Including 47S miles jointly worked with G.C.R. 



( Includes steamboat receipts and tolls. 



July 25, 1908.] 



THE RAILWAY TIMES. 



9; 



OFFICIAL TRAFFIC RETURNS. 



BRITISH AND IRISH RAILWAYS, &e. 



FOREIGN AND COhOmkL-Continucd. 



Biker St. & W 
B'-Uast & Co. I), 
Bmon & Mcr. 
(;. Kii. & H. 
Cl.'al.>rA Work, 
Cock. KfS. X 1'. 
rk M. A S. C. 
Ck. Hrck. A V. 
Kast London.. 
G.N. iinil Citv 
O.N.. Tic, 4 B 

Isle of Man . . 
Isloof AViKliI .. 
Islo of W. Cent 

tfanc. Canal . . 

d'port & Car. 

Mcraev 

Mid. iS.W.Ju. 
Neath & Brecon 
Port Talliut . . 
m. & S. Bay 



Mileflge, 



Latest Earnings Iteported. 



Wk.or Month 



July It! 
July n 
.July 19 
July 18 
July 18 
.July 18 
July 17 
July 17 

May. 
July 18 
July 18 

July 18 
July 18 
July 18 
June. 
July IS 
Julv 18 
July 19 
July 18 
July 19 
JulV lii 



a,-199 
,■(,280 
1,099 
1,00H 



1.746 
1,W3 
l>.4ll> 
2.2.10 



48,471 
2,43.5 
1,721 



Aggregate to date 



1.450 
I7,lli« 
l.lNl 



1,931 

23(),83() 

B,493 



19,097 
.1,107 
12,D*>1, 



FOREIGN AND COLONIAL RAILWAYS. 



Mileage. 



Latest Earnings Reported. 



Alcoy & Gaud 
Algeciras . . . 
Ang.-Ch. Nit. o 
Antof. & Bol. a 
Arg-. N.E. ..n 
Assani-Hcngal c 

B n. & N. W. c 
Beng. Dooars 

Extensions 
Bengal Nag. 
Bil. Itiv. &C. a 
Bolivar ... 
Bom. B &0.I 

State Lines. 
Bra/.. Gt. Sn. 
•B. A. &Pac. 
B.A.U. 4 C.A. 
B. .\v. Cent.. 
B A.Bn.&S.C.n 
IB. Ay. Gt. S 
B. Ay. West. 
Burma c 



Can. North 
. Pacitit 
Central Urug. ft 

Bast Exten. 

North Ext. n 

West Evten.i 
Cordoba Cent.i 
SCent. N. Seen 
Cord. & Hos. t 
Costa Itiea . . i 

iiban Centralt 

el. Vm.& K. 

Deinerara . . i 
Berbice . . i 
West Coast.. 

Dom. of Canadi 

East Indian — 
Egypt. Delta a 
" u Bay . 
Kntre Rios 
;. Tk. of Can.<i 
Can. Atl. 
G. T. West 
D.T.G.H.AMo 
Gt, Inrt. Pen. 
G.W. of Braz. 
H.H. Nizam's 
Hyder. God. 
Indian Mid. . . 

er. of Mex 
La G. * Car. 
Leopoldina . . 
Mad.iS. Mah 

Manila 

Mashonalaud a 
Mexican . 

x. South 
Mid. Uruguaya 
Nass.io-Osca 
Nitrate ... 
N.W. of Urug. 6 
Ottoman .... 
Parag. Cent. 
Peruv. Corp. 
- .-Ath.-Pel. 
Puerto C. & V 
Queb.iL-St.J .b 
Qul)ec Cent. 
Rhodesia ... 
Rohil. 4 Kfir 

uok. Bar. 

vaflor . . . 



1907 Wk. or Month 



2,.ill 
1,111 
1,340 



July 18 
July 11 
May. 



June. 
May. 
July 18 

June. 
July 18 
July 18 

June 
July 19 



ays July IJ 
July 18 



11 dys July 11 
May. 



July 18 
10 dys June : 



j July 1 
|7 days July 21 



3->5 Jan, 1-june 

392 ,, 

l,l2i; j jLily 18 

7:»i 7 days July II 
23 1 "May.' 
I,4ti0 I July 18 
1,7*-U June 20 

207' July 18 



1908. 



15,000 
29,672 
13,8.50 
23,900 
.3,477 
86,000 



73,656 

a3,902 

3,02,682 



1,783 
l,.32o 
1,040 
4.280 



4,731 

43,1100 
13,219 
2,811 
2,258 
104,700 

1609.000 



Juno. 


24,010 


days July 21 


139,000 


Julv 21 


23,802 


Jime 


6,41X1 


May. 


.5,119 


July 1-15 


23.270 


June 


21,800 


July 18 


7,283 


July 18 


1,490 


June 


879,360 


December. 


,516,616 


June 


4,000 


February. 


31,941 


Ist. wk. May. 


21 1 2'^5 


April. 


ij ■■;- 


J une 20 





10,000 
29,.S57 
10,100 
22,363 



6,4.58 
,57,000 
.34,000 
23,.50D 
60,891 
87,290 

9,865 

622 

6.3,779 

33,H54 

,96,209 



1.374 

1,"98 
4,17-5 
12,825 
4,.385 
6,609 
4,.566 

41,782 
14,466 
2,982 
2,384 
95,135 



.3,937 

141,477 

8,294 

;2S,158 

7,.529 

11,09.649 

6,127 



2,90,035 

127,.380 

5,7.50 

19,048 

2,.96,6:« 

36, .559 

19,008 

146,200 

23,235 

6,064 

5,269 

24 371 

24,180 

4,7.30 

' 1,337 

817,9.50 

38,970 

1.7.50 

.3.3,977 



Aggregate to date. 



682,8;f8 

8,137 

21,8,3,281 

83,64,.3.55 

1,66,961 

2,77,884 

1,36,19,000 

.50.23: 

44,lo; 

8,.35,OO0 

9,.53,000 

96,.50( 

176,6.5? 

222,.594 

1.34,357 

1,853 

189,789 

101,80(1 

1,72,93,478 

329,800 
i,806,000 

22,662 
4,131 
3,199 
2,614 

104,270 

251,930 
8.015 

329,186 
11,.327 

1,05,600 



41,67,000 

59,096 

30,34 

12,044 

345,945 

24,36i 

64,043 

19,2.52 

22.10.6fK 

231 ,26; 

2.5,91, 07i 

18,.5O,570 

4,63,.500 

240,400 

24,000 

609,186 

81,46,.323 

1,18.3,984 

126 ,.335 

388,.50i 

710,89r' 

71,046 

24,029 

23,270 

242,7.54 

17,38: 

2,925 

10,153,443 

6,693,766 

20,750 

68,216 

.360,504 

151.91tl 

6,01, 46» 

8,72,286 

47.000 



.533,42? 

7,9HS 

!2, 45,886 



San Paulo ..» 
Sthn. Punjab c 
Ludha. Kxt. c 
South. Indian c 

Taltal (t 

Tetniscouatji b 
Un. Rye. Hav.a 
Urug. North, a 

Well. & Man. a 
W. of Havana a 
W.P. & Yukon b 
Zaf. & Huelvaa' 



Mileage 



Latest Earnings Reported. 



Wk or Month. 1908. 



May. 

Jul.V IS 
June. 



Ju 



24,832 

1,92,117 

34,572 



.Vggregatetodale 
1908. I 1907. 



«2,;tlil 
.32,202 
21,251 



UNITED STATES RAILWAYS- 



.\lab. Gt. bih. 
Ala.N.O.&T.P. 
Atc.Top.AS.Fe 
Bait. & Oliio . . 

Cent, of Geor. . 
Central of N.J. 
Ches. atid Ohio 
Chic. Gt. West. 
Ch. Mil. 4 S.P. 
Cin. N.O. & T. 
Cl.Cin Ch.&c. 

Denv.iRioG. 

Erie 

Illinois Central 
Louis. & Nasli. 
Minn. 4 St. L. 
M.St.P.S.S.M. 
Miss Kan. 4 T. 



4.i,23.5j [^a, of Mexico 
N.Y.C. 4 H.R. 
N.Y.0nt.4W. 
Norf. 4 West 
Northern Pac. 



16,48, OOOI 
132,.500j 



166,399 

2.31,791' 

131,6481 

1,281 ! 



•St. Jos. 4 G.I 
,,St. L.4Sn.Fr 

!l..'l,,!' Southern .... 
Texas A Pacific 
Wabash .... 
Whl.&L. El 



424.400 



22,132 



263,76 

8,87 



11,34. 
424,962 
26,41 



246.979 

2.5,S7,»2C 

19,67,381 

7,.53,376| 

260.630 ! 

35,7.50 



Mileage. 



Wk.orM'nth 



317 
6,021 
1,4.54 
7,.501 
1,885 
2,517 

498 



Latest Earnings Reported. 



June. 
May. 
May. 

I wk.June. 

May. 

May. 

»k: Julv. 

May. 
I wk. June. 

May. 

wk. July. 
May. 
June. 
1 wk. Jun. 

1 wk.J 

I wk.Jiiiif 
May. 

I wk.June. 
May. 
May . 
May. 
Ma.y. 

April . 

May. 

1 wk.'jiiu. 



Ist wk. July. 



254,900 

22H01lir 
1 HI 762! 

i:r,,2»: 

4127,13: 
130.76, 
1791.356 



2164.508 
2.3009: 
1.39,9: 



July I to Latest Date 



$3,444 
2,771,000 
K4,2.H7,1 
68,172,.530 

11,377,912 
24,922,887 
2.3,91 '.I,-!- 



l,ls.-,:;.-,i; 


2271841 


335,097 


460,522 


68118.32 


841860? 


692,772 


695,07i' 


20U8197 


2870603 


6102004 


67.31127 



257,8:,-l 152,16^ 
434,1241 470,185! 
96,8S5 147,0661 



1 i,2'.c',«nii i,i,;iii.,M;i 

434,1241 470,185 
5,126,225 5,817,085 



WORKING STATEMENTS. 



Alabama Gt. Southern May 

July 1 to May 31 '. 

Atch . fop. 4 Santa Fe May 

July 1 to May 31 

Baltimore and Ohio May 

July 1 to May 31 

Canadian Northern .... May 

July 1 toMay Jl 

Canadian Pacific May 

July 1 toMay 3j 

Chesapeake and Ohio . . Ma.y 

July 1 May 31 '. 

Chicago Great" West. . . Apr. 

July 1 to Apr. .30 

Denver and Rio GrandeMay 

'•■'•-"' i' July 1 to May 31 

''^■r' I Louisville 4 Nashville May 

" " July 1 to May 31 ". 

Minn. St. P. 4 S.S.M. May 

July 1 to May 31 

Miss. Kan. & Texas . ..May 

July 1 to May 31 

National of Mexico .... May 

July 1 to May 31 



. 581,8o3 I pig„. Yiirk Ont. 4 West.May 
h9,20,.i95!| July I ^o ,f^y 31 ■ 

Phil, and Reading May 

July 1 to May 31 

Coal and Iron Co. ..May 

July 1 to May 31 

Total both CompaniesMay 

July 1 to May 31 

Pitts. Cin. Ch. 4 St. L. May 

Jan. 1 to May 31 

St. Jos. and Gr. "Isl. ..Apr. 

July 1 to Apr. 30 

St. Louis 4 San. Fran. Mav 

July 1 to May 31 

Southern Railway May 

July 1 to May 31 

Union Pacitie May 

July 1 to May 31 

Wab h May 

July 1 to May 31 



l,4ll,446|j 

100,786, 

44.<,70o! 

764,123 

74,7.50 

24,36 

24,3711 

261,008 

1.3,4331 

3,831 

8,626,160 

6,305,921 1 



69,86i 
278,071 
142,172 
6,03,.364 
9,24,7731 
77.2.501 



Gross Earnings. 



1907.8. 



T< 



8251,733 
3,260,185 
6,71.5,41 

84,287,1 
5,092,494 

68,172,.530 

654,900 

8,3:i8,O00 

5,392,570 

65,828,.338 
1,817,629 

23,919,848 

823,779 

6,839,4.59 

1,470,890 

18,794,i:i3 
3,2.59,673 

41,194,630 



7,;«1,2.3I 
3.294.932 
38,720,430 



6,370.697 
74,657,766 

2,034,992 

10,019,170 

120,218 

1,362,2.55 

3,017,688 
43,.357,932 

3,627,.538 
48,969,0.55 

5,846,692 
69,908,043 

1,8.51.. 5.36 
23..59a.603 



8362,693 
3,6.'f4,.592 
8,.505,918 
86,393,249 
7,370.849 
75,047,837 
870,600 
6..530,000 
6,937.135 
65,399,81 2 
2.390.938 
23,366,180 
719,.567 



1,. 582.791 

14,468,312 

695,070 

7.476.111 

3,995,910 
39,537,.5.58 

3,407,.558 
3.5,418,019 

7,403,468 
7 1,95.5,578 

2,864,.544 

1.3,181.840 

1.31,187 

1,4.34,044 

4,282,854 
45,626.032 

4,825,977 
.52,048.689 

6,957,340 
69,644,015 

2,281,071 
24,938,672 



1907-8. 



$54,165 

.526,780 

2,473,784 

27,0,36,489 

1,078,4.50 

17,908,516 

131,800 

2,272,200 

1,681,495 

20,116,869 

6;i6,737 

8,090,811 

67,.544 

1,127,608 

472.316 

5,981,909 

798,181 

9,987,894 

188,927 

4,016,829 

236,488 

6,.582,243 

471.976 

5,2.53,192 

2.52.1.59 

2,267,2l>4 

1,198,9.53 

14,226,693 

173.797 

2,434,491 

1.372.7.50 

16,661,184 

667.270 

2,367,614 

64,4.59 

.554 ,.382 

669.267 

11,733,321 

88(1,545 

10,0.59,481 

2,76^,8' ^3 

28,940..593 

375,992 

6,214,280 



J.56,131 

6.58,798 

3,002,931 

32..5.5i«,397 

2,151,609 

24,915,686 

3.58,100 

1,785,100 

2,6111,3.58 

22,888,202 

841,969 

8,2)6,844 

1.5S,2O0 

2,0li4.867 

622,163 

6,1.30,.394 

1.109,340 

13,8ii6,916 



57,217 

1.I72,.560 

14,716.611 

869,960 

10,782.116 

2.837,079 

31 ,.347,934 

639,.553 

7,1.35.765 



upeee, d in inilreis, e. in reis, 9 in crowns, h in drachmas, i in pesetas, j reduced to t^old «: iii Mexican dollars. 
Hpts. tIneludingEnse..ada Section, S.ciast Lines, 4c. lAll Sections. 8Ioclud.ng North West Argontitie Section 



98 



THE RAILWAY TIMES. 



[July 25, i< 



WILLIAM JONES 

AND SONS. Ltd., 

Cecil Street Foundry, 

BIRMINGHAM. 



Makers of 

GALVANIZED 
SIGNAL 

PULLEYS 

AND 

FITTINGS 
CAST & MALLEABLE IRON. 




CARLEY COXHEAD 



!Motor . Patents . Expert 



To Inventors 
Do You Want 

To take out a Patent — British or 

Foreign ? 

A Model Made ? 

To be sure your Patent is good, 

valid and really marketable, and 

one which may be offered to m- 

vestors with every confidence ? 

To Sell your Patent Rights ? 

Expert Advice of any kind upon 

Patent Matters ? 



From a 


pract 


cal experience of 




er a gu 


rter o' 


a century in th 


> Engineering and 


P 


tent pro 


esiions. 


I am CO 


nBcien 


1 can render yo 


V 


luable at 


sistance 


in either 


otlhe 


above (directions ll 


required ; a 


nd shall 


lhere(ore 


be pie 


ased to hear from you 


at any tim 


e. when 


my best 


and personal attention 


ma 




d upon 


All Ad 


rice Free. 




Write 


r Call. 





118, Chancery Lane, London, E.C. 

ESTABLISHED 1879. 



r 



■THE METROPOLITAN AMALGAMATED 



RAILWAY CARRIAGE AND WAGON COMPANY, Ltd., 

and Patent Shaft and Axletree Co., Ltd., Docker Bros., Ltd. 



IRON AND STEEL UNDERFRAMES, WhtELS, AXLES, 

AND EVERY DESCRIPTION OF ROLLING STOCK, 

PRESSED STEEL BOGIE TRUCKS, Etc. BRIDGEWORK & ROOFS. 

DOCKERS' SUPERFINE CARRIAGE PAINTS, VARNISHES, 

JAPANS & FINE COLOURS. 



ReeiBtcrcd Off-cos: 8ALTLEY, BIRMINGHAM. 

Telegrams: " METRO.' BIRMINGHAM. 



London Offices: 36, VICTORIA STREET, WESTMINSTER. 
■RAILCAR." LONDON. " SHAFT." WEDNESBURY. 



8.W. ^^ I 



IIALLEM.K OfJ-KH. 



20,000 10/6 "DIAMOND STAR" FOUNTAIN PENS FOR 2/6 EACH 

fllti'il Willi 14-carat Gotd Nib, Twin Feed, and .Spiral to regulate flow o( ink. 

I THE SELF-FILLING AND SELF-CLEANINQ PERFECTION FOUNTAIN PEN FOR 6 6. 



Honestly worth 15/-, for 8/6. Non-leakable ; fills 
iticlf ; cleans itself in one second; fitted with 
large 14-Carat Cold Nib. The siiaplest Pen made. 
Every Pen a pleasure. 



Readers of The Railway Times should write at once to the RED LIOiN iMANUFACTURING CO., LT D., 7 1, High Holborn, 
London, W.C, and acquire these bargains. 



(Agents Wanted). 



July 25, 1908.] 



THE RAILWAY TIMES. 



99 



STEVENS AND SONS, 



Darlington Works, Southwark Bridge Road, London; and 




Signal WorkB, New City Road Glasgow. 



PATBNTEBS AMD MANUVACTUBBBa Of 

INTERLOCKING LEVER FRAMES, 

For Junctions, Stations, Sidings fto., 

Ot th« MOST APPBOVTtD DBSCBIPTIOir ; klia BT.17 DM«ripllom of 

SEMAPHORE AND DISC SIGNALS, 

IN IITHKB LBOH, 8TBIL, O* WOOD. 
■AirorioTTr>iu or 

ETsry Description of Railway Signal and Station Lamps, 

A BTOOK 0» ALL KI!»D8 ALWAYS MPT OV HAND. 

OoDtcseton to the prinolpal Ballwayi la Um Unltod Klnfdea; •!•• th* Coatlatat, I>4ta, 

An«rt», sod th« OoloBlM. 

WROUGHT AND OAST IRON GIRDKR BBID0B8, k*. 
f aiS ENOINEERB, *e. 



Registering Turnstiles for Toll Bridges, Public Gardens, &c. 




^MEIXOWES 
& CO.'S 



"Eclipse" Patent Roof Glazin( 
roB loon or lu DEscsimoitt. 



AbAolat«l7 Imparishmble. No Patt; or Asbe«to«. 
Millioni of Foot Hird for th* Prlnoip*] B^w&r Com- 
pftniM and otkera. All Work Q«Arant**d. 

Lut 0/ Works mnd all P^'U^ulmrt frrm 

MELLOWES & CO^ Ltd., 

I SiielllcM. Eng., i 28. Victoria SI.. Wcftmlaflcr. lontfon. S.W 



BAXTER'S 

PATENT KNAPPINQ MOTION 

Ston« Breakers, Elevating and Screening Machinery 

Rook Crusttera, Sand and Stone Wasliers, 

Ara adopUd by Iha LEAOINQ CONTRACTORS and TEN OF THE 
LAaOElT RAILWAY COMPANIES for Ballaal and Concrete Work. 

BOLa Maxaaai W. H. BAXTER, Ltd., LEEDS. ■■ Knafpinff. LuiU: 



THOMAS TURTON & SONS, ltd 

SUeaf Works, SHEFFIELD. 



LOMDQMi 

90. CANN9X STREET. 
CiTY, 



Spring: StMl, 
Cast Steel Forg^ng^ 
Picks, Hammers, Toole, 
CAST STEEL FILES. 
Railway Springs 6 Buffers. 



Davis Burrow&Sons 



BRUSH MANUFACTURERS. 




Contractors to thel^ilway Companies. 



READ THE 



GREAT WESTERN 
RAILWAY MAGAZINE. 



AN UP-TO-DATE 
ILLUSTRATED 
RAILWAY 
PUBLICATION. 



Iso he dad at all Siailway 
SBooRitaUs. 



Subscription— Art Edition, 3/C par ana. 
Ordinary ., 2/6 „ 



Paddlnglon Station, London 



Of Interest to all who foliowr 
the workings of our Raliwfaya. 

T>« 




CENTRAL 
^U JOURNAL. 



GREAT 
RAILWAY 

PubUshed Monthly. 

SUBSCRIPTION RATES j ^/p' ;-"^,;/;t^,-; 

Address — 
THE EDITOR, Oentral Station, Loloostorm 



Fulljr Illustrated. 



THE RAILWAY TIMES., 



[July 25, 1908.. 



SOUTH EASTERN AND 
CHATHAM RAILWAY. 



AUGUST BANK HOLIDAY. 

CHEAP TICKETS will be issued from 
, eiUin London Stations as follows :— 



DESTINATION. ■ 


DATS, 

Valid 


Beh 
ICl. 


JEN Fa 
2 CI. 


RES. 
3 CI. 


Paris (via Calais or Boulogne) 

Boulogne ■■ 

Brussels (via' Calais or Bou- 


14 
3 

8 

8 

8 
8 
8 
3 
8 
8 
5 


s. d. 
58 4 

21 

30 

48 3 
38 
37 1 
32 10 

22 6 

31 6 
28 9 
34 9 


8. d. 
37 6 

25 

33 6 
28 7 

25 6 
22 5 

26 6 
20 3 

28 7 


8. d. 
30 
12 6 
1710 


Brusscls (via Ostcnd) ..•••• 
Amsterdam (via Flushing) . . 
The Hague (via Flushing) . . 
Calais 

Ostend l;/ • • : 

Lo Touquet (Pans Plage) 


14 
20 6 
13 8 
20 5 



WEEK END TICKETS AVAILABLE BY ANY 
THAIN (Mail and Boat Expresses excepted) will be 
iUiied from LONDON and certain Suburban stations 
o t^e urermentioned SEASIDE, Ac RESORTS on 
I.ilv list August 1st and 2nd, available for return 
on August 2nd, 3rd, 4th and 5th, but not on July 3ist 
and August 1st. 



^ G.N.R. -\ 

HOLIDAY EXCURSIONS 

From KING'S CROSS 

JULY 

Skegness, | 

Sheringham, Cromer, Wednesday 29th 
Mundesley-on-Sea, &c. j for 8 days. 

Edinburgh. Glasgow. -\ 
Dundee. Perth, Aberdeen, I friiay, 3l8t 
Darlington. Durham, , .ill periods up to 
Newcastle and other 
Towns. 



Destination. 



Asliford 

Bcxhill 

Birchington 

Eroadstairs 

Canterbury 

Deal 

Dover 

Foll<cstone 

Hastings 

Heme Bay 

Hytho 

Littlestone 

Margate 

Ramsgate 

St. Leonards . . . . 

Sandgate 

Sandwich 

Shornclifte 

Tunbridge Wells . . 

Walmer 

Westgate 

WTiitstable Town 



Betokn Fares. 



14 
14 
16 

16 
14 
18 6 

17 6 
17 6 
14 
14 
17 6 
16 
16 

16 
14 

17 6 

18 6 

17 6 
8 6 

18 6 
16 
14 



9 

9 
12 
12 
10 6 
12 6 
12 6 
12 6 
10 6 
10 
12 6 
12 
12 
12 
10 6 
12 6 
12 6 
12 6 

5 6 
12 6 
12 

10 



8 
8 

8 

9 
9 
9 

8 

7 

9 
9 

8 
8 

8 

9 
9 
9 
4 6 
9 
8 
7 



CHEAP DAY EXCURSIONS ON BANK 

HOLIDAY from the principal LONDON STATIONS to 
Aldershot, Ashford, Bf tchworth, Bexhill, Birchington, 
Box Hill, Broadstairs, Canterbury, Caterham, Deal, 
Dorking Dover, Folkestone, Gomshall, Gravesend, 
Hastings, Heme Bay. Hythe, Margate, Ramsgate, 
Sandgate, Tunbridge Wells, Whitstable, Ac ; and Half- 
Day Excursion to Whitstable, and Heme Bay. 

CRYSTAL PALACE (HIGH LEVEL) on BANK 
HOLIDAY. Cheap Return Tickets (including admission ) 
will be issued from London. 

For full particulars of the above Continental and 
Home Excursions, Alterations in Train Sejvices, etc. 
see Special Holiday Programme and Bills. 

VINCENT W. HILL, General Manager. 



17 da 



Bradford, Leeds. Halifax, 

Manchester, Sheffield, 

Nottingham, &c. 



by, I 



Friday NIgrht, 
31st 

for 3.6,..rS days. 
AUGUST 

_ ., . . . ^, ,„ ( Saturday, 1st 

Edinburgh and Glasgow. , ^^^ peHodsupto 

16 days 
Newcastle, Middlesboro 

Scarboro", Bradford 

Leeds. Sheffield, Grimsby, I Saturday, ist 

Nottingham, Lincoln, 

Lynn, Cromer. 

Sheringham, Norwich, &c. 

Leeds. Bradford, Halifax, 
Liverpool, Manchester, 

Sheffield, Grimsby, 

Nottingham. Grantham, 

&c. 

Scarboro', Bridlington, ^ Saturday, 1st 

Harrogate. Ripon, I. -^ ^ ^^ j. 

Skegness. Douglas. j ^ji-'j^^.g ' 

Liverpool, Blackpool, &c. J ' '•"' 

Grimsby, Retford, Louth, ] 

Lincoln, Nottingham, 

Newark, Grantham, 

Boston, Spalding. 

Paterboro', Huntingdon. 



Saturday Night, 
6th 

for2,5,or7days. 



Sunday, 2nd 

for half-day. 



SKEGNESS 3 

AT 11-30 ».M 



St. Albans, Hertford,' 
Letchworth, Cambridge, 



Sunday, 2nd 
Monday, 3rd 
Tuesday, 4th 
Thursday, 6th 

Sunday, 2nd 

for 1 .lay. 
Monday, 3rd 



' A muriutiy, .»! u 

Huntingdon, Peterboro', Tuesday, 4th 
Grantham, &c. I. f"r 1 and 1 .lay 

EXTENSION OF FRIDAY TO 

TUESDAY AND SATURDAY TO 

MONDAY TICKETS. 

GREAT NORTHERN BANK HOLIDAY EXCURSION 
PROGRAMMES can be obtained at any G.N. 
Station or Otlice, or from the Chief Passenger 
Agent, No. 58 Office, King's Cross Station, N. 

OLIVER BURY, aenrrnl .Vniwrirr. 



PATENTS. 



T 



HE PROPRIETORS of Patents Nos. 



_L 6165 of 1003 & 6161 of 1903 for " Improvements in 
Draft Kiggiug, or Draw Gear, for Railway and like 
velii. U's," and "Improvements in Beams or Girders 
riiiiHy designed for use in connectionwith Railway and 
lik'' vi'hicles" are desirous of entering into arrange- 
ment.'^ hy way of licence and otherwise on reasonable 
terms for the purpose of exploiting the same and 
ensuring their full development and practical work- 
ing in this country. All communications should be 
addressed in the first instance to — 

HASELTINE, LAKE & CO., 
Chartered pATKNr A';knts ,v tonsulting Engineers, 

7 & 8, SOUTH.\MPT('\ BriT.ltlNGS, CHANCERY LANE, 
l.nNDnx, W.C. 



THE PROPRIETORS of Patents Nos. 
17052/03 and 1826S/04 for "Improvements in 
Sliding Doors for Railway and like vehicles" and 
"Improvements in Railway Cars" are desirous oC 
entering into arrangements by way of licence and other- 
wise on reasonable terms for the purpose of exploiting 
tlie same and ensuring their full development and 
practical working in this country. All communications 
should be addressed in the first instance to — 
HASELTINE, LAKE A CO., 

A r-^ A Consulting Engineers, 
Hi iLiTNus, Chancery Lane, 
M" N. w.c. 



THE PROPRIETOR of the Patents 
22990 of 1904, and 26993 of 1905, for 
"IMPROVEMENTS IN AND RELATING TO THE 
PRESERVATION OF WOOD" 

is desirous of entering into arrangements by way o£ 
licence and otherwise on reasonable terms for "the 
purpose of exploiting the same and ensuring its fall 
development and practical working in this country. 
All communicationa should be addressed in the first 
instance to Box 95, care of : — 

E. SCHROEDER & Co., 

ADVERTISING AGENTS, 
35, BrCKLERSBURV, LONDON, E.C. 



T 



HE OWNERS of Pateot No. 23394/01, 



relating to *' Iraprovements in railway passen* 
ger coaches " desire to negotiate with manufacturers 
with the view of granting licences under it, on reason- 
able terms. 
For iuiorniation apply to — 

Messrs. LLOYD WISE & CO., 
46, LixcoLN'ji Inn Field.«, London, W.C. 



■/ 



THE OWNERS of Patent No. 1.5799/02, 
relating to Pneumatically actuated doors for rail- 
way vehicles and the like, desire to negotiate with 
nianufaeturors with the view of granting licenses under 
it, on reasonable terms. 

For information appiv to — 

Messrs. LLOYD WISE & CO., 
46, Lincoln's Inn Fields, London. W.C. 



To Makers of Railway Vehicle 
Brakes. 

THE OWNERS ot Patents Nop. 30001 97 
an.l !S1M> 04 relating respectively to" Railway-aero- 
electric brakes" ami "brake apparatus for railway 
vehicles' wish to negotiate on reasonable terms with 
makers and users of such apparatus with the view of 
selling the patents or granting licenses under them. 
For information applv to — 

Messrs. LLOYD WISE & CO., 
46, Lincoln's Inn Fields, London, W.C. 



Established 1868. 



i Telephone: 2866 LONDON WALL. 
I „ 11489 CENTRAL. 

I „ 837 EAST (STRATFORD). 

t ,. 3 ANSTEY (LEICESTER). 



PATENT VICTORIA STONE 

Laid on London Stations for over 20 years, and Is used extensively by Great Eastern. 

Great Western, North London, Great Central and other Railway Companies for 

Platform Coping and Paving, &c. 

ALL KINDS OF ARCHITECTURAL WORK TO MATCH PORTLAND AND RED 
AND YELLOW MANSFIELD STONES AND OTHER PLEASING COLOURS. 



THE PATENT VICTORIA STONE COMPANY, LIMITED. 

Head Offleea: 10, 11, 12 & 13, HAMILTON HOUSE, BISHOPSGATE STREET VSTITHOUT, E.C. 

(Works STRATFORD MARKET. ESSEX and GROBY QUARRIES, LEICESTERSHIRE.) 

THE COMPANY ARE NOT CONNECTED OR ASSOCIATED IN ANY WAY WITH ANY COMBINATION OF ARTIFICIAL STONE MANUFACTURERS. 



lx>ndon : Printed for the Proprietors at 32-34. Fleet Lane, El.C, and Published by J4S. W. Courienay at 12, Norfolk Street. Sferand.-SATVRDAY, July ?5, 1908. 



August i, 1908.] THE RAILWAY TIMES. 



WESTINGHOUSE BRAKE 

for Steam and Electric Railways and Tramways. 

AIR COMPRESSORS 

driven by Steam, Electric - Motor, Belt, or Axle. 

Morse Rocker-Joint Chains 

Silent-Running, High-Speed, Flexible Gearing. 

FRICTIOrT DRAFT GEAR 

Lengthens Life of Rolling Stock. 

Manufactured by 

THE WESTINGHOUSE BRAKE CO., LTD., 

82, York Road, King's Cross, N. 



GREAT CENTRAL RAILWAY 



RATID TRAVEL IN LUXURY 



C THE LONDON EXPRESS TRAINS CENTRE ON SHEFFIELD, branching therefrom 
^VestlVard to Manchester, Oldham, Stal}-bridge, Stockport, Warrington and Liverpool ; nortlnvard 

to Huddersfield, Halifax, Bradford, I^eeds and York ; eastward to Doncaster, Grimsby, Hull and 
North Lincolnshire. 

C CROSS COUNTRY EXPRESSES AND THROUGH ARRANGEMENTS WITH 
OTHER COMPANIES are a distinct feature of the Great Central ser\-ices. 

Liverpool, Manchester and SbefGeld are linked up by corridor trains with Lincoln, Harsvich, Lowestoft, 

Norwich and the Great Eastern system. 

Newcastle, Sunderland, Durham, York, Bradford, HuddersUeld, Rotherham and Sheffield are 

provided with through trains viu Nottingham, Leicester, Banbury and Oxford, to ud from Southampton, Bournemouth 

and the South Western line. 

Bath, Bristol, Exeter, Torquay, Kingswear, Plymouth and the Cornish Riviera are reached by 

Express Trains from Leeds, Wakefield, Halifax, Huddersfield, Sheffield, Nottingham and Leicestei. 

The services between the Great Western and Great Central systems centre 

upon Oxford for south and west, and Banbury for Cheltenham, Gloucester, 

Newport, Cardiff and South Wales. 

Via MATiYLEEONE is LO:?(pON'S POPULAR 'JipUTE for STRATFORD-0:]^AVON 



All Express Trains include Buffety Breakfast, Luncheon, or Dining Q^^^- 



C TICKETS are issued in advance at all oliices. or by Messrs. Dean & Dawson, the Company's Agents, who also l>ook 
to the Continent by any Cbannel service In connection wltix the Rundreise or Tourist system, which alfords travellers 
choice of route and a r*4setlon of about 30 per cent, off ordinary lares. 

S.\M. FAY, Ceittral Manager. 



THE RAILWAY TIMES. 



[August i, 1908. 



MIDLA ND RA ILWAY. 

SiTES FOR WORKS. 

'PHE Midland Railway, as its name implies, passes through practically the centre of England, linking 

the Metropolis with the large industrial and manufacturing towns in the north—Luton, Bedford, 

Kettering, Weliingboro', Nuneaton, Leicester, Loughboro', Derby, Chesterfield, Sheffield, Rotherham, 

Leeds, Bradford, Manchester, Liverpool, etc., in a direct line; Nottingham, Lincoln, Mansfield, in the 

east; and Burton-on-Trent, Birmingham, Walsall, Wolverhampton, Worcester, Gloucester, Stroud, 

Bristol, Bath, and Swansea Vale in the west. 

Serving, as it does, the coalfields in the counties of Leicestershire, Nottinghamshire, Derbyshire, and 

Yorkshire, the Northamptonshire and Nottinghamshire ironstone fields, and also granite, limestone, and 

freestone quarries, the Midland Railway is pre-eminently suitable for the establishment of ironworks, 

factories, an J other industries, owing to the exceptional advantages in obtaining material for all clasees, 

and also the central position of the Railway for the economical distribution of goods, 

A large number of engineering and ironworks, colleries, quarries, factories, etc., are already connected 

by siding with the system, and the Midland Company will be glad to furnish information as to 

suitable sites and siding facilities on application to Mr. Henry Evans, Chief Goods Manager, Midland 

Railway, Derby. _ ., ^ .,«... _— 

W. GUY CRANET, 

Derby. General Manager, 




HARLING'S DRAWING INSTRUMENTS. 

Illu^trnted Catalogues sent on application. 

W. H. HARLING, 
47 **Finsbury Pavement, London, E.G. 

Manufactory! GROSVENOR WORKS. HACKNEY. 

ESTABLI HED 1851. 



Taylor's Patent Shunting Levers. 

"Revepsers," " Run-thpoughs," "Fast-Locks." 


dSEO ON THE GREAT /^^«™?' 


"h 




RAILWAYS OF THE WORLD. 1 mma 


W 




Derailment % ' % 
Impossible. ^ immm 


w 




INDISPENSABLE FOR COLLIERIES, 1 J 
BREWERIES & OTHER SIDINGS. ^ 3 


l^tif 1 


1 Taylor's Patent Shunting 1 i^jj k| ^fj/ 


Lever, Ltd., Hiiliri F^JV^siJ 


29, REGENT STREET, LONDON, S.W. H?i^R ^^91 
7200 li^^0^^^^^HI 



WILLIAM JONES 

AND SONS, Ltd., 

Cecil Street Foundry, 

BIRMINGHAM. 




Makeps of 

GALVANIZED 
SIGNAL 

PULLEYS 

AND 

FITTINGS 

IN 

CAST & MALLEABLE IRON. 



August i, 1908.] 



THE RAILWAY TIMES. 



103 



London & North Western Ry. 




North Western Steamer alongside Railway Platform at 
Holyhead. 

EUSTON, 1908. 



NEW DAYLIGHT EXPRESS 
PASSENGER SERVICE 

TO 

IRELAND 

VIA 

Holyhead and Kingstown. 

PJW. PM. 

EUSTON dep. 1.20 Dublin (Weslland Row) dep. 1.15 

Kingstown arr. 9.50 Kingstown „ 1.45 

Dublin (Westland Row) „ 10.20 Euston arr. 11.0 

VESTIBULED CORRIDOR STOCK. 
RESTAURANT CARS PROVIDED. 

FREDEBICK HARRISON, General Manager.. 




EASILY REACHED 



By the Express 
Corridor Trains of the 



L. & S.W.R 



FROM 



Waterloo Station 

(LONDON). 



g ^PATH OF Tg g^ 



FOR HEALTH AND PLEASURE. 



THE 
SUNNY SOUTH & SOUTH-WEST 

ISLE OF WIGHT 

SOUTHSEA, SWANAGE, 
LYME REGIS, WEYMOUTH, 

BOURNEMOUTH 

("The Land of Pines and Sunshine") 



BREAKFAST, LUNCHEON AND DINING CARS 

(all classes) in Principal Trains. 
Full particulars of Train Service. Cheap Tickets, etc., npon applicatii 



Bracing and Invigorating Climate 

ILFRACOMBE, LYNTON, PADSTOW, 
Bideford, Wadebridge, Tavistock, 
Bude, Budlcigh-Saltcrton, Seaton, 
PLYMOUTH, EXMOUTH, SIDMOUTH, 

AND OTHER DELIGHTFUL RESORTS IN 

DEVON 
COR N "W ALL. 



Mr. Henry Holn 



I04 



THE RAILWAY TIMES. 



["August i, i' 



COMPANY NOTICES. i Great Western Bailway Company. Burma Railways Company, Limited 



Midland Railway Company. 



IVTOTICE IS HEREBY GIVEN that the 

iN next HALF-YEARLY ORDINARY MEETING 
o( the MIDLAND Railway Company will be held at 
the Station of the ,aid Company at Derby, on 
FRIDAY, the 14th day of August. 190S, at Half-pa»t 
One o'clock in the Aft.-rnoon, for the transaction 
of the General Business of the said Company. 
ERNEST PAGET, 

Chairman. 
H. TYLSTON HODGSON. 

Depntv-Chairman. 
ALEXIS L. CHAELES, 

Secretary. 
Derby, July 29th, IOCS. 



Midland Railway Company. 



^-^OTICE HEREBY r;lvEN that. 

IN nui-uant *f. the General Orders made in pur 
;tr,,,,, .■ ■ , ■ it.' Leaislation Procedure (Soot- 
l.„'„l, \ , -l'i;CIAL or EXT'RAORDINARY 

c'iFNFl;\i '''' ' ''■•■I' "t the Proprietors of the 
MiDLAMi i:,ii . ^ 1 (..MPANY will he held at th? 
Station of the said Company at Derby, on FRIDAY, 
the 14th dav of August, 190S, at Two o clock in 
the Afternoon, for the purpose of considering the 
following Provisional Order now being promoted 
bv the North Biiti~li Ii:iihviiy Company:— 

"north Br.iTisii Kdiwiv I'kuvisiosal Op.der. Under 
the Private L.ii-'nit i>n I'noedure (Scotland) Act 

;1S99 "To oonirr liiith.r powers upon the North 

BriVish Raihvav t'liniiianv in relation to tht-tr 
Undertakins to providi- tVir the Amalgamation of 
the West- Hi.jlihind Railway Company with the 
North British Railway CVniiniily to confirm and give 
effect to Agreements between the North British 
RaihvaT Companv and the Invergarry and Fort 
Aut'ustus Railway Companv and the Falkland Lijiht 
Railway Company respectively. To empower the 
Forth Bridge Railway Company to raise further 
money for the purposes of their Dndertaking. to 
raise additional Capital and for other purposes." 

ERNEST PAGET. 

Chairman 

H. TYLSTON HODGSON. 

Deputv-Chairman. 

ALEXIS L. CHARLES, 

Secretary. 
Derby, July 29th, 1908. 



V^OTICE IS HEREBY GIVEN that the 

_iN next Half-Y'earlv General Meeting of the Pro- 
prietors of this Company will be held, pursuant to Act 
of Parliament, in London, at Paddington Station, on 
Tuesday the' 11th day of August ne.tt. at Half past 
Eleven'o'clocE in the forenoon, for tbe general purposes 
of business. CHURCHILL, Chairman. 

G. K. MILLS, Secretary 
Paddington Station, 
25th July, 19CS. 



The Great Northern Railway 
Company. 



nV'OTICE IS HEREBY GIVEN that the 

_A HALF-YEARLY ORDINARY GENERAL 

MEETIM; oi the Proi.rietori of the Company will be 
held oil "iri.-]n\. III- lull Ai:s;u-t I'.m-, at twelve 
o'clock \ I i" ' - ■• II" ■■ >ii;-i>- lM.i!;sCross 

station 1 ', i 'I ' ■■ — ■ il:.|i 111- in tin I'lrectors, 

Ami Xiitur^- lirriby inrther L'ivcu, that immediately 
aitiT till' r,,iirlii>.iou of tliP alajve-uanie.l Meetiug, a 
tiTECI.AI. MEEl'lMi of the Proprietors of the Company 
will he held at the same place, when there will be sub- 
mitted for consideration and approval, the Doncaster 
Corporation Act. 1903, and a draft Provisional Order 
which has been applied for under the Private Legislation 
Procedure (Scotland) Act, 1899, intituled, " A 
Provisional Order to confer further powers upon the 
North British Kailwav Company in relation to their 
undertaking ; to provide for the amalgamation of the 
West Highland Railway Company with the North 

British Railway Comiiaiiv ; t ntinn ami uive effect 

to agreements betwe.u th. N. rtli loiii-h Railway 
Company and the Invei -n r. nil I'-rt VnL-ustiis Kail- 
wav Company and the Falklaml l.i^lit Kailn ay Company 
respertivelv;' to empower the Forth Bridge Railway 
( oiupany tfi raise further money for the purposes of 
their undertaking; to raise additional capital; and 

r other purposes." 

The Booi.9 kept by the Company for the Registration 
of Transfers of Stock were closed on the 20th day 
of July, 19' 8, pursuant to notice previously given, and 
will remain closed until the llth day of August, 1908, 
inclusive. 

By Order, 

E. H. BURROWS, 

Secretary 

Secretary's Ofllce, Great Northern Railway, 
King's Cross Station, London, N. 25th July, 190.'* 



THE DIRECTORS of the BURMA 
Railwa.vs Co Ltd., are prepared to receive 
TENDERS for the SUPPLY of— „„„.,,„ 

1000 TYRES FOR CARRIAGE WAGON WHEELS. 
Speciflcations and Forms of Tender can be ob- 
tained at the Company's Offices, 199, Gresham 
House, Old Broad Street, E.C. .„,_,. . 

For each specification a fee of 20s. will be charged, 
which will not be returned. 

Tenders, enclosed in sealed envelopes, and en- 
dorsed " Tender for Tyres," must be delivered not- 
later than noon on 13th August, 1908. 

The Board do not bind themselves to accept the 
lowest or anv Tender. 

By order of the Board, 
W. HOME, 

Managing Director. 
7th Julv, 190S. 



PATENTS. 



Furness Railway Company. 



"VrOTICE IS HEREBY GIVEN that the 

1.M next ORDINARY HALF-YEARLY MEET- 
ING of the Proprietors of the Furness Railway 
Company will be held at the Offices of the Com- 
pany, at Barrow-in-Furness, on Tuesday, the 18th 
day of August, 1908, at Two o'clock in the After- 

The Transfer Book,* of the Company will be 
Closed from the 6th to the ISth August, 1908. both 
days included. 

By Order. 

DEVONSHIRE. Chairman. 
ALFRED ASLETT. Secretary. 
Barrow-in-Furnes.= . 29th July. 1908. 



THE PROPRIETORS of Patents Nos. 
6163 of 1903 & 6161 of 1903 for " Improvemeats 
n Draft Rigging, or Draw Gear, for Railway and like 
vehicles, " and " Improvements in Beams or Girders 
chiefly designed for use in connection with Railway and 
like vehicles" are desirous of entering into arrange- 
ments liy way of licence and i therwise on reasonable 
term? for the pirposc of exploiting the same and 
isuring their full development and practical work- 
..jg in this coimtrv. All rommunications should be 
addressed in th.- tir~t iustame to— 

HASELTINE. LAKE & CO., 

CHAKTERKD P.AIE.NI AGENIS i CoSSULTIKO E»fC.INEERS, 

7 & 8, SOtJTHAMPTOS BriLDISGS, CHANCERY LANE, 

LONDOS, W.C. 



THE PROPRIETORS of Patents Nos. 
17052 03 and 1826V04 for "Improvements in 
Sliding Doors for Bailway and like vehicles" and 
" Improvements in Railway Cars " are desirous ot 
entering into arrangements by way of licence and other- 
wise on reasonable terms for the purpose of exploiting 
the same and ensuring their full development and 
practical working in this country. .\11 communications 
should be addressed in the first instance to — 

HASELTINE, LAKE & CO., 

Chartered Patent Agents & Conscltixo Engineers, 

7 & 8, SotJTHAitPios Bfudisos, Chancery Lane, 

LONDON, W.C. 



Rhondda & Swansea Bay Railway. 



]^OTICE IS HEREBY GIVEN that tlic 
_Li Fifty-second Half-yearly General Meetiai: 
of the Proprietors of the Rhondda and Swansea Bay 
Bailway Company will tie held at the Hotel 
Metropole. Wind Street, in the County Borough 
of Swansea, on Saturday, the 8th dav of August 
1908. at Twelve-thirty o',-lr,rk in the Afternoon, for 
the General Purposes it Mu' i nthrtaking. 

The Transfer Books «ill ]. -i.l from the 27th July 

to the Sth August, both il:l\> IILrlll^ive. 

MORGA.N B. WILLIAMS, Chairman. 
H. .S. LUDLOW, Secretary. 
Swansea, July 10th, 1908. 



Taff Vale Railway Company. 



-VfOTICE IS HEREBY GIVEN that the 

J_\ One Hundred and Forty-Fifth Half-Yearly 
General Meeting of the Proprietors of this Company 
wi(l be held at the Royal Hotel, College Green, in the 
City of Bristol, on Tuesday, the llth day of August 
next, at two o'clock in the afternoon. 

The Transfer Books will be Closed from Tuesday, 
the 28th July, until after the holding of such Meeting, 
fc. Dated this 14th dav of Julv 1908. 

ROBERT LOWE GRANT VASSALL, 
Chairman. 
EDWAED EDWARDS, 

Secretary. 



ATORTH LONDON RAILWAY. 

j_\ AUGUST BANK HOLIDAY. 

For Book to 

ALEXANDRA PALACE. Alexandra Palace or 

Wood Green. 
BUSHEY' PARK and 
HAMPTON COURT 

PALACE .. TEDDINGTON. 

CITY and WEST END . . BROAD STREET. 
CRYSTAL PALACE .. CRYSTAL PALACE, via 
Broad Street & London 
Bridge, or via Kensing- 
ton. 
Combined Rail and Admission Tickets. 
EPPING FOREST .. CHINGFORD, Woodford, 

Buckhurst Hill, Lough- 
ton. 
Cheap Return Tickets. 
FRANCO-BRITISH 1 ST. QUINTIN PARK 

EXHIBITION / (Wormwood Scrubbs) & 

UXBRIDGE ROAD. 
Combined Rail and .\dmission Tickets. 
It.i.lli v WiiM.ls .. New Barnet. 

IIAMP-I i;ai HEATH .. HAMPSTEAD HEATH. 
Hr-li'ii. Woods ,. .. Highgate. 
II r \ 1. U!l UN EXHIBITION EARL'S COURT or 
WEST BROMPTON. 
Combined Rail and Admission Tickets. 
HAINAULT FOREST .. CHIGWELL, GRANGE 
HILL, HAINAULT. 
Cheap Return Tickets. 
KEW GARDENS (and 
the River) . . KEW BRIDGE. 

Cheap Half-day Bookings on Thursdays. 
L. & N. W. Main Line . . via Willesden Junction. 
RICHMOND (for Boating 

and the Park) . . . . RICHMOND. 

Cheap Half-day Bookings on Thursdays. 
SOUTHEND, WESTCLIFE, 

LEIGH, & BEXFLEET . SOUTHEND-ON-SEA. 
Cheap Dav and Week-end Return Tickets. 
VICTORIA PARK and 

Hackney Marshes .. VICTORIA PARK. 
WINDSOR, STAINES 

and Thames Riverside .. WINDSOR, Staines, Tap- 
. low. Maidenhead, Hen- 
ley, 4c, 
Cheap Day and Week-end Return Tickets. 
ZOOLOGICAL GARDENS 
and Regent's Park . . CHALK FARM. 



THE PROPRIETOR of the Patents 
22990 of 1904, and 26993 of 1905, for 
•■ IMPROVEMENTS IN AND RELATING TO THE 
PRESERVATION OF WOOD" 

is desirous of entering into arrangements by way of 
licence and otherwise on reasonable terms for the 
purpose of exploiting the same and ensuring its full 
development and practical working in this country. 
All communications should be addressed in the first 
instance to Box 95, care of : — 

E. SCHROEDER & Co., 

-\DVERTISING AGENTS, 

35, BrcKLEESBrRV, London, E.C. 



For information as to Trains and Fares, enquire at the 
Booking Offices. 



Broad St. Station, July, 1908. 

FRED. J. DUNN, General Manager. 



THE PROPRIETOR if Patents Nos. 
2746 of 1899, "Improvements in Draw-gear and 
Couplings for railway vehicles ; " 

8974 of 1900, "Improvements in Draw-gear and Coup- 
ling Devices for railway and like veliic " 

2403 ot 1903, "Improvements in Storage Battery 
Systems ; ' . . . t • ..*• 

25063 of 1903, "Improvements m Electric Lightmg 
and Power Systems I " ,.,,,.■ 

25122 of 1904, "Improvements relating to Electric 
Light Systems ; " . u . 

Is desirous of entering into arrangements by way of 
licence and otherwise on reasonable terms for the 
purpose of exploiting the same and ensuring its full 
development and practical working in this country. 
All communications should be addressed in the first 
instance to — 

HASELTINE, lAKE & CO., 

Chartered Patent agents & Consulting Engineers, 

7 & 8, Southampton BurLDiNos, Chancery Lane, 

London, W.C. 



To Makers of Railway Vehicle 
Brakes. 



THE OWNERS of Patent.s Nos. 30001/97 
and 18108/04 relating respectively to " Railway-aero- 
electric brakes" and "brake apparatus for railway 
vehicles" wish to negotiate on reasonable terms with 
makers and users of such apparatus with the view of 
selling the patents or granting licenses under them. 
For information apply lo — 

Messrs. LLOYD WISE & CO., 

4l5, LINCOLN'S ISN FlElDS, LONDON, W.C. 



®k(JlJtiIwJin®tes 



A Journal of Finance, Construction, and Operation. 



Vol. XCIV. 



SAIURDAY, AUGUST i, 1908. 



No. 



PRINCIPAL 

Articles— page 

Further Railway Results 1(I5 

Railway Promotion IQi) 

The Triple Alliance lOfi 

Opening of the London and N'orth 
Western Company's Garston 

Docks Institute 13.=i 

Money AND Stock Markets 107 

•Dividend Ann iL'NCEMENTS 108 

■Meetings and Reports — 

Great Eistern Railway 112 

Metropolitan Railway Il.i 

East London Railway 117 

Buenos Ayres and Pacific Rail- 
way 117 

London and South Western Rail- 

wav 119 

City and Sojth London Railway 119 
London Brighton and South 
Coast Railway 121 



CONTENTS. 

page 
London Chatham and Do\er 

Railway 121 

Lancashire and Yorkshire Rail- 
way 122 

Midland Great Western Railway 

of Ireland 122 

Rhymney Railway 123 

London, Tilbury and Southend 

Railway 124 

Barry Railway 127 

South Eastern Railway 127 

Alexandra (Newport and South 
WalesI Docks and Railway ■ . 129 

Railwav Notes 13-1 

Forthcoming Meetings 112 

Parliamestary 131 

Railway Stock and Share List - . 135 
Official Traffic Returns .... . 136 



THE RAILWAY TIMES 

PUBLISHED EVERY S A TL 'RD. i 1 '. 

THE OLDEST RAILWAY NEWSPAPER. 

Established in 1837. 
n'tlegrapkic Addre-ii : "Altimetrv, Lonion." Tetefhotjc No.: 2948 Gerr 

Offices: 12, Norfolk Street. London, W.C. 



SUBSCRIPTION RATES. 



Abroad. 

£ s. d. 
7 6 
14 o 



In advance^ tost-free to any address : — 

United Kingdom. 
jT s. d. 
Three Months ... ... 6 6 

.SVar Moiilks 12 i 

Twelve Mouths ... ... i j o 

The Railway Times is published on Saturday morning; and may 
.be obtained at all bookstalls, and of arty newsagent throughotU the United 
Kingdom at 6d, per copy. Should there be any irregularity in the supply 
of copies, complaints should be made to the Publisher. 

ADVERTISEMENTS 

Rates for Advertisements mill be sent upon reijucst. 

Alterations and new copy for insertion in the inside pages of the curreny 
week's issue must be delivered by 6 p.m. on Friday, or, when proofs are 
required, by noon on Wednesday. New copy or alterations for the cover 
must be received not later than 10 a.m. on Wednesday. If proofs are 
required, the instructions and blocks for the cover must be recen^cd on 
Monday, 

REMITTANCES. 

Money Orders, Cheques, &"€., should be drawn in favour of The 
Railway Ti.mes, arui should invariably be crossed ^'National Bank." 
Stamps will be taken in payment of sums not exceeding los. 

EDITORIAL. 
All communications intended for publication should be written on one side 
■ of the paper only, and should be addressed to " The Editor." Contributions 
are invited from those conversant 7vith the various departments of railway 
service. If such cojitributions are not accepted they will be promptly 
returned if accompanied by a stamped and addressed envelope. When 
payment is desired this fact should be stated. In all cases the full najne 
and address of the writer should appear on the MSS. The Editor does 
not hold himself responsible for the opinions expressed by contributors. 

CORRESPONDENCE. 
Correspondence is als nvited upon all topics relating to railways. Letters 
ntended for insertion in these pages must be accompanied with the name 
■and address of the iuriter, although the name need not necessarily be 
p ublished. 



FURTHER RAILWAY RESULTS. 

The Home Railway dividends announced during this 
week have been a trifle le.ss uniformly unsatisfactory 
than those of last week. The Brighton Company's 
declaration on Monday, for e.xample, was quite up to 
the best hopes of everyone who had watched the traffic 
record from week to week. The ordinary dividend is 
reduced from 2j to 2\ per cent, per annum, but the 
balance forward, amounting to £19,606, is better 
than a vear ago. The report shows that the pot 
has been scraped very clean; but in the circumstances 
that is surely justifiable. In spite of an addition of 
£12,000 to the coal bill, the aggregate expenditure of 
the half-year was £621 less than a year ago. The 
reduction in receipts of £15,885 was certainly less than 
anticipated. Two important points in the Brighton 
Company's report are to be noted. One is the assur- 
ance of the Board that the company is continuing its 
policv of restricting capital expenditure "as 'far as 
possible until times improve." The outlay of less 
than £120.000 in the past six months is a clear indication 
that the Brighton directors are practising what they 
preach, though the shareholders may have cause for re- 
gret that this policy was not enforced much earlier. The 
second important point has reference to a matter to 
which The Railway Times has frequently referred — 
namely, the indulgence of the railways in excessively 
cheap fares. A proprietor has given notice of a resolu- 
tion as follows: — " That in the opinion of this meeting 
the svstem of issuing cheap tickets has been carried too 
far. and ought to be very seriously curtailed by this 
company, acting in conjunction with other com- 
panies." Exactly. It is a resolution which would be 
endorsed by any meeting of railway shareholders to- 
day, and we are pleased to note that with the principle 
of this resolution the Board has every sympathy. Many 
of the troubles of the railways to-day, perhaps most 
of them, arise from matters beyond their control. But 
where the remedy lies to hand, why not remove the 
trouble ? It is time for united action in this, as in 
many other matters, and surely it is not beyond the 
ability of our railway directors and managers to 
arrange a conference upon the question. 

The Great Xorthern dividend announced on Thursday 
proved to be fairly satisfactory. Nominally the dividend 
is maintained, for the full Preferred rate is to be paid — 
the same as for the June half of 1907. But the balance 
forward is reduced from £61,600 to about £6,500, and 
this materially alters the dividend outlook for the 
Deferred stock for 1908. For 1907 that stock received 
2 per cent.: but the reduced balance indicated above 
suggests that only about ij per cent, can be paid for 
1908, unless substantial progress is made this half-year. 
Among other results declared during the week we may 
note that the Rhymney is maintaining its dividend at 7 
per cent, per annum, but is reducing its balance by 



io6 



THE RAILWAY TIMES. 



[August i, 1908. 



about £2,000. The Barry, on the other hand, has done 
badly, declaring only 6i per cent, against 8A per cent, 
on its Ordinary — the decline being almost entirely due 
to increased expenses. Yesterday four railway divi- 
dends appeared — the Midland, North Eastern, Taff Vale 
and Hull and Barnsley. The first-named was certainly 
equal to the worst anticipations — in fact, it is quite one 
of the worst yet recorded for the past half-year. Only 
4 per cent, per annum will be paid on the original 
Ordinary, equivalent to li per cent, per annum upon the 
Deferred Ordinary, against 2i per cent, a year ago. 
The balance forward also shows a reduction of about 
£3,000, though £24,000 extra was brought in from last 
half-year. In fact, about £225,000 of profit appears to 
have vanished in six months. Surely this will suffice 
to spur the company on to greater endeavour in the 
cause of economy and co-operation with other com- 
panies. The North Eastern dividend was also disap- 
pointing, for only 4* per cent, per annum is to be paid 
upon the Ordinary stock, against 5J per cent, a year 
ago, and, moreover, the balance forward is reduced 
from £101,000 to only £77,000. This company would 
then appear to have lost ground to the extent of over 
£200,000 the last half-year. Something less serious 
than a reduction of i per cent, per annum had 
been anticipated in view of the very liberal appropria- 
tions to reserve during the year 1907. The Taff \'ale 
distribution is at the rate of 4 per cent, per annum, 
with £5,000 to reserve, the rate of the reserve appro- 
priation being exactly the same as a year ago. The 
balance forward, however, is raised from £21,620 
to over £27,000, so that this company's declaration has 
proved quite the best achievement to date for last half- 
year. The Hull and Barnsley dividend will be at the 
rate of i per cent, per annum , with about £17,000 
forward, against 2 per cent, per annum, and nearly 
£25,000 forward a year ago. This is about equal to 
expectations. 

RAILWAY PROMOTION. 

Though Parliament is to meet again in the autumn 
this year, the part of the session which comes to a close 
to-day sees the end of proceedings on all the railway 
bills which were introduced some six months ago. With 
two exceptions, all these measures have been passed, 
but the natural satisfaction with which one might re- 
gard such a result is neutralised by the fact that so far 
as the authorising of additional railways is concerned, 
the bills, as a whole, are of little importance. Some of 
them were finance bills, and measures for extension of 
time, and so forth. Not one of them can be regarded 
as a new construction bill of first-class importance. 
The dullness in railway promotion during recent years, 
it is to be hoped, reached a climax in 1908. Various 
causes may be named for the present state of things 
The condition of the money market, of "course, dis- 
couraged the idea of going into new and extensive 
works, but that adverse factor is now removed and it 
may be hoped will not operate again for some time. 
Distrust of the treatment which bills might receive from 
a section of the Liberal party in the present House 
oS Commons has no doubt been a factor. But probably 
the leading influences have been the discouragement 
which Parliament increasingly displayed towards rail- 
way enterprise, the reckless talk about nationalisation, 
the increasing financial danger, till recently, from the 
demands of employees, and the smallness of the returns 
on capital already invested. We by no means, how- 
ever, regard the situation as hopeless. Mr. Lloyd 



George, when President of the Board of Trade, proved! 
himself capable of taking a much more favourable view 
of the claims of the companies than these bodies hai 
evidently anticipated. As his action must have been 
approved by his colleagues in the Government, it niay 
be hoped that Mr. Churchill, who has succeeded him, 
will also do something to encourage and secure fair- 
play for the companies. If the latter are allowed to 
carry out working agreements, and to make economies- 
as they propose, it is fair to assume that they will rapidly 
strengthen their position. From that will spring the- 
power of growth and expansion, so that the promotion, 
of new railway schemes in Parliament may again be- 
come a feature of legislation. Mr. Lloyd-George- 
showed himself keenly alive to the monstrous exactions 
for land to which railway companies have been subjected 
in the past. If he will now use his influence in the 
Government to devise means whereby companies should' 
only have to pay a fair price for land, he would do a: 
great deal for the railway industry. If this charge could 
be cut down, many a railway line would be built which 
is now impossible, because, in most districts not already 
fully supplied with railways, the lines can only be con- 
structed if the capital charges upon them can be kept 
down to a low figure. The events of the last year or 
so have certainly paved the way for giving railway 
companies something like fair play, and we look to the 
Goverimient to change hopes into actualities. 



THE TRIPLE ALLIANCE. 



At the half-yearly meeting of the Great Eastern Rail- 
way Company yesterday. Lord Claud Hamilton, whO' 
presided, took a somewhat encouraging view of the posi- 
tion of the company. Special interest was naturally felt 
in his remarks in regard to the alliance with the Great 
Northern and the Great Central Companies; and it is 
clear that as far as the directors of the Great Eastern 
Railway are concerned, their only object in entering 
into the arrangement is to afifect important economies and' 
to secure for the shareholders at least the certainty that 
the downward tread in their dividends shall be arrested. 
Those who have professed to see in the alliance an effort 
to attack the position of other railways will not find any 
confirmation of that view in the speech of the chairman 
of the Great Eastern Railway. Thoroughly familiar 
as he is with the whole railway position, he sees clearly 
that the elimination of useless and wasteful competition 
is absolutely necessary if the railway industry is to main- 
tain even a fair degree of prosperity. The railways have- 
to-day to give such elaborate facilities and to provide 
such luxurious and expensive rolling stock and station ac- 
commodation that it is impracticable for them to pursue 
the old course of unreasoning competition. Happily the 
idea that at one time prevailed in Parliament and among 
the public that no railway could be trusted to develope 
its business on common-sense principles, but must be 
kept amenable to public requirements by hedging it 
about with competitors is largely exploded. Experience 
has proved that what the companies have spent in un- 
wise competition, has had to be made up by ecomomy 
in other directions, and the position of the public is less 
favourable than if each company could have developed 
its own system in the way best suited to foster the in- 
terests of the public who use it. The contemplated 
union of the interests of the three companies should do 
much to repair the injury that the old competitive system 
has effected. As Lord Claud said, the new arrange- 
ment will enable the companies better to serve the public, 
and especially the traders. We have long been accustomed' 



August i, 1908.] 



THE RAILWAY TIMES. 



107 



to complaints, sometimes of considerable violence, 
from representatives of that section of the public, 
and now that something' tangible is being done for them 
it is to be hoped that they will not be antagonistic to the 
proposal. There is a tendency to make railway com- 
panies which come to Parliament pay dearly for acquies- 
cence in their requests. When a company asks for 
powers which might be regarded as a concession from 
the State, the attempt to make a bargain with it may in 
some cases seem justifiable, but when the sole object of 
a Bill is to secure economy and to give the public better 
and greater facilities, opposition should find no place. 
We hope that the proposal of the three companies, 
which was originated by some of the ablest and most 
public-spirited men among railway directors and mana- 
gers, will be readily accepted by Parliament and will 
become a model for other similar plans in the near 
future. The remarks of the Great Eastern chairman, 
with reference to the future of the officers and staff, 
should the alliance be confirmed, will be appreciated by 
all who love fair play and justice. It is right that those 
who have served the shareholders faithfully should 
receive the most' generous treatment possible under a 
scheme which is designed to benefit the former, and in 
the long run they will lose nothing by assuring' the 
future of any old officials and servants whose services 
may not be required when the reorganisation is carried 
out. 



MONEY AND STOCK 
MARKETS. 



Settlement^ Dates. 
Consols :— Thursday, August 6; Tuesday, Sei'Te.muer i. 



Continuation 


Days. 




Ticket 


Days. 




Mines 


Aug. 


10 


Mines 


... Aug. 


1 1 






II 






^7. 




' 


24 
2>; 






25 
26 


General 




General 




Mines 


Sept. 


8 


Mines.. 


.... Sept 





General 


„ 


9 


General 




10 



P:>y Days 



> ■■ 



Our usual comparison of the present position of the 
Bank of England, the Money Market, the Foreign 
Exchanges, etc., with the position a week ago and at 
the corresponding period of last year is given below. 



Bank's Coin and Bullion ... 

Total Reserve 

Proportion of Reserve to 

Liabilities 

Notes in Circulaiion 

Bank Rate* 

Open Market Discount 

Bankers' Clearing-house ... 
Silver bars, per oz. (spot) ... 

Consols (account) 

French 3 per Cents, (ace.) 
Paris Cheque exchange ... 
New York 60 days ditto ... 
Rio de Janiero exchange ... 
Valparaiso go-day exchange 

Calcutta transfers 

Hong Kong transfers 

Shanghai transfers 



^37, 1 20, 389 
^26,037,114 

50^ i"er cent. 

^29,533,275 

2i per cent. 

if per cent. 

^193.577,000 

24A<'- 

85i 

9Sf- 

25f. 13c. 

S4.874 

Sfrd. 
IS. 33ld. 
IS. 9id. 
2s. 4id. 



if 37. 77 1. 468 
;f 26,752, 533 

50J percent. 

i:29,468,935 

2i per cent. 

IjV per cent. 

;f 209,292, 000 

24-^^. 

86}4 

95f. 
2Sf. i3ic. 

»4-85i 

S-i&d. 
IS iUA. 
IS. 9^d. 
2s. 4|d. 



Same Week 
Last Year. 



;£35,839,682 
;f 24,367,412 

46j'per cent. 

^29,922,270 

4 per cent. 

38 per cent. 

;£256,i39,oco 

32i''- 

82}J 

95f- 

25f. i6c. 

S4-83i 

i5Ad. 

I2^d. 

IS. 43^fd. 

25. 2id. 

3s. ojd. 



• Fluctuations in the 


4i per cent 


.Aug. I 


s. '907. 


5 per cent. 


Jan. .6, .908 


Bank Rate. 


5i., ., 


Oct. 3 


. I9°7- 


4 .. .) 


Jan. 23, 1908 


4 percent. Jan. 17, 1907. 


6 ., .. 


Nov. 


, 1907. 


3},. „ 


Mar. 5, 1908 


4j ,. „ Apr. 12, 1907. 


7 .. ,. 


Nov 


, 1907. 


3 .. .1 


Mar. 19, 1908 


4 ., „ Apr. 25, 1907. 


6 „ „ 


Jan. = 


, 1908. 


=J „ „ 


May 28, 1908 



If anything remained of the hope engendered in May 
that the Bank rate might descend to two per cent, this 
summer, and the stock markets benefit by the very much 
wanted stimulus to investment which this would pro- 
duce, the figures of the Bank returns this week would 
suffice to dispel them. The active note circulation has 
increased by £64,000 the internal circulation of coin by 
£557,000 and £94,000, has been sent abroad. These are 
not large figures, preparations for the August Bank 
Holiday considered, but the Reserve is thereby brought 
down by £715,000 to £26,037,000, and the stock of coin 
and bullion is not more than a million above the 
amotint recorded at this time last year, when the Bank 
Rate was 4 per cent, becoming 4^ per cent, a fortnight 
after. Moreover, the continental exchanges remain very 
unfavourable. Fortunately the Bank itself is in a 
strong position. Public deposits are £651,000 lower and 
other deposits down by £727,000. 'This leaves the 
market perceptibly poorer and has tended to harden the 
rates of discount. On the other side of the return 
Government Securities are less by £180,000, and Other 
Securities have fallen £487,000, leaving the proportion 
of Reserve to liabilities practically unaltered at the satis- 
factory ratio of just over 50 per cent. 

No very considerable rise in the Bank Rate is ex- 
pected until the end of November, but in the opinion 
of good judges, it is doubtful if we shall get through 
the year without again experiencing a 5 per cent, rate 
There is the financial condition of other countries than 
our own to be considered, and our Autumn imports ta 
be met. Moreover, the political situation in Europe is 
such as might easily develope in a way that might give 
rise to financial trouble. Thus the outlook fo» the 
stock-markets is not entirely satisfactory, in spite of the 
large sums which are being released by the diminishing 
>olume of trade. The London Bankers' Clearing 
House returns for the week are sufficiently illustrative of 
the latter fact. The town clearings were £175 millions, 
as compared with £236 millions for the corresponding 
week of last year, a reduction of 26 per cent., and the 
country cheque clearings were £18,288,000, against 
£19,605,000, a reduction of 6.7 per cent. 

(Government stocks have been irregular during the 
week. The fall in Consols noted in our last issue was 
ascribed to sales by the India Council of part of the 
reserve it holds for the maintenance of the exchange. It 
was continued on Saturday with the help of a ruinour 
that certain highly placed Indian officials were insuring 
their salaries and pensions. This was read in connection 
with political disturbances in the Peninsular, but if cor- 
rect, the possibility of a fall in the value of the rupee 
through failure of the Government to maintain it, affords 
a much more probable explanation. A sharp rally took 
place on Monday, based on the re-appearance of the 
Government broker, and the fact that the Bank declined 
to compete for gold though the price had dropped to 
£3 17s. lod. per ounce. Consols were, however, lower 
again before the end of the week. Colonial stocks have 
been fairly steady, and Foreign securities present no 
features of importance to our readers. 

Home Rails steadied on Saturday morning, and im- 
proved during ^Monday and Tuesday, but the followingr 
day the traffic receipts published reminded the market o. 
the hard realities that necessarily accompany a reduced 
volume of trade, and a set back ensued. The net effect 
of these changes will be seen from our table below, and 
the dividend announcements will be found on another 
page. 

American rails have pursued a course as nearly as 
possible contrary to the above, but few people here are 



THE RAILWAY ThMES. 



[August i, 1908. 



at present concerned in them, and they are allowed to 
follow their erratic tendencies without attracting much 
attention from the investing public. 

Among foreign railways, those of Canada, Mexico, 
and the Argentine Republic have shown a disposition 
to improve. 

The account which came to an end during the week 
was of a most depressing character. Foreign stocks, 
Home rail and other British-owned railways were all 
found to be less in value, Americans constituting almost 
the sole exception. Continuation rates were 2-2I for 
Americans, and foreign bonds. The heavy stocks of 
British railways ran from 4i-4f per cent., passengers 
stock receiving the easier rate. The charge on Canadian 
Pacifies was rather stiffer than before, and on Grand 
Trunks about the same, with a small backwardation on 
the second preference. 

The principal movements on the week, so far as they 
relate to securities in which the readers of this journal 
are likely to be interested, are set forth in the following 
table: — 

Name of Stock. Rise. Fall. Name of Stock. Rise. Fall. 

British Funds. Baltimore and Ohio ... — xd. — 

Consols, 2^ per cent. ... — ... — Chesapeake and Ohio... — ... \ 

Do. (ace. ) 2 J per cent. — ... — Chicago Great Western — ... — 

British Railway Stocks. ChicagoMil.and .St. Paul — 

Barry Deferred — ... 34 

Caledonian — ... A 

Do. Pref. Con. Ord. — ... \ 

Do. Def Con. Ord. — ... J 
Central London — ... 5 

Do. Deferred — ... — 

City & S. Lon. Con. Ord. — xd. — 

Furness — ... — 

Great Central Preferred i\ .. — 

Great Eastern — xd. — „ ^ ,, , „, 

Gt.Nthn. Pref.Con.Ord. - ... \ Norfolk and Western .. - .. - 

Do. Def Con. Ord. | ... - „ ^o. Preferred - xd - 

Great Western li ... — Peniisylv.Tnia -... \ 

Hull and Barnsley | ... — Keadmg Common — ... \ 

Lancashire & Yorkshire — ... - Southern Pacific Comn \ 

London Br. and S. Coast 2 ... — Southern Common — - — 

Do. Deferred 2\ ... - „^o- /fff^'^d - ... i 

London Chat, and Dover | ... - Union Pacific .. - ... 4 

London and N. Western i ... — ,,. R" ' , ^'^'"'^'^ • — ••• — 

London and S. Western — ... I "^^^^"t,"; J ' '•■ ~ 

Do. Def. Con. Ord. \ ... - Do. Preferred 2 ... - 

London, Tilbury, etc.... — ... — Foreipi Railways. 

Metropolitan 2j ... — Antofagasta — ... — 

Metropolitan District ... | ... — Argentine Grt. W'estern i ... — 

Midland Def Ord — ... — Buenos Ayres and Pacific i ... — 

North British Pref. Ord. — ... — Buenos Ayres (it. Sthrn. i ... — 

Do. Ord — ... h Buenos Ayres & fvosario J ... — 

North Eastern Cons. ... — ... | Do. Deferred — ... — 

North Staffordshire — ... — Buenos Ayres Western 2 ... — 

South Eastern — .. — Cent. Uruguay of Mont. — ... — 

Do. Deferred J ... — Cordoba & Ros. 1st Pref. — ... — 

Taff Vale — ... — Cordoba CenttallstPref. — ... — 

, .. „ ., Costa Rica A ... — 

Imitan Railways. Cuban Central — ... — 

East Indian A ...... — ... — Interoce.inic Pref — ... - 

Gt.IndianPeninsula 'A — ... — Leopoldina — ... — 

Colonial Railways. Mexican .Southern — ... — 

Canadian Pacific 5 ... — Mexican Ordinary \ ... — 

Grand Trunk of Canada J ... — Do. lstPref,8p.c. I ... — 

Do. 4 p. c. Guaranteed — ... — Do. 2nd Pref ,6 p.c. h ... — 

Do. 1st Preference .. — ... — Nitrate Ordinary — ... — 

Do. 2nd Preference... — ... I Do. Deferred . — .. — 

Do. 3rd Preference... J ... — Ottoman(Smyrna to Aidin) — 

American Railways. San Paulo i ... — 

Atchison Common ... — ... J South Austrian — ... — 



Denver and Rio Grande 

Do. Preferred I ... — 

Erie Common 2 ... — 

Do. 1st Preference li ... — 

Do. 2nd Preference 2 ... — 

Illinois Central — xd — 

Louisville and Nashville — ... lA 

Missouri Kans. & Texas \ ... — 

New York Central — ... i 

N. Y. Ontario (St Western — ... h 



,Weekly Traffic Summary. 

The traffic receipts for the week ending July 26, 
as officially published by the fifty principal railways of 
the United Kingdom, amounted to £2,319,821, which 
was earned on 21,303} miles, being at the rate if £108 
17s. lod. per mile of line open. For the corresponding 
week in 1907 the receipts of the same lines amounted 
to £2,396,974. with 21.287 miles open, or £112 12s. od. 
per mile. There was thus a decrease of £77.153 in 



the receipts, an increase of 165 in the mileage, and a 
decrease of £3 14s. 2d. in the receipts per mile. The 
aggregate receipts for four weeks on the same fifty 
railways amounted to £8,949,215, in comparison with 
£9,202,739 in the corresponding period — a decrease of 
£253,524. 



DIVIDEND ANNOUNCEMENTS. 



[The date gi> 



1 parentheses 



> made. ] 



Isle of Wight R.«lw.4y (July 24) At the rate of 4 per 

cent, per annum on preference stock, 4 per cent, per annum 
on preferred converted ordinary stock, and 2j per cent, per 
annum on deferred converted ordinary stock. A year ago the 
dividends on the preference and preferred converted ordinary 
stocks were at the same rate, and a dividend at the rate of 
25 per cent, per annum was paid on the deferred converted 
ordinary stock. 

B.\RRY R.MLWAY (July 25). — At the rate of 65 per cent, per 
annum, with ^1,632 carried forward. For the corresponding 
half of last year the dividend was at the rate of 85 per cent, 
per annum, and ^1,080 was carried forward. 

Great Southern and Western R.ulw.av (July 25).— At the 
rate of 4j per cent, per annum, and carrying forward 
^28,408 to ne.xt half-year. .A year ago the dividend was at 
the same rate, and ^34.033 was carried over. 

London, Brighton, and South Coast R.ulw.w (July 27). 
— .A.t the rate of 25 per cent, per annum on the undivided 
ordinary stock, carrying forward about ;£i9,6oo. For the 
corresponding half of last year the dividend was at the rate 
of 2| per cent, per annum, and the balance carried forward 
was £18,150. 

Metropolitan District RAIL^VAv (July 28).— .At the rate of 
if (against i|) per cent, per annum on the Four peir Cent. 
Guaranteed S?ock. 

Great Northern R.ailw.w (July 30). — At the rate of 3 per 
cent, per annum on the ordinary capital, giving for the past 
half-year 2 per cent, to the preferred converted ordinary stock, 
and 3 per cent, to the '' B " stock, with a balance of £6,549 
carried forward. A year ago the dividend was at the same 
rate, and £61,646 was carried forward. 

B.\KER Street and W.aterloo Railway (July 30). — The 
accounts for the half-year ended June 30, after payment of 
interest and rents, provide for the full dividend of 4 per cent, 
per annum on the preference shares, and a dividend at the 
rate of | per cent, per annum on the total ordinary share 
capital of the company. The holders of ordinary shares (other 
than the Underground Company) will receive an additional 
dividend at the rate of 2\ per cent, per annum (making 3 per 
cent, per annum in all) out of the moneys payable by the 
Underground Electric Railways Company of London, under 
guarantee agreement 

Gre.\t Northern, Piccadilly, .and Brompton Railway 
(July 30). — The accounts for the half-year ended June 30, 
after payment of interest and rents, provide for the full divi- 
dend at the rate of 4 per cent, per annum on 35,704 shares, 
being the ordinary shares which are converted into preference 
shares as from July i, 1908, and also a dividend of 5 per cent, 
per annum on the total ordinary share capital of the company, 
carrving forward £4.886 to next half-year. 

Charing Cross, Euston, and Hampstead Railway (July 
30"!. — The accounts for the half-year ended June 30 show net 
revenue sufficient to pay the interest on the total authorised 
debenture capital of the company, carrying forward £832 to 
next half-year. 

Taff V.4LF. Railway (July 31).— .\t the rate of 4 per cent, 
per annum (equivalent to 10 per cent, on the old stock), 
carrying forward £27,068, after placing £5.000 to reserve. 
For the corresponding half of last year the dividend was at 
the same rate, £21,621 was carried forward, and £5,000 
placed to reserve. 

Midland Railw.W (July 31).— .At the rate of 2\ per cent, 
per annum on the Preferred Converted Ordinar)- Stock, and 
at the rate of li per cent. p«r annum on the Deferred Con- 
verted Ordinary Stock (equal to 4 per cent, per annum on 
the former Undivided Ordinarv- Stock), the balance carried 
forward being £26,448. .\ year ago the dividend was at 'he 
rate of 5 per cent, ner annum, with a balance of £29.405. 

North Eastern Railway (July 31).— At the rate of 4A per 
cent, per annum, with a balance of £77,000, as against 55 
per cent, for the corresponding period, with a balance of 
£101,000. 



Au(;usT I, 1908.] 



THE RAILWAY TIMES. 



THE NEW TWIN-SCREW STEAMER " RATHMORE " 

FOR TH1-; LuN'DOX AM) XdRlll \\i:sii;R\ Ski^\i(i: 
BETWEEN' Hol.VIIEAD AND (".REENOKK. 

Sixty \'ears a,L;o to-day (AuLj-ust i, 1848) the tirst of 
the London and North Western steanisliip services was 
inaugurated. That was tlie Holyhead-Kingstown 
route, as described in Tiik Kaieway Times of Marcii 
28 last, when the history of the North Western Com- 
pany in connection with the Irish traiVic was reviewed 
at some length. A quarter of a century later — to be 
precise, on September i. 1873 — the company opened 
the Holyhead-(ireenore route in order to establi^li 
better communication with Belfast and the North of 
Ireland. The service was so nuich appreciated that in 
1895 the company placed three fine new twin-screw 
steamers on the route — the well-known " Rosstrevor." 
" Connemara." and " Claltee More." which were a 



bar at the entrance to Carlingford I-ough. Tlie new 
vessel is certified to carry 1.366 passengers. Her pro- 
pelling machinery consists of two sets of four-crank 
triple-expansion engines; steam being generated at a 
working pressure of 180 lbs. in two single-ended and 
two double-ended cylindrical boilers. 

The " Kathmore " is not only larger tiian her pre- 
decessors, both as regards length and breadth, but many 
new features have been introduced as the result of the 
experience gained in the older vessels. The company are 
at all times most anxious to respond to anv known re- 
quirement of the travelling public, and having noticed 
that tliere has been for some time an increasing demand 
for private cabins on this route, they have in the "Uath- 
morc " met this to the utmost possibilities of the space 
at their disposal by providing about 50 state rooms, 
with accommodation for. say. 100 first-class passengers. 
Another new feature is the provision of a verv hand- 




London and North Western Railway Company's new Twin-Screw Steamer " Ratlir 



great advance upon the type of vessel previously em- 
ployed. In order to cope with the growing traffic on 
this favourite route, the North Western Company de- 
cided soiTie time ago to build a still larger and faster 
steamer, having passenger accommodation on the same 
luxurious scale as their famous express steamers 
between Holyhead and Dubliii. The contract was given 
to Messrs. \'ickers. Sons, and Maxim, of Barrbw-in- 
.I^ttrness, who have worthily maintained their reputation 
in the design and construction of the "Rathmore." 

The new steamer has been named after the Right 
Hon. Lord Rathmore, who has for so many years lieen 
a director of the London and North Western Railway. 
The vessel completed her trials a fortnight' ago. when 
on the distance between the .Skerries and Great Orme's 
Head she attained a speed of 21 knots an hour. The 
"Rathmore" has a gross toimage of T.595 tons: her 
length over all is 310 ft., breadth. 40 ft., and depth. 
15 ft. 6 in. The draught of the Holyhead-Creenore 
Steamers is relativelv shallow in order to negotiafe the 



some and spacious ladies' deck lounge, sitaated on the 
bridge deck. This lounge is upholstered in peacock 
blue frieze velvet, with the panelling in white enamel, 
and is fitted with a fine stained glass dome, which 
gives it an air of lightness and forms the main decorative 
feature of the room. 

Throughout the trials of the vessel it has been par- 
ticularly noticeable that even when running at full 
power the " Rathmore " is exceptionallv free from 
vibration. The vessel has been built throughout to 
Lloyd's requirements, and is fitted with engines balanced 
on the Yarrow, .Schlick. and Tweedy system, and there 
can be little doubt that the absence of vibration is in 
a large measure due to tHese two facts. 

Another feature which at once strikes even a casual 
traveller is the very handsome and airy smoking-room 
placed on the bridge deck. Panelled in Austrian oak, 
upholstered in green morocco leather, and having a 
high dome skylight with stained glass, the smoking- 
room provides most comfortable seats for, say, 36 



THE RAILWAY TIMES. 



[August i, k 



passengers. Ventilation is obtained through Utley's 
rectangular ports in the sides of the room, and an 
electrically-driven exhaust fan placed in the dome. The 
state rooms are placed on all three decks — bridge, 
main, and lower. They are replete with everything 
necessary to make them comfortable, and the w oodwork 



smoking room for third-class passengers is one of these 
features. This is situated on the poop deck, and is 
panelled in polished mahogany and upholstered in cane 
seating, the floor, like that of the first-class smoking 
room. Iieing laid in rubber tiling, which is, of course, 
much warmer and more comfortable than the old- 




First Class Smoking Saloon. 

being enamelled white gives them an amount of light 
otherwise not obtainable. 

The dining saloon on the main deck is upholstered in 
olive green frieze velvet, the panelling being of Austrian 
oak. It is fitted up with every convenience and com- 
fort, and provides accommodation for 50 passengers. 
The ladies' saloon is on the main deck, and is uphol- 
stered in crimson moqnette velvet. The sides of the 
cabin are enamelled in white and relieved in old L^old, 



Ladies' Lounge. 

fashioned encaustic tiling. On the main deck is the 
usual deck cabin, with a dining saloon upholstered in 
marone-coloured rep. There is also a sep.'irate ladies' 
room (third class) upholstered in the same material, and 
the sleeping accommodation is on the lower deck. This 
again marks an advance on previous vessels, as, instead 
of large open cabins, most of the accommodation is 
divided up into four and two berth rooms, which gives 
greater [irivacy and more comfort in every way. 




Third Class Smoking Saloon 



the curtains being cream colour. The whole effect of 
this room can only be described as delightfully fresh 
and comfortable looking. 

The accommodation for third-class passengers is pro- 
vided at the after end of the ship, and here again there 
are very important improvements over anything pre- 
viously attempted in the cross-channel service. A 



Third Class Saloon. 



The prevailing colour for all the cabins, passages, 
lavatories, etc., throughout the ship is white, the great 
object in view 1 eing to lighten up all parts of the vessel 
as much as possible. The lavatories, etc., embody the 
very latest sanitary and other improvements, and have 
been specially designed and fitted by one of the leading 
firms in the country for work of this description. The 



August i, 1908.] 



THE RAILWAY TIMES. 



1 1 1 



\entilation of tlie passenger spaces received care- 
ful consideration, and the result is satisfactory in 
every way. The foul air is extracted by electrically- 
driven fans of large dimensions, and an anijile supplv 
of fresh air is also obtained from fans in addition to the 
ordinary natural ventilation. 

Electricity is largely used throughout the ship fm- 
various purposes — primarily, of course, for lighting tlie 
whole of the vesel, passenger accommodation, engmes, 
and boiler rooms, ami also the cargo spaces. It is also 
used, as stated before, for the ventilating svstem, and 
in the dining saloon and ladies' cabin there are electric 
heaters, while the galley is furnished with electric grills. 

The vessel is provided with six boats and a large 
number of buoyant deck seats which more than meet the 
Board of Trade requirements for life-saving appliances. 

In this vessel special attention has been paid to the 
accommodation for the carriage of race horses and 
hunters. A series of stalls specially padded and fitted 
with everything necessary for the care of horses on the 
sea passage has been so placed as to protect the horses 
from draughts whilst at the same time ensuring them a 
supply of pure air. The stalls not only fulfil the require- 



BRITISH AND IRISH RAILWAY DIVIDENDS. 




Promenade Deck — SS, " Rathmore," 

ments of the Board of Agriculture, hut in manv wavs 
greatly exceed them. 

As already mentioned the vessel is built to the re- 
quirements of Lloyd's Register of Shipping, and it 
reflects considerable credit on the builders that, 
although to do this has imposed on them much more 
onerous conditions as regards scantling and weight, 
they have been able to exceed the speed contracted fc.r. 

( )n July 24, Lord Stalbridge, accompanied by some 
of the principal officers of the London and sKorth 
Western Railway Company took a short trip in the 
" Rathmore " for the purpose of testing her capabilities 
before she commenced the regular passenger service. 
Holyhead was left in fine weather in the morning, and 
( ireenore was reached in excellent time, and here 
luncheon was served at the Station Hotel, Lord Stal- 
bridge presiding. On the return run the boat had to 
contend with a stiff south-westerly gale, but she behaved 
admirably, and generally showed that she is exception- 
ally free from vibration. Heavy seas were encountered, 
but the boat shipped no bulk of water, and upon her 
arrival at Holyhead general satisfaction was expressed 
in regard to the run. 



The following table shows the dividends on the ordinary 
stock (unless otherwise stated) announced sofarbyihe leadino 
English and Irish companies for the half-year ending June 30. 
In the case of the Scottish companies the dividends are for the 
half-year ended July 31. For purposes of comparison the 
dividends for the corresponding half of the previous year arc 
appended : — 







June 


n 


alf, 


907 








June 


Half, I 


908. 






Name of 


D 


- 




■~ ^ 


f) 


■^ 




?i 


- 


Jj _; 


V 


^ 




Company. 


1 




rt 


'J == 
. c 


« 


u 





rt 


— 


2i 0. = 




2 


; 



liala and Festiniog.. .^473 ... 

IJarry 2,So4 .. 

Belfast & Cu. Down 5,857 .. 

Brec. & Mettliyr 357 ... 

Caledonian (def.).... 20,507 ... 

Camh. (D dcli. .slk.) 12,329 ... 

Cardiff. 43.379 ••• 

Central London I4/)o8 ... 

City and ,S. London 2,521 ... 

CorkBandon &S.C., 2,943 .. 

Dublin &.S.E 1,072 ... 

Furness 4i7l5 •■ 

Clas. & S VV. (def.'. 6,998 ... 

Creal Central 7.500 ... 

Creat Kastern 88,260 ... 

Cre.it Norlhem 52,649 ... 

C.N. (Ireland; 51,200 ... 

G.N. of .Scot def.... 5,962 ... 

Gt. S. & Western.... 67,470... 

Great Western 85,799 ... 

Highland 10,167 ... 

Hull and Barnsley...' 7,487 ... 

Isle of Wight def.... 1,849 •■• 

Lanes, and Vorks.... 32,300 ... 

Liverpool Overhead 4,246 ... 

Lond. B. & S. Coast 30,040 ... 

L. C. & D. (istpref.) 27,226 ... 

Lond. and N. West. I 20,000 ... 

Lond. and .S. West. 31,967 ... 

Lond. Tilbury & S. 4,371 ... 

Mai yport and Carl.. 1.582 ... 

Metropolitan 5,822... 

Met. Dist. igaar.)... Dr. ^y,S6o 

Midland (deferred)..' 81,624 ... 

Mid. Great Western 17,344 ... 

North British def. ... 10,589 ... 

North Eastern [ 82,800 ... 

North London 5,276 ... 

North Staffordshire..! 10,465 ... 

Port Talbot 955 ... 

Rliymney 5,225 ... 

.South Eastern 4,458 ... 

TaffVale 17, 219 ■••' 

Vale of Glamorgan..' 589 •■• 



.At the 



= of < 



. per : 



J J • 


• £24$ 


/260 .. 


— 


— 


Si . 


. i,oSo 


Z'^^iS .. 


64 


1,631 


6 . 


. 2,600 


5,716 .. 


6 


.. 2,600 


rr . 


. 1,085 


473 ■• 


— 


— 


i ■ 


• 15,800 


7.509 •■ 


— 


— 


4 • 


302 


3,657 •■ 


— 


— 


3 ■ 


■ '■56.713 


43,007 .. 


— 


— 


3 ■ 


■ 25,890 


10,218 .. 


3 


.. 29,125 


2h . 


. .•■,857 


1, 1 19 .. 


i4 


.. fi,863 


2i .. 


. /1, 786 


3,222 ... 


2J 


.. /i,869 


i- . 


. 2. 70S 


11,044 ■■• 


k 


.. 3,827 


3 • 


. 7,068 


10,332 ... 


- 


— 


i.i .. 


■ 7.537 


6,842 ... 


— 


— 


A . 


4.700 


8,121 ... 


W 


1,400 


1,5 .. 


• 25,524 


89,795 ■•• 


1 


.. 18.500 


3 ■■ 


61,646 


54,511 ... 


3 


.. 6.549 


H ■■ 


. 39,000 


51,184 ... 


5J 


30,000 


I 


2,222 


2,310 ... 


— 


— 


4i ■• 


34,033 


65,940 ... 


4-1 


.. 28,408 


3i ■• 


So, 000 


103,020 ... 


— 


— 


'h ■• 


7.684 


11,124 ... 


— 


— 


2 


24,692 


12,623 ... 


— 


— 


2i .. 


224 


1,948 ■■ 


24 


— 


4 .. 


21,600 


32,546 ■... 


3 


. 22,100 


1- .. 


• 4,452 


4,179 ■■■ 


<- 


.. 4-207 


2i .. 


18,150 


28,705 ... 


2j 


.. 19.000 


2^ . 


4,326 


10,072 ... 


I 


996 


Si -. 


/1 33,000 


125,294 ... 


- 


— 


4 •■ 


24,972 


32,615 ... 


3i 


.. 28,261 


34 


4,lo5 


4.444 ■•• 


3 


•■ 4,392 


74 .. 


2,390 


1,260 ... 


— 


— 


1 


3,294 


5,516 ... 


1 


• ■ 3.600 


nn 


r.3S,ig2 


Dr. 4S'3-^'? 


■i 


— 


2A .. 


29,405 


105,000 ... 


•i 


.. 26,448 


3 •• 


5,900 


19,106 ... 


3 


.. 2,700 


I 


15,000 


11,190 ... 


— 


— 


54 ■■ 


101,000 


121,638 ... 


4i 


.. 77,000 


44 .. 


/;6,|.48 


7,778 ... 


— 


— 


4 ■ 


10,555 


11,362 ... 


- 


- 


2i .. 


2,608 


858 ... 


— 


— 


7 ■• 


6, 60S 


6,029 ... 


7 


■■ 4,449 


I 


7,000 


8,489 ... 


«//. 


.. 10,706 


r'4 .. 


^21,621 


22,262 ... 


,/4 ■ 


. i'2 7,068 


4r8- 


544 


506 ... 


4ife 


447 


mont 


e first pi-ef 


Tence stock. 


6 Dii 


iJendspaid 



1 all preference stocks down to 1881, and at 
iSg stock, c -At the rate of 5 per cent, per : 



; of 2 per 



, per 



per 



fund. / .\fter writioK Z88t off locomot 
reserve, h .After placing ;^io,coo to 
tingen :y account, j j^yo.ooo added to 
sohdated preference stock. ; After a 
Dividends paid on preference stock dovv 



the preference shares, d Kq 
_ . _ .After placing £1,500 to 

ive renewals .account, g After pl.icing i; 
reserve, i Aha transferring .£5,000 
the reserve fund. k Full dividend on t 
ippropriating .£900 fur locomotive renew 



I 



THE RAILWAY TIMES. 



[August r, 1908. 



MEETINGS & REPORTS. 



Aug. 4 ( Tuts. ) ■ 
Aug 5-(«W.)- 
Aug. 5 {n'ed.). 
Aug. 5 {Wcd.y 

Aug. 5 {Wed.y 

Aug. 5 (IVe.l.y 

Aug. 5 (AF^a'.)- 

Aug. 5 {Wed.y 

Aug. 6 [T/iiirs.)- 

Aug. 6 (7-A»r..) 

Aug. 6 (JAwri.) 

Aug. 6 ( 7"A«»vr. ) 

Aug. 7 (^"'O- 
Aug. 7 (fri.)- 

Aug. 7 (i^'!- ) 
.\ug. 7 [Fri.)- 

Aug._7 (/->/•)- 

Aug. 7 (^"r/.)- 

Aug. 8 (Sat.)- 

.\ug. II (rHt'.t.)- 



FORTHCOMING MEETINGS. 

-London, Chatham and Dover Railway (Half-yearly), 
Cannon Street Hotel, E.C., at 2. 

Forth Bridge Railway (Half-yearly), i6, Great 
George Street, Westminster, at 12.15. 

• Great Northern and City Railway (Half-yearly). 
River Plate House. E.C., at 12. 

-Lancashire and Yorkshire Railway (Half-yearly), 
Hunt's Bank. Manchester, at 12. 
Followed bv a Special Meeting. 

-London, Brighton and South Coast Railway (Half- 
yearly), London Bridge Terminus, E.G., 
at 12. 

-Great Northern and City Railway (Half-yearly), 
River Plate House, E.G.. at 12. 

-East and West Yorkshire Union Railway (Half- 
yearly^, Leeds, at 1.30. 

-Somerset and Dorset Railway (Half-yeaily). 
Waterloo Station. S.E., at 10.30. 

- Central London Railway (Half-yearly), Holborn 
Restaurant. W.C.. at 12.30. 

^London and Southwestern Railway (Half-yearly), 
Waterloo Station, S.E.. at 12. 

-Midland Great Western Railway of Ireland (Half- 
yearly), Broadstone Terminus. Dublin, 
at I. 

-Belfast and County Down Railway (Half-yearly), 
Belfast, at 1 1.30. 

-Barry Railway (Half-yearly). Barry Docks, at 2.30. 

-Dominion Atlantic Railway (Special), Threadneedle 
House, E.G., at 12. 

-Rhymney Railway (Half-yearly), Cardiff, at 12. 

Vale of Glamorgan Railway (Half-yearly), Barry 
Docks, at 3. 

Cavan and Leitrim Railway (Half-yearly), Dublin, 



Great Central Railway (Half-yearly), London Road 

Station. Manchester, at 12. 
Rhondda and Swansea Bay Railway (Half-yearly). 

Swansea, at 12.30. 
-Great Northern Railway (Half-yearly), King's 
Cross Station, at 12. Followed by a 
Special Meeting. 
Aug. II (7««.)— Taff Vale Railway (Half-yearly). Royal Hotel, 

College Green, Bristol, at 2. 
Au". 12 (JfW.) — Great Southern and Western Railway (Ireland) 
° (Half-yearly), Kingsbridge Terminus, 

Dublin, at 2. 
-North London Railway (Half-yearly), Euston Sta- 
tion. X.W.. at I. 
North Staffordshire Railway (Half-yearly), Cannon 

Street Hotel, EC, at 2. 
North Eastern Railway (Half-yearly), York, at 12. 

Followed by a Special Meeting. 
London and North Western Railway (Half-yearly), 
Euston Station, at 12. 
—Neath and Brecon Railway (Half-yearly), Charing 

Cross Hotel, W.C., at 12. 
— Furness Railway (Half-yearly), Barrow-in-Furness. 



Aug. 13 (Thiirs 
Aug. 14 (f>i- 
Aug. 14 (F'i-] 
Aug. 14 (Fri. 
Aug. 14 {Fii.) 
Aug. IS ( Tiies.) 



Reports, Traffic Returns, Prospectuses, and all other items of fi> 

intelligenct should he sent as early as possible to the Editor of The 
Railway Ti.mes, 12, Norfolk Street, London, IV.C. (Telephone 
2Q4S GerrarJ.^ 



East aad West Yorkshire Union Railways — The trross revenue 
receipts for the half-year ended June 30 amounted to /ii,5i2, 
compared with /i 1.657 for the corresponding period of last 
'year, and the working expenses were ^^5.581, compared with 
/6,48o. .-Xfter payment of the fixed charges the balance of 
net revenue is ^5.079, against ^3,565. The total weight of 
goods and mineral traffic passing ov;er the r.i'ihvay was 
449,389 tons, compared with 479,915 tons. A dividend at the 
rate of 4 per cent, per annum on the preference stock is 
proposed, carrying forward /2.459. For the corresponding 
halves of 1907' and 1906 the dividends were similar to that 
now announced, and sums of ;i£945 and .£1,140 were carried 
forward on the respective occasions, 



GREAT EASTERN RAILWAY. 

The 92nd half-yearly general meeting of the proprietors was 
held yesterday, July 31, in the Hamilton Hall of the Great 
Easitem Hotel, Bishopsgate Street, E.C., LORD Claud J. 
H.^MII.TON (chairman of the Company) presiding. 

The Secretary (Mr. W. H. Peppercomie) having read tne 
notice convening the meeting. 

The Chairman said : Ladies and gentlemen, we have just 
emerged from a verj- unsatisfactory half-year, and the one 
bright spot about it, if it can be called so, is the fact that our 
dividend only dropped \ per cent, imsteaid of i per cent., as 
was generally anticipated. I confess I \vas agreeably sur- 
prised, in common with the rest of my colleagues, as \ve had 
not expected that our accouats when submitted to us, wxwld 
have shown such good results. I may as well explain at once 
how it came to be achieved, ^^'e were faced with a decrease 
in our estimated gross receipts of ^71,000. and we knew that 
our coal bill would show an increase, including steamboat 
consumption, of about _£47,ooo, together amounting to 
;£ii8,ooo. So our outlook was very bad, but forttma/tely the 
audit clerk had over-estimated our decrease in gross traffics 
by about ^18,000: and there was an e.xtra working day, as 
compare.d vWth the June half of 1907, representing ^15,600, 
these two sums amounting to about ;£34,ooo, and owing to a 
decrease of /15.500 in compensation, rates and taxes, and legal 
charges, and the most strenuous efforts on the part of our 
chief officers, the increase in working expenses was reduced to 
the small figure oif ;£io,5oo. (.'Vpplause.) Therefore, by 
carrj'ing forward ^7,000 less than in 1907, we were able to 
declare a dividend at the rate of i per cent. (Hear, hear.) 
Of course, we had the alternative of carr\'ing forward a larger 
sum and declaring a \ per cent, dividend, biit we felt that as 
the dividend of i per cent, had been earned, and we were 
entering upon the second half of the year — which is our pro- 
fitable one — the shareholders were entitled to it. The cltief 
officers to whom I have alluded are all equally entitled to our 
thanks for the economies effected — (hear, hear) — but, of course, 
they are more apparent in the two greait spending departments, 
namely, those of the locomo'tive and cif the way and works. 
In the former a considerable number of shop hands have had 
to be dispensed with, and short time established, besides minor 
economies to secure this end. \\"hilst in the way and w^orks the 
engineer, by doing less work on the stations and on fencing, 
by re-railing in some cases instead of re-laying, and by making 
use of a reserve of /6,ooo for repairs, placed at his dis- 
posal by the directors a year or two ago, has been able to 
economise to the extent of nearly /20,ooo. (.Applause.) He 
has. however, assured me and the Board that the road is at 
the present time in a bet^ter condition than in any previous 
period. (Loud applause.) Th.at is a matter on which I felt 
you would desire to be informed. Now. if you v\-ill be good 
enough to turn to page 13, revenue account. No. 9, I will deal 
with the traffic receipts. The first-class passengers show a 
decrease oif 69.93S, and ;£3,45i in money; the second-class a 
decrease of 218,562 passengers, and ^4.400 in money; whilst 
the third-cla&s show a decrease o>f 3,452,016 passengers, repre- 
enting a decrease of ;£24,8Si. The total falling-off for pas- 
senger receipts is, in numbers, 3,740,516. and in cash /42,732. 
Now, of that ^42,000 decrease, f.T.(i.ooo may be accounted for 
by the loss in receipts on our suburban system, the balance 
being on the main line. AVe have found, what I have men- 
tioned to vou before, that the competition oH electric trams, 
of electric motor "buses, and all other agencies for travel- 
ling still co-mpete with us very strongly, and I am afraid 
that form of competition is still on the increase ; whilst, in 
the main line district the continued increased use of motor 
cars, especially going from east to west across our district, 
is seriously affecting our first-class traffic receipts. Of 
course, if people prefer to travel by motor cars, electric trams 
and motor omnibuses to our line, we have no means of 
co^mpelling them to do otherwise ; we can only regret this fall- 
ing off has taken place, and we must do all that remains in 
our power to meet successfully tlids form of competit'on. 
Season tickets show an increase of /i,286. and parcels, 
horses, carriages, etc.. the satisfacto-r)' increase of /6, 124. 
Merchandise shows a decrease of /11.912, and that is en- 
tirely due to loss on the suburban districts, aris'ng mainly from 
the stopiiage in building ooeratioms, and the less material re- 
quired by contractors and local authorities for laving out 
roads in vew of building. Live stock shows an incre? e of 
/4,6s4, \vhich is satisfactory as coming after a decrease fnder 
that head in the last two or three years. Minerals show an 
increase of /t;.30i, which, coming on top of an incren^ of 
^21,000 in the corresponding period of 1907, is quite 



Au 



(iUST 1, I 



908.] 



THE RAILWAY IIMKS. 



satisfaciory. (Applause.) Lowotoft Harbour <luo>, in <_un-<- 
queiK'e 'of our incrcaswd harbmir arcomm'odiiltion, arc uji 
/i.oii: lio'tcl-, refreshment rooms, etc., arc down ^94.:. 
Thk Conti.nk.nt.-vl Tu.Miir. 
Xuw, 1 do not think it is necessary lor me to go across 10 
the other side of the page, because i have mentioned to you 
already the chief items in respect of the cxjienditure during 
the past half, and I will now turn specially to the Conti- 
nental department. The Continental department shows an in- 
crease in retoipts o.f ^371), and in «»Tkinig expenses of 
/g.jSS. Of that (<ki1s account for ^4,450, and extra insur- 
ance ^j.jOo. We felt, wlien we received the turbine boat 
" Copenhagen,'' that it would be prudenii to increase our in- 
surance with outside offices until our own insurance fund 
reached at least the figure of j{] 150,000. That vessel has 
proved most satisfactory, and reflects credit on the builders, 
Messrs. John Brown and Co., of Clydebank. We have con- 
sequently otrdered another turbine boat, a replica of the 
"Copenhagen,"' from the same firm, and she will be delivered 
by the end of the year. We have found the "Copenhagen'' 
a great improvement upon former vessels in one important 
respect. She almo-st always arrives at her destination punctu- 
ally, and thus en;t!bles the passengers to catch the various 
through connections. "V'ou will be glrad to hear that the fall- 
ing off in passengers by the Hook, which followed u])oh the 
loss of the " Berlin,'' is beginning to be arrested, and confi- 
dence restored. (.A.pplause.) The Dutch Government have, 
moreover, in oonsequcnce of the increasing importance of 
Rotterdam as a great sea port— in fact, the third in rank in 
Europe — undertaken to deepen and widen the waterway 
leading to the Hook and to Rotterdam, and the necessary 
work will l>e immediiately undertaken. It will interest you 
to know that wireless telegraphy has been installed upon two 
of our Hook boats, and others will be fitted shortly. The 
public are making g-ood use of the facilities afforded. A trial 
of submarine signalling will also be made, and if successful, 
it will be installed upon our Hook boats, .-^.s regards Parke- 
ston yuav, the complete extension has not yet been finished, 
owing to a slight landslip during the wet season, but a con- 
siderable portion of the new quay is in use, and we have 
handled there an increase of 12,926 tons over the half of 
1907, the highest tonnage canied over the quay during any 
similar peric>d. Owing 'to the increased accommodation we 
can offer, there are now four passenger steamers sailing to 
Denmark both ways weeklv. instead of three as formerly. 
This is, perhaps, a convenicmt moment for referring to our new 
director. When we lost the late Sir Henry Tyler we con- 
sidered it desirable to strengthen the bo^ard, it possible, by 
the selection of a gentleman possessing technical knowledge 
either of railway engineering, or of shinning administration, 
and we were fortunate in learning that Mr. Frederick Green, 
chairman of the Orient Line, and a resident of our district, 
was willing to join us. I trust this election, and the assist- 
ance we shall derive in our Continental business from his vast 
experience of shipping affairs, may prove a' material benefit 
to the company- (.A.pplause.) 

CoN"CiLi.«'ioN Boards 
You will, perhaps, expect me to say a few words on the 
progress of the arrangement come to with the Board of Trade 
as to conciliation boards, but they shall be few. In ac- 
cordance with the scheme, conciliation boards have been 
formed, but as it is stipulated that they cannot meet m 
.August and September, the questions raised by both sides 
will be submitted to them in October. It will, I am sure, 
he agreeable to vou to know that we have received from many 
of our servants 'scattered all over our system, representations 
that they do not recognise the .Amalgamated Society of Raal- 
way Servants as their mouthpiece— (loud applause)— and dis- 
claiming any desire to place the company in a position of 
financial embarrassment. (Renewed applause.) t should 
like to avail mvself of this opportunity in your presence, 
and with vour concurrence, to thank those men for their in- 
dependent' conduct and for their loyalty to their employers. 
(Loud applause.) The shareholders are aware thait there is 
no line which carries workmen at cheaper fares, and has 
generally done so much for workmen as the Great Eastern 
Co The Enfield and Walthamstow lines are practically 
given up to the working classes, but hitherto we have not 
issued workmen's tickets on our Loughton branch, and have 
only issued half-fare tickets available up to S a.m. arrival on 
the Ilford line. The L.C.C. have been pressing us for a long 
time to introduce cheaper workmen's tickets on these two 
lines, and now they have passed a resolution that they will 



apply to the Board of Trade in ( omiiel us to do >o. 1 trust 
we shall have the support, nrtt onlj of the sliaroholders. but 
of the authorities and inhabi>tants of the districts in. opp(^sing 
this measure, f<ir it is quite unnecossaiy, and is certain to in- 
tlici injury upon all classes of jjropcrty, Ix'sides causing great 
pecuniary loss to the comjiany. (.Applause.) There are at 
the present time, about 4,000 empty workmen's Ivotiseis in tne 
distvicts of Walthamstow, Tottenham and Edmcmton, avail- 
able for use on that portion of our system where workmen'^ 
tickets are in force, and it seems most unreasimable and un- 
just to other localities, under th';se cirrumstanres, to fiucc 
workmen's tickets tipon them. 

The Proi'oskd .\i,i.i \.\( k. 
The one e\ent in the past half-year which no doubt mainly 
interested you, .iiul whuh will have a very important bearing 
upon your jjrospccts m the future, was the official announce- 
ment that this company had decided upon an alliance with 
the Great Northern and (ireat Central Companies with a view 
to closer working in a spirit of harmony, and the avoidance of 
that class of competition which, whilst i)roving of no real 
benefit to the public, injuriously affected the net re<eipts of all 
three companies. (Hear, hear.) 1 have long hoped for some 
such an arrangement, and the experience of the past two or 
three years has conclusively jiroved that without it the financial 
position of the three companies in question could hardly be 
expected to improve, but on the contrary might deteriorate. 
.\ll three companies are in varying degrees suffering from_ ;i 
diminution of traffic, increases in cost of materials, and there 
has been a steady rise in wages. We, and no doubt the other 
two companies, 'have all practised the strictest economy and 
concentrated the attention of our respective boards and officers 
upon the all-important question of more economical working 
on every part of our systems, subject to the maintenance of 
efficiency and the safety of the travelling iiublic. But, in spile 
of our eft'orts, the diftic'ulties we have had to face have been so 
strong, that we were called ^irpon to consider some otlier mode 
of attaining our end. I believe the one resolved on will com- 
mend itself to the shareholders of the three respective com- 
panies— (cheers)— for when it is carried through it cannot fail 
to prove of material advantage to them. What we shall ask 
Parliament to sanction is. a closer community of interests 
between the three companies in the form of closer working on 
the lines of the agreement between the Great Northern and 
Great Central companies, the discontinuance of that competi- 
tion which, whilst in fact profitable to none, has been a loss 
to all and a gradual rearrangement as opportunities occur 
of our passenger services, and goods arrangements. At the 
same time we shall offer to the public increased convenience 
and greater facilities for rajiid and more direct through transit 
over the joint system than can ever be obtained over the three 
systems under present conditions. (Hear, hear.) The public 
o'n all three systems will profit by this alliance, and the facili- 
ties which will be offered to the inhabitants of the great 
manufacturing centres served by the Great Northern, and 
Great Central systems to obtain access to the seaside resorts 
of Norfolk and Suffolk, should secure their warm adhesion to 
the proposal- As regards the traders upon the three systems 
they have nothing to fear but much to gam, ^^I«;^';'l'y t';°^.^ 
resident in East Anglia. as the facilities afforded by t h. 
alliance will form the basis of new and expanding industrial 
We in our Enstern Counties. I vvill now call your atten ion 
to another very important point. The consumption of fish as 
an article of food has greatly increased in recent years, and 1 
only requires a more extensive and prompt delivery "» t-'j-" 
fish' to ensure the further increase in that consumption, to c 
ereat benefit of all classes of the community. I will leave the 
chairmen of the Great Northern and Great Central companies 
to deal with this important matter as affecting their respective 
systems and the public they serve, but I may inform you tha 
the arraniremcnt contemjilated will enable us to make use ot 
Z new and well-equip,ied fish depot which the Great Northern 
Company possess at Mint Street, the nearest railway depot to 
Billing'sgate Market. 

You will recollect how some years ago we fordcl our way 
to the Derbyshire coalfields by virtue of our running powers 
over the Lancashire, Derbyshire and East Coast RaihN.y, 
which powers we still possess over the Great Central, who 
have absorbed the aljove mentioned undertaking, but ue nave 
not as regards our own system, any actual connection with a 
single colliery. Under this alliance the public •>-' t"^^--/" 
the Great Eastern system would secure the ""P^"-''-^"' ^'';„^" ^j^^' 
of being directly linked up under the fr"\V^^''''ZZfJ\t 
the extensive range of collieries tapped by the systems of tUQ 



114 



THE RAILWAY TIMES. 



[August i, 190^. 



Great Xorthern and Great Central companies. (Cheers.) All 
our traders, moreover, \vhen desirous of obtaining a rate to any 
portion of the Great Northern or Great Central systems, in- 
stead of, as at present, having to settle with two or three 
companies, will have the great advantage of having to deal 
soley with one management. (Hear, hear.) It must be clearly 
nnderstood that it is not our desire or intention to attack or 
make inroads upon other railway companies. That is the very 
last thing wc contemplate. Of course, in a scheme of this 
magnitude, dealing with many questions of a complex nature, 
all will not be plain sailing. Many difficulties may from time 
to time arise, but I hope our combined efforts will be able to 
overcome them. There may also be opposition from various 
quarters, which will have to be dealt with. I can only express 
a hope that it will be neither unreasonable nor vindictive, 
and that we shall be able to prove that it is based on assump- 
tions which are incapable of proof. There is no doubt that 
the net earnings of the railways of the Kingdom have been 
showing a steady decline, and there are clear indications that 
unless some move is made, the decline is likelv to continue 
and become more and more accentuated. AVith a falling 
revenue, capital expenditure, however necessary, must be 
curtailed unless some means can be found to put our under- 
takings upon a better paying basis. The arrangement between 
ourselves, the Great Northern, and Great Central will, we 
believe, go some way to achieve this object, and therefore 
the Board submit it to you with every confidence and recom- 
mend your ajjproval of it. There is one other, and a not un- 
important point to which I should allude, and that is the future 
of the officexs and the staffs on our respective svstems should 
this alliance be confirmed. Of course. I am only concerned 
with those of the Great Eastern Railway who, as you are well 
aware, serve you faithfully and deserve your consideration. 
(Cheers.) In my opinion, if our company as a whole is to 
derive benefit from this alliance none of those who have loyally 
worked for the company in its individual capacity should be 
penalised under the new system — (hear, hear) — and' I trust that 
I have your concurrence when I say that my board feel that 
those from whom we may have to part should receive generous 
treatment. (Cheers.) As regards the current half, it is im- 
possible to foretell what may take place as we are, both as 
regards our harvest and seaside resorts, so dependent upon 
the weather. You may like to know that the hay harvest has 
been excellent, but the wheat, barley, and oat crops are not up 
to the mark. They looked exceedingly well early in June, 
but a long drought came, followed by continuous rain and 
wind, and the effect upon these crops was very unfortunate. 
On the other hand, the root crops promise exceedingly well, 
and so does the cattle traffic. It is satisfactory to know[ so far 
as we can learn, that the farmers in our district have more 
money in hand and are better off than has been the case for 
some tirne past, (.Applause.) I fear you must expect a 
decrease in our coal receipts as they compare with very heavy 
deliveries last year in anticipation of a possible railway strike. 
I am glad to inform you, on the other hand, that we completed 
our coal contracts last month for a period of g months, and 
they show a very satisfactory reduction in price. (.'Applause.) 
The reduction also in the price of materials in the locomotive 
and other shops will now begin to tell in our favour. Our 
prospects, therefore, are not so bad, and all we can do is to 
work hard, to make the best use of the resources at our com- 
mand in the hope that when the year closes we shall be able 
to submit to you a satisfactory record of our working. iLoud 
applause.) I now beg to move : — 

" That the Directors' report, together with the statement of accounts now submitted 
be received and adopted." 

Mr. John Foster (deputy chairman) seconded the motion. 

Mr. Cl.ark (.Stoke Newington) said in the report and also 
in the chairman's speech, reference was made to the competi- 
tion from electric trams and motor 'buses. .A.s he lived on the 
system at Stoke Newington, he was in a position to know the 
actual state of affairs. He might say that the Great Eastern 
Company was thoroughly beaten in liis district by the electric 
trams, and he might add the directors had taken 'their beating 
lying down. They had not reduced their fares or done any- 
Uhing to retain their traffic. He proceeded to contrast the fares 
charged by the company and those charged bv the street con- 
veyances, showing that by travelling by'thc motor 'buses and 
trams the passengers could reach the Citv at a greatlv reduced 
fare. He also stated that from Hackn'ev Downs the North 
London railway charged only 4d, to Liverpool Street and 
back, as against jd. by the Great Eastern. Were the company 
to re-arrange their fares, and make them cheaper, they might 
get back some of the traffic which thev had lost, but 'he was 



afraid the directors had left it too late to get back the whole 
of it. 

Mr. \\', R. L.\WSON said there was another phase of the 
passenger arrangements which might be taken into considera- 
tion — he referred to the excursion business done by the Great 
Eastern, the Great Northern, Midland, and Great Western 
companies. In that direction, he thought there was serious 
cause for consideration by the directors. The gentleman who 
had previously spoken was not awaxe, he supposed, that the 
average fare of the Great Eastern Railway was fths of a id, 
per mile. No doubt that was due to the suburban traffic to 
which Mr. Clark had referred, but it was also due to the 
absurd excursion fares which the railway companies had not 
been asked to give, but which they had given entirely volun- 
tarily, and he was afraid they had given them without 
thorough consideration. He believed a great deal of that 
business was carried on at a loss, and he thought that some 
increase should be made on excursion fares and a decrease 
made on suburban tickets, .Anyhow, the whole question of 
passenger traffic had seriously to be considered, and that was 
one of the subjects this new alliance should take up at the 
earliest possible moment. He believed that if anyone had a 
right to congratulate himself on the proposed alliance it was 
their chairman, who, by strength and persistency had con- 
demned the old methods of com])etition. In conclusion, he 
referred to the question of coal, and recommended the adoption 
of the American system of having a sliding scale by which, 
when coal went up the rate went up. That, he believed, was a 
fair method and would work, if adopted, exceedingly well in 
this country. 

Mr. .\le.K.\XDF.R asked whether the Midland railway could 
not be included in the proposed alliance- 
Mr. GOLDIE coincided with what had been said by Mr. 
Clark, and said it was perfectly true that the trains were being 
deserted by the public, who went by tram or 'bus, as it was 
only natural they would go by the cheapest route. He asked 
the directors to so arrange as to compete with electric itrams 
and 'buses, which had come to stay. 

The Ch.airm.^n, in reply, said : We are alwaj-s glad, on these 
occasions, to welcome observations from all shareholders when 
the)' are to the point, as these remarks have all been to-day, 
and I will now deal with them. I take the first and last together 
because they deal with the same ]X)int. What Mr. Clark s.ays 
at first sight appears very true and very simple of solution, 
namely, that when you have competition with any one of our 
suburban branches on the part of electric trams or motor 'buses 
you should, in view of that competition, reduce your fares to 
something like the level of the fares of the competing body. 
For the last five years this question has been before the Board 
continually — I should say at least quarterlv — in consultation 
with their chief traffic officers. We have considered the 
question over and over again from every point of view. We 
have had 'inspectors travelling in plain clothes on these 
omnibus and on these trams to be able to judge from their 
owin experience whether, if we made any reduction, it would 
in any sense really meet the competition to which we are 
subjected, and we have come to the conclusion, with much 
deliberation, that if once we reduce our fares it would be im- 
possible for us ever to raise them again, and that also if we 
did reduce them we should have to reduce them to such a 
point that, having regard to the capital which we have ex- 
pended on these lines, we should get no remunerative return 
whatsoever. It is not a question of price alone ; it is the 
extra convenience which is offered by these omnibuses and 
motor 'buses to the inhabitants of the districts through which 
they pass, which take him as near, if not nearer, to his 
go up or down a flight of stairs, he walks into the vehicles as 
they pass, and which take him as near, if not nearer, to his 
destination than the terminus of the railway, if he used the 
railway. That is the difficulty we have to contend with. We 
watch it closely, but so far we have not seen our way to make 
siifch reductions as have been advocated by Mr. Clarke and 
Mr. Cxoldie, but I can assure those two gentlemen our 
closest attention will be continually given to this very im- 
portant subject. (.Applause.) With all respect to Mr. Lawson. 
I think he is wrong about our excursion fares. They are very 
low. but it is because they are low thev tempt that particular 
portion of the public who like to go on excursions when their 
means will permit of it. (Hear, hear.) A few years ago it was 
suggested by some of the officers that we should try and raise 
these fares, and we did so on two of our lines — on the lines 
going to Clacton and to Great "'i'armouth, and the moment 
we put these increased fares into operation a falling off in our 
receipts immediately took place. Therefore, it has been proved, 



AuousT I, 1908.] 



TMK RAILWAY TIMI'S. 



dealing uitli tlio particular class of ijcuple who go on cxciu 
iions, low fares arc the bc->t and surest mode of attracung 
them, and 1 may tell you when these excursion (rains are full, 
they are \ery remunerative indeed. (Applause.) .-\> regard^ 
the coal question, 1 wish wo had a free liand to deal witli the 
coal ciuestion, as suggested by Mr. Lawson, on something like 
a sliding scale, by which wc could put our rates up or down 
as we choose. But we are tied hand and foot bv the Kate.- 
and Charges Act which pre\a'nt~ us, without going tn ilic R.nl 
way Commissioners, fiom making alterations m our rales. 
Before wc can do so we are put to a large expense in pi.]\ing 
our case. \\'e are tied in this country bv over-legishuion 
(applause) —and I am afraid the trend of Parliament is to 
tie us still further. .-Xs regards Mr. Alexander's (luesiion in 
respect of the Midland Railway, it is not oui intention lo in\ iie 
the Midland to join our alliance. 

The resolution wa- tlien put to the nierling and 1111,1111111011 l\ 
approved. 

The retiring directors, .\lr. William ('■allmvav ,iikI ilu- Ri. 
Hon. .Ailwvn Edward Fellowes were re-elected, and the auditor. 
Mr. Joseph Gurney Fowler was re-appointed. 
Spkci.xl Mketixc. 

.A. spei iai meeting was subsecpiently held lor ihe puipo-e of 
consiclcring. .nid it thought tit, ap]iio\iiig an oulei a- lo ilic 
construction of .1 ligiit rail\\,iy lieluecn l-.lsenhain M,ili(iii and 
Thaxted. 

The Cll-\IRM.\N : 1 vMiuld liki- to s,i\ .1 irw wmds ..n llir 
proposed light raiK\,i\ fnin l''Nriih,iiii in Th.ixlid. b.-, .m-c I 
feel certain a gre.it cIimI oI mi-c on. cpti.in r\i~i, mi ilie |i,iii 
of some shareholders in reg.ird to 0111 |iinpn-.il~ m ili.it rispei t. 
It was in 1S96 when the residents of the distiui to bi ir.cverscd 
by the proposed railway, nainely, Mr. \\ .dter (.ilbe\, Lord 
Blyth, and others, r^ost prominent .nul useful pubhc imn. 
asked us to m.ike tin- i.nlu.iy. We tleclmed, exi cpt on the 
terms which ue siibiniltecl to tliem. and uhi. h tlie\ ueie not at 
that period prepared to accept. The negotiations have been 
going on frcmi time to time ever since then, antl uh\ ue now 
submit this ])roposal to you is because the terms we ini]io-ctl 
have been accepted by the promoters, and the terms are as 
follows: — The total cost of the line is ^3i.5oo. The 

Treasury are to contribute ^15,000 towards that, the land- 
owners are to give the whole of the land necessary for the 
purposes of the railway free of any charge whatever. (Hear, 
hear.) They also give .£750 to be added to the ^15,000 given 
by the Treasury, which will constitute the exact moiety of the 
;^3i,500. We have lo find the remaining balance of ^15,000, 
and when the line is completed it will be your absolute jiro- 
perty, as well as the land which has been given to us for its 
construction. It is an excellent bargain for you; it is one 
which is sure to pay, and it will only cost you ^15,000. I 
quite admit your desire- I concur with it in every way — to cut 
clown all unnecessary capital expenditure, but this is a matter 
which is so likely to prove profitable to you, as well as supplv 
the wants of a district and the desires of very influential people 
and great supporters of this company who reside in that district, 
that I think it is a measure which I can confidentiv recom- 
mend for your approval- 

The Solicitor having read the heads of the order. 

The Ch.MRM.AN moved a resolution approving of the same. 

Mr. John Foster seconded the motion, which was agreed 
to, one shareholder dissenting. 

Mr. Goi.DIp: proposed a vote cif thank- to Lord Claud 
Hamilton for ])residing, and the directors for attending to the 
affairs of the company in the past half-vear- 

Mr. DoLnv seconded the motion, which was carried with 
acclamation, and the proceedings terminated . 

METROPOLITAN RAILWAY. 

The half-yca,rly general meeting was held at the Cannon 
-Street Hotel, London, E.G., on Thursdav, Sir Cn.Akl.KS 
M< L.iUF.N, Bart, M.P., presiding, 

The Chairman, in moving the adoption of the report (an 
analysis of which appeared in the R.All.w.AV TIMES last week) 
saiid that as the stockholders had all received a corpy of the ac- 
counts, he proposed in accordance with the universal custom, 
to take them as read. He would not take up more time 
than was necessary to go through them, especially as there 
■were no special feaitures calliing for comment, but would deal 
briefly with the points which he proposed to lay before them. 
Commencin.g with the receipts, it would be noticed th.at there 
was an increase of ^11,268, but from this should be deducted, 
for purposes of comparison, /4,45i in respect of the ham- 
mersmith and City Railway, which had been previously 



nil hided in the re\ cnue account, but which h.id now lieen 
tuuisteired to tlie dc'litor side 01 the net re\enue, so thai the 
.iciu.il 111. re;i-e w.is /;(>,. Si-. .MUiwing for this item, it was 
liiiiiul til, It the passenger traffic conuributed /j.oSo to the 
im rease. ll w.is iniporiani! lo noiice here thai tlie conijiany 
had suffered a \rry laree declension in- ils firsl-class rc>'- 
ceipts, the diminiilnm being no less than /;5,i)if). This how- 
ex ei, was more than made good by the satisfactory increase 
111 ihird-c las, traffic, amounting to /y,oii. The second- 
c 1.1" w.i- a vanishing quantiiy, and consisted only of traffic 
earned 111 (ire.at Western, Gre.it Northern and Sou'tli Eastern 
trains. With regard to the number of pas.sengers carried, it 
uiiuhl be seen that, consistent with the decline 111 receipls, 
ihere was a large drop i.n the first-class, amouniing to 510,218, 
m iir.irly 25 per cent. He had referred on previous occasions 
to this tendency on the |)art o.f the formor first-class passenger 
1.1 :i\Mil him-eit of the cheaper fare now charged for travel- 
ling in 'lie c oiiifoitible thi.rd-class cars, and the tendency 
u,is emiihasisfcl in a \er\- marked degree during the past 
half-year. The one-class system adopted by so many of their 
competitors was, ot coiursc, a factor in discour.iging'lhe prac- 
tice of travelling fiisi-cl.iss, but the revenue derived from tlM> 
higher Lire \\.is siill sufficient to warrann its re.eivtion, at 
aiiv r.ite lor .1 nine. The second-class passengers showed a 
(iKie.ise of 35,7(15, and the ihinl diss :i f.illing-off of 311,347. 
Till- was due lo sevc-ial (.lUscs; imni- -c-.i-mu tickets liad been 
l.ikin by passenger, who loriiiril\ piiKJiased ordinary daily 
tickets; that, ol cmiise, helped to diminish the latter; the 
increase in the l,in's m.iile in 1 oiijuni 1 lo'i uiih the Central 
London Ra.ilNv.iy a ye.n ago. while- it li.id somewhat aug- 
men,ed the receijils, had had the usual effect of diminishing 
the number of pass^^ngers to some extent. 

The company had chiefly suffered, however, from the effects 
of (inmibus, tube, and tram ( oiupei ition, though, so far as the 
two .'ormer were concerned, n w.is believed, a period had 
lieen reached when the maximum loss from that comiKitition 
had been sustained, and there was reason to hope that by co- 
operaiion with those (oinpetitors, where practicaible, the com- 
jiany would be able to extract some satisfactorv' results from 
the changing conditions of London travel which had.^been 
brought about by the opening of those additional means of 
transit. With reference to the season ticket traffic, it was 
gratifying to note that the earnings had grown by ^2,136, or 
about 7 per cent., while the number of season ticket pas- 
.sengers had increased by abouit g per cent. Another satis- 
fattory point was that the receipt per paissenger had grown 
from i.3C)gd. to i.46jd,. which, .alithotigh not Large, was in 
the right direction, and no opportunity which might present 
itself would he lost for still further increasing that average 
receip.:. Large numbers of passengers were' being carried at 
fares which were not remunerailive, but the company had 
been forced to do so through the action of ils competitors, 
and his collea.gues i'ullv shared with him the convicticm that 
the unsatisfactory experience of the various railway and 
omnibus companies in the metro'poJiis during the past few 
vears in that respect had amply demonsit rated the necessity 
of securing more adequate returns for the ser\-ices rendered 
to the puljlic. (.Applause.) This was not merely a railway 
shareholders' C|UCStion, because it was obvious that the travel- 
ling public themselves would ultimately gain by the increased 
prosperity of the companies that carried them. Under the 
|>resent conditions it was imiiO'SS'jble to contemplate exilension 
under capital accounts, and orders for railway materials and 
engineering products were bein"- withheld simply because the 
state CI.' the nc^t revenue account of so many companies did 
not warrant the issue of further capital. He believed that 
the depression in the iron, steel, and engineering trades 
was largely due to the condition of things referred to, and 
that the trading interests of the country were tiliere'by in- 
juriomsly aflfected. 

The percentages of the various classes of passengers 
were: First-class, S.05 against 9.31 in 1907; seconcT-class, 3.3O 
against 3.S7 ; and third-class, 88.59 iigainisit 86.S2. The parcels 
traffic had shown a satisiactory development, the receipts 
being _£i,i92 better. In regard to merchandwe the company 
had suffered to a slight extent, the falling-oflf being ^532, 
which was not su-rprising, considering the depressed condi- 
tion of trade in many branches at tbc present time. Li\e 
stock showed .an advance of £\j and minerals of ^{^1,141, 
partly due, however, lo the increased supplies of coal re- 
quired for their own purposes. Rents showed a very slight 
faHing-off — ^^78— and transfer fees £2. 

Turning to the expenditure side of the accounts, the main- 
tenance of ])erm:inent way, works, and stations showed an 



ti6 



THE RAILWAY TIMES. 



[August i, i( 



increase of ^772, which was made up of a numil>er of small 
items for alterations and imjirovements. The locotmotive 
and generating expenses had increased by ^7,645, wluich was 
principally accounted for by the additional 385,448 train 
miles run. Coal aJone accounted for ;^3,20o. An excep- 
lionally good contract was made for the power house coal 
eighteen months ago, and the company received the benefit 
partly of that in the past half-year, but had to pay liig:ier 
prices for some of the coal. There was also an increase of 
^2,300 for materiaLs, repairs, and renewals, and more had 
been paid for wages, and these increases, which were necers- 
sarily incurred, were in conseqence of the extra train 
mileage. A sum of /750 came into this item for motor 
generators added to the equipment of the motor cars, w-hich, 
after carefxil trial by their electrical enganeier, had been 
found to be an improvement, and these might be considered 
an exceptional expense. Carriage and wagon repairs showed 
a decrease of / 1,467, but then the directors had treated the 
repairs to the equipment of the motor cars as coming under 
the head of locomotives, and so only the ordinary car repairs 
were in this item. Traffic expenses showed an increase of 
;r£i,4So, due to wages )>aid for the extra train mileage and 
(about ^800 of it) to a mo.re uniform and somewhat higher 
rate of pay for Sunday work ; but a saving had been made 
on tlie amount paid for clothing, and also in printing and 
stationery accounts. General charges were higher by ^2,022, 
which w^as chiefly accounted for by the contribution to the 
Uniform and Wages Staff Pension Fund, and small increase^ 
in the sums paid for advertising and electric telegraph ex- 
penses. Rates and taxes showed a decrease on comparison 
"f ^£2,525, owing to reduced assessments. The directors 
looked very carefully into this matter and endeavoured to 
get proper and equitable treatment. It was still thought, 
however, too much was charged by the rating authorities, 
especially considering the severe compeiition the company 
was subjected to. Compensation paid for accidents and 
losses was less by ^557, which was satisfactory, and law ex- 
penses were also less. The expenses of joint lines and 
stations, which referred to the liine and stations boiween 
High Street, Kensington, and Sotith Kensington (the western 
part of the Inner Circle), were more by ^750. This was in 
consequence of extra materials and work done on that part 
of the railway. The balance of account for working trains 
over other companies' railways showed an increased receipt 
of ;£2,042, and this arose in respect of the w-orking of Inner 
Circle and other trains, and this additional receipt should 
be treated as a partial set-off against the increased expendi- 
ture in the items of locomotive and carriage repairs and 
traffic expenses. The result of this side of the account was 
an increase in expenditure of /6,41c), which, taking all the 
circumstances into account, w-as to be expected. The per- 
centage of expenses to receipts was 60.3 per cent., which, 
though not so high as that of some other companies, was 
far too great. 

An increase of /4,84c) was brought to the net rc\enue 
accouiit, and more was expected to be received from the joint 
City lines. Seven hundred and ninety-six pounds was ob- 
taine<:l from the raiilway estate due to additional and increased 
rentals, but the proportion of net revenue from the Metropoli- 
tan and Great Central joint Line was shown this half-year as 
£^53 as against ^1,643 i^ the corresponding half-year.' This 
was owing to the fact that the accounts for the joint line were 
made up after the half-yearly accounts. It was found that a 
larger :unount was incurred for engineering maintenance 
during the preceding twelve months, which it was thought 
well to clear off this half-year, as the money had actually 
been paid. On the other side of the account,' attention was 
called to the increase in amount paid for interest on deben-. 
tuire stock. Deibenture stock had to be issued involving an 
increase on comparison of /S,iS8 this half-year. The item 
of rents, wayleaves, and rent charges was diwded in the 
accounts now presented, and separate items macle for the 
East London and Hammersmith and City lines, the former 
of which previously came into this item,' and the laitter, as 
already explained, was dealt \\-ith in the receipts of the 
revenue accotmt, and neither were shown separately. Thus, 
the point was reached where the balance available' for divi- 
dend was /;37C) more than in July, 1907, and it was proposed 
to pay a dividend on the ordinary stock at the rate of los. per 
cent, per annum, leaving a balance to be carried forward to 
the next half-year's accounts of ^3,673. 

The detail of the accounts having been dealt w-ith, the 
Chairman stated that he would like to make some general 
remarks in regard to the company's position. So far as the 



result of the past half-year's working was concenaed, difficul- 
ties had arisen mainly through the company having had to 
find the interest, amounting to over /8,ooo, on the half- 
million debenture stocTk which was issued early in the year. 
This money, most of which had already been expended in 
accordance with the resolutions of the shareholders, was re- 
quired to complete the electrification of the line. It would 
be seen by reference to the capital account (No. 4), that at 
the close of the half-year there w-as a credit balance of over 
/4o,ooo on that account, and the heavy capital expenditure 
in which the company had been involved during the last few 
years was now practically over ; and when the extension of 
the pO'Wer station at Neasden, which was now nearing com- 
pletion, was finished, and the system of automatic signalling 
was installed, there was no reason to anticipate any ftirther 
serious call upon their capital resources. The board had had 
the scheme for altering Baker Street Station under very care- 
ful consideration, and had decided not to proceed w-ith the 
scheme for the present. They had already purchased a con- 
siderable amo-unt of property round the station with a view 
to the making of the alterations, and that property was well 
let and yielding a very fair return on the outlay, so that 
the company could without any loss safely hold its hand 
for the present. The work olf installing the system of auto- 
matic signalling was proceeding rapidly. One section had 
been open for some months, and had worked very satisfac- 
torily indeed, and when the whole system was completed, 
whicn it was expected would be during the current half-year, 
the earning power of the line would be considerably enhanced 
by reason ot its being able to get so many more trains over 
It per hour. 

With regard to the exhibition traffic, no great benefit was 
derived from that traffic in the half-year now dealt with, but 
since the beginning of July the numbers travelling by the 
Metropolitan trains to and from Wood Lane Station had largely 
increased, and it was expected to get a very considerable 
amount of excursion traffic from the North next month in 
view of the company's close connection with the trunk line 
stations. The traffic generally through the half-year had been 
fairly satisfactory, and had on some sections of the line shown 
considerable expansion. Traffic had been lost in some direc- 
tions through the opening of the several tubes, but it was 
fully expected to get this back in time as the increased services 
became better known. In conclusion, the Chairman said, it 
was of no use complaining of competition; it existed, and had 
to be faced. They were surrounded w-ith difficulties, many of 
which did not exist on the tube lines, which were separate 
units, and not hampered w-ith junctions and old agreements 
with other companies which interfered with the good working 
of the Metropolitan. The board had appointed a small com- 
mittee from its own body to consider whether any changes were 
necessary, and, if so, in what direction. The committee was 
now sitting, and would shortly present its report to the board. 

Sir William Birt seconded' the motion. 

On the motion of the Ch.^IRMAN, seconded by Sir WiLLI.AM 
BiRT, the dividends recommended in the report were declared. 

A vote of thanks to the chairman and directors generally, 
terminated the proceedings. 

Surplus Land Stockholders. 

.A.t the conclusion of the Metropolitan Railway meeting, the 
ordinary half-yearly general meeting of the Surplus Land 
Stockh<>lders was held, Mr. .Albert G. Kitching, J. P.. pre- 
siding. 

The Chairman stated that there had been a great improve- 
ment in their position, viz., freehold ground rents receivable 
being ^89 better; freehold rack rents ^458 more; while 
bankers and general interest w-as /159 less, the reason for this 
being that the money was more thoroughly invested, and not 
having so much on hand to lend as at the corresponding period 
of last year. There was very little change to report in the 
expenses. Repairs to house property were about ^34 
less; office and legal expenses ^27 more; rates and taxes 
showed a decrease of £6^ ; and bad debts showed an increase 
of /8. The balance available for dividend was /3S,i8i, an 
increase of ^1,619, which admitted of a dividend being de- 
clared of 2f per cent, per annum, leaving the respectable 
balance of /i,878 to be carried forw-ard to the next half-year, 
which w-as exactly double the amount brought in. It would 
be noticed that the repairs reserve account now had a credit 
of ^1,767, which was an increase of /660 during the half-year. 
The Chairman then moved the adoption of the report and 
accounts, which having been seconded by Lieut. -Colonel 
PROBYX, was duly carried. 



August i, 1908.] 



THE RAILWAY TIMES. 



EAST LONDON RAILWAY. 

The half-ye.irly meeting uas held i>n Tucsd.-xv, at the 
Cannon Street Hotel, EX., Lord Claid Hamilton pre- 
siding. 

The Chairman, in moving the adoption of the report 
and accounts (an abstract of whicli appeared in Thk 
Railway Timks la>t week) said the proprietors met again 
under somewhat depressing circumstances, but in tliat 
respect they were on this occasion in very good company, for 
there was hardly a railway in the kingdom, if one, which 
was not suffering from loss of revenue, increased exjicndi- 
ture, and a consequent falling of in dividends. He admitted 
that the fact of having companions in misfortune was small 
consolation for a diminishing income, though it was useful 
in this respect — that it proved that ihe main causes of their 
adversity were making themselves felt upon other system^, 
and that all railways were now encountered by competition 
in a variety of forms which were never contemplated or 
considered possible some few years ago. This condition of 
affairs affected them more adversely than if they were an 
independent undertaking, for they were entirely dependent 
upon the six companies who leased and worked their line. 
All the same, the lessee companies had been good enough, 
without committing themselves to any definite course of 
action, to do what he had been privately urging upon 
some of them for a considerable time — namely, to order a 
report as to the cost of equipping and working their line 
by electricity. That report, prepared by Messrs. Jones and 
Firth, electrical engineers to the Metropolitan and Great 
Eastern Railways respectively, had been presented, and had 
been referred for detailed consideration to the general 
managers of the si.x lines. The subject was a very com|)lex 
one, and, moreover, it bristled with difficulties, not the least 
of which was that the interests of some of the companies were 
not identical. But the spirit in which the matter had been 
taken up by the companies was encouraging, and he trusted 
they might not be disappointed in the results which might 
ultimately follow. (."Applause.) He was not sure whether 
it was wise on his part to mention the estimated cost of the 
electrification without going fully into the report, and that he 
had no right to do, as the subject was still under considera- 
tion ; but he might briefly say that the total equipment of 
the line, including entrance into Liverpool Street and New 
Cross Stations, coupled with the equipment in connection 
with the supply of electrical current, came out under one 
scheme 'at 'v^5g,6oo and under an alternative scheme ati 
£yg,6oo. A further report was also in course of preparation 
giving the estimated cost w^ithout including entrance into 
Liverpool Street, as the Great Eastern officers werfc. of 
opinion that it would be impossible, without jeopardising the 
safety of the servants of the company and the public, to work 
efectrical trains ovei^ the very complicated and intricate 
system of perrpanent way leading into Liverpool Street 
Station. That further report ought soon to be forthcoming. 
Turning to the accounts, the chairman said there had been 
a decrease of £2, ^^4 in receipts, of which passengers ac- 
counted for £2,0jy and goods for ^537. The decrease in 
passengers was mainly due to the suspension of through 
running in connection with the Metropolitan and Metropolitan 
District railways, though the competition of electric tram- 
wavs, in manv cases rate-aided, and motor-'buses, which had 
had such a blighting effect upon the traffic of other railways, 
must not be lost sight of. The falling off in goods receipts 
was the natural consequence of stagnation of trade, dis- 
inclination on the part of the public to embark in new enter- 
prises, and the stoppage in building operations, in regard 
to which a large quantity of materials used to be conveyed 
from north to south over their line. He next alluded to a 
matter which, he said, if it obtained the sanction of Parlia- 
ment — and he did not see why it should not — might have an 
important bearing upon their interests in the fiiture. He 
alluded to the scheme for the closer working of the Great 
Central, Great Northern and Great Eastern Railways in 
regard to the value of which the Boards of the three respec- 
tive companies were unanimous. He could not express any 
present oninion as to the effect it might or might not have 
on the East London passenger traffic, but as regarded Ixith 
goods and mineral traffic there was an opening for a very 
considerable increase, and an increase which ought, in the 
ordinarv course of thines, to be continuous and expansive. 
He saw there something substantial for the East London 
shareholders. 

Lord AvebuRY seconded the adoption of the report, which 
wag unanimously approved. 



BLENOS AYRES AND PACIFIC RAILWAY. 

An extraordinary general meeting of the shareholders of 
this company was held on Monday, July 27, at Winchester 
House, Old Broad Street, K.C, Lord St. Davids (chairman 
ol the company) presiding. 

The Assistant Skcrktary (Mr. F. Sanders) having read 
the notice con\-ening the meeting, 

The Chairman said: Gentlemen, 1 beg to move: — 

"Thnt the capU.iI of the comirany he incixa^ed hy the cre.iliori of -oo ooo new 
shares of .£10 each, to he called or.lmaiy (.9,,) shares, er.litli.iK the holders", u'p lo June 
30, 191., 10 a dividend (payahle hall-yearly, on January . ami July ,), on the arnouuls 
for the umc .cu,g p.i,d up thereon at .he rale of 5 per cent, per annum in pr.o.Uy to .he 
holders of the existing .£0,000,000 ordinary stock .and 100.000 ordinary shares of /■ 10 
each of the company, and, suhjeot .as ahove mentioned, ranking in al' " 



;spectsprtrr passu 



Now, you know what our proposal is. We propose, gentle- 
men, to create 300,000 shares of /lo each, that is to say, 
,£3,000,000 nominal. We propose to issue ^2,000,000 of those 
to our existing ordinary share and stockholders at the 
beginning of next September. We projjose to issue them at 
par and to give every shareholder a right to his just pro- 
portion. There are now outstanding ^7,000,000 of ordinary 
stock or shares, and on an issue of ^2,000,000 each share- 
holder will be entitled to a proportion of two to seven ; that 
IS to say, for every £yo of ordinary stock or shares which you 
hold you will l>e entitled to ^20 of the new issue. If any 
shareholders do not take up their just proportion, we propose 
to give the opportunity either to existing ordinary share- 
holders, _debenture-hoklers, or preference holders in our own 
and the allied companies, to apply for any shares wliich the 
ordinary shareholders do not take up. 

In beginning I should just like to answer one letter which 
was addressed to me, in which it was pointed out that I had 
said at our meeting in November that 1 did not think it would 
be necessary to issue any more share capital till the end of 
the year. Now, gentlemen, I have been looking up w^hat I 
said, and I see I did not make that remark in my speech. 
I made it in answer to an extempore question, and I should 
like to point out to you that, in answer to an extemporary 
question one naturally cannot be quite so accurate as o^ie is 
in delivering a prepared speech. H I were to be bound down 
absolutely to what I say in answer to a question, why, gentle- 
men, naturally I should not be able in future to give you 
the full information you desire, or go as far as to give you 
my own impressions of our future, which I always do in 
answer to all the questions you like to ask me. I think you 
will accept that as a reasonable explanation; but secondly, 
gentlemen, I beg to say that I was speaking then at the 
annual general meeting, and, looking so far back as that, I 
cannot even recall to my mind whether when I said the end 
of the year I meant the end of the calendar year igoS or our 
financial year, which ended on Juno 30 last. At any rate, it 
does not make much difference one way or the other; it is 
only a matter of two or three months. It is absolutely im- 
possible, however, when you are dealing with a growing and 
progressive country like Argentina, to tie yourself twelve 
months ahead to a statement as to what you can do and what 
you cannot do. Luckily, things are always progressing, and 
matters turn up wliich it is impossible for any living man to 
foresee twelve months in advance. 

The work of building our branch lines has been going on 
quickly, and I am glad it is so, because we are in a very 
favourable position for building to-day, as regards steel rails 
and rolling stock, and I do not think we are likely 
to be able in tho.se respects to build more favourably 
at any time than at the present. Now, you will ask me, as 
regards our prospects, how we have been doing. In the past 
year, as you know, we have been doing well. For the year 
which ended on June 30 last we had a gross traffic increase 
of /6o4,ooo. We have not yet, of course, received our accounts 
from Buenos Ayres ; but I think I am making a very safe 
estimate when I tell you that your dividend for the pas't year 
is safe. (Hear, hear, and applause.) .A.s regards our revenue 
prospects for the current year, the position is this. Since 
July I we have a traffic increase of £io,ono — increase upon 
increase— but that does not quite represent the exact position, 
because in the period up to date we have had two working 
days less than we had last year in the same period; and if 
you take our gross traffics as /lo.ooo a dav, those two extra 
days wovdd mean that since July i our traffic would show an 
increase, not of ^{^lo.ooo, but of ^30,000. 

From now to, say, December i, we are in one respect in 
unfavourable circumstances, in that we have got to handle 
,a very poor maize crop. It is undoubtedly a very poor crop. 



ii8 



THE RAILWAY TIMES. 



[August i, 1908. 



but, poor as it is, it is considerably betttr than— possibly 
double— the still poorer crop which we had this time last year; 
so that, allowing for the increase in the maize, poor as it is, 
and allowing also for the general development over the whole 
system, I think it is safe to say that you are likely to have 
substantial increases week by week from now till, say, the 
beginning of December. (Hear, hear.) That carries vou 
through very nearly the half of the current financial year. 
After the beginning of December you must be de- 
pendent, like every other Argentine 'railw.ay, upon the 
crops of the current year, and of these crops no man living 
can tell you anything yet, except this. We undoubtedly have 
a much larger area put under cultivation along our line. 
Every year for several years past we have had a greatly 
extended area, and that progress is still continuing, and, as 
far as I can judge, at even an accelerated rate. You may 
say, "Well, we may have a failure of the wheat crop." Of 
course we may. Happily, in Argentina we have had good 
wheat crops for several years past. Some day or other, of 
course, you may have a failure of the wheat crop. That 
is quite true ; but, on the other hand, we may reasonably hope 
that some day or another we may get a decent maize crop. 
People talk as if .Argentina had been enjoying phenomenal 
prosperity as regards crops. That is not so. The country has 
been having good wheat crops and very bad maize crops 
indeed ; in fact, along our system we have not had a good 
maize crop for something like four or five years, and, there- 
fore, gentlemen, looking to the future, we can only say that 
there is a large area coming under cultivation, and in that 
respect the prospects for the current year are very good 
indeed. There is one other item of news which you may like 
to know, and that is that our access to Buenos .'\yres is going 
on well. It will be a long time yet — perhaps two years or 
more — before our station buildings are erected and before we 
get anything like the full benefit from our works ; but we 
hope to be able to get a temporary line through to the docks 
— so as to be able to send out our goods for export — by some- 
thing like Christmas next, and if we do we ought, even in the 
current financial year, to get some advantages from our out- 
lay over the entrance, although, of course, in the current 
financial year those advantages will not be very great. 

From all I have told you I think you will agree with me 
that the prospects for the current year, as far as we can 
gauge them at present, are undoubtedly good. (Hear, hear.) 
Gentlemen, before I sit down I will only say that I shall be 
extremely pleased to deal, as well as I can, with any questions 
that any shareholders may like to put to me upon our pro- 
posals. I should like further to mention that we have at the 
office some very interesting pictures and photographs of our 
works in .Argentina which I think would prove very interesting 
to shareholders who happen to be in London. If any of you, 
therefore, would care to call at the office the Secretary will 
be pleased to show them to you. I have pleasure in moving 
the resolution, and will call upon Mr. Norman to second it. 

Mr. Edw'ard Norm.xn : I will second that. 

The Chairm.W : Before I invite any questions, I should 
like to mention that we have with us to-day cur most dis- 
tinguished friend — one of .A.rgentine's greatest men — Dr. E. 
Lamarca, the president of the Buenos .A.yres and Pacific Rail- 
way Company in Argentina. (.A.pplause.) I am sure that 
those of you who do not know him would like to see him on his 
feet, if only for one moment, and will also be glad to hear any 
remarks he may care to address, even if it is only for a 
moment or so. 

Dr. E. LAM.\Rr.\ (who was received with applause) said : 
I have not prepared anything like a set speech, gentlemen, so 
I will only say a few words. I was here some two years ago, 
but you do your business in such a rapid way that on that 
occasion I had not even time to thank you for your kind 
reception. I thank you, therefore, now for igo6, and I thank 
you also for your very kind reception to-day. It is indeed a 
great pleasure to me to address the owners of a railway 
which is one of the best, and, perhaps, the first, transport 
enterprise in South .America. I have worked for the Buenos 
.Ayres and Pacific Railway for the last fourteen y.ears, and 
during that time I have been actuated by two powerful 
reasons — in the first place, the confidence placed in me by 
your board, and, therefore, by your own good selves ; and, 
secondly, I clearly foresaw that the Pacific Railway would be 
an element of great progress for the .A.rgentine Republic. 
We have always tried to conciliate the interests of the com- 
pany with those of our country — the public interest of 
the .\rgentine Republic — and that, I think, has been the 
secret of our success. Our traffics are good ; our crops, as 



the chairman has told you, are favourable, so that the out- 
look is satisfactory, and I can assure you — and I am speaking 
in the names of Mr. Goudge, Mr. Zavalia, and myself— we 
shall certainly do our level best to watch over your "interests, 
and to promote the future prosperity of the Buenos .A.yres and 
Pacific Railway. (.Applause.) 

Mr. Ince : I do not gather, sir, whether this issue is to be 
underwritten. 

The Ch.airmax : Certainly not, if the price of the stock 
holds. It is, however, impossible for any business man to say 
what the price of the stock will be a month ahead ; but my 
own forecast is that, having regard to the progress of Argen- 
tine railways, the price in the course of the next few months 
is more likely to go up than down. If the price of the 
ordinary stock holds there will be no possible need to under- 
write the issue ; but if there should be any panic, and the 
stock drops lo or ii points, it \v\l\ be a different thing. 

Mr. IN'CE : Would you jxjstpone the issue in that case ? 

The Ch.\IRMAX : That is a thing I can express no opinion 
upon at the moment. "\\"e must have monev ; but, as I said, 
I cannot see that any conditions will arise, which will have 
the effect of causing a fall in the price. 

Mr. iNCE : Can you give us any date for the issue of the 
further /i. 000,000? Will it be within this current year — up to 
next June ? 

The Chairman : You must not ask me to look so far ahead 
as next June. I do not think there is any chance of our 
wanting the money during 1908; but, so far as regards 1909 — 
well, let us keep the troubles of next year for next year. 

Mr. Rogers said he was assured that one of the reasons of 
the somewhat persistent fall in the prices of ."Vrgentine rail- 
ways was that bills over there at the present time commanded 
7 per cent, discount, and other things in proportion. It was, 
therefore, only natural that holders in the Argentine had a 
lot of money invested in other things which gave a better 
percentage. He would like to know if there was any truth 
in that. 

The Chairman : I do not know, but I should not fancy 
that there was. The amount of stock in English railways 
which is held in the .■\rgentine is, unfortunately, very small 
indeed. I wish thev held more ; but I think it is extremely 
unlikelv that the depression in markets has caused sales out 
there. I do not know that it is not so, but I think it is 
extremely unlikely. Generally, there is a weaker tendency in 
all markets than there has been for some weeks past. There 
has been a rise lately ; but it has been very slow and pro- 
tracted. My own view is that prices are more likely to rise 
than fall. 

Mr. John Hedges said that, as a shareholder, who did not 
buv for speculation but for investment, he wished to con- 
gratulate the chairman and directors upon the results of the 
past year's working. .A.n expression of opinion sometimes 
from shareholders was a little encouragement to the directors. 
(Hear, hear.) .Although they had had a great many issues 
of late, it was evident bv the traffic returns that the company 
had done exceedinglv well. Some people seemed to think that 
because directors made frequent issues of capital they were 
detrimental to the line. Personally, he did not think anything 
of the kind. If thev were extending, it was necessary that 
thev should have additional funds. As a debenture holder and 
ordinary shareholder, he had generallv taken up his allotments 
of new capital, and he looked upon his security with a great 
deal of satisfaction ; at anv rate, it was better than the 
securitv of the majoritv of English rails. (Hear hear.) The 
chairman (Lord St. Davids) took a great personal interest in 
the company, and it was only right that the shareholders 
should show their confidence in him. He (the speaker) only 
desired to show that there were some shareholders who appre- 
ciated the manner in which the line was conducted. They 
were receiving a respectable dividend, and there did not seem 
anv likelihood of it being reduced. The new stock was being 
offered on favourable terms — some people seemed to think ton 
favourable terms — but in tgii, no doubt, it would be absorbed 
in the ordinarv stock. He was very pleased to support the 
resolution, and to show that, at anv rate, there was one share- 
holder amongst the general body who was very grateful to the 
directors for what thev had done. (Hear, hear.) 

Capt. Napier said he wished to corroborate what the last 
sne.akcr had said. The shareholders owed the rhairm.nn a debt 
of gratitude for visitine the .\rgentine every vear in order 
10 keep in touch with the undertaking and to look after the 
shareholders' interests. He (the speaker) went over the ^vhoIe 
of the company's system last April, and even,-thing he saw 



August i, 1908.] 



THE RAILWAY TIMES. 



119 



was in first-class condition. He tliought they had a very line 
property in Clalvan — a property which, as Bahia Hlanca 
developed, would be of great value to them. Another thin.c; 
which struck him very much was that at that time they were, 
getting nearly /ioo,ooo a week for traftic, and coming over 
the main line he saw very little grain growing. He coukl 
not help picturing to himself what the takings would be when 
that land came under the plough, as a great deal of it nlU^t 
eventually, in which ca^e they wiiuld want a great deal more 
money. 

The resolution wa^ then put to the meeting and carried 
unanimously. 

Mr. Alexander proposed a vote of thanks to the chairman. 
which was seconded by Mr. HeU(;es and passed unanimously. 

The Ch.aiRMAN acknowledged the compliment, and the 
proceedings then terminated. 

LONDON AND SOUTH WESTERN RAILWAY. 

The half-) early accuunt^ to June 30, iqoS, were issued last 
Saturday. Our usual analysis is appended : — 
Capital. 

Total exiienditiire /^50>65S,747 

Total receipts (allocated as follows) 49,823,82^ 

Ordinuy stock* £i3,720,Sii 

Preference and guaranteed stocks 18,564,672 

Debenture stock 141685,325 

Dock bonds 5>50° 

Premiums 2,847,978 

Balance to debit of capital account ^^34,919 

•Under the powers of conversion authorised by the South Western R.iilw.iy (Stock 
Conversion) Act, 1890, section 2, sub-section 13, this amount of .^13,720,353 is row 
epresented by — Original ordinary stock, XJ7.817.g23; preferred convened ordin;iry 
toc!c, .C5,gJ2,43>: deferred converted ordinar.v stock, .^5. 902, 430. 

The expenditure for the half-year amounted to ^253, 535, of 
which ^135,492 was on lines open for traffic, ^4S,(j47 on 
working stock, ;/J632 on steamboats, ^^62,780 on Southampton 
Docks, and /5,684 on "subscriptions to other railways and 
contributions to joint lines." Estimated further expenditure 
— In the current half-year, ;^266,ooo ; in subsequent half-years, 
^1,024,000; total, ;/Ji,29o,ooo. Capital powers and other 
available assets, ^2,159,044. 

REVENUli. 

The account for the half-year ending June 30 shows the 

receipts under this head to have been as follows: — 

1907. igoS. 

Passengers— First-class ;i^l3l,l44 ■•■ ;Cl28,l79 

,, Second-class 168,018 ... 160,522 

,, Tliiid-class S37.859 ... 841,502 

,, Season-ticUels 142,563 ... 144,262 

Parcels, horses, carriages, etc 227,973 ... 240,465 

Mails 27,641 ... 27,655 

Merchandise (less cartage) 483, 0S8 ... 493,59- 

Live stock 20,627 ... 20,521 

Minerals 224,856 ... 226,063 

Waterloo and City Railway receipts 16,887 ... 15,974 

Rents of houses, lands, etc 53.774 ■•■ 5S>336 

Transfer fees 5°^ ••■ 444 

Steamboats 94,252 ... 92,069 

Dock receipts 127,959 ■•■ 137.409 

Total receipts ^2,557,067 ...^2,583,993 

The expenditure on revenue account for the same period 
was as follows : — 

Maintenance of way, etc .^270,696 ... ^'274,446 

Locomotive power 423,039 ... 471,297 

Carriage and w.igon repairs 104,985 ... 105,287 

Traffic expen.ses 431,062 ... 444.656 

General charges 64,245 ... 66,175 

Law charges'. 3.687 ... 3,284 

Parliamentary expenses 53 ■•• 278 

Compensation — Passengers 574 ••■ 2,813 

„ Goods 6,532 ... 6,426 

Rates and taxes 130,410 ... 127,638 

Government duty 17.942 ■.• 17,542 

Mileage and demurrage 5,657 ••• 4,156 

Tolls and joint line expenses 8,522 ... 7,4" 

Waterloo & City Railway expenses 8,498 ... 9,233 

Steamboats 'f'4,355 ■■• 108,265 

,, Renewal & insurance fund Il,5t7 ... 11,614 

Dock expenses 9', 746 •.. 92,297 

Total expenditure ;Ci,683,52o ^'1,752,818 



The net revenue and the proposed approjiriation of the 
available balance may be summarised as follows : - 

1907. 1908. 

Halance Irom last half-year .^3'i967 •■• ;^32,6iS 

Net earnings 873,547 ■•■ S3', 175 

Sundiy credits 6,882 ... 6,899 

Total .^912,396 ^870,689 

Prior charges 261,529 ... 265,234 

I'relerence dividends 352,489 ... 354,239 

Dividend on original ordinary slock *i6o,l5i ... ti27,04i 

,, prei. conv. oril. stock "113,256 ... t95,9l4 

Ii.ilancc to next half-year 24,971 ... 28,261 

Total .^^912,396 ;6870,689 

t.* At the rate of 4 per cent, per annum. t At the rate of 3! per cent, per annum. 

The gross receipts for the past half-year show an increase 

of _^26.g26, the expenses an increase of ^69,298, and the net 

receipts a decrease of ^42,372. The ratio of expenses to 

receipts is 65.43 per cent., in comparison with 63.21 per cent. 

Traffic, &c. 

Ilali-year ending June 30 lyo?- igoS. 

P.isscngert — I'irst-class 1,137.733 -■- 1,037, 3'5 

,, .Second-class 1,647,329 ... 1,523,457 

,, Third-class 27,740,g4i ... 27,517,246 

,, Total 30,526,003 ... 30,078,018 

Season-tickets 4S.043 ... 54i4;2 

(Joods and minerals (tons) 3,295,578 ... 3,2g5,222 

Live stock (number) 369,906 ... 357,g59 

.Mile.age — Lines owned 85S ... S58 

,, Partly owned 23.I ... 23J 

,, Leased cr rented 95 ... 95 

,, I'oreign lines worked 

over 43| ... 43j 

,, 'lotal operated i.oigi ... l.oigi 

Train mileage — Passenger 7,i7g,452 ... 7, 353, 660 

,, Goods 2,166,256 ... 2,170,463 

,, Rail motors 240,580 ... 225,382 

,, Waterloo and City , 

Ry. electric trains 93,948 ... 94,566 

., Total 9,680,236 ... 9,850,071 

The report states :--"During the past half-year the doubling 
of 4^ miles of the Exinouth branch line between the junction 
with- the main line at Exeter and Topsham Station has been 
completed and opened for traffic. Alterations of the lines at 
Hampton Court Junction and improvements at Yeovil Junction 
Station are in active progress. The works of the new open 
dock at South. impton are also proceeding' satisfactorily-" 



CITY AND SOUTH LONDON RAILWAY 

The half-yearly mcttmg u.i., held uii Tucsxlay, at the oflices 
of the companv. ;i, Fuisbury i'avement, li.C, the Right flon. 
C. B. Stuart \'\"ortley, K-C-,' M.P. (chairman of the company) 
presiding. 

The Chairman, in moving the adoption of the report and 
accounts (an abstract of which appeared in THE Railway- 
Times of July 8), stated that the extension to King's Cross 
and Eu.ston had been in operation during the whole of the six 
months as compared with only seven weeks in the correspond- 
ing period of last year, and the first result to be noted w^as 
that there was an increased gross revenue from all sources of 
/6,o44. This increase had been earned at what he hoped 
would be thought but a moderate increase of working expenses, 
which had gone up in the half-year by £4,372- The new line 
meant more stations and more road to keep in order, more 
train miles to run, more power to generate, more wear and 
tear to carriages and engines, more men in the company s 
employ, and more rates and taxes to pay. Yet the working 
expenses still stood at the modest proportion of only 40-28 per 
cent, of the gross receipts. The resulting increase on the siim 
to pass to net revenue account was £.ifo7^- Unfortunately, 
that was all there was to set against the heavy increased charges 
entailed by the capital cost of the new works, which the com- 
pany had for the first time to bear practically the whole of 
and for the w'hole half-year. _ 

It would be noticed that in .account No. 10 an item ot £.4,131 
for "General Interest" was received in the 1907 half-year, 
but that was represented bv no corresponding item in the 
receipts shown in account No. 10 for the 1908 half-year. 1 he 



THE RAILWAY TIMES. 



[August i, 1908. 



disappearance of that large item of receipts reflected the 
fact that in 1907 the company's contractors bore for nearly 
the whole six months, in the form of interest paid by them 
to the company, for money found by the company for them, 
a great part of the charge for capital raised for the new works, 
whereas in 1908 the company had to bear it all for the whole 
time. If to this _£4,i3i was added the increase of ^1,367 in the 
charge for debenture interest, the increase of ;£209 in the 
amount (^275 against ^66) of the company's share in the rent 
of the new station and subways at Euston, and the net charge 
of £b'/-2 for bank and other interest outgoings, which 1908 
shows against the net receipt of £i,,\^\ in 1907, a total was 
arrived at of £6,379 °f charges again net revenue that had to 
be found this year, and which the company had not to find 
last year. Add to this the fact that the January carrj'-over 
was ;/^i,4oi less in igqS than in 1907, a total was arrived at 
of £7,780, against which the only set-off was the increase of 
£1,672 carried to net revenue account. The result was that 
tliey had £6.ioS less available for dividend than at this time 
last year. That, however, was not the whole of the difference 
that the ordinary stockholders had to feel, for there was £1,282 
more to be found for preference dividends than there was last 
year. The £7,400 which would be made available if the 
stockholders sanctioned the paying of one' per cent, less on 
ordinary stock than last year, just covered the £6,io8 and the 
£1,282, and enabled them to carry forward about the same 
amount as in the account for last June. 

The chairman said that no doubt the stockholders would 
wish to be. informed on two main points — first, had the new 
line been worked without an undue addition to expenses? 
-Secondly, had the new line justified its existence so far as its 
contribution to gross receipts was concerned ? It was not 
possible as yet to give a final answer to either of those ques- 
tions, for the first half-year of 1907 included seven weeks' 
working of the new line, and in comparing it with 190S it was 
not measuring like against like. From such indications how- 
ever as they had there was ground, at all events, for hoping 
that both the questions might be answered in the affirmative. 
First as to expense. In January last he stated that he was 
able to give a clean comparison between the expenses per 
chain's length of line during the 26 weeks in 1906 of traffic on 
the old line, and the same quota of expenses during 26 weeks 
in 1907 on the lengthened line. The stockholders would per- 
haps bear in mind that 1907 showed the improved rate of 
£70 I2S., as against £73 in 1906. To-day he was not able to 
compare a June half-year with another June half-year with the 
same freedom from disturbing factors, for the new line began 
to be worked on May 12, 1907. He could, however, compare 
the expenses per chain's length of line in the only two com- 
plete half-years during which the new line had been open. 
He found that the quota of those expenses in the half-year to 
June, 190S, was only £70 against the £70 12s. shown for the 
half-year to December, I907r 

In respect of other matters which served as indications of 
success or failure in keeping expenses down, the two June 
half-years worked out as follows :— The June half-vear of 190S 
was fractionally worse than the December half of 1907 in 
respect of receipts per train mile f2s. 5.o-,d. against 2s. 7.84d), 
but the June half of 1908 was fractionally better than that of 
1907 m respect of receipts per train mile (17s. 9.04d. against 
17s. 1.73d), and expenses per train mile (is. 2. i6d. against 
IS. 2.94d); locomotive charges per train mile (4.68d. against 
4-7od.), ana traffic expenses per train mile (6.29d. against 
6.Sod). These improvements had been shown in spite of the 
fact that they had to pay higher prices for coal and other 
stores in 1908 than in 1907. Coal cost an average of 
14s. 5|d. per ton in 190S, as against 13s. lo^d. in 1907. These 
figures showed that the company had resisted with very fair 
success the constant tendency of expenses to increase. 
Secondly, as to receipts attributable to the new extension, it 
was found that the bookings to and from Euston and King's 
Cross, and from stations on the Hampstead tube, produced in 
the first 19 weeks of this half-year the gross sum of £13,386, 
as against nil in the corresponding weeks of the 1907 half- 
year, during which those two stations were not as yet open. 
Calculations had been furnished which suggested' Tnot, of 
course, finally or conclusively, that the old line showed a 
decrease on the half-year of £8.353. 

He felt bound to mention the fire which occurred on July 16 
at Moorgate Street Station, which was prevented in good time 
from ever becoming dangerous. It caused no panic and no 
injury to any passenger, and did ver>' little harm to the rail- 
way property. He was not able to suggest the cause because 
it was now the subject of the official inquin.- which was being 



held under the authority of the Board of Trade, and the com- 
pany was assisting them in every possible way. The com- 
pany's officers were already busily at work considering and 
effecting over the whole system, in the light of the indications 
that this case afforded, the removal of every discoverable thing 
that would [xtssibly lead to such a thing happening again, and 
every possible addition to the existing provisions and regula- 
tions for securing at all times and in all places the safety of 
passengers. The stockholders had doubtless seen for them- 
selves the low traffic receipts since the fire. The only reason 
for mentioning this was to bring to their minds, and to those 
of the public, the fact that the company had no pecuniary 
interest in adopting any other policy than that described. 
He hoped they would agree with him that the conduct of the 
staff on that occasion was such as to reassure the public and 
deserve their confidence. 

Mr. C S. Grenfell seconded the motion. 
Mr. White referred to the inadequate sum of £2,815 standing 
to credit of the renewal account, considering the fact that the 
railway had been in use by the public for the last eighteen 
years. 

Mr. Andrew inquired whether the directors had considered 
the advisability of substituting steel sleepers instead of wooden 
ones as at present, in order to prevent any such calamity as 
the occurrence at Moorgate Street. 

Colonel Perry suggested that in order to allay the public 
mind the directors should jiublish a memorandum stating 
means of communication which the driver of the train had 
with the station in front and in the rear of him, also stating 
the safest position for a passenger to occupy in the train, 

Mr. ClaRKSON inquired whether, in view of the tramway 
competition, it would not be advisable for the directors to 
reduce the fares during the slack part of the day as was 
originally done. 

.Another Sh.\REHOLDER inquired whether it would be 
possible to start the trains earlier on Sundays. 

The Ch.-MRM.\N, in reply, stated th.at the renewal account 
was receiving the serious attention of the directors, and if it 
should be found necessary to place a larger amount to that 
account each half-year they would not scruple to ask the 
stockholders' permission to do it. Doubtless the introduction 
of steel sleepers in the place of those of wood would diminish 
the risk of fire, but they could not undertake to relay the 
whole of the line with steel sleepers at one time. The stock- 
holders might take it. however, that anything that could 
possibly be done to diminish the risk of fire would be done. 
With regard to publishing a memorandum for the guidance 
of passengers, the matter should be considered. With refer- 
ence to charging lower fares during the slack time, he thought 
the fares w-ere quite low enough already, and even if they 
reduced them the possibility was that their competitors would 
reduce theirs. He would consider the question of the opening 
of the railwav earlier on Sundays, but there were reasons 
against it. 

The resolution was carried unanimously. 
On the motion of the Ch.\irman, seconded by Mr, E. TATE, 
dividends were declared at the rate of 5 per cent, per annum 
on the preference stocks and \\ per cent, per annum on the 
ordinary stock. 

The proceedings terminated with a vote of thanks to the 
chairman and directors. 



Humber Commercial Railway and Dock Company. .A.t the half- 
yearly meeting on July 23, the chairman stated that during 
the half-year they had expended on construction account 
£168,000, and the position at June 30 last was that they had 
in hand from issues of stock, made some little time since, 
a balance of £192,133. 

London Omnibus Amalgamation. — .\ meeting of the London 
General Omnibus Company was held on Wednesday at Salis- 
bury House, when seven resolutions embodying the consent 
of the shareholders to amalgamation with the London Road 
Car Company and the Vanguard Motor Bus Company, and 
the increase of the capital of the company to £2,000,000 by 
the creation of 500,000 ordinary shares of £1 each, were 
carried unanimously. Mr. Henry Hicks, who presided, stated 
that, although during the past twelve months 195,894,090 
passengers had been carried, with total traffic receipts amount- 
ing to "£1,059, 893, there had been a working loss of £140,000. 
That loss was due to the competition that had existed, and 
no stronger argument in favour of amalgamation could be 
produced than that. 



August i, 1908. J 



THE RAILWAY TIMES. 



LONDON BRIGHTON AND SOUTH COAST RAILWAY. 

The accounts for the half-yo;ir ended June jo, ujuS, were 
issued on Tuesday. Our usual analysis is appended. 
Capit.^l. 

Total expenditure £il>(>SSt('^^ 

Total receipts (allocated as follows) 30,480,233 

Undivided ordinary stock /i3,I29^368 

Preferred 6 per cent, ordinary stock... 3,531,480 

Deferred ordinary stock 3.S3l>48o 

Preference and guaranteed stocks 11,523,149 

Debenture stocks 6,^09,709 

Premiums, etc 2,T55,047 

Balance at debit of capital account ^i>'75'383 

The estimate of further expenditure on capital account is 
;£20i,453 during the current half-yeai*. and ^T 1,549, 403 in 
subsequent half-years— total, ;£i, 750,856. Capital [lowers and 
other available assets, ;£7'9,9i5- 

The capital expenditure during the past half-year was 
;£ii9,945 — viz., /i 17,552 on lines and works open for traffic, 
and ^[2.393 on working stock, machinery, and tools. 
Revenue. 
The receipts for the half-year ending June 30 were as 
follows : — 

1907. igoS. 

Passengers— First-class /92,509 ■•• £^SA") 

,, .Second-c ass >3j.42o ... 133.9^° 

,, Third class and mo'-ois 549.715 ■■ 542.157 

„ Annl. & season-tickets 161,223 ■• i6l,6o6 

Parcels, horses, etc 101,886 ... 103,428 

Mails 8,950 ... 9.100 

Merchandise (less cartage expenses) 230,764 ... 2.51,220 

Livestock 5.573 ■•• 5.719 

Minerals 169,854 ... 163,364 

Wharves (net) 12,683 ... 12,690 

Transfer fees 39' ■■ 3^8 

Rental of property— less payments 

repairs 54. 107 - 56,039 

Working steamboats (less reserved 

for depreciation and insurance)... 905 ... 1,272 

Mileage of trains over East London 

Raihv.ay 3.2+7 ■■• 3 .0'4 

Total receipts /i. 525.227 ■■ Z'l. 509.342 

The expenditure during the same period wa^ as follows: — 

Maintenance of way, works, etc. ... ^158,440 ... ;ii50,4iO 

Locomotive power 284,475 ■■• 3o'>'5' 

Carriage and Wagon repairs 81.038 ... 77.672 

Traffic expenses 253,666 ... 254,444 

Gener.il charges 37-143 •• 36,080 

Law charges 4.262 ... 4.341 

Parliamentaiy expenses 631 ... 615 

Compensation - Passengers 440 •■• 346 

Goods 4,037 ••• 3.335 

Payments under Woikmen's Com- 
pensation Act 2,441 ... 2,821 

Rates and taxes 103,547 ••■ 102,321 

Government duty 15.879 ■•■ '5.o32 

Demurrage and mileage of rolling 

stock ;•■• 2,147 •■ 1.642 

Newhaven Harl>our working 

charges, less harbour dues, etc. ... 6,726 ... 4.342 

S.E.R. for use of joint lines 2,778 ... 2,761 

Tollsreceivable, less tolls payable... 0./,2./6 ... Cr.2,130 

Total expenditure /956,404 ••• ^955. 783 

The net revenue and the manner of its disi>osal are shown 
hereunder ; — 

Balance from previous .iccount Z^3°.046 •■■ ^28,705 

Net earnings 568,823 ... 553.559 

Interest account 8,612 ... 2,222 

Total ;i'6o7,48i ... ^584.486 

Prior charges .,^161,103 ... .^162,137 

Preference dividends 288,079 ... 288,079 

Dividend on ordinary stock 44,5603... 35.2o5* 

preferred ordinary stock... 95.584'' ••• 79,45^" 

. Balance to next half-year l8,i5S - '9,6o7 

Total i:607,48i - ^^584.486 

a M tlie rate of ai per cent, per annum ; * at the rate of j) per cent, per annum ; c at 
the rate of 5* per cent, per annum ; d at the rale of 4! per cent, per annum. 

The gross receipts for the past half-year show a decrease 
of /i5,8S5, the expenditure a decrease of ^621, and the net 
receipts a decrease of /i 5,264. The ratio of expenses to 
receipts is 63.32 per cent., in comparison with 62.70 per cent. 



Tu.\KEIC, &C. 
Half-year ended June 30 1907- '9o8. 

Passengers— Kirst-class 7'3.3'7 ■ 641,946 

Second-class 1,621,394 ... 1,625,173 

,, Third-class 20.052,739 ... 19,866,928 

-Motors 463,730 •■. 488,059 

Tulal 22,851,180 ... 22,622,106 

Mileiigc — Lines owned 426I ... 426^ 

,, Partly owned 34.1 •■■ 3-li 

,, Leased or rented 9i ••• 9i 

,, Lines worked j.t ... 3-> 

,, Foreign lines run over ... 13:J ... i3i 

,, Tulal operated 486;/ ... 487J 

Train niile.igc-Pas.ienger 4,350,566 ... 4,392,576 

,, Mulors 229,804 ... 3"9.974 

,, Goods 975.464 ••• 967.898 

Tot.al 5.555.824 ■■• 5.670,448 

The report states : — "The works at Victoria are practically 
finished, and the whole of the station is now in use. It is a 
matter of congratulation that the company is provided with 
a handsome and commodious terminus, affording increased 
facilities for dealing with and developing business, and that 
so heavy and responsible a work has been carried to comple- 
tion without accident or interference with the traffic. The 
greatest credit is due to the chief engineer, the contractors, 
and the station staff for this result. The board is continuing 
its policy of restricting capital expenditure as far as possible 
until times improve. Progress, however, is being made with 
the purchase of the small quantity of land still remaining to 
be acquired for the widening of the main line south of lial- 
combe, and the work will lae proceeded with as soon as it is 
prudent to put it in hand. The decrease in revenue is attribut- 
able, so far -as coaching traffic is concerned, to loss in first 
and 'third class passengers, for which motor and tram com- 
petition is again mainly responsible. The falling oft in 
goods traffic appears in the mineral class, and is "u^ to 
stagnation in the building trade, and in business gefierally. 
It is satisfactory that, notwithstanding an increase of £12,000 
in the cost of coal by reason of higher prices as compared 
with last year, the accounts show a saving m expenditure. 
\ proprietor has given notice that he desires at the general 
nv-eting to move the following resolution, with the principle 
of which the board has every sympathy :— 'That m the opinion 
of this meeting the system of issuing cheap tickets has been 
carried too far, and ought to be very considerably curtailed^ by 
this comiiany acting in conjunction with other companies. 

LONDON CHATHAM AND DOVER RAILWAY. 

The accounts for the half-year ended June 30, iyo8, were 
issued on Tuesday. Our usual analysis is appended : — 
Capital. 

Total expenditure ^30,229,603 

Total receipts ^allocated as follows) ■■■ 29,758.»24 

Arbitration ordinary stock /ll, 259, 282 

Second preference stock 869,532 

.\rbitralion preference stock 6,727,365 

Shortlands Railway guarantee 280,000 

Sheerness rent-charge stock 125,831 

Loans 246,146 

Debenture Stocks 9.834.668 

Subscriptions by other companies... 416,000 ^ 

Balance at debit of capital account .^470,778 

The capital expenditure amounted to ;^9i,905, "f "hich 
/64.442 was on lines open for traffic, and .£27,463 on the 
South Eastern and Chatham Railway Companies Managing 
Committee. Estimated further expenditure- in the current 
half-year, ^30,000; in subsequent half-year, /26,i5o; total, 
/56.150. Capital powers and other available assets, Dr. 

Revenue. 

1907. 1908. 

Proportion of net revenue of South 

Eastern and London Chatham and 

Dover Railways Managing Com- 

mittee ^270,362 ... I^^J'IJ 

Rents of Property 32.6jO ... j2,oo7 

Transfer fees ^ - ^ 

Total receipts ^303.288 ... ^270,139 



t 22 



THE RAILWAY TIMES. 



[August i, 1908. 



The expenditure on revenue Liccount for the same period was 
as follows : — 



Salaries and office expenses 

Directors' fees 

Auditors' fees 

Law charges 



1907. 

A,o63 ... 


1908. 
^4,236 


1,75° - 


1,750 


50 ... 
216 ... 


5? 
228 



Total expenditure .£6,079 ■■• ^6,264 

The net revenue and the proposed appropriation of balantt 
available for dividend are shown hereunder : — 



Balance from previous half«j-ear ;^27,226 

Net earnings 297,209 

Sundry credits 7j302 

Total .^331.737 



£10,072 

263,875 

5,496 

-£279,443 

/2 4 4. 809 

33,637* 

997 

Total ;!;33i,737 - £^279,443 

.\t tlic rate of 2) per cent, per annum. l> At the rate of I per cent, per annum. 



Trior chirces .£243,319 

Dividend on preference stoelc 84,902.2 

Balance to next half-year 4,326 



LANCASHIRE AND YORKSHIRE RAILWAY. 

The half-yearly account? to June 30. igoS, were i:=ued un 
Tuesday. Our usual analysis is appended. 
Capit.\l. 

Total expenditure £61,712,629 

Total receipts allocated as follows) 59743,875 

Conso'idated stock ;£l8,8i8,97o 

Preference and guaranteed slocks 22,892,663® 

Debenture stock 15, 755, 085 

Loans 28,800 

Premiums 2,027,918 

Sundries 220,439 



Balance to debit of capital account .£',968,754 



titled to dividend on the preference stocks is .£30.233,287 : tlie differ 
ence between this sum and the amount actually received being made up by nominal 
additions on conso idation of various stocks. 

The receipts on capital account during the half-year 
amounted to ;£63,242. The expenditure during the half-year 
amounted to ^266,980, of which .;£ 137,881 was on lines open 
for traffic, £63,41 1 on working stock, £32,688 on lines in 
course of construction, and £33,000 on subscriptions to other 
railways. Estimated further expenditure : — In the current 
half-year, £294,097; in subsequent half-vears, £3.963,424; 
total, £4.257,521. Capital powers and other available assets, 
£3,447,521- 

The revenue account for the half-year ending June 30 shows 
the receipts to have been as under : — 
Revenue. 



1907. 

Passengers — First-class £36,212 

,, Second-class 81,453 

,, Third-class 736,045 

,, Season-tickets 159,489 

Parcels, horses, carriages, etc 127,073 

Mails 11,212 

Merchandise (less collection ami 

delivery) 1,026,560 

Minerals and coal 659,359 

Live stock 18,254 

Mileage and demurrage 4,415 

Rents 42,957 

Fleetwood and Belfast steamers ... 2,155 



Total receipts £2,905,184 .. 

The expenditure on revenue account durin^ 
was as follows : — 

Maintenance of way, works, etc. ... ;£264,200 .. 

Locomotive power 488,627 .. 

Carriage and wagon repairs 138,811 .. 

Traffic expenses 680,312 .. 

General charges 45,7i8 .. 

Law charges 3,213 .. 

Compensation — Passengers 3,942 .. 

' ,, Workmen 8,301 .. 

,, Goods 19,431 

Rates and taxes 83,564 .. 

Govgrnment duty 9,504 .. 



190S. 
£33,733 

81,923 
735.705 
164,215 
130,792 

11,293 

978,086 
650,268 

18,164 
4,638 

43,876 

Dr. 4,6b I 
£2,848,032 

the half-year 

;£266,324 

522,319 
135,598 
678,994 
49,676 

3,146 
• 2,452 

8,588 
23,230 

79,813 

9,443 



Total e.xpenditute £i,745,62j ... £i,779,583 
The net revenue account and the proposed appropriation of 
balance available for dividend may be summarised as follows : 



1907. 1908. 

Balance from previous half-year ... £32,309 ... £32,546 

Net earnings 1,159,561 ... 1,068,449 

Dearne Valley Ry. interest and div. — ... 7,580 

To'al £1,191,870 ... £1,108,575 

Priorcharges £314,438 ... £323.555 

Prefei ence dividends 480,795 ... 480,795 

Dividends on ordinaiy stock '374,958 ... 1282,091 

Balance to next half-year 21,679 •■• 22,134 

Total £1,191,870 ... £1, 108,575 

* At the rate of 4 per cent, per annum. +.\t the rate of 3 per cent, per annum. 

The receipts for the past half-year show a decrease of 
£57,152, the expenses an increase of £33,960, and the net 
receipts a decrease of £91,112. The ratio of expenses to 
receipts is 62.48 per cent, (as against 60.08 per cent.). 
TraI'FIC, etc. 
Half-year ending June 30. 1907. 190S. 

Passengers — First-class 573,488 ... 562,096 

,, Second-class 1,691,336 ... 1,683,968 

,, Ihiid-class 28,702,235 ... 28.441,232 

,, Total 30,967,059 ... 30,687,296 

Season-tickets 40,597 ... 43,217 

Mileage — Lines owned 526J ... 527 

,, Partly owned 89J ... 89J 

,, Foreign lines worked 

over i94j ... 194S 

,, Total 810] ... 811 

I rain mileage — Passenger 6,386,858 ... 6,335,518 

,, Goods 2,731,510 ... 2,091,679 

Total 9,118,368 ... 9,027,197 

The report states: — "The amount of capital expended dur- 
ing the half-year for general purposes has been £201,292 
against £235,907 authorised by the shareholders at the last 
half-yearly meeting. At the ensuing meeting the directors will 
ask for authority to expend £177,922 on capital account for 
general purposes during the current half-year. The reduction 
in net revenue available for dividend has been entirely brought 
alx)ut by the very unsatisfactory state of trade. Commencing 
in January last the fall in imports and exports throughout the 
country has been month by month very considerable ; in addi- 
tion to which, notwithstanding that every effort has been made 
in the direction of economy, the expenses show an increase, 
largely under the head of coal, but there will be some relief 
so far as this item of exjjenditure is concerned during the 
current half-year." 

MIDLAND GREAT WESTERN RAILWAY OF IRELAND. 

The half-yearly accounts to June 30, 1908, were issued on 
Monday. Our usual analysis is appended. 
Capital. 

Total expenditure £7,157,856 

Total receipts (allocated as follows) 7,121,497 

Ordinar)' Slock £2,370,000 

Preference and guaranteed stocks ... 1,795,35' 

Debenture stock 2,347,966 

Parliamen lary grants 440,000 

Premiums l68,l8o 

Balance at debit of capital account £36,359 

The expenditure in the half-year was £7,255, of which 
2,513 was on lines open for traffic, and £4.742 on working 
stock. Estimated further expenditure — In the current half- 
year, £820; in subsequent half-year, not ascertained. Capital 
powers and other available assets, £330,270. 
Revenue. 
The revenue account for the half-year ending June 30 shows 
the receipts to have been as follows : — 

1907. 1908. 

Passengers— First-class £11,160 ... £10,719 

,, Second-class 16,302 ... 15,823 

„ Third-class 65,377 ... 63,615 

Parcels, horses, carriages, etc 19,401 ... '9,634 

Mails 15,112 ... 15,113 

Merchandise 108,480 ... 109,528 

Livestock 36,879 ... 38,380 

Minerals 9,625 ... 9,55' 

Roval Canal 2,630 ... 2,705 

Rents 4,689 ... 4.863 

Transferfees 92 ••. 81 

Total receipts £289,747 ... £290,012 



August i, 1908.] 



THE RAILWAY TIMES. 



Tlio expenditure on revenue acrount for tlie same period is 
detailed below : — 

Maintenance of way, works, et:. ... ;^4),2oo ... ;^43.3-3 

Locomotive power 5!j,J46 ... Oo,oi2 

Carrirrge and wagon repairs 10,695 ... 10,5^5 

Tratlic expenses 4.1,849 .. 44.4-6 

General charges 8,120 ... 8,126 

Law charges 7S1 ... 831 

Parliamentary 1,05' ••• — 

Compensation— Passengers 161 ... 53 

,, Goods 1,001 ... 729 

Rates and taxes 7>"59 ■•• 7-oi7 

Royal Canal 4.636 ... 4.jl4 

Tol.al ;i'i79.799 - ^'S5,4'6 

The net revenue account and the proposed appropriation of 
the balance available for di\idencl may be summarised as 
follows : — 

Balan ce from previous accoimt .■C'7i344 ■■■ £"),^'^(> 

Net earnings 109,948 ... 104,596 

Sundry credits 1,359 ... 1,936 

Total ^128,651 ... /;i2.t;,63S 

Prior charges ;^58,877 •■ ^£'58,993 

Preference dividends 28,334 ... 28,362 

Dividend on ordinary stoc'k 35>5S° . ■■• "351550 

Balance to ne.xt lialf-year 5,890 ... 2.733 

Tot.-il ;^I2S,65I /125,63s 

• At the rate of 3 per cent, per aiimini. 

The gross receipts for the past half-year show- an increase of 

^£265, the expenses an increase of /s.Oi;, and the net receipts 

a decrease of ^5.352. The ratio of expenses to receipts is 

63.92 per cent, (as against 62.05 1'^'' f'nl.). 

Tr.\ffic, etc. 

Half-year ending June 30. 1907. 190S. 

Passengers— First-class 39.597 ■•• 35.47° 

,, Second-c'ass > 65,107 ... 61,698 

Third-clasi 637,663 ... 621,967 

Total 742.367 ■•• 719,135 

Mileage — Lines owneil 516;^ ... 516J 

,, Leased or rented 2lf ... 2ij 

,, Foreign lines worked over 605 ... 6oi- 

„ Total operated 5981 ... 59SA 

Train mileage — Passenger 793,653 ••■ 773.'34 

,, Goods 474.694 ■■472.725 

„ Total .'. 1,268,347 1,245,859 

The report states: — "The MuUingar, Kells, and Drogheda 
Railway bill, against which the directors lodged a petition, 
was withclrawn by the promoters. The directors having peti- 
tioned against the Sligo and Arigna Railway bill, the pro- 
moters suggested that it might, by negotiation, be practicable 
to avoid the cost of a Parliamentary contest. Meetings were 
held, the objectionable portion of the proposed railway was 
withdrawn from the bill, and an agreement has been entered 
into for the working of the railway, when constructed, by this 
company, which agreement was approved at a special meeting 
of shareholders on July 10. The bill has now been before 
Committee of House of Commons and House of Lords, and 
now await third reading." 



British Electrical Engineering Company. — At an extraordinary 
general meeting on Monday, tlie resolutions passed at the 
meeting held on July 7 were confirmed. 

London and India Docks. — For the half-year ended June 30 
the tonnage of shipping entering the docks of this company 
from foreign ports to discharge was 2,585,041 tons, a decrease 
of 17,555 "tons compared with the corresponding period of 
1907. There was also a tonnage of 302.966 tons entering 
coastwise to discharge, a decrease of 21.656 tons. The total 
tonnage for the past half-year was 2.888,007, a decrease of 
39,211 tons on the first half of 1907. The weight of goods 
landed in the docks during the past six months was 545. 30^ 
tons, an increase of 27,895 "tons. The stocks of goods in ware- 
house on June 30 were 236,758 tons, against 203,963 a year 
ago. After providing for interest on loan capital and for 
the dividends on the "A" and "B" preference stocks and 
preferred ordinary stock, there is a balance of ;£69,459 to 
be carried forward. The .Amalgamation Act does not permit 
of the declaration of any dividend on the deferred ordinary 
stock until the accounts of the year are made up. 



RHYMNEY RAILWAY. 

The half-yearly acduints to June 30, ly'.S, were issued on 
Wednesday. Our usual analysis is appended. 

C.-\l'ITAT,. 

Total expenditure '. ^2, 420, 152 

Total receipts (allocated as follo«s) 2,261,116 

Ordinary stock /.Sot, 146 

Preference stock 993,090 

Debenluie stock 463,700 

Premiums, clc 3iiSo 

Balance to debit of capital account £1 59,036 

The capital expenditure during the last half-year was 
_£i3,26o, O'f wlridi ^1,751 was on lines o])en for trafhc, and 
^5o(:) on working stock. Estimated further expenditure- In 
the current half-year, ^56,000; in subsec|ucnt half-years, not 
stated. Capital powers and other available assets, _£94o,43i. 
Rkvenue. 
The revenue account shows reieipts and expenditure as 
follows: - 

1907. 1908. 

Passengers, parcels, etc i^34,858 ... /■38,684 

Merchandise and live stock '3.837 ■■. >5.°55 

Miner.ils 124,181 ... 112.695 

Miscellaneous 1.024 ... 962 

. Total receipts £^3.0°° ■■■ /''67.396 

Total expenses 112,194 ••• 108,780 

Net receipts /'6i,7o5 ... /5S,6i6 

B.ilance from Inst half-year 5,225 ... 6,029 

Total ;C66,93i ... ^64,645 

Pripr charges Z>2,46l ■■■ ^"'2,284 

Preference dividends 19,862 ... 19,862 

Ordinary dividends "28,000 ... 28,000 

Balance to iie.vt half-year 6,608 ... 4,499 

Total ;i:66,93i ... ^64,645 

*At the rate of 7 per cent, per flnnutii. * 

The gross receipts for the past half-year show a decrease 
of ;£6,5o4, the expenditure a decrease ^3,414, and the net 
receipts a decrease of ^3,090. The ratio of expenses to receipts 
is 64.98 per cent, (as against 64.52 per cent.). 
Traffic, etc. 
Half-year ending June 30. 1907- 190S. 

P.assengers carried (total number)... 1,447,436 ... 1,641,646 

Mileage — Lines owned 395 ... 393 

,, Partly owned 20S ^ ... 204 

„ Leased or rented (jointly) l| ' ... ij 

,, Foreign lines worked 

over i6f ... i6f 

Tolal 78s ... 78I 

Train mileage* -Passenger 159.245 ■•• 162,270 

,, .Steam motor cars — ... 24,940 

,, Goods 645,460 ... 618,311 

Total 804,705 ... 805,521 

• Exclusive of shunting. 

The report states : — "The directors have decided to adopt 
the scheme for conciliation and arbitratitm in cpiestions 
relating to rates of wages and hours of labour of certain classes 
of railway emi)lovecs which was signed on behalf of the larger 
companies at the Bo:trd of Trade on November 6 last. The 
bill promoted in the present session of Parliament to confer 
further powers upon the company passed through lx)th Houses 
unopposed, and received the Royal Assent on June 18. , .'\11 
powers asked for were granted with the exception of the 
power to pay interim dividends on the deferred stock. The 
Barry Railway Company withdrew their a])plication to Parlia- 
ment for ])owers to construct a raihvay alongside of and close 
to the company's Rhymnev Bargoed branch. The clauses 
in the Merthyr' Tydfil' Corporation Bill, which were opposed 
by the company, were struck out by the .Special Committee 
of the first House. The Monmouthshire County Council Bdl, 
which was also oppo.sed by the company, was rejected by 
Parliament. A clause for the company's protection has been 
inserted in the Rhymnev and Aber Valleys Gas and Water 
Bill. In recognition of the long and valuable services of the 
late General Manager of the company, Mr. Cornelius Lundie, 
the directors on beh:ilf of the company have made to his 
granddaughter. Miss Ethel T,undic. a donation of the balance 
of the remuneration which would h.avo been payable to Mr. 
Lundie had he survived to the end of the current year." 



124 



THE RAILWAY TIMES. 



[August i, i( 



LONDON TILBURY AND SOUTHEND RAILWAY. 

The 104th h.ilf-ye.irly general meeting of tlie proprietors 
was held at the ottices ot the company, 41, Trinity bquare, 
Tower Hill, E.C., on Thursday, July 30, Mr. ARTHUR LKWIS 
Stride (chairman and managing director) presiding. 

The Secretary (Mr. H. Cecil NewtonJ read the notice 
convening the meeting. 

The Ch.\IRMAn said — Gentlemen : Before making a few 
remarks upon the report and statement of account which have 
been circulated amongst you, and which I propose to take as 
read, I feel that it is incumbent upon me to point to a vacant 
chair which we have at this Board, and which was occupied 
by our good friend and colleague, Mr. Percy Hence Trower 
only so lately as last Thursday, when we revised, for the last 
time, the report which has been sent out to you. He was here 
on that day in, apparently, good health, although he had 
not been very welf for some time past. On Saturday, 
however, he died, and his body is to he buried this afternoon 
shortly a'fter this meeting. He' was the best of colleagues both 
from a business point of view and from a social standpoint. 
His common sense, his shrewd business habits, commended 
themselves to evervbodv with whom he came in contact m the 
business part of his life. He was the best gnd most charming 
of companions, and we all got to be very fond of him indeed. 
Speaking as I am the true sentiments of all the board, what 
must the trouble be to those who are near and dear to him ? 
I am sure you will all agree with me when I say that our 
deepest sympathy is due, and may be sent, to them in their 
time of sorrow. (Hear, hear.) 

Now, I wdll turn to the accounts, and following my usual 
practice I will begin with account No. 9, which, after all,_ is 
the most important it is the revenue account. Taking first 
the receipt side of that account, I may say at once that the 
traffic was, on the whole, satisfactory during the past half- 
year. We had an increase of ;£2,o8i in passenger traffic; in 
periodical tickets we had an increase of £4,57^- I h^^'^ re- 
ferred to the growth of season ticket traffic before, and I may 
tell you that it still continues at about the same pace as it has 
done during the last few half-years. We have issued 1986 
new season tickets during the past six months, and there are, 
at present, 4.793 passengers living at Southend or WestcliflF 
who come up to London and return every day with those 
season tickets. The remuneration we have received from pas- 
sengers, other than season ticket holders, has been as small 
as usual. Our first-class traffic is very small as compared 
with the total number that we carry, being only 143,000 as 
against nearly 14 million of third-class passengers. The re- 
ceipts from our first-class passengers work out at is. 2d., but 
our third-class traffic works out at 2.i9d. per passenger; 
thus we carry these 14 millions of people, and we only earn 
from them a trifle over 2d. each. In parcels and mails there 
was an increase, and the total passenger trafiic— m which we 
include parcels, mails, and horses— shows an increase of 
/7o77 Merchandise, live stock, and mineral traffic has held 
its own, but not much more— we have really obtained /361 
more. Miscellaneous receipts amount to ;£492 more, but the 
profit on working the Gravesend Ferr>% you will see, is £4^$ 
less than it was at this time last year. This is due, first of 
all and in the greatest measure, to the loss of traffic between 
Kent and Essex, in other words between Gravesend and Til- 
bury. That loss of traffic, however, is counterbalanced by this 
fact,' that whereas at Tilbury there were any number of un- 
occupied houses, not only are those houses now occupied, but 
building operations are proceeding apace, and people who used 
to live at Gravesend are now living on the Tilbury side, to- 
gether with their wives and families, and, probably, we are 
getting more out of them than if they continued to live at 
Gravesend. The rest of the decrease of ^£485 is due to heavy 
repairs we have had to make on the tube which leads from 
the new Tilbury station to the riverside. We have had very 
heavv repairs to make in that respect, and also to the boats 
during the half-year. That accounts for the decrease in the 
profit balance, and you will see that in place of carrying ^1,000 
to the depreciation fund for steamboats, as we are in the habit 
of doing, we have only carried /500 this half-year to that fund. 
There is ^iS,ooo now' standing to the credit of that fund, and 
we consider that it is only necessary to place ;£5oo to it this 
half-year instead of our usual /i.ooo. 

The other side of the account, of course, shows where our 
treuble is. On the receipts side of the accounts we have an 
increase of £&,^4lJ, but the expenditure side altogether 
swallows this up, and ;£t,ooo in addition has been spent, and 
I shall have to explain to you how this came about, and in 



order to do this I must refer you to account No. 12, which 
contains the abstracts, namely. A, B, C, D and E. Abstract 
A, which refers to maintenance of way and works, has no 
particular feature in it to which I need refer — the amount 
spent m that department has been within £6 of the sum spent 
last half-year. Great credit is due to our engineer and his assis- 
tants for having kept that expenditure down. In locomotive 
power there is an increase of .£3,795, and that is due to two 
Items. We had an exceptionally good contract for coal in the 
corresponding half of last year, but in the past half-year the 
contract — which is not a bad one — shows, as compared with 
that exceptionally cheap half-year, that we had to pay 7jd. 
per ton more for coal than we did at this time last year, and 
having run 10,000 more miles, the item for coal and coke is 
increased by _£i,66o. The next item is that of engine-power 
supplied to and by other companies, which shows an increase 
of _^2,744, and that is due entirely to the amount we have had 
to pay in excess of that which we put into the accounts this 
time last year for electric traction on the widened lines between 
the Whitechapel and Bow line and our own station at Barking. 

The working of electric trains is expensive. They are very 
nice indeed, and very satisfactory, so far as the public is con- 
cerned, but we have not yet found out how to work them at 
anything like the price of working by the old steam locomo- 
tion, and until we have done that we have got to face, I am 
quite sure, an item like this pretty well every half-year which 
we shall have to discuss in the future. I need not say that 
this subject is giving the board a very great deal of anxiety, 
but we are in hopes of being able, ultimately, in common with 
other companies, to meet the difficulty. We went into the 
construction of the Whitechapel and Bow railway for the pur- 
pose of connecting up the District and the Metropolitan rail- 
ways with the Tilbury line. Those two companies electrified 
their line without any consultation with us. I do not com- 
plain of that, because we had no right to claim to make any 
arrangements with them for electric working before they had 
decided what to do with their own line; but the result is that 
if we, the Tilburv Company, had not consented to the elec- 
trical working of the Whitechapel and Bow, and of the ex- 
tension of the running of the District trains clown to Barking, 
we should have found ourselves exactly in the position that 
the East London Railway is in to-day. They had not the 
money to equip their line electrically, and, as probably most 
of you know, their traffic has gone down to zero. There are 
no through trains on that line, and there cannot be any until 
the leasing lines see their way to electrify it. I am sure that 
no proprietor will say that this is an option that we should 
have taken rather than the option of paying heavily at the 
present time for that which we cannot very well help ; if we 
are going to continue it, you must continue the working of 
the service electrically, so far aj the District Company is con- 
cerned. The charge in connection with this working was 
understated in the accounts last year. We charge, as usual, 
half of the total cost to the engine-power supplied to and by 
other companies, and the other half goes to mileage and 
demurrage. 

The item of repairs and renewals to carriages and wagons 
calls for no remark, nor do the items of traffic ex- 
penses and general charges. However, in the general 
charges there is an increase of £^s^ i" salaries, 
and this is due to the fact that from year to year the junior 
clerks are entitled to a small rise on a scale already provided. 
I do not know that there is anything else with regard to the 
accounts that I can explain. I may, how-ever, say that law 
charges amount to /230 more, and that is due principally to 
a pood deal of leeral work which we had to do in connection 
with the Board of Trade inquiries as to labour matters and 
workmen's trains. Parliamentary charges show an increase of 
£145. We have not promoted any bill ourselves, but we have 
been busy in protecting the interests of the company which 
were affected by bills promoted by other people. The item 
of compensation is ^334 less, I am glad to say. I regret to 
say that rates and taxes again show an increase, for we have 
to pay /400 more in this respect. This is not due to fresh 
assessments, but to increased poundage on the existing assess- 
ments in different districts throueh which the line passes. 
The amount of Government Duty is much the same, but mile- 
pn-e and demurrage shows an increase of £-2.-oo. which is 
one-half of the cost of the electrical working to which I have 
referred when I was speaking about locomotive expenses. The 
result is, that so far as the revenue account to which T have 
been referring is concerned, that we are carrying /i,42R le== 
to not revenue than we did this tirne l.Tst ve.ir, 



Av 



GUST I , I( 



THE RAILWAY TIMKS. 



fd< 



Referring to net revenue, we luive £},(ii) mere in intcre-t to 
pay on debenture stock, and the Tottenliam and Kine>t date 
line, for the first time for a good while >ho\vs a slight deficit, 
owing^ to a decrease in the local traflic, .As to the item of 
"balance on adjustment of electric rvinning cliarges," etc., 
^10,215, you will see that in our report we tell you 

■■A setllcmcnt h.as been .irrivcd .it willi llu- .Mi-tropi.Ut.m Dlslrii , 
R.iihvHy Company respecting tlie payment to that company luj running tlu-ir 
electrical tr.iins over the Tilbury railway between Bow and East Ham 
from .August 1905. when the service was commenced, to the end of 
last year, and the accounts had been adjusted and paid. The same 
rem.arks apply to the working of the Whitechapel and Bow joint line." 
We further say "the adjustment of past accounts shows that undcr- 
ch,i.rge5 were made in former half-years of .fs.QU i" the case of the 
Tilbury Company, and of .is.1,,,2 of the Whitechapel and Bow joint line. The 
latter amount has been paid in equal proportions by the Tilbury antl 
District Corap.-unies, and the total involved, namely, iC,o,2u 18s. 4d., has 
been debited to net revenue in the present accounts, and liquidated by 
the transfer of ;<;io,ooo from the special reserve fund." 

You will see that we take /io,ooo from the other side of 
the account in order to adjust the balance of accounts which 
have been running between ourselves and the District Com- 
pany ever since .August, 1905. We confidently submit that the 
right thing has been done by us m taking this amount of 
_^ 10,000 from the special reserve fund, for it was speciallv 
reserved for such a case as that with which we are now- 
dealing. The result of all this is that we carry into account 
Xo. II the amount available for dividend, ^dS.ooo, as against 
;£7i,ooo this time last year. 

I do not think that there i? anything I need refer to on the 
other side of the account. We propose, subject to \nur ap- 
proval, that we should pay the usual interest on all the jne- 
ferred stocks — debentures and preference and that t.n the 
consolidated ordinary stock we should pay 3 per cent, |)cr 
annum, as against 3^ per cent, which we paid this time last 
year. We are, therefore, paying a i per cent, less than we 
did at this time last year, and although you may say that 
other railways have nothing to do with us, yet 1 think 1 can 
safely say that we should not be, so far as I can see, by a 
long way the worst off so far as our accounts for the past 
half-year are concerned, .Account No. 5 deals with the capital 
expenditure which has been incurred during the past half-year. 
You will notice that out of the _^68,ooo which we have ex- 
pended ^40,800 is due to the winding up of the widenings at 
Barking, and the new station, and so on, and we hope and 
believe that capital expenditure will be i iil down very 
considerably when we get out of this ])resent half-year. Once 
again referring to the report, you will sec that we tell you 
that the widened lines between East Ham and Barking, and 
the new station at Barking, have been brought into use — they 
were opened on April i last. .A new station — Dagenham 
Dock — which has been built by arrangement with the land- 
owners with a view to the development of property between 
Barking and Rainham, was also opened for traffic on July i, 
and we are hoping for great things from that new station. 

Paragraph No, q of the report refers to the Metropolitan 
District Raihvay Bill, and also to the Port of London Bill. 
We say in our report that this Bill is still under the considera- 
tion of the Joint Committee of both Houses of Parliament, and 
that all possible steps are being taken to ])rotect this com- 
pany's interests under agreement with the Dock Company. 
Now. since that report was printed I am glad to be able to 
say that our opposition to that part of the Bill in which we 
were interested has been successful. We, as vou know, have 
agreements of great value with the present Dock Company, 
under which agreements we have spent between two millions 
and three millions of money, and these agreements, if pre- 
served, mean very good business for us; but if they were can- 
celled, as they might have been under the Port of London 
Bill as it originally stood, it would have meant, not exactly 
ruin to us, but something very much like it. We appealed 
to those acting for the promoters of the Bill to give us a clause 
which we have had inserted in two or three other Acts of Par- 
liament for the purpose of saving all our rights under agree- 
ments with the Dock Comjjanv. This clause is drawn with a 
view to throwing upon the port authority of the future exactly 
the same liabilitv to act up to those agreements as the Dock 
Company is already under obligation to us to do. The 
argument — if you may call it an argument — which was used 
against us was to the effect that if the Parliamentary Com- 
mittee gave us a special clause they would have to give the 
same clause to everylx)dy else — to mill owners and wharf 
owners on the side of the river. However, we pressed the 
matter for all we were worth, and the Committee, who listened 
to us very attentively, came to the unanimous conclusion that 
our case was an exceptional one, and that we were entitled 
to what we were asking for. They therefore gave us the 



clause whith we contended for, and 1 liope you will say that 
the greatest credit is due to our solit uor, and those who acted 
with him, for the manner in whicli they have protected your 
interests. Everything was done in this respect in Mr. Mathews' 
best style, and the result of his labours 1 have already in- 
formed you of. (Hear, hear.) The London Eleilric .Sujjply 
Bill, and the London and District Electricity .Supjjly Hill are 
both through the Lords Committee, and clauses for the protec- 
tion of our company have been inserted in tlu-m. 1 think 
that is all 1 have to say now in connection wiih tlic report and 
accounts, and 1 beg to move : 

" That the report of the directors and statement of accounts for the 
half-year ending June 30, igoS, whicli have been circulated amongst the 
proprietors, and are now presented, be received anil ad«»pted." 

I shall be glad to answer any (juestions whit it may be asked 
to the best of my ability. 

Mr. jAMliS Rolls Hoare, deputy ( hairm.tn, seconded the 
motion. 

Mr. BKECROb'T asked wh.it was meant by the Fobbing 
special rate. 

The Chairman, in reph. said that in i.SSi there was a gre.it 
luirricane and a high tide, .md the distiict in the ncighboiii- 
hood of Thames Haven was submerged owing ti:i tht- river wall 
being washed away. The local authorities made a levy u|x)n 
the whole district to the extent of many thousands of pounds, 
and this money was being paid off during a period of 30 years. 
The assessment on the company in this connection was about 
/3,ooo, but the board thought they had better face the music 
at once and pay off the proportion levied upon the Tilljury 
Company. This they did, but as it would have been abso- 
lutely unfair to have put the whole charge upon the shoulders 
of the shareholders at the time, the board decided to charge 
it m the accounts each half-year until the whole amount was 
liquidated, and next year the wliolc amount will have been 
wiped out. 

Major LsAAt s s.nd lu- desired to (tuncide witli tlie ("li.iirman 
in his remarks as to the great loss which the comjiany had 
sustained by the death of Mr. Trower. He was a charming 
man, and one would have thought and hoped that he would 
have long been spared to give the company his excellent ser- 
vices. He was sure the shareholders would agree .with him 
in asking to be associated with the board in transmitting to 
the family of the late Mr. Trower their condolences^ at the 
great loss that they had sustained, (Hear, hear.) When he 
received the report of the directors he felt that it was only a 
jirecursor of nearly every report which would be issued by the 
other raihvay companies, and he was sorry to say that u]i to 
the present time all the reports that had been issued by railway 
companies showed fallings off in net receipts, and many of 
them to a much greater extent than was shown by the Tilbury. 
.A A per cent, dividend on the ordinary stock represented 
^4,658, but this company had had the good fortune 
to have a larger carr)- forward than that of last 
yeari to the extent of ' ^73 ; therefore, the net sum 
that the i per cent. reiiresented was il4.5^5: ^^'' 
had followed with considerable interest the Chairman's 
remarks with regard to account No. q, but there were one or 
two items which they must look at a little more closely. For 
instance, mileage and demurrage represented ;{!g,8,Sr), as against 
jf7,2o6 in the correspondinc" period of last year — this was 
both a distinction and a difference. There was also a con- 
siderable difference in the item of engine-power supplied to 
and by other companies. He did not think that the company 
was obtaining anything like the returns they should do for 
the Whitechapel and Bow Railway, which had been constructed 
jointly by the Tilbury and the District Companies, He be- 
lieved that that line represented a capital outlay of /i, 600, 000, 
which was an enormous sum, having regard to the 
mileage, and each of the contracting parties h.ad liaid 
/6oo,ooo in regard to that line. Unfortunately for the Tilbury 
Company, the Metroiiolitan system was divided into two parts-- 
the north part and the south part of the Inner Circle. Un- 
fortunately, up to the present they had only had traffic from 
the southern portion of the L'nderground system, and this w_as 
far and away the least profitable portion of the line, so far 
as the Tilbury was concerned. There was not a laree number 
of first-class passengers from Belgravia and .^iouth Kensington 
who travelled over the Tilbury line to .Southend or Westcliff, 
but the northern portion of the Underground railways-- 
namely, the Metropolitan— served enormous masses of people 
who were re,allv likely to be travellers over the Tilbury line. 
In other words' they were much more likely to get their trains 
filled with passengers from the northern portion of the Inner 
Circle than from the southern portion. He wotdd,, therefore, 



T26 



THE RAILWAY TIMES. 



[August i, 1908. 



suggest that the board should endeavour to come to some 
arrangement by which the traffic from the northern portion 
of the Underground raiUvay should come over the Whitechapel 
and Bow, and thus reach the Tilbury line. He knew that 
there were some difficulties in the way, but he did not think 
it was impossible to overcome them. ' He had complete con- 
fidence in the Chairman as an administrator, and was sure 
tJiat he would do all he possibly could to foster traffic from 
the points that he had named, and he merely made these re- 
marks with a view to calling attention to the matter. 

The CH.■\IRM.A.^! said that he knew that Major Isaac's remarks 
were made in the most kindly spirit, and he could only say that 
they were full of sound common sense, and it would be a very 
desirable thing if it were possible to bring about such an 
arrangement as he had suggested. He could do no more than 
say that the subject was before the board in a very serious 
way, and before him (the Chairman) especially, and he agreed 
that it would be a very desirable thing if they could by any 
possibility effect an arrangement with the Metropolitan Com- 
pany for the purposes which he had indicated. He could not 
say any more than that on this occasion. 

The report and accounts were then unanimouslv adopted. 

The Ch.airm.an then moved : — 



■■That the foUomng divideiul 
ending June 10, 190S, be dccl.ari. 
preference stuck at the rate uf 
preference stock, 1904. at the r 
.i'.S63,3io Consolidated ordinary 
annum, and made payable 011 ani 



mely: Upo 
■ cr cent, pi 
r.f i4 per 

i at the r_ 

after July 31. 1908. ■ 



Mr. J. R. HOARE seconded the motion, which was agreed 
to unanimously. 

Mr. Drurv, in proposing a vote of thanks to the chairman. 
directors, and staff, said he must congratulate the board upon 
having been able to give the shareholders a much more cheer- 
ful account than many railway chairmen would have to give 
their shareholders for the past' half-year. (Hear, hear.) 

Major IsA.ACS seconded the motion, which was agreed to 
unanimously. 

The Chairman, in reply, said that he desired to thank the 
shareholders very sincerly for the vote which had been passed, 
especially so on behalf of the staff. .At one time he felt some- 
what unhappy at having to face the shareholders and place 
before them such an account; but, after all, it was not so bad, 
and he had found, as usual, that telling the truth .ibout the 
whole condition of things, and keeping nothing back from the 
shareholders, was really the best way of dealing with the 
position, because such a policy tended to friendly and confi- 
dential relations on both sides of the table. (Hear, hear.) 

The proceedings then terminated. 



CENTRAL LONDON RAILWAY. 

The accouiUb to June 30, ujuS, ^how a gross revenue of 
£'73;3^^ (against _£i()4,627), aad an e.xpenditure of ^S9,S6i 
(agains't ^£89,676), leaving a profit of ^83,527 (against ^74,950). 
.Adding balance brought forward (;/;io,2iS) and general interest 
(^314), the total net revenue is /94,o59 (against ^90,724), and 
after deducting interest on debenture stock (^18,023) interest 
on reserve fund (/1.093), and an item for emergency train 
pipe and control cars (iJXiS), there remains a balance of i;74,i25. 
Dividend on undivided ordinary stock at the rate of 3 per cent. 
. per annum (against 3 per cent.) will absorb £28,s(>o, and on 
the preferred stock at the rate o.f 4 per cent, per annum 
/i 1,093, leaving a bala.nce of /34,672, of w-hich it is proposed 
to carry ;£5,547 to dividend suspense on account of deferred 
stock. Length of line worked, 6 miles 72.7 chains; train miles 
run, 680,126; number of passengers carried (including 2,961,710 
workmen), 19,901,750 (against 20,260,871); ratio of e.xpenses 
to receipts, 51. 82 per cent, (against 54.47 per cent.). The 
capital account shows an expenditure of ^52,289 during the 
half-year, making the total to date ^4, 044, 469, while the re- 
ceipts have been ^3, 931, 162 — viz., ordinary stock, ^1,890,690; 
preferred stock, ^554,655; deferred stock, ^^554, 655; debenture 
stock (4 per cent.), ^901,156; premiums, etc., _£3o,oo6. The 
report states: — "The Franco-British Exhibition at Shepherd's 
Bush was officially opened on May 14 last, and on that day the 
company's trains were worked over the new line sanctioned by 
Parliament last year, utilizing also the new station at Wood 
I.ane opposite the entrance to the Exhibition. This extension 
of the system adds half-a-mile to the length of railway worked. 
.A very substantial increase in the company's business has 
roulted, and as tramcars and omnibuses now run between 
Hammersmith and Willesden, passing the entrance to the new 
station, there is every prospect that an increasing traffic will 
be permanently carried to and from this new centre. It is 



further satisfactory to be able to announce that the system 
of through booking between stations on the Central London 
Railway and those on the Baker Street and Waterloo, the 
Charing Cross Euston and Hampstead, the Great Northern 
Piccadilly and Brompton, the City and South London, the 
Great Northern and City, and the Metropolitan Railways, 
established last year, has steadily developed; and that already 
about 25,000 passengers per day are exchanged with the other 
companies, minimising and partially replacing the loss on the 
short-distance traffic diverted by the motor omnibuses. The 
average receipt per passenger for the half-year is i.97d. as 
compared -vmli t.S5d. jn the Jialf-year endin_g June, 1907 T-he 
cost per passenger is i.o.Sd. as rumpared with i.o6d. in the 
corres]}onding year." 

ROHILKUND AND KUMAON RAILWAY. 

.\n exiraordin.uy gener.il niei-ting of the stockholders was 
held on Thursday, July 30, at the offices, 2}ij, Gresham 
House, Old Broad Street, E.G.; Col T. Gracev, C.S.I., R.E. 
(chairman of the company) presiding. 

The SeCRETARV (Mr. T. H. Wright) read the notice con- 
vening the meeting. 

The Ch.^irman then said : Gentlemen, when we last 
met 1 told you that we had for a long time back 
found great difficulty in getting from the Govern- 
ment of India the money that we thought necessary 
for the development of the State portion of the railway that 
we work. I also informed you that we were negotiating with 
the .Secretary of State for India an agreement under which 
the money required for capital purposes, both for our own 
and the State line, would be raised on the joint security of the 
re\enues of the two railways. Well, after prolonged negotia- 
tion that agreement has now been arrived at, and we have 
called you together to ask you to empower us to conclude it. 

The agreement is rather complicated, because it includes 
some clauses 10 protect existing interests and others to provide 
for the ultimate repayment of the debenture stock we propose 
to issue under it, but its effects are very simple. The money 
will be raised on the joint security of the net earnings of the 
two railways, wlm h la^t year were just over ^100,000 per 
annum after ])n>viding /!i,6i3 for the payment of the 35 per 
cent, interest on the .^!46,ii85 in debenture stock which we have 
already promised to issue, and are a prior charge. The net 
earnings are steadily increasing, and debenture stock issued 
on the security of a progressive revenue of / 100,000 a year 
should prove attractive to investors. 

In the event of the purchase of your railway by the 
Secretary of State, or of the working of the State line being 
taken away from you in 1932, the continued payment of 
interest on the debenture stock, so long as the railways yield 
the necessary revenne. or their repayment has been provided 
for. 

When the agreement with the Secretary of State is finally 
concluded, we propose to make an issue of debenture stock at 
the earliest possible convenient date to enable us to carry out 
some urgent work on our open lines and to construct certain 
branches which we believe will give a good return on the 
outlay. I now move : — 

■'That this meeting sanctions and approves an arrangement with the 
Secretary of State in Council of India for the construction and working 
by this company, as an extension of its present railways, of a line 
from Pilibhit to Shahjahanpur. as also as extensions of the State rail- 
ways already worked by the company under the existing contracts with 
the said Secretary of St»te of the following further lines, viz., a branch 
from Pilibhit to Burmdeo and extensions of Dudwa branch, as also for 
the construction of workshops, and for raising the moneys reqtiired for 
the purposes aforesaid, and further funds from time to time required 
for the purposes of the company's railways or the State railways 
worked by the company, or any extensions thereof, on the security of 
the unite'd net revenues of both Railways, and with a view thereto 
authorises and empowers the directors in the name of the company to 
enler into such contract or contracts with the said Secretary of State 
in regard to the matters aforesaid, or any of them, in such form and 
upon sucli terms and containing all such provisions as may be arranged 
between the directors and the said Secretary of State." 

Mr. J. G. H. Glass, CLE. : I beg to second that. 

Mr. Mills : May I ask at what price this new issue will 
be raised ? 

The Chairman : When we come to the time, we shall be 
able to fix it, but I may tell you, both as regards the issue 
of capital and the price at which we shall issue, we are very 
carefully looked after by the Secretary of State, and it is very 
difficult to get anything from him in any wav. We look after 
the interests of the shareholders, and he looks after us. 

Mr. SOPER : Will the shareholders have the offer to sub- 
scribe first, sir, before the general public ? 

The Chairman : I am afraid we cannot promise that. 



August i, 1908.] 



THE RAILWAY TIME.^. 



127 



Mr. SOPER : So that uc shall have to '^o in with the general 
public ? 

The Chairman : Yes. If \ ou will promise to take up all 
the issue, we shall be very glad to let you have it all ; but 
otherwise, I do not think we could promise what you desire. 

The resolution was then put and carried unanimously. 

The Chairman: The second resolution is : - 

"That under and pnrsuaiu lo any c.nlrai t ■^o a^ aforesaid enlered 
into, and for the purposes thereof, this ineetinp sam-lions and approves 
the directors from time tn time with the sanition of ihe Secretary of 
State, raising all £uch moneys as may he from time to time requireil 
by the issue of debentures or debenture stock of the company or other- 
wise as the directoj-s may think fit, and at such prices and at such 
times and otherwise upon such terms in all respects as to premium, 
rate of interest, or otherwise as the direi tors, with the approval ot the 
Secret.iry of State, may determine." 

.\li LkonarI) 1,. ('i)HKN : 1 -c. iind ih.it !.■- .lutii.n. 
Till- pii.p;i-itioii ua> put and lairicd ini.mini lU'-K . 

'1 hr ChmkMAN: And tli.u coi,( 1 uc'c- the- business of the 
meeting. 

Mr. Mills : I beg to move a vote of thanks to the chairman 
in the usual way for the lucid manner in whicli he ha~ jilaccd 
the business of the meeting before us. 

Mr. SOPKR : I beg to second that. 

The resolution was put and carried unanimously. 

The Chairman : We are very much obliged to you. The 
business before us to-da\' has been vcrv simple. 

The proceedintfs then terminated. 



BARRY RAILWAY. 

C.\PIT.\L. 

June 30, 190S. — The capital expenditure to date amounts lo 
;£6,3C)7,oo8. the receipts to /6, 285, 388, viz. ; — 

Ordinary stock /'2, 001, 240 

Preference stocks 1,883,051 

Debenture stock 1,220,031 

Premiums, etc. .. 1,181,066 

Balance at debit of capital account. ;{Ji 11.620. The ex- 
penditure during the half-year amounted to £jS-^'7 "" lines 
open for trafhc. Estimated further ex|5enditure — In the 
current half-year, ^icj.oGo. in sub-eciuent half-years, un- 
certain. Capital powers and other available assets, ;^i, 083,058. 

Revenue. 



1907. 
/24.102 
158,404 

13S.924 

3.422 



Total receipts ^376 024 

Total expenditure 212,563 



Passengers, p.ircels, etc 

Goods, minerals, and live stock 

Shipping receipts 

Dock receipts 

Miscellaneous 



Net receipts ^'63 461 

Balance from last half-year 2,804 

Sundry credits ■ 234 

Total ^167.499 

Prior charges ;{^47.48o 



Preference dividends 

Ordinary dividends 

Halance to next half-year 

Total 

• .^t the rate of 8} per cent, per a 



40.655 
78,284 ... 

i.oSo ... 
^^167,499 ••• 

Lt the rate of 6k per 



^'51,381 



The gross receipts in the past half-year show an increase 
of ;£2,3i5, the expenses an increase of ^18,772, and the net 
receipts a decrease of /!6,457. The ratio of expenses to 
receipts was 61.14 P^r cent., as against 56.52 per cent. 



Tkaeeic, etc. 

Half-year ending lune 30. ■907- 

Passengers— total number 1,258,000 

Season tickets 2,671 

Mileage — Lines owned 44^ 

,, Lines worked 21 

,, Foreign lines worked over 20:J 

,, Total operated 86 

Train mileage*— Passenger 239,646 

Goods 531.307 

Total 770,953 

* Exclusive of piloting, shunting, and aisisiant-eiigii 



1.337,144 
2,990 



20J 

86 
250,400 
539,427 

789,827 



SODTH EASTERN RAILWAY. 

'1 he 144th half-yearly gciicr.d meeung was held vesterdav 
at Cannon .Street Hotel. E.C, Mr, H. Cosmo O. Bonsor (chair- 
man of the com])any presiding. 

The Chairman, in movrng the adoption of the report and 
accounts (an abstrat 1 (d which appeared in THE Railw.w 
Times last week), said ; It was his duty in tlu^ first place to 
inform the sharchtdilers ihat their (dd friend and colleague. 
Sir Kdward Leigh Pcmberton, had felt it desirable, owing to 
failing health, to resign the thair of the Chatham Company. 
Most of them would retollect that Sir Edward I^cigh Pem- 
berton was one of the oldest directors on either board. He 
was connected with the Chatham Company during those da\s 
of keen competitiim between the Chatham and the S.m.h 
Eastern Companies, and s-ince the working union he h.id 
laboured, not unsuccessfully, to rejxiir the damage which Ihui 
unfortunate competition between the twn companies caused. 
Sir William Hart Dyke now occupied the chair of the Chat- 
ham company. Sir William was known personally lo a good 
manv of the South Eastern shareholders, but those who did 
not know him personally v.ere well aware of the sound com- 
mim-sense and good business ability he had shown in public 
affairs for a long time past. He had only to tell them that 
he ocdipied a somewhat difficult and a somewhat thankless 
position, with the unanimous concurrence of his own directors, 
and with the absolute confidence of the South Eastern directors, 
and while serving the interest of the Chatham Company, he 
would do everything he could to bring back jirospcrity to the 
joint undertaking. ^ .11 

\\ ith regard to the managing committee s report, he thought 
practicallv it told its own tale. They had had, in common 
with every railwav company in England, a bad half-year. 
The onlv redeeming feature of that bad half-year was that it 
was leap vear, and owing to the fact that it was leap year, 
and that June 30 fell on Tuesday instead of Saturday, their 
actual receipts were considerablv better than the publi>hed re- 
ceipts led them to anticipate. Their receii)ts were down 
/roooo, equallv divided between passengers and gtiocts. 
Thev alluded in' their report to the fact that the competition 
of motors and trams still seriously affected their Jraffi. re- 
ceipts but he did not think that that was the whole reason. 
He had recentlv. fortunatelv. discovered that a certain number 
of old customers, who had left them for the tramways, were 
now coming back and taking season tickets and "^^ve ling 
again t>n their railway. On the other sice, there was a la ge 
increase in the coal bill of /2..000. and if they added that 
/M,ooo to the i;5Q.ooo, they would arrive at the ^So,ooo 
whi h the Managing Committee had less to divide between 
the two companies, ^'aturally, with a fall in the rc-venue the 
committee had been very anxious to see w4iere possible econo- 
mies could be made. They had a special commitu-e sting 
endeavouring to effect economies, and he was glad to think 
that in i great manv departments they had been able to make 
economies'which he believed would show better in the .^urren 
half-vear than thev had done in the last half-year. But, at 
the same time, it was impossible to "Y''%^'''""T,lnns or 
thev would like to make them, namely, by closing stations, or 
taWoff a large number of trains, without gtiing through 

edSc'ult process' of approa.hing the Board of Trade to g^t. 
their assent, the result of which would be doubtful Ht^ 

ot^^ht the' real cause of the decreased income of the pa> 
half-vear was attributable entirely to bad times. He hacl 
renorts from a great manv stations informing him that ladies 
wTo used to goto do their shopping in London now did 1 
on the telephone, because he presumed they had not the 
means to spe'nd on railway tickets, a,.d «'->--''''X'. TweV 
bv staving at home. There was no doubt he spending po er 
of the' people at the moment was considerably less than it had 

"^He're^r'^tte^'to'sav that there was a, the present moment 
a feeling of insecuritV which affected all railways, and more 
particularly a passenger line. All passeiiger I'^es ""C ='b^''- 
lutelv deijendent on the prosperity of trade in London, and m 
the places which it served, and there was no doubt that at 
the moment that feeling of insecurity did affect every cl.iss 
of British industrv. There was insecurity as regards the in- 
vestment of capital ; there was insecurity as regards how the 
promissor\- notes issued by the State were to be met in the 
near future, and there was also insecurity among the working 
classes as to whether their emplovment would be permanent. 
This, to his mind, was a transitory sentiment. He could not 
believe for a moment that they "ere not passing through 
abnormal times, and that the comnK.n-<:ense of the British 



THE RAILWAY TIMES. 



[Au(;l'st I, 1908. 



investor and tlie British public would bring back the pros- 
perity to the trade of the country. Large sums of gold had 
come to this country during the last three months — upwards 
of 12 millions — and so far as he was able to find out not a 
single shilling of that gold had remained in the country. 
There was no evidence whatever that the balance of trade 
had set so much against this country as to account for that 
abnormal feature, and the only way one could account for it 
w.ts that foreign investments at the moment were infinitely 
more popular than British investments. (Hear, hear) He 
was sorry to have to accentuate the fact, but he did so because 
he believed the present position was abnormal. There was 
no development at the present moment in any British in- 
dustry. In the County of Kent they had large factories at 
Woolwich, Erith, and elsewhere working at short time. Then 
in their own works, with the fall in revenue, they had had to 
put their men on short time also. The building trade in the 
County of Kent was more or less stagnant. The brickfields, 
which were very good customers in ordinary times, had no 
business, and there was a great falling off in the demand for 
bricks in the County of I-Cent. Those were facts which they 
could not get over, and wliicl: he believed time alone would 
cure eventually. 

On the other side of the scale the season tickets showed a 
continued increased revenue. More experienced and older 
chairmen of railway companies than he had frequently 
said that the season tickets were the barometer of the success 
of the railway, and when they saw, as they did see every vear, 
that barometer continually r.sing, he thought they might look 
forward to a better state of business than was apparent at 
the moment. .A.t any rate, the business population of Kent 
continued to increase, as was shown by the fact that they 
travelled on their line and took season tickets. Then again, 
their Continental traffic was improving, and had improved 
during the last half-year. On the whole, therefore, he did 
not take a pessimistic view as regarded the future. With 
regard to the question of a Conciliation Board to deal with 
matters of wages and hours as between the directors and their 
emplovees, those conciliation boards had quite recently been 
formed, and they, in common with everv other railway com- 
pany in England, had been invited bv their men to put the 
machinerv in motion, and rail those Co-nciliation Boards to- 
g-^ther. He might state that the relations between their men 
and themselves were excellent, and he did not believe that 
there was any demand whatever for these conciliation boards. 
If, however, they did meet, and they were unfortunately driven 
to an arbitrator to decide as I0 whether they were' paying 
sufficient wages or whether the hours of employment 'were too 
long or too short, he thought the arbitrator would have to 
consider first that they were paying the full market value at 
the present time for labour in every department, and that they 
had to consider the question rather in the shareholders' in- 
terests than in that of the working classes. 

Referring to Dover Harbour, the chairman said that they 
had been naturally very depressed to find an attack made 
upon them in the Press as regarded the accommodation of 
Dover Harbour, but as they were aware thev had no control 
whatever over the .Admiralty Pier. Six years ago he stated 
that the arrangement for passengers at Dover Harbour was a 
national scandal, and he was glad to inform the shareholders 
that plans had been prepared, and were at present before the 
Admiralty and the Board of Trade for approval, and the 
tenders would shortly be asked for and a contract entered into, 
and he hoped that when they met in December next to be 
able to show them that the long-wished-for work had begun. 
With regard to the Channel Ferry, it had been stated in the 
Press that the railway companies were the obstructors of that 
undertaking. They w^ere not obstructing that undertaking. 
They would welcome anything wdiich would add to the facili- 
ties of Continental traffic, but that particular proposal they 
could not support, because, in their opinion, it could not be 
either a practical or a financial success. The conditions of 
the Harbour were unfortunately apparent to evervbodv, and 
they had not the room or the 'accommodation, the depth of 
water, or anything else, to allow of a reallv successful Channel 
Ferry at the moment, .^t the same time.' if their friends, the 
Chhnnel Ferry Company, went on with their proposed experi- 
ment, they would do evervthing they could, while safe-guard- 
ing their Continental traffic, to gn-e them every railway 
facility that was possible. 

Referring to the accounts, the Chairman said that tlie Chat- 
ham Company had reduced their debt during the half-year, 
and since July i they had paid off the whole of the debt. 'The 
South Eastern had undertaken to finance them with regard to 



capital expenditure until such time as they had received 
Parliamentary authority to supply for capital powers. He 
understood that in the next Session they were going to apply 
for further Parliamentary powers. With regard to the Con- 
tinental traffic, during the month of July they carried ir,ooo 
passengers more than they did in July of the previous year, 
which was very satisfactory, and one rather hoped that, now 
the foreig'ners had discovered London, that they might come 
in even larger numbers after the Franco-British Exhil^ition 
was closed. There was ever)- prospect of a good hop and 
apple crop in Kent, and that would fill up the gap made by 
the temporary depression in the building trade. During the 
current half-year they would have a substantial saving in their 
coal bill. They had entered into contracts in the month of 
June at a much less price than they were paying in 1907. In 
conclusion, he said that their road was ten times better than 
it was ten years ago, their locomotives would compare with 
any locomotives of any railway in the United Kingdom, and 
their rolling stock had greatly improved. ."Ml those things 
had been done at a considerable sacrifice to the shareholders, 
and more or less out of revenue. 

Lord Burton seconded the motion. 

Mr. J. C. J. Drvcker, in the course of a long speech, said 
the day had come when all shareholders should combine and 
insist upon such reforms in management as would bring about 
an improvement. Shareholders, as a body, were to blame 
for consenting to a haphazard, happy-go-lucky, muddling- 
through policy, but now- they should adopt the line pursued 
by every successful railw-ay system in the civilised world. 
Prosperous South American railway companies published de- 
tailed reports about the kind of traffic they carried, explana- 
tory notes and reason for increases or decreases, with mileage 
results. In this way even a non-expert could see how- things 
were going on. Why, he asked, should they go on re-electing 
members of the board who were responsible for the state of 
affairs as now existed on this railway? Why should they 
have ten directors, one consulting director, the London, Chat- 
ham and Dover seven directors, and a managing committee of 
14 members. Too many cooks, he held, spoilt the broth. 
There must be, in the opinion of this meeting, other qualifica- 
tions for a railway director besides old age — (laughter) — or of 
being a landowner, M.P., or son or relative of a previous 
director. He therefore urged upon the chairman to surround 
himself w-ith a smaller number of colleagues, sufficient to 
administer the affairs of the two companies, and that all their 
time, ability, and energy should be devoted to the two con- 
cerns. 

After some remarks by Mr. ROLLS upon the question of the 
service, to Caterham, 

Lord Weard.ALE said that if the directors of the company, 
instead of rejecting the proposals which had been made by 
the Channel Ferry Company, had undertaken to consider them, 
it would have been a better policy on their part. He con- 
tended that if the scheme were carried out it would effect a 
considerable diminution in the expenditure on the part of the 
South Eastern, and he contended that the directors had no 
right to try to enforce their view- that the scheme was an 
impracticable one when the opinions of experts, not only in 
the United States, but on the Continent and elsew-here, were 
favourable to the adoption of the proposals laid before' them. 
He considered it would be perfectly easy to establish a ferry 
service across the Channel witliout damage to anyone. 

Colonel Watney said that he had lived on the South Eastern 
system for the last 20 years, and he could only say that the 
service given to-day w-as no better than it was 20 years ago. 
This seemed to him to show that there was something rotten 
in the state of Denmark, and it was quite time that some- 
thing should be done to improve the position. Seeing that 
the property was dw-indling away every day, this placed trus- 
tees in a very serious and anxious position. 

Mr. C .A. Case said that he had Been looking into the 
figures, and he had come to the conclusion that the loss of 
dividend was due to the enormous increase in expenditure. It 
seemed to him that there was a vast field for the directors to 
examine into the question of expenditure with a view to seeing 
whether some alteration could not be effected. 

Mr Pope said that he could not agree that the present 
position was due entirely to the policy of the present board. 
The present directors came into a bad inheritance, and he 
fearecl that they had found the task before them almost beyond 
their powers. In his opinion they wanted new accessions to 
the board. He was afraid that it was not generally realised 
what a hardship it was upon the ordinary shareholders that no 
dividend was received on that stock. Shareholders wguld 



ArcfsT I, 1 90S. 



11 11' RAILWAY TIMES. 



129 



n:\tur;illy iiu|uire how lonf^ thi> ck-cack-iuc ua-. likriv Id l.i^t. 
(Hear, hear.) He loiuended that one of the tir.-t '>ti'p5 to- 
wards achieviti},' the greatest economy would be the complete 
fusion of the Chatliam and the South Eastern, as considerable 
economy miglit be effected, in that they would then only have 
one board and one set of reports and one staff. 

Mr. C.^Ul'ER advocated a better service between London and 
Sevenoaks. 

Mr. B.AKNKir thouLjlit then' were too nian\- drertors on the 
board, and that the company did not re(|uire -o inan\ for the 
efficient manai^ement of the line. 

The Ch.aikm..\n. in rejily, said with regard to .Mr. Drucker's 
remarks, that gentleman had ignored the fact that in tiie \ear 
it)oo, to which he ])articularly referred, there was no tram- 
way competition whatever, and tliat the traffic within the 
Metropolitan area was a most profitable source of revenue to 
the company. This area, as lie had already informed them, 
was not an income-making concern for the company ; its 
workin.g resulted more or less in a loss. He did no't agree 
with Mr. Drucker that the company should go into competi- 
tion with the tramways and try to recover the traffic thev had 
lost; he believed that the great majoritv of their shareholders 
were absolutely in accord with the board that it would be not 
only expensTve, but futile, to endeavour to get back the local 
traffic which had been lost to them. Ever\- one of the direc- 
tors were large stockholders, and therefore thev were suffering 
in common with the shareholders at the fact that there was no 
dividend. .As to comparing .Argentine with English railways. 
he did not know that there was such a thing as a Board of 
Trade in the .Argentine which made regulations with regard 
to the number of porters and signalmen who should be en- 
gaged on railwavs, and also the hours that thev should work. 
Regulations, such as those to which he had referred, tied the 
hands of the directors in regard to making economies. He 
hoped that when Mr. Drucker attended the next meeting he 
would be able to inform the proprietors of the exact amount 
of support he had received from genuine shareholders; his 
(the chairman's) own impression was that Mr. Drucker had 
not got a great deal of support behind him. AVith regard to 
the service to Caterham, he thought that that district was very 
well supplied with trains. With re,gard to Lord Weardale's 
remarks about the Channel Ferry, his lordship had not in- 
formed them as to how anything practicable could be done in 
this way. He (the chairman) had seen a sketched plan of the 
Commercial Harbour of Dover, in which a pier had been put 
up for the purpose of accommodating the Channel Ferry, but 
he had not seen anything of the same sort with regard to 
Calais, and he did not believe there was any scheme in exist- 
ence at present. To his knowledge the experts to whom Lord 
Weardale had referred, had not put any practical scheme 
before the Chemin de Fer du Xord, nor before the Chatham 
Company. Really Lord Weardale's appeal on this matter 
should be made to the Dover Harbour Board and the Dover 
authorities. With reference to Mr. Pope's remarks, when he 
(the chairman )took the position that he now occupied he in- 
formed the shareholders that the line had been absolutely 
starved, and that it was necessary to spend large sums in order 
to put it in a proper condition. The maintenance of the line 
was the first thing the directors must be responsible for, as 
they had to look to the safety of the jiublic- -(hear, hear) — and 
he did not grudge a single shilling of expenditure which the 
engineer advised was necessary. With regard to the .Sevenoaks 
traffic referred to by Mr. Carter, he would discuss the subject 
with the general manager and see if some improvement could 
not be effected. .As to the amalgamation of the two companies, 
he looked upon this, in the present state of affairs, as abso- 
lutely impossible, as the Stamp Duty alone, on an amalg.a- 
mation of the two companies, would amount to no less than 
/2C0.000. This, he considered, was an .absolute bar to amal- 
gamation at present. 

The report and accounts were thfi adopted. 

On the motion of Mr. Penfolp the audit committee was re- 
appointed, and the proceedincs terminated with a vote of 
thanks to the chairman and dirertors. 



Cork and Macrnom Direct Railway T'le half-yearly report 
states that the gross revenue amounted to ;f(),3r;!, against 
/o,o73 for the corresponding period of 1907. an increase of 
/210 Workino- expenses show an increase of ^40^. .Afte' 
making provision for interest on debenture stock and placing 
/too to credit of suspense, there remains a balance of £2,?,j7,. 
out of which the directors recommend a dividend of 3 per cent, 
per annum on the ordinary shares, carrying forward /3S8 



ALEXANDRA (NEWPORT AND SOUTH WALES) DOCKS AND 
RAILWAY. 

The half-yearly general meeting of the alK>vc company was 
held yesterday (Friday), at the ofiices, 14, St. Mary. Axe, 
E.C., the Right lion. Viscount Tui;i)lx;..\R (Chairman; 
presiding. 

The Ch.aiu.ma.n in moving the adoption of the report and 
accounts (an abstract of which appeai-ed in TllK K.-mi.way 
Tl.MKS last week), said he imagined the shareholders woxild 
bo satisfied and pleased with it, not cmly because thc'V were 
able to declare the full dividends as ust'ial on tin; "A" and 
"P." stocks, but because they had been able to increase the 
revenue. I'Jocks were, of cour.se, subject to difficulties and 
diisadvantages which ordinary railway companies had not to 
meet. Ot course, the railways had fluctuations <>f trade, 
which made their receipts go up and down, and the docks 
had the same thing, but, in addition, they had the ocean to 
deal with, and often their dock trade w'as interfered with 
by gales and storms, which affected shipping. It was, he 
thought, sati.>9factory that they were able to decliue the divi- 
dend, and to further state that their working cxix>nscs this 
year were only 52.2 per cent, as agaiinst yy per ccmt. last 
ye.ir. .As a rule, they found thai, instead of working 
expen.ses decreasing, they increascxl. The sum of ,£7,644 
was carried over to' next half-year, as compared with /S,Si7 
in the correspontlTng year, the difference bemg due to 'he 
increased charges to the net revenue and appropriation 
accounts, which this yc-ar were larger on account of the 
interes: to be paid <m the capital they had had to find f<;ir 
the works being carried exit. The tcntai tonnage at imports 
and exports had increased in every item, wiith the exception 
of the small item of " Sundries." The profits on the P.C. 
and X. section were ;/;4,ooo odd, compared with ;£5,ooo last 
year, showing a decrease of £-j\(). Last year the receipts 
showed an abnormal increase, and they hardily ex|)ected that 
the increase would be continued, l>ecause the P.C. and .\. 
section was rather a small affair, so far as their docks were 
concerned. Still, it gave them some idea whether trade was 
increasing or decreasing in that distriat. They wer<? liot dis- 
appointed this year that it had not been cjuite so good, 
because he had explained last year it was abnormal. The 
motor-carrying service was increasing by leaps and bounds, 
and showed that there must be a great traffic for that part 
of the world to be carried, and this shoojld greatly increase 
before long. There had been a decrease in the cost c?f main- 
tenance of way, works, etc., of /459, and also a decrease in 
rates and taxes of £2<i7, attributable to the reduction <■>/ the 
general district rate, which everyone in Newpoi^t could ccm- 
graitulate themselves upon. They trustcHl, however, to see 
■this item still further reduced. The extent of the rcmipany's 
sidings had been in the past six months increased by four 
miles. The want of sidings had been worrying them for a 
comsideraFjTe time, and had always been a hindrance to them. 
They were now able to increase to this large extent, which 
wcaild help them with any extra traffic they might be sud- 
denly called upon to deal with. The additional annual ship- 
ping capacity of the four new coal tips, based on the average 
working of the existing hoists on the north and south docks, 
should be about 370,000 tons each, or a total of about 
1,500,000 tons when working at theiir full capacity. That 
was a subject on which they had greatly to congratulate 
themselves upon. The w'ork on that portion df the .South 
Dock extension, opened for traffic towards the end of la.st 
year, which still remained to be done, was ncaring com- 
pletion. That was part of the great work wdiich they were 
tmdertaking, and was cO'Sting a great deal of money. It was 
being carried on as rapidly and as well as it possibly could 
be, and tTie number of men empkvyod cm the works in June 
was 1,838. The foundations of the rolling bridge to span 
the -South Lock, tmder coTii9tn.iction Irv the Cleveland Bridge 
and Engineering Company, .were well in hand. Some slight 
difficulty had been met with in the course of the w-ork, owiing 
to the existence of a bed of running sand, which was 
encountered in the sinking of the cylinders. That, however, 
was the sort of thing wdvich they were always liable to in 
clock construction. The onlv other thing he wished to allude 
to was the threatened strike of the trimmers, which, had it 
come about, would have caused great loss to the company. 
He would not mention names, but would only say the 
energetic action of the board prevented that strike being 
carried o.ut to any great extent. The results would have 
been deplorable to the Alexandra Dock, and it was difficult 
to understand sometimes why rerta'n workers, because of 



THE RAILWAY TIMES. 



[August i, k 



some slight personal grievance, should be ready to risk 
itopping great works like these. Still, there it was, aRd 
they could only try and prevent it as best they could. The 
tonnage dealt with for the half-year represented an increase 
of 40 per cent, on the total traffic handled during the same 
period last year. 

Mr. E. M. Underdown, K.C, in seconding the motion, 
said it was a matter of gratification to the company to .knov\ 
that on all sides, and not in Newport especially, all the 
exporters, shippefs. and merchants who had visited the 
works had expressed very great pleasure at the increased 
facilities in dock space, and sidings, and appliances which 
were n«w offered. These, as they knew, were still being 
extended. He could not help referring to some remarks he 
made 43 years ago, when he said that it %yas his firm im- 
pression that Newport Would become one of _ the most 
importan.t ports of the «-«stern part of the kingdom for the 
reception and transmission t>f traffic, not only to the mining 
districts, but further inland. From what he could see, look- 
ing at the increased facilities wh'ich they were able to pro- 
vide, that prognostication was far on the road to be'ng 
fulfilled. 

The report was adopted without discussion. 

On the motion of the Ch.'MRM.AN, seconded by Sir H. M. 
J.ACKSOX. the dividends at the rate of 4^ per cent, on the 
"A" and "B" stocks were agreed to. 

On the motion of Mr. C. P. Hailf.Y. a hearty vote of 
thanks was passed to the Chairman, and the meeting clnsed. 

Somerset and Dorset Railway. — The traffic receipts during the 
half-year ended ."\pril 30, 1908, as received from the lessees, 
show a total gross income of £()i.,oo-j, as against /9i,i5o for 
the corresponding period of last year. The fixed minimum 
rent of the line payable by the lessees to April 30 last, after 
deducting £\yy for rent charges, has been applied in payment 
of interest on the debenture stocks and ot dividend on the 
extension ordinary stock- The administration charges during 
the half-year amount to /"145, but as the fixed minimum rent 
tafte;- meeting charges referred to in the preceding paragraph) 
is not sufficient to cover tliem, the amount is included in the 
debit balance carried forward to the next account. 

Great Northern and City Railway. — The half-yearly report 
states that the total revenue for the six months amounted to 
^46,476, and the cost of working to ^23,286., being at the rate 
of 50.10 per cent. Inclusive of the balance brought forward 
from December 31 last, and after providing for interest on 
debenture stock and other charges, and setting aside .£500 to 
renewal fund, there remains a balance of /419, which your 
directors recommend be carried forward. The number of 
passengers for the six months under review, including season 
ticket holders, was 5,875,602, as against 8.269.435 for the cor- 
responding period last year. The number of local season 
tickets issued during the half-year was 4,004, as against 3,995 
for the half-year end.ed June 30, 1907. The number of three- 
route season ticket holders using the company's line during the 
past half-year was 2,892. The heavy falling off in the num- 
ber of passengers is attributable to the increasing competition 
of the London Countv Council's electric tramways, by which 
the company is seriously affected. 

New South Wales Railways and Tramways — The report of the 
New South Wales Railway Commissioners for the year ended 
J -.me 30, state that the railway mileage of the State amounted 
to 3,472 miles. The gross earnings amounted to ^4,944,134. 
The interest on the capital was 4I per cent. The tramway 
mileage amounted to 133 miles. The gross earnings amounted 
to _£i, 01 1.994. The interest on the capital was nearly 55 per 
cent. The surplus, after providing for working expenses and 
the payment of ii.o.rest amounted to i!648,356. The earnings 
of the railways foi the year showed an increase of £2t,^,-j2?, 
on those for the preceding financial year, while those of the 
tramwavs showed an increase of ;/!i03,203. The proportion of 
tlie working expenses of the railway to the revenue was 55 
))cr cent. Large additions to the rolling stock have been made 
during the year. Further large supplies are in course -of con- 
strucftion. The Commissioners state that the prospects for the 
pre.sent year are very satisfactory. The wool yield will equal 
that of last year, and a big increase is expected in grain. 

Cavan and' Leitrim Railway — The half-yearly report states 
that the receipts from all sources show a gross revenue of 
/5.9S0, an increase of /60, notwithstanding a decrease of 
/154 on carriage of minerals due to the strilce at the .'^rigna 
mines. Working expenses have been ;^5.972, an increase of 
;^634. The increase in working expenses is composed chiefly 
of extra charges under the heading of locomotive power, 



amounting to ^^430. This includes £2-,t>, the enhanced cost of 
coal arising from q strike of the miners at the mines of the 
contractors, the .\rigna Mining Co., Ltd.^ and ^157. increase 
in repairs and renewals of engines. The directors are glad to 
say that the strike at the mines has come to an end, and that 
that item of additional expenditure has now ceased. .A.s to 
repairs and renewals of engines, the engines are upwards of 
20 years old, and the expense of maintenance naturally in- 
creases. The increase of £%2i under the head of maintenance 
of way is principally due to renewal of the engine shed at 
Drumshambo. 



JUNE DIVIDENDS FOR THE LAST TEN YEARS. 

The following table shows the rate per cent, per annum at 
which dividends have been declared by the principal railway 
companies on the ordinary stock (unless otherwise stated) for 
the first half of each year since 1898. 



Railway. 


1899 


1900 

p.c. 


1901 
p.c. 


1902 
p.c 


1903 
p.c. 


1904 
p.c. 


1 90s 
p.c. 


1906 
p.c. 


1907 
p.c. 


1908 




pc. 


p.c. 


Caledon. (undivided)... 


4f 


4i 


34 


3f. 


3i 


3i 


3i 


3f 


34 




Central London 


— 


— 


4 


4 


4 


4 


4 


4 


3 


3 


City and S. London .. 


2} 


ij 


li 


3 


2| 


2i 


2 


2I 


24 


'4 




3 


34 

4j 


2 


2 


2j 

3i 


4 


f 


7l 


3 




Glas. & S.W. (und.)... 


S 


4 


41 


4 


4 


4t 


4 






2j 

3 

6i 




'1 

21 

61 
3 


14 
24 
6» 


>i 

3 

61 

4l 


't 


'4 


'i 


ri 


I 




3 

2 


3 
6t 


3 


3 


3 


3 


G N (Ireland) 


61 


6t 


61 


s* 


G.N. (Scot.) (und.) ... 


3i 


4 


4i 


3i 


4 


4 




Great S. ai d Western 


5 


5 


3 


3} 


34 


34 


34 


3* 


4i 


4i 


Great Western 


4 


34 


2i 


3? 


3i 


4 


3i 


3i 


3S 




Lanes, and VoiUs. .. 


5 


44 


3 


31 


31 


3 


3i 


4 


4 


3 


Lend. H. & S. Coast 


4l 


3i 


24 


3 


3 


34 


3i 


31 


2i 


21 


L. C. & I). (I si. pief.) 


4i 


44 


14 


2* 


24 


2S 


24 


H 


22 


I 


Lond. .ind N. We.-t. .. 


61 


6 


44 


4f 


s • 


S 


5 


sh 


S4 




Lond. and S. W.st. ... 


S 


4i 


34 


4 


4 


4 


4 


4 


4 


3i 


Lond. Tilbury and S. 


3l 


34 


34 


4 


4 


4 


4 


34 


34 


3 


Metropolitan 


35 


31 


21 


H 


24 


3 


24 


II 


4 


4 


Midland (undivided)... 


5i 


5i 


4 


44 


4i 


44 


4 


4| 


S 


4 


Mid. Great Western... 


4 


4 


34 


3 


34 


3 


3 


3 


3 


3 


N. British (undivided) 


3i 


34 


31 


41 


41 


4* 


44 


44 


4 






6 


Sf 


44 
3i 


1^ 


5 


s 


4? 


si 


S^ 


44 


North Slaffoidshire ... 


4i 


4i 


4 


4 


3l 


3S 


4 


4 










fi 


54 
nil 


7 


84 


74 


7 


7 


7 




24 
34 


• i 


nil 


\ 


i 


* 


I 


I 


nil 


TaffVale 


31 


3i 


3i 


34 


4 


4 


4 


4 


4 







PERSONAL. 



Mr. Frederick Clements has been appointed stationmaster at 
the St. Pancras terminus of the Midland Railway, in succes- 
sion to Mr. W. P. Snow, who retired at the beginning of June 
owing to ill-health. 

Mr. Percy Bence Trower, a director of the London, Tilbury 
and Southend Railway, died last Saturday, after a brief ill- 
ness. He had met with his colleagues on the board of the 
Tilbury Company as recently as the previous Thursday. 

Lord' Stalbridge,' chairman of the London and North Western 
Railwav Company, has consented to present the prizes at the 
international railwav sports to be held at the Stadium next 
Saturday. The contests are open to all British and French 
railway men. Substantial entries have been received, and the 
gathering promises to be next in importance to the Olympic 
games- 
Sir Edward Leigh Pemberton, K.C.B., has retired from the 
chairmanship of the London. Chatham and Dover Railway 
Companv in consequence of impaired health. He will, how- 
ever, reinain a member of the board. The Right Hon- Sir 
William Hart Dvke. Bart-, (deputy-chairman) has been elected 
chairman, and the Right Hon. .4retas .\kcrs-Douglas, M.P-, 
becomes deputy-chairman. 



August i, 1908.] 



THE RAILWAY TIMES. 



PARLIAMENTARY. 



QIESTIONS IN THE HOUSE OF C0MMOI4S. 



Automatic Coupleri. 

On Monday, Mr. Churchill, rcplym^^ lo Mr. M.idduon, .-aid 
that coupling accidents in the United Slates appeared to have 
been reduced by 60 per cent, between 1S93 and 1902. Since 1902, 
however, there had been a considerable recrudescence. For 
whereas the lowest figure of 143 fatal accidents was attained in 
the United States in 1902. in the five vears, 1903 to 1907, the 
number of fatal accidents of this class in the United States 
had varied from 243 to 311. He was aware that the figures 
were not in all respects comparable with the total for this 
country, which only varied in the same period from 9 to 23; 
but they indicated that an automatic coupling was not an 
absolute safeguard. On the general question he referred the 
hon. member to the report of the Railway Employment Safetv 
.\ppliances Committee, which has just been circulated, and 
in particular to Colonel Yorke's memorandum attached thereto. 
Limavady and Dungiven Railway. 

Mr. Hobhousc. Secretar\ to the Trca-ury. replying to Mr. 
Ainsworth, said that at the time ,1^X3) when the advance of 
£19,601 was made to the Limavady and Dungiven Railway 
Company, it was anticipated that the net receipts of the line, 
after paying the proportion due for working expenses to the 
Belfast and Xorthern Counties Railwav Company, would from 
the outset .-.uffice to pay the interest and instalment of principal 
on the Board of Works loan. The Board of Works ultirnatelv. 
with the consent of the Treasury, sold their interest in the Inic 
to the Midland Company, subject to the necessary Parliamen- 
tary powers being obtained. The Midland Railv>ay Act, 1907, 
to which the agreement for sale with the Board of Works was 
scheduled, conferred the necessary powers. The Limavadv 
and Dungiven Railway .Acts of 1S7S and 1SS2. remained, how- 
ever in full force, and applied to the transferred undertaking. 
and under the second schedule of the agreement confirmed bv 
and scheduled to the .Act of 1907, the Midland Conipanv were 



obliged at their own e.\])en>c to well and suftuiently equip, 
work, manage, and maintain the railway in perpi'tiiit\ , and to 
afford proper facilnie> fiu the tr.iftir ol the district. 
Wastage Allowance on Coal Freights. 
Mr. Churchill informed Mr. Hedges that the Hoard of Trade 
had endeavoured to effect an amicable settlement of the ques- 
tion of the withdrawal by the railway companies of free car- 
riage of a wastage allowance on coal freights, but he regretted 
to say that this had not been found possible. The Board had, 
therefore, issued the necessary certificates under section i of 
the Railway and Canal Traffic .Act, 1894, to enable the com- 
])lainantn to take the case before the Railway and Canal Com- 
mi>sion. 



Beira Rail\va>s. ,\i the oulinaiy general meelmg on 
.Monday, the chairman (Mr. Koi hfort Maguirc) e.xjilained 
that they were not able to submit atiounts to date, and 
the present moment would be a ijarticularly inopjiortunc 
tinn- to iav either accounts or a full statement of the position 
of the company's affairs before them, for the reason that 
tliey liad simie imijortant negotiations in progress, which it 
was hoped would result in a general settlement of all matters 
which were the subject of discussion with the committee of 
debenture holders. He then dealt with the question of the 
auditors, and said that as Messrs, Coojier Bros, and Co. were 
also audi'.ors of the Mashonaland Railway Com])any. it was 
felt desirable that they should have an independent firm. 
Mr. Frederick \\'alker then proposed the appointment of 
Messrs. G. A. Touche and Co. as auditors of the comjiany. 
at a fee of 100 guineas for the current year. Mr. Lawson 
-.lid tliat lie understood that Mr. G. .A. Touclic wa> the 
chairman of the Investment Trust Company, which 
was a verv large debenture holder in the Beira Railway 
Company. He thought that they ought to have an entirely 
independent auditor. He moved that Me--rs. Deloitte, 

I'lender and Company be apijointed- Thi- \va- ruled out of 
order. On the vote being taken eight hand- were held up 
for Messrs. G. .A, Toiiclie and Co. and -Ix a-ain-t. .ind the 
Chairman derl.ncd the nKitnai (.iiiicd. . ■ 



The following tables show the progress of railway bills in Parliament to date : — 

TABLE I.— BILLS ORIGINATING IN THE HOUSE OF LORDS. 



Name of Bill. 



Argentine Norlh P'.astern Railway 

Birry Railway 

Cardiff Railway 

Cambrian Railways 

Fi.,hgiiard and Riisslare Railways and Harbours... 
Great Northern I'iccadilly and Brompton Rly. ... 

Great Western Railway .. 

Great Western Railway (Superannuation Scheme) 

Interoceanic Railway of Mexico 

London Brighton and SC. Railway 

MetropoUian District Railway 

Rhymney Railway ... .. 

'.Sira'ford, etc. f.Amalgamation) 

Taff Vale Railway 



Progress in House of Lords. 



Second 
Reading. 



Result in Third 

Committee. Reading. 



26 



Mar. 
Feb. 
Feb. 
May 
Feb. 
Feb. 
Feb. 
Feb. 
Mar. 
Feb. 
Feb. 20 



Feb. 
Mar. 
Feb. 



Unop. April 1 
I'assed May 19 
Unop. April i 
I'assed May 20 
Unop. Mar. 25 
Unop May 27 
Unop. Mar. 25 
Unop. Mar. 1 1 
Unop. Mar. 18 
Unop. April 9 
Unop. May 20 
Unop. Mar. 18 
Unop. May 20 
Passed Mar. l8 



April 
Tune 
April 
May 
Mar. 
June 
May 
Mar. 
Mar. 
May 
June 
Mar. 
May 
Mar. 



3> 



Prouress in House of Commons. 



Second 
Reading. 

May 4 

Tune 24 

May 4 

June 10 

April 27 

June 20 

May 18 

Mar. 31 

April 6 

June 22 

June 29 

April 9 

June 22 

May 12 



Result in 
Committee. 

Unop. May 14 i 
Passed July 7 j 
, Unop. June 16 
Unop. June 25 
Unop. May 14 
Unop. July 21 I 
Unop. May 28 
Unop. April 30 
Unop. May 7 
Unop. Julv 6 
Unop. July 17 
Unop. May 7 
Unop. July 7 ' 
Passed July i 



Third 
Reading. 

May 25 

July 16 

June 25 

July 2 

May 21 

July 27 

Tune 12 

May 8 

May 14 

Inly 24 

July 17 

May 19 

July 21 

July 16 



iS 



Royal 

Assent. 



Aug. 
Aug. 
Aug. 
Tune 

Aug. I 

June l8 

June 18 

June 18 

Aug. I 

.\ul;. I 

June 18 

Aug. I 

Aug. I 



TABLE II.— BILLS ORIGINATING IN THE HOUSE OF COMMONS. 



Name of Bill. 



Ards and Bangor Railways 

Cheshire Lines Committee 

Dublin and South Eastern Railway 

Great Eastern Railway (General Powers) 

Great Eastern Railway (.Steamboats) 

Hull and Barnsley Railway 

Humber Commercial Railway and Dock . 

Knott End Railway 

Louth and East Coast Railway (Transfer) 

Madras Railway Co. (Annuities) 

Mullingar Kells and Drogheda Railway .. 

North Eastern Railway 

North East London Railway 

^ligo and A'igna Railway 



Progress in House of Commons. 



Second 
Reading. 



June 2 

Mar. 2 

Mar. 9 

Feb. 1 7 

Withdrawn 

Feb. 24 

Mar. 1 1 

Mar. 9 

Feb. 25 

Feb. 12 

Withdrawn 

Feb. 24 

Mar. 3 

Mar. 23 




Passed Mar. 25 
Passed Mar. 31 
, Unop. April 2 
Unop. Feb. 2 
Unop. Feb. 27 

Passed Mar. 31 
Unop. May 14 
Unop. July 7 



April 3 

April 27 

April 28 

April 28 

Mar. 6 

April 27 

May 21 

July 13 



Progress in House of Lords. 



Second Result in Third 

Reading. Committee. Reading. 



July 16 

May 20 

May 5 

May 13 

May 7 

May 13 

May 14 

May 13 

Mar 16 

May 13 

June 17 

July 20 



Unop. July 21 

Unop. May 27 June 16 

Unop. May 7 May 12 

Unop. May 20 May 25 

Unop. May 20 May 26 

Unop. June 23 June 30 

Unop. May 20 May 25 

Unop. June 23 June 30 

Unop. Mar. 18 Mar. 23 

Unop. May 27 June 16 

Unop. June 23 June 25 

Unop. July 21 July 27 



Royal 
Assent. 



June 


18 


Tune 


18 


June 


18 


June 


18 


.\ug. 
June 


I 
18 


Aug. 
Mar. 


27 


Aug. 
Aug. 
•Aug. 


I 
I 

I 



' The full na 



: of thi 



bill is the Stratford-on-Avon Towcester and .Midland Junction. Evestiam Redditch and Stratford-on-Avon Junction, and 
East and West Junction Railways 'Amalgamation). 



112 



THE RAILWAY TIMES. 



August i, 1908.] 



UNDERGROUND ELECTRIC RAILWAYS OF LONDON. 



The l'nderj,'round Electric Railway^ Co. of London, Ltd-. 
offers to its shareholders and holders of profit-sharing secured 
notes ^1,000,000 of five per cent, prior lien bonds to bearer 
at the price of 93 per cent. The bonds mature on November 
1,1920, and will be issued in denominations of ;£20o and ^100. 
The company has the option at any time to redeem all or any 
of the bonds by drawings at par and accrued interest on six 
months' notice or by purchases in the market at or below par. 
Power is reserved to the company to increase the aggregate 
nominal amount of the prior lien bonds to ;£i,25o,ooo. All 
prior lien bonds rank pari paxsu. The bonds, the prospectus 
states, will be secured by a first specific charge on stocks and 
shares in the Metropolitan District Railway Company, the 
Great Northern Piccadilly and Bronipton Railway Company, 
the Charing Cross Euston and Hampstead Railway Company, 
the Baker Street and Waterloo Railway Company and the 
London United Tramways, Ltd., to the total of ^14,579,990, 
and also by a charge on the company's power house property- 
The probable net income of the company available for interest 
on the prior lien bonds for each year down to and including 
iqi I has been estimated by the managing d.irector. Sir George 
Gibb as follows: — For 1908, /31.835; for 1909, /97734; for 
1910, /i33,62i. and for 1911, ^168, loS. The interest on the 
prior lien bonds rec|uires ^^2,500 per annum. The gross 
revenyp. of the three tube railway companies (upwards of So 
per cent, of whose share capital forms part of the security for 
the prior lien bonds) has for the half-year ended Tune 30, 190S, 
amounted to ,£3 19,400. exceeding Sir George Gibb's estimate 
bv about 4 per cent., and as the workincf expenses are within 
/500 of the estimate, the net surplus from the operation of 
the tube railways, after payment of debenture interest, has 
exceeded the estimate by ^12,330. If the results for the second 
half of 190S are equally satisfactory, as it is expected they 
will be, the surplus of the Underground Company for the year 
1908, estimated as above mentioned at /12.147. will be sub- 
stantially in excess of that figure. The lists will close on or 
before next Tuesday- 

SUEZ CANAL STATISTICS. 



OPENING OF THE LONDON AND NORTH WESTERN COMPANY'S 
GARSTON DOCKS INSTITUTE. 



Statistics supplied to the Foreign Ofiices by the British 
Suez Canal directors relating to the canal traffic have just 
been issued in a white paper. The net tonnage for the past 
year showed an increase of 1,282,930 tons, as cc-mpared with 
that of 1906, and an increase oif 1,594,320 tons as compared 
with 1905. The reduction, of the tariff in 1906 had not the 
effect of reducing the gross receipts, which amounted in 1907 
to ii6,ooo,o96f., as against i i3,866,796f. in 1905 and 
roS,i6i,896f, in 1906. The increase of nearly 8,ooo,ooof. over 
the previous year was not to be attributed to any abnormal or 
fortuitous causes, but to the general activity of trade which 
obtained during the year under review-. Since .\pril, 1907, 
the passage of vessels carrying petroletim in bulk had been 
allowed, and up to the end of the year 1907 26 vessels of a 
tonnage of 111,019 tons had availed themselves of the privi- 
lege. The number of vessels which passed through the canal 
was 4,116 in 1905, 3,975 in 1906, and 4,267 in 1907, of which 
2,484 in 1905, 2,333 iti 1906, and 2,651 in 1907 carried the 
British flag. There was an increase of 1,195,937 tons last 
year as compared with 1906 in the tonnage of British vessels, 
w-Hicli amounted to 8.356,940 tons in 1905, 8.299,931 tons in 
1906, and 9,495,868 tons in 1907. Ditring the same period 
the tonnage of German vessels increased from 2,113,484 tons 
in 1905 to 2,115,552 tons in 1906 and 2,253,651 tons in 1907. 
In the ten years 1891-1900 the annual net tonnage ranged 
from 8,698,777 tons to 9,738,152 tons, and the transit receipts 
from 83,422, loif. to 90,623,607. The average of the net 
tonnage was 8.588,947 tons, and of the transit receipts 
8o,oo6,Qi3'f. ; while in 1907 the net tonnage amounted to 
14,728,434 tons, and the transit receipts to i i6,ooo,o96f. The 
mean net tonnage per vessel, which in 1881 was only 1,517 
tons, rose from 2,067 tons in 1891 to 2,926 tons in I9ai and to 
3,4^2 in 1907. The number of troops carried throiigh the 
canal during last year amounted to 84,033, as against 221.288 
in 1906, being a decrease of 137,255, ow-ing to the termination 
of the repatriation of troops from Manchuria after the con- 
clusion of the Russo-Japanese AVar. There was an increase 
of 1.J46 British and 401 Dutch, against a decrease of 127. ;o3 
Russian, 6.402 Turkish, 2,516 Japanese, 1.017 American, 6qo 
French, 482 German, 297 Italian, apd 195 Portuguese 
troops, as compared with igo6. 




Mr. Frank Ree. 



Another instance of the interest shown by the North Wes- 
tern Company in its employees was pleasantly demonstrated 
on June 24, when Mr. Frank Ree, chief goods manager, ac- 
companied by Miss Ree, formally opened the handsomely- 
equipped Institute and shooting range, situated in Burnsall 
Street, Garston. The buildings, which present an attractive 
appearance, have been erected owing to the demolition of 
the old Institute, which stood on land required for develop- 
ments in connection with general extensions and the new 
dock now nearing completion. Particulars of the latter work 
appeared in THE R.MLWAY TIMES of July iS. 

The new' premises possess many additional advantages, 
and are regarded as comprising one of the finest and best 
equipped Institutes on the line. They contain a large dining 
and recreation room (with 
kitchen), which can te used 
for concerts and other enter- 
tainments, a large billiard 
room containing three full- 
sized billiard tables and a 
bagatelle table, a library well 
stocked with suitable books 
and up-to-date periodicals, 
and a well appointed shooting 
range. The amplified scheme 
provides facilities for social 
intercourse and recreation 
affecting a staff approaching 
2,000, a feature of special 
interest being that the mem- 
bers have undertaken the 
whole of the furnishing at 
their own expense, and 
guarded against risk by fire 
by taking out an insurance policy which covers it. 

A committee of management has been culled from each sec- 
tion of inside and outside staff, and this body has carefully 
formulated rules for the purpose of governing procedure, and 
the necessary working of such an establishment. The St. 
John's Ambulance Brigade and the Railway Temperance 
LTnion have been affiliated, as it is felt that this will have 
the effect of creating a deeper and wider interest in these 
important and valuable organisations. Enquiries and all 

work in connection with the Railway Convalescent Homes are 
conducted from this centre, the Garston staff making an 
annual effort, enabling them to send considerable financial 
aid to these very deserving charities, in addition to which 
they contribute locally to other kindred institutions from 
which railway men derive benefits. These contributions 
enable the committee to claim privileges for the staff not 
otherwise obtainable, and at a time when most needed. Fur- 
thermore, a certain sum of money is also annually reserved 
for the purpose of providing for necessitous cases during the 
member's stay at these institutions, a thoughtful provision, 
carefully administered and greatly appreciated. To add 
further to the many advantages of the Institute, the com- 
mittee has now taken under its care and guidance the well- 
appointed bowling green, which has been in existence for 
some time. Sub-committees have been elected to deal with 
each of the sections, all of which are conducted on the 
broadest possible principles. 

It is gratifying to know that Sir Frederick Harrison 
(treneral manager), Mr. Frank Ree (chief goods manager'), 
Mr. R. Turnbull (superintendent of the line'i. Mr. C. E. 
Grasemann (out-door goods manager. Southern Division), and 
Mr. F. T. Kinsman (out-door goods manager. Northern 
Division), take a very active interest in" movements of this 
character, and. in view of the generous treatment received 
from headquarters, the members are determined to make the 
Ins'itute not onU- ':."lf-sunportine bu' thoroughly successful 
in every wav. The cncrgc'ic a^d erifhusiastic interest taken 
bv the 'district traffic suppri'itc-.de-it. Mr. S. H. Hunt, from 
the commencement, has had a very salutary effect upon the 
members of the staff geierallv. who deem it a privilege to 
be associated with the scheme. 

The provision of a rifle range has been quite a special 
feature in connection with the. Institute. The range is com- 
posed of a series of railway carriaees, for which snccinl foun- 
dations were laid immediately adjoininr the main buddmc. 
It possesses tw^o targets, the restjlt of^each shot being n(!tifie<^ 



August i, 1908.] 



THI' RAILWAY TIMES. 



13: 



As"'B&S; an armoured alcove or mantelet having been built 
for the marker in order to accomplish this in perfect safety. 
In addition, special provision has been made at the firing end 
for members to witness the shooting, a spacious and lofty en- 
trance to the range having been erected for this purpose. The 
keen interest m this section is evidenced by the fact that over 
15,000 rounds have been fired within the short time the range 
has been open. The Rifle Club has been enrolled in the 
Society of Miniature Rifle Clubs, Queen Victoria Street, Lon- 
don, whose certificates of membership has lieen granted. 




Rifle Range. 

Every precaution is taken to prevent accidents, without placing 
any restriction upon the movements and pleasures of members 
desirous of becoming proficient marksmen. The range is an 
exceedingly popular and welcome addition to the whole scheme, 
and it is so recognised by all the staff. The requisite ammu- 
nition is sold to members at a specially low figure in order to 
encourage firing as much as possible. The splendid billiard- 
room with its three full-sized tables has become the centre 
of great activity. In addition, various games, such as 
chess, draughts, dominoes, etc.. are indulged m by those who 
prefer the quieter forms of recreation. Some of the leading 
members of the staff have come forward and generously pro- 
vided a number of monthly magazines, etc., for use in the 
reading-room. 

On the opening day the Garston staff had the pleasure of 
welcoming Mr. Frank Ree and Miss Ree, who journeyed 
specially from London to perform the opening ceremony, and 
on all hands it was felt this arrangement formed a most appro- 
-priate denouement, seeing that Mr. Ree had been chiefly in- 
strumental in obtaining these special facilities and privileges 
for the staff at Garston. Accompanying Mr. and Miss Ree 
were Messrs. C. E. Grasemann (out-door goods manager, 
Southern Division), F. T. Kinsman (out-door goods manager, 
Northern Division), W. M. Turnbull (district superintendent, 
Lime Street), L. D. Parsons, etc. On arrival they were met 
"by Mr. S. H. Hunt (district goods superintendent and presi- 
dent of the Institute), who conducted them to the building, 
w'here a very large gathering had assembled to give them wel- 
come. Amongst others present were Mrs. S. H. Hunt and 
Miss Norrie Hunt (the latter presenting a bouquet of roses to 
Miss Ree), Mr. \V. E. Thornhill. Mr. and Mrs. T. M. Fowke, 
Mr. and Miss Sargent, Mr. and Mrs. W. Williams, Mr. and 
Mrs. J. B. Parkhouse. Mr. and Mrs. John Roughley, Mr. and 
Mrs. John Houghton, Mr. and Mrs. F. R. Newbold, Mr. and 
Mrs. AV. Bates, as well as a large number of influential traders 
and other friends. 

Mr. S. H. Hunt, in introducing Mr. and Miss Ree. referred 
to the great obligation felt by all to their esteemed chief goods 
manager, who had so greatly interested himself on their behalf, 
and who was chiefly responsible for the very happy position in 
which they found themselves that day in possessing such a 
commodious block of premises for recreative purposes. He 
extended a heartv welcome to Mr. Ree and to Miss Ree. 
Referring again to the gift of the Institute and rifle range. 
Mr. Hunt expressed in warm terms the deep sense of obliga- 
tion felt bv the staff to the directors, to Sir Frederick Harrison 
(general manager), and to the chief officers. Mr. Hunt then 
asked Miss Ree to accept an illuminated card containing views 
•of the exterior and interior of the Institute, rifle range, etc.. 



and referred to the fact that the design and illumination had 
been executed by a member of the Garston wages staff. 

Mr. Ree, who on rising to respond, was very warmlv re- 
ceived, said he had to thank those assembled most heartily for 
the welcome given to his daughter and himself that day. He 
gave them an assurance that he would take the earliest oppor- 
tunity of conveying to the directors and Sir Frederick Harrison 
their appreciation of what had been done in the direction of 
providing for the comfort and pleasure of the large staff at 
Garston, but reminded them that thanks were also due in large 
measure to Mr. Hunt for a great deal that had been accom- 
plished. They had secured a splendid Institute, as while in 
other places they had been compelled to do the best possible 
with existing buildings, in the case of Garston they had 
managed to obtain a brand new building, containing a splendid 
reading and concert room, library, kitchen, and a magnificent 
billiard room, which the members had already fully ecjuipped 
with three fine tables. Mr. Hunt had referred to the need for 
maintaining interest and energy on the part of the members, 
but he (the speaker), from his knowledge of the north country, 
and Lancashire in particular, had not the faintest doubt it 
would be a great and unqualified success. .A.nother pleasant 
feature about the function was that he had been requested to 
hand over — not literally he hoped — a bagatelle table (laugh- 
ter) — presented by the salaried staff to members of the wages 
staff. This gift showed the excellent feeling existing between 
the two sections, a feeling which all the officials would appre- 
ciate, as showing the good spirit and comradeship which 
prompted the gift. (.Applause.) Thanks were then expressed 
by the speaker on Miss Ree's behalf, both for the beautiful 
bouquet and the illuminated card, so admirably designed and 
coloured by Mr. Wainwright. 

Having declared the Institute open. Mr. Ree pro- 
ceeded to the billiard room and opened the new- billiard 
and bagatelle tables, the latter bearing the follow- 
ing inscription: — "Presented by the London and North 
Western clerical staff, Garston Docks, to their colleagues on 
the wages staff, as a mark of esteem and goodwill, May, 190S." 
.A-fter this an adjournment was made to the shooting range, 
where Miss Ree fired the first shot, and pronounced trie range 
open. Mr. Ree. addressing the assembly, complimented them 
upon the excellent shooting facilities provided, and hoped the 
members of the staff would lost no opportunity of making 




Billiard Room. 

themselves proficient in the use of the rifle. Mr. Ree added 
that as this was the first rifle range opened by his daughter, 
she would be very pleased to present a prize for competition 
amongst the members. (Loud applause.) 

The proceedings were brought to a conclusion by Mr. W. M. 
Turnbull, one of the vice-presidents, who proposed a hearty 
vote of thanks to Mr. and Miss Ree, which was carried with 
enthusiasm. This terminated a very successful and pleasant 
function. . 

West Somerset Railway.. — The net revenue for the six months 
ended June 30 were £.^.100. and /20! was brought forward. 
After providing for debenture interest, ^12.541 remains, which 
will admit of a dividend at the rate of 2? per cent, per annum 
on the ordinarv stock, leaving /20S to be carried forward. 



134 



THE RAILWAY TIMES. 



[August i, 1908. 



RAILWAY NOTES. 



American Railways and tlie Eastern Trade. — The American 
newspapers announce that the Canadian Pacific, the Great 
Northern Pacific, Union Pacific, Southern Pacific, or Ebon 
Short Line, and Atchison Topeka and Santa Fe Railroads 
have notified shippers that they will go out of the export trade 
to China, Japan, New Zealand, and Australia on November i, 
and will also practically abandon the import trade. These lines 
are thus carrying out the threat they made to the Inter-State 
Commerce Commission when the Commission issued the rule 
requiring the railroads to publish the inland proportion of the 
import and export rates. It is also predicted that the steam- 
ship lines involved will be sold. 

Runaway Goods Train. — A collision occurred on Wednesday 
on the Great Northern (Ireland) near Goragh Wood.^ Twenty 
wagons forming a portion of a goods train from Newry to 
Armagh became detached and dashed down an incline into a 
goods train ascending t'ae gradient from Newry to Goragh 
Wood. The wagons were headed by the guard's van, from 
which a guard named Gifcson jumped, receiving injuries 
necessitating his removal to the infirmary. The engine of the 
oncoming train went through the guard's van, which was 
completely smashed, while the chimney was torn off the 
engine. Several wagons were derailed and thrown down the 
embankment, carrying; with them the telegraph wires. 
Traffic on the Newry line was suspended for several hours. 

Chilian Nitrate Railways.— Renter reports that the Chilian 
Government has rejected the tenders of the Deutsche Bank 
of Berlin, Herr Phillip Holman, of Frankfort, and a French 
house for the construction of a railway from Santiago to the 
nitrate districts. They will only accept tenders from firms 
undertaking to construct the line with their own capital, the 
Government handing over to them the working of the line, 
guaranteeing them five per cent, on the capital, and providing 
for its interest accumulative amortisation. 

Proposed Harriman Combine. — A Central News message from 
New York says that Mr. Harriman is elaborating the details 
of a great scheme for the unification of various important lines 
in the United States. It is stated that Mr. Harriman intends 
to bring fully 16.000 miles of railways under a single system. 

Lancashire and Yorkshire Railway Insurance Society. — The 
half-yearly report of this society, of which all the employees 
of the company are required to liecome members, shows that 
the income from premiums amounted to ;^6.47q, and from 
interest, etc., .^358. The payments included 187 death claims, 
/2,424-, permanent disablement claim, ;^30 ; 3,001 temporarv 
disablement claims, /3,532; special grants, £^6$; surgical 
appliances. ^57. At the end of the half-year the balance in 
favour of the'sorietv was /2 1,607. -^t 'he forthcoming meet- 
ing of delegates a scheme for a sick fund will be submitted 
for approval. The directors of the company have decided to 
contribute to the fund and also to grant all the necessary 
facilities to work it. The object of the fund is to provide an 
allowance in cases of disablement from work arising from 
causes other than accident on duty and an allowance on the 
death of a member's wife or deceased member's widow. 



North British Railway and Leven Dock. — A public inquiry 
under the Private Legislation Procedure (Scotland) Act, 1S99, 
was held at Edinburgh on Monday into the Provisional Order 
promoted by the North British Railway Company. The com- 
pany asks inter alia that it should be allowed to fill in the 
Leven dock and be granted powers to acquire certain lands, 
belonging to the representatives of the late Mr. Wemyss, on. 
the west side of Methil, for the purpose of constructing ap- 
proach railways to the Methil dock, which is in course of 
construction. Counsel said the Leven dock was a sad business. 
The dock, unfortunately, was put in the wrong place, and the- 
fairway of the Leven could not be kept clear of drift sand. 
Mr. Wemyss took it over from the Harbour Company and the- 
North British Railway was forced to take it over from Mr. 
Wemyss. Since the Methil dock was made the Leven dock, 
became practically useless, one half was closed up and only a. 
small basin remained. On Thursday the Order was passed. 

Great Northern Railway Rating Appeal. — The Great Northern 
Railway Company, at the Midsummer Quarter Sessions for 
the West Ridmg of Yorkshire, sitting at Bradford, appealed 
against the assessments of its property in the Wakefield Union,, 
the total amount of which was upwards of ^30,000. The 
assessment appealed against was settled in 1900 by agreement, 
and the company contended that the working expenses, the 
increased cost of' rolling stock necessary to earn the receipts, 
and loss on branch lines as the result of the decision in Great 
Central Railway v. Sheffield Union, warranted a reduction in. 
the assessments. The parish first taken was that of East 
Ardsley, and the assessment was ;£5,4S2, which Mr. J. H. 
Medley, rating surveyor of Sunderland, had advised the assess- 
ment committee to confirm. .After a hearing lasting six days, 
the justices gave their verdict last IMonday, reducing the 
assessment to £3,i'oy, and ordered the assessment committee 
to pay the costs of the appeal. In such figures it is under- 
stood that an amount approximating to ;£4oo has been allowed 
for loss on branch lines. The company were represented by 
Mr. J. H. Balfour Browne, K.C., Mr. W. C. Ryde, and Mr. 
H. S. Cautley (instructed by Mr. R. Hill Dawe, the company's- 
solicitor), and the experts engaged in the case for the com- 
pany were, Mr. George Whale (locomotive engineer, London 
and' North Western Railway), Mr. G. J. Churchward (loco- 
motive engineer. Great Western Railway), Mr. D. E. Marsh 
(locomotive engineer, L. B. and S. C. Railway), Mr. W. J- 
Grinling (chief traffic manager, Great Northern Railway), Mr. 
C. L. Edwards (accountant, Great Northern Railway), Mr, 
Francis AVintour (locomotive works manager, Great Northern 
Railway), Mr. H. N. Gresley (carriage and wagon superin- 
tendent, Great Northern Railway), Mr. W. T. Weeks (stores 
superintendent, Great Northern Railway), Mr. F. A. Campion 
(assistant engineer. Great Northern Railway), Mr. H. Culpin 
(accountant locomotive department. Great Northern Railway), 
Mr. F. W. Showers (assistant rating survej'or. Great Western 
Railway), Mr. A. L. Rvde (rating surveyor, 29, Great George 
Street, Westminster), Mr. P. M. Faraday (rating surveyor, 
77, Chancery Lane, W.C.) and Mr. A. J. Brickwell (s-urveyor. 
Great Northern Railway). 



r 



THE METROPOLITAN AMALGAMATED 



RAILWAY CARRIAGE AND WAGON COMPANY, Ltd., 

and Patent Shaft and Axletree Co., Ltd., Docker Bros., Ltd. 

IRON AND STEEL UNDERFRAMES, WHEELS, AXLES, 

AND EVERY DESCRIPTION OF ROLLING STOCK, 

PRESSED STEEL BOGIE TRUCKS, Etc. BRIDGEWORK & ROOFS. 

DOCKERS' SUPERFINE CARRIAGE PAINTS; VARNISHES, 

JAPANS & FINE COLOURS. 



Ragiat^r.d Ofnco--: SALTLEY, BIRMINGHAM. 

Toieor-a.ns ■■ METRO." BIRMINGHAM. 



London Offlc«» : 
•RAILCAR," LONDON. 



VICTORIA STREET. WESTMINSTER. t-W. 
"SHAFT," WEDNESBURY. 



r 



August 



RAILWAY STOCK AND SHARE^^IST^ 



Railway Ordinary Stocks. 



Railway Ordinary Stocks. 



Closino Prices. 



Barry, Ord x' V '.Vo/', a? 

Do. Pref. Conv. Ord. (4%) . . S' 

Do. Def. Conv. Ord 22,, 

Caledonian, Ord. ■ • • ■ • • ■ °° ' 

Do. Pref. Conv. Ord. (3%).. 65 

Do. Def. Conv. Ord ''* ■" 

Do. Def. Ord., So. 1 » 

Cambrian, Ord. Capital, No. 1 ^ 

Do. Coast Cona. Ord Jl 

Cardiff, Pref. Ord., 1896 (4%) .... 8/ 

Central London Ord 'g 

Do. Pref. (4%) =1 

Do. Def ■■■■ xS 

City & South London Cons. Ord. "lo 

East London Cons | 

Fumess, Con. Ord | 3° 

Glasgow and S. Western, Pref.Ord. 60| 

Do. Def. Ord •••■• 50 

Great Central, Pref. Ord. (6%).. i^^ 

Do. Def. Ord 11 

Great Eastern, Ord ■ ■ ■ • A' ' 

Great N.ot Scotland, Pf. Cnv. O 



A Year Ago. 
182 187 



Last Week. 
165 167 



Yesterday. 
160 162 



Closiso Prices. 



95' 



112 



_ .. Def. Conv. Ord • 19 

Great Northern, Pref. Conv. Ord. 92 

Do. Def. Conv, Ord gg 

Do. Cons. A a =g 

Do. Cons. B a (6%) . . .... 142 

Great Northern (Ireland), Ord... I'to 

Great North. 4 CityPref.Od. (4%) 1 

Great North. Pice. & Bromp. Ord. 6 

Gt. South. & West. (Ireland) Orig. 88 

Great Western, Cons. Ord. 120 

Highland, Ord. Cons. Capital 40 

Hull and Barnsley, Cons. . . . . . . 48 

Isle of Wight, Pf. Conv. Ord. (4%) 78 
Do. Def. Conv. Ord •■ 



33 
145 
148 



Lanes, and Yorks., Cons. Ord. . . 
Lond. Brighton * 9. Coast, Ord. 

Do. Pref. a (6%) 

Do. Def. a ..•■•■io/ 

Do. Ccrt.Con.Rightsabove6% 
Lond. Chat. & Dover, Arbit. Ord. 
London and North We.-t«rn, Cons. 
London and South Wes.ern, Cons. 

Do. 4% Pref. Conv. Ord. 

Do. Def /■•:••„ 

Lond. TUbury 4 Southend, Cons. 

Mersey, Cons. Ord 

I Metropolitan, Cons. . . •••••• ■ 

I Do. Surplus Lands stock. 
i Metropolitan District, Ord. ... 

1 Midland, Pref. Conv. Ord. (21%) 
I Do. Def. Conv. Ord. ... 

I North British, Ord. Pref. (3% 

Do. Ord •■■ 

V Cornwall (L. & H.) 4% Pref. Or. 
Do. Def. Ord 

; North Eastern, " Consols 

North London, Cons ■■■;• 

North Staffordshire, Cons. Ord . 

; Plymouth Devon & S.W Jun., Or 
Port Talbot Railway and Docks . . 

iRhondda and Swansea Bay .. .. 
Rhymney, Cons. Ord. Cap. Stock 

II Do. Pref. Ord. (4%) 

jl Do. Def. Ord • 

' Scarb. Brid., Ac, June, Cons.Ord. 
I Sheffield District, £10 Shares. 

' South Eastern Ord. 

I Do. Pref. o (6<;'ot 

Do. Def. a 

'Tafl Vale Ord. 

Vale of Glamorgan. Ord. ' 9o_ 



14C' 
139 
100 



lO'j 
132'j 
U-6 

98 



116 105 107 




95 



190 



106 



195 
100 
95 



108 

29'.! 

78': 
101 



Yesterday. 

89'i 90'2 



lO'e 
132 
133 



129^. 130 'A 



85 
91 

70 
lO'i 
13' J 
168 



Railway Preference Stocks— 



Alexandra Docks and RaUway 4 

Baker Street and Waterloo .. 4 

Barry ■ \ 

Brecon and Merthyr A » 

Do. Do. B * 

Caledonian * 

Cambrian A * 



Do. 
Do. 
Do. 



Cardiff \ i 

Central London • * 

Charing Cross Euston & Hamps. 4 i 

City and South London Perpetual 4 | 

East London 2nd Charge -4 * 

Do. 2nd Charge B 4 

Do. 3rd Charge * 

Do. 4th Charge 4 

Do E.L.R. 1st Debentures . . 31 

Do. Whitechapel Extension c 2i 

Forth Bridge * 

Furness ■••■ f 

Glasgow and South Western .. 4 

Great Central ^, 



106 
103 
106 
106 



106 
132 
92 



108. 
105 
108 
108 



North British ^%! 

North Eastern ^ 

North London *' 

North Staffordshire \ 

Plymouth Devon & S.W. June. 4 

Port Talbot Railway and Docks i 

Rhondda and Swansea Bay » 

Ehymney Perpetual 4 

Sheffield District Permanent .. 4 

South Eastern Perpetual 4 

Do * 

Do |« 

Do \ 

TaffVale W"-- , 

Tottenham and Forest Gate . . 4 

Whitechapel and Bow 4 



Railway Preference Stocks. 

DIVIDENDS OOSTISOEST 0)1 THE PROFITS OF EACH 
SEPARATE YEAR. 



I Great Western, Cons. Pref., 5% i 138 

118 121 l! Highland Class A 41% 1 IJ" 

O/l P.1 i Tl.. R RO/ 113 



Do. B, 5 

Do! 3J% PreV. 'stick" i897 80 

Do. 3J% Pref. Stock 1898 I 80 

Hull and Barnsley 3i% Pref. 1899 87 

Do. 4% Pref. 1907 (70% paid) . 

Isle of Wight 4 



isie oi "njuL ■« ,o • •; • - • , 

Lancashire and Yorks. Con. 3% Pref 

Do. 4% Pref., 1903 ;;■••■ 

London Brighton, etc., Cons. 5% 

Do. Second Cons. 5% ■■■• 

London Chatham, etc., Arbit., 41 /o.. 

Do. 4}% Second Pref • ■ ■ 

Lon. & North Western Cons. 4% Prel. 

Do. 4% 1902 Vn" V 

Lon. & South Western Cons. 4% Pref. 

Do. 4% Perp. Pref. 1884 

Do. 3i% Pref • • • • 

Lond. Tilb. A Southend Cons. 4% Pref. 

Do. 4% Pref., 1904 



101 
99 
82 
107 
132 
129 



140 
113 
118 
100 



109 
135 
132 



Do. 
Do. 



Great Eastern * 

Great North of Scotland 4 

Great Northern 3 

Great Northern (Ireland) 4 

G.N. liccadilly & BromptoD .. 4 

Great Western * 

Do Jl 

Do !i 



21 



114 
130 
122 



117 
121 
129 
142 
73 
108 



114 
113 

90 
113 

92 
119 
123 
131 
144 



78 



Hull and Barnsley 1st ?. , ,ni 

Do 'nd 3-4 103 

IsleofWight ••••■•••.■. t ' 'g° 

Lancashire and Yorkshire 3 

London and Blackwall 4t 

London and Greenwich 4 

London Brighton i South Coast 
Do 



41 



112 
104 
110 
124 



Alex. Docks. & KaU. 4iro Ist Pref. A 100 

Do. 41% 2nd Pref. B 86 

Barry 5% Pref. Stock (1st) 130 

Do. 4% Cons l"tf 

Do. 4%Third .•••■•• i°i 

CaleJonian 4% Cons. No. 1 1"^ 

Do. 4% Do. No. 2 106 

Do. 5% 1878 129 

' g°: Xi llllconv:;:-.:.-:;: | 

g- toH^2f,-6okv::::::::: ^4 

; Cambrian No. 2, 4% . . •.•••■■■; ?,\ 

City and South London o% 1891.... ill 

Do. 5% 1896 lOS 

Do. 5% 1901 10' 

Do. 5% 1903 lO-i 

Fumess Consol. Pref., 4»/„, 1881 ... . 96 

Do 4% Pref. Stock A, 1881...- a4 

Do^ 4% Pref. Stock B, 1883. 94 
D? 4% Pref. Stock, 1894 ... 
Do 4% Pref. Stock, 1899 . . . 

Glasgow and South Western 4,i, 



92 



London Chat, an 1 I over Arbltn. 

Do. B 

Do. 



Do. 



1883 
1890 
1899 



119 
116 
101 
101 



106 
103 
103 
103 
Perp. Pref. 125 



Do. 

Do. 

Do. „ 

London and North Western . . 
London and South Western A 

Do. Consolidated 

London Tilbury and Southend 
Metropolitan 

Do. ■ 



Pref., No. 
Do' 4°'; Pref., 1888 
Do. 4% Pref., 1892 
Great Central 5% "' 

Do. 4% Pref ••• ,57 

Do! sy^Conv. Pre. 872 121 

Do. 5% Conv. Pre. 1874 llg 

Do. 5% Conv. Pref. 1876 11" 

5% Conv. Pref. 1879 100 

= o7 fi„„,r Pref 1881 W? 



Do. 



133 
106 
103 
109 
108 
132 
106 
107 
106 
107 

10'; 
114 
112 
110 
105 



109 
106 
106 
106 
128 
101 
124 
119 
115 
105 



Mersey 3% Perp. (red. fr. 5% Jan. 01) 
Metropolitan 31% Pref 

I Do. 31% A Pref 

Do. 31% Conv. Pref ■■■•■■.■„; 

Metropolitan District Exten. Pref. S /,, 

I Midland 21% Perp. Pref 

! North British Cons. 4% No. 2...... 

1 Do Edin. and Glasgow Pref. 41 /» 

I nn 1865 Pref. 5% 

Conv. 5% Pref., 1874 



Do. 
Do. 
Do. 



112 


114 


111 


Hi 


109 


HI 


109 


111 


96 


99 


105 


108 


105 


107 



41% Pref., 1875 I 115 

41% Conv. Pref.. 1875 1 H? 

5% Conv. Pref. 



4'% Conv. Pref. 

4% Conv. Pref. 

4% Conv. Pref. 

4% (3on 



1875. 
1879. 
1884. 



Pref., 1892 104 

uo. 4% Conv. Pref., 1897 104 

Do 4% Conv. Pref., 1901 104 

Do! A Conv. Pref., 1904 104 

North Eastern ^"o ■■■■■■ ■■■■ JJ, 

North London Pref. Cons., 1866 .... lis 

Do. 41% 1875......... 110 

North Staffordshire 3% Cons.... 



Plymouth Devon and S.W. June. 4}% 
Port Talbot 4% P^f. ..••■•;•■•■•• ■ 
Rhondda and Swansea Bay 5% Prel. . . 

Rhymney 4% Cons w^l* " 

Sheffield District, 5% Pref. £10 Share 
! South Eastern Cons. 4i% 



Conv. Pref. 1881 

Do. 4"/; Pref. 1889 

Do. 4% Pref. 1891 

Do. 6% Pref. 1894 ■■... g| 

Great Eastern Cons. 4% Pref i"^ 



50 



M^p^itai^-iAsiriii-:::::::: f iTf 120 d„. 3i%i89o ■::::--:::. I 

EO. ..........••■•• 1 li 73 Great North of Scotland A 4% .... 98 



EO. 

Do. Perpetual (1903-5) 

Midland •. jj 

Midland cS S.W. Junction A 3 

Do. B 3 

Heath and Brecon 1st 4 

Do. Al 



Oreat 

Do. B, 4° 



95 
108 



Great Northern 4';'„ !""?■?«'• 

3% Pref. Stock 1896 "j 

3% Pref. Stock 1898 81 

S'/o Pref. Stock 1899 



do. 



Do. 



4% 1891 
31% 



5% 



71 

107 
119 
128 
128 
118 
118 
128 
107 
107 
107 
107 
107 
107 
107 
112 
116 
113 
83 



12^4 13': 
104 107 
9''2 10' 

112 11| 

125 128 

97 100 

86 89 



.,„ Pref., 1900. 

4% Conv. Pref., 1903. 

Tafl Vale 4% Pref 

Do. 4% 1900 



98 


101 


99 


101 


105 


108 


102 


10b 



NOTES ASD EXPI.ASATI0S3 

until 9 % has been paid to • 



receives no dlv 
b Def. roMivej no 
t Oua by Met. and 



'■' "'/'dua^by G..V. V NrB^audJi^ 



136 



THE RAILWAY TIMES. 



[August i, 1908. 



OFFICIAL TRAFFIC RETURNS. 



. t 



Week ending July 25 

Passengers, etc , 

Goods, et-.' 

Total for Week 

Aggregate for 4 weeks. 
Miles open 



Greax Northern (Ireland) 


Week endiQg J uly 24 


1908. 
£13.448 
8.7a2 


1907. 
£14.374 












£22.240 
£89.824 




' Aggregate for 4 week^ . . 
Miles open 


£94 655 


54S 


543 



Metropoi itah. 



Week endiag July 26 " 

Passengers, etc 

Goods, etc ] 

Total for week 

Aggregate for 4 weeks . . . 
i open 



1908. 
£14.481 

1.519 

£16^000 
£64.920 



78 



a 1907. 
£13,578 

_ _5^5 lA 
£15,092 
£63.248 



Inc. this week, Jt:62ti Inc. 4 weeks. £540 



Caledonian. 



Dec. Ih\s week, £839 Dec. 4 weeki, £4.851 
Great North o'f Scotland. 



Inc. this week, £908 Inc. 4 weeks, £1.672 



78 



Metropolitan District. 



Week ending July 26 1908. 

Passengers, etc 1 £47. 347 

Goods, etc 1 33.773 



Week ending July 25 

Passengers, etc 

_| Goods, etc. 



Miles open. 


941 '4 


939^4 


Dec. this w 


ek, £3.917 Dec. 26 weeks 


£86.075 




Cantbrian. 





Total for week 

Aggregate for 25 weeks 
Miles open 



1908. 
£10.440 
3.700 


1907. 


£14,140 
£240,730 


£12,920 
£238.781 


336 


336 



Week ending July 25 

Passengers, etc 

Goods, etc ' 



Total for week 

Aggregate for 4 weeks. 
Miles open 



Inc. this week. £1.220 Inc. 25 weeks, £1.949 
Great Southern and Western. 



Inc. this week. £1,321 Inc. 4 weeks, £5,044 



Week ending July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 wteks . 
Miles open 



1908. o 1907. 1 
£5.088 £5,448 

£2.239 2.319 



Week ending July 24 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 weeks. 
Miles open 



1908. 
£17.496 
13.365 



1907. 
£18,741 
13,704 



Week ending July 25 

Passengers, etc 

Goods, etc 



£32.445 

£13^649 

1.121 



Total for week 
Aggregate for 4 weeks. 



£244. OOC 
£919 .000 
^lile^open | 1.407 



1908. 

£95.000 

149,000 



I 1907. 
£101,000 
158,000 



ek, £440 Dec. 4 week<, £995 



Dec. this week, £1.584 Dec. 4 ' 



Central London. 



Week ending July 25 

Passengers etc 

Goods etc 

Total for week 

Aggregate for 4 weeks . 
Miles open 



Inc. this week, £2.856 Inc. 4 weeks, £8.015 



City and South London. 



Week ending July 26 

Passengers, etc 

Goods, etc 



Total for week 

Aggregate for 4 weeks. . . 
Miles open 



Great Western. 



1.407' 

Dec, this week, £15,000 Dec. 4 weeks,' £58.000 ' 

Midland Great Western o-f Ireland. 



Week ending July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 
Miles open . . 



ks. 



1908. 

£157,800 

131.000 



£i;88,800 
1.104.200 
'2.878' 2 



a 1907. 
£160.900 
131.900 
£29'2;800 
1 113.800 
2.879' 2 



Week ending July 24 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 24 days . . . 
Miles open 



1908. 
£4.475 
7.152 



£37,402 
598 



1907. 
£4.819 
7.204 



Dec. this week. £4.000 Dec. 4weeks£9.600 



Dec, this week, £396 Dec. 24 days, £5,007 



North British. 



Dec, this week. £395 Dec 4 weeks, £1.045 



Dublin and South Eastern, 



Week ending July 24 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 weeks , 
Miles open 



Inc. this week £32 Dec 4 week5, £629 



1908. o 1907. 
£4.383 £4.481 

1.505 1.375 



160 



Week ending July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks 
Miles Open 



1908. 
£10.566 
3.335 



n 1907. 
£10,524 
3.202 



£13,726 

£2 60.170 

492 '4 



Week ending July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 26 weeks 



1908. 
£56,410 
39.424 



Mile 



ope: 



Inc. this week. £175 Dec. 26 weeks, ia43 



Hull and Barnsley. 



Week ending July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 weeks 
Miles open 



Dec, this week, £10.884 Dec. 26 weeks, £59,590 



North Eastern. 



Week ending July 25 1 1908. 

Passengers, etc £84.488 

Goods, etc 

Total for week £211,102 

Aggregate for 4 weeks £827,766 

Miles open ' lT697 



a 1907. 
£86,417 
136.943 



Furness. 



Dec, this week, £1.352 Dec. 4 weeks, £3.215 
Lancashire and Yorkshire. 



Dec. thh 



ek, £12,258 Dec. 4 weeks, £37,571 



North London. 



Week ending July 26 

Passengers, etc 

Goods, etc 



Total for week 

Aggregate for 4 weeks 

Miles op en 

Dec. thi 



1907. 
£4.764 
8.152 



Week ending July 26 



, etc. 



£2.960 Dec. 4 vveek*. £8.958 



Goods, etc 

Total for week 

Aggregate for 4 weeks 
Miles open 



1908. 
£58.672 
62.109 



a 1907. 

£72.945 

66.042 

£138,987 

£518.812 

584 ''s 



Week ending July 26 

Passengers, etc 

Goods, etc 



1908 I a 1907. 
£4.383 £4.831 

3.616 I 3.614 



Glasgrow and South Wester 



Weekending July 25 

Passengers, etc 

Goods, etc 



Dec, this week, £8.206 Dec. 4 weeks, £23.029 
London Brighton and South Coast. 



Total for week 


£7,999 
£31.490 


£8,445 
£34,280 


Aggregate for 4 weeks 


Miles open 


12 


12 


Dec. this week. £446 Dec. 4 


weeks. £2.7 


90 



North Staffordshire. 



Total for week 

Aggregate for 26 weeks . 
Miles open 



1908. 
£26.646 
15.110 



a 1907. 

£21.206 
_ 18.268 

£39.474 
£917.423 



444' 



Weekending July 25 

Passengers, etc , 

Goods, etc 

Total for week 

Aggregate for 4 w-eeks 
Miles open 



1908. 
£56.061 
17.516 



a 1907. 
£56.221 
16.907 



Week ending July 26 1 1908. 1 a 1907. 

Passengers, etc £5.795 £5.689 

Goods, etc I j 12,457 1 7 12.897 



Inc. this week, £2.282 Dec. 26 weeks, £38,246 i Inc. this week, £449 Inc. 4 weeks, £1.234 



£73.128 

£277,766 

487 



Total for week £18.232 1 £18,586 

Aggregate for 4 weeks [ 7 £70.720 \ .) £76.865 

Miles open : k 325 ( 325 



Dec, this week, £334 Dec. 4 weeks. £6.145 



Great Central. 



Week ending July 26 , 1908. 

Passengers, etc £29.730 

Goods, etc 54,710 

Total for week , £84 440 

Aggregate for 4 weeks £3221420 

Miles open 



609 



(I 1907. 
£29,660 
57.230 



London and North Wester 



Dec, this week, £2,450 Dec. 4 weeks. £12.830 



Week ecding July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 weeks 
Miles open 



1908. 
£158.000 

158.000 
£316.000 
1.211 .000 

1.948'4 



1907. 

£165.000 

168.000 



£333.000 
1.271 .000 
1.946'' 4 



Week ending July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 weeks. 
Miles open 



Dec. this week. £17.000 Dec. 4 weeks, £60,000 



Dec. this week, £192 Dec, 4 weeks, £1,225 



Great Eastern. 



Week ending July 26 



etc.. 



Goods, etc. 

Total for week 

Aggregate for 4 weeks! 
Miles open 




London and South Wester 



Dec, this week, £2,600 Dec. 4 \>eeks. £14J 



Week ending July 26 

Passengers, etc 

Goods, etc 

Total for week 

Aggregate for 4 weeks 
Miles open 




£108,600 
£413.800^ 
1^016'! 



South Eastern 


and Chatham. 


Week ending July 25 


1908. 

£33.893 

2 21.539 

£105,432 

£367.172 


1907. 














£106,250 
£369.279 


Aggregate for 4 weeks . 


...'• 


Miles open 


654 


634 



ii Inc. this 



ek, £2.200 Inc. 4 weeks, £6.800 



Dec. this week, £818 Dec. 4 weeks, £2.107 



Great Northern. 


; London Tilbury and Southend. TafF Vale.ni 


Week ending July 25 
(Passengers, etc 


1908. 
£64,500 
68,600 


(11907. |l Week ending July 26 


1908. 
£11,023 
2.471 


"1907. Week ending July 26 1908. a 1907. 

£10.959 Passengers, etc £5,249 £4.526 

2.635 Goods,etc 15.643 17.429 


Goods, etc 




Total for week.... 


£133.100 

£492,100 

998 1 




£13,494 
£51.788 




Aggregate for 4 weeks 

Miles open 


£49a600i; Aggregate for 4 weeks .. 


£50.988 1, Aggregate for 4 weeks.... £81.871 | £83,638 


997 h Miles open 


81 1 81 i Miles open 1 1244 1 124'4 


Uec. this week. £3.400 Dec 


4 weeks. £2 


.500 Dec. this week, £100 Ine 4 


weeks £80' 


Dee thi« week £1,033 D^e.. 4 wee ,5 E 1. /i7 



Notes ajtd Explaptatioss. — n The receipts for the corresponding period last year are adjusted to the actual figures, b Includes the receipts of the Vale of 
Glamorgan Railway, c Dock dnes, ,tc., are Included in this return, d The above figures do not include the receipts of any of the Company's Joint Lines. e Exclu- 
sive of 145} miles Joint Lines. ("Exclusive of 145} miles Joint Lines. r/ Includes 249 miles Joint Lines (G, N proiiortion). A Includes 246 miles Joint Line. 
G. N. proportion) i Includes the receipts of the Waterloo and City Railway, /Including the receipts of the fsnal, /l- Railway 206 miles. Canal 119 miles. 
t Includes steamboat receipts and tolls, m Penarth Dock and Railway included, n including 47^ miles jointly worked with O.C.R. 



August i, 1908.] 



THE RAILWAY T1MP:S. 



K-,7 



OFFICIAL TRAFFIC RETURNS. 



BRITISH AND IRISH RAILWAYS, &e. 



Kailway, 



Baker St. & w. 
B"lf.-ist & Co. D. 
Brecon 4 Mei'. 
Ch. C. Eu. fi H. 
Cleator A Work. 
Cock. Kcs. >t 1". 
Cork B 4 S. C. 
Ck. Brck. A P. 
East London . . 
G.N. anil Citv 
G.N., Pic, & B. 

Isle of Man . . 
Isle of Wight.. 
Isle of W. Cent 
Mane. Canal . . 
M'port & Car. 

Mersey 

Mid. i S.W. Jn. 
Neath k Brecon 
Port Talb It . . 
Rhon. 4 S. Bay 



Lale>t Earnings Keijorled. 



190r. Wk.or Month. 



July 2.5 
July 24 
July 2e 
July 2h 
i.As 2h 
July L'.i 
July 21 
July 2i 
May. 
July" 25 
July 25 

July 25 



July 2(5 
July 25 
July in 



£2,870 
4,292 
2,8-19 



'.Aggregate to date 
I 1908. ( 1907. 



Railway. 



FOREIGN AND COLONIAL-Co«</nKcrf. 

.Mileage, 



1908 



e2,ji5 


£12,080 




lS,.-i92 




9,833 


2,515 


l.-i,200 


1,394 


:t,TtJl 




;!.7»1 


2,02.-i 


im-i 


t)61 


2,139 


■.i,ih2 


17,108 


1,6«1 


5.4»i2 


4,i:)0 


1 21,1-0 



1,815 
2.009 
1,570 



19.004 
.1,321 
2,1)91 
230,8.30 
8,059 
7,329 
7,3.59 
5,089 



£10,145! San Paulo ..a\ UM 
16,050 Sthn. Punjab c, 425 

9,54* Ludha. E.\t. c\ 165 
10,446 I South. Indian c 1,,375 

.5,.354'l 

4,32; ,, Taltal n\ ].i(! 

T,9.'<8iiTemiscowata J<, _ 

2,239|| Un. livs. Hav.n 
19,097,1 I'rug. 'North, a 

«,7(i8, 

17,O90l Well. & Man. n 

'; W. of Havana a 

18,722 \V'.P.& Yukon 6 




118} 



Vk.or Month. 


1908. 


July 19 
July 18 

June 20 


25,883 

(i3,.325 

16.035 

4,17,413 


June. 
May. 
July 25 
June. 


2.3,460 
17, .3 15 
11,349 
1,702 


wks. Jan. 4 

July 25 
dys. .hine 14 


15.916 
5,5'i2 
46.500 
10,1.51 



1,10,2113 

21,826 

2,87,9li9 



14,502 
6,038 

78,5.50 
12..3:!,3 I 



AKgieKaictoiiate 



l«,liOO i 23,ol0 



UNIT ED STATES RAILWAYS^ 

I Reported. !|July 1 to Latest Dati 
Wk. orM'nth.l 1907-8, ! 1906.7. 



Mileage. 



Alcoy &G*nd. i 
Algeeiras ....tl 
Ang.-Ch. Nit. a 
Antof. & Bol. a 
.\rg. N.E. ..a 
.\ssam-Bengal c 

Bf n. & N. W. 
Beng. Dooars 

Extensions- 
Bengal Nag. 
Bil.Riv. &C. a 
Bolivar 
Bom. B & C.I 

State Lines, 



. Gt. 



•B. A. & Pac. a 
B.A.R. & C.A. c 
B. Ay. Cent.., 
B A.Ed.&S.C 
tB. Ay. Gt. S. a 
B. Ay. West, n 
Burma .... 

Can. North. 

Can. Pacilic 

Central Urug. a 
East Exten. a 
North Ext. 
West E'cten, 

Cordoba Cent 
SCent. N. Seo,a 

Cord. & Ros, 

Costa Rica . 

Cuban Centrala 

Del. Urn. & K 
Demerara . . 

Berbice 

West Coast , 
Dom. of Canada 

East Indian — c 
Egypt. Delta a 
Emu Bay .... 
Entre Rios . . 
G. Tk. of Can 

Can. Atl. , , 

G. T. West. 

D.T.G.II.iMa 
Gt. Ind. Pen. 
G.W. of Braz. 
H.H. Nizam's 

Hyder. God 
Indian Mid. . 
Int*r. of Mex 
La G. 4 Car. 
Leopoldina . 
Mad.4S. Mah.c 

Manila b 

Mashonaland a 
Mexican 
Mex. South.. 6 
Mid. Uruguaya 
Nassjo. Oscar, a 

Nitrate a 

N.W. of Urug. b 
Ottoman ....a 
Parag. Cent, a 
Peruv. Corp. b 
Pir.Ath..Pel. h 
Puerto C. & V.a 
Queh.iL.St.J .6 
Qubec Cent. 6 
Rhodesia .... a 
Rohil. 4 Kum.c 

Luck. Bar. , c 
Salvador , . . . b 



.33 July 25 

Uo July 18 

- ) May. 

684 I July 26 

610 ' July 24 
771 |10 dys June 

1,698 ! June 20 
36i Jan. 1-June .3ii 



June. 

July 25 

June. 
July 25 
July 25 

.Tune 
July 2-5 



days July 21 
July 2 



July 19 
June 20 
July 26 

July 25 
May. 



!,468 July 25 

.588 10 dys July 10 
June. 
July 25 
' days July 21 
463 



July 25 

July 25 

Jan. 1-June30 

July 25 

7 days July 21 

June. 

July 25 

10 dys June 30 

July 25 

June. 

7 days July 21 

July 21 

June 

May. 

July 1-15 

June 

July 25 

July 25 

June 

December. 

June 

February, 

1st. wk. May. 

May. 

June 20 

July 25 



15,C00 
33,668 
13,8.50 
26,400 
3,222 
1,12,000 

3,41,790 



9,07,000 

9,172 

4,312 

2,87,00 

3,4.3,000 

14,.500 

68,603 

89,721 

13,968 

694 

68,006 

38,224 

3,02,682 

170,900 
1400,000 
7,442 
1,607 
1,331 
863 
4,280 
12,7.50 
6,600 
5,9;!0 
4,3158 

41,300 
13,219 
2,811 
2,258 
104,700 

16,93,000 
6,400 
3,613 



21,033 

6,500 

8,42,400 

5,897 



1,8.3,100 

127,000 

1,500 

23,256 

4,43,674 

27,615 

24,010 

139,000 

23,802 

6,400 

5,119 

23,270 

21,800 

7,991 

1,395 

879,360 

516,616 

4,000 

.31,941 

20,285 

49,199 

23,7.39 

24,329 

12, .326 



17.000 
29,220 
10,100 
20,999 I 



3,784 

2,92,000 

6.19,000 

23,600 



63,03) 

32,.582 

2,96,209 



1,417 
1,1.54 
1,034 
4,160 



39,082 
14,466 
2,982 
2,384 
95,135 

1.5,17,000 
6,682 

4,317 

144,477 
8,294 
25,158 



5,750 
24,996 
3,06,033 
31,447 
19,008 
146,200 
23,235 
6,064 
6,269 
24 371 
24,180 
6,383 
1,165 
817,960 
38.970 
1,760 
.3.3,977 
15,173 
38,082 
24,2.56 
27,980 
19,2.50 



.383,000'' 



4.39,000 
»1,316 
76,.5Utii 
709,2081 
1 1 ,.559 
2.3,01, .379| 23,46;i6o|jgri' 
... f ,,., „ Illil: 



554,4261 



Cent, of Geor, . 

Central of N,J. 

Ches. and Ohio 

Chic, Gt. West. 

'^uCh.Mil. 4 S,P. 

/jCin, N.O. .t T. 

Ch,4e. 



June. 
May. 
May. 



11,913 1,903 jlst wk. July, 



Deny. 4 Rio G. 



1,831 ,1,829 



,M 



500,700 

4,206,000 

30,104 



108,560 
264,680 
1.3.516 



1,46,900 
55,199 
16,005 
11,967 



)7,60,000 
66,496 
30,347 
16,644 
345,945 
24,306 
64,043 
19,262 



19,1- 

.367,400: 

26,500 

632,440 

85,69,492 

1,211,499 

126,33.= 

388,601 

710,893 

71 ,046 

24,029 

23,270 

242,764 

25,378 

4,43: 

10,1.53,443 

6,693,766 

20,750 

68,216 

360,504 

201,190 

6,01,468 

8,72,286 

59.325 



, ' '■' Sat. of Mexico 

,, : N.Y.C. & H,R. 

- ' .'" :N.Y,Ont,>tW. 

, - Norf. & West 

- '-" Northern Pac. 

: ' '■: ,.St. Jos. 4 G,I. 
.,,''-?.'': S'-L.&Sn.Fr. 

r»^'':^i .St. Louis S.W. 

1 60 ,w*« Southern .... 
1,60,09,833;! rpg^„S^P3„i(i(, 

Waba-sh 

Whl. & L. Erie 



30,06.5 
5,253 
4,574 
3,9601 
98,19.5 
277,030 
13,640 
297,816 
18,165 

1,. 52,488 
63,186 
16,.547 
12,696 



15,662 
424,962 
26,443 



1,4.52 
'7,496 
j 1,856 
2,617 



May. 
Ma'v 



1st wk. July 
May. ■ 



May. 
May, 
May. 



May. 

May. 

t wk. July. 

t wk. July. 

t wk. July. 

2nd wk. July. 

2nd wk. June. 



1 1> 

264,878 
68118.32 
692.771 
200819' 
4324244 

12.3,133 
.3017688 
181,602 
897,.H5 
190,31 
4.35,289 
96,886 



--•'»"l 
.301,708 
841860: 
695,070 
•2870603 
6.392792 

149.489 
4282851 
202,828 
992,0.59 
264,818' 
608,570 
147,066, 



264,878 

84,830,901 

7,381,231 

26.810,980 

68,319,921 

1 ,4s,5 :ist 



103,40(1 
49.000,879 
56,610.63.-i 



21,070,1 

.301,708 
87.4.57,178 
7,476,114 
2S-,412,99H 
«8,98.',. 

i,-.8:!,.-.;!3 



WORKING STATEMENTS. 



May 
.May 



Alabama Gt. Southern May 

July 1 to May 31 '. 

Atch , Top. 4 Santa Fc May 

July 1 to May 31 .", 

Baltimore and Ohio,. 

July 1 to May 31 
Canadian Northern . . 

July 1 toMay I'l. 
Canadian Pacific May 

July 1 to May 31. 
Chesapeake and Ohio 

July 1 .May 31..., 
Chicago Great West. 

July 1 to May 31 

Denver and Kio GrandeMay 

July 1 to May 31 

Louisville & Nashville May 

July 1 to May 31 

Minn. it. P. A S'S.M. May 

July 1 to.May 31 

.Miss. Kan. 4 Texas .. ..May 

July 1 to.May 31 

National of Mexico May 

July 1 to May 31 

New Yiirk Ont. 4 West.May 

July 1 to May 31 



.Ma.y 
May 



1907-8. 



41, .500! 

60,),849| 

72,2.5,628 

'■"-'■S Phil, and Reading 
Iji'-no J>''.V 1 '" May 31 

- ■J'loo' Coal and Iron Co. 
'!;!'lf'*:' July 1 to May 31 

Total both CompaniesMay 
July 1 tx) May 31 



.May 
.May 



24,35o| 



261,008 

18,816: 

.■^,.553 

1.626,16(1 

;,305,92I( 



^•;*,il!pitts Cin.Ch 4St L.May 

Jan. 1 to May 31 

St. Jos. and Gr. Isl. May 

July 1 to May 31 

St. Louis 4 San. "Fran. May 

July I to May 31 

Southern Railway May 

July 1 to May 31 

UnionPacific May 

July 1 toMay31 

Wabash May 

July 1 to May 31 



180,254 

6,0.3,.364 

9,24,773 

86.501)' 



8251,7.33 

.3,260,185 

6,71.5,415 

84,287,178 

5,092,494 

68,172,530 

654,900 

8,3.38,000 

5,392,570 

65,828,338 

1,817,629 

23,919,848 

542,407 

7,.381,867 

1,470,890 

1.8,794. KB 

.3,2.59,673 

41,194,630 

7.36,756 

10,,589,I04 

1,485,3,56 

21,5.53,5.56 

1,204,394 

14,4,38,620 

69.3,772 

7,;i81,231 

3 294,9.32 

.3S,72J,430 

3,075,765 

35,937,336 

6,370,697 

74,6.57,766 

2,034.992 

10,019,170 

123,133 

1.485,388 

3,017,688 

43,357,932 

3,627,.538 

48,969,055 

5,846,.592 

69,908,043 

1,8.51, .536 

23..592.603 



1906-1 



«.362,693 
3,6.34,.592 
8,605.918 

86,393,249 
7,370,849 

75,047,837 

870,600 

6,,5.30,000 

6,937,135 

65,399,812 
2,390,9.38 

23,366,180 

722,264 

8,257.198 

1,822.900 

18,985,754 
4, 050,8 5H 



1907-8. 



43,f 



),060 



1.285.8:i9 
11,7.12.289 

2.271,8(1 
24 070.797 

1,682,791 

14,468,342 

698,070 

7,476,114 

.3,995,910 
39,.537,558 

3,407,568 
36,418.019 

7,403,468 
74,955,578 

2,864,644 

13,181,840 

149,489 

1,68.3,5,33 

4,282,854 
45,526,a32 

4,825,977 
52,048.689 
6,957,340 
69,644,0)5 

2,281,071 
24,938,672 



S.54,165 

526,780 

2,473,784 

27,0.36,489 

1,078,4.50 

17,908,616 

131,800 

2,272,200 

1,681,495 

20,116,869 

636,737 

8,090,811 

4,471 

1,132,079 

472,316 

5,981,909 

798,181 

9,987,894 

188,927 

4,016,829 

236,488 

6,582,243 

471,976 

5,253,192 

252,1.59 

2,287,264 

1,198,9.53 

14,226,693 

17.3,797 

2,4.34,491 

1,372,7.50 

16,661,184 

567,270 

2,367,514 

.55,380 

609,762 

669,257 

11,733,321 

680,545 

10,0.59.481 

2,768,803 

28,940,593 

376,992 

6,214,2o0 



2,5lii,a5» 

22,,S8S,202 

814,969 

8,236,,S44 



1,109,340 

13,866,916 

51)3,388 

6,017,7.56 

825,194 

8,7*8,362 

658,745 

5,206,605 

214,625 

2,362,620 

1 ,569,988 

14,598.420 

2,39,255 

1,929,835 

1,809,243 

17,528,256 

695,717 

2,862,619 

65,104 

637,321 

1,172,560 

14,716,611 

889,960 

10,782,116 

2,837,079 

31,347,934 

539,553 

7,135,765 



a Earnings reported in pounds, h in dolla 
•Includes Argentine Great Western and Transan 



rupees, d in milreis, € in reis, q in crowns, h in drachmas, i in pesetas,.; reduced to j;old, k in Mexican dollars, 
•eipts. tlncluding Ensenada Section, S. Coast Lines, 4e. :.\11 Sections. JIncludirg North West Argentine Sectio 



1^,8 



THE RAILWAY TIMES. 



[August i, 1908. 



The only GUARANTEED device for holding Nuts. 

rjfk S T N %J M WASHERS 

save TIME, MONEY and ACCIDENTS. 

As supplied to the Admiralty and War Office . 

HOLD ALL NUTS, STUDS and SCREWS under ANY VIBRATION. 

NO COHERPINS, LOCKNDTS or ORDINARY WASHERS REQUIRED. Shorter Bolts can be used. 

... IN USE ON . . . 
Railways, Tramways, Steamships, Collieries, Motors, Agricultural 
Implements, Machinery of all kinds, and invaluable wherever 

Nuts are used. 2 Doz. Assorted Sizes, i to i in., is. 

Telegrams — " Fasnut, LONDON." Telephone —122 14 CENTRAL. 

FASTNUT, Ltd., 60, Aldcrmanbury, LONDON, E.C. ^%'Si^' 





After Six Months on 
Stone Crusher. 



Mr. JOHN E. RAWORTH, 

latent ^gent, 



QUEEN ANNE'S CHAMBERS, 

THE BROADWAY, WESTMINSTER. 



JAMES KENNEDY & CO., Ltd., 

69. Buchanan Street, GLASQOW. 




IJHANCHES 

LIVERPOOL i LONDON ENGLAND 
CINCINNATI 
U.SA 



■f'^SAWN TO SIZK 

In Ameploa under 

"own supervision and shipped 

direct to any port of the United 

King-dom. 

■ited now for deliverv during the Autumn and 

Winter of 1908 



Established 1868. 



HEAD (Telephone: 2866 LONDON WALL. 
office'! ,, 1 1489 CENTRAL. 

wriD^^c i •■ 837 EAST (STRATFORD). 

yvuK^s j ^ 3 ;^nsTEY (LEICESTERI. 



PATENT VICTORIA STONE 

Lrald on London Stations fop over 20 years, and is used extensively by Great Eastern, 
Great Western, North London, Great Central and other Railway Companies fop 
Platform Coplngr and Paving, &c 

ALL KINDS OF ARCHITECTURAL WORK TO MATCH PORTLAND AND RED 
AND YELLOW MANSFIELD STONES AND OTHER PLEASING COLOURS. 



THE PATENT VICTORIA STONE COMPANY, LIMITED. 

Head Offlees: 10, 11, 12 & 13, HAMILTON HOUSE, BISHOPSGATE STREET W^ITHOUT, E.C. 

(Works: STRATFORD MARKET. ESSEX and GROBY QUARRIES, LEICESTERSHIRE.) 

THE COMPANY ARE NOT CONNECTED OR ASSOCIATED IN ANY WAY WITH ANY COMBINATION OF ARTIFICIAL STONE MANUFACTURERS. 



ESTABLISHED 1774. 




WILLIAM JESSOP & SONS, Limd. 

BRIGHTSIDE WORKS, SHEFFIELD. 



STEEL 



London Office: S.VICTORIA STREET, S.W. 
Glasgow OfBce : 29. ST. VINCENT PLACE. 



TOOL STEEL, 



HIGH-SPEED STEEL, 



FORGED AXLES AND LOCO : CRANKS. 
Lagging Sheets. Self-Hardening Steel. 

LOCO : CASTINGS, WHEEL CENTRES & HORN-BLOCKS. 



August i. 1908.] 



THE RAILWAY TIMES. 



139 



FURNESS RAILWAY. 



BLACKPOOL & THE LAKES 

(Via FLEETVVOODi 
In connection with the Company's Paddle Steamer 

"LADY EVELYN" or "PHILOMEL." 
Every Week-Day during JULY, AUGUST and SEPTEMBER. 



THE OmER CIRCULAR TOUR. 

UNEQUALLED COMBINATION! 
By SEA. RAIL. LAKE, and COACH, embracing 
FURNESS ABBEY, 
WINDERMERE LAKE and CONISTON. 

Time Is allowed for Luncheon at the Pavilion, Lake Side Station, Windermere. 




i MAP or (H Ti:i 



^AMGLESIor.f 




BLACKPOOL (Talbot Road) Train dop. 10.10a.m. 

FLEETWOOD Steamer dep. 10.30 „ 

D » r>r>^tir iTy J T^ iv fSteamer arr. 11.45 ,, 

BARROW (Ramsden Dock) |,p^^.„ ^^j, W.O noou. 

f Train arr. 12.45 p.m. 

Windermere (Lalie Side) i (Luncheon.) 

i S. Yacht dep. 20 „ 

Yacht arr. 3.0 ,, 



Ambleside . 



fS. Y 

•\Coac 



oh 



dep. 3.15 

rCoich arr. 4.45 

CoNiSTON '. (Time allowed for Tea.; 



6.0 p.m. 
6.65 ,, 
7.0 „ 
5.15 „ 



Inclusive Fares for the Round : — 
From BLACKPOOL 



11/6 



[Train 

BARROW (K.msden Dock) {H^ll^^ Zp 

FLEETWOOD Steamer arr. 

BLACKPOOL (Taibot Road) Train arr. 9.2 ,, 

1st Class 3rd Class 

& Saloon. & Fore Cabin, 
From FLEETWOOD 10/- 6/9 



Tickets are available for a week, with break of journey at any Station on the Circle. 
Passengers holding 3rd Class Tickets may travel Saloon on payment of i/- extra on Board of Steamer. 



BOOKING OFFICES. — Tickets and particulars of Sailings, &c., may be obtained at Talbot Road Station ; from the Fiirness Railway Co.'s 
:__ Auent, Mr. H. A. Deakin, Talbot Square; and at Messrs. Thos. Cook and Son's Agents — Mr. S. Bancroft, Victoria Street; Mr. \V. 
tT Marshall, 11, South Parade, South Shore, Blackpool ; and at 62, North Albert Street, Fleetwood ; or on board the steamer. Also at 
E^ Messrs. Tho^. Cook and Son's OfBces at Blackburn, Bolion, Burnley, Oldham, Preston, Rochdale, and Manchester, 



20j COACH & STEAM YACHT TOURS THROUGH LAKELAND 
Every Week-day during JULY, AUGUST and SEPTEMBER. 



TheTfollowing Tours embrace the cliief places of interest In the Lake District : — 



Outer Circular Tour, embraclag Windermere Lake, Furaess 
Abbey, and Coniston. 

Inner Circular Tour, embracing Furness Abbey, ConiatoQ Lake 
(Gondola), and Crake Valley. 

Middle Circular Tour, embracing Windermere Lake, the Crake 
Valley, and Coniston Lake. 

Red Bank and Qrasmere Tour, via Ambleside and Skelwith 
Force. 

Round the Lansdales and Dungeon Qhyll Tour, via Amble- 
side, Colwith Force, Grasm^re, and Rydal. 



No. 13. The Five Lakes Circular Tour— viz. : Windermere, Rydal. 

Gra3raere, Thirlraere, and Derwentwater. 
,, 14. Wastwater Tour, ri'u Seascale and Gosfortli Churchyard Cross, 

A.D. 680. 
,, IS. The Six Lakes Circular Tour— vli. : Windermere, Rydal, 

Grasmere, Thirlmere, Derwentwater and Ullswater. 
,, 16. The Duddon Valley Tour, via Broughton-hi-Furnes8, Ulpha, 

and Seathwaite. 
,. 19. The Rusland Valley Tour. 



For further particulars see the Company'e Illustrated Tuura Programme, to be had gratis at all Fiirrcss Railway Stations ; also from the Superintendent of the Line 
BarroK-in-Furness ; and at Messrs. Thos. Cook & Son's Offices; also at the principal Bookstalls. 
The Palette Album, illustrating the Furness Railway Company's 20 Tours through Lake Land in colours, price Sd. Picture Post Card* ot the Lak 
District (New Series). 6 for 3d. 

The abjvemay be obtained at any Station on the Furness Railway, and on the Company's Steamers; also at Furness Abbey Hotel, and the principal Railway 
Bookstalls. 

Barbo-w-ix-Furness, July 1908. ALFRED ASLETT, Secrelury and General Ma'iager. 



I40 



THE RAILWAY TIMES. 



[August i, 1908- 



The Birmingham Railway Carriage & Wagon Co., 



Railway Carriages, Tramcars, and 
Wagons of every description for Hire 
and Sale by Immediate or Deferred 
Payments, Ironwork, Wheels & Axles. 



Works : 

SMETHWICK, BIRMINGHAM 

ManufacturexM of 



Wagons for Hire, capable of carrying 
Six, Eight, and Ten Tons, pirt of 
which are cjastrncted specially for 
Shipping purposes. Wagons in Work- 
ing Order maintained hy Contract. 



OAK AND STEEL UNDERFRAME WAGONS. 
HYDRAULIC PRESSED BOSS, AND OTHER WHEELS AND AXLES 

SECOND-HAND BALLAST WAGONS FOR MAIN LINE TRAFFIC 



STEVENS AND SONS, 

Darlington Woiks, Southwark Bridge Road, London; and 

Signal Works, New City Road Glasgow. 



^'.^^m^'>^ 




PATENTEES AND MANUFACTURBRS OF 

INTERLOCKING LEVER FRAMES, 

For Junctions, Stations, Sidings &c., 

Of the MOST APPROVED DESCRIPTION; »l«o ETtry De»erlptlon o( 

SEMAPHORE AND DISC SIGNALS, 

IN BITHEE IRON, STKBL, OB WOOD. 
UAidrrAcrciiiu or 

Every Description of Railway Signal and Station Lamps, 

A STOCK OF ALL KINDS ALWAYS KEPT ON HAND. 

Conttaoton U> the prlnolpal Rallwsyi In the United Klofdom ; »Uo the ContlikeBt, ladla, 

Amerioa, end the Ooloalei. 

WROUGHT AND CAST IRON GIRDER BRIDGES, &«. 
'^ GAS ENGINEERS, &o. 



Reg-isterine- Turnstiles for Toll Bridges. Public Gardens. &c. 




( IWEIXOWES '■ Eclipse " Patent Roof GUzng 

& CO.'S FOR KOOrS or 4U DESCBIPnoNS 

Abnolntely Imperisheble. No Puttj or" Aab«.«).. 
MillionB of Feet flied for the Principil Beilwaj Com 
paniee and otkers. All Work QMranteed. 

Lut e/ ITork. end ell PertuwUn frrmi 

MELLOWES & CO^ Ltd^ 

. SbcUleld. Eng., i 28. Victoria St.. WeetmlMler. Unden. S.W 



PATENT KNAPPING MOTION 

Stone Breakers, Elevating and Screening Machinery 

Rock Crushers, Sand and Stone Washers, 

adopted by the LEADING CONTRACTORS and TEN OF THE 



LARGEST RAILWAY COMPANIES for Ballaet and Co 



rete Work. 

80..M...B., W. H. BAXTER, ltd., LEEDS. ■■kJ:^L<u: 



THOMAS TURTON & SONS, ltd 

Sheaf Works, SHEFFIELD. 




LOMDQMi 

90, CANNON STREET. 
CITY 



Spring Ste«l, 
Cast Steel Foldings, 
PiGks, Hammers, Tool*, 
CAST STEEL FILES. 

Railway Springs 6 Buffers. 



Davis Rurrow&Sons 



BRUSH MANUFACTURERS, 




Contractors to the Railway Companies. 



London: Printed for the Proprietors at 32-34. Fleet Lane, 



. E.C., and Published by JAS. W. Courienat at 12. Norfolk Street, Strand.-SATURDiY. A g gust 1. IMS 



August 8, 1908.] 



THE RAILWAY TIMES. 



141 



London & North Western 

Railway Company. 

BIRMINGHAM LIVERPOOL MANCHESTER 
GLASGOW : : DUBLIN : : BELFAST 

can be reached more quickly and comfortably from 
EUSTON STATION than from any other London Terminus 

FJ^EOUENJ EXP1{ESS AND MAIL SET{FICES 
fflTH LUNCHEON, DICING, AND SLEEPING CA%S 



CONNECTIONS BY THE TUBE RAILWAYS WITH EUSTON : 
The City and South London and Hampstead Tube Underground Electric Railways have Stations at Euston which are 
connected by subwavs with the L. & N. W. Station, so that passengers from and to Clapham, Kennington, London 
Bridge, the City, Isl'ington, Charing Crosss, Oxford Street, Hampstead, Highgate, Kentish Town, and other districts 
of London can proceed the whole way under cover. 

Euston Station FREDERICK HARRISON, , 

I QQg General Manager. 



JAMES KENNEDY k CO., Ltd., 

69, fiaehaoan Streat, GLASGOW. 

LIVERPOOL i LONDON ENGLJND ^, 
CINCINNATI io. ttS"^ 

" ^ * ^J^Sff^rigfJ^^^Bil^ •S'^SAWN TO SIZE 

.a'^w^gj^^VSuHP^^sV'^ In America under 

" -^i^a*^^^^^r«. ^o »vn supervision and shipped 

direct to any port of the United 

Kingdom. 

Orders solicited now for dellTery during tlie Autumn and 

Winter ot 1908. 




Mr. JOHN E. RAWORTH, 

?atent ^gent, 



QUEEN ANNE'S CHAMBERS, 

THE BROADWAY. WESTMINSTER. 



The only GUARANTEED device for holding Nuts. 

'TASTNUT'' wASHE«s 

save TIME, MONEY and ACCIDENTS. 

As supplied to the Admiralty and War Office. 

HOLD ALL NUTS, STUDS and SCREWS under ANY VIBRATION. 

NO COHERPINS. LOC&NDTS or ORDINARY WASHERS REQUIRED. Shorter Bolts can be used. 

... IN USE ON . . . 
Railways, Tramways, Steamships, Collieries, Motors, Agricultural 
Implements, Machinery of all kinds, and invaluable wherever 

Nuts are used. 2 Do»- Assorted Sizes, i to 4 in., is. 

Telegrams— " Fasnut, LONDON." Ttlephone-12214 Central. 

FASTNUT, Ltd., 60, Aldcrmanbury, LONDON, EX. 'VSiL^' 





After Six Months on 
Stone Crusher. 



142 



THE RAILWAY TIMES. 



[August 8, 1908. 



STEVENS AND SONS, 



Darlington Works, Southwark Bridge Road, London; and 



.^o^DSS^Ife^^ 




Signal Works, New City Road Glasgow. 

PATENTEES AND MANUFACTURERS OF 

INTERLOCKING LEVER FRAMES, 

For Junctions, Stations, Sidings &c., 

Ot tho MOST APPROVED DESCRIPTION; also Evtrr Deierlptlon of 

SEMAPHORE AND DISC SIGNALS, 

IN BITHER IRON, STEBL, OR WOOD. 

MASCFAOTORBit OF 

Every Description of Railway Signal and Station Lamps, 

A STOCK OF ALL KINDS ALWAYS KBPT ON HAND. 



"WROUGHT AND CAST IRON GIRDER BRIDGES, Sue 
GAS ENGINEERS, &o. 



Registerins- Turnstiles for Toll Bridges, Public Gardens, &c 



'JllALLKyiJE UFFKK. 



m STAR" FOUNTAIN PENS FOR 2/6 EACH 



fttti'd with 14-carat Gold Nib, Twin Feed, and Spiral to regulate flow ot ink. 

THE SELF-FILLING AND SELF-CLEANINQ PERFECTION FOUNTAIN PEN FOR 6/6. 



Honestly worth 15/-, for 5/6. Noa-leakable ; Alls 
itsolf ; cleans itself in one second ; fitted with 
large 14-Carat Cold Nib. The simplest Fen made. 
Every Pen a pleasure. 



Readers of THE Railway Times should write at once to the RED LION MANUFACTURING CO., LT D., 71, High Holborn, 
London, W.C., and acquire these bargains. 



(Agents Wanted). 



THOMAS TURTON & SONS, ltd 

Sheaf Works, SHEFFIELD. 



LOHOQMc 

90. CANNON STREET. 
CITY. 




Davis Burrow&Sons 



Spring Steel, 
Cast Steel Foldings, 
Picks, Hammers, Tools, 
CAST STEEL FILES. 

Railway Springs 6 Buffers. 



BRUSH MANUFACTURERS, 

45EDS 




Contractors to the Railway Companies. 



READ THE . 



GREAT WESTERN 
RAILWAY MAGAZINE. 



JVN UP-TO-DATE 
ILLUSTRATED 
RAILWAY 
PUBLICATION. 



^0 he 6ad at all fR.ailway 
SBooRstalls. 



Subscription— Art Edition, 3/6 par ana. 
Ordinary ,, 2/6 „ 



Paddington Station, London 



Of interest to all who follow 
the workings of our Railways. 

THt 



GREAT 
RAILWAY 




CENTRAL 
JOURNAL. 



PubUshed Monthly. X,g^^,J*^ Fully lUustrated. 

^,^^, _ « -T-r-o i 2s. per annum, post-free. 

SUBSCRIPTION RATES { An P aper Edition. 3s. do. 

Address — 
THE EDITOR, Central Station, Leicestefm 



August 8, 1908.] 



THE RAILWAY TIMES. 



14. 




EASILY REACHED 



By the Express 
Corridor Trains of the 



L.&S.W.R. 



FROM 

Waterloo Station 

(LONDON). 



PATH OF THE 



FOR HEALTH AND PLEASURE. 



THE 
SUNNY SOUTH & SOUTH-WEST 

ISLE OF WIGHT 



SOUTHSEA, 
LYME REGIS, 



SWAN AGE, 
WEYMOUTH, 



BOURNEMOUTH 

'The Land of Pines and Sunshine") 



BREAKFAST, LUNCHEON AND DINING CARS 

(all classes) in Principal Trains. ^ 

Full particulars of Train Service, Cheap Tickats. etc.. upon applicati' 




Bracing and Invigorating Climate 



— — AT 



ILFRACOMBE, LYNTON, PADSTOW, 
Bideford, Wadcbridgc, Tavistock, 
Bude, Budleigh-Salterton, Seaton, 
PLYMOUTH, EXMOUTH, SIDMOUTH, 

AND OTHER DELIGHTFUL RESORTS IN 

DEVON 
COR N W ALL. 



The Birmingham Railway Carriage & Wagon Co., 



Railway Carriages, Traincars, and 
Wagons cf every rescriptiou for Hire 
and Sale by Immediate or Deferred 
Payments, Ironwork, Wheels & Axles. 



Works : 

SMETHWICK, BIRMINGHAM 

Manuficturer$ of 



Wagons for Hire, capable of cairying 
Six, Eight, and Ten Tons, pirt of 
which are caastructed specially for 
Shipping pni poses. Wagons in Work- 
ing Order maintained by Contract. 



OAK AND STEEL UNDERFRAME WAGONS. 
HYDRAULIC PRESSED BOSS, AND OTHER WHEELS AND AXLES 



SECOND-HAND BALLAST WAGONS FOR MAIN LINE TRAFFIC 



Taylor's Patent Shunting Levers. 

" Reversens," "Run-throughs," "Fast-Locks. 

dSEO ON THE GREAT 

RAILWAYS OF THE WORLD. 

Derailment 

Impossible. 

INDISPENSABLE FOR COLLIERIES, 
BREWERIES & OTHER SIDINGS. 

Taylor's Patent Shuntioi 
Lever, Ltd., 

29, REGENT STREET, LOKDON, 8.W. 

T«l«g.: SWITCHES. LONDON. 
T«l.: 7200 OERRARD. 





HARUNC'S DRAWING INSTRUMENTS. 

niuslrated ralatu.jins «■;,( <m appitrution. 

W. H. HARLING. 

47, Finsbury Pavement, London. E.G. 

Manufactory: GROSVENOR WORKS, HflCKNEV. 



144 



THE RAILWAY TIMES. 



[August 8, k 



COMPANY NOTICES. 

The Grand Trunk Pacific Railway 
Company. 



n^OTICE IS HEREBY GIVEN that the 
J[\| Transfer Books of tlie Company so far as 
regards the Four j.er Cint. Pilimlm.- Stock, will 
he"clos*d from Monday, tlir ITtli \iiL-n i, to Mon- 
day, the 3l!it Anszii.-t, l!l(is. Ii.^ili .!,itr- iihlu&ive. 

Warrants for InttTest for tlic li;ilf >'ar ending 
Slst August, 1908, will lie forwarded on that date 
to all Proprietors of thi.s Stock regi^tereil on the 
Ii::r>k5 of the Company on the ITth Augu.st, 1008. 
By order, 
H. h" NORMAN. 
Secretary, Ix>ndon Committee. 
Dusliwood Ho",jo, 0. New Broad Street, 
London. B.C., 7th August, 1908. 

Midland Railway Company. 



-IVTOTICE IS HEREBY GIVEN that, 
i^ pursuant to the General Order? made in pur- 
wance of the Private LeEislation Procedure (Soot- 
land) Act lS9n. a SPECIAL or EXTRAORDIN AR\ 
GENERAL MEETING of the Proprietors of the 
MIDLAND RAILWAY COMPAKt will be held at the 
Station of the said Company at Derby, on hKliiAV. 
the 14th day of Anaust. IMS, at Two o clock in 
the Afternoon, for the purpose of considermg the 
followinff Provi^i.nal Or.lir now being promoted 
bv Hie North T.riti-li Ruilvnv Company:— 

'Nobtit British iMinvw Pkotisional Order. Under 
the Private Lrui^I.iti'n Procedure (Scotland! Act 
1R99._" To confer further powers upon the North 
British Railway Comnanv in relation to theti- 
Undertaking to provide for the Amalgamation of 
the West Hiirhland Uailway Company with the 
North British Railway Company to confirm and -Jive 
effect to Asreements between the North British 
Railway Companv and the Invergarry and Fort 
Augustus Bailwav Companv and the Falkland Liffht 
Railway Company resprctively. To empower the 
Forth Bridse Railway Company to raise further 
money for the purposes of their Undertakinsr, to 
raise additional Cnnital ind for other purpo.ses." 

ERNEST PAGET. 

Chairman 

H. TYLSTON HODGSON. 

Deputv-Chairman. 

ALEXIS L. CHARLFR. 

Secretary. 
Derby. July 29th, 190S. 



POSITIONS VACANT. 



THE STOCK EXCHANGE. 



Indian State Railways. 



EEQUIRED for the .service of the 
, Government of India, THREE ASSISTANT 
LOCOMOTIVE SUPERINTENDENTS, about 26 years 
of age. 

Candidates must have had a good general and 
tedinical education, and must have served either 
pupilage or apprenticeship of at leaot three years 
in the Locomotive Department of one of the prin- 
cipal Railway Companies in Great Britain or m 
the shops of a large locomotive builder. Other 
things being equal, preference will be given to Can- 
didates who have had firing, running shed, and 
drawing office experience. 

Terms :— A three years' agreement in the first 
instance: first-class free passage out and home 
again (unless forfeited by misconduct.) : salary 
commencing at Rs. 300 per month ; promotion sub- 
ject to Govsrnment of India rule*; no pension or 
exchange compensation allowance. 

The selected Candidates will be required to pass 
an examination by the Medical Board of the India 
Office before appointment. 

Letters of application should he addressed to the 
niKECTOR GENERAL OF STORES. India Office. 
Wiiitehall. London, S.W., not later th.an 17th 
August. 1908. Candidates should give a short re- 
cord of their careers, stating the name,5 of the 
fimif. etc.. by whom they have been employed, the 
class of work employed upon, and the length of 
such employment. 

Copies of testimonials, not originals, should be 
sent Further Particulars and Forms of Applica- 
tion will then be sent to those Candidates whose 
esperience appears to qualify them for appoint- 
iDent. _ 

E. GRAKT BURLS, 
Director General of Stores. 



London and South Western 
Railway Company, 



T>ESOLUTrONS PASSED at the HALF- 
{_: YEARLY MEETING. P.th AUGUST, 1908, 

Sir Charles Scottfr, Bart., in the Chair, 

That the Report of the Directors and Statement 
of .\ccounts for the half-year ending 30th June, 
190.8. be received and adopted. 

That the following dividends be declared, 
namely : — 

At the rate of £4 per cent, per annum on the 

C-on.solidated Guaranteed Stock. 
At the rate of £4 per cent, per annum on the 

Consolidated Preference Stock. 
At the rate of ,€4 per cent, per .annum on the 

Perpetual Preference Stock. 1RS4. 
At the rate of .£3 lOs. per cent, per annum on 

the 87 per cent. Preference Stock. 
At the rate of .f3 55. per cent, per annum on 
the Ordinary Stock, and that the amounts 
payable in re-apect thereof be at the same 
rate on the Unconverted Ordinary Stock and 
on the Preferred Converted Ordinary Stock. 
And that al' such Dividends be payable (sub- 
ie''t to Income Tax) on the 1.5th August. 
190B. 
That the thanks of tlin Meetinc be given to th 
Directors and Officers, and the whole of the Staff 
of the Company, for their services during the past 
half-year. 

GODFREY KNIGHT, 

Secretary 



To Makers of Railway Vehicle 
Brakes. 



THE OWNERS of Patents No.«. 30(X)l/97 
and lRUiR/14 relaHrjrre.necfivelv to " Rnilwav-aern- 
elpctric brnkps" and *' l>.-ake anparatii= for railway 
vehicles'* wish to n^gotiite nn r^Jisonahle terms with 
niaVers and users of Rueb apparatus with the view of 
sp'Un? •"h" parents or rr^nting licenses under them. 
For information applv to — 

Messrs. LLOVD WISE & CO.,' 
46, LiscoLx's Isx Fields, London, \V.C. 



MEMBERS of Ihe STOCK EXCHANGE 
are NOT ALLOWED to ADVERTISE for 
BUSINESS PURPOSES, or to issue Circulars to 
persons other than their own Principals. 

Persons »1io advertise as Brokers or Share Dealers 
are Not Members of the Stock Exchange, nor in 
any way under the control of the Committee. 

Members issuing Contract Notes are required to 
use such a form as will provide that the words 
" Member of the Stock Exchange, Lond'On," shall 
immediately follow the Signature. 

A List of Members of the Stock Exchange who 
are Stock and Share Brokers may be seen at the 
Bartholomew Lane entrance to the Bank of Eng- 
land, or obtained on application to 

EDWARD SATTERTHWAITE, 
Secretary to the Committee of the Stock Exchange. 
Committee Room, 

Stock Exchange, London, E.C. 



PATENTS. 



Malay States Railways. 

TELEGRAPH INSPECTORS. 

TWO TELEGRAPH INSPECTORS 
required for service on the Federated Malay 
States Railways; age not to exceed 30, and prefer- 
ably unmarried. Candidates must have been em- 
ployed on an English railway, and be thoroughly 
competent to take charge of the erection and main- 
tenance of telegraph and telephone lines, single 
needle and Morse telegraph in.struments. electric 
block sit-nalling instruments, electric signal re- 
peaters, and electric train tablet apparatus. 

Engagement for 3 years, with po.sstbility of being 
placed on permanent establisfrmenr. 

Salary £300 per annum, annual increment 01 tiu, 
maximum salary allowed, £350; convertible into 
dollars at the Government rate of exchange, at 
present 2s. 4d. to the dollar: also at present in per 
cent local allowance on. salarj' ; night allowance 
when- sleeping away from home; half salary on 
vovace out. , ^ . . _ 

Free second-class passage out and home again lor 
person selected, and. if married, for his wife and 
children, not exceeding four persons besides nim- 
.self. Strict medical examination; vaccination, it 
considered necessary. . . 

A,miMcations by letter (no special form required) 
stating aae. whether married or smile, and. 11 
firmer, number of children (it any) ; full particu- 
lars of experience, accompanied by copies of tes- 
ttmon^als (not originals), with names and ■addresses 
of refere-s of whom inquiry can be made as to 
qualifications and personal <'li.-'"cter. will he re- 
ceived by the Crown Agents for the Colonies. White- 
hall Gardens. London, S.W., up to August 12th_ 
Quote M'31f.2 on top left-hand corner of letter of 
application, 



THE PROPRIETORS of the Patents Nos. 
192-^9 of 1904 for " Improvements in and re- 
lating to Steam Distribution for Locomotives." 

15277 of 1905 for " Improvements in Steam Cylin- 
ders for Locomotives." 

lOROO of 1SD9 lor "Balanced Double-beat Valve 
and Method of manufacturing same." 

10801 of 1899 for " Valve Gear." 

10802 of 1899 for " Improvements in Means for 
Guiding and Packing Rods." 

No. 19275 of 1902 "for Improvements relating 
to Engine Valve Gear." 

19282 of 1902 for " Improvement* relating to Re- 
versing Gear for Steam and other Engines." 

2()471 of 1901 for "Improvements in Methods of 
Packing Rods. Spindles. Shafts, and the like." 

406S of 1905 for " Valve Operating Mechanism for 
Steam Enqines and the like." 

Are desirous of entering into arrangements by 
way of licence and otherwise on reasonable terms 
for the purpose of exploiting the same and en- 
suring their full development and practical working 
in this country. All communication,; should be 
addressed in the first instance to:— 
HASELTINE, LAKE & CO., 
Chartered Patest Agents & CossiiiTisa Engineers, 
7 & 8, Southampton Bcildtvos, Chancery Lane, 
London, W.C. 



The English Association of the 

American Bond and Shareholders, 

Limited. 

5, GREAT WINCHESTER STREET, LONDON, 

Trcstees and directors. 

Alfred W. Smithers. Esq.. Chairman, London. 

Thomas P. Fowler, Esq., New York. 

Walter Lindlev. Esq., London. 

Thomas Reynolds. Esq., London. 

It. Hon. Lord Welby of Allington, G.C.B., London. 

Bankers. 

London and Westminster Bank. Waited. 

London Joint Stock Bank. Ltd. Martin s Bank, Ltd. 

Agents in America (nd Canada. 

The Bank of Montreal. The Morton Trust Co. 

The Association act) ns .^gent for transmitting to 

America and Canada Shares of Railway and other 

Companies for retristration • undertakes the Collec- 

tiion of Dividends and Richt.s to New I.ssub^ : 

cashes Coupons. Drawn Bonds etc. : and also repre- 

<e''tB all London American and Canadian Companies. 

Full oarticnlarq can be ohfSIned on application. 

T. LINDTFY, CHAS. T>. BUASSRY," 

Manager. Secretary. 



THE OWNER OF BRITISH Patent No. 
21442, 1903, entitled " Improvements in car 
trucks." is desirous of disposing of the patent or 
entering into a working arr.ansement with firms 
likely to be interested in the same. 

The patent covers an invention interesting to 
manufacturers of railway wagons, axle manufac- 
turers, and other?. 

Full narticul.ars can be obtained from, and offers 
made (for transmission to the owner) to Marks and 
Clerk. 18. Southampton Buildings, Chancery Lane, 
London,- W.C, 



THE PROPRIETOR rf Patents Nos. 
2746 of 1^99. "Imorovements in Draw-gear and 
Couplings for railway vehicles • " 

R974 of 1 900, "Imnrovem"n*= in Draw-gear and Coup- 
line Devices for railwnv and like vehic 

2403 of 1903, "Improvements in Storage Battery 
Systems: " , . x- i.ti 

'•>.5053 of 1903. "Improvements in Electric Lightl'ig 
and Power Systems ' " ... 

2512" of 1904. "Improvements relating to Electne 
Light Systems : " 

is desirous of entering into arriinirements by way of 
licence and otherwise on reasonaWe terms for the 
nutpose of exploiting the same nnd ensuring its full 
development and practical workiue in this countrv 
All communications should be addressed in the first 
instance to — 

HASELTINE. lAKE & CO., 

Chartered Patent Agents * Consulting Engineers, 

7 & 8, Southampton BurLPTNos, Chancery Lane, 

London, W.C. 



THE PROPRIETOR of, the Patents 
22000 of i"n4. and 2B993 of T>n^ for 
"IMPROVEMENTS TN AND PET.JTTNG TO THE 

PRUSER VATJ"nN OF WOOD " 
is desirous of entering into^ arr.anTcraeuts by way of 
licence and otlicrwise on rensonaWe terms "for 'the 
p.irpose of exnloitine the same -nd ensuring its full 
develooment 'and practicaP workiuT in this co'mtrv. 
All comni'inicatioui should he' addressed in the Art 
instanca to Box 95. care of :— 

E. SCHROEDER & Co.. 

Advertising Agents, 
g5, buckxersbuet, london, e.c. 



A Journal of Finance, Construction, and Operation. 



Vol. XCI V. 



SATURDAY, AUG I. ST 8. i( 



No. 6. 



PRINCIPAL 

ABriCLES— PAGE 

Tube Railway Situation 14K 

More Poor Results 146 

Railway Stock and Shake List - - 147 

Money AND Stock Markets 147 

Weekly Trai pic Summary 147 

Meetings and Reports— 
London Chatham and Dover 

Railway 141) 

London Brighton and South 

Coast Railway 152 

Cork Bandon and South Coast 

Railway 152 

Manchester Ship Canal Company 152 
Lancashire and Yorkshire Rail- 
way 155 

Isle of Wight Railway Company 155 
London and South Western Rail- 
way 156 

Great Central Railway 159 

Bala and Festiniog Riilway 160 

Great Northern, Piccadilly and 

Brompton Railway 16!) 

Central London Railway Com- 
pany "•••• 161 

Baker Street and Waterloo 162 



CONTENTS. 



London and North Western Rail- 
way 1 

Great Northern and City Railway I 

Great Western Railway 1 

Great Central Railway 1 

Sheffield District Railway 1 

Rhondda and Swansea Bay Rail- 
way 1 

Great Northern Railway 1 

Liverpool Overhead Railway 1 

Midland Railway 1 

British Homes Assurance Cor- 
poration Limited 1 

Great Northern (Ireland) Railway 1 
Metropolitan District Railway .. 

TafF Vale Railway , : 

Dublin and South Eastern Rail- 
way 

Hull and Barnsley Railway 

North Eastern Railway 

Great Southern and Western 

Railway 

North London Railway 

Railway Notes •••••• 

Official Traffic Returns 



THE RAILWAY TIMES 

rrilLlSHED Ei-KRVSA Tl'K/'.-I V. 

THE OLDEST RAILWAY NEWSPAPER. 

Established in 1837. 
TeUgrafihic Addreis : "Altuietrv, Lonhon." Telephone No.: 294S Gef 

Offices: 12, Norfolk Street. London, W.C. 



NORTH BRITISH 
& MERCANTILE 

INSURANCE COMPANY. 

Established 1809. 

FIRE, LIFE, 

BURGLARY, ANNUITIES, 

ACCIDENTS TO SERVANTS &c. 



TOTAL FUNDS— 

cisjoo.ooo. 

ANNUAL INCOME— 

C4,I00,000. 

Absolute Security, liberal Conditions. Prompt Settlements. 



Chief Offices: 

61, THREADNEEDLE STREET, LONDON, E.C. 
64, PRINCES STREET, EDINBURGH. 



THE MIDLAND AND NORTH WESTERN ALLIANCE. 

Fur several weeks past there have been ruiiiMiii-s ol 
a pending agreement between the North Western and 
Midland Companies in relation to their competitive 
traffic. In spite of contradictions, it was generally 
believed in the best quarters that some foundation for 
these reports existed, and now the official confirmation 
of them has come to hand. The two companies have 
concluded an arrangement, believed to be for 100 years, 
which will, it is hoped, be " the means of enabling con- 
siderable economy in works to be effected, while at the 
same time the public will obtain the advantage of in- 
creased facilities for passenger and merchandise 
traffic." The arrangement is understood to embrace 
the traffic of the two companies to and from leading 
centres in the Midlands and the North, and also the 
important Irish business of both companies. Appar- 
ently, also, it will embrace both passenger and good,^ 
business; but whether it will extend to the Scuttish 
traffic is somewhat doubtful, on account of tlie many 
other interests to be consulted. That the arrangement 
is important may be gathered from the official state- 
ment that it is of a comprehensive character. If it i^ 
not wide enough to embrace all the various competing 
areas of the two companies at the start, there is room 
for hope that once the ball is set rolling it will not be 
stopped until the whole competing business of the tw 1 
lines is affected. The initial difficult}^ of getting the 
two companies to even consider an arrangement of 
this kind has been great. Years ago the action now 
taken was publicly approved by the chairmen of the 
two companies in principle, but in practice there has 
Ijeen unfortunate delay, during which the benefits now 
anticipated have been wasted. And during these vears 
of waiting competition has become intensified. There 
is some comfort, however, in the reflection that the 
scope for economy is now all the greater. The arrange- 
ment come to does not go so far as the agreement 
between tEe Great Northern, Great Central, and Great 
Eastern Companies, in that it does not contemplate any 
interference with non-competitive traffic, nor does it 
apparently provide for any union in the management. 
It is to be hoped, however, that it will very strictly 
regulate future capital expenditure of a competitive 
character in the districts served by the two companies, 
as that has been one of the most serious causes of pre- 
sent troubles. The intention is understood to be to 
pool the traffic to certain competing points, and after 
making an allowance to the carrying company for 
working expenses to divide the net profit on a fixed 
percentage basis. The trouble in such previous ar- 
rangements has been to fix the working expenses low 
enough to prevent competition for such workingallow- 
ances. and thus the main object of " pooling " is lost. 
In this instance it is reported that working expenses 
will be fixed at onlv 20 per cent. The division qf 



146 



THE RAILWAY TIMES. 



[August 8, 190S. 



profits on a fixed basis removes the main incentive to 
compete for traffic. It will thus enable the companies 
to appoint joint goods agents, to curtail canvassing, 
and to send traffic by the shorter routes, and savings 
in the cost of collection and delivery should be very 
great. We trust that some method of providing for 
joint supervision of such traffic in the interests of both 
companies will be found, otherwise the agreement itself 
may become a source of friction, as was the case wit'i 
the South Eastern and Chatham Continental agree 
ment. The shareholders do not wish to be saddle-i 
with an arrangement which is intended to economise in 
the traffic working, if it is to be a possible source of 
increased legal expenditure. However, at the coming 
meetings the chairmen of the two companies mav be 
able to make it clear that such fears are groundless. 
The Stock Exchange has not treated the agreement 
with the seriousness it deserves, simplv because inves- 
tors will for the moment have nothing to do with 
British railway stock. This is an unfortunate state of 
affairs, but it should serve to impress on the companies 
the necessity for strenuous endeavours to restore their 
credit. Though it has not been hailed with a flourish 
of trumoets, the proprietors of the two companies mav 
accept this agreement as at least a big step in the right 
direction. 



TUBE RAILWAY SITDATION. 

The past week saw the completion of the issue of the 
half-yearly reports of London tube electric railwavs, 
and taking the results as a whole they are not dis- 
couraging. In the new group of lines, indeed, thev are 
very encouraging. In regard to the older lines! the 
Citv and South London remains in a condition which, 
although not highlv satisfactory, at least shows some 
reason for expectation of better things in the next year 
or two. The increased receipts from the extension of 
the line to Euston are largelv absorbed bv higher work- 
ing expenses, and the capital is also greater. The rail- 
way has to contend not only with the tramwav competi- 
tion whch existed before, but also with the through 
tramway route now open between North and South 
London. This tramway competition has now reached 
its maximum, so far as the route of the railway is con- 
cerned, and we may soon expect to see the receipts of 
the railway growing. The Great Northern and Citv 
Railwav accounts show a great decrease in receipts and 
nassengers. attributed t