By 33 and 34 Vic., cap. 28 (20th June, 1870), several deviations and alterations of levels were authorised, as also new capital to the extent of 70,000l. in 6 per cent. preference shares, and 20,1007. on loan. An extension of time for completion of works till 1st December, 1872, was also obtained. No. of Directors-14; minimum, 7; quorum, 3. Qualification, 500l. DIRECTORS: Chairman-The Right Hon. The EARL OF LICHFIELD, Shugborough, Stafford, and 11, Portman Square, W. Deputy-Chairman-EDWIN DIXON, Esq., Wolverhampton. Thomas Barker, Esq., The Birches, near Moses Ironmonger, Esq., Graiseley, Wol- Samuel Loveridge, Esq., Chapel Ash, Wolverhampton. Frederick Charles Perry, Esq., Dunston, George Sheward, Esq., 17, Leinster Square, James Tyldesley, Esq., Willenhall. Benjamin Urwick, Esq., Willenhall. Charles Frederick Clark, Esq., Perton O. L. Stephen, Esq., Bardon Hall, Leicester. OFFICERS.-Joint Secs., H. Underhill and H. H. Fowler; Eng., John Addison; Solicitors, Baxter, Rose, Norton, and Co., 6, Victoria Street, S.W., H. and J. E. Underhill, and Corser and Fowler, Wolverhampton. Offices-57, Darlington Street, Wolverhampton. 352.-WORCESTER. Incorporated by 33 and 34 Vic., cap. 145 (1st August, 1870), to construct certain "private railways" in the city of Worcester. Length, mile. No limitation as to capital or regulation in respect to its production. No directors nominated, but arrangements may be made with Great Western and Midland. 353.-WORCESTER, BROMYARD, AND LEOMINSTER. Incorporated by 24 and 25 Vic.. cap. 213 (11th August, 1861), to construct a line from the West Midland, at Bransford Bridge, to the Shrewsbury and Hereford, at Leominster. Length, 24 miles. Capital, 200,000l. in 107. shares; loans, 66,5007. By 27 and 28 Vic., cap. 171 (14th July, 1864), the company obtained power to purchase additional land, with an extension of time for two years for completion of works. By 29 and 30 Vic., cap. 138 (28th June, 1866), the company obtained an extension of time for completion of works till 28th June, 1863. Also to issue 50,000l. in preference shares. By certificate of the Board of Trade in 1869 two sections of the line were authorised to be abandoned, and the share capital reduced to 150,000, with borrowing powers limited to 50,000l., the total length of line remaining being reduced to 6 miles. It was reported in September that the scheme laid before the meeting of 20th March had been confirmed by the Court of Chancery, and the Board of Trade had extended the time for completion of the line to Yearset to June 28th, 1871. The agreement with the Great Western for working the line to Yearset, and eventually to Bromyard, had been settled and approved The Great Western agreed to work the line at 527, 108, per cent. of the gross earnings, and would not receive any portion of the per centage for working the line until the interest of the debenture debts of 48,0001, and 45,0007. was paid. As a further guarantee, and to secure a dividend of 21. 10s. per cent. to the ordinary shareholders, the Great Western had agreed to give a rebate of 40 per cent, on the gross amount of all tolls for traffic arising or terminating on the line and passing over the West Midland system. It was further reported that the 48.0001, debenture stock, in pursuance of the order of the Court of Chancery, had been offered to the shareholders rateably and in proportion to the amount of shares held by them, aud on their liberal response would chiefly depend the completion of the line to Yearset. CAPITAL-The receipts, in ordinary stock, to 30th June, 1870, amounted to 108,275., and the expenditure to 116,017., leaving a balance against income of 7,7421. Meetings in March and September. No of Directors-12; minimum, 5; quorum, 3. Qualification, 5001. WORKINGTON-WREXHAM AND MINERA, ETC. DIRECTORS: Chairman-JOHN WHEELEY LEA, Esq., Worcester. 315 Deputy-Chairman-EDWARD BICKERTON EVANS, Esq., Whitbourne Hall, near F. L. Bodenham, Esq., Hereford. Worcester. Alexander Clunes Sherriff, Esq., M.P., ; Engs. W. B. Lewis, Westminster, S.W., and E. Wilson, Worcester, and 9, Dean's Yard, Westminster, S.W.; Solicitors, Charles Pidcock and Son, Worcester; Auditors, Joseph Hall and Richard West, Worcester. Offices-Worcester. 354.-WORKINGTON. Authorised by 24 and 25 Vic., cap. 83 (28th June, 1861). Promoter, the Earl of Lonsdale. The works comprise a dock or tidal basin at Workington, with a railway, 61 chains in length, to join the Whitehaven Junction, with which, and Cockermouth and Workington, arrangements may be made. Capital for dock, 21,000l.; for railway, 3,000Z.; borrowing powers, 8,000l. 355.-WREXHAM AND MINERA. Incorporated by 24 Vic., cap. 32 (17th May, 1861), to construct a line from the Wrexham to the Minera Station of the Shrewsbury and Chester. Length, 3 miles 7 chains. Capital, 36,0001, in 10 shares; loans, 12,000. Opened for minerals, 22nd May, 1862. Arrangements with Great Western. By 28 and 29 Vic., cap. 260 (5th July, 1865), the company was authorised to construct two short lines connected with the Mold and Denbigh. Length, 4 miles. Capital, 60,0001. in shares and 20,0001, on loan. By 29 Vic., cap. 87 (11th June, 1866), the line is leased jointly to the London and North Western and the Great Western. No. of Directors-5; minimum, 3; quorum, 3 and 2. Qualification, 500l, DIRECTORS: Chairman-WILLIAM HENRY DARBY, Esq., Brymbo Works, Wrexham. William Low, Esq., Fron, Wrexham. 1 John Robertson, Esq., Llangollen. John Williams, Esq., Chester. Captain Bulkeley, Clewer Lodge, Windsor. OFFICERS.-Sec., John Jones, Oswestry; Eng., Henry Robertson, Shrewsbury; Auditors, Edward Tench, Wrexham, and John Evans, Oswestry: Solicitors, Longueville, Jones, and Williams, Oswestry. Offices-Upper Brook Street, Oswestry. 356.-WREXHAM, MOLD, AND CONNAH'S QUAY JUNCTION. Incorporated by 25 and 26 Vic., cap. 221 (7th August, 1862), to construct a line from Wrexham to Buckley, with certain branches. Length, 12 miles. Capital, 150,0007, in 10. shares and 50,0007, on loan. Mutual facilities with London and North Western, Great Western, Buckley, and Wrexham and Minera. Open from Wrexham to Buckley. By 27 and 28 Vic., cap. 234 (25th July, 1864), the company obtained power to construct an extension to Whitchurch and Brymbo. Length, 20 miles. Capital, 200,000l. in shares and 66,6001, on loan. By 28 and 29 Vic., cap. 176 (29th June, 1865), the company was authorised to construct an extension to Farndon, in the Dee Valley. Length, 8 miles. Capital, 90,000l. in shares and 30,000l. on loan. By 28 and 29 Vic., cap. 261 (5th July, 1865), the company was authorised to construct Capital, 100,0001, in shares and an extension to Connah's Quay. Length, 18 miles. 30,0001. on loan. By 29 Vic., cap. 38 (18th May, 1866), the company was authorised to raise additional capital to the extent of 180,000l. in shares, deferred and preferred, with 60,000l. on loan. By 29 and 30 Vic., cap. 358 (10th August, 1866), the company was authorised to extend the line from Hawarden to Buckley. Length, 34 miles. Capital, 45,0007, in shares and 15,000l. on loan. By 29 and 30 Vic.. cap. 359 (10th August, 1866), the company was authorised to construct an extension to Connah's Quay. Length, 7 miles. And also to make a deviation in the authorised route. Capital, 100,000l. in shares and 33,300l. on loan. By 30 and 31 Vic., cap. 200 (15th August, 1867), the company obtained an extension of time for purchase of land, and for completion of the line to Whitchurch, till 1870. By 32 and 33 Vic, cap. 153 (9th August, 1869), the company obtained an arrangement with its creditors, for details of which see volume for 1870. It was reported in August that the revenue account continued to show a satisfactory increase, the balance for the June half-year being 2,6341., as compared with 1,8821. for the corresponding period of last year. No. of Directors-6; minimum, 5; quorum, 3. Qualification, 5001. DIRECTORS: *Chairman-THOMAS BARNES, Esq., The Quinta, Chirk, Denbighshire. Deputy-Chairman-†C. T. BOWRING, Esq., 53, South John Street, Liverpool. *Charles Hughes, Esq., Brynhyfryd, | James Richardson Barnes, Esq., BrookWrexham. side, Chirk, Denbighshire. *W. C. Rawlins, Esq., Rhosddu, Wrexham. T. C. Arnold, Esq., 20, Whitehall Place, S.W. * Share Directors. Debenture Directors. One share director and one debenture director retire at the end of each year under the provision of the Act of 1869, but are eligible for re-election. OFFICERS.-Sec. and Gen. Man., John Broughton; Auditors. John Allmand, Wrexham, and James Fraser, 7, Bank Buildings, Lothbury, E.C.; Bankers, The National Provincial Banking Company, Wrexhain Offices-Railway Station, Wrexham. II. CONTINENTAL, &c. In order to render this division of the Work more perfect, it is necessary that Officers should forward to the publishers in England (or to the care of Mr. Middleton, 91, Montagne de la Cour, Brussels, their Agent for "Guides," &c.), copies of official documents, reports, &c. Latest information as to miles opened, &c., will be found in each current number of "BRADSHAW'S CONTINENTAL GUIDE." 357.-ANTWERP AND ROTTERDAM. Société Anonyme, with limited liability. Capital, 500,000l. in 10. shares; bonds, 80.000. Instituted under convention with. Holland and Belgium, 4th. August, 1852. Trunk line, 37 miles; branch to Breda, 142 miles; and including the space traversed by steam boats the length of working about 73 miles English. LIERRE AND TURNHOUT.-The Antwerp and Rotterdam lease the Lierre and Turnhout ou the terms of receiving from the Government, and handing over to the Lierre and Turnhout shareholders, the 4 per cent. guaranteed to the latter, in case of deficiency in the traffic, and of working the Turnhout line for a per centage of 65 per cent, for the first two years, 60 per cent. for the second two years, and 50 per cent. for the remainder of the concession, of the gross receipts of the Turnhout, the Antwerp and Rotterdam, allowing, in addition, an annual sum of 20,000fr., equal to 5 per cent. on the cost of rolling stock provided by the Turnhout. GREAT CENTRAL.-This group comprises seven lines-viz., the Antwerp and Rotterdam, the Louvain and Herenthals, the Turnhout and Tilbourg, the Sambre and Meuse, the East Belgian, the Hasselt and Aix-la-Chapelle, and the Lierre and Turnhout. The most important of these are the Antwerp and Rotterdam, which had expended at the close of 1867, 1,113,3531.; the East Belgian, 1,527,0251.; and the Hasselt and Aix-laChapelle, 832,500l. The Antwerp and Rotterdam acquired upon its capital in 1867 a return at the rate of 7 27 per cent.; the Louvain and Harenthals of 500; the Turnhout and Tilbourg of 5:00; the Sambre and the Meuse of 3'57; the East Belgian of 3.32; the Hasselt and Aix-la-Chappelle of 141; and the Lierre and Turnhout of 4:49 per cent. In this last case the actual return was only 0:47 per cent, but it was increased to 4:49 per cent. by the operation of a Government guarantee. ANTWERP AND ROTTERDAM-AUSTRIA. 317 The Antwerp and Rotterdam, in conjunction with the Est Belgian and the Sambre and Meuse, is worked under the title of the Great Central. The terms under which the traffic is being worked in common are substantially as follow:-The Antwerp and Rotterdam is to deduct from the receipts annually the sum of 41,480., the amount of profits in 1863, including certain guarantees accorded by the Belgian Government. On the expiration of these guarantees this preliminary deduction is to be reduced to 35,4801. The remainder of the receipts to be divided to the extent of 177,120. in the following proportions: 1866: East Belgian, 0'478; Antwerp and Rotterdam, 0522. In 1874 the share of the Antwerp and Rotterdam is to rise to 0:565, and will continue at that point until the concessions expire. The surplus profits remaining after these arrangements have been carried out. are to be divided between the three companies, thus:-Antwerp and Rotterdam, 0467; East Belgia, 0:372; Sambre and Meuse, 0·161. It was reported in August that the results of the past year had exceeded expectation. There had been an increase of receipts, a diminution of expenses, and a considerable increase in net profits; and as a consequence the share of the company in the profits of the Grand Central had been greater in 1869 than in 1863. For the last 12 years the profits had regularly increased, and the dividend, which for 1860 was 8 fr. per share of 10, had more than doubled for 1869, being 16 fr. per share. The shares which were worth in 1860 Bl. 158. were worth 12 5s. The general results of the working of the Grand Central Belge, of which the Antwerp an 1 Rotterdam formed part, showed that the receipts of the lines worked by that company in 1869 amounted to 495,981., and for the year 1868 to 460,4371., showing an increase of 35,544, or 7.72 per cent. The receipts of the line from Aix-la-Chapelle to Hasselt amounted for 1869 to 36,441., and for 1868 to to 33,226.. showing an increase of 3,215., or 963 per cent. The number of passengers conveyed in 1869 was 3,273,648, against 2,996,345 in 1868, showing an increase of 277.303 passengers, or 925 per cent.. while the receipts for passengers amounted to 125,727, against 119,2551, in 1868, showing an increase of 6.4711., or 5'42 per cent. The receipts for goods traffic amounted to 324,9491. for the carriage of 3,955,632 tons, against 299,0697. and the carriage of 3,776, 451 tons in 1868, showing an increase of 25 8301., or 8 per cent., and of 179,181 tons, or about 5 per cent. in the weight carried. The working expenses amounted to 241,901., or 48 77 per cent. of the receipts, and in 1868 to 236,797., showing an increase in the expenses of 5,1041; the increase in the receipts being 35,544. The profits of the Grand Central amounted in 1866, on 456 kilometres, to 155,0351.: in 1867, on 503 kilometres, to 175,8201.; in 1868, on 580 kilometres, to 214,0631.; and in 1869, on 580 kilometres, to 250,541. The Antwerp and Rotterdam's share of the profits amounted to 86,700., and after deducting interest and other charges therefrom, there remained 51,2267. applicable to dividend for 1869, against 42,7327. for 1868, showing an increase of 11,4947. 358.-AUSTRIA. It is in contemplation to divide the network of the South Austrian and Upper Italy into two portions- one Austrian and the other Italian. At the same time all the existing engagements of the company will be scrupulously adhered to; and no step will be taken by the Austrian Government in the matter without a full hearing being accorded to representatives of the company. The Austrian Minister of Commerce has charged Herr Stein with the task of elaborating a report on the separation of the two networks. In June, 1869, the South Austrian and Upper Italy concluded a treaty with a syndicate composed of the Vienna branch of the house of Rothschild, the Bankverein and the Austrian Credit Mobilier, for the whole of the obligations to be issued for the construction of lines from Villach to Franzensfeste and St. Pierre to Fiume. The operation was for obligations w the amout of 5,000,000..-2,000,000l. to be taken at once, and 3,000,0001. optionally. The syndicate announced to the Austrian Government that it is prepared to take the remaining 3,000,0001. of obligations upon the conditions prescribed in the contract. The obligations are made out to bearer for sums of 201. and 50 each, and bear interest at the rate of 5 per cent. per annum, with the triple guarantee of the earnings of the two lines, the State, and the whole property of the company. The rate of issue is 90 per cent. in paper, while repayment is promised in ninety years in coin. Concessions have been granted by the Austrian Government of lines from Lundenburg vid Feldsberg and Nikolsburg to Grussbach, and from Bruenn vid Pilsen to Iglau. 318 BELGIAN EASTERN JUNCTION-BELGIAN GENERAL WORKING. 359.-BELGIAN EASTERN JUNCTION. A line from Manage, a station on the Belgian State railway from Bruxelles to Namur, to Wavre, on the Charleroi Louvain railway. Runs through the valley of the Dyle, Length, 26 miles. The amended statutes approved the convention with the Government, confirmed by a royal decree, dated 16th August, 1862, constituting it a Société Anonyme. The Government guarantees to the company, during the period of fifty years, a minimum annual interest according to the following basis: A. So long as the annual gross receipts from the working do not exceed 375,000/r. (15.0002.) the minimum is to be fixed at 187,500fr. (7,5001.) say 4 per cent. of a capital of 4,687,500fr. (187,5007.) B. When any annual increase of receipts above 375,000fr. (15,0007.) there shall be a proportional reduction of the minimum, namely:-of 10 per cent. of the amount of increase if this be less than 1,000fr. (401.); of 10 per cent, if the amount be 1,000fr. and does not exceed 2,000ƒr. (801.); of 101 per cent. if the amount be 2,000ƒr. (80%.) per cent. if the same be 3,000fr. (1201.) and does not exceed 3,000fr. (1201.); of 10 and does not exceed 4,000fr. (1607.); and so on, the rate of reduction of minimum being increased by Too for every 1,000fr. (407.) of augmentation of the receipts. The guarantee of minimum interest shall cease when the annual receipts exceed 725,000/r. (29,0007.) This guarantee is specially hypothecated to the payment of the interest on the deben ture capital, and to provide a sinking fund to extinguish the debt in fifty years. MANAGE PIETON.-The company have entered into an agreement with the Concessionaire for working this railway and its extensions, which are important feeders to the Belgian Eastern Junction, during a period of ten years, but with the right to terminate the agreement at the end of five years. CAPITAL.-42,500 shares at 51. each, 212,5001.; debentures 1852, 170,4801.; debentures 1858, 78.7204.; debentures 1862, 39,7801. The line is worked by the Société Générale d' Exploitation, for a fixed rent, which resulted in the declaration of a dividend of 1s. 7d. per share for the year 1868. DIRECTORS: Chairman-CHARLES WARING, Esq. (of the firm of Waring Brothers), 10, Victoria James Wheeler, Esq., 4, Victoria Street, William Waring, Esq. (of the firm of Mons. Th. de Hirsch, Brussels. Directeur-Gérant, Mons. S. Gheude, Nivelles. Agency in London-Bischoffsheim and Goldschmidt, 7, Founder's Court Lothbury, E.C. 360.-BELGIAN GENERAL WORKING. In 1867 this company worked an average of 2464 miles; in 1868 this total had risen to 425 and last year it further advanced to 5114. In 1867 the rough receipts derived from working were 239,8851., and the working expenses 118,481, leaving a profit of 121,404, absorbed to the extent of 107,7521. by rents due to the companies whose lines were worked, leaving a final balance of profit of 13,6521. In 1868 the rough receipts were 411,772, and the working expenses 210,037, leaving a profit of 201,735, absorbed to the extent of 180,1051. by rents due to the companies whose lines were worked, leaving a final balance of profit of 21,630. In 1869 the rough receipts were 501,406., and the working expenses 261,3751., leaving a profit of 240,0301., absorbed to the extent of 234,8211. by rents due to the companies whose lines were worked, leaving a final balance of profit of 5,2091. The ratio of the working expenses to the receipts remained much the same in each case, since the normal progression in the receipts was compensated for by the opening of new sections, the traffic of which, limited at the outset, will only fully develop itself when new currents of business are created. In 1867, in addition to the 13,6521. already indicated as the profit of the year, the profits derived from the company's workshops amounted to 1,6007., and a sum of 135,3494. was derived from interests and dividends on values in the portfolio. The total profits of the year were thus 150,6017. From this sum, however, miscellaneous charges were deducted to the amount of 7,850, while 38,5791. were distributed among the shareholders, leaving a balance of 104,1721. The dividend paid upon the share capital represented a return at the rate of 7 per cent. With the help of the large balance brought from 1867, the gross profits of 1888 were also increased to 172,623 of which 58,3767. was paid away among the shareholders, 99, 2021. being carried to the credit of 1869. With the help of this large balance again, a gross profit of 153,2481. was made up for 1869; and after sundry charges had been met, and after 42,2351. had been |