REVIEW OF THE RAILWAY YEAR.
xi.
REVIEW OF THE RAILWAY YEAR.
The capital created in connection with the railways of the United Kingdom continues to grow apace, over £28,000,000 having been added during 1903, of which about £10,000,000 was in ordinary stock. During 1904 there was again a considerable increase, chief among the new issues being that of the North British 4 per cent. preference stock. The following table sets out the new issues of capital during the year, with a note of the objects for which it was required:—
| Railway | Issue | Price of Issue |
Object |
| Antofagasti (Chili) & Bolivia | £490,000 4½ per cent. debenture stock | £98 | Extensions |
| Argentine Great Western | £250,000 ordinary shares of £10 | Par | To provide short branch lines |
| Buenos Ayres Great Southern | £500,000 4 per cent. debenture stock | £105 | Extensions and new works |
| Buenos Ayres Western | £618,750 ordinary shares of £10 | Par | Extensions to existing line |
| Buenos Ayres South Western | £1,580,000 1st debenture stock | 92½ | New line of 310½ miles |
| Canadian Pacific | $16,000,000 ordinary stock | Par | Various |
| East Indian | £1,365,000 3 per cent. debenture stock | £91 | Extensions |
| Egyptian Delta | £111,300 5½ per cent. cum. pref. shares of £10 each | Par | Extensions and equipment |
| Fishguard and Rosslare | £750,000 3½ per cent. pref. | Par | Various |
| Grand Trunk of Canada | £482,500 4 per cent. guar, stock | £96½ | Extensions |
| Great Central | £1,000,000 3½ per cent. 2nd debenture stock | 97 | Redemption purposes |
| Great Northern and City | £500,000 “B” shares of £10 each | £6 10 | (Contractors’ shares) |
| Great Western of Brazil | £600,000 £10 shares | Par | Extensions to Pesquiera, &c. |
| Greek Government | £870,000 4 per cent. loan | £84 | Construction of line from Piræus to Demirly |
| Highland | £250,000 3½ per cent. 2nd debenture stock | Par | Extensions, &c. |
| Imperial Chinese | £2,250,000 5 per cent, sterling bonds (£100) | £97 10 | Railway construction in Yangtse Valley |
| Isle of Man | £60,000 4 per cent. perp. debenture stock | £106 | To acquire Manx Northern and Foxdale Companies, &c. |
| Liverpool Overhead | £60,000 5 per cent. perp. pref. shares of £10 each | £9 15 | Extension to Seaforth Sands |
| London, Tilbury, and Southend | £280,000 4 per cent, annual contingeut pref. shares | Par | Widening at Barking and electric traction |
| Metropolitan | £750,000 3½ per cent. convertible pref. stock | £104 | Electrification of line |
| New Cape Central | £125,000 of £5 ordinary shares | Par | To complete line from Riversdale to Mossel Bay |
| £260,000 4 per cent. debentures | £90 | ||
| North British | £1,179,900 4 per cent. pref. stock | £115 | Various |
| North Eastern | £2,000,000 in Consols, pref. stock and debentures | — | Various |
| Quebec and Lake St. John | £75,000 4 per cent, bonds | £87 10 | Construction of branch line of 40 miles. &c. |
| Rohilkund and Kumaon | £200,000 £5 pref. shares. | Par | Extensions |
| Southern Punjaub | £500,000 4 per cent. cum. pref. shares of £10 each | Par | To construct extension from McLeodgauge Road to Ludhisna. |
| Weston, Clevedon, and Portishead | £75,000 3 per cent, debentures | Par | Purchase of existing line. |
