The Railway Returns for the second half of 1895, when
compared with the same period of 1894, are exceedingly satis- factory. The gross receipts have increased by 21,295,000, or 39 per cent., while the extra expenditure has only been 2448,000, or 2.4 per cent. This makes the net increase of revenue 2847,000. The effect on the dividends has been of course strongly marked. The only railways which have not been able to pay a larger dividend are the North-Eastern and the London, Chatham, and Dover. The largest and most sensational increase in dividend has been that of the Great Eastern, which has risen from 24 per cent. to 4 per cent. The Great Western has added 1 per cent., the Great Northern, Lancashire and Yorkshire, and the London and North-Western 4 per cent., while the other com- panies show increases from 4 to I per cent. All this is of course, per se, very satisfactory, but it is still more a subject for congratulation as a sign of general prosperity. There is no surer trade thermometer than the Railway Returns.
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