The directors, in their report, state that the net proceeds of the half-year's working have been 1,525,615l; balance from last account, 40,219l; disposable balance, 1,565,834l; out of which it is recommended that a dividend, at the rate of 7¼ per cent per annum, be declared, and the balance of 35,248l carried to the credit of next half-year.  Passengers, &c., receipts, 1876,  2,004,523l;  1875,  2,014,078l;  decrease, 9555l;  merchandise, live stock, and mineral receipts,  1876,  4,765,553l;  1875,  2,750,270l;  increase, 15,283l;  total,  1876,  4,770,076l;  1875,  4,764,348l:  increase, 5728l.  The time having arrived when, in the opinion of the directors, the Whitehaven, Cleator, and Egremont undertaking should be transferred to this company, and agreement for its acquisition has been entered into, an abstract of which is given in the circular, and a vesting bill has been deposited jointly with that company, which the directors recommend the proprietary to approve.
        We have received the report of the directors of the Midland Railway.  The traffic carried, as compared with the corresponding half-year of 1875, shows an increase, viz. : -- From coaching, 74,003l; from merchandise, 19,769l;  and from cattle, 4329l;  gross increase, 98,101l;  less decrease from minerals, 9,199l;  net increase, 88,902l.
        Leaving available for dividend the sum of £1,127,911.
        From this balance the directors recommend the declaration of the dividends as announced.  The increased charge upon revenue for dividend and interest as compared with the corresponding period of 1875 amounts to 97,123l.  The mileage of trains for the half-year has been -- with passenger trains, 4,721,613 miles;  with goods and mineral trains, 7,554,198 miles; the total being 12,275,811 miles, showing an increase when compared with the corresponding period of last year of 550,542 miles.