The report of the directors for the past half-year is as follows:-

     "By the statement of accounts it will be seen that the receipts have
amounted to 66,397 l 12s 11d, and the expenditure, including rates and
taxes, to 26,535l 6s 6d.  The balance of income carried to the 'net revenue account' is 39,844 l 6s 5d, which, added to the sum of 617 l 6s 4d brought over from last half-year, enables your directors to recommend a dividend at the rate of 10 per cent, per annum, and to carry over a balance of 1648 l 3s11d to next half-year. 

With the exception of a trifling decrease in 'live stock,' the traffic receipts show an increase under every head.   The increase in the mineral traffic would have been greater, except for the strike of the iron workers during the month of June.  Several furnaces were then put out of blast, which are being gradually re-lit as confidence is restored in the future prospects of the trade.  

The way and works and rolling stock have been maintained in a condition of thorough efficiency. Upwards of four miles of single line have been re-laid with steel during the half-year.   With the exception of 9½ miles of double line, the whole of the main line between Maryport and Carlisle has now been re-laid with steel rails.  Station and siding accommodation has been extended at Maryport, Oughterside, Allhallows, Mealsgate, Wigton, and Cummersdale.   The directors
who retire at the ensuing meeting are Sir Wilfrid LAWSON, Mr. AINSWORTH, and Major THOMPSON; being eligible, they offer themselves for re-election.   Mr. NICHOLSON , auditor, also retires by rotation, and offers himself for re-election.

 "Wilfrid LAWSON, Chairman,"

 
"John ADDISON, Secretary."