The Express.
London, England, 1864-08-18 00:00:00

wzsr HARTLEPOOL.

The ordinary half-yearly meeting of the West
Hertlepool Harbour sad Hallway Company wee held yes-
terday at the London Tenni, Mr. H. R. SAXDSLCR, is the
chair.

The report of the directors, keying been previously issued,
was talus es reed.

The eget:mug observed that the report commenced with
that which was moat interesting to the shareholders, viz.,
the Mate of the accounts sad of the revenue for the half-
year. With 'surd to the revenue it bad gm* on steadily
improving, the half-year ending 30th June, showing an
increase of 11,0001. as compared with the oorrespoodier
hall-year of the previous year, sad of more than 20.0001.
upon the whole year—thus folly milling the anticipations
held out by the board. Still they were not able to divide
quite 3 me oust—about 3s. 6d. (see than 3 per cent, per
annum Wing all that the revenue afforded for dividend.
This arose, in a great measure, from the state of the money
market during the half-year. They had given notice of im-
portant financial arrangements in the payment of primary
charges at a time when they were obtaining money as low
ea 4j per oent., and the subsequent rise in the value of
money had caused the operatious to be much more
costly than bad been expected, lied this was the reams
that the dividend was not larger. The dividend ant
being more than 3 per cent it belonged wider the ant of
parliament to the A stock. It amounted with the previous
dividend to 21. 18e. 3d., or Is. 9d. lees than 3 per met far
the year. The work* of the collieries wu more situ
factory than it had been, although the profits were not as
good as be could wish ; he had, however. the satisfaction to
report that four more of the collieries bad been sold. (Hear,
bear.) At first two were put op to auction ,• of them one
was sold, but for the other there we. no bid. When the
directon first determined to sell the collieries two members
of the board, Meows. Bell and Breeden, expressed a desire
to become purchasers, and to enable them to do so they re-
tired from the direction. The two collieries offered for
sale lithe first auction were Yap Bank and Spennymoor.
For the Page Bank only 12,5001. was bid, and it was bought
in. By the conditions of sale the company undertook to
procure an extension of the lease of this colliery, the cost of
which they found would be 2,500/. After the
auction the directors aegotisted with the highest
bidders, Mesas. Bell Brothers, sad finally con-
cluded • sale of the property to them for 20,000 i. • but
afterwards, some delay arising in getting the lease extended,
it was proposed that the purchasen should imdertake to gm
the extension themselves, an abatement being made to them
in consideration of the 2,5001. estimated eat thus reducing
the purchase money to 17,500/. net, which, seeing that the
colliery had Meet produced any profit, and would have
required a large outlay to develop it, the board regarded u
a very good sale. For the Speonymuor they could not get a
bid at the soaks', but they afterwards sold it for 1,500(.
to the parties who worked the adjoining collieries. They
advertised the Newfield sad linewick Collieries for sale
in May, thinking that the Improvements which at
that tune had taken piece is the colliery trade
would enable them to get a good price. The
two properties were put op separately, sod for the Newfield
20,000/. was bid by Mr. La aster, who was, he belieer4
a partner of Mr. Breeden's, and at that price it was knocked
down. For the Hoowick, the highest bidding being only
45,1001., it was bought in, bet afterwards a sale was nego-
tiated privately with Messrs. Lancaster and Boyd for 50.0001.
But there were other advantages besides the amount paid
for these properties. In each cue the traffic of the colliery
was tied to the line, lied as Mr. Bell had iron works at one
end of the lies, while the ooWery was at the other, there
would necessarily arise a considerable return from this
source. Upon the whole, therefore, the board cooaidered
the sales satisfactory, and he hoped the proprietors would
be of the same opinion. He had been Naked by a share-
bolder why the proceeds of these sales had sot hem carried
to the ditsiautioe of capital in the balance-sheet. When
the colliery account was closed the receipt' from these
colliery males would be carried to mpitaL and deducted
from the capital account, but at present it was thought
better to keep them as • separate item. The works for the
enlargement of the works had progressed satisfactorily
during the past half year. and the water had been let into
the new dock. The Clevelsd Railway had for the first time
paid a dividend—not a large one, for it wee rely at the rata
of I per mot per annum, which was, however, so much is
addition to their remelts. There was a negotiation in
for disposing of that hoe to the North Eastern
ogress
Company %moo terms which would give to the
West Hartlepool • return of 51 per cent for the capital
invested, sad at the same time secure to them traffic facili-
ties, realising all that was originally contemplated by the
construction of the Cleveland line. An act of parliament
would be necessary to confirm this arrangement, and to
fix the time at which it should come into opera-
tion ; but as it wee desirable to both parties that
there should be as little delay. as *ble, the object might
probably be carried out prove by a traffic agreement
until the act of parliament could be obtained. In any
ease, however, the proprietors would be called together, and
the arrangements proposed to be entered into submitted for
their approval. It was proposed to convert the ordinary
stock into a general consolidated stock, so that is future
there should be only one instead of three demnptione of
stock. The rate at which the ordinary stock would be con-
verted was 761. 19e. for each 1001., which on a calculation
would he found to be the exact proportion, A resolution to
this effect would be submitted, and soother recommending
the re-election of Messrs. Bell and Brogden as members of
the bout of directors. Sims the last meeting the director,
had appointed to a seat at the board Mr. W. S. Onty, a
gentleman who possessed great experience, and being an
active member of the Durham beech of magistrates, COM-
nmoded considerable local influents, and they trusted that this
appointment would be approved. It would he oamaaary at
the present meeting to appoint as auditor in the room of
Mr. W. T. Making, who had resigned. In conclusion, he
begged to move the adoption of the report.
After a long discussion, the motion was pot acid carried
unnnimously.
The CHARIUN next moved a moieties to reduce the
several stocks into a stock of the sem* deoorniaatioo. giving
761. 19s. of consolidated stock for every 1004 of ordinary
stook.

Mr. Inas seconded the motion, adding that under this
arrangement they would stand in a peculiar position, hiss.
much u they would base only one stock represeatiog
3,000,0001. of capital sad 1,000,0001. of debt, but without
preferences of any kind. It was explained that the holders
of the ordinary stock would have the option of pylori up
the is. per cut., so as to make the new stock stand
at 771.

The motion wasps! and carried.
A resolution apmoviss of the proposal of the directors
to reelect Mr. Bell and Mr. Braided as members of the
board was thee propceed, it being explained that it was of
the utmost Importance that Mr. Brogclisa, wbo possessed
important qualificatioss is Menem to the aegotistioss as
to the Cleveland line, should be on the beard. The present
number of directors was five, and the maximum number sea
sine.

Dntoiru objected to persona haring seats at the
board who lied a personal interest in the carriage of goods
over the lino, sad mond that the raceacies in the direction
be sot filled up until the mann of February next.
This sot being pomaded, the criginal monoa was put and
carried, with four direatieca.

Mr.7,Y. MI, of the firm of Wife, mid Bali, was eleetad
to Um rummy is the aoditorship.
A sots a/ thauski to the dramas ooteladed tb. boMomm