The Express.
London, England, 1852-08-21 00:00:00

RAILWAY MEETINGS.

CHESTER AND SHREWSBURY RAILWAY.
The half-yearly meeting of the Shrewsbury and
Chester Railway was held yesterday (20th), in the large
room of the Royal Hotel, Chester, at half-past 1 (idea,
WILLIAM WAMDILL, Pag ,in the chair. The meeting was
largely attended.
The secretary reed the report, which stated that, in the
halt-year ending June, 1861, the gross receipts from traffic
were 39,6171., compared with 43,4861.; during that ending'
the 30th of June, in the present year. The working ex-
penses in 1861 were 22,4241., against 23,978/. in 1862 ; thus
the receipts have increased upwards of 10 per cent., while
the increase in the working expenses has been lees than
7 per cent. The gross tonnage in the six months end-
ing June, 1852, was 230,227 tons, contrasted with 184,792
tons in the corresponding period of last year, showing an
increase of 41,436 ton.. The through traMe, notwithstand-
ing the innumerable obstructions created directly or in-
directly by the London and North-Western Company,
also continues to increase, the gloss receipts for the cor-
responding half-years being as follows:—Six months ending
June 30, 1860, 3,2221.; ending June 30, 1861, 7,5041.;
ending June 30, 1862, 13,010/. The Stour Valley Railway
was opened on the Ist of July, and, from the amount of
traffic already developed, the directors have every reason to
believe that it will tell materially upon the receipts, as
soon as the trains are permitted to run in connection with
those on the Shrewsbury lines. The Oxford and Birming-
ham Railway is so nearly completed, that the line
will be opened next month ; and, though the in-
dependent communication between the Great Western and
Shrewsbury system of railways will not then be perfect in
ate town uf Birmingham, yet there can be no d iubt Du,
that the opening of the former !Me will at once bring upon
the Shrewsbury railways a considerable amount of through
traffic from London and the south, and from the rich and
populous districts traversed by the Great Western lines.
The works on the Birmingham, Wolverhampton, and
Dudley Railway are also rapidly progressing. The general
policy of the directors has been brought so primmently
under notice at the recent meeting., and in various circa-
lan, that it is unnecessary to restate it here. The repert given
an account of the proceedings of tie company in the last
session of parliament, and of the terms offered for amalga-
tion, which have already appeared in the daily papers.
The accounts of this company show that they are autho-
rized to raise 1,538,000/., viz.-1,131,0001. on shares, and
407,0004 on mortgage. The balance of capital yet to be
raised is 194,0691., of which 32,8611. consists of arrears of
calls. The capital account shows that 1,345,1681. had been
raised to the 30th of June, and 1,402,6701 expended, leaving
a balance against the company of 67.4021. The revenue ac-
count for the half-year ending the 30th of June shows that
44,140!. had been received, and 23,9781. expended, leaving
a balance of 20,1611. To this sum is added 130/. from the
last account, and 2,7431. from the reserve fund, making
together 23,0361. Oot of this sum is deducted 12,0261. for
interest on loans, at., leaving 11,009/. applicable to divi-
dend on the two classes of preference shares, amounting to
7,6241., and leaving a balance of 3,3841. to be carried to the
nest account.

Mr. iiPTI NR ? T got up to make 4 few remarks, but gave
way to the Chairman, who in a few words moved the
adoption of the report, which was seconded by Mr. Wil-
liams.

Mr. Easy then presented himself for the purpose of
moving an amendment to the report, but was stopped by
the Chairman, who called on Mr. Bennett, who caught his
eye first.
A very stormy discussion followed, in which Mr. EAST
moved the following amendment:—" That, as the report
uow read has not been circulated among the proprietors,
the same (except so far as regards that portion thereof
wllich relates to the payment of dividend, and which this
melting hereby approves), do move the statement of at-
count& he on the table ; and that this meeting do proceed':
forthwith to the election of directors, and of gentlemen to
appoint an auditor, and do immediately afterwards adjourn
to the 26th day of October neat, for the purpose of allowing
the report to be circulated among the proprietor., and of
then taking it and the account into consideration, and pro•
ceeding with the business of the meeting." Mr. East was
scarcely heard amid the din.
A scene of the most indescribable confusionhere occurred,
a Mr. Fenton calling upon the meeting to support him
against the decision of the chairman. The disturbance con-
tinued for nearly an hour,—the chairman calling upon the
meeting to support Mr. Bennett, a part of the meeting
calling," No chair, no chair."
The chairman eventually declared the meeting adjourned
ease die, amidst considerable confusion.
A portion of the meeting then left the room, and the
dinentients to the report elected Mr. Mono as chairman,
who put the amendment of Mr. East amidst a perfect
humane of laughter, cheers, groans, hisses, cock-crowing, ,
&c., and declared it carried.
Mr. EAST read the following telegraphic despatch re-
ceived during the meeting The Vice-Chancellor has
decided against the Birmingham and Shrewsbury Company
on all the four points they raised, so that their running I
powers over the Stour Valley, &c."
Mr. Mona° then called upon a gentleman to move a new
list of directors in place of those retiring, when the follow-
ing gentlemen were moved and seconded : D. Campbell,
Esq., 42, Ann-street, Edinburgh; W. O. Thompson, Esq. ,
83, Gloucester-terrace, London ; George Moore, Esq., 64,
Albany.street, Edinburgh; and Henry Vigny East, sq.,
16, Canterbury-villas, Maida-vale, London.
A committee consisting of Patrick Fraser, Esq., of Guil-
ford-street, London, and W. Mellor, Esq., Rochdale, were
appointed to select an auditor, after which the chairman
declared the meeting adjourned.

YORK, NEWCASTLE, AND BERWICK
RAILWAY.

The half.yearly general meeting of the share-
holders of this company was held in the De Grey Rooms,
at York, yesterday, at 12 o'clock; Mr. Jamie Puttniwn,
the chairman of the Board of Directors, in the chair. There
was a large attendance of shanholders, and the meeting
was subsequently adjourned to the Festival Concert Rooms.
The report, an abstract of which has already appeared in
this journal, was taken as read.
The CHAIRMAN, in moving its adoption, said the
shareholders would observe, from the comparative table of
traffic appended to the document, that there had been a
total increase on the half-year of 8,8501. odd. It
was true that increase was not so large as it
had been on former occasions, but still the improvement
was considerable, and especially in the two heads of cattle
and coal traffic. In the coal traffic alone, in the last half-
year, there had been an increase of 6,40 W. upon that of the
preceding one. The directors had endeavoured to extend
their trade, and they had succeeded in doing so in a manner
which had given satisfaction to the shareholders. The pas-
senger traffic, however, wss not in so satisfactory a state as
the directors could have wished to have *sea it ; but it was
to be borne in mind that that branch of their business bad
received a temporary stimulus in the half-year ending
July, 1861, during the time of the Great Exhibition, which
bad since subsided. To that circumstance was to be attributed
the diminution which kad arisen in the passenger traffic
during the recent period. He ought at the same time to
state that they certainly stood in • different position from
many other companies in the kingdom in this respect, that
during the Exhibition this company was receiving fuU fares
for a very large proportion of their Exhibition passenger,
whereas in the neighbourhood of the metropolis the pas
sengen visiting the Exhibition were carried in consider-
able number, at a reduction of fares. That observation
held good up to the end of June, 1862. It was quite
true, howaver, that during the last seven weeks, although
there had been a falling off in the passenger traffic,
as compared with 1861, that traffic was as nearly as pos-
sible the same as it was in 1860. Bo he found that although
the oral traffic had diminished in 1862, as compared with
1860, it was now within 1,3001. of the amount at which it
was estimated in 1861. With respect to the goods traffic,
there had been no very great difference in the three yeah
of 1860-61 and 62, and there had been a small decrease in
the period of 1861. At the present moment this
company was open to competition by land from the Leeds
and Northern Railwa Company, but to a very
limited extent. The ditectors, however, had been
desirous of entering into some permanent arrange-
ment with that company by which it was hoped that the
two lines should be worked for the mutual good of the
shareholders of both. As yet they had not been able to
effeeq such arrangement, but they would do what in them
lay to come to an usdentanding, by which the present sys-
tem of competition should be got rid of as soon as possible.
(Cheers.) In the working expenses during the half year
there had been an increase amounting to somewhere about
7,6001. ; but the capital account of the company had closed
to a considerable extent, and therefore there were expenses
under the head of extraordinary works, which, unlike the
practice in other companies, bad fallen on the
The total increase of expenditure for works and
charges, as he had stated, was about seven thou-
sand five hundred, and the largest part of that was under
the head of the locomotive power. With reference to the
debenture debt, the directors had been enabled to borrow
money in a way more satisfactory than any other company in
a similar position. They had succeeded in borrowing
60,0001., at 2i per cent. and • considerable sum in addition
to that at 34 per cent. He was happy to say the Great
North of England purchase share account was working in a
very satisfactory manner. In next year the first instalment
on debentures was to be paid. The total amount of those
debentures was originally upwards of 700,0001., but it was
now reduced to 400,0001.; and the directors were in a
position to state that the?, should not have the slightest
difficulty in paying off t e whole of those debentures in
July, 1853, when they would become duo. (Hear, hear.)
With these observations he had to move that the report of
the directors be received and adopted.
Mr. 0110ROR LERMAN seconded the motion.
Mr. BARSTOW. of Nunthorpe, suggested that it would be
worthy the consideration of the directors of this company
and those of the Leeds Northern, whether they could not
enter into an arrangement which would put an end to the
great and unnecessary expenditure incident to the making of
new lines north of York, each of which called another into
existence, merely as • defensive policy. (Hear, hear.)
Mr. MOLDSWORTH observed that the increase of traffic
during the half-year was about 8,0001., but the increase of
expenditure was rather more than that. It struck him it
the director, expended as much to obtain traffic as that traf-
fic gave them, that the increase of traffic was a questionable
advantage. (Hear, hear.)
Mr. llanntsow, the engineer and manager, explained
that the increase pf expenditure in the maintenance of the
rolling stock of the company was not the result so much of
an increase of traffic, @sof the natural and unavoidable decay
of the rolling stock.
The CHAIRMAN said, in answer to a shareholder, there
wee somewhere abets' 190,0001. of unproductive capital, the

whole of Winterest of which was charged to revenue,
and that accounted very much for the szaaliness of the divi-
dend.

Mr. RAMIAY said the directors talked of a prospect of the
expenses of the company being reduced; but he was con-
vinced, if it were nut fur the prevent influx of money into
this country, the whole of the debenture interest would
exhaust the fund from which the shareholde re now received
their dividends. He wished particularly to ask whether
there had been any reduction in the servants of the com-
pany since Mr. Hudson left the directory. He believed
they were now paying the manager a salary of 2,000!. &-
year, and the secretary ono of 600 f. He thought in these
times economy should be practised, fur otherwise it was in
vain (or them to expect a fair return for their capital.
(Hear, hear.)
Mr. LARMAN thought it was known to every proprietor
in the company that the salary of the manager was not
2,0001. a year, but 1,200/. It was true that of Captain
O'Brien, the secreta.y, was 6001. Captain O'Brien, how-
ever, did nut receive that sum when he entered upon his
office, hut the services of that gentleman had been such
that his salary was increased to 600 f. at a meeting of the

After some further conversation the report was adopted,
and a dividend at the rate of 21. 14a. per cent. per annum
(less income tax) on the amount paid upon the ordinary
stock and share capital of the company was dechreil for the
half-year ending 30th June, 1852, and to be paved, on the
3rd of September next.