The Express.
London, England, 1852-08-26 00:00:00

THURSDAY EVENING, AUGUST 26, 1852.

Grimsby, the "North of Europe Steam Navigation Com-
pany." The works on the Warrington and Altrincham
line wen progressing rapidly, and on their completion an
increase of traffic might be expected ea the Manchtster
South Junction and Altrincham line, is which this
company were Interested. The opening of the towns line
of the Great Northern Railway had abstracted about
6001. per week of Mlle which used to go over that
part of this ins. y's line between Retford and Sykes ;
bat Ibis heft est heed felt so much as it might have ban,
owing to the feeneme hi the receipts Hose um opining of
the Grimsby Dere. On taking the ophtion of eraesel, he
bad hew itendlemed In the opinion be bed sumer at the
spend mostiog he May last with referees* w the 61. prefer-
ence @bares, that they had a priority Oilisia to dividend
over the 101. preference shares, and their arrears, He
thought thrummed's which had bees suede with refer-
coos to theme anion—that it word be well to
capitalise tber—was well worthy of enesideration but
that was a anise* which mud not be originated by the
directors: the preference shareholders orght take up the
proposal. Me osubeded by moving that dm report of the
directors, eat the hotearly statement of accounts, now
produced,nurird adopted.
The motion Meng been seconded,
Mr. J. 11. WOOD, of Sheffield, repeated his opinion,
expressed at • former meeting, that the directors had acted
wrung in reference to the 101. preference shares. The act
creating the 6!. preference shares gave them no retrospec-
tive preference over the others, and the arrears due to the
101. preference shareholders at the time they were created
ought to have been paid before the N. preference share-
holders received anything.
The CHAlRMAN—Unfortunately we are at issue upon
that point ; and we have only done what is legal.
In answer to a question from another kittaeinoLona, it
was stated that Mr. Lloyd was the counsel whose opinion
had been taken on the subject.
A SHAREHOLDER reminding the chairman of the
promised explanation with reference to the errors in the
accounts,
Mr. ALLPORT, the general manager, said the errors
were in three distinct items. The first was an over-esti-
mate of the (treat Northern mineral traffic which
over this company's line between Retford and
171:de up to December, 1861. Previous to the open-
ing of the company's line called the Sykes branch, the
Great Northern traffic was worked between Raiford
and Gainsborough, and then passed over the Great
Northern's Lincoln branch, a distance of ten miles, b
this rompany's line. lie believed the Sykes branch
was about 18 miles, but, to be on the safe side he
gave instructions that the amount paid by the dreat
Northern Company over the ten miles should be taken as
the amount due for the 13 mile,. At the opening of the
Sykes broach the Great Northern Company refused to
render to this company • return of traffic, sad it was of
cosine important to take the beet means of estimat-
ing its value. The charge for the ten miles was
carried week by week into the oomproy's accounts
to the credit of revenue for 14 or 16 mouths ; but when the
accounts came to be settled it wee found that the Great
Northern Company had carried their mineral traffic at so low
a rate that this company's proposition for the 13 miles was
less than it had been for the 10 mike, and that the value of
the traffic had therefore been over estimated. The error
then produced amounted to between 3,0001. and 4,0001.
The second item was also connected with the Great
Northern traffic. The clerk whose duty it was to copy the
accounts against that company for
_passenger traffic
entered them weekly to the credit of revenue,
until a settlement was made with the Great
Northern Company, and the clearing house was
advised of it. They, LB • matter of course, divided the
traffic from the commencement, in August, 1850, and sent
down to each company their division of the traffic. By an
oversight of the clerk, the grow sum was entered in the
company's books to the credit of , so that the
same amounts had been credited twice over The amount
remained in the books as outstanding to the debit of the
clearing house until the error was discovered. This error
extended over a period of about four months. The thin'
error arose from an oversight of the same clerk. In the
year 1860 he (Mr. Allport) arranged with some
parties in Sheffield to cart goods to and from
the station—being the Liverpool traffic of this com-
pany. They were to charge le. Bd. per ton, and he
advised the clerk hose duty it was to keep these accounts
to deduct them from the montLly accounts previous to car-
rying to the credit of revenue the Sheffield traffic. This he
unfortunately neglected to do, and the accounts appeared as
outstanding debts. When he (Mr. Allport) pressed for •
settlement the error was discovered, and the company had
no alternative but to at once deduct the amount from reve-
nue. He might explain that the current accounts bad got
in arrear, whilst an examination of past clearing-house
account' for a period of nearly five yeah, which had been
improperly Settled, proceeding. Thes accounts were
new all worked up, and he challenged any compare y in the
kingdom to show that they had • better system of keeping
accounts than was now pursued in the offices of this corn.
pang. The clearing house accounts alluded to in tl e
mutinies' reports would be settled in the course of the week,
the only balance now remaining being St or U., which was
as likely to be in favour of the company as against it.
After • lengthened discerns, and some questions as to
account, of no public interest,
Mr. PETO, M.P., said complaints had been made that
this hue was not worked so cheaply as other liar, but it
must be recollected that they had higher gradients than
other companies. A luggage train, which required three
engines out of Manchester to Woodhead,would drown by
one onetime° the Loudon and NorthWestemoind there must
necessarily be a greater expense in working expenses on this
line. As regarded the Great Grimsby Docks, the I roprietors
must not expect a great trade for them to be developed in a
few months; it would be more reeeemehle Inespeet it in six
or seven yenrs, He arsred the obrolubles that the
dime= hod dose their start to poorer the rum ere
Dooley EU enema error but formed a sups, (Omagh
usable se yet me ream a elioner), owl purebred three
rebels me trade to the cadres% at • east of wpm., end
the time in that dilution yr fist increasing.
Theban. porters angered that as the arrears on the 7;
pee most peellessem Aims wen isorerift. it should be •
matter for the peerless= to ememiler WM ter by imitating
the 7 per teat. peewees, Mike le the Caledonian line,
they could not Wpm* their priors by reducing the inte-
rest upon them to about 4$ per sat., sad put this sugges-
tion on his own reipeneibilaty, and not on behalf of the
board. The diresten would feel it their duty to do every-
thing they could to pay of every shilling of accruing
interest, but the question was, whether by a timely and
just concession the 7i per coat. preference shareholders
would not better their own position, at the sense time they
bettered that of the old shareholders by each a warm. He
believed Mr. Allport, their manager, had done every thing
possible to improve their traffic ; there were many diflcul-
ties in the way, but he felt sure of one thing, that the
Home of Commons could not much longer cement that the
traffic of this kingdom should be made the football of one
company sad another for their own good in injury, rather
than for the good of the community. (Applalleo
The proposition with reference to the 7; per cent. stock
led toe long and angry discussion, with erne of " repu-
diation," and other harsh terms, each speaker for some
time persisting Is attribsting the proposal to the board, not-
withetiodhog repeated disclaimers.
Mr. PET° explained that the proposition erne from one
of the largest bathos of the lecithin questioo.
The report was earned after about three hours' discus-
sion by a large majority,
On the motions of the C 11•11.311•11, the forfeiture of pertain
shares wasconfinned, and power given to the hoard to
pay Not. per annum to avail therrelyes of certain powers
min the Humber Conservancy Act.
The meeting having been made special,
Mr. Fumes moved; that the meetings be held alter-
nately at libeliald and Manchester.
The motion, however, was negatived.
A vote of thanks was given to the chairman and the
board, and the meeting separated about a quarter before
ftm o'clock. •

the 28th of May, and the contract for the works ban been let
to parties of experience and acknowledged responsibility.
The electric telegraph is in operation between Bristol and
Exeter, so that telegraphic communication is now rata.
bliahed from Bristol to Plymouth, London, the north of
England, Scotland, and the coutitient of Europe.
The engineer's report states that the works of the Yeovil
branch, which were commenced in June last, we in progress
at various points, and, as soon as possession of the necessary
lands can be obtained, the works will be pushed forward, so
that the line to Yeovil may be opened in August, 1863.
The way and works of the mainline and branches are gene-
rally in a satisfactory condition.
1. root the statement of accounts it appears that there is a
disposable balan.ie of 64,0041. ; that the total receipts on
account of capital to the 30th of June, 1862, amounted to
3,431,7941. • and the total payments to 3,026,361/., leaving a
balance of 406,4332. The revenue account for the half.year
gives a balance in favour of the company of 63,628..