The Express.
London, England, 1852-02-26 00:00:00

RAILWAY MEETINGS.

MIDLAND RAILWAY.

Yesterday the half-yearly meeting of this com-
pany was held at the Railway Station at Derby, Mr. Joan
ELIA*, M.P., in the chair.
The following is the report of the directors; the state-
ment of accounts has already appeared in the Daily NM!.
The total receipts from traffic fur the half-year ending
the 31st of December last, have been 631,982!., showing an
lacrosse of 9,9111., as compared with the receipts of the
eartveganding period. A comparison with similar items in
the half-year ending December, 1850, shows a decrease in
n during the lest half-year of 5,7211. ; in parcels,
.17,21; in horses, carriages, &c., of 1,0311. ; in cattle, of
2411.; and in the Ashby Canal, of 8191., making a total
decrees. of 10,296/. It is gratifying, however, to your,
directors to find, that there has been an increase in the re-
ecipts from merchandise during the same period of 14,232!.,
and from minerals of 5,974/., making the total increase in
these items 20,206!. the proportion which the working
.:passe have borne to the traffic receipts during the half-
year has been 391. ss. per cent., exclusive of rates, taxes,
govaraning duty, end the provision for renewal of
permanent way, and increase of rolling ,took. The balance
available for dividend is 174,1071. The directors recom-
mend that a dividend (subject to income tax) be
declared payable on the Gth of March next, of 1!. 7s. Bd.
upon each 100!. Midland consolidated stock ; 135., lad upon
each 1001. Birmingham and Derby consolidated stock; 3/.
upon each 1001. consolidated preferential stock ; 11. 10s.
upon each Erewash Valley share ; lc 6d. upon each share
of 16!. 13a. 4d. (late 501. shares) being 6 months' dividend
upon U. 13s. 4d., and 3 months' upon 31.63.8 d. at 41 per
cent, per annum, leaving a balance of 30,9531. to be carried
to the account of the next half-year. The continued decrease
in the coaching traffic of the company is cause of much con-
cern to your directors. They alluded to the subject in their
last report, and the reason there assigned, viz: the cow-
petition of the Great Northern and other comrades, and
the diversion of traffic from its usual channels diming the
time the Great Exhibition was open, remained in loess the
former during the whole, nod the latter daring
a greater part of the last half-year. The Meow
in the expenditure will attract the notice of the
shareholders. The iocresacd traffic in goods and minerals
during the half-year has required additional accommoda-
tion and considerable altcrauona at stations and sidings, a
large portion of the cost of which has been placed to re-
venue, and has, therefore, materially augmented the amount
of the last, as compared with the preceding half-year, wider
the head of alterations andeepairs of stations. The iacrease
of expenditure in the locomotive, coaching, and merchan-
dise departments has arisen chiefly from the great number
of excursion trains which it was necessary to run during the
time the Great Exhibition was open, and from the addi-
Wesel mileage of trains consequent upon your largely aug-
'wanted and increasing traffic in goods and minerals. The
Nem of compensation for sceidrnta and losses is also un-
wally large, being nearly 6,0001. in excess of the corre-
now:ling ball-year. Mr. Barlow reports that, with the ex-
ception
of the portions about to be relaid, tho railway and
works are in good condition. The directors continue
to give their attention to the improvements front
time to time brought forward in the construction of
permanent way. Nine miles of the railway have been
relaid upon cast iron sleepers, and two miles with wrought
iron rails of Barlow's patent. The cast iron way continues
to stand well, and is cheaper to maintain than the ordinary
permanent way. The wrought iron, however, is of greater
strength, is morn simple in its construction, and considerably
cheaper in first cost than either the cast iron or that is
ordinary use. Your directors entertain a favourable opinion
of this mode of construction, but await the result of further
experience before adopting exclusively either this or any
other form of permanent way. Mr. Kirticy reports that,
during the six months ending December last, the rolling
stock of the company has been maintained in good working
order, and that in addition to the ordinary repaire and re-
newels, four new engines, seven break vans, one hone-box,
, and sixty waggon*, have been made at the coat of revenue,
to replace old and worn-out stock; and that thirteen new
engines and tenders, thirteen break vans, and 175 waggons,
have been received in respect of the reeolution sanc-
tioned by the proprietors in February last, which directed
one-half to be charged to revenue, and one-half to capital.
The mileage of trains during the half year has been
2,660,412 miles as compared with 2,359,9. W for the cor.
responding period, being an increase of 300,186 miles ; the
coat per mile has been 8.39 as against 9.06 for the same pe-
riod ; and the weight of goods and minerals carried has
been 1,824,858 tons, es against 1,374,018, showing an hi-
m*** upon the half year of 260,610 tons. klotwithstand-

lag the additions which have from time to time been
made to the rolling stock, the supply of waggons is still
unequal to the demand ; and your general manager has
been obliged to reftise traffic from not having adequate
wane at kisdisposal for its conveyance. Your directors,
therefore, have thought it their duty to order the construc-
tion of 615 additional waggons at • cost of 31,956/. Mr.
Kirtle, states that the number of passengers and goods en-
gines is not sufficient for the mileage run ; this, with the
greatly extended traffic in goods sad minerals, has caused
the engines to be overworked, and that it is impossible to
maintain economy and efficiency with an overworked stock.
The directors have also entered into further large contra. ts
for the conveyance of coal for London and its neighbeur-
hood , so that notwithstanding seven of the engines ordered
in 1650 have yet to be delivered, an addition of 20goods
engines and 10 passenger engines, of large dimensions, are
still necessary for the economical and efficient working of
the traffic. The cost of the goods engines and tenders will
be 45,6001., and the cost of the passenger engines about
22,0001.—t0ta1, 67,4001. The payment for the waggons and
goods engines clearly belongs to capital, being required in
consequence of the large increase in goods and mineral
traffic; but as the coaching traffic pimiento no inert. ise,
although the number of mile, run has largely increased,
the directors recommend that the cost of the passenger
engines he charged to revenue; and, to provide for the
payment of them, they propose to continue the amount of
12,5001. per annum now set aside from revenue fur the in-
crease of rolling stock to Midsummer, 1/456, by which
time the payment for the engines formerly ordered,
and those now to be ordered, will have been liquidated.
A reference to the first page of the printed statement of
accounts, will show the progress which has been made, in
closing the capital account, 95,0111. having been paid during
the half year, leaving the eatim deal liabilities end further
outlay as sanctioned by the proprietors, at 205,951/. The
directors bad hoped to have proceeded more rapidly with
the closing of this account, but they have felt it their duty
in the protection of your inte-rests, to resist many of the
claims brought against the company, and the result of the
arbitrations hitherto completed, has fully justified them in
the Course which they have adopted. In reference to the
competition of the Great Northeast Railway Company with
the London end North Western And Midland Commode.,
the shareholders arc aware that the division of traffic lie-
tween six towns—viz., York, Leeds, Sheffield, Wakefield,
Doncaster, and Lincoln, with London, was left, by coneent
of all the partici interested, to the arbitration of Mr. Glad-
stone. Though this reference was not upon such an ex-
tended basis as originally proposed, and though the award
does not provide for many cases of competition, the
directors are desirous of carrying it bete effect; the
solicitors have accordingly been instructed to put the same
into a legal and binding shape. Negotiations arc still
pending with the Great Northern Company, and the direc-
tors hope for a settlement of the remaining points in dis-
pute. The position of the Midland Railway Company
with regard to surrounding railways, has had the anxious
attention of the directors during the half-year. It ap-
peared to them, and their opinion remains unchanged, that
it is essential for your interests, that this company should
be permanently identified with some company having a
line to and terminus in London. Impressed with this view,
they have had repeated meetings with the directors of the
London and North Western Company to endeavour to
agree upon terms for an anWeamation of the two under-
takings; this, however, has nut been found practicable, the
terms proposed being ouch as your direet.rs could not re-
commend the shareholders to accept ; a proposition, how-
ever, has been received from the directors of the London
and North Western Company, for the improvement of the
existing traffic agreement, and fur the permanent use of
the railway between Rugby and London, and of a
portion of the offices in London. The proposition is now under
consideration, and a committee of directors has been ap-
pointed by each company, to discuss the subject. The di-
rectors, in conjunction with those of the London and North
Western Compauy, have negotiated with the directors of
the Manchester, Buxton, Matlock, and Midland Junction
Company,for the working of that line and the Cross ford Canal.
The proposed agreement is for 19 years, and the rent to be
seam equal to 24 per cent. upon their called up capital of
421,3901., and the interest upon the capital of the canal, not
exceeding 110,0001. Your director, have also negotiated an
arrangement with the directors of the North Western Com-
pany for working that line hetaeen Skipton, Lancaster,
and Poulton. A reference to the map will show that it is •
legitimate extension of the Midland Railway to the Coast
of Morecambe Bay. The arrangement will give great facili-
ties for your traffic to the Lakes of Cumberland end West-
moreland, and the west of Scotland, by a junction with the
Lancaster and Carlisle Railway, at Lancaster ; and by means
of the steamboats plying In tween Poulton and Belfast, a large
and increasing traffic may be obtained from the north of Ire-
land, and carried over a considerable portion of the Midland
railway. The term proposed is for 21 years, commencing
upon the sth of April next, and the rent to be one-half of
the gross receipts, until the same shall exceed 52,0001. per
annum, in which case two-thirds of the excess beyond that
amount is to be handed over to the North Western Com-
pany. A meeting of the shareholders of the North West-
ern Company is convened for the 26th instant, for the con-
sideration and, if approved, the adoption of this arrange-
ment. Your directors are agreed as to the advantages
which will accrue to both companies from its adoption, and
they hope the agreement will be approved unanimously. In
confermity with the resolution aseed at the last half.
yearly meeting, the land required for the construction of
the Gloucester and Stonehouse branch has been purchase( d,
and the directors have now to ask you fur authority to con-
struct it, anti to complete the narrow gauge to Bristol. 'The
inconvenience, delay, and loss by the break of gauge at
Gloucester, is so great that the directors have no hesitation
in recommending you to proceed with the construction of
the line, anti completion of the narrow gauge to Bristol.
The branch is about 7 miles in length, and the estimated
cost, including the laying of the narrow gauge between
Standish and Bristol, is 130,000/. The company has not
any bill before parliament this session, but hills are pro-
moted by other companies, which will require great vigi-
lance on the part of the directors, for the protection of your
interest."

The CHAIRMAN, in moving the adoption of the report,
said it would have been much more gratifying to himself
and his fellow-directors as a board if they had been able to
lay before the meeting a more flourishing balance sheet,
but if the proprietors would take into consideration that at
the last half-yearly meeting they had to report a deticieucy
of
compared with the corresponding half in the previous year;
whereas: this half-year they hail an excess of 10,0001. over
its predecessor, they hail, at least he thought so, more for
congratulation than at first appeared. (Hear.) His predic-
tions at the last meeting relative to the result of the Great
Exhibition had been fully. verified; he admitted that
he had in the first instance been mistaken as
to what might be expected fella that source ; but the result
was that the low fares at which they had to carry passen-
gers, together with the comparatively small space of ground
travelled over the Midland lines, made the Exhibition any-
thing but profitable to this company. (Hear.) Moreover,
it had destroyed their ordinary excursion traffic, which
when they had full trains was very profitable. Moreover,
their reeler internal traffic wasinjured during the time
the Exhibition was open, for, by one sort of scheming or
another, people went about their ordinary business by the
cheap trains—stopping any where and at any station—so
that the loss to the Midland Company was very considerable.
(Hear.) Still they had something substantial now for con-
gratulation • their traffic for the current hall-year was
already 5,6001. a head of that of 18.11 ; and he was
happy to say that having just seen the returns for the last
week, it was Ufa. more than was received last year. (Ap-
plause.) At the last hallyearly meeting he had felt it his
duty to tell the proprietary how much the Midland Railway
had been robbed of its traffic ; in fact, it had been despoiled
of its passenger traffic to an enormous extent, but he be-
lieved the worst was over, and that in future their revenue
would gradually increase. (Hear.) With reference to the
negotiations which had been going on with the London and
North Western Company, lie had no objection to state the
terms proposed. (Hear.) There was an offer on both
sides: that board asked sixty-hundredths—that was 31. for
every 61. paid by the London and North Western Company;
that company offered the Midland 675. Gd for may hun-
dredth, so that there was only half-a crown difference be-
-1 tween them. Still this board could not recommend the
shareholders to accept that offer; they believed that the
competition of this line was over, whilst that of the London
and North Western was to come. (Hear.) Therefore they
had parted good friends. He, for one, believed that the true
policy of the Midland company was to remain quiet for a while,
take care of themselves, and before very long they would
fiud themselves in a safe position. (Wear, hear.) Nego-
tiations were still going on, by which it was proposed that
this company should run through to London on certain
terms : indeed in every respect they were on an amicable
footing with the North Western Company. (Applause.)
After referring to one or two unimportant matters, the hiss,
gentleman said that to make the line from Gloucester to
Stonehouve branch, and lay down the narrow gauge within
the broad, for 7 miles, to Bristol, was of the utmost import-
ance—to that propo-al the directors now asked the sanctioner
the proprietary. It wu proposed to raisq the money for
the purpose by the sale of certain shares in the hands of the
company, which they could now do at a profit. (Hear.)
Mr. Ellis concluded by formally submitting his motion for
the adoption of the r. port.
Mr. BEALE, the deputy-chairman, seconded it.
Mr. CARBULT, of Leeds, a director, explained that the I
new alliance which had been entered into between the
little North Western and the Midland, would be found to
be advantageous to both companies ; the term was for nine-
teen
yean, and a faiier arrangement never bad been made.
The nature of it was simply this. Tho receipts of the
North Western amounted to about 31,0001. annually; the
interest on their bonded debt and preference shares was about
16,0001. Now, the Midland Company hail agreed to work
the line sod keep the permanent way, giving the North
Western Company .50 per cent. upon the receipts up to
62,0001. ; thereafter tho last-named company are to receive
two-thirds of the receipts beyond, and the Midland Com-
pany the remaining one third.
Mr. IRONSIDE, of Sheffield, put various questions
to the chairman on the subject of the accounte, which
having been satisfactorily answered, the hon. proprietor
next referred to the state of the engines; he said that it
year end a half IV they were declared to be in an effective
working ante; they hail hail some thirty new engines since,
and now it was notorious that the Midland engines were
the wor-t in the kingdom ; it was a common thing with
the porters, if a North Staffordshire train started after
the Midland, to caution the guard not to tun over the Mid-
land trains. (Roars of laughter.)

Mr. PAGET, a director, entered into statisticai capitula-
tions on this subject in reply : these were apparently to the
satisfaction of the ptoprietary.
The report was then put and adopted unanimoubly, am
were the usual attendant resolutions relating to the diti-
dends.
The directors wore also, by another rote, empowelod to

construct the Stonehouse branch, and to carry the narrow
gauge down to Bristol.
The retiring directors were re-elected: Mr. E,lward
Baku was cominsted by Mr. bonside, in the place of Mr.
Holdsworth, but Mr. Bains declined to serve; the motion
was accordingly withdrawn.
Mr. Cripps, of Manchester, was re-elected auditor of the
company, ou the nomination of the audit committee.
The proceedings soon after terminated with a vote of
thanks to the chairman and board of directors, moved by
Mr. S. W. Lucas, of Birmingham, and carried by ac-
clamation.

lIANCHESTEIt,SHEFFIELD, AND LINCOLN-

611 IRE RAILWAY.
The half-yearly meeting of this company was held
at the Exchange, Manchester, yesterday. The Earl if
YAUBOI4OIIOII presided.
The CHAIRMAN remarked that his anticipation of an
increase of traffic up to 7,0001. a week, during the half-
year, had been verified by the result. There was an in-
crease in the receipts of 20,5171. over the corresponding
period of last year, and at an expenditure of only 6,757/.
Taking the year, as compared with the year in which the
committee of investigation reported, the receipts showed an
inereaee of 78,619/. This was very g as showing
a progressive increase in the traffic, notwithstanding the
deficiency in carrying stock. They were particularly short
of coal waggons, and waggons fur the hi elder mer-
chandise. In his own neighbourhood, the farmers had
been obliged to 'tend their corn by water, havine been
unable to get waggons to carry it. The directors were
afraid this might hapeen, but they had not felt themselves
justified in increasing the rolling stock until they were
thoroughly convinced that the intt rests of the shareholders
would be suffering in consequence of being obliged to refuses
traffic. As he hat anticipated, the Great Exhibition had
had the effect of diminishing the pleasure traffic over the
line during the lust half-year. The continued distress iu
the agricultural districts would at once account fur the
reenters and their families not travelling to the some extent
as might otherwise have been the cow. 'the works of the
Altrineham and Warrington line had been commenced, and
he had no doubt when it was completed there would be a
considerable increase in the traffic at this company from
that district. The working expenses of this company com-
pared favourably with those of other lines, haling
amounted, during the last half-year, on 1,119,196 miles
travelled, to 6id. per mile; whilst on the York and North
Midland they had been 7111., and on the Great Northern
6.681. Owing to their deficiency of carrying stuck
the cnmpany had iwen put to greater working expo floe
than would otherwise have been the case. The directors
had found great difficulty in dealing with the coal traffic.
The company had leen short of waggons, but they hod
also often been short of coals. The directors hod been
hoping for some time past that the coalownery in the neigh-
bourhood of the lime would see the advantages resulting
from the opening of new markets, and would have made
branches from their cilieries to establish a communication
with those districts which would then lie open to them.
But this had not been done, and the directors had come to
the conclusion that, to get a really remunerative traffic in
coall, they must apply to parliament fur power to reeks
those coal branches, which, however, should nut be cons
strneted before satisfactory arrangements had been ell'ected
with the enalowuers, eo as to ensure to the company a sup-
ply of coals at a remunerative price. 'the traffic on
this lino hawing now reached definer. per neck, a
larger rolling stuck would be necessary, and the directors
had been obliged to order it. They could not possibly anti-
cipate the increase of traffic which this line ought to ex-
perience when the Grimsby docks were opened, unless they
had more power to carry traffic over the line. The melting
of the Barnsley branch the directors had decide.' to let by
contract, instead of proceeding with it themselves. The
additional rolling stuck that would be required would pro-
bably involve an expenditure of 115,061. The expense of
extending the Glossop station would amount to 3,500/. , the
Barnsley brenelt was tstintati d to cast 63,0e01. • and the
other coal branches would probably cost 63,0601. Tho
director, felt that it would he very desirable for the com-
pany's interest that they should treat with the crown fur
the purchase of the Crown Reserve at Grimsby, which would
probably be required fur warehouses and other works con-
nected with the docks. 'there was an amount mentioned
in the report of 29.1,000/. expended at the Oriineby docks,
of which 75,0001. had been left. The directors did not
feel that they should be taking a wise course if
'they did not calculate for contineenries, and they
had put down 34,000!. for additional works that
might be required at Grimsby. Deducting 233,34 et.
already accounted for, that left a deficier.cy of 10.1 9271.
There was an excess is law bills of and an excess
in land expences of 27,00014 besides additional laud ex-
, penees at Grimsby, amounting to 15,0001., in convequenea
of the company haring had to defend itself against toe Ile-
' sign of the Great Northern Company to purchase a piece of
land in the centre of the works at Great Grimsby. The
interest on unproductive capital amounted to 248,0001., and
80,500 r. would have to he expended fur additional works to
complete stations, which were rendered necessary by the
extension of the traffic. Tho total of these sums amounted
to 657,361'. The permanent way and the rolling stock of
the company were in excellent order. The second tunnel
at Woodbead had beer, completed. There were some large
accounts duo to this company front the Great Northern com-
pany, the Midland company, and the Post-office, which were
still unsettled. Ile telly expected that before the next half-
yearly meeting the auditors would have no reason to refer
to the accounts being in armee. Ile concluded by moving
the adoption of the report.
After some discussion, in which Mr. Peto strongly
condemned the continuance of the Chancery proceedings
for the recovery of the Humber Ferry purchase-meaty,
commenced at the directon of the shareholders, the repert
was submitted and carried with only five dissentients.
The CHAIRMAN moved a dividend after the rate of 6
pm cent. on the 61. preference shares, puyahle on the Ist of
,larch; 76 per cent. on the No. 1 Quarter shares; and
21. 61. per share on the 101. preference shares.
Mr. TURNER seconded the motion, and it was agreed
to. . . . .

The CHAIRMAN moved that the retiring directors—
Mr. Chapman Mr. Charles Turner, Mr. tieach, and Mr.
Yeto—be re-elected to the board.

Some personal attacks were made upon the gentlemen
named by Mr. Bradshaw and other shareholders, but they
were met by a perfect storm of hisses.
Mr. PEJO, without replying to the attacks further than
to say that he had become a director at their own invitation,
reiterated the opinion he had formerly given, that when
the Grimsby Docks were open the traffic of the line would
be equal to 10,000 f., and their dividend 3 per cent. • but it
must be by placing in the hands of the directors the means
of developieg the traffic of the lino and of the ducks. As
chairman of tho Norfolk line, ha could speak of what it
was possible to effect in this way. When that company
took Lowestoft Harbour the tonnage amounted to only
26,000 toes. Last year it had amounted to 137,900 tons,
and the amount of traffic brought on the line from
it was 32,700'. How had that been done. It had been,
and could only have been, done through great exertion
on the part of the directors, and if this company was to de-
rive any benefit from the Grimsby Docks, it must be done
by similar means. They mud not expect that, directly the
dock gates were opened, vessels would begin to come in, and
traffic to flow in, of themselves ; but, if proper exertions
were made, his conviction was as strong as ever that the
docks would become of great advantage, and that a reason-
able dividend might be secured upon their property. (Ap-
plause.
The motion was carried.

if; L. Simpson Ij;;;;elected auditor of the company.
The meeting was then resolved into a special meeting to
sanction a bill to increase, the borrowing powers of the com-
pany, and albo to authorise the making of certain coal
branches.
Mr. TURNER moved that the sanction of the proprie-
tors be given to the bill, and, after some eaplanation, the
motion was agreed to.