The Express.
London, England, 1864-02-19 00:00:00

PROVI-VCIAL SHARE MARKETS.

Mint/004 FEB. totlay : Burner New 101. Shares,
51 p.—Laneashir., and Yorkshire, 111i—London and North
Western, 110$ 11 I—Manchester. Sheld, and Linoolnahlre,
121 —South kastern, 96$ i I—threat Lazombourg, 11 10 16-16
Illinois Central, 19, (I.— Orteks, 211 23 3j—ltexlesn 3 per Cent.,
40 391 41 If 1 If 2k 2—Spanish /Witless, 331 i—Brtlash mad,
American fachange Bank, 4e p —Marciantlis and Ere/Anse
Bank, 51 $ 13-1 d 1 p.—National Bank, fik k p.—Ditto new,
Word at 6 prem., 9 raj p —F.mpire Marlin, 2 7 16 p.—London and
Lancashire., 946 p.—Mercantile, 16-16 p.—Queen Insurance,
914 p.—Thanass 11134 /Jerky, 6 746 p.—rnion Marine, 21 p.

LONDON AND NORTH WESTERN RAILWAY.

(THIS DAY.)

The half-yearly meeting of shareholders was held
►t coon at the Easton Station ; Mr. MCRAE]) Moos in the
chair.

The report and accounts, which have been published in
the Express, having been taken as read,
The Outsmart moved their adoption. He said the ac-
counts did not contain a comparative statement of the last
half-year's expenses and those of the corresponding half of
1562 ; bat in future that deficiency would, be hoped, be sup-
plied. He would now compare the general state of things at
present with that which existed two years ago, when he was
appointed chairman of the board. In August, 1861, they
paid • dividend of 31 per cent., and bad • surplus of 11.8001.
On that day the board recommended • dividend of 6 per
cent., and there was a urplus of above 20.0001. (Chem.)
The dividend thee proposed was in fact the highest dividend
that had been paid since 1819, and it had been paid on
two occasions ouly in the interval. Moreover, they were
now paying interest out of revenue on a capital of 900,0001.
which was in yet unproductive. The increase of traffic from
December 31, 1860, to )soember 31, 1863, was 450,0001.
—280,0001. from goods, and 170,0001. from passeemes.
Daring that period the increase in the expenses was only
147,0004 ; sad it must be borne in mind that, while an in-
crease in the number of pasesegen involved only one or two
calla carriages in a train, any large incream in the goods
department unavoidably involved a large outlay CO addi-
tional waggons. The whole of the locomotive department
was now in the best possible condition. In the
renewal of the permanent way there was a
redaction of expense to the extent of 35,0001.
In the last half...a abut 15,0001. bad been spent on the
recomarection of bridges, iron and done having been sub.
@sleeted for timber. steel rails had now been doers at
some of the stations for a couple of years, and the mulls
were such as the board anticipated. Steel rails had
been found equal in working to tea facings of iron.
The expenses of the locomotive department in the
second half of 1861 were 334,0001., while thorns of the
last half year were only 328,0601., notwithstanding thereat
increase of traffic. That that decrease had not bees effected
at the expense of the stook was evident from the foot that
in the last two years there bad been an addition to it of 59
new engines, 250 new carriage% and 590 new waggons. All
the new machinery, except indeed new workshops,
was charged to revenue. Further, in the last two years the
arrears of the law and parliamentary expenses had been re-
duced by the sum of 35,000 f., by mounts made on aeoeunt
to meet the bills when they were preeented. As mouthed
' compensations for railway accidents be bad almost
given op all hops of any improvemeet in the
law. They bore sad grumbled, and he did
not know what more they could do. Ha was happy to say
that thi company was on Milne of amity with all ite neigh-
bours. As regarded the visions new railway schemes, he
did not believe that any of them scarcely were pen-
posed on their own merits ; sad as respected the me-
tropolis especially he hoped the joint committee of
the Homes of Lords and Daemons which was sow
sitting would take a fair view of the whole question.
(Cheers.) The board had invited the board of the Midland
company to loin this company in its lease of the Lousier
and Oarlisle ham instead of seeki g to obtain • separate
route to Scotland, and be Mdeved snob an amassment
would prove best for both companies. He would not vaster,
on any prediction with respect to future dividends. The
divided of that railway must fluctuate with the prosperity
of the country ; and all he asked of the shareholdeis was
coefideene in the hoard. He had now been a member of
the board for eleven years, and during that period there
bad been tweety.six new directors elected, come-
quietly the shareholders had had plenty of opportunities
of pietism:leg the course of management. With the view of
ascertaining whether anything useful was to be learnt from
the French io railway management, he had recently paid
a visit to Femme, in company with some of his cal
and the traffic manage!. They found the=
melees of tournament in that cosntsy centralised
to the last degree. Great oars was taken of
the small towns, but nothing was done for the
large ones. Toe management was far more despotic than
their own, and everything emanated from one central
authority, which was controlled by • board like their own.
Hs believed the plea of management existing in this
eonetry was far room suitable to its requirement&
Mr. WEIOLZT expremed his satidardiera with the is-
creme of divideed, which be said was the largest that the
proprietors bad received for twelve years. He saw no ne-
'amity for visiting Francis to examine its system of railway
management ; what the board should do was to avoid the
repetition of pest evils. He particularly deprecated further
extensions sod *Minims to cap;taL After entering into
an elaborate defence of the Manchester Association of sham
holders and complaining that the ececemta of the directors
were fallacious. be coateeded that without sectioeal man.
eßement tbe line would *ever be mainged in the most
ffectual manner. Until that ammo-seem principle was
adopted the London and North Western Railway would
wet yield what it was capable of yielding in the form of
divided. . . .

CHAISSAN is reply, adverting to documents signed
by Mr. Stewart, as secretary of the board, referring to
statemeete of Mr. Wrigley with regard to the accouote,
dialed that the acooonte were fallacious or delusive, and sp.
to She meeting to support the board when attacked.
Mlearnestly besought Mr. Wrigley not to persist in a
course which was founded oe erroemos views, sod could
set Wad to benefit the company. (Cheers.)
Mr. Watcttr *spewed • bops that from this time all
persooslitee like those just referred to would cease. (Cheers.)
He had upwards of 20,000& ievested is that concern, sad
We whole life showed his deep interest is it.
Mr. /dictum eongmtalsed the meeting on the 'reproved
position of the minpany's affairs, much of which wee, he
believed, dee in • great degree to the adoption of the
policy of developing their own resources instead of en-
gyring in territorial aggremion on other undertakings
(Hear, leer.)
After some further discussion the report wee adopted and
• disliked at the rate of 6 per cent per annum &clued.