The Express.
London, England, 1862-08-20 00:00:00

... ... 8,442 8,672
178 126 306 888

2.964 4,328
11.846,416
200 1.962
934 2.771 2,738

580 1,139 791

The half-yearly meeting of this company was
held yesterday, at the station at Derby ; Mr. BAiroic
BRAIN., M.P., in the chair.
The report of the directors having been taken as read,
The CHAIRMAN moved the adoption of it. In doing so
he said it was difficult to ay scything to interest a
meeting of shareholders where • company went on as
smoothly as the Midland; there were, however, • few
matters for comment afforded by the accounts. There was
very little variation in the amount expended on working as
compared with this time twelve months ; the excess was
about 4,000 f., which was really nothing, but had arisen oat
of an expenditure for an increased weight of metals on
their line, and might have been charged to capital They
bad brought the concern down to the most economical basis
in the matter of working, as far u was consistent with
efficiency and safety to the public, because the works mast
be well and efficiently done or they would lose their
traffic. If they might judge frees some comments which
had been made, the line was worked too cheaply, but he
had no hesitation in saying that it wu safely and soundly.
As to their receipts, the fears he had expressed at the last
meeting bad been realised ; the Midland had not suffered
so much as some other lines ; in fact, the passenger and
merchandise traffic had slightly increased. but in the mineral
traffic there had been a deficiency of 30,0001., which was •
serious item of reduction, and no doubt attributable to the
depressed state of trade. The ultimate result, however,
of their working was that they were able to offer a dividend
of 51a per cent., which was less by 7s. 6d. than in the cor-
responding half of last year. This decline arose from two
muses, which were divisible ; there was a loss of about
Is. 6d. or es. on account of traffic ' • the remainder was not
an actual lose, but was more of the character of •
re-investment, because they were now paying interest
on dividend on a sum of 700,0001., the whole of
which had been unproductive until about • month
ago, but would be productive hereafter. There
was the Eyewash Valley Extension, the Burton branches,
the Buxton line, and the London station accommodation,
which was unfinished. Questions had been *eked at a
former meeting as to what bad been done with the amount
realised es premiums Oil shares; he had now to reply that
this sum bad bees invested by way of insurance oa many of
their properties about the railway which could not be other-
wise insured, and the result would be a saving of revenue.
They had property at many stations not insured, and had
determined on taking the risk on it themselves. A sum of
15,0304 had been set apart for this purpose from
revenue in previous half years ; to this 30.00 W.,
derived from premiums on shares had been added;
it would be sufficient to cover risks from
fire and other accidents, and was now of • sufficient amount
to render it unnecessary that they should set apart 3,0001.
from revenue for this purpose as they had hitherto dons.
He hoped that at some time or other they would be able to
altogether insure themselves. The boo. gentleman alluded
to the fact that they did not ask any vote for new works,
and alluded to the care and attention bestowed by the board
in all cues where new lines were under discussion. The
same patient attention and investigation would be con-
tinued. No doubt they would have to guard against ag-
gressive schemes, which were always being brought against
a railway, and the fact of their paying six per cent, made
the Midland more an object of attack. There were
all sorts of new schemes rumoured which might never
be brought to light, but in any case they might
rely on the ears and vigilance of the board. In reference to
the low price of money, Mr. Beale said there was no secu-
rity in the world to equal their debenture stock ; it took
precedence of everything, and was in every way a desirable
security ; there was some of it left, and he mentioned the
fact for the information of such of the proprietors se were
seeking investments. The credit of the Midland Company
was best attested by the fact that their loans were on an
average slightly below Is. per cent. less than the lowest of
half-a-dozen of the leading railways. (Hear.) The con-
striction of their new lines might render a nil of 11. 10a
per share on the 6/. 4s. shares Deeeliniry ; this would pro-
bably be made about the middle of October. In conclusion,
Mr. Beale bore testimony to the admirable manner is
which their officers discharged their duties in every depart-
ment of the establishment.

Mr. HUTCHINSON, the deputy-chairman, wooded the
motion for the adoption of the report.
In reply to a question, the CHAIRMAN mid that the new
works upon which the expenditure of 280,000/. bad taken
OARS were set forth in detail. The dividend, he assured
them, had been honestly earned.
The report was adopted, and the visions dividends were
declared as recommended.
The audit committee was then re-appointed.
The meeting was subsequently made special, and a rasa
lotion to subscribe a sum not exceeding 40,0001. to the
Tewkesbury and Malvern Railway was passed. The sew
line will leave the Midland Company's line at Ashchurch.
The proceediep thereafter terminated with a vote of
thanks to the chairman and board of directors.