The Express.
London, England, 1853-08-27 00:00:00

WEST LONDON RAILWAY.

The half-yearly meeting of this company was held
yesterday at the London Tavern; Mr. S. Blum in the chair.
Mr. TURQUAND, the Secretary, read the report. It stated
that the directors, having so recently reported to the pro-
prietors at their special meeting the details of the arrange-
ment made with the London and North-Western Company,
had now only to congratulate the proprietors upon the
position of affairs, and to assure them that no effort would
, be spared on their part to accomplish a finally satisfactory
result. During the half-year there had been an increase in
the total traffic on the canal of 862 tans, but there had been
a decrease in the traffic to the railway of 410 tons, and from
the railway of 40 tone. The statement of receipts and dis-
bursements showed receipts up to the 31st December, 1832,
amounting to 296,0691.; since that period, 5071.; total,
296,676/. The disbursements during the same period
amounted to 294,0211. The meets of the company were
nil, except the costs relating to the litigation with the
London and North-Western Railway Company; and by
the terms of an arrangement entered into with the directors
of that company, all questions as to costs incurred in the
actions between the two companies, and the coats of the
proposed reference and award, were to be settled by the
arbitrators. The assets were : Cash in hand, 1,730/. ; canal
tolls outstanding, 433/. ; amount due from private indivi-
duals, 8251. ; due from the North Western Company, " as
alleged by that company," 4461., and various other claims
for surplus land, &c., the value of which is not yet ascer-
tained.

Mr. J. Stub having moved, and Mr. CAMPUS seconded,
the adoption of the report,
The motion was agreed to, and the proceedings terminated
with a vote of thanks to the chairman and the board of di
rectors.

1171ITEIL4rEN AND FURNESS ,lUNCTIoN
RAILWAY.

The ordinary half-yearly meeting of the share-
holders of this company was held yesterday at the offices,
Basteghell-street. The Earl of LONSDALE in the chair.
The SECILETAUY read the following report The
statement of accounts is annexed, front which it will be seen
that the gross rece-pts from traffic during the last half-year
amount to 6,0041. 2s. Ild. ; the gross receipts for the corres-
ponding portion of 1852 amounted to 4,7441. 12s. ltd. ;
making an increase during the last half-year of 2601. IN. 2d.
While the line continues in its isolated position, and the
earnings entirely dependent upon the traffic of an agricul-
tural district, it does not participate in the benefits which
the railways generally have derived from the great inch asp•
of trade and the general prosperity of the country. It is
understood, however, that some of the heaviest works of the
lverston and Lincaster Railway arc now being carried
forward, en I, it ordinary progress is made, they may
completed and the line opened within two years from the
present date. The coast line will then be extended to Lan-
caster, and, as has been formerly stated, this company's line
will become the natural route to the traffic between West
Cumberland and the southern portion of the kingdom.
While the traffic continues an limited, every effort is made
to carry it on at the lent expense. There is, however, an


increase during the last half year its the charges f repair
! of rolling rock, occasioned by an accident in Nbvemto r
lut, in conaequence of which the total warking pens' s ex-
ceed those of the corresponding period of 1502 by 310/.
During the lint half-year, the outlay chargeable to capful
has n very trill ng. he miin portion Of the additional
expenditure appearing in the capital acc,,unt, has been in
liquidati in of some of the outstanding claims. 7-hose have
nearly been adjusted, and the total expenditure fur lard
works and rolling stock incurred up to 30th June hint, and
the deficiency of the capital raised to meet the same, will be
seen by the tolLiwing atatenik nt :
Total expenditure, as per capital account £414.827
Outstanding claims for land not charged in cc-
counts 4AO
Ditto 91 for works ditto

—.—
Total cost of land, works, and rolling stock 432,127
Capital raised by shares £137,632
Amount authwised to be borrowed
on mortgage
--- 382,563

Deficiency of capital
£49,582

For the purpose of meeting this deficiency, your direr-
tors have obtained an act in the late session of parliament,
authorising the comnany, by the resolution of a general
meeting specially convened for the purpose, to raise the
sum of 25,0061. (previously authorised by the \Vhitehaven
Extension Act of 1846, but not raised), by the creation and
issue of shares bearing a rite of dividend not exceed-
ing 6 per cent , and having such preference or priority IA
to dividend over other shares in the company as the com-
pany shall deem expedient; as also to raise the further sum
of 30,0001., by the re-issue of a portion of the forfeited
shares having the same dividend and preference. The half-
yearly meeting will therefore, according to notice, he made
special to carry the powers of the act into etfect. The new
shares will, in the first instance, he offered to the pr•aient
shareholders in the proportions of the original shares of the
company held by each ; and it is proposed that the rate of
dividend upon tie• new shares shall be iii. 10s. per cent. per
annum, and that the shares shall be redeemable atter a te-
Tied of ten years. The above act also PHH606601 the corn
pony to lay down tramways to the harbour at Wnitel o-
ven and the harbour of Ravenglass. The (etiolated ex-
pense of the former does nit exceed 1,600/. ; and a. the
want of it prevents the compiuy front la ceiving on their
line any porti ut of the mineral traffic of the Cleator district
and as eventually it will become of greater importance, its
construotion will et once be proceeded with.
The CHAIRMAN, in moviag the adoption of the report.
said he had little to add to the information contained in it.
He was afraid it was not a very favourable one, but the line
most be looked at prospectively, and cansidi red as unfinished,
for until it bad an outl t to the south, it would not
obtain sufficient traffic for its purposes. Where there was
no through line there were few distriots in which the local
and agricultural traffic would make a railway pay. They
had been disappointed in cumequene of the south line
(Ulterston and Furness) not having been finished by Mr.
Brogden, and there seemed no prospect of its being opined
for a year and a half or two years. At the game time he
felt no despondency, for he wasconfident that as soon as there
was a line to connect the vadlic of Wean Cumberland with
Lancashare, and so making a through line, that their un-
dertaking would he more prosperous. lle could only re•
commend patience and confidence in the future. %Vial re-
gard to the proposed preference shares, he should eer'ainly
take his allotment.

The rep in was then adopted, and the retiring directors
and auditois reelected.

The meeting was then made special, for the purpose of
authorising the company to raise the sum of 55,000/. by the
issue of sh3res, pursuant to the provisions contain. d in the
Wiiitehaven and Furness Junction hallway Amendment
Act, 1853„

leesolutions to that effect were then passed, and it was
explained that when that sum was raised the capital raised
w..uld still be within the original capital proposed, a cir-
cumstance which had been caused by a large forfeiture of
shares. The shareholders had assented to the directors ap-
p!ying to parliament to provide against such a contingency.
The preference shares to be raised would hear interest at 5i
per cent., but it would not be cumulative, and there would
be a power to pay them &flat the end of ten years at par.
It was also stated that an increase of Cradle of 50/ on the
line would corer the interest on the preference shan.s.
The resolutions were agreed to, and the meeting sepa-
rated.