The Express.
London, England, 1853-01-31 00:00:00

EVENING.

NORTH STAFFORSDHIRE RAILWAY.

The half-yearly meeting of the shareholders in
this railway was held at the central station at Stoke upon-
Trent, on Saturday, Kr. TKONLS BRODILIM the deputy-
chairman, presiding.
The statement of account for the half year has already
appeared in the Daffy News. The following report of the
directors was read; the usual practice, of previously issuing
it, having been deputed from on this occasion, in come-
' quence of the circumstances adverted to by the chairman :
" The report mule by the directors at the half-yearly
meeting, held on the 18th July last, contained a statement
of the reference to Messrs. Stephenson and Hepe, of all
matters in difference between this and the London and
North Western Company. On the 9th of October last a
letter from them, dated the Bth October, was received by
the directors, and copies were forwarded on the same day
to the shareholders, recommending-1. That the London

and, North Western Company should acquire the whole
property of the North Staffordshire Company.-2. That
they should, in consideration thereof, pay to the North
Staffordshire Company, upon their ordinary share capital,
dividend of 3 per cent. for the first year, 31 for the
second year, and 31 for the third and future years.-
3. That capital to be taken at 2,826,0061.-4. The London
and North Western Company to undertake the canal divi-
dend, and all other liabilities of the North Staffordshire
Company, limiting the bond debt to 1,080,0001.-5. These
obligations to begin when the transfer of the North Staf-
fordshire property should be legally completed.-6. The
two companies to unite in applying for an act of parlia-
ment ; and in the case of failure, to repeat the application
in succeeding 'sessions. Should parliament reject the appli-
cation three times, the engagements to eerie.—As great in-
convenience and uncertainty seemed likely to result from a
rate of things which might be so long protracted, Mr. Ste-
phenson and Mr. Rope were requested to consider whether
II en arrangement could not be devised by which the results
they desired should be at once secured, until the sanction
of parliament was obtained to the complete amalgamation
to be applied for. Conferences took place, at
which the referees stated that they had arrived at the con-
clusion expressed in their former letter, under the conviction
that a good understanding between the companies was alone
necessary to realise such results; and that by a cordial co-
operation in the working and interchange of traffic, the net
profit accruing to the North Staff ;edible° Company would
suffice to secure to the proprietors, over and above all
charges, the dividend named by them. They recommended,
therefore, the appointment immediately, and until the pass-
ing of the Act of Amalgamation, of committees specially
deputed by their respective boards, to manage, in conjunc-
tion, the traffic affected by the reference : the two boards
pledging themselves to give the fullest effect to the acts and
recommendations of the directors so deputed, and engaging
cordially to co-operate in carrying out the declared objects
of the reference. These recommendations were submitted
to the shareholders of each company, at public meetings
held for that purpose, simultaneously, on the 18th of De-
cember last, and unanimously adopted by the shareholders
of both companies. To carry them out a bill has been
brought into parliament to amalgamate the North Stafford-
shire Railway Company with the London and North-Western
Company, and the committees suggested to mansge in con-
junction the traffic of the North Staffordshire Company have
been appoiuted, and are now in operation. The directors
cannot doubt the assent of parliament to a meuure so
Imperatively called fur by all considerations of public
convenience, and which will then effectuate the full ob-
jects contemplated by them in the projection of the whole
undertaking. In the mean time, the line will be worked
under the recommendations of the committees, the gua-
rantee of dividend at the rates fixed by Messrs. Stephenson
and Hope taking effect from the let January inst. The
necessary arrangements for transferring the through traffic
between Manchester and London over the North Stafford-
shire line are now under consideration, and although the
directors fear that they cannot be brought into operation,
as to passenger trains, before the lst March next, they ex-
pect the passage of goods trains will take effect forthwith.
It may be matter of interest to the North Stafford-
shire shareholders, to know that the traffic, es-
pecially in goods and minerals, is steadily increasing.
The cost of maintenance of the whole permanent way de-
volved on the Company for the first time in the last half-
year, and in this and other heavy items of expenditure, as
well as in the amount of interest on the bond debt, .the
charges against the company may be fairly said to have
reached their maximum amount. The accounts for the
half-year have already been placed in the hands of the
shareholders. They disclose a result which enables the
directors to recommend a dividend of 3s. per share, free of
income tax, leaving a surplus of 1,7091.75. 71"
The report was unanimously adopted.
A dividend of 3s. per share, free of income tax, was de-
clared, the same to be payable on the 20th of February.
A vote of thanks to the board concluded the business of
the day.