The Express.
London, England, 1851-02-01 00:00:00

THE EXPRESS, SATURDAY EVENING, FEBRUARY 1, 1851.

Lode and Liverpool Coat and the eompOica of the
jeey heels& of the railway. He said le sold appeal with
deriaaea Selig shaeskoldere to testify their approval of the
pay wldele this diremeen bad adopted, hosose, from first to
Imas, the dieveton had given la their reports every
=tar connected with the management of every
of th• concern. (Hear.) ;They bed endeavored to
melee what be might might term the pose policy with
regard to their opponents; and although the traffic arrange-
noses mode Amos the last kall-yearly meeting MS bees
severely animadverted upon, the director nevertheless felt
otiefied that they had been dictated by a desire to promote
the lutenist of the shareholdm, and were hued upon sound,
commercial prieciples. During the lut half-year the value of
their property in the Hashed increased by upwards of half a
million sterling, an 4 this he was convinced could be &MI-
-6.... • •" el.et
r.ozy punned With hire- **" this
1145'
arrangements. The statement of assounta appended to the
report showed that while dole, the half year ending Dec.,
1850, they had been doing an increased business of 3.0001.
per month, as compared with the corresponding hell year of
1849, they had a floating capital of 6,0005. a year less.
(Apploese.) The workiag exposes of the pest half. year
would also compose favourably with preceding halt-years.
With regard to the goods trade, up to the lit September
last, the receipts remained about equal to those of the corre-
sponding period of 1849; became although there was clecid•
oily more traffic, the rates were lower than at the former
period. But since September there had been an increase of
6001. a week in this traffic, *Oleg partly from increased
local triffic, and partly from higher rates. There hod also
been an increase in the receipts for passenger traffic, attri-
butable mainly to the encouragement which had been given
to the syrem of cheep trains, and by the adaptation of the
trains to the wants of the public. With regard to the con.
templated application to parliament, mentioned in the
report, the bill bid already passed the !tending orders, and
the application would not iocreue the legal charge., so far
o their solicitor was concerned, as the payment to him
would be included in hie salary. One great ques-
tion in the hill was with regard to the toll for
the joint entrance into Liverpool. The bargain was
originally made as between the Ormikirk company and
the Liverpool end Bury company, whose lines were about
the same length. At that time the question of toll was a
perfectly open one. Since then, however, u was known,
the Orsokiek company had been ainalitsnotei with the
But Lancashire and the Blackburn and Preston eomtacy;
and the Liverpool and Bury with the Lancashire and York-
▪ The resolution bavirg been seconded,
Mr. ROSSON, of Ormakirk, said it was the Ant time he
bed been able to congratulate the shareholders on their
prospect..
The resolution was then carried unanimously. The
retiring directors having boon re-elected.
The CHAIRMAN then moved that a dividend bade.
clued for the !Wryest ending December 3110860, of G per
cent. per annum on the Preference Quarter Shores ; 6 per
cent. per annum on the Preference Fifths; 6s. per share on
each whale share ; and Is. 3d. per share on each closer
share in the ordinary stock of the company, payable when
and as the directors might appoint. The resolution was
serried nasnimously.
The CHAIRMAN moved that the direston be authorised
to complete the Lae from Newelorsh to Raesp when and
as they considered it expedient. Lind lod Wised) been
purchased in connexien with this breath, or Use company
wasliable to pay for it, to the extent of 14,1551. ; and the
works already emoted and paid for amounted to 3,4001.
The Nuking of the branch was rendered absolutely neces-
sary by the increase of the traffic of the &street ; and if it
were not constructed, they would hoe to incur heavy
expense. for station accommodation at liewchurch. The
estimated coot of making the branch (21 miles) including
lend, was 47,7001. j end station land, and buildings, 6,6001. ;
total, 6,7001.

Mr. JAS. RILEY, deputy chairman, seconded the
, motion, which was carried.
The meeting was then resolved into a special one, to take
into consideration an aroangement proposed to be entered
into between the East Lancashire, the London and North
Weston:, the Midland, and the Lancashire end Yorkshire
boards, with the Leeds and Liverpool Canal Company, for
investing the merchandise traffic of the canal in these railway
0001pealle.
The CHAIRMAN explained that the proposed agreement
was for 21 years, terminable at the expiration of 14, at the
option of the railway companies on gif,ng seven years' notice.
It had been agreed to pay 40,0001. a year to the canal com-
pany as reit% this amount having been based on calculations
of the traffic on all parts of the canal during 1849, at the
rate of one penny per ton per mile, although the canal coin.
party had the power of levying a toll of lid. per ton
per mile. It had been ascertained that the propor-
tion of the East Lancashire company would be about
onsthird of the whole, and their proportion of
payment would consequently be one third. In addition to
ibis the Railway Companies would have to pay for the light
boat charges, not exceeding 1,0001. per year. These charges
were at 1,2001. in 1849, reckoning at the rate of 51. per
boat. The object of the proposed arraegement was of
course to enable the railway companies to obtain remunera-
tive rates for the goods traffic on their lines, and they would
also hays the advantage of any increase in the traffic on the
canal itself during the term of 21 years. By a further ar-
rangement between the railway companies themeless, it
was settled that the several companies should pay towards
the 40,0001. rent in proportion to the traffie they carried on
the canal. As far as could be ascertained from the returns
yet made, it appeared there would be a small profit to the
railway companies on the canal traffic alone. He proposed a
resolution authorising the carrying out, under certain Enti,
titian., of the proposed agreement.
Mr. BLACK LOCK, in supporting the resolution, spoke at
some length on the advantages which might fairly be ex.
peeled to result from the carrying out of the proposed ar-
rangement. There would not only be a direct profit an the
working of the canal, but also the fact of the canal being in
the hands of the railwa companies mast greatly conduce to
benefit the railway traffic of the district.
A SHAREHOLDER inquired whether the Canal Com•
pony would keep the works of the canal in repair T
The CHAIRMAN replied that it would.
It was also stated that the rails ay companies would derive
no benefit from any other source in connexion with the canal
than the traffic—such, for instance, as the supply of water
to raill•owners along the line of canal.
The CHAIRMAN said it had been suggested in other
places that there would be same legal difficulties in the way
of carrying out inch an arrangement, but the directors diu
not anticipate anything of the kind.
The resolution was carried.

A SHAREHOLDER mquired wkethn it was probable
that the remaining all of V. per share on the fifth shares
would be milled up daring the neat half-year J 1111111 -
The CHAIRMAN replied that the uireetors would en.
demur, so long as they could borrow money at 4 per cent.,
not to make calls, on which they would have to pay 6 per
cent. (Hear, hear.)
A vote of thanks was given to the Chairman, and the
meeting terminated.