The Express.
London, England, 1853-09-02 00:00:00

MANCHESTER AND SOUTHPORT RAILWAY.

The half-yearly meeting of this company was held
on Wednesday afternoon, at the offices of the Lancashire
and Yorkshire Company, in Manchester. Mr. WILLIAM
STFWAIIT presided. The other gentlemen present were
Mews. G. Wilson, Boardman, and Marshall, and Mr. John
Dunstan, jun., secretary. The following report was read
and adopted:
" The position of the capital account on the 30th of June
last is shown by the annexed statement of receipts and ex-
penditure which is submitted for your approval and con-
firmation. The expenditure during the past half-year has
amounted to 22,6261.75. 6d., arising mainly from the com-
pletion of land purchase, and the payment of compensation
to tenants and others, and for works executed on the line
now in course of formation between Wigsn and Southport.
The progress by the contractors, considering the late me-
lon of fine weather, has not been sati‘factory to the
board, nor commensurate with the encouragement and
assi.tance given to them from time to time to
urge forward the execution of the works, Bach
representations have been made, however, to the con-
tractors as will have, it is hoped, the desired effect, other-
wise it will be the duty of your board to adopt those measures
which may be considered best calculated to protect the com-
pany, and at the same time to secure the proper progress
of the works. A bill promoted by the East Lancashire
Railway Company, for an extension, amongst other objects,
of their line of railway from Ormskirk to Southport, was
passed by a committee of the Howie of Commons daring the
last session ; but, before reaching the upper house, and
through the intervention of the Lancashire and Yorkshire
Company, an agreement was concluded, in virtue ol which
the East Lancashire Company have been admitted into the
position of joint owners of that portion of your railway
now in course of construction, which lies between Burs-
cough and Southport, on payment of a moiety of its cost
within seven years from the date of agreement,
and in the meantime of interest at the rate of
four per cent. per annum. The agreement also pro-
vides that the East Lancashire CoMpany shall contribute
their proportion according to traffic, of the cost of maintaining
the jaint line and of other incidental expenses. The bill of
the East Lancashire Company was therefore so far modi-
fied as to exclude all provi.ion for an independent line. The
bill promoted on behalf of your company for a deviation of
the main line between Manchester and Wigan, and for
other purpoam, was withdrawn early in the session, with a
view to admit of further consideration by the board. The
usual resolution for a declaration of a dividend at the
fame rate as the dividend about to be declared by the pro-
prietors of the Lancashire and Yorkshire Railway Com-
pany, will be proposed for your adoption. The following
directors retire by rotation at this period, viz.: Messrs.
James Holme, John Hargreaves, and Thomas Broadbent,
and being eligible, are proposed for re-election."
A resolution declaring a dividend as recommended by the
report was agreed to; and the meeting was then adjourned
to Thursday for the election of directors, the required
quorum for that purpose not being present.