The Express.
London, England, 1866-08-09 00:00:00

LANCASHIRE AND YORKSHIRE RAILWAY.

The half-yearly meeting was held yesterday at
Manchester, Mr. H. W. Wicnwrat, M.P., in the chair.
The report, an abstract of which has already appeared,
was taken as read.

The CHAIRMAN, in moving the adoption of the report,
said the dividend of 31. 7s. 6d. (61 per cent. per annum),
which the directors were enabled to recommend, was
larger than any which the company had paid fora period
of nearly twenty years. In the June half-years of
1850 and 1851 the dividend was only 11. Since
then the amount had increased with unvarying regalarity,
except during the bad trade of 18.58 and the cotton
famine from 1861 to 1863 ; and there was reason to hope
that this improvement would continue. The revenue for
the half-year just ended exceeded that of any previous
half year, having been 1,157,3581., an increase of 145,0141.
over the corresponding date of 1665. The normal rate of
increase of traffic had been about 10 per cent. for a long
series of years, interrupted only by the effects of the Ame-
rican war. This was taking the average from June, 1850,
when the receipt, were 330,9171., to Jane, 1858 (up
to the East Lancashire amalgamation), when they were
561,3371.; and since the amalgamation the amount had
increased from 821,4891. in June, 1859, to 1,157,3.581. in
June, 1866. For the past half-year the increase had been
15 percent. over the corresponding period of 1865. The
working expenses were now larger than they had been be-
fore, owingto the greater amount of work performed. The
increase in the half-year bad been 48,4361., of which
16,021/. was in the locomotive department. Mulct this
head the advanced price of coal accounted for 6,769/. of
the increase. In coaching charges the increase had
been only 5211., while the increase of receipts had been
54,0001. ; by the carriage of 1,230,000 passengers more than
in the corresponding half-year for an average distance of
4j miles. The total number of passengers carried by the
company bad been nearly 10,000,000, travelling on an
average iq miles each. Merchandise charges had increased
by 26,6824., while the receipts had increased by 88,0001.
The tonnage showed an increase of 19 per cent., the ex-
penses an increase of 16 per cent., and the money earned
an increase of 18 per cent. The maintenance of way had
met 37,7111. against 37,`1191; and the renewal account was
59,158/. this half-year against 370211. in June, 1865. Con-
sidering the increase of work, the augmentation of these
two items would not be regarded as excessive. Rates
and taxes, and passenger duty bad been 29,4071. against
26,5401. These were items over which the directors had
little control, and an increase of er traffic led to
an increase of duty. The amount paid for compensation
had been 15,4231. against 14,440/. in the corresponding
period. The expenses of the unsuccessful application to
parliament in 1665, for a bill to connect this com-
pany's system with the Great Eastern, bad been
charged entirely against revenue, and the account was
now wiped off. There was a difference of opinion
between the auditors and tie board as to the appropriation
of 9,2001. realised byithe sale of a number of 51. preference
shares of 1865. The shares were sold at a premium, he
believed, of sa. The auditors and some members of the
board thought the amount should be credited to capital, '
while the majority of the board had decided to place it to
the credit of revenue. The matter was of no peat
moment, and the directors were quite willing to abide by
the decision of this meeting as to the disposal of
the money. The company's parliamentary cam-
paign had been in the main successfuL
had carried all the bills they applied for, TrhieZ
the exception of the line from Huddersfield to Elland.
The rival scheme of the London sod North-Western and
Midland had also been rejected, and he could not express
any regret at the loss of the Lancashire and Yorkshire
scheme, because, though the directors brought it forward
In deference to public opinion in order to improve the ac-
cess to Huddersfield from Halifax and the west, the expen-
diture would have been considerable, and the return to the
company would not have been commensurate. The di-
rectors had concluded an advantageous arrangement, by
which jointly with the London and North-Western they
were to purchase the Preston and Longridge line from the
Fleetwood, Preston, and West Riding on satisfactory
terms.
Mr. GIME Wn.sog (deputy chairman) seconded the
motion.

A short discussion ensued as to the disposal of the
9,0001. of premiums on the male of preference shares._
Mr. JOBIIIIA FILLDEN moved 111 an amendment that the
sum be charged to capital.
Mr. BROADHURST seconded the amendment.
Mr. J. B. WOLIPENDIN (Bolton) and Mr. C. SEVER spoke
in support of the proposal of the directors to credit the
amount to the balance of revenue carried forward.
Mr. Ntomarrie supported the amendment, as he concurred
with the auditors in thinking it a question of principle,
though the amount was small.
The amendment was negatived by 24 to 19, and the
original motion was passed unanimously.
The guaranteed and preferenee dividends were then
declared, together with the dividend at the rate of tlf per
cent. per annum on the ordinary stock.
The meeting was then made special, to confirm the
arrangement for the purchase of the Preston and lung-
! ridge line, and the raising of 0900,0001. new capital for
'sacral purposes, en the terms named in the report ; which
Wife unanimously Weed to.
The maelialbess.. to by a rote of thanks to the @hair-
less's sad the