The Express.
London, England, 1867-08-15 00:00:00

LANCASHIRE AND YORKSHIRE.

The half-yearly mreting of this company was
held at Manchester yesterday ; Mr. GEORGE Willson
(deputy chairman) presiding.
The half-yearly report and statement of accounts, which
have been published, were taken as read.
The CHAIRMAN moved the adoption of the report. He
remarked that this company was the one which offered the
largest dividend of the half-year, and whose stock was
highest in the market. The dividend, however, was less
than at the corresponding period, although the traffic
had increased by 43,0007. The depression of trade
had interfered with the increase, and the rise
in fuel and wages had absorbed a large portion of
it, but the company compared favourably in this respect
with those of its contemporaries whose accounts he had
seen. The goods traffic had been rather less than in the
corresponding period in point of tonnage, although the
amount received was rather greater, being ss. 40. per ton
against ss. 2d. This increase hardly bore out the startling
statements which appeared some time ago in the news-
papers of the large advance of goods rates the companies
were making. It was certainly to be expected, after the
depreciation of rates for many years, that the companies
should seek to increase them, though not to the maximum
rates they were empowered to levy. The amount
paid for compensation had been 14,686/., against
15,423/. in the corresponding period. Most railway
chairmen had spoken in language of great complaint,
and justly so, against the severe inflictions of penalties
upon railway companies in the shape of compensation.
No director at this board would vindicate bad manage-
ment, or seek to escape the responsibilities which attached
in the event of accidents through carelessness or negli-
gence. But surely if a man took a ticket, it might be for
sixpence or a shilling, and his valuation in the event of
injury might amount, as in a Great Eastenn,case, to 7,0001.,
some provision might be made by which the passenger
should register his own value, so that the carriers would
see the amount of risk they were running. After
adding some remarks upon the superior security attending
the debenture debt of railway companies generally, he
I congratulated the shareholders upon the fact that railway
extension appeared now to have ceased. This session not
more than one or two acts had been passed for construc-
tion of lines. Applications were made for abandon-
ment or for extension of time. If shareholders
and directors therefore would resolutely face the
difficulties that attended some of the companies
at present, and seek to postpone constructions
not likely to be remunerative (there were very
few lines that could be remunerative as branches), then,
in a very short time, the recuperative power of the com-
merce of the country, through the agencies of a good
harvest and cheap money, would be quite sufficient to
place railway property in a more favourable position than
it had held for many yrsast.
The resolution was passed unanimously after a few re.
marks from Mr. H. RAWSOX and other shareholders, chiefly
congratulating the directors upon Gni.. avoidance of com
petition.
The dividend of 61 per cent. per annum and other formal
resolutions were passed.
A special meeting was then held, which empowered the
board to create debenture stock at rates not exceeding 4i
percent. when they deemed it expedient; and also to
oonsol;date it to preference stock certain Lancashire and
Yorkshire preference shares, 1865.
The proceedings concluded with a vote of thanks to the
chairman.