The Express.
London, England, 1850-02-22 00:00:00

ill tit
in 111

RAILWAY MEETINGS.

sat' of parlitunitnt coadamisg the yew. The expenditure
prior to the 30th of June of the last year, is now in course
ef adjustment with the lanouhire and Yorkshire Company.
The threaten ?wet to Fay, that the capital invested in
the Chester and Holyhead Railway (the interest on whits
Is now a charge against revenue) continues naremunerative.
With a view to the final closing of the capital account
(except In so far as it may he re opened formeeilic pommies,
by special vote of a general meeting), the directors eal:cd
upon the heads of the errand departments to submit careful
estimates of the mount novitiate to complete all works m
pr-gress, or actually ordered; aho, estimates of such further
ouuay as they consider immediately necessary. These
returns have undergone revision, and the result h thet the
net amount of estimated further expenditure is found to
be 1,010,9101. 2a. 34.
. _

LONDON AND NORTH-WESTERN RAILWAY.

TlllB DAY.

The half -yearly meeting of this company was held
to-dey in the Hall of the terminus, at Reston-square, G. C.
GLYNN, Bag., M.P., in the chair.
The advertisement calling the meeting having been read,
and the minutes of the lest meeting,
The CHAIRMAN proceeded to call attention to the re-
port. He brat bore testimony to the extraordinary and in-
defatigable manner in which the auditors had performed
their duty. He regretted delay in the half-yearly mutinies,
es he was &Mom that the accounts should be in the bands
a proprietors, and the dividend paid as early as possible;
the more so to prevent, by placing the fulled explanation
before the public, those ilastuations which resulted from the
system of jobbing curled on at the 8 ock•Exchange. The
directors had not the means at their disposal to refute the
statements made to carry out that system without prejudicing
the ordinary business of the company ; but the bake were
amp open to the proprietors, and every explanation
Me, desired would be given. He complained of anonymous
Islasee biegnat to him, which, he said, he always consigned
le the flow. He next proceeded to call attention to the
seseneed Some discrepancy in the prima accounts, as
=6:/ith those of October, 1848 resulted from the
d sad Manchester and L;ed. and Dewsbury
hiderliew taken eate the general miement as share capital,
while la the former mounts it appeared in the account of
subsidiary lines. Anther item of excess was in regard to
the Birmingham Extension; hut the directors more than
hoped that the negotiation with the Great Western would
put them right on that item. (Cheers) With regard to
the closing of the capital account, he hoped by the end of
1850, or the beginning of 1851, all the subsidiary lines
would be completed, and, so far as they were
concerned, thin would be no &faculty in Mang
the capital account; and as regarded the main
line, except in respect to new waggons, rendered sea
-
canary by the increase of the goods traffic, and possibly for a
goods depot in London, which of course could not properly
be charged to . The capital account, be believed,
might be brought to a dose by the clue of 1850. The par
seater traffic had not increased, that having been at its
maximum in 1846. There was a great increase in the goods
traffic. With regard to the charges, there was more cause
for congratulation than with regard to the receipt.. On
Mace there was a r,duction of 11,0001., or it might be taken
that they had forty.thre• miles more of railway (the West
Yorkshire) without any additional expense. (Hear, hear.)
The suggestion to work the line by contract was fraught
with so many difficultiee, that he could not recommend it.
The principles which regulated small lines did not apply to
lane lines. He regretted the reduced dividend, though be
had warned them of it when they proceeded to take in new
lines, bat causes which he could not have foremen had
tended to decrease the dividends of this as of all lines far
cos Mn he anticipated. The dividend for the half-year
weatifl be at the rate of 5i per cent. per annum. He was
in a minority on the subject, or he would have preferred a 5
gee
ori:t. dividend until after 1851, putting by stage reserve.
g at the greet boon railways had convened on society,
M thought parliament would not refuse to grant remedial
iMagares—but so many changes in the tariff would not
waging. The experience of the last two years had
ism that an increase in tint and second class faro a
wenli have tended to a greater felling off in the receipts
Man had ormarred. But he thought a small booking fee of
taspcassfar each passenger might probably be advisobls
se esslanly it would be an advantageous step. After
olopstlng • committee to confer with ths director., with
Ilhe view to re-arran e the constitution of the board, exorcise •
flag • hope that the directors had in no instance forfeited the
'Marlene* of the proprietors, and intimating that the conduct
dthe law business was under consideration, he called on the
secretary to read the report.
It appeared from the report that
amosats for the half-year again exhibit a diminution
in lhopenampr receipts, although, during the greater part
411 the period an additional mileage has been worked. This
lemmas, amounting to 5,8691., is not confined to those 11
Isealities where the company has been subjected to the com-
petition r f new lines, but (although heaviest between Liver-
pool and Manchester) extends over the whole railway. The
hex of passenger traffic was seriously felt during the pre-
mimeo of cholera in the autumn, and for the four weeks
between the 17th September and the Bth October, the dimi
wafts, as compared with the same period of 1848, amounted
to 10,3401. Since that time the comparison has continued
slimly to improve.
The merchandise traffic continue. steadily to improve; the
increase over the corresponding half year is 16,7791. This
was the more gratifying in the present instance as, during
eighteen weeks of the half year, the company his been sub-
jected to a severe contest with the canals an Lancashire. It is
hoped that the present agreement, subject to such modifica-
tions from time to time as may be found necessary, may have
a permanent character ; but the issue of the late competition
has satisfied the directors that, should the necessity unfortu-
nately occur again, they possess ample powers to secure their
fall share of the geoeral
rectors of this line to be pre-
year, as 12,6601. MANCHESTER, SHEFFIELD, AND LINCOLN-
Excluding the disbursements on the Yorkshire lines, the
saving on the main line and branches, as compared with last The report of the di SHIRE.
vented at their seventh half-yearly meeting, at the Cora
Exchange, in Manchester, on Wednesday next, the 27th
The system of economy which has been practised for
several half years is still in progress, and the board antici-
inst., states that during the last half year the prospects of
pates its being carried toe greater extent; but measures of this
this undert4kisg have neither brightened nor improved,
for although the line throughout, with the exception of the
kind must generally be gradual in their operation, and well
wnsidcred in all their detai:s, in order not to impair the
Lincoln branch, has within this period been opened,
efficiency of the service, which it is of paramount importance
the weekly
appeared to the direetors fair and reasonable
traffic has fallen short of the amount at which,
to maintain. The per centage of disbursements to receipt
upon what
is exclusive of rates and taxes, 33.8 per cent., and inclusive
' they cannot, however, permit the results of the past and
of these items, 38 5 per cent. g.rounds, they estimated it. The directors go on to say,
During the half year just concluded, the following lines
first half year to be regarded as an index of the future, or
and extensions, the property of the company, or in which it
is largely interfered. have Men opened for traffic an exponent of the merits of the undertaking, especially as
The Ree
ds
sod and Altrinicham Railway 9 mile,. the deficiency is traceable in a great degree to causes of a
The Leeds and Dewsbury and lioddersfield and Man- temporary nature. Among these are the yet imperfect
cheater Railway (worked by L. and N. W.)
The Shropshire Union Railway, from Shrewsbury to river Humber; and the want, until very recently, of such
Stafford (worked by L. and N. W.)
The Manchester and Buxton Railway, from Matlock to
Ambergate
its own legitimate traffic, and exclude unneces•
eery and aggressive competition. But the directors
And the extension under the town of Liverpool, to the new are aware that deficient inane, although the chief, is not
and important station for merchandise at the North Docks. the only, cause of deptession in this undertaking. Had the
The traffic on lines a recently opened is necessarily limited, traffic returns been more ample, the capita required for
and many of the stations are net yet ready for merchandise; finishing the works would have been obtainable on easy and
but it is steadily improving, and may be expected to increase satisfactory terms ; sad had the required capital been thus
considerably during the present year. easily provided, agitation and dissent on the part of share-
The remaining lines in which this company holds an im- holder, would not only have been unheard of, but the credit
portant stake—vin , the Stour Valley Railway, the Rugby of the undertaking would have stood unimpeached in the
and Leamington, the Rugby and Stamford, the Bucking- estimation of capitalists. As it is, however, the directors are
hamahire, Coventry and Nuaeaton, and the Bast and West impelled, from a sense of duty, to state, without disguise,
India Dock Railway, will probably be opened during the that the undertaking at present labours under the combined
present year, and some of them in the course of the summer, evils of defective traffic, insufficient capital, injured credit,
The South Staffordshire Company having proposed to and a disunited proprietary—evils, each enhancing and m-
imes their line to certain private individuals, your directors hanced by the rest, and requiring for their correction (in
felt themselves compelled, in the first instance, to refine place of disunion, strife, and contention) the cordial co-
their consent to the measure, considering it detrimental to operation of the shareholder and the directive and executive
you interests, and tending to defeat the object for which powers, into whosoever hands the latter may be entrusted.
this company originally became subscribers, but negotiations With thee views, the directors propose to the proprietary
ire pending with the board of the South Staffordshire Com- the measures included in the notice calling the meeting, ace
pany for such modifications as may remove the existing ob- they unhesitatingly recommend their adoption as necessary
imams. to rescue the affairs of the company from their present em-
A settlement and amicable division of traffic, where the hummed condition."
interests clash, has been effected between the Lancashire and Reverting to the traffic, the directors state that after satis-
Yorkshire and this company, on the one part, and the East tying working expenses. interest on loans, and canal annui-
Lancsahire Company on the other which it is believed will, ties, a net profit of 22,6761. 19s. Bd. remains on the half-
under the circumstances, work satisfactorily for all con- year's accounts applicable to the payment of dividend. The
earned. interest on the loans and the canal annuities are already paid:
The opening of the Clifton Branch brings the Rosendale the dividends referred to cannot at present be paid, for the
district of Lancashire into connection with Liverpool. The following reason " The directors admit that claims of
traffic by this branch to the Liverpool and Manchester line creditors on the undertaking are a 'aims paramount to those
he embraced in the agreement with the East Lancashire of shareholders, and for the purpose of providing for these,
Company in the abeam of a sufficiency of other funds, the director.
To the. eastward the directors, in conjunction with the have been compelled, though reluctantly, to expend the
Midland Company, have, after lengthened negotiations, receipts from traffic as they have accrued. Under these
completed a comprehensive traffic arrangement with the circumstances, it will be for the meeting either to post-
Manchester, Sheffield, and Lincolnshire Company. This pone the declaration of a dividend altogether until a
agreement, and the existing contract with the Lancashire future day, leaving to the shareholders, meanwhile, a
and Yorkshire Company, there is every reason to hope, will reserved claim for it agonies the company, in accordance
afford the fullest facilities to the districts in question, whilst
of the fair in
it will secure and consolidate interest all with the act of incorporation; or to declare a divitend now,
parties. with a postponed day of payment to be fixed at some future
The Shrewsbury and Birmingham Compa rejected the mating; and of these two courses the director. decidedly
proposals for traffic arrangement. In this anti the case of prefer the former. The like putponement of payment has
thnNorth Staffordshire Company, proceedings in Chancery also been found necmary in relation to the claim for interest
ban been instituted. eat of capital, to which some classes of shareholders are now
Ice umeation with the Lancaster sad Carlisle and (for the last time) entitled, up to the 16th of January last.
Oliefleldsn companies, an arrangement was entered For such interest the directors, under sanction of the meat-
ball ea OM 6th of October last, by a deputation of ing, propose to issue interest warrants payable on a day
sae menhir from each of the three leasing *impacts', hereafter to be appointed ; and this operation they the more
and • dmintation from the board of the Scottish Cen- strongly advise, as it will facilitate the conversion into con-
trol, twain ing of its chairman, deputy•chaerman, and solidoted stock of a large proportion of the shares in the
Mr. Blew , one of the directors (attended by their solicitor), undertaking ; a measure equally for the convenience of the
who payed themselves to bring it without delay before shareholders, and for economising labour and expense at the
their and use all their influence for its adoption. office."
On the of this, your committee paid, without demur, a The directors express their regret that the conclusions at
slue of stated to be due up to the 30th June, from which they had previously arrival have proved erroneous, as
which date the new agreement was to take effect. they now find that instead of 6,750,0001. sufficing for the
Some difficulties laving subsequently arisen betwixt the total cost of the undertaking, the capital required for that
Scottish Central and the Caledonian companies, the Scottish purpose must be stated at 7,335,0004. Estimating the total
Central directors declined, on that ground, to redeem their expenditure at 7,336,0001.. the funds supplied and to be sup.
pledge. Your directors deny the validity of this plea as plied for defraying it would be as follows : Already raised
affecting the London and North Western, and assure the and paid from shares and lone, including a further sum yet
proprietor. that they vs fully prepared to vindicate their obtainable, 6,304,0361. ; to be eansed under the
cs companyn
's
conduct throughout the whole transaction. existing powcn for borrowing, or by e t stock i
et
Huddersfield and Manchester and Leeds and Dewstouryunder- shares now in the compan's hands as a new preference
The capital account of receipts and expsnditure of the lieu of borrowing 500,0001.; to be num by the re-isaue
takings, es examined and eertifled by the professional amount- stock, 535,0001. ; total, 7,339,0361.
ant:2lo7.d by the auditors, have been incorporated with the To the report is annexed a summary of the present and
ten Mesas of this company, and are included
prospective liabilities of the concern to prove the absolute
to the published statement submitted to the proprietors. necessity of the additional espial now required.
Thew amounts embrace the expenditure upon the joint In consequence of a requisition presented to the directors
stations at Leeds and Huddendeld of which a portion is (requiring them to call a meeting to discuss the appointment
repayable by other companies. The stook et locomotive of soother committee of investigation), the directors have
engines, &es., originally provided by the local directors,
bean distributed amosgat the several establishment., and meeting, in preference to convening the proprietors a second
have determined to make that subject a special ono for the present
debited at a valuation to the cost of working stock. time for this single object.
In the revenue aucesat is included the estimated lees upon The report is Wined by Lord Yarborough, the chairman,
the Preston and Wl,* Oaarantee, since the passing of the and is dated, Manchester, 18th Feb., 1850.

The ornisg of 143 additloasi miles of railway, to be
brought into operation daring the present year, will, of
nouns, entail the amenity of providing additional working
stock, with the exception of locOntotive engines, of which
there is a sufficiency in store.
The directors have to announce the retirement of Mr.
Westhead, M.P., a member of the Manchester and Bir-
mingham committee and of the amalgamated board, and of
Mr. Young, a member of the London and Birmingham com-
mittee and of the amalgamated board ; and of the Right
lion. Fox Mauls, M.P., and Mr. Saltmanhe, members of
the London and Birmingham committee; and of Mr. Chad-
wick, a member of the Manchester and Wrafingliaut com-
mittee. Mr. Weetheed has been succeeded in the board by
Mr. Lyon, deputy chairman of the Manchester and Bir-
mingham committee ; the remaining vacancies have not been
filled up by the respective oenassittites.
The reduction in the current rate of interest has enabled
the directors to effect renewals of debentures at he per cent.;
It is unnecessary, therefore, and on every ground undesir-
I able, at present to raise money by further calls upon that
portion the share capital upon which the galls are optional.
Prom the statement of the haU year's accounts, It ap-
peared that the nett pooeee'b are
To which most be added the balance carried forward
from the last account 15,301 19 1

Less, farther allowalue for renewal of rails

£5A,520 1 5
19,770 10 0

13b3wing a diapotablelasee of £532,749 11 5

A dividend of 21. 15s. per cent. for the six months, amount.
ing to 489,1121. 71. 3d., would leave a balance of
43,837 t. 4s. 2d. to be carried to the next half year's interest.
After some discussion the report was agreed to.
The resolution of the directors that a dividend of 21. 15s.
per shire should be declared was lost, and the amendment
that the amount be reduced to 21. 10s. was carried.