The Northern Daily Times.
Liverpool, Merseyside, England, 1856-08-16 00:00:00

L° DUN AND NORTH WPSTE
COMPANY.

RN RAILWAY

lIALF-YEARLY MEETING

(ERNA OUR OWN REPORTER.)
The hair yearly meeting of the proprietors of this
Z"PanY was held at twelve o'clock, yesterday, at the
14!aisrton-square station. London. LI the absence of the
dquis of Chandos, who was prevented by indisposition
na attending, the chair was occupied by Mr. Benson,
lnity chairmen.
fisT_ he Secretary, Mr. C. E. Stewart, read the minutes of
w'",.!, last meeting, which were confirmed. The report
Nytneh was Previously circulated amongst the shareholders
taken as read. After stating that the rolling stock
anci ,
rKS of every description have been maintained. in
tak_e,fficiency at the cost of revenue, it gave the following
eo"„ular statement in illustration of the progress of the

Iter
e.ptsi from Passengers. Par./ 47(19,30s 712,275 32
D•c ,967
el s Mai a,
Ilk, front Merchandise, 8/c...-

137,6. Increase

711.689

748,347

£1 420,997 .e 1,490,622 -e69,625

De: cease
ping expenses..... £600,719 .5'597,399 £3,320
er centage of Diibunioent to
Recei r
It t.fienPsiatcd that the contest with the Great Northern
m„"aft been settled, and as the award is to be for a term of
arten years, ,th e directors trust that the companies
""43' not again be subjected to the evils of simir contests,
and that they may be enabled to carry on the traffic of
:,neir respective districts to the advantage alike of the
nareholders and of the public. The arbitration. under
by
West London Act of 1854, has resulted in an award,
Y,kr 'Il • k haw that the lessees shall pay to the prt?-
eleter.s of the west.' London Railway, for the use of their
ene, a sure of .el,BOO per annum, from' the Ist July, 1856,
plieu 0. f the undefined and fluctuating payments provided
4'l' in the original lease, and which have led to so muc
i. .
r.igAtion. The arrears and damages awarded. amount to
'1,127, of which .e 2,000 are charged in the accounts of
the
t • Past half year. The directors reported that the bill
burye. deviation and completion of the Crewe and Shrews-
, line, and for the necessary powers to provide station
ele°rinonodation at Shrewsbury. and at Bolton, and for.
' d the sanction of parliament ,
Purposes,
has
receivetime allowed for
taahealso the bill to extend for one year the
ii„_,.:onstruction of the worksof the Hampstead Junction
b:e They also reported that an act has been obtained
e Parties locally interested for the construction oft a
raii
waY from Shrewsbury to a junction with the Oswes ry
an I'l t
e ew own Railway near Welehpool (a. distance of
-omit •
e sixteen miles), with powers to enter into working
illrangements with this company. As the construction of
tea is railway would tend materially developing
to
aid'
111
the lard
ette over the Crewe and Shrewsbury line,
en::se,„under consideration the terms of a working agree.
to "'.; and they requested the authority of th? proprietors
e:rleelude an arrangement on such conditions as l
rrilear,"' , ucem expedient. Nearly the whole of the and
epetosite for the construction of the Crewe and Shrews-
eririi% Northampton and Market Harborough, St. Albans,
p,—,, Ranipstead Junction Railway, has been purchased
and
th Contracts for the works have been let on. satisfac
°l"' terra& The directors requested a vote of the pro-
;°ielors for 1.t'10,000 being the cost of a warehouse
to
Plar, now occupied by the company at a rental eqruoases.
The eencon the cost an for various othecrthpeu
coprres-
„,. • profits of the half Cearayxceeded those o .
Irline period by .R5B 405 15s lid, and the directors are
tselilire enabled to recommend a dividend at the rate of
„er cent per anrum
.`"e Chair-man, in na. oving the confirmation of the
tethl)%rt, said that the directors hid on this occasion, for
r ""t time, circulated amongst the shareholders the
had with the accounts, and he was sorry to see that it
eed„ the effect, which they feared it would have, in
per-e'vritnn,,g. a smaller attendance at their meetings than o
year] t) occasions. On the occasion of the last half-
dish Y Meeting the chairman had announced that the
pro rnte With the Great Northern Company as in
4er:P" of being settled, all parties having signedv an.
bed to to refer it to arbitratiou ; and he (Mr. Bensiolan,l
beee to
"figratulate them that day that that course
an en carried out that the agreement had been sealed,
d as it would be submitted to
Sir ee' B°oll as it was executed
. • william i„ise ~ Ewart Gladgone for arbitration, In the
ref °I the North Staffordshire Company, they had
tlai. erred the case submitted to them in the action brought
1101nst them, and it now rested with them to prosecute
814. There was no probability, however, of any-
(leuele,"elog tenefitted by it except the lawyers—
tell when it would terminate, he could not
re'a i,eue might congratulate them generally on their
eenrdetee.lls with other companies. Their various traffic
tt
ee'ents were working satisfactorily, on the whole,
th were, he believed, accomplishing the object which
placednnrerliai ntlf yexpected to derive from them. In the
in which railway companies were at present
the,ton'ards each other by parliamentary regulations,
te„„IY course which they could adopt for the protec-
...„ esr .1 .
Item.. In. ell. intrests was by making such.traffi. c
infinitely
arrange-
better
efor them to make certain concessions to friendly
tr°a%Panies rather than eater into wild competition for
seb• to the various points on which they were now
40
bested to competition. (Hear, hear.) And he load
sekieeestitation in saying, that the more he considered the
the e ' the more convinced was he of the propriety of
tete "r se in the various regulations into which they had
had re in
With neighbouring comranies. The directors
arree"' to bring under their notice two new traffic
Which genaents of however, a minor character, but for
4, . ,
Faneti LneY wished to have the proprietors' approval and
enept.") as in the case of all their important arrange-
teas,' The two arrangements to which he alluded
feeessfirest, that which affected the projected railway
th'-• niirevvsbury. On referring to the report,
tevY would find that the parties interested in
iti: neighbourhood in question had projected a short
lee fr°M Shrewsbury to Welch pool, and looking at the
erge stake which they (the London and North Western
he°„MpanY) had in the Montgomeryshire Canal, and the
r_ietokersfisthwrheNiveshhtstruch a valuable extension would be to
Y and Crewe line, they had thought it
cue% able to enter into certain arrangements with that
PanY• They
After paying
entail no loss were of such a nature that they would
eentage,eihnaoriler to meet worktoin
teed to themselvesa
they certain tgat
ti
an r
ap
ne r.
lwineeu.odp.to theei°rTiraailillit,raayffi. e coming from that projected
If there were no traffic, there
1‘,..21. be no loss ; and if there were traffic, it would pay
`to'levenalinn another shape. He had no hesitation in recorn-
,:lai g that
°tiler eteree agreement for their approval.' The
Wends,f' the m_ent was one recommended to them by
hthtehier
~ Manchester and Sheffield Coman, wit _
that FTgton end Stockport company. They nature of
coeptte erernent Wes, that that line should be worked in
e
b-•ween eetirt° with, and as a continuation of, the line
t war
enable
th rington and Altrincham; and as it would
traffic e Sheffield Company to develope their mineral
empi,' "Pecially coal, and as by directly benefitting that
besilaallY, it would indirectly benefit them, he had no
approvals in also recommending that agreement for their
getting approvals
("ear, hear.) They bad not succeeded in
their the extension of time which they had hoped for
%lee, various new works in connection with their new
been and they had, in consequence, in some instances,
ever, e.°Mpelled to commence them. He was glad, bow-
ie, ti_io be able to inform them, that the contracts,. so farhe
estinluey had gone, had been very much within t
tutpiaiee--(hear, hear)—and that the directors were
liee:ng their, best attention to the construction of those
they' °n the most economic principle. The only vote
oh‘lould have to take for capital and expenditure,
the e Present occasion, was that which was stated in
refe represent
and the chief item in it was that which
ori:tred to the Poplar warehouse. That warehouse was
Th 414113' built for them at a cost of about £lB 000.
it, butad rented it, not having the powers to purchase
de now that they had those powers, they thought it
pastrAle that they should be possessed of the property,
darnel riieularly as the rent which they paid was very large,
y, six
per cent on t',e cost. Re had never heart
4111 thareholder doubt the propriety of their possessing
the ri
e,,—;)Ydon Square warehouses, and the one in question
14—'1 in precisely the same relation to them. It was
Pr roper that they should have it, and it was therefore
eee"mMended for purchase. The other items were
cl"Inall, and would speak for themselves, hut he should be
ad to give an answer to any shareholder who might
envire about them. With regard to the caoital expen-
diture, the directors had been desirous to carry opt the
aherenolders' directions in regard to it, in order to
cheek and curtail it, in every manner they could.
(Hear, hear.) The question was constantly before
them, but
inany of
gorseonourable friends thought that
in pursuing the
actually chargi c they bad, they had been
ng too much to revenue. He did not
Mean to say so, but if they had erred on that side, they
had, at all events, ereee
--and by doing so, on the right side—(hear, hear)
had added to the stability and value
of their property. ree
ve'ear, hear.) At the same
time, with their growing revenue,
hold out to them the he could not
expectation of finally closing
their capital account. It ems .
ng trade, to say that they
impossible, when "leY considered their growi
should charge all to revenue, but still they might
approximate to it, It was the desire of their board to
dB
so, and it was receiving their constant attention.
the very
Ifear, hear.) Turning now to the statement of accounts,
sownpesen
he thought be might congratulate them
which were especially
P‘rnniising features which their affairs
in the first Place, the expenses,
under the control of their executive, had not increased,
but rather decreased, while, on the other hand, the
receipts had increased—(hear, hear)—thougli during the
last half Year they had to pay larger prices for coke—an
tleportant item in locomotive expenses—the difference
in price in the half year alone amounting to £B,OOO.
And when they bore in mind that their rolling stock
i
hdaclubbieen efficiently maintained, they might consider I.
their Y encouraging teat, with an increasing trade,
__ working eepees
With regard to th had increased. (Hear, hear.)
Sea not
th
'lhad more than
now held certificateson any previous occasion, and they
.
"'Ms ass • 1-
from the heads of those depart-
, uring them, in the strongest terms, `that the
g stock was most thoroughly and eißciently main-