The Express.
London, England, 1850-02-28 00:00:00

MIDLAND.

- - -
Yeiterde_y the half-yearly meeting _of this company
Dwu held at •rby, Jour Ettte, Eq., M.P., in the their.
The following report of the directors was read by Mr.
Batt, the secretary:
From the statement of accounts already ia the hands of the
proprietors, it will be seta that the following have been the
receipts from trifle for the half year ending 31st December,
1849: -Passengers, 295,0621.75. 6d. ; parcels, 20,4361.65. 9d.
aaniallosi die.,9.7281. 12s. 11d. ; mails, 9,6121.185. 7d. ;
rattle, 6.8771. 19s. 10d.; merchandise, 188,8691. 6/. ;
minerals 87,6731. 12s. 2d. ; Ashby Canal, 3,6391. Os. 8:1.-
Total tnflie receipts, 600,7901 3d. • being • decrease
from the sane sources when compared with the corre-
sponding balf of 1848 of 19.7271. 12a. Bd. The decrease in pas-
wagers has been 13,4401. 12s. 2d.: is iambi 1.9861. 2.•
in horses, carriages, &c.. 3981. Os. Bd. ; cattle, 7981. 91, 3d. ;
mails, 3,1291. le. 11d. Total decrease, 19,7271. 12s. Bd.
But the receipts from the mails actually conveyed during
the two half years have beea neatly equal, the increase in
the half year ending 1848 having arisen from a balance re-
ceived duriag that period from the settlement of some arrears
due from the Poet-office. The receipts from the other sources
Of tram* proem • small increa.e, :-Merchandise,
1.953/. Os. 2d. ; minerals, 1,7714 8.. 24. ; Ashby Canal,
371. 7s. 141.; total increase, 3,7721. 16s. 6d.
The ',cilium' available fur divid:nde is 104,0391. 6.. Q.,
which will enable the proprietors, if they think tit, to livid.
11. ss. upon each 1001. Midland Consolidated Stock ;
115. 3d. upon each 1001. Consolidated Birmingham and
Derby Stock; 31. upon each 1001. Consolidated Preferential
Stock; 11. 10s. per share upon the Erewaah Valley Shares ;
leaving 11 iOll. Os. 1:1. to be carried to the nest account

The'whike of the interest upon the 501. ;lures for the
half-year has been changed to revenue, as intimated in the
last retort, though some of the lines upon which the money
has been expended are not yet open tor traffic ; and othen
were only opened dunng a portion of the half.year—via ,
from Desford to Lek:este., in August; and fromAirkby to
Mansfield, in October.

The furiher diminution of the dividend will, no d3ubt,
disappoint the expectations of the shareholders, as it hu done
that of the directors.

The large decrease in the receipts from the coaching traffic
which the 'maws exhibit is in a great measure to be
ascribed to the further opening of competing lines, which,
in wale instances, has lessenni the mileage travelled over the
Midland Railway, whilst in others the traffic has been ab-
stricted altogether; but there is no doubt that the great
lawns which have been sustained by many who have em-
barked their property in railways, together with the preys.
linen of the cholera during the autumn, have else largely
contributed to this unfavourable risult.

The directors are endeaw.uring to increase your resources
by negotiating with other companies for the interchange of
traffic, and for the r.ieing of rates wherever practicable.
They have thought it their duty to reduce the salaries of
the officers aid the wages of the servants employed, as well
as to lessee their number.
The parochial rating of the railway and its branches
forms a large item of expenditure, the assessments have
always been felt to be excessive, and the most vigorous
exertions have been made to obtain redress.

Only 459 mil* a of railway were open for traffic in 1849,
against 491 miles in 1849.

Mr. Barlow, the engineer of tne company. reports fa-
vourably of the general condition of the way and works,
and th it considerable saving has been effected in the cost of
maintenance.

The aggregate amount espended during the three
years has beau 142,1601., of which 60,5001. has been
expented in 1849, and 19,0001. during the last half-
year; far this latter sum 203 engines have been re-
paired, I.ixtensively so, and 18 have been reconstructed so

Completely that very HAN of the original machines remain.
The present stock of engines consists of 275, including 17 too
light for the present traffic, and which are laid by for sale.
The rolling stock further consists of 519 carriages,
222 break vans, 111 horse boxes, 100 carriage trucks, 6,850
waggons. EiAht new second clan carriages and torty goods
ete,ge.lll have been added to stock out of revenue, in addi-
tion to the ordinary repairs for the half-year.
The attention of the directors has been most assiduously
devoted to the closing of the capital account, and no exertions
will be spared to accomplish this most desirable object.
With a view to placing the accounts of the company on
a basis more satisfactory to the shareholders, the director,
have obtained the services of a public asenuntant, and the
accounts for the Wiper have been accordingly prepared
and signed by him as wed as by the auditors.
As respects the question of the future audit of accounts,
the directors retain the opinion which they have heretofore
a:premed, that a system of audit, under the contr.,' of a go-
vernment department, would email great prunes' evils,
would sacrifice the independence of the company, and affirm
the princip:e that the shareholders are incompetent to
manage their own affairs.
The report of the auditors stated that the accounts had
bun sat isfactotily kept.
A PROPRIETOR made some complaints of excessive
charges in the engineer's department, and said that he came
500 miles for the asks et hosting explanations.
Mr. 11. STEPHENSON, M.P., said that an outcry of this
sort had been going on for years ; even before the mania ot
1845 ended, that sort of clamour was going on; sad with the
view to put a step to it, he suggested that which he believed
was the most equitable and practicable mode of remedying
' the evil ; tut was that the work should be done by the mile,
and the result was that very much lees was paid to the
engineers on all the lines with which he was connected, than
under the original system. He did everything in his power
Ito discourage the new schemes of 1945; in his evidence
before parliament he had over and over again told corn-
' mitten that people were mad, and represented in every way
the evil that must result from making bad lines, and from
excessive railway competition ; and he did think that it was
exceedingly unfair for ohanholders now to cone forward,
in a time of great depression of railway property, and com-
plain of charges made by their engineers for work which
thky toiled most laboriously to perform, and which they
almost compelled them, in a time of great excitement, to
execute. Tear.)
Dr. O'B lEN—Why did you not tell us that we were
going to make bad lines, and prevent us from entering into
such bad bargains?
Mr. STEPHENSON—I am glad that the question has
been rut. It must not be forgotten that I was the servant
of the directors, and although I adei.e, I could not assume
any antagonistic rosition to them ; but it must be recollected
that the question was not always whether the new lines
were good or had, but whether the property was to be
swamp-el altogether. In some cases the new engagements
, entered into were necessary as a protection to the interests of
the proprietary. I think it a most disgraceful thing that
attacks should now be made on those who laboured night
and day for the iotereste of their employers.
The CHAIRMAN then rose and moved the adoption of
the report. With respect to the accounts, he had only
' to say, that they had been prepared se explicity as pos-
sible, and that Mr. Jordan, of Bristol, a gentlem in of mi.
nence in his profession, by whom they had- been declared to
be in a tatishactory state. (Hear, hear.) With respect to
toe, he stated, with regret, that he had been to some
extent disappointed in the result. And he believed that if
only the usual charges had been made against revenue, their
earnings would have enabled them to pay a dividend of 3
per cent. with a small surplus ; but it had been
determined to take everything possible into account in
the shape of charge, in order that they might
start fair for the future. (Hear, hear.) Now the mule of
their last half•yearly earnings, u compared with others, de-
clared some curious results. He found that during the
half-year ending 31st December, 1849, they carried
2,658,903 passengers for 295,0671, and that for the half-
year December 31, 1848, they carried 2,535,943 missengen
for 308,4921., the increase in pawners in 1849 being
122,960, whilst there was a &crease in the receipts of
13,42.51. He accounted for this in some measure from the
fact of other companies running over their lice paying a
toll which greatly increased the number of passengers con-
veyed without adding proportionately to the receipts. The
hon. gentleman proceeded to advert to various matters of
detail in connezion with the concern. Mr. Ellis concluded
by moving the adoption of the report.
Mr. CARBUTT seconded the motion.
After some 'equities from Dr. O'Brien,
Mr. IRONSIDES read a lengthened paper, suggesting
that the capital account should be closed, and various other
iseprovencints in the management.
Mr. T. OISBORN E. in the course of a long speech, lewd
upon the shareholders an efficient audit, and the appoint
m
il
thata well
hpoauididanhdaveeffiaeiceonutni!Seer to manage the whole
like;c of three or five share-
holden,
holden, with whom to consult ; they wanted (he said) a man
nt
o f
who would have his eye over every part of the line, and
until they adopted this plan they would never have good
management. As for boards, he had no confidence in boards
of any kind.
Mr. WYLIE, of Liverpool, had monied the accounts
fully, and he thought their affairs heel arrived at ouch a
Crisis that it was time fur the shareholders to look them
fairly in the face. He had embark. dat this inquiry, and lie
was determined to do his duty tu.afully regardless of impu-
tations, come from what quarter they might. IL, denied
that he had ever in his life Jobbed in shai es. and with that
observation be hoped ihathe bad disposedof the charge for
ever. He knew !Aug it was to fins himself in opposiii .... to
a railway board, and he felt bound to say so much in Idus.
nation • f the purity of his motives. lie felt himself, how•
ever, celled upon to speak plainly, and therefore he unbend-
tatingly said the! there were some at the Midland board in
whom he could not place confidence. The balance was emu,.
thee unfaithful. In the general statementit wee s. t forth that
there was 231,6781, debts due to the company. and thin was
'Am as positive assets. Now of thi. ouin 61,0001. was due by
ether companies: out of this sum no less than 15,0001. was
called dee by the Bristol and Birmingham Company, whereas
it was in feet a loss in the working of that line instead of a
credit. There was another sum of 16,0001. assessed as lose on
this concern in 1846.
Mr. BEALE said that t‘te account was still open, and the
subject of arbitration, and that, in consideration of 15,0001.,
which represented for tea years half the loos of the Bridal
and Birmingham purchase, the London and North Western
COMpsay had given to this company 'Magellan to ran over