The Express.
London, England, 1850-08-26 00:00:00

BEEF/PIED, difp LINDOLIf-

6HIfE

The report which the directors will subsoil to the
halfryearly sneetlag d the cempeny, at Mimihates, ea
Wedneeday next, is to the following effect ;
Tee length of railway at prune open fee traMe is as
follows : Mecithester sad Du Meld, 411 miles ; Shell, Id and
Ortheeby, 691 miles; New Rolland sad Lineoln, 37 miles;
Levert** and Lincoln (opened Ague 7th) 85 miles;
MORI/ Curve, I mile ; Ashton sad flialeybridge branch, 21
Okee brume, I mile • Thiergoland branch. 2 miles;
Heighten branch, 11 mile ; Births breach, 4 miles: total,
1671 mile*
Toe company Is also joint owner with the London and
North Western Railway Company of the South Junction
sad Altrinehani Lae, 7 miles in
The following are the canals in the poeseados of the com-
pany : Ashton, xurehaeed for an inanity of 12,3031 165.,
and subject to interest on a debt of 12.0001., 171 mile.;
Macclesfield, pure:hand for an annuity 0(6,6051., and subject
to interest om a debt of 60,0001, 261 =las; Yeah Forest,
purchased for an annuity of 9,3241 180., and interest on a
debt of 41,8001 211 miles; Chesterfield 986 origins' 1001.
shares paid of by this coispeay, together with a debt or
52,6701. also paid, 46 miles; total, 1111 milts.
The dock. is pansoion of the company, and length of
gasps available for wharfage, areas follows: Grimsby GA
end New Desks, 46 sores, quay', 4,600 het; Nrw Holland
, TidaPrask, 25 acres. quays W feet; quays fronting the
Humber, includieg Liniesan*Creek. Roll, 1,200 feet: total,
471_ tern, 7,200 feet.
The eameany has parliamentary powers for the construe.
den of the following breaches, all of which bate been de-
ferred: Whaley Bridge Branch, pertly completed, 141;
Barnsley Branch, not commenced, 91; Stanley and Work-
mlo.ll ; Gainsboeough and Newark, 201 Wnehy, 41;
Castor, 21' Gainsboreegh and Trent, 1. Total, 641
Tree total paid capital fo 6,636,13811. Ik.
The above sum has been expended in the following mo-
an:

Land and compenntion
Work, cations, docks, ferrite, canal, and
stock
Law ar.d parliamentary expenses
Engineering and surveying • 117,694 6 6
Interest on sham and 11:10111•RtS
General ,spates
Nominal capital, bring lose on ralasue of
3,467 old Blanchester and 13kedirld 1001.

I.llrie

£6,760,704 0 7
Lees amour of liabilities Included in the
above, 16.,3214 114 6d.; transfers from
• ld revenue acetunts not y, t tett ten off,
40,0001. 17s. Id 204,322 8 7

0,565,881 12 0
Then are smears of calls co tho aaguaraa
mid stork 194444 1 0
Ditto, on No. 1 Quarter Prat. Sham

£197,937 1 6

Every effort has baira,*aad trill coatiaus to be, made to
reduce these arrears, hot so more that 10,0001. can he cal-
culated upon as likely to be paid. To complete the under-
taking with the requisite accommodation for traffic, oc as
fully to develop int resources, will require, as nearly u can be
estimated. a tanker expenditure, from the 30th of June, as
under :—Woodhead Tunnel, 27,0001. ; works at New Hol-
lead, 23,7001; additions to station accommodation, 187,60014
Oriaseby Dock', 246,1601. To which add iiabilsii-s above
161,8211 unsettled land and other Recounts, contingencies,
ao 194:8081. together 360,429/ ; unpaid interest to there.
holden, 96,0661.; total capital ri quired, 920,1161.
To meet which theo • is a total available capild of
(hy borrowing powers and the issue of preference shares)
914.2001.

The eeeee ue account for the half year ending 30th June,
1660, shows receipt,: Passenger traffic' 61.7181. 6s. 6d. ;
mail traffic, 293/. 16s. 2d ; petrel traffic, 2,13111. 11. s. G 41.;
carriages, horses, and dve, 7111. 17s. 64. ; live sleek,
2,13111-. 21. 4d. ; raerchendite traffic, 61,0001. Os. 9J. ; al
traffic, 10,4861. 8.. 104.; stone,,traffic, 3,4741. 175.; rents
receivable, 2,1141. 70 10d ; transfer tees, 1381.25. bd. ; Ches.
terflehl Cana receipts, 5,3-591. 2e. 91. ; Grimsby Dock re.
triple. 1.5401. 13s ; South Junction Halsey cividends,
2,3641. Os. 34. ; toll receivable from the Great Roiliest
Railway, 7061. 13,. 61. Total, 135,6801. 19e. 44.
Deducting expenses, a tuleince is left of 14,6471. 7s. 2d ,
to which add balance of undivided orient 31st Dec., 1649,
9,5941 Is. 24. • making a total of 24 2411.131. 441.
Agaiest which there ie due for inter, et on the No. 1
Qu. rter Shares to the 30:h June, 16,5471 ; and on the
101 Preference Shares, ditto, 65,4C01. ; total 81,9171.
The amount or 24 2411. Si. 41. applicable to dividend
having been necessarily applied to di/charge the liabilities
of the company, the directors recommend the issue to the
holders of No. 1 Quarter Shares, of interest warrants
payable at a future day, similar to these issued last ha:-
year.
The expenses of conducting the affairs of the company are
at present much too largo, and the directors are taking'
active measures to reduce them to the lowest amount
possible, eonr.stent with t ardency, and amonget other savings
already made, they have consolidated the two (Aces of
secretary and accountant, to which they hive promoted Mr.
Ross, who has been for four yean a zealous and efficient
officer in your service.
Tee directors conclude this branch of their te;.ort by
stating that they are taking measures with the view of tusking
available the powers obtained under the recent act of oaths.
went, so as to enable them to discharge the liabilities of the
company, and the plus which they shall chess advisable to he
adr ptr d will be submitted to a special meeting of the share-
holders for their epprovaL
The engineers report that the whole of the line, works,
and rolling stock have been kept up in tborou4h and efficient
condition ; and that if the same attention be continued to
the renewals and the efficiency of the property, no charge as a
depreciation fond will be mammy to provide fur future re.
newels or expenses.
The report then proceeds as follows on the important
points of—
GEXERAL POLICY AND FVICIAZ PEOSPECTS.—At present
your undertaking ruts under extraordinary, although tem-
porary, dine:vantages.
On the Grimsby Dacha, tke Kew Holland and Hull works,
the She station, and the seer nd tunnel at Wendt:mid, a
sum el upwards of a million sterling has been expended,
which is not only unproductive in its It, but the non.com-
pletion of there erotic, may fairly be said to prevent the
valuable traffic dependent on them being received and see
Comm dated on Ile line, and thus a double lees is sustained
by delsy ; in short, until the completion of these works the
real value of your property cannot be correrly estimated.
In a few weeks, however, the dock works at New Holland
will be completed, and, by arrangements with other com-
panies, a large merchandise traffic, which hat hitherto been
serried by more circuitous routes, will be secured to your

Your directors are folly aware that it is to the Grimsby
Docks they must look for that large increase of revenue to
oonsti.ute the Manchester, Sheffi.t.td, and Littezinehire Rail.
way a remunerative undeetakiog to the shareholders gene-
rally; ar.d nothing has occurred to shake the coefithocce
they have aiwaye felt in the ultimate smelts of this great
national undertaking. From their superior convenience.
ready scam, and contiguity to the sea, they cannot fail to
acquire a considerable portion of the present trade of the
Humber, and a large share of its annually-inereosing com-
merce, for they will ba the ooly docks on the eastern coast
capable of admitting Cie large class of steam vessels now em.
played in the %role os Northern Europe. It will be in the
recollection eat the shareholders that, in urnetguenee of the
expression of an opinion on the part of the committee of in.
yestigation, it was resolved to refer to Mr. Robert Stephen-
son the question as to the extent to which the Grimsby
Docks, under ell the ermainstances of the company, ihould
be completed. Mr. Stephenson's report has been received,
and establisitcs eonclasive:y the inexpeditnce of diminishing
the area of the dock, as the immediate Living would be
ranch too small to justify the ultimate and permanent outlay,
shcultl ithereafter be thought advisable to carry out the
dock works is their integrity.
Your directors are able to state that this company his
established well.clifitted and mutually beneficial atrenee•
meats with all neighbouring companies. except the Great
Northern. It has always been the unanimous and anxious
wish of your directors, notwithstanding: the changes
which from time to time have taken place in
the constitution of the board, to maintain a per-
manent and ignitable alliance with the lut-named
company, and it is a source of regret that at the
present time any misundentandirg should exist. It would
be exceedingly difficult to enter into an explanation of the
details of these differences, but the shareholders may depend
upon their interests being carefully watched, and that no
opportunity of a friendly settlement will be set glected, while
at the same t:ms all ecerJachniente on the legitimate rights
of this company will be vigorontly repelled.
With rerpect to the ou'standing claims of contractors
several very satirlactory settl.ments tams been made by your
engineer, Mr. Fowler, and the others are in a train which
affords a prospect of an early and eguitablo conclusion. No
effort', comistei.t with proper attention to the interests of
the company, will be spared for expedl.iog the final adjust•
ment of all wielded claim,. . . .

In common with most other railway companies, the rating
cf this line has been under consideration, end steps are in
progress for obtaining relief from what is felt to be an excessive
and peculiarly oppressive chaste.
The working of the South Jourdan Railway is at present
expensive and unsa isfectery. Neg.:elations are in progress
with the London and Norh Western Company, which, in all
probatility, wit lead to a simpler and more profitable mode
of conducting the Ulan°.
Alec very lull consideration, your directors have deter-
mined to ask you to anthlriae the completion of the short
cuyv. (about Vireo quuten of a mile in length) at Lincoln,
in order to give access to the Midland Railway and station,
to form a direct communication with the Lincoln and Mar-
ket Ranee lice, with-ut the nectrity of passing through ..he
Great Northern station. The Mettle which may be expected
in connexion with the Leverton and Lincoln line !equiv. for
its accommodation the establishment of a wharf at the river
Trent, at Tensity, by wt ich the north and south 'Wee of the
line, on the banks of the Trent and the Krum Dyke, will be
.nabled to exchange a most important traffic., to the great
benefit of this company.
In accordauca with the instructions of the shareholders at
the meeting on Jun. 24th, your di: odors have proceeded to
take the steps required of thnn as to the Ilumbsr ferries
purchase, and deeming it moo' prude 4 and appropriate to
place the matter in the bands of a solicitor totally uncme.,
needed with all parties concerned, they have engaged t'e
services el Mr. Caner, on. of the solicitors of the London sud
Nortie.Westera Railway Company, for that plover.

. -
Despatches were r : weed yesterday at the Colonial-
office from the Qom= of Ciibtaltar.