The Northern Daily Times.
Liverpool, Merseyside, England, 1857-03-05 00:00:00

RAILWAY INTELLIGENCE.

THE LANCASHIRE & YORKSHIRE RAILWAY
COMPANY.

The half yearly meeting of the shareholders was held
yesterday at the Palatine Hotel, Manchester, when there
was a very numerous attendance of shareholders.
William Stuart, Esq., the deputy chairman, presided•
in the absence of the chairman, H. W. Wickham, Esq.,
M P., who was detained in London.
The report stated that the improvement in which the
hopes of the directors indulged when they last reported,
had been fully realised. The passenger traffic showed an
increase of nearly £12,000 in the half year, whilst the goods
traffic was better by £38,000. The improvement, while it
extended to all parts of the line was, perhaps, most
decided at Liverpool, the tonnage having been this half
year 73,146 tons of minerals. 255,522 tons of goods,
against in 1855, 66,644 tons minerals. and 182,245 tons
goods. The report also contained the following items :
The serious breaches of trust, in connection with
public companies, which have rendered the past year so
eminently conspicuous, led your directors to institute
such inquiries and investigations into the position of the
stock and dividend account of your company, and the
mole of transacting the transfer business, as would enable
them to provide such further checks as might appear
to be necessary to prevent the possibility of fraud. Such
examination has been perfectly satisfactory to them, but
they have thought it proper to request that in future the
auditors will examine the register of shareholders each
half year, prior to its being submitted to the proprietors
at the half yearly meeting. The proposed amalgamation
with the:East Lancashire company, having received the
sanction of the shareholders of both companies, an
application will be made to Parliament, next year,
for the purpose of carrying it in, o complete effect. The
directors of the two companies are, however, wishful to
secure to the public, as far as practicable, the immediate
advantages of working the two lines together, as con-
tinuations of each other, without change of carriages, &e ;
this they are enabled to do under powers which have
already been conferred on the two companies by existing
acts of Parliament, and a resolution will be submitted to
you, authorising the directors to enter into an agreement
with the company on the subject. Your directors are
unable to report any satisfactory understanding with the
Blackburn railway company; negotiations have been
commenced with this object, but so far without result. As
the directors of the Blackburn railway are now seeking
for a new line between Manchester and B )It on, which the
requirements of the district in no way call for, your
sanction will be asked for a strenuous opposition to this
proposed line.
The accounts showed that the receipts during the half
year amounted to £633,551 Os 6d, and the expenditure to
£252:718 7s 10.1, showing a balance in favour of the com-
pany of £380,832 12s Bd.
Mr. E. Harper, one of the auditors, said the auditors
had carefully examined the share register, the mortgage
debt of the company, the dividend account, and also the
system of the transfer of shares, as shown by the books,
and they found them all satisfactory and carefully kept.
thereby reflecting great credit on the officers of the
company. (Hear, hear.)
The Chairman moved the adoption of the report,
announcing in the outset that he had been called upon
to preside, in consequence of the absence of the chairman,
who was detained in London by his urgent parliamentary
duties. He then detailed the results of the traffic on the
company's lines during the past half year. The increase
of traffic had been considerable during the half year,
amounting to £107,220, whilst the expenditure had
been reduced from £252 718 7s 10d to £239,205,
equal to a considerable per tentage. The in-
crease in the number of passengers was nine and
and a half per cent., and the increase in the money
received on that head was five and a half per cent.,
showing that it was in the local traffic that the improve-
ment had taken place. The relations with the Black-
burn Company had engaged the patient and earnest
attention of the board, and it was thought that some
course might be arranged upon, which, while it would
have been satisfactory to the Blackburn company, would
net he injurious to the interests of the Lancashire and
Yorkshire shareholders. This arrangement had not been
realised, and aslthe directors of the Blackburn Company
had introduced a bill into parliament for an independent
line between Bolton and Manchester, which was alto-
gether unnecessary, this company hid determined to
oppose it. Certainly, within the last few days, an offer
had been made by this company to purchase the Black-
burn Company, and the offer was not yet quite off.
Mr. W. H. Hornby (chairman of the Blackburn board)
said he begged leave to contradict that statement.
The Chairman could only say that a deputation from the
hoard had been appointed to wait upon Mr. Hornby, as
the chairman of the Blackburn Company, a few days ago, to
see if some satisfactory arrangement could not be made, and
if the negotiations were off, so much the worse for both
companies. The continued increase in the revenue of the
company, which allowed the directors to give the sharehold-
ers a dividend of five per cent, encouraged them to look for-
ward to a still further increase of dividends. (Hear, hear.)
The traffic on the company's line had increased during a
period when wages were low, and food dear ; and it was
only reasonable to conclude that the traffic would still fur•
ther lucre see with good wages, activity in the manufacturing
districts, and comparatively cheap food, and more especially
when the art exhibition at Manchester should be opened in
the ensuing summer, no doubt the increase of their traffic
would be very great indeed. In conclusion, he had to con-
gratulate the shareholders on the happy result, that after
years of toil, the directors were there to declare a dividend
at the rate of five per cent per annum, honestly obtained,
and not eked out by any extraneous circumstances whatever.
Mr. Holdsworth seconded the motion.
Mr. W. Rawson, in a speeoh of great length, moved as
an amendment, that the dividend be at the rate of 51 per
cent., instead of five per cent , and endeavoured to show
that this dividend might be paid, and a surplus of more
than £40,000 stand over. This could be done by the sum
of £60,000, received from the sale of fifth shares, being
added to the revenue to which it properly belonged, and not
to capital.
Mr. W. H. Hornby seconded the amendment.
Mr. Leeman, of York, in a forcible speech, opposed the
amendment, and denounced the proposition as monstrous,
and which, if carried now, an injunction against it would
be granted by the Lord Chancellor, as being contrary to
the act of parliament.
After some discussion the amendment was negatived.
Mr. W. H. Hornby, (chairman of the Blackburn board)
then entered into a lengthy statement regarding the
differences between the two companies, in the course of
which he complained very much of the harsh treatment
which the Blackburn company had received at the hands of
the Lancashire and Yorkshire company. He concluded by
moving, as an amendment, that the directors be not em-
powered to oppose the application of the Blackburn com-
pany, for an extension of their lee from Bolton to
Manchester.
The motion having been seconded, a warm discussion
followed, in the course of which the chairman and several
of the directors repudiated any hostility to the Blackburn
company, and expressed their anxiety for an amicable
arrangement between the two boards.
The amendment was negatived on a division, and the
report and accouuts were then adopted.
A dividend, in accordance with the report, was next
declared.
A very long and stormy discussion next took place, in