The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-29 00:00:00

REPORT

The gross traffic receipts for the half year ending Ist March,
1857, £9,298 Iss 2d, compared with the corresponding period
of 18G, show a diminution of £6l 2,3 51. On goods there is
an increase of £251 -8s 5,1; but on passengers a decrease) of
£290 6s. The falling off in the latter is not yet accounted for.
Aaerit the beginning at December considerable irrt golarhies
occurred in the working of the line. Complaints appear to
have been allayed for a time by the increased (ffnrts of the
manager; but there was a growing dissatisfaction soon after,
demanding a better method and more means; On the 9,h
February, Mr. Manifold formally renounced his working
aate-ment ; stating that while advised it was illegal, he was not
able in any case to incur the outlay required for the proper
working of the line. From that period, remittances have
ce ; but Mr. Manifold continues his superintendence until
new arrangements are made, Every requirement of the
manager having been uniformly met wiah the utmost literality,
the greatest diss rtisfaction must be expressed under this failure
on his part. However kern the discontent, it is evidently
the interest of all concerned to give prompt attention to a jest
settlement with Mr. Manifold, and to remedial measures for
the traffic. Early in .1-norrary, his Excellency P. E Worle-
house, the Governor of 13: his') Guiana, laid a memorandum
before the Court of Policy, explaining his views of the position
of the railway. In this document the irnpertneee of the line
to the colony is fully recognised, tiro esmtes are called upon to
submit to higher tolls, and a supply of funds in some singe is
proposed, on condition of a mote effective K•l'cier, through art
increase of rolling stock and an improved management, arranged
to the satisfaction of the colonial authorities. The tone of the
document being altogether friendly to the company, no hesita-
tion has been felt in adopting measures to cat ry out the valua-
ble suggestions of the Governor. New members of the
Demerara committee arc recommended for election; under
the ascertained approval of his Excellency ; and a
power of attorney has already reached the colony,
by which the fullest authority was delegated to James
Stuart, Eng., of George Town, to make the best arrangements
ho could for the assistairco of the colonial government.
Diligent enquiry is pursued to find an efficient party to proceed
immediately to Demerara, and to assume the general manage-
went of the locomotive and traffic departments. The East
Coast Estates generally have agreed to au advanced tariff; and
it is expected that all will 500i1 CIOCU •. New loan capital for
£15,000 will have to he provided, applicable to expenditure
in engines and rolling stock, enlargenrent of the wharf. a better
supply of water, and repairs of road, &c. The interest on this
loan is to be guaranteed by the colony, and an ordinance to
that effect and for other relief to the company, is expected to
.he passed by the combined court during its present session-
The payment of coupons is necessarily suspended until
remittances from the colony are resumed. The traffic
receipts to the latest dates are good. Of the subscribers to
the guarantee fund all have paid up, except three parties, for
£l,OOO, £lOO, and £5O, who have not yet met their written
obligations. Twenty original shares are now declared forfeited ;
concluding in all a forfeiture of 2,260 shares, on which
£7,512 10s has been received—that sum raving been laid out
on the construction of the railway. Robert Smiths, Esq
and Edward Borman, Esq., some time ago intimated their
intention to retire from the Demerara committee, but kindly
continued their attendance at the request of the Eaglish
hoard. Their resignations are now accepted : and the meeting
is recommended to elect or to approve of the appointment of
fames Stuart, Esq., and William Hunter Campbell, Esq., of
Demerara, in their stead, on the due qualification of the latter.
The auditor retiring by rotation, Wm. R. Saud bach, Esq., offers
himself for re-elecion. The members of the general cem•
mittee whose term has expired are Thomas F. Bennett, Esq.,
and J. 0 Johnson, Esq.
The Chairman, in-moving the adoption of the report,
said that he would rather give any explanations that might
be required than volunteer very much in the way of
speaking, and simply for the reason that they had a
negotiation going on with the government in Demerara,
and had, therefore, nothing very definite as to the Matra
to commu.nicao) to the shareholders at present. They
were doing all in their power to continue the management
of the railway, for the purpose of conducting the existing
traffic is a satisfactory state mail such additional means
were obtained, through the help of government, as would
enable them to c ,rrythe muchincreased traffic at higher and
better rates. When these negotiations were broug'at to a
close, it might be desirable to call the shareholders
together and lay the result before them ; until then it
would be well to abstain from much remark.
Mr. C. Holland seconded the motion.
Mr. W. R. Sandba,ch asked who the parties were who
failed to pay their contribution to the guarantee fund ?
The Chairman thought it better that their names should
not be mentioned, while there was a hope of the money
being obtained.
Mr. Martin suggested that their residences should be
given.
The Chairman replied that they did not belong to
Liverpool. In Liverpool, among the shareholders, there
was not a shilling which had not been paid, and at once.
(Hear, hear.) •
Mr.
.Crosthwaite said, that he had waited with great
patience since the formation of the company in 1815, in
the, hope that there would be something forthcoming to the
original proprietors, but it would appear from- the report
that they were again to be disappointed. It would room
that of all the follies that had been committed in that year,
1845, this was the most sickly bantling. Whether it was
from the climate, or from its feeble nurses that it
was so he could not say, but a more puny
concern there ceuldnotbe. So far from withholding in-
formation, he thought that every information ought to be
afforded to the shareholders, and every document con-
nected with the concern shown to. them.
The Chairman : And so they are,
Mr. Crosthwaite continued. He did not mean to charge
the present chairman or his colleagues with the misma-
nagement of the company, but it wag, nevertheless. a fact
that from the commencement of the concern it was mis-
managed. With regard to the agreement with Mr. Mani-
fold, he wished to know in what particular consisted the
illegality to which that gentleman referred, and whether he
did not give security for the fulfilment of his agreement?
He should also like to know how it was that so peat a
folly was committed as that of allowing Mr Manifold to
use the workshops of the company for his own special
purposes. He did not think a greater absurdity could be
committed by commercial men than that of allowing Mr.
Manifold to use the workshops of the company for the
purpose of enabling him to carry on his own engineering
business in connection with the estates along the
line, when, as the result showed, that that
business was carried on by him to the neglect
of the interests of the company. A great mistake had also
been committed in electing men on the Demerara com-
mittee who had interests as estate proprietors, directly at
variance with those of the company, and he would there-
fore like to know whether the two gentlemen now recom-
mended were men of that class. He was glad to find that
the present governor was showing a friendly feeling
towards the company; but they had no chance of doing
any good unless an entirely different state of things were
introduced into the management of the company. He
would move that all the affairs of the company be open to
the inspection of the shareh elders at all convenient times.
The Chairman replied that they were se already, and
that the great difficulty was to induce the shareholders to
take an interest in the concern. As to the evils com-
plained of by Mr. Crosthwaite, the simple fact was that
they all arose from the attempt to manage the concern in
Demerara by a direction here, and by parties who knew
little and cared less about the state of affairs in Deme-
rara. It was only two years since that the direction was
moved to Liverpool, and since then the directors had
spent no money but what was voluntarily subscribed for
the payment of debts, and to put the company in a better
position to conduct the traffic ; and had not Mr. Manifold
broken off his agreement, they would soon have been able,
by an increase in their rates and an increase in the traffic,
which was daily growing with them, not only to pay the
interest on all their obligations, but to resume the payment
of interest on the preference shares. Mr. Manifold having
taken the management of the railway with the consent of
the directors, who were then in London, and with the
sanction of the shareholders, took the whole concern into
his charge. /later some time he fell into embarrassment,
bat when his affairs were looked into everything was found
to be promising and encouraging, and so he continued
the management. The price of :.agar then rose, but the
rolling stock, through some neglect of It s, not having been
kept in proper order, he then found that he ha not
sufficient means to conduct the increased traffic of the line.
Seeing that, and finding that he was not making money,
he looked about for a means of deliverance, and the first
step he took was a very injudicious one. He placed a new
tariff before the geveenor, who refused to sanction it, and
then came his sudden abandonment of the agreement ;
though, if he had, in the first place, as he should have
done, submitted the matter to the direction at home, it was
probable • that they would have obtained the sanction of
the colony to the new rates. The direcion never antici-
pated any such step on the part of Mr. Manifold, he
having been allowed 58 per cent. for the management ;
but it was his (the chairman's) opinion that until they
got some party who would stand between them
and the Government in the way of a lessee,
they would never have the line managed to the proper

satisfaction of the proprietors. The governor now saw'
that the line was of the utmost importance to the colony,
and he suggested two things—first, the remission of the
payment of £3,000 a-year on the colonial loan for ten.
years, to be resumed after that period ; and, secondly, the
offer of a guarantee of six per cent per annum on a loan
of £15,000, to be laid out in the supply of two new er gines,
sixty waggons, in the extension of the wharf, the repair of
the road, and a better supply of water. He was also pre-
pared to recommend the Council to sanction an increase
of rates, and with the increase proposed, the receipts would
soon be brought to £22,000 a year, which would be more
than sufficient to pay the interest on all their liabilities.
As to the other pm of Mr. Crosthwaite's question, the
diffi-Ailty was to find in Demerara men who had not as
proprietors interests adver-e To those of the company ; but
he thought they might rest assured that no two better men
than Mr. Stuart and Mr. Campbell for their purpose could
be found. (Hear, hear.)
Mr. Bouch followed in the same line, 'and remarked
that there was no concern so utterly neglected by the
sh,reholders as this vas. The greatest difficulty was
experienced by Mr. Bennett in getting a meeting, and.
wherever the blame lay it certainly did not rest with the
directors. He did nut, however, think the concern so
hopeless as some parties seemed to think it was. Allow-
ing 58 per cent. for the working expenses, a revenue of
£z1,090 would not only pay all the interest on their obli-
gations, bat would pay 2 per cent. up-m the pre ent stock.
taut he was informed that the lino could be worked much
below 55 per cont., and every reduction in that respect
would make their prospects so much the better.
The Chairman observed that though they were bad,
there were concerns at home just as bad ; for notwith-
standing all mismanagement, they had only surpassed the
first estimate by £lB,OOO.
Mr. Crosthwaite asked how the receipts were checked
in Demerara ?

The Chairmsn replied that the committee there acted as
auditors, and that Mr. Manifold made to them fortnightly
returns of the gross receipts.
Mr. Tinne observed, that the Demerara committee
refused to recognise themselves as anything but auditors.
Mr. C. Holland said, that he was inclined to believe
that the committee had taken as little trouble upon them-
selves as they possibly could.
After a few remarks from other shareholders, the report
was unanimously ad.)oted.
Me. Stuart and Mr. Campbell were elected on the
Demerara Committee, Mr. Crosthw ate expressing his
gratification that Mr. Porter csnsenied to continue to tat
on it. _ _

A resolution declaring certain shares forfeited, in con-
formity with the recomme,,daticn of the directors, was
passed.
Mr. Bennett and Mr. Johnstone were unanimously re-
elected on the direction, M. Bennett declaring, however,
that he should cease to act as chairman.
Thanks were voted to the Demerara Committee, and
also to the chairman, after which the meeting separate&