The Northern Daily Times.
Liverpool, Merseyside, England, 1857-02-21 00:00:00

REPORT.

The Directors have again to report a steady increase in
every department of the traffic. The u•tial Tabular
Statement of Receipts and Expenditure exhibits for the past
half•year the following results :-
1855.

1856. Increase.

Receipts from Passengers,
Parcels. Mails, &c.. £845,037 £860,460 £15,423
Ditto from 11erchan-

disc, &c

776,675 822,131 45,456

.£1,621,712 £1,682.591 £60,879

Increase.
Working Expenses ..... £592.403 £615,668 £23,260
The attention of the Board continues anxiously directed to the
adoption of such measures of economy as they deem practicable
with due regard to the efficiency of the service, and to the true
interests of the proprietors. The two additional lines, already
authorised, between Camden Station and Willesden, have
been let under contract to complete them in nine months from
the present time. By the execution of these works, not only
will the convenience of additional lines for the heavy traffic
be attained, but the arrangement at the junctions with the
North and South Western, West London, and the Hampstead
railways, will be much simplified, and the communications will
be effected without intereference with the existing main lines of
this company. The directors have had under consideration the
best means of obviating the increasing inconvenience experienced
in conducting the up traffic. between Rugby and London.
caused, in a great measure, by having to accommodate trains
arriving from distant points on other lines, and subject, there-
fore, to irregularities beyond the control of this company.
Many of these trains, especially the mails, being timed at a
rapid speed, any variation in their appointed order not only leads
to further delay to the passenger trains, but also to frequent
and protracted shunting of the merchandise and mineral trains,
and consequently to greatly increased expense. After very
careful investigation of the subject, the board have come to the
unaimous conclusion that the best and most effectual mode
of remedying the evil will be the laying down of a third
lino from Bletchley to. Willesden, where it will join the
additional lines already authorized, and thereby afford relief
to the heavy traffic from Bletchley to Camden, leaving the
present up line for passenger trains free from obstruction
throughout an entire distance of nearly fifty miles. Tl,^
advantages of such an arrangement are obvious —not only will
it enable the passenger traffic to be worked with the requisite
speed and punctuality, but a large economy, both of expense
and time, will be obtained by working the ordinary merchan-
dise and mineral traffic at a moderate speed, without interrup-
tion; and it will also provide for the accommodatio❑ of the
increase of traffic which is rapidly developing itself. The cost
of completing the proposed third line from Bletchley to
Willesden, including the necessary alterations of stations and
contingencies, is estimated at £350,900, which sum the
directors have every reason to believe will be found sufficient,
and for which expenditure they will submit a resolu'ion at the
ensuing general meeting. They recommend that the line
between Willesden and Watford, estimated at about a third of
the total cost, be forthwith commenced, so that it may be com-
pleted in the course of the present year, and brought into opera-
tion simultaneously with the portion between Camden and
Willesden Junction. The claims raised by the North
Staffordshire Company are still undetermined, but counsel are
engaged its settling the special case for the consideration of tie
court. The preparation of the evidence necessary to enable
Mr. Gladstone to decide the proportions of traffic to be allotted
to the Great Northern Company on the one part, and to this
company, the Midland, and the Manchester, Sheffield, and
Lincolnshire companies on the other, has hitherto delayed the
conelusion of the arbitration ; but the directors expect that
Mr. Gladstone will be enabled to make his award at an early
date. The only measure promoted by this company in the
present session of Parliament, is a bill introduced jointly with
the Shropshire Union Company, for the conversion of the
Shropshire Canal into a railway, at an estimated outlay of about
£BO,OOO. Bills affecting this company have also been intro-
duced as follows :—The Metropolitan, the West Metropolitan,
The Hammersmith, the Tottenham, Homey, and Willesden,
the Wycombe Extens'on, the Stratford on Avon, the North
Derbyshire ; the Manchester, Sheffield, and Lincolnshire
Railway from Disley to Buxton, &c. ; the Manchester,
Sheffield, and Lincolnshire Railway from Hyde to Romilly,
&c. ; transfer of Bridgewater and Ellesmere Canals to North
Staffordshire Company; the Birkenhead, Lisocashire, and
Cheshire Junction —power to purchase steamboats and power
to lease to Great Western ; the Blackburn Railway extensions
--and power to sell or lease to Lancashire and Yorkshire, or
East Lancashire ; the Colne and Bradford extensions—and
power to use the Leeds Central Station, c ; the Doncaster and
Wakefield Railway—with powers to make traffic arrangements
with Great Northern ; the Nene Valley drainage ; the Qldhani,
Ashton-under-Lyne, and Guide Bridge ; the Cannock
mineral railways —to authorise transfer and exercise of powers
to North Staffordshire ; the Cannock mineral extensions—to
relinquish junction with London and North Western, and
authorise new railways in connection with North Staffordshire ;
the North Western—extension to Lancaster and Carlisle line—
and for powers and facility clauses. It will be the duty
of your directors to take such course in regard
to these measures as may be necessary for the
protection of the interests of this company. The contract for
the remaining portion 4f the Shrewsbury and Crewe line has
been let, and the works, as also those of the other branches
under construction, are making satisfactory progress. An
alteration has been made in the form of s'ating the" Renewal
of Road Account," so as to show the proportions chargeable to
revenue and capital respectively. The auditors have investi-
gated the expenditure to the 31st December, 1856, and certify
that of the total outlay of £762,505 7s 3d, the sum of
£233,357 14s 6d may, in accordance with the principle already
sanctioned by the proprietors, be charged as capital, on account
of additional material introduced into the road ; and £456,413
13s Sol having been already paid by revenue, the balance,
£72,733 193 4d will be liquidated as the work proceeds, by
the amount debited annually to revenue, in addition to
the cost of repairs and the ordinary maintenance of the rots?.
In consequence of the high rate of interest which has prevailed
for the past few years, the directors have hitherto deferred
making any call upon the £22 10s. shares, created on the 30th
April, 1853. It will, however, shortly be necessary to do 'so
(the £2d and £lO shares being now fully called up.) The
profits of the half-year exceed those of the corresponding period
by £39,963 10s 7d, and the directors are therefore enabled
to recommend a dividend at the rate of £5 105 per cent, per
ItEtlina.

The Chairman said : Gentlemen, the course which has
been adopted now at the last two meetings, of sending
out the report at the same period as the accounts, has
very much relieved me, and has rendered unnecessary on
my part any lengthened statement of the details and
resul's of the half year's working, as you have already
had before you in the report the results of the working
of the past half year, the views of the directors upon works
proposed, the position of the company in regard to other
lines, and the measures introduced in the last session of
parliament likely to affect the interest of the company.
There is only one or two points to which l think it
necessary at this time to call your attention. Referring
for a moment to the accounts, thA proprietors will have
perceived that it is stated in the report of the directors,
that an alteration has been made in the form of what is
called the renewal of rail accounts, showing, in
accordance with what we unders'ood to he the wish of
the proprietors for some time, the amount of balance
which is chargeable to capital in the account, which was
not renewal, but for additional material placed upon the
permanent way. The account has now been put in a
form to show this, and in accordance also with the
certificate given by the auditors which you have had in
the report. With reference to the earlier portion of the
report, the proprietors will perceive Iron; it that the
directors of the board have come to the resolution of
asking the proprietors for a considerable amount of
capital to be spent, not in new lines or extension, but upon
our own line in improvements of the existing works, for
the purpose of producing greater economy in working their
traffic, they propose to ask the proprietors for a vote for the
purpose of making a third line for traffic front Ble chl,y
to London. The reasuns why we are induced to do so,
are not for the sake of seeking a large additional traffic,
but for the sake of working with economy the traffic you
at present have, although doubtless the formation of the
line will give you the means of carrying almost an un-
limited amount of traTe, The reason why we think the
forfflation of this line will conduce to the economy of
working, is that, as the proprietors must be aware, this
is the chief highway, in fact the great public highway
for the traffic of the north of England and Scotland to