Northern Times.
Liverpool, Merseyside, England, 1857-08-31 00:00:00

HALF-YEARLY MEETING.

The ordinary half-yearly general meeting of this com-
pany was held on Saturday, in the company's offices,
Cathcart-street, Birkenhead. There was a large attendance
of shareholders. The chair was taken by Mr. William
Titherington, the chairman of the company.
The report was read by Mr. Walter Johnston,
Secretary.
The Chairman said, in rising to move that the reports
and accounts be received and passed, he shoul I, with the
permission of the company, make a few introductory
remarks. He flattered himself that he was addressing
none but Birkenhead shareholders, who had the interests
of Birkenhead and of that company at heart exclusively,
and who would dismiss from their minds all prejudice as
to the proceedings of the c-mpauy with reference to
protecting its interests ; who would be vide I neither by
Liverpool predilections nor Birkenhead prejudices, but
would simply act there as proprietors of that company
If that were so, he flattered himself he should have no
difficulty, as chairman of the company, in satisfying the
meeting, that the directors had their interests at heart in all
they had done during the past half year. It had been a
very eventful half year for the company, but one which,
he trusted, would hereaf er prove that the interests of the
company had not only not been overlooked, but lad made
rapid progress towards that climax to which they had all
been long looking forward. The report stated that there
had been an addition made to the capital account of
£11.718 is ld. That appeared a very large amount for a
small concern like that company, but if the meeting would
bear in mind that for the last few half years the directors
had always told the shareh elders that with a considerable
increase of traffic they should also have a considerable
addition to capital, to provide the plant necessary for the
working of the traffic. The line was worked and equipped
only for the traffic which e t-ce upon it at the time. There
was no provision made for future traffic, it being considered
that as the prospects of the company improved, and trade
increased, the directors should receive at the hands of the
company permission to obtain the necessary facilities for
conducting the traffic. Therefore, the shareholders would
find that there was an expenditure upon the stations of the
line of £5,081 His Bd, as stated in the report. That
amount of expenditure was occa ioned by outlay for
improved crossings at a great many of the stations, for
facilitating and conducting the traffic with greater despatch.
They had now so many trains running through, that they
often required luggage trains to be put on the sidinga and
other facilities to be given to avoid collisions and to avoid
accidents, which would require them to expend a consider
able sum of money in providing. They had also to expend a
considerable sum of money in equipping the stations more
suitably to the increaaal traffic they had upon the line.
The amrnnt spent at the Chester station was an old balance
against the construction account, which had been out-
standing for several years. It was not a new outlay.
They would still have a further amount there, but they
hoped that as the company had land of considerable value
in ChEnaer, it would some day or other meet a con-
siderable portion of the outlay and much more. The land
was estimated at £20,000, of which the company held a
considerable share. The Birkenhea I goods station was
the balance of an o'd account. Of the sum of £2O flOl
for rolling stock, £l-1,000 the company would perceive,
was for increased waggon stock, and was taken up
for 183 waggons The remainder of it was for the
equipping of the Chester Junction Line, being
the balance, or nearly so. of the i em of £40,000 which
was voted in February, 1856. The parliamentary expenses
comprised chiefly the expen !itnee of the last half year, in
opposition to the Liverpool Docks Bill. The directors
were empowered by the proprietors to oppose the altera-
tion from Mr. Rendell's plans to other plans, or what was
called the Construction Bill. The ;e were plans to which
the company had always looked forward as being very
conducive to the interests of the company and to the great
increase of traffic. They maintained that Mr. Rendell's
plans were adapted for railway purposes and railway docka
and therefore they considered that any deviation of the
plans was an infringement of the contract made with the
company. The revenue account, as the meeting would
perceive, showed a very considerable increase in the half
year. He was happy to say that that increase was pro-
gressive ; and looking to whatever department of the com-
pany they might—whether their through traffic, their
local traffic, the traffic interchanged with other companies,
or the traffic which passed through the clearing houses—
they would find a grarlu it but very satisfactory
increase in every department. He could assure the
meeting that the increase of traffic in every department
was very satisfactory to the directors. The company
as the meeting would perceive, was on friendly terms with
all adjoining companies. He trusted it was in sincerity.
They had perfect amity and good will with every
company which bordered upon them. With the London and
North Western they had an interchange of traffic, and he
was happy to say that the balance was upon the right side.
Their company had given more than they had received.
The Great Western had increased their traffic very consi-
derably, and had now facilities for conducting not only
goods' traffic by the exercise of the running powers which
they had obtained, but also the passenger traffic. The
Birkenhead Company granted them to run four trains either
way per day, which was a great advantage to them in expe-
diting their traffic, and, he trusted, would eventually bring
a considerable increase of traffic to them. With regard
to the parliamentary work of tl:e year, the meeting would
perceive that the directors proceeded with their bill up to
the House of Lords, and there the clause was struck out
which enabled the company to close up Canning-street,
Birkenhead The directors looked upon that object as a
most important portion of their bill, being in factone of their
chief objects for which they went to Parliament, and
they preferred to withdraw the bill rather than proceed
any further with it under the circumstances. It had been
an abortion, but it involved an amount of money which
the company did not choose to forfeit, and they preferred
therefore having the bill postponed until some future
occasion, when they could see that it would be for the
interests of the company to bring it forward. With
regard to the proceeding; in parliament upon the Mersey
Conservancy Bill, be believed that if the meeting was
prepared to look upon them with the eyes of Birkenhead,
Lancashire and Cheshire Junction proprietors alone, there
would be no fault found with the proceedings of the
Board. (Hear, hear.) The Board did not go to parlia-
ment intending to promote the Conservancy Bill. Their
object was to oppose the Construction Bill, which was the
bill for the alteration of the plans for the Birkenhead
Docks, but when they got into the committee room of the
House of Commons they f and that Sir J. Graham, the
chairman of the committee, had the whole of the
bills committed to him and the option of
selecting any bill he liked; and Sir James
Graham choose the Mersey Conservancy Bill as embracing
the whole list he had before him. This, therefore,
put the directors to the necessity either of being parties
to that bill, or of being put out of court altogether. They
considered it more for the interest of the c mpany that
they should appear as joint promoters of the bill, than that
they should be set aside and have no voice in the matter.
He had no doubt many of those present had been alarmed
by the reports of the overwhelming expense which had
been incurred—something like £30,000 it was said to
have cost the promoters of the bill. The ,:irectors, how-
ever, took the precaution to limit themselves, in the first
instance, to a certain sum. They agreed e.mongihemselves
what it would be safe, prudent, and fair they should expend
on behalf of the company. They bad no means, of course,
of ascertaining the precise amount yet, but they had no
reason to believe that they had expended much beyond
the sum which they originally agreed upon. He was
satisfied that there was nothing like one-fourth or one-
sixth of the money spent which people supposed, and he
thought it more probable that it would not be more than
one-eighth of the amount sp- ken of. The opponents of the
bill were said to have spent large sums indeed. The
on die, of the committee room wan, that they had endorsed
their briefs with £BOO and £6OO. The directors of that
Company were satisfied with £6O and ..E4O to their coun-
sel. If the meeting had been there, day by day, and
heard the evidence upon the bills, and seen the pains
taken to sift the matter to the bottom, and to place the
matter fairly before the committee, they would agree that
the directors bed only done what it was their duty to do
for the interests of the company. Parliament had passed
the Conservancy Bill almost in its integrity—so far as
that company was concerned quite in its integrity. The
directors had no feeling in regard to the town dues, or the
compensation given for them. Their object was to obtain
justice and fair play towards Birkenhead, and he trusted
that all the bitter feeling which had been excited, all the
passion which had been created, would, now that they
had got a new trust, be allowed to pass away, and
all would look to the interests of trade and com-
mere° generally. It had been the bane of Liverpool,
thnt she had looked too much to her own interests,
And considered the trade and commerce of that great
district as more for the benefit of Liverpool herself
than for the commt afty at large. He trusted that, now
that the Conservancy Bill was about to come into opera-
tion on the Ist of January, they would have no more
local, one-sided feeling predominating, but that all would
agree to look on Birkenhead as part of Liverpool—to look
upon her, at all events, as the port of Liverpool, the port
of the Mersey, and that they would set about the com-
pletion of the cork, from which that company might
expect to participate in the benefits to which, as a railway
company, they were fairly entitled.
A Proprietor inquired if there was not a provision in
the Conservancy Bill declaring that the expense of

obtaining the bill should be met from the funds of the
dock trust.
The Chairman said there was a clause in the bill to that
effect, and he bad himself no doubt that that clause was
sufficient to protect the company from being made to pay
the expense which had been incurred. It was quite
possible that there might be a quibble upon one word of
the clause. At the same time, knowing as he did the
feeling of Parliament, he was satisfied it would be a most
injudicious thing on the part of the Liverpool authorities
to attempt to question their right and title to
pay the expense of the bill under that clause, and
he hoped they would not attempt it. If they did, the
Directors would be prepared to meet them again and in a
very short time have the question settled. The intention
of parliament was so evident and decided that the bill
should pass, and pass in its integrity, that he believed
parliament would not have been prorogued until that had
been done. There was a strong feeling that it was a
matter of right, equity, and fall. play. If any effort were
made—although he trusted there would not, and he had
better hopes of the Mersey Dock Trustees, who he trusted
would take a wider, and more extensive view of the posi-
tion and not ma:e any attempt to shirk the payment of the
expenses—if an effort were made he dared almost to pledge
himself, and had not the slightest doubt, that a short en-
abling bill would settle the question in a very short time.
Mr. Derbishire said he did not think there should be
any quibble upon the clause.
Several proprietors Expressed a similar opinion.
Mr. Banc oft urged that the question should not be
discussed at that moment. (Hear, hear.)
The Chairman, continuing his address, expressed a
hcpe that the shareholders were not disap-
pointed in the result of the half years working.
There had been some dissatisfaction expressed about the
large expenditure :,o capital account If the sharehol lora
would recollect, they had been told for several years past
that such would be the case. If the line eves to earn a
dividend of five per cent, he was satisfied the capital ac-
count was not to be closed yet awhile. Although his
saying it would not make the line earn four per cent., he
was quite satisfied in his own mind that, when their
maniges—who had been untiring in his endeavours to
bring the affiairs of the company into a prosperous and
healthy state—could stay a little more at home, and not
be so much occupied in negotiations for traffic arrange-
ments with other lines, they would be able, so great was
the elasticity in the line —even with their present plant
and their present means—to do a much larger amount of
bisiuces than had been done during the last half-year.
The coil traffic of the district was yet in its infancy. If
they had the facilities for shipping coal at the Birkenhead
Docks, which he believed could be given at
very slight expense, he was satisfied, and others
t otter qualified to judge than himself were satisfied,
that there would be a dividend for the coal

tra le a'one of that district. They had other resources,
and he trusted they were only commencing with the
many branches bf trade which were likely to figure very
largely in Birkenhead. The increase of traffic for the
past eight weeks was t'1,541. There had been a partial
cessation of the South Wales coal traffic. That line was
the only line to Birkenhead, and he trusted there would
be that spirit in the board of directors, and that co ope-
ration in the shareholders, which would enable them to
provide accommodation for the traffic of the whole of the
&strict. (Hear, hear.) On the other side of the water
there was not a❑ intention, but a willingness, to give a
ready ear to other parties to get another line for that
district. He did not say that they had assumed any
tangible shape, but if the directors did their duty to the
company, and the proprietors supported them, they
would provide all the railway accommodation for the dis-
trict which was necessary. It would be injudicious at
present to go on with any extension, but he trusted the
time was not far distant when they could see their way
to an extension to New Brlgleon and along the other
si:le of the pool, and an extension also from Hooten to
Heleiy. After so:ne:further observations,]the:chairman
concluded by moving that the report just read be received
and adopted.
Mr. R :gm seconded the motion.
Mr. Mills complained of the large expenditure in the
capital account, without any control on the part of the
sh :reholders. If such a system was not put a stop to,
their dividend would soon be diminished. He also com-
plained of their large legal expenses, and the time which
the clirecters and officials of the company passed in Lon-
don during the late session. As to their working expenses
during the past half year, he could not agree in the con-
gratulations of the directors. So far as he could under-
stand railway accounts, the working expenses had rather
increased than diminished. They had further received
more this half year than within any other equal period,
and yet the directors proposed to pay them per cent.
less. He could not help objecting to such a proceeding.
(Hoar, hear.)
The Chairman replied that they should attend in Lon-
don, unless they were prepared to see their property
ruined by others. (Hear, hear.) While in London each
director was allowed a guinea and a half a day, but it
never covered his expenses. He was satisfied that et-.:400
would cover all their personal expenses in London during
the last session ; and as to the time spent there, he might
remind them that tho directors had £:100,000 in the com-
pany, and that they would not throw away their property•
egar. Bain asked why they did not arrange with the
Shrewsbury lines, where most of their mineral traffic was,
for the use of their waggon plant in carrying that traffic?
Mr. Hobson replied that they had endeavoured to make
such an arrangement, but could not.
Mr. Baia observed that in the north they did not think

it profitable to provide waggons fur the mineral traffic,
and he considered it would be much better if they could
be got from those lines where that traffic arose.
The Chairman sail that the amount expended upon
their plant per mile was much less than that expended by
almost any other comp my. They had only 33 miles of
their own line, but they had to work 55 miles.
Mr. Gillosv urged that whatover land they had which
was unproductive should be at once sold, unless it
could be shown that it was so enhanced oath year as to
make it worth their while to retain it. If it were not,
however, so enhanced they should sell it and pay off
some of the debentures, thereby saving the interest of the
company, and improving their revenue to that amount.
The Chairman replied that some of it was productive,
and that the revenue got the benefit of it. As for the rest
itiwas being considerably enhanced, and the directors
thought it better to leave it quiescent for the present.
Mr. Gillow maintained that the true commercial
principle was to sell the land which was unproductive.
Mr. Bain asked what object the Board could have in
holding the land?
Mr. Bancroft replied that the company had chosen to
forego the sum of £135,000 which was legally due to them,
and to fall back upon this land—ac arrangement which was
unintelligablo and of which they had now the consequences
before them. The directors had to deal with a very
intricate question, and they dealt with it the best way
they could. As to the attendance of the directors in
London during :the last session he wars ready to submit
to all the imputations that could arise out of it. He had
strenuously supported the board in their proceedings in
reference to the Conservancy Bill, and he maintained
against everybody that the directors had only considered
the interests of the shareholders and had protected them
in what they had done. They were on the banks of the
Mersey ; they had secured that privilege at a million
and a-half of money, one half of which they had expended
in the town of Birkenhead; they had expended that
enormous sum of money on the faith, of the docks, which
were to be considered essentially railway docks ; and
when parties, having other interests than those of Birken-
head, proposed to change those plans, so as to neutralise
all the natural advantages of Birkenhead, and to deprive
the company of all the profit which they ought to derive
from the expenditure of half :a million of money within
Birkenhead, and a million without it ; if they could sup-
pose that, under such circumstances, their directors
would stand by and see those changes made, which
amounted, in fact, to a confiscation of their property, and
not attempt to prevent them, they would be men not
entitled to sit on that or any other board. The trust of
the Mersey was now in its proper position ; and they
would bring a large portion of that immense trade carried
on on the other side to the Cheshire side. Hitherto the
greater portion of their trade had been drawn across the
river, the princip it profit of it being spent on the river
itself; but the object of the company now would be to
make Birkenhead a port itself. As to the observation
that they would not get the expenses of the bill, it was
ridiculous, The words of the act were—" all the expenses
of, and incidental to, the passing of this act ;" and how
could they have got number " two" unless number " one"
had been first introduced? (Hear, hear, and laughter.)
The works on the Birkenhead side should be first com-
menced and first finished ; and in his opinion if ever there
was a session of parliament satisfactory to the company,
it was last session. (Hear, hear.)
The report was then unanimously adopted.
The Chairman moved that a dividend at the rate of 3
per cent per annum, for the half-year ending 30th Juno,
and payable on the Bth September, be declared.
Mr. Oliver moved as an amendment, that the .e 6,150
renewal fund be added to the balance applicable for divi-
dend, and that a dividend at the rate of 31 per cent be
declare I. (Hear, hear.) He thought that each half-year
should pay its own expenses, and he objected in principle
to the renewal fund.
Mr. Robinson seconded the amendment.

Mr. Bancroft advised them not to attempt to foist up
their property by such dangerous means, and reminded
them,that in a renewal fund lay the safety of all lines.
Mr. Bain recommended that at the end of each year they
should get a neutral engineer to report on their stock. It
was done, ho said, on some lines in the North with great
advantage.
After a brief discussion the amendment was withdraw n,
and the original motion unanimously adopted.
- -

The Chairman announced that Mr. Atkinson would not
present himself for re-election, and moved that Mr. Evans
be re elected a director.

Mr. Gillow thought that no appointments should take
place this meeting, and that the board should be reduced
to seven directors. (Hear, hear.)
Mr. J. B. Tdlo7d obeerTed that any motion, either for

the reduction or increase of the board, would require X
special notice.
Mr. Evans and Mr. Darbishire were then re-elected
directors.
Mr. Gillow thought that a Birkenhead gentleman should
be on the board, and in consequence moved that Mr. Jo"
Aspinall be elected in place of Mr. To wnshend.
Mr. Birley seconded the motion.
The motion was lost, and Mr. ToNnshend re-elected.
Mr. Mills moved that Mr. Atkinson's place be tliN
filled up.
_ _

Mr. Robinson seconded the motion.
Mr. Taunton moved, as an amendment, that Mr. Sang'
bury, M.P. for Chester, be elected in the room of Mr.
Atkinson.
Mr. J. Y. Lee seconded it.
The amendment was carried, and Mr. Salisbury declared
elected.
Mr. H. C. Beloe was unanimously re elected one of the
auditors.
The Chairman then moved that power be given to the
board to borrow £3I),(M,

It was objected that no specific object for this loan svag
stated to the company, and after some discussion the
motion was withdrawn.
Thanks were then voted to the Chairman, after which
the meeting separated.

FORGERY AND EMBEZZLE lENT BY AN

INSURANCE COMPANY'S AGENT.

At Lambeth Police-court, on Thursday, Mr. John
Hodges, late an agent and collector to the " Birkbeck Life.
Assurance Company," was brought before the Hon. G. C.
Norton, for final examination, upon various charges of
forgery and embezzlement. From the testimony t iven br
Mr. John Mills, on the former examination, that the funds
of the company, which is a joint-stock company, are vested
in six trustees, of whom Sir Fitzroy Kelly and Mr. Mon-
tague Chambers, Q.C., are two, and a part of the object of
its founders was to provide payments to the insurers during
illness, and agents are appointed in different districts to
attend to its duties. Thu prisoner had been appointed
to the Lambeth I district some years ago, and it
has been latterly found that by forging tne names of diffe'
rent insurers to, and falsifying documents, and also by
withholding sums: of money received by him from in-
surers, he has defrauded the company out of large sums
of money. By the regulations of the company, it was
necessary on the part of an insurer, on becoming ill, to
apprise the agent of his district with the fact, and the
latter gives him a printed form to fill un, and when that iS
done to forward it to the office of the company, in Nen"
Bridge-street, Blackfriars. It is then the custom of the
directors to sign an order for the payment of the alloy ,
antes, `and the agent was authorised to make such pay ,
payments as long as was necessary, or during the illness
Amongst the insurer's in the prisoner's district was a
person named William Goodey and his wife, and in the
beginning of the present year a claim was made on the
company for the payment of 15s a-week as an allowance
during illness, The claim was recognised by the
directors, and the prisoner received directions to
pay the insurer. From the eighteenth of May till
the 19th of June, Goodey received the fifteen shillings
a-week, but at the latter date he declared off the fund ;
but the prisoner continued to charge the company with
the allowance up to the end of July, and presented Mr
Mills, the company's secretary, receipts purporting to
have been signed by Goodey and his wife as vouchers,
but these were discovered to be forgeries. In a second
case, in which a person named Thomas Bolithe was the
insurer, similar malpractices were discovered; and the
evidence in both cases having been taken, Mr. Mills
applied to Mr. Norton to commit the prisoner
on them, assuring the magistrate at the same
time that, -although it was his intention to indict
the prisoner on some other chargei, he should take care
and let him have the evidence in them, so that he
might not be taken by surprise. Mr Neale, the prisoner's
solicitor, hoped that the prisoner might be remanded, and
the evidence taken in the ordinary way, so that he might
know it. This course he considered to be:but justice to
his client. air. Mills observed that his time was very
much occupied wish the business of the company, and it
would be a great inconvenience to him to attend a third
time, but he would pledge his word that, in' all the other
cases:the prisoner should have the evidence supplied to him-
Mr Norton : What may be the amount of the prisoner's
defalcations?—Mr. Mills; Oh, :several hundred :pounds.
Mr. Neale: It is easy to say hundreds. Mr. Mills: I
have discovered more than £2OO, and by this book, which
was kept by the prisoner, his worship will see that there
are several leaves of the accounts torn away. Mr.
Norton recommended that some of the earliest cases
against the prisoner should be preferred against him on
his trial, and fully committed him at present on four
clear charges of forgery.