The Sun.
London, England, 1855-02-22 00:00:00

MIDLAND.

The half-yearly meeting of this company was held at
Derby yesterday. Mr. Ellis presided.
Mr. Sandars, the secretary, read the report, which
stated that an increase had taken place in the traffic of
the railway during the past half-year of 44,6261. over
the corresponding period of 1853. The balance available
for dividend was 239,6271.--via. 229,1951. from the
traffic of the half-year, and 10,4321. from the account of
the previous half-year. The directors recommend that a
dividend (less income-tax) be declared payable on the
let of March next of N. 17s. 6d. upon each 1001. conso-
lidated stock, 11. 3s. 9d. upon each 1001. consolidated
Birmingham and Derby stock, 31. upon each 1001. con-
solidated preferential stock, N. 10s. upon each Erewash
Valley share, ss. 0/d. upon each 161. 13e. 4d. share,
being half a year's interest at the rate of 4} per cent. per
annum upon 81. 13s. 4d. aad 153 days upon 31., leaving
a balance of 32,2881. to be carried to the credit of the
account for the current half-year. The working ex-
penses have been 411. Ids. 3d. per cent. as against
421. 15s. per cent. for the corresponding half-year of
1853. Mr. Barlow reports that, with the exception of
one mile, the light rails have been removed from the
Birmingham and Derby portion of the railway ; that
npon the main line between Rugby and Leeds 15 miles
of single way have been relaid, and 12 miles fish-jointed
during the half-year ; the fish-jointing of the line be-
tween Nottingham and Lincoln is also in band, and 25
miles of single way have been completed. Mr. Kirtley
reports that the rolling stock is in good working order,
that 60 new timber trucks and 9 break vans have been
added to the stock, and the cost charged to capital ;
that, in addition to the ordinary repairs, two new pas-
senger engines, four second class carriages, 15 third-
class, and one goods break van have been built during
the half-year, to replace worn-out stock, and the cost
charged to revenue. Nearly the whole of the land has
been purchased OR the Leicester and Hitchin line, and it
is expected the line will be open for traffic in the autumn
of next year. The Ripley branch will be ready for
opening before Midsummer next.
An abstract of the accounts for the half-year has
already appeared.
The CHAIRMAN, in opening the proceedings, congra-
tulated the shareholders upon the favourable state of
their accounts and the satisfactory manner in which the
line had been worked during the last half-year.

Mr. BEALS seconded the motion.
Mr. BATEMAN was opposed to the construction of the
Leicester and Hitchin, and could not see how the direc-
tors could be justified in entering into the Worcester and
Hereford undertaking.
Mr. PARSONS was also opposed to the Worcester and
Hereford lino, and said the line ought to be made by the
parties by whom it was originally projected. He con-
cluded by moving as an amendment that the paragraph
in the report referring to the Worcester and Hereford
Railway he expunged.
Mr. BAUMAN seconded the amendment.
The CHAIRMAN explained that the bill was a mere
"enabling" bill, and that the directors would be obliged
to come before the shareholders nails, at a meeting,
under the Wharncliffe standing order.
Mr. GEE supported the amendment, and complained
of the large surplus carried over to the next half-year.
Instead of paying at the rate of 32 per cent., the direc-
tors might pay 4 per cent., and carry over about 18,000/.
He moved as an amendment that the dividend be at the
rate of 4 per cent, per annum.
Mr. CARBIJT, of Leeds, opposed both amendments,
and a desultory conversation ensued, in the midst of
which the meeting became very impatient.
The CHAIRMAN stated that the directors had asked
nothing which, if grantel, would not be of advantage to
the company.
Mr. Parsons' amendment was then put and lost by a
large majority, and the original motion carried.
The CHAIRMAN then moved a dividend for the half-
year upon all descriptions of stock as set forth in the
report, at the rate of 32 per cent, per annum, payable
on the Ist of March.
Mr. Gee's amendment for a dividend of 4 per cent.
was negatived, and that proposed by the chairman was
carried.
Tho directors were then authorised to raise 225,000/.
on mortgage.
Formal resolutions were passed authorising the con-
solidation of various descriptions of shares into stocks
of the same denomination.
The retirint, directors and auditor were re-elected,
and the proceedings' concluded with a vote of thanks to
the chairman.