The Sun.
London, England, 1855-08-15 00:00:00

READING RACES,

(THIS DAY.)

(BY ELECN2IO TELEGRAM)
FORBURY STAKES.

Curious ....
Cardiff Lass

.., 1

Five ran.
60/. HANDICAP PLATE
Bright Phoebus
Tittermouse

Nineteen -ran;

INNKEEPERS' PLATE.

Lucy Locket
Octavia
liothorpe
Eight ran

EBOR HANDICAP.
6 to 1 agst Saucebox (taken.)

WOLVERHAMPTON RACES.

(THIS DAY.)

(BY ELECTRIC TELEGRAPH)
STEWARDS' PLATE:
Princes Mixture'
Lady of Lodge
Yewtick

LONDON AND NORTH-WESTERN
RAILWAY-(THIS DAY.)

The half-yearly ordinary meeting of this company was
held this morning at Euston-square Station, for the
transaction of the general business of the company ; the
Marquis of Chandos, M.P., in the chair.
The CHAIRMAN said he had no longer to call their
attention to an increasing traffic, but a falling off in the
most important branch—the passenger traffic. The
diminution was from 704,0001. to 680,0001., which he
thought was to be attributed much to the war dimi-
nishing the means of persons to travel. The di-
minution was not confined to stations where they had
competition, but was observable in others, and he re-
ferred, in illustration, to the decrease of traffic at the
stations between London and Layton. Another cause
of diminution was the numerous new lines, and the
altered position of others from recent legislation being
brought into competition with them. Amalgamations
had been effected, which the directors always predicted
would be injurious to them, and the result had verified
these prognostications. If they compared the traffic
of the past half-year with those of previous years
they would find that, when new channels of com-
munication bad been opened, they tended to di-
lute and but slightly increase the traffic of
the district. The diminution of their passenger traffic
might be divided into two heads, 20,0001. owing to the
opening of new lines, and 12,0001. from a diminished
traffic arising from what he had already alluded to.
There was a large increase of income connected with the
merchandise and mineral traffic, which it was gratify-
ing to find had been earned at a reduction of working
expenses, arising from arrangements made by the direc-
tors, and the accounts showed the excess of receipts over
the corresponding period to be 7,0001. Arrange-
ments bad been made to meet the reduction of
passenger traffic, and the directors thought that,
having placed a check on increasing expenditure,
they might hold out hopes of reductions in the working
expenses commensurate with its being carried out. The
noble chairman alluded to the payment of 4,0001. to the
Shropshire Railway over the usual half-yearly payment,
which would be done for tko future until that account
had been brought up to the date of all the others. After
referring to the bills that had been passed this session of
Parliament connected with this line, he adverted to the
bill for improving the communication with Ireland,
which ultimately would have to come specially before
them before anything could be done under it.
The rejection of the North Staffordshire Amalga-
mation Bill was to be regretted. It was intro-
duced into Parliament under a belief that it was a
wise measure, believing from the position of the North
Staffordshire Railway it could be worked in cordial
co-operation with this line. It was with that view the
company entered into arrangements with the North
Staffordshire Company. The bill bad, however, been
rejected a third time, but he hoped it would not render
a less harmonious working of that line by the two com-
panies. By the arrangement between the two com-
panies, if Parliament rejected the bill three times
on its merits, and not on formal points, the arrangement
was to be at an end; and the bill having been rejected a
third time, the board of directors considered they were
no further bound by the arrangement ; but it had
been asserted otherwise, and the directors designated
repudiators in consequence of expressing such an opin-
ion. His lordship then entered into the details of the
proceedings in Parliament, relative to the three applica-
tions for the bill, and said there could be no doubt three
applications had been made, but denied there had been a
suspension of either of them, as. had been stated, so
as to make it appear there had been but two applications
made to Parliament instead of three. He contended
the applications had been refused by Parliament entirely
on their merits, that of amalgamation, which was so
understood by the North Staffordshie Company, and
who were aware the last was the third application.
The directors of this company, after reviewing the whole
of the circumstances, were of opinion they had fully
carried out their engagements with the North Staf-
fordshire Company, and tat the agreement was at an
end.

Mr. BooTH, ono of the secretaries, then read the re-
port, which recommended a dividend of 21. 7s. 6d. per
cent. for the last six months, amounting to 535,865/.
is. 2.1., leaving a balance of 6,950/. is. 6d. to be car-
ried forward to the next half-year's account.
Mr, BENSON (Deputy Chairman) moved the adoption
of the report.

Mr. UPCROFT called attention to the high rate of in-
terest they paid for their money, which he considered
arose from the directors settling it amongst themselves,
instead of advertising for it. Were they to do so they
might save 40,0001. per annum.
Mr. HADFIELD, .11. P., said be thought the time was
come when the directors should allow a deputation of
shareholders to look into the accounts and ascertain the
cause of the diminution of the dividend. He understood
a committee of the Board of Directors had investigated
the tul,jtct, and that they suggested enormous reduc-
tions. It was a notorious fact that whilst the traffic
had increased in four years equal to one per cent., their
dividend had decreased. There must be some cause for

it which he wished to see explained. -1-ii3ft;r one did
not consider the management of the line was what it
ought to be. (Cheers.) The hon. gentleman proceeded
to :make some remarks on the expenditure of the com-
pany, observing that the fighting expenses of this com-
pany averaged 100,00 C/. a year, which had to be paid
out of revenue. (Hear.) He was satisfied one percent.
of revenue might be saved from the expenses of the com-
pany. The committee he alluded to had taken
oin evi tenon,
ce,
and be called on them to speak out. The appt
of the deputation he named was not intended as a vote
of censure on the Board of Directors.
Sir 11. WILLOUGHBY, M.P., called attention to the
debenture debt, which amounted to 10,834,000/.
with reference to railways.
The CHAIRMAN said hoth
e thoughtien recentlyili rilcutidhesiergteleoni
nntotloodrv;spewawanoroduluil
iadlud.
pro-
posed -deputation,
been
en ean
lit,yltitnhtetteillyenl:beeeriffeocrtesdhebffiyeid
d
iii
.11),
el:feser:litd.l
eaanrdbeyyis alwaysNo
wotiao.
ir.
.ftar;ebi
tcitaexinel,
pt: ododpcnpoasaimsoit edoen(dlntdehttitpieroauoilinlfnoagsalt
tirelhodlntielsi
do,i of
dpiner'eirrutervliseewodfs entertained
be most happy to mee
o- I•d extensions generally, the board was that, as re-
believed O')
pthoesyedhatod
tleric:: doubt, excur.' •
aeinuwdanasbenot there to approve
moderated
yy. 3'
ears
The used much
t lc) oi
smylveaanri. e 8 H.'
but now very much
ed at some length into the general state of the
throughout the countrbs
board
bp yehrasi
experience,
cin•
eeo:
anything from
rainit,:noorliu,lii,idteti,uhehe.apneryter
holders, hut they
wish to keep the knowledge of the share-
a ther. d
mo tahneargreariillelaty,
thing publicly known doubtedf the policy of making every-
or the information of the public
companies.
A vc,ry lengthened rdlncluesss'ion took place relative to
the rate of fairs charged, and the ins-
Policy of running excursion trains at so low a figure, and
the interference of Parliament with railway property,
Which latter it was stated, bad had the effect of placing
this line in its present adverse position.
The report was then put and carried, and the dividend
declared of 21. 7s. 6d. per cent.
A resolution embodying Mr. Hadfield's views were
then agreed to, and a committee of gentlemen nominated
and agreed to.
A discussion then took place relative to the rejection
of the North Staffordshire Amalgamation Bill, after
which the meeting terminated.

CELEBEATION OF THE DUCHESS OF KENT'S BIRTH.
DAY.—Yesterday, by command of her Majesty, a fine
fat buck was sent from the Royal Park, at Windsor, to
Kensington, as an addition to the grand banquet to be
given by the Royal tradespeople at the King's Ara
Tavern, Kensington, on Friday next, the 17th inst., to
celebrate the birthda.y of the Queen's august parent,
the Duchess of Kent, who on that day completes the
69th year of her age. In addition, a plentiful dessert a
ordered to be furnished from the Royal
The town of Kensington will be brillianq illFmmated.
gardvis at. Kew.
Preparations are also making for au illurawatown M the
West-end. .