The Sun.
London, England, 1864-08-11 00:00:00

LANCASHIRE AND YORKSHIRE.

The half-yearly general meeting of this company was
held yesterday at Manchester—Mr H,W. Wickham' M.P.,
chairman of the board, presided. The report, an abstract
of which has appeared in The Sun, was taken as read.
The CHAIRMAN said he believed he had never met the
proprietors when their circumstances were in a more pros-
perous state than at present. He met them with a larger
dividend than they had to take before the late depression
in 1858, and when he believed their prospects were better
than he had ever known before. He found the receipts of
the half year were larger than they had ever been before.
There was an increase in the passenger receipts of £42,281
over the corresponding half of last year, and the receipts on
the carriage of goods .had increased £77,692 in the same
period. The increase from canal and rents was £1,089, and
on the receipts from the Preston and Wyre Railway there
was an increase of £1,445, making a total increase in the
half year of £122,507. In 1861 the revenue was £950,731,
and the working and other expenses were £404,688, while
in the half year just ended the revenue was £986,057, while
the working expenses were £404,783, so that the working
expenses were less per cent., though the revenue had been
increased by £35,000. After comparing the cost of working
expenses in various departments and on maintenance of
way, compensating for injuries, d. 0., this half year with
previous ones. the chairman observed that through an im-
provement in the state of the working classes ;and from
other causes, the charges for rates and taxes had fallen to
£15,000 against £24,000 this time last year. The directors
proposed to set aside £25,000 on renewal account, and they
recommended an increase of capital to the amount of
£150,000, of which £90,000 was to be devoted to the exten-
sion of stations. They must have increased accommodation,
or they could not carry on the increased traffic which offered
itself. Of the £150,000, £90,000 was to increase station ac-
commodation, and £60,000 was for the increase of rolling-
stock rendered necessary by the increased passenger and
mineral traffic. The passenger traffic was more than double
what it was in 1844, while the goods and mineral traffic had
nearly doubled. He believed their rolling stock earned as
much as any other in the country. He concluded by moving
that the report and accounts be received and adopted, and
that the proceedings for the last half-year be approved.
Mr G. WILSON, deputy chairman, seconded the motion.
Mr. ROBERTS said it was impossible to look at any
part of the policy and management of the directors without
having to congratulate them, unless it was in reference to
their Parliamentary campaigns, and he regretted that Par-
liament still encouraged the system of spoliation upon
existing lines which rendered these campaigns necessary
and so costly. He contrasted unfavourably the policy of
Parliament with that of Continental Governments towards
their railways. The directors he perceived welt keeping
back a surplus, which was generally objected to by those
who wished to sell their shares; but in this instance he
thought the directors were wise in dividing 52 rather than
6 per cent. The resolution was carried unanimously.
The CHAIRMAN then moved the usual dividends on pre-
ference and other stocks, and a dividend at the rate of bi
per cent. per annum on the ordinary stock, payable on the
Ist September.
Mr ANDUS, director, seconded the motion and expressed
an opinion that it would be 61 next half year.
The motion was carried.
The CHAIRMAN then moved that the directors be autho-
rised to expend £150,000 upon stations and for the general
purposes of the company.
Mr DUGDALE seconded the motion, and it was carried.
The meeting was then made special, and on the motion
of the CHAIRMAN, seconded by Mr HARPER, the directors
were authorised to raise £70,060 on mortgage, under the
borrowing powers of the Bootle Branches Acts, 1861.
In answer to a question the CHAIRMAN said the increase