The Sun.
London, England, 1852-09-03 00:00:00

RAILWAY INTELLIGENCE.

CHESTER, BUXTON, MATLOCK, AND

MIDL AN D JUNCTION.
mn.TP,,h.e,einlitahlfe•yeehaarirly. meeting of this company was held
at Derby Yesterday ; the Hon. G. H. Cavendish,
88:05eareopnortdsetbaetnedtutrheat " 6381. had been received for
calls during the half-year ending the 30th of June, and
purchase of the Cronsifuardt
including andco u nttb teh
expenses,
receipts
2,5911., leaving a balanceili
The
ehe3Oth of August of
4 per cent, interest for the
gfrates and Government duty,
sum 771., brought forward° from792l'
makes 8691. to be carried forward
bCanal. On the revenue se-
p laccount.completed
bb t which, added to the
purchase
to the credit of the
half year have been 3,3831,
the former half-year,
possessionb of the property.
the Cromford Canal
In the report of the directors to
was
sencbume
this company entered into last, on which day
held on the sth of September, 1851,te half-yearly meeting,
that the directors had concluded th it was announced
ment with the London and North-Western
of an arrange•
Companies, jointly, for working this estern and Midland
under-
taking (including the canal) for 15 company's
of January, 1852, by which this companyyears, from the Ist
guaranteed an annual amount equal to 21.
would be
upon their share capital, for the period *
beforelOs. per cent.
The arrangement with the two companies named.
was reduced
to writing in a memorandum of agreement
of September, 1851, and was to the effect thatat" the 3d
ar-
rangements should commence and take effect from the
the Ist
Jan., 1852, for the term of 19 years; that the two compa-
nies should pay this company an annual sum equal to 21. 10s.
per cent. upon their called up capital, amounting to
°a
421,3001., and should also pay the interest on the '
tal of the canal, not exceeding 110,0004 The APcl,
1. u which received the Royal assent on the 17th of t
last, authorizes this company, and the London uatinde
North-Western and Midland Companies to enter into
agreements for leasing, and to lease, thiscompany's line
of railway and canal to the two companies for any term
not exceeding 99 years. The London and North-
Western and Midland Companies have passed resolutions
accepting jointly a lease of the railway and canal upon
the terms of the memorandum of agreement of the 3d
of September, 1851."
The capital account showed that 522,0211. had been
received, and 429,4071. expended, leaving a balance of
92,6131.
On the motion of the CHAIRMAN, the report was
adopted.
The meeting was then made special to consider the
proposition of lease referred to in the report. Mr.
Parsons (of London) and Mr. Preston dissented from
the agreement; the former, because the period was
not 99 instead of 19 years; the latter, because he dis-
sented from the 2f per cent., and considered better
terms ought to have been made.
The CHAIRMAN, on the contrary, speaking as an
independent shareholder, contended that the period of
19 years was more advantageous to them, inasmuch as
the Act gave them powers to renew a lease at the
expiration of that time, when they might be in a po-
sition to make better terms.
Mr. PARSONS complained that the great companies
would shut up the avenue to Manchester by this
route, and, being himself a considerable shareholder,
he was of opinion that the agreement for 99 years
would be far better.
Mr. CHAPPELL (one of the directors of this as well
as the London and North-Western Company) would
have been glad to have accepted the 99 years, speak-
ing for the large company, and he agreed with the
chairman that the present agreement was by far more
beneficial for the Matlock proprietors.
Mr. PARSONS still argued in support of his own
view.
Mr. PRESTON moved as an amendment, that the
meeting do adjourn, in order that the directors might
have an opportunity of making better terms.
The CHAIRMAN said that the proposition must
either be affirmed or negatived.
Mr. PARSONS then complained of the arrangement
made with the other companies with reference to the
dividend not being receivable for the last half-year.
Explanations were given by the directors, which
led Mr. Parsons to say that the statements made,
especially one by Mr. Tootal, the deputy-chairman,
threw a new light upon the matter. He, however,
begged to reiterate his objection to the 19 years'
lease in preference to the 99, and would vote against
the confirmation of the agreement.
The resolution was then put, and only two hands
were held up against it.

Jane
showedAN D.
MIDLANDThe
capital G
accountß EA T t WESTERN
that 1,827,0811. bad been received, including 500,000/.
Government loan, and 1,925,5331. expended, in-
eluding 486,9611. expended on the line from Athlone
to Galway, leaving a balance against the company of
98,4521. The revenue account for the half-year
ending the 30th of June showed that 39,0941. had
been received on the railway, and 8,355/. rents and
tolls on the Royal Canal, making together 47,4501.
EthSe TE3ROtNh oOfEIRELAND.
L
The expenses on the railway amounted to 16,2931,
and on the canal to 1,7311, together 18,02.4/., leaving
a balance of 29,425/. The receipts on the extension
from Athlone to Galway amounted to 9,8551., and the
expenses to 6,175/., leaving 3,6801. to be carried to the
credit of the baronies in the counties of Roscommon
and Galway, per auditor's certificate. These baronies
having guaranteed the interest on the Government
loan will have to supply the deficiency. The net
income of the railway and canal from Dublin
to Athlone amounted to 29,8651, from which is
deducted 8,1931. for interest on debentures and mort-
dlausette ad ccronoto,4, makingbtiog t2h5e,2 proposed
Oil
addition
mort-
gages, leaving a balance of 21,6711. applicable to di-
vidend. To this sum is added 3,582/., the balance
from thdee
to the rest (15,2701), and 15,885/. interest at 4 per
cent. per annum on the paid up share capital of the
company, amounting to 793,447 L, leaving a balance
to the credit of the next half-year of 6,3681. The
dividend on the 47/. 105. shares will amount to 195.
each, and on the 17/. 105. shares to 7s. each for the
fi
tion
sum is this
half-year. The length of line from Dublin to Ath-
lone is '77 miles, and from Athlone to Galway 49
miles; total, 126 miles.

LANCASTER AND CARLISLE.
The report to be submitted to the shareholders at
the half yearly meeting states that there has been a
considerable increase in the goods traffic as compared
with its amount in the corresponding period of last
year. As the new arrangement with the London and
North-Western Company for the supply of locomo-
tive power on lower terms did not come into opera-
tion till the commencement of the current half-year,
the working expenses have been considerably greater
than the directors trust they will be in future years.
All the loans effected or renewed within the past
half-year have been at reduced rates of interest, and
under this head a further saving may be expected
as existing debentures become terminable. Oa
the cost of maintaining the way and works, which
the directors have now for some time undertaken
without the intervention of a contractor, with a view
to economize in that item, the directors are not pre-
pared to offer any decisive opinion until after a more
extended trial. The capital account has been re-
duced by a further payment on account of the amount
due from the Caledonian Company in respect of the
Carlisle joint station. The laying down of the
electric telegraph along the whole line from Preston
to Carlisle has now been completed, which the direc-
tors expect will be a further means of promoting the
safe and convenient working of the railway. The
directors recommend a dividend after the rate of Gf
per cent. per annum, leaving a balance to be trans-
ferred to the account of next half-year of 4,4151.