The Sun.
London, England, 1864-02-18 00:00:00

RAILWAY INTELLIGENCE,

the report. He said the proposed bill for the division of the
stock into two kinds of shares would be an advantage to the
shareholders, as it would enable them to dispose of a part of
their stock, and to retain that which would have the usual
dividend, with all the contingent advantages which the
company might receive by improved traffic. With respect to
the London and North-Western and the Midland companies
becoming joint lessees of the Lancaster and Carlisle Rail-
way, he thought such an arrangement would be of advantage
to the shareholders in the North-Western Company.
Mr. BURKILL seconded the adoption of the report, and
the motion was carried unanimously.
The dividend recommended in the report was declared
payable ; Mr. Alcock and Mr. Burkill were re-elected direc •
tors, and Mr. R. Frost was re-elected auditor.
The proceedings closed with a vote of thanks to the
chairman.

LANCASHIRE AND YORKSHIRE.
The half yearly meeting was held yesterday at the com-
pany's offices, Manchester; Mr. W. Wickham, M.P,, pre-

THAMES TUNNEL.

sided. The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN said the revenue of the half-year was
£971,508, as compared with £903,991 in 1862, £982,760 in
1861, and £1,031,631 in 1860. There had been £8,701,215
passengers, being an increase of £768,099 over 1862, of
£310,634 over 1861, and of £306,050 in 1860, when the com-
pany's revenue had arrived at its highest point. Of mer-
chandise, minerals, and coal there had been moved 2,886,483
tons, being in excess of 1862,299,548 tons—of 1861, 178,192
tons—and of 1860,230,376 tons. But with all this increase
the receipts were still £60,000 below 1860, owing to a large
portion of the more valuable traffic being displaced by coal
and other minerals, and owing to the passengers travelling
a less average distance than in 1860. The receipts per ton
were in 1861 5s 31d-1862, Sc 31d—and 1863, 5s ld, the dif-
ference between this year and last occasioning a loss of
£18,500. The oatlay on the renewal account had been con-
siderably less than the previous year. The directors asked for
a larger credit for the coming half-year, that they might be
prepared for the great influx of traffic which might be ex-
pected when the American war ceased. The rolling stock
was now moving 10 per cent. more than the busiest year
prior to 1863. With regard to the company becoming their
own insurers, it need not perhaps be said that in the last 20
years the company's losses by fire at their stations had not
amounted to an aggregate of £5,000. It would have been
more satisfactory if the applications to Parliament for new
lines could have been delayed until the trade of Lancashire
was in a more satisfactory state ; but, having given a pledge
to Parliament last session that if the line from Chorley to
Blackburn was thrown out the company would be prepared to
submit a line in the session of 1864,the directors had had the
county surveyed, and were now prepared with a line which
passing through very rich coal and mineral fields, was likely
to be a valuable adjunct to the company's system. It was
important that the shareholders should have an interest in
the Methley Rranch Railway, which would supply large
quantities of coal to the Wakefield and Goole line. The
proposed extension of the Great Eastern Railway to Askern
would afford a most important outlet, more particularly for
coal. The necessity for increased station accommodation at
Manchester, Liverpool, Halifax, Bradford, Normanton, and
other important towns had become so pressing that the
directors had had to give Parliamentary notice for some
extensions, and for the making of a short branch line at
Ardwick, as well as for the improvement of the Victoria
station. The Ovonden Valley line at Halifax would com-
municate with a number of large manufacturing concerns
whence much traffic originated, and it was necessary the
company should have an interest in it. Therefore it was
proposed to subscribe to the undertaking a sum not exceed-
ing £30,000. Docks at Fleetwood had long been contem plated

and a company was being formed to carry out the pro-
ject. The directors, believing the company's traffic would be
largely increased by their formation, now recommended the
shareholders to subscribe £50,000 towards the making of the
dock, and also to forego any claim for interest or dividend
until the other shareholders received a dividend of 5 per
cent on their share capital. The chairman concluded by
moving the adoption of the report.
Mr. G. WILSON (vice-chairman) seconded the motion.
The Rev. Mr. BURCIIELL objected to so large a sum as

£25,600 being carried over, after the payment of the 44 per
cent. dividend, to the revenue account of the next half-year.
It was a much larger amount than either the Midland or
North-Western were leaving as a surplus, and ho moved as
an amendment that the dividend this half-year be at the rate
of 5 per cent. per annum.
The amendment was seconded,

Mr. J. FIELDEN wished to know how much more money
the directors were going to ray out on the Halifax station.
He thought too much had been expended there already.
While there were wooden huts for station houses on some
parts of the line he did not think it wise that money should
have been laid out for ornamentation at Halifax station. He
also objected to the company paying £50,000 on the pro-
posed docks at Fleetwood, and especially until they had
some security that the docks would be completed without
calling upon the company for a further sum.
Mr. WILSON said, in answer to Mr. Burchell, that the
company would require £5,000 of the surplus after paying
dividend to form an insurance fund. To pay per cent.
more (£ l 5,000) would, under such circumstances, leave too
small a surplus, and as from the prospects of the line after
the cotton crisis was over they would probably be able to
pay much larger dividends, he thought it was better to keep
on the safe side for the present. In answer to Mr. Fielden,
ho said the expenditure at Halifax was for increased goods
traffic accommodation, and with regard to the expenditnre
at Fleetwood, it would only be equal to £2,500 per annum,
in return for which they wuuld get an increase of traffic
over the line. He entered into a statement showing that the
dock company had made a good arrangement for land with
Sir H. Fleetwood, and contended that, looking at the large
population of Iceland, it WAS good policy to encourage the
formation of docks and do all they could to foster the traffic
between Ireland and this country through the port of Fleet-
wood.

On a show of hands the amendment was negatived by a
majority of 40 to 36 votes, and the reports and accounts
were adopted.
Resolutions were carried declaring a dividend of 41 per
cent. per annum, re-electir.., retiring directors, empower-
ing the directors to spend £120,000 during the current
half-year on new works, re-electing Mr. Wrigley as auditor,
and setting aside £5,000 for au insurance fund.
The meeting was then made special, and resolutions were
passed regulating the manner in which the directors should
retire by rotation, and authorising the exercise of the borrow-
ing powers of the company fur sums of £'36,000 and £50,000.

TH. SUN. LONDON, THURSDAY EVENING, FEBRUARY 18, 1864.

of December last amounts to £555,000, and 6n the new
branch capital account to £6,573,

A special meeting of this company was held yesterday at
Radley's Hotel—Mr. F. L. Wollaston in the chair.
Mr. Curtis (the solicitor) read the heads of an agreement
between the company and the East London Railway Com-
pany for the sale of the tunnel to the railway company for
the sum of £173,600, and it was stipulated that £lOO,OOO,
being part of the purchase money, should be paid to the
Public Works Loan Commissioners in discharge and satis-
faction of the debt of £250,000 due to them from the Thames
Tunnel Company. The agreement was to remain in force
until the end of the Session of 1865.

The CHAIRMAN moved a resolution approving and con-
firming the agreement. Ho said that the East London
Railway Company had already complied with the standing
orders, and if the Bill passed in the present Session the
company would not require the tunnel for two years.
The agreement was confirmed, and a vote of thanks to the
chairman concluded the proceedings.