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 ho 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.c., 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 £6Q,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 were 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 51 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 5!
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 DVGDALE 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

The half-yearly meeting of this company was held at
Stoke• upon-Trent yesterday. Mr T. Brodriek, the chair-
man, presided.
The report was taken as read.
The CtiAIItMAN said the traffic on the line continued
steady, although, during the last few weeks, it had experi-
enced a check by the sudden depression which had come
over the iron trade of the district. The report of the engi-
neer showed that the line was gradually being renewed, and
contained the following important remark :—" The use of
steel rails has not escaped attention, they having been in
use on the company's line for about two years for points
and crossings; and, although the first cost, as compared
with iron, is very high, their adoption for such purposes,
according to our experience, is attended with considerable
economy. The present cost of steel is, however, such as to
preclude its general use for rails for the roadway." He (the
chairman) believed that though the application of steel rails
was in its infancy, it was susceptible of great development,
and at some future time, when the present prohibitory
prices had beton reduced by competition, to something like
reasonable limits, there could be little doubt that the mate-
rial would come into much more general use. He then
explained that the directors proposed to issue £lOO,OOO for
the construction of the Leek line, by preferential shares at
5 per cent, the amount being too small for allotment among
the shareholders. The financial condition of the company was
very satisfactory. The directors, with the -consent of the
shareholders, had taken steps to prevent the Macclesfield,
Bollington, and Marple line from being used in future as a
block line by any party hostile to the North Staffordshire.
That line having been passed, it would improve the commu-
nication between South Yorkshire and North Staffordshire,
open up a shorter route from Sheffield to the south-west,
and strengthen the independent position of this company.
The directors during the late session had also obtained
powers for constructing several lines of railway in the
Audley district, which was immensely rich in mineral
wealth, and would no doubt in a few years contain a large
iron-producing population. The chairman concluded by
moving the adoption of the report.
Mr GODDARD proposed as an amendment that that part
of the report which recommended the creation of £lOO,OOO
preferential stock be not approved.
The amendment was negatived by a large majority.

The report was adopted, and the dividend at the rate of
4 per cent. per annum was declared on the ordinary stock of
the company.

VICTORIA STATION AND PIMLICO.

The half-yearly meeting of this company was held yes-
terday, at the offices, Dake-street, Westminster—Mr Wm.
Lee, M.P., in the chair.

The CHAIRMAN, in moving the adoption of the report,
said he could verify the statement made at the last meeting
respecting the estimated progress of their ordinary divi-
dends up to the end of the year 1867. They had been told
that for 1864 the dividend would amount on the ordinary
stock to 5f per cent., for 1865 to 6} per cent., for 1866 to 7f
per cent., and for 1867 to 9 per cent., with a probability of
having a small bonus every 18 months afterwards in addi-
tion to the latter rate. He had no doubt of that estimate
being verified in every particular.
A proprietor suggested that the debenture debt should be
capitalised at 5 per cent., and be offered rateably to the
shareholders.

Another proprietor thought that the borrowed money
might be gradually capitalised by means of a 4 per cent. de-
benture stock as the existing debentures became due.
The CHAIRMAN promised that those suggestions should
have the consideration of the directors.

The report was then unanimously adopted, and a dividend
of £2 155.. per cant. on the ordinary stock was declared for
the past half-year, payable on the 11th inst.
A vote of thanks to the chairman and directors concluded
the proceedings.

TOTTENHAM AND HAMPSTEAD JUNCTION.
The half-yearly meeting of this company was held yes-
terday at the oflic:,, Puet'a•corner, Westminster, Captain
Arrow in the chair.

Mr Horn, the secretary, read the report, which stated
that the bill to enable the company to effect a junction with
the Midland Comp iny's line at St. Pancras had received
the sanction of Parliament. The estimated cost of the junc-
tion was £lOO,OOO. Of this sum the Midland and the Groat
Eastern companies severally had power to subscribe to the
extent of one-third each, and by the terms of the Act, when
they had so subscribed, each company might appoint two
members of their respective boards as directors of this com-
pany, which would raise the number of directors from five
to nine. The traffic of the Midland Company to the city
of London and the docks, and that of the Great Eastern
Company to a North-Western terminus, would pass over
the line ; in addition to this, it would develope and accom-
modate the suburban traffic between the western and eastern
districts of London and the constantly-increasing popula-
tions of Holloway, Hornsey, Crouch-end, and Tottenham,
and thus become a most important feature to the Metro-
politan Railway system. The progress of the works had
been satisfactory, and the directors had no reason to doubt
that the line would be completed by the 31st of October,
1865. The report of the engineers, Messrs. M'Clean and
Stileman, stated during the past half-year a considerable
amount of work had been executed. The bridges under the
Great Northern Railway and some others had been com-
pleted; and the contractors were taking advantage of the
fine weather to push on the excavations. Possession of the
greater part of the land had been obtained. The capital
account to the 31st of July showed that £106,702 had been
received,andXB6,o99 expended,leaving a balance of £20,603.
On the motion of the Chairman, seconded by Mr G. Reed,
deputy chairman, the report was unanimously adopted, and
a vote of thanks to the chairman and directors concluded
the proceedings.