The Sun.
London, England, 1864-01-28 00:00:00

RAILWAY INTELLIGENCE,

IIANCHESTER, SHEFFIELD, & LINCOLNSHIRE.
The half-yearly meeting was held yesterday at
Manchester—Mr. J. Chapman, M.P., the chairman,
presided.
The report was taken as read.
The CHAIRMAN congratulated the shareholders
upon the favourable statement of accounts.
Although, he said, the company had lost an enor-
mous amount of traffic on the Ashton, Staleybridge,
and Hadfield portion of the line, as well as from
other hitherto paying districts, owing to the de-
pressed state of the cotton trade, the deficiency had
been made up by the vitality of other portions, from
the good trade of Sheffield and from the good har-
vest of last autumn. In spite of this a dividend
equal to any the shareholders had previously re-
ceived was offered. And not only was there a di-
vidend of lw per cent., bu'e a respectable balance
would be carried over to the next half-year. The
state of Europe was at present very precarious; and
if unfortunately war broke out there as well as in
America, the prospects of all railway companies,
theirs among the number, would be jeopardised.
Taking, ;however, the Manchester, Sheffield, and
Lincolnshire Railway as it was, there was a very
good prospect ; it was not dependent upon foreign
lines; it was not dependent upon the traffic which
was interrupted by the American war ; and, losing
mot only the coal which ought to be carried to work
the factory steam engines, but the cottost to be
manufactured by them, and the calicoes and other
similar products, it was still prosperous. There were
some very extensive works on the railway, some
finished, others in progress, and some in contem-
plation, which would bring a large increase of
traffic with which there could be no competition.
As some of these works were joint-stock concerns,
the directors would behave liberally to the share.
holders, so as to induce them not only to extend
their trade, bat also to give every facility, with a
view to mutual benefit. The increase of the corn-
peny'e:returns over the corresponding period of last
year was £31,321, including the South Yorkshire
traffic. Owing to the stoppage of several collieries
in the South Yorkshire district the company had
suffered from the agreement with the South York-
shire; bat during the last half-year, notwithstand-
ing the bad times, there was no loss whatever upon
that lease. A gratifying item also was the large
increase of traffic as compared with the very small
increase of cost in working the traffic. The work-
ing of the line would have appeared far more fa-
vourable had not more than £lO,OOO been taken
from the suspense account and charged against re-
venue. Of course if this had not been done the re-
ceipts divisible among the proprietors would have
been so much larger. A sub-committee had re-
ported on the suspense account, and had recom-
mended the board to divide it equally over eight
half-years, instead of carrying them forward un-
cuelly over :a greater number. The directors had
spent £20,000 in finding fresh stock for the canals,
which, having no capital, were supported from re-
venue. The rather large amount spent upon capital
was for works sanctioned for lines in Cheshire, and
other improvements. In retiring from the chair-
manship, owing to ill -health, after 25 years' service,
he could not but acknowledge the great kindness
with which he had always been received.
Mr. PENTON, deputy-chairman of the company,
in seconding the motion, said he was glad to observe
thV, notwithstanding the increased traffic of the
past half-year, it had been accomplished at so little
extra cost. The increase in the locomotive depart-
ment was only £l,lOO, while that of permanent
way was also £l,lOO, and all the extra expense,
including general charges, was only about £4,000.
(Hear, hear.) A shareholder had called at-
tention at a past meeting to the position of
their canal property. The directors quite agreed
with the remarks of that gentleman, and having
previously directed attention to the management
of the cenalsA they had effected a saving in the
half-year of more than £2,000, and might look for-
ward to an annual saving of about £5,000.
(Applause.)
Dr. COWAN. in asking a number of questions on
various points", expressed his opinion that other corn-
eeeics had suffered much from making extensions,
from leases of other lines, and from decks and sea-
going vessels, and said that he hoped this company,
now they were in an improved position, would ab-
stain from a like course, and pursue a policy of
letting well alone.
Mr. FILM. 3 congratulated the shareholders upon
the improved pcsitiou of the company.
Mc. RODERTS expressed himself adverse to this
compeny'sconeesion with the South Yorkshire line;
and hoped they would is future avoid the adoption
of landowners' schemes for new lines.
Mr. E. W. WATKIN said in reply that the board
were unanimous in their resolve to give no guaran-
tee to these branch lines, nor would they commit
themselves to any outlay for extensions without
bringing the matter specifically before the share-
holders, and obtaining their consent. (Hear.) But
as to pledging themselves that under no circumstances
would they recommend the shareholders to give a
guarantee, or sanction a new outlay, that would be
at once to pert with their interests, and their position
in the district, and would invite that attack, which
it was the directors, duty, as far as they could, to re-
pel. (Hear.) With regard to the Cheshire lines, two
detached portions of the whole measured only 11
miles in length, and it was not possible for them to
pay without connexion with the remainder. But
these were lines in which their friends of the Great
Northern were equal partners and whatever the profit
or loss they would join, if the report were passed, in
earryin g out and completing these undertakings. The
first object was to get an independent and final footing
in Liverpool; second, to get by means of these Cheshire
lines a proper footing for their traffic at Birken-
head; and thirdly, to be able to get a supply of
Cheshire salt for the development of their ports of
Grimsby and New Holland, which at present they
were obliged to bring by way of Crewe, and by this
detour the amount of traffic was reduced to the
lowest possible amount. Until they get access to
those seats of traffic it was quite impossible that the
policy they had in vie w could be practically realised.
(Hear.) It was much to be deplored that at a time
when railway property was beginning to some ex-
tent to recover itself 350 railway bills for new pro-
jects, many of which ought never to be made, be-
cause they would never pay—(hear)—were thrown
upon the floor of Parliament, compelling them, in
spite of everything they could do, to appear in that
ceost expensive of all expensive courts with lawyers
and engineers to protect their rights and property
wherever they might be attacked. In 1856 their
coat for fuel on the average of the year was
aid. per mile; he was happy to say that in 1863,
for the December half-year, the cost was reduced to
1.37 d. He thought that this economy reflected credit
upon the locomotive superintendent. (Hear.) It was
most satisfactory to have carried 156,000 more tons
of goods and 250,000 more passengers at an extra
expenditure for fuel of only £4O. (Applause.) In
reference to Mr. Chapman's resignation, Mr. Wat-
kins bore witness to his undeviating honour, his
constant industry, and the good feeling and high
principle that had distinguished his chairmanship.
He was satisfied that Mr. Chapman would retire
from the chair and take his seat at the board with
-,the unanimous thanks and good wishes of the meet-
ing.‘ (Applause.) Their policy as a railway company
must be the E ame as their individual policy—to
mica their Own business—(hear)—get as much
truffle as they could, and to obtain it at the smallest
possible expense, and t„ go into no extension or
new undertaking into which they were not posi-
tively driven ; at the same time they must hold
cir own position. Their position as regarded
rrounding companies wee one of considerable
range, for the aieount of their exchange traffic
owed their line to be a necr.ssity. Independent
it large partnership traffic with the Lance-
end Yorkshire and London and North Western
compenies, the total cost of which was divided, their
independent treffic with the former company
amounted to no less than £33,000 per annum, and
with the latter company to £61,000 per annum ;
with the Midland it was £65,000; and their total
exchange traffic with their ally, the Great Northern
Company, was no less than £270,000. (Hear, hear.)
Some of these results were to be attributed to their
former pf;lley of opening up railway routes for the

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Fliirc

development of the largest amount of traffic, which
led to an endeavour to accommodate the public in
the most efficient and economical manner, which
opposed all those destructive agreements which at-
tempted to compel traffic to flow in particular chan-
nels, and in fact opened up a railway system of
intercommunication which he believed would ulti-
mately give them decent dividends: He took en-
couragement from their past experience. A few
years ago their ordinary stock was at 17, whereas
now it was 51; their other stock was then equally
low, and nobody would lend them a shilling. They
had survived all that; they had greatly improved
the concern, and he believed they could improve it
still further. (Applause.)
The motion of the chairman was then carried
unanimously.
Motions declaring a dividend of li- per cent. per
annum for the half-year on the ordinary stock (in
addition to preference and other dividends), for the
re-election of the retiring directors, and for the
re-appointment of Mr. S. P. Robinson as auditor,
were carried without dissent.

Mr. FILDES moved, "That the directors be in-
structed to charge to capital part of the amount of
£59,081 now standing to the debit of the suspense
account—namely, to the extent of £46,500, being a
like amount to that which has already in past years
been debited improperly to revenue, and that the
remainder be liquidated out of revenue in equal pro-
portions over four years."
The motion was seconded, and carried with only
two dissentients.
The business concluded with a vote of thanks to
Mr. Chapman (on his retirement from the chair) for
his past services to the company, and to the Board
generally,
At a meeting of the Board of directors of the com-
pany held previously to the general meeting, Mr.
E. W. Watkin was elected chairman of the com-
pany.