The Sun.
London, England, 1864-02-19 00:00:00

London and North Western Railway.

MEETING THIS DAY.

The half-yearly meeting of the sharehOlders- of this com•
pany was held to-day at the Euston-square terminus—Mr.
Richard Moon, the chairman of the board of directors,
presiding. _

The report. the principal portions of which have been
published, having been laid upon the table,

The CHAIRMAN, in moving the adoption of the report,
said he might take that opportunity of reviewing the altered
position of the company from that in which it was placed
when his colleagues placed him in the chair in 1861. In
August that year they paid a dividend of 3f per cent, with
a surplus of £ll,BOO. Now they proposed to pay a dividend
of 6 per cent, with a surplus of X 2.0,000. He thought that
result need only be pointed out to show in how satisfactory
a condition the company was placed. The dividend now
proposed was the highest which had been paid since 1849,
and never before with such a reduction of the depreciation
fund. They were now also paying interest on
lines which were not bringing in anything at
present, but which would soon come into play. Not-
withstanding all this, they had been able to keep up the
stock, roads, St 3., while everything was in the best
possible condition, and there was no point of the line which
had not been added to and kept in perfect repair. The re-
newal fund had been redaced about £35,000. They had also
in the year spent £14,000 or £15,000 in the reconstruction
of bridges of permanent materials of iron and stone, which
were originally built of timber. It might be interesting to
know that the steel rails they had laid down in some of the
stations had achieved all the results expected of them, and
they had been found to work equal to tin facings of iron
work. In the locomotive department the expenses of the
first half of 1862 were £334,000; the expenses during the
first half of 1863 were £338,000; but the first-named
half-year did not include, and the latter did, the working
of the Shropshire Union. The directors had wiped off ail
scores of stock, and they had no hesitation in expressing
their belief that the concern was never in a better state
than at the present time. The next point to which he,
would advert was that of legal and Parliamentary ex-
penses, a subject which he knew the directors did not

like much to hear about. In two years the directors had
succeeded in reducing the arrears by £35,000, and the law
and Parliamentary expenses were now not at all equal to the
amount which had been set aside to meet them. He thought
that would be a satisfactory state of things, more especially
as all their neighbouring companies were in perfect
amity with them. Their only hope for their joint
prosperity was by assisting each other, and by uidising
existing companies. As to the proposed London railways
he was sorry they had not a map of them in the room, but
if they had he thought the shareholders would be annoyed
as many other people had been. Of railway schemes gene•
rally he had no hesitation in saying that not one was now
being made for the simple investment of money, but
simply for other purposes, as when a line was con-
structed by persons who had a real interest Par,
liament refused it protection and if it was asked for
Parliament laughed in the faces of the applicants just,
as Nero fled when he set fire to Rome. (Laughter.) HQ
had great faith in the joint committee of Lords and Com.
mons which had been appointed, and he hoped their
exertions would be attended with success.
After some discussion the report was adopted, and tk
dividend for the past half year, at the rate of 6 per cent.
per annum, was declared. It was announced that the divi,
dend warrants would be made payable on Wednesdays
March 2.