The Sun.
London, England, 1855-03-08 00:00:00

CHESTER AND HOLYHEAD.

The half-yearly meeting of this company was held yes-
terday at the Euston station, Sir S. M. Peto, Bart., in
the chair.

The report stated that the traffic returns for the past
half•year exhibit in the aggregate an increase, as com-
pared with the corresponding period of previous years.
There is a decrease of 4,593/. in the receipts from pas-
sengers, and of 2,1751. from parcels, as compared with
the corresponding period of 1853, but there is an increase
of 6,8001., in the goods. The total traffic receipts for
the half-year ending the 31st of December last amounted
to 122,1551., and the expenses to 70,2061., or 57.47 per
cent., leaving a balance of 51,9491. in favour of the rail-
way. The receipts from traffic by the steam-boats
during the half-year amounted to 22,3381., and the ex-
penses to 21.3311., leaving a balance of 1,0071. The
directors regret that the expectations which they formed
in the early part of the year 1854, founded upon esti-
mates pi epared by the officers of the company, have not
been realised, owing principally to the increased rate of
working charges. The net balance to the credit of re-
venue amounts to 16,7881., after deducting debenture
interest and interest on advances. From this sum the
directors recommend a dividend of 7s. 9d. per share on
the first preference shares, leaving a balance of 5131. for
the next account. Mr. H. Lee, the engineer, reports
that a small portion of the permanent way will require
to be relaid during the current half-year, and a further
portion in each succeeding year. The total receipts on
capital account amounted to 4,304,7801.; and the ex-
penses to 4,333,2481., leaving a balance against the
company of 28,4681. The net revenue from the railway
and steam-boats, including 1,3321. from last account,
amounted to 54,189/. From this is deducted 23,7071.
for debenture interest to the 10th of January, and
13,6931. interest on advances, leaving 16,7881. avail-
able for dividend.

The CHAIRMAN explained that it was not the inten-
tion of the directors to submit the accounts to that
meeting, as they wished the proprietors to appoint a
friendly committee of shareholders to confer with the
directors on the subject of the accounts. The auditors
had made a special report respecting the sum Of
120,0001. which was paid by the London and North-
Western Company in respect to a certain number of
preference shares in December, 1851, with the option of
converting that amount into a loan. It was the opinion
of the board that a committee of shareholders should be
appointed to inquire into the matter and report thereon.
He then made some general observations on the work
ing of the traffic, and stated that if the second prefer.
ence shares had been taken up they would have been
able to pay a dividend upon them, instead of paying the
amount as interest on lands to that extent.

A long discussion ensued on the state of the accounts,
in the course of which it was admitted that they were
not clearly stated, and that some revision was absolutely
requisite to explain them. The outstanding liabilities of
the company were estimated at 440,000/., and the assets
at 457,0001. The sum borrowed from the London and
North• Western Company, including the 120,0001., was
340,0001.

Mr. JACKSON, M.P., explained that the 13,0001. paid
for interest on advances would have paid 3 per cent. on
the second preference shares if they had been taken up.
They were greatly indebted to Sir S. M. Peto for his
assistance in lending them at times from 100,0001. to
200,0001. to relieve the company from difficulties.
The CHAIRMAN, in reply to some observations respect-
ing the London and North-Western Company, stated
that their conduct to them on all occasions was most li-
beral and kind. At the time that he (the chairman)
joined the company it was beset by heavy claims. There
was one claim for 80,0001., which he settled for 2,0001.,
and there was another claim amounting to between
200,000/. and 300,0001. which he settled for 5,0001. No-
thing would be more gratifying to him than that a com-
mittee of five bona fide shareholders, having a stake in
the company, should investigate anything they liked
with regard to the affairs of the company.
It was then agreed that the meeting should be ad-
journed, for the appointment of a committee of share-
holders holding not less than 20 original shares each.
The meeting then adjourned to the 27th inst., for the
appointment of a committee.