The Sun.
London, England, 1865-01-26 00:00:00

METROPOLITAN.

The directors of this company have resolved to recom-
mend to the proprietors a dividend for the past half-year at
the rate of 7 per cent. per aLnum on the ordinary stock,
and on the new ordinary shares of the company, carrying
forward a balance of .Z 7,500 to the next half-year's account.

MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE.
The half-yearly meeting was held yesterday at the London-
road station, Manchester—Mr. Watkin, M.P., in the chair.
An abstract of the report has appeared in The Sun.
The CHAIRMAN, in moving its adoption, entered into ex-
planations to show that it was in a great measure on account
of the temporary burden of interest on property not yet de-
veloped, and a loss of about £12,000 on the South Yorkshire
line, on which traffic had been for a time paralysed by the
colliers' strike, that this half-year's dividend was not at the
rate of 31, instead of 21 per cent. Something was also due
to the recent commercial panic, when money was at 10 per
cent. The company had earned £35,273 increase of traffic
on the united systems of the Sheffield and South York-
shire, at an increased cost of 21 per cent. ; so that the in-
crease of traffic had yielded 79 per cent. of net profit.
(Hear.) The Humber traffic agreement between the com-
panies concerned had been renewed, and he showed that
while the declared value of merchandise exports (exclusive
of coal or coke) from Grimsby was in 1861 £2,270,533,
and from Hartlepool £5,926,909, the exports from the latter
had fallen to £2,161,660 in 1864, while the exports had
risen to £8,050,762 at Grimsby, which now ranked fourth
among the English ports in this respect. He regretted to
see laid before Parliament this session nearly 500 new
railway schemes, involving a capital of about £75,000,000,
as to which, with one or two exceptions, there were actu-
ally no shareholders. (Hear, hear.) The Lancashire and
Yorkshire Company had unfortunately departed from its
old policy of quiet conservatism, and united with the
Great Eastern in its Northern Junction scheme. Such a
combination to take away traffic from the Great Northern,
the Midland, and the Sheffield compelled the initiation of
a countervailing policy, and to some extent induced com-
panies to become joint mid equal partners in the lines
to the west of Manchester. It was a gratifying reflec-
tion that the Sheffield company had carried its passen-
gers with a remarkable immunity from accident. Con-
sidering that only 14 passengers last year were killed in
accidents on railways beyond their own control, out of the
204,000,000 conveyed in the United Kingdom, he was bound
to say there was no industrial vocation at all involving
casualty that could in any way compare with this favour-
able result. (Cheers.) He referred to the absence of certain
classes of accidents, such as the breakage of couplings,
which formerly were frequent, and said the attention of
the directors would still be given to the increase of mea-
sures of protection and comfort, several of which this com-
pany had been the first to introduce. (Hear, hear.) He
solicited the support of the shareholders for the proposed
independent line to Liverpool, which was rendered abso-
lutely necessary by the development of the district, by the
constant obstruction and delay on the existing line, for
which the London and North-Western afforded no remedy.
The new line of 24 miles from Old Trafford to Garston would
cost about £750,000, and being the shortest route would
enable express trains to run between Manchester and Liver-
pool in 45 minutes. (Cheers.) Having adverted at consi-
derable length to the question of the Government pur-
chasing and working the railways, he concluded by mov-
ing the adoption of the report and statement of accounts.
Mr. FENTON, deputy chairman, seconded the motion.
Mr. Roberts, of Chester, Mr. Higginbotham, and Mr.
Healey objected to the introduction of so many schemes,
and the latter gentleman strongly protested against the
proposed line between Manchester and Liverpool.
Mr. TREVOR said the new line was an absolute necessity.
The CHAIRMAN replied to several questions which had
been asked upon some minor details ; the report was
adopted, and the dividends therein recommended were de-
clared.
The meeting was then made special, when the raising of
further capital was authorised, and the directors were em-
powered to contribute to the local railways mentioned in
the report.
The meeting then separated.