The Sun.
London, England, 1862-02-20 00:00:00

LANCASHIRE AND YORKSHIRE.

The half-yearly meeting was held yesterday at
Manchester, Mr. G. Wilson in the chair.
The CHAIRMAN, in moving the adoption of the
report, adverted to the decrease in earnings during
the past half-year, which had amounted to £7,000
in passengers and £41,000 in goods. In consequence
of the present falling off in traffic of other descrip-
tions, the directors were now paying particular
attention to the development of mineral traffic.
Negotiations had been proceeding for a long time
between this Board and the London and North-
Western, and were, he believed, completed, which
would enable this company to reduce very con-
siderably their working expenses. (Hear, hear.)
Although their earnings from goods traffic had so
much diminished, this company had carried during
the half-year 52,000 tons more than in the corres-
ponding period of last year. When the balance of
trade was restored between this country and Ame-
rica, he had no doubt the goods traffic of this com,
parry would recover itself likewise. He still in-
clined to the opinion that the cost of relaying the
permanent way would in future be lessened, though
in the past half-year it had increased. In refer-
ence to the proposed Shawforth line, he
did not know that he could advance any rea-
sons in its favour—(laughter)—further than
those he had the opportunity of giving 12 months
ago. He did not disguise the fact that it was a
costly line, the estimate being £40,000 per mile
but it would pass through a district likely to be as
productive as was the Bacup Valley (excepting the
town of Bacup), and £40,000 of the proposed ex-
penditure (£200,000) was to enable the company to
give the tow n of Rochdale the improved station
which had been so long called for. The only other
bill promoted by the company this session was for
a line near Doncaster, through Goole to the North-
Eastern Railway near Hull. In competition with
this there was a line promoted by independent
parties from Askerne to Hull, and also the respec
tive schemes of the North-Eastern and Sheffield
Companies. •
Mr. DUGDALE seconded the motion.

Mr. T. FIELDEN strongly opposed the Shawforth
line, and expressed his astonishment that the direc-
tors could have " the face" to bring forward again
a scheme which the shareholders had so decidedly
rejected. He moved, as an amendment, that the
clauses in the report relating to the Shawforth line
be struck out.

Mr. HODGSON seconded the amendment.
Mr. ROBERTS recommended the directors to with-
draw the Shawforth scheme.
Mr. BLACKLOCK (director) said that no one who
voted for the report would be committed to support
the Shawforth scheme as the directors had intended
to make that the subject of a distinct resclution.
(Hear, hear.) He believed that, if this company
did not make the branch referred ta, their adversary
the Sheffield- Company would occupy the district,
and abstract from them a great deal more traffic
than would pay the interest on the money for the
construction of the line.

Mr. GRUNDY (the solicitor to the company), to
meet the apparent desire on both sides that the
report might be adopted independent of all refe-
rence to the Shawforth scheme, suggested the addi-
tion to the chairman's motion of the words, " Ex-
cept the subject of the Shawforth branch, which will
be brought forward in a separate motion."
This modification was agreed to by the Chair-
man, and Mr. Fielden withdrew his amendment.
Mr. J. FIELDEN moved as an amendment, to the
effect that the meeting regretted that it could not
express its entire satisfaction with the statement of
accounts.
Mr. KNOTT seconded the amendment.

The CHAIRMAN having replied,
The amendment vi as negatived, and the resolu-
tion (as modified) adopting the report was passed
by a large majority.
The guaranteed and preference dividends were
then declared, and also a dividend at the rate of 5
per cent. per annum on the ordinary stock.
The retiring directors were re-elected.

The CHAIRMAN then moved, aad Mr. RADCLIFFE
seconded, a resolution authorising the directors, if
they saw fit, to make the Shawforth branch.

Mr. S. FIELDEN and Mr. MARSHALL (directors)
spoke against the Shawforth scheme.
The CHAIRMAN put the resolution, which on a
show of hands was declared to be negatived by a
majority of 32 to 29.
Mr. RADCLIFFE demanded a poll.
Mr. T. FIELDEN said he had received a proxy
which was against the board, but he protested
against proxies being used.
The CHAIRMAN asked the opponents to name a
scrutineer.
Several objected. Mr. Rose and Mr. Lever were
ultimatelyappointed.
Resolutions were then carried giving the directors
power to oppose other schemes in Parliament where
this company's interests would be compromised;
giving the Board power to support the Doncaster
and Goole line, and re-appointing Mr. Wrigley as
auditor.