The Sun.
London, England, 1865-07-27 00:00:00

LANCASHIRE AND YORKSHIRE.

The directors of this company have decided on
recommending to the proprietors, at their next
meeting, to declare a dividend for the half-year
ending the 30th of June last, out of the net revenue,
at the rate of 5} per cent. per annum, less income-
tax.
MANCHESTER, SHEFFIELD, iF LINCOLNSHIRE.
The half-yearly meeting of this company was held
yesterday at Manchester ; Mr. Watkin, M.P., in
the chair. The report, an abstract of which has
appeared in The Sun, was held as read.
The CHAIRMAN, in moving its adoption, explained
the causes of the diminution of dividend since this
time last year. The locomotive expenses had in-
creased solely owing to a larger expenditure in ma-
terials for repairs and renewals, and not from increase
in fuel or wages, or other ordinary current charges ;
the increased cost of the traffic department arose
mainly from a larger amount of work having to be
done for the same or a less amount of money. An
increase in law and parliamentary charges had been
unavoidable ; but the most important item of in-
creased charge was on the interest on new capital
invested in the new line to Liverpool, and other works
at present unproductive, but which would yield a
large profit when developed. He reminded the
shareholders that he had atprevious meetings warned
them that this state of things must come upon them.
For two or three half years, unless something ex-
traordinary happened in the increase of prosperity,
there would not be very satisfactory accounts to lay
before them. It must not be forgotten that during
the past half-year they had to meet the consequences ,
of the settlement of the great American question.
It injured to a great extent one of their best trades,
the Outward trade of Sheffield, which largely went
to different parts of America, and it entirely stopped
the export of cotton yarns and goods from Grimsby
and Hull to the north of Europe and elsewhere.
The passenger traffic, as a matter of comparison
with last yelr, was also affected by the windfall of
nearly £7,000 extra receipts arising at the time of
the Sheffield inundation. As to the South York-
shire lease, by the recent assimilation of the ac-
counts with those of the Sheffield, the whole of
whatever loss had arisen was charged to the current
account instead of being deferred, as formerly. The
total South Yorkshire Railway and Canal traffic of
the half-year had been £92,870, and the working
expenses were about £39,005, leaving a balance of
£53,865, and the amount of interest and dividends
which the Sheffield Company were liable for and
had paid was £59,182, so that the loss to the Shef-
field was £5,317. In return for that they got a
most valuable connexion, and traffic was sent upon
their main line which flowed from the South Yor-
kshire ; and he did not think, looking at all the cir-
cumstances, and considering the generally disturbed
state of trade which there had been in the colliery
districts, that this was a very unfavourable result.
He then explained the advantages to the trade of
Grimsby which would flow from the Anglo-French
steamers. He then adverted to the Great Eastern
agreement named in the report, than which he be-
lieved no more important arrangement had been
made in the recent history of railways for the com-
mon good of all railway property. He was one
of those who foresaw, when the Great Eastern
system was amalgamated into one, three or four
years ago, that it was impossible to keep back so
large a system of railways from these northern dis-
tricts. He regretted that his views on the subject
were not at that time adopted by the Great Northern
Company ; but after the successive defeats of the
Great Eastern and Lancashire and Yorkshire corn

bined scheme for a line from Lincoln to Askerne he

had again urged upon the Great Northern directors

to negotiate terms with the Great Eastern to take

their traffic upon fair terms, instead of compelling
them to undertake a competing line, which they
would ultimately obtain. At last the three parties
had come together and made an agreement. Instead

of making their own line, the Great Eastern were to
run over the loop line of the Great Northern from
Spalding to Lincoln, onwards over the new line
northward by way of Gainsborough, in order to get
over the Great Northern to Doncaster. The Great
Eastern were also to become joint proprietors with
the Great Northern of the whole of the line from

March to Doncaster, and they were to run over the
West Riding and Grimsby (which the Sheffield had

to guarantee 41 per cent. upon) in, order to get to
Wakefield and other Yorkshire towns beyond. As far
as the Sheffield were concerned, they gave the Great
Eastern running powers from Lincoln to Retford,
and the two parties were to be at-liberty to exchange
traffic for all places by way of those two points
within a certain radius, that radius involving the
principle that wherever the Sheffield had the short-
est route that should be the road for the traffic,
and wherever the Great Northern was the shortest

_ ....
route that should be the road. He had also made
the suggestion—and it was cordially received by the
Great Northern and Great Eastern—that wherever

the Lancashire and Yorkshire route was the shor

est the Great Eastern should be at full liberty to
arrange if they chose to send their traffic by that
route. lie considered this a just and honourable
basis for the settlement of a question involving more
peril to railway property than any which had been
raised since the original construction of the London
and York Railway. (Cheers.) lie concluded by
urging the shareholders to look at the general and
permanent prospects of their entire concern, and,
like a farmer who encountered an adverse season,
not to be overwhelmed by the difficulty, but to re-
member their business was not the adventure of one
bad year only, but to be continued from year to year
when circumstances would certainly become more
favourable. (Hear, hear.)

Mr. S. J. ROBERTS made some severe comments
upon the policy of the company, which he thought
suicidal both as ragarded the South Yorkshire, the
Great Eastern, and the Liverpool and other schemes.
The CHAIRMAN having answered some questions,
the motion (seconded by Mr. Fenton) was adopted,
Mr. Roberts being the only dissentient.
The various preference dividends were then de-
clared, also a dividend at the rate of 1 per cent. per
annum on the ordinary stock, and the proceedings
concluded with a vote of thanks to the chairman
and directors.

COLCHESTER AND STOUR VALLEY.
The half-yearly meeting of this company was held
on Tuesday at Colchester ; Mr. T. L. Ewen in the
chair.

The report was adopted, and a dividend at the
rate of £.3 6s.
per cent. per annum free of income-
tax was declared, and the proceedings closed with a
vote of thanks to the chairman and directors.