The Sun.
London, England, 1862-02-22 00:00:00

FEBRUARY 22, ' 1862.

were as anxious .as the shareholders to earn and
pity good dividends. They would be glad to do so
if they knew how. He knew no other way of
discovering the caiirle of the falling off in their
dividends than by taking a retrospective view of
their past proceedings. Up to December, 1856,
they had expended £32,713,000 on capital account;
and to December, 1861, £36,759,000. From
December, 1856, to December, 1861, was a period
of five years, in which they had expended
£4,000,000, or, in other words, they had increased
their capital 121 per Cent. It was not possible for
them to increase their capital profitably, The traffic
for the half-year ending December, 1856,
amounted to £1,875,000, and ending December,
1861, to £2,455,300. NoW, during that time the
capital had increased £4,000,000, or 121 per cent.,
the traffic had increased £580,000, or 30i per cent.,
so that the traffic had increased in a far greater
ratio than the capital. The gross charges against
revenue were for the half-year ending December,
1856, £1,197,000, and for the second half of 1861,
£1,944,006. The increase of expenses, therefore,
was £746,562, or 621 per cent. These figures
showed that the capital had increased 121 per cent.,
the traffic 301; per cent., the expenses 621 per cent.
It was not the want of traffic, for they had too
much of that already. If they had less traffic and
fewer branches they would be much better off. The
traffic increased faster than the capital, but the ex-
penses went on fearfully. He felt very much dis-
satisfied with their proceedings. He knew there
were directors at the board who would be glad to
see a better return on the capital, and he believed
that no man on the board was more desirous than
the chairman to achieve a satisfactory result.
(Hear.) He (Mr. Wrigley) hoped that a better
state of things would soon be brought about. They
had 1,200 miles of railway, and it was impossible
for any one man to grasp the whole. Every year
must be worse than the preceding until the present
system was altered. He recommended the directors
to divide the concern into workable sections, and
have qualified persons accountable for the success of
each section, Then let the result be reported to
head-quarters, and the proper means be taken to
discover the cause of the reduction in their dividends.
Mr. HEALY, in an eloquent speech, comrlained of
the great changes that were being made in the
various departments, and suggested that a committee
of consultation should be appointed to interpose
their good offices between the directors and some of
the officers of the company.
Mr. NUNN and other proprietors contended that
the shareholders had no right whatever to interfere
between the directors and the officers of the company.
After some observations with regard to working
the passenger, goods, and mineral traffic by Mr.
Blado, Mr. Rutland, Mr. Giesler, Mr. G. S heward,
Mr. Rawlingson, Mr. Sealy, and Mr. Peyton,
The CHAIRMAN replied to the various observa-
tions, and explained that the directors were doing
every thing in their power to secure the property of
the company, and to work the traffic as efficiently
and as economically as possible. They had local
boards at various important places on their lines,
they had resident agents, and, in fact, they were
doing all they could to improve the property. They
were greatly indebted to Mr. Wrigley for assisting
the negotiations between them and the Lancashire
and Yorkshire ; but with regard to his system of
managing their great company, he (the chairman)
was sure that it would not answer. He then ex-
plained the necessity of expending capital to accom-
modate and develope the traffic on various parts of
their line, and to make the outlay as remunerative
as possible.
Resolutions were passed adopting the report, de-
claring a dividend at the rate of £2 7s. 6d. per cent.,
authorising the outlay of £66,000 on station works,
and £lOO,OOO on rolling stock, carrying £10,122 for
permanent way materials to capital account, re-
electing the retiring directors and auditors.
The meeting was then made special, and the di-
rectors were authorised to subscribe£3o,ooo towards
the Oswestry and Whitchurch railway, and to gua-
rantee interest on £200,000 to be raised by the
Chester and Holyhead Company.
The proceedings concluded with a vote of thinks
to the chairman.