The Sun.
London, England, 1865-08-17 00:00:00

AILWAY

lOMPANIES.

MIDLAND.

The half-yearly meeting of this company was held
yesterday at Derby; Mr. W. E. Hutchinson in the
chair. The report and statement of accounts, an
abstract of which has appeared in The Sun, were
taken as read.
The CHAIRMAN, in moving the adoption of the
report, said they had expended during the half-year
£659,000 on capital account. Of that amount
£71,000 had been expended upon the lines which
were opened fortraffic prior to 1850, and that outlay
had been rendered necessary by the continued
growth of traffic. The outlay upon the construction
of new lines had also been very heavy ; £28,000 had
been expended for additional working stock, ren-
dered necessary by the opening of lines, and also by
the continued growth of traffic on the old lines. In
the accounts for the half-year ending 25th of De-
cember last it was shown that a greater amount was
then spent for similar purposes. The diminution in
the present half-year was partially owing to the fact
that new lines constructed since June, 1864, had as
yet been unproductive of dividend, and also because
the working expenses had been considerably in-
creased. Although there was an increase in the
traffic on the line under all its various heads that
increase was very far from being commensurate with
the increase which they had in the corresponding
half of 1864, and which resulted in so satisfactory
an increase of dividend. It was especially inade-
quate in regard to the mineral traffic, the receipts
from which were only £604 in excess of those of the
corresPondmg period of the previous year, while
those of the half-year last mentioned showed an
increase of £59,000, or 26 per cent. over the
corresponding half of 1863. The directors were
dissatisfied with the small increase, but they
attributed it to causes over which they had
little or no control, viz., strikes in the coal and
iron trades. The diminution in the mineral

traffic was no doubt partly attributable to that

as well as to the greatly enhanced prices of coal
and the effects of competition ; but he was glad to
say that, the strikes being now at an end, their
mineral traffic exhibited a very satisfactory increase,
and the directors trusted that by the end of the
year they would be able to give a very good account
of that branch. (Hear.) With regard to the in-
creased expenditure in working the lines caused by
maintenance of way and the repairs to stations and
buildings rendered necessary by the growth of
traffic, he had no doubt that the shareholders would
agree with the directors that whatever amount was
required to keep the line and works in au efficient
state was well expended, and that it would prove a
wise economy in the end. (Hear, hear.) The in-
crease of expenditure in the locomotive department,
amounting to £17,000, arose from two or three
causes—l. The increased price of coal. 2. The
increased mileage rendered necessary by the requi-
sition of the Postmaster-General. 3. The new
lines they had opened during the half-year. The
increase in the other department was also mainly
traceable to the opening of new lines and the in-
crease in train mileage. Their Parliamentary ex-
penses had also been considerably increased, partly
in consequence of the new tribunal to which schemes
for railways had to be submitted, but chiefly owing
to the necessity of opposing numerous hostile mea-
sures, all of which he was glad to say they had
defeated, either in committee on merits or from
failure on the part of the promoters of the hostile
measures to comply with the standing orders.
The subject of expenditure was occupying the close
attention of the directors with a view to a more
economical working. It would have been exceed-
ingly gratifying to himself and colleagues to have
been able, as on former occasions, to recommend
an increase instead of a diminution in the divi-
dend. But, although Slightly disappointed in
the present year, he felt the utmost confidence
in the future of the railway, and he was convinced
that the expenditure of the new lines was necessary
to the permanent stability of the company, and
would eventually be productive. He also believed
that the existing depression in their dividends was
only temporary, and that when the lines were com-
pleted and the traffic fully developed, the dividends
would rise nearly if not quite to the level of those
which were declared in 1864.