The Sun.
London, England, 1865-02-25 00:00:00

rHE SUN, LONDON, SAMEDAY EVENING, FEI3REJARY 25, 1861,

RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.

The half-yearly general meeting of this company was
held yesterday at the Easton Station; Mr. R. Moon, the
chairman, presided.

Mr. C. E. STEwART, the secretary, having read the
notice convening the meeting, the report, which has ap-
peared in The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said they had no reason to complain of their traffic with
one exception, and that was the cattle traffic. In that
traffic they had had a decrease of £14,500 in the half year,
chiefly between England and Ireland. The receipts for
goods averaged about the same amount per ton per mile as
last year. There was some improvement in the passenger
traffic, and a falling off in the goods. On the other side of
the account they had reduced the expenses by Id. per mile.
This had been chiefly accomplished in the locomotive de-
partment. On comparing the receipts of the past half year
with those for the corresponding half of 1860 there was an
increase shown of £79,000. They expected to derive some
advantage in maintenance of the permanent way from the
use of steel rails as compared with iron, notwithstanding
the extra cost of the material. The permanent way and
rolling stock were in first-rate order. The accounts were
well kept, and he trusted that the dividend they were about
to declare would be considered satisfactory.
Mr. BROWN-WESTHEAD7 M.P., deputy chairman, seconded
the motion for the adoption of the report and statement of
accounts.

Mr. BELOE said there were rumours tifeto the manner in
which the Irish mail service was conducted, and it was
reported that the Irish traffic was not carried on as it ought
to be.

Mr. Wrrzums thought the powers sought in the two
Bills mentioned in the report respecting the improvement
of the company's existing lines, by widening the approach
to Liverpool, and extending the Conway and Llanrwrst
Railway to Bettws-y-Coed, were not required.
Mr. YATES, in reference to a letter from the Queen to
railway companies, requesting that more care in future be
adopted to avoid accidents, said it was his opinion that high
speeds and low fares were the two main causes of accidents
on railways. (Laughter.) In the transmission of the mails
to Ireland he believed the time specified was far too short
for safe performance in all weathers, and that the Govern-
ment was most unreasonable in that respect. (Hear.)
Mr. GARTSIDE said he was glad to see that although they
had an increased amount of stock to pay interest upon, and
notwithstanding the prevalence of distress in some of the
manufacturing districts, their property stood so well in the
market, and that they were enabled to pay a 7 per cent. divi-
dend. He trusted that as they got on so well last year that their
resources would increase by good management, so that they
might again obtain such a dividend as they had formerly,
and maintain something like a minimum dividend of 10 per
cent. (Hear.) He felt very much obliged to the Board for
for the manner in which the affairs of the company had been
governed during the past year. The increase in the traffic
had been greater, and the cost of working less, than in any
preceding year. He suggested that as a great deal of their
success was due to the exertions of the officers of the com-
pany, he thought that those exertions should be recognised
either by some per tentage addition to their salaries, in
proportion as the dividend rose above 5 or 6 per cent., or
in some other way.
Mr. GOEZ said that the system of allowing the officers
of a company to have an interest in the prosperity of a
company had been successful in some cases.
The CHAIRMAN, in reply, said with respect to the letter
of her Majesty, that every attention had been paid in the
past, and would be paid in the future, to the safety of the
public using their line. They had directed the best efforts
towards ascertaining what improvement could be made.
The letter of the Queen was not addressed to them specially,
but to all of the metropolitan companies. With regard to
Mr. Beloe's question, the contract for the Irish mail service
had three parties to it—the Postmaster-General, tie city of
Dublin Company, and themselves. It was also in three
parts—the performance of the land journey, an intermediate
period to get to the pier, and also for the sea service. The
Government had not fulfilled what they undertook to do
with regard to the works at Holyhead. The company had
redeemed their pledge under that agreement, and had faith-
fully and successfully performed what they undertook,
though it has been at very great cost, and had been a severe
strain on their exertions. They had been rather hardly used
in this matter, and the statements which had been made
that the contract was not fulfilled with the regularity which
was required, did not apply to their part of it. Of course
they had nothing to do with the performance of the sea
service—that was the business of the City of Dublin Com-
pany. He then read an extract from a statement drawn up
by Mr. Stewart. The Post-office having complained of the
late arrivals of the mails, they were able to reply, that
during the nine days to which the complaint referred, the
down-train from Euston-square station reached Holyhead
within four-tenths of a minute on the average of the ap-
pointed time (2.5 a.m.), and the night mails within one-
tenth of a minute of the appointed time (3.5 a.m.) The
time allowed under the contract from quay to quay, that

was, from Holyhead to Kingston, was 5 hours 45 minutes.
For the first fortnight of the psesent year the time actu-
ally occupied was, on the average, with the down night
mails, 4 hours 23 minutes ; with the down day mails, 4
hours 28 minutes ; with the up day mails, 4 hours 6 mi-
nutes, and with the up night mails, 4 hours 43 minutes.
Having replied to the various observations, he concluded by
moving the adoption of the report and statement of ac-
counts, which was carried unanimously.
A dividend of £3 10s. per cent. on the consolidated stock
of tho company was then declared for the half-year ending
the 31st December last.

The CHAIRMAN said this was the highest dividend they
had declared for 17 years. Their mode of management was
that they had joint committees and special committees, and
the board to govern the whole., They would see it was well

for the directors of a railway company to offer inducements
to persons to exert themselves for the general body. This
was absolutely necessary to the well-being of the company
They had come to this conclusion that in order to reward a
gentleman who had exerted himself, and made use of more
than ordinary abilities, they should take the opportunity of
asking the proprietors to reward such a gentleman by a
special grant. And this was what he was about to ask
them. It was a very exceptional case, and referred to Mr.
Bancroft, one of the directors, who had rendered great
services to the company, and in that view every member
of the board concurred, and he believed they ought to re-
tain his services by allowing him £l,OOO a year,

Mr. B. WESTHEAD seconded the motion.
Mr. HORSFALL, M.P., hoped the shareholders would
agree to that proposition.
Mr. GARTSIDE and Mr. CROSFIELD, the auditor, concurred
in that view.
The resolution granting £l,OOO per annum to Mr. J.
Bancroft for his services was then unanimously adopted.
The CHAIRMAN hoped that the adoption of this plan

would give them the services of many valuable men.
A formal resolution, voting £562,692 for providing addi-
tional engines, carriages, and waggons, and increased ac-

commodation at various stations on the railway, was then

carried.

The sum of £6,135, expended on the improvement of the
permanent way, was ordered to be transferred to capital
under a distinct head.

Mr. W. N. Hodgson, the Hon. C. W. G. Howard, M.P.,
Mr. G. H. Lawrence, and Lord A. Paget, M.P., the retiring
directors, were unanimously re-elected. Mr. S. P. Edwards
and Mr. W. Tipping were elected directors of the company.
Mr. Crossfield, the retiring auditor, was unanimously re-
elected.

The meeting was then made special, and a formal agree-
ment for working the Lancashire Union Railway so as to
give 5 per cent. on its cost was confirmed ; and the direc-
tors were authorised to create £1,283,182 ordinary stock in
the company, to be issued from time to time in substitution
for an equivalent amount of stock or shares in the Stour
Valley and Shropshire Union Companies.
Mr. TAYLOR moved a vote of thanks to the chairman and
directors, which was carried unanimously, and the proceed-
ings terminated.

WHITEHAVEN JUNCTION.

The report of the directors states that the revenue shows

an increase of £2,622 over the corresponding half of 1863,
while the expenses show an increase of only £522. The
line, works, and rolling stock, at the same time, had been
kept in a thoroughly efficient condition, and several im-
provements effected. The total receipts for the half-year
ending Dec. 31 amounted to £26,637, and the working ex-
penses to £10,558, leaving a balance of £16,079. After the
payment of all preference charges the balance was £11,329

out of which the directors recommended a dividend at the
rate of 18 per cent. per annum, carrying £2,000 to the con-
tingency account, and leaving a balance of £253 to the
next acc,

;ount.

WHITEHAVEN AND FURNESS JUNCTION.
The report of the directors states that the receipts for
the half-year ending the 31st of December last amounted
to £24,966, showing an increase of £2,068 over the corre-
sponding half of 1863, The working expenses amounted
to £9,802, being £1,024 less than for the corresponding
period. The revenue had been debited with £l,OOO to-
wards the renewal of the permanent way. All renewals of
rolling stock were at once charged against revenue. The
balance available for distribution among the original share-
holders was £9,299, and the directors recommend the de-
claration of a dividend at the rate of 8 per cent. per annum,
leaving £199. The expenditure on capital account during
the half-year had been £3,224, including the cost of one
new goods engine, which had been added to the rolling
stock. With a, view to increase the traffic in iron ore and
to meet the requirements of the trade, the directors had
entered
ominptaony fora
anew
way

months has been L 10,096, or 311 per cent. in receipts, and
59 miles, or 13 per cent. in length of way open.

RAILWAY BILLS.

Yesterday in the two following cases the standing orders
were declared not to have been complied with :
LYME REGIS JUNCTION.—For railways from Lyme Regis,
Dorset, to Chard ; capital £120,000, loan £40,000.
BRADDIG, NEWPORT, AND YARMOUTH.—For a line be-
tween these places.
The Ventnor and Bonchurch BM should have been re-
ported as having complied with the standing orders.

embarked yesterday on board the troopship Urgent,
at Plymouth, which has not sailed for Queenstown
in consequence of the stormy weather.
The colonelcy of the 73d Regiment has becathe
vacant by the death of Lieut.-General B. Orlando
Jones, K.H., K.T.S. The deceased officer origi-
nally served with the 36th Regiment in Hanover,
during the campaigns of 1805-6. He also served
during the whole of the Peninsular campaigns,
without having been absent from his duty for a
single day. He was present at nearly all the battles
fought in the Peninsula, and was twice wounded.
The commissions of the deceased General bore date
as follows :—Ensign, May 29, 1805 ; lieut., Oct.
23, 1806 ; capt., Sept. 9, 1812 ; brevet major, Sept.
4, 1817 ; major, July 6, 1826 ; brevet lieut.-col.,
Jan. 10, 1837 ; col., Nov. 11, 1851; major-gen.,
Aug. 31, 1855 ; lieut.-gen., Nov. 12, 1862 ; col. of
the 73d Regiment, Sept. 15, 1860. The deceased
officer was a knight of Charles 111. of Spain.