The Sun.
London, England, 1865-02-16 00:00:00

RAILWAY INTELLIGENCE.

MIDLAND.
The half-yearly meeting of this compauy wail held yes-
terday at Derby ; Mr. W. E. Hutchinson in the chair.

The report was taken as read.
The CHAIRMAN, in moving the adoption of the report,
congratulated the shareholders on the increase which had
taken place in the traffic during the past half-year. That
increase had been spread over all the different denomina-
tions of traffic, except that of cattle, which showed a small

decrease, owing, he believed, to the unfavourable season
last year ; it might also have been occasioned by the pro-

sperous state of the manufacturing districts, in which case
they would require more cattle at home instead of sending
them to the London cattle markets. The increase in the

passenger department for the half-year had been £32,000
this was a gratifying fact, because some time back the Mid
land passenger traffic was spoken of as being rather smal

for aline of such ;,magnitude. The increase in the traffic
for the conveyance of merchandise was nearly £30,000
more than in the corresponding half of last year, a proof of
the increase which had taken place in the trade and manu-

factures, not only of their own district but of the country
at large. The increase in the mineral traffic was over
£55,000 ; indeed, he believed that, with the exception of
the Stockton and Darlington Company, they might claim
to be one of the earliest in developing that description of
_ _

traffic. The total amount of their increase was £116,000 ;
but this result had not been achieved without adding con-
siderably to the working expenses, inasmuch as they had
been obliged to put on an additional number of trains. The
increased cost of maintenaace of way was a little over
£14,000, the additional mileage opened being 63 miles.
They had relaid 28 miles of permanent way during the last
half-year. The price of rails and other materials had been
much enhanced ; they had also incurred expenses in pro-
viding increased station accommodation, and the price of
coal had advanced, so that they had been unable to renew
their contracts on the same terms as before ; in fact, fuel

alone had cost them £B,OOO more than in the corresponding
periodn hanp,
half-year,
a 3 brAftere. f
eyne aa c payingall charges they had a balance
them to offer a dividend of £3 17s.
d f
against
£3 10s. for the corresponding
half of 1863. They were also able to carry forward a much
larger balance than they did in 1863, and the rolling stock
6 ao ur
ofn
the which
was in good order. After alluding to the various new pro-
jects in connection with the Midland system, the particu-
lars of which were detailed in the report, he remarked that
a great number of bills in Parliament would affect the in-
terests of the Midland Company; some of them would be
injurious and must be opposed, others were favourable ;
but the particulars would be made known to them at the
Wharncliffe meeting. He adverted to the £l,OOO which had
been plaCed at the disposal of the directors for the purpose
of presenting a testimonial to their late chairman, their
honoured friend Mr. Beale. That sum had been expended
in a service of plate, which was presented by the directors
on the 31st of last month. On that occasion Mr. Beale ex-
pressed a wish to present to the shareholders the life-like
portrait of himself, which was now placed by the side of
that of their former highly valued chairman, Mr. Ellis.
(Hear, hear.) After remarking with regard to the increase
in rolling stock, that it was no economy to work their en-
gines too much, and that the increase in traffic had been
so great that it would be advantageous to place a few more
engines on duty, he moved that the report and statement of
accounts be received and adopted.
Mr. W. P. PRICE, deputy chairman, seconded the motion.
Mr. HADLEY expressed a doubt as to the reliability of the
estimates of the cost of the new projects which were men-
tioned in the report.
Several other shareholders having addressed the meeting,
Mr. BAmmAx inquired whether any of the officials of the
company had received a copy of the Queen's letter on the
subject of railway accidents. As a shareholder, and as a
magistrate, he was naturally anxious, not only that railway
accidents- should be diminished, but that they should be
altogether prevented.
The CHAIRMAN, in reply, said that no such communica-
tion as that alluded to had been received. The attention
of the company's officers was constantly directed to the pre-
vention of accidents, but he was very much afraid that so
long as they depended on human agency accidents would
occur.
After some further discussion the report was unanimously
adopted.
The various dividends were declared as reconunended,and
the proceedings concluded with a vote of thanks to the
chairman.

NORTH STAFFORDSHIRE.
The half-yearly meeting of this company was held yes•
Lerday at the London Tavern ; Mr. T. Brodrick, the chair.

man, presided,

The CHAIRMAN, in moving the adoption of the report,
said there had been an increase of £6,772, or 12i per cent.,
in the passenger traffic, and to earn that increase it had cost

them very little. Between 1862 and 1864 a large amount of
capital had been called up. In the corresponding half of 1862
£52,287 had been divided among the ordinary shareholders,
at the rate of 31 per cent. per annum ; for the same half of
1863, £64,600 had been divided among them at the rate of
4 per cent. per annum, and for the past half-year they pro-
posed to divide £72,678 among the ordinary shareholders
yielding a dividend at the rate of 4}, per cent. per annum.
This showed that there was an increase from 1862 to 1864
of £20,000, or over 38 per cent., in the sum available for
dividend. This had been accomplished, notwithstanding
the depression of trade and other matters, including a re-
duction in the fares. On the whole, he thought the pro-
gress of the company had been satisfactory. They had
no great schemes before Parliament this Session, the only
bill being for the Potteries line, which would give great
satisfaction in the district, and be remunerative. (Hear.)
During the last 18 years they had never applied for
Parliament for an increase of their capital, which he be-
lieved no other railway could state. They now proposed to
raise £355,000 to construct some branch lines which were
required in connection with the railway. After adverting
to the reduction in the working expenses, he concluded by
moving the adoption of the report.
Lieut.-Col. PEARSON seconded the motion. _ .

Dr. RILEY expressed the gratification he felt at having,
after waiting so many years, a per cent. dividend, and
attributed that result to the election of Sir A. Anderson to
a seat at the board. He hoped the shareholders would con-
tinue to look more than over to their interests. The South
Devon Railway was an instance of what might be done by
shareholders looking into their own affairs; tho dividends

for years on that line had been less than 2 per cent. per
annum, and even a few months past the stock was at 33 ;
it was now at 60, and a 31
4 per cent. dividend was to be de-
dared at the ensuing meeting.
Mr. LINDO thought the company should see what they
could do by an alliance with the Midland Company, who
would soon have an extension into London. He concluded
by moving a resolution to the effect that the remainder of
the sum to the debit of the suspense account for the renewal
of the permanent way be
carried to capital, and also akll
further sums necessary for the complete renovation of the
I line.

Mr. HERAPATH expressed his dissent from that proposi-
tion. The renewal of the line belonged to revenue account,
and should not be charged to capital. They were now going
on very well, having increased dividends, and were getting
out of debt ; if they continued that course their property
would become of greater value than by adding anything
improperly to capital. He suggested that a map of their
lines should at future meetings be hung up in the room.
The CHAIRMAN considered the latter a good suggestion,
and said it should be acted upon.
The report was then adopted, and a dividend at' the rate
of 41 per cent. per annum for the past half-year was de-
clared on the ordinary stock of the company, payable on
March 1, less income tax.
Sir A. ANDERSON, a director, said he would second the
motion for carrying the remainder of the suspenseaCCOM
to capital. He thought it a hard case for the present share-
holders to go on paying so much every half-year out of
their dividends for past neglect. They were at present
expending £2OO per mile on the maintenance of the per-
manent way, which he believed was quite an ample charge

on revenue.
The motion was carried by a large majority.
The directors were then authorised to lease Sneyd's rail-
ways on such terms as they might deem expedient.
The meeting was then made special, and the directors