The Sun.
London, England, 1854-09-07 00:00:00

tttr
3 4 ittO 111

SUN OFFICE, Six o'Clock.

TATTERSALL'S.

(THIS EVENING.)

GREAT YORKSHIRE STAKES.
3 to 1 agst Rabgili (taken).

ST. LEGER.
7to 4 agst I3oiardo (taken).
sto 1 agst The Trapper (taken).
Bto 1 agst kerobat (taken).
12 to 1 agst Autocrat (taken).
12 to 1 agst Midsummer (take 14 to 1).
25 to 1 agst Dervish (taken).

CESARE WITCH.
20 to .1
agst Muscovite (taken).
33 to 1 agst Burlington (taken).
50 to 1 agst Selina (taken).
CAMBRIDGESHIRE.
14 to 1 agst Early Bird.
40 to 1 agst The Deformed.
DERBY.
20 to 1 agst The Cruiser (taken).

CHATHAM RACES.

(THIS DAY.)

(BY ELECTRIC TELEGI?4PH.)
VISITORS' PLATE.

Merry Thought
Switch

Seven ran.

BAIL WAY INTELLIGENCE.

LANCASHIRE AND YORKSHIRE.

The half-yearly meeting of the proprietors was held
yesterday at Manchester, Mr. R. W. Wickham, M.P.,
chairman of the directors, presiding.
The report of the directors, an abstract of which has
appeared in The Sun, having been read,
The CHAIRMAN observed that, in accordance with the
statements made on previous occasions by the direc-
tors, no money had been expended during the half
year on capital account beyond what was absolutely
required to provide accommodation for the increas-
ing traffic of the railway, except on the Man-
chester and Southport line, the expenditure on which
had been specially agreed to by the proprietors.
Notwithstanding the great increase in the charge for
money during the last six months, the actual amount
charged for interest on this company's loans had not at
all increased, but remained at 4/, 3s. per cent. ; but,
while the amount of loans was not less than it bad been
at any former period, it was also less, compared with
the amount of capital paid up, than the amount held on
loan by any other railway in the kingdom. Many of
the West Riding shareholders had complained of the
position in which they had been placed in consequence of ,
the shares they held being liable to further calls, and,
therefore, having been, for a long time, unsaleable in the
market. The directors intended to propose, on this occa-
sion, a course which they thought would be fair to all
parties, which was to divide each of those shares into two,
and to consolidate 11/., the amount ali eady paid up, leaving
another share of 31., on which only ss. had been paid up.
1 As to the 21.155. still liable to be called, the directors had
no power to call it up, and it was not likely it ever would
be called ; and the same remark would apply to the ,
balance unpaid on the extension shares ; but it was not
desirable to alter the nominal account, because by doing
away with that they would do away with the power of
borrowing, which the company now possessed, and which
it was desirable to preserve. The revenue during the
last half-year had not increased in the same ratio as in
some other half-years, but that was accounted for in some
measure by the present stagnation of trade, and by the
interruption to which the line had been subject during
the severe weather which was experienced last winter.
The total revenue in 1854, from all sources, had been
490,7411., against, in 1853, 477,387/. ; but from this last
sum must be deducted the Liverpool and Southport
working expenses, 4,2501., leaving the total revenue
of 1853 as 473,1371. Therefore, the increase in
the half-year ending the 30th day of June last bad
been 17,6041., of which 5,550/. was increase of pas-
senger-traffic, 9,5561. increase ofgoods traffic, and 2,4561.
was increase on the P eaton and Wyre Railway. On
the other hand, the expenditure had been, in 1854,
216,8071., against, in 1853, deducting 4,2501. for the
Liverpool and Southport expenses, 203,7501., showing
an increase of 13,0511. over the corresponding period of
1853. Of this increase 4,5781. was attributable to in-
creased cost of materials, wages, and repairs of loco-
motives ; 6731. in wages and repairs of carriages ; 9091.
in repairs of waggons ; 1,8981. increase in horsekeep,
&c. ; 1,3441. increase in compensation; and 5,4001.
increase of wages. The rolling stock never was in
better order than at present, and he had the autho-
rity of the company's officers for stating that there
had been considerable improvement during the last six
months. Parliament had sanctioned the construction of
the Liverpool dock branch and the Middleton branch,
both of which would be constructed out of the borrowing
powers of the company, and therefore would entail no
call whatever on the shareholders. There was every
reason to anticipate that the opening of the dock branch
would greatly increase the traffic. In making the agree-
ments with the Leeds, Bradford, and Halifax, and the
Wakefield and Leeds Companies, referred to in the
report, the directors had bad in view—and he believed
the result would answer their expectatiops when the
lines wero opened—the strengthening of this company's
interests in those districts, and the enabling of a greater
amount of traffic to come on the line from that quarter
than had come up to this period. From circum-
stances which had recently transpired, the directors
did not feel in a position to say anything with
respect to the proposed amalgamation with the East
Lancashire Company. Should matters be in such a
state as to enable them to make any conclusive statement
on that subject, the directors would take care to call a
special meeting of the proprietors to make them fully
acquainted with all their proceedings. The chairman
concluded by moving the adoption of the report and the
passing of the accounts to the 30th of June last.
Mr. W. STUART, the vice-chairman, seconded the
motion. _ .

Mr. J. R. RAY inquired when the Manchester and
Southport line was likely to be opened ?
Mr. STUART said, no exertions had been wanting to
hasten the opening of this line, and he had felt, indivi-
dually, extreme mortification that it had not already been
opened ; but Mr. Dalgleish, the maker of the bridges,
laid the fault on the ironmasters.

The resolution was carried unanimously.
The CHAIRMAN moved that a dividend be now declared
for the half-year of 11. 154. per 1001. stock ; and so it:
proportion on such of the Manchester and Leeds 1001.,
501., 251., and 121. shares ; and the Wakefield,
Pon-
tefract, and Goole 501. and 251. shares ; and the Liver-
pool and Bury, and the Huddersfield and Sheffield 501.
Paid tip and converted into
Rshtoarckes: o a
f s have6s. 3
d.
fifths ; of 2a. Bd. on the 161. P extension shares ; and
of 3s. 111 d. on the West Riding
per
rt
share been
on the 191. 10s. shares, or
shares, deducting in-
come tax, and to be payable on the 15th of September
instant.
Mr. W. STUART seconded the motion, and it was
agreed to.
This concluded the business of the ordinary meeting,
and the proceedings of the special meeting wereAopened.
The CHAIRMAN said he had alreaey explained the
state of the West Riding shares, and the loan capital
proposed to be raised would be sufficient to carry out
both the new schemes. He concluded by moving a
resolution to the effect that the money necessary for the
construction of the Liverpool dock branches and the
Middleton branch be raised by mortgage, and that the
directors be authorised to borrow such moneys, not
exceeding 305,0001., at such time and on such terms as
they should think expedient.
Mr. RILEY seconded the motion, and it was adopted.
The CHAIRMAN next moved that each of the West
Riding 141. shares, upon which 11/. ss. per share had
been paid, be divided into two parts, one of 11/., paid
in full, and one of 31., with ss. paid up, such division to
take place on October 10 ; or, where the amount called
up should not have been paid, then as to each such last
mentioned share, so soon after that day as the call or
calls in arrear, with interest thereon, should have been
paid ; and that such new 111. shares should forthwith
be consolidated into the general capital stock of the com-
pany, and should take dividends, pro rata, with such
general capital stock as from the Ist of July last.
Mr. ANDERTON seconded the motion, which Was agreed
to.
The business concluded with a vote of thanks to the
chairman.

GLASGOW AND BARRHEAD RAILWAY STATION DE-
STROYED BY FIRE.—On Monday morning, between eight
and nine o'clock, the Barrhead section of the Southside
Caledonian Railway station, Gla'gow. was destroyed by
fire. The station was wooden a erection, but had been
just constructed in a very substantial manner. The
iJamilton Railway station, which adjoins the Barrhead
station, was threatened with the same fate, but after grea t
exertions it was saved, with the exception of a portion
of the roof and the booking-office, which are considerably
damaged. The loss of property must be considerable.
No insurance had been effected, the budding being
seexcely COMPleted!