The Sun.
London, England, 1853-09-08 00:00:00

LANCASHIRE AND YORKSHIRE.

The usual half-yearly meeting of this company was
held yesterday in the Palatine Hotel, Manchester, H.
W. Wickham, Esq., chairman of the board of directors,
presiding. There was a good attendance of proprietors.
The seal of the company having been applied to the
registry of shareholders, the secretary read the report,
an abstract of which has already appeared in this jour-
nal.
The CHAIRMAN, after a few preliminary observations,
said, with reference to the capital account, that the
board of directors would take care that no further exten-
sion, no more expenditure of capital on the lines, would
be sanctioned, except where it had become absolutely
necessary from increase of traffic, and wtiere by that
,extension of capital and increased accommodation the
°Tking of the traffic might be more expeditiously and
economically managed. He thought the shareholders
held find, on a comparison of the traffic during
perioPd r
Post half-year with that of the corresponding
tisfied •wietyear, that they had reason to be sa-
The revenue the
progress which had been made.
Blackburn 'anicr vin; out the Preston and Wyre,
Railways, had
,Liverpool, Crosby and Southport
the 30th of June Dleen, for the six months ending
the half-year endingmsti 451,7001., against 408,6071. in
for the last six months uor, 1852, showing an increase
working expenses up to Ju43'093/. or 101 per cent. The
r, 1853, had been 188,1131.,
against 172,8161. in the si
showing an increase of 15,2r9r. ths ending June, 1852,
progress would show that the 8i per cent. This
the first six months of 1853 had increasebeen of traffic during
cent., which he could not but look upaot a cost of 35 per
result as compared with the expenses on
rtafavourable
where the increase had cost nearly 80 per railways
gross
,revenue of the railway, including the Prestonent The
Wyre, Blackburn and Liverpool, Crosby and Southport
and
Railways. had been in the lab::, half-year 477,38 n P:orct
the working expenses 208,00 a, or after the rate 4431
per cent. ; the gross revenue in the corresponding half of
1852 was 432,6681., and the working expenses 191,62 U.,
or after the rate of 411 per cent. In the December half
of 1852 the revenue was 451,1411., and the working ex-
penses
204,6831. The passenger traffic in the last half-
year amounted to 176,6 - '691 ; in June 1852, it was
.
170,4971. ; and the goods traffic was 268,7441, against
230,5371. 230,5371. Thus, the revenue of the half-year ending June
1853, nearly equalled that of the half-year ending D-
ecember, 1852, although the latter half of the year was
always considered by far the most productive on all
Irailways. But while the passenger revenge was less
than in the last 6 months of 1852, the goods earnings
were greater, which would sufficiently account for the

increased working charges ; besides which, to the work-
in. expenses of the last 6 months mast be added the
charge of 3,0001. more than last year for maintenance of
cwi da ye
taen. d the The increasedieereaee ainmtohuentgraesescormeypeennuseateifotnhfeorac-
com-
pany in the 3 years ending June 30, 1853, had been 41
perc cent., ,2
to
o r681p877 ctehe nt
increase
esaye years, ar s,
waswsh7 peri e i n
cent.th e yearsTilThe
from
net revenue, which stood in June, 1852, at 241,0451.,
stood in June, 1853, at 269,3811., showing an increase
of 28,3361. ; and with this increase of revenue the direc-
tors were enabled to propose to-day a dividend at the
rate of 31 per cent., laying by a sum of nearly 5,0001.
He might also add that for the 10 weeks of the half-
year now going on the same ratio of increase had been
observed, and he hoped, under favourable circum-
stances, it might be maintained during the whole of
the half year. (Applause.) He then alluded to the
accident that occurred in March last at Dixon Fold,
with a view to express to this meeting and the public
how deeply the directors had felt for the melancholy and
fatal results that attended that accident. They had done
their best to ascertain how it arose, with the view of
preventing future accidents. (Hear, hear.) But they
must allow him to say that he feared, with all the care,
all the attention, all the ability that could be given in
the direction and management of railway traffic, they
could not expect always to escape accidents. All he
could say was, that the directors would do their utmost
endeavours, and leave no stone unturned, no step ne-
glected, that was likely to avoid such disasters. (Ap-
plause.) During the last session of Parliament this
company had no bills of their own to prosecute, but to
look after their interest it was necessary the directors
should oppose the measures of several other companies.
They did so to the best of their ability, and he believed
the result of the opposition would, in every case, be
found advantageous to the shareholders of this com-
pany. He might refer particularly to one introduced by
the East Lancashire Company, who proposed to make
a line parallel with that of this company from Clifton
Junction to Salford. The directors met, after being op-
posed to each other in Parliament, and made an arrange-
ment which he believed would be found mutually ad-
vantageous, and to work satisfactorily for both companies.
His earnest hope was, that having once got together in
a certain way, it would be the means of bringing the two
companies closer together, and that they would work
amicably and endeavour as much as possible to promote
the interests of the proprietors of both undertakings for
the time to come. He must be allowed to say, that it
would be the unceasing object of the directors to make
the railway as productive as possible to its proprietors ;
but, at the same time, although anxious to secure as
good a return as they could, they would not do so ex-
cept by first taking care that both the rolling stock and
permanent way were in a position that nobody could
find fault with. (Applause.)
Mr. W. STEWART (director) seconded the resolution.
Mr. W. RAWSON wished to elicit some expression of
opinion from the chairman as to the memorial which had
been presented from Liverpool for taking 10s. per share
from the fifths for the restoration of the rolling stock.
An opinion had certainlygot abroad that the rolling stock
was not in an efficient state, and a few half-years ago
it was confirmed by statements on the part of the direc-
tors. He knew there were differences of opinion, both
among the shareholders and at the board, as to their
power to apply this 60,0001. for the purpose mentioned,
but he believed there was not a man to be found who
was unwilling to inquire whether they had such a sum
to lay out, for it would be like a godsend for the pre-
vention of future accidents.

Mr. Dunstan, the secretary, read a letter which had
been sent by the directors to Mr. Highfield, of Liver-
pool, in reply to the memorialists, stating the question
of the appropriation of 60,0001. of fifths capital having
been fully discussed, and decided upon at a previous
meeting of the shareholders, the directors did not feel
themselves at liberty to reopen it.

Mr. HIGHFIELD thought this was giving a very bad
sort of consideration to the matter, and contended that
the question had not been decided at a previous meeting.
The CHAIRMAN said that the board felt this was a
shareholders' question altogether, and could express no
opinion on the matter.
Mr. ENTWISTLE (banker) considered that the question
had been fairly decided at a previous meeting, and the
letter to Mr. Highfield was a subsequent answer to the
statement of difference of opinion among the directors
on the subject.
The CHAIRMAN begged to assure Mr. Rawson, on the
authority of the locomotive superintendent, that the
rolling stock was in an efficient state, and the directors
would take care to mention it in that condition.

Mr. BROADBENT considered that the 60,0001. in ques-
tion belonged to revenue.
The CHAIRMAN, in reply to Mr. Rawson, said the
question must be left to the decision of the shareholders.
The directors were ready to call a special meeting if it
were desired.

Mr. ENTWISTLE expressed a hope that the good un-
derstanding between this company and the East Lanca-
shire Company would not be permitted to become too
amicable before the shareholders were allowed an op-
portunity of expressing their opinion. As he believed
the result of amalgamation between large companies and
small ones was always for the benefit of the smaller at
the expense of the larger, he begged to protest against
such a thing at the outset as an amalgamation between
these two companies.

Mr. DAVID t'RICZ wished to know if Mr. Brassey, the
contractor, could be answerable for any portion of the
consequences of the Dixon Fold accident ?
The CHAIRMAN said the matter was under consi-
deration.

Mr. PRICE suggested that the directors should consi-
der the propriety of maintaining the way themselves, as
the London and North-Western Company were doing,
with very satisfactory results. And, as they were to be
held responsible for accidents, they had better face the
matter at once, and establish an insurance for every
passenger, charging a little extra for the tickets, so as
to determine a first-class passenger's value—say 1,0001.,
a second class at 6001., and a third class at 4001., in-
stead of leaving it to be settled by legal proceedings.
The resolution was then carried unanimously.
A dividend was then declared of 1/. 12s. 6d. per share
on the 1001. stock of the company, and so in proportion
on the other shares,

The proceedings concluded with a vote of thanks to
the chairman.

GLASGOW AND SOUTH-WESTERN.

The half-yearly meeting of this company was held in
Glasgow on Tuesday, Mr. Andrew Ore in the chair,
The report, an abstract of which has appeared in The
Sun, was held as read.

The CHAIRMAN, in moving the approval of the re-
port, said he was extremely happy to find, from the
result of last half-year's balance, that his anticipations as
to the ultimate prosperity of the company were being
gradually realised. It was worthy of observation
that, while an increased revenue had been derived,
comparatively little had been added to the work-
ing expenses of the line, and that their borrowed
capital was now placed in a position that would favour-
ably compare with the first railway companies in the
country. The directors were able to recommend a divi-
dend at the rate of 3 per cent. per annum. At the last
meeting they could only declare a dividend of 2 per cent.
and their stock was then 40 per cent. lower in value.
He was glad to say that the Dalmellington line had now
assumed a tangible shape, and it was expected that it
would be ready for traffic in the course of 18 months.
The chairman proceeded to bespeak the support of the
shareholders for two branch lines—namely, that from
Ayr to Maybole, and from Castle Douglas to Dumfries,
both of which might be looked upon as likely to afford a
fair return for investment. He concluded by moving,
the adoption of the report, and that a dividend be de•
clared in the terms thereof.

The motion was unanimously approved.
On the motion of the CHAIRMAN, it was also agreed,
that the directors be authorised to borrow on the Ayr
and Dalme]lington Railway any sum not exceeding
90,0001. sterling.

Some discussion ensued upon a motion by the chair-
man, that the resolution of the Committee of Investiga-
tion, requiring that the three retiring directors shall not
be eligible for re-election, be rescinded. The motion,
however, was carried by a la:ge majority, and the meet-
ing broke up.