The Sun.
London, England, 1854-09-20 00:00:00

RAILWAY INTELLIGENCE.

CHESTER AND HOLYHEAD.
Yesterday the ordinary half-yearly meeting of the pro-
prietors of this company was held at the Easton station ;
Mr. S. 111. Peto, M.P., presiding.
The report of the directors, which.was taken as read,
stated that the result, in money, of the past half-year
was an increase in the receipts, compared with the cor-
responding period of the previous year, of 11,096/. 15s.
5d., of which 8,381/. 6s. 7d. had been derived from the
railway, and 2,7151. Be. 10d. from the steamboats,
while the relative percentage of expenses, notwithstand-
ing the rise in value of both labour and materials, more
particularly in that portion of the latter required for the
steam-boat department, showed but a very slight in-
crease. The receipts from the merchandise vessels, is
the statement of accounts submitted on the 18th March
last, exhibited a balance against the merchandise vessels
of 1,8171. 35., 11d. The establishment of an improved
system for through transit of goods, between England
and Ireland, would materially assist in developing the
resources of the latter country ; and the directors trusted
that the subject would, ere long, receive from other
companies interested the consideration due to so impor-
tant an object. The directors further state, that the
measure, which they felt it their duty to adopt in De-
cember last, of discontinuing to book through with the
City of Dublin Company, had been entirely successful,
in producing considerable increase in the receipts from
passengers between Ho!yhead and Kingstown. A com-
parative statement subjoined to the report, exhibiting
the number of passengers and tonnage of merchandise con-
veyed, as compared with the corresponding period of pre-
vious years, gave for the last half-year, in passengers
281,524 against 250,047 in the half year ending 30th June,
1853; in tonnage of goods 151,642 as against 126,571 in
1854 ; income from railway, 97,1771. against 88,795/4
percentage of expenses on receipts, 53.18 per oent. against
52i per cent. ; receipts from steam-boats, 17,9421. against
15,227/. ; and balance 6291. against 2,0601. The direc-
tors also reported that an act had passed during the last
session of Parliament, authorising a lease of the Bangor
and Carnarvon Railway, on terms substantially the same
as those submitted and approved by the proprietors, at
the meetings in March and June, and that the necessary
steps would be at once taken to complete the arrange.
ment, and offer the shares to the proprietors. The ac-
counts showed a gross balance to
the credit of revenue
of 44,7381. 16s. 3d., leaving •
eaving, after deducting the interest
on debentures, a balance of 18,555/. 5s la. available
for dividend, and the directors therefore recommended
the full dividend of Bs. 3d. per share for
the half-year,.ere
on
the first preference shares, after
payment
would be a balance of 1,2301. 6s,
to becarried f •
nt of which there
or ward to the current half-year.
The CHAIRMAN, in moving the adoption of the report
and accounts, observea that the directors had, in com-
pliance
with a wish expressed by the shareholders at the
last half-yearly meeting, circulated the report and
as
counts amongst them a week previous to the present
meeting. The result of the last half-year's working, as
exhibited by those accounts, would .be considered satis-
factory. Since the year 1850, when he had first the
hdnour of addressing them as their chairman, the pas.
senger traffic on their line had doubled, and the tonnage
of goods had trebled. The money results were also fa-
vourable ; for while in the corresponding half-year of
1850 the total receipts were 57,4811., and the charges
35,637/., in the last half-year the receipts had been
97,1771., and the charges 51,6811. (sear.) Again with
regard to the steam-boat traffic. In the corresponding half
year of 1850 there was a balance against the company
on the half-year's working of 5,8161., while in the last
half year the adverse balance was only 6291. But although
the accounts showed a balance against the working of the
steam-boats, this could not fairly be taken as the real
state of the case, inasmuch as but for the traffic which the
steam-boats brought upon the railway, the net results of
the latter would not by any means approach the point at
which they had arrived. The change which had been made
in the through-booking system bad been attended with
remarkable results ; for while in 1850 the number of pas.
sengers brought by the express vessels had been in the
half year 6,359, in the half year just closed the number
had risen to 19,534. The new system had not yet been
carried into effect, as the directors were anxious it should
be in reference to goods in consequence of the existing
agreements among the Irish companies. The attention
of the directors was, however, directed to this subject,
believing that by this means the traffic would be more
fully developed. But with the present appliances the in-
crease in the goods traffic was most satisfactory, and it
was scarcely necessary for him to point out the impor-
tance of developing this branch of traffic, not only in
regard to the benefit it would confer upon Ireland, but in
reference to the great increase which it must bring to
the nett receipts of the company. (Hear, hear.) Upon
the subject of branch lines he thought much misappre-
hension had arisen in the public mind, and no wonder,
when the injudicious manner in which they had in many
cases been projected and carried out was considered.
(Hear, bear.) In some instances branch lines had been
constructed, the whole traffic of which, it had afterward
been discovered, was merely the abstraction of so much
traffic from the more direct route, while other branches
had been constructed not upon the principle of remune-
ration for the capital expended, but on that of protection
only. The result of this policy was that a feeling had
obtained in the minds of most railway proprietors that
branch lines were in all cases injurious and operated upon
the main line as suckers rather than feeders. (Hear,
hear.) But it was not so in the case of the Chester and
Holyhead Company, for it was to their branch lines that
the great increase in the local traffic was entirely
owing. Take the Bangor and Carnarcon branch. The
receipts arising from it during the last half-year had
been 8,0471., and the working expenses 4,392/., leavings
positive profit on the increased traffic in favour of
the company, after payment of the rental, of 6551.,
, and that for the worst half year ; and taking the
increase they might calculate upon for the current,
which was the best half year, into account, it would
amount for the year, he believed, to between 1,5001. and
1,6001. And this result had been obtained with a rol-
ling stock by no means adequate to the enormous goods
traffic which came upon this branch from the slats
quarries. He had no doubt if they could supply more
trucks for carrying the slates the net receipts would be
much greater. (Hear, bear.) The directors were most
anxious to see that branch extended from Bangor and
Carnarvon to the slate quarries in the vale of Lanherris,
and also a branch from Conway to the quarries of
Llanrwst—if it could be done by arrangements with the
proprietors of these mineral districts, and without calling
upon the Chester and Holyhead Company for any ad-
vance of capital. Such arrangements were in contem-
plation, and he hoped next session these schemes would
be prosecuted in Parliament. (Hear, hear.) Looking
at the present position of the company, though the pre-
sent accounts showed 2,0001. worse than those of the
last half-year, it must be remembered that the accounts
of that half-year included the traffic arising from the
Dublin Exhibition and the Queen's visit ; but notwith-
standing that, he believed that the rapid increase in the
slate and goods traffic which was going on would in the
current half-year more than make up that deficiency. If
his expectation in this respect should be realised (which
he saw no reason to doubt) they would be enabled to pay
the nine months' dividend which would then be due upon
the second preference stock, as well as the whole of the
current dividend upon the first preference stock. Ha
was happy to say that eleven-twelfths of the holders of
the first preference stock had agreed to accept second
preference shares at par in liquidation of the arrears due
to them, and although there was a small proportion
of dissentients, all difficulty that might have been ex.
petted to arise from their refusal of the terms offered
would be obviated by an offer which had been made by
the other shareholders to take amongst thew at par the
new shares so refused. He trusted, therefore, that
when next the directors met the proprietors they would
be in a position to report that the arrears upon the first
preference had been arranged, as well as that the divi-
dend upon the second preference for the half-year had
been earned. (Hear, hear.)
One or two proprietors expressed opinions adverse to
branch lines altogether, and one gentleman, while ad.
miffing that it would be politic to encourage them in
the mineral districts, when made wholly at the eost of
the mineral proprietors, drew attention to the loss which
bad resulted from the Mole branch.

The CHAraluar had shown that one branch which had
been leased to this company at 4 per cent, already pro.
duced a profit, and with regard to the Mole branch, any
loss that accrued fell not upon the Chester and lioly.
head, but upon the Mole proprietors. The principle
upon which the directors proceeded was not to incur the
responsibility and expense of making the branches them.
selves, but to encourage their construction by the pro-
prietors of the large slate quarries and mineral works
in the district to construct them at their own cost, by
affording facilities for working them wiles they were
constructed, and by this means they were bringing to
the main line a most profitable class of traffic. (Hear.)
After some further conversation, the resolution was
put and unanimously passed.
The CHAIRMAN tuen proposed a resolution declaring a
dividend of Bs. 3d. per share for the half-year
upon the
first preference shares, which he said would be payable
on and after the 30th inst.
This resolution was also unanimously carried ; and
after a vote of thanks to the chairman and his co-direo-
tors the meeting separated.

BOSTON, SLE AFO RD, AND MIDLAND
CO UNTIES.

etrotnis.eacidua to
re, b
wase held
-- -
The half•yearly meeting of this company, which was
at
yesterday at the Easton Hotel,
E
postponed in consequence of there
not being a sufficient number of shareholders present.
The directors' report stated tbat since the last
yearly meeting meeting an arrangement had been made with the
Marquis of Bristol for the purchase of that portion of
his property which would be required for the purposes
of the railway, on terms satisfactory to the directors, and
they were about entering into negotiations with other
landowners on the line. The directors were in corms.,
nication with the Great Northern Railway Company on,
the subject of working the intended line ; and, although
nothing definite had as yet taken place, still they hoped
the result would be an arrangement mutually advan.
tageous.

GLASGOW AND SOUTH-WESTERN RAlLWAY.—Traffie TS.
turn for the week ending Sept. 16, 1854 £5,819 51,
Corresponding week last year 5,585 16 0

Increase in 1851..

E 233 9 i

•
SUDDEN DEATH OF AN INSPECTOR OF THE THAMES
POLICE.— This morning about five o'clock, as Mr. David
Gibbins, an old and respected inspector of the Thames
police, was crossing over Waterloo-bridge, to proceed to
the Investigator, police-station ship, lying off Arse ion--. 2,„..&,i)
stairs, to relieve guard, he was observed to etairgboulte--j- ' \7477,
fall, and on being picked up he was discovered to2?eq.z. :74 ti
quite dead. The body lies at sthg's ColleePT, #,..,' 1 iLW/ 4,5
- 44.1-„v:•*.i" 40.",-- .. N

IT P,