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

RAILWAY INTELLIGNCE.

CHESTER AND HOLYHEAD.

Yesterday the half-yearly meeting of the proprietors
was held at the Euston Station, Mr. Peto, M.P., in the
chair.

The report, which was read by the Secretary, stated
that the total income of the half-year ended the 30th of
June 1852, was 67,3161. 15s. sd. ; the total charges,
39,4191. Os. 9d.-leaving a balance of 27,897/. 14s. Bd. ;
that the total income of the past half year was 88,795/.
19s. 9d. ; the total expenditure, 46,5331, ss. 11d.-
leaving a balance of 42,2621. 13s. 10d. The per tentage
of expenses on receipts was in the former period 60 per
cent., and in the latter 52,,k,. The receipts on account of
the boats amounted in the first period to 6,812/. 10e. 3d.;
the expenses to 6,8331. 13s. Bd.-leaving an adverse
balance of 211. 3s. sd. ; in the second period the receipts
amounted to 15,2271. 7s. id. ; and the expenses to
17,2881. 25.-leaving an adverse balance of 2,0601. 14s.
11d. The balance against the steamboats in the last
half year arose, it was stated, from the expenses of the
goods and cattle boats, which were not running during
the corresponding period of 1852. The number of pas-
sengers conveyed in the first half of last year was
207,255; the tonnage of goods, 94,442 ; the number of
passengers in the last half year was 250,047 ; the ton-
nage of goods, 126,571. A portion of the increased
traffic was no doubt to be attributed to the Industrial
Exhibition opened in Dublin on the 12th of May ; but,
as there was a considerable increase in the merchandise
traffic, the general result might be considered an
evidence of a steady increase of traffic. All the
disputes with contractors and others had been settled
on satisfactory terms, and, with one exception, with-
out recourse to legal proceedings. In repairing the
damage done to the Peumden-mawr sea walls, some
new works had been constructed calculated to prevent
any such injury in the future ; and the cost would be
spread over a period to terminate in 1855. The ac-
counts showed a gross balance of receipts over expendi-
ture of 37,2011. 18s. 11d., which after deducting the de-
benture interest, left 13,3571. Os. ld. available for divi-
dend. The directors therefore recommended that a
dividend of 6s. 3d. per
.share be declared on the first
preference shares, leaving a balance of 2321. Os. id. to
be carried forward to the current half-year. The divi-
dend exceeded that of any preceding half-year ; and
the
directors hoped that the result of the entire year's work-
ingi would be such as not only to meet the current
in-
terest on the 15/. Preference Shares, but also toe liqui-
dateherd a considerable portion of the arrears. Th
regretted to have to report the entire failure of 'the
scheme for erecting a hotel and residence on the com-
pany's property at Bangor.
The substance of the revenue was embodied in the re-
port.
The CHAIRMAN said as the accounts had been in the
hands of the proprietors for some days, he should con-
sider them as read, and proceed to call attention to such
points as appeared to him most interesting. First, with
regard to the steam-boats. It would be seen that there
was a balance against the steam-boats of 2,0601. 14s. 11d.
Now, practically, that was not the case. The share-
holders would recollect that when he first had the
honour of addressing them from that chair, the board
recommended them to become their own insurers.
They found it necessary to make considerable addi-
tions to the boats in order to render them perfectly
effective. They had, therefore, added deck cabins to the
whole of them, and in other respects considerably im-
proved them ; and he was happy to report that, in point
of practical efficiency, the boats were as good then as
when the company purchased them. The board did not,
however, until recently set aside any sum for insurance,
or for renewal, when the time should arrive for any ex-
penditure on that account. In the last half-year, they
had set down 2,2501. under the head of insurance.
Practically, however, that sum remained in their own
hands, as the nucleus of a fund for the purposes which he
had mentioned ; and it was the purpose of the directors
to set apart a similar fund every half-year. He would
also call attention to the fact, that, although the work-
ing expenses, as shown in the report, were 54 per cent.
as against 55 per cent, in the corresponding half-year
of 1851, there was charged against the account the sum
of 6,9991. is Bd. as the charge on the opening, and in
respect of, the Irish merchandise traffic. At the last
half-yearly meeting he stated that they must be pre-
pared for such a change for the two or three succeeding
half-years, because the opening of the new trade always
involved additional expenditure. Although the goods
traffic with Ireland was progressing satisfactorily, the
directors had not yet succeeded in perfecting the arrange-
ments which were absolutely necessary to ensure com-
plete success. As to the steamboats, although, as lie had
stated, they were now in a very efficient condition, yet
it was a source of great regret to the board that they
were not of the size that they would have been if at the
time of ordering them the board had had the experience
which they had since acquired. With regard to the
Dublin Exhibition, any increase which had been derived
from that source was due only to the period between the
12th of May to the 30th of June ; and at the commence-
ment of the Exhibition, the increase was not at so
great a ratio as it had been since, practically the in-
crease of the last half-year was due in a very large
measure to the development of goods and local traffic.
He was happy to call attention to a paragraph in the
report, which stated that the whole of the contractor's
accounts had been settled. There had been very large
claims against the company-claims amounting to from
160,0001. to 170,0001., and they had all been adjusted
and settled for less than 20,0001. He hoped, therefore,
that the proprietors were of opinion that in reference to
this matter at least the board had carefully protected
their interests. (Cheers.) With reference to the divi-
dend, he must remind the meeting that the highest
amount paid in any previous half-year was 3s. 6d. ;
whilst this half-year the amount was Os. 3d. (Hear.)
He had little to state with regard to the parliamentary
proceedings of the past half-year. The Shrewsbury and
Chester Company promoted one bill, which was with-
drawn ; and the board had since entered into an amica-
ble arrangement with them for the use of that portion
of the line which was between the junction and the
Chester station. As regarded the goods traffic, he
might state that they had that moment about 1,028
trucks for its accommodation, but these were totally
insufficient for the requirements of the line, and they
were losing the carriage of between six and seven hun-
dred tons of slate per week because they had not trucks
in which to convey it. The board, sensible that they had
no power to call upon the proprietors for additional
funds, had made an appeal to the London and North-
Western Company on the ground that originally in the
working arrangements with that company it was intended
that it should provide them with the entirety of the
rolling stock. Finding, however, that the North-West-
ern Company had not even sufficient stock to work their
own traffic, the directors, determined to do the best they
could with the funds at their disposal, purchased 1,028
trucks, which were now the property of the company,
and he was happy to say that the North-Western Com-
pany had recently advanced a sufficient sum to purchase
508 more on the security of the trucks themselves. Thus
the proprietors had obtained the means of carrying on an
increased traffic by merely paying the common interest
of money to their allies. (Hear, hear.) Several new
colleries had been opened during the last half-year ;
several factories had been opened along the line ; and a
number of residences had been constructed, which,
being especially applicable to the visiting of the seaside
during the summer, were likely to be a permanent
source of revenue. The directors were strongly im-
pressed with the fact, that although so much had been
done to develope the traffic, very much more yet re-
mained to be done. (Hear, hear.) The great increase
which had already arisen, though very gratifying in it-
self, was, they were convinced, but the type and promise
of that which lay before them ; but, in order to secure
the anticipated results, they must of course have that
time which was necessary for the development of ail un-
dertakings of that kind. Before sitting down he shou'd
like to refer for a few minutes to an article which ap-
peared in the Times of that morning, with reference to
the position of that company, the London and North-
cwoemstearno Company, and the City of Dublin Steam-Loat
Nver_p a..y in relation to the traffic with Ireland. They
e II aware that a committee of the House of Com-
nication
move sat last session on the subject of the comma-
bet
of the article in London and Dublin. The effect
three compere: question was that, instead of the
the government whichf he had mentioned looking to
traffic and condueotrinadditional means of carrying the
g the postal arraneements effec-
tively, they meght
words, on the
referincrease tthafreevide
Nneoelv,iv2
htyhilsii:u-
ject, he would just
ex-
cellent friend Admiral Moosr
the t:t°2t.11,1,1: beforeniber
otfhepaHssoeinisgeeorsf
Commons. Comparing
between England and Ireland in Year 1844 with the
said that
biny
total number in 1852, Admiral
1844 the number was 122,760, and inrlTsll
that the total increase, with all the 135'784 s°
railways, was only 13,024. (Hear, hear.)
(the Chairman) need not tell the proprietors oft ow, he
ter and Holyhead Rail way that any large atterne peh"-
their part to do what was absolutely necessart on
to
velope the resources of the sister country was quite
cleout
of the question. (Hear, hear.) He felt that the ches
ter and Holyhead Company was the most ill-used com-
p any that had ever existed in this country. In the first
p lace they were called upon to spend a mwiellrikonwt money
in in crossing the Straits, and achieving a
been deemed almost an impossibility. This they had
done entirely out of their own funds; and he put it to
the meeting, that in no other incountryy Europe would
anything of the kind ever have been thought of, except
on the condition of receiving a considerable subsidy from
the Government. (Hear, hear.) When he considered
the fact that the Government originally expended such
an enormous sum on the common road between Holy-
head and Birmingham, in order to establish rapid coin-
munication at that period, lie was at a loss to conceive
the policy of the pinching economy which had marked
its conduct since. He might point, by way of illustra-
tion, to an item in the accounts, which he could never
see without vexation and annoyance. The rent of the
slope for the embankment at Conway-bridge was 413/. ;
so that, instead of receiving any benefit for the fa-
cilities which they afforded, they were charged even
for using the side of the old road, which was super-
seded by such an enormous expenditure on their own
part. The question was, after all, whether the increase-
olafyp.assuenegsearisd it was
pay for an enormous additional out
was
quite impossible, and the question
for the public to
decide was whether or not they were
contented that the arrangements for postal and steam
communication should remain
on the footing that they
were at present. When 1;e looked at the enormous sum
paid for the Brazilian mail contract,
fo
t, when he found that
e
something like 270,0001. Was p
cation with Brazil and the West Indris postal communi-
cation he
bore in c
mind the importance of the sister country,
r
untry, and
the avowed anxiety of statesmen for its development, he
felt perfectly astonished that the cornmumeation with •
Ireland should have been left in such a lamentable posi.