The Sun.
London, England, 1853-02-08 00:00:00

NORTH:WESTERN.

_ • •
The half-yearly meeting of-this- company was held yes-
terday at Leeds. Mr. ALCOCK presided.
The SECRETARY read the retort, which stated that the
receipts for traffic during the half-year ending 31st De-
cember last amounted to 24,0521., against 18,640/. for
the corresponding period of the previous year. After
payment 0f:11,379/. to the Midland Company for work-
ing the line, 1,301/. for rents, of stations, and 2411. sun-
dry debts, a balance of 11,130/. remained. The balance
' at the debit of revenue on the Ist July, and the payment
of the half-year's interest on preference share capital,
debenture debt, S4c., amounted to 11,2911., leaving a
balance of 1611. for the, current half-year. The payments
on capital account for the half-year amount to 21,9721.,
the total eipenditure to 31st December, 1862, being
1,094,9441. The arrears of calls had been reduced by the
sum of 7,1711., and active measures were being taken to
compel payment by defaulters,. The debenture debt
amounts to 182,0871., of which 11.4;3501. had been borrow-
ed at 5 per cent.; 3,040/. at 41 per cent.; 52,9501. at 4 per
cent.; 2,2471. at 31, and 9,5001. at 34 per cent. The direc:.
tors state that they find no difficulty in renewing deben-
tures that fall due at 3 per. cent. The traffic continues
steadily to increase, especially that which corn es on the
line at Morecambe. An arrangement has been made
with the Midland Company for the working of the com.
pany's steam-boats between Morecambe and Tiel, under
which interest at 4 per cent. per annum is secured on the
capital expended in the boats.
The CIIAIR—MAN said, the only point in • the report to
which it was likely there would be any objection was,
charging the balance against last half-year's revenue
account to the revenue account of this half-year, and
not against capital ; but the directors and auditors had
concurred in placing the item in the revenue account,
the amount having been paid for interest to preference
holders. He hoped next year to have the satisfaction of
meeting the shareholders with at least a small dividend
on the original shares. (Applause.) The chances of
making a dividend were now improved in consequence
of the company being able to borrow money at a reduced
rate of interest.

Mr. BURKILL said, he had protested to the directors
against the payment of 3,0851., at the end of last half-

I year, as interest on preference shares, being charged to
the revenue account. He held that it had been abstracted
from the capital account in order to pay the preference
holders, when the company had no legitimate means of
paying them, and that the item ought to remain to the
debit of the capital account.
The CHAIRMAN, Mr. LUPTON, and Mr. FROST (an
auditor) explained that originally the sum of 3,G851. had
been taken from the revenue account, and that the share-
holders, at their last meeting had sanctioned its being
made a charge upon revenue.

After considerable discussion Mr.. EIIRKILL, expressed
himself satisfied with the explanations given,

In answer to inquiries the CHAIRMAN said, 16,0001.
was still owing for land, but the arrears of calls and
balance in banker's hands amounted to 23,0001.

Mr. BOOTH objected to the preference interest being
paid either out of capital or borrowed money. He thought
the preference holders should wait until the company
was able to pay them out of its income.
Mr. HARE (a director) said, if the company had not
paid their preference shareholders, they would never
have been able,to borrow money at 3i per cent., as they
were doing at present.
The report having been unanimously adopted, the re-
tiring directors, Messrs. H. J. Hare, H. Aloock, D.
Lupton, R. Hinde, J. Kitson, J. Burkill, and T. Hors-

fall, were re-elected.

On the motion of Mr.' SANGSTER, a vote of thinks was
given to Mr. P. Dawson and Mr. W. Robinson, two di-

rector who had, permanently retired from the bdard.

In answer to a question, Mr. HARE said flip More-
cambe Bay traffic was in the proportion, at present, of
one-third of the whole traffic of the undertaking, and by
the end of the year he should not be surprised to see it
reach as high as 40 per cent.
After the usual complimentary vote to the Chairman,
the meeting separated.

EAST LANCASHIRE.
The report of the directors of this company, to be sub-
mitted to the proprietors at the half-yearly melting on
the 16th inst., states Ghat the net profit of the half-year
enables the directors to recommend a dividend at the
rate of 3 per cent. per annum on the ordinary stock of
the company, and to carry 8701., after paying all fixed
charges, and debiting the earnings with the interest on
capital, both productive„and unproductive. The gross
receipts for the half-year ending 31st December last
show an increase over the corresponding period of 1851
of 12,7691., an increase in the working expenses of 4,3671,
and in the net profits of 8,402/. The gross receipts in
the half-year ending 31st December last amounted
121,0141., the working expenses to 57,2441., and the
net profit to 73,7701. ; the gross; receipts at the corre-
sponding period of 18.51 amounted to 118,2451., the
expenses to 52,8771., and the net profit to 65,3681. The
extension of the Bacup branch, about 24 miles in length,
has been opened for passenger traffic since the Ist of
October, and for goods' traffic since the Ist inst. This
is the only addition to the company's mileage during the
half-year. The directors remind the proprietors that the
last six months of the year are, and will continue to be
the most productive to the company ; and, therefore,
the Christmas dividend must not be taken as a certain
indication, of the anaount:-which the company may be able
to pay at Midsummer. Since the last meeting the direc-
tors have been able to work-amicably with the neighbour-
ing companies. The board concluded a compre4nsive
agreement in December last with the London and North-
Western Railway Company, and with the Lancashire and
Yorkshire Railway Company for the term of seven years,
by which the receipts upon all traffic at competing points
are now divided in fixed proportions. As this arrange-
ment secures the-transmission of the merchandise traffic
by the shortest route,. and enables the Lancashire and
Yorkshire and East Lancashire Companies to work the
traffic at Liverpool, Manchester, Blackburn, and BUrnley
stations with one staff, it has the advantage of securing
to the pliblic the shortest and best communication for the
trade of the district, at the same time that it assists the
railway companies in conducting their business in a
more economical manner. The average rate of interest
upon the mortgage debt has been reduced from 41. 90. 2d.
per cent. in December, 1851, to 41. ss. 2d. per cent, in
December, 1852. The expenditure on capital account
for the half-year amounts to 31,7901., a considerable
part of which has been expended upon the construction
of the Bacup branch. The directors have taken the ne-
cessary preliminary steps for promoting bills in Parlia-
ment for the following objects :—The extension of the
line from Clifton to Salford ; the making of a branch
from Ormskirk to Southport, and an extension of the
Skelmersdale branch to Rainford ; and power to convert
the mortgage debt of the company into perpetual annui-
ties. The directors are confident that, in advising the
shareholders to apply to Parliament for authority to con-
ltaealng a account
balance
to the
due 31 st
t of
o
con-
struct the proposed new works, they are promoting the
best interests of the undertakipg. Since the last meet-
ing the conversion of the paid-up share capital into stock
has been effected..
December last shows that 3,692,2621. had been received,
expended,Thecapital
vi
bataticl)ke3;s7san6,d92o7tlh. ers of 64,6651.

The stock and share account shows that the company
and others, the net
is authorised to raise 3,865,833/. on shares and loans, of
which 2,719,5861. has been raised on shares, and 954,025/.
opnefil ouacntisn,
gl e a6v:765a1
.n,odmui9n
toal available capital of 192,2211.
available capital amounts to 127,555/. The revenue ac-
count for the half year ending the 31st of December last
Shows that 131,0141. had 'been received, and 57,2431., or
43.69 per cent. of receipts, expended, including 3,092
rates and taxes, and 1,627/. passenger duty, leaving a
profit
money
:120 interest on pre-
ference 0,724/. is appro-
priated
of
to
share,73interest 7
101 5/.te y
due to bankers
and others, 3,1041. for Leeds and Liverpool canal lease,
and 33,3191. for dividend on the ordiii
mLy stock at 3/.
, 57 c. On uOl interestooaf 'loans,
sth
ils 4
of,B sum 2
m 3
per cent. per annum, leaving 8701. to be carried to the
reserve fund.

NEWRY . AND ENNISKILLEN.
The 16th ordinary general meeting of the proprietors
was held yesterday at the Guildhall COffee-house, City,
Mr. W. F. Spackman in the chair. The chairman, in
moving the adoption of the report, congratulated the
meeting on the company's being wholly out of debt,
and having sufficient capital at the banker's to complete
the line. He felt' confident that the money paid into the
Court of Chancery would be returned, and that, after
meeting all their engagements, they would have a
balance of about 10,0001. in hand. He also hoped that
in a few weeks they would be in a position to open the

-then entered into lengthened explanations as to the
position of the company. relatively :to other companies
in the same, district, and deolared his belief
that •it would ,be, able -to make arringethents tending to
its.own security and profit. • The directors proposed to
reduce the amount of the shares from:so/. to 151.. As it
was not theli-, intention to call for one ,shilling more, a
reduction to 71.:10s, would have been. proposed, but that
the Dublin and Belfast COMpany might take advantage
'-of such a state of. things in Parliament. •He concluded
by moving the adoption of the report. Mr. Hawes,
sen., seconded the motion, and in doing so expressed his
entire satisfaction with the position_ of the company. In
reply to a question, the chairman stated that the length
of the line was three miles ; adding that, as originally
projected, it was eighty miles long. A discussion en- ,
sued upon the question of raising the salary of the secre-
tary from 1251. to 2001. in accordance with the recom-
mendation of the directors ; but the meeting ultimately
assented to the increase, together with the entire report.

RAILWAY AND. OTHER BILLS ON
STANDING ORDERS..
Yesterday the standing orders were declared complied
,with in the following important cases :
LONDON AND NORTH IWEST.ERN RAILWAY.—There
were four bills connected with this company, which,
after some opposition, passed the standing orders. The
'first bill was for their proposed branches to Stourbridge
and junction with the Oxford, Worcester, 4.nd:Wolver-
lia,mpton Railway, the expense to be efrayed out of a
surplus of 350,000/. The second bill was for branches
to St. Alban's and Amershaiii, the expense to be de-
frayed -out of a surplus of 200,000/. and upwards. The
third bill was for an extension from Crewe to Shrews-
bury, railway from Primroee-hill to Willesden, and ad-
ditional landS- at Bii-shbury, Stafford, Warrington, and
Camden—to bp defrayed out of a surplus of 500,000/.
The third bill was for a branch from Northampton to
Market Harborough, to be defrayed out of a surplus of
300,000/.
SHREWSBURY AND, CHESTER RAILWAY. —For adjust-
ment of share capital, borrowing powers and mortgage
debt, conversion of share capital into stock, scale of
voting, creation of new shares Eor payment of debt,
powers to run over the Warrington and Altrincham
Junction and Chester and Holyhead Railvrays, and for
-consolidatiOn and repeal of acts.
SHREWSBURY.. AND BIRMINGHAM AND SHBEWSBURT
AND CHESTER RAILWAYS.—For their amalgathation.
• CORK AND BANDON RAILWAY. For .extension to
Bantry and branches to Clonakilt and Skibbereen and
at Albert Quay, power to raise further capital and
guarantee by county of Cork and baronies. Estimated
cost, 223,0541.

AMBERGATE, NOTTINGHAM, AND BOSTON RAILWAY.
—(No. 1 Bill.)
CALEDONIAN AND EDINBURGH AND GLASGOW RIIL-
wAYs.—To authorise the joint working and management
of the two undertakings.
ARDROSSAN RAILWAY.—For sale or lease to Glasgow
and South-Western.
DARLINGTON AND BARNARD CASTLE RAILWAY.—For
construction at an estimated cost of 80,0001.
TYNEMOUTH 'DOCKS AND MORPETH AND SHIELDS
DIRECT RAILWAY.
The general bills passed were :—Bangoi Water Works
(cost 6,9401.); Irwell Valley Wateiworks ; Teiinmoutli
Harbour and River Teign Navigation ; Bristol and
Clifton Gas Light Amalgamation ; Bristol Gas Light
Company (Increase of Capital and EAension'elLiinits);
Ropendale and Baoup Waterworks ; Swaffhani Drain-
age. The Hamilton Waterworks Bill was withdrawn.