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

LONDON, TUESDAY EVENING, FEBRUARY 8, 1853.

BANKS OF DEPOSITS AND SAVINGS BANKS.
INVESTMENT OF CAPITAL.
PARTIES desirous of Investing Money are re-
quested to examine the plan of the National Assurance and
Investment Association, by which a high rate of Interest may be
obtained, combined with perfect security.
Prospectuses and full information may be had at the office, or sent
ost free on application.
PETER MORRISON. Managing Director.
7, St. Martin's-place, Trafalgar-square, London.

THE INDISPUTABLE LIFE POLICY
a COMPANY,
No. 72, LOinban-street, and 24, Connaught-teirace.

TRUSTEES.
Richard Spooner, Esq., M.P. Richard Malins, Esq., Q.C., M.P.
IJ. Campbell Renton, Esq., M.P. James Faller Maddox, Esq.
William Wilberforce, Esq.
The POLICIES are INDISPUTABLE, in terms of the Deed of
Settlement of the Company, duly registered, and are thus rendered
CERTAIN FAMILY PROVISIONS, and NEGOTIABLE DOCU-
MENTS of SECURITY.
This Company has introduced, as more peculiarly applicable to
the Middle and Industrious Classes, a plan of SELF-PROTECTING
INSURANCE, whereby in one Policy for one rate of Prenamm are
combined an Insurance of a Sum payable either at death or on
attaining a specified age, and a pension or annuity after that age;
and giving the lull benefit of all Premiums that have been paid,
althou‘h the payments should at any time be discontinued.
ALEX. ROBERTSON, Manager.

UNITED KINGDOM LIFE ASSURANCE
COMPANY. . .

Established by Act of Parliament in 1834.
8, Waterioo-pace, Pall-mall, London.
HONORARY PRESIDENTS.
Lord Elp binstone
Lord Belhaven and Stenton
William Campbell, Esq., of
Tilichewan.

Earl of Courtown
Earl Leven and Melville
Earl of Norbury
Earl of Stair
Viscount Falkland

LONDON
CHARLES GRAIIAM,
CHARLES DOWNES, I
11. Blair Avarne, Esq.
HI. Lennox Boyd, Esq.. Resident
Charles Berwick Curtis, Esq.
William Fairlie, Esq.
D. Q. Henriques, Esq.

WEEK DAYS.

SUNDAYS

RAILWAY INTELLIGENCE.

NORTH-WESTERN.
The haL f- yearly meeting of this company was held yes-
terday at I ,eeds. Mr. ALCOCK presided.
The SE( 13 IETARY read the report, which stated that tho
receipts fo r traffic during the half-year ending 31st De-
cember lard amounted to 24,0521., against 18,6401. for
the corres p oonding period of the previous year. After
payment cif • 11,379/. to the Midland Company for work-
ing the lin ,e , 1,301/. for rents of stations, -and 2411. sun-
dry debts, . a balance of 11,130/. remained. The balance
at the deb b of revenue on the Ist July, and the payment
of the ha 11 -year's interest on preference share capital,
debenture debt, &c., amounted to 11,2911., leaving a
balance or 1611. for the current half-year. The payments
lon capital ,ccount for the half-year amount to 21,9721.,
the total • expenditure to 31st December, 1852, being
1,094,9441;.. The arrears of calls had been reduced by the
sum of 7,-1 711., and active measures were being taken to
compel pi syment by defaulters. The debenture debt
amounts 1 ) 182,0871., of which 114, 3501. had been borrow-
ed at 5 pc a • cent.; 3,0401. at 41 per cent.; 52,9501. at 4 per
cent.; 2,2 ,4':71. at 3i, and 9, 500/. at 31 per cent. The direc-
tors state -that they find no difficulty in renewing deben-
tures that. fall due at 31 per cent. The traffic continues
steadily t o increase, especially that which comes on the
line at 117 orecambe. An arrangement has been made
with the B lidland Company for the working of the com.
pany's st. s sm-boats between Morecambe and Piel, under
which int a Test at 4 per cent. per annum is secured on the
capital eli„j2enlpi,in the boats.
kIRMAN said, the only point in the report to
which it v.llB likely there would be any objection was
charging the balance against last half-year's revenue
account t 4) the revenue account of this half-year, and
not again s t capital ; but the directors and auditors had
concurred: in placing the item in the revenue account,
the amou rit having been paid for interest to preference
holders. He hoped next year to have the satisfaction of
meetingtb e shareholders with at least a small dividend
on the or iginal shares. (Applause.) The chances .of
making a dividend were now improved in consequence
of the coral ?any being able to borrow money at a reduced
rate of intwest.
Mr. Bus tam, said, he had protested to the directors
against the payment of 3,085/., at the end of last half-
year, as int erect on preference shares, being charged to
the revenue account. He held that it had been abstracted
from the ea pital account in order to pay the preference
holders, wh en the company had no legitimate means of
paying then i, and that the item ought to remain to the
debit of the capital account.

The CHAIR MAN, Mr. LUPTON, and Mr. FROST (an
auditor) expli tined that originally the sum of 3,685/. 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 consdi lerable discussion Mr. BIIRKILL expressed
himself satisfiscd with the explanations given.

In answer -to inquiries the CHAIEMAN said, 16,0001.
was still owin g for land, but the arrears of calls and
balance in ba.ntker's hands amounted to 23,0001.

Mr. BOOTIT 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 pa y them out of its income.

Mr. HAE (a director) said, if the company had not
paid their preference shareholders, they would never
have been able to borrow money at 36 per cent., as they
were doing at present.

The report _having been unanimously adopted, the re-
tiring directors, Messrs. H. J. Hare, H. Alcock, D.
Lupton, R. Trinde, J. Kitson, J. Burkill, and T. Hors-
_ __

Fall, were re-elected.

On the motion of Mr. SANGBTBR, a vote of thanks was

given to Mr. P. Dawson and Mr. •W. Robinson, two di-

rector who had. permanently retired from the board.

In answer to a question, Mr. HARE said the 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 kigh as 40 per cent.

Afier the usual complimentary vote to the Chairman;
:he meeting separated.

EAST LANcAsatltt:W4''''''

The report of the directors of this company, to be sub-
mitted to the proprietors at the half-yearly meeting on
the 16th inst., states that the net profit of the half-year
enables the directors to recommend a dividend at the
rate of 3 per cevit. 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 productiveland 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 4,3674
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 73,770/. ; the gross. receipts at the corre-
sponding period of 1851 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 antount',.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 comprehensive
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 public 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. 9s. 2d.
per cent. in December, 1851, to 41. 55. 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
authority to 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.
con-
struct
thThee pdri
proposed
directors coat
soper spd
apply
ertweo
pwcoaonridasm, theyntforenetth
that,
in advising the
shareholders
arepromoting the
best interests of the undertaking. Since the last meet-
ing the conversion of the paid-up share capital into stock
has been effected. The capital account to the 31st of
December last shows that 3,692,2621. had been received,
and 3,756,927/, expended, leaving a balance due to
bankers and others of 64,6651.

The stock and share account shows that the company
is authorised to raise 3,865,8331. on shares and loans, of
which 2,719,5861. has been raised on shares, and 954,025/.
on loans, leaving a nominal available capital 0f192,2211.
Deducting 64,6651. due to bankers and others, the net
available capital amounts to 127,5551. 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 1,6271. passenger duty, leaving a
profit of 73,7701. Out of this sum 20,7241, is appro-
priated to interest on loans, 14,823 to interest on pre.
ferenee share, 1,5751. to interest of money due to bankers
and others, 3,1041. for Leeds and Liverpool canal lease,
and 33,3191. for dividend on the ordinary stock at 31.
per cent. per annum, leaving 8701. to be carried to the
reserve fund.

line, and to realize a good dividend from the traffic. He
then entered into lengthened explanations as to the

position of the company relatively to other companies
in the same district, and declared his belief
that it would be able to make arrangements tending to
its own security and profit. The directors proposed to
reduce the amount of the shares from 501. to 151. As it
was not their intention to call for one shilling more, a
reduction to 71. 108, 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 125/. to 2001. in accordance with the recom-
mendation of the directors ; but the meeting ultimately
assented to the increase, together with the entire report. 1

RAILWAY AND OTHER BILLS ON
STANDING ORDERS.
Yesterday the standing orders were declared complied
with in the following important cases :
LONDON AND NORTH-WESTERN 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, and Wolver-
hampton Railway, the expense to be defrayed out of a
surplus of 350,000/. The second bill -was
to St. Alban's and Amersham, the expense to be de-
frayed out of a surplus of 200,0001. and upwards. The
third bill was for an extension from Crewe to Shrews-
bury, railway from Primrose-hill to Willesden, and ad-
ditional lands at Bushbury, Stafford, Warrington, and
Camden—to be defrayed out of a surplus of 500,0001.
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 for payment of debt,
powers to run over the Warrington and Altrincham
Junction and Chester and Holyhead Railways, and for
consolidation and repeal of acts.
SHREWSBURY AND BIRMINGHAM AND SHREWSBURY
AND CHESTER RAILWAYS.—For their amalgamation.
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 RAIL.
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 :—Bangor Waterworks
(cost 6,9401.) ; Irwell Valley Waterworks ; Teignmouth
Harbour and River Teign Navigation ; Bristol and
Clifton Gas Light Amalgamation ; Bristol Gas Light
Company (Increase of Capital and Extension of Limits);
Ropendale and Baoup Waterworks ; Swaffham Drain-
age. The Hamilton Waterworks Bill was withdrawn.