The Sun.
London, England, 1853-08-13 00:00:00

aGENCE.

'E STERN.
this company was
r the transaction of
and in order to
ay, Nuneaton, Bir-
iy interest therein."

LONDON AND NORTH-
The ordinary half-yearly meeting
hold yesterday at the Easton station
,the general business of the underta
" authorise the purchase of the Cove'
mingham, and Leicester Railway, or ,
Major-General Anson in the chair.
The minutes of various meetings, ~ , having been read,
The CHAIRMAN said he felt that t could be hardly ne-
cessary for him to preface the rem s which it would be
his duty to make with any reque4t for the indulgence
of the meeting, because he knew ta t it had never been
withheld from any one filling the posi on which he had the
honour to occupy. He hail, moreo •r, upon the various
occasions when he had the pleasure of , eeting the proprie-
tors of that company, personally exp: ienced their indul-
gence, and he was happy to say a : . that he had always
remarked that the proprietors had b .n anxious to check
any unreasonable objections that mi •. t be taken against
either the management of that great .neern or the policy
of the directors, because he believed hat they had good
sense enough to make an allowance fo be fallibility of hu-
man nature. They knew perfectly wel that, however well-
intentioned, the directions of a gre• concern like that
might sometimes be mistaken in the anticipations, and
the result might be different from tha which, perhaps ho-
prudently, but certainly with the b t intentions in the
world, they had ventured to foretelL hough he felt that
reliance on their kindness, still he co ..- - ed that he had
not undertaken the responsibility wl h devolved upon
him without having seriously reflectedsapon it, and upon
the difficulties which surrounded him. He knew that to de-
tail to them the actual position of this lencern, and to state
his expectations of what might be its position hereafter,
were not matters of slight importaice. They would
remember that at the last half-yearly ' eeting he had ven-
tured to express an opinion that the rec is would continue
to increase as they had done from th ornmencement of
the year, and that he had also expresse a. hope that those
receipts would be so large that they mik t this year be en-
abled. to return again to the dividend q 1852. He freely
confessed that in that respect, he had'Seen disappointed.
Their calculations with respect to the screase of the re-
ceipts had proved correct, but they ha been mistaken as
to the very large expenditure, which t ed to reduce the
net profits of those receipts. The co equence was that
they now maintained the dividend o 5 per cent., and
3in order to do that they had to tak ,000/. from the
(.d
reserve fund, leaving a balance of 29 00/. as the future
reserve. He confessed he thought that that was quite as
low as the reserve of that company night ever to be.
(Hear, hear.) The proprietors would member that this
time last year they received a divided of 5l per cent. ;
but they must bear in mind that at teat time they took
114,0001. from the reserve, which had )eon created in con-
sequence of the very large traffic of the year 1851. From
the reserve then created of 182,000/. they took 114,0001. in
order to ro eke up the dividend of 5i per cent. They must
also bear in mind that this year they red to pay 20,0001.
more than they had last year, being 6e 1 per cent. upon
the quarter shares, which began to bar dividend in the
month of February last. He thougit, therefore, that
there was no great ground for discoungement in the pro-
spects of their company. More than that, he ventured
again to look forward to the next half-fear as likely to re-
place them in the position that they had been in before
they had touched the reserve. (Hear.) Looking back to
the receipts of the year 1852, they wood find that the net
profit was 557,000/. ; but if it went on increasing as it had
done, at the rate of 4,000/. a week, then would be an addi-
tional 100,0001., which would make a profit of 657,0001,
From that, however he made a literal deduction for
working expenses, which would reduce it to 633,0001. To
that might be added the reserve of this year, 30,0001.,
which was still remaining. If, then, trey paid a dividend
next half-year at the rate of 5 per cent., that would
amount to 533,0001., and there would remain 117,0001. as
a reserve in February next. He saidthat that was not a
discouraging prospect. (Hear, hear.) On the contrary, he
thought if they could maintain, un&r existing circum-
stances, with all the difficulties thcfr. had to contend
against, their present dividend of 5 pereent., and have up-
wards of 100,000/. as a reserve next half-year, that was a
position which ought to be highly ertouraging to them.
Having said thus much, and not hiving attempted to
make out a case which could not be lame out by figures,
or to place their actual position in too flattering terms be-
the meeting, he proceeded to refer to the statements of
accounts which were in their hands, aid which he should
go regularly through. In the joint-stock capital they would
rind an increase simply of the 507,00-• which was the
amount of calls at 21. 10s. per share psi( upon the 121. 10s.
shares which were created last year. 13 the general state-
ment of the capital account they would find an additional
expenditure of 220,0001., the details of which were ex-
elained in the abstract. There was wry little alteration
in the state of the debenture account. In the mileage
charge for working stock they would fail that the average
cost per mile was 2,3301. this year against 2,4271. last year ;
and the return of the working stock was 2,105,3211.—
total charge to capital. The disbursements on the capital
account had all, with the exception of )ne item of 34,0001.,
been sanctioned by the proprietors; that sum had been in-
cidental to their Parliamentary proceedings upon new bills
obtained this year. It was not a very large sum, and would
not amount to above 20,0001., as 148001. was expended
upon land in two different places. He now turned to the
revenue account, which was, perhaps, theist interesting.
They would perceive, as he had stated, thit the receipts
were very satisfactory. The increase in t receipts, since
the corresponding period of last year, 95,861/., but
4
against that there was an increase in the'i rking expenses
amounting to 67,4321., which was not s ' isfactlrry. It was
a very large amount, and therefore A ed some explana-
tion, and he trusted that he should; b able to show that
though there had been an increase ofl upwards of 2 per
cent. over last year in the per centage Of disbursement to
receipt, which had risen from 37.25 to 39-82, yet that it
could not have been avoided. Upon the maintenance of
way there was a reduction, as compared with the corre-
sponding half-year, of 3,0001. That was very satisfactory.
But that was not all, because, had it not been for the water
and the continuous floods, which had calmed very consider-
able expense, particularly the accident to the bridge over
the Tame at Tamworth, there would have been a consider-
able reduction in that charge. He thought, therefore, that
they might congratulate themselves on having arrived at a
state of things with respect to the maintenance of their way
which was extremely gratifying. The next item was the
locomotive power, in which there had been the largest
increase in these accounts, being 41,000/. over the same
item in the corresponding period of last half-year. That
at first appeared, no doubt, to be a very large sum, but a
reference to a few heads would clearly explain the mode
in which it had been expended. In the first place, their
contracts for working other lines were has by 6,000/• than
they were last year. There had beet also a very con-
siderable increase in the locomotive power. On the
northern division of the line there had been five new
engines, and on the southern division nine ; and altogether
the expenses of the new engines, which they had been
obliged to provide in order to carry on the very largely in-
creasing traffic, had amounted to 17,001)& Then, again, they
had run 400,000 miles more in the half-year than in the
half-year of 1852, which, at ls. a mile, would amount to
20,0001. This would immediately amount for the large
increase which was observable in that item, because they
could not expect to run their engines over 400,000 miles
without a very large increase in their expenditure. Since
that period also th Stour Valley had been opened, which
they could not calculate had entailed upon them a less ex-
pense than 5,0001. If, then, they wenl3 add up these sums,
the proprietors would find that the balance was rather in
their favour than against it. In the coaching expenses
there had been an addition of 10,0€01. Here again the
opening of the Stour Valley formed an element, for they
had to pay for a new staff, &c., which had amounted to
about 5,0001. There had been a considerable rise also in
wages and in the price of everything, and he thought that
it was not a very large sum when they considered all that
was involved in it. Upon the merchandise traffic expenses
there was an increase of 12,0001., bu, against that, upon
the other side, was the increase in receipts of 75,0001., and
he thought that the outlay of 12,000/. was fully justified,
in order to secure the earning of such an amount. (Hear.)
There was one item here which he could not help remark-
ing on, " Charged through the clearinghouse, &c., for wag-
ions used by this company, 1,1951." That was an entirely
'new charge, for last year they had That
to receive instead
of to pay, under that head. It showed, however, that
their stock had not been sufficient for the increased traffic,
because they had had to pay that for other waggons coming
upon their line instead of using their own waggons. That
was a sufficient reason for asking the proprietors for a vote
of money, which they must pay, and which they must be
content to pay, out of their capital for an increase of the
working atnelr. The total working eXpenaos this half-year
showed an increase of 67,4321. over th 6 half-year of 1852 r
but he endeavoured to explain the prinpipal items on which
that increase had arisen, and he trusted that the proprie-
tors would give credit to the directors and officers of the
company, who had had the managemeit of the working of
that enormous increase of traffic, for having endeavoured
to do their duty as well as they posdbly could. (Hear,
hear.) Upon rates and taxes there 'was an increase of
6,0001., arising out of a disputed claim which had been
made by the parish of St. Pancras lest year, and which
they had been obliged to pay. It was, however, still dis-
puted, and their legal adviser told them that ifort might be
recovered. There was a charge of 10,0001. Parlia-
mentary expenses, which was one of those items which
they hoped hereafter would be very much diminished,
though he confessed that the sanguine view which he had
entertained of it hitherto had not been realised. With
reference to the subsidiary lines, they were much in the
same condition as at this time last year. They always
formed a bad item in the accounts ; but he must repeat
.11yosdsidtobritlinge
what he had stated last February, that he id not think
that those subsidiary lines were
main lines as might be supposed. They
so
greceartt.aian_
an immense amount of traffic upon,the main lines, and he
had had some statements prepared, hach were too detailed
broughtera-
to go into at that moment, to show the real
" Balance
tion of them was. Under the head of
down" they would see an item for renevial otreef
terailsbof 21,
318/
that
That was charged to revenue, and the. rs ope
be brought into that state in
by degrees the road would
gmes Slat were now brought
which it ought to be in ordeernto. beay the increased traffic
and the very large weight 4f
P
upon. it. It was quite .
evident that, they. must make up
mein minds to some considerable expense in the improve-
ment of their line, because what would. have originally
cost 2,0001. per mile could notbe
weightdone now under 3,000/.,
of traffic that was
in consequence of the increased
t subject which he would call
brought upon it,
their attention wens the eneaxbstract J, " works, stocks, and
estate account," upon which they would remember there
had
had been a discussion at the last half-yearly meeting. The
directors then' told. the meeting thaMat expenditure
been examined, and that it. had been found that various
to cawital; end upon that occa-
items had been charged to it hich ought to have been
fairly and justly
sion thevoted should be paid out of
proprietorseha gave their
tthheeir psanction to 79,0001. being
withdrawn from it which
He confessed that he could add
capital. The directors had ynow had that subject again
under their consideration.
the subct in the
very little to what
paragraph respecting witasin the report. That paragraph
was headed by a 1849, and the 30th of June,
comparative statement for the years end-
ing the 31st of Lecembe ,
e' would see what an enor-
-1853, and for the half-years ending the 30th of June, 1852
and 1853, and from it the meeting,
thg,weight of goods car-
mous increase there Theybeen 'du
rigid over the lips.. also :see what a very small
woul