The Sun.
London, England, 1849-09-06 00:00:00

THE SUN,

RAILWAY INTELLIGENCE.
LANCASHIRE AND YORKSHIRE.

The 26th half-yearly meeting of this company was
held yesterday at Manchester; Mr. Henry Houlds-
worth presided. There was a numerous attendance
of proprietors.
The CHAIRMAN, in opening the proceedings, said it
gave him pleasure to announce that the chair of this
company, which had been so long vacant, would
shortly be filled by a member of the board who had
long devoted much of his time to the business of the
company—he alluded to Mr. Henry Wickham, of
Kirkless-hall.—(Applause.) The directors bad also
appointed Mr. William Stuart, of Liverpool, vice-
chairman, and when he stated that that gentleman
had devoted three-fourths of his time to the interests
of the company, more particularly to the carrying
forward of the Liverpool and Bury line, it would at
once be seen that he was well qualified to discharge
the duties of his office.—(Applause.)
The CIIAIRMAN then proposed that the company's
seal be affixed to the register of proprietors.
Mr. D. PRICE objected to this proceeding, on the
ground that the register was incorrect, and not in a
legal shape.
The CHAIRMAN said, if the Hon. Proprietor would
lay his complaints before the directors in writing they
should be attended to. Subject to Mr. Price's pro-
test, the seal was then affixed to the registry of share-
holders.
Mr. DUNSTAN, secretary, then read the report,
which stated that the accounts to the 30th of June
last show the following results :—Capitsl received on
account of calls, 6,804,551/. ; ditto, 6 per cent. pre-
ference stock, 792,4771. ; loans, 2,568,758/. ; total re-
ceived, 10,165,787/. ; calls in arrear, 304,7331. The
total capital which the company is authorised to raise,
including the powers granted by Parliament in the
last session, amounts to 13,854,0451 ; the estimated
outlay to which the directors limited themselves in
their statement to the shareholders, on the 10th of
November, 1848, for the completion of all the works
then in progress, was 11,253,0001. ; the actual outlay
up to the 30th of June last was 10,063,8621 ; the
balance of estimated outlay yet to expend, 1,189,1381.
The lines represented by the above capital comprise
about 200 miles of railway and 16 miles of canal No
expenditure beyond that sum will be incurred without
the express sanction of the shareholders.
CAPITAL ACCOUNT.
Of the capital actually expended, it is estimattehd,
that the total amount chargeable on
Trevenuecharged to
to
30th of June, 1849, is 7,155,207/.
11
capitalthe 3lst b
roofugh t December,against)
sixen months
ending June 30, 1849, ,425,1631.
REVENUE ACCOUNT.
The total receipts of the half-year, including the
leased lines, have been 891 miles ; from the Man-
chester and Leeds and Bolton lines, including the
Ardwick, Oldham, Ashton, Heywood, Halifax, and
Cleckheaton Branches and Extensions and the Bolton
Canal, 229,3071.; 37/ miles, Wakefield, Pontefract,
and Goole line and Askern branch, 16;5201.; 31i
miles, Liverpool and Bury line (less Tithebarre
street Extension, but including three miles of tla
Manchester and Southport line), 30,235/. ; 157-1
miles, 276,062/. ; 201 miles North Union,
34 94ths, 22;6001.; 21 miles Preston and Wyre
two-thirds, 11,4541.; total income from traffic
on 206 k miles for the six months, 310,115/ ; income
for the previ,us six months, 309,579/. ; miles run lei
passenger engines, 69.5,137; ditto by goods engines,
527,824; total miles run by engines, 1,222,961
The working expenses (exclusive of rates and
taxes) amcunt to 107,3291, showing an in-
crease over the precious six months of 17
per cent. The milss run by the engines have in
increased 21 per cent.; the length of line worked has
increased 161 per cent. The above charge is large;
than the directors anticipated. They believe, how-
ever, that by far the most important means of re-
ducing the working cost will be found in arrange-
ments with neighbouring companies to supersede un-
profitable duplicate trains. In addition to the usual
expenses, the directors have to report, with deep
regret, two serious defalcations amongst the servants
of the company, The depreciation account has been
opened in accordance with the plan approved by tin
shareholders; the account will appear only with the
closing accounts of each year. The directors see no
reason to change their opinion of the sufficiency of
5 per cent. of the receipts to cover the average charge
for renewals of permanent way and rolling stock.
The balance of the half-year's revenue, applicable to
dividend and interest, amounts to 156,204/., a sum
less by about 15,0001. than was expected at the period
of the last half-yearly meeting. The directors
recommend on the present occasion that the
dividend he at the rate of 4 per cent. per
annum, which will leave a balance, after providing
for the defalcations before named, of 22,8681., to
be carried forward to the next account. By the
constitution of the fifth shares the dividend upon
them will be subject to the deduction of 2* per
cent. for the half year on the amount uncalled.
The total mortgage debt at this date is 700,0741.,
whilst the works and property of the company have
cost 10,063,862/. Important traffic arrangements
have been recently entered into with the London and
North-Western Company, which it is hoped will be
mutually advantageous, and will eventually tend to
lessen working expenses, and save capital. The
directors, however, find with regret that some of the
competing interests in the district are not at present
disposed to an amicable settlement of traffic question,
and a ruinous reduction of rates has recently taken
place, which may require temporary sacrifices to
meet.

After alluding to the audit of railway accounts, the
directors record with deep regret the deaths during
the half-year of two directors of the company. The
report of Mr. Hawkshaw, the engineer, shows that
the works are progressing satisfactorily, the per-
manent way and working stock are in good order.
The capital account shows that 10,165,787/. had been
received, and 10,063,862/., of which 845,4131. was
expended during the past half-year, leaving a balance
of 101,9241. The revenue *account for the half-year
ending 80th of June, shows that 276,0621. had been
received, and 119,8551. expended, including 12,5261.
for taxes, leaving a balance applicable to interest and
dividend of 156,2061.

The CHAIRMAN, in moving the adoption of the re-
port, said that it would be observed that the results o
the past half-year were much more unfavourable than
had been anticipated, and the continued reduction of
dividend must necessarily suggest an anxious desire
to learn where the cause of that falling-off lay, and
whether it was in any way attributable to the men
who had had the management of the concerns of the
company. He had no hesitation in ascribing the re-
duction in the general value of railway property, and
in the amount of dividend, to Parliament. It was in
consequence of the undue extension of railways, the
rapidity of development which had been caused by
Parliament repudiating the principles on which, in
calmer moments, they had come to the conclusion to
deal with railway undertakings, and to proceed upon
that gambling principle which characterised the deal-
ings of Parliament with railways during the years
1845 and 1846. A greater mismanagement of a
great public interest could not be conceived.—(Hear.)
That ss as the primary cause of the reduction of the
dividends. Then there were other causes, such as
the failure of the potato crop, the failure of the East
India houses, and political excitements, the effect of
which had been to check the development of traffic,
and to limit the extent of commercial operations.
Another fault had been committed by Parliament in
assuming that railways were so profitable that
they could bear a cutting down of rates and fares,
to any amount, and that course had embarrassed
railway companies to a considerable extent. They
were, however, causes operating to produce the diffi-
culties to which be had alluded, which might be
traced to the conduct of the directors. For example,
the great extension of the undertaking, which his
subsequent experience had shown him to be to a con-
siderable extent injudicious. They started with a
large trunk line, their object being to connect the
eastern with the western sea, and their main line with
the principal populous places on the right and left
of the undertaking. They had endeavoured to carry
out those principles economically ; but Parliament
interfered, and would not allow them to do so. Their
first proposition was to direct branches to Hudders-
field and Bradford; and they went to Parliament
with a scheme that embraced the expenditure of about
a million of money. They were, however, scouted
in Parliament for the poverty of their plans, and the
want of accommodation which they afforded. Next
year they combined with certain parties in the West
Riding of Yorkshire, who might be supposed to be
conversant with the wants of the district, and carried
forward another scheme involving an expenditure of
about a million and a half of money. That scheme
was submitted to the Board of Trade, who compared
it with other plans and approved of it. Parliament
again scouted the scheme, and said the gradients
this company were proposing to establish were such
as could not accommodate the country. He then
defended the course adopted by the directors in di-
viding 8 per cent. dividend at a previous period, while
now it was only 4 per cent., showing that course was
quite warrantable, from the then receipts of the corn-
pang. As to the present rates, however, he protested
against them, as totally irreconcileable with his expe-
rience as to the cost of working railways. The most
important point for future consideration was with
respect to the closing of the capital account.—(Ap-
tep
taken
kat uee nns es
.0i )ount soloif fercapital,e
vdeini u
en ehiafant
ietvt eov
‘r.
asgsaryokul grounds, thatddse,
ssaiirlllaobufulledt:borree
considered beneficialo;:tnbtumoN't expend any portion of the
capital in new works, it would be the duty of the ,
directors to apply to the shareholders for their sac
•
tion to such proceedings. If then, they supposed
the capital closed at 1,253,0001., the only:other points
were the growth of traffic and the limitation of the
working expenses. He knew no reason why the line
should not be worked as cheaply as other large lines.