The Sun.
London, England, 1847-02-01 00:00:00

MIDLAND R lIIWAY COMP kNY.
mxt.sl cudt vvativ meeting of the oireni()rs and
sharehol ders in the -amalgamated Midland Railway
!Pfnnany was 11,,1d on Saturday at one o'clock. at the
Derby station of the corup;.ny.
George Hudon, M.P., took the chair at one
o'clock.._ The Hon. Member was supported by Mr. Ellis,
the deputy chairman, and several of 1-4, eo-direrlt.,l-:.
The- nuance o hp. °pr. e ary was more than 115.,f1 IIY
, not le, than two huielred fifty gentle-
Wen b ing pri-sent.
• Air. BELL, the- s,.cretary, read 1,,e adv,rtisement c(m.
'ening
• The CumitmAN said the next step would be to read
the directors' report for the pnst half year.
The BECHETART th, n proceeded to ttlyi the document
in
.question, of which the tolli.vvi,g- is an abstract :--Th”
lnrectors of the Midland Railway Comp:iny have great
3a:is:action ur announci..g to the si,%reholders that th,
balance in haul, after paying, in addition so the form. r
Payment, th, interest on the Leice.ter aryl Swat,-
lingtc, titoel.t, and the re due to the Leeds and Brad
Ird Railway Company, enable them to dec;are a
ifiridend—
Of 3/. 10s. upon each 1001. of Midland Consolidated
Stock.
0131. 10s. upon each 100/. of the Consolidated Re-
retential Stock.
And after the same rate of 71. per cent. per annum for
SV e months upon 101. of each of the 401. shares.
Of 21. 16s. 3d. upon each 100/. of the Birmingham and
Derby Consolidated Stick, and still leave a balance in
band of 13,0401. Bs. Id.
The increase in gross receipts for traffic during the
past half year over the corresponding six months of the
Previous year has been—
Vrorn Passengers, £29,489 9 6
" Horses, Carriages, and Dogs
" Parcels
." Mails
" Goods 12,794 9 2
Minerals

Total £59,699 11 8
There had, howevter, been a decrease in
tattle of 2Ol 8 10

The clear excess being
The report of the resident engineer stated that the
general condition of the permanent way was good, not-
w.il.'nstanding the long prevalence of unfavourable wea-
ther, and there had been a saving of expeediture in the
last six months under this head of nearly 2,0001. The
extension of the company's works at Derby was now
nearly completed, and would be ready for occupation in
fourteen days, and increase(' station accommodation had
been afforded at several of the principal and second-rate
stations along the line, by which the convenience of the
public would be largely increased. Five new branch lines
to private collieries and works had been opened on the
North Midland line, from which a rapid development of
traffic might be anticipated. The electric telegraph had
been extended between Notting ham and Lineoln, and was
nearly completed between Syston and Peterborough.
This mode of communication had been found extremely
useful in securing the accurate working of the trains,
and the directors congratulated the proprietors on its
adoption. The superintendent of the locomotive depart-
ment, reported the company's stock of engines to consist
of 122, including ten new ones, which had been put on
the line during the last six months. Ninety-nine of this
number were now in good working order; and the car-
riage and waggon stock belonging to the company, was
also in improved working condition. The line from
Nottingham to Lincoln was opened on the 4th of August
last, but, until the stations at Lincoln and Newark were
more completely furnished, the traffic would be only
partial. An extension from Newark to Claycross, from
Rolleston, on the Nottingham and Lincoln line, to
bouthwell, about three miles, will shortly be opened. A
portion of the Syston and Peterborough line, from
Syston to Melton, was opened on the 2d of September
last, and the line from Stamford to Peterborough, on the
2d of October last; but, until the whole line from Syston
to Peterborough, forming an unbroken communication
between Norfolk and Cambridgeshire, and the east, with
the great coal and mineral districts of Derby-
shire was completed, it was nut anticipated that
the success of this branch could be fully deve-
loped. The junction with the Manchester and Ashton-
under-Lyme, and Sheffield at the hitter place, had been
opened for traffic. The Eran ash Valley line, from Trent
tO Pye bridge—I 4 miles— would be opened during the
ensuing summer, and a junction with the Midland Rail-
bay,,, near the north end of Claycross Tunnel, between
Trent and Chesterfield—near seven miles—is being pro-
ceeded with. Some idea of the traffic to be anticipated from
this extension might be gathered from the fact, that in
the year 1845, no leis than 480.000 tons of coal were
taken out of this valley, only 580 tons of which passed
veer the Midland Railway. The works of the Leicester
and Swannington branch would be let in a few days,
tnd an extension from Claycross to Newark, from Not- '
out atu to Mansfield and Pye Bridge, would be staked
fllw days. The retiring directors were Mr.
whom • worth, Mr. Ilutchinson, and Mr. Lewis, each of
, was eligible, and offered himself for re-election.
The report having been read,
_ .fhe CHAIRMAN said he had great pleasure in sub-
fmitting the same for the adoption of the meeting.
eet] • trusted the results it exhibited would be per-
e,Y satisfactory to the shareholders, and looking
tthe enormous amount of business transacted
euree
g he ast six months, and the obable
creased cost, phad the various lines not beenpr under
9ne management, if they still wanted any proof of the
great benefits resulting from the consolidation which had
taken place, the results of the half year just closed would
give
it them. Moreover it was net alone the sharehol.
;leers who were benefited by the amalgamation—the pub-
mte also derived their share of the advantages resulting
from. it. The excess of receipts, after deducting all dis-
bursements fur passenger traffic, during the last six
months, over that for the preceding half-year had been
29,0001., for which amount 500,000 passengers had been
Couveyed over the line, at an average cost of little more
then-ls. for each person.—(Hear.) While the share-
-holders, therefore, had received only 19,0001 the public
bad been benefited to the extent of 80,0001. or 90,0001.
--(Hear, hear.) He (the Chairman) could not fail also
to congratulate the proprietors on what he thought he
enight fairly call the successful management of the rail-
• and its perfect freedom from accident. Upwards
of two millions of inhabitants had been conveyed over
the line during the last six months without injury to a
single passenger, a fact which the directors felt a natu-
ral cause fur congratulation.—(Hear, hear.) After al-
luding to the extensions referred to in the report, the
!Chairman remarked that he thought, now the temporary
excitement in the railway world had subsided, there was
little fear of any interference with private enterprise by
the Imperial Parliament, and concluded his address by
formally moving the adoption of the r( port.
The DEPUTY CHAIRMAN seconded the motion.
Mr. MERCER, of Bristol, wished before the report
was put to the meeting, to inquire what was the financial
conditions of the Birmingham and Bristol line. There
was no mention made of this in the report, and was
there a profit or loss upon it ?
The CHAIRMAN said there were good and substantial
reasons fur nut rendering this account at the present
moment. Negociations were now in progress, the re-
sult of which he had no doubt would be satisfactory to
all parties.—(Hear, hear.)
Mr. BRANCKER, of Liverpool, wished an explanation
OF an item he did not understand in the creditor and
debtor account which had been issued to the share-
holders ; be alluded to the sum of 5,8661.55. 2d., placed
under th head of " Compensation Account ?"
The CHAIRMAN reglied that oat of this amount a
large sum had been paid to the surviving members of
the family of Mr. Boteler, who was unfortunately killed
luring last year near Masborough. He had wished to
Make up a subscription, and offered to head the list with
a donation of 500/., but it had been thought advisable
the sum should be paid out of the company's funds, and
thus it appeared in the accounts.
Mr. BRANCKER thought the chairman's explanation on
thia point quite satisfactory, but before he sat down he
wished to urge the propriety of the company following
the example of other companies, and become carrier.
on their own account ?
The CHAIRMAN expressed some surprise at the Hon.
rreprietur's question, and read from an official return
for the halt' year the respective amounts of tonnage car-
ried by the company themselves, and also by the car-
riers. They were as follows :—By the company, 189,000
tons : by the carriers, 126,000. lie (the chairman)
would never be a party to exclude the carriers from the
Hue, inasmuch as he considered while they paid the
the
eon,
-Panysay rate of charge they were fairly entitled to use
railw.—(Hear.)
At a
r. BRANCKER said the Midland Company had under-
takengreat many employments, but in the accounts
issued to the proprietors no mention was made of the
profit or loss accruing on each. He thought this was
an omission which should be rectified, and he should
urge it again and again until it was.
The CHAIRMAN complained of the apparent imputa-
tion on the competency of the directors conveyed in the
proprietor's question. He for one as
unless as not all ambitious
the directory
to continue iu the office ho now heli
of which he was a member possessed the full confidence
of the shareholders.—(llear, hear. If the Hon. Pro-
prietor knew anything of the matter he must see at once
that now the consolidation of all the lines had taken e
place, if separate accounts for each were required an ad-
ditional secretary, and a double set of clerks, at least,
would be required.
Captain WATTS saw no credit given for interest on
the funds in hand. Perhaps the chairman could explain
this omission, as it appeared to him to be.
The CHAIRMAN said the money in their bankers'
hands was always allowed the market rate of interest
and explained the manner in which the gallant captain
had been misled.
A PROPRIETOR was very anxious as to the future
Prospects of the Leeds and Bradford branch. He
feari.(l it would be a losing speculation.
The CHAIRMAN said the debtor and creditor account
would shortly be published, and if the shareholders did
net like it, he would take the line off their hands himself.
t.
are)ree So further
questions on matters of minor importance
fl
g been put, and answered most satisfactorily, it
eds unaaimously agreed to acs a sum of 5001. to a
yttu e ittee of five of the directors who had been specially
lecteci to superintend the purchase of land, &c., re-
, l
ired
for the new lines.
Rtrl:s retiring directors having been re elected, Mr.
EY proposed, and Mr. GRAND seconded, a vote o!
thanks to the directors, which was carried by acclama
tt°o, the meeting broke up.

TELEGRAPHIC
---------.
, JEN EFITS FROM COMMUNICATION.—
I-hiring the past week a vessel grounded in the Humber and
Was in danger of being wrecked. To save her very prompt
as.istance was requisite; and the aid of a powerful screw
propeller being required, the telegraph from Hull made
4nown thewant at Newcastle-on-Tyne, and by first train the
tnuch.needed screw was forthcoming, and thus property was
B_,aved by this prompt assistance exceeded ju value Cpithi-
Uttabil 1+000&--Hull ddvertiser.