The Sun.
London, England, 1848-09-07 00:00:00

RAILWAY INTELLIGENCE.

LANCASHIRE AND YORKSHIRE RAILWAY.
The half-yearly meeting of this company was held at
Manchester yesterday, Mr. H. Houldsworth in the chair.
The report stated, that they have hitherto excluded
from the weekly publication of traffic the receipts on the
Wakefield, Pontefract, and Goole Line, which was
opened to the public on the Ist of April last. For the
future, however, the published receipts will be those of
the whole working mileage, including the Cleckheaton
line opened on the 18th of July last, amounting in all to
1731 miles. The total gross receipts on the company's
lines during the list half-year (excluding the Wakefield,
Pontefract, and Goole line) amount to 249,7314, com-
pared with 231,7861. during the corresponding period of
last year. The balance of net income on the Manchester
and Leeds line proper, applicable to dividends and interest,
together with the balance brought forward from last half-
year, amounts to 114,0351, out of which the directors re-
commended that a dividend be declared at the rate of 6
per cent. p.r annum, clear of income-tax, leaving a ba-
lance, after payment of interest and income-tax, of about
1,0001. The capital account shows an additional receipt
of 822,308/, of which 708.619/. have been received on ac-
count of calls and arrears, and 113,688/. from loans on
mortgage. The arrears of calls still outstanding are
390,7704, and the directors regret to say they have been
compelled to resort to legal proceedings. The bill for
the consolidation into stock of a portion of the paid-up
capital of the company, and for assimilating the re
inainder into shares of an equal denomination, has
received the royal assent. Since the last half-yearly
meeting the Wakefield, Pontefract and Goole line, in-
cluding the Aakern branch, to its point of junction with
the Great Northern line near Doncaster, has been opened
to the public, and the traffic is increasing. This line,
however, must be considered as only partially completed
until the opening of the Methley branch to Leeds of the
line from Horbury into the Barnsley and Silkstone Coal-
field, and of the extension of the Great Northern line
into Lincolnshire. The Barnsley line is not under the
control of this company, but the directors have agreed
upon terms to secure its completion in about 15 months;
and they have every reason to expect that the
Great Northern Company will, at an early period,
urge forward the execution of their line from Doncaster
southwards, so as to secure a communication with Leeds
and the West Riding by that route. That portion of the
West Riding line from Mirfield by Cleckheaton to Low
Moor and Bradford, which formed the original project
of this company in its Bill of 1844, has now been opened
as far as Low Moor. The Burnley branch has been re-
stricted for the present to one line of way, which is ex-
pected to be completed in the month of October next.
['he land and works have been purchased and executed
for a double line. The extension of the Heywood branch
to Bury, completing the communication with the Liverpool
and Bury line, has also been opened, with the exception
of a short junction line under the East Lancashire Rail-
way at Bury. The Liverpool and Bury line is expected
to be opened in October next. The Ard wick branch
will be opened in October. The whole additional mile-
age opened during the present year amounts to 91-i-
-miles. The shareholders in the Liverpool and Bury line
are only entitled to a dividend at a rate of 1 per cent.
below the current rate paid by this company for a period
of two years; and on the Burnley, Bury, and Ardwick
shares, also on the fifth shares of the Wakefield and
Goole line, the cost will become a charge upon revenue
at the rate of 5 per cent. per annum. The amount also
raised by mortage in each case may be calculated at
about 4i per cent.
The engineer's report stated that several portions of
the works bad been delayed in execution or proceeded
with slowly, in consequence of the state of the money-
market.

The capital accounts to the 30th of June showed that
8,448,5791. had been received, and 8,242,627/. expended,
leaving a 'balance:of 205,9511. in hand. The nett reve-
nue account for the half-ycar showed that 93,702/. was
applicable to dividend, and, after taking 89,9851., the
amount required for the dividend, at the rate of six per
cent. per annum, a balance remains for the next account
of 3,716/.

The CHAIRMAN, in moving the adoption of the re-
port, observed that, under the circumstances of the half-
year just elapsed, it viewed correctly, no one could
draw from it any reasons for despondency. That there
was every probability the rate of dividend could never
be less than that now proposed upon the past half-year,
even when dividend should be payable upon all the
branches now in progress, or to be made by virtue of
their existing Acts—however unprofitable it was feared
by many some of those branches might be. The actual
mileage of railway belonging to the company at present
at work, earning revenue, was 64 miles ; the total
amount of capital absorbed in which, up to the 30th
of June, 1848, was 4,373,0001. The revenue from
that amount for the past year could not be taken at less
than 380,0001., or somewhere about 5,9001 a mile, upon
the extent of mileage now open, or as nearly as possible
6 per cent. dividend upon the capital. Successful as the
Leeds and Yorkshire Company once wks considered,
their revenue from actual earnings was never more than
6i per cent., and the shareholders could not therefore
be surprised that the amount of the fair and honest
dividend now declared should be no more than 6 per
cent., and there was a time when 6 per cent. was consi-
dered equivalent to a very considerable premium on their
stock; the depreciation of their stock could not there-
fore be owing to the circumstance that the dividend
was now only 6 per cent. During the present year,
1848, they would have opened 91k additional miles of
railway, the estimated cost of which—a considerable
portion of which had been paid—was 3,000,0001. To be
able to continue to pay 6 per cent. upon this additional
amount of capital they would require an average receipt
of 2,900/. per mile. That is, if they got little more than
one-half more than what they were deriving from the 64
miles previously opened they would not be bringing any
additional weight upon the old concern.—(Hear, hear.)
There were 27i miles more in progress, to be
completed at some later period, and these
formed the weightiest portion of all their under-
takings, as they would cost 1,600,000/. There were also
42i miles which would require 1,100,000/., not yet be-
gun, but which it would be advisable to begin as soon as
funds could be conveniently found for the purpose.
Taking these together, it would constitute 161 miles of
railway. To maintain a dividend of 6 per cent. upon all
this additional capital would require that their earnings
should average a total of 3,100/. per mile per annum, or
only about half the receipt per mile that they at present
derived from their 64 miles now open.—(Hear, hear.)
It was not necessary, therefore, that the new lines of
railway to be opened, should yield as much per mile as
the 64 now opened; but even if the additional
mileage yielded positively nothing, things would not be
so bad as some were desponding enough to expect, for
they would still be able to divide upon the whole amount
of capital at least 3 per cent. per annum. He saw every
reason to hope for the future.—(Hear' hear.)
The report having been seconded by Mr. PARSONS,
of London, a protracted discussion ensued, in which it
was urged that the directors had been precipitous in the
prosecution of works which would always be unpro-
fitable, and that it was desirable even now not to com-
plete the Bradford and Halifax West Riding Extension, a
portion of which, not yet commenced, but contracted
tor, will be of a most expensive character.
Mr. HAWIESHAW, the engineer, read an estimate,
showing that it would cost the proprietors in the West
Riding Union Stock 61. 10s. per share more, and the
proprietors of the West Riding Extension Stock 3Z
15s. 10d, to complete that line so as to enable them to
receive a dividend; whereas, to enable them to draw out
of their contracts, and not finish the line, they would
still have to pay, the former 4/. 2s. per share more, and
the latter 21. Bs. 6d. per share more, and never be able
to receive any dividend.

The report was the❑ agreed to, and the dividend, at
the rate of 6 per cent. per annum, upon the half-year
was declared carried; the chairman pledging himself
and the directors that no works not actually begun
should be hereafter commenced without the sanction of
the shareholders at a future meeting.

PORTBURY PIER AND RAILWAY.
The half yearly meeting of this company was to have
been held at Bristol oniSaturday, but a sufficient number
of shareholders not kaving attended to constitute a meet-
ing, it was adjourned sine die.
It appeared from the report of the directors that the
Commissioners of Railways had granted an extension of
time for the completion of the works.
The financial position of the company remained nearly
the same as at the last meeting, no further engagements
having been entered into. A considerable sum had been
paid on the new call, and some arrears of the former •all
had been collected. The directors fear they will be com-
pelled to take proceedings for the recovery of the arrears.
They have determined to suspend the works until after
the February meeting in 1849.

RAILWAY SHARE MARKETS.
BRISTOL, SEPT. 6.
STOCK EXCHANGE.—The Share Market remains very flat.
Great Western Quarter Shares were done at 3t dis.
LIVERPOOL, SEPT. 6.
STOCK ExatANGE.—Very few transactions have taken
place, and prices are lower. The sales are—Lancashire and
Yorkshire (late Manchester and Birmingham), Fifths, 23%
dis.—London and North- Western, 114 c.—Ditto, New Quar-
ters, par—Manchester, Sheffield, and Lincolnshire, 201.
Shares, 10 dis.—Midland Stock, 87 c. x. d.—Ditto, New
Halves, 814 dis.—South-Eastern and Dover,:.No.2, 10% dis.
—Ditto, No. 4, Thirds, 7N; c.
MANCHESTER, SEPT. 5.
STOCK ExcHANGE.—The sales are—East Lancashire,
Preference, 14 p.—Old Sheffield, 52—Leeds, Fifths, '2%
dis.—Sheffield, Preference, 10—South-Eastern and Dover,
No. 4, 7.