The Sun.
London, England, 1856-08-15 00:00:00

LONDON AND NORTH-WESTERN
RAILWAY.—(This Day.)

—l` The half-yearly general meeting of the proprietors of
I this railway was held this afternoon at the Euston-
' square station. Mr. Benson, deputy-chairman, pre-
sided, in the absence of the Marquis of Chandos, pre-
,, vented by illness from attending.
The report and statement of accounts, which have
already been published in The Sun, were taken as read.
The CHAIRMAN said that at the last half-yearly meet-
ing the chairmen informed the shareholders that the dis-
-1 alto with the Great Northern Railway was in process of
a ttlement, and he (?Ir. Benson) was happy to be en-
at, led to inform the meeting that an agreement had been
signed by the two companies for submitting the dispute
between them to arbitration, and Mr. Gladst-me would
shortly he called upon to make an award. He congra-
tulated the shareholders on their general relations with
other companies. Everything was working satisfactorily,
and the directors were convinced that the best policy for
them and other companies to pursue was that of a friendly
character instead of adverse competition, and in conformity
with that principle the directors had seen the propriety
of making such arrangements with other companies.
)71:1
The hon. gentleman then referred to several of the de-
tails in the report with reference to the vote! of money
required from the shareholders, &e., and said that the
arbitration under the West London Act of 1854 had
resulted in an award, by Mr. Hawksbaw, that the lessees
should pay to the proprietors of the West London Rail-
way, for the use of their line, a suns of 1,8001. per
annum, from the Ist July, 1856, in lieu of the undefined
and fluctuating payments provided for in the original
lease, and which have led to so much litigation. The
arrears and damages amount to 4,1271., of which 2,0001.
were charged in the accounts of the past half-year.
The accounts were of the most encouraging character.
_ Notwithstanding the large amount of 8,0001. extra they
had had to pay during the past half-year for coke, and
an increase in the rate of interest, the actual gross ex-
penses had not increased, whilst the receipts had been
largely augmented, and he had for the first time for
some time past to point to an increase of the passen•
ger traffic, which, he hoped, would progress, because
it was to that they must look for an increase of re-
ceipts. The traffic was also increasing, and when the whole
of the branches, &0., of the line had been fully developed
he had no doubt they would find growing returns.
The company bad been subjected to great competition
on the east and on the west, which, happily, were
now at an end. He moved the reception and adop-
tion of the report.
The resolution having been seconded,
Mr. HADFIELD, M.P., complained that the receipts
were not sufficiently remunerative for the amount of
capital invested, and contrasted the receipts of former
years with the present in confirmation of his opinion,
and said that he believed they were working for the
benefit of the public and not for themselves, which in
the end would result unsatisfactorily to all p idles. He
found no allusion in the report to the conference that
was to take place between the committee of shareholders
and the directors, and that had taken place ; and he
asked for an explanation why no allusion had been made
to it in the report. He thought the conclusion at which
the committee had come to ought not to be treated as a
dead letter. (Hear, hear.) If something be not done
in accordance with the committee's recommendation next
half-year, he would press their re-appointment with a
view to an improvement in the management.
Mr. MITCHELL regretted that the congratulation of
ate directors did not increase the credit side of the
baiakers' account. He could not consider directors'
congratulations as an equivalent for a reduction of divi-
dend, and said that with an increased receipt of
69,625/. they ought to have a larger dividend than 5
per cent. He considered there was something wrong
in the present system of management, and compared
the various rates of dividends that had been paid by
the line on reduced returns with that to be paid now
with increased traffic and returns.
Mr. DEANE expressed his surprise at the sums that
had been spent on renewals of the permanent way being
placed
to capital account. Such additions to capital
must inevitably swallow up all dividends.
Mr. PIINCHARD called attention to the working 'ex-
penses having increased from 33 to 40 per cent , and
said that the accounts, as presented to the shareholders,
did not represent the actual sums paid for law and Par-
liamentary business. He found the enormous sum of
17,0001. down in the accounts for compensations and
losses, and asked how much of that was paid for acci-
dents over which there was no control, and how much
for accidents from neglect? He wished to know if the
frauds that had lately been committed at Liverpool were
included in this half-year's losses ? He asked for details
of the accidents to be furnished in the reports. He also
complained of the expenses of the stations being too
great.

Mr. DIOKENSON said the arrangements of the line
for travelling were admirable, and he dissented from
the opinion that too many servants were employed, or
that they were overpaid. He considered there were too
many directors.
After some further discussion,
The CEIAIIIMAN said that the number of directors was
fixed by Act of Parliament, and with regard to the law
and Parliamentary expenses they were driven into them
to protect their property. He did not think the compen-
sation paid great when they considered that they had
carried during the half year a million worth of property
over the line ; and as to the defalcations alluded to,
there were none. He believed the directors had
carried out the recommendations of the committee of
reference in most instances. It was impossible to make
such great changes as the committee recommended in a
short space of time. The only recommendation that had
not been c•u•ried out was "locomotive consolidation,"
which was under the consideration of the board.
The report was ultimately agreed to.
A dividend of 5 per cent, was declared, and the divi-
dend warrants to be made payable on Tuesday, the 19th
inst.

After the transaction of some unimportant business,
The meeting separated.

BUCKINGHAMSHIRE RAILWAY.
(This Day.) •

---+--

The half•yearly meeting of this railway waq held this
morning, at the Euston-square Station ; the Hon. P. S.
Pi,:xrepoint is the chTtir.

The report grated that the sun of 21,900/. had been
received from the London and North -Western Com-
pany for the half-year's rent up to 31st December, 1855.
The balance in hand at that period was 1,1421. ls.
making a total of 26,0421. I.s. 2 The dividends paid
during the six months amount to 25,487/. Bs. 6d., leaving
a balance of 5541..125. Bd. The next dividend will be
paid on 21st August at the company's bankers.
The CHAIRMAN, in moving the adoption of the report,
said he had no remarks to make to them on the present
state of the company's affairs, other than to state that
their prospects were mending, and that he hoped that
henceforth they would not be such a drag cm their parent,
the London and North-Western, as they had hitherto
been.

--The retiring directors having been re-elected, the
meeting separated.

LLOYD'S SHIPPING.—;This Day.)

LONDON, Avg. 'ls.—Wind this day at noon, S.S.W.;
light pleasant breeze and fine, with passing clouds at
times.
PORTSMOUTH, Aug. 14.—Wind S.W.—Arrived—Cum-
berland (s. tpt.), Pelham, Cruiser, and Gertrude (tpt.'s),
from Constantinople. Ssailed—Dolta, for London.
FALMOUTH, Aug. 14.—Wind W.S.W., fresh breezes.
—Arrived—New Zealand, from Moulmain. Put back—
Feronia, for Quebec.
Cowes, Aug. 14.—Wind W.S. W. _Arrived.— Franklin,
from Bahia ; Faithful, Quebec.
SWANSEA, Aug. 14.—Wind W.S.W.—Arrived—Java.
and Alma, from Quebec.
MARYPORT, Aug. 14.—The Middleton, of and for St.
John's, N.B. from Liverpool, grounned on the 12th inst.
on Robin Rigg, in the Solway Firth,got off, grounded on
Dunroop Sands, was yesterday again got off with assist-
ance of two steam-tugs, and is now in these roads, making
nn water.
WATE EiFORD, Aug
13.—Wind S. to S.W.—Arrived—
.
Boreas, from Quebec.