The Sun.
London, England, 1856-09-16 00:00:00

CHESTER AND HOLYHEAD

RAILWAY.

(HALF-YEARLY MEETING THIS DAY.)

The twenty•fifth half•yearly meeting of this company
was held this day at the Euston station. The chair was
taken by Sir M. Peto.
The SECRETARY then read the following report :

The report of the directors of this company states that
the receipts for the half-year ending the 30th of June show
an increase of 9,3181. on the railway, and 4,6931. on the
steam-boats, as compared with the corresponding period
of 1855, the increase in the expenditure being 5,1681. The
comparative statement of traffic shows a gradual increase
in the receipts. The receipts for the half-year ending
the 30th of June, 1850, amounted to 57,4811., and for the
same period in 1856 to 110,3181., while the expenses
amounted to 35,6371. and 59,4981. respectively, leaving the
balance in favour of the railway at the former period
21,8431. and at the latter period 50,8191. The receipts for
the steam-boats in the half-year ending the 30th of June,
1850, amounted to 4,0;9/. and the expenses to 9,90!/.,
showing a loss of 5,8161. The receipts for the half.year
ending the 30th of June last amounted to 21,6871.,
and the expenses to 21,5381., showing an increase
of 1491. The comparative statement of through live
stock traffic also shows a progressive increase; in the
half-year ending the 39th of June, 1853, it amounted to
2,076/. ; in the same period of 1851, to 4,0091., and in the
same period of 1855, to 6,6771., and in the half-year ending
the 3)th of June 1856, to 10,6'.91. During the past half-
year an additional outlay has been incurred in the cons ruc-
tion of a new bridge over the river Forydd, and on other
works of a character not likely to be again required. These
items, amounting in all to 1,0581., not being properly
charges against any one half-year, it is proposed to spread
over a period of three years. The proportion for the past
half-year, 2111., is charged to the accounts, and the balance
is placed for the present:to a suspense account, and will be
cleared off by charges of similar amount in future accounts.
The accounts show a net balance to the credit of revenue of
50,9681., which leaves after payment of debenture interest
and rent of Bangor and Carnarvon Railway, a balance of
23,029/. From this sum the directors have paid the interest
due on the loans advanced on the reserved second preference
shares, and now recommend that the full dividend be de-
clared of Bs. 3d. per share on the first preference shares of
the company, payable on and after the 20th inst., and that
the balance, 1761., be carried forward to the next half-year.
The dividends declared at the last meeting, but with pay-
ment deferred, have been liquidated. The working ex-
penses for the six months have been little short of 54 per
cent. on the earnings of the railway. These charges will
now be reduced under the agreement with the London and
North Western Company to 46 per cent. for the current
year, subject to a further reduction for the ensuing year
of 2 per cent., and subsequently to 1 per cent. above the
current half-year rate, for the working expenses on the
London and North Western Railway. With this reduced
expenditure, it is apparent that the income of the company
during the present twelve months, will be more than suffi-
cient to meet all the current claims, including debenture
interest, and pay the dividends on the first and second pre-
ference shares. The outstanding liabilities of the company
have been ascertained, and will be met by the issue of the
reserved capital and the sale of surplus lands. me Cole-
man has retired from the position of public accountant to
the company, and Mr. Bolos, has been nominated to succeed
to the office. The capital account states that 4.303,501/.
had been received and 4,338,909/. expended, leaving a
balance against the company of 35,4071. The balance to
the credit of revenue account from the half-year's working
amounted to 50,9681, To this sum is added 25,3181. bal-
ance from the 31st of December, 1855, and 7,7791. interest
paid by the London and North Western, making together
84,0661. From this sum is deducted 25,2001. for dividend
of 12s. per share on first preference shares declared at last
meeting, 6,3831. dividend on second preference shares at 5
per cent. per annum, 1,0001. added to the renewal of steam-
boats, 3,0001. rent of Bangor and Carnarvon Railway,
5,5271. interest on advances, and 25,451/. debenture in-
terest to the 10th July last, including interest on Bangor
and Carnarvon bonds, leaving a balance of 17,5011.

Toe CHAIRMAN, in moving the adoption of the report,
entered at length into the details of the items mentioned
therein, and congratulated the assembled proprietors on
the increasing prosperity of the undertaking. For ten
or twelve years no very large outlay would be required
on the permanent way, and. Mr. Fowler estimated the
average expenditure in respect to permanent way and
works in future years at 20,5001.'per annum. The gross
receipts from the steamboat and railway traffic amounted
in 1850 to 61,5001.; they have risen from that period to
the present to 110,3181. The steamboat traffic the chair.
man said was quite as remunerative as the railway traf-
fic. With respect to branch lines great misunderstand-
ing prevailed in England hitherto ; they had been con-
structed either for the purpose of guarding existing
traffic, rather than producing traffic, or for legitimately
raising traffic in a right direction without sufficient refer
ence to the interests of local parties as regarded the cost.
He should advise the company not to undertake a single
branch line without the parties interested would under-
take the cost. He concluded by moving the report.
A SHAREHOLDER asked whether any negotiations had
taken place relative to an improved communication with
Ireland?

The CHATINAN said at the close of the session o
Parliament the negotiations appeared nearly at a con
summation, but at the breaking up of Parliament those
negotiations were suspended, and the directors' negotia-
tions had also been suspended, and he (the Chairman)
supposed that untill the Parliament re-assembled and the
Irish members began to agitate the question they would
hear nothing further upon the subject.
The resolution adopting the report was then put and
carried unanimously.

A resolution was also carried authorising the pay.
ment of the dividend mentioned in the report.
A vote of thanks to the Chairman terminated the
proceedings.