The Sun.
London, England, 1858-08-19 00:00:00

MIDLAND.

The half-yearly meeting was held yesterday at Derby—
Mr. Beale, M.P., in the chair.
The advertisement convening the meeting having been
read, and the seal of the company attached to the register
of shareholders, the report and statement of accounts werr
taken as read.

The CHAIRMAN then addressed the meeting, and ob-
served that they were now at the end of a somewhat
eventful period of six months in the history of railways.
They had had bad times to contend with, and bad trade;
and, like many of their neighbours, could not show as
satisfactory a statement as at previous meetings. But
notwithstanding these drawbacks, the result of the working
of the Midland system was that they bad a larger amount of
receipts to show in the half-year just terminated than in
the corresponding period of 18;7. The quarrels which had
taken place between two companies was not without a
damaging effect upon neighbouring lines, and so serious had
it become that several companies had considered whether it
was not incumbent upon them to take measures for thei
own defense. The Midland Company, had, however, in
common with some of their neighbours, considered that on
the whole it was better to suffer a little than to allow the
quarrel to extend further than was absolutely necessary.
(Hear, hear.) They had, therefore, endeavoured to allay
the troubles about them, and to bring about harmony as far
as possible. Those efforts, he regretted to say, had been
only partially successful; but they would continue
them in the hope that in the end they would be
crowned with success. (Hear, hear.) It was quite
clear that since the Midland Company had a certain
amount of competitidn to contend with, they were
bawd to make it up by extra activity in every depart-
ment, and by giving greater facilities to the public, to in-
crease their traffic rather than to reduce their charges
below a fair and reasonable remuneration for their capital.
By these means they hoped to keep the property in a
healthy and progressive state. They believed that the
first great mischief, from the effects of which they were
now suffering, was to be traced to the sanction by Par-
liament to unnecessary and competing lines. (Hear,
hear.) The Midland Company had suffered from it, foe
although they had 200 more miles of railway open non
than 10 years ago, they did not receive by £l,OOO per
week the -same amount of money which they received 10
years aga. (Hear, hear.) This was owing to bad legis-
lation, and a waste of the capital of the country. They
were now, however, bound to do the utmost in their
power to meet the present state of things, and the direc-
tors were of opinion that the best policy for them to adopt
would be to develop their local traffic, to live in harmony
with other companies, and to promote mutual welfare, in-
stead of fighting for impracticable objects. (Hear, hear.)
And here he was bound to say that he did not consider
their property in a satisfactory condition until it paid five
per cent., as he wag of opinion that as railways were
signal success as far as the public were concerned, the
shareholders were entitled to participate to some extent
in that success. (Hear, hear.) The accounts of the com-
pany were made out carefully and honestly, and the direc-
tors ead not attempt to make the undertaking appear in a
better light than the facts would warrant. It had be:'
usual at former meetings to mention in the report the
works which it was intended to execute within the next, teal•
year, and to take a vote for the amount. He was, however,
happy to say that the directors had no vote to propose that
day. (Hear, hear.) Then, with regard to the increase in
the capital account the only additional works on the old
line would require an outlay of £28,000, and a further sum
of 5;45,000 would be required to finish the Leicester and
Hitchin line, and to increase the rolling stock. Wide
regard to the Leicester and Hitchin line the directors had
redeemed the promise which they gave three years ago, for
the million they had asked for had not been exceeded by two
millions, as some great authority had said; but by £OO,OOO,
and even that sum would not have been required if they had
not discarded wooden bridges and erected permanent works
of iron and stone. A slight excess had also occurred in the
teener of the price given for land purchased, hut this the
directors could not control. Then, again,
with regard to
ealaraing stations, the directors had paid the whole cost
out of revenue, and had not appealed to capital at all. In
former years the charges for law and Parliamentary ex-
penses were partly charged to capital and part to revenue.
They were now wholly charged to revenue. The arbitra-
tion with reference to the carriage of mails had led to an
increase in the legal charges; but be was happy to say
that the increased allowance which the Government gave
the Post-office under the award enabled them Hot only to
pay the whole cf their law charges, but to carry a sum of
expenses was the
upward' of £2,000 to revenue. (Hear, hear.) Another
subject which had given rise to legal
opprsition of the company to the. union of the East Lanca-
shire and Lancaster and Yorkshire lines, which heath been
frustrated in consequence. The proprietors were no doubt
aware that the Loadsn and North-Western Company had
given them notice of their intention to terminate the
Gladstone award, so that, for the future, the Midland
Company would have to depend upon what it could get
for itself, and the directors hoped that, under all the cir-
cumstances, they would be enabled to obtain as large a
share of traffic as that which they received under the Glad-
stone award. (Hear, hear.) The board wished to keep out
of the row with the other great companies. Whey believed

the Midland could be a powerful friend to both, and they
hoped, under all contingencies, to maintain amicable rela-
tions with those around them. With regard to the future,
the board believed that they saw indicat'ons of returning
prosperity to the trade of the country. They had reason to
know that in Leads and the manufacturing districts, traffic
was decidedly improving, and they had the first evidence of
it in connection with their own line, in the fact that last week
there had been an increase in the number of passengers
carried equal to £2,000, which was a very encouraging
circumstance. (Hear, hear.) The chairman concluded by
stating that since the last meeting it had been his pleasing
duty to present Mr. Ellis with the portrait which then
hung in the room (a fine picture by Mr. Lucas), and also
with the testimonial of plate which had been voted to him
for his long and valuable services. It had afforded him
great gratification to be the representative of the company
upon so interesting an occasion.
Mr. lIADLEY observed that the Midland, like other com-
panies, would have to look in future for success to economy
of management, and that he could not see auy marked
change in that respect. The price of materials, for instance,
had fallen very much during the last six months, as com-
pared with the corresponding period of 1857, and yet the
expenditure for materials and stores showed an increase on
the half-year of £1,200. At the last meeting of the
Brighton Company the chairman called attention to
the fact that a saving of /8,000 had been effected
in the working expenses of the last half-year, and
at this calculation the Midland Company ought to hava
saved £24,000. There were also several other items of
increase, including wages, "clearing house," secretary's
office, &c., which he considered were wholly unnecessary.
He believed that there were too many trains run in certain
districts, and that the mileage receipts did not pay for the
cost of working. The company was, he understood, en-
gaged in litigation with the Great Western Company on
the subject of rents, and this was a point which called for
explanation. The capital account was also steadly increas-
ing, and £lOO,OOO had been lately added to it. The deduc-

tion from the net profits of the company for the payment
of interest on this sum was a heavy pull on the receipts.
It also struck him that the debts due to the company,
atnounting as they did to £217,000, were immode-
rately large. The company had sustained considerable
injury by the competition with the Great Northern Com-
pany, and be would like to know what that deficit was
estimated at. He understood the Lancashire and York-
shire bad lost £50,000 by the competition. The company
took great credit for having made an arrangement to run
trains from Hitchin to King's-cross, but it struck him that
every train so run would entail a loss upon the company, as
the mileage receipts were only equivalent to 33. 2d. per

mile, which was not sufficient to pay toll to the Great
Northern in addition to working expenses. He suggested,
therefore, that the company should hook on their carriages
to the Great Northern trains at Hitchin, and not run their
own trains to King's-cross.

Mr. BATEMAN wished to know whether there was any
separate account kept of unpaid dividends?
Mr. WILDE asked whether there was not a specific ac-
count of the rolling stock ?
A PROPRIETOR called attention to the recent meeting
of the representatives of railway companies in London, and
expressed a hope that the directors would act upon their
recommendations.

A PROPRIETOR inquired whether the claims for law and
Parliamentary expenses were paid before they were laves-

riga' ed ?
The CHAIRMAN said there was a law commiitee, and
that no account was passed without rigid investiga-
tion. With regard to unpaid dividends, there was a
separate account, amounting to £12,000 or £13,000
from the commencement of the company, and persons
were constantly applying for them, and of course they
were paid on application. It was quite true that
£217,000 was due to the company, but every shilling of
the amount could be realised in a few days, if necessary. It
was impossible to carry on a large carrying trade without
having a good deal of money outstanding. Mr. Hadley
appeared to think that the working expenses were too large,
and that toe many persons were employed; but he could
assure him that the directors had visited every station on
the line within the last month, and had personally inquired
into the working expenses. When proprietors spoke of
want of economy and saving in materials and stores, and
contrasted the Midland with the Brighton Company, it
was necessary to remember that 60 miles of additional
line were now open, and -that there had been a con-
siderable saving in coke and materials as compared
with the corresponding period of 1857. Mr. Hadley
had altogether miscalculated the mileage earnings
of the company, which were 4s. 10d. a mile, instead
of 3s. 21d. per mile, and so far from running too many
trains, the complaints were that they did not run sufficient.
He was quite aware that judicious economy was necessary,
but be assured the proprietors that they must look rather
to the development of legitimate traffic than to retrench-
ments, the expediency of which were extremely doubtful.
With regard to the prospects of the line, he believed they
were never better, and that when the large mineral district
of 70 miles by 10, of which they hr.d the command, was de-
veloped as it would infallibly be, the Midland line would be
one of the best properties in the whole country. It was
now paying about as good a dividend as any other line In
the kingdom, and they might depend upon it there was no
reason to believe that its fortunes would decline. (Hear,
bear.) The hon. gentleman concluded by moving that the
report and accounts be received and adopted.
The motion was carried unanimously.
A dividend at the rate of 31 per cent., payable the Ist of
September, was also declared.
The usual audit committee of 25 shareholders was then
reappointed.
Mr. BARROW, M.P., observed that, in his opinion, it
would be far better if all railways could be conducted upon
the principle of acting kindly and harmoniously together
than upon that of the extreme competition which had
been carried on between certain railway companies during
the last six months. He regarded the system of aggression
and annexation lately carried out as fraught with the
reatest evils to railway property, and he believed that
if such a policy were adopted it would lead to
,imilar embarrassments and difficulties which had
occurred in distant parts of the world. Holding
hese opinions, he begged to move " That this
meeting approves the resolutions passed at the meeting
of directors held in London, on the 10th of August, and
urges upon the directors of this company the necessity of
raking every means in their power to secure the general
assent of the railway interest to the principle there laid
down." _ _ _

The Rev. Mr. MYERS seconded the resolution, which was
carried unanimously, amid loud applause.
The meeting was then made special, when a resolution
mas proposed to authorise the company to subscribe i 35,000
to the Worcester and Hereford line.
The CHAIRMAN explained that the company by this
arrangement would get a second market for their coke, and
at the same time bring a hundred miles of the narrow gauge
system on to the Midland line.
The resolution was carried with one dissentient, and after a
vote of thanks to the chairman, the proceedings terminated.

SALISBURY AND YEOVIL.

The haft-yearly meeting of this company was held at the
offices, 2, Leadenhall-street, yesterday—Mr. John Chap-
man presiding.

The report, which has been already published, was Liken
as read.

In reply to questions it was stated that the chairman and
other directors haz4 inspected the wolks on Friday and
Saturday last, and they were making very satisfactory-pro-
4ress. The line from Salisbury to Gillingham might be
opened by October next, unless a delay should occur in con-
quence of their neighbour, the South-Western, not having
,!olnpleted their junction at Salisbury. Some misunder-
-tanding had occurred between the Great Western and the
+uxtb-Western, which had caused a little delay. It was
necessary to c)mplete the market branch that a bridge
should pass under the embankment of the South-We-tern
inn, and the works had been stayed :0 allow the bridge to
he put in. They were, however, info: meal by the engineers
!hat the works would be completed in October, when the
line to Gillingham might be opened.

The report wz:e adopted, and a vote of thanks given to the
chairman.

ANDOVER AND REDFIRIDGE.

The first meeting of the shareholders of the above com-
pany was held at the Town Hall, Southampton, on Tuesday
—➢ir. Ralph Etwall presided.

The CHAIrtmAN said that before moving the adoption of
he report, he would allude to some of the circumstances
e.,nnected with the line which occurred antecedent to the
:iassingof the bill. The project was set on foot by some in-
tirential gentlemen in connection with the Andover Canal
Company. It was thought by some a rash undertaking ft.r
a small company to go to Parliament for an independent
line of railway; but in 1847 leave had been obtained by the
South-Western Railway Company for a similar line, and
.he result of the late application to Parliament showed
►hey were not utong in their anticipations. The line
had received the powerful support of Southampton, An-
dover, and the country through which it passed, being
opposed only by the South-Western Company, who
not having made the line themselves, were averse
to °diet s opening to the Valley of the Test the advantages
of railway communication. They, however, made determined
efforts to obtain the sanction of the Legislature, and no body
of men were ever more deceived than were the South-
Western Company at the result of the application to Par-
liament. Knowing something of Parliamentary commit-
tees, and of railway matters, he must say he never knew
anything carried more triumphantly. The preamble of the
bill was passed wahout their counsel being called on to re-
ply, and this being done, the South-Western Company were
determined, if possible, to dictate what gauge of line they
should have, but the committee did not limit them to any

gauge, and they were in as independent a position as
when they first made application—the bill passed was in
truth the one for which they had applied, and that it had
thus passed in its integrity he congratulated the share-
holders. Since the Act had passed the South-Western
Company's report had appeared, and their meeting 'toad
been held, an,' he could not help remarking on the antago-
nism that pervaded the report and the chairman's speech.
In the former the company were kind enough to pity and
commiserate them, describing the line as one that " could
do little misc'eief except to those who might subscribe the
capital." They needed not their pity nor commiseration,
and having confidence in the success of the project, were
able to take care of themselves. The chairman pursued
another line, and, in a philippic against Parliamentary com-
mittees, said they were not guided by fixed principles or
precedent. But their very act was a contradiction to such
an assertion; for did not the committee of 1858 grant that
which had been accorded by a committee in 1847 ? The
South-Western Company had sought to clog them in every
way, but had been unsuccessful in their efforts. But it
was singular to observe that, while that company com-
miserated and pitied them, they at the same time
considered them powerful neighbours enough to be
well watched. how could they reconcile these views ?
It must certainly be the outpourings of disappointment and
vexation. A prospectus of a line from Andover to Devizes
had been issued, and the chairman at some length referred
to the time when the Andover and Redbridge Railway
should be a trunk line in connection with the great network
of railways which covered the kingdom, and to the advan-
tages which would necessarily accrue to Southampton.
That such would ultimately be the result required no great
stretch of imagination to foresee ; and to maintain the line
in its independence, he called upon the landowners on the
Test and the influential inhabitants of Southampton to
come forward and lend this line their interest and support.
He concluded by moving the adoption of the report.
Mr. A. PEGLER seconded the proposition, and did so
with pleasure, as it represented the line as an independent
one—a fact that would recommend it to the consideration
of all connected with the town and port of Southampton.
He had carefully read the report of the South-Western
Company, and had noticed the inconsistencies alluded
to by their chairman. While commiserating their condi-
tion, and representing it as a line that could do little harm,
except to those who found the capital, the report went on
to say that, if once sanctioned, it might afford a pretence
for a more direct aggression on the South-Western Com-
pany's interests. He did not like the word aggression, but
thought a fair competition would be of great advantage to
the town. The report he had alluded to further said that it
would be the imperative duty of the company, by readily ac-
cording every accommodation which the public could rea-
Fonably demand, and by watching their new neighbours, to
anticipate and prevent the success of any such attempted
aggression. It was something new to Southampton to hear
the South-Western Company talk of according every accom-
modation. That was one of the results of the passing of the
bill. He spoke strongly in favour of maintaining the line as
an independent one, without which it would be valueless to
Southampton, and observed that immediately he saw a dis-
position to compromise or amalgamate with the South-
Western Company, he should cease to take an interest in
the line. After some further remarks, he observed that,
being the first to sign the deed of settlement, he had
peculiar pleasure in seconding the adoption of the report.
The resolution was then put and carried.
The directors were then elected, and
The CHAIRMAN said he perfectly agreed with the opin-
ions expressed that there was every prospect of the line
being a remunerative one, and he was fortified in this con-
clusion by the opinions of persons well acquainted with
railway matters. Nothing would so much tend to maintain
the independence of the line as by having it in the hands of
those who possessed an interest in the locality; and for this
purpose he trusted the energies of the influential residents
of Southampton and the landowners of the district would be
enlisted in its support, that the project might be brought to
a successful issue.

On the motion of Mr. PEGLER, the thanks of the share-
holders were voted to the chairman and provisional direc-
tors for their efforts in carrying the bill through Parliament.

LYMINGTON.

On Thursday the half-yearly meeting of this company
was held at Lymington. The chair having been taken by Mr.
A. Mew, the Secretary (Mr. E. H. Moore) read the follow-
ing report :

" The directors beg to present the half-yearly report and
statement of accounts. At the general annual meeting,
held on the 22d day of January last, your directors had to
express their disappointment, contrary to their expecta-
tions, at being unable to report the opening of the line.
II appily, in this respect, their present position is far different,
for it is now their pleasing duty, not only to have to con-
gratulate the shareholders ou the line having been opened
during the past month both for passengers and goods
t-affic, but that it is now in work under very gratifying
circumstances. In looking to the statement of accounts
the shareholders will perceive that there is a balance
due to the bankers on the half-year of £384 7s. 4d.,
which has arisen in consequence of a portion of
the calls not having been paid up. Some of these, how-
ever, have since been realised, and your directors hope very
shortly to obtain the payment of the remainder. It will be
in the remembrance of the shareholders that the capital of
the company was originally £21,000, with power to raise
£7,000 on the debentures of the company, and, in the event
of purchasing the Lymington-bridge, to raise £5,000 in new
shares. This event having happened, your directors will
have to propose to the shareholders at their half-yearly
general meeting, to be held on the 12th instant, that the
sum of £5,000 shall be raised by the creation of new shares,
to be apportioned according to the order of the meeting, and
to be considered as part of the general capital of the com-
pany, and your directors would beg to impress upon
the shareholders the desirableness of these shares being
taken up rateably amongst themselves, which would add
about one-fourth to the shares already held by them respec-
tively. Your directors venture to recommend this course as
the means of obtaining, at au early period, the amount
required, and as affording the shareholders every prospect
of a fair return for it. With this additional sum, and by the
sale of the land not required for the purposes of the railroad,
your directors confidently hope to be able not only to com-
plete the bridge now in progress, but also the undertaking
generally. In conclusion, the directors cannot but con-
gratulate the shareholders on the present aspect of the
affairs of the company, affording, as it does, the fairest
prospect of the consummation of all that was desired and
expected from the undertaking."
The CHAInarAN then rose, and after expressing his regret
at the disappointment, felt equally by the directors and the
public, at the delay which had taken place in the opening
of the railway, went on to say that, like the checkered scenes
of life, brighter prospects were now opening before them.
The railroad had at length been opened, and, as far as he
could learn, it had opened under more cheerful auspices
and had met with more success than had been antici-
pated even by its most sanguine friends. Adverting to
the sums paid for improving the approaches to the railway
—namely, £l,OOO for Miss Beckwith's field, which would
afford most eligible sites for building on, and £5,000 for the
Bridge property, the worthy chairman said he entertained
no doubt that they would ultimately amply repay the
cost. The tolls at present received at the bridge amounted
to no less than £230 a-year ; and when, by the new bridge
to be erected, heavy vehicles and goods could avail them-
selves of that mode of passage, there could be no doubt that
the annual receipts would amount to £3OO per annum.
Again, if the new bridge, with flood-gates, were to cost
£l,OOO, 70 acres of fine meadow land would be thus re-
covered to cultivation, and afford an ample recompense for
the money to be expended. After a few further remarks on
the expenses yet to be incurred in the erection of a fitting
station, accommodation fur goods traffic, lec., the chair-
man concluded by moving that the report be received and

adopted.
Mr. G. F. ST. BARBE, after congratulating the meeting
on the very favourable circumstances attendant on the
epeniug of their new railway, seconded the motion, which
was carried unanimously.
_ The CHAIRMAN then called the attention of the meeting
to a graver eubject—tie necessity of procuring money to
carry fir ward the works necessary to complete the railway
wer'es spoken of in the report. The whole money expended,
including the ,E 5,000 still required to be raised, would
amount to £32,000, the interest on which, at 5 per cent.,
midst not exceed £1,600 a-yeari; and, judging from pre-
sent appearances, the traffic on the first week of opening
having been &aided its four weeks, he entertained no doubt
that the undertaking would eventually pay 4 if not 5 per
vent., with the prospect cf an increase upon that amount.
The new railway WRi very popular in the Isle of Wight, and
would become more .q) as it proved itself more and more a
cause of prosperity to our neighbours on the other side of
lie Solent ; and even in Lymington its influence was not
unfelt, sieee our lodgings were much fuller than they had
been. lie begged, in conclusion, to propose that the meet-
ing would consent to the creation of ,E5OO new shares of
each.

11r. G. F. ST. BARDE Ftateti that they had been favoured
wilts a visit from the chairman, directors, and the whop,
stair of the South-Western Co:npany, who bad expressed an
opinion • that the extent of traffic had been occasioned by an
ebullition of feeling consequent upon the opening of the
railway; but he had cJl.vinced them, upon the testimony
of Mr. Hodder, that excursionists had nothing to do with
it, but that the traffic was legitimate. Judging from the
present receipts, the passenger traffic alone amounted to
£B4O a-year ; adding to this one-half, as the amount of the
goods traffic, the whole would be £1,260 a-year. Then the
bridge would bring in £3OO annually, and thus altogether
the property would, he thought, pay 5 por cent. on capital.
The CHAIRMAN having stated the money to be indisprn-
sable to make the thing c",mplete, the proposition for the
creation of 500 new £lO shares WAS agreed to unanimously.
A good deal of discussion then took place as to the nrde
of disposing of the new shares, when, on the motion of the
Rev. A. J. BRINE, seconded by Mr. FREEMAN, it was
resolved that if the whole of them were not taken by the
shareholders, they should be disposed of by the directors,
subject to the approval of a general meeting.
A great number of shares were at once disposed of in the
room.

Thanks having been voted to the chairman, directors, and
other officers for their exertions, the meeting separated,