The Sun.
London, England, 1858-08-13 00:00:00

LLYNVI VALLEY.

The balf-yearly mating was held yesterday at the Great
Western Hotel, Paddington— Mr. A. Macgregor In the
chair.

Mr. G. P. SAUNDERS, the secretary, read the report of
the directors, to the following effect :—A settlement of the
accounts for the half-year ended on 30th June last has been
circulated, as usual, among the proprietors. The revenue
has been only £6,279105. 11d. against £7,045 ss. Id. during
the corresponding period of the past year. This difference
may be wholly attributed to the depression of trade, which
has for upwards of nine months affected all railways. But,
on the other hand, there has been a considerable dimi-
nution of expenditure upon works of reconstruction ;
and the net profit, after deducting interest on mort-
gages, amounts to 0,453 lls. 4d. against £3,215 2s. Od. for
the corresponding six months of last year. The balance
at the credit of general revenue account is now £12,094 7s.
4d. The directors announced in their last report that !bey
had issued a prospectus for the preference of 5 per cent.
shares. They have now the pleasure to inform the proprie-
tors that applications have been made for a considerable
amount; and there being no longer any doubt that ample
means will be forthwith available for the construction of the
new line, the directors have concluded a contract for that
purpose with Mr. D. Baldwin, of. Lewisham: The work is
already commenced, and it will be prosecuted with energy.
The directors recommend a dividend out of the profits of the
half-year at the rate of 6 per cent., free of income tax.
The etritcracnt of accounto phowcd that £160,632 had

been received to credit of capital account, and that £124,877
had been expended, leaving a balance of £35,754. The
revenue account for the hall-year ended the 30th of June
showed that £6,279 had been received from traffic and other
sources, and £2,825 expended (including £1,114 balance of
interest on mortgages), leaving a disposable balance of
£3,453.

The CHAIRMAN, in moving the reception and adoption
of the report, congratulated the shareholders on the favour-
able prospects of the undertaking, and observed that when
the new works to Brldge-end were completed a considerable
increase of traffic might be expected.
The motion having been seconded, was carried unani-
mously.

A dividend at the rate of 6 per cant., free of income tax,
was then declared on the ordinary stock, and also a dividend
of 5 per cent. on the guaranteed stock.
A PROPRIETOR gave notice that at the next half-yearly
meeting he should mole a resolution to Inc:ease the allow-
ance to the directors.

A vote of thanks to the chairman terminated the pro-
ceedings.

MANCHESTER, SHEFFIELD, AND LINCOLN-

SHIRE.

Wednesday—the dinepeteittyin-cghaoif;
The half-yearly
man, mcorm
J.
vhwapams
ahne,ldproen.
siding. There was a full attendance of shareholders.
The report of the directors and the half-yearly statement
of accounts were taken as read.
The CHAIRMAN, after expressing his regret that ill health
had prevented him from paying as much attention to the
interests of the company during a portion of the past half-
year as he could have wished, stated that any questiOns put
by the shareholders would be gladly answered by his col-
leagues, Mr. Turner and Mr. Gamble. He hod no doubt
that all the proprietors had looked with great interest to
the recent contest in Parliament. The alliance with the
Great Northern Company was hotly contested by the Lon-
don and North-Western Company, but it had now been
ratified by an Act of Parliament. He had hoped that when
that point was settled •by the unanimous votes of the
committees of the two Houses of Parliament, the question
of competition would have been s t at rest, and that every-
thing would have been done to benefit the property of the
shareholders in lieth companies. Irr-this he had been dis-
appointed; and the directors of the London and North-
Western Company, in their report, just issued, stated that
they had hitherta forborne to exercise to the full extent the
powers of retaliation at their command, and threatened to
take other steps for the preservation of the property belong-
ing to their shareholders. His impression was that the
London and North-Western directors had already done
their utmost; and this seemed to be the opinion also of their
own solicitor, Mr. Swift, judging from that gentleman's evi-
dence given before one of the Parliamentary committees.
In answer to Mr. Monk, the counsel for the London and
North-Western Company, Mr. Swift said—" The Great Nor-
thern Company have succeeded in totally ruining our
Liverpool and Manchester traffic, by lower rates and by
a ruinous arrangement with the Manchester, Sheffield,
and Lincolnshire Company, and we have no means of in-
juring them in return ; anti if this bill passes, the same
result will ensue, by lowering our rates to nothing; and we
have no means of resisting. They will have the means by
this bill of taking from us that on which we hare spent our
capital; and we have not the means of retaliating, as far as
regards the traffic on which they have spent their capital."
It should be known, also, that the Manchester and Sheffield
and Great Northern Companies had not pushed the compe-
tition to the fullest extent in their power. They were not
competing with the London and North-Western Company
for traffic over various routes, which was estimated at
£450,000 per annum. There was no doubt that they (the
Manchester and Sheffield Company) bad lost money by the
ltesffieoo. ldT alone, o
Nn foea,tlili diinung. rging the past off in
ls .
d the
competition already in operation; but their balance-sheet
for the last half year was less affected by that cause
s h
01n26d.
be
goodsthan bt yr a theffi
at
G
a
rirnsl depressionhosys
noisnfa
ss
trade.
persix months,
showedhshd been 230,045 tons; which, taken at
wanting on the pert of the directors to cultivate friendly
relations with the London and North-Western Company;
but that company must be made to know that, an agree-
ment affected more parties than one. (Hear, bear.) In
conclusion, he moved that the half-yearly report and state-
ment of accounts be received and adopted.
Mr. C. TURNER. seconded the motion.
Mr. G. HADFIELD M.P., said he had property in both
shetimtlinthgatthief
companies, and was therefore a considerahle loser by the
ofas
service
et otlnd
competition now carried on. He had just attended the
meeting of the Lancashire and Yorkshire Company, and
htlet eocrbiatiisr tenna-directors
ir(
trn.
disputes between the Sheffield and Great Northern and
London and North-Western Companies they would wil-
lingly give their time and attention for that purpose. One
of the results of the competition, which he related on the
authority of Mr. Watkin, the general manager of the Shef-
field Company, was that the London and North-Western
Company were bringing flour to Manchester from Lincoln
at 7s. 6d. per ton, while the actual cost to the company was
15s. 2d. per ton. This was denied by the London and North-
Weetorn C,lopany ; but was still maintained Icy Mr. Wat-
kin. (Hear, hear.) Seeing that at present there was no
dividend upon nearly £8,000,000 of stock, he would move,
after the adoption of the report, that the creation of new
stock for the line to Liverpool be suspended until the pre-
sent disputes were settled. _ _ _

Mr. GAMBLE (a director) said that on the previous day
he attended a meeting of railway delegates in London. The
first resolution which was then adopted contained little more
than a truism. [He then read the resolutions, which will
be found In the proceedings of the Lancashire and Yorkshire
Railway Company.] To the second resolution as to arbi-
tration he could not consent ; and the directors of the
Sheffield and Great Northern Companies would never con-
sent to part with such a power. (Hear, hear.)

In answer to a sharelilder, it was stated thit the amount
lost by the competition was about £5Ol, and by the falling
eft in traffic consequent upon the depression of trade £l,OOO
per week.
In reply to Mr. Higgiobottom, the CHAIRMAN stated
that the taircetors had been unable to obtain a conveyance
of land f,r a station at Dukinfield, and they were not dis-
posed to erect a station on ground not in their possession.
A similar difficulty existed at Ashton ; but at Guidebridge
accommodation for goods traffic would be provided, sup-
posing power was given to the directors at this meeting to
raise the additional capital asked for.
The motion for the adoption of the report was then agreed
to unanimously.
On the motion of the CHAIRMAN, seconded by Mr. TUR-
NER, the usual dividends on the preference stock were de-
clared, but on the ordinary shares of the company there was
no dividend.

The CHAIRMAN moved that a petition be presented to
Parliament, and also a memorial to the Government, pray-
ing that a law may be passed to enable trustees to invest
trust money in mortgages and in railway debentures and
preference stock ; which, after some suggestions from Mr.
Hadfield, was agreed to. ,

Mr. HAD PI Ei.n, M.P., then brought forward his motion,
in the following form :—" That the good offices of Mr. 11.
W. Wickham, M.P., chairman of the Lancashire and York-
shire Railway Company, with his board or without it, be
accepted to arrange the disputes with the London and
North-Western Company; and that, in the meantime, the
creation of stock for the Garston and Liverpool line be
suspended." He was desirous that nothing should lie done
which would aggravate the Loud•n and North-Western
Company, acrd it was fur that reason that he proposed the
postponement of the creation of the new capital.
Mr. BAr.nwm seconded the motion.
Mr. TURNER (director) and several shareholders spoke
against the motion.
Mr. FENTON suggested that instead of the matter being
referred to Mr. Wickham, the delegates who assembled in
London on the previous day should be req❑ested to continue
their negotiations towards a general pamfication, not only
of the quarrels between these two companies, but lrtwcen
all companies who had the misfortune to have differences
with others.

Mr. E. WATRIN strongly condemned both the motion and
the proposed amendment. The Sheffield Company had re-
peatedly offered arbitration, and it had been as often refu:cd
by the London and North-Western Company. If a pro-
position such as had been suggested were adopted, the
directors would he for ever deprived of all control in fixing
the rates, which were, in the first place, the only means of
developing their traffic, and, in connection viith competi-
tion, of keeping in order a powerful competitor like the
London and North-Western Company. Either the share.
holders had confidence in the directors as to their fitness and
ability, or they lead not ; but if they had, it was their duty
wayis period to strengthen their hands in every possible
(, hear.)
A further discussion ensued; and after numerous calls to
ic withdraw," both the resolution and amendment were
withdrawn.
This closed the general business, and the meeting was made
special; when
The CHAIRMAN moved that, in conformity with the
various Acts of Parliament affecting the company, 62,830
new shares at £lO each be issued, to be called " redeemable
£lO preference shares."
Mr. TURNER seconded the motion, which was agreed to
without a single remark.
On the motion of Mr. WILLIAMS, a vote of thanks and
confidence was then passed to the chairman and directors,
and the proceedings terminated.