The Sun.
London, England, 1867-08-21 00:00:00

RAILWAY INTELLIGENCE.

MIDLAND.
The half-yearly meeting of this company was held
yesterJay at Derby—Mr. W. E. Hutchinson in the
chair. The report, an abstract of which appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said that the receipts during the half year
showed a considerable increase in all descriptions of
traffic; the total was rather more than £60,000.
That amount was much greater than they had been
led to expect from what took place in the first three
months of the year, for, in consequence of the de-
pression in trade and other causes, the amount taken
at the end of March was £l,OOO less than in the cor-
responding period of 1866. The gross amount of the
traffic receipts in the past half-year amounted to
£1,365,000, to which they had added £75,000 taken
from their reserves. In the corresponding half of
1866 they had taken £26,000 from the reserve to
assist revenue inconsequence of the large amount of
unproductive capital. The same course bad been
pursued, and for the same reason, as to the last half
year. Of the £75,000 to which he had referred,
£60,000 had been taken from the amount received
under Mr. Phipson's award. That fund was exhausted
now, but they had still a sum of £82,000 in reserve
on account of the Scotch traffic fund, the same to be
distributed as occasion might require in future half-
years. (Hear.) He regretted that the expenditure
in the last half-year had teen unusually heavy.
That arose partly out of the great increase which had
taken place in salaries and wages. There had also
been a considerable advance in the price of materials,
so that the increase in the expenditure had been
unavoidable. He hoped that a period of " rest "
was in store at no distant day for the Midland Com-
pany. They would not be asked to aid in the pro-
motion of any new lines next Session, but they
would be compelled to apply to Parliament for per-
mission to raise new capital to provide for the excess
of expenditure on the estimates and the construction
of the Bedford and London extension line. In con-
nection with that undertaking it had been thought
advisable to purchase land sufficient for laying down
four lines of way, which would have to be done at
once on the first eight or nine miles out of London;
and had they delayed purchasing the remainder of
the land until the railway was opened they would
have to pay double price for it. In reference to the
cost of constructing the Bedford and London Ex-
tension, it would far outstrip the estimates made
four or five years ago by the most competent per-
sons. Situate, then, as they were in that particular,
they thought it would be a wise course to apply to
Parliament for power to raise additional capital. It
was impossible at present to say what the amount
would be. The interest paid on debenture stock and
"calls in advance" last half-year was £31,000 more
than in the corresponding half of 1866. For the
money raised in the course of the past half-year the
average rate of interest paid was £4 9s. 6d. per cent.
They had now reverted to the old rate on their de-
bentures of 4 per cent. Their expenditure on new
lines and works in the last half-year amounted to
nearly a million and a half, of which £120,000
had been on the old lines to enable them to
carry on the increased traffic. The amount of
unproductive capital expended up to June 30 was
£5,000,000, but it was thought better to expedite
works as rapidly as possible in order that the
earnings might be speedily increased. As to the
Bedford and London line, on which £3,000,000 bad
been expended, it would be opened for mineral and
merchandise traffic next month. Several other of the
new branches would be opened as speedily as pos-
sible ; that connecting the Great Northern and
Midland line at Newark at the end of the year. The
loss of the bill for amalgamation with the Glasgow
and South Western line was a subject of much re-
gret to the board ; but under all the circumstances
it was not intended to renew the application for it
next session. (Applause.) All that had passed, how-
ever, on the subject had only served to confirm the
opinion held by the direction of both companies,
that there was a measure the utility and advantage
of which would be very great to both companies. He
regretted that the dividend they had to offer was not
greater, but when the large amount of dormant capi-
tal became productive the dividends would be in-
creased in proportion, and on this occasion they had
not felt justified in taking a larger amount from the
reserve. It was his individual opinion that the pre-
sent dividend was the lowest the Midland share-
holders would receive.
Mr. PRICE, M.P., seconded the motion for the
adoption of the report.
Dr. O'BRIEN complained of the excessive law
charges—more than £lB,OOO in the half year. He
moved that a solicitor be appointed at a salary ; he
to provide clerks. and pay other expenses. This was
the plan adopted by the London and North Western
and other companies, and a great saving was the
result. He denounced the scheme for amalgamation
with the' Glasgow and South Western line. The
gross amount of traffic from it that would come south
was a little over £90,000 a year. Let them abandon
the construction of the Settle and Carlisle line, which
the officials of the company were urging the board
to proceed with.
Mr. PEARSON seconded the amendment that a
paid solicitor be appointed ; in two half years, he
said, they had had to pay more than £40,000 for law
charges.
Mr. SHEPHERD defended himself from some impu-
tations which had been cast upon him in reference
to the recent Wharncliffe meeting.
Mr. ALLeor.T, the company's manager, made a
statement exculpatory of Mr. Shepherd from all the
imputations reflecting upon him.
Mr. VALLEY said the fatal mistake of this com-
pany was the number of new and unproductive lines
being made. He urge 'I retrenchment in the number
of trains run on the branch lines, and in some other
departments.

Mr. GAINSFORD was in favour of the appointment
of a salaried solicitor.

The CHAIRMAN replied that Mr. Carter, their
present solicitor, was second to none in professional
eminence; more than a year ago that gentleman
conveyed a wish to retire, and it was at his earnest
entreaty that Mr. Carter withdrew a letter of re-
signation which he had written to the Board. Under
those circumstances, it must be quite evident that
if they wished to appoint a solicit& on the terms
suggested, Mr. Carter was not the mat to stand in
the way. (Hear, hear.) The Board would not
accept the amendment, but would carefully consider
all the circumstances, and state their views at the
next half-yearly meeting. He suggested that the
amendment be withdrawn.

Dr. O'BRIEN assented, and the motion for the
adoption of the report was carried unanimously.

The various dividends were declared as recom-
mended, and resolutions passed for the conversion
of certain shares into stock.

Other special business was transacted, and the
proceedings terminated with the usual vote of the nks
to the chairman.

RIIYMNEY.

The ball-yearly general meeting of this company
was held yesterday at Wood's Hotel, Furnival's-
inn ; Mr. J. Boyle in the chair.

The report, an abstract of which bin appeared in
The Sun, was taken as read.
The CIIAIR3IAN, in moving its athiption, said it
was so full that it did not require many remarks
from him. He thought this an important period in
the history of the company. They had now obtained
all the powers necessary to complete the undertak-
ing as a railway system. When they completed the
tunnel line from the junction at Caerphilly into
Cardiff they would have a line in competition with
the Taff Vale line into Cardiff, over which they
now ran trains and paid toll. When their extension
into Cardiff was completed they could call upon the
Great Western Railway Company to double their
line into the Aberdare district. There was another
reason for completing the line into Cardiff as soon
as possible—they had made an arrangement with
the London and North Western for making a short
line jointly with that company to convey the pro-
duce of some of the principal works in Monmouth-
shire. The company could not have to find all the
capital for the extension lines, but only for portions
of them. When the tunnel line between Caerphilly
and Cardiff was completed, they would no longer
have to pay a heavy toll for running over the Taff