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

LANCASHIRE AND YORKSHIRE.

The half-yearly meeting was held on Wednesday at
IMan-
chester—Mr.
H. W. Wickham, M.P., presiding. There
was a good attendance of directors and shareholders.
The CHAIRMAN said that at the last meeting be ex-
pressed regret that the traffic of the half-year showed a con-
siderable falling off; and he now had to state that the total
amount received during the last half-year fell short of the
amount received in the corresponding half of 1857—it being
the first time in the history of the undertaking that such a
thing had occurred. (At the last meeting he said he be-
lieved that the cause of the depression was transient—that
it was principally the effect of the commercial panic—and
that as trade revived so would the prosperity of the company
rapidly increase, as it had done on former occasions; and
he still held that opinion. (Hear, hear.) The revenue
of the company fir the half-year amounted to £561,335,
as against £610,714 in the half-year ending June, 1857 ;
showing a decrease of £49,371. Of this sum £20,492
was on passenger traffic. There bad been a decrease of
217,000 in the number of passengers carried ; and the defi-
ciency on this account was about £12,000, while £8,456
was due to the shorter average of the distances the passen-
gers had been carried. The merchandise
goods carried had keen
receipts showed
a falling offof t 28,550, althoug the
39,000 tons in excess of the first half of 1857. These 39,000
tons ought to hsve represented an increase of £9,000; so
that, compared
with what might be called ordinary times
there had been a failing off of £37,Q50. A few thousand
pounds must be allowed for the shorter distances the goods
bad been carried; and the whole of the remainder of the
deficiency must he attributed to the competition of rival
companies with whose undertakings that cf this company
was interlaced. (Hear, hear.) The directors had in-
variably done their utmost to secure the best rates
possible; but as the board were letennined to hold their
own as far as they could, and as other parties had
tried to obstruct the traffic from the company's lines the
board had been compelled to reduce rates. The directors
had been most anxiously and almost continuously engaged
in endeavouring to put an end to this unfortunate state of
things; and he thought be might congratulate the share-
holders that there was now some prespect of success.
There had been seyeral,tneetiugs . with the representailyes
of other companies; and upon the previous day there was
a most influential meeting at the Luton Hotel, London,
Mr. Thompson, chairman of the North-Eastern Company,
presiding; at which the following resolutions*were passed,

as suggestions to all the railway boards in the kingdom
" That the rates and fares on the several railways of the
kingdom should be so fixed as to realise the largest amount
of net profits to the companies entitled to them. That
where any two or more companies interested in any parti-
cular traffic fail to agree amongst themselves as to
the rates and fares to be charged, the points in
dispute should be referred to arbitration. The ap-
proval of the following companies has already been
received :—London and North-Western, Great Western,
Midland, North-Eastern, Lancashire and Yorkshire, and
East Lancashire. That the several railway boards be re-
quested to report their opinion to this meeting by letter, ad-
dressed to the chairman, at York; and by sending one or
more delegates to the adjourned meeting, which will be held
at the Euston Hotel, on Thursday, the 9th of September
next, at 10 o'clock in the morning, fur the further considera-
tion of the subject." The first resolution did not imply-that
the highest rates allowed by Act of Parliament should be
charged; but only that such arrangements should be made
that the greatest possible advantage should be obtained from
the rates fixed. There bad been no increase in locomotive
charges, although the increase in train mileage had been
very considerable. The whole of the company's engines
were being altered so as to consume coal instead of coke,
and, while there would be no annoyance from smoke,
the saving to the company would be very great.
The coaching charges had decreased £2,255, and
the mernhandise charges £6,034, although larger
traffic had been dealt with, thus showing that the
efforts of the board to reduce ordinary working charges had
not been in vain. (Hear, hear.) The total saving in that
respect had been £9,280 ; but, of course, the items of excess
had completely swallowed it. The maintenance of way
charges had increased £2,773, which was accounted for by
the larger number of trains. Under the head of rates and
taxes there had been an increase of £3,360, owing to the
recent great distress in all the districts • through which the
company's lines ran, and the consequently higher poor-rater.
It would be satisfactory to the shareholders to know that the
goods traffic was now resuming its usual healthy state.
(Hear, hear.) The increase had been satisfactory for the last
two months ; and the return on the previous day, for the
last week, showed an increase of £62 over the corresponding
week of 18.57. Taking into account what was received _last
year from the Art Treasures Exhibition, and allowing fOr the
low charges forced upon the company by competitien. the
traffic last week represented an increase of at least £2,000 over
the corresponding period of 1857. He had hoped that this
meeting would have been the first of the united companies
(the Lancashire and Yorkshire and East Lancashire), but,
although the preamble of the bill, after a most careful con-
sideration during 19 days, by the committee of the Com-
mons, was unanimously declared to have been proven, the
committee of the Lords, after six days' sitting, declared by
a majority that the preamble had not been proven. No
reason was given for thus rejecting the bill. He regretted
the result exceedingly, because he was convinced that under
the bill the public would have been much better served, and
the companies would have been gainers. He could not see
in what way the merchants of any of the large towns, the
coalowners, or any of the many opponents, could possibly be
benefited by the rejection of the bill. However, it now re-
mained for the two boards to werk theconcerns as well as they
could under existing powers. From the first there had been
the utmost cordiality between them, and that feeling had
been, if possible, strengthened by the rejection of the bill.
(Hear, bear.) He believed that the prosperity of the com-
pany would keep pace with that of the country; and that,
notwithstanding its present position, it might be considered
one of the most valuable properties in the country. (Ap-
plause.) The chairman concluded by moving the adoption
of the report and accounts.
Mr. WILLIAM STUART seconded the motion. He would
have done so with much greater pleasure if the dividend had
not been decreased, through the folly—nay, the almost mad-
ness—of neighbouring companies. (Hear, hear.) But he
believed that the day was coming when shareholders as a
body would unite to farce upon the directors of competing
companies an amicable and fair settlement of their disputes.
(Applause.) He hoped that by the 9th September there
would be such a union of interests as would declare that the
kind of folly now being perpetrated should be no longer
permitted. (Hear, hear.)
Mr. E. HARPER, one of the auditors, explained that he
and his colleague could not report as usual, owing to the
meeting being held a month earlier than was customary.
As to plant, &c., they could, however, confirm the report of
the directors; and the share register and the mortgage ac-
count had been found perfectly correct. Mr. Harper dwelt
upon the importance of attention to the permanent way
account, and gave notice that at the next meeting he should
move for a large appropriation out of revenue to that account.
In reply to questions
The CHAIRMAN said that the Great Northern and the
Sheffield Companies were represented at the meeting in
London on Tuesday. The paper of consent had not been
signed as for either; but it was understood that the feeling
of the Great Northern was decidedly in favour of the reso-
lutions. (Hear, hear.) He and his colleagues were ready
to continue their exertions for peace; .and as far as possible
they would forego other engagements so as to meet for the
promotion of a conciliatory spirit. (Applause.)
Mr. KIDD contended that the affairs of the company were
conducted ti•mn a totally wr,,ne, principle ; and that their
position could not be improved iird..ss
increased.
The motion was unanimowly agreed to.
A dividend at the rate of 31 per cent. per annum was de-
clared ; and the ordinary opposing powers were given to the
board.
The CHAIRMAN said that the board wished the latter
resolution to be passed (although there was no chance of
parliamentary business before the next meeting) because it
was often easier to avoid contests by preliminary negotia-
tions than to avert them by parliamentary opposi.ion.
•Mr. Thomas FRILDEN moved—" That no further sums
be added to the capital account without having been pre-
viously voted by the proprietors."
The motion having been seconded,
The CHAIRMAN said that not a shilling should be added
to the account the addition of which could be avoided; but
there was the extension of the Wigan s tation, required to
be done by Parliament, and other works to be effected, so
that the account must be increased.

After some discussion, the motion was withdrawn, upon
a promise by the chairman that, at the next meeting, he
would snbmit an estimate of the probable expenditure on
capital account for the then current half-year.