The Sun.
London, England, 1866-02-15 00:00:00

LANCASHIRE AND YORKSHIRE.

The half-yearly meeting was held at Manchester
yesterday—Mr. G. Wilson, deputy-chairman,
presided.
The report and accounts, an abstract of which
has appeared in The Sun, was taken as read.
The CHAIRMAN moved the adoption of the report.
He said the increase in the receipts during the last
half-year had been £91,680 over those of the corre-
sponding half of 1864, while over those of 1860 they
had only increased £lOl,OOO during the five years.
It was obvious that had the traffic of the district
increased during that period in its ordinary course,
without the interruption caused by events in America,
the increase of revenue to this company must have
been far greater. It was due to the directors to state
that immediately on the interruption of their cotton
supply from America they addressed themselves to
consider the best means of increasing traffic not
necessarily connected with the cotton trade of their
district. Their exertions had not been without
result. The goods traffic hadincreased from 1,410,276
tons in 1860 to 1,619,189 tons in 1865 or 14 per
cent. ; but the mineral traffic had increased from
343,576 tons in 1860 to 522,723 tons in 1865, or 52
per cent. ; and the coal and coke traffic from 902,255
tons iu 1860 to 1,415,798 tons in 1865, or 56.9 per
cent. There was no essential reason why the
mineral traffic should have increased more in pro-
portion than the goods traffic, except the superior
attention given by the directors and officers to
its development. As to passengers, this company
carried more than any other line in the king-
dom. In the last half-year the number was
10,797,486, against 9,694,981 in the corresponding
period of 1864, and the earnings had been 9.14 d.
per passenger, as against 9d. in the correspond-
ing period, while the miles travelled had been
reduced from 10- to 10 miles per passenger. These
figures showed that it was to a great extent an omni-
bus traffic. The fractional reduction of fare per
passenger made a difference in the total receipts of
£16,196. He maintained that no company had yet
fairly ascertained what the amount of passenger
traffic might become : it was still an unlimited
quantity, provided the necessary arrangements
could be made for carrying it. The directors had
been two or three years trying by experimental
trains to ascertain the best means of developing
passenger traffic, and it showed the irrational spirit
in which these things were met by the public, that
because these experimental trains had been tried
between two or three towns other neighbouring
towns had applied to the Parliamentary Commis-
sioners now sitting for the purpose of making com-
plaints against this company. It showed how
rigidly the acts of a railway company were watched,
and bow difficult it was to introduce changes un-
less the directors were quite satisfied beforehand
that they were the proper improvements to adopt.
He would venture to supply the Royal Commis-
sioners with a fact it might be worth their while to
consider. This company had the power to charge
for first-class passengers 2.40 d per mile, but the
actual charge was 1.39 d ; for second-class they
could charge I.Bod, but the actual charge was
1.27 d ; for third-class they could charge ld, but the
actual charge was 0.719 d. Their average for all
passengers was nine-tenths of a penny per mile, and
the total average receipt was only 9d per passenger.
The increase in merchandise traffic had been
£57,270 in the half year, while the expenses had
increased £19,170. The tonnage moved had been
3,557,710 tons, against 3,071,084. The average
receipt per ton for goods and minerals had decreased
in the half7year from 5s 2id to 4s 10fd ; the de-
crease of 4kd made a difference of £36,000, which
added to the traffic, and provided the passenger
traffic had been attended with the same results as
in the previous half-year, would have afforded a
dividend .of about 71 per cent. He did not regard
this reduction as an unmixed evil; it was the result
of very severe competition, and was likely to con-
vince anybody who sought to invade the district
that there was very little left but very active com-
petition with a line which could carry its traffic at so
low a rate. With these facts before them promoters
of new lines in the district could not be encouraged.

The cost per train mile in 1863 was 5.8211;:in:1864,
5.42 d. ; in 1865, 5.34 d., although there had been a
large increase in the renewal account. The item of
compensation for injury to passengers had largely
increased. He knew of nothing the directors had
to deal with that was more unpleasant than the set-
tlement of compensation claims. Whenever their
medical officers and solicitors recommended a settle-
ment it was made ; but the attempts at imposition
were such as called upon them strongly to resist.
In the last year they settled without going to trial
104 cases. In 65 cases, where a specific sum was
not mentioned in the original negotiation, they paid
£3,066 ; in 39 cases, where the claims had amounted
to £14,359, they settled them by negotiation, with-
out legal proceedings, for £6,169, showing that in
the first instance the claims were exorbitant, and
that afterwards the directors were not indisposed to
make a reasonable payment. They also took nine
cases into court, and the original claims having been
£9,900, the verdicts awarded £5,275. Further, 31
cases the directors declined to entertain, and had
not since been heard of, or were withdrawn; besides
which claims had been made, and through a legal
channel, where the accident never took place.
(Laughter.) The chairman added some explana-
tions with regard to new capital, and adhered to a
statement which he made some years ago, that a large
company like this, provided it is meant to retain
control of its district, must be prepared to spend
£500,000 a year of capital.
Mr. DUGDALE seconded the motion.

Mr. J. FIELDEN expressed surprise at an excess
of expenditure on capital account as compared with
the amount voted ; he also thought the charge for
" fishing" should go against revenue, and that new
branches should not be made to accommodate a dis-
trict unless they were likely to pay per se. '
The CHAIRMAN having given some explanations
in reply,
Mr. THORP expressed the opinion that some altera-

tion in the law should affix a maximum value to a
passenger's life, say £2,000, in cases of compensation.
It was monstrous to make a railway company insure
its passengers without receiving an insurance pre-
mium. (Hear.)
Mr. SEVER thought passengers should either be
compelled to insure or forego the benefit of insurance.
The motion was unanimously adopted ; the divi-
dend of 61 per cent. per annum was declared, and
some formal business terminated the proceedings.