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

THE SUN, LONDON, THURSDAY EVENING, FEBRUARY 15, 1866.7

from the Canterbury portion, while the united ex-
ports for October reached 39,624 oz., and for No-
vember 45,2050 z. The very rainy climate of the
West Coast sadly interferes with the working, as
latterly there have scarcely been more than one or
two fine days out of the six. The diggings are
almost entirely "poor men's" diggings—i.e., dis-
tributes evenly, and not in large nuggets here and
there, consuming much time and money in the
search. Otago, although thrown into the shade by
some thousands having left for the Hokolika, still
yields well, 64,7890 z. being exported in the Septem-
ber quarter.

Railway and other Companies.

MIDLAND.

The report of the directors of this company states
that the traffic of the railway for the half-year end-
ing the 31st of December last had been satisfactory,
although owing to exceptional circumstances a de-
crease of £6,347 in the receipts for conveyance of
minerals, and of £2,662 iu conveyance of cattle had
taken place as compared with the correspond-
ing half of 1864. The increase in the coaching
department had been £31,369, and in mer-
chandise £35,549, the total increase being £57,909,
after deducting £9,009 for thefalling off in the cattle
and mineral traffic. The balance available for divi-
dend was £522,557, of which £4,304 was brought
from the previous half-year, and the directors re-
commended the declaration of the following divi-
dends (less income-tax), payable on the Ist March
next:—£3 10s. per cent. on the consolidated stock;
£2 16s. 3d. per cent. on the consolidated Birming-
ham and Derby Stock ; £3 10s. per cent. on the
consolidated preferential stock, and also on the Ere-
wash Valley stock ; and at the usual rates on the
eight 4 per cent., 4i per cent., and 5 per cent. pre-
ferential stocks, leaving a balance of £11,704 for the
current half-year. The sum of £973,371 had been
spent upon the capital account during the half-year.
As the greater part of the works on which this
amount as well as largo sums in previous half-years
had been expended were still unproductive, and as the
interest had consequently to be defrayed out of re-
venue, those circumstances fully accounted for the
diminution in the dividend as compared with the
corresponding half of 1864. The extension to Lon-
don would approach completion in the autumn of
1867. The total train mileage run during the half
year, Mr. Kirtley reported, was 5,795,553 miles, be-
ing an increase of 118,176 miles as compared with
the corresponding period. The renewals of locomo-
tive stock during the half year had been 9 engines,
20 carriages, 19 break vans, 5 horse boxes, 7 car-
riage trucks, and 280 waggons, the entire cost of
which had been charged to revenue. Mr. Crossley
reported that the railway works were in good repair
and that 331 miles of railway had been relaid during
the half-year, the entire cost, of which had been
charged to revenue. The Furness and Midland
Railway, it was expected, would be ready for traffic
early in the autumn of this year. The directors had
deemed it their duty to deposit the following bills :
—The Midland (branches, &c.), requiring a capital
of £350,000 ; the Midland (Ashby and Nuneaton),
length 25 miles, capital £290,263 ; the Midland
(additional powers), capital £130,000 ; the Mid-
land (Settle to Carlisle), length about 80 miles,
estimated cost £1,638,043. The following bills
were being promoted, in conjunction with other
companies :—The Huddersfield and Halifax ; the
Manchester, Sheffield, and Lincolnshire (Extension
to Liverpool) ; the Cheshire lines; the Manchester,
Sheffield, and Lincolnshire (new lines) ; the Liver-
pool Central Station ; and the Tottenham and
Hampstead Junctions, requiring contributions or
subscriptions from this company of £lOO,OOO,
£250,000, £40,000, £140,000, and £25,000 respec-
tively. The capital account to the 31st of Decem-
ber last stowed that £26,103,256 had been ex-
pended, leaving a balance of £101,192. The re-
venue account for the past half year showed that
£1,388,620 had been received and £635,149 ex-
pended, leaving a balance of £753,471, out of which
£210,008 was deducted for interest on loans and
preference charges, £23,391 for North Western
rental, £1,316 for Redditch rental, and £5OO for
redemption of mortgage debentures, leaving (with a
balance of £4,301) a disposable sum of .£522,587.

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 ClIA11:31AN moved the adoption of the report.
Ile said the increase in the receipts during the last
half-year had been 01,680 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 thc 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
Theire6gooto
ood exertionssltr6ai
fa9cl
hB9a d
tihadno enrs
ainsnoe tdlfBbr
necessarily connected with the cotton trade of their
district.tresult.on i n TlhB 60em5e,n1c:r4wiii0t4h,27opueGrt
s
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 91d. in the correspond-
ing period, while the miles travelled had been
reduced from 101 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 how difficult it was to introduce changes un-
less the directors vrere 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 Id, 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 half-year from 5s 2-id to 4s 10Id ; the de-
crease of 4-0 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 5.82 d. ; 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.

The Hon. Mrs. Yelverton and the "Saturday

Review."

During the recent action for damages brought by the
Hon. Mrs. Theresa Yelverton against the Saturday Review,
on account of an article which appeared in that journal, the
jury, after being at first, it may be remembered, equally
divided in opinion as to whether the article in question was
within the bounds of legitimate criticism, finally returned a
verdict by a majority of nine to three for the defenders, to
the astonishment of all present, not excepting, we believe,
the counsel and agents for the defenders. The verdict was
given under a misapprehension of the law, as the following
remarkable documents, being affidavits just given into
Court by nine out of twelve of the jury, prove. This is
substantially equivalent to a reversal of the verdict given,
and will, doubtless, be so regarded by many.