The Sun.
London, England, 1866-08-15 00:00:00

LONDON AND NORTH WESTERN.

The following is the report of the directors, to be
submitted to the proprietors on the 24th inst. :
" The annexed statement of accounts for the half
year ending June 30, 1836, duly audited and veri-
fied, presents the following results :—Net proceeds
of the half year's working, £962,293 14s. 10d. ; ba-
lance from last account, £12,262 Bs. 11d. ; dispos-
able balance, £974,556 3s. 9d. ; which enables the
directors to recommend a dividend at the rate of 6
per cent. per annum on the ordinary share capital,
leaving a balance of. £28,169 15s. 3d. to be carried
to the credit of next half year. The proprietors will
observe a change on the present occasion in the form
of the accounts, the capital of the undertakings dis-
solved and vested in this company having been
brought into the General Statement of the Capital
Account, and the dividends accruing thereon included
in the Dividend Statement, instead of, as hereto-
fore, in the General Statement of Revenue Account.
The auditors concur with the directors in consider-
ing this a preferable mode of stating the accounts.
The results of the last session have not been encou-
raging to parties promoting schemes for purely spe-
culative purposes, the majorities of which were
either withdrawn or rejected. Other projects, more
or less affecting the company's interests, were passed,
but the directors were generally successful in secur-
ing the right of the company, either by making ar-
rangements with the promoters, or by obtaining
clauses in the several acts. An act has been sanc-
tioned by Parliament relating to the issue of railway
companies' securities. The &rectors trust that the
effect of the measure will be to cause increased con-
fidence in these investments. An agreement has
been entered into with the Fleetwood, Preston, and
West Riding Railway to vest that undertaking
jointly in this and the Lancashire and the Yorkshire
Company ia.equal proportions. The proprietors are
aware that the Midland and North British Com-
panies some time ago began proceedings in Chan-
cery against this and the other companies parties to
the English and. Scotch Traffic Agreement, and that
consequently a very large sum of money remained
in the clearing-house undivided. A decision has
recently been given by the Court, under which the
money has now been apportioned. The directors
have to reportthe resignation of their colleague, Mr.
John Platt, M.P. The favourable consideration of
the proprietors is asked for church accommodation
and the extension of the burial ground at Crewe.
The directors request votes of the proprietors to the
amount of £210,339 for new works, &c., at about
50 stations on the line. For works on:the Lancaster
and Carlisle line, £15,780, and on the Chester and
Holyhead line, £13,287." The capital account to
the 30th of June shows that £44,652,141 had
been received, including £31,515,031 on share

capital, and £43,325,788 expended, leaving a
balance of £1,326,353. The revenue account for
the half-year shows that £2,975,122 had been re-
ceived, against £2,788,331, for the corresponding half
of last year, showing au increase of £186,791, and
£1,426,494 expended, against £1,305,160 in the
same half of last year, showing an increase of
£121,334, leaving a balance carried to the general
account of £1,548,627, against £1,483,171 for the
corresponding half of 1863, showing an increase of
£65,456.

MIDLAND.

The half-yearly meeting of this companywas held
yesterday at Derby ; Mr. W. E. Hutchinson in the

chair.

The report was taken as read.
The CHAIRMAN,' in moving the adoption of the

report, said the traffic receipts for the last half-year
had been most satisfactory., the increase' had been
large, amounting to nearly £125,000, and that was
spread over nearly all the different branches of
traffic, excepting cattle, in which there had been a
decrease of from £5,000 to £6,000, the cause of

which was obvious. The shareholders would ob-

serve with satisfaction that in carriage of minerals
there had been an increase of £21,000, whereas in
the preceding half-year there had been a decrease of
£6,000. The discrepancy between the aggregate
receipts for the half-year and the published weekly
returns arose out of circumstances connect3d with

the Scotch traffic and the large amount in dispute
which had accumulated in the clearing-house; of
that amount within 25 per cent. of the undisputed
had been divided, reserving the whole of the dis-
puted ; but as to that a decision in the Court of
Chancery had been given in favour of this company.

In those circumstances the directors had thought
themselves justified in crediting the accounts of the
half-year with the whole of the amount received on
account of the undisputed traffic. The decision of
the Vice-Chancellor gave to this company £lOO,OOO.
Of this they had only appropriated £25,000, leav-
ing the remaining large surplus to be dealt with at
some future period. There might possibly be an
appeal, but the money had been actually paid.
(Hear.) The directors had hoped to declare the
same dividend as in the corresponding period of
1865, but they had been disappointed. This was attri-
butable to the large increase in .the amounts paid in
salaries anti -wages, in the maintenance of way and
works and in the traffic and locomotive departments;
there had also been an increase in the price of the mate-
rials used on the railway; and finally, there was the
stringency in the money market, which had prevented
the company borrowing money on such favourable
terms as it had done hitheito. On account of the

lamentable accident to an excursion train they had
paid up to June 30, £34,000, and there were a few
small claims still unsettled. That was the most un-
fortunate accident which bad occurred on the Mid-

land line, and he hoped there would be no repetition
of it. The legal and parliamentary expenses had been
heavy—the former in defending unjust demands ;
the latter in the parliamentary committees. With
reference to their law charges, one result had been
a decision in their favour in a dispute with the Great
Western Company, the award being for between
£60,000 and £70,000. Since June 30, 1865, the
amount of unproductive capital on which dividend
and interest had to be paid was over three millions
of money ; notwithstanding that drawback the divi-
dend declared on the open stock was within ss. per
share of this time last year. He thought that was a
cheering feature in the accounts. When that dor-
mant capital became productive there must be a con-
siderable rebound in their dividend. Several of the
new lines were in a forward state ; and in reference
to the last parliamentary campaign he said it had
been a successful one for this company. Having ob-
tained lines of their own or running powers into all
the great seats of our commerce, they would now
pause for a time, in order that they might consoli-
, date that which they had acquired. (Hear.) It would
be unwise to give any pledge that no mere new lines
should be made; there were some fillings up to be
done, but nothing requiring large outlay; the board
was well aware that the concern required rest. (Ap-
plause.) They were anxious in future to devote their
energies to the management of the great system
which had been built up, so that the Midland Rail-
way might be not only an advantage to the public,
but a source of increased profit to the proprietary.
(Applause.)
Mr. PRICE, M.P., seconded the resolution.
A PROPRIETOR asked when the £3,000,000 of un-
productive capital was likely to become productive;
also when the St. Pancras station would be opened,'
and whether the line from Bedford would be opened
simultaneously with it.
The CHAIRMAN replied that a portion of the new
lines now unproductive would be opened this year.
As to the Bedford line he hoped it would be opened
to the goods station in the autumn of next year,
and ;the St. Pancras station some months later.
The total amount of unproductive capital was
£3,068,000; the amount of interest paid on it in

the half-year was about £60,000, which was equal
to 1 per cent. on the half-year.
After some further discussion, the resolution for
the adoption of the report was carried, and the
various dividends therein recommended were de-
clared.

Resolutions were also passed for the consolida
tion of certain shares of the company into stock.