The Sun.
London, England, 1850-08-24 00:00:00

LONDON, SATURDAY EVENING, AUGUST 24, 1850.

RAIL WAY INTELLIGENCE.
MIDLAND RAILWAY.
'1 ho usual half-yearly meeting of the Midland Railway
Company was held yesterday at the station, Derby; Mr.
Ellis, M.P., chairman cf the company, in the chair.
The a'.l.vertise ment calling the meeting having been
read, the register of shareholders was sealed, and the
report of the directors was read by Mr. Bell, the secre-
tary. The following are extracts:—
In reference to the statement of the revenue account
for the half-year ending June 30, 1850, your directors
observe with regret that there has Leen a considerable
diminution of receipts on passenger and goods traffic;
while, on the other hand, there has been a large increase
upon minerals and for rents. The total receipts on re-
venue account from all sources taken together equal
those of the c,rresponding half year of 1849.
" The disposable balance for dividend on this occa-
sion is 59,5131., while, in 1849, it was 114,682/. This
great reduction admits of as easy and conclusive expla-
nation. In the first place, the interest upon the 504
6t7 are s is n,,w charged entirely to revenue, whereas, in
1849, only 12,50 A was the ed to that account. On this
head there is an increased charge of 46 7631. In the
next place, there has hem a greater expenditure in the
locomotive department,'arising tartly from the additional
mileage of trains i ur, and partly from the necessity of
providing further locomotive power for the increased
%eight or traffic. There has also been an increase under
the head of general charges, occasioned by the renewal
of debentures and commission on loans, which were here-
tofore debited t) capital, but now properly h-long to
rev: nos. Oa the other hand, there is a diminution of
expenditure under various other heads, whereby the
excess of expenditure in working the line is reduced to
the sum of 6,5741.; and, when it is considered that the
company possesses four new engines of larger power,
against two smaller ones disposed of, the
will, it is hoped, be satisfied that the directors have by
this expenditure consulted the permanent interest of the
company. proprietors

" The directors have placed to the Permanent-way
Renewal Fund 10,0001., as in the corresponding huff-
y( ar of 1819, but the experiments which they are now
making lead them to hope that this rum may shortly
be permanently reduced.
"From the disposable balance the directors recom-
merd that the following dividend be declared, viz.:-
16s. upon each 100/. of Midland Consolidated Stock; 31.
upon each 100/. of Midland Consolidated Preferential
Stock; 2s. 3d. upon each 1001. Consolidated Birming-
ham and Derby Stock; 1/. 10s. per share upon the Ere-
wash Valley Shares—leaving a balance of 8741. 2s. lid.
" A further portion of the Great Northern Railway
was opened for traffic on the 7th inst., thus bringing
that and the Midland Railway into greater competition
with each other. Your directors have, as an experiment,
made temporary arrangements with the directors of the
Great 'Northern Railway Company to charge equal
fares, and they trust that further experience of the de-
velopment of the traffic will enable both companies to
escape from the mischief of a ruinous opposition.
" The proprietors are aware that this company has an
interesain the paid-up capital of the South Staffordshire
Railway Company to the amount of 51,000/. Since the
last halt-yearly meeting an Act of Parliament has been
obtaicee for leasing that line to Mr. M'Lean and others
for a term of twenty-one years upon the following con-
ditions:-2 per cent. from the Ist of August, 1850, for
one year; 4 per cent. from the Ist of August, 1851, for
seven years; CI per cent. from the Ist cf August, 1858,
for seven years; 5 per cent. from the Ist of August, 1865,
for the remainder of the term.
" The directors believe this to be an advantageous ar-
rangement.
" The directors have made arrangements with the
York and North Midland, London and North-Western,
and Leeds and Thirsk Companies, for the joint occupa-
tion of the new passenger station at Leeds, and with the
Anibergate, Nottingham, Lorton, and Eastern Junction
Company, far the like joint occupation, at Notting-
ham, by which a considerable addition will accrue to
the rental of this company. They have also agreed
with the Oxford, Worcester, and Wolverhampton
Company for the working of that portion of' their
railway which lies between Abbott's-wood and Wor-
cester, so soon as the same stall be ready for
traffic. The directors of that company state that
' They bare accepted tenders for laying the pavement-
way beta ean Worcester and Abbott's wood, and for
erecting the temporary buildings at the statiore and
hope that both will be completed in abolt two
months :' when finished, this will afford an unbroken
communication by railway between the city of Worces-
ter and the Birmingham and Bristol Railway. By thus
superseding the present imperfect and expensive mode
of working the four miles between Spetchley and Wor-
cester, by omnibuses and waggons, the directors expect
an increase of profit, not only from the more economical
transit if the traffic already possessed by the company,
but from its more extensive development.
" With a view to secure, if possible, a reduction in
the locomotive expenditure, the directors advertised
for tenders for the working by contract of the Birming-
ham and II: istol and Leeds and Bradford portions of the
railway, but none of the offers obtained were so advan-
tageous as to induce them to change the present system.
" Mr. Barlow reports the way and works to be in good
order, and that the average b ngth of line maintained
during the last six months has been 467 miles, and the
cost 29,483/., t-eing at the rate of 1261. Os. per mile per
annum, which shows a reduction of about 51. per mile
per annum, as compared with that of the preceding half-
year. The result of the experimental lengths of way
brie] upon iron sleepers, &c., to which the directors al-
tu,led in their last half-yearly report has been highly
satisfactory.
tt The length of line constructed entirely or partially
of iron is as follows :
e Upon the Midland Counties, 11 mile of cast-iron
joint sleepers, single line.
Upon the Birmingham and Derby, 9 miles of cast-
iron joint sleepers, single line.
" Upon the North Midland, I mile of wrought-iron
joint sleepers, single line.
"Upon the North Mid!aed, 1 mile of cist iron joint
sleepers, single line.
" The earlier portions have been laid down between
nine and ton months, and have passed tl- e ordeal cf a
very severe winter, end the whole of the now road is
placed where it has to sustain the greatest amount of
traffic upon the line, both as regards speed and weight.
" The principal works in hand are the Erewash Vat-
ley Extension, the Birmingham Extension, a large corn
warehouse at Lincoln, and the enlargement of the goods
and other offices at Dzrby.
"The directors have made further progress towards
closing the capital account—the outstanding liabilities
having been reduced, during
Os. 9d., and they believe that the amount stated to the
last half-yearly meeting will be fully sufficient for the
completion of the won ka, the hef year, by 1,40,329/.
and to discharge the present
liabilities of the cempany."
The CHAIRMAN bupsd they would believe him when
lac zaid, that it wet painful for him to stand before them
gwtitrhe !tc'hesnmt aallll athedievxidiedila'el
d.
e
to the circumstances under which the dividend was
si
o nwsa st
h aot if:or tie b eTh offerse pl
o st
made. This was the first half-year in which their
earnings had to boar all the responsibilities of the
company, end they had been much disappointed
in their traffic. He was happy to eay that
at the present moment matters were looking
better than they had been, and that, so far as the pre-
sent half-year had gone, the affairs of the company were
in an improved condition. For the last seven weeks the
improvement over the corresponding period of the pre-
vious half-year amounted to 5,6001. If this favourable
state of matters kept up, the close of the present half-
year would be very different from that of the last. The
report mentioned the opening of
the Great Northern
Railway. This had been a aubjcet of great anxiety to
the directors, who, however, had thought it better to
avoid hostility that would only tend to fritter away their
eteeipte.—(ilear, hear.) They had therefore entered
into an agreement with the Great Northern for a month
to charge equal rates from point to point at those places
where they competed with each other—(hear, hear)—
and he had the strongest assurances from the Chairman
of the Great Northern Railway Company that they were
as anxious as the Midland directors to avoid reducing
the rates. Of course it was the interest of both compa-
nies to preserve good feeling with each other, and he
hoped the best understanding would always bs main-
tained between them.—(Hear.) Ile might state that they
had had two weeks' experience of the Great Northern,
and tl at in the last of those weeks, in which alone
ihere had been full competition, the receipts were 9001.
more than in the corresponding week of last year.—
(Hear, hear,) The lease if the South Stafford-
ehire line, in which they bad an interest to tl e amount
of 51,0001, was mentioned in the report; and he was
happy to say that they were in a fairway of getting a
good return for their money.—(Hear, hoar.) There was
also in the report an allusion to the increase of rent; and
he was happy to state that arrangements had baen made
by' which they would receive from the York and North
Midland and one or two other railways 7,0001. a year as
rent for their stations. With respect to the capital ac-
count, that was a matter of the greatest interest to the
company. They were urged continually to close their
capital account, and he wished them to undetstand that
they considered it virtually closed at the sum he had
mentioned
to itosoi
,x001:601. n,
tahn t
months,
a g The account was now re-
ducedl t he considered a sum ample
enough to cover all the liabilities of the company. There
was no railway company in England in the same posi-
tion as they were in with respect to their outlay. Their
500 miles of railway were all completed, with the ex-
ception of the extension or lift at Birmingham, and a
little bit en the Ercwash Valley, a mere gap at the end.
Even this only required the laying of the rails; and in
about 6 weeks every yard of their line would be finished.
It was clearly
impossible to close their w hole account
immediately, as they had still contracts to wind up. They
had wound up several contracts since last. meeting, and
he was happy to say all ef th.em tekn vsere within the esti-
mates.Nlackintosh, the contractor
of the works between L
cester and Rugby, and the
matter was finelly left to
A long dispute had Mr.
reference. The first demand made upon the company
as thatf•or was so evidently absurd that
it was
remand made for 60,000/. The
a.
glad to nay, was only 3,0001.
withdrawn,2o 0,00
however,o , u
noel
ens da
(Laughter.) He only mentioned this to show that they
ought to give the directors time to settle these contracts,
and he could assure them they need be in no fear that
they would exceed the amount already stated. By the
Arrangement which had been_ entered into regarding the
a saving f 1-,0001. or 13,0001. would
.owittny.—(llear, hear.) Since the
tt,:irgenaiictiet
dhently
, at Gloucester
fir., and trael4rs
and been destrosel by , aeu.d have to
which would caat 5,0001. cr
build a permanent one,
6,0001, Out theyaraci sheady thkemonek tis do it with ;
end he might also state that they,
List meeting the tcniporery eretinceeeett
istotteld tetequire to build
, ,houzie Noko.lt„l.;l:ialn'ti carry oa 'their
the outlirs eantem lat V-th
trade. These wire all ed. v
respect to the account, :tea
,StY,Pfttl "ated the de-
, large coin v.,
IProtures 3,60,0,000/,, of whiten "2 5
, I. was bor-
rowed at 5 per cot' lie W9u-lci. 13131" w 49w absc"