The Sun.
London, England, 1850-08-31 00:00:00

LEEDS AND THIRSK.

The half-yearly meeting of this company was held at
Leeds on Thursday; Mr. 11. C. Marshall presided.
The report stated that the amount expended on capi-
tal account for the half-year ending the 30th of June
last amounts to 88,572, the principal items being on
account of contracts fir working stock and works some
time since executed; 'The gross revenue for the half-
) ear ending the 30th 'of Juno amounts to 22.1381., and
the working expenses o 15,9751. Deducting this amount
and the Government duty on passengers (3881) from
the gross receipts, there remains a net profit of 10,7751,
which, added to the balance of 8,0681. brought forward
from last half-yeareleases 18,843/. available for interest
seerloans—affUedividends for the half-year. The charge
for interest on loans amounts to 8,1471., and the divi-
dends on all the preference capital cf the company will
amount to 6,5794, or together to the sum of 14,727/,
leaving a balance to be carried forward to the next half-
year of 4,1161. The increase in the working expenses
is chiefly caused by the increased charge on account
of locomotive power, consequent upon the increased
mineral and cattle traffic and maintenance of way.
An arrangement has been made by this company,
in conjunction with the London and N.,rth-Western
Company, for the joint occupancy of the tassenger
station of the Midland Company at Leeds, by wich
and the other arrangements for interchai4,e of traffic
with theme two railways, it is expected the public conve-
nience will be promoted, and an additional traffic ob-
tained. Some addition to the traffic may be expected
on the completion of the connexion with the East and
Nest Yet kshire Railway at liner° doorough. With re-
spect to the traffic on merchandise and minerals, the
directors do not anticipate any considerable increase
until the extension line has been completed to the Dur-
ham railways and the port of the Tees. The only works
which have been in progress during the last half-year on
the Hartlepool Extension are those open the Yartn con-
tract, the bossiest work on which—namely, the viaduct
across the Tees at Yarm, is now completed. In order to
verily the estimates of the company's engineer as to the
cost of constructing those portions of the line yet re-
maining to be let, they have obtained actual tenders from
several respectable contractors, and they are now enabled
to state that the whole of the extension weeks may be
completed within the amount so estimated. Active
measures have been taken to collect the outstanding
arrears of cads on the 504 shares, and since last half-
yearly meeting 5,225/. has been collected. From the
numerous urgent claims upon the company from the
contractors, landowners, an i others, the pa} meat of the
last instalment of interest on the Hartlepool Extension
shares has been postponed.
The CHAIRMAN, in moving that the reports be
adopted, said the whole cost of working, including the
locomotive power and carriages, and the whole of the
work on 145,000 miles run, was 2s. 6id. per mile, which
was much lower than many other companies winked
their mileage at, but which they must expect rather to
increase, as their working stock became older and re-
vived more repairs. The directors had also been dis-
appointed in not obtaining an increase in the traffic of
goods and minerals, which bore an unduly small propor-
tion to the average increase of the pa-senger traffic, the
cause, it was very well known to the shareholders, con-
sisting in the difficulty of making arrangements for
passing traffic northwards. There wore arrangements
made which were likely to result in a considerable inter-
change of traffic with the London and North-Western
and the Midland Companies. The directors had also
made arrangements of a similar nature with the Lan-
cashire and Yorkshire Company, with whom they
had a considerable interchange of traffic in pas-
sengers and goods. It was a necessary thing for
the company to complete its undertaking extend-
ing to the north and the ports of the Tees. The
amount of additional shares which had been up to the
present time subscribed for was 5,822/., which
included 2.7701. that the directors had themselves taken,
being partly their proportion of allotments and partly
shares which some of the directors had thought it right
Si take in excess of that. These were all in addition to
the shares previously issued, which wero 3,4491. It
therefore remained for the shareholders, as they could
scarcely leok to other parties not being interested in
the capital of this company to take those shares, to say
whether they would advance the further capital which
was requisite in order to prevent the loss of the capital
which they had already invested in the company. It
seemed to him to be the interest of all classes of share-
holders to advance this further capital for the completion
of the undertaking. In most of the items included in
their estimates the engineers had had specific data to go
upon. The price to be paid for land had been in
great proportion ascertained and agre:d upon.
The permant-nt materials, sleepers, rails, and all
other material for making the line had been actually
purchased. If, then, the shareholders could find the
means of prosecuting these works, they had now the
opportunity of completing thorn at a comparatively low
lost, and that completion could be etrecaid by about
twelve months from the time of putting the undertaking
in a condition to lot the works.
Mr. J. GOTT seconded the motion.
Mr. W. BOYNE said the dividend earned this half-
year would only pal one-third of the interest due on the
naranteed shares, and if this was all that could be done
with the line to Toirsk only, there was very little pros•
p ,et of any profit for any futther outlay of capi:al.
(Hear.) He recommended that an efficient manager
should be a.?pointed, who should devote his whole time
and attention to the utfeirs of the company.—(Cheers.)
DURHAM' strongly urged the making of the ex-
tension line to Hartlepool es soon as possible, as the only
means of making the line to Thirsk remunerative to the
original shareholders, and suggested that the directors
should acce pt as final an instalment of even 2/. on the
last issue ef 10/. preference shares from those who could
not ply more. Let thorn only complete the line, and
theta they might calculate upon the old shares going up
in the mat het.

Mr. T. FousTAlrtr. said, tho estimated trafic by the
e,,k was 2,6481., whilst the average actual receipts
were 85li.—(Hear, hear.) With these statements be-
fore Clem, ho and others had reason to find fault with
the result, especially if it was to be attributed, as alleged,
to ba I managctneot. He was toll there was a great
want of coal along th 3 line, and that parties were obliged
to cart it to the mills Horsforth and Poole, at a cost
of 2s. fid. a ton. He then proceeded to say that the
trstlic on the route ought to yield a profit equal to 4i per
cent, on the two tnilliona expended.
Tho resolution for the adoption of the report was then
carried unanimously.
The CHAIRMAN moved the following resolution re-
specting dividends:
" That dividends be paid fir the half-year ending on
the 30th of June, 1850 ; the Preference Quarter shares
at the sate of seven per cent. per annum on the paid-up
capital: sad six per cent, per annum on each sum paid
in advance en those shares; and on the shares called
Nos. 1,2, 3, at the rate of six per cent. per annum ; and
on the Prefarcnoe Fifth shares at the rate of six per
cent. per annum."
Mr. POWELL begged leave to move :
" That a committee be now appointed to assist the
directors in considering the sufficiency, or otherwise, cf
the present arrangements for securing and collecting
traffic, particularly in merchandise and minerals; also on
the sufficiency of the present managing staff of the com-
pany ; and that dim following be the members of such
committee:—Mr. Stables, Mr. Powell, Mr. Newsam,
Mr. Durham, and Mr. Sweeting."
After some conversation the motion was carried by a
earliest
rr
lyi
elsatrge possible majority.
period,
Mr. JACKSON begged to move—
" That this meetinm, approves of the completion, at the
of the Hartlepool and other
northern extensions of the railway."
Mr. W. STEAD seconded tha resolution.
Mr. Jackson's motion was then put and carried
non con.

The CHAIRMAN than moved the confirmation of the
forfeiture of a large number of Central Station shares,
upon which 51. per share had been paid, and the holders
of which were unable to pay any farther calls.
The resolution of forfeiture being carried,
Ths CHAIRMAN, in answer to a question, said that it
watt quite underst 0.1 that the Harrogate and Pately
branch would not, for the present at least, be made, and
therefore no calls would be due upon it.
the A
shvoarteehoofldtbearsuksp
sehaarvaitnegd.been passed to the Chairman,

MANCHESTER AND SOUTHPORT RAILWAY,

Tt e half-yetrly meeting of this company was held
yesterday at Manchester; Mr. Broadbent in the chair.
From the report it appeared that the expenditure of
the company during the hilf•year had been 1,781/. The
dt.rect,,rs had not taken any steps since the last meeting
pith regard to the construction of any further portion
of the line. The called-up capital of Si. 3i. per share
would take a dkileed for the past hall-year at the rate
of 1 per cent. per annum less than the current rate of
dividend paid on the stock of the Lancashire and York-
,hire liattway. The dividend to be payable cn th,, 25th
of September next. The half.yearly k tate in nt of a, -
counts showed that 26.1.-119'. had been received, and
37,7-131. cxpet.(l,(l, leaving a baltince t:, tLe credit of
the company of 26,675/. The only business done was