The Sun.
London, England, 1850-08-29 00:00:00

RAILWAY INTELLIGENCE.

MANCHESTER, SHEFFIELD, AND LINCOLN-

SHIRE.

The half-yearly meeting of the above company was
held in the Exchange Rooms, Manchester, at noon yes-
terday; the Earl of Yarborough in the chair.
The CHAIRMAN very briefly addressed the proprietors,
alluding specially to the canals, which he said were still
losing concerns, though he believed they were not the
sources of so much loss to the company as they would
have been had they been in the hands of -competing
companies.—(Hear.) During the present half year the
losses upon the canals appeared much greater than they
had done on previous halt years, which was partly owing
to a severe frost, which lastel upwaris of a month. The
company had a considerable quantity of goods to deliver
on the line of the canals, and during the continuance of
the frost they had to incur a great expenditure for
cartage to places where the canal could not be navi-
gated, and where the rail Way did not reach. He be-
lieved that the accounts of the present half-year were
the worst that would ever have to be laid before the
,shareholders.—(Cries of-" Hear, hear.") Their ex-
penses had hitherto been necessarily very heavy, but
now that the line was so far completed, a considerable
diminution of expenditure would take place; in fact, a
system of reduction had been commenced by the
manager, the effect of which would be favourably per-
ceptible at the next half-yearly meeting. At a subse
quent period of the meeting the chairman stated that
this reduction was as follows:-24 clerks, 231. 84. 7d.
weekly; 62 guards, porters, &c., whose services had
been dispensed with, 601. per week; and boat hire, 61. 103.
With reference to the canals, it was considered desirable
that the directors should impress upon Mr. Ricardo,
M.P., the propriety of having carried out the policy
which he hid some time ago stated be should recom-
mend. It was considered by some parties that the works
at Great Grimsby should be suspended for a period, and
upon that point the opinion of Mr. Stephenson, an inde-
pendent engineer, had been taken, and ho had expressed
a decided conviction that it was for the interest of this
company that the works should be carried on.—(Hear,
hear.) The Humber Ferries business had been placed
in the hands of Mr. Carter, solicitor, of Birmingham,
who wrote to the different individuals connected with the
Humber Ferries purchase, and they had decided not to
refund any of the money which they had received, unless
so far as there had been a miscalculation of interest in
the secretary's office.—(llear, hear, and Shame.)]
The report having been taken as read,
The CHAIRMAN proposed that that, together with the
accounts, should be adopted.
Mr. TURNER, of Liverpool, seconded the motion.
Mr. MORTON said he understood that at the last meet-
ing it was decided that every individual who had been
connected with that "job,"
should to dismissed from
the company's service. So far from that having been'
done, one of them, the engineer,
had actually been pro-
moted.—(Hcar, hear.) He was glad to have heard the
chairman deny that the accounts were •• cooked," for
rumours were abroad that some of the traffic receipts, as
they appeared in the report, were artificial. Mr. Mor-
ton complained of the mode in which the South Junction
line was worked by this company, as it only yielded
this year a dividend of about three-quarters per cent.;
and also of the position in which this company stood
with respect to the Great Northern Company. No
two railways could be found which ought to be more
cloiely and naturally allied, whereas they were at com-
plete enmity, this company doing its utmost to obstruct
r affi
the traffic on the Great Northern line by a variety of
expedients which railway managers only could have re-
courserelations,th e
y
iahnld
Iny ak ingt o
every, ins instead
interchangeo t' cultivating
of
t friendlywhich
could. He also complained of the heavy working ex-
penses of the line, which amounted to no less than 65
per cent. of the traffic receipts; while on the Eastern
Counties they were only 48 per cent.; on the Lan-
cashire and Yorkshire, 46 per cent.; on the London
and Brighton, 43; and on the London and North-
Western, 38 per cent. Under all the circumstances,
be could not vote for the reception of the directors'
report.
Mr. CHARLES GEACH, of Birmingham, defended the
directors. From elaborate calculations which he had
made, founded upon sound data, be was convinced that
in 1854 the receipts would be at least 10,0001 per week,
which would yield a dividend of three per cent. upon
the original shares, and every additional 1,0001. per
week would yield an additional one per cent. up to six
per cent., which he had no doubt they would ultimately
arrive at.—(Cheers.)
The CHAIRMAN stated the directors had made various
overtures to the directors of the Great Northern Com-
pany, but on all points they had met with great difficul-
ties on the part of that company. He hoped, however,
that some satisfactory arrangements might shortly be
decided upon. With respect to the Humber Ferries
transaction, and the position of their engineer, he did
not think that Mr. Fowler had done anything improper;
he had been a most useful man to the company, and
filled the office with advantage to the shareholders.
After a tedious and uninteresting discussion, the mo-
tion was put Irons the chair, and only four hands were
held up against it.
A dividend of 7. per cent. per annum upon the No.l
Quarters was agreed to, payment to be deferred to a
subsequent period.
The resolutions of a routine character were passed,
and the proceedings terminated, a vote of thanks having
been warmly accorded to the Noble Chairman.

YORK AND NORTH MIDLAND.
YORK, WEDNESDAY.—'The half-yearly meeting of
this company was held this day at the De Grey Rooms,
in this city. The attendance oafhareholders was very
small. 11. S. Thompson, El., Moat-ball, chairman
of the board of directors, presided.
The report baying been taken as read,
The CHAIRMAN, in moving the adoption of the report,
made some general remarks. lirstdie observed, that on
the previous day the directors had bad. the honour of
conveying her Majesty along their line from Normanton
to Castle Howard. The journey. was effected safely and
at a very rapid rate, and her Majesty expressed her en-
tire satisfaction with the arrangements. The whole
distance from London to Castle Howard was accom
plished in the short period of six hourr. After giving
working
which had been
expenses. One
some explanations upon one or two items in the accounts,
he explained that the 40,0001. received from M-. Hudson
had been carried to acceuut. lie then referred to an ap-
sposurercnet
aroseincreased
from
effected in the permanent way; another increase arose
from an augmentation of the wages of the enginemen and
•foremen, which the directors
.had submitted to, on the,
amountthe
greaterof repairs
application of the men,. and after ample inquiry
as to
the rite of wages paid by neighboarivg cog3p4uip.