The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1852-02-03 00:00:00

ST. HELENS CANAL AND RAILWAY

COMPANY.

The half-yearly general meeting of the St. Helens
Canal and Railway Company was held at the St. Helens
Railway Station, at noon yesterday, when Gilbert Greenall,
Esq., the chairman, presided. The following, among
other directors and shareholders, were present on the
occasion:--Messrs. W. C. Fosbery. S. J. Steers, Rigby,
W. Fosbery, Edward Greenall, A. F. Jones, S. Crosfield,
Jackson, Josias Booker, Adam Hodgson, John Smith,
Robinson, Jackson, Blundell, Gaskell Taylor, R. Dag.
lish, Jackson, and Fildes.
The CHAIRMAN, in opening the proceedings, said that
he did not anticipate the proceedings would occupy the
meeting long ; and in the first place he would call upon
Mr. Sinclair, the Secretary, to read the Report which the
Directors of the Company proposed to lay before them.
Mr. SINCLAIR. the Secretary, then read the following
REPORT OF THE DIRECTORS.

The directors have again to congratulate the shareholders on
an improvement in the revenue of the company; the increase
in the gross receipts for the six months just ended, when
' compared with the same period of 1850, being 42159, against
which must he placed an increase of working charges of 4255.
and of interest on shares and loans of 4921, leaving a nett
profit of 4983 in excess of that shown in the corresponding
portion of the previous year:—The gross revenue for the half-
year, as shown in the statement of accounts circulated among
the shareholders, is 420,650 9s. Bd. and the working charges,
rates, taxes, and rents, 47145 4s. id., or 35 per cent. on the
receipts, leaving a surplus of 13,511 ss. 7d. ; deducting from
which, for interest on loans, £2508 19s. Bd., and for relies% a' of
permanent way 4250; total 42758 195. Bd. ; so that there
remains for preference and other dividends 410,752 ss. lid.
Out of which the directors propose that a dividend should be
declared for the past half-year, payable on the 4th of February,
of el 10s. per old share, 41800; of 15s. per half-share, 4793;
of 44 per 4100 preference share. emo ; and of 9s. per .425
preference share, 42202 15s. ; being a total of 410,554 155.;
leaving 4197 10s. lid. To which must be added the balance
left after payment of the dividend declared at the last general
meeting, .4486 18s. ld. ; making a balance to be carried to the
next acconnt, of 4684 9s. The number of passengers con-
veyed during the year 1851 was—From January to Jure,
124,165; from July to December, 141,848; total, 266,013;
showing an increase of 62.882 on the number conveyed in the
year 1850. The weight of coal and merchandize carried on the
railway was—From January to June, 199,855 tons; from July
to December. 236,635 tons; total, 436,490 tons. On the canal
there was—From January to June, 247.914 tons; from July to
December, 260,654 tons; total, 508,578 tons. Total from
January to June, 447,769 tons; from July to December, 497,299
tons; total, 915,068 tons ; being an increase of 97,681 tons over
the weight carried in the previous year. The Widnes and
Garston line has so far progressed as to insure its completion
and opening for traffic early in the present year. The works
on the Widnes and Warrington branch have been commenced,
and will be vigorously continued. 'llle constructhin of the
docks at Garston is also proceeding favourably and rapidly.
Since the last meeting of the shareholders, the direct rs have
entered into an agreement with the London and North-Western
Company, whereby a large amount of traffic is insured to th.se
docks, thus identifying the interests of both companies in this
important terminus. Arrangements are likewise made for
each company affording to the other every facility for an inter-
change of traffic, on terms of reciprocity which cannot fail to
be mutually beneficial and advantageous. As the whole amount
of I nine authorized by the company's acts has now been taken
up, the directors find it requisite to make further calls on the
new 425 shares.
(Signed)

GILBERT GREENALL, Chairman

The CHAIRMAN then said that unless it was desired by
the meeting, he would not occupy their time by requiring
the secretary to read the statement of accounts which had
already been printed and circulated among the share-
holders; but if any gentleman present, desired to do so,
he could ask any question arising thereon, and he (the
Chairman) or the Secretary would give ail the information
in his power. If there was no such question, he would at
once proceed to discharge the duty which was usually ex-
pected from the Chairman on such occasions as that, and
say something with reference to the accounts which had
been presented to them, and also to express the confidence
or want of confidence which existed in his own mind, and
in the minds of the directors, with regard to the affairs of
the concern with which they were connected. In the
first place then. he would ask them to look to the totals in
the account which had been presented to them by the
auditors. They would there find that, although the working
charges last year had amounted to 37 per cent. • this
year they did not exceed 25 per cent. The balance
left, consequently, was at the rate of .£2 13s. 4d. or within
a fraction of 21 on the current hall-year. The number
of passengers had increased in a very large ratio of pro-
gression, whereas from January to June the number had
been hut 124,165; the number from July to December
was 141,848, being an accession of no less titan 17.683.
The carriage of coal had also greatly increased since 1850 ;
and if they were to ask him how that large increase had
been brought about, or to what it was to be' attributed,
he should say that it was to the great prosperity of that
neighbourhood. For he might inform them that, while
the export trade from that neighbourhood was stationary,
if not declining, the consumption of coals in the neigh-
bourhood was, and had for some time continued to be,
largely increasing. He was happy to add that the Widnes
and Girston line was going on favourably, and was con-
ducted in the most economical manner. By the next
meeting, the directors hoped that it would he com-
pleted. Each day that they had visited that line, they
felt more than ever confirmed in the wisdom and prudence
with which tlle line had been adopted, and the docks
there projected and laid out. And alluding to that sub-
ject, he felt that he should not do justice to the
gentleman who had the management of those works
if he failed to express the opinion which the directors
entertained of the services of Mr. Court, and of the judg-
ment he had displayed in carrying his plans into execu-
tion. He had made no rash promises ; held out no pros-
pects but such as he was prepared to realise. He (the
Chairman) had reason to believe from what he had seen
and heard that the docks would speedily be completed.
He was not aware that he could say more ; except that he
might go into a matter which chairmen were expected to
refer to on such occasions—the financial condition of the
company, with a comparison of what it was in 1848. That
would give them the best idea of the progress w!..ich had
been made in the meantime. In 1848 the gross capital
was £385,000, while the income was but £27.172. The
working charges at that time were about 49 per cent. ;
while the preference shares and interest of borrowed
capital absorbed £11,526. The number of passengers
was then 130,C08, and the gross number of tons of goods
conveyed along the line and canal was 487,735. The
amount of money remaining for dividend after defray-
ing the expenses was then £2,264 only. The accounts
made up to December last were much more favourable.

The productive capital on the last day of the past year was
£460,031 2s. 5d., while the income was £39,049. The
working expenses instead of being 49, had been but 37 per
cent. ; and the interest and preference shares had
amounted to but £16,298. The number of passengers
was 266,013, and the gross number of tonnage on the
line and the canal was 945,068. The balance that re-
mained was £8,238; so that what the concern had really
earned was about 5} per cent. upon the paid-up capital for
the past year. He was glad to see his friend Mr, Fosbery
in the room to hear those statements, as he was satisfied
that they must be gratifying to him. If he (the chairman)
could afford any gentleman further information relative to
the affairs of the company he should feel glad to give it;
as he knew also that the secretary would be. In the ab-
sence of any such inquiries, he would move that the report
and statement of accounts which had been submitted to
the meeting be adopted.
Mr. GASKELL TAYLOR said that, in the present state
of the political world, it was utterly impossible to say
what might be in the bosom of Time ; but he might be
permitted to say, with regard to the report which had
been read to them, and to the balance of their accounts,
they were highly satisfactory; and should Europe con.
tinue to enjoy peace for any lengthened period, it seemed
to him highly probable that a degree of prosperity, hitherto
unexampled in the affairs of the company, was in reserve
for them. He concluded by seconding the motion for the
adoption of the report and the accounts.
The motion having been put by the Chairman to the
meeting, was adopted unanimously.
received
referencev e d
o n
account was made,of
theha
showedr
thate
capital, 1,200 original shares, (£100) • 1,056 half shares,
The
there accounts,
ha beent which
k£10); 1,440 preference shares, (£10) ; and 5,045 six
per cent. shares, (£25) ; £350,187 109. The calls in
course of payment were, £1,097 10s. Calls to be made,
£50.450. The total, when all was called up, would be
£399,635.

The outlay on the capital account to 31st December,
1851, was—for stock in land and works, including canal,
dock, permanent way, shipping-staiths, wharfs. &c..
£422,596. Os. 2d. The estate of the company in land and
buildings, yielding rent, as per valuation, £14.382. 18s. 4d.
Carrying stock, including locomotive engines, waggons,
&c., £23,052. 3s. Ild. Total, on which interest and divi-
dend are chargeable to revenue, £460,03125. sd.
On the branch lines, not completed, the capital is—
Widnes and Garston, £61,002 17s. 6d. ; Garston Dock,
£28,671 Is. 4d. ; Widnes and Warrington, £26.691 3s. ;
Haydock Colliery Branch, £682 4s. Ild. ; St. Helens
Junction Station and Land, £3,248 15s. 10d. Total,
£580,327 ss. _ _

The receipts on old shares to the close of December,
1851, were—£llB,9so ; half do., £10,560 ; £lOO prefe-
rence shares, £144,000 ; £25 do. do.. £74,577 10s. ;
calls in advance, £2,100 ; loans on debentures.
£231:941 19s. ; total, £582,129 9s.

On the revenue account the canal charges amounted to
£1,464 ss. Bd. ; the railway charges to £4,398 2s. 7d. ;
general charges. £5BB 17s. sd. ; rents, rates, taxes, &c.,
£693 18s. sd. Total, 7,145 4s. Id.
Receipts by canal traffic, £8,300 18s. 11d. ; railway
traffic, £12,355 10s. 9d.
Balance applicable to the interest of loans and dividends
on preference shares, £8,311 143. Bd. ; nett surplus for
the half year, £5,199 10s. 11d. ; from which was to be
deducted a sum of £250 for the renewal of permanent
way.
In the general balance account it was shown that the
balance of debts due to the company amounted to
£7,238 13s. ; and that there was a balance of capital,
revenue, and dividend accounts at the present date, of
£5.436 9s.
Mr. W. C. FOSBERY said that the duty which had
devolved upon him was a very pleasant one. It was to
announce that the directors felt justified in declaring the
dividends specified in the report that had been adopted,
and to move that they be payable on Wednesday, the 4th
instant.
This motion was seconded by Mr. ROBERT DAGLISH,
who conceived that their directors had set them a noble
example of energy and economy.
The CHAIRMAN put the resolution to the meeting, by
whom it was unanimously adopted.
Mr. A. F. JONES said that he rose without any view to
making a motion, but' because be thought it might be
agreeable to the shareholders to express his opinion as to
the state of their works, knowing, as they did, that he had
some experience in works of the kind, from the position
which he had long held with reference to public works of