The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-02-15 00:00:00

ST. HELENS All RUNCORN RAILWAY

AND CANAL.

The half-yearly meeting of the shareholders in the St.
Helens and Runcorn Railway and Canal was held yester-
day at St. Helens. Gilbert Greenall, Esq., M.P. for
Warrington, chairman of the Board of Directors, presided.

Amongst the gentlemen present, in addition to the
Chairman, we noticed,—Messrs. William Fosbery, Wm.
Chas. Fosbery, Edward Greenell, Charles Holland, John
Hodgson, Thos. Kidd, Jas. Rigby Spencer, J. Steers, and
S.Scaith, directors; and Messrs. S. Barlow, Chas. Bishop,
Josias Booker, John A. Bostock, Simon Crosfield, Robt.
Daglish, jun., Richard Fildes, James Gorton, Thomas
Haddock, William Houghton, jun., Edward Humble,
G. J. Jackson, A. F. Jones, Robert Jones King, Robert
Robinson, Hon. G. Stapleton, James Slater, A. Stock
H. Gaskell Taylor, Samuel Taylor, S. H. Thompson, and
Thorneley.

The following report of the directors was read by Mr.
Sinclair, the Secretary:—" The directors have to report
that the increase in the gross traffic receipts for the six
months just ended, when compared with the same period
of 1851, is £1035, against which must be placed an in-
crease of working and renewal charges of £377, and of
interest on shares and loans of £1286. The gross revenue
for the half-year, as shown in the statement of accounts
circulated among the shareholders, is £21,691 7s. 3d., and
the working charges, rates, taxes, and rents amount to
£7,266 12s. Id., or 331 per cent. on the receipts, leaving
a surplus of £14,424 15s. 2d. Deducting from which for
interest on loans £1,837 9s. ld. ; for renewal of permanent
way £350, and for additional works £156 14s. 3d., leaves
£12,080 Ils. 10d. ; to which must be added the balance
left after payment of the dividend declared at the last
general meeting, £1,227 ss. 6d. Total, £13,307 17s. 4d.
Out of which the directors propose that a dividend should
be declared for the past half-year, payable on the 18th of
February, of £1 10s. per old share, £l,BOO ; of 15s. per
half-share, £792 ; of £4 per £lOO preference share,
£5,760 ; of 15s. per £25 preference share, £3,757 10s.,
and of Is. Bd. per 41 per cent. share, £402 Bs. 6d. Total
dividends, £12,511 18,. 6d. ; leaving a balance to be
carried to the next account, of £795 18s. 10d. The
number of passengers conveyed during the year 1852, was,
from January to June, 145,247 ; from July to December,
188,736: total, 333,983 • showing an increase of 67,970
on the number conveyed in the year 1851. The weight of
coal and merchandize carried :—on the railway, from
January to June, 244,350 tons ; from July to December,
261,361 tons ; total, 505,711 tons. On the canal, from
January to June, 231,916 tons ; from July to December,
242,294 tons ; total, 474,210 tons. Grand total, 979,921
tons, being an increase of 34,853 tons over the weight
carried in the previous year.
On the Ist of the present month, the Warrington
branch was opened for passenger traffic, thereby affording
a continuous line from Garston to Warrington, and cotn-
Pleting the company's system of railways, with the
"cePtion of the short length from the temporary station
at Whitecross to the permanent one now in course of
erection at Warrington Bridge. The Garston line, which,
at present, is confined to passenger traffic, has fully
answered the expectations of the directors.
The completion of the Garston Dock has been much
delayed by the unfortunate accident which occurred dur-
-1
k,!.lg the great gale of the 27th of December last. Mr.
doubt,ourt, however, assures the Board that there can be no
of the dock being opened for traffic by the first
week in May
" In the course of the autumn your Board received an
intimation from the East Lancashire Company of their
determination to lay dwn an xtension their Orms- kirk ami Skelmersdaleo Branche of
through Rainford to St.
Helens .

"lour directors have always maintained that any line
from St. Helens to Rainford ought to be in the possession
of this company, and, with this view, it will be remem-
-IYbered, obtained an agreement from the London and
orth-I,Vestern Company for a lease of the line which
Parliament had authorised them to make between these
leoints, the powers of which have now lapsed. Retaining
atrhreeesame °Pinions' they deem it expedient to come to an
gement, whereby the East Lancashire Company res-
trict their application to a line as far as Rainford only,
- cone line thencem to St. Helens .any undertaking to apply for power to complete
L
The bill for this purpose comprehends, also, a short
branch to the Eccleston coal field, and powers to purchase
some small portions of land required for the efficient work-
g of the line.
" In the same bill are included the necessary powers for
consolidating the various shares of the company into
stock, on the basis of their several creations ; and, also,
for converting the mortgage debt into a stock bearing a
fixed rate of interest in perpetuite, as a first charge on
the company's nett revenue:,
said The Cnentateer, in moving the adoption of the report,
he had much pleasure in again meeting them, and in
laying before them the report of the directors, together
with the accounts for the half-year just ended. Recapi-
tulating the statement of the revenue account for the
half-year. he expressed his opinion that it was, upon the
whole, exceedingly satisfactory. Now, the first thing to
which he had to draw their attention was this, that the
£1.277 ss. ed. which they had in hand last June, was les-
sened, and that that amount now stood at £795 18s. 10d.,
but he wished to tell them that this time last year that
amount was less by about £100; and in naming that, he
should he able to show and prove to them, that the divi-
dend they recommended for the half-year ending Dec.
.31st, had been earned, and more than earned, by the
company during the past half-year (heart ; that they
paid their dividend of fifty shillings on the old shares, and
left £lOO to the credit of their rest. Now lie might, and
he would refer to a precedent, in order to show them that
this course was pursued by other companies. He had
taken the liberty to refer to the accounts of the London
and North Western Railway Company, and lie found that
at this time last year, the rest of the London and North
Western Company was £lBO,OOO, but the accounts which
he held in his hand shewed that this year the rest of that
companye would be reduced to £92,000. (Hear,
'ear.) The number of passengers which they had
carried in 1852 showed an enormous increase over
the number carried during the previous year,
and the goods' traffic also shewed the large increase
of 34,853 tons over the previous year. Now it
had always been the strong desire and wish of the board
full which he had the good fortune to be the chairman,
Y to lay before the shareholders the affairs of the corn-
PanY. and perhaps at no time was it ever more necessary
than at the present moment, because the present was a
P_eriod during which the fortunes of the company were
very much concerned. It was quite clear that the piuch—
y"f he might so call it—would come upon the company this
ear, and he would shew them how that would occur.
UP to June, 1852, the capital chargeable with dividend
and interest was £470,000. In December, 1852, the
capital chargeable with dividend and interest was £556,000.
The dividends and interest they had paid for the year
ending December, 1852, amounted to £26,000. Now that
represented a dividend equal to 51 per cent. upon their
average capital. Next June
theyo 000
in capital, because the would stand at £6O ,
Warrington line, which was opened
on the Ist of February, would be brought into the ac-
count. In June or July they hoped to complete all the
works in progress, and then they calculated that their
gross capital would stand at from £BOO,OOO to £BlO,OOO.
gNow what he wanted to sliew them was, that, if that
eoss capital of
al
dividend
earnine n0w,4810,000 earned nothing more than
the sum of £28,000 would equal
to of 31 per cent. on the entire capital to
I%they brought into the account. (Hear, hear.)
He thought
Y.would consider that was a satisfactory statement, for
directors held that, when the dock was opened, and
Vane. whole line fully developed, there would be a sensible
odwrnatetial increase of traffic ; but what lie wanted to
was that, supposing they were working the undertak-
eueg_t_ .0 the extent of £BlO,OOO capital, they
were earning 31
cent. upon
it. Was (Hear, hear.) As he had said, he
eref opinion that the pinch would come this year, and,
_,holdh ore, he had thought it right that the shareholders
know how they stood. He hoped that the dock would
speedily be ready. Mr. Court, the eni, told he
Hrectors at their last meeting that it wougldneer be ready in
~May next. He (Mr. Court) was now present, and he,
therefore, would say, in his presence, that, if it was not
ready in May, the fault might be laid upon Mr. Court,
and not upon the board. He concluded by moving the
and
of the report.
The motion having been seconded,
Mr. KING, sharebroker, of this town, asked what
amount of capital on the Widnes and Garston branch was
chargeable to revenue this half year ?
Mr. FOSBERRY, in reply, said £78,000.
Mr. KING pointed out several statements in the ac-
counts respecting the manner in which the capital account
and revenue account was entered, and remarked that, in
that respect he scarcely thought the report did the com-
pany justice. If we took the above capital as it stood, it
eic,',',ltl,(l bring it up to £492,000. It was therefore clear,
greetetheY were paying a dividend out of revenue, to a
4,.ptlaount than was shewn in the report.
taro aree°,,anneave explained that they were paying a cer-
Mr, k'4Zt of interest on the outlay on the Garston line.
Paying el' ?es-Then was he to understand that they were
and Wide Present accounts interest on the Garston
Mr. Foe: hue ?
Mr. Krzene%"•,--., Yes.
share capital °Ei'l:.,,not make it out by a reference to the
shad to hear thactelat, as shown by the report. He was
sneethtehiratd.the trabffie
tronorint ;oar y for it
muststate of things was as stated by 341.•
le' eerily
the satisfactorywbele
lineto thewas parbo
Iper
to
e-
rt X 78.00 Ividend as it was, and also add to the ca-
tilleernew:S'
branch,nvet,P ended on a new branch. It showed that
a 1Y one-third of the capital expended on
that theso far placed beyond the pale of doubt,
e • Y Wereable
aS:reoliralarfurher to pay interest out of their present
O,Alr. iciNG a general conversation having taken place,
nej;ain rose, and said he might just state that
Z7eonrie,Ziab_r_a
eh to Garston and the dock had been spoken
ove_en oe; Jonnsgfa.affisea somewhat doubtful undertaking. His
areeuororet ad ever been that it would yield a large
obaervati m
aansidlarreehvoelnduere,toaltthheoucgolnitrhaeryl.iad heard
:tte,,,,n.swer to another question from Mr. King, Mr.
_LAIR, the secretar •
e y, said that the average interest on
,p,eo4.ce.ntst.oesuytaeßtyemsapidorathrynthond.ed debt was from -11- to 41
r'eenelweaendsatwaeur the directors 'ell fail next year a large amount of
hi, and they expected to get them
enheaeddrate of
sinterest., He remarked that
eliireeqeufetsbtieondlrlere exceedinplv obliged to Mr. King for
in their ipreuete Put, because it was the anxious de-
tiongive shareholders all the informs-
Mr. b e KING desirew r tdo
brandto know if the cost of the two
nearly fixed, or what amount more would
be required.
_ Mr. FOSBERRY, •
NtlWhineslineproper and Warrington ered as finished, and the
exceptionthe
double o
line
el laying
wasi ng down the
ddouble line of rails. When
expenses, with the exception.of the ouawtl
Dace present station at Warrin'ttohnervve oauyldenbetbneosftuartitehner.
hieh
would
be we
approachedand
"e• The
.s only a temporary
wation at Warrington,
expeforth ty crossing the London and
1.1..„
of ,e,rential_lll.llway, would be erected at the joint
eives and the Warrinzton and .Utrin-