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

ST. HELENS AND 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 Greenall, Charles Holland, John
Hodgson, Thos. Kidd, Jas. Rigby Spencer, J. Steers, and
&Smith, 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 ,
Gaskell Taylor, Samuel Taylor, S. H. Thompson, and
Thorneley.

The following report of the directors was read by Mr.
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. Id. ; for renewal of permanent
Way £350, and for additional works £156 14s. 3d., leaves
£12,080 lls. 10d. ; to which must he 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, £1,800; of 15s. per
half-share, £792 ; of £4 per £lOO preference share,
£5,760; of 15s. per £25 preference share, £3,757 103.,
and of ls. 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. 101. 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
t"8, being an increase of 34,853 tons over the weight
carried in the previous year.
"Oa the Ist of the present month, the Warrington
branch was opened for passenger traffic, thereby affording
a continuous line from Garston to Warrington, tind com-
Pletiny, the company's system of railways, with the
exception 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.
i" The completion of the Garston Dock has been much
eLaYed by the unfortunate accident which occurred dur-
ing the great gale of the 27th of December last. Mr.
A-ourt, however, assures the Board that there can be no
doubt of the dock being opened for traffic by the first
'week in May
. In the course of the autumn your Board received an
dintimation from the East Lancashire Company of their
etermination to lay dowo an extension of their Orms-
kirk and Skclmersdale Branch through Rainford to St.
Helens.

"Your directors have always maintained that any line
ofl. St. Helens to Rainford ought to be in the possession
boredis mPanY, and, with this view, it will be remem-
y, obtained an agreement from the London and
orth-Western Company for a lease of the line which
Par liatnent bad authorised them to make between these
points, the powers of which have now lapsed. Retaining
the same opinions, they deem it expedient to come to an
arts opinions,
whereby the East Lancashire Company res-
IRO their application to a line as far as Rainford only,
Ints company undertaking to apply for power to complete
the line thence to St. Helens.
, " 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-
ing 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 perpetuity, as a first charge on
the
company's nett revenue."
The CHAIRMAN, in moving the adoption of the report,
said he had much pleasure in again meeting them,
layiee
6 before them the report of the directors, and in
togetherwith 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. 6d. 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 be 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 (hearl ; that they
paid their dividend of fifty shillings on the old shares, and
left £lOO to the credit of their rest. Now he 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 he 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 showed that this year the rest of that
Ic4nPany would be reduced to £92,000. (Hear,
'ear.) The number of passengers which they had
tarried in 1852 showed an enormous increase over
the number carried during the previous year,
and the goods' traffic also shewed the large increase
°E 31,853 tons over the previous year. Now it
had always been the strong desire and wish of the board
I).f which he had the good fortune to be the chairman,
fully to lay before the shareholders the affairs of the corn-
DanY, and perhaps at no time was it ever more necessary
than at the present moment, because the present was a
Period during which the fortunes of the company were
°ee/SY much concerned. It was quite clear that the pinch—
.'_' no might so call it—would come upon the company this
Year, and he would shew them how that would occur.
1-JP to June, 1852, the capital chargeable with dividend
and interest was £470,000. In December, 1852, the
,c,ei.eit
al chargeable with dividend and interest was £556,000.
ending December 1859 amounted to £26,000. Now that
represented a dividend'equal to SS, per cent. upon their
average capital.
in capital, al.Next June they would stand at £600,000
on , because the Warrington line, which was opened
the lst of February, would be brought into the ac-
count. In June or Jul
July they hoped to complete all the
works in progress, and then th calculated that their
gross
from capital would stand at y£Boo, 000 to £BlO,OOO.
Now
treswhat he wanted to shew them was, that,
if that
s capital of £BlO,OOO earned nothing more than
al dividendarning now, the sum of £28,000 would equal
beb of 3S, per cent. on the entire capital to
to
brought into the account. (Hear, hear.) He thought
theywould consider that was a satisfactory statement, for
the directors held that, when the dock was opened, and
the
ats Whole line fully developed, there would be a sensible
, ownlaterial increase of traffic ; but what he wanted to
;T!slag to tae that, supposing they were working the undertak-
er to he extent of £BlO,OOO capital, they were earning 3}
Nem ejlt• upon it. (Hear, hear.) As he had said, he
therefore,
shouldke' he
Pinion that the pinch would come this year and,
had thought it right that the shareh'olders
now how they stood. Hehoped that thedock would
ediej eedily be ready. Mr. Court, the engineer, told the
_Tr:ctors at their last meeting that it would be ready in
rY next. He (Mr. Court) was now present, and he,
the efore, would say, in his presence, that, if it was not
ready i
.11
May, the fault might be laid upon Mr. Court,
and not upon the board. He concluded by moving the
adoption of the report.
The motion having been seconded,
Mr. KING, sharebroker, of this town, asked what
amount of capital on the Whines 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
Would bring it up to £492,000. It was therefore clear,
that they were paying a dividend out of revenue, to a
greater amount than was shewn in the report.
te.kr. FOSBERRY explained that they were payine
sillearaount of interest on the outlay on the Garston I,_
pall
ns• KING.—Then was he to understand that they were
and Quo the present accounts interest on the Garston
ivl
vases line ?
share capital°°a°l4
Mr. letZals•—Yes.
glad to hear thacteount
not make it out by a reference to the
Fosberry, for it ,as shown by the report. He was
tors to see that the t
the state of things was as stated by Mr.
maintain their dividend as be very satisfactory to the proprie-
£7B,ooo expended as
Pital
there Was nearly one- ffic on orals, whole line was able to
it and also add to the ea-
°lt a new branch. It showed that
he new branch, so third of the capital expended on
far placed beyond the pale of doubt,
that new
were able to pay interest out of their present
Some further gener I
earnngs.
Air. K, . a conversation having taken place,
the new b• G again rose, and said he might just state that
of on , ranch to Garston Change
as and the dock had been spoken
owe Opinion
hada somewhat doubtful undertaking. His
amount of tr ffi
ollenrvations fro B°d ever been that it would yield a large
aanshdarreehvotuare,toaltthheoucgohntrhaeryh. had heard
answer
secretary, SeNcesse to another question from Mr. King, Mr.
the
oorapaa,nth
said that the average interest on
Per cent. Y s temporary bonded debt was from 4} to 0
Mr. FOSBE
es
the loa„.
would fall in
asses said that next year a large amount of
ree
, and they expected to get them
ewed at a reduced rate of interest. He remarked that
the directors
sire of the directors to
the questions rieer exceedingly obliged to Mr. King for
tPougti,robeachamurseehiotldwearss
athllethanexiniofuosroidse--
zacpower.
lion in their
al in
cr h e I
ndeeasrirleydto know if the cost of the two
br
be required .s
~,r the fixed, or what amount more would
Mr. Fos
Garston line
rießes .
proper In reply, said, that the Widnes and
Widnes and ,ri.t Y consid d finished, d the
ere as an
exception of laying door'.en line was completed, with the
the double line was coven the double line of rails. When
tPenses, with the excrae tletee, there would be no further
011:11e present station at 'llislacirli °f
‘‘,. The new and perm the outlay on the station.
rington was only a temporary
-filch veould be approa h anent
Northstation at Warrington,
Western Railway ye 1
c ad by crossing the London and
etMae of themselves ' oil d be erected at the joint
mid the Warrington and Altrin-

g a cer