The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1846-02-03 00:00:00

EDINBURGH

CHESTER AND BIRKENHEAD RAILWAY

An adjourned meeting of the shareholders in this com-
pany was held on Thursday last, at the Clarendon-rooms.
W. Jackson, Esq., the Chairman of the Board of Direc-
tors, occupied the chair, and opened the business of the
meeting by observing that they were met for the purpose
of receiving the report of the directors, and obtaining the
sanction of the shareholders to the measures about to be
brought before them in the shape of extension.
The report stated that there bad been a great increase
in the traffic since the last statement was made. In 1815
the receipts were £18,637 9s. Id., and in 1844 £15,109
17s. Bd., being an increase of £3,527 Ils. sd. ; the total
receipts, inclu&ng rent, interest, &c., amounted to
£19,877 ss. 7d.. and the working expenses to £8,977 3,.,

leaving £10,900 2s. 4d., to which may be added the ba-
lance from the last year of £260 ls. 7d., making a total
surplus of £11,160 3s. l ld. The balance would enable
the directors to declare a dividend of 13s. per share of
£5O, (ls. 6d. per new £5O share being deducted from
it for interest or unpaid calls,) Gs, 6d. per £25 share, and
Bd. per £2O share. They recommended such dividend to
he declared accordingly, payable on the 17th instant.
They had intended to declare a dividend of 145., but on
account of making additions to their working stock, and
more adequate provision for depreciation than has hitherto
been made, they considered the small dividend as the
more prudent course. Arrangements were being made
which would increase the goods traffic, and render it more
profitable. The directors had caused surveys to be made
as to the measures intimated in the report made to the
special meeting of proprietors on the 16th October last,
but owing to the monetary condition of the country, and
the immense outlay entailed on the execution of the pro-
posed branches, and the insufficiency of traffic to justify
them, they resolved to abandon them at all events for the
session, and in doing so they felt that great benefit had
resulted. They had proceeded with the necessary steps to
complete the extension from Grange-lane to the new
docks, as upon the construction of that line would depend
the traffic which would assuredly follow all along that
railway, not merely from and to the manufacturing and
commercial districts, but to the metropolis.
Mr. MALLABY then read the report of Mr. Rendell,
the engineer, on which the extension line to the new
docks had been recommended.

Mr. MACGREGOR LAIRD wished an answer from the
Chairman as to certain reports which were abroad in No-
vember last, about his having purchased a parcel of laud
after it had been determined by the directors to make a
tunnel to the docks, and afterwards sold it to the com-
pany at £4 a yard ; he also wished to know the date of
the resolution authorising the law-clerk to go to parlia-
ment for the extension line.
The CHAIRMAN could not see what that had to do with
the sale of his land to the railway company. _

.
Mr. MALLABY said they went to parliament for powers
on the 23d September, 1844.
The CHAIRMAN said if he had known Mr. Laird was
about to bring the matter forward, he would have been
prepared with the required information.
Sir JOSHUA WALMSLEY stated that the chairman,
when the sale of land took place, feeling the position in
whi h he was placed, had agreed, in case of the land being
wanted, to leave the matter to a jury.
Mr. MACGREGOR LAIRD said the land was bought OD
the Ist of November, 184-1, and he wished to know the
date of the resolution authorising the purchase by the
company.

After an angry discussion, during which several share-
holders thought the business of the meeting ought to be
proceeded with,
Mr. M. LAIRD moved for a committee of inquiry into
the circumstances attending the purchase of land for the
extension to the docks, and that they should afterwards
report on the subject.
It was considered by some of the shareholders that this
would involve a charge against the directors, and it was,
after considerable contention, during which there were
cries of " Order," and " Chair, chair," put to the meet-
ing, and negatived.
The CHAIRMAN said he had still no obiection to fur-
nish the information required by Mr. M. Laird • he
courted inquiry. He then commented at some length on
the proceedings which had taken place on various occa-
sions in the board of directors in regard to certain nego-
tiations with other companies, including the Chester and
Holyhead and the Chester Junction; he disapproved of
the lease to the Holyhead Company for seven years, com-
mencing with five per cent. and ending at eight, as not
being advantageous to the Chester and Birkenhead Com-
pany. He considered it better that they should be an in-
dependent line, as their prospects were favourable ; in 1843
the receipts were £24,000 ; in 1814, 28,000; and in 1845,
£34,000, thus showing a regular and progressive increase
in each year ; and in the first twenty-eight days of Janu-
ary, in the present year, the receipts were £5OB, while at
the same period in 1845, they were £272, thus showing it
was going on in a greater ratio; they were now about to
derive a good and satisfactory indome from the receipts of
the railway, and he had no doubt from calculations he had
made in connexion with Mr. Wilcox, that in seven years
they would be in a position to receive a gross revenue of
nearly £BO,OOO. Ile objected- to the carrying out of the
extensive line at the dock,at present, and thought it would
be desirable to wait until the docks and warehouses were
completed, when they would contribute to the welfare of
the railway, besides, it was not certain that the Cheshire
Junction would receive the sanction of Parliament this
year. He also considered it better that the works at the
Monks Ferry should not be proceeded with, as the Wood-
side Ferry was adequate at present to every purpose that
was required. He concluded by stating that he had acted
for the interests of the company to the best of ability, and
should leave his conduct to be judged of by the proprie-
tors. It was the last time he should have an opportunity
of addressing them as chairman, his health having suffered,
and he could only say that on his retirement he should
enjoy what he had not done for some months, and that
was peace of mind.
Some remarks were then made by Mr. W. Potter and
Mr. J. Laird in reference to the conduct of Mr. William
Jackson. as Chairman of the Board of Directors, which
they conceived bad been somewhat overbearing, and it was
difficult to act with him.
The CHAIRMAN said he felt sorry that any thing he
might have said had given offence, and he did not wish to
stand in the way of the company's affairs being carried on
advantageously. He begged to say, however, that he
could show the course be had taken was necessary, but he
would not then enter upon it.
Mr. COCHRANE was desirous that something should be
done to produce something like union amongst the direc-
tors, otherwise they could never carry on with advantage.
He proposed, for the sake of peace, that a committes be
appointed, consisting of Mr. Paxton, Mr. Burt. and Mr.
W. Potter, with three proprietors, who were to consider
the peculiar position of the Company, and report to an
adjourned meeting on the 17th instant.
After some remarks made by the CHAIRMAN, in which
Mr. MALLABY stated at some length the reasons why
he had sent in his resignation to the company, which were,
that it had been alleged his connexion with the Cheshire
Junction could not be advantageotis to the interests of the
Birkenhead undertaking, the motion of Mr. Cochrane was
seconded, and carried without opposition.
The meeting then adjourned, and it vas understood the
report was to stand over until the meeting in February.
The proceedings occupied upwards of three hours.