The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1843-02-03 00:00:00

NORTH UNION RAILWAY

The half-yearly meeting of the shareholders in the North
Union Railway Company was held yesterday, in the Claren-
don-rooms, South John-street, for the purpose of receiving
the report of the directors and the declaration of a dividend.
The meeting was but thinly attended. THEODORE W.
RATHBONE, Esq., chairman of the Board of Directors, pre-
sided.
The CHAIRMAN commenced the proceedings by reading
the following statement:—
The Directors have little to add in the way of supplement
to the Report, which, according to the practice of this Com-
pany and in compliance with your wishes they have already
circulated, together with the Abstract of the Accounts.
Communications are still going on with the Chairman of the
Lancaster Railway and Canal Committee on the subject of
the joint station arrangements, &c., in Preston, particularly
alluded to in the Report of the Directors, and it may be hoped
that the public will not be much longer deprived of the bene-
fit of these arrangements, which this Board is prepared to
carry into immediate operation, on their being approved and
adopted by their neighbours. As regards your pecuniary in-
terests they continue to be protected by the extra charge on
all passengers beyond the Preston station, which has been
made ever since the termination of the original arrangement
deprived the North Union Company of any other means of
remuneration for this part of their expenditure. The Di-
rectors regret that the continuance of the regular dividend,
less the income tax, leaves so but
a balance of undivided
nett income to this half year, but you will bear in mind that

in consequence of our practice of carefully examining into the
degree of wear and tear and the exact condition of the work-
ing stock of the undertaking, and always reserving the amount
requisite to make good and restore that wear and tear, what-
ever it may be, before making up the account of nett income
for dividend : the sum divided is the real bond fide nett
amount of profit realized out of the revenue of the undertak-
ing, and not, as in many railway dividends, an amount eked
out by being partly paid out of the capital which is thus left,
after each successive dividend, reduced and impaired in
amount.

We hope that a restoration of the income of which so very
peculiar a state of things last year deprived us, together with
the improvement we hope to accomplish from other new
sources and vigilant attention to all means of real and prudent
economy in the expenses, will enable us to maintain the regu-
lar dividend uninterrupted, if not improved, and ultimately
I can entertain no doubt this will be the case ; but if, unfor-
tunately, we are for a time disappointed in this expectation,
we shall resort to no fictitious deceptive schenies to keep up
its apparent amount, but frankly and honestly call upon our
proprietors to join with ourselves in patiently submitting to
such temporary reduction as the real condition of the income
requires. With regard to economy and reduction of expen-
diture, all that is taking place in the leading railway under.
takings in every part of the kingdom is so well known to the
Board through some one or other of its members, that our
Proprietors may be assured no means of doing anything
towards the real accomplishment of this object fails to come
under the attention and watchful consideration of the ma-
nagement,-and whilst we concur with the directors of the old-
est and best managed concerns in the kingdom, in hesitating
about extreme reduction of salaries and wages, calculated, it
is evident, to impair the efficiency of the establishment and
peril the persons and property under our charge, we are, as
fast as it is foundipracticable, reducing every part of the esta-
blishment within the narrowest limits consistent with effici-
ency, and carrying out every well-ascertained plan for the
promotion of real and permanent economy. If we cannot, on
this occasion, boast of so large an amount of reduction as
some other companies, it must he borne in mind that we are
very far from having had the same margin to work upon, and
that we set out on the first opening of the line with a propor-
tionate scale of expenditure in power, maintenance of way,
and all the leading items of railway outgoings, scarcely one-
half that of their cotemporaries and neighbours. On the
whole we hope we may congratulate our Proprietors both on
the present position and future prospects of the North Union
Railway, and we shall be happy to answer any questions or
give any further information the Proprietors may desire, after
the Report has been read.

Mr. JAMES CHAPMAN, secretary to the company, then
read the report of the directors to the proprietors. This
document commenced by a regret that the general depression
of trade, noticed in the two rast half-yearly reports, had
continued, which, together with the disturbed state of the
manufacturing districts during the most profitable portion of
the year, had seriously affected the gross receipts of the last
six months in the coaching department, which were nearly
£4,000 less than in the corresponding period of 1841, though
still £3,250 higher than in the preceding half-year. The
receipts from merchandise and coal continued to improve.
As a confident expectation seemed fairly warranted that with
returning prosperity in the commercial and manufacturing
interests, a considerable surplus beyond the present half-
yearly dividend of £2. 10s. per share would be realised, the
directors did not hesitate to recommend the continuance of
the regular dividend, warning the proprietors, however, that
on the improvement in the revenue the continuance of a
future dividend of £5 a year on the shares would depend.
Every practicable economy consistent with the efficiency of
the railway and the working stock continued to be carefully
carried out in the expenses, and every exertion would be
made to improve the nett income of the undertaking. The
stock of engines and, carriages was efficient, and the depre-
ciation fund had been reserved before making up the account
,of nett income for dividend. The report then expressed a
confident anticipation of a source of improved income from
the projected Caledonian Railway from Lancaster to Carlisle;
and very probably the proprietors would soon be summoned
to a special meeting to authorise the directors to unite with
other companies in the promotion of this object. It would,
however, be only after having an established conviction of
the security of what was proposed that the directors would
recommend the proprietors any step finally committing them
to the proposed measure. The report concluded with some
details relative to a joint station with the Lancaster and
Preston and the Bolton and Preston lines, at Preston.
Appended to the report was a statement of the traffic for
one and a half year ending Dec. 3, last; from which it ap-
peared that the receipts amounted to £30,107 ss. 30., and
the expenses to £14,181 7s. Od., leaving a nett balance of
£15,925 18s.. 3d. The dividends on
6,3 N. Oozes, at 50s, per
share, amounted to £15,847 105..'. leaving to thecredit of
profit and loss account, £7B, Bs. 30. The aeconats were
signed by the auditors, Mr.. Reece Bev= and Mr. John
Winstanley. -

Air. TAYLOR said the charges for traffic were larger in the
present dank in, the past ball soar, and he enquired the
reason

ALA lalkkAN explained that it arose from a heavier
trafiic.

CALRoW said the true way of forming a comparison
was to take a year. On looking-over the account for 1841,
he found that the charges then were £5,801, whilst in 1842,
they were reduced to £4,060, shewing a reduction of ;£.1,860..
The CHAIRMAN added that this was•one of the items in
which the directors would attempt to make SOHle reduction.
Mr. TAYLOR observed that the interest %IDOL% loans
amounted to £3OO.

The CHAIRMAN said there woulilln'a reduction in this
respect, because the directors sy,4zo now paying only £4 per
cent., whereas the moue:, was borrowed at £5 per cent.
Everything that cou!4 be' done in the way of economy was
done. It was necaasary too to have an efficient staff, but as
to salaries tb.,-,4 could not be charged with extravagance..
Mr. IJAinsTow asked why the duty account was. not in
the statements among the June accounts ?
Mr. CHAPMAN replied that the accounts bad been blended
with one another ; but the carrying account was now kept
seperate.

On the motion of Mr. TAYLOR, seconded by Mr. D.
MATHER, it was resolved that the report be adopted, and
the accounts ?Asset).
Mr. avykm, MATitiw then proposed k dividend of the
amount stated by the committee.—Carriedf:'
in reply to a proprietor, the CHAIRMAN stated that the
dividend would be paid on the 9th February in the usual way
by warrants.

The general business being terminated,
Mr. BRutiviii.ToN spoke warmly of the valuable services
of the directors, and moved a vote of thanks to them.
M. 13ARIsTON seconded the motion, and it was carried.
The proceedings then terminated.

TILE POST-OFFICE ROBBERIES AT BRISTOL.-0,11 Satur-
day last, Thomas Davies, the master of the Stapleton Road
District Post-office, at Bristol, was brought up before the
magistrates charged, along with his wife andi daughter, with
purloining a great quantity of letteta, containing cash re-
mittances. It was proved that a letter containing a sovereign,
and directed " Mr. Stephen tinrchell, Blackwood, near New-
port, Monmouthshire," hsd been delivered to the mate psi-
soner, in order that 10,.3 might enclose it in the diarict bag
and deliver it c.,t the general Bristol Post-otee, The in-
spector of police deposed, that in consequence at instructions
he searched, the premises of the prisoner., and up stairs found
in a box several sums of menu;,_ amounting in all to between
.a 1 and '.1.;7; They afterwards iscovered another box, and
•on their asking wbov it was,. the daughter answered, " It is
1: my brother'S, who, is gotle to China." Witness asked for the
I key, to whiclkshe answered that the box contained his clothes,
and ha hall taken Oho key with him. Not being able to get
a ke=y to fit it, witness forced it open, and in it found several
! letters, among which was the one in question, directed to,
Stephen Burchell, of Blackwood, near Newport. Some 01
the letters contained cash remittances ; from others)._ ifoo
been taken out. The seals of all of them had hiPU.bfrorw!!!:
Some of them had been stamped, but other
,were ykt int
marked. Mrs. Beard stated that a key had been:fon:4 uP°"
Mrs. Davis which fitted the lock of
were discovered. The prisoner and MS daughtr,Rfre coa'
mitted for trial. The wife was liberated.
Ole' 60i Wherktu"-e etters'