The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1842-09-02 00:00:00

DIRECTORS' REPORT.

The period has again arrived when it is due from those
placed in the direction of the affairs of this undertaking, to
report to the proprietary such changes in its state and cir-
cumstances as have arisen since they met that body in
February last. In performing this duty the directors feel
that they have only one course to pursue—to give an honest
and impartial exposition of facts, neither holding out expec-
tations that may prove delusive, nor representing future
prospects other than they appear; and to render a just and
true account of the expenditure of such portion of the com-
pany's funds as has passed through their hands.
In their last report the directors announced a partial open-
ing of the line, under prospects deemed by them to be very
encouraging. They are now able to lay before the share-
holders the results of the traffic upon this small part of the
railway, during a period of little more than seven months.
If those results should not prove all that could be desred,
they will perhaps be allowed to pass for all that could be
reasonably calculated upon. From the 17th November to
the 30th of June last, the receipts for the carriage of passen-
gers and parcels only amounted to £8333 10s. 7d., and the
expenses to £5942 25., leaving a surplus of £2391 Bs. 7d.,
from which should be deducted some outstanding claims,
the amount of which could not be ascertained. The num-
ber of passengers conveyed during this period has been about
220,000-8509 having passed over this part of the line in one
day. Although the passengers have been thus numerous,
the directors have to congratulate the shareholders, as well
as themselves, that, in the conveyance of them, not the
slightest accident has occurred, nor has the most trifling in-
jury been sustained by a single individual—passenger or
servant—since this portion of the railway came into opera-
, tion.

The attention of the directors has been, and will continue
to be, devoted to increase the receipts, by encouraging every
species of profitable traffic; and in furtherance of this
object they are now engaged in perfecting arrangements for
the transit of coal, from the collieries near Dukinfield, to
Manchester and other places. When these shall be com-
plete, the directors believe that a considerable revenue will
be produced from this source, while at the same time the
inhabitants of a populous manufacturing district will be in-
sured a good supply of this essential article at a reduced
price.
In order to render this railway as accessible as possible to
those towns and districts which appear likely to yield profit-
able traffic, the Directors have turned their attention to the
formation of two distinct branches ; one to connect the towns
of Ashton-under-Lyne and Stalybridge, with this under-
taking; another to form a junction with the North Midland
Railway, from Oxspring to Royston, past the town of Barns-
ley. There is no doubt that the present communication with
the towns of Ashton-under-Lyne and Stalybridge is not
such as it ought to be, whether we consider the convenience
of the inhabitants, or the exclusion of all competition by
coaches. The Directors are, however, persuaded that the
contemplated connection with those towns, by a short rail-
way, will not only remedy existing defects, but, by yielding
much additional trade, prove a most valuable adjunct to our
and they propose, under the sanction of the proprie-
-67‘ to apply to parliament,
in the ensuing session, for

[PRICE FIVEFENCE.

powers to construct such a railwny. The Directors also
propose, should they meet with due encouragement, and
should they have the approval of the shareholders, to take
preliminary steps to form a company, and provide capital for
the; Barnsley junction, perfectly distinct from the present
undertaking; so that the opportunity may be afforded to
apply to parliament, during the next session, for powers to
carry out this object also.
' The construction of the works. between Manchester and
Glossop is going on in a most satisfactory manner ; and, not-
withstanding the delay that has arisen from the disturbed
state of the country during the last three weeks, the Direc-
tors hope they shall still be able to open to Glossop (Wring
the month of November. The works of the Summit Tun-
nel are also most successfully progressing, and the formida-
ble difficulties attending this portion of the undertaking may
now be regarded as conquered.. Since the last half-yearly
meeting 1495 yards of double drift-way have been formed;
which, in addition to what had previously been accompljshed,
amounts to 3032 yards, leaving 22458 to be completed, which
the Directors have every reason to believe will be nearly, if
not wholly, driven by the annual meeting in February ncyt.
To afford as accurate information*as possible regarding the
outlay upon this work, and to prevent misapprehension as to
its actual amount, the Directors think proper to add the fol-
lowing short statement :
Expended on Engines, Roads, Timber, Tem-
porary Rails, &c.....
Expended in the Erection and'Fitting-up of
Cottages. 3,853 9 11
Expended in Sinking Shafts.
Expended in Driftways

£76,823 16 9
For a more detailed account of
,the works upon the line,
the Directors refer the Shareholders to the subjoined report
of their engineer. They have, however, to state that they
have advertised for tenders for the Dinting Viaduct and the
Longdendale Contract, comprising the whole distance be-
tween the termination of the Gamesley Contract and the
Summit Tunnel ; and that they have let to Messrs. Buxton
and Clarke, the Old Park Wood Contract; which latter
measure, they are of opinion, will produce much satisfaction,
by enabling the company to yield employment to a consi-
derable number of able-bodied poor of Sheffield and the
neighbourhood, who, from the depressed condition of the
manufacturing interests of this kingdom, cannot find em-
ployment in their respective callings,—and at the same time
convincing that shareholders that the Directors have no other
wish or intention than to complete the line in its perfect in-
tegrity.

It Will be in the recollection of the shareholders that a
Special General Meeting of that body was held in January
last, when the Directors were authorised to apply to parlia-
ment for powers to facilitate the providing of funds for car-
rying on the Nyorks. Such application was made, and,
greatly to the surprise of the Directors, an opposition (insti-
gated, no doubt, by a party whom it is not necessary to par-
ticularize), was got up against it, which, however, had no
other effect than causing some additional expense to the
company. The Directors believe that this legislative mea-
sure has already been of considerable benefit, and would have
improved their position still more, by enabling them to bor-
row upon the security of the railway, its works and tolls,
such a sum as the company was empowered to raise, had
not the depressed condition of ttade operated against it.
Having failed to provide this sum with sufficient rapidity,
and wishing to avoid any further pressure upon the share-
holders, the Directors determined to apply to Government
for their aid in procuring a loan from the Public Works
Loan Commissioners. Their application was favourably
received; but considerable delay arose before a decisive re-
ply could be obtained from the Commissioners. The Di-
rectors have, however, the satisfaction to announce, that
those gentlemen have consented to a loan of £50,000, on cer-
tain conditions, which, in substance, are—that the company
shall raise a like sum from their own resources, which, with the
amount of the loan, shall be expended in future works of the
railway during the next twelve months ; and that the extension
of the line to Glossop shah be complete in February next.
To these conditions the Directors have acceded ; and it is
hoped that the sum so granted will be advanced in the course
of a month. As, however, this sum, aided by the means
already possessed by the Directors, will not enable them to
complete the railway, it is their intention, with the sanction
of the proprietors, to apply to parliament, during the next
session, for powers authorising them to raise such additional
capital as may be requisite for that purpose, as well as to
obtain an extension of time for completion of the works.
Since the last half-yearly meeting John Rodgers, Esq.,
finding that his other engagements would not permit him to
give full attention to the affairs of this railway, has retired
from the direction; and the seat at the board, thus become
vacant, has been filled by the appointment of Mr. William
Bradley, whose experience in railway concerns pointed him
out as eminently qualified for the situation of a Director of
this Company.
Having carefully revised the share list, the Directors have
reluctantly concluded to recommend 1,419 shares for forfei-
ture, and now submit the same to the proprietors for that
purpose; the preliminary business required by the act of par-
liament having been taken. The average amount paid on
these shares is £l6 9s. 54d. per share.
The Directors cannot conclude this report without assur-
ing the shareholders that as they have hitherto, under the
discouragement of adverse circumstances, used every exertion
to uphold this undertaking, and to carry it to a successful
issue, so they will, for the future, persevere in a like course,
entertaining most confident expectation that, supported by
the shareholders, and encouraged with their confidence, they
will be able, within a much shorter space of time than has
been calculated for them, secure the accomplishment of one
of the most importaat railway communications in the king-
dom yet remaining to be completed.