Northern Times. — 1857-09-04 (Liverpool, Merseyside, England)

THE NORTHERN TIMES.  The Chairman. in moving the adoption of the report, was glad to be able to congratulate the shareholders on the increase of traffic, which had amounted to .£40,665 oa the Lancashire and Yorkshire line proper. Of this sum £25,562 was in passengers, and £13,548 in goods. The increase in goods had not come up, to the expectations of the directors, but was, reve,theless, considerable,; while the increase in passengers had been a most noticeable feature is the traffic since the commencement of 1856, previous to which there had been no increase in this department during several years,. Luring the last half-year the increase hall been general over the whole of this company's lines, and very, little of it was attributable to the Art Treasures Exhibition. The total increase in working expenses wire £2o„442—(hear, hear)—of which £4,000 was expended in ripair and maintenauce of locomotive stock, £2,113 in the coaching department, £5,959 in the merchandise department, £5,839 in tnaintenance of the line, and £1,500 in law expenses incurred in oppo,ieg the Blaokburn Company's proposed extension to 'llanchester, and the Greet Northern Company's Doncaster and Wakefield line, the opposition having been in both cases successful, The increase in working expanses would have been much larger had not the strictest economy beers exercised, and was attributable to the great increase of traffic. The saving is consumption of coke, oil, and tallow, as compared with 1352, was nearly £lo,o'lo, while each locomotive was earning nearly one-third mire than at that period. 'Since January, 1854, 481 miles of sidings had been added at the dtfferent stations The direc'ors had offered to the Blackburn Company such terms as they considered highly advantageous to that company, ie order to settle the disputes between them, but the offer bad not been accepted. By an arrangement jest concluded, this company's payment to the Sheffield and B trnsley Company would in future be at the rate of £13,500 per annum. Thiarrangemeets for a lease of the Aire and Calder Canal by this company and the North-Eastern were on the point of completion, the measure being now of the more importance to this company, owing to the unhappy quarrel among some neighbouriug companies. The directors would have been glad to defer the question of a new lice from Oldham to Rochdale, but the inhabitants of the district were very pressing in the matter, and a survey had been ordered with a view to the adoption of whatever route seemed most advantageous to the greatest amount of population. So far as experience he'd shown, there was every reason to be satisfied with the agreement with the East Lancashire Company, sanctioned at the last half-yearly meeting. It was proposed in future to hold the half-yearly meetings of this comoany on the third Wednesday in Ih. bruary and the third Wednesday in August, and to make the dividends peyabl.e on the Ist of March and the let of September. Mr. Stuart, the vicechairman, seconded the motion. The Chairman, in reply to inquiries from a shareholder, said the great irecrease of traffic had rendered necessary a greater expenditure in renewals than was contemplated some years ago. Tnis might continue for two or three years longer, it being of the utmost importance that the line should be in first-rate working oondition, but he did not expect an increased outlay in any half-year as compared with the present. Mr. Hernby, M.P., as chairman of the Blackburn Company, felt it his duty to protest against the directors' statement that their offer to his company bad been advantageous to the latter. The Lancashire and Yorkshire Company had not carried out their agreement with the Blackburn, and they had entered into arrangements with the East Lancashire which they had ne right to make without consent of the Blackburn, to which those arrangements were iojuri ,us. He should not be content with his line in it.s present depressed condition, and next year should again prosecute, he hoped successfully, the application to Parliament for a new line from Bolton to Man; chester. Mr. Hargreaves, Mr. Stu irt, and Mr. Fielden (directors) assured the shareholders that Mr. Horaby was mistaken in his impression that the board of this comearl were not anxious to act fairly by the Blackburn Company. (Applause.) It was true that the agreement between the two companies had not quite answered Mr. Hamby's expectitiene, though the Blackburn traffic was at length improving, but the directors had offered full compensation for any injury that might have been unintentionally inflicted. Mr. Taunton, a director of the Blackburn Company, but lamely interested in the Lancashire and Yorkshire, considered that it was a suicidal pelicy on the part of the direc ors to run the risk of the threatened competing lino from Bolton to Manchester. He contended, also, that this company had worked the Blackburn line not "as their own," but "for their own." Mr. W. Evans recommended that the dispute between the two companies should be referred to arbitration. This company had evidently not worked th 3 Blackburn line as an integral portion of their system, as they were bound to do; and they should therefore seek by a peaceful settlement to avoid the retribution which must ul imately attend upon them as the wrongdoers. The chairman said the terms proposA by the Blackburn board were such as the shareholders of this company would certainly not sanction. It had been calenlated that they would involve a loss to this vmpeny in six years of £70,000. Mr. Horaby said it had been calculated, on the other hand, by persons who were, perhaps, as well able to calculate as these acting for the Lancashire and Yorkshire Company, that the loss at the en __l of six years would be only £B. (A laugh.) The motion was then carried unanimously; as were also a resolution declaring a dividend of £2 103. per £lOO stock for the half year, and the various greference dividends, all payable on the 15th inst., and a subsequent resolution, authorising the directors to 'oppose all bills in Parliament prejudicial to the interests of the company. _ The proceedings closed with a vote of thanks to the chairman.