The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1856-01-29 00:00:00

JANUARY 29, 1556,

RAILWAY R_EFO.R-11'

MEETING YESTERDAYS
A MEETING was held yesterday, in the Coitol
for
The meeting,thepurposeofwhichforminghad adßaben Railwaycalled
forShareholdern eo
but thinly attended. Among those present were sec,fs
tlemen deeply interested in railway property; and' bat
very short notice given of the intention to hold the
there would, doubtless, have been many more in atteil
ielo
tion. 1
Mr. G. MA xwma, moved that Mr. Lawrence vr,,
M.P., take the chair.
spe
The CHAIRMAN said all must agree that tue
which the meeting was called was one of great I
intY
No one, who, like him, had been deeply invoiVe%,4
portant business of railways, since their first
could be indifferent to those matters which have
ernes
of impairing the value of onetf the finest prop don,
kingdom. Mr. Maims, a gentleman from I,ooaebil
address the meeting, and lay before them the restilto!. ;
Hence in connexion with the subject. On one point
lie
from that gentleman. He (the chairman) consleler t
the great arterial or trunk railways had been keptb)lo:!
and not mixed up with ill-considered branches, sre,sl,
been reaping 10 or 12 per cent on the outlaid capital'
..
opposed this mode of extending the railway systereherd
opposed the formation of the branch from 31P.,.. foj
Crewe, and, being overruled, had protested againt
sidered that the rapid restitution of the absorbed .
that branch bad induced the formation of others' ty
cause of the depreciation of railway property wa
competition instituted between railway companies'oo
The competition between the Lancashire and -forge
the East Lancashire was an instance in point. 01
said, a shareholder in both, and could speak with eelio,
terestedness on the one side or the other. ComPat4
to act by each other as individuals are compelled vtitio
railway companies did not do so. The great conqeor
tween the Great Western and the London and Noll 0
arose out of the culpable disposition of a gentleTea°,,,jo,
a director of the latter, but who was not so n0W;,.1,
had the most disastrous consequences. But for tIL. ceo
competition, we might have been deriving 10 ;Per
the original cost of these railways.
re, I
Mr. MALINS said, he felt it a duty to attend 'leo to,
to lay before the meeting, as he had been requested ;
few of the facts which had occurred to him in his . •;($lO
As he had stated on a previous occasion, the eaP"the
railways was about twenty times as great as that e,
of England, and six or eight times as great as
in the cotton trade, which was one of the most
the kingdom ; and yet, in defiance of this great ilerf
railway property, it has been exposed to, and still s froo
a downward tendency. This, in a great degree, arisesol
fact of not having made any serious attempt to
~t 1
capital account. The depreciation of railway Pr.erof'
now become such, that men who boast of the securitio'
investments are proud to tell us that they do not be', D,
shilling of railway stock ; yet these same men do Ps,
to invest capital in foreign railways. This is such a )
things as to call loudly for amendment. (Cheers./ 14
chairman remarked, a great deal of this depreciatioVo,
brought about by injudicious investments. It
asserted of me that I consider four per cent. ,a.,5 ;30'
remuneration for railway investments. I 1301 u f
opinion. I maintain that this, the ordinary interest 4;41
is as reasonable a matter to be provided for as is p
which locomotion is secured; but I never said 0r e'
such a return was at all adequate to remunerate t"y,
holders, who, at the least, are entitled to six per cent. 40
per mile has been found to be about the average °?'
A• 10
the railways constructed. This requires an annu,•-•
£7,000 per mile, at 4 per cent. This at even the tO.!
rates of charge leaves such a rate of margin as otig,`:DJJ
discourage us in carrying on the trade ; but, if it 61V,
not better want a traffic which is unremunerative 0
In Liverpool and Manchester men are said to bent
looking after their own interest, yet with this quaff''.
in common with their fellows, have allowed theirje
(for they are large holders of railway property) to
dated in the way in which it has been. I am nOlOl
to one particular line or company, nor the advcea„.ol)
other ; I am inclined to advocate the general iani
shareholders (cheers); yet I find we are so placed
ever profit may arise, the ordinary shareholders,
legatees, can only obtain what remains after all 111.0 A
claims have been satisfied. The honourable chair
remarked that the making branch lines has been pry
and no doubt it has been so. But when we reraeg,ell:ol
the greatest parallel branch line in the country,
Valley, was the favourite scheme of the man who was
thought of in this district, Sir Robert Peel, 111;°01
turned the first sod, how can we consider it possibiede,
them ? With such an example before us, and the,4
every district which is not already accommodated 01'01
of railway transit to possess it, it would have been,
will be, difficult to prevent the construction of thern• ftsj
The CHAIRMAN : Let the parties requiring theta de
cost of them themselves. 01
Mr. MALINS : One great cause of the depreciation
t°
way property must be laid to the chirge of the
polists who hold the carrying on them. As an iWieats
a gentleman told him he wanted 1,500 bales of goods
Manchester to this town, and he found that he could fejlool
done by an arrangement with one house only, at a el op
shilling per bale. (Hear, hear.) He was clearly
etei,
that the carrying business of railways should be collier
railway companies. (Cheers.) And, as a remedy for 0.4
sent evils, he should suggest the establishment of 113 deed
tion, having for its object among other things the adOP,,P
means which should effectually preclude the mix
capital with revenue. (Cheers.) One striking fact is
tration of the effects of corruption and favouritisral,leA
allude to, was that a year or two ago, iron from Staa°
was brought to Liverpool at a rate little more than cate4to
that charged for the same goods on their carriage to
I have endeavoured to ascertain how this could be, e'for
excuse could be given for it, but have hitherto failed belf,
south, we have so high an opinion of the sagacity of t 011
cashire people, that we are desirous of obtaining co-o Pie,,,
in our movement from this district, and in order too t
has been the object of this visit here. He concluded by
his readiness to answer any question which might be (1
requisite. or
Mr. WRIGLEY (of Manchester), bad come here, 1, i);
that a similar meeting was to be held in ManchesterWi
wise he should not have come. To set himself right
meeting, he might say at once he had been, seven °V
years ago, a director of the East Lancashire line, but ha
tired in disgust at the gross immorality which pervs"to
system • and he had been ever since vainly attempting td,ir
himself a large amount of property which was inve,,secur
railways. From what he had seen and heard, he fne
time would come when railway property would be con
chiefly with the .view of paying the salaries of the L,01,15,
without any reference to the interest of the share. of
(Hear, hear.) Much had been said of the immorality • r
rectors, but he believed they were just what shareholde74
made them. In too many instances men had been VI, iLI,4
the direction of railways, not on acconnt of their
manage them in a fair and legitimate way, but becan,
were supposed to have been brought up in a "good Nell
that is, that they would be able to raise the rates of dirtolt,,,
without being too scrupulous as to how that should be
about. Such an association as the one now sought tO,, erf
tablished would be competent to cope with some of thy`
complained of, but would not, in his opinion, meet re3ot
portant ones. One main cause of the mismanageLetri
railways was to be traced to the facilities with which u 014",
have been enabled to procure money for the payment (llep
vidends, out of the capital stock of the companies. ef,
hear.) He (Mr. W.) had some time ago written a lets -15;
the Times, which had appeared on the 23rd of Pebrnas7
under the signature of an Ex-Director, in which the ec ;
ferred to were pointed out. jekto
The CHAIRMAN interposing, said, although much
with the remarks made by the speaker, still, as no BS5'- leg
had as yet been formed here, the observations wow ote
with more effect afterwards, when the business was 1110.11 a
shape. He should move a resolution approving gener.s,4
the propriety of forming an association having in vl' 0"
remedy of the evils complainnd of, and expressing 037131
with its objects.
Mr. GUEST seconded the motion. Mr. G. MAXWELL said, on looking to the small attee jot#lll
present, he would suggest that it would be better to aPqr,,
committee to propose resolutions. He was satisfied til3
way property has been, and continues to be, overrial
managers and lawyers, who endeavour rather to Off?.
respective lines to their own benefit than for that of
shareholders.
Mr. MALINs said that his chief object was to show tql,
depend on any supervision of directors was but an attela,
bind by a rope of sand the control of railway propertiV,
desirous was he for keeping capital and revenue separateoij
he had in London suggested that the one account sh°
managed by one set of parties, and the other by another;f
Mr. WRIGLEY explained that he was so far in favour o!
objects of the present movement, that he had come
distance to co-operate with the meeting ; but he feaLl
something more definite than the adoption of general
tions were not adopted, little good would be attained.
Mr. HEALEY said that, till comparatively lately, gel3'
e
• fir in the metropolis have not taken so active a share in th
struction and management of railways as those in„tP'" 00
It 0.4
viuces had done, and especially in Lancashire-
therefore, in his opinion, be desirable, before a metroPeici
association be formed, that provisional committees shoriiid
appointed in the different districts, so that all interests
be attended to.
_ _ ,e 0

Mr. G. MAXWELL, on the part of himself and some geun-
men near him, was desirous of knOwing the exact footit
which Mr. Malins had come down. Was it to ask tlg itofi
operate with a metropolitan association, or was it to age
our feelings ?
much
Mr. MALnis said the great object was to secure as nalcby
operation as possible, to be ready in time for the great ,Yeik
yearly meetings which are now in the progress of beinCjO
We solicit the co-operation of your judgment and the w
your power and intelligence. (Cheers.) 50c1
Mr. WITHEus expressed his anxiety to get together or,
an organisation as would enable shareholders to indiest,e,birt,i
quivocally the strong determination of the proprietors 01 `bee
millions of property to have its interests protected. Be 6 cote
suggest that a small committee be appointed to co-0P p'
with the London council. He moved that the chairrOll' 131
G. Maxwell, Mr. Alexander Macgregor, Mr. R. 31°°"'"
J. Highfield, and Mr. Maxwell Hislop be appointed for
purpose, with power to add to their numbers. ,drir
Mr. HEALEY seconded the resolution, which was c-
mesooufslythanks were then passed to Mr. Malins til°
Ot
unanimously.
chairman, and the meeting separated.

SAILORS' 11011131.—The Rev J. J. Butler, chaplain °;01
institution, has been presented by his congregation lv'
11 purse of twenty sovereigns.
-
,:fpeto
tat
THE ELatES TESTIMONIAL FuND.—At the Arcus.-i
and Archwological Society, on Wednesday, Mr. Bct test{
nounced the close of the subscription lists for the E1111.,,,e;40:y
rnonial, and stated the amount to be within a few sill1;0'e
£1,460. The intention was to invest a sum of £1,400 14;05
bonds, in the name of three trustees already appointed, ilf,el it
interest at five per cent., and the interest would be apP *OJII,
the benefit of Mrs. Elmes and her sons for their lives,llo tt'.
the death of the survivor the fund would be applied o'ffir
establishment of two scholarships of £35 each, for pupil..s,oW
Royal Institution, the Collegiate, and the Mechanics 11;10;
tion. These scholarships are to be available for the ar: tile 6/
tural students or students of the fine arts attenclill6„cis
seminaries, and their selection to be placed in the 1,11: ve;
the trustees for the time being, after an examination in
plate studies; and should these be unable to fix on 00,0
to be chosen at the examinations, the Mayor for the tiniefri fol
shall have the deciding vote. The scholarship to be enjolv"
two years.