The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1858-02-16 00:00:00

Considerable discussion ensued, but the report was
ultimately adopted.

The following is an extract of the report of tl • direc-
tors of this company. It states that the company, in com-
mon with others, have bad to contend against the serious
disturbance of the trade of the country during the last
few months, as well as the embarrassments of the
money-market. The total revenue of the last half-year
for the Great Western lines has been £847,452 as com-
pared with £795,353 in the name period of 1856. The
receipts of the two Shrewsbury railways, to which there
has been no addition, have also increased in the sum of
£2,530 during the last six mouths. The comparative
expense for maintaining the railways both in the nor-
thern and southern divisions have only increased as
between the corresponding half-years of 1856 and 1857
in the total sum of £34,878. This has been occasioned
principally by the additional working of an average of
about 60 miles of new railway during the latter period.
In evidence of the retrenchments, which, under the
recommendation of a cosunittee of directors appointed
for that purpose, have been made whereever they were
found practicable, the report states that the expenses
for the first half-year of 1857, in the course of which, at
various dates, the extensions of lines were opened, had
been £349,257 against £339,264 in the last half-year,
I during which all those lines have been thoroughly
' worked. These savings have been effected to a great
extent by a diminution of trains, and by a revision of
establishments consequent thereon. Already certain
principles of an arrangment with the London and North-
Western Railway Company have been discussed and
assented to, by which undue and unremunerative com-
petition may be avoided, and at the same time an oppor-
tunity given to each company to enter upon such
further reduction of expense in the districts where
the two systems meet as will tend to secure to each a
better return for every description of traffic carried.
The arbitration which for sonic time has been pending
between the Postmaster General and this company has
been concluded by an award from Sir John Patteson,
which confirms the principal of reniuneration for which
the directors bad been contending, and is, on the whole,
reasonably satisfactory. They trust that this result
may lead to some more permanent arrangment with
that department, who receive from the company every
facility and assistance in the conveyance of their mails,
and it is hoped that a better understanding may prevail
between them for the future. It will be seen by the
accounts that an item has been introduced of £1,500 in
the last half-year to meet doubtful debts and cover any
outstanding claims, and this has been done in conse-
quence of a representation from the auditors that it
will be of advantage, in their opinion, to provide such a
fund, similar to that of the accident account, which has
already £20,000 set aside against future accidents. The
plan recommended is to debit revenue £2,500 per annum
for the purpose of extinguishing what may from time to
time be considered bad or doubtful debts, &c.; and to
discontinue that charge only after there shall be a clear
surplus of £5,000 to meet prospective exigencies. The ac-
counts show a disposal balance of £102,625 after meeting
all the revenue engagements of the company, and this
admits of the payment of a dividend at the rate of 2 per
cent, per annum, leaving a balance of £20,253 to be car-
ried forward for the current half-year. The board recall
the attention of the proprietors to s scale of certain
salaries published in the year 1850, showing the proposed
renumeration for the principal officers, under the then
existing engagements of the company, and they mention
that the amalgamation of the two Shrewsbury com-
panies, not even contemplated at that time, has enabled
the board to dispense for the most part with the services
of persons holding corresponding positions in each of
those companies, by transferring their respective duties
to the company's own officers, whereby in every case a
saving has been effected. The Wilts, Somerset, and
Weymouth Railway, also, has been since completed to
its full extent. The aggregate of the salaries of the ten
officers designated in that report being £7,100 per annum
(two of which are now consolidated), it has been only
augmented in the interval by £l,OOO, their salaries being
at the present time £B,lOO per annum; while, in the
same period, the lines opened and worked have increased
from 232 miles in 1849, to 527 miles (including the two
Shrewsbury railways) in 1858. The salaries of six offices
abolished in the mean time, the duties of which have
devolved upon your own establishment, amounted to
£2,650 per annum, which has constituted, therefore, a
clear saving to the company of £1,650 per annum. With
respect to the financial condition of the company the
directors hope to avail themselves of the remarkable
change in the money-market to effect by degrees a re-
duction in the interest, which has latterly proved so
great a burden upon the revenue of the company. After
adverting to the probable opening of the Brentford line
to the Thames next Bummer, and the formation of a
junction line at Reading to connect the narrow gauge
lines, the report states that the board wishes it to be
distinctly understood that they have not been unmind-
ful of, but, on the contrary, have done all in their
power to give full effect to a promise made at Bristol in
August last, that if three or four gentlemen could be
found of commercial pursuits, possessing the time to
devote to the office, and in all respects well fitted, from
their experience and habits of business, to undertake the
duties of railway directors, vacancies should be made for
them, and the objects of such election be facilitated. In
spite of every exertion no success yet inducing qualified
and eligible proprietors of that class to offer themselves
as directors, willing to devote their time to the business
of the company.