The Express.
London, England, 1855-08-17 00:00:00

GREAT WESTERN RAILWAY.

The ordinary half-yearly meeting of the pro-
prietors of tLis railway was held yesterday at the Bristol
Station,
The Right Hon. Branca* WALPOLI, M.P.—the newly-
elected chairman of the company—who presided, opened
the proceedings b 77 explaining the circumstances under
whisk the late Nmsaa had retired and he had been elected
his esseeesee, es gamed to in the report, and paving a
warm eulogises span Mr. Russell for the seal and ability he
had displayed la emadecting the business of the company,
and then ceetinued—ln endeavouring to discharge the duties
of the office which has been thus thrown upon me I have to
request your favourable isdulgence while I lay before you
the actual state of your affairs sad the causes of the deem-
sloe loader which the company at the present moment
labours, and the ultimate prospects which we think we may
fairly and reasonably say wens in view. (Hear, hear.) The
report Betio.s two eireametaness deserving of observe•
ties and comment which have occurred eines the
Met meetieg in February—the one the falling oft
in the dividend, and the other the opposition to
the bill promoted in parliament by the Oxford,
Worcester, and Wolverhampton Company. With nasal nee
to the mooed of these two points, you are aware that the
Oxford, Worcester, and Wolverhampton Company were
bound by parliament to lay down a broad gauge for this
benefit of the public as for your benefit, Sat that they tried
to escape from that obligation by introducing a bill to re-
lieve them from the necessity of laying down the broad
gauge, although we, wider counter oblgations, were, is
feet, laying down the narrow gauge over • considerable por-
tion of our line for their accommodation as an equivalent.
We opposed that bill in self-defence. (Hear.) In fact, we
had no alternative under the circumstances, and I am happy
to say that that opposition has been successful. Now, how-
ever, that that hemming and expensive litigation is entirely
over, let me say nothing that can provost peace between
the two companies, or place a difficulty in the way of their
obtaining those profits which by mutual agreement and
harmonious working they may secure, but which if they
differ will most prooably be lost to them. I trust, how-
ever, that in whatever arrangements may be proposed by
them, we shall not be urged—or if we are urged, that your
directors will not be induced to adopt any measure which
shall sabjeation to immediate km, for the sake of prospec-
tive gain. (Hear.) 1 will now advert to the other point—
the falling dividend. In this, as is all other matters of mer-
cantile concern, our first duty is to lock the truth fairly in
the face—it is our duty to tell you the facts as they stand,
and what we °Derider are the consequences likely to result
from them. (Hear.) Well, the facts are plain. There
can be no doubt, and I regret it as much as any one of you,
that in • year and • half /our dividend has fallen from
four to two per cent. (Hear.) Taking that fact in its
naked reality, it might &epee, at first eight that the com-
pany was taking a downward instead of an one ard course;
bat I believe I shall be able to satisfy you that that is not
thecae. Now, the muse of the reduction in the dividend
may he brought under two heads ; first, the general de-
pression of trade, bringing with it the stagnation, or even
the diminution of railway traffic. That is one of the causes.
The other is, that you have had to meet engagements incurred
keg ago, but which ere brought to bear on you in one year
simultaneously with thatdepression of trade and consequent
=riaet treas. If the cause of this depression of trade
s:maism el Malle—that is if the cause of the falling
if he pot dividends Is of a permanent character, we
*mad, Mimed, have to look to the future with apprehea-
Moe sal ahem; lino, if I can satisfy you, as I have
there'd* mailed myself, that the eases are only tem-
porary is Ss& shameter, then I think you may fairly Mk
yourselves whether the eonsequenees resulting from this
state filthier; may not be found to be temporary also. I
will take the working of the line for the two last years and
• half. For the June half-year of 1853 your receipts were
622,0001. in round numbers, and for the December
half year 620,0001. For the June cis months of 1854
the receipts were 6201'001, and for the December half year
848,0001.; and for the past June six months they were
647,0001. Now, compering the two half years, ending Jane,
1863 and 1864, there was as increase of receipts to the
extant of 98,0001., while the increase of the June hall
year of 186.5 over the corresponding period of 1864, was
27,0001. ouly. For the June half year of 18.53, the expen-
diture was 233,0001.; and for the December six months, for
the came year, 242,0001. For the June six months of 1864,
the expenditure was 262,0001. ; and for the December half
year, 264,0001. For the past June six months the itzlondi-
tare was 285,0001., making an increase of expenditure,
as between the June half year of 1853 and 1854,
of 2140001., and an increase as between the June half year
of 1864 and 1855 of 23.0001 Compare the two sides of the
account and you will perceive that, down to June, 1864,
your receipts wen gradually increasing beyond your 'epee-
dilate ; but that, from June, 1864, to June, 1855, your
receipts fell off, while your expenditure has been slightly
augmented. From June, 1853, to Jane, 1851, the Wanes
is favour of nett revenue was 70,0001. ; but from June,
1854, to Jane, 1855, there was a balance In favour of nett
revenue of 4,0001. only. I am satisfied is my own mind
that their falling off Is to be ascribed to three muse—
list, to the effect of the war on trade generally
an effect which has been felt on all the railways in the
kingdom, sod evidenced strongly in the Board of Trade
returns; secondly, the inert's*, which can merely be pat at
lees than 10 per eerie, on wages and metsrials; and thirdly,
the increased expenditure consequent upon the riper ing of
sew lines which were sanctioned years ago, and which was
neemearily incurred for the proper carrying on of the traffic
of the company. I believe these causes are temporary; and
had they not bean in operation, I believe that your receipts,
instead of being stationary, would have been 40,0001. or
50,0001. more then they are. For these reasons, I can see
no just ground for undue apprehension. You will naturally
say to me, " But this does not account for the falling off in
the dividend ;" and you will ask, " Supposing the traffic to
have been stationary, would the dividend have been 2
per cent. less I ' A fairer question could not be put.
Now, • dividend of 1 per cent. to the proprietors of
the unprotected stook may be represented in round number
at 82,0001. per noun, or 40,0001. for the half-year. Whet
1 have to explain to lon is why, is each of the two bal-
lasts, 41,00 W. has been drawn away from your dividends
for December, 1864. It Is owing—first, to your 'alpine.
tion with the Shrewsbury Compotes ; and secondly, es the
extension of your line from Birmingham to Welverhamptoe.
The amalgamation with the Shrewsbury Companies con.
strand you, by the agreement you entered into with them,
to gametes to their shareholders a preference dividend of
3} per tent. The Feats of the pest balf.year of the Strews-
bury lines fell short of 3} per cent by 34,0001., or, in other
words, withie 7,0001. of 1 per cent., which latter sum
might be essaidenel interest es the ezpesditare
Meshed es the Madam in the essasiims. The mum e 1

the falling of of the other me per coat is attributable to
the enemies; of your We from Birmingham to Wolver-
hamption. If yin look to your account, you will find the;
cost of that extension to have been 1,900,0001. While the
works were in coarse of construction, the whole of the in-
term on that amount was, according to railway nig',
borne by capital. The line was opened In December last,
sines when in a that sum, except so far as the out-
lay required for stations and other works for your use, has
been borne by . The interest on 1,900,000 k, at
4i per cent., is 86,6001 for the year, and for the half-year
42,7601., so that the fatness on this amounts to actually
more than one per cent. of dividend. The
falling off of the dividend is here tally accounted
for, and the only question which it appears to me can arise
on this pan of the nee is, whether the policy which advo-
cated that amalgamation and that extensio• was a bad
policy ; and, supposing that policy to be completed, whether
you have any hope of improvement for the future ? Oa the
tint of those questions I think it would be very ill becoming
in as to give an opinion of my own. 1 was no party either
to the one or the other, and, therefore, individually, I may
perhaps give as unbiassed an opinion as any person In the
room. Now, I think that a great deal might be said for
that extension and that amalgamation. Ido not deny that
a great deal may be said against them. (Hear. hear.)
Allow me, however, to point out to you that it is rather hard
to visit on anybody at this time the consequences of acts
which were not only fully approved, but recommended lean
ago. I wish to fled fault with no one, but
1 must say when I look back at the proceedings of the enra-
mates of consultation which was appointed by you in 1849,
I find that that committee had to deal with this as well as
other sabj.cts, and that they not only approved of that
policy, but recommended it in the strongest terms. (Hear.)
We must all of us, them, directors, proprietors, and con
mitts. of consultation, bear together the blame, if blame
then by, of a mistake is our commercial policy. (Hear,
bear.) The passage I refer to in the report of the com-
mittee of ooasultation is as follows "The fourth class lion
purchased by the Great Western Company at a premium of
101.55. ea mash 201. share, to be paid for on completion, com-
priests the Birmingham and Oxford, 32 miles, and the Bir-
rniegluim, Wolverhampton, and Dudley, 11 miles long.
The amount already *speeded end required to complete
the construction of these lines, is set forth in detail in the
appendix. TheesUaes when finished will join the Oxford and
Rugby line at Fenny Compton, with which they will form •
continuous In., 77 miles in length, between Oxford, Bir-
mingham, Northampton, and Dudley, and will no doubt
produce • very large amount of traffic to London and to the
South and West of England, by Oxford ;" and then
they further say, "The worked the Oxford and Birming-
ham line are iu • very advanced state, except at points
when oonsiduable saving of cost may be effected by
arrangements with other compinsies. Your committee
strongly recommend entire completion of the worka, so as
to enable the Great Weston, through the medium of these
lines, to make each arrangements with other companies
north of Dudley es may produce the greatest possible traffic
by this route. I personally wish to express no opi-
as to the policy, one way or the other;
still lam would I wish to throw any blame oft any
penes. I find you have great difficulties to en-
counter and grapple with; and if the truth must be
told, I Oink we are all of us more or less respossible for the
filing off is the dividend, which is consequent upon the
amalgamation sad extension to which I have adverted.
(Hear, hear.) That being se, the questions we have to con-
sider an what should be your future policy with reference to
this railway ; tad are these difilenlsies likely to be perma-
nent or temporary ? I have the authority of your board for
saying, whatever may have been the policy pursued in the
put, and the connquencies resulting from itobat in future
you shall make the most of your existing engagements, and
your present lines; secondly, to extend them is no
direction whatever; thirdly, to prevent the evasion
of that last resolution, not to lease, not to amal-
gamate with, and not to work any other lion,
if by such Waging, amalgamation, or working, you ismer
am immediate lose for the sake of any prospective gain.
(Hear.) To these three rules or principles of conduct
I which venture to submit for your consideration, I will
add a fourth, which requires some guard perhaps at the
present moment, that you should vigilantly watch and
cheek expenditure, taking cars at the same time that you
do not interfere with or diminish the proper development
of your tragic by what may turn oat to be • false economy.
These an the principles upon which your board have
authorised me to say they hand to act; indeed, I know
that those seethe principles upon which they have desired
to act hoes I hays been • member of the board. (Hear,
hear.) Still yea may fairly ask me, if the traffic has been
so stagnant, and if the extension of our line and the amalga-
mation of others brought us down to a dividend of 2 per
sent., what hopes can you hold out to us of better prospect'
in future ? Yon will forgive me if Ido not new enter into
a detailed view of all the concerns of this company. If 1
am to explain these matters in such a manner that you may
be mgoodjudges of them es the directors themselves, I must
ask you to give roe st least some six weeks to look iota the
state cf your affairs. For, on the one hand, I should not
wish to excite undue hopes, and on the other I should be
much to bleats if I said anything to encourage despondesey.
Bat I have some facts, and it is with Mach alone that I will
deal. These I think it bet right and fair to bring before the
proprietors. At the beginning of this year your receipts
were less than they had been in the corresponding weeks of
the former year. From April, however, the tide appeared
to turn fa favour of increasing traffic, and I have extracted
the receipts on year owe line and on the Shnwsbery lines
daring the six weeks of the current half-year, in
order to ampere them with the six weeks of the cor-
nspondieg half of the last year. The receipts no
the Shrewsbury lines were as follows:—For the week
ending July Bth, 1864, 3,1671., as compared with 3,992/. in
the present year; to July 16, 1854, 2,9931. against 4,1221. in
the same week in 1866; to July 22, 1864, 3,1821 easiest
4,1691. in 1866 ; to July 29, 1864, 2,9341. against 3,9931
in the same week in the present year ; to August 6, 1864,
8,2631. spinet 4,4181. in the same week this year; the din
fenced to then five weeks being as between 16,6911. in
1864 and 20,6971. in 1856; and the returns of the last week,
which have jest been handed to me, exhibit aa increase or
9381. ever the corresponding week of the lest year. Yoe
have therefore an increase in your receipts of 1,0001. a
week. There may be a corresponding expenditure to that
extear, yet you may rely on a great portion of it as being
sett revenue, and it the traffic goes on through the half
you es it has commenced I think you may conclude that
you have seen the wont of your Shrewsbury lines,
and may look forward to a considerable improvement.
(Hear, bear.) 1 now take up the Gnat Western proper,
and will give yeas statement of poor receipts for the same
weeks of 1855 as compared with 1854. In 1854, 23,7921. ;
1866, 26,0601. ; 1864, 26,1261. ; 1865, 26,8681. ; 1854,
24.0981. ; 1855, 27,6731. ; 18.54, 24,8001. ; 1856, 27,6771. ;
1864, 29,9331. ; 1866, 30,4261. ; making an increase g-
log 2,8001. a week since 30th Jane, 1864. (Hear, hear.)
The inference to be drawn from these facts 1., I think,
that supposing all other liabilities at an end, you ban seen
the worst as regards traffic, and any look forward to • pro-
treasive development of it, and en increase in your reesip a.
We have much more ground for hope, therefore, then for
alarm and despondency. He had now placed before the
proprietors the materials which would enable them to
as to their fatten proposes as voiles he could himself. He
would not mpg= lay OMMIlpf opinion as to thus prospects
than he had deem beemsee be was most anxious to avoid
holding oat any prediction which events might not full)
justify. (Hear, bear.)
The SICILITART them read the report, all the leading fea-
tures of which are eentained in the chairman's speech.
After some discussion, the resolution adopting the report,
and another confirming the dividend of ose per cent. for
the half-year, to be payable on end after the Ist of Sep
Prober next, was agreed to.
A vote acknowledging the Devices .f the late chaining,
Charles Russell, Esq., was next passed, and the usual can-
pliant having been paid to the president of the day, the
meeting separated.

THE PRESENT NEWSPAPER

day Wt week we ret•ived • packet from the post-office
charged one 'billing and Bespatter. On the outside was an
unmet from an act of par:iament, informing us that if we
did not take up the parcel we should he sued by the Post-
dates, and be subject to all the penalties and all the pains
that were intended hunch creatures as the fir-fazed Joseph
Ady, who was always contributing information for other
people's advantage. We paid for the parcel, sad on oreniog
it we found that it contained two newspapers. One of that
was a paper which we bad sent to London, and h.d omitted
to place on it a stamp. That wee an accidental omission, and
we paid one penny, and thought no more of the muter
But the other was one of half a gross of pipers that had been
sent to a gentleman in London, who had posted it to •
Londcn friend without putting on it a stamp, and because
his London friend lived in London, and the paper was posted
in London, the Postmaster-General, or his deputy, clapped
I a charge of one shilling and (outputs upon it, and sent the
papers down to us, with the legal threat of compulsion, by
which be got the money. This is • novelty in post. office
tactics that we do not quite understand, and we have
written to the Secretary of the Poet office for an esplana
tion, or, what is better, for the return of our money, and
we wish we may get it.—Plysnouth Journal.
THE YEAR OF PLENTY.—Eighteen Hundred and
Fifty•five will be entitled to golden remembrances in our
national chronology, as the year of plenty. Never were
the labours of the husbandman rewarded with such shun.
dant crops, end, coming after a lassos, if not of famine, at
least of pinching erica. the rich abundance of our fields,
orchards, and gardens, and the prevailing healthiness of the
country over its vast extent, affcrd as sufficient curse for'
gratitude and joyous feelings. Prom all parts of the country
comes the same unvarying and cheering cry of abundance.
There never was such a golden h t before. All our
great staples yield more than an average h t, and the
lesser crop*, the fruit, and small vegetables, which are not
taken into the account of commercial economists. We have
accumulated a great heap of harvest statistics during Os
put week—some of them in the shape of private letters
from various parts of the country, and some of them ea•
trees from our coatemporerin' reports—intending to make

• synopsis of them, bet they are too numerous, and their
unvarying tenor deprives them of intereet. They all tell
the same story of glorious weather, abundant h , bril
Haut prcspecte, and rejoicing farmers. And, on the back of
these comforting reports the intelligeue• from Swore of
abundant crops there is most encouraging. The coming
year must inevitably be one of cheap breadstuff., sad, ..cen-
stquently cheap living; but there is no danger of the
fernier Dot being abundantly rewarded for highboy's. Prices
mot rule aura lower the. they bon dose for the past two
yam, but they will be high enough to afford a reataaerative
pelt to the sdritoalturiet.--Nere NIA Timm.