The Express.
London, England, 1852-02-21 00:00:00

RAILWAY MEETINGS.

LONDON AND NORTH-WESTERN
RAILWAY.

Yesterday the half-yearly general meeting of this
emapany was held at the Euston Station, and warn very
numerously attended. The chairman of the board of dine.
tors, G. C. OLTN, Esq., M.P., presided.
The advertisement convening the meeting having been
read, and the minutes of the last half-yearly meeting con-
firmed,
The CHAIRMAN sold the traffic derived from the
Great Exhibition has realised, you will perceive, our fullest
expectations; and I am happy to be able to state that
the apprehension I entertained and expressed on a former
occasion, namely, that the effect of the Exhibition traffic
would probably lead to a collapse in the other portions of
our traffic, has not been realised. (Hew, hear.) You will
see that there has been an increase in the item of expendi-
ture; but, in every instance, that has arisen from the ne-
cessity of providing for the large traffic of the Exhibition,
with tho exception of that arising from the maintenance of
way, and this, in consequence of the repairs done to stn-
tions, is made a charge against revenue, which you must
expect from time to time to he called upon to defray. (Bear )
The increase of expense in locomotive power for the past
year over the previous half-year is 20,1001. ; in the coaching
department it is 10.0001. ; and upon the merchandise 9,500/.
These accounts, gentlemen, I am happy to announce to you,
enable us to propose an increase of your dividend for
this half year ; and should we be so fortunate as to be able
to continue that increase for another half year, I am anxious
that you should rather receive it in the shape of a bonus
and not conceive that it is in our power at present to keep
up the dividend permanently at six per cent. I hope you
will view the increase as large proprietors in the city some-
times do, in the light of • bonus, though we Lave not done
that this half year in consequence of the large extent of
clerical labour that would be the result of the adoption of
such acoarse. You will recollect we always held out that
something like Si per cent. would be our permanent divi-
dend. You are not to suppose, then, that if we continue
the six per cent. this half year, and perhaps next half
year—and if then we go back to our former rate,
that that should be considered like a breaking
down of our eividend. (Hear.) I think Im iy con-
gratulate you generally on the position of the company.
There has been an increase of traffic in every branch, and
I must say that the ratio of that increase looks as if it would
he likely to compensate us for the effects of competition.
We have increased that description of traffic which is
usually attended with remarkable results to the people of
this country. We have encouraged the coal traffic to a Tory
considerable extent, and the saving effected to individuals
on that account has really been extraordinary. Again, I
am happy to think that the agricultural part of the popula-
tion are now beginning to appreciate the value of railways
to a greater extent than ever they did before. They are
beginning to find out and acknowledge new, that now
not only an additional saving of money can be effected,
but that great social comforts and facilities can be
afforded by the advantage, conferred by railway communi-
' cation. I am quite certain of this—that I never ad-
dressed you at a time when, upon the .whole, I was
more confident of your position stud prospects than I am at
the present moment. (Cheers.) Your property is as
sound, and it is as gradually developing itself as any rea-
sonable man had a right to expect, and it is better than I
at one period anticipated it would have been. But, in
spite of those who say that I am too much disposed to act
the part of a wet blanket—(laughter)—there must be a
little reverse. If left alone we are as prosperous an under-
taking as any in the kingdom. (" Hear, hear," and ap-
plause.) It is not the disposition of my mind to act the
part of • wet blanket,—on the contrary, I am rather san-
guine than otherwise ; but I thick it right to state to you
the facts which press upon my attention. Let
me refer, then, to our internal, as well as ex-
ternal operations; and when I tell you that the
notices this year comprise forty-two projects to be
introduced into parliament, which directly or indirectly
affect us, you will see that however prosperous we may be
externally, yet internally we must endeavour to watch our
interests. (Hear, hear.) Some of these projects have died
of the course of nature. Others, lam sorry to say, are
going on ; and the vexation, and trouble, and cost, of oppos-
ing and watching them are, I assure you, considerable.
Your legal expenses, you will see from the accounts, are in-
creasing, and the reason why I do not hold out to you the
slightest idea of decreasing them at present is this—because
they are now all charged against revenue. If you
will only compel that, perhaps, is the proper word
to use —if you will only compel other companies
to put their legal expenses against revenue, and not
against capital—(hear, hear)—we might have a chance of
mitigating the evil ; but as long as we have these parlia-
mentary contests to fight on the present footing, these ex-
penses cannot be decreased. We have not only the trouble
and cost of watching and opposing these projects, but wo
have the apprehension likewise that in such a variety of
measures something may creep through that will be detri-
mental to your interests and the interests of railways.
What we want is some general principle in carrying these
projects through parliament; for I believe the parlia-
mentary committee, act their part fairly and honourably,
and do their duty ; but they complain that they have no
general principles by whickto be guided, and, therefore, by
means of conflicting evidence and the professions of counsel,
they are led to arrive at decisions which must be
in many eases detrimental to the general body of the railway
interest. I am happy to state that since our last meeting—in
ooeiewinity with what I think I mentioned at the time—
' namely, teat our dispute with the Greet Northern should
be settled by a proper referee, although the question did
not take the shape we wished, and although it was limited,
as we conceived so as to impair its utility, nevertheless
the Great Northern and ourselves agreed to refer to
Mr. Gladstone—a most competent authority—a question at
issue between us with reference to a limited district of
country. His award has been given ; it is waiting its final
legal shape ; and then it will be acted upon. Since that
period a communication has been re-opened between the
two companies, which leads me to hope that • more exten-
sive arrangement, though not, perhaps, of quite to perms-
seat a character as the last, may be effected between us.
Therefore, so far as the Great Northern Company is con-
earned, we may look forward to a chance of the contest,
hew continued for months with severity, being abated.
(Heer.) I abstain from the question relative to the Shrews-
bury and Birmingham. It is so complicated that I will not
attempt to unravel it. I believe it must be settled by the
courts of law ; at all events the position of the pronneters
of both companies with the directors is such that I think it
cannot be decided without the courts of law. With regard
to the Great Western, we are in the same position as when
last we met, except that upon one point of common interest
we are uniting with them to effect an object which will be
mutually beneficial to us both. With regard to any com-
ment on our relation with them, I propose at this moment
to abstain from any remark. But, gentlemen, I cannot
quite quit that subject without referring to a paper which
has had extensive circulation, and which is dated " Man-
chester, Dec., 1851," and signed " One of Yourselves." It
Is in the form of an anonymous letter, but has the names of
some most highly influential proprietors affixed to it. It
purports to be addressed to the directors of both our com-
panies; it is signed by 1,100 joint proprietors; and holding
as they do that position, I cannot pass it over without
notice. lam not aware whether it is your intention to
take action on it at this meeting.
Here two Proprietors in the body of the meeting declared,
that although their signatures were affixed to it, they had
not signed it themselves, nor authorised any person to sign
it on their behalf.
The CHAlRMANcontinued—Geatlemen, this letter was
sent to me, and I am not responsible for any act connected
with it. It was sent with the intention doubtless
of producing on the minds of your executive a certain
effect. I asked whether any proprietor was about to take
action on it, and, if there be not, let me point out to you
that it would involve the directors in a false position with
, the majority of their shareholders. It is all very well for
them having an interest in the Great Western and North
Western that one pocket should take the receipts obtained
by the other; but those who have an interest in this com-
pany, and who compose • very large majority, reckon
smog them mans who have held from the first, and held
largely. It is quite clear that they would
be inehnei to ea upon the executive if any false step
were made ; and why should wo not take care of those
who hold that particular interest in the London and
North Western Company? (Hear, hear.) Gentlemen, this
would have been a meet valuable letter, and one to which
your directors would have afforded every attention, if, in-
steadof using strong language towards the Great Western
Company and ourselves, it had laid down any sound and
general principles on which aunion, or rather the cessation
of hostile feeling between us was to take place, but when it
merely calls on us to suspend our quarrels, that money may
not he wasted upon lawyers—(and wo are quite anxious it
should not be so wasted)—l ask, do you want us to lay
down our arms and surrender? Because, whether you
look to the east or the west at the policy of the Great Wes-
tern or the Great Northern, this must be borne
in mind,—that it is from your traffic and receipts
both those companies are now trying to derive an advan-
tage—(bear, hear); and, therefore, unless you order us to
lay down our arms—unless you lay down some principles of
action—l do not sec how it is possible for us to
take any different course from that we have taken.
There is only one other point to which I wish to refer, foe
it may remove an impression as to the extent of the conse-
quences of the accident at 13iccster. There is • paragraph
iu the papers of this morning, stating that we shall have to
pay 30,0001. for the accident there ; but I am happy to say
in reply, that nearly evety case is settled, and that the total
sum paid in compensation only amounts to 6,0.521. (Hear,
hear.)
Mr. BOOTH, one of time general secretaries, read the report
of the directors, as follows :
" The traffic of the past half-year hns realised the expec-
tation of your directors, as recorded in their report pre-
sented en the 21st February, IS.II ; the earnings exceed
these of the corresponding period of 1850 by 213,2.41 as
follows :
Passengers, parcels, & 1850. 1851. Increase.
mails £729,546 911,518 212,002
Merchandise, &e 477,743 478,995 1,252

2,286

£1,207,289 1,420,543 213,254

Working expenses.... 1390,362 450,002 69,640
" The merchandise returns show only a slight improve-
ment ; yet the actual traffic hos been much Luger. From
motives of prudential policy in come cases, and front the
somewhat reekleav competition tamed on against the
pony in other., the rites of freight have in name ' --FANO' I ,11.-
stances been materially reduced; 89,0011 tons of m .- "tr77,'"'
dim., and nearly the same weight of coal, have ,
.1 /
eeyed, beyond that of the corresponding period. '
.:,,F
....a..,L,
copts arc now again increasing under the red ~..'; •an,', •
IRA, A ii •
two ..,tid,,,,t ....,
•- , ,
•.....
t .....,r
sisittunrif

Them emery illtlmeommaln to oeselple le,
eve of ream sad Uwe $ll7 Noir* MIA 1.
1860 ; sad, iallweim of them home, 11.110 ogle* 16.61.
The North and liestlaWeetora Josetioa Lbw, hemisp a
issammicia with the SoothWeetera Railway, is la warm of
ostotrasties, emit we he ready tor mi• in the autumn of the
proem* par. The New 'V Railway wee oempleted
nth
sadertired he opiates em the ey
ist December hot, bat
owing to the seam Pima by the Shrewsbury and Bir-
innOwes Company, la artesepthig forcibly to *unties an
8140 140 he Ine the likeagriair
ctemosettswen coaditionally,
ppwwasd. the Uwe aft wter Trade de.W&tt
ea the pound et pot& waft"e to prohibit the °petting •
he bar, sod Wolverhampton district woe
Sous depriv of the Stour Valley Rail-
way, to Me irmye rem of this company, the imam of the
Has. The wrowL., awl Birmingham Company,. how-
ever, haves within the het wdays, intimated theirldea-
lism to appeal to the paper tribunal, in the manner
sompolod by this sempairy, prior to the proposed opening
ell the let December, asilertaking. in the meantime, to
alstals from any further attempt forcibly to use the rail-
way; there is every prospect, therefore, of its being shortly
to the public. Since the lest general meeting your
re have been in friendly negotiation with the direc-
tors of the North Staffordshire Company, and concurring
la the opinion expressed by them in their last report to
Heir proprietors that the accommodation of the public
and the interests of the shareholders of both con-
cerns would be best promoted by their being worked
in union, your directors were willing to concede to
that company terms highly &venerable, whether as
cumpared with the present earnings of the line, or with
its pnepacts, if placed in acetate of hostility to this company.
Simultaneously with the negotiations referred to, the direc-
tors of the North Staffordshire Company introduced iota
parliament, and milieu. to prosecute, three measures
affecting this company, via. :—A bill to authorise the union
of.the North Staffordshire with the London and North
Western Company ; a bill to authorisethe construction of a
line from Culwich to Wolverhampton • a bill to authorise
the construction of a line from Sandi:each, to join the
Cheshire Junction fine sear Warringt.n. The first of these
measures being in conformity with the arrangement pro-
posed with the North Staffirdebire Company (and which
our directors Wen willing to carry out), appears unob-
jectionable; but the object of the two latter bills being in-
consistent, not only with the arrangement just referred to,
but with the spirit of the existing agreement, under which
the North Stalferdshire Company have since April,
participated largely in the profit of traffic cattiest by this
company, and being uncalled for by any public necessity,
your dirte:ors feel it their duty to oppose them.
With respect to any questions of difference under the exist-
log agreement, it is only coronary to state, that the North
Staffordshire Company appealed to the arbitrator, the Re-
corder of London, in August last, without establishing any
hround of complaint &pleat this eompsny, and that they
ave sot Wore preferred any further claim. Should they
do eo, your direciors will be quite ready to concur in an im-
mediate application to the arbitrator, and to accept and
cheerfully act upon his award. Your directors have en-
tered into an amicable agreement with the St. Helens
company, is refetence to the use of their breech line to the
docks, new bring constructed at thereto., on the Mersey,
with other important arrangements, which they hope will
be mutually advantageous. la conformity with the policy
Indicated in their last report, your directors have concluded
• working agreement with the directors of the Newport,
Abergavenny, sad Hereford Company, effecting thereby,
through the medium of the projected Worcester and Here-
ford hue, the bill for which ie now before parliament, a con-
nexion with the important te,iueral dietriet of South Wales.
The Birkenhead. Lancashire, and Cheshire Junction Com-
pany, having declined the offer of this company (made in
answer to their proposal to lease their line for 21 years at
90,6001. per annum); and the Birkenhead Company having
subsequently adopted the preliminary measures fur uniting
their interests ezeitasively with thine of the Great Western,
it became necresery to seek some other access to Birken-
head for the traffic of this company, as well as for that
brought from North Wales by the Chester and Holyhead
line, in which the London and North Western have so
large en interest ; and, accordingly, a bill has been intro-
duced into parliament, to authorise the construction of a
line from Che-ter to Birkenhead, at an estimated cost
of 580,0001. The necessity for inch an outlay of
capital is to be regretted, but it will be far less
onerous to the companies than to have acceded
to the terms required by the Birkenhead Compan.
The directors have also introduced into parliament a bill
to methane) the formation of a short link, to connect the
Buckinghamshire Railway with the Oxford, Worcester,
and Wolverhampton Railway, near Oxford. It is •
matter of regret to the board that they are unable to report
the settlement of all the points in dispute between them (is
conjunction with the Midland Company) and the Great
Northern Company. The extension of the railway system
throughout the kingdom, and consequent increase ennui-
nese of the clearing house, has rendered necessary a very
considerable enlargement of that establishment, As the
building and land are the property of this company, and
leased to the tea-tete of the associated companies, the pro-
prietors are recommended to Sanction the expenditure of •
sum not 'weeding 11,5001., for which a rent is to he al-
lowed equal to 6 per wee on the outlay.
From the etatesaast of the last half-year's accounts, it will
be seen that the set proceeds are £in,sl4 16 0
To which must he added the helmet carried

lima from leo fromat
.-----
1163,692 2 6

Loos, fort her allowance for ro-
sew.l of rails (abstract IL) £23,677 12 0
For addition to works sad

_.
stork (abstract J.) _ 17,0'22 1 10
For extra stork iS CSIUNIZiOS

__
with the Orcat Ezhibitioa
(abstract J.)
£80,599 13 10

Showing a disposable balance 0f.... £772,992 8 7
The directors recommend a dividend of 31. per tent. for the
de
mouths, amounting to 590,5181. 124. ltd., leaving a ha-
knee of 182,4761. 15e. Bd. to be carried to the neat half-
yearly account.
The CHAIRMAN. in moving that the report and state-
ment ef accounts be received, adopted, printed, an 4 circu-
lated, t sok occasion to observe that he did nut mesa to_ se
is his opening observations that hon. proprietors hideliped
the Manekeeter letter; all he meant to convey was dot
the signatures were allied.
Mr. ALSTON begged to record his uuquelified &sap-
robotic' of the hostility going on between this nenpany
gad the Great Western. He thought the following gentle-
sea, if they would undertake the task, might ter/speedily
sad amicably arrange the differenen—namely, Mg.
_Ole&
stone, Mr. Bright, Mr. Cardwell, end Mr. Sidney Norbert.
The CHAIRMAN wished that there should be se mbar
gerstandiag with regard to the policy pursued by the Leaden
sad North Western Company towards the &est Waters.
The Great Western had been mainly mils& M
first natant* in passing their bat Is
tathe iastrumentality of the Landon sad
patsy. He stated without fear of asetroillbs,
the Loudon and Birmingham Comm., bed aetmfibdad
the ass of their stations the Great Wawa mould hew
failed is parliament. But there wee min hl Main le
what had been done in past years. All sides hut made
mistakes. Proprieton had made mistakes, for had
lamed to be made which Mambas Isere neverinclined
to make. (Hear.) How did the cam stead la 1847 with
regard to the Great Western ? He held ht W Moil •
document which would serve to show the spirit Ault imileated
the Loudon and North Western at that ported of boa mei
greatly recited feeling. On Dec. 18, 1847, be ehleateal lofts
Board of 'trade a letter offering to leave the ipmeties this
fa dispute to be settled by the commissioners. He would
not refer to negotiations which had taken place since that
period. He hoped the proprietors would not consider that
injustice rained on the part of the London sad North
esters Company, or that its directory were either willing
ow envious to prolong the contest a single day. lie wished
that everything which had passed between the Great
Western and themselves were forgotten, and could secure
the meeting that if they would put matters in a train of
fair adjustment, be would bail the day with feelings of the
greatnt_ possible satisfaction. (Applause.)
Mr. LOCKE, M.P., trusted the meeting would consider
seriously whether the tribunal proposed that day was the
proper one to which to refer the matters in dispute. He
had seen gaits enough of the Board of Trade and of mem-
bers of parliament to kaow that these would constitute very
doubtful tribunals for such a purpose. He should have
much more confidence in the directors of the London and
North Western Company than is members of parliament,
sad he thought that in the hands of the farmer the entire
emotion ought to be left, and that they ought to be made
Tespcm.i (Ileac.) But he bed Men with the view
a obtaining information respecting the capital account. The
chairman had stated that in 1860 theAFtors had
fflvell the directors a reedit vote for I . and at
that time the chairman informed them that eMeidered
the minuet amount es rimed. Now, tram that paled to the
present, the company had BON 11pMEIN weary. It
sem tree that the whole of the 1,608,11 K hadiset bees ea-
Kredstill, some of the isthmian had bees sasseisti.
irmisatoo. the estimate is, Ye mar Iles awl homes'
had beta 88.00 W., and me km Om 58,1111. la oddities hod
bus laid eat epos them Se thought tbe auditors ought
to be sellrA epos he se asessat of the enemase laseems
latish hall alma pica epee that item. It was far beam,
hes him to tins, hi bees a statement of the eiONO
elberwies laid helm the proprietary, rather than ban lb,
upended first, and have nothing afterwards at
*We 1-yearir meetings but wrens/hag and jangling.
The CHAIRMAN mid the opening of the Stour Valley
boll been lase for the 15th lastaat, but it was thought the
Jowl of Trois wadi ast allow it is ha spend at that day.
Ms abseil be 'toy slot that tho Mbomou stole be settled
lby lbsiesphlsso lel,
he Wilahlart that poasible at a mem-
elms pros.* son, he MOW oat with the expression
heed hen Nat yesprlshers that
this day the details
no
worlrlsh le the binds of directors. (Rear, Mar.)
swore mos siersoil.
The ONAIJIMAN moved shot a dividend sr N. Is, every
1551asselt, tad son is =Mho. deshroll. the mos
so be melee se Ms 26th
ria.
lityr wee Men easelereoly 1111.41.1611 shahs's.
Mr. Theo hi* Mr. Wm. Borkrakm. ,and Mr. RAM
)eases, were aroelostod ; eel Mr. Wart Gill (cluing's
of the lareashire sad Yorkshis Conroy) and Mr. Miami
Oteel iron rimed disessoss.
The Choseley eel llemssehie Ahem woe rm esevertel
the web at the ; sad after the usual me sr
Nee& m
in A lir ebabotem. Weellei separated. The pro.
whelpM her hem half

Tango AND BOATS RAILW AlN—Yesterday, the
Not of oreatbstothe la this omposy, brought la bg Mr.
lisslby, the Gadd , mail Mr oollaltors, Kama Tarr
sad foam we 1 wisk balm Noma ihmery.