The Express.
London, England, 1852-08-05 00:00:00

RAILWAY MEETINGS.

OXFORD, WORCESTER, AND WOLVER-
HAMPTON.

The ortlioary half yearly meeting of this company
was h,ld irstrrdsy at the limadon Tavern, Mr. ORAZa•
1110./IL, la the absence of Captain Mushout, M.t'., the
chairmen, presiding.
The repot, of which the following u an abstract, was
taken a testi.

The company's expenditure roc the peat half-year has
Pea at the rate of 60,0001, per mouth, and that for the ma-
iming half sear will be at the rate of 76,0001. per month, in
eono-quence of the approaching completion of the works.
2,189 forfeited shares will be sold in the neat half-year, and
the proceeds from this, from the calls on the peek-
resin shares, and, from debentures, will provide sufficient
fund. to complete the railway from Wolvereot to Show-
bill. The report dwells on the importance of effecting an 1
independent communication with London, as was pro-
pose. d by the Oxford and Drentford scheme, sad
to the derision of the Vice-Chancellor in favour
of the power of this company to lay down the ,
narrow gauge throughout the whole lino which it II the in- 1
tention of the directors to propose to do. Referring to the ,
fate of the Oxford and Bri nttord scheme, the report. es.
prm es the opinion of the directors, "That the true into- I
not 0, the c moan, requires that the system of railways I
of this company should he independent of any other system, 1
thonah w aki el it may be, and your director. trust will I
Mia ecoordper with all neighbouring immerses. They
think that for this purpose free sieves to Loudon is urea- i
hal. They fs-ti also that if the proprietors will assist in i
forming a separate end distinct company, though under ass- i
rangessenta with this, a subscription contract may at the i
prevent time be obtained, which shall be in accordance with
the intention of parliament, and they entertain no doubt i
that in such case the line will be granted." By the adop- i
ties of Vas recommendation it cannot again be said that 1
the company ask a boon of parliament without really in- I
tending to carry nut the request when granted; and inasmuch
as the. Oxford, Worcester, and Wolverhampton line will he •
all hut completed this year, it cannot again be said that the
application is premature they who strongly advice the
propriety of assisting in the formation of a company for
making a line of railway from the line of this company to
Ch. itallh3o. The necessity of that hue has been admitted
by parliament. The effect of its construction would be to
Porten the distance between London and Cheltenham be-
tween 25 and 30 miles, and between London noel Glouces-
ter about 15 miles. They also recommeaded the same course
with relyeet to a railway from Worcester to Hereford. In
the prosecution of these measures your ditecton entertain
a we I-founded opinion that they will not have again to
meet the united opposition of both the London and North ,
Western and Great Western Companies. The report of
Mr. Yowler, the new engineer, eke Brunel, resigned, states i
that the whole lice between Tipton and Wolvemot, about ,
90 miles, may be opened in November. The alerice.sheet •
shows the tot it expenditure to have been 2,413,5661 is Bd.;
and the receipts, 2,410,0511. 15s. 71, leaving 26,483/. in
hand.
The CHAIRMAN thought it would be an unnecessary
was r of time to go into any lengthened explanation of the
affairs of toe company, the who:c details being so fully
given in the report which had been already circulated
am mg+, the proprietors. lle would merely observe that
the directors bad had much difficulty in obtaining possession
Cl the land taken for their line. Everything had been
done to thwart them, but this was no more than all rail- •
way companies (which seemed to be thought tit objects fur
public plunder) had experienced, and, therefore, was
air subject fur special complaint. They were, however,
new pro.veding as satisfactorily and as economically as
they could expect. As they would have gathered from the
report, this company were not in those relations of cordial ,
gluon with the Oreat Western that might be wished, and i
it was impossible, while the Oreat Western continued to
evince their hostility to every proposition conclusive to the
interest of the Oxford and Wolverhampton proprietom-- •
(opposing it by their directors at the Oxford and Wolver-
hampton board in every way after being beaten on division
alter dmision)—that cordial alliance could exist. (Hear.)
Since the opening of the lip between Evesham and Stour-
bridge the traffic and receipts had far exceeded any expire-
tAtions he had termed, though be lived upon the spot. And
when he told them that they already carried between 60
sad totems of weekly between the two points,
sad that the a mo& le between 6001. and 7001. a
week, besides what alas hes the Midland line, they would
be enabled to hem mime *poem 44 what would be the
extent of the maths who theommesisation was completed.
With regard to the general meempenent, the directors had
formed themselves into sperms esomitesee. each under
tqlose
taking a certain department of the by which means ,
it was found that they mold pet more work and ,
do it more effectually than by lall everythingto ,
the full board. To the labours of one of committees i
—the name,: committee—in especial, the board were deeply I
iadeb.ed. The payments of the company were necessarily I
large, to enable them to carry on the extensive works in ,
which they were engaged, bat the finance conamitteealways ,
managed to find the needful ; and their ability, ingenuity.
and, above all, their credit in the money market, were of
the greatest advantage to the company. The Stratford and
Moreton Railway, of which there was a separate report,
was proceeding satisfactorily, and promised to become a
great source of traffic. The accounts showed a profit on
the Stusrbridge Enemies Canal at the rate of 7 per cent.;
and in the next half-yearattilembt It would increase further.
The directors were still impremeil with the advantages of
iodepessiesse, and had every emillesee that they would be
able se nuns with sommis me is isispeothst line. They
had meat' 6MMe eessig to them le endeavour to 'ego-
tists for teethe' and, whom ems all the way, he had no
doubt that the Oaford. Weemeler, and Wolverhampton
would be not the least, ba peebably No. I, on the list of
profitable railway ineellMente. The report explained the
mamas why, ta the minim lit the directors, they
had failed I. their bill ter the extant,. of
their lip from Oohed to Brentford, end the polity ,
which wee recommemiedl fee the promotion of that
measure M a (store meth& With repot he the Chethehest ,
breach, it would be esisobtodly of very post tomb le ,
the company, and some* they mom base it. Imam& •
lion he moved the adopties of the repot.
Mr. THOMAS, a direst.,, and a member of the Finance
Committee, expressed regret that the seSlillats were not
signed by. the auditors in the meet ww. and •Waimit the
reason, viz. that very large ems had Wm paid(., had. fier
which the formal vouchers bed so yet been reesived i aml ,
that in the absence of ma onehen the mullion very pre-
perly refused to sign the assenats. Large sums had bees
received on the preemiee capital, any on new debentures,
and &considerable numbest of the eid debentures bed bees
paid off. The directose he& ethos tithe NSW of
the money market to ream frit Wont& A
yeer •ere their d•a•Vllly., Omsk bearing 6 per
cent., were at • 0111111611•0111 diMilliiii la the mar-
ket ; but these reseed, kossil, them h basin a
lower interest, bed bees Maly tendon& at a per
of 5 per east. The Mal esemeg of debeseeree
now outstanding was 461,111 k, mil the average in-
terest 4) per cent., but as they mould be gambled to Pee
°there at • still further redeem( = the I r cent. de-
bentures fell in,he believe" they in reducing
the interest on all their prehresse opilml, Including shoo
and deheatures, to an avenge il per OM. The payments
for works during the half-year bed bees very large, and if
they proceeded at the same rate time we se dodo of the
works being completed within the time moiled. With
regard to the forfeited shares there lad bees gemisselesil-
lop at the last meeting teat thee druid set be dealt with
without some intimation Pisg preolleudy edam to the pro-
prMtors. Such, however, wee dile impseemeed is the
company's stock that every mouth Mogi* thus shoo
nearer to per. The directors, of Penes peewees& the pewee
to dupes of the forfeited AMC me they mg* deem top►
dom, but adhering he the goilemiesiing they Enke&
to ezereise that power with the someenewee of the
proprietors and to dispose of them whoa most soave.
silent, and when they could be made most available
fee the purpose of carrytaalimaythe weeks. At the t
moment they were ob mart
_hem their at
wee per cost., and while aeon omelette le de se they
esuoidered they were deaths mere for the bowie of the
ememay than by imam prehresee Moss et ithogoses at
four per cent. At the ogee thee they required seek Ns-
tsel over the shares is gesetlea as would enable them to be
tensed es the beet easuee. They had the ways and MlSSimi
to meet all empepuseste. (Hear, hear.) The memt re-
quired to eemplete the whole of the verbs, bdulles the
parches, of lead, we 674,000 f., to meet "Mit he eetimiee
they had available capital, peanut and thite% of lames
740,0001. and 750,0001., which was tar as SIM coolest
to preside foe all that was necessary to mesthe while 011ie
lime, mad her working it in the way the abeam meow
stud : that we to mods a emanations We la IMSOlldia
with the Great Western broad gauge, and a line of rails en
the narrow gauge to connect with the narrow gauge lion
aim. With reend to the traffic, though young, it was
very satiefeetery, sad be should sot be surprised
if, when this hoe was completed, the tragic averaged
3,0004 or 4,0001. a week. With respect to the_plky so-
commended by the directors, constructed as the beard wee
—partly of Great Western directors—it was weals he ex-
pected that the report had met with unanimous
The Great Western directors would have prolamin=
report as now presented be smadvei, sod that it be whited
hack with an outmode's to wipes esteem reeemmandirso
conciliatory measures with the Greet Writers Cempeay,
and the opening of negotiations for that purpose. Hut
after what had taken place it wee impossible for the board
to contemplate any proffer or communication with the Greet
Western. It was true, the Great Western directors smelted
that they had never any other than friendly feelings to-
wards this company, and that the Chancery proceeding.
were merely instituted to keep the Oxford, Worcester, awl
Wolverhampton Company to their duty. But it would
have been mare gracious V before those proceedings ha
hero taken, the Great Western directors in the Oahe&
and Wolverhampton bawd bad esemennicsted to their eel.
leagues what was intended, instead of leaving them to re-
ceive the first Ukase/east it hem the proems mewed epos
Win at their owe Mmes. And the het bill they lid we
to prevent this agendeg their line, se dog all the
capital expended he derimust, to serve Os im-
mense of the OrestWeseesehempsoy. He fully ooseersed in
the desirability or presemlim with the bill of last citer
completing the esienewhades hos Oxford to
The chimaera had spokes of the advantages of Imilepere:
deuce. Heesold my raese—tior bed est ought alffemeel :
they had be the meght who by he* {ho aulionioo•
Even now the Omet Wishes Comm wee snide( them
is as indbreet way ; but they mom asyeeft=uts
that this empeay wadi ip to them. The
sot Imitate le pto thus Uan peed geoid wrath but the
Ono Waters bel pemisiod los Abeam goy
teethe sneemmeMs with the odsed god Weivethemphs
by mein a hoe meellei with ilitO mil there we so
ethm they mil melte am. wept Wm the Oahe& god
Welvalimplue boo or 'Wog alai peemeepe whisk the