The Express.
London, England, 1863-08-22 00:00:00

RAILWAY INTELLIGENCE.

DUBLIN AND MEATH.

The tenth ordinary meeting of this company was
held ou Thursday
Y.P. Trim. The chair was taken by Sir
JOSEPH PAXTON, 1 . .

Mr. BROUGHTON, general manager to the company, read
the reports of the directors, which stated that the comple I
tion of the branch from Kilmemen to Atbboy had envier d
attention since the last meeting. The new cost actor, Mr.
Killeen, who only entered upon has contract at she be-
ginning of April, had canted on the works with so much
energy that there is so reason to doubt the branch will be !
completed in the month of October. The rolling stock is in
• satisfactory state, and arrangements have been
entered into for erecting workshops at Enliven°,
where the necessary repairs will in future be
attended to. In reference to the main line, the differences
with the Drogheda Railway Company have been adjusted I
since the let May last, and the traffic for the subsequent
nine weeks to the end of June has produced 1,51 W., or an
average of 71. 6.. per mile per week. This receipt, how-
ever, in the opiciou of the directors, very inadequately re-
presents the income which may be confidently expected ;
and as moon as the entire line is complete they believe that
a mach higher average will be speedily attained. The di-
rectors thought it necemary to resist a claim made against
the company in referents to tbe burning of a haggard and
hayrick sear Navan, and a'though • verdict bee been
passed against the company for 1501., it is believed that the
defence raised by the company, on the ground of the
abloom of negligence, will be ultimately sustained upon
appeal to the Court of Exchequer. Overtures had be=
received from parties who are desirous to carry out the ex-
tension of the line northwards. It will be the interest of
this company so aid every such movement, bat it te not the
intention of the directors to initiate any snob extension
unless compelled thereto in self-defence. Couacquent upon
the settlement with the late contractors shares to the
amount of 9.6.101. have been cancelled, sod the a pi is
at present reduced to that extent. So soon as the branch
is completed the exact cost of the undertaking can be
ascertained, and application will be made to par-
liament next session for such further capital as
may be necessary. The directors have every coo•
fidence that the undertaking will fulfil the highly (evolv-
able anticipations entertained of it ; bat the final coat
of the line, upon which those anticipations are based, will
depend upon the support they receive from the proprietors
in doilies with the unusual' shares. The meeting will be
made special to enable the shareholders to convert, if they
please, into preference shares the 21,650 L of ordinary slats
which were created in August last, but which have net bean
taken up by the proprietors.
The enamel( said the account& explained the position
of the company up to the present time. In moving the adop-
tion of the report. and the accounts be would make • few dr
serrations, which had arisen from the cimmustanoes of the
half-year. When they last met they were at deadly war—
though not on their part—with the bombed& Railway Com-
pany. A very serious aggression had certainly been made
iii
their traffic. Since then he was happy to say that they
bad come to terms not to fight. It was true that they were
not io what he should consider the meet favourable position
with Nerd to that company, because until both companies
worked in a more amicable manner than they did at pre.
I sent he did not think they could be said to be in substan-
, tially friendly relations with each other. On the other
band be was bound to say that their connection with the
Midland Great Western Company was all that they could
desire. That company had met them in the most friendly
and liberal spirit, and the two companies were working
together in the most harmonious manner. It was for the
bittern of both companies that this should be so; and he
hoped that they would continue in thane favourable
relations. With regard to the traffic, although it
was week by week looking a little more favour-
able than before, still they moat remember that
this was the bad hall-year for most railways,
and particularly so for that railway, which depended very
much upon the carriage of fat cattle to Dublin from that
district, the gust produce of which was in fact fat cattle.
Up to that time very little had been carried ; bat they were
just commencing it now and for many woad), to come
there would be • very huge traffic over the line in cattle ;
and he baa no doubt that when they met &gabs, in the next
Milieu, the shareholders would see their weekly receipts
very much increased. There was hardly any coal traffic
on the line at present : in fact, although finished and in
good order, it would still require a considerable time,
as all railways did, for the full development of its traffic.
He might mention that although the accounts showed
very fairly with regard to the working expenses, there
was an item of nearly 4001. for the carnage of oon-
buten' materials which they had not given themselves the
benefit of ; and supposing they had done so, this item would
have given the accounts a somewhat better•ppesraaca. In
to when their arrangements should be complete,
everything would be in Its proper place in the accounts.
With regard to the meeting of that day, he thousht the
directors might take some little credit in having, since the
last meeting, been enabled to come up, very nearly, to that
town and important district in • railway carriage. At
the meeting in February last they stated that they believed
they would be able to let the remaining portion of the line
upon favourable conditions ; and he was glad to tell them
now that they had done so, and let it on more favourable
terms even than they stated they thought they should do,
and that the amount he stated on the last cxasion would
nearly cover all the additional outlay for stations and other
mitten. The contractor had carried oat his work most
energetically. He had had a very fine senor —a finer one
perhaps had never occurred in the country for railway
work ; and the programa the line was sow very satisfactory
indeed. About a year ego, he (the chairman) came to look at
Trim and Athboy, and at the vertigo of the works, and in
fact to see whether in their thee pecuniary position it were
pomible to raise none) to come up to that district at all. or
whether it would not be safer and more prudent, seeing that
they had to raise money at • very considerable cost, to sue
peed, at all events for some considerable time, the making
of this branch. But the moment be saw the district, both
there and at Athboy, and saw also the large smonot of
railway work that had been finished, he became thoroughly
convia.,ed that this was one of the redeeming points of the
lice, and that the finlahisg of it—if they could finish it at •
moderate cost—would loosen the average of the coat of the
remainder of the works, and that the additional mileage
would be upon the very beet portion of the railway in its
regret position. He continued to believe that now. As
far ea the directors had any information upon the subject,
they believed that when the lice should be open to Athboy
there would be • very considerable addition of traffic over
the whole of it. They would remember that on the
last occasion he solicited—in fact, he almost im-
plored the shareholders to give some assistance, is
order to carry out this work, which would be of
very great advantage to them. He regretted to say
that they had not responded to that appeal In the manner
that the directors hoped for; and, oomposatly, the
directors were obliged to mike money at a price which
would make the finishing of the line more costly them it
would have been if they could have gone with money in
their bands for everything they requinxl. Still they saw
their way to finishing the line, end they would finish it ;
sod then he should my that some other companies would see
the admirable position in which they stood is relation to the
middle distekt of the North of Inland, and that they might
reasonably expect—indeed there was • certainty—:hat at leo
distort period the railway would be eoetinaed from Navan or
somewhere thereabouts or sue from the southerly end of the
line at Athboy, so as to join some other district; and whenever
that should occur he had no hesitation in saying that thc ire
would be as good • property as any in that country, or in any
other. Ire the meantime, so they were having to raise so mach
mousy at high rates of interest, that railway was oosting
more per mile than he should have liked to see : still, alter
they had spent so much upon it, it would have bees vary
unwise indeed not to complete it, and put it in a condition
for that future development which was certain one day or
other to occur to it. He had great satisfaction in mention-
ing that the Liffey Branch, connecting the Midland Oren
Worthen line with the docks, would be opened in a month,
or at the most six weeks, from that time; and their
cattle, goods, or anything else intended to be shipped,
could be taken without interruption by rail down to the
ships themselves. That, be did not hesitate to say,
would develop a new sort of traffic to England—namely,
the lean cattle traffic. At present they did not carry
one animal, scarcely, of that kind. Their neighbours, the
Drogheda Company, had facilities for doing that trade, and
they had no mesas of competing with them ; but when the
Liffey Branch should be opened they would be iu &condition
to do it better than the Drogheda Cornpany—and before
that day twelve months there would be a considerable
amount of that sort of traffic added to their receipts. The
chairman concluded by moving the resolution.
Mr. It. S. WRIGHT seconded the motion, which was car-
ried unanimously.
The meeting was then made special for the purpose of
a:tubing • preference dividend to the ordinary shares rept*.
noting 21,1;01., created at the meeting of the company
held on the 20th of August, 1862, and not yet issued.
The CHAIRMAK said the act the meeting were now called
on to do was for the purpose of raising capita to finish their
works. If the shareholders had come for ward, as be hoped
they would have dime, it would pollees been necessary to do
so much of this. The chairman then submitted a aeries of
resolutions creating the preference thane, which were agreed
to seriatim. . .

Lord Du:maxi: asked were the dinietora empowered to dis-
pose of the about to be created below par ?
The CMAIRILIN—They are empowered to dispose of them
to the best advantage.
Mr. ALLEY inquired whether the railway would be run
into Trim? . . .

The Ciwomas said it would, cod that they would open it
directly. They would be able tomcod their cattle through to
Liverpool when the Liffey Branch of the Slidlitud Great
Western Railway was °posed.
Lord DUNbAlti moved a vote of thanks to the directors
and &mimeo of the company, which was seconded by the
Rev. Mr. NOBLE., sod carried.
The proceedings then terminated.