The Express.
London, England, 1863-02-12 00:00:00

ME EXPRESS, THURSDAY 3.'VENING, FEBRVA

RAILWAY INTELLIGENCE.

msTßorozrreN.

The ordinary half-years general meeting of PTO"
prieton was bald yesterday at tie London Tavern ; Mr. A.
A. WiLtommit is the chair.
The report of the directors, which we published some days
ago, was taken so read.
The CrisnimAx, in moving its adoption, congratulated the
meeting upon the opening of the line sad the great success
would remember that the Metro-
they had achieved. They
port. Railway was proposed originally by Mr. Burchell,
the solicitor, as an adjunct of the larger scheme of metropo-
litan railways propounded by the late Mr. Charles Pearson.
That urger scheme embraced • central terminus for all
the railways coming into London, and one of its main objects
was to afford to the labouring classes the opportunity of
living in the salubrious suburbs instead of the peat
up alleys and courts of London, by providing a cheap means
of conveyance between their homes and their work. Mr.
Pearson's scheme fall through, but Mr. Sunbelt's, which
would to a great extent carry out this latter object, had,
after much opposition, many ffifiloultice, and great delay,
succeeded. In a circular timed by the directors in 1858,
they stated that they expected to make the line for
1,300,0001., and that, when it was made, it would bring a
prat of 15 per cent. Their expenditure had been
1,400,0001., but that included carpi= land of the value of
not less than 200,0001., so that the expenditure was within
the mark calculated upon in the circular. and with regard to
the profit, he still thought that the line would pay
15 per cent. (Hear, bear.) The calculation was based
upon the supposition that the trains would run
every five minutes ; that however was not yet &coma-
pliabed, but it would be. Mr. Borchelt had estimated
that their receipts, providing the trains ran regularly at in-
tervals of five minutes, would be 4,0001. a week. They
now ran at intervals of • quarter of an hour, with certain
special trains in addition, sad the neeipte were 2,4001. a
week, and this, notwithstanding the obstacles arising from
the impossibility of impaneling the Great Western directon,
by which company the line was worked, sad their manager,
with the enormity of the traffic. (Hear, hear.) The Metro-
politan directors wanted the Great Western to put on trains
every ten minutes, bat ft was objected that that would be
unsafe, although he bad shown that it would be even safer
to run trains regularly at five minute intervals. Ultimately
the matter was compromised by an arrangement to run the
trains every quarter of an hour, with rentals additional
trains, throughout the day, and VlO result was as he bed
stated. No doubt the Greet Western Company would see
that their own interest was concerned in increment the
number of the trains, and that the original intention of the
Metropolitan directors would ere long be carried eat. He
felt that the company were node a deep debt of obligations
to the late Mr. Pearson, for obtaining for them the
00-operation of the City of London. The corporation ought
also to be grateful to that gentleman, for the Metropolitan
Railway bad largely benefited them by improving their
property and disposing of the waste ground in Farria
street, and he thought if they had, as • slight ackeow -
meat, made • grant in favour of Mr. Pearson, it you
have been well placed. (Hen,. bear. Hs had very little
doubt that eventually the return of 4,0001. a
week would be realised. They could not, however, have
the increase of trains which was n to amoinilish
that for some months to come, as it wo require some
months to provide the requisite number of new engines,
which were of a peculiar construction, but it was expected
they would be ready in July, when the trains would be
run more frequently. The takings of the Blackwell
Railway were 245/. 14s. lid, per mile per week, in-
cluding its contributions, the taking of the North London,
and its contributions were 1781. ire. Id. par mile per week,
while the gross earnings of the Metropolitan, without con-
tributiou, sod witbontgoods, already amounted to 6301. 18e.
per mile per week. Before long the Hammersmith line, the
Great Northern, and the Great Wooten would be rooming
as tributaries ; and it was to be borne in mind also that as
yet they had not touched the suburban traffic. Their
success under all circumstances, therefore, was greater
than he believed most of the shareholders had anticipated ;
but as the directors were right to the hopes they had held
out ender so much difficulty and disonurseemeat, that the
line would eventually be successfully carried out, he
hoped the meeting would give them credit for being rights
whoa they said that they were still of opinion that the line
would ultimately yield • profit of 15 per cent. (Cheers.)
Mr. PARSONS (deputy chairman) seconded tM motion.
The money actually expended upon the railway to the
31st of December was 1,250,0001.—s considerable por-
tion of which bad been laid out in the construc-
tion of works which were net at preasat remunerative.
The restrainers had been said up fortaightly or monthly as
the works wait at, and all other expenses bad bees paid
from time to time as they arose, so that the amount remain-
ing to be paid was comparatively small. They might assume
that 50,0001. beyond the 1,250,0001. would represent the
grows outlay of the present undertaking, so that the cost in
gins would sot have exceeded the 1,300,0001. Oa the
other hand, they had • cousidenble quantity of valuable
surplus laud I. their posseation, which they might safely
set down as worth nearer 200,0001. than 100,0001. As now
constructed, the lira bed con as Dearly pomible 300,0004
• mile, and the gross revenue was 33,0001. par mile. (Hear.)
• workiag expenses under the working agreement with the
Great Western were equal toth ltd. partials pee mile, while
the receipts for the three weeks ending 31s$Jaanary had been
&L per train per mile, so that their working ermines
were bow less that one-third of their gross earwigs.
(Cholera) If, therefore, they »maimed M only their present
rate of earnings, 24,0001. • week, they would have 17,0001.
• week available for dividend. (Cheers.) The 24,0001. a
week arose entirely from the local Millie between Paddragton
and Farriagdon-street. without goods, without parcels, sad
without either Great Western or Great Northern passengers.
From the Ist of May the Great Northers passengers be-
tween Loudon sod Bernet, and all stations ea this side of
Baron, would corm and go from Ferrintion-strest under a
fairly remunerative tariff which had been agreed upon;
and for the purposes of thin Great Northern traffic • sta-
tion would be provided upon the land belonging to the
Metropolitan in Parnassian-street. They hoped, also,
before long, to induce the Great Western to come to terms
for running through trains between Victoria Station, via
Paddington, to Farringdon.street. This would give them •
large augmentation of traffic. Another advantage which
they obtained from their connexion with the Great Within
was a toll if 6d. for every pameeter, without distinctioa
of class, maim between Condos and below Reading who
used anyone of the Metropolitan stations. (Hear.) Their re-
venue, therefore, must neoesmely increase largely ; and
although he did not go quite so far as the chairman in sup
posing that the line would pay • dividend of 15 per cent.,
be believed they might ultimately reach 10 per cent. They
were now spending part of the preference capital raised less
autumn in preparing for carrying out the branch to
Smithfield, which would make that capital 'emu-
emotive as soon as the works were completed,
would have eight acres of surfer* at trill-
and they might hope, by means of the statics MOM-
"iodation which would be then provided and the facilities
that branch would afford, to relieve the streets of London of.
• great deal of the presan of traffic which now weighed
upon them, and at the same time to fill the pockets of the
shareholders. It had been suggested that the Fission
extension should be kept separate, but be thought the rea-
sons for connecting it with the original scheme far over-
balanced those which were urged egotist it ; and be would
spemally draw attention to the inconvenience of having •
double -management and • divided body of shareholders for
what really was one system. (Hear, beer.) He had at
&et thought it advisable to raise the capital for asrrytsg out
the Finsbury line, viz., ,500,0001., by laming 250, of
ordinary shares, sod the balance in preference stock, aCtlte
lowest rate of interest they could place it, but it was found
on examination that the act did not recognise any such
inequality, consequently the whole would be raised I.
ordinary shares, which would be offend rateably to
the present shareholders. The Finsbury extension
would be of great importance then. The North
London was making a drop line from Hackney
by Ringsland to Finsbury. and would, when that was com-
pleted, have • railway with a elation at Finsbury almost as
good es their own. the North London was a parallel line
with the Metropolitan, but Lidos as outer circle, and to •
certain extent competed with it ; and if the letter did not
provide equal facilities, they would lime away passengers.
from the west end would sot go by • line that ter-
Wasted at Fan ingdoo-nreet whit there was another which
amid them right into the bean of the City. Alain, the
South Western Company stated in their report that whoa
the West London txtentioa was oreepisted, they would be
able to Mk* passengers from Xeusingtou te Waterton sad
they meld ultimately be in • position to cony them to
Lades-bridge and Camm.street ; but if tie MeeespeiiMa
bed • terminus rinse to Mocirgatostreet. they would draw
to them • oomiderable portico of the Kensington tragic,
which would come by way of Paddington. This exteesion,
therefore, was secomary for the proper development of their
traffic. Negotiations were in progress, bat net sufficiently
advanced for the details of the proposed arrangement to be
laid before the shareholders, for "
tag their system
with the Blesirfiriare Exteatiou of the Los, oa, Chalhasy
and Dever, whisk must ales bring a huge geese ice et

fe a 81111111:110LDII,
Mr. AMON. said they Gould divide mono thee 10 per
eent. if they earned it. The only penalty was HIM if they
paid mom they sow liable to hove their rates revised. Bet
' of that there was no danger, seeing that their rates were
new mar cistoltalf of what they might charge.
Mr. HARTIIIDOZ urged Mat they should keep the
spinal of the Pkesbury eitesdea sews** until they
sew whet the met adaally was. He moved that them
por el Papers relents/ to the Filial:airy exten-
siv went iced,re and he should Men submit a meolutiolt
to lump the capital In all impede separate, and to preventthe extension shareholders from voting at the wive aof
the Hearepolits• lies.
Mr. Hato sesivedwl the uneadment, whieh. attar On'
Sia•Mbi• MSS 110 by no overwhelming majority.
Mr. lEtoaratroa ham( demurid a ballot some 000ver-
imm emend, whim
Ht. P•unowe Metal that the eerPors,;•• of the City Ludes hod within tit het wag relied 10,000 out the
St=oy bl bibieweidel desrilmmi for.
a set after that statement pros the
aratiimoot.

Mr. Alb;say DAtnr held that the owpatatioa au pa*
toady jetalled is Naha* whew lbw wadi do ao with d-

• solAnnouoin ibe City bad made se scab
wavy by the iaveateteet which As lido Mt. PISMO

seleally forced upon them, they ought to provide for his
widow. (Hear.)
The original motion was then put and carried, as were
the necessary formal resolutions for raising the capital for
the Fiesbury extension, it being explained that the new
awes would be rateably divided amongst the prompt
shareholders at par. The proportion would be abet* Ave
Dew for every eight old shares.

The directOrs7etiring by rotation were then re-elected.
A resolution concurring in the expediency of appointing
Mr. Famous to carry out the Finsbury extension, and
preprinting 3,0001. for making such arrangements u i t
oe necessary, Will Lropraed by the CkIAIRIIAN, and c• • .
The CHAIRMAN nag expressed a hope that, seeing the
great pecuniary advantages the City bad derived from being
connected with the Metropolitan Railway, they would
do something for the widow of the late City Solicitor, who
had been the means of forming that connexion. Hs mid that
the shareholders had also derived great benefit from Mr.
Pea son's services, for but for him theorline would never have
been carried tout, and they ought to acknowledge it. He
(the chairman) proposed that they should do so by granting
an annuity to Mr. Peanoe's widow of 2501. a year. ( 'Hear,
bear," and some cries of " Oh, oh.") He submitted a reso-
lution to that effect

Mr. Lusk, Mr. Pampa, and others, bore testimony to the
peat service Mr. Pearson had rendered in carrying out the
Metropolitan Railway, and ultimately the resolution was
adopted without dimwit.
Mr. Armm. was re-elected auditor, and a vote of
thanks to the iarman and directors ocucluded the pro-
ceedings.

10 btuiiisenct.

VIE JUDICIAL COMMITTEE OF PRIVY
COUNCIL.—Fxs. 11.

TIM In. W. LOAM le. TEN EINNOP or Can TOWN.
The Marie( of this appeal was resumed to-day before
Lord Kingsdown, Sir S. Lnahingtoe, Sir S. T. Coleridge,
and Sir E. Ryan. The appeal is from the Supreme Court
of the colony of the Cape, which affirmed the 'esteems of rue-
passim and deprivation which Dr. Robert Gray, Bishop of
Cape Tows, had passed upon the appellant, the Rev. W.
Long, for reusing to attend a synod which he bad called.
Dr. Twigs resumed, and concluded his argument is fa-
vour of the appellant.
The Solicitor-General was then heard on the part of the
respondent.
The learned gentleman was still proceeding with his ar-
gument when their lordships VOW
The case will come on 'pia to-morrow (this day).