The Express.
London, England, 1851-08-15 00:00:00

GREAT WESTERN RAILWAY.

The thirty-second half-yearly general meeting of
this company was held yesterday, at the Bristol station, C.
RrSISELL, Esq., the chairman of the company preoiding.
The advertisement convening the meeting having been read,
The CHAIRMAN said, when last the directors met the
proprietors, on the I.ith of July last, our attention had been
chiefly directed to perfecting the means of communication
with the north. At that meeting you were pleased to con-
firm an agreement into which the directors had entered with
the Oxford, Worcester, soil Wolverhampton Company. A
mcetiug was convened of the proprietors of that company
also for the same purpose on the same day. They came,
however, to the determination of adjourning the meeting,
with the view of referriug the question to a committee of
their shareholde rs,and we understand that it is their intention
still further to adjourn it to the end of this month. If the
object in thus postponing their meeting is merely to afford
to their shareholders a fuller opportunity of considering the
question, to such delay, on such grounds, we can offer no
possible objection. (Hear, hear.) We believe the
agreement is an advantageous one for both com-
panies, sod that the more it is examined, and
the more fully. it is uuderatied, the more certain
it will be to receive their approval and confirmation. But
if the object of adjourning be not deliberation, hut delay,
in the hope that they may he able to effect a better bargain
with us by drawing us into competition with any other
company on the subject, they will unquestionably not sue-
teed. (Hear, hear.) For, I may say, there is no principle
of our poliey to which we more steadily and inflexibly ad-
here than to resist every such attempt so to coerce us.
(Hear.) We have offerer' them, by their own admission,
terms better than there which they had actually accepted
from the London and North Western Company; and I am
at a hew to understand on what grounds of justice or of
reason they are entitled to expect more from us. In the
possible—but, I hope, not very probable—event of their de-
termining tc decline the agreement, it may not he disad-
vantageous fur both companies to consider what other
course may remain open. The Oxford, Worcester, and
Wolverhampton Company may endeavour to com-
plete their line as an independent line, without
the aid or assistance of any other company,
To such a course there can be no possible objection : it is
perfectly reaomable, if it he practicable. (Hear, hear.)
But have they not already tried to do .0 repeatedly ? and
have they not failed in the attempt ? What have they b,en
doing during the whole of the last two or three years, hut
endeavouring to raise the means by loan or otherwise to
complete their line ? and what reformable expectation is
there that thine exertion* which have failed in the past will
be more successful in the future ? Or they may seek to
effect en alliance with some other company than the Great
Western. But this expedient also has been tried, and the
judgment delivered by Lord Cranworth two or three months
ago speaks the result of the., as I am satisfied it must of
every similar attempt. (Hear.) They have, in fact, no
legal powers to enter into engagements with other
companies ; and if such powers can be obtained, the
application to parliament for them must neccom-
rily involve a considerable loss of capital. But
can they b. obtained sit all? The firm conviction of
my mind is that the parliamentary obstacles they will have
toencounter in the attempt will be as insurmountable as the
legal obstacles they have already experienced. There is
yet another (nurse which we must not overlook altogether.
The Greet Western Company may enter upon and com-
plete the line themselves; but though that is a course
which may hecome inevitable, it is at the same time one
which we should lived reluctantly embrace, as being in-
jurious to the Oxford, Worcester, awl Wolverhampton
Company. I lease en-leave-meet' to look at this question in
every point of view, and with a sincere wish of m tking the
best arrangement for the Oxford, Worcester, and Wolver-
hampton Compaity which can be, consistent with our duty
to ourselves. (Hear, hear.) I am satisfied that the
arrangement their director. have made is a wise, a just, and
judicious arrangement, suited to the wants and the interests
of both corn:sante*, and that if their proprietors, misled by
fallacious expect dittos, should listen to other counsellors,
they will find—and eon will pardon me for raying it is
generally the caw when proprietors take the reins in their
own hands—that they have only involved themselves in in-
extricable difficulty, danger, and delay. (Hear, hear.) The
lest time we had •occasion to advert to the Oxford and
Birmingham line, and other lines in connexion with it,
beyond that, Was, I lielies-e, at the end of the month of
May. On that occasion the measures which Ware diseusseil
proceedirl on the assumption that it would be hopeless to
seek any further an arrangement with the London and
North Western Company, at all event. until our own sys-
tem was nearer to completion. Every circumstance that
has elltee occurred has tended to confirm us that we were
right in determining to rely on our own independent re-
source., and to privet' with the completion of our Oxford
and Birmingham, and our. Birmingham, Worcester, Wol-
verhampton, and Dudley lines, with the utmost passible
despatch. And you will remember that that course was
entirely consistent with the recommendation of your come
mittee of consultation, which sat the •year before last. In
the sixth page of their report, they say "your committee
strongly rectitninend the entire completion of the works, PO
as to unable the Great Western, through the medium of
there lines, hi make such arrangements with other com-
panies north of Dudley as may produce the greatest possible
traffic by this route." The works on our Oxford and 'fir-
minghatn as you will perceive from Mr.
Brand's report, are in active proviso.. Mr. Brunel does
not in that report advert to the Birmingham, Dudley and
Wolverhampton line, &ramie that line has always been
under the control and management: of another engineer.
But we are taking the most active steps in our power to
complete the line with the utmost possible despatch, and I
hat's. already stated to the gentlemen who are interested in
both these lines, that we contemplate the completion of the
one in April, end the other in May next. (Hear, hear.)
These lines, when completed, will carry us to Wolverhamp-
ton. Our last agreement with the Shrewsbury companies,
which was cfmtirmeell both by the Great Western proprie-
tors and by the Birmingham and Shrewsbury proprietors in
May last, has since bee n confirmed by the Shrewsbury and
Chester etenfuniy. That agreement will unquestionably
require the sanction of parliament; and it is our intention
to take measures to obtain such sanctiuu in the ensuing ses-
sion. We have every hope that we shall succeed,
but if, front any cause, we should fail, we shall
only then fall back on our earlier traffic agreements
with the Shrewsbury companies made in the month of
January last. These agreements are legal and complete in
all respects; they require no further sanction either of par-
liament or proprietors ; and under these agreements (if by
any amident, which I do out anticipate, we should fail
in our application to parliament), wejihan still be able to
proceed can through Shrewsbury to Chester. The only re-
maining link of rommimication with the north is the Bir-
kenhead line, and over that line the Shrewsbury and Ches-
ter Company obtained running powers at the very close of
last session of parliatneut, which will carry us on in one
direction to Birkenhead, and in the other by Walton and
.altrinchans to Manchester. In obtaining these running
powers over the Birkenhead line, neither the Shrewsbury
and ('heater Company, nor those who acted with them,were
actuated by any feeling of hostility to the company. On the
contrary we wish to consider them moue friends and allies,
and we regard their line as funning an important portion of
the new system, and I believe it is so regarded by themselves.
But all these companies, are subject to extraneous influences,
and we know that the tendon and North Western Com-
pany have an obvious interest in breaking up the formation
of a new ry.teen of railway communication on their west.
They know, if they can obtain control over one link,
they will thus be able to destroy the continuity of the en-
tire chain. Their first attempt was made on the Shrews-
bury and Dirminglioni Company, but they failed most en-
tirely in endeavouring to withdraw that company from '
the engagement into which it had entered with us. They
next tried the Shrewsbury end Chester Company, and
thew also they signally failed ; and can there be any doubt
whatever that they will make similar attempts on the
only remaining link—the Birkenhead line? It was in
order to defeat such attempts, and not to invade the
rights of the Birkenhead Company, that these
powers were sought and obtaiurel. If the Hie-
kenheod (:emptily should join our alliance, as I
trust and belWve they will, or if they should
conduct their traffic on the principles of free communica-
tion and in concert with us, those powers will become little
more than 110111111.1% for they will be used under friendly
arrangement he:toms the two companies. I have attempted
but a brief outline of the continuoue system of railway
communication we have been endeavouring to establish, or
whirl', l should rather say, we have established under legal
agreements and powers which are suflieient fur the purpose,
and which are binding on all parties. It will be our duty
temperately, but firmly, to miintain the position which we
hays carried through he the force of circumstances; and
we do hop.: that our proprietors will give to us their full
support, not only by according to us that approval which
we have already received of these measures, but by them-
selves taking a pecuuialy interest in those companies which
are our allies. At the present price of the shares of those
companies, mach an investment can hardly more a 'B.A.
vasitageons one, while it will be mot valuable as a counter-
poise to similar pecuniary interests which will unquestion-
ably he held in adverse hand., and be used for hostile pur-
pores. Notwithatandiag the great weight of our ex-
cursion train., carrying as they do frequently from
1,100 to 2,000 passengen, we have scarcely ever
been obliged to resort to more than one engine, I,
while the tocurision trains on the narrow gunge lines often
require two or three and sometimes even four engine.. I ,
ern sure I do not overrate the economy of these improve-
ments when I say we are conducting the excursion teethe
with the new and more powerful engine. at half the cost at
which we could base conducted it with the old engines.
Hitherto a considerable number of our lines which
have been made at great expenditure of capital,
have remained entirely unproductive—they have ,
pressed on our resources, and have yielded to us ,
nothing. But our unfiui:hed works arc now rapidly '
dimionthing. In another mouth we shall open the branch
to Warminster, and at about the same period the Forest of
Dean line, and the South Wales line between Gloucester
find Chepstow will be completed, and I trust the period is
fest approaching when throe works which, as being un.
profitable, have been hitherto perhaps very pro.
perly marked in black letter, in the first page
of our aceounte,will ream to wear that mournful aspect, and
that they will become profitable in themselves, and at the
same time secure a large secession of traffic to the main
line. (Hear, hear.) I will now call on the secretary to
read the report.
The SECRETARY (Mr. Saunders) then read the report,
which stated :
The revenue of the company during the half-year I
which has just expired exceeds that of the corresponding
period in IBM to the extent of 47,951 t., while the expendi.
tore for the same account has been reduced by the sum of
3,20 e./., which two amounts constitute the increased profit
of the half-year, as will be observed upon a comparison of

the published statements. The balk in Passenger has I
yielded 37,1131. more to the suppair. derived in nearly
Neal proportions from every slurs.
Ma excursion trains 1
are included in it, from which as AMON of 6,001:W. has been
received over the saute period in the former year. The
receipts for merchandise have exceeded those of 18.30, to the
111110Unt of 6,770 i. These results enable the directors, after pro-
siding for the interest upon the whole expenditure of capitol,
prodnetise or non-productive (excepting for the lines under
egemtruction and shout to be completed), to recommend the
aim dividend as before—vix., 4 per cent. per annum, and
leave a balance of 49,910!. 9s. 3d. to be carried forward
Is the next half-year. With reference to this balance the
director. are desirous of representing the circumstances
under which one charge in their accounts exists, with a view
11, ascertain the opinion of the proprietors u to the mode of
dialling with it. During the continuance of the original
=Tent with the South Wales Railway Company your
rs were advised that, under the covenants of the then
Wended lease, this company would be entitlesi, in priority of
lam shareholders, and before any liability could accrue to
pay rent for the line, to receive the interest during the con-
struction of the railway at 4 per cent. per cousin on the
shares held by them in virtue of their subscription ; but
that to establish such claim it ought to be shown, that even
although the payment of interest to others was postponed
latheed South Wales Company, it had been uniformly
by this company as being due to them. In Fe-
%nary, IMO, the South Wales Board determined to apply
gll their funds to the works of their line, and to suspend
he a time the payment of interest to their shareholders
parrally, expressing, however, their intention to pay it
ost of capital at some subsequent period. Acting upon the
spiaiou already referred to, so long as the original merce-
meat subsisted, the interest at 4 per cent. per annum
was charged in their accounts against the South
Wales Company, and treated as an asset to be received
from them. During the present half-year that agreement
has been cancelled with the sanction of both companies, and
another substituted for it, which ha. been specifically con-
firmed by the ' Great Western Railway Act, POI.' The
interest for the current half-year on that subscription has
consequently become a charge upon the present Great
Western revenue, and it being still uncertain whether the
South Wales Railway Company will defray the arrears of
interest to their shareholders generally, it as thought desir-
able, as the prior claim is now extinguished, to provide for
the liquidation of the arrears charged against that company,
amounting to 31,811 f. Loss. The directors recommend that
the first r, ceipts, whether of interest or of dividend, from
the South Wales Company should be applied to discharge
that amount, but that in the mean time the sum of 10,000/.
in the pr-sent year, soil 5,0001. annually afterwards,
should lie taken from the Decernberaccounte of revenue fur
the gradual repayin ,nt of it. The auditor, have expressed
their entire concurrence in the propriety of that measure.
The same act which rescinds the original agreement and
confirm, the new agreement with the South Wales Com-
pany has also ratified the purchase of the Wilts, Somerset,
and Weymouth Railway, and dissolved that company, and
has given legal validity to the lease of the Gloucester and
Dean Forest Railway. It is enjoined under one of the
clauses that the Wilts and Somerset share!, shall be con-
solidated into stock, and this meeting has been made em-
dal for the adoption of a formal resolution to that elf et.
Full power, are given by the same set to erect an hotel et
the Paddington station, and to raise the money under a
parliamentary mortgage of the premisee, with the additional
atenritT of the revenues of the company, which in accord-
ance with the resolutions of the general meeting in Feb-
mem last, will be carried out without delay. The di-
nars% having retard to the irneortance of fixine the
gemend line of Indian steamers as well as the Cape
packets to the port of Plymouth, hive consented to put
down the electric telegraph over their line, in concur-
rence with the Bristol and Exeter Railway Company ; for
the use and maintenance of which an annual sum is to be
payable to the Electric Telegraph Company, who will eon-
etruct it at their own expense. During the last wee
sion au act has been passel for ineorporatine a company to
construct a broad gauge line in extension of the Gloucester
nod Dean Forest Railway, from Grange Court to Ito.,
and Hereford, which must be considered n great acquisition
to the interests of the Great Western Compeny, as well as
beneficial to the county, and the districts beyond Hereford
Your directors thought it their duty to afford facilitiesand
advantages to enable the Hereford, Rost, and Glou-
cester Company to obtain their parliamentary powers, and
they have assisted them in raising a portion of the capital,
through the instrumentality of the Gloucester and Dean
Forest Company. They will lie glad to learn that the Great
Western shareholders individually are encouraging that
undertaking by affording some pecuniary aid in raising the
small amount of capital still required by that company. It
is understood that the works are to be forthwith com-
menced, and that the line will be very economically and
promptly constructed for public traffic. The line front
Westbury to Warminster will be finished within a month
from this time; and there is reason to believe that the
Dean Forest and South Wales lines, through Gloucester,
will be opened about the same period, to the east of Chep-
stow, leaving only the river Wye Bridge and shout a mile
of railway vibe completed for the continuous communiea-
tion throughout between London and Swansea. The
eget...erne& with the Shrewsbury and Chester and Shrews-
bury and Birmingham leidway Companies, which was
approved at a special general meeting of this company,
has been now duly ratified by the other parties to it. An
act has since passel of much importance to that alliance,
conferring powers on the first named company to carry on
traffic independently and uninterruptedly front their own
line to Chester and Birkenhead, and the Mersey on the one
side, and toward. Manchester on the other, over the Birkete
head, Lancashire, and Cheshire Junction Railway.
After au inetfeetuel attempt to make some permanent and
satisfactory arrangement with the Kennet and Avon Canal
Company in relation to the traffic of the district, provid-
ing (or the requirements of the public, aecordiug to the re-
spective facilities to which the railway or the canal may be
last ;Adapted, it has been determined to submit to the pro-
prietors of both companies an agreement for a lease of the
canal, at a guaranteed rate of 6s. per canal share, amount-
ing to 7,4731. Hs. per annum, which sum your directors
confidently believe will be realised by a judicious regulation
of the trade of the canal, while many advantages may be
secured to both compenies as well as to the public traffic
by means of such arrangement. The directors conti-
thiently recommend it for your approval and sanction, and a
resolution will be submitted accordingly to the meeting,
which has been made special to consider the subject. The
report of the chief engineer is appended to this document,
and in compliance with the wish expressed at a former
meeting, a list of the present directors, with their place of
residence, is also subjoined..,
Het:leek:lee lieteiter.—" The works on the permanent
way, between Oxford and Banbury, and which has been
opened and worked as a single lino fur about a twelve-
inenth, are in good order, and the second line of rails is
now being laid, preparetory to the extension of the railway
to Fenny Compton, and the opening of the Birmingham
and Oxford. The works between Banbury and the junc-
tion at Fenny Cumptua are nearly completed, and the
materials for the permanent way arc in course of delivery.
Upon the Birmingham and Oxford Railway at Herbury,
Yr hitne,h, Leamington, and Warwick, the works are
everywhere in active progress. Between Leamington and
Warwick, where the works have beta commenced only
within the last few months, every exertion is being
mule to expedite noir progress—upwards of twodhirde
of the entire line is teillested, and ready for the perma-
nent way; and I trust that six months will be sufficient for
the completion of the wholedietance to Birmingham. Every
means has hero alopted for proceeding rapidly with the ex-
tension into the Snosrhill station at Birmingham, and the
junction with the North Western railway; the whole of
the property has been arranged for, or taken possession of;
and the contractor for the extension has received orders to
commence. With a favourable season, I believe we may
rely upon being in a position to open the line by February
or March. Upon the Wilt. and Somerset railway the ex-
tension to Warminster has been completed, the permanent
way is laid, and the line may be opened within a fortnight
or three weeks. The Itadstork branch is in progress. The
opening of the Gloucester and Dean Forest railway, and the
South Wale!, railway between the junction with the former
and Chepstow, is delayed by the non-completion of the
junction at the Gloucester station and the bridges across the
Severn and the Wye. The junction and station at Glou-
cester had been unavoidably delayed by the necessity of
effecting a joint arrangement between the three companies
—the Midland, the Great Western, and the Gloucester and
Dean Forest, and which has not been long completed. The
bridge across the Severn at Gloucester has also been de-
layed, partly by difficulties arising from clauses in the origi-
nal act, anti partly by the fault of the contractors ; and I
fear it may be three weeks or a month before the rails can be
laid across. In consequence of the delay its the erection of
the Chepstow Bridge, it has been determined to open the
South Wales Railway temporarily, to the east side of the
river, and preparations are making for effecting this, which
will be ready as soon as the line is opened through Glou-
cester. The works and the permanent way of the Great
Western Railway and branches generally, are in excellent
condition. (Signed) I. K. BiII:NEL."
The accounts (which have already appeared in the Et.
press) were taken as read.
The CHAIRMAN then mood that the report and state-
ment of accounts be adopted and circulated.
Major COURT entered into a lengthened examination of
the minor details of the accounts, and asked a number of ,

questions upon seeming contradictions involved in them,
which were all satisfactorily explained by the secretary or
the auditors. Major Court hoped for the future the re-
port would be circulated with the accounts, as the proprie-
tors had no time to consider it before they were called upon
to confirm it under the present system. Ile also suggested
that the same form of accounts, with reference to interest
especially, should be followed, as was adopted by the North
esWrn and Brighton Companies. Ile complained that
the accounts, in reference to the transactions with the South
Wales Company, were not sufficiently explicit. The sums
received and psid fur interest were not clearly stated_

Mr. ATKINSON, one of the auditor, explained that the
South Wales account was made up both of principal and in-
terest, and the report of the directors adverted to the cir-
cumstances under which, IS months ago, the payment of in-
terest by the South Wales Company was suspended. The
auditors found that there was an agreement binding the
Great Western to pay to the South Wales interest on a
certain sum of money, but before that was paid the South
Wales were bound to pay to the Great Western interest on
a certain other sum of money, which they had ceased to do;
sad the reason the whole of the circumstances of that agree-
ment were not stated was, because it was thought, as the
question might have to be decided by the least tribunals, it
would not be wise to expose their Case to their opponents,
and so furnish them to some extent, perhaps, with the
means of meeting it. With regard to the second agree-
ment, and the 30,000!. for the three half years' interest,
that was introduced into the accounts as an asset, and had
been paid as dividend.
After some conversation,

- The resolution adopting the report was put and carried
unanimously.
The CIIAIRMAN next proposed a reitehttion confirming
the dividend as recommended in the report, viz., at the rate
of 4 per cent. per annum.
Mr. OREE'S thought they had earned sufficient to give
• dividend of 2i per cent. for the half year.
Another PROPRIETOR suggested that the dividend
should beat the rate of 21 per cent. for the half year, which
would leave a respectable balance to be carried forward,
and moved an amendment embodying his suggestion.
Mr. GREEN supported the larger dividend. They had
earned themoney. and ought to divide it.
Mr. DICKENSON, one of the auditors, stated that,
having carefully examined the accounts, and considered the
hmagements the company would have to meet in the next
at-year, the auditors fully concurred with the directors
that at would be more for the permanent interest of the
company that the dividend should be after the rate of 4 per
cent.

Some conversation ensued, in the course of which some
proprietors spoke in favour of • 21, and others of a 2)
per cent. dividend.

The CHAIRMAN counselled them to rest satisfied with
the rate of dividend recommended—at least for the pre-
sent, for he believed if they adopted either of the amend-
ments which had been suggested, they would do that which
might be most injurious to their own interests. (Hear.)
A PROPRIETOR thought, with the balance in hand,
they might safel♦ go to per cent. (Hear.)
The CHAIRMAN—In paying 4 per cent., you appro-
priate every shilling you have earned to dividend. What
you carry forward is no more than you bad to your balance
at the commencement of the last half-year.
Mr. NORRIS hoped they would not make any inroad
into the balance with which they commenced the last half-
year. He urged upon the shareholders that the directors
were in a much better position for raising money for carrying
nut such w.orks as the hotel at Paddington, or in negotiating
with other companies when they had a large balance in
hand, than when they were without funds. It should
also be recollected that to withdraw the balance altogether
would depreciate the value of the shares in the market. Ile
would recommend the hon. proprietor to withdraw the
amendment.

---The iIAIRMAN also hoped the amendment would be
withdrawn. _

After some further conversation the amendment was
withdrawn, the mover stating that ho would not press it in
consequence of the opinion of the meeting appearing to be
against him.
The original resolution was then put and corned.
The CHAIRMAN moved a vote of thanks to the
auditors, of whose rare and attention to the accounts he
spoke in high terms. lie also complimented the accountant
and secretary fur their assiduity in the discharge of their
duties.

The motion passed unanimously, and was duly acknow-
ledged.
The meeting was then made special, when
The Cli.tiltM AN proposed a resolution confirming the
proposed agtremcnt with the Kennet and Avon Canal Com-
pany, as recommended in the directors• report.
Major COURT suggested that the terms of the agree-
ment should be printed and circulated amongst the prolific-
tors, and that the adoption be postponed until the next
half-yearly meeting.
After a few words from the CII stnst sx, the resolution
was put and carried, which terminated the business of the
day.

THE NftlitAND Itsmw.te.—The half-yearly state-
ment of this company, to be submitted to the proprietors
on Wednesday next, shows that 139,822/. had been ex-
pended during the half-year on capital account, including
48,577/. for additional outlay on rolling stock (sanctioned by
the proprietors on February 28 last). The total outlay on
eapital account to the 30th of June last amounted to
15,680,718!., the estimated liabilities and further outlay to
301,0031., making the probable total outlay 15,987,,211.
The total capital authorised to be raised on shares issued
amounted to 13,616,473'., and on debentures to 4,105,6146/.,
together 17,762,1591. Deducting the probable outlay from
this sum leaves an estimated surplus of 1,771,438/. The
re-.ources of the company on capital account are stated to
consist of calla in the course of payment, 286,197/. ; calls to
be made, 1,138,7101.; further debentures, 821,786/.—total,
2,219,6931. The liabilities consist of balance at debit, of
capital account, 151,0021. ; due on loan notes, 23,250/. ;
estimated liabilities and further outlay, 301,0031.—together,
475,2.551., leaving the estimated surplus 1,774,4381. The state-
ment of stock and share capital shows that 11,548,611/.
was received to the 30th of June, 286,1971. calls in course
of payment; 1,1314,710/. calls to be made ; and 682,911/. ad-
dition to capital by creation of shares at a discount—total,
1.3,654i,173/. The Midland debenture account shows that
3,280,9101. was received, of which 1,467,6511. was bor-
rowed at o per cent., 972,330/. at 41 per cent.,
14,0001. at 41 per cent., 99,9491. at 4 per cent., 1,000/.
at 3: per cent., and 26,000/. at 31 per cent. The Mid-
land loan notes amount to 23,250/. vie., 1,000/. at 5 per
cent., and 22,2501. ut I) per cent. ihe Leeds and Bradford
debenture account to the 30th of Juno shows that '263,3151.
had been raised, namely, 112,9501. at 5 per cent., 68,0001. at
4) per cent., 30,2001. at 41 per cent., and 52,165/. at 4 per
cent. The renewal of permanent way material,' account
shows a total of 40,60u1., including 10,000/. set aside from
revenue during the half-year, the expenditure being 4,0321.;
the balance to the credit of this account was 36,568/. The
return of working stuck shows that it consists of 287 en-
gines and tenders; 125 first class, 62 composite, 17.5 second
class, and 2'35 third clam carriages ; 14 post-ottiets and
tenders; 110 horse-boxes; 100 carriage-trucks; 143 break
and parcel vans; 7,017 waggons, and 87 break vane. The
increase in the stock during the half-year consisted of 8 en-
gines and tenders, 2 first-class, .5 composite, 4 second-class,
and 97 third-class carriages, and 147 waggons. There are
about 3,000 waggons, the property of other parties, employed
for the mineral' traffic. The co.t of the working stock to the
' 30th of June amounted to 1,753,184/. including 48,577/. fur
additional stock during the past year. The number of miles
of railway on which the traffic is worked is 521, and the
average cost of working stock per mile is 3,363/. The re-
sents° account for the half-year, ending 30th of June last,
states that 591,1001. had been received, including 25,0271.
balance from the last account, 551,212/. fur traffic,
9,5511. for rents, 7311. interest on arrears of calls, bankers'
balances &c., 4,194/. dividends on shares held by the com-
pany, and 3)3!. transfer fees. The expenditure amounted to
290,8751., including 12,1711. rates and taxes, 8,4641. govern-
ment-duty. 10,000/. permanent way renewal, 6,150/. provi-
sion for increase of rolling stock, 1,320/. provision for old
had debts, and 865/. for new bail debts, leaving .a profit on
the working of 321,233/. From this sum 83,1281. is deducted
for interest on loans and debentures, and 108,7201. for divi-
dends on guaranteed stock and shares, leaving a disposable
I balance of 132,075/. The proposed dividends will absorb
127,621/. of this sum, and leave a balance of 4,431/. It is
intended to declare a dividend at the rate of 21 per cent. per
sumo' on the consolidated stock (6,551,8051.), and on the
• uaranteed portion (2,571,8331.) of the 401. shares
(XI 1-3/.) ; a dividend at the rate of 41 per cent. per annum
ma the guaranteed portion (128,7411.) of the 50/. shares
1 I. 13.. 41.) ; a dividend at the rate of 111. per cent. on
8,5331.) the Birmingham and Derby stock at the rate of
i 7
per cent. on the Midland preferential stock (25,0001.), and
ea the Eyewash Valley stock 145,000/.
EAST INDIAN It ttLwAe.—The following is the
report of the directors of the East Indian Railway
Company to the proprietors to be submitted at the'
berth half-yearly general meeting to be held on the
19th of August:—" The board of directors have
to report, that it has been arranged with the autho-
rities to adopt a gauge of five feet six inches. Reports
from Calcutta show that the works under contract were',
being proceeded with as rapidly as the arrangements inci- '
dental to such works at their commencement would admit ;
and considerable progress had been made with the embank-
ments, excavations, brickmaking, &c. The board of direc-
tors have entered into contracts for a large portion of the
permanent way material, some of which has already been
delivered in Calcutta, the remainder being in course of
manufacture and shipment. During the construction of the
line the reports of the board will necessarily be brief ; but
should any matter of interest arise, the board will not fail
to communicate it to the shareholders."—The company have
. . . ..-. •

declared a ninth call of 22t., making a total of 181.peisitare
called up for the construction of the line.

THE WATERFORD AND LIMERICK RAILWAY ex-
tension is rapidl♦ pmgreming, and affords considerable
employment to the poor classes. Upwards of 900 persons
are working on that part of the line between Oaklands, the
seat of Colonel I'hipps, and Caller, where also numbers are
employed. Upwards of 100 are forming a foundation for
the railway viaduct over that part of the Suir running
through Caber Abbey. Already they have commenced
laying down the rails between Clonmcl and Caber, and the
works between Bansha and Tipperary are equally forward.

RAILWAY COMPENSATION C MIDLAND
AND GREAT WESTERN RAILWANS.—OR Wednesday,
special jury was cmpannelled at Gloucester to assess the
amount to be paid by the Midland Railway Company to the
Great Western Railway Company fur the purchase of 23
acres of laud, consisting of part of the embankments and
cuttings of the Great Western line between Gloucester and
Stonehouse, and for the consequential chunage by the execu-
tion of the works. The Midland Company, it appeared, had
offered 1,6401., while the Great Western adduced evidence
before the jury to support a claim of no less than 116,0001.
The fury, after a lengthened hearing of the case, gave their
verdict fur 2,500/. fur the land, and 3,0001. for the conse-
quential damage, making a total compensation of 5,5001.
Mr. Whitmore presided as assessor. Counsel for the Great
Western were Mr. Talbot, Q.C., and Mr. Cripps ; for the
Midland Company Mr. Alexander, Q.C., Mr. Mellor, Q.C.,
anal Mr. Carter.

FATAL ACCIDENT .%T THE NEW Hr SGERFORD-rIALL.
Yesterday an inquest was taken by Mr. Bedford, the
coroner, at the Charing-cross Hospital, as to the death of
William Leitch, aged 44, who was a carpenter employed at
the lower hal', in the Hungerford-market, which is about
to be opened as a theatre and bazaar. On the 4th instant
he went up to the portion of the building over the stage,
and 30 or 40 feet high, to see if some work had been pro-
perly done. The scaffolding had been removed from the
rafters, and it was stated by the witnesses that the place
was not secure for the deceased, who was liable to fits. Two
heavy falls were heard soon after he had gone up,
and he was at last found lying insensible on the
stage. He was taken to the Charing-cross Hospital, when
he said that the heat of the day overcame hint and he
fainted away, rec Ilecting no more of his fall. It was
found by the surgeon of the hospital that an injury to the
spine had taken place, and although every attention was
paid to him he died on Tuesday. The jury, after a wry
short summing up from the coroner, as to the deceased's
knowledge of the removal of the scaffold boards, which had
been done by his own orders, returned a verdict of " Acci-
dental death."