The Express.
London, England, 1862-02-21 00:00:00

GREAT WESTERN RAILWAY.

The report read at the half-yearly meeting, held
this afternoon, states that the agreement of the 30th of May,
1961, for the union and amalgamation of the Great Western
and West Midland Companies, commencing from the let of
July last, have rendered some changes in the aooounte for
the ball-year necessary. The accounts fee the last half-
year show (after deducting all separate liabilities on the
Great Western account) a dieprealble balance of 133,11831.,
and the directors recommend • dividend at the rate of
3 per cent. per annum on the Consolidated Great Western
Stook, carrying forward 10,4241. to the current half-
year. The directors have charged the sum of 4,5001.
as an estimated for eider the terms of the original
lease of the South Wales Railway, which lame was specially
excepted from being • joint amount in the areensente
with the Weet Midland. Company. The (Miami lease
expired by agreement on the 31st of December last, up to
which date any differences in the accounts are to be settled
by arbitration. The South Wales remote from that date
will be placed in joint seconet with the West Midland
Company, subject to the mutest of rent sod other
terms fixed by the heads of agreement, which have
been approved by special general meetings of the three coin.
pada. The results hitherto obtained from the joint work-
* of the Great Western and West Midland lines, although
productive already of coneiderable advantages to the public,
can scarcely yet be taken as an illustration of the ultimate
or general bmefit hereef ter which may be anticipated. The
directors express confidence in the future advantages to be
obtained, not only by the public, but by the companies, as
soon as the amalgamation shall have been further and
fully developed. Since the last meeting in August it has been
thought conducive to the intezests of the united companies
to enter into an agreement with the Metropolitan Railway
Company fur working their line, when completed, upon the
per contage system, providing for that purpose the needful
stock in locomotive engines, carriages, Ite., so that every
advantage may be obtained for the convenience of the public
using continuously the Great Western, West Midland, and
Metropolitan Railways for same to the City. The works of
the latter railway have been progressing most satisfactorily,
and their engineer reports the prospect of completion for
opening in June next. The works at Paddington fur a
junction with the Metropolitan Railway on the property of
this company have been long since constructed, and, with a
view to work the Metropolitan traffic continuously into the
Paddington station, it hasbeen thought desirable to pro-
vide station buildings and works within the Great Western
premises, which will be forthwith undertaken by this
company, and for which the Metropolitan Company have
agreed to pay interest at the rate of 5 per cent.
per annum, under the working agreement. The
works of the West London Extension Railway and of the
Victoria Station in Pimlico have been carried on with con-
siderable spirit, and it is believed that both will be ready
for opening early in the summer. The new junction with
the West London Railway at Wormwood &rabbi is ad-
vancing satisfactorily, but considerable difficulty and delay
have arisen with respect to the construction of a station at
Kensington. The joint committee of the Great Welters
and West Midland Companies have entered into agreement
with the promoters of a local line, caUed The Feat Gloom-
tershire Railway, for subscribing to and working that line
from Cheltenham, which is intended to join the Great
Western Railway by a junction with the Farringdon branch,
and to join the West Midland Railway by a junction with
the Bourtonon-Water branch, for both which branches
hills have already peened. The companies jointly engage to
subscribe towards the share capital • sum not exceeding
3500001., and to work the line upon reasonable terms when
made. A guaranteed contract for making it has been
iu-raeged with Mr. Brawny, so se to avoid an excess of ex-
penditure beyond the contract rum. At the instance of an
iolluential public body at Bristol, the two companies have
also consented to contribute 125,0001. towards an extension
lies promoted by a local company for • railway from the
present station at Temple Meads to Brandonhill, near
Clifton, embracing a connexion with the ducks and quays of
Bristol. The directors entertain no doubt that it win be
very advantageous to support such an undertaking. There
are other bills now before parliament, some promoted in
favour of and others adverse to this company's interesta,
and the directors refrain from expressing upon this occasion
an opinion either upon their merits or their objectionable
features. In the meantime, the directors will not fail to
devote their best attention to the interests of the united
companies, in respect of all bills submitted fee legislative
powers duriog the present session.

TRAFFIC RETURNS.

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