The Express.
London, England, 1849-08-18 00:00:00

RAILWAY MEETINGS.

MIDLAND RAILWAY.
REPORT OF THE CO MMITTEEON OF INVESTIG.t.
T

We have received a copy of this important demi.
ment. It is a very voluminous document. The funning
are the important portions of the report:
• - • " Tun COMPANY'S Accoutre.
"The report furnished to your committee by Mean.
Quitter. Ball, and Co.. comprises a period of tour year, Sad
a half, vie., from the 30th J one, 1844, to the 31st Decennia
1848. Your Committee regret to say that the aocotoneaut
Import does not leave the whole subject of their inquiry et
such a way as not to require tho attention of the connsittes,
to endeavour to clear up come points and to centrum
others, on which they differ with the accountants at ee
matters of opinion.
"The first point arises on the subject of expenditure epee
permanent way.
"The eneountanta fired that since the amalgamatiort3o
miles on the Midland, 54 miles on the Sheffield and Roth,.
ham, and 351 miles on the Birmingham and Glove,"
lints have been relsid, and that the expense of such
rehyitg
has been charged to capital,, as they are informed, by di;
authority of the proprietors. Upon this the: say, .nerta,
theless, we have thought it our duty to endeavour to um,
lain the Extent to which capital has been burdened by de
performance of work, the cost of which is strictly du".
able to revenue.' They then say, ' the want of making%
in the general accounts, and especially the non•existenee
a stock account, to exhibit. the 1 eal application of matsreh
such as rails, chairs, sleepers, &c , preclude to, la ty
absence of a lequate returns from the er gins er's de/lumen;
to lay before you an exact statement of this expesce, let
are therefore under the necessity of dealing with toe
jest in a general way.'
" They then go on to say, ' The books show that donee
the period under investigation the sum of 915,9971. gt
has been charged to capital, as for rails, chairs, sleepers, &e,
including some labour and carriage. Of this sum th. yse
portion applicable to the main line, as nearly as the tsar
can he ascertained by us, was 390,0001., or thereahouss'
"The accountants, then, lifter enousciog the pried*,
which properly determines the inlay chargeable to moot
Expense incurred in a bare renewal of a women;
road,'—about which then can be no question, and thee oh.
serving, we have, however, been informed by the enymert
of the company, that the operation was not honed to s
mere al, but that as to a considerable portion of the
length inlaid, a substitution was effected of heavy f
rails, the latter being rendered available to a gnat mono
in tne congruence' of new works, of aiding and brute"
lines ;'—leave the sum of 390 0001. to he dealt sin set*.
ing to the applicability of the one or other of these printi,ile
to the facto—viz simple renewal of road warn en by
traffic, or substantial improvement of road "oy the sienna.
tioa of superior meaning, thereby imparting an additional
value to what it had . ver before possessed. With resod to
the
remainder of the 915,9971. Bs. 3d., the accountants ads
no question about its having boeu properly charged to
capital.
" The accountants, then, having raised the question
whether any an d what amount of the 390,09 W. wu wroniCy
charged to capital instead of reyenne,—yeur corned tee
requested Mr. Barlow, the resident engineer, to furnish
them with the most correct accent that could ba made of
the expenditure of the 915,9971. Si. 3d.
" Mr. Barlow's report shows the manner in which theme
of 915,5971. charted as permanent way mattri,ls bes Ines
expended on new lines and branches, and on the cld lino.
The amount of permanent way execrated since the satelys.
oration has been as follows : Le.gib of branches, eh niantren
1501 miles; length of ditto (131 miles cent.), qui to
dimple lines, 61 miles; length laid in statior..nd lidem ore
new lines, 17 mile.; length of line laid in 51 canoe ettlore-
ments and new sidings, in connection with the mu" lee,
Bristol and Birmingham, and Leeds and Brad/NMI cult.;
length laid in forming .11 junctions with new tan asd3i
ditto with private works and new sidings, 3 len; on
Ir, gth of line re-laid, 77 milet ; in the gross,2lll Ler,.
In addition to the above, there have been not le4tlaal,ooo
tuns of rails used in making points snd eroeings fat am
work., and 1,000 toss of new rails sent is the lege red
Bradlee" line. To the value of the materials so tropkq.d,
Mr. Barlow adds the value of the materials in etch
December, 1848. Ton be estimates tin rails) at 156 sib,
at 668,5.561., which, with keys and spikes en 22 takes tittle
above rails used in points and crossings on new lines,steepee
for laying ditto, and additisual weight of rails, &c.,
main lines, &e., he estimates at 841,6721. ; and tens, yid
cost of new materials in stock, and value of old ditto,gin

909,6721.
" The amount thus arrived at does not quite Wettest!
saga standing in the books—and some allnersnet ought e
to have been made for the value of the stock et permits
way materials i• hand at the date of amalgams, iin, bet
the then potition of the companies it firmed an exceekni
small amount.
" The difference between the value of the =tenth
they appear iu the executed works and the a. tual me
paid, &rhea mainly from the waste of materials which it
avoidable in the construction ot permanent way.
"At the sums appearing in the above statement, tit
cinnot, I conceive, be any doubt as to the propriety
charging the whole to capital, unless exception be take
the item of labour, in removing the liet r.iiet from the II
lino, and replacing th. in with heavy rails, and the ow
which was übaut 24,2.551.
" The circumstances which led to this expense t
incurred are well known—namely, that, in cousequm
the change from light engines to heavy ones, it be
important to make the mile of the main line prop i
ately stcoag, and at the same time the increase ot mil
1816 and in 1846, and the construction of new lines, I
a great demand for rails fur increased statirn ace=
tion on the main line, and for the construction . f es
sidings, and minor branch lines in connection with th
lines.
" It was, therefore, decided to purchase new heavy
Ix the main line, and 'pity those taken cut to theuser
menifieried. The rails so employed were pointed :et
comenittee in their tour of inspection of the line, awl I
tic, doubt they will have °beamed that, in the skutions
they are used, they are in ail respects as valuable end,
tient as new rails.
" The cost of making this alteration amounted, as
stated, to about 3151. per mile; it effected a petit
bent fit to the line, and produced an immediate no
74 per cent. by the reduced price of maintenance whit
contractors on the north lice agreed to take for every
in which heavy rails were substituted for light ones, b
actual saving in maintenance to the company, new di
_
9. repairs are in their own hands, is much greater, for ii
parts of the block-road six men per mile were require
,65 the light rails, whereas the same places are now mile
564 with 24 men per mile, in consequence of the heavy re
)71 sleepers being substituted.
" Under the.. ere--

Rea. Ss&

1848.1 11

L 8291 LP
65. 5
898 il,O

the shareholders I

_ 445 time being might object t• paying thin chug. oat of w
4.883 it being in effect an alteration made for the reran
640 6,692 m fir of the line. The might contend with Justice i
venue s not chargeable with more than the work
791 1,467
puma, repairs, and depreciations of the year, and the
1,102 2,078
were not bound to expend money to give en improved
1,265 1,173 value to the undertaking." But, independently of these circumstances, the
548 724
lA6 was brought before the general meeting of propri.
16,179 15,654 February, 1848; and it wee then agreed that a fund, a
1,34 1,780
ing to 20,0001. rt. annum, should commence from
4,047 3,910 b4B, and that after that date no further charge she
2,239 2,639 made to capital on this head, except the relaying
2,606 3,110
r)9
2,235 2,610 i y
Birmingham end Gloucester; which arrangement ht
1,304 1.208 and continues to be, strictly acted upon."
2 521
" Whether (say the committee) Mr. Barlow's re
,
3, 6,03.5 satisfactory to the proprietors is for them to say. Itl
23.639 18.14,5 however, to add that ha has been resident enginem
2,649 3.0,82 company during the whole of this outlay,
12,551 15,181 and thertt
knows what work has been done.
con "In the absence of detailed accounts, as already
.._ _, _

49—, 039 49 ,15°861
11,074 15,"1—,:" adopted by him seems the only one available on the
1,2. 1.078
3,315322 5,2.78
11,831 12,186
51
flieso.wioenvieirc,hufrounttehrepaeinteakreldacc:
hueraemyuosfthknis estimate
11,07
stou
c,
hb i‘svtoh,
kb
asy he
hee
ha:Ain:art:hes': toMearti:mßaartel,oawn,dl:ii
alone' brethren will be able to judge him in respect o
24,401 25,178 " The question, then, really is, whether or not Mr. 1
813 1 351 report is entitled to be received in explanation of th
.Ided ,
683 al ' -- aa '

3,073 3,1
1,222 1,1
903

Pan. _
" Your committee think it is.
gmee
ra in:nfeourtae lines
,prj
oufponercrtwli
yoonresk works—such " That report shows that a considerable outlay h
incurred
additions, station
aent hndl set
hr
47g&C.4.a,ebh•FlehUtioChiciadarepi:
669 "Of the amount expended in relaying, it appears i
the cost of the additional materials applied to the l
,900
so charged to capital, with the exception of 24,2,351., tb
labour attendant on the relaying.
255 " Your committee, however, consider the cost 01
,00 as properly chargeable to capital, under the circus
.4 as the additional weight of the rail itself.
" Upon this latter point, cost of labour, the act
observe that ' the sum charged by one departmen• to
department should not exceed the cost of the urn
1,440 formed.'
871 " Your committee, however, are of opinifn, that
motive power and carriage of materials supplied by
146 department for the benefit of capital deportment, tb
760 way it to charge for such services as if done for si
customer.
393 " DEPRECIATION OF LOCOMOTIVE STOCE.—The 11,
_ requiring further explanation arises on the subject
0 motive stock.
77
1'43 " The accountants in their repent come to the to
that, on the 31st December last, the locomotive err
from various causes therein stated, had suffered '
Lion to the extent of 100,0001., exclusive of the to
deterioration which the existing stock had sustains'
that of the repairs expended upon it.
" They also conclude that at the same date,thecar
waggon stock had suffered from causes mentioned
report, to the extent of 70,0001., exclusive of the N
deterioration as aforesaid.
" On these subjects the committee applied to M
for his explanation, from which it appeal', that byl
stitotion of engines of larger dimensions, the defieio
stock, represented by 100,0001., may be supplied t
pesditure of about 45,0001.
" Towards this the company have in hand, fro!
of eneines, &c., as per Mr. Kerley's report, 2031
16,4171., as the amount to be supplied from Woo
good the deficiency in engine stock.
" With regard to the deficiency of 70,0001.,
and waggon stack, Mr. Kirtley estimates the
revisits to make good the same would not es_dSl
Towards this, it seems, there is in hand 21,75.
18,2201., as the amount required to be Wail
revenue.
" The two sums then required, as it seems, id
the amount already standing to the credit of th

1.894
10,637 13,1
1,639 1,1
809 1

14,407 14,(
10,23 E 9.

1,2301

110,90211,