The Express.
London, England, 1849-08-29 00:00:00

RAILWAY MEETINGS.

LONDON AND BLACKWALL.
Yesterday the half-yearly meeting of this company took
place; .1. N. Demme, E.q., in the chair.
The SECRETARY read the following report:—
'The directors have to report that the works connected
with the alteration of gauge, and the adaptation of the rail-
way to the locomotive system, were so far completed on the
2nd of April last, as to admit of the line being re-opened
throughout on that day ; and it has since been worked by
locomotive power. The traffic accounts for the past half-yew
embrace the charges wader the locomotive and stationary I
engine systems, end do not, therefore, enable the eroprietem
to judge of the comparative costs of working unlcr each.
The expenses, as contrasted with those of the correspondit.
period of last year, however, exhibit a reduction of 3,2071:
nearly the whole of which may be attributed to the
change in the mode of traction. On the other hand,
there has been a diminution In the receipt,. Bat it mot
got be forgotten that diking the first three months et
the. pit, ee,y sue Mt Tie In eptenEon, *taking Laml
hour time; end it was only alter some experience
with the locomotive power that it was found practicable I
to resume working the trains every 16 minutes; to which
circumstance a considerable portion of the falling off in the
traffic must be ascribed. The following is the comparative
statement of the passenger traffic during the fiat lex months
of this and last year : —lB4B : Panengen, 1,273,969;
amount, 22,0221. 17s. 10e. 1849: Passengers, 996,137
amount, 17,5.181. 12e. 61. The advantages of the extension
line to Bow end the Eastern Counties Railway have not yet
been developed, by reason of no satisfactory arrangement
having
.been effeetee with the Eutern Counties Compaq,
for thepent working of the lines ' • nor has any benefit been
derived from the East and West India Dock and Birming-
ham Junction Railway, from which coerces the directors
reasonably look for a large anmentation of the passenger
traffic. The directors have to make the following remarks
upon the accounts, which ere already in the hands of ,
the shareholder. The revenue account shows a balance of
2,1621. 174. 2d., which amount is placed at the disposal of the ,
repletion. Baring the half-year a sum of 1,9881. has been
paid, ander a decree of the Court of Chancery, for tythee in
dispute, being 4671. less then the amount claimed, and the di-
rectors have, with the approbation of the auditon, charged
5251. in the present revenue account, leaving the balance to
be spread over the three succeeding half years, in equal
amounts. In accardance with the promise made in the last
report, the directors have caused to be prepared eep irate
statements of the accounts for the extension-1m: and for the
adaptation of the main-line to locomotive power. The ex.
tension account, therefore, now includes only such charges es
appertain to the cost of that line, the payments on account of
which amount to 236 WI. To this sum must be folded the
amount due for works, 18,376 e, and from the total there
must be deducted the value of the surplus property, esti-
mated at 39 0081, showing that the actual test of the line
will be 216,9541. This amount includes 10,0001. for the
substitution of a brick for a wooden viaduct, 17,6231. for
interest on paid-up capitol and loans, and 6,3001. for rolling
stock, none of which were included in the eriginsl estimate
of 200,K el. The mat of the alteration of gauge and the
adaptation of the main-line to the locomotive system of work-
ing, after deducing the old materials still, has been 43,7841.,
and the sum of 1,6001. Is still doe in respect thereof,
but upon the value of the stationary engnes sure other ma-
chinery, estimated at 12,1001., being deducted, the amount
will be reduced to 33,254/. This sum includes 2,C-eO/. for
parapet wall, 1,7571. for reefing and eaters, 2,671/. for new
goods warehouses, 1,1751. for alterations of platform., and
other items amounting to 2,1331., which were not included
in Mr. Locke's estimate of 26,0101., lard before the proprk-
ton in February, 1517; end it must be observed that the
expense of altering the carriages has been increased to 6,7521.
by the substitution of entirely new under-frames and wheel.,
for the mere alteration of the gauge of the wheel,. With
the desire to afford the shareholders every possible informa-
tion as to the flannels' position of the company, the directors
have appended to the accounts, as audited, a statement of
assets and liabilities, which shows that 61,945/. will be the
preinble sum reouirtd beyond the (resent share capita,' of
1,266,000/. to provide for the coat of changing the system of
working, the parliamentary charges, and the excess cf the
oast of the extension-line beyond the estimate. The ditec '
tore recommend that thi, sum should be raised by the issue
of debentures, which will ultimately be the only mortgage
upon the undertaeing.—J. N. DANISLL, Chairman."
The CHAIRMAN, in moving the adoption of the report,
said that the directors were most anxious to give every in-
formation
which any proprietor might seek, in addition to or
in explanation of the detailed account, which wee in the
hands of the shareholders. He need hardly tell them that
during the past twelve months the condition of railway
traffic generally had been greatly depressed; in this deprer-
Mon the Blackwell Riilwayhad fully participated; and be-
sides that cause of deterioration, bad for a considerable
period of the year laboured under the great disadvantages
attendant upon the process of introducing locomotive power
upon the line. Fee three mor.ths they had been only work-
ing half-hours, and this with, at cll events, the appearance
of danger from the open condition of the bridges and para-
pets ; as soon, however, as it could he done with safety, the
convenience of the public was coxsulted by running
the trains every twenty minutes, et:11 thinking
fifteen-mimeo trains impracticable.
Mr. GOLDSMID eta that no one present mull have
any other feeling than that of a full confident. in the honesty
end ehcellent intentions of their directors—Our, hearlr—
in which important respect that company had a gratifying
superiority over so many other communes, the corruption of
whose management hai created swh a mischievous reaction
in the public estimation of railway property (hear,
hest); eut still it was clear from the &ea before them that
the management of the Blackwell Railway had not been
sech as to effect sateen, making every allowance for thee
eepresaiou of trade which had affected the recipts of all
railways. (Hear, hear.) That their directors were in them-
selves honest and able men, was a fact which showed that the
non-success of the concern was owing to some inherent de-
fect in the system of management in the present machinery.
(Hear, hear.) It appeared to him that some expression of
opinion on the pan of the proprietary on the subject was
most essential. (Hear, hear.)
After some conversation,
Mr. GOLDSMID moved that a committee of five pro-
prietors he appointed to consider whether any and what
measures can be adopted to increase the company's J 111.311114
to decrease its expenditure, and generally to improve the
administration of its affairs. Thu committee to report there-
upon to the proprietors at least one week before any special
general meeting to lee summoned thereupon.
The report was then adopted, and Mr. Ooldsmid's propo-
sition carried unanimoualy.
Messrs. Goldemid, Colman, and Carlisle were nominated
of the committee, with power to add two to their number.
The CHAIRMAN moved that the balance of 3.1621 be
dietributeil among the ebarehelders u dividend. In reply to
a Proprietor, he added that the number of shares was
111.000.
On the amendment of a Peornteroo, however, it was
carted that the balance should, instead, be carried to the
next half-yearly account, and the meeting then separated.

EAST INDIAN.
Yesterday the Rend half-yearly meeting of this comrany
was held at the London Tavern; HENRY AOLIONDY, E:q.,
the chairman, presidium
The CHAIRMAN, in opening the business, remarked
that the business which would be brought before them to-
day was of more importance then that which had hitherto
been submitted to the ordinary half-yearly meetings of the
company, insomuch as it included the report of the con-
trast into which the directors had entered with the East
India Company. He trusted that report, which bad already
been circulated, and which he would now call upon the
secretary to read, had been considered by the shareholders
generally, and that they were prepared to decide upon it.
The SECRETARY then read the repert, a copy of which
appeared in the Express of yesterday.
The CHAIRMAN would now propane a resolution which
would bring the question of the terms of the contract before
the meeting, leaving it to them to make any remarks upon
the course the directors had adopted—to offer any sugges-
tions they might wish, or to ask questions upon any points
they might deem of impoetsnoe to their interests to have
explanations upon, believing it desirable to have the matter
altogether in their hands, without offering, on the part of
the directors, any comment upon the terms of the contract,
or on the act of parliament, which they were aware had
been pawed in the last session, in consequence of the arrange-
ments which bad been entered into. He should have been
glad if the proprietors had had the contract in their hands
some dap earlier; but that had been found to be impossible,
as the directon were not permitted to circulate it until it
could be put forward in the formal shape of an executed
deed, end in coneequendi of the necessary delays which had
occurred in the government offices, it had been found impos-
sible that the formal execution could take place until the
der previoue. The resolution he bad to propose was, that
Or report be adopted, and circulated amongst the pre-
prieton.
Mr. TUTORS/4S, a proprietor, seconded that resolution
with much plume.
A discussion ensued, and the resolution was then put and
carried unanimously.
The CHAIRMAN then proposed a resolution reducing
the number of directors from 18 to 9, and that 3 of such re-
&teed number be a quorum. Ender the original deed of
settlement the maximum number of director was find at
21, and the minimum at 12. For a long time past
the actual number had been 13. The set of parlia-
ment reducel the maximum number to 18, and the
minimum to 6, and the board thought they could net do
better than to adopt the medium number of nine, as that of
which the board should in future consist. It had been de-
ciled by ballot who should go out, and the four gentlemen
on whom the let had fallen to retire, were Means. Bird,
Brace, Kelm% and Stewart, who, if the reeolution met with
the approbation of t"e meeting, would henceforth cease to
he members of the direction. He could sot, however, pat
the question without expressing the pain that he felt in part-
ing with four gentlemen who had been most active and effi-
cient members of the beard. (Hear.)
The resolution was carried.
Mr. R. BAYNES ARMSTRONG moved "That such a
sum per annum ihould henceforth be set aside for the remu-
neration of the directors es might be agreed upon between
them and the East India Company," wffich having been
seconded, was carried neanimouely, as was one proposed by
Mr. Beaumont, to the eff,,l that in consideration of the
rs ?vices rendered by Mr. hl'Donald Stephenson, the exit-
ions made, and the risks incurred by him in introducing the
railroad system into Inch, it is the feeling of the meeting
that an allowance should he made for himself and for his
family after his decease, by means of a per centavo on the
dividends or net profits received by the shareholders shore 6
p.r cent., end that the directors be requested to consider
what should be the rate of each per engage, and report
their opinion at the next general meeting.
A vote of thanks was next proposed to the chairman and
directors for their able end ratoeseful management of the