The Express.
London, England, 1853-08-22 00:00:00

THE NEW STEAM YARD AT DEVONPORT.

GREAT NORTHERN RAILWAY.

The ordinary half-yearly meeting of shareholders
was held on Saturday, at the ',undo& l'avern, Mr. D 1 NI.
NOM, M.P., in the chair.

Tim report, which as already appeared in the Erpress,
haring been taken as read,
The CHAIRMAN moved that the report be adopted.
Mr. FACILE seconded the motion.

Mr. \Vezina wished to make few observations before
the question was put. The liabilities of the company, ac-
cording to the statement he received at the office, were
105,0001., viz., 50,0001. for the purchase of land, 30,0001.
for works, and 25,0001. for the hotel. Their unexpended
capital, on the other lisnd, was 444,5661., or rather, taking
into account the interest they had in the South Yorkshire,
the Royston and Hitchin, and the East Lincolnshire lines,
which the sooner they got rid of the better, 573,0001. He
hoped, therefore, that by the nest meeting the capital re-
count would be ZeeLire Owed. It any new lines were
undertaken they could open a supplemental account. The
working stock of the company was the largest for its mile-
age in the kingdom. The reason why this company did
not pay 3 per cent. instead of 21 was that they lost 2(1,0001.
• year on the loop and East Lincolnshire lines, the mode of
working which was a laughing-stock for all the railways in
the kingdom. By far too many trains were started in that
district. With regard to the Amb rgate line, he thought
that it wsuld be nothing lees than barefaced robbery and
spoliation if any guarantee or amalgamation were entered
iota with it. He concluded by moving an amendment that
some economy be used in w inking the loop and East Lin-
colnshire lines.

Mr. llooura seconded the amendment.
Mr. HERAPATH begged to observe that the cost of the
working stock of the Great Northern was 1,068,00 a, and it
was worked on 409 miles. The London and North
Western bad working stock which cost 2,105,0001., which
they worked on 903 miles. Now, they would find the cost
per mile was 3.5001. on the London and North Western"
whilst it was the same with the Great Northern, notwith-
standing the difference in mileage. Therefore he could not
understand why ours had cast so much, and particularly
why we were calling. out for more. (Hear.)
The CHAIRMAN, in reply to some observations of Mr.
Waters wished to say that, although he was correct as to
the mats, he was not carnet as to the liabilities. The tact
is there ate various works completed, but not yet paid for.
There are, for instance, the workshops at Doncaster station,
and money owing for land. There would be a surplus of
120,0001. or 130,0001., but Mr. Waters made it 300,0001. or
400,0001. He wished it was so. lam just reminded by
Mr. Cubitt that the Knottingley and Wakefield stations
have not been included in Mr. Waten's estimate, which
alone amount to 40,0001. Some observations have also been
mode as to selling the shares in the Royston and Hitchen
and the South Yorkshire lines. I agree with Mr. Waters
as regards the Royston and Hitchen, but not as regards the
South Yorkshire. Without going further into these
matter+, I should certainly advise the shareholders not to
part with their shares.
Mr. WATERA understood the chairman on a former occa-
sion to advise their being sold. Althsygh the Great
Northern held a fourth of the South Yorkshire capital,
they had no vote in the concerns of the company ; what was
the use therefore of their holding these shares
The Crewman—The hon. proprietor forgets that when
any question of importance came on for discussion we can
exercise the right of voting inherent in those shares ; but I
should rather not go further into this subject. (Hear.) I
am quite sure, however, that it would be impolitic for us to
part with these shares, particularly in the present state of
the market. If we could only get what we paid that would
be a different matter. With respect to the working stock,
perhaps you are not aware that we are the only company in
the kingdom who find their own coal wigwam, which have
cost us a very large sum. Other companies have found •
few, but have declined to find the requisite number. Ours is
a very particular trade, and if we had not found the waggons
we could not have prosecuted the trade to the latent we
have done. Because, if we had asked soy coal owner to
find his own waggons he would have declined to do so. I think
that in our case it was as politic a step as ever was taken.
A question has been asked sato the amount of the cost. I
know we have 2,500 coal waggons, which cost between
601. and 701. each, and the entire can I find has been about
200,0001. With respect to the working stock generally,
allow me to remind you that we are literally speaking not a
year old as regsrds our entire line, and it is well known
that a new line must have a larger amount of working
stock than an old line. You cannot expect every carriage
to be completely filled, as upon old lines like the London
and North Western, who are able to regulate their trains
and work their great amount of business traffic at a com-
paratively lee cost. But it does not follow that because
the traffic will increase the working stock would increase in
the same ratio. If you make 'Howson for our being in a
state of infancy you will see that our working stock is not
extravagantly large. Now, with respect to the capital ac-
count being closed, I am disposed to think that no
company will be able to close its capital account.
If we, your directors, are not fit to ..be intrusted with fif-
teen or twenty thousand pounds, send us about our busi-
ness. I say, with all respect, that I for one would not
submit to it. If you propose to tie my hands behind my
back as regards paltry matters such as these, I make my
bow, and you can have another chairman. I do not ay
this by way of threat, but in my own defence as a gentle-
man and • man of honour, and the trustee of your pro-
PM-
Several Proprietors here exclaimed—" No one proposed
such a thing," " No such suggestion was made."
The emaareseAte—With roopoot to the rooolution /or imool-
gamation with the Ambergate Railway Company; since
the report was published the bill has been thrown out. No
agreement can be entered into, and no amalgamation can
take place, as they have no bill. Besides, the consent of
three-fifths of the shareholders must be first obtained.

In reply to a question as to the apportionment of earnings
between the holders of A and B stocks,
The CUAIHMAN said that each year would balance itself.
The B stock would be affected by the receipts of each in-
dividual year, but one year would not be allowed to run
i into another. If, for nstance, 6 per cent. were received
within the year, the B stock holders would be entitled to
it, and the holders of A stock must take their chance of any
further profits.
Mr. WATER'S amendment, which was put is a substan-
tive resolution, was put sad lest, the chairman observing
that it looked like a vote of censure, though not so in-
tended, end that It woo sand policy to occupy the But
Lincolnshire district, silliaegh the lines there did not pay
per se. As to the number of trains to be run, that was
quite a matter of opiates. , In many instances the running
of trains created train.

Resolutions were then passed declaring • dividend : "At
the rate of 6 per cent. per annum upon the perpetual stock
of the company. At the rats of 6 per cent. per annum
upon the 6 per cent. Mammal& preference stock of the
company. At the rate of 24 per cent. per annum upon the
original stock of the eseapsay. At the rate ofd per amt.
per mum on the B Meek as guaranteed by the A Mesh.
At the rate of 44 per mat pee annum upon the Imiseat paid
to the 30th of line lam a the 41 per ant. reisomehie pro.
foresee shares, Wag overland I. is. mg. pee share;
sub
m odes figna.
Phoebe wever,, hot to be paid until alba siespila
gal in ary 11151." ring the
name to homy, 250,00 W. godhead lie raised eft gagiaill-
g~s by the solitpany's act Also
leegap
of 186$, whisk was ohs Moped.
Br. Whimssh sin that as &dam lad hen pot
to peel (spoon faikeding on maga he libel, egassiens&
by yea pieRMMIOR as the poet of Mr. Wilson. He pro-
posed that the ammo in this aseint sid out of the m-
orass mesas of the sompay. amen.)
The CHAIRMAN mat interrupt . Wars% ceder to
say that nothing would inducts him to swept Say maw
from the anamy the sash • wpm. B. had ban hardy
la ilia ail leaven's* sopesedin antler
drommotaaca
with whisk Soy min inguoistel; the arts of the
trial had boa paid, and theataair was at as end.
IL,. WATIRS wild these wan see oast Wont to which
be wished a all aunties. There was a wry valuable ia
atitwilwa, tho Royal yi.• Mao which every
endure mad got animas without as order kora a goo
-maw. With a capital of ten millions, and haviag soon
same, availed themselves of the benefits of this Waits-
she Great Northam only subscribed the paltry am of
ten guinea. He hoped the sum would be isegeosod to fifty
rims. (Hoar, hear.)
isms Proprietor, gamma sae imbed pingo, hot
The Cruz aux sold fiiey had many eppiteselens, both in
tows smd Gantry, and, if the maw wai left is lhs lads
of the airman, they would take ears to iasoligato all
time aims, and lay a muumuus Was the papilla= at
the aims gaostiog. K. amid Shea ask fir • as of mow
for the papas of providing • page of worship he their
workmen war Donceetar, who were now very badly off in
that raga'.
wisiThesesurtioiligia.as irtmestogsideararatedtbanics. having been

The new naval steam yard at Keyham is now
nearly ready for being brought late ace ; and it is said that
it will be formally opened early in October next. The
principal basins and docks have for some time pest been
ready, and the offices, workshops, and stores are now ap-
proaching completion. The offices and rooms for the
are being prepared for immediate occupation, and the
guard-house and offices for the military are in a state of
forwardness. One of the first step for the acing possession
by the government of a portion of this extensive and im-
portant establishment was made by the Admiralty a few
days since by the receipt in the Devonport Dockyard of an
order for the immediate establishment of Fella' for the
Keyham steam yard—the present force to consist of 1 in-
spector, 3 sergeants, and 12 constables, to be selected by
Lieut. Williams, R.N., the director of the police of the
Devonport dockyard. The officers are to be selected from
the most deserving of the dockyard police.
With our present large and still rapidly increasing steam
navy, the bringing into nee this yard will not only be •
matter of great convenience to the Admiralty, bat of great
importance in an economical point of view. The want of
' such an establishment, and of docks adequate to the @semi-
' nation and repair of the larger vessels of war and of
steamers at the western port has not unfrequently involved
considerable delay, and the cost of sending vowels back to
Portsmouth or Woolwich, whence they had been previously
despatched for foreign stations. The necessity for this can
no longer exist after the opening of this extensive establish-
meat. It extends over an area of more than seventy acres,
and has some of the finest examples of masonry and magi-
, neering details for docks, &c., in the world.

THE EXPRESS, MONDAY EVENING, AUGUST 22, 1853.