The Express.
London, England, 1851-09-01 00:00:00

EAST AND WEST INDIA DOCKS AND BIR-

MINGHAM JUNCTION RAILWAY.

The half-yearly meeting of proprietors was held
on Saturday, at the Euston-square Station ; Mr. SCOTT in
the chair. _ _

Mr. CHUBB, the secretary, read the report, which stated
that " The unavoidable suspension of the works during the
years 1847 and 1848, occasioned a longer continuance of the
payment of interest upon capital, and otherwise involved a
greater expenditure, than was originally anticipated ; but
notwithstanding the occasional difficulties and disappoint-
ments they have had to encounter, in common with the
directors of railways generally, they can safely state that the
estimates of the costs of the undertaking will be very closely
borne out by the expenditure on the company's capital account.
The great value of property in the immediate vicinity of
the metropolis, and the rapidity with which the land ad-
joining the railway is being covered with buildings since
the works were commenced, render it almost impossible
that a competing line could be hereafter constructed having
similar advantages with that of this company. The direc-
tors are therefore satisfied that this company possess a pro-
perty essentially valuable from its position, and the re-
sources of which will increase from year to year, by the con-
stant erection of new tenements bringing a corresponding
accession of passenger traffic. In February last the directors
reported that the railway had been opened for pas-
senger traffic from Islington on the 29th of September,
1850; and from Camden-town on the 4th of De-
cember following. It was further opened on the 9th
June last to the Chalk-farm Station, Hampstead-road,
where the railway is connected with the lines of the London
and North Western Company. A statement, showing the
result of this partial working, from the 26th of September,
1850, to the 30th of June, is now submitted to the pro-
prietors in a separate revenue account. There have been
carried during this period 1,792,968 passengers, the gross
receipts from which amount to 27,0051. Is. 2d. ; the expenses
of working, exclusive of rates and taxes and tell to the
Blackwell Railway Company, amount to 12,4931. 65., and
the balance of receipts over expenses to 7,2091. 13.. Ild. ;
which being further reduced by the interest on debentures
for the current half-year, leaves a surplus of 2,4301. 12s. 6d.
which amount the directors recommend be carried forward'
to the credit of the present half-year's account. The
directors have every reason to be satisfied with this
short eeperience of the passenger traffic ; there has been
a steadily progressive increase in the numbers tra-
velling, and the facilities offered by the railway are
thus becoming every slay more evident to the public.
The Lohdon and North Western Railway Company have
not yet been able to alter the mole of running their
passenger trains, so as to work in contusion with this com-
pany's trains at Camden-town; in a short time, however,
this arrangement will be adopted, and a further accession
of passenger traffic may be expected from this source.
In addition to the goods traffic arising out of the
connexion between the London and North Western
Railway, the dock warehouses of London, and the
shipping in the Thames, which originally formed the
extent of the goods traffic expected over the company's
railway, the London and North Western Company have
recently acquired extensive warehouses in the City as a
depOt for goods to and from the metropolis, and which,
passing over the Blackwell and this company's railways,
will materially add to the traffic on both. The statement
of the capital account shows that payments have been made
on account of arrears of calls to the extent of 6,2251.,
several proprietors, whose shares have been forfeited, having
exercised their right of redeeming their shares by paying up
all arrears with interest at five per cent.; the amount re-
maining due upon the original share capital is now reduced
to 13,7501. The directors have succeeded in placing the
comparatively few debenture bonds which have hitherto
fallen due, at the reduced rato of 4 per cent. interest, and
as others are payable they hope to effect similar reductions.
The engineers report having been read,
The CHAIRMAN observed that they might look for
a considerable accession to their returns, if Smithfield
Market was removed, and the cattle market fixed near
their line, as was likely to be the case. They might
also look for considerable advantage to this undertaking,
from the junction of the North Western and South West-
ern lines between Brentford and Willesden. The line, they
were aware, was originated principally with a view to a goods
traffic, but he was happy to say that the traffic from pas-
sengers was greater than anything they contemplated.
Seeing that they had not yet carried an ounce of goods, the
position in which they stood was most gratifying. They
had laid the foundation for the goods traffic, and at the next
half-yearly meeting he hoped to meet them with something
in hand to give them. The coal company would be ready
for operations in a few weeks, from which, when it opened,
they would be insured 10,0001. a year nett 'f he
docks would be prepared by that time also. He concluded
by moving the adoption of the report.
In reply to Major ALeocx,
The CHAIRMAN stated that the communication be-
tween the line and the North Western had been completed
for some time, but the North Western Company had not
been yet able, in consequence of the pressure of business
and the great number of excursion trains, to work their
trains in connexion with this company's trains. They were
now erecting a platform for the purpose, and in a few
weeks passengers would be able to travel the whole way
without interruption.
. In reply to other questions,
The CHAIRMAN said that he was not able to form an
estimate of the goods traffic any more than the proprietors
themselves. In order to do so, they should know the returns
from use City of London to the North Western. These returns
hedid not think the North Western Company would be able
to give. They had at present seven engines running oaths
line, and some of these they had to beg, borrow, or steal.
(Laughter.)
The report was then agreed to.
The allowance of 1,0001. to the directors and auditors was
agreed to.
A vote of thanks to the chairman terminated the
busbies.