The Express.
London, England, 1867-08-31 00:00:00

RAILWAY INTELLIGENCE.

GREAT WESTERN.

yesteA long discussion took place after the close of our report
rday.
The CHAIRMAN in replying mid it would be wrong in him
to make auy intimation ae to the mode of paying the next
dividend, not being positive on the subject. The amount of
debentures taken was not sufficient to enable them to pay
off the temporary loans and it would depend upon the
state of the money market. He denied that the rolling
stook was in a bailcondition generally speabing the fact
being they were gradually replacing the brold by the
narrow gauge. The stook ia general wee not going down.
They were making no alteration in the Weymouth stook.
He should cordially welcome Mr. Thompson on the board,
but he, like other good men, had declined to serve, and it
was with great difficulty Mr. Smith was induced to take
• temporary seat at it. With regard to the rent charges,
they were mentioned es part of the liabilities. A certain
number increased till they got to a maximum—the
figures put down were the result of • careful calculation.
Though they might look • large MUM of money it was the
worst, and they would not be added to. With respect to
the 550,000 k liabilities the committee had called for, the
five yearn liabilities being the whole of the liabilities, none
of the obligations had been entered into recently, and the
bulk of them were very old ones. It would be their duty
to postpone the new works where 'pueblo. They could
not avoid carrying forward in the Vale of Neath account
a small balance just the lama as in other cases, and they
weld have declared • larger dividend, but preferred carry-
mg
i!r. velatn • ted t that the balance of the Great
Western was the balance of a working railway, while that
of the Vale of Meath was a banking balance, and they
were nut getting the balance they were entitled to by the
act.

The CHAILDAN said that practically it was of no conse-
quence ; and if the interest of money should be high again
next year the Vale of Meath might not have 5/. per cent.
It might have happened that a few persons did or could
not take up their dividends in six per cent. stook. He
should adhere to the policy be had commenced of
all capital accounts, except what had been authorised,i
the works of which were in progress. The directors would
incur no future liability without coming before the proprie-
tors. He quite agreed with the sentiments of Mr.Mirdoch
with respect to the substitution of debenture stock for de-
bentures. He most say that Mr. Mitchell bad laid before
the board his figures. No doubt if they doubled their
charges, and retained the same traffic, they would double
the earnings, but the passenger rates were at their maxi-
mum already, and parliament would not sanction any in-
crease. They should not raise their rates unless other
railways did. The matter had been carefully ooruddered,
and however pretty in theory the plan might be, it was
really impracticable. He hoped that the hon. proprietor
would withdraw the amendment, which really did not
alter the state of things.

In reply to Mr. Pluca,
The CHAIRMAN said that the new capital was entirely
for new rolling stock. The amount of rent charge men-
tioned in the report of the committee was for the whole
year. The sum voted by the proprietors to the directors
was 6,0001. a year, which had been reduced by the board
to 5,0001. a year, which was very small considering the
work of the directors.
Mr. TuceelT, in reply, said that he had brought forward
the motion on account of the distress that would accrue to
many poor shareholders who relied on the dividends as a
portion, if not the whole of their living, and refused to
withdraw the amendment.

The amendment was then put and lost, and the report
was unanimously adopted.
The CHAIRMAN then moved the adoption of the report
of the consultative committee, which was seconded by Mr.
Giles, who explained the course which the committee had
taken, and stated that they had strictly investigated the
matters brought before them at a cruel loss of time. He
totally denied that they had acted with partiality in
aspect to the selection of the board, and that they had
only tamed out the West Midland directors. The fact was,
that two Great Western directors voluntarily retired, they
had refused to recommend the re-election of four others,
and one South Wales one. The only question before
the committee in selecting directors was not whether
they represented any particular section, but
whether the men whom they selected were cal-
culated to promote the best interests of the Great
Western Railway. (Cheers.) He gave great praise to the
officers of the company for the mode in which the accounts
had been kept, and said that every farthing properly
chargeable to revenue had been so charged. He admitted
that some of the broad gauge carriages were in a bad
condition, but so far as the narrow gauge carriages were
concerned the line was as well equipped as any line in
the kingdom. The resolution was agreed to.
The CHAIRMAN next proposed a resolution for the pur-
pose of carrying out the 4th and sth Gleams of the report
with respect to the payment of dividend by a preferenes
stock.
Mr. Wow), in seconding the resolution, pointed out that
the fact of the reduction of the temporary loans would
give coefidenoe to the shareholders and the public, while
eventually the proprietors would be greatly benefited.
Mr. Pawn complained that they were putting the share-
holders at a disadvantage with the general public by the
mode in which they proposed to pay the dividend. He
asked the board whether it would not be better to issue
the dividend in 5 per cent, stock instead of 41 or G per
cent. stock, at the option of the shareholders.
The CHAIRMAN explained that they felt their posi-
tion financially was so much stronger that they were en-
titled to get money at 44 per cent. The 4; per cent.
was at 95/. in the share list, and the 8 per cent, wee SQ.,
so that practically the 41 was the best investment. At
the same time the shareholders could take which they
iked.
_ _

In reply to a SttAiteitotrien,
The CHAIRMAN stated that they had about 60,000/. 5
per cent. debenture stock, but it was the wish of the board
to reduce all their debentures to 4i per cent., and this was
a step in that direction.
The amendment of Mr. Price was rejected, and the ori-
ginal resolution adopted.
Mr. Gmrs then proposed the election of a committee to
select auditors, similar to the committee of the London
and North Western, which was agreed to.
Resolutions for the transfer of certain debenture stock
into Great Western stock, to convert debentures into de-
benture stock, and for the purpose of consolidating stocks
and rent charge► generally, were also agreed to.
A unanimous vote of thanks was then given to the con-
sultative committee. . .

Mr. BRAIISIEV, in responding, stated th►t they declined
to take anything for their services. (Cheers.)
A similar vote to the chairman and directors brought
the proceedings of the meeting, which lasted nearly four
hours, to a clues.

LONDON AND BRIGHTON.

After the despatch of oar iesterday's report,
Mr. FILDER recommended thee the remuneration of the
directors should be reduced from 2.800/. to 1.80 W., and
that the solicitors' bills should be referred to the masters
of the several courts of law for taxation. (Hear, hear.)
Mr. CONLEGMAII desired to impress upon the
directors the importance of attending to the develop-
ment of their traffic, and characterised as a mistake the
reduction of the duration of return tickets from Friday till
Monday to Saturday till Monday.
Mr. Codex complained of the amount of the working
expenses, and recommended that the company should
apply to parliament for power to increase their fares.
He seriously questioned the propriety of the proposed
arrangement .eith the South Eastern, whose affairs he
contended were not in so favourable a position as repre-
sented by Mr. \Vatkin.
Mr. WEST said that the proper means of extricating the
company from its difficulty was to increase the fares. No
one could object to the addition of one shilling to the first-
class fare to Brighton.
Mr. E. J. Hga.trarn was no advocate for high Gres, hut
be thought that in the condition of this company the
director. ought to charge as much as they could get.
(Hear, hear.) The working expenses could not remain
at the amount of the last half year, and he was certain
that in ordinary times the preference dividends would be
covered.

Mr. SAMCDA congratulated the directors upon the
course which they had adopted in abstaining from the pay-
ment of the prefers ice dividends and in charging to re-
venue all the expenditure undertaken upon its account.
He protested against the South Eastern arrangement se
unfair to this company, and asked the directors to give •
pledge that they would never send out any more proxies.
Mr. Wrremmt recommended • general amalgamation of
all the railways in this part of the country, but deprecated
the increase of fares upon the London and Brighton line.
Mr. Gartnerr asked what the directors intended to do ,
with reference to the non-paying branches?
Mr. Leers said that the impropercharges against capital
were made for the benefit of the ordinary shareholders,
and that, therefore, the loss of dividend occasioned by
restoring the balance as between the capital and revenue
accounts ought to fall upon the ordinary shareholders, and
not upon the holders of preference stock. He recom-
mended the board at once to recognise the position of the
preference shareholders by granting deferred warrants,
accompanied by certificates of indebtedness, and above all
things to avoid litigation. (Hear, bear.)
Dr. EVA/118 said that the proceedings of the board bad
been altogether in favour of the ordinary shareholders, and
easiest the holders of preference stock.
The CIL/161UL in replying, repeated the explanation
which be had given as to the mode in which the directors
had dealt with the preference shareholders ; and added
that at the end of the year they might consider whether
they should apply to parliament for power to issue de-
ferred warrant.- a power which at present they did not
MrThey should endeavour to do what was equitable
chases of shareholders, and probably in any appli-
cation to parliament they might seek to provide some
means by which the holders of preference stooks should be
aliowedto takepart in the management of the concern. He
believed that in many instances their single fares were too
low, but they could not be raised without an alteration of
the parliamentary maximum. The abolition of the Friday
return tickets was not the work of the present board. He
declined to consent to the disuse of proxies, but suggested
that the shareholders might by the appointment of an audit
committee strengthen the hands of the auditors and obtain
more complete control of their affair'. He premised login,
this matter his most serious consideration. He expressed

his opinion that the question of the remuneration of the
directors—with which he had nothing to do, u be received
a special vote of 2,5001. per annum—ought to be left to
those gentlemen themselves. (Hear, bear.) After some
experiense of pubs affairs he had Dome to the conduit*
that railways were, of all concerns, the most difficult to
manage, and he wee certain that the directors were not
o_veTaid, but (Featly underpaid, for their services.
Finay, be explained that the solicitor's bills were &lira).
taxed.

The immolation was then put end agreed to, u were also
other resolutions, providing for the conversion of certain'
stooks.

The proceedings terminated with a cordial vote of
thanks to the &tam= and director,

TRAFFIC RETURNS.

Teal, 101dn Igor- ta. T 094
ZIAWATI. ogee. inoterrre. dandle& 1887. 1804
Week ending Ad, 7. 6 L
lid Indian
August IIEI 9,487 22.988 32,475 16,16,471 Week end*, ll.

Mt 192
174stending August 18 1,061 1,443 603
Await 11
oudanallbeto ry
10,Wfusties1 2,131 478 2,069 2,407
atiss paw
ng of
August 2 Nights — 4,100 7,490 11,509 9,3
Week endi&
ltetbkaalutNeweaatle Jon lO 17 11 W
Wed Cork ln 03 10 98
Week fading Lucent 26
OWenaWalt

COLNI VALLIT AND HALSTZAD RAILWAY.
The half-yearly moan of this company was held yester
clay at MhAriad Kr. J. Brewster in the chair. The
chairman, in moving:et
toe adoption of the report, Sr
the regret of the , that owing to the @Ugrian
state of the company, they were unable even to meet '
debenture interest, and the revenue did but just meet the
working expenses. He also regretted that they had not
before then the novenae account for the past two
years, in consequence of their not having been sent in by
the contractors, Sir D. Gooch and Mr. Sperling, but
roughly speaking, he believed the earnings for the
hall year amounted to about 3,2001. In this state
things, which he admitted to be as bad se bad could be. i
had been suggested that they should call upon the tyres
Eastern Company to work the line, according to the act o
parliament, at 50 per cent., but the majority of the direr
tors were opposed to this, and preferred to wait, hoping to
better times. The report was adopted, and the meet
was then made 'pedal for the purpose of cresting addi
tional stock to the amount of 40,0001, at a rate of in
not exceeding 5 per mint.
DARTMOUTH AND TORBAY RAILWAY.—As. thi
company now exists "for Unsocial purpose only" the di
rectors consider it unumeseary to make a spec MI repor
The balance-sheeta show that the half-year's interest 0
debentures has been 1,2151., and interest on " loan.,
3,2371. The half-year's rent received from the Bout
Devon Railway Company has been 3,575/., leaving a lc
lance (including a balsam of 5751. left from last half
year and office charges) of 1,701/. against the company
The capital account shows a total of 254,0001. to have bee
expended on the line, of which 71,175/. was raised by cal
on ordinary shares, 85,0001. in preference shares, 49,075.
by debentures, and 58,905/. styled " temporary loam." I
is interest on the two latter items that has been paid.