The Express.
London, England, 1850-02-01 00:00:00

EtEWERY. —To b.
SOLD, by PRIVATE
CONTIACT. a very ioIiILIIT de.
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Lisetrisurare.

tt2FHZ ILLUSTRATED LONDON NEWS of
TO4IOItItOW, February 2, 11311, dablaa the follewlair
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RAILWAYS.

GREAT WESTERN RAILWAY.

The committee of consultation appointed by the proprie-
tors of this line, Sept. 20, 1849, have issued • report. la
reference to the existing position of the Great Western and the
contributary lives now in operation ; namely, the Chelten-
ham and Great Western Union, the Oxford and Windsor
Branches, and the two branches of the Berke and Hants—
the one to Hungerford and the other to Basingstoke—the
committee strongly recommend that the accounts of these
lines be finally closed, sad that no farther expenditure be
interred excepting the payment of arrears, not exceeding;
in amount 330.0001, without en excrets vote of the proprie-
tors at the half year'y meetings. The committee on inquiry
into the various engspernrnts of the company to other lines,
found them to consist of titre dames
The first clan consists of nabseriptions to the following
lines .—South Wales ; Wilts, Somerset, and Weymouth ;
Oxford, Worcester, and Wilverhampton ; Birmingham,
and Orford ; Binningnam, Wolverhampton, and Dudley ;
Gloucester and Dean Forest; South Devon; Chelten-
ham and Oxford ; Cornwa I ; Plymouth, ant Great
Western Docks; amountins in all to 1,844,0001. Teen sub-
scriptions are raised under the special authority of acts of
parliament, obtaintd for this pupae by the Great Western
Company.
The woad class, leased at a fixed rate of interest on
actual cost, counts of the Wilts, Somerset, and Weymouth
line only. Thin line branchn oft from the Great Western at
Chippenhaan, and from thence by Westbury, Yeovil, and
Dorchester to Weymouth, with branches to Devises, Red-
stock, Frame, and Warminster' and thence to Salisbury; in
all 1131 miles; and estimated to eon 2,638,0001 if com-
pleted, which the Great Western Company have leased in
perpetuity at 4 per cent. interest- Of this sum 1,230,0001.
has been expended more or less, upon all parts of the line.
But the only part now completed and in epi ration, is from
Chippenhatn to Westbury, a distance of 131 mites. The
committee recommend that, for the pruirat, the only portions
of this line that should be completed are the two branches
from Westbury to Warminster, and to Frome, which to-
gether will be 101 miles long, making a completion of 24
miles of this line.

The third elan' leased at a fixed rate of interest on •
limited outlay contingent on final opening and completion,
consists of the Oxford, Worcester, and Welvarbsmpton • the
South Wales ; and the Gionvoter and Dean Forest fines.
The inability of the Oxford, Worcester, and Wolverhampton
Company to comply with the terms of the lens., by finishing
the line in its integrity, renders this least in the opinion of the
committee a mere nominal liability. Tue lame of the South
Wales Company depends on the completion of the entire
line, extending from Grange Court to Fisbauard, a distance
of 164 miles, and is limited to 5 per cent. interest on a sum
not exceeding 4,000,0001. Of this amount the Greet West-
ern Company has subscribed 591,0001. (to which is to be
added interest about 19,0001., making a toiA of E 00,0001.),
leaving 3,419,0001. as the amount on which the Great
Western Company guarantee 5 per eitst. inrcrest. The
committee consider that the South Wales line to Swansea, a
distance of 92 miles, would be very productive. As
it app,ars to be the interest of both companies
that this line should, for the present at least,
terminate at Swansea, the Committee tru-t that inch
modified terms may be mutually agreed on as will
lead to this result, which would be beneficial to both parties.
In reference to the Gloucester and Deer Forest line, to which
the Great Western Company are subscribers to the amount
of 50,0001., and which thee have limed at 4 per cent. on the
see', estimated at 250,0001.—this lines goes from Gloucester
to Grange Court, and there forms a junction with the South
Wales Line, being • distance of eight miles. This line will
no doubt prove • profitable investment to the Great
Western.

The fourth claw—Lines purchiisei by the Great
Western Company at a premium of 10! ss. on
each 201. share, to be paid for on completion
—comprises the Birminghsm and Osfori, 32 miles, and
the Birmingham, Wolverhampton, and Dudley, 11 miles long.
The committee strongly recommend the entire completion
of the Wbfk% SO as to 0111ble the Great Western, through
the medium of thus lints, to ma" such arrangements
with other companies north of Dudley, se may produce the
greatest passible traffic by this route. The committee state
that they are informed that negotiations are in progress
with the Lt.ndon and :firth Western Company, a successful
termination of which would effect a con-itleratle saving in
outlay of capitol, prevent injurious competition, and be
highly beneficial to both parties.
The filth class of lines in course of construction by the
Great Western Compaq, comprises only the Oxford and
Rugby line, on waieh the works are fast pewee sing to-
wards completion. That part of the line from °Mord to
Banbury, 244 mile., will he finished and opened for traffic
In M next. The portion of the Oxford and Rugby line
from Y.nny Campton to Rugby, on which but little his
been expended, your committee recommend to be suspended
for the present. The chief object of the committee, u
regards the foregoing liabilities sad engagements, has
bean to recommend that they should be reduced as
much as possiol., consistent with strict adherence to good
faith and with the future interests of the Great Wester'.

The entire amount already expended and to be raised by
the Great Westin fir all purposes whatsoever, will not ex-
ceed 17,300.0001. This amount is the extreme estimate of
the entire liabilities, under the greatest dissdvantages which
can possibly arise; but the committee are of opinion that a
much less sum will be found sufficient Fur this amount
2301 miles of railway are now open for traffic, and 861 miles
are still to be opened ; in addition to which, the company
have a joist interest in the lines to which they have sub-
scribed, and which macula (1,1141,00 W.) is included in the
17.300,0001.

The'committee state they have directed their special at-
tention to economy and reduction of expenditure. They
find that the depression in railway property forced urn the
directors the consideration of this subject so early se the
month of April, 1848, the result of which was the effecting of
reductions to the Amami of 2.5,8001. a year ; acd during the
progress of the present inquiry, further reductions of 06 per-
sons, whose minim amounted to 7,2101, have al,o been
effected, exclusive of the reduetione of the 'elicits of the
odious and highest paid cl cks subsequently referred to. It
is recommended that the services of other persons may like-
wise be dispensed with, which would effect a still further
reduction. The committee, viewing the great depression in
the resources of the company, and the diminution in the cost
of all the necessaries and luxuries of life, suggested reduc-
tions on the present eel f all the company's °Moen.
Sunders, the secretary. has agreed to have his salary
reduced from 2,0001. to 1,5001 a-year. This, and other re-
ductions already made, and those in be further car-
ried out, exhibit that the establishment maintained
by the company was, in the committee's opinion, need-
lessly large. The committee state their strong c enriction,
that, by the adoption of systematic economy, farther and
very extensive reductions may be effected without in the
lean impairing the efficiency of the company's service. Os
the question of a reserved fund for replacing phut and
maintaining the permanent way, Mr. Brunel estimates that
including enchains' it will flotilla future exceed on an avenge
75,0001. a year for the Great Western and its existing branches.
The committee recommend that a survey should he made
of the permantnt way of the Great Western and its branches
by as aegineer unconnected with the comp sny ; to which
they 'neeented. M. Cubitt has been appointed for this
IntirPoe-
Thayer* also of opinion that the present ?wide of email-
hating the board of directors is highly objectionable, leas
much mit results in their being aeli-eleettd, which is opposed
to the interests of the company. They recommend that one-
fourth of the board should ',fluidly retire and be ineligible
for re-election for one year; which would establish the prin-
ciple on which the directors of the Elia Imela Company and
of the Deck of England are appointed. The committee
further recommend the expediency of lemming Ufa number
of directors, witch would more commentate the resimnaihl-
lity, and, without additional col, increase the remuneration
kw their services.

The 40111111114011 call espeeill attention to the existing sys-
tem of auditing the account., tind urge upon the direeters
the necessity of taking this stitnect into their minuet consi-
deration, with a view to the adoption of an etticient, inde-
pendent system of audit. They also very strongly recom-
mend that. hereafter, for all expenditure, an e.timata in de-
tail should be submitted et ei:ch half ye.uly malting, and
ehou"d be confirmed by a vote of the propel-tors, on the
mate principle as the estimates for the expenditure of the
public depertagents are annually submitted to and voted by
parliament. They further recommend that a more detailed
semount of the expenditure ahoutd he submitted to the pro-
I piston, at each half-yearly meeting, especially a statement