The Express.
London, England, 1850-08-16 00:00:00

lees, although they have °snooped 13.000 more persons ; and
le Ile manner have resolved 2,6091.1ds for mardandise,
although they have carried as ensue of 8.600 tons of goods
over the railwsv. The pond Wade, on the other hand, has
droduced 1,0001. men in incesem leaving an &gadget'
eficiency of about 10,0001. from thosee
esureesof traffic, not-
withstanding that the quantity of deeded proves to have
Isere red la every department. The only addition to the
Rao fa the interval has been the Windsor branch (about
three miles), which was opened in October last. With
respect to the underative receipts from pseeengen,
the defieheney is mainly accounted for by the feet that the
return ticket system weak abeyane during the four months
M the our 1849, end the resumption of it has had the ffect
et lowa* the average rate of fares. The principal tailing
of has been in the linfeeleas pamengers, where the derease
dumber' has not requited the thifuence of charge. to
order to increase the receipt.
,of the sperm trains, the
directors approximated the fares of the secoaddlass to that
'plebe amoebas in the beginning of April; and the result
bag been that, whereas the proportion of first elms had pm-
Timely been 125 to 267, they an now 180 to 246 ; and the
avenge mum formerly paid by each express pamenpr,
12e. 10t, has become 15e. 3d. since the alteration of the fare.
Them results thus aseerMined, will enable the directed egad
todevots their very metal attention to the whole subject of
panned fares, with a view to determine whether any and
what revision of system can be resorted to for the advantage of
thsatormlYe without detriment to the public service and se-
commodatioa. The difference in the sum received for the
conveyance of goods,appeare to have been owing to two causes
the one being the more extended use by the public of the
mileage system of rates, which is especially applicable to the
heavy loading and lose valuable goods; the outer being an
altered classifiestiose deeded articled, rendered needful by
the increasing competition in other modes of conveyance.
Hader all circumstances, it i.e. beim thought desirable
engage the 'styled of &gentleman in the capacity of a goods
manager, who bad had long experience in the carrying trade
of tbeWeet of Ragland, and the directors believe, in selecting
Mr. Drew. for that office, the eompeny will derive benefit
from his intimate knowledge of the traele, as well as from
the devotion of his time and energy exclusively to that de-
scription of business. This appointment has been made by
deans of en altered distribution in the duties to be
performed by some of the superintendents, without any aug-
mentation to the general expense for the salaries of officers.
The promised retrenchments in the expenditure of the
company have already far more than unnaterbelanced that
difference in truffle receipts, which bas been the subject of
the preceding remarks, and the directors still contemplate
a further saving in some items of charge. Referring to that
of Compensation for Accident+, &e., it is proper to remind
the proprietors, that it includes a fixed luayearly sum of
2,5001. placed against revenue, which has already nearly
extinguished the claims arising feed the Sorivenbam ace-
dant, and will hereafter provide • fund to meet (shun con-
tisigissold leader Lord Campelre Act, that course, having
hen sectioned at a former meeting of the company. It is
very satisfactory to be able to state, that no accidents have furred during the last two years to constitute any mewed=
upon deem thus appropriated out of the e output' 'a income.
The only other item in the astound which bas not yet been
diminished is that of " parochiel rates." In order to obtain
some relief from that charge several appeals have been latelv
dentate et. against asiessments on portions of tee line, and the
directors trust that an equitable decision on each cues may
tend in some degree to diminish the oppressive weight of
local taxation upon the property of the company. Every
effort has been hitherto made, but in vain, to obtain redreis
inn ths legislature, although the anomaly and the injustice
cf the present system has been again and again admitted
The published statements of account aid &how that, after
charging every expense incidental to the traffic Sunup the
half-year, a net sum of 241,1371. Ile. BJ. remains to bt
added to the former balsam of 39.7031. Os. lid. Deducting
therefrom the ezponses of new works, the interest on loans.
end the annuaies payable to shareholders in the Wild,
Somerset, and Weymouth, and the Berko and Hants Ex-
tension Railway Compuiler, there ii a diep dads
amount of 165,f 031. 18a. 85., which will admit of tne pay-
asst of the same dividend as before—vin. 4 pie cent. pet
&anus, and will leave a balance of 24,3531. 18s. Bd. to be
carried over to the present halflear. Alt the shard, fully
eared up, having been converted into stock on the Ist July,
Reordered at the last half-yearly meeting, the directors re-
commend that • resolution should be plated to make that
dividend payable in the usual manner on the let of Septem-
ber, oa the said consclidated stock, and on the amount cared
up on the 171. and Windsor sheds of 201. the directors
have adopted the elan, recommended by the Committee of
Consultation, of closing the capital account, and they have
therefore represented on the present occasion under one Fun
the total cost of all the lines belengieg to this company,
whether opened, suspended, or abandoned, consisting of the
amount which had been paid up to the 31st of December last,
as well as of all liabilities then existing in respect of those
undertakines, of which liabilities a porti.n only has been
sinew paid, as explained in the accounts. COURVI lent u,- on
die arrangement, the directors have c.urged to revenue dur-
ing the halt-year all the expenditure for new works and
cr for additions to works ; the only payments placed
to the capital account being those incurred distinctly
for constsucting unfinished railways. It becomes neciptary
now in respect of thou new undertakings, but principally
for the use of the South Wales Railway, to order an addi-
tional stock of goods engines and waggons, which must be
provided, in anticipation of the traffic of such lines. This
requirement was referred to in the directors' report of April
lase, and, in fulfilment of the intention then expressed, au
estimate has been obtained of the pr. !utile cud of eight
locomotive geode engines and 150 trucke, which are neces-
sary, and • resolution to authorise en expenditure not ex-
ceeding 40,6001. for that stock will be proposed to the
meeting. In like manner an estimate for the construc-
tion of cottages, recommended to be built at the level
crossings of the line, and an alteration of cue of thou
crossings, to save the wages of policemen, together with the
cost of some improvements and additional secommodations
at statious, amounting in the whole to 4,0001. is sub-
mitted for appeovel. The period having arrived when
the directors cocci ter it important to comrades the
works of the colliery branch between From* and Rad-
stock, as estimate for it has been also relented by
the engineer (which is mentioned in tie report) for
the pas-pose of triaging that question ruder consideration at
the present nesting of proprietors. The specific objects and
advantages of the outlay for that branch hare been so re-
peatedly brought by the board under the notice of the ena,
pany, and more especially in their report of April last, that
it seems superflucus now to renew the same arguments in
favour of it. Tree report of the engineer explains to the
rroprieters the general state of which has been
making in the few lines of railway ' in course of construc-
tion. The South Wales Railway was opened for public
traffic on 75 miles between Chepstow and Swansea on the
19th June. The stock for working it hes been entirely sup-
plied by this company, in the mauler provided be the pre-
vious agreement between the two companies. No credit
has been yet tided fcr the use of such stock, as it had
been curly employed (or • few days before the end
of June, but this company will be entitled to remu-
neration for it, and the amount will consequently
tome into the next beityear's statement of income.
It will be a satisfaction to the proprietors to know that the
two informations which had been filed in the Court d
Chancery against the company by order of the railway com-
missioned, to enforce a reduction of rates end tolls in conse-
quence, as was represented, of the requirements of certala
acts of parliament, hays both failed ; toe loner suit having
been taken for argument into the Court of Exchequer,
where the judges decided unanimously, and in strong node
against the legal construction contended for by the roe way
commissioners. The directors have reason to apprehend
that, however right they have proved to 'be, the comp:key
may midir obtain redress nor recover the heavy expenses
incurred in them suits, inasmuch an they hay* been insti-
tuted in the name of the crown. A similar course ia now
again adopted, for the third time, under the order of the
railway commie loners, who have filed an it.forenttion in the
Court of Queen's Bench to eompil this company to ectnplete
the Oxford. Worcester, and Wolverhampton Railway,
although they were previously made aware that there are
no funds available for such as expenditure. It appears that
thispromediug, also in the acme of the crown, is undertaken
atthe instil/acid of a few influential landowners, and not
as was originally affirmed at the request of the Oxford,
Worcester, and Wolverhampton Company. The directors
are advised that this must prove as unsuccessful as the two
former informations. The accounts of this company have
now undergone a system of audit, conducted continuously
throughout the half-year under the constant supervision of a
public accountant, employed by the auditors—who has
verified every entry—and tested the accuracy and faithful-
noes of the accounts by an inspection of every voucher or
document in support of them. The directors cannot but
remark that this scrutinising audit menu to them so effectual
for every pumas of checking and controlling the accounts,
without impeding the business of the company, as to render
it very undesirable that any public deportment should be
permitted to interfere in the matter, especially as it has been
admitted in a government report made to the House of Lords
that the information so acquired by them may be used
for purposes which can only be considered as directly
adverse to the interests of railway proprietors. It is to be
regretted that the other engagement of Mr. Cubitt, who had
undertaken to examine and report upon the condition of the
per way, have hitherto prevented his carrying that
intention into stint. The directors have to mention that
Mr. May has already made considerable regress with
the investigation of the solicitor's accounts, which
were pieced in his hand'. Since the general meeting in
Infamy last, Captain Bulkeley, of Queer Lixtefe, the
chairman of the Windsor Railway, and Dr. R. Prichard
Smith, residing at Mortimer, near Reading, have been
elected directors in the place of Mr. Wardell and Mr.Crosth-
wait*, whose retirement the board have to meshy to the pro.
Fitters with much regret."
The standee report, describing the state of the works,
was also read.

The revenue for the half-year showed as income, arising
from traffic of 395,3811. 17s. 10d. ; from interest, rent, and
other Items, 11.6881. Se. 7d. ; together, 406,9101. 3s.
Expenses, 165,7621. Ile. 91.; bases*, 241,1871. Ils. SI. ;
and dispoaable balsam er payment of interest end guaran-
teed liabilities, 184,8031. ISt. Bd.; from which a dividend of
2 per cent. on the gross capital of 8,072,5001..--181,4(001,
would leave a balance of 24,3531. 18e. 81. to be carried to the
cesdit of nest half-Jeer's amount.
The CHAIRMAN having moved that the meet of the
directors be received, read, adopted, and that it be printed
and deceived,
A SHAREHOLDER inquired whether the 360,0001. in-
cluded the claims of Mr. Macintosh ?
The CHAIRMAN replied , that the directors were ad-
vised that Mr. Macintosh had no claim, or at least for •
very small sue, on the company, and se the question
formed the subject el • suit is Cheioery, nothing on account
of that claim was included.
Ma* A'COURT inquired whether the Interest on the
NOW advanced to Ste South Wales Company had been
H'
?
The CRAM/lAN ; We bold omelets entitled to the in-