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

TUE EXPRESS, PRIDAL AMINO, AUGUST 16, 1850.

RAILWAY MEETINGS.

with the No, 3 sod 4 dam wet rejected by a lap
The 'y Weisel males wee thsa carded, sista* the Na
3 end Ns 4 situ* to peatilipete is the metal *rides& of
lbeldr4:6lll. CakIIRTN raid, Mlle *Odes had onseakd to
thr lid*Pallei at Mr. Swift, be geoid Nave eassidered sheet t
be se lesser worthy et the ousidemee el the shereheiden.
The eseepesy had to sesteed egmbse 14 MOW* ersersiee,
ma be theeghtlie Shire
Ulm AIWA se way rut
mite I* the maser is they hod gelestled the ens
mu earl jpeesseted helmets (Orreuttziewee.)
- The pesseetts. ceselsard with vets et that*
* the Odes* and directors for their amteporst et the
euepeare stairs

SOLITR-RASTREIN RAILWAY.
A fluvial viand floggirbak et the tag mu
held yesterday at the Bridge lame Eater Lridon-bridge.
The eitair was token at mes Vona by Mr. McGsgoon
The mewing hiatus adegged a toll report, which had
been circulated tamest dm
The CHAIRMAN stated the the bill peemelail ia W-
ilm' by the Mummies to damaless the perseeme al la-
teral mita apisal alteellmathit ofigasinetemtheXia 3and
4 shsren wad t. agile *ma to psettelpsoe is the
panel dividead, was postheimai en She 03,e.
sin= of • prupintor etiy No. 4 ekum, dud Test
ea to *ay that, the IA erketol, sad the ft... al the (MEAT WESTERN RAILWAY.
••Prtals Idled bY lam allitie No 3 and 4 shaft Wag en • The thirteenth half.pairly mediae at' this
lassead. the dirallajvhad agedmselt lama as to the 'Dempsey was bald yeseerdsy at the railway station at Brie.
emirs* the eseapeap tbe iiIIIIMI,nII 410614, kiILIIX ta. c. Brasau., UR., the chairmen of ire pyreue,_aad the melt woe they
ewer thiesesNwhieur3 sad 4pysharesialeintbill
setbesisedlislailisil%a
in
eiNwit-aufievistmenisin7yt. sompeay, pro-
wiite.fluitoCimilliTtgAß Y katisg read the advertisement sem
taberdsi:sersuM"
.chid the
egiallaMeafibe
let tathem4baythappialto
psi.
freissitiThe ClishootiarAlßMAlresa.asd said that thews had bee* tack
tkitoor in the towel dividend, becludeng the half-yulecurrent the Ant lielf sborielk"isprnastilleiri. "at wiarileht"aell
year's &dared, without wallies fee the empletion of these their most impanel isassage nag beim es sinfully re-
lines for which Owe aphals wen snared. They ream- Mewed, earl se amply Hot ask report es b. wooled that the swim* should be submitted to a general meat seasies was kappfly shaft' them usual, sad amain of papristoremaerially ravened for the purpose. be &aid eadasmar a sae the nine brill elmesiger to the
heThe directors %mai ealturred la the views and ad- otwanstime it wadi be hie duty to adieus to them. Ia
of cotiesel, and they were casident that AS proprietor' the sweet and is the matemeat of acigmas whisk bad been
would pin their weellea to the stilliel% (Hear.) Tiu half- ithaellomod he hoped the propene:es maid have men that
peaty sereingerould be held on the 19th of September next, the ann.. kit WSW 1/StrelW•ir union to arty out the
at which time the respond= would be again submitted kw Mhos of the proprietors as expressed at the meetings to
this coofinnatioro Hy the adoption of this measure they Irma he bad allow. Tb.y began= the espitel amount
would piece the whole property of the eirempauy en a mai- a far a passible for Yam portions ef the line which bed
fens sad periaaneat beefs, they would improve the is.. be.. eempleted, at rommameaded by the eseamittoe of eon-1
piny 4 coedit, sad ealmass the to
of their stock. Ile sultation. (Hear.) That eommittes calculat hat the
1 eencieried liy meowing a molutioe to the effect, that the 1 Amish= puts of the lies up to December, 1849. would
holders of the Na 3 and 4 shares be admitted to participate arms to 10,410.000 L-the unmet of liabilities still stand-
in the =mut dividemd sad in all ferns dividends of the ing oat applyicg to thou parts of the lies was
compaity, about 350,01)01. The ezpenditure en this part,
Mr. KENNARD seconded the reeolfatios, of the line up to December, 1849, was 10.4071.,
Mr. SWIFT. se as amesilment, that the soles- and of the 330,0601. they bad spent about 78,0001.
as
lion be set adopted, the mune wiZwistd re
pad to a broads of M paying ofi some of their liebilitleo, leaving a marlin In
faith with this company, and therefore the shareholders can the um which woold, he cronfidestly lelieved, be sufficient
se longer feel Des fi lance I. their prang chairman. The to meet every other Lability that could roughly arise. He
=strut was entered into in 1847 with lb holders of the hoped they w..uld consider it as a proof that the
No. 3 and 4 shares, that they were to reed= a dividend at a direeten were anxious to close Use capital account, that
rate oro. exceedirot 5 per cent. until six meths after the they Mind= in the last half year 1,1001. which had
°peeing of twain lion. Coesidering the litigation at pm been ap seded la cresting abode sad other productive works
seat pending, it was eot clear to him whim they should have whisk on priMple =weld be charged to the capitol in the
a dividend. He bald • very large interns in those shares, revenue account. (Hear.) The dinettes, however, did not
and if the mutinies were carried, it would injure his amide: it desirable that for so small an .moat they should
property, and would be very urjost towards other pro- disturb the capital account. (Hear ) The portions of the
prietern Ile then entered into a statement of the proceed- line which they regarded as included in the Sniebed lines on
I sip he had adored to oppose the bill In parliament, pro- whisk the capital was closed wen the lines to Bristol,
meted by the directors, for the discastinuance of the Windsor, Newbury, Basingstoke, Oxford, (Beneath!,
1 papas' of intruut es the No. 3 and No. 4 thane. He and Cliellenkams. The espouse Warred in the unti-
-1 also wedeavourea to get a clean inserted in the mosey bill glib= or abandoned limes up to December, on which
lkw the connotation of the payment of the b per cent. the capital mount ma unitised, were en account
laterett on the No 3 and No. 4 sharer, which he domes of the line to From and Radatock, from Warminster to
world meet the ease. From first to last he was deftediag hie the Collieries, and hoe Oxford to Birmingham,tent i perusal Murat in tioe neater.He had told the sad Is, the mansion of the line to Sirsaingloun and Wal-
dbaum in April last that he would go en with the opposi- enfants= to the aorth. They bad aloe mended in the
ties to the bil.s unless they cute ft Ina as agreement with general revenue account all the Hansel chargeable en the
him as would place bias in the warm Milks in which he foUowing lines: on the Wilts Somerset, and Weymouth,
would be if the bluedid not paw la this pressediag he South Devon, the Oxford, Worcester, and WolverOaniptoe,
considered that he was &readiest kis own tamest. In the the Cheltenham and Ox&rd, the Cornwall lines, and the
month of Jute his agent. Mr. Coates, ad the agent Plymouth Great Western Docks; and after including the
al the empasy, Mr. Yeaablee, met several times whole of the interest chargeable on these =counts to the
during ten Jays up to the 23rd of Jane on the mesas account, he tho•ght they did well to be able to
subject of a compromise; but wires it was, as he seeintaie • 4 per cent. dividend on their capital, and at the'
thought, on the point of being settled, he received a name time arty forward a balance of between 24,0001. and
letter from Mr. Freeman, the solicitor to the company, sat- 25,0001. from the worst to the most peoducUve half of the
iag that it was aot creditable to prosecute such negotiate.. year. (Cheers.) The object to weigh the directors had I
any further. He did not ti iak that it was possible to con. most aeximisly applied their attention was the develop/ant l
duet the business of tbe tympany is that way. H. wished and improvement of the treffio (Hear.) That was, in fact,
to avoid litgetion, and to come to an arrangement. The the great object to which all, railway companies most
on oppositi went en ia the House of Lords with a view to now direct their aventioa. They would pencils
obtain the continuance of the interest oa the No. 3 ad 4 from the report that there had been a small falling off during
shares out of the new capital. At length it was agreed that the last as compared with the preen= half year la the
the panes should meet Lard Redondo to discus the traffic returns. That circumstance would unquestionably be
matter t Mr. Mimeses, Mr. Coates, Mr. Venable,, and calculated to make them doubt the principles of the steady
Wessell were present, and It was understood by Lord Red's- Mum* of traffic which he behoved to be the law, which must
dale, Mr. Coat.,, and himself, that Mr. Macgregor, a the ultimately prevail in this 'mercantile and numufacturitig
part of the mummy, bad agreed to pay up On interest en country, if they were not able to assign temporary and spe-
the No. 3 and 4 shone to the Slet of Joly, and to pay all dal useunistanees as the cause. He believed the falling off
the expellees, amounting to about 130!. A long correspond- had resulted pertly from the great depression which had
ens subsequent iv ensued, which showed that some mime- taken place is all agricultural districts-and they must
dentaedieg exkied, sad ke was quite at a less to know from remember that theirs was a line which commeicated almost
that earrespoodence what the chairman coamidars to be the entirely with agricultural districts. (Hear.) Their traffic
egreement. He feared that this mode of proceeding would had fallen off also in consequence of the competition they
have the effect of involving the company in eternal taiga- had had to enermoter with Isiglibouring lines at Wincloor,
tion. (Hear, hew.) He contended that the meeting could at Reading, at Oxford, at Gloucester, and Cheltenham.
not settle the matter by pa ei= the resolution; he would OP fair and mumble competitiou they did not complain.
object to it, and he had no doubt it would lead to farther Every company which carried a line into a town war eon-
litigation. tied to expect a reasoneble proportion of its traffic. But
Mr. SMITH hoped a committee of independent Aare- there was a kind of competition which he thought botO
holders would be appointed to consider the matter. unwire, unreasonable, and unjust. He would Wilt-
Mr. LEVY was auxins that every justice should be dome taste what be meant by a retinae' to what
to the hooters et the No. 3 and 4 slime. If a promise was he coasidered an extreme cue, which had rc-
held out that the dividend skald he paid up to :sly on these mealy oceured to themselves. The tares charged'
ahem, let it be paid, and let the company keep he en- by the Great Wester* from London to Boating, a
eagemmits. Parties might have bought the sham on the distance of 36 miles, were kr Ist class passengers, SA. ; err
faith that the Munn mold have bets continued up to July 2nd disrobe. 68.; and for 3rd., 25. 11d. It was impossible
last, to say that these were extreme or unnamable charges.
Mr. LONUMORE did not consider the promoting a (Hear) Bat it se happened that the South Eastern line-
prr eye which was relined to by Mr. Swift ; it was one • line which prise fano they could hardly look upon as a
which had for its object the protection of one shareholder at competitor or the Great Western, for it would be thought that
the expense of the others. lie was surprised that such a a line proceeding Wroth. metropolis *.o the East to Dover
negotiation should hive been entertained,
_He thought it cad no right to compete with a Hoe proceeding west from
vary desirable that litigation sbould be avoieled,and suggested U.• metropolis to Eristol.-(hear, hear)-It so lisppened,
that eons amicable come should be adopted to inmate the however, that that Use bad leased the Reigate toil finding
general totems al the compony. (Hear.) It appeared to line, and by that muse they had obtained a line of &MOM
hita surprioieg that with their lards neripts_l mile. ap- niceties between Beading and the metropolis of 68 miles in
preaching in amount to those on the Great Wester Rail- =with. But the distance between the two points being 6S
way, their shares should be only 131 or 141. each. He con- miles, and the distance by the Great Western line being 35,
eluded by propane an amendment, that a committee of the they had undertaken to convey passengers for lower fares
' No. 3 and 4 shareholders be al pointed to confer with the than them charged by the Great Weston Company ; their
directors as to the best mode of disposing of the question, and charge for first clam passenger being 7e. ' • foe second, 4.. 61.;
that the trotting be =Marna toe certain day to be named. and for third, 35.-or at the rates of, for first, 1(d. ; tor se-
' He hoped that Mr. Swift would withdraw his klialid. coed, id.; and for third, id. a mile. (Shame.) Such fares
' meat he was satisfied could not be continued bat at a loss, and the
' The CHAIRMAN explained that the object of the rem object could not have been to benefit the company whisk
ludas was to cossolidate the interests of the No. 3 and 4 had adopted such a rate of charges, but to injure ethers.
shareholders, representing capital to the mount of (Hear.) He could not belins that the South Enters Com-
-3,663,7001 , as well as of the Mu reds of the No. 1 and 2 pay would, on deliberation, thick it right to continue a
shareholders, representieg capital to the amount of system so injurious to themselves, so unjust to others, and so
3,780,000! , toot-ther amounting to 7,433,700 L inconsistent with the interests of railways generally ; but if
Mr. G. SMITH nil he thought it was very wrong to set they should it would become the duty of the Great Western
es" set of shareholder' menet the other. They had all em- Company, at any lose or at any he sand, to counteract so en-
both= in mu undertaking, and he thought a oommittes lusts= sejurions an attack on their intereem.,(Loud cheers.)
should be appointed to report generally upon the affairs of It was to ouch canoe, then, to this sort of competition (of
the employ. He was quite certain this meths only fauna which he hoped they now knew the worst, for there were, be
to pursue, tor if they went to a vote on the question before Waded, no other towns to which new lines would be
them it would sot end there. Ile onsidereei that the cuss oyes= competing with the Great Western Commonly)
party had had enough of litigation already. He thought -it was to this competition-to the return ticket
that the holders of the No. 3 and 4 shares owed a debt of system which they were about calmly and carefully to re-
gratitude to Mr. Swift. courtier, end lastly, to the depression which generally pre-
The CHAIRMAN ssii that Mr. Swift waa seta registered veiled in the agricultural districts, that the directors
proprietor notil the half-yearly meeting in March last. The ascribed du falling off in the traffic. They hoped and be-
probable effect of Mr. Carlisle s iejenction would be to delay lined that as that depression passed away, and prosperity
the payment of the dividend about one mouth. With reward returned in those districts, that traffic would improve ; and
to the law proardinge of the Brighten Company, Mr. Bar. be luaus' them that every tarot of the directors should be
low their engineer, had proved that there were no deviatiome directed to that object. By a new distribution of officers,
in the works beyond those unlinked by parliament, and he tbey had placed the paseLeer traffic under one elan of
could satisfy the railway comatimionen on that head. That, offices', and the p.de traffic under =ether. They had
was no doubt the objects al the Bright= Company would he appointed Mr. Dryers, a gentleman who had bad much =-
defeated, and the South-Eastern Company have a verdict Ia podium in the traffic of tho West of England, whose sir-
their favour. With regard to the want of confidence in him vices would be moot valuableOnot only from his local know-
expressed by Mr. Swift, he (the chairman) had only to say ledge of the towns he had referred to, but from the
that he bad served the company faithfully for may you', energy and experience which be was known to pa-
and he was quite ready to give up hi, mat at the board as.. With regard to their relations with other rail-
whenever they required it. He did not ask the shareholders way companies, the altered position of the arrangements
for sympathy of for sonfidesos is his management, because with the Oxford, Wooster, and Wolverhampton Company,
they had so often expressed It at former meetings, bat he had compelled theta to appear before a committee of the
asked them for protection against that gentleman and those Howie Lords in the lest session of pediment. In the
who acted with him. (Great applause.) That gentleman report of the railway oommimion for 1849, some important
had acted for kis own tole advantage in the . papers appeared, which had been pretended by that company
Inge he had taken. He bad threatened a formidabrei=o-il to the commisaioners, and ifj the question were not now a
shies in parliament to the bills promoted by the company, matter of °pullovers], between the two companies lie should
sad mintitterfog the peat iegoesee which that gateman be gaits prepared to controvert many of the statements made
I=l, Gad the consequences of gm* an noppnintkon, the is then rpm. It was not necessary, however. that he
,as trustees, were bound to ojaados ottos should do to. The Oxford, Wolverhampton, and Worcester
tutenitted to them from such a quarter. As a later be Company had, no doubt, stated their case u favourably
was looked upon u 'O3IEIEO2 essay, but as s private hull- sr they could for themselves, and he war
_quite
Aiwa promming him awn lateness be succeeded to interns- prepared to let the case stand on their statements. (Hear,
lag the comingeiemers and other partite In hie favour, and boar.) In 1841 the Great Western entered into an agree.
the sonseqsence was the bill was thrown out. With regard mint to lease the Oxford, Worcester, and Wolverhampton
to the money bill Mr. Swift made a prevail to the alai hoe, which agreement was mortified by two subsequent
that he would withdraw his opposition if paid a certain one am, enteredtnto respectively, I. September,lB44 mid
ef newsy. (Great dhspprobe) He (the chairman) God Art7sig. , 1846. The Great Western never thought of die-
m agreemonS,and until they were disputed in 11147
. tbe beard of sfirecters rejected the proposal ; they could sot Poring
peinibly eatertaio it. The whole matter was detailed in the
i
eltre= •no ea any
and len, they had id that attempt world be made
ease between them and Mr. Swift, who bad Lord to counteract them on the part of the Oxford, Worcester, ,
es his side, and he (the chairman') bad Mr. Qua- had Wolverhampton Company. It Wowed, however, by a l
ter mod Mr. Freeman, te to what took plan at the eosin- Mort anted by the directors of that company to the
~,,,,, anew to by bk. Swift. With mood to ths mowed sharehoLl ens on the 18th of June, that in August,
a a sontasstoo, he thought they boa 'beam 1846, only six months after the lastazrange-
dVlressaet
mmililerstion of that question until the airst meat- sent had bees entered into that they _ came tee
dog, ma the 19th el Sepleisher, when the resolution he had lowolotion that it was not expedient aft the agreement,
proposed kw their adoptke would again be brought before should be made binding on WitM, and in October in the
them for cooefirmatloo. It had been proved by 'Quitter same year of 1849 it appeared that this determination was
before parliament that more than the plugs of the mow of taken by the Molotov., is consort with the leading body of
the No. 3 sal 4 shores had bees alreedy impended is the the proprietors, and In that ease report of Jane, 1849, the
weche Jos wink they moo mated. saddens we. ao fund left
wffireseeeorownsiormialesderlt
with
the
Grettewshaestreehruolcdeormspnanoty.to
to pay Interest With the view of gide, tb• mass of those Uconafivader thew
ewes a dividend the present mums was Form& Tie eiresmatences it could cot be wondered at that their own
woody receipts would enable the dinette, to Ow them a legal adviser' should Imes told them that there was no
dividend at the rate of 3 per east per annum= all the sham, agreement between the two complain which could be en-
and the was every probability, from the astarelsad increase
forced is
_equity. The agreement with the Oxford, Worcester,
of this traffic, that at least that rate of dividend would be and Wolverhampton Company, therefore, was absolutely
maintained in future. He then proceeded to put the amend. terminated-(hear)-and it had been brought to an end not'
meat by Mr. Swift.
by say default et the Great Western Company, but by the
ple.Pwolg7gdosaitdotoo that tee proposition of the directors d'liberate and ao_neocted amt of the Oxford, Won:ester, and
was a fair and proper weer'.. (Haar.)_
He did met think Wolverhampton toompany. The board had had subsequent
that me. gam itosid.samood fa his thresteneo oegreitimo cominuniestioos with that company in the hope of dough&
He objected ix tote to thoopotatatost of a romatress, be. soma modified agreement, but hitherto without success, He
was. however, not without hope that when the more urgent
awes that world give Mr. Swift an opportunity of getting
tbo materials he waited, mad tbeeefore he hoped they toosA Obligations of the tospeny were fulfilled, they
_might be able
ssasiesessly riled the amendment.
to some to some anangemeet with the Oxford, Wassetter,
Mr. KITH emended the assoadatsat of Mr. Swift. &ad Wolverhumptoo, which would enable them to complete
to you their lies. The nitersets of the Great Western hid always
moselitsim. WasehtgliwWwilirceedtagN "Peesimite ceohtbeis asziatteetee- ofa the been idemtified with that of the other company, and he was
miderable Mums that they should continue so to the mid. (Hess,
moiling to certain alleged iiieff mania% 'vim a - hear.) The proprietors however, might depend on this,
spolime and cries of " Quad=' esesed, which =du= Ida
"Crekfeetksr, teat no agreement could be entered into aunt it bad
s;r waded that the company had pewit in tho IstreoThLpreeeatedmrarth:lllhe,arsof hadorivoted theirilb malt:: wad
mossy kill to pay interest out of the new
kale woe further ob„reatiche sad asosasuoso, the the Oxford Worcester, and Wolverhanaptos Com-
ing by a pay UM, other subordinate arragements. It
ganal.010.111.14•84 y Mr. Swift won put' ad- woe *nett thisireble to facilitate the push', of the
illgifiipifeksomaded s poll wide% h. artotassds Dm. 01101 d, Wonsester, and Welyerbemptos Act,
_end
_theaheadllir-
Mad le withal/saw, Is 'of so eglanation from ming eau . Ado that the_ p: et _ _ Caul
time. 1„„m„,„ be purelissed ; MI it was Sowl by Oa Vapid, WOVOIM
t that,
lmr's., a_o,,o7,:iehomemom-;-- melt 000suoossaass-' " on arias 'militias being pertermed, therresentrits'estern
11-111 litilinwwwce-...- "wall .....geedwr:lases°B47:lle. aesewhalmiselia." - -malaria id fart awl WoltfahamPtoll ComPlaY gager aa
• m...,"", '",....-.7,,,,t0„----oo '- sea Company, 'as the parchmen of the Caked sad Birmingham
'"*" "'-' "Fr- ded Hue, should become the purchasers of the Bunked Canal.
mita, be a eta
of
ukeisTbe petwintripalsanometigaditicsia
lbewun,
iusithatotfh,erieshthoesouldhttaintworsma par-
wAnikamenalle.
smThillwkihoPreltssedigem by Mr. 1•00•WOWOUI Sid Ed%
to mkt wish Ike &value se lo the ass.

The Great Wean Company did apply for the act of pat-
Huang *kW three yens, and earnestly sad sensuously
oradmemeed to abide IL ore long as they were is be the
swam of the Oxford sad Bismingleam lla., and the teethes
Miles Odard, Worcester, and Wolnehamptea, it was ki-
dlike's& M them whether they held the morel fa the one or
the otheeeepethy, bus when it lees made Mowed° them
that they wen as keen to be the imams of the Oxford,
Wonsan!, and Weinehempise Despeay, eau was
altered. Timm thelf MS bard M sand ea their eights,
(Heer)—eadmileatio Oiled sod Woolverbasepto• Company
let melee eadmeremod 1s lateeduse a bill which would
have safatasd walla* the Great Walton Company re-
sisethl_agear.) TM alinstlea was 'thread to a committee
of 168 Mews el Ladle met by. ho Wined. aanneabsone
diddle, the wacseat of OM awmadthe was We,
Moths faun.
dawdle if that bill. omit*. same egreenesset the team of
the 01=enester, sad Wolverhampton Cosmos, arose
also • that win inserted in their act, enabling the
railway ofeeseimieme_ SO call upon the Goa, Waster,com-
pany, ewe sews drteautasm, to complete the Oxford,
Wauseo.end Welverbamptou line. Tbat obligation, how-
ever, writ= dependeat as the understanding that they
should be the limns of the line, tor had there not
been ea annsimat to this efest, nth a proposition cold not
ban been resolved by the Great Western, or even made
to them. (Hem.) The railway soisminionen, however
thought it right to put a mare assiedeal coast:win on the
clause in quasakm, sad sidled on the Greet %nem to esim-
plete the Gehl* Woreneee, and Wtheshamplaa line. The
board took the best lege* awn an the IfesNem, and the m-
eal% wee thee they were salidisa the same Muse must
attend three proceedings width bad attended the legal pro-
ceedings thicketed by the mmatheleasse to compel then to
reduce their tsars; and that if I. should auto be held that as
administrators e 4 the Oxford, Worcester, and Wolverhamp-
ton Direction, they might be compelled ministerially to com-
plete their Use with their owe feeds, and at their owe risk ;
they were still amend by the wit compete authority that
not only wee there no obligation, but that no power had been
given to enable the Great We tern to um-
pets that line at their seat and at their risk.
Having first adverted in paining to the ineeedings which
were instituted by the railway commielonen to compel
the reduction of the tells on the Great Wester., he doubted
Lawhtethhatesruabilaoseictleafit"gthe pr°Pettlanit. IT'lmW°pujrdoparriilletonforlzialrfirtmig
time to time seen notices of that proceedieg in the news.
papers, but be thought It right
_to slats the fate to them in
• collected ions, ad he should do so very briefly. They
might remember that alum April wain, 184% a immortal
was seat from their neighbours in the town of Bath, insti-
gated, as he had strung reason to believe, by sting oppo-
Lents of the Great Western Company, praying that the
commissioners would call on them to reduce' their tares
under the as by which they were to become possessors of
the Oxford and Birmingham line. The 400•761/4011STS de-
terratheml, act, however, upon the grounds suggested in the
Rat 'aerial, bat ulna other grounds which bad been detected,
as the memorialire supposed, by the legal eyes of the rata-
nathioaers, but the comae...eaten did all upset the Great
Western denten to reduce their tolls. They (the direc-
tors) were much Reprised at each • demand, and took the
beet , :egul advice in their power, and having dose sou they
cemmusmated to the railway ocinuniodeaers, remonstrat-
ing against their procuslinep,aad infonalug them also not only
of the opiates they bad received, but also of the case which was
submitted to counsel, and on which that opinion was given.
Thee commissimen, however, determined to waxed, and it
was officially announced in the House of Lords that the
directors were contravening the law by levying larger tolls
than they were entitled to. They felt satisfied of the justice
of their case, however, and were determined to await the
decision, on the appeal to the tribunals of the country.
After a year's delay, a day—the 14th of Much, he believed
—was fixed for the hearing of the case; and on the 13th,
the veryday before that for which the hearing had been
10K:coined, the directors were informed that some error in
' the prosodiese had beta committed by the law of:Been of
the mown, and that the origins' information mast be token
off the file, and a new information filed. The directors
remenetrated with the railway oommlwioeiers an the extreme
hardship of subjecting them to a second suit gad double
Merges for the action—(eries of '• Slime")—because they
must understand that this beteg a suit instituted by the
crown, whatever the result, the company must psi their ,
own ems. The railway commissioners still determined to
Proceed, and, after the lapse of another year. is June last,
the ewe having been seat down from the Equity Court to
the Coon of Exchequer, the Chief Baron, in the most
emphatic teems, declared that the directors of the
Greet Western had in no degree exceeded the
I law in the fares they had exacted. (Hear, hear.)
With regard to their relations with other companies,
the meeting would skein by the report that the
South Wales line was opened on the 19th June, in which
line the Great Western had a considerable stake. Consider-
ing that that line was an insulated line, and that there wen
30 miles of it sill unfinished between Gloucester and Cheer
stow, argil which could not be opened till the spring of Lent
year, coal:miss also that they had as yet no goods tunic
on the lino, and that they bad received no remuneration for
earryiqg the mails, he thought he might euotidt r their weekly
troupe, amounting to nearly 1,0001, very satisfutorv.
When they last met Legotiations were pending between the
directors of the South Wales Company, with the view of
endeavourieg to arrange a modified agreement between the
two computes. He was wary to say that those negotiations
had led to no satisfactory reent ; and as the directors of the
South Wales line bed intimated that they considered those
negotiations to be quite at an end, it would be proper that
be should explain the leading features of the propositions
which bed been mantle* ly made hy the two companies.
The propene= made by the South Wales line was, that
i the line should terminate at Swansea, and that for the first
year of openicg the Great Western should guarantee to them
45,0001. Now, that 45.0001. must have come out of the
pockets of the shareholder of the Great Western, without
the slightest chance of • their ever being remunerated, for no
one could suppose. that the South Wales line could do more
than pay its working expenses for the first year—(hoar)—
end they proposed that by progression that amount should
• annually extended until it reached a guarantee of
120,0047. a year. Now, consider whet would be the apers-
tion such an arrangement ? The shares of the South
Wales Company were at present worth 2W. or 221 in the
attrket. Many of the present proprietors had purchased at
that rate, and anybody who now ern to go into the market
might purchase at that rate. The proposition, then, few a
guarantee of 120,0001. a year amounted to • dossed of 101.
per cent, on the actual value of the South Wales line. He
wee sure the mooting would think such a proposition was too
unreasonable for the directors of the Great 'Western to enter-
tain, and they absolutely and peremptorily declined it.
The proposition made by the Great Western board was
that the Great Western Company should give the South
Wales Company the advantage of the Great Western unit
in the way of a guarantee sufficient to enable them to ran
whatever sum might be riectomy to ocmplete the line to
Swansea—that they (the Great Western) should work the
line when completed, without any prefie—and this was no
inconsiderable advantage to the South Wales, inasmuch as it
was in effect the ON of so much capital when capital was not
easy to be need (and for this porpoise providing stock to
on the line, a considerable credi. it would be observed,
was asked in the report of that day) It was also proposed
that the South Wales Company should retain the entire
profits of their line until they reached 120,0001. a year, and
he was satisfied no one who took a reasonable view of the
question would consider that the line would realise much
more than that for many years to come. (Hear, hear.)
That proposition gave them whatever profit. might
result mom their line, seed what more could they
fairly expect ; and it the Great Western granted
more where was it to come from but out of the pockets of
to. propri-tors ? He hoped the South Wales Company
would yet take a more calm view of the question ; not that
he complained of their panning their twit interests accord-
ing to their own view of that interest, but he did oomplain
that they did net think it right that others should act upon
the sews principle. The South Wales Company could not
and did not assert that the Great Western had departed
from a single point in their 'apartments to them ; indeed
the chairman had exonerated them from a thugs of that
kind at a public meeting of the proprietors. The vituperative
language in which the South Wales Company had indulged
against the Grist Western was because it would not enter'
into an arrangement with them which was not in accordance
with the views which the directors of the Gnat Western
took of the interests of their own proprietors. He regretted
that they should have indulged in such language, or taken
a coarse calculated to divide those whose salmon in-
terest should unite. (Hear, Merl He now came
to the subject of parochial burdens. When they ap-
plied to perlisment for a remedy for this evil, all the satM
faction they (veld get was a reference to Lord Portmen's
committee, which was Steele at that time on the general
question of parochial messements. They (the railway into.
rest) stated that the only effect of that would be to tide the
question over to another eeesloa, and that had been
the result. One advantage, however, had been derived
from this inveatigation—they bad nen enabled by it
to place their case in a full and fair manner before the hobo
'stun and the public, and he bad strong hope* that the evi-
dence thus broeght out would form the basis of legislation in
a future erasion. The last question he would refer to was
the Audit Bill. The Audit Bill of the present ',Mon bad
shared the fate of the previous audit Mils and been aban-
doned. (Hear.) They were much indebted to the share-
holders' committee for the labour they had bestowed and the
discretion they had exercised in relation to this subject. 'lke
whole case was referred to a committee of the House of
Lords, when the intersits of the railway componies wars
ably and energetically taken up by Lord Stanley. In that
committee it was determined that two modes of audit should
be emoted—the one a government audit, to consist chiefly
of government office's; the other a shareholders' audir, to
be composed of auditors to be elected by the shareholders;
the shareholders to chose whether they would submit their
accounts to the government audit or to an audit of their owe
copartner.. This appeared to be &just and reasonable needs
of
settling thequestioa but that bill was abandoned, and a
new bill wasintroduced, Ice which a government aka was
beet:putted into the shareholders' audit, thereby making
loth sudita government MHO. Of anise the
meet determined teetotalism was offered to that
proposition, and the emenones was that the second
bill shared the fate of the first—it wag &beamed. (Hear,
bear.) It was meet satishabory that at sash summeive
meatier they approached nearer to the time whoa all the
works would be completed and the amounts would be aloud.
He would now call upon the seorstary to read the report of
the director..

Mr. SAUNDERS, the secretary, thea read she report, a
follows :

Ia compering the 111M1110 amount for the hot halt year
with that of the corresponding period is 1849, there is one
remarkable feature in it *pm which the directors consider it
Chair duty to submit some observations to the proprietors.
After making &nominee for the Menlo of the wl end
Riater Railway during the first four months of 1949, as
0091priaed in the statement of that period, it appears that
this toopoor kayo reunited is MO, ken passegoto, 8,6001.