The Express.
London, England, 1850-03-06 00:00:00

RAILWAY MEETINGS.

BRISTOL AND EXETER.

Yesterday the half-yearly meeting was held at the
White Lion Hotel, Broad-street, Bristol. The chair was I
taken by Mr. J. W. Hintze&
After a her weeds from the expensive, in which he in-
formed Ms mosaleg that Ike lease of tee Easter and Crediton
line was ea yet reedy for their approbation, the report was
read, whisk stetell—
" The gems MOM seesipts, from the lot of July to the 31st
of Decembn. 11149 easeest to 106,1991. Bs. Bd., and the
working expenses lesfejithedloomate period to 45,3001 19s. 2d.
The cost of is king about !Atha per out., or
about 6271. walk kr the belt year, on 86 miles of line.
The number er Immo= Gemmed is 315,659, travelling t
3,676,080 miles, end the number of teas of goods is 66,722.
Tae amount reeshable Stem the Gnat Western Railway
Compaay foe setldenal rest sttbe line during the lease ban
been fixed by arbitration at 1,0971. 10s. sd. On the South
Devon Railway shares no interest bag been received during I
the last half-year; but there is reason to hope that a pay-
meet on actesunt of arrows of interest on the preference I
shams will be received at no distant pitied. The balance of ,
the re coount, including the sum of 1,0081 19s. 102. ,
brought over from the previous half-year, is 63,9491.85. ltd.,
which, alter providing for interest on debentures, loan
notes, Re., will enable the directors to declare a dividend of :
11. its. 6d. per whole share, end 91. 74d. per third share.
This is equivalent to 34 per cent. per annum on the 901. per
whole share, and 271. 10s. per third sham, respectively paid
up before December last, and will require the sum of
30.8431. 15e. 2d. The balance then remaining to be carried
over to the next hilt-year is 2,4621. 10r. 84. The autsject
of a reserve fund is still under careful consideration,
and the directors continue to feel the necessity of
farther experience to enable them to form any definitive
opinion ; but the sum of 1,0971.101. 52. is held applicable to
that purpose, agreeably to the intimation in the former
report. The whole of the share capital having been called
up, your directors propose to convert the 2,000,0001. into
stuck, whereby a considerable saving of time and expense in
the transfer office, as well as great accommodation to the
proprietor., will be promoted. A resolution to sanction this
measure will be submitted for comideration in a special
meeting, immediately after the ordinary business is con-
cluded. The subject of a creation of preference shares, for
the purpose of providing for your debentures and other
liabilities as they fall due, has long occupied the serious at-
tention of the board, and it may be hoped that, in the course
of the present year, the market value of your stock
will so far improve as to justify applying to
parliament for authority to accomplish Ibis desirable object.
The balance in the bands of the bankers on the 31st Dee.,
1849, was 46.6401. 14s. 11d. The directors submitted to the
, proprietors in a circular accompanying the general statement
of accounts the terms on which a provisioral agreement has
been entered into for a hue of the Exeter and Crediton
Railway. In considering this question tree directors remind
them tbat, though the Commissioners of Railways have
; ordered the Taw Vale Extension Railway to be laid down
on the broad gauge, they have no authority over that of the
Exeter and Crediton ; that both lines of rails on the latter
are at present narrow ; that if once worked on the broad the
, line so worked can never afterwards be changed to the
narrow without a special act of parliament ; that the 2,800
; shorted which the entire scare capital consists are held by the
Bristol and Exeter proprietors and the South Wester'
; Railway Company, in pretentious of about two-fifthe and
thres-fifth,, so that the control of the line now rests alto-
gether with the latter company, and that it is policy to pro- '
mote, as fa as possible, the establishment of the broad gauge
in the district west of Exeter."
Toe CHAIRMAN said: The accounts now 'Lid before
the meeting referred to the first unbroken half year of the
independent workiag of their line. The period to which the
report referred was sue of a marked character, in which 1
sickness and distress had prevailed to an extent he believed
I unprecedented; and severely as this had affected every
line in the kingdom, it wu naturally to he expected
that it would affect the Bristol and Exeter line.
These peculiar circumstances woula account for a
considerable diminution of the traffic of the company.
But for these drawbacke, he believed that the re-
sult communicated to that meeting would be one of un-
MiXt d satisfaction. But notwithstanding, the directors had
been able to realise all which they had hoped ; not a single
shilling would be divided which bad not been earned, and
• every charge for interest and dividend would be paid out of
the legitimate receipts. (Cheers.) This proved the value
and stabeity of their property. Although the directors had
been unable to meet the circumstances imposed on them
satisfactorily, they were, nevertheless, not unaware that
I complaints had been made of their conduct of the line. They
had been charged with mismanagement, with having given
an undue preference to one or two of their colleagues and
with having been guilty of extravagance. Into the first of
these charges he did not feel it necessary to enter at any
great length. He would refer only to the ability and effi-
ciency of those officers they had themselves appointed on
the line. Although they had only worked their line far a
very short period, and although they were comparatively
new beginners, the line had been worked with great conveni-
, ence end accommodation to the public, end that without
I any serious interruption or any single accident to their pro-
petty. This was a most satisfactory circumstance. Although
I new duties, too, had devolved on their directors in preparing
i the pleat necessary, and making the general arrangements
for the working of their line, the plant they possessed was
equal to that lammed by any railway company in the
kingdom, and in all respects their line had been
worked is a manner as effective and efficient, and
I it bad been made u productive as it well could have been.
;; The second charge was, he regretted to say, one of a more
delicate and painful nature, one which he entered upon
with very considerable pain, that they had favoured one or
I more of their cAleagues in the carrying trade, alluding to
the coal trade. Upon this he would observe, that when
they had entered upon their line, they found that under the
Great Western the coal trade was conduced in a separate
way, that coals were not carried in the company's trucks
but in foreign truck., viz , the trucks belonging to the cu-
: rien. When, therefore, their directors had taken upon
themselves the working of their lice, they had endea.
veered to follow out the plan adopted by the
Great Western, and not to make any great or
t sweeping changes until both the directors themselves
and their officers had obtained greater ezp.rience, so as to
be able to decide with confilectee as to the best mare to be
adopted. In the present position of the company it was
most desirable that there should be no increase in any ex-
penses which could well be avoided. He admitted,and the beard I
felt at the time, that there was great difficulty and delicacy
in laying down regulations for the conduct of a trade in
which two of their colleagues were engaged, but these diffi-
culties were not felt to be so great or the objections
so insuperable but what an arrangement might be
be made which would be fair to all parties
. and beneficial to the company at large. (Cheers.) The'
; results had fully justified the views with which those regula-
tions were laid down; and, indeed, if freights continued as
low u they had been at Exeter during the last half year, it
. would be impossible under any circumstances to procure a
, greater return. The conditions imposed upon the parties
. who carried the coal were of great importance, and most
; beneficial to the company. It was insisted that, in the first
place, the rebate which was allowed should cover the sum
; to be paid to the parties for running their own
trucks, and In addition to that, they were bound
i to bring certain quantities on the line, and also to carry
r them over a certain distance. All these conditions had been
complied with, and, in addition to this, every exertion had
been made to press the trade as far as possible, and enable
them to penetrate into districts into which coals sent from
Bridgwater had never yet been conveyed, and he believed
they had reaped the benefit of thou exertions. (Hear.)
The third charge against the directors was that they bad
; been guilty of extravagance, and first and more particularly
, with regard to their engineers' salaries. He had given them
a pledge that as socn as possible the salary of the chief en-
gineer should be reduced, and he had red- eased that pledge ;
tor, from the date of these accounts, the salary of Mr.
Gregory, the chief engineer, had been reduced from 1,0001.
7toBOhLoveThaeygehoatdlosotat
mos feolhtiothf seta
gitinwees
rs mwo:ot
Mr. Gregory had, whose great talents and abilities were
radpettsirvdananed"lniunm"London, where he would have the advantage, as ut:
undoubted, of meeting at any moment with the first engineers
and visiting all the scientific institutions of the metro-
polis. The eatery of their other engineer remained as it
had been 3001, per annum, but in addition to his usual
duties as engineer, and the general superintendence cf the
line, that gentleman had undertaken the personal superin •
tendence of the maintenance of the permanent way, a very
onerous and most responsible duty, and of the last impor-
tance to the company's interest. When the Great Western
had given up the leas., they had done all that was required
of them, but still it had been necessary to make a considera-
ble outlay. The Chairman concluded by observing there
was some reason to expect shortly a small payment from
the South Devon line, and he hoped he should soon have
the satisfaction of seeing them reap those fruits of which
they were deserving.
In answer to questions put by proprietors the CHAIR-
MAN observed that the directors had resolved to discon-
tinue the rebate system alter the let of May next. They
had likewise resolved that in future no person who was a
carrier on the line should be eligible to be a director. With
regard to the rent and tolls due from the Great Western
Company, every exertion was being made to get the account
settled.

Mr. SEACOMBE, the auditor, drew attention to the
heavy amount of the assessment on the line in p an. rates.
Mr. CASTLE then brought forward a series of allega-
tions against Mr. John Brown, the ueputy.chairman, which,
if substantiated, would show that he, in his official capacity
as chairman, had made the interests of the company subser-
vient to his nwn private views.
Mr. BROWN had just commenced his reply to the sub.
Mantles charges brought against him when our express
was dispatched.

YORK, NEWCASTLE. AND BERWICK.
At the half-yearly meeting to be hild at York on
the 26th. a report frum the auditors will be presented, in
which it is stated that from calculations made it appears that
the amount due in heavy repairs and re.building to 'niece
the wear and tear of the half-year is 13,2491. 18s 74 . a sum
which does not materially differ tram that set down on this
account in Mr. Bardeen 's report—viz., 24,0001. per annum.
Hut the amount actually expended during the half-3 ear is
9,021., leaving deterioration unprovid:d for to the extent of
3,6171. 18s. 7d., which latter sum is most wrongly recom-
mended to be set apart from the half-year as a fund fur the
renewal of stock. As respects carriage sad wazgou stock,
Mr. Harrison shows that the deterioration beyond the
amount provided for the renewals is 4,2191. The am mist
laid aside to cater deterioration unprevided for will stand
thus: Engines aril stock, 3,6171. 18s. 74. terrier) and
waggon ditto, 4,2191. Me.: total, 7,8371. ds. 7.1. Upon these
grounds, founded on the estimates of the engineer, this

amount should be charged against the re of the pre-
sent half year, to provide for deterioration constantly arising,
but which, if not so met, will become a burden against, and
Press unfairly upon, the revenue of some future half year.
The net earnings of the half-year, as stated
in the revenue acceunt, is
From which must be deducted, as above in-
dicted

7,837 3 7

Leaving the actual net earnings for half-year £46,413 3 4

IRELAND.

MAIK.H. 5.
A clerical preferment has become vacant by the
death of the Very Rev. the Dean of Leighlin, which
took place on Friday night.
The Right ltev. Dr. Murphy, Roman Catholic
Bishop of Cloyne and Ross, has published a letter in
the Cork Examiner announcing that he felt it his
duty to inform his flock that the Queen's Colleges
had been pronounced in the reser,pt from Rome as
dangerous to faith and morals, and that he accepted
that decision u in duty bound to do.
Colonel Jones, the chairtnsn of the Board of Works
in Ireland, has returned to his military duties.
The Tipperary Free Press states that Lord Gough
is expected to return to Ireland, and that his seat,
Rath roman Howe, in the county of Tipperary, is pre-
paring for his reception. A warm reception is pro-
mised to the gallant veteran in his native land.
Oa Wednesday, the Sub-sheriff of the Queen's
County, accompanied by a body of police, under Ito-
bert C. Reade, Esq., 5.1., of Abbeyleix, took posses-
sion under an habere of the " Grennan " house and
domain belonging to the Earl of' Orkney, which had
been deserted by the late tenant, Mr. Lalor. The
house had been previously occupit d illegally, and it
is stated that there were nearly 6004 rent due on it,
besides poors' rate and county caw.
The Marquis of Londonderry having brought the
state of the county of Down officially under the no-
tice of the Lord-Lieutenant, in the course of a long
letter to his excellency, Lord Clarendon replied as
follows:

Dublin Cutle, March 1.
My Lord,—l am directed by the Lord-Lieutenant to ac-
knowledge the receipt of your lordship's letter.
His excellency has observed with much regret that the
public mind in the county of Down has of late been agitated
upon questions connected with the relations of landlord
and tenant, and that agrarian outrages have recently
increased in that generally peaceable and tranquil district.
The Lord-Litutenent cannot but hiel surprised teat a county
hitherto considered the most favourably circumstacced, and
the inhabitants of which were regarded as the most contented
in Ireland, and whero there appeared to have existed between
the propri tary and tenantry that mutual confidence which is
so essential to the prosperity of each, should, at the present
moment, be the scene of angry discussions which can a
lead to a satisfactory settlement of any differences which
mayexist between owners and occupiers. The lord lieutenant
has read with pain the speeches which have been revirted to
' have been delivered at some of the meetings referred to by
your lordship, and his excellency sincerely laments that
those es ho, by their position, may be considered ap►ble
of giving a direction to the feelings and opinipts of their
hearers should have perccitted themselves to advocate prin-
ciples which are subversive of property and order; but the
LerdeLieuteirint feels enured that your lordship will, on
I reflection, concur with his excellency in opinion that he
would not be justified in calling the attention of the General
I Assembly or any other government body of the Presbyterians
to such secular matters.

Oa more than one °vision the L• rd-Lieutenant has had
to regret the use of language by ministers of the gospel of
different Denassions in this country, when taking part in
proceedings unconnected with their duties, but (apt ritace has
prove 4 to him that the good example of the great majority
of the clergy of all churches in Inland, sad the disapproba-
tion with which they view the •iolent iatirference of clergy-
men in secular matters, operate ea the most effectual checks
upon a force which must always be injurious to the cause of
trath and social order.

I am further directed to assure your lordship that the moot
active exertions are being used to discover the perpetraton
of these outrages, which have natuully created so much
alarm in the county of them and that no eff in will be
wanting on the part of his excellency for the suppression of
crime is that district.

I have the honour to be, my lord,
Your lordship's obedient humble servant.
T. N. REDINOTON,
The Most Noble the Marquis of Londonderry.

TnE CEARGE AGAINST MR. KENEALT. Mr.
Kencaly, the barrister, who has been committed for trial,
on a charge of cruelty to his child, has addressed a letter to
the Cork Examiner, in which he ascribes ire intererence
of the law in his case to a conspiracy en the part of the
whip. Re says, "My defence of the Irish repealen in
Ib4B stilt rankles in the hearts of those parties ; my recent
exposures of Lord Clarendon and the whip in Cork, have
filled their cup of bitterness to the brim, and they are
now spiLing some of their venom upon me, taking ad-
vantage of an accident trivial in itself, and which might
have happened to the best and wisest man on e►rth."