Northern Times.
Liverpool, Merseyside, England, 1860-01-30 00:00:00

BRITISH AND IRISH
MAGNETIC TELEGRAPH COMPANY.

In .our impression of Tnesday last only a portipn of
the report brought up by the committee Of inquiry,
appointed is December, was published. The -following
is a complete copy of thatodocument
'The committee, appointed by resolution passed at a
special meeting of the proprietors on the 7th of Decem-
ber,ilBs9, have made a full inquiry into the affairs of
the company, as required .of them, and they have now to
report ox the general soundness of its position.
The reports of the auditors for 1858 and 1859 hare
been the subject of special examination, and satisfactory
answers and explanations have been generally given to
,the complaints and requirements of the auditors.
The store account appears to have been in great can-
fusion. This has arisen from a combination of circum-
stances—primarily, from the absence of the engineer in
chief, and secondarily, from the want of a competent
subordinate.
The over-pressure for new works, required by the
Lancashire and Yorkshire Railway Company at the same
time that the removal of underground wires was being
proceeded with, caused great confusion and irregula-
rities in the store department. These irregularities gave
rise to frequent complaints and commendable imports-
'lilies on the part of the auditors, but they, unfortu-
nately, became a .cause of mutual irritation 'with the
officials.
Your committee would therefore strongly recommend
that, in future, 'the engineer in chief, with a view to
prevent a similar recurrence in the event of his tempo-
rary absence, should have as his immediate subordinate
a geatleman fully competent to the responsibilities that
would then necessarily devolve upon the second in
position.
The accounts of the Submarine Company appear to
have been satisfactorily audited, since it has been given
in evidence that their company cannot be gainers at
your expense.
Your committee 'find that it has not been the duty of
the auditors to this company, to; audit the submarine
accounts; this has devolved upon Mr. Blackburn, your
accountant, by virtue of an ouslang engagement at the
time of the amalgamation, but. which expired on the Ist
instant.
Depreciation accounts have always been kept and,
carefully adjusted for the property, leases, and furniture
of the company.
All repairs to the lines and instruments have been;
annually' paid out of the, revenue, and have amounted to
So large an average sum as £7,700 per annum.
The reserve fund, as suggested by the late Mr.
Stephenson, for submarine cables does not -appear to be
called for, the circumstances of this company being
totally' different from the Electric Company;—this
corn-
pany not having spent anything on its submarine rubles
during the last five years.
The reduction of expenditure, by the amount of
£5,793 ,10s. 2d. per annum, arising from the abandon-
ment or 19 stations, as also the saving of other portions
of working' charges, are very satisfactory, and are the
result of amalgamation.
The expenditure on new' works;_ so far as relates to
the balance of the £70,000, voted in DeceMber, after
paying the then outstanding liabilities, and subject to
the requisite approval, your committee consider may be
safely left in the hands of the directors. ,
In concluding this report," your committee desire to
state that, in their opinion, the directors have been
actuated. by an earnest and honourable desire faithfully
to discharge their duties, which have been both onerous
andharrassing.
(Signed) JAS. R. JEFFERY.
CHAS.. Mozr.ty.
ALFRED ILLINGWORTH.
JAMES HOLM&
JOSEPH KING.
Liverpool, Jan. 23rd, 1860.

THE 'METROPOLITAN UNDERGROUND

RAILWAY.

The scheme, which has_been for so many years before
the public,, is at length in course of being carried into
effect. A commencement has actually been Made with
the works by Mr. John Jay -and - Messrs. Smith and
Knight, the. contractors... Shafts are, being. 'sunk at
several places along the line of the proposed rail-
way. One has been opened on the unoccupied piece of
land at' King's-cross, near the railway station, .and
another near Euston-square. When a sufficient depth
has been reached, the excavators will commence tunnel=
ling in the direction of the London and' North
Western Railway station, with which a junction will be
effected a short`- distance from the present terminus. At
King's-cross a junction will'also-be made with the rail-
way near the first bridge which crosses Maiden-lane.
These side branches will at the point of junction be
on the level with the railways with which they com-
municate' but they will join the main or: trunk- line
beneath the New-read, the gradients rising gradually
from twenty-five feet below the - thoroughfare to
the rails of the London and North Western and the
other line. At the Paddington station a commence-
ment has been made, and here, as in the junction with
the northern lines of railway, the communication will
be above ground. From the Paddington station of the
Great Western. Railway to -Ruston-square the works
have been contracted for by Messrs. Smith and Knight ;
the remainder of the work has been undertaken by Mr.
John. Jay. The whole distance between Paddington,
and the Bagnige Wells-road will be tunnelled, but at
this latter point the line will run on a level,. or in an
open cutting, as,the nature of the' ground may require...
As at present arranged, ' the line will have its city
terminus in the New Victoria-street. 'But it is pro-
bable that before the line is Completed powers will be'
obtained by the Corporation of London which will 'give
to the railway the power of diverting a portion of the
line to Smithfield, and providing it with a goods station
in connection with the proposed dead meat markets
to be constructed there by the city of London.
Some grave doubts are entertained as to the pro-
priety of encumbering the buildings to be erected
in Smithfield for the purpose of a dead meat market,
with' all the traffic which would be created at the
spot in connection with a central goods station, 'which
would be in . connection with the three ' greatest
lines of railway in the country. At all events, the bill
proposed by -the- Corporation of London. asks power to
under any railway that may desire it to this central and
admit any railway that may desire it to this central and
most advantageous site for a goods and passenger station:
The underground railway will be provided at one or
two places along the line, probably at those spots where
the shafts are now being sunk, with ventilating shafts.
But it 'is considered that there will not be any great
necessity for prpviding ventilating shafts, the numer-
ous • stations aleng the line and the open cuttings
at each end will provide sufficient currents of
air for the purpose. In constructing the line, the
course which- 'will be • followed will be as nearly
as possible the centre of the New-road. But it happens
that the main sewer occupies this place, and if 'the rail-
' way tunnel keepi to the centre, the sewer will have to be
removed, and re-constructed on one side of the railway.
If, on the other hand, the railway deviates
.from the
centre of the roadway, it will come into very unpleasant
proximity to the- houses along the road, and will' pro-
bably increase the cost of the line by some very heavy
and unexpected items of compensation to the property
which was undermined. The soil through which the
tunnel will pass has been found by the borings which
have been made generally favourable to the work, but
in one or two parts some sand has been met with, a dis-
covery by no means pleasant to the contractors. The
railway will be provided with two lines of rails, but they
will,be on the mixed gauge, and available for the car-
riage of the broad as well as of the narrow gauge, and
the heavy goods traffic will be carried on during the
night. The passenger carriages will be lighted with
portable gas, and everything will be done to make a
journey ,twenty-five feet below the surface of the ground
as pleasant and as comfortable as possible. About two
years will be occupied in making the line, and getting
it ready for traffic.—Observer.

The Post is informed that her Majesty's Ministers
forthwith intend to introduce a measure on the subject
of tenant-right•in Ireland.
SEVERE GALES.—FURTHER SHIPPING DISASTERS.
SHIELDS, Friday, 9 P.M.-To-night there is another
fearful north-east gale, with snow showers. Last night
was the most severe experienced this winter, and the
Hobe, Athens, John and Isabella, and Monarch, all of
Shields, foundered; fortunattly the crews were saved.
Five vessels have foundered to-night. The barques
Sharp, of Newcastle, and the Medium, of Blyth, from
Liverpo.l, have come ashore here. The crew of the
Sharp was saved by the gallantry of the Tyne pilots.
Rockets were tried with the Medium, but without avail,
The pilots ran a life-boat along shore, and rescued the
crew, amid the cheers of the assembled multitude. The
weather is now more moderate; sea boisterous.