The Sun.
London, England, 1855-02-23 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN
RAILWAY.—(THIS DAY.)
The half-yearly general meeting of the proprietors
of this company was held at noon to-day, at Euston
station.

The Marquis of CHANDOS, chairman, presided ;
and in addressing the meeting observed, that in
placing before the shareholders the accounts for
the half-year ending December 31st, he was de-
sirous on the part of the directors of laying before
them one or two points in connection with them.
It would have been perceived that the result of
the half-year indicated a considerable increase
in the amount of traffic carried over the line,
but not a corresponding increase on the balance
of profit accruing. Two or three causes had
within that period combined to affect the working
expenses, particularly in the locomotive and mer-
chandise departments. In connection with the
latter there had been an increased rate of wages
paid, which had begun to affect them during the
preceding half-year. They had had also to con-
tend with a continually increasing traffic, week by
week, whilst, at the same time, the arrangements
made for the accommodation and delivery of that
traffic at the termini and for which estimates had
been sanctioned were not complete. With regard
to the locomotive department the disbursements had
been augmented by an increase in the rate of wages
generally and by the largo number of persons em-
ployed, and by the advance in price of some articles
used. With respect to the permanent way depart-
ment the arrangement which had been in existence
for two or three years, for its superintendence and
construction, by the company's own officers, in-
stead of by contractors, had proved most satisfac-
tory in its operation. He was happy to say that
not only was this an economical arrangement,
but the state of the roads and the permanent
way had been much improved. On the
revenue account there had been a reduction in
some of the charges for legal and Parliamentary
expenses, the result of the negotiation concluded
two years ago with the Great Western Railway for
the suspension of those new liies involving Par-
liamentary contest, which he thought would carry
them through the present session without the
necessity for Parliamentary opposition. The pro-
prietors would naturally have had their attention
drawn to the increase which had taken place upon
the capital invested during the past four or five
years, and the results in the half-yearly receipts.
But they must remember during that time there
had been much competition against them, and the
effect of new lines in diverting the traffic had even
induced a ruinously low rate of charges, which had
had a material effect upon the receipts quite dispro-
portioned to the largo amount of traffic ; whilst
at the same time the class of goods of a large and
bulky nature had also increased. He hoped, how-
ever, that the first of. those causes to which he had
alluded was now,at an end—ho meant the ruinously
low rates of charge. (Hear.) He believed it was
for the benefit of the public that the rates received
by railway companies for the conveyance of mer-
chandise and passenger traffic ought to be such as
as to leave the proprietors a fair remuneration ;
otherwise the public could not expect, and indeed
would not find the work performed properly, or
even with safety. (Hear.) In reference to the
estimates submitted for a further outlay upon the
capital for extensions and improvements at various
stations and termini. The noble chairman
remarked that they were by no means heavy,
as they only amounted in the aggregate to 33,0001.
He then passed ou to notice the fact that one or
two bills were now before Parliament, in the pro-
secution of which the Company was engaged—one
of them being for the North Staffordshire Amalga-
mation. These bills, if approved of, would be sub-
mitted to the directors, and fully explained at a
special meeting to be called for that purpose.
After alluding to the great and sudden diminution
in the traffic returns which had taken place
since the commencement of the year, which
circumstance the noble chairman attributed
to the war and the consequent high rate
of taxation and stagnation of business
throughout the country, but principally to the
inclemency and severity of the weather during,
that period ; and after a few congratulatory re-
marks upon the prospect before them of no Parlia-
mentary opposition, the noble chairman concluded,
amidst applause, by calling upon
Mr. BOOTH, one of the secretaries, to read the
report, Ithich has already appeared in The Son.
After a short discussion the report was adopted
and the dividend declared. The meeting then
separated.

BRISTOL AND EXETER.
The 37th half-yearly meeting of this company was
held yesterday, at Bristol ; 111 r. J. W. Buller, the chair-
man of the company, in the chair.
The Secretary, Mr. J. B. Badham, read the report.
The statement of accounts showed a share capital of
1,996,100/. ; a perpetual preference 4 per cent stock of
709,3131. ; debenture debt, 879,155/. ; and temporary
loan, 10,0001.—together, 3,594,5611. The Bros. pay-
ments have been 3,535,0801., leaving a balance of
59,4881. The revenue for the half-year has been

167,11281. ; and the gross expenditure, including duty,
rates, and taxes, 85,3611. ; leaving a balance of 82,4671.
After tho payment of debenture and preference capital
(amounting to 37,4231.), there is a disposable balance of
53,3771. The dividend was at the rate of 41 per cent.

per annum.
The CHAIRMAN said they would have seen by the re-
port that the accounts which were presented to them
that day differed in a very impbrtant particular from
those which the directors had had the honour of sub-
mitting to them on a previous occasion. There was no
part of the expenditure of a railway company which was
more important than that of the sum which was to be
expended on the maintenance• of the permanent way—
(hear, hear)—and from the time that the railway had
passed into their hands it had been the anxious desire
of the directors to spare no expense in order that the
permanent way might be put into a thoroughly effi-
cient state. But it could not be concealed that the
original construction of the line was in many parts
defective. It was also true, and it was natural to
suppose, that a line which was for some time in
the hands of lessees would not have been likely
to receive exactly the same attention which it
would have received had it been worked by
the proprietors themselves. When their lease termi-
nated with the Great Western Railway Company, and
the line reverted to their hands, a very considerable ex-
penditure was at once made on all parts of the perma-
nent way. That expenditure had since been continued,
and he thought the proprietors would find, on looking
back to the accounts for several half-years past, that
expenditure had always been on a very large and liberal
scale. He might state that the quantity of ballast laid
on the line during the last two years amounted to
220,000 cubic yards. The expenditure had also been
very considerable, for in the corresponding period of last
year the sum expended on the line was 17,642/. In the
latet half-year the expenditure was considerably larger,
amounting to the sum of 23,8601., the largest expendi-
ture that was ever made on the line in any one half-year.
But in the present half-year they would see the expendi-
tire on the line account amounted to 27,621/., being
more than 3,0001. in excess of the outlay on the last
half-year, and he thought it fair to assume that that
amount was more than the fair average sum which
would in ordinary half-years be expended on the line.
He thought he was justified in congratulating the pro-
prietors en the general prospects cf their property. The
amount received upon revenue account was the largest
they had received in any half-year. (Hear, hear.) That
circumstance alone might not be considered so satisfactory,
if, on the other band, it was thought that a greater por-
tion of those receipts had been absorbed by the expendi-
ture. The balance of the general account was also the
largest they had ever had for any half-year. (Cheers.)
After all reductions, the disposable balance—a material
point for every company to look to—amounted also to
a larger sum than in any previous half year—namely,
53,3771. (Loud cheers.) If they turned from the re-
venue account to the capital account, it was also a
subject of great congratulation. He had always di-
vided the capital account into two proportions—one he
termed the construction account, and the other the
stock account. With respect to the second part—the
stock account—that might now be considered as a closed
accoltut. All nose subscriptions they was authorised
to pay to other companies bad now been complet -d ;
they had been defrayed by the last sum of 18,0001. paid
to the Cornwall Company in anticipation of remaining
calls of that company to which they were liable, which
made up the 90,0001. due to that company. They had,
also, since their last meeting, paid the calls of the So-
merset Central Railway ; and now, with regard to liabi-
lities from other companies, they were perfectly free from
any other claim. The construction account was nearly,
if not quite, as satisfactory. They did not possess plant
enough to convey the goods sent to their warehouses ;
they had neither engines, carriages, nor trucks adequate
to their amount of traffic on the line. There would there-
fore be a further expense necessarily incurred in rolling
stock and plant, and the directors had since their last
half-yearly meeting ordered six new engines and a con-
siderable number of carriages, as well as of trucks. But
with regard to other points, the construction accounts
, might be considered as nearly closed, and be hoped they

would not have much further money generally to spend
upon the line. With regard to the Yeovil branch, there
were still some liabilities, owing to the accounts not
having been sent in. Every exertion would be made
by the directors to bring those matters to a settlement
with the least possible dela/. He believed that a less
sum than the balance now remaining on capital. account
would cover all expenditure. One subject intended to
have been proposed to this meeting was the case of the
Cornwall Railway, which was unavoidably postponed,
but it was for the interest of this company that that
railway should be completed. It was in immediate
connection with their system, and must be to a cer-
tain extent a feeder to their line, and still mom to
the South Devon line, in which this company had so
very large a stake. The objects of the bill now before
Parliament were six in number :—First, to raise addi-
tional capital ; secondly, to enable them to purchase tke
Soncrset Central Railway ; thirdly, to confirm the
leasing arrangement they had entered into with the
North Devon Company ; fourthly, to enable them to
hold additional preference shares in the Exeter and Cre-
diton Company, to which they had subscribed 8,0001.,
and for which they received interest at 5 per cent. regu-
larly and punctually paid; fifthly, to enable them to pur-
chase lands at several stations along their line to pro-
vide increased accommodation ; and, sixthly, to extend
the time for the sale of supetfitious lands, a point of great
importance, and of great advantage to the company to
effect. They had powers at this moment to raise their
capital to 3,550,0001., and they had also subscribed
90,0001. to the Cornwall Company under the Cornwall
Act, and 5,0001. to the Plymouth and Great Western
Docks. The only addition to the capital proposed,
therefore, was 292,000/. It was thought more dosir.
able to concentrate their capital ; the original capital,
it was proposed, should remain at the original amount
of 2,000,0001., and they proposed to raise a further
sum of 800,0001., in addition to the 1,200,0001., to
make their preference capital 2,000,0001. ; maing
the whole amount of capital 4,000,0001. They must
expect there would be general suffering, and there
must be increased taxation and, probably, some stagna-
tion of traffic. Under these circumstances, perhaps, no
interest was more likely to suffer than the railway inte-
rest. But as the spirit of the country would always
' overcome the difficulties that occurred, so he need not
assure them that if any difficulty should arise with regard
to their own property it would only stimulate still more
, the exertions of their directors. He begged to move the
adoption of the report.
Mr. TUCKETT was at a loss to know on what grounds
the company was asked for an addition to the permanent
capital of 400,0001. The issuing of preference shares
would tend much to deteriorate the original shares.
The CHAIRMAN explained that the statement he made
was, that the capital already expended amounted to
3,535,000/. ; then there were liabilities on the construe.
tion account amounting to 50,000/. • and there were
large requirements for rolling stock and plant which, be
took it, would amount to about 100,0001. When they
were going to Parliament it was always as well to take
a large
_ margin.
A PROPRIETOR—If you get it you will spend it ; that
is the long and short of it. (Laughter.)
Dr. GREEN concurred in that view. Somehow •r
other the money was always spent. There was the
Yeovil branch, which it was said would cost 100,0001.,
kad cost 180,0001., and there were still some liabilities
on it.

Mr. BRUCE, MP., said there was one part of the re-
port he could not ♦iew with satisfaction. It laid down
the doctrine that the expenditure of repairing the per-
manent way might fairly be placed to the capital account.
New, 'taking was better understood in railway matters
than that the entire expenses of the line, whatever they
might be, should be defrayed eatirely out of revenue.
(Cheers,
Mr. BATES seconded the adoption of the report. If
the whole of their preference stock was got out it would
materially benefit their line.

The report was then received and adopted.
Mr. BRUCE, M.P., reoved that the directors be de-
sired, i❑ the future accounts of the company, to particu-
larise the expenditure and earnings upon each of the
branches, as distinguished from the main line.
The resolution having been seconded by Mr. HARE,
The CHAIRMAN said, this was the last company to
which such a proposition should be made.
The resolution was put and lost. A dividend was de•
Glared at the rate of 2i per cent. for the half-year. The
retiring directors were re-elected, as was also the audi-
tor, Mr. Barnard.
The meeting was then made special for the purpose of
considering the provisions of "A bill to raise further
sums of money, to acquire additional lands, to lease or
pnrchase the Somerset Central and North Devon Rail-
ways, and to hold additional shares in the Exeter and.
Crediton Railway, and for other purposes."
A resolution approving the bill was carried.
A vote of thanks to the chairman and directors ter-
minated the proceedings.

CABINET COUNCIL.—A Cabinet Council was held at
the Foreign-office, Downing-street, yesterday afternoon.
It was attended by the whole of the Ministers, with the
exception of the Right Hon. W. E. Gladstone, Sir Jas.
Graham, and the Right Hon. Sidney Herbert. The
Council sat two hours and a quarter.
The Marquis of Exeter left his residence, ht Gros-
venor-square, yesterday, for Burghley, where the Mar-
chioness add Lady Mary Cecil are staying. The noble
marquis dined with the Right Hon. B. Disraeli on
Wednesday.
The Countess of Wilton and Lady Catherine Grey
Egerton arrived in town on Tuesday, from Egerton
' Lodge, Melton Mowbray, whither they contemplate an
early return as soon as the frost breaks up. The Earl
of Wiltea has been in London for some day,.
The Earl and Countess Craven entertained a select
party at dinner last evening at their mansion in Charles-
street. The noble earl and countess leave town in 'the
course of 'a few days for Aclidown-park, Berks.
ABOLITION OF TURNPIKE TOLLS.—Yesterday evening
a meeting of the inhabitants of the districts of Hamp-
stead, Kentish-town, and Camden-town was held at the
Elephant and Castle, St. Pancras•road, to take into con-
sideration the inconvenience and injurious effects of
turnpike tolls on the locality, and to petition Parliament
for their abolition.
NUISANCES REMOVAL BILL.—MEETING OF MANUFIC-
TUEERS,—Yesterday evening a general meeting of manu-
facturers and traders was held at the Bridge-house
Hotel, London-bridge, for the purpose of considering
the Nuisances Removal Bill, which has lately been in-
troduced ito Parliament by Sir Benjamin Hall, the Pro-
sident of the Board of Health.
CLERGY ORPHAN CORPORATION.—The annual court of
the governors of this valuable institution was yesterday
held a: the offices of the Society for the Propagation of
the Gospel, 79, Pall-mall.
The Earl of Lucan, late commander of cavalry in
the East, is daily expected in London. The Countess
and Lady Lavinia Bingham are staying at Laleham,
near Staines.
Lord and Lady Ashburton arrived at Bath House
on Wednesday, from The Grange, near Alresford, where
the family have passed the last eight months. After a
short residence in town, the noble lord and her ladyship
are likely to pass some, weeks at Addiscombe.
Lady Stanley of Alderley, and the Hon. Misses
Stanley, who have been travelling in Italy for some
time past for the benefit of the health of one of her
ladyship's younger sons, are now sojourning in the
" Eternal City," and are not expected to return to Eng-
land before April. Lord Stanley of Alderley is at-
tending to his official duties in London.
A. farewell banquet was given last night to Dr.
Sutherland, at the Thatched House, preparatory to his
departure for the East. Dr. Wairns, of St. George's
Hospital, presided, supported by several leading mem•
bers of the profession.
REMARKABLE CIRCUMSTANCE.—SinguIar as such an
announcement may appear, there may be seen in the
residence of the Rev. J. White, at Bruton, in this
county, two fine butterflies, which are lively and strong,
having hitherto survived all the severities of winter.—
.Bath, Chronicle.
AMERICAN MAIL.—The Pacific steamer, appointed
to carry the mails of February 24th from Liverpool to
New York, not having arrived, though considerably
over due, there will be no mails despatched from Liver-
pool on thel 24th to New York. Upon the arrival of
the Pacific the date of the departure of the next mails
from Liverpool will be arranged.
MAJOR NASMYTIL—We understand that a meeting of
the Lord Provost's committee is to be held to-day, . for
the purpose of considering a proposal to confer the free-
dom of the city of Edinburgh upon Major Nasmyth, as
a recognition of his gallant defence of Silistria. Major
Nasmyth is a son of Mr. Nasmyth, Charlotte-square, and
has recently arrived in town.—&otsntan.
LORD JOHN RUSSELL.—A. Vienna correspondent of
the Cologne Gazette writes on the 17th :—" Apartments
have been prepared in the hotel of the English Embassy
for Lord John Russel. It is expected that he will be
six days in Vienna."
MONTROSE BvRGHs.—We understand that Sir John
Ogilvy, Bart., will offer himself as a candidata to repro.
sent these burghs.
PARTIAL DRiITRUCTION OF CATANIA.—GENOA, Feb.
17.—The Vesuvius steamer, from Naples to Leghorn,
brought the intelligence that Catania has been nearly
destroyed, either by an earthquake er an eruption of the
Atna.
ARRIVAL OP THE PROMETHEUB.—PLTMOUTN, Feb. 22.
—The Prometheus arrived to-day from the coast of
Africa. She left Sierra Leone, Jan. 27. The Prome-
theus brings as passengers Mrs. Bidel, widow of the late
Bishop of Sierra Leone ; Capt. Rooker, 2d West India
Regiment ; and Lieutenant Lamot, 3d West India
Regiment.
THE NAVY CLus.—Last evening tke second meeting
for the season if this club took place at the Th:ttched
House Tavern ; Rear-Admiral Charles Fremantle pre.
sided. About 20 officer's sat down to dinner, Colonel
Dundas being the chairman's visitor. There were pre-
sent—Vice-Admiral Deans Dundee, Admiral Sir Gee.
Lambert, Rear-Admiral Lord Adolphus Fitzclarence,
Captain Lord Amelius Bea'iclerk, Rear-Admiral :Percy
Grace, Hon. Captain Best. Admiral Sir Samuel Pym,
Captain J. Hudson, Captain Tatham, Captain H. Aus-
ten, Admiral H. Eden and Captain Milne (Lords of the
Admiralty), Captain M‘Dougail, Rear-Admiral W. Wal.
pole, Captain B. Seymour, Captain F. Campbell, and
Captain J. Forbes. The usual loyal toasts were pre.
posed and duly honoured.
THE NEW TRANSPORT BOARD.—It is stated that the
new Government Transport Beard has been formed, and
that it is to consist of Captain Craigie, R.N., as super-
intendent at Southampton, Captain Wm. Drew, of the
merchant service, and a gentleman connected with the
army, whose name has not transpired. Captain Drew
has been for some years a member of the local Marine
Board of London and of Lloyd's Registry of Shipping,
and is said to have had great experience. In addition to
their other duties, the board are to have charge of pd..
soners of war,