The Sun.
London, England, 1855-08-16 00:00:00

LONDON, THURSDAY EVENING,; 'AUGUST 16, 1855.

RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.

The half-yearly ordinary meeting of this cornpuy
was held yesterday at Euston-square Station, for the
transaction of the general business of the company the
Marquis of Chandos, M.P., in the chair.
The CHAIRMAN said he bad no longer to call their
attention to an increasing traffic, but a falling off in the
mast important branch—the passenger traffic. The
diminution was from 704,0001. to 680,0001., which be
thought was to be attributed much to the war dimi-
nishing the means of persons to travel. The di-
minution was not confined to stations where they had
competition, but was observable in others, and he re-
ferred, in illustration, to the decrease of traffic at the
stations between London and Layton. Another cause
of diminution was the numerous new lines, and the
altered position of others from recent legislation being
brought into competition with them. Amalgamations
had been effected, which the directors always predicted
would be injurious to them, and the result had verified
these prognostications. If they compared the traffic
of the past half-year with those of previous years
they would find that, when new channels of com-
munication bad been opened, they tended to di-
lute and but slightly increase the traffic of
the district. The diminution of their passenger traffic
might be divided into two heads, 20,0001. owing to the
opening of new lines, and 12,0001. from a diminished
traffic, arising from what he had already alluded to.
There was a large increase of income connected with the
merchandise and mineral traffic, which it was gratify-
ing to find had been earned at a reduction of working,
expenses, arising from arrangements made by the direc-
tors, and the accounts showed the excess of receipts over
the corresponding period to be 7,0001. Arrange-
ments had been made to meet the reduction of
passenger traffic, and the directors thought that,
having placed a check on increasing expenditure,
they might hold out hopes of reductions in the working
expenses commensurate with its being carried out. The
noble chairman alluded to the payment of 4,0001. to the
Shropshire Railway over the usual half-yearly payment,
which would be done for the future until that account
had been brought up to the date of all the others. After
referring to the bills that had been passed this session of
Parliament connected with this line, he adverted to the
bill for improving the communication with Ireland,
which ultimately would have to come specially before
them before anything could be done under it.
The rejection of the North Staffordshire Amalga-
mation Bill was to be regretted. It was intro-
duced into Parliament under a belief that it was a
wise measure, believing from the position of the North
Staffordshire Railway it could be worked in cordial
co-operation with this line. It was with that view the
company entered into arrangements with the North
Staffordshire Company. The bill had, however, been
rejected a third time, but he hoped it would not render
a less harmonious working of that line by the two com-
panies. By the arrangement between the two com-
panies, if Parliament rejected the bill three times
on its merits, and not on formal points, the arrangement
was to be at an end; and the bill having been rejected a
third time, the beard of directors considered they were
no further bound by the arrangement ; but it had
been asserted otherwise, and the directors designated
repudiators in consequence of expressing such an opin-
ion. His lordship then entered into the details of the
proceedings in Parliament, relative to the three applica-
tions for the bill, and said there could be no doubt three
applications had been made, but denied there had been a
suspension of either of them, as had been stated, so
as to make it appear there had been but two applications
made to Parliament instead of three. He contended
the applications had been refused by Parliament entirely
on their merits ; that of amalgamation, which was so
understood by the North Staffordshire Company, and
who were aware the last was the third application.
The directors of this company, after reviewing the whole
of the circumstances, were of opinion they had fully
carried out their engagements with the North Staf-
fordshire Company, and that the agreement was at an
end.

Mr. BOOTH, one of the secretaries, then read the re-
port, which recommended a dividend of 2/. 7s. 6d. per
cent. for the last six months, amounting to 535,865/.
ls. 2d,, leaving a balance of 6,950/. ls. 6d. to be car-
ried forward to the next half-year's account.

Mr, BENSON (Deputy Chairman) moved the adoption
of the report.
Mr. UPCROFT called attention to the high rate of in-
terest they paid for their money, which he considered
arose from the directors settling it amongst themselves,
instead of advertising for it. Were they to do so they
might save 40,0001. per annum.
Mr. HADFIELD, M.P., said he thought the time was
come when the directors should allow a.deputation of
shateho!ders to look into the accounts and ascertain the
cause of the diminution of the dividend. He understood
a committee of the Board of Directors had investigated
the subject, and that they suggested enormous reduc-
tions. It was a notorious fact that, whilst the traffic
had increased i❑ four years equal to one per cent., their
dividend had decreased. There must be some cause for
it which he wished to see explained. He for one did
not consider the management of the line was what it
ought to be. (Cheers.) The hon. gentleman proceeded
to 'flake some remarks on the expenditure of the com-
pany, observing that the fighting expenses of this com-
pany averaged 100,0001. a year, which had to be paid
out of revenue. (Hear. He was satisfied one percent.
of revenue might be saved from the expenses of the com-
pany. The committee he alluded to had taken evidence,
and he called on them to speak out. The appointment
of the deputation he named was not intended as a vote
of censure on the Board of Directors.

Sir H. WILLOUGHBY, M.P., called attention to the
debenture debt, which amounted to 10,834,0001.
The CHAIRMAN said be thought much good would
ultimately be effected by the return recently moved for
by the member for Sheffield with reference to railways.
He had always been opposed to extensions and Parlia-
mentary warfare, alluded to during the meeting ; and in
reference to the appointment of a deputation, as pro-
posed by Mr. Hadfield, said the board of directors would
be most happy to meet a deputation, and that, as re-
garded extensions generally, the board was opposed to
them. No doubtsrexcursio❑ trains had been used much
to the injury of companies, and he believed they had
much decreased this year. He was not there to approve
or support views entertained many years since by share-
holders, but now very much moderated by experience,
and entered at some length into the general state of the
railways tbrow,Yhout the country. The board had no
wish to keep anything from the knowledge of the share-
holders, Lut they doubted the policy of making every-
thing publicly known for the information of the public
and other railway companies.
A very lengthened discussion' took place relative to
the management, the rate of fairs -charged, and the im-
policy of running excursion trains at so low a figure, and
the interference of Parliament with railway property,
is hich latter, it was stated, had had the effect of placing
thi+ line in its present adverse position.
The report was then put and carried, and the dividend
declared of 2./. 7s. Gd. per cent.
A resolution embodying Mr. Hadfield's views was
then agreed to, and a committee of gentlemen nominated
and approved of.
A discussion then took place relative to the rejection
of the North Staffordshire Amalgamation Bill, after
which the meeting terminated.

NORTH LONDON.
The half-yearly meeting of shareholders was held yes-
terday at the Euston-square station ; Mr. John Scott in
the chair.
The minutes of the last meeting having been read and
confirmed,
Mr. CHUBB, the secretary, read the report of the di-
rectors (already published), which, after some discussion,
was adopted, and a dividend of 21. per share declared
out of the profits of the last half-year. Power was also
taken to borrow 25,0001. on debentures, and the 50/.
and 10/. shares consolidated into stock, after which the
proceedings terminated.

was present at the ticat appointed, but after waiting for
an hour in vain for the agsembling of a quorum of his
brother directors, the meeting was adjourned according
to the provisions of the act.

THO SATURDAY HALF-HOLIDAY

MOVEMENT.

Yesterday evening a most numerous and respectable
meeting wasbeld in Guildhall, for the purpose of con-
sideiing the steps necessary to be taken to ensure the
cessation of business in the City from two o'clock on
Setttrdays. Sir James Duke, M.P., in the chair.
Mr. ,LILWALL, the honorary secretary to the Society
for Promoting Early Closing, read letters from the Earl
of Ebrington; Mr. Gregory, of Bedford-row, the Rev.
Thomas Binney, the Rev. Henry Allen, and Alderman
Salomons, regretting they could not be present at the
meeting, and expressing their cordial concurrence in its
objects. He then read a statement of the progress of
the early-closing movement, from the commencement to
'the present time, which was received with much
appkuse.
X. W. HUBBARD, Esq., late Governor of the Bank of
England, moved the first resolution,- to the effect that
as the Saturday half-holiday had been tried in Edin-
burgh, Glasgow, and all the principal towns in Scot-
land, in Liverpool, Manchester, and many large towns
in England, and even in many important branches of
trade in, London, and was found to work beneficially for
both the employers and the employed, it was expedient
to clopt.that practice wherever it waspracticable. He
aid he should have beea unwilling to have moved such
a resolution at tlae commencement of the movement, for
he thought it would be dictating to employers what
time they should let their people work ; but that diffi-
culty was removed, for he, saw that those very masters
wh4 were interested in the matter were not only the
supporters of the motion, but the actual promoters of it.
(Cheers.) There was a stupid axiom extant that capi-
tal and labour were in antagonistic positions ; and with
.narrow-minded people it was so, for they gacrfficed every-
thing and everybody to gain. But the enlightened capi-
talist found that his greatest gain was in not wearing out
his labourers by overworking them.
The Rev. TRESHAM GREGG seconded the resolution,
which was carried unanimously.

Mr. J. R. TAYLOR proposed the next resolution, to the
effect that a memorial be presented to the proper autho-
rities praying for the closing of law, public, and other
offices, at two o'clock on Saturdays. He said that 236
firms of London had petitioned the judges to this effect ;
but! one of them feeling that be could not give up so
much time belonging to the public, would not consent
to it, and the others would not act without him.
Mr. TARLTON seconded the resolution, which was car-
ried unanimously.
Mr. A. Mooiu proposed, and Mr. Deputy HOLT
seconded, the next resolution, recommending the masters
to pay wages on Friday, or early on Saturday.
This and some complimentary resolutions having been
put: and carried, the proceedings terminated.

STORMY PEACE MEETING AT ST.
MARTIN'S HALL.

Last night a public meeting was held at St. Martin's
)1 Ha , Long-acre, "to take the opinion of the public
upon the momentous question of peace or war." Mr. J.
Hamilton, of Southwark hustings notoriety, took the
chair. The attendance was comparatively thin at the
commencement of the proceedings, but towards the close
the. ball was pretty well filled.
The CHAIRMAN, in a long rhapsodicspeecb, continually
interrupted by tempests of mingled cheers and hisses,
proceeded to state his opinions upon the war and its con-
sequences, assuring the meeting that he did not know
the amount of treasure expended, nor did he know how
much sacrifice of liberty bad been made ; but he would
say, without hesitation that nearly 500,00 g human lives
had been lost ; and it was his duty to inform them that
a grave impression had gone abroad that the brave Bri-
tish army in the Crimea might possibly be doomed to
perish without returning to their native land. He would
not tell them what they fought for,unless he were to utter
dark suspicions ; but if the Christian religion bad never
beep known, and if there had been no recognition of eter-
naljustice on earth, there could not have been a war more
recklessly carried on ; and history, he believed, would
brand the war as an atheistical one. (Hisses and cheer-
ini) In conclusion, the chairman, as the best advice
he Could give them, recommended the people of England
to refuse to supply to their Government those materials
of war which were only used for their own destruction.
(Uproar.)
Mr. B. O'BRIEN attacked the newspaper press of the
metropolis because they would not gratuitously publish
an address, of about two columns in length, emanating
from a society of which he (Mr. P. O'Brien) is president.
After 'characterising the war as an aggression upon the
part of England, and making a fierce attack upon the
Governments of England and France, amid much con-
fusion he concluded by proposing a long resolution con-
demnatory of the war, and strongly protesting against
its further continuance. (Uproar.)
Mr. J. G. HARRIS, in seconding the resoletion,-
preseed the assurance that it w,ould be unanimously
adiipted, and that it would have an electrifying effect
thrOughout the country, that the Government would he
turned out, and universal peace prevail. (Laughter.)
Mr. PASSKORE EDWARDS rose to propose an amend-
ment, denouncing the war " as a mockery, a delusion,
and a snare ;" but the meeting decided that this was no
amendment, and refused to hear him.
.bout fifteen other gentlemen, anxious to address the
meeting, then jumped to the front of the rostrum, con-
tending for a long time for precedence, amid a scene of
indescribable confusion, in which the chairman found
bis'seat anything but one of rose leaves. Ultimately,
Mr. HORACE ST. JOHN obtained a hearing, and moved
as an amendment, "That this meeting recognising both
the justice and necessity of the war in which we are en-
gaged, and seeing that the great objects for which it was
undertaken are still unaccomplished, pledges itself to
support any honest government that will vigorously
prosecute it to an honourable and victorious termination."
Mr. St. John, in speaking to his resolution, aroused the
ire of the peace party, one of whom advanced and shook
his hand in the speaker's face, and another scene of up-
roar took place, which it is impossible to describe.
Afterwards,
Mr. H. CooKE seconded the amendment, asserting his
opinion that thb people of England had not abated
one jot of their determination to carry on the glorious
war. (Confusion.)
Mr. W. \VILKEs vehemently opposed the amendment,
exciting considerable surprise by characterising the bom-
bardment of Sweaborg as the crowning proof of ministe-
rial treachery, because it was calculated to do more harm
to the Fins, our friends, than to the Russians, our ene-
mies— an announcement which was met by a storm of
ridicule and disapprobation ; but Mr. Wilkes afterwards
recovered ground by advocating the extension of aid to
Poland. He advised them to stop the war until they
had put down Palmerston and got universal suffrage.
Mr. S. KYDD observed that the wishes and ascendancy
of Russia could not possibly be better promoted than by
stopping the war unconditiOnally. He loved peace; but
peace, in the present state of Europe, meant fighting and
conquering Russia. (Loud cheers.) War was a great game
and they must not be idle at it ; either let them make
peace in earnest or make war in earnest. (Applause.)
Mr. G. THOMPSON supported the resolution.
The amendment and the original resolution was then
put by the chairman, when the latter was carried by a
majority of two to one.