The Sun.
London, England, 1855-08-17 00:00:00

LONDON, FRIDAY EVENING, AUGUST 17, 1855:,

VXCUBSION from DOVER to BOULOGNE,
111 to witness the Landing of -her Maje Sty at Boulogne, on
SATURDAY, the 18th August. The new and beautiful Steam-
packet THE QUEEN will leave Dover at 11 a.m., on the arrival of
the train leaving London-bridge at 8.10 a.m., and return from Bou-
logne in time to permit excursionists returning to London by the
train leaving Dcver at 7.30 p.m. Fare by the steamer, 10s., there
and back. Tickets to be had on board, or at 56, Lombard•street,
Lond:11.

A MERICAN-ISINGLASS.---A large supply of
rill this article has been received at the AMERICAN WARE-
HOUSES, No. 545 -and 546, New Oxford-street, price 3s. 64. per
pound package, or a c se containing 12 packages at 2s. 9d. per pound.
For Blanc- m .nge, Jellies. &c., this Isinglass will be found equal to
Enzli-lt or Russian. Alsri, a large stock of American Travelling
Trunks, Boxes, and Cases, Hatchets, Clocks. Carpet Brooms, Pails,
Tubs, and Wooden-ware of all descriptions, at most moderate charges.

pRICKLEWOOD; • MIDDLESEX.—To be
LEI', 'UNFURNISHED, on the high road to Edgware, four
miles from the Marble Arch, CRICKLEWOOD HOUSE, containing
three sitting rooms (two communicating with folding doors), eight
bed-rooms, housekeeper's-room, 1 fty kitchen end offices, front and
back pleasure grounds, with hot houses and graperies, two kitchen
ardens, brewhouse, with two rooms over, four and two-stall eta-
has, three coach-houses,. poultty.houses, piggeries-, and extensive
yard. Rent 851, the tenant keeping in repair ; otherwise, 100/. per
annum. Term, Seven years.

Apply on the premises, or at Messrs. Bullock's, 211, High Iblborn.

A DULTERATION of FOOD, STc.—Doctors
-CIL the true and real offenders. —Read the HYGEIST and
MEDICAL REFORMER for next month. All Hygeisn agents
are hereby requested to give as much publicity as possible on this
unPOrtant question. Do not let the people be diverted from the real
point at issue. Remember than the adulterations are committed with
the very poisons which doctors hold out or administer " medicinally"
as they call it. The Hygeist may be had of all agents.

RAILWAY INTELLIGENCE.

GREAT WESTERN.
The half-yearly general meeting of this company took
place yesterday at Bristol ; the Right Hon. S. H. Wal-
pole, M.P., in the chair.
The Secretary having read the advertisement convening
the meeting,
The CHAIRMAN observed that it was so unusual for the
proprietors to be addressed from the chair by anybody but
their accustomed chairman, that he felt some explanation
on the subject was due from, him. They had seen from the
report that Mr. Russell, from a-failure of health, had found
it necessary to resign the office of chairman. 'That gentle-
man had given his best services to the company, for a period
of 16 years, and from the opportunity which he (Mr. Wal-
pole) had had of observing his conduct during the last year
and a-half he was able to speak in the highest terms of the
zeal, ability, and vigour of mind, combined with vast in-
formation upon all subjects connected with the interests of
the company, and the perfect temper and gentleness of
conduct in conducting their proceedings which rendered
him so eminently fitted to preside over them. (Cheers.)
That position, however, having been vacated, and the di-
rectors having chosen him to fill it, he would endeavour
to discharge the duties of his office to the best of his ability,
notwithstanding the present was a time of difficulty and
embarrassment as regarded the affairs of the company.
(Hear, hear.) The report which had been placed in their
hands noticed no circumstances worthy of comment since
February last, except that the dividend had fallen off,
and that it had become necessary to oppose the bill brought
into Parliament by the Oxford, Worcester, and Wolver-
hampton Railway Company. With reference to that, the
proprietors were aware that the Oxford, Worcester, and
Wolverhampton Railway Company were bound to lay
down the broad gauge for the benefit of the public as well
as for that of the Great Western Railway proprietors, but
they had tried to escape from the obligation, notwithstand-
ing that the Great Western Railway Company, acting
under a counter-obligation, were actually laying down a
narrow gauge upon an equivalent portion of their line. To
oppose that bill was, therefore, an operation of self-de-
fence, and he was glad to say that that opposition had been
successful ; and now that that harassing and expensive
litigation was entirely at an end, he would say nothing
which would prevent peace upon that subject, or which
would throw difficulties in the way of any arrangement
which might secure the profit which, by mutual agreement
and harmonious working, they might secure, but which, if
they differed, would probably be lost altogether; but at
the same time he hoped no arrangement would be sanc-
tioned which would subject the proprietors to immediate
loss for the sake of gaining an ultimate profit. He would
now turn his attention to the subject of the fall of dividend,
and would observe that in this, as in all other mercantile
concerns, the first thing was to look 'the truth fully and
boldly in the face; to tll them hones.tly the facts, to trace
the causes, and to account for the consequences which had
resulted from them. (Hear, hear.) From the fact that
the half-yearly dividend had fallen from 4 to 2 per sent.
per annum it would appear at first sight as if the company
were taking a downward instead of a progressive course ;
but he thought that he could satisfy them that the con-
trary was the case. Tho causes of the depreciation of the
dividend were to be found, first, in the general depression
of trade, bringing with it stagnation or even diminution
of railway traffic ; and, secondly, in the fact that they had
had to meet engagements incurred long ago, but which
were brought to bear upon them in one year simultane-
ously with thatdepression of trade and consequent stagna-
tion of traffic. If, then, the cause* of the depression of
trade and stagnation of 'traffic, which were the cause of
the depreciation of their dividends, were of a permanent
character, they might, indeed, look to the future with ap-
prehension, but if he could satisfy them, as he was tho-
roughly convinced he could, that those causes wore only
temporary in their character, he thought that they might
fairly ask themselves whether the consequences resulting
from such a state of things might not be found to be tem-
porary also. (Hear.) Now, taking the working of the
lino for the past two years and-a-half into consideration,
they would find that for the half-year ending Juno, 1853,
their receipts were, in round numbers, 522,0001., and for
the half year ending December, 620,000/. ; that for the half-
year ending June, 1854, the receipts were 620,000/. and for
the remaining half-year 648,0021., while for the last six
months they had been 647,0001. Comparing therefore the
two half-years, ending June, 1853, and June, 1851, there
was an increase of receipts to the extent of 08003 , while
the increase upon the half-year ending last June over
the corresponding period of 1851 was 27,0001. only. The
expenditure for the half-year ending June, 1853, was
233,0001.; and for that ending in December of the same
year 242,000/. In the six months ending June, 1854, tho
expenditure was 262,000/., and for that ending December
264,000/e while for the past six months it had been 280,0001.,
making an increase of expenditure as between the half-year
ending June, 1853, and June, 1851, to the amount of
29,0001., and an increase as between the half-year ending
June, 1854, and June, 1855, of 23,0001. Comparing the
two sides of the account, they would perceive that down
to Juno, 1854, their receipts were gradually increasing be-
yond their expenditure, but that from June, IS5', to
June, 1855, their receipts fell off, while their expenditure
had been slightly augmented. From June, 1853, to June,
1854, the balance in favour of net revenue was 70,000/., but
from June, 1854, to June, 1855, there was a balance in
favour of net revenue of 4,000/. only. He was satisfied
that. the falling off was to be ascribed to three causes—
first, the effect of the war upon trade generally—an effect
which had been felt upon all the railways in the kingdom,
and evidenced strongly by the Board of Trade returns;
secondly, the increase, which could hardly be put at less
than 10 per cent., on wages and materials; and, thirdly, to
the augmented expenditure consequent upon the opening
of new lines which were sanctioned years ago, and whi h
expenditure was necessarily incurred for the proper carry-
ing ou of the traffic of the country. Had not these causes
been in operation, he believed that their receipts, instead
of remaining stationary, would have been increased at
least 40,000/. or 50,000/ ; and, as he considered the causes
of the stagnation temporary, he saw no just ground for
alarm. But they would naturally say, " This does not ac-
count for the falling off of the dividend; for, supposing the
traffic to have been stationary, would the dividend have
been 2 per cent, less ? A fairer question could not have
been put. His answer was that a dividend of 1 per cent.
to the proprietors of unprotected stock in that company
might be represented in round numbers at 82,000/. per
annum, or 41,000/. for the half-year; and what he had to
explain was why in each of the two half-years 41,000/. had
been withdrawn from thedividend since Dec., 1854. It was
owing, Ist, to their amalgamation with the Shrewsbury
companies; and, 2dly, to the extension of their line from Bir-
mingham to Wolverhampton. The amalgamation with the
Shrewsbury companies constrained them by the agreement
they had entered into to guarantee to their shareholders a
preference dividend of 3- per cent. The profits of the past
half-year on the Shrewsbury lines fell short of 3i per cent.
by 34,000%, or, in other words, within 7,0001. E of 1 per
cent., which latter sum might be considered the interest on
the expenditure incurred on the stations in the meantime.
The cause of the falling off of the other 1 per cent, was at-
tributable to the extension of their line from Birmingham
to Wolverhampton. If they looked to their accounts they
would find that the cost of that extension had been
1,900,000/. ; while the works were in course of construction
the whole of the interest on that account was, according to
railway usage, borne by capital. The line was opened in
December last, since which time interest on the money, ex-
cep', so far as respected the outlay required by stations and
other works to be used for them, bad been borne by revenue.
The interest on 1,900,0001. at 44 per cent. was 85,000/., or
for the half-year 42,5001., so that the account was actually
more than 1 per cent. ou the dividend. The fall of the
dividend was therefore fully accounted for ; and the only
question which it appeared to him could arise on this part
of the case would be whether the policy which advocated
this amalgamation and that extension was a bad policy ;
and, supposing that policy to be completed, whether they
had any hope of improvement for the future. On the first
question it would very ill become him to give an opinion.
He was no party eitherto
arthpeohps be- one or
abletheothtear,giavnedatsheurae:
fore individually he might
biassed an opinion as any person in the room. Now, he
thought that a great deal might be said for that extension
and that amalgamation, and at the same time he did not
deny that a great deal might be said against them. He
would, however, point out that it was rather hard to visit
upon anybody at this time the consequence of acts which
were not only fully approved but recommended years ago.
He found fault with no ono ; but when he looked back at
the proceedings of the committee of consultation which
was appointed by the shareholders in 1849, he found that
that committee had to deal with this as well as other sub-
jects, and that they not only approved of that policy, but
recommended it in the strongest terms. They must there-
fore all of them—directors, shareholders, and committee
of consultation, bear together the blame, if blame there
were, of a mistaken commercial policy, The passage he
referred to in the report of the 'committee of consultation
was as follows : " The fourth class.
premium
spuorf-
chased by the Great Western Company at a
10/. ss. upon each 20/. share, to be paid for on completion, ,
comprise the Birmingham and Oxford, 32 miles, and the
TBhiremianragabaanmt, laVlroalavdeyr heaxmp pe
atodne,ci
,anactil
dDruedciluerr,eldltmo salpoine
te
the construction of these lines, is set forth in the appendix.
These lines, when finished,
will join the Oxford and
Rugby and Fennycompton, with which they will form a
continuous line 77 miles in length between Oxford, Bir-
mingham, Wolverhampton, and Dudley, and will no
doubt produce a large amount of traffic to London and to
the south and west of England by Oxford." And they
further said, " The works of the Oxford and Birmingham
line are in a very advanced state, except at points where
considerable" aving of cost may be effected by arrangements
with other companies. Your committee strongly recora. ,

mend the entire completionof the works so as to enable
the Great Western, through ;he medium of these lines to
make such arrangements with other companiee north" of
Dudley as may produce the g'eatest possible traffic.by this
route." He wished to express no opinion as to that policy,
still less did he wish to throe any blame on any person.
He found that they had great difficulties to encounter,
o c
toh was
whichconsequent
h e had
adverted. upon th e amalgamation
Th a being
0, A
and if the truth must be told he thought they were all
move or less responsible for the falling off in the,dividend
winhi
andhexten-
sques-
tion they had to consider was what should be their future
policy with reference to these railways, and were those dif-
ficulties likely to be permanent or temporary ? fie had the
yl
t e ofd I
thet e
e heese n
which t p
hadas t proelsiuc
authority of the board for saying—and Ise entirislytoon-
curred in their recommendakon—that, whatever might
have
policy directors
ws
Bich
should the e. 0
nowns e-
qun cbe pursued ought to be—first, to make the most of their
existing engagements and their present liheig secondly, to
extend them in no direction whatever; sand, thirdly, to
prevent the evasion of that resolution, not to lease, amal-
gamate, or work any others line, if by such lease, amalga-
mation, or working they incurred any immediate loss, for
the sake of prospective gain. To those rules or precepts
of conduct which he submitted for their, sonsidera,tion be
would add a fourth; which required some guaß, perhaps,
at the present uioment, but which wee thai they should
vigilantly watch and check. expendituriL-(hear)—at the
same time taking care not tninterferewith or diminish the
proper deyelopment of traffic by a false economy, Those
were the principles upon which the-eiirectorS desired to act,
and had acted since he had had the honour of a seat at the
board. Still, they might ask, if the traffic had been so
stagnant, and if the extension of oneline and the amalga-
mation of others had led to the reduction of dividend to 2
per cent., what hope could be held out of better prospects
in future ? They would forgive him if he did not at pre-
sent enter into an extended view of all the concerts/I of,,the
company. If it were desirej, that. Itoployet (*Ptah tailk)
matters so as to enable them to 'be air good judges as the
directors, he should ask for some six weeks to look into the
state of their affairs, for while he would not,' bn the one
hand, wish to excite undue hopes, on the other, he should
be much to blame if he said anything which tended to en-
courage despondency. He had, however, some facts—and
it was with facts alone he dealt—which he thought it right
and fair to bring before the proprietors. At the beginning
of this year the receipts were loss than they had been
during the corresponding period of the former year. From
April, however, the tide appeared to have turned in favour
of increasing traffic, and ho had extracted the receipts on
their own line and on the Shrewsbury lines during the six
weeks of the current half-year, in order to compare them
with the six weeks of the corresponding half-year. Taking
the Shrewsbury lines first, he found the receipts of 1854-5
were as follows :—For the week ending January 8, 1854,
they were 3,1671., as compared with 3,9921. in the present
year; July 15, 1854, 2,9931., against 4,1221. July the 15th,
1855 ; 3,1821. for July the 22d, in 1854, against 4,169/. in
the same week of 1855 ; 2,9341. for July the 29th, 1854,
against 3,9931. in 1855 ; and 3,2631. for August the sth,
1854, against 4,418/. in 1855 ; the difference in these five
weeks being 15,5911. in 1854 and 29,697/. in 1855. He
had just seen the returns of the last week, and they ex-
hibited an increase of 9181. on the corresponding week of
the previous year. (Cheers.) They had, therefore, an
increase in their receipts of about 1,0001. a week.
Though there might be a corresponding expenditure, he
thought they could rely upon a great portion of the in-
crease as net revenue ; and, if the traffic continued during
the last half-year in the same proportion, he thought
they might conclude that they had seen the worst
of their Shrewsbury lines, and that henceforth they could
reasonably expect considerable improvement. (Hear.) He
now took up the Gr3at Western proper, and would give a
statement of the receipts, comparing the same weeks of
1851 with the corresponding weeks of 1855. In the first
week the receipts were, in 18 4, 23,7921. ; in 1855, 20,060/. ;
in the second, 25,1251. in 1854; in 1855, 26,868/. ; in the
third, 24,8001. in 1854, against 27,5371. in 1855; and in the
fourth, 25,9331. against 30,4261., showing an average in-
crease of 2,8001. a week. He thought that the proprietors
might take consolation from those facts, and that the pro-
per inference to be drawn from them was that they had
already seen the worst with reference to their traffic, and
might reasonably expect a progressive improvement.
(Hear, hear.) He was not aware that he had anything
else material to state. He had carefully avoided throwing
blame upon any one, or censuring any particular line of
policy ; he had simply given his opinion upon the present
state of their affairs, and he hoped that, under the circum-
stances, that would be considered sufficient. (Cheers.)
The chairman concluded by calling on the secretary to read
the following report :
It is a subject of deep regret to the directors that the
continued stagnation of traffic noticed in the last report,
and since experienced by almost every railway company in
the kingdom, has been coincident, in point of time, with
the pressure of heavy claims on the general income in re-
spect of the two Shrewsbury railways, as well as with the
recent opening of the Birmingham and Wolverhampton
line, and its consequent burden at first upon existing re-
venue. To those causes, operating for the time with such
peculiar disadvantage upon the financial position of this
company, the necessity fora further reduction of the divi-
dend upon the ordinary consolidated stock is clearly attri-
butable, as will be perceived from the following facts :—ln
the report which was presented at the August meeting of
last year, a comparative statement was exhibited, detail-
ing the receipts, working expenses, and charges upon gene-
ral revenue, as well as the traffic between the correspond-
ing half-years, to Juno 1853 and 1854. It appeared that,
with the same extent of railway open during both half-
years, the improving traffic in the latter period had aug-
mented the gross receipts by 98,3891., that the net re-
venue, after deducting all working expenses, had in-
creased to the extent of 69,6081. for the half-year, while
the charge for loans and preference capital exceed that of
the former period in the sum of 50,5961. ; still leaving a
surplus of 19,0121., available for the ordinary dividend of
the half-year. A similar comparison of the revenue, be-
tween the accounts made up to June, 1854 and 1855
respectively, reverses the result, inasmuch as it shows,
with 291 additional miles of railway opened in the interval,
that the total gross receipts for traffic had not been aug-
mented by more than 26,8801. ; and the net revenue, after
deducting all working expenses, had only increased to
the extent of 4,3721,, while the additional sumpaid for in-
terest and rents over the former period, amounting to
36,3251., absorbs such excess of net revenue, and leaves a
comparative deficiency of 31,9537., in 1855, instead of a
surplus of 19,0121. in 1854, as available to the purpose of
the pro rata dividend. The receipts for the half-year end-
ing the 30th of June, 1854, amounted to 620,8871., and for
the same period in 1855 to 647,7671., showing an increase
of 26,8801. The working expenses in the former period
amounted to 262,6181., and in the latter period t 0285,1561.,
showing an increase of 22,508/. The net revenue amounted
for the half-year ending the 30th of June, 1851, to
358.269/. ; and for the same period of 1855, to 362,6411.,
showing an increase of 4,3721. The preference charges, in-
terest on loans, he., in the former period, amounted to
195,8251., and in the corresponding period of 1855 to
232,1501., showing an increase of 36,8251. The disposable
balance amounted in the former period, to 162,4441., and in
the past half year to 130,4911., showing a deficiency of
31.9531. An analysis of that traffic shows that the addi-
tional passengers referred to in the foregoing statement
are more than accounted for by the number conveyed
during the half-year exclusively over the Birmingham
and Wolverhampton line, principally at low fares; the
average receipt from each of whom, in all classes, does
not exceed Bd. The extra tonnage of merchandise has
been more diffused over the lines generally ; but it princi-
pally arises from the conveyance of goods from the Rad-
stock branch and the South Wales lines, with additional
traffic over the Wycombe branch. These facts demonstrate
beyond all doubt an unprecedented stagnation of the ordi-
nary railway traffic of the lines, and that the temporary
depression of dividend has arisen from the causes specified.
The inquiry is naturally suggested by these observations,
why then, during the last half-year, have the compara-
tive expenses increased so much in proportion to the
gross revenue? The circumstances already mentioned will
supply the answer. The directors have had to provide
fixed establishments at no fewer than 16 additional stations
over 30 miles of new railway, and to work one of those re-
cently opened lines with numerous trains for an omnibus
traffic at low fares, besides the expense incurred in re-
ceiving and carrying more merchandise for short distances.
On the other hand, the diminution of receipt has been
principally manifested in the more remunerative class of
passengers, travelling for a long distance ; and such loss
does not in itself relieve the company from much expense,
whether incurred in locomotion or in fixed station esta-
blishments. Already, since the spring, an improvement
has taken place in the passenger traffic, which increase, if
continued throughout the year, with a new traffic in mer-
chandise about to be commenced, cannot fail to restore the
due proportions of receipt and expenditure, and those
sources of income will eventually disetnbarass the company
from the effects of those onerous engagements in respect to
the newly opened lines of railway. When it is reflected
that the whole requirement for a dividend of 1 per cent.
per annum on the ordinary capital of this company, but
slightly exceeds 41,0001. in any half-year, it may well be
admitted that the circumstance of the general depression
adverted to, becoming simultaneous with heavy liabilities
for new lines during the worst half-year, before those lines
could become productive, ought in no degree to discourage
the shareholders from a reliance upon the intrinsic value
of their investment, however disappointing it may prove
for the moment to their immediate expectations of income.
With respect to the two Shrewsbury lines now finally
amalgamated with your undertaking, the directors have
been enabled for the first time to present and circulate the
accounts of revenue which have been audited since the
amalgamation by Great Western auditors. A deficiency
exceeding the former estimate has fallen upon the last half-
year, notwithstanding that the receipts had shown an in-
crease over former periods. The mode in which these ac-
counts have now been made up, under the instructions of
your auditors, identically in the same manner as the other
Great 'Western accounts, shows plainly how rigid is the ad-
herence of those gentlemen to the principle of making
revenue chargeable for every expense in any manner con-
nected with it. The directors have no desire to raise any
objection to that system. On the contrary, they entirely
concur in the propriety of it ; and merely advert to the
fact deduced by the auditors themselves, that the appa-
rently increased deficiency arises principally from an
alteration in their statements from those exhibited under
the former audit, and from placing at once very heavy
items for accumulated repairs, he., of the plant, and for
other expenditure, against the revenue for the half-year.
It is to be further observed that an additional expense,
which is included in the Shrewsbury accounts, has been
incurred for an establishment appointed to prepare for and
conduct the Northern goods business to the utmost advan-
tage. Mr. Newcombe, a gentleman of considerable ex-
perience and acknowledged abilities, was engaged in the
beginning of the year with an efficient staff; and_although,
owing to unforeseen delay in obtaining the Northern
traffic, all the benefits have not yet been derived from that
expenditure, it has prospective advantages, which will, in
due time, reimburse to the proprietors the intermediate
outlay. The revenue accounts of the Chester and Bir-
mingham lines are required by act of Parliament to be
kept separate from the Great Western account, and they
will henceforth he published in the same form as the pre-
sent, after being audited and approved by the Great
Western auditors. The capital accounts of those two con:t
panies are now undergoing similar scrutiny from the audi-
tors, in order to ascertain and determine the precise amount
of all their respective enenrnbrances and.knownsliabilities
at the time of amalgamation, which will hereafter be
shown in proper form, together with any subsequent pay.

ments made for the same purpose. The directors have
already provided a sum of 150,0001. to pay off debentures
'and other securities of those companies falling due, which
'has been effected'hy issuing j4ooorrespendipg amount of
new securities under the Provisions of the Amalgamation
Act. It has been a diiiipz,intment to find that some ob-
struction, similar to that preciously- complained of, has
been continued te the traffic of the two Shrewsburylrailways
passing over the Birkenliteul spite of the assur-
ances given by their late chairman to the contrary, and
notwithstanding the efforts 'perseveringly 'made by direc-
tors of both companies to overcome 'that state of affairs.
The consequence has been, that in the absence of all fa-
cilities for 'transmission of railway traffic either to or
from Liverpool'or Manchester, by means of friendly co-
operation and aid from the Birkenhead Company, it has
been hitherto fond necessary to :forego .the adVan-
tages of soliciting or undertaking the mangement of mei'
chandise, the directors being unable to rely with certainly
that it, yeould'ba properly forwarded uponequitable terms,
or,pu,nctoally and correctly delivered. The agreement be--
twe:6lthe two aempanies made in January, and refeired
to in the 144 t Was subsequently rejected by a spe-
cial general:Meeting' orthe Birkenhead Company in-Feb-
ruary ; eruct, in 04 face of avowed hostility from parties
influencing that rejection, it was deemed essential, first'to
procure for this company independent premises in Birken-
head, with adequate local accommodation both in Liver-
pool and at TimPerley, near 'Manchester, and then to put
in force the running povrers over the lines of the Birken-
head Company, so as to reach, without risk of impedi-
ment from 'those parties, the important towns to and from
which such immense railway traffic is constantly in move-
ment. But those objects have been at length attained,
and the premises which will admit of commencing busi-
ness are nearly ready for it. The directors have been very
lately apprised that the main obstacle to a good under-
standing with the Birkenhead Company is likely soon to
be removed, which zircumstance, it is believed, will lead
to` reciprocal benefita for botli companies, by accelerating
the period when the Lancashire trade uill be brought
through over their respective lines. The Hereford, Ross,
'and Gloucester-Rairway was completed on the lst.of June,
from which date the working lease commences. Up to
that period the traffic between Grange-court and Hope-
brook belonged to the Hereford, Ross, and Gloucester
Company, for whom and at whose separate expense it was
worked by this company. This line which, 'in connexion
with the Shrewsbury and Hereford and Chester Railways,
forms the shortest route from Bristol, Glocester, and.
South Wales to the Mersey, is calculated to draw an im-
portant traffic ever those railways, both in passengers and
merchandise. Arrangements aro already made for the
interchange and coAverance of some goods, and progress
is making in similar manner for other business. The
purchase of the Birkenhead Docks by the Liverpool
Corporation, to be completed by them, as sanctioned by
Parliament in the last session, is a measure tending much

to the advantage of all companies having lines converg-
ing in that direction : and your directors regard it
with peculiar interest as securing the early construction of
those useful works which must constitute Birkenhead an
outport of considerable importance. It will be perceived
from the foregoing observations how vital to the perma-
nent prosperity of the undertaking is the progressive im-
provement and accumulation of traffic over the various
lines now belonging to or connected with your system. In
addition to the large trade in imported and manufactured
goods at Liverpool and Manchester, which, for the reasons
herein explained, has not yet been made to the Great
Western lines, the directors regard, with the utmost in-
terest, the capabilities of the railways under the manage-
ment for internal conveyance of a considerable business in
iron and coals, in which, but more especially in coals,
they are encouraged to believe that they can successfully
vie with any other railway company, whether as to the
comparative remuneration from the conveyance of such
traffic, or the extent of the demand for it, throughout the
populous and very extensive districts of the country inter-
sected by your lines. During the last winter, for instance,
a quantity of coal raised in North Wales, close to the
main line of the Chester Railway, was for the first time
brought by way of experiment to London, limited how-
ever unavoidably in quantity, by the small working of the
collieries, and by the then unfinished means of transport
and accommodation for it at the place of consumption.
The experiment proved entirely successful in establishing
the merit of the coal itself, its perfect adaptation to the
great market of thesmetropolis, and the almost unlimited
demand for it within a certain range of the Paddington
Terminus. It is not too much to predicate, that under
adequate arrangements for working a supply of that coal
upon an extensive scale, to be obtained at all times with
certainty, and at moderate cost, the ordinary shareholders
would from that source, in addition to others, make up
for the new reduced dividend, and promptly realise bene-
ficial effects in an improved income from their capital. The
last session has closed, as the proprietors are aware, with-
out any application from this company to Parliament, and
the directors can state with confidence, that they do not
contemplate the promotion of any bill in the ensuing ses-
sion. They found it necessary, however, to oppose a bill
of the Oxford, Worcester, and Wolverhampton Company,
for disconnecting themselves from the traffic of your un-
dertaking, intending to divert it exclusively to that of the
London and North-Western Railway, by obtaining per-
mission from the Legislature to remove the broad guage
rails, which the company were bound by their original
act to lay and maintain over the whole Of their railway,
adapted to a continuous working with the Great Western
Railway. The directors successfully resisted that measure,
so fraught with injustice as well as mischief to your in-
terests; and they trust that the rejection of that bill by
the committee in the House of Lords will now lead to some
amicable arrangement to secure for your line the advantage
of a traffic connection, and terminate the expensive and
harassing litigation of the last few years between the two
companies. Tho directors have to announce, with very
sincere regret, that Mr. Russell has recently been obliged,
on account of his health, to retire from the chair, after
having held the appointment for 16 years. It can scarcely
be necessary to remind the proprietors of the unwearied
attention and time devoted by him during that long period
to the arduous and responsible duties of the office, for which
he was so peculiarly fitted, by position and talents, as well
as by the high honour of his personal character. Mr. Rus-
sell will continue to afford his assistance and advice to his
colleagues as one of the directors. The board have unani-
mously selected Mr. Walpole to become his successor to
the chair, under the conviction that he possesses qualifica-
tions which will enable him, with advantage, to adminis-
ter and preside over the affairs of the company. Since
the last general meeting, Captain Bulkeley and Mr. Roy
have ceased to be members of tho board of management ;
and Mr. Rowland Jones Venables and Mr. Harold Little-
dale have been respectively elected in their places. The
former gentleman was a director of the late Shrewsbury
and Chester Railway, and resides near Oswestry ; the lat-
ter very influentially engaged in Liverpool commerce, re-
sides at Liscard-hall, in Cheshire."
The report of Mr. Brunel, the engineer, stated, that—
" The several works which were reported upon in the last
report as being in progress, aro all drawing to a close. The
main lines of the Wilts, Somerset, and Weymouth Rail-
way, both from Frome to Weymouth, and from Warmin-
ster to Salisbury, are, with small exceptions in two of the
contracts, so far completed that the opening now depends
entirely upon the laying of the permanent way, and this
work is proceeding at numerous pints wherever the mate-
rials can be brought on to the line. The chief facilities for
that work are obtained at Weymouth, Dorchester, Yeovil,
Frome, and Warminster, and every exertion is being made
to accelerate it, without due regard to the cost of construc-
tion. The short branch to Devizes is nearly completed,
and the Bathampton line is more than half finished. The
Uxbridge branch is only waiting for rails, and the Henley
branch, on which the works are very light, is proceeding
as fast as we obtain occupation of the land, and will not
take long in executing. The third rail between Oxford
and Basingstoke is in progress, as rapidly as the supply of
rails will allow, while the western fork at Reading is be-
coming ready to receive it. The new line of junction at
Didcot is about to be used."

The CHAIRMAN having moved the adoption of the report,
Mr. BROWN made a few observations, impressing upon
the directors the necessity of economy, and that they
should use their best exertions to increase the traffic. He
believed the whole system of management ought to be
scrutinised, so as to test the fitness of parties filling the
various offices. There must be an end to patronage, and
every servant of the company must stand on his own merit
and not be continued in office because he was a friend or
relative of a director. He made no specific charge, but no
one could doubt that great extravagance had been mani-
fested. They had built for show, and expended enormous
sums upon ornamenting stations about which nobody cared.
He had confidence in the directors, but at the same time
thought it right to indicate the line of policy which in his
opinion they ought to pursue. (Hear, hear.)
Major COURT complained that the directors' report had
not been circulated at an earlier period. He had always
opposed the amalgamation with the Shrewsbury companies,
but he had been left in a minority, and now they saw the
result. He observed also that while the committee of the
shareholders had recommended that upon no account more
than 17,000,0001. should be expended, the accounts showed
an expenditure of 21,000,0001., and he much doubted whe-
ther the directors had power to expend money in that way.
He complained also of the manner in which the accounts
had been presented, and thought that the charge for inte-
rest upon branch lines ought to be paid out of the receipts
upon such lines.

Mr. GORE, while admitting that the time for recrimina-
tion or blame had passed, thought that the directors should
be called upon to furnish an estimate for the completion of
what works they had in hand. They could not expect to
get much additional traffic on the main line, but might by
means of the subsidiary lines, especially the South Wales
and its feeders. Ho considered the present agreement
with the South Wales Company a very bad one, and that
the results did not equal what they ought reasonably to
expect from the amount of capital embarked in it by this
company.
A PROPRIETOR inquired what return was obtained from
Paddington Hotel, which had cost the company 58,0001.
nearly ?
,The CHAIRMAN, in reply, denied that patronage had
been improperly exercised, and challenged any one to point
out a single instance of the nature. The issue of the re-
port was dependent on the making up of the accounts, but
it would be worthy of consideration whether they could
not be placed in the hands of the shareholders 24 hours
before the meeting. He declined to go into other ques-
tions at present, but promised to devote his attention to
them during the winter. With respect to the, Paddington
Hotel, the rent for the first year was nominal, being 1,0001.
only, but for the second it was 2,0001., for the thiid 3,000/.,
and after the fourth it would be 3,5001. a year, which
would afford a good return upon the outlay.
The report was then adopted, and the dividend of 1 per
cent. for the half-year declared.
_ _

, A resolution expressing the thanks of the proprietary to
Mr. Russell for his long and valuable service§ to the com-
pany in the capacity of c' airman, was then prop-osed by
Mr. NORRIS, and carried unanimously, and a vote of
thanks to the chairman concluded the proceedings.