The Sun.
London, England, 1864-02-17 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, FEBRUARY 17, 1864.

this purpose. Would it not be worth the while of
the British Government to have an eye to the doings
of these gentlemen ? If they had gone to Ireland to
procure gifts of unmistakable potheer for thit
patriotic, if they desire bog-oak ornaments and
arbutus work from Killarney, worsted-work from
Dundalk or linen from Belfast, well and good; but
if whisky and bog-oak, arbutus and linen, are but
thin disguises for recruits of the Federal army—as
many Irish in this city believe, and as, perhaps,
some people high in office in Washington have
reason to know—the least that the British Govern-
ment can do is to watch the proceedings of the
emissaries who have the matter in hand. It was an-
nounced on Friday that one of them, named Henry
O'Clarence M'Carthy, was to leave this city by the
Etna on Saturday, and as the gentleman's name
appeared duly in the list of passengers yesterday, it
may be presumed that the information is correct, so
far as his departure is concerned.

RAILWAY INTELLIGENCE,

STAINES, WOKINGHAM, AND WOKING.

The directors of this company have recommended the
declaration of a dividend of 2a. per share on tho ordinary
shares of tho company for the past half-year.

MIDLAND.
The half yearly meeting of this company was held yes-
which has appeared in The
terTdhaye
raetpDeretr,beyn Mr.
ert.reßeetaelef, M.P., in the chair.
Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said in looking at the accounts they would see that he had
not been wrong in saying that they had derived very little
advantage from the Great Exhibition ; on their line the traffic
had increased by comparison in the past half-year ; and their
expenditure had been relieved from that which was always
incident to an exceptional traffic ; so that, in fact, their ex-
penditure had come back to a normal ratio as compared with
the traffic. Everything in their accounts came within the
ordinary and known charges ; the only unsatisfactory item
was the cost of the great accident at Market Harborough ;
that was now done with and liquidated, and the accounts
would in future be free from it. As to their position it was
a most difficult matter to know how to deal with such new
complications as might arise in railway affairs ; the new
lines and new projects springing up would require careful
judgment. It would b 3 impossible to apply any particular
principle. Every circumstance must be carefully weighed,
and each project discussed on its own 'merits. The new pro-
ject s affecting the metropolis were a proof of this, in reference
to which there appeared an admirable article in The Sun of
last Saturday. The same course had been pursued now as
many years ago. It lad been said that something like the
French system ought to be applied, and Lord Dalhousie's
report recommended a sort of restricted monopoly, but that
was upset by Parliament, which left things, as it were, at
haphazard. He had teen strongly recommended by the ac-
curacy of the article in Tire Sun ; it had reminded him that
many years ago he gave evidence in favour of a line from
Derby to Leeds. Since that time a second line to that town
had been obtained, cur Dewsbury, by the London and
North-Western; a third by the Great Northern ; and now a
fourth was threatened. This showed the absence of any
fixed principle, the public feeling varied, and wherever a
disposition was manifested to make a line Parliament was
too apt to give power, irrespective of other considerations or
interests. He then 'eferred to the new projects before Par-
liament, of which, h 3 said, about 100 proposed to do some-
thing or other with the Midland. It was necessary that all
these schemes shoull be carefully watched by the Board.
He alluded to the new works proposed by the Midland Com-
pany, one of these being the construction of a new line to
Sheffield which bad leen long pressed upon them, and the
erection of a central station in that town; they were pre-
pared to redeem a premise long since given, and to do the
best in their power for that important town. Last year one
of their projects was a junction with the Metropolitan line;
that scheme had bees withdrawn. Now they had one for
making a junction weich would be costly, but it would put
the Midland Railway in as complete communication with
the Metropolitan as the Great Northern or any other rail-
way. Ho pointed out the necessity of their projected short
line from Bath to Mingotsfield, connecting the former city
with the Midland system and the north of England, and
also of negotiations vith the London and North-Western
Company, by which he preliminaries had been arranged
for the Midland becoming joint partner with that company
in the Lancaster and Carlisle, This would put an end to
old grievances between the two companies in respect of the
traffic in that part of the country. This was, however, an
important bill, and wculd be brought before a special meet-
ing of the shareholders. He said they were spending a
great deal of money on the Bedford and London line. The
works were being pressed forward with much vigour, and
early in the spring o: summer they would have to consider
how they should raise the capital to carry out the works
connected with the bills of last year. The proprietors
might depend on it that whatever was done would be with
due regard to their interests. He concluded by moving the
adoption of the report.
Mr. HUTCHINSON, the deputy-chairman, seconded the
motion.

Mr. HADLEY said that in his opinion the report and

statement were more satieactory than on former occasions.
It was a comfort to see that they had earned £61,000 last
half year in excess of the corresponding one, and that not
more than 25 per cent. had been expended in earning it.
He thought this was no more than ought to he ; the in-
crease or traffic had flowed naturally on the line--it had not
been got from other companies. There was a large amount
of £lB,OOO as compensation fo: the Market Harborough
accident.

Dr. O'BRIEN said that a line from Mangotsfield to Bath
would be like putting a fifth wheel to a coach ; it would be
a waste of money to make a line to save going round six
miles. He also recommended the shareholders to reject

the proposal for a lino to Thornborough ; it was not
needed.

Mr. HonsoN, of Sheffiold, suggested that the money re-
quired for the construction of the line from Bedford should
be raised by the issue of original stock, the dividend on
which might be deferred for two or three years. As to the
new line for Sheffield, he Was sorry to say that it would
have the opposition of the town-council and all tho great
authorities of the town, and a very unwise opposition it
would be. lie wished the directors had done for Sheffield
ten years ago what they were proposing now.
Mr. BATE3IAN complained of the excessive law charges.
The CHAIRMAN replied. In reference to the claims for
compnsation, he said the trade claims, as he might call
many of them, made on public companies, required and
always received the most delicate attention at the hands of
this company. Nothing was ever done by the professional
men which hzd not the direct sanction of the Board. As
to the Sheffield project, he said it was intended to make
the line and station, and their desire was to do everything
to accommodate that town. With reference to the law
bill complained of, it was not that of their own professional
men, but included the charges of all the other solicitors
with whom they had transactions on that particular line.
He denied the statement of Mr. Hadley that they always
under• estimated the cost of new lines and works. As to
the Malvern line, he had admitted that he had pressed
it on the Midland Company, and ho now regretted that
they did not make the line, for the
passenger traffic on
it was better than on any part of the Midland system.
He considered also that Dr. O'Brien's objections to the
Bath line were futile, the iron mines to which ho referred
being actually open and in work.
The motion for the adoption of the report was put and
agreed to, with the exception of that part of it which refer-
red to the Mangotsffeld and Bath line. A resolution to the
effect that it would be an unnecessary outlay of capital to
make it was moved by Dr, O'Brien, and negatived, two
hands only being held up in favour of it.
The various dividends were declared as recommended,
and a vote of £lOO,OOO was taken for more waggons.
The retiring directors and auditoria were re-elected ; and
the meeting was then made special, at which a resolution
was passed to the effect that such of the X(3 Is stock of 1859
as had been fully paid up be converted into stock.
The meeting terminated with a vote of thanks to the
chairman.