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

RAILWAY INTELLIGENCE,

STAINES, WOKINGIIAM, AND WOKING.
The directors of this company have recommended the
declaration of a dividend of 2s. per share on the ordinary
shares of the company for the past half-year.

MIDLAND.
The half yearly meeting of this company was held yes-
terday at Derby, Mr. Beale, M.P., in the chair.
The report, an abstract of which has appeared in The
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. E very thing 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 be impossible to apply any particular
principle. Every circumstance must be carefully weighed,
and each project discussed on its own merits. The new pro-
jects 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 had 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 hal been strongly recommended by the ac-
curacy of the articlein The Sun ; it had reminded him that
many years ago ha gave evidence in favour of a line from
Derby to Leeds. Since that time a second line to that town
had been obtained, via Dowsbury, 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 referred to the new projects before Par-
liament, of which, he said, about 100 proposed to do some-
thing or other with the Midland. It was necessary that all
these schemes should 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 been long pressed upon them, and the
erection of a central station in that town; they were pre-
pared to redeem a promise 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 been withdrawn. Now they had one for
making a junction which 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. He pointed out the necessity of their projected short
line from Bath to Mangotsfield, connecting the former city
with the Midland system and the north of England, and
also of negotiaticis with the London and North- Western
Company, by which the 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 betveen the two companies in respect of the
traffic in that part of the country. This was, however, an
important bill, and would be brought before a special meet-
ing of the shareLolders. He said they were spending a
great deal of monEy on the Bedford and London line. Tho
works were being pressed forward with touch vigour, and
early in the spring or 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 mosing the
adoption of the report.
Mr. lllrrettiNsoN, the deputy-chairman, seconded the
motion.

Mr. HADLEY said that in his opinion the report and
statement were more satisfactory than on former occasions.
It was a comfort to see that they had earned £61,000 last
half year in excets of the corresponding one, and that not
more than 2.5 pei cent. had been expended in earning it.
He thought this vas no more than ought to be ; the in-
crease or traffic had flowed naturally on the had not
been got from other companies. There was a large amount
of £13,000 as compensation for 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 line to Thornborough ; it was not
needed.
Mr. HOBSON, of Sheffield, suggested that the money re-
quired for the construction of the lino 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 the great
would be. He wished the directors had done for Sheffield
authorities of the town, and a very unwise opposition it
ten years ago what they were proposing now.
Mr. BATEMAN complained of the excessive law charges.
The CHAIRMAN replied. In reference to the claims for
compensation, 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
m_n which had not the direct sanction of the Board. Ad
to the Sheffield project, he said it was intended to make
the Ilse 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 he 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 he 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 Mangotsfield 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 bung held up in favour of it.
The various dividends wore declared as recommended,
and a vote of £lOO,OOO was taken for more waggons.
The retiring directors and auditors were re-elected ; and
the meeting was then made special, at which a resolution
was passed to the effect that such of the £C is stock of 1859
as bad been fully paid up be converted into stock,
The meeting terminated with a vote of thanks to the
chairman.