The Sun.
London, England, 1852-02-25 00:00:00

RAILWAY INTELLIGENCE.

OXFORD, WORCESTER,

AND WOLVER-

HAMPTON.
The half yearly meeting of the shareholders bf this
company was held yesterday at the London Tavern,
Contain Rushout, M.P., in the chair.
'.l meetingx as ono of considerable importance, as
the directors had to submit to the consideration of the
proprietors the policy
which has induced the board to
project and promote the extension line from Oxford to
tiruntFortl, and thug giro the Oxford, Worcester, and
Wtiverhanrron a London terminus at the Waterloo
ststion of the
South-Western Railway, and render,
should the Bill before Parliament pass, the Oxford,
Worcester and Wolverhampton line independent both of
the London and North-Western and Great Western
Compqnies.
There was considerable discussion at the meeting, and
much of a personal character, but nearly the whole of
the chdirman's speech,
as welt as almost all the impor-
tant remarks of the various speakers, are to bo found in
the report of the directors, which,wo subjoin. The new
matter
that was, introduced will be found noticed below.
The folloiving are the material portions of the directors'
report:—
" The proprietors will, see by the accounts appended,
that the "expenditure (hiring the half-year ending the
31st*Deconiber, 1851, wa5..292,0001, and that the total
outlay hag been 2,112,0001.
The expenditdre is riow proceeding at the same rate
of 50,000/. a month; a very large: proportion of the pay-
ments belie for the works' between Tipton and Wolver-
cot, the portion of the line in active progress.
" The directors intend very shortly to complete the
purchase of land between Tipton, Wolverhampton, and
the London and North-Western Rail Way at Show-hill,
and so soon as by possession of such lands the con-
tractors'e44 act upon that part of the lino efficiently,
they will proceed with vigour towards its construction.
" The monthly expenditure will theta be about 75,000/..
" The directors propose to provide the funds for this
outlay by issuing the residue of the preference shares
created on the 14th January, 1851—by calling up the
5/. per share yet remaining to be paid upon the prefer-
ence shares already issued, and by borrowing 283,3331.
under the company's Acts of 1848.
" The moneys which.will be provided by these means
will, as your directors believe, be sufficient for the com-
pletion of the line from Wolvercot through Wolver-
hampton to the Landon and North- Western Railway at
Show-hill.

" These arrangements enable the board to state with
confidence that the lino will be completed and opened
for traffic at about the following periods:—

" The loop line from the Midland Railway at Stoke,
through Droitwich to Worcester, is arranged to be this
day opened.
" The line from Stourbridge to Droitwich, and from
Abbots wood to Evesham, shortly after Lady-day next.
" The line from Stourbridge to Tipton in Oct. next.
" The line from Evesham to Wolvercot in Dec. next.
" And the' line from Tipton to Wolverhampton and
Show-hill about Midsummer, 1853.
" Your directors propose to work the portions of rail-
way (othei than the Loop, which will at present be
worked exclusively by the Midland Company), as they
severally are completed, and they End that advantageous
arrangements can be made 'with third parties to provide
the requisite working stock.
" The foregoing statement will make it obvious to the
proprietors that the time is at hand when the future po-
sition of this undertaking must be determined; and that
it is necessary to decide—
" Whether the line shall be worked in connexion with
the Great Westerkor Ncrth-Westcrn? or
" Whether it shall be independent of either?
" Now, with respect to these questions, involving al-
ternatives of extreme importance to th© proprietors, it
must be borne in mind— _ _

" 1. That the proprietors refused, in October last, the
only arrangements which the Great Western Railway
Company were prepared to make; and
" 2. That they appointed u committee from their own
body for the purpose of considering the position of the
company, and of taking all such steps in co-operation with
the directors as they should in their judgment deem most
expedient for promoting its interests; and that such com-
mittee should, in"particular; consider and determine the
measures most proper in their judgment to be adopted
in respect of arrangements with other railway com-
panies.
" Your directors; had several interviews with that
committee, who they found were in favour of an ar-
rangement a ith the narrow gauge companies, with
whose lines they suggested the Oxford, Worcester, and
Wolverhampton Railway should be connected at Wol-
vercot, near Oxford, by a junction line, for which the
narrow-gauge companies would make application to Par-
liament this year. • •
" Your directors felt that, inasmuch as the distance
from Oxford to Paddington by the Great Western route
is 63 miles, while the distance from Oxford to Euston-
square, viii Bletchley, by the North-Western route, is 77
miles, the consent of Parliament could scarcely be ex-
pected to so serious a diversion of the traffic of the Ox-
ford, Worcester, and Wolverhampton line. They, ne-
vertheless, expressed their readiness to carry into Par-
liament any Bill which_sheuld be recommended by the,
committee, but, be ieg convinced of the necessity of pro-
tecting the company by other measures, they reserved
to themselves the right of presenting to the proprietors
and to Parliament such other measures as they might
consider better adapted to promote the welfare of the
company.. The committee thereupon requested your
directors to introduce into Parliament a Bill to lease or
sell the Oxford and Worcester line to the London and
North-Western, the Midland
Compa-
nies. This Bill the directors propose, in fulfilment of
their pledge, to submit to the consideration of Par-
liament. •• , and the Bucks

—:-The directors have also introduced—
"l. A Bill to amend and enlarge the powers and
provisions of the Acts relating to the Oxford, Worcester,
and Wolverhampton Railway Company; to extend the
time for the completion of the works and the purchase
of certain lands; to authorise deviations in the line and
works, and the construction of certain branches and
works, and for other purposes.
" Tho ohjects of this Bill were explained to the com-
mittee of shareholders, and their propriety admitted.
"2. A Bill for enabling the Oxford, Worcester, and
Wolverhampton Railway Company to extend their line
of railway to Oxford; to construct a station there, and
a branch to join the Buckinghamshire railways; for
altering some of the provisions of the Oxford, Wor-
cester, and Wolverhampton Railway Acts relating to
the Great Western Railway Company, and for other
purposes.
"3. A Bill for extending the line of the Oxford, Wor-
cester, and
.Wolverhampton Railway from Wolvercot,
near Oxford, to the lino of the London and South-Wes-
tern Railway Company near Brenttord, in the county of
Middlesex,
" The measure upon which your directors rely to se-
cure that indspendsnce which, in their estimation, has be-
come indispensable, is the proposed extension from
Wolvorcot to Brantford, which, parsing close to Oxford,
will accommodate in its course the market town of
Theme, Prince's Risborough, Wycombe, Beaconsfield,
and Uxbridge, and will terminate at Brentford by a
junction with the aciunslow lino of the South-Western
Railway. This new line will be of groat public utility
to a large district of country much in need of railway
accommodation; will Materially shorten the distance
from Oxford to London; and will give an outlet fur the
traffis of the Oxford, Worcester, and Wolverhampton
Railway, independent either of the Great Western or
of the North-Western Company, securing to it, at the
same time, access to the best railway stations, whether
for goods or passengers, in the metropolis.
" The South-Western ConiPany have, through their
board of directors, directed their readiness to receive
and accommodate this company's traffic on very reason-
able terms. .
" The proposed line is fifty miles long, the works aro
of an average character, and the cost from Oxford to
Brentford is. estimated at 570,000/.
" The landowners are anxious to see the lino formed;
while, by the inhabitants of the several towns which it
will approach, its great public utility has been cordially
recognised.
" From the period when this measure was suggested
but one opinion as to its merit has prevailed amongst
those members of your board who have been selected by
tpe
appeal
lt to
oP
thear-
_As it appeared to them
theesessential
tproprietorsiai
that
this
hoi
sf this
measurecom
Par-
liament in the present session, amid
rs entered into an
was impracticable, your directors PsahnoUl d be
ass lab: pt
proprietors previously to the giving the November. notices
Tredwell, your present contractors, to en
1 nt as
requirement of Par tame ,
ar-
rangement with Messrs. Pcto and Betts,;nedthMeecsosmrs:
pany to comply with the re
follows:
"' The extension of the Oxford, Worcester, and Wol-
verhampton Railway between the proposed station at
St. Giles's, Oxford, and Brentford, to be made by means
of capital to be raised specially for that purpose.
poit nhfi
tteaotifi;Siretosot,ooo shares, of 20/ . each.
" The capital of the new line to be 800,0001, divided
tof
- lth'heen net revenue earned on the new line to be in
nowplaceh
ee,.
zsettehonactrkgoefailn6bal 0
et Vrrl
oci tehpnrtilptaerniredetsotthr osensoutfhr
thepel
surplus
above
original
ca-
pital, aoa
ertr naenqdpu moieties Wolverhampton bte
Railwayhe 0 nseorls..
Oit,sfo,r,rd,hWe
expensesorcet
of suing for and btbaeindbeigfrat3heedAbeyt
filt:t:ie line from Ozford to Brentford too
the new capital.

" The option of taking the new stock rateably to be
given in the spring to any proprietor of Oxford, Wor-
cester, and Wolverhampton old shares who may then
wish to Otte his proportion.
" ' In ;be interim, parties contracting to make the new
line will subscribe for new shares sufficient in addition
to the shares now taken by proprietors to comply with
the requiiitivas of Parliament, and who will undertake
to sell and assign so many of shares at par as may
be required fur shareholders exote!sirg the aforesaid

option.
The legal expenses out of pocket only will be
chargal if the application to Parliament be not success-
ful,
agl)ned in noxceed sevs.cupterwsifillnerevey expenseorn the amount subscribed, if
the Act lr net obtained.'
I " The Bill has accordingly been prepared. Its intro-

duction into the House of Commons has been strorgly
gr dr eerese;d
rbut h
eyour
thatdirectors
Bill e nwtielri thaei n,
allowed they ttreups tr,ea.
ordeal."
rf dea vl
I
opposed on the ground of non-compliance, with the stand-
ciwneegeldlo-in common with many others la. It have success-
fullyarsespeedr
ttherfo
the
eh tlies
committeeatze
shareholders
Approved of the policy of the directors.
I, was stated,, to the proprietors that the directors had
three courses open to theta—see
in•t, to enter into an al-
liance with the narrow-gaups, "ie
generally
interest—in other words,
with the London and North-West
Thpe
an alliance with the Great Western Company; another,
ern Company; and the
third, which the directors thought the most advantage-
ow, to make the line a pesfeoti •
ePendent one. With
this impression the directors had decided upon applying
to Parliament for an Act to authorise the construction of
an extension from Oxford to llre atford. The necessity,
of the measure was grounded on
the allegation that, ter-
initiating as the Oxford, Worcester, and Wolverhampton
line does at Oxford, the company would always, unless
they had a guarantee, be at the mercyl of the company
over whose line they should run
beenetween' Oxford and
London; that a g
uarantee hadrefused by the
Great Western Company, who had Liways, as it was.
stated, had an, eye to their own
interests, which,
with their possession of the Birmingham and Oxford
line, is, and perhaps must be, adverse Oxford, Wor-
cester, and Wolverhampton interests:
and the animus
declared of the Great Western executive was to be gla-
ringly exhibited in the recent applicationto the Vice-
Chancellor to restrain the former company from
y expend-
ing any portion of their (the Oxford Worcester; and
Wolverhampton Company's) funds in promoting the
Oxford and Brentford scheme. It was contended
se-
veral of the directors and by shareholders e he
m by
etig meeting
Oxford e
ae
yesterday, that both the preamble ofthe t
Brentford Bill, and the clause relating to the raising of
the capital, clearly pointed oat th 4 the c
nfitmar the ap-
plication to Parliament, as well as dims
-- or' tha nstr ,r-
-lion of the proposed extension, was to fall upon" I the new
capital to be 'created, and which would form a capital
distinct from the capital that has been expended, and
that" has to be expended, upon the Oxford, Worcester,
and Wolverhampton line proper. That the Great
Western executive, in going to the Court of Chancery,
had sought the aid of the law to prevent the Oxford,
Worcester, and Wolverhampton board from doing that
which they had never intended to do, and which, in fact,
the law would not allow them to do; and the act of the
Great Western executive in this instance was not only
stated to be one that had occasioned an unnecessary
outlay of money, but it was characterised as a glaring
assumption
assumption that the decision of the Vice.Ch li -
or
could stay the legislature from declaring and e'nacting
that the proposed Oxford and Brentford scheme should
be a public benefit. The directors said that the case
which they rested the success of the scheme was on
the ab-
solute necessity of the construction of the extension for
the salvation of the company, and the fact that the dis-
trict through which it would puss is destitute of railway
accommodation.
It was emphatically stated that the extension line
would be a remunerative one. The estimated cost was
870,000/.—not an engineer's estimate merely, but the
amount for which some of the most responsible contrac-
tors in the country had offered to complete it. Of this
amend 636,4001. had been subscribed, and the necessary
parhamentary deposit (63,6401.) had been made. With
respect to the paying character of the extension line, it
was urged that, by its construction, the traffic of the Ox-
ford, Worcester, and Wolverhampton line would
resemble that of the Brighton Railway. The
entire outlay for the completion of the
whole railway would .be 4,000,000/. ; for this
expenditure they would have 150 miles of railway from
Wolverhampton to London; a line " looking down" upon
Cheltenham, with which place it would no doubt--if the
Oxford and Brentford extension were made—be con-
nected in two or three years, with on approach to Bir-
mingham, and carrying heavy traffic between South
Staffordshire to the metropolis. The salt from Droit-
wich, the fire-bricks from Stowbridge, &c., would be
through traffic; and one of the speakers predicted that
with an independent line into London, and such a ter-
minus as that of the South-Western Railway at Water-
loo-bridge, the line—looking at its cost—would be one
of the most remunerative in the kingdom. The expen-
sive portion of the old line, viz., from Tipton to Wol-
verhampton, pton, about 50,0001. per mile, was justified on
the ground that it is the key to the Oxford, Worcester,
and Wolverhampton traffic, and if the company did not
construct it, the Great Western Company undoubtedly
would.

and
Upon the question of the sufficiency of the capital of
the company for the completion of the Oxford, Wor-
cester,that the company had powers to raise 1,025,000/, an
Wolverhampton lino proper, it was stated
amount equal to the completion—exclusive of plant—of
the entire works on the whole main line.
Mr. Peto, M.P. (the eminent contractor), in answer to
a question from the board, said he was quite ready to
give the best possible security for the completion of the
tine at the estimated cost.

During the discussion it was stated that trerdiiectors
had resolved not to listen to any overtures from the
Great Western Company, and that it was determined,

- - if possible, to secure an independent line; and that the
directors were likewise resolved, if the Shrewsbury and
Birmingham alliance with the Great Western Company
were sanctioned by Parliament, to ask the Le
for their (the Oxford, Worcester, and Wolverhampton
Company's) fair share of the Liverpool and Northern
traffic. gisluture

The report of the directors and that of the share-
holders' committee were received and adopted; the re-
tiring directors were re-
elect", Mr, Cohen elected au-
ditor, and the meeting unanimously approved of the
Bill for the proposed extension line from Oxfo:d to
Brentford, and of raising the capital in the mode pro-
posed by it.

LONDON AND BLA.CKWALL.
The ordinary half-yearly meeting
was held yesterday at the London Tavern—Mr. Dadell,
the chairman of the board of directors, presiding. There '
was a very fall attenclaano of proprietore.
The advertisement conveningthe baying
meeting
been read, slid the usual preliminaries having been ob-
served.
The CHAIRNAN said it was many years Since the di-
rectors hail bad the pleasure of laying before the pro-
prietors such a statement of the, pusition and prospects
of their affairs as they had on that occasion; and this
was not only on account of the increase in their divi-
dend, though this was satisfeetory, but especially on
eeceuat of the arrangements which had been concluded
between themselves and the ',endue and North-Western
as well as the Eastern Counties Railway companies; and
these results, ho believed, would not have been attained
if they had not been supported by the proprietary
different stages of reform and amendment which they
had gone through in preparing their lice for the aceom-
medation of large traffic and the economical working of
it. Had it not been for the sueeesive measures of the
alteration of the gauge of the line—of the substitution of
the locomotive engine for the stationery —of the oomph -
• of the, j
et Bow, which h a‘i only the
Mil
atter w in the
future traffic, they would not
have been in the position. which they then were, nor
would the prospects of future traffic be so promising;
nor did hod believe the realization of those prospects
istant. d
neeed the directors were of
was very
initiative of a very large '
opinion that before they met again at the close of another
is the tangible benefits of
their improved condition. lie looked upon the, prefies of
their new arrangements
_as actually within reach. For
it was not to be supposed that the Loudon and North-
Western Company or. the Eastern
hats-year they would be enjoying
Comities Company
would either of themineurthe extensive liabilities which
they had incurred unless they were convinced that they
would derive a large profit. Whatever in these arrange-
ments:es:he Blackwell refit to the Blackwell. Ile believed siecerely that the
yt taorreilvtlhnegr , of
hf : companies would be
proprie-
tors might, with confidence, rely upon a return for their
capital, which had, be regretted to say, so long proved
unremunerative. In reference, to the accounts, he begged
itlin e w was
sa sq
upircoktil
to observe that although their passenger traffic had very
largely increased, yet their expenses
expenses had not increased
in a corresponding
ratio, buto,_ that, ou the contrary,
an
actual
was ono of reductiontho e hssentialad taken pintslace.
to Economy
, in working
po whicn t
devoted their attention. Whilst they devotehe directors
d their best
energies to the benefit of the proprietors, of course they
were benefiting themselves, for the directors were, very
large holders in the stock of the comp but be begged
to assure them that no exertion should be wanting to get
the best return for their capital. The Hon. Gentleman
concluded by moving the adoption of the report and
tie-
counts, which have already been published.
Mr. SMITH seconded the motion.
In answer to questions by several proprietors,
The CHAIRMAN said the sum guaranteed by the
Eastern Counties Company was 5 per cent. on 50,000/.,
the capital required for stations and. completion of the
accommodation to meet the traffic of that compane. On
the subject of the trains being run at an 1
earlier hour
ere, be explained. that the
earlier trains
commenced running 1 and as the, early
generally
traffic declined, so the trains were run later with •
to the l a view
to accommodate the public. As
the,
company at
steamboat
traffic,
all that could ho said was that
and P:uy 4"ohaine
dated their prices to the condition. judgment.
petition of
the river traffic to the best of their
the directors on
Mr. LEVY congratulated theirthat
im-
proved position. He I
anything to boast of. Iti..t 4%,.
dividend for the year was ;
but then they ought to wax
au improvement to he sure
been receiving 2s. before re-
member that they had only
approving the report.
Resolutions were then passed of 23. 61.,
declaring the dividend per stare,
and accounts,
re.electing the retiring; and
r directorsauditors, and
the chairman and secretary closed
A vote, of thanks tocl
osed
the occupied little, morn than half
the proceedings, which oc
Liu hour.
______------

the proprietors was held
yesterday 'l h e half
a t-
account, from
E AST AND WEST INDIA DOCKS AND BIR-
-cott, Esq,
chairman of the company, presided.
y
lrg
on
Lir. H. CITUBB, secretary, read the report from the
directors, of yweMthahriieci (ET
n4wuicoies' Atht eSjoat Ufal
rt. ed
.y 1 (jtioNeha'n ans abstract.
The Secretary also submitted a general statement of
receipts and dibbursernenis on the capital
which it appeared that the 'lacono LIQUa the folteatim of

constituent the company to December 31, 1851, wag 981,914/. 19;
9d., the
capita', 00, itemsol.
e;
ob n new paideingasfolcleawpit:al, 5,6
—Rec6e3. iplts
on share ;
loana on debentures, 341,0001.; in account with bankers,
20,299/.; sundries, 1,4951. The gross particulars of ex-
penditure were thus stated:—Expenses attending the
formation of the company, Act of Incorporation, and the
new Act, session 1850, 12,5951,; laed and construction,
883,7721.; incidental charges, 42,3741.; carriage stock,
6,10 l /.; interest on debts, call, &c., 35,0701.
The CHAIRMAN congratulated the proprietors on the
satisfactory ceedition of the company's affairs. There
bad been a sensible increase of the receipts from passen-
ger truffle during the last six months, and it was reason-
able to expect that there would be a still greater augmen-
tation of their revenue when the Great Northern Company
would seek to exercise the power which they possessed
under their Act—that of adding a branch to the line of
the docks and Birmingham Junction Company. Every
day 'meliorated their prospects, and it was only that
morning that he had received a communication from the
proprietors of Finsbury Park, indicating what an im-
portant additional source of income would be opened to
the present company by the establishment of that place
of public recreation. Duriug the last half-year they had
conveyed no fewer than 2,000,000 of passengers, and he
was happy to say that in no one instance had any acci-
dent occurred, either to life or limb.—(Hear, hear.)
This was in itself a very gratifying evidence of the ju-
dicious and careful manner in which the line was worked.
This line, no doubt, hed been an expensive one, having
cost about 100,000/. mile; but when it was borne in
mind through what, important and valuable property the
lino heel out, it would not be considered that that expense
was greater than ought rationally to have expected. The
Greenwich line had cost 270,90C1. per mile, and the
Blackwell line 266,0001.
A ?ROPRIETOR inquired whether there was any foun-
dation for a rumour which had obtained circulation, to
the effect that it was intended to lease the line to the
London and North-Western Railway Company?
The CHAIRMAN replied that there was not the least
foundation for any such report.
Mr. WALSH inquired whether the law suit in which
the company had been so long involved with the pro-
prietor of a well-known rope-walk was at an end?
The CHAIRMAN said that tho suit in question was
completely at an end, and the company had been foiled.
In the course of their endeavours to construct the line
they had had to make one thousand and thirty settle-
ments and as there was a manifest disposition on the
part of all with whom they had bad to deal to make a
hard bargain, the only wonder was that they had not
been involved in greater litigation. In the case referred
to they had unfortunately been unsuccessful, but the
money would not be all lost, nor would the evil be unac-
companied by some advantage. The promises which
were the subject of the suit might, by judicious ma-
nagement. bo made productive of revenue to the com-
pany, and would enable them to improve their gradient.
Mr. WALSH wished to know whether it was intended
to provide third•class carriages for the accommodation
of the poorer orders of the public?
The CHAIRMAN said that the question had been con-
sidered by the directors, but they were of opinion that
it would not not be desirable to have a third-class car-
rfege on a line so very short and so publicly circum-
stanced as the present.
After a brief conversation, it was ordered that the re-
port be received and adopted.
A resolution declaring a dividend of 1 per cent., free
of income-tax, on the company's original share capital
fur the half-year, was then agreed to.
The CHAIRMAN proposed a resolutinn authorising the
directors to raise the sum of 16,6661. by loan, under the
Act of 1850, at 4 per cent.
The motion was agreed to.
Mr. J. ROE thought it was of considerable importance
that the proprietors should be informed as to the proba-
bility of such arrangements being completed as would
enable the goods traffic to be conveyed to the terminus
at the docks without the interveniion of luggage vans.
The CHAIRMAN said that such a continuous and un-
broken current of traffic as the one referred to was un-
doubtedly most desirable. It -had. already been ac-
complished to a great extent—(Hear, hear)—and he
was happy to say that there was every probability that
such arrangements would ultimately be effected as would
give universal prevalence to the system,—(Hear, hear.)
Motions for the re-election of Mr. R. Creed and Mr.
W. H. Thomas, the out-going directors, were then
agreed to, and Mr. Sweetland having been re-elected as
auditor, the usual complimentary vote was passed to the
chairman, and the mewing adjourned.

DIRECT LONDON AND PORTSMOUTH.
The ordinary meeting of the shareholders of this com-
pany was advertised to be held yesterday at the London
Tavern. There was not a sufficient attendance to con-
stitute a meeting. The directors' report is as follows:
" Your directors have but little to state on the present
occasion. The preparation for finally abandoning the
undertaking is going on, but the proceedings at law which
have been instituted by landowners against the company,
pending in August last, and then mentioned to the pro-
prietors, have not advanced to a hearing, though your
directors are advised that one of these suits will very
speedily be heard.
" The directors proceeded to advertise for tenders for
the forfeited shares, and the only tender they re-
ceived was for the 2,000 shares, at 2s. 6d. per share,
which they did not think it expedient to accept.
" The directors have, during the half-year, enforcec',
arrears from some of the largest shareholders in default,
and are proceeding to do the same by such others as are
in a condition to pay euch arrears.
" The directors cannot recommend the immediate
adoption of any measures for winding up the undertak-
ing under existing circumstances."
The accounts showed that 144,4284 had been received,
and 120,0521. expended.

YORK, NEWCASTLE, & BERWICK RAILWAY
The half-yearly meeting of this company was held a.
the De Grey Rooms, Yorkaesterds
Y; Mr. Pulleine, the
deputy chairman of the company, presided. The at-
tendance of shareholders was rather numerous.
The SECRETARY (Captain O'Brien) having read the
advertisement convening the meeting, the seal of the
company was affixed to the registered list of share-
holders.
The CHAIRMAN (Mr. Pulleine), who had been elected
in the place of Mr. Leeman, resigned in consequence of
ill health, proceeded to state that the traffic would, on
the whole, be satisfactory to the shareholders as it was
to the directors, there being an increase on the corre-
sponding half-year. In the passenger traffic there was
a considerable increase up to the same amount, or more,
in money than in the year 1847. He moved the adop-
tion of the report, except as to a paragraph recommend-
ing the err ction of a railway hotel at York.
Mr. FLEWS seconded the motion.
Mr. CommoN moved an amendment. He and many
other shareholders felt that a large dividend ought to
be paid—at least at the rate cf 3 per cent. The per-
manent-way fund, as arranged in August, 1849, must be
modified.
Mr. MITCHELL seconded the amendment.
Mr. LEEMAN said, supposing that Mr. Common would
withdraw his amendment, he thought that for the future
they (the directors) would be content to take 16,0001. in
future as sufficient for this fund.
Oa a division the amendment was negatived.
Mr. JOHNSON moved that for future years the reserve
fund be 16,0001., which was seconded by Mr. Schwano,
and on a division was carried by a largo majority.
The report, as amended, was then adopted.
A dividend at the rate of 3 per cent., less income-tax,
was then ordered to be paid on the 9th of March next. '
Mr. Wharton was then re-elected a director, and
Mr. Hunter, of Newcastle, was appointed a director in
the place of the late Mr. Kipling, and a vote of thanks
was given to Mr. Leeman, on his retirement from the
office of chairman of this company.
The CHAIRMAN then proposed the erection of an hotel
at York, which was opposed, and a warm discussion en-
sued. On a division the numbers appeared to bo pretty
equal, but the chairman declared the motion to be car-
ried, whereupon a poll was demanded, and the result
was as follows—for the hotel, 52 ; against it, 30 ; majo-
rity in favour of it, 22. It was then demanded that the
votes should be taken on the number of shares held by
the shareholders who had voted.
Mr. Wylie was re-elected an auditor, after which
thanks were voted to the Chairman and the meeting

separated.
FRENCH RAILWAY TRAFFIC.
The following are the last returns of the gross re.
ceipts of the principal French Railways :
ere,
ROUEN.—From Feb. 8 to Feb. 14: Passeng
59,144 t.; goods, 90,131 E; t0ta1,149,275f.
HAVIIE.—From Feb. 8 to. Feb. 14: Passengers,
22,2151'.; goods, 41,636 f. • total 63,851 f.
ORLEANs.—From Feb. 9 to Feb. 15: Passengers,
62,995 f. ; goods, 151,472 E; total, 214,467 f.
BORDEAUX.—From Feb. 3 to Feb. 9: Passengers,
40,318 E; goods, 68,532 E; total, 108,8501.
VIEBZON.—From Feb. 9 to Feb. 15: Passengers,
26,282 E; goods, 60,079 f.; total, 86,361 f.
NANTES.—From Feb. 5 b
to Feb. 11 : Passengers,
21,137 f.; goods, 25,227 f.; t0ta1,53,364f.
STgAsBURCI.—From Feb. 5 to Feb. 11: Passengers,
82,493 E; goods, 107,887 f.; total, 190,380 f.
MoNTEREAI7.—From Feb. 5 to Feb. 11: Passengers,
7,681 E; goods, 12,836 f.; total, 20,517 f.
MARSEILLES.—From Jan. 29 to Feb. 4: Passengers,
33,7071'.; goods, 28,196 E; total, 61,903 f.
Lyons.—From Feb. 1 to Feb. 7 : Passengers.
total, 273,165 f.
165,127 f.;
-

- -
STAINED,GLASS WINDOW, SAINT STEI'IIEN'S,WLL,,
BRooK.—Through the liberality of the Grocers' Compan)
patrons of the living. the large east window of St. Stephen's',
Walbrook, has been filled with stained glass by Mr. Wm,'
i;naloladminesthfreomeidtehlieghliftees
ment, under the direction of the company's architect, Mr"
Gwilt. It is a " Venetian Window," of three lights. Th.
centre opening contains two subjects)
of Stephen (the " Stoninf," ot co.urse
are medallions of the Evangelists with otheetrst_ceontaining
Saviour
their their emblems. At the summit is the head
with an angel on either side, less successfully executed
the other figures. The ornaments in the enclosirg frames
have been vulgarised. by sash doors andGfraenlights. The cost,
0 is due to
it is said, will be little short of 500/,
tohe dean example. It
to Company for setting sohg
is to be hoped it will be followed
who have it in. theirp
companies' pozant1:08; and fc,x the ~,, n.l. ~.._„
°We3; to other great city
do so much for art
"W" ' 4" CL9 59 littic...43t4lider.

° RESULTS OF FREE-TRADE POLICY.
Let us see how the country stands in its trade and
finances; let us ascertain the exact state in which
Lord John Russell hands its welfare over to Lord
Derby ; let us know, in figures that cannot lie, what
it is that free-trade has done for us ; then we shall be
able the better to hold a Tory Government responsible
for any acts that may tamper with or jeopardise the
commercial liberty of import and export which we
now enjoy, and have to thank the late and present
Parliament for.
First of all, then, Lord Derby receives the National
Finances in a flourishing condition. Free trade has
not, at least, turned a surplus into a deficit. If of
late years our expenses have gone on increasing,
so also has our income ; and, notwithstanding a re-
mission since January,lB46, of taxes to no smaller an
natoi
ofmi
et
reducingeBunsno2tr
amt
nh eunxs
stills
su6s sm6y3ofe
further
Lo6ruife3t
income
t28:1,007.
rtf,mh2tti6nehhs
"e3oar,vretwe6lhryzewe.
iengat
x,hshpraLteaebnotoe:rfivtdimhett
ueai
Dalrxiibeginning
e:trrniebobas ynec
ster-
ling ietnnhirguei
not, therefore, have the excuse of want of means for
will find no apology in the ab,,ence of Treasury
balances for tampering with or manipulating the
nwaittihonaalsufirionainucserse.
pressed on th'e public mind—Lord Derby takes office
ling ! He will therefore ;be able, without reverting
to a bread duty, to reduce the income-tax and get rid
of its inequalities.
And how has this enormous—it may be correctly
said, this unprecedented—surplus been produced ?
By merely giving the industry of the community fair
play ; by simply relieving the natural energies of the
people from the weight of oppressive burthens ; by
only removing pernicious restrictiona on their trade ;
by allowing them to carry the, products of their
labour to the dearest markets, and enabling them to
buy the means of their subsistence in the cheapest.
Within the last ten years we have, after an arduous
struggle against class interests, long confirmed mo-
nopolies, and a powerful combination of aristo-
cratic influence, obtained free trade in provisions ;
we have at least got cheap bread, cheap meat, cheese,
butter, sugar, coffee, and all the minor articles of
food ; we have got cheap freights to reduce the
cost of their transport ; we have got cheap materials
(timber, bricks, glass, Sec.) wherewith to build and
repair our houses. And mark the consequences.
Not only have we now a surplus revenue of three
millions sterling, but in nine years our exports
have (in value alone) increased full 50 per cent. ;
in 1842 they were 47,381,0231.; in 1850 they had
risen to 71,359,184/. ; and in consequence of
this demand for labour and of this cheap-
ness of living, our general pauperism is now de-
creasing at the rate of 3 per cent. per annum,
and our able-bodied adult pauperism at the still more
satisfactory rate of nearly 12 per cent. Let us never,
then, forget that Lord Derby has received the country
into his safe keeping with a rapidly increasing trade
and a decreasing rate of pauperism, and that this, as
well as prosperity in its finances, is the result of that
free-trade policy which he and his supporters mean
to reverse if they can.
But, descending from these all important general
results of free trade, let us examine a little the par-

titular items which make up its noble and conclusive
aggregate ; and, first, of bread. In 1845 we" im-
ported only 1,141,957 quarters of wheat, and but
2,423,145 quarters of all sorts of foreign grain. Since
1847 we have consumed on an average not less than
ten millions of quarters; and of that great increase
in 1851 no fewer than 5,355,687 quarters were of
wheat. Now, by this almost miraculous augmentation,
we have, as Mr. Lewis remarks, " gauged the capa-
city of the real effective demands of the country, and
proved, by the demonstration of filar, the extent of
the privation previously suffered by the community."
Let us remember, then, that Lord Derby, when he
assumed the government of the country, found it
yearly consuming ten millions of quarters of foreign
grain, all paid for in goods the produce of British
industry; as shown by the enormous increase in the
bullion iu the cellars of the Bank of England.
Next in importance comes sugar. In 1842 foreign
sugar was excluded from use in this country ; and
the duty on British plantation sugar was 255. 20.
per cwt. Then we yearly consumed but 4,068,331
cwts. Now, the tax on colonial is only 10s. per cwt.,
and that on foreign 14s. (to be equalised in 1854) ;
and the result is the consumption, in 1851, of 6,884,189
cwts., or an increase in nine years of more than 69
per cent. Let this " great Let" be ever before cur
eyes when we think of the time when a Protectionist
Government succeeded to power.
As with bread an 1 sugar, so with timber. In
1843 we only used 1,317,643 loads of 50 oubic feet
each; but the duty being reduced to 7s. 6d., we last
year used 2,037,077 loads. In 1842 we took
28,519,646 lbs. of coffee ; in 1851, 32,564,164 lbs.
In that time our consumption of foreign cheese has
more than doubled ; we ilTß.now using 14.000,000 lbs.
more of tea than we did then ; 6,000,000 lbs. more
of tobacco ; and one million pounds' weight more
of pepper. In raw materials de increased im-
portation is just as great; in nine years the
increase of raw cotton has been nearly 100,000
lbs. ; of flax, 700,000 cwts. ; of wool, upwards of
15,000,000 lbs. Under such circumstances, what
wonder that in 1851 our exports of cotton goods
were greater by seven millions sterling in value
than they were in 1842—that the value of our silks
sent abroad has doubled, and so also machinery ?
That our exports of hardware have increased in
money value one million sterling—iron and steel two
millions three hundred thousand pounds—and that
even our yarns are augmenting in exportable value ?
These, too, are facts to be held in remembrance in the
presence of a Protectionist Cabinet.
Equally rapid under the influence of an enlarged
trade has been the increase in our shipping. In 1844
the tonnage of British shipping which entered and
cleared out from our ports, excluding that which
came in and went out in ballast, was 5,691,680 ; in
1851 it was 8,535,252 ; and last year, in the single
port of Sunderland, no fewer than 146 vessels, of
the aggregate tonnage of 51,823 tons, were launched ;
and now other 73 ships are on the stocks in the same
port.
When, too, was money so cheap ; when gold, so
abundant; when, stocks so high? All predictions as
to corn imports producing a drain of bullion have been

falsified ; and in the last five months of 1851 the
stock of bullion in the Bank has increased four mil-

lions sterling.
This, then, is the result of " taking stock," that
Lord Derby receives the country with a surplus re-
venue of nearly three millions, consuming ten mil-
lion quarters of foreign grain annually, 69 per cent.
more sugar than it did nine years since, 25 per cent.
more coffee, quite as much more tea, and more to-
bacco—exporting more of all its produce ; with money
cheap, scarce a labourer unemployed; with pauperism
decreasing, and generally in such a state of prosperity
as that nothing but political perversity can injure.
Knowing, then, the state in which he receives it,
we are now able to appreciate how he will deal with it.
This ii`,what free trade has done. Who will dare
to interfere with it ?—Daily News.