The Sun.
London, England, 1852-02-28 00:00:00

SATURDAY

EVENING,

RAILWAY INTELLIGENCE.
reel:teisittgerodfatybietl:,coomelpeavennytwhahe
Gi-iEAT NORTHERN. .'
Efind.7.7ll).,st
tnhtmcehr'eoitrismlye, atat el nf•dyeeda.rlvEoiridnitinnadryrigeonni
son l
presided. h e report
:)bi e:odt;:ti ..et.-!)cho:uiLrn4.till::(' 3df'
°wl'dbiTirecahevtnee°nlTrerp;: '
paved in The Sim of -Tuesday last -haying"' been taken
The CHAIRMAN '
proceeded
or
itt)acitou.myi commenced by
ethsela&;aslric';'
as read, '- - . ~.. . _ - 4
way and Prince Albert travelledeaca;gircdteehreeatbilini
octhe addresst., tenye
af,er proprietors:th eitheir
iarran,stating
ea .ht
"9el:futheir. length.m that
i!t to
.ttcookScieoutivaendo,e ct.elyst,ear;dwhere the three-
rince "express their entire
tor):
.01
telvttriejiharsenerstaadhteryesialiclorwgcooloi
umtahlodt
le.
with
the
honour of travelling
jects, He washappy to ea at public opinion still pro-
gressed iri fa v e whenol
iggud uraaeti oitle:i inndileudih themiitoeehertehn
ceipts - -for the last six
eteorvtriu,kitfhantect
had censiderahl - ex-
ceeded these ef. the Dr eed3.
amounted to- the large stti: ilig
heir-Year; . 'fing
315,650/.
.• The traffic
had increased at the rate of about"
and -he was 'rather:disposed about. 3000, per week.
He had = every reason to e
would 'continue to be observed,
that this increase
It. directorsvpi.
ais ni t ly.visited
her ,madeh, 1 Ih°.fnaePldrBrgdt theehh
nt:
general
brrnaa:tP, .
sr her:urbe
. .1
the course
inerettied,
-of a few 'Months:it would be f •
-on any other bile in the kingdom,ad steadier' on this than
of the goods and mineral traff o beCause of the nature
admitted that, the working expenses which they enjoyed. Ile
large-7sotnewhere, in round nuPineubsea were undoubtedly
but then itilitelld be reColleeted'thrS''about 50 per cent.;
miles orlinea daily • which, did not b at they ran over
,150.
'purpose of obtaining additional traffic, to' them, for the
'of their sphere of labour, which-ho auCi °is' e4eusiUn
reedy' was. beneficial to them, :loco- •th directly and idi-
for the working expenses being counted' in some degrpe
cursion trains would account' for it in
The,
1° ex-
a still further
e/ ,de-
grete Upon the *hole, hoel:61.
taking the'receipta and expenditure' he
most say that
together for the
whole sit months ihe result was to'h- '
—(llear,‘hear.) The directors felt ri most satisfactory.
,managed their locomotive department lied
the officer who
his duty satisfactorily' and efficientiy, had discharged
ceived 'many proofs of the great eivrii,, and they had re-
Y--,-a cheap
.iom-
modity at all tunes—which had he:
balance
by their
numerous servants.—(Hear.) The ane° available for •
dividend was '63,7471., and the directors
that that sum be divided after the recommended
rate of 21 per
-cent, per annum, payable on 'after the 15th
and
of March, ,which would leave a balance of .3,6441..
to be. carried - to the. next half
Under all the circumstance:, he considerlder "mint-
liberal dividend. ' There had been no _..c is a fair and
the part of' the board to 44cd01c.” the 07:016rapt madeen
nittk,..• There
were accounts ontitanding, for inatance, wh-
ich would tin-
doubtedly.come' to the credit of the
.proprietors h r
after; but. which were not included inthe* r ee-
p present state-
ment:- because-they were as yet Unsettled,
board had charged the account with 27,000 e Besides,.
h the
-interest on the.money which had hitherto remor. all' the
productive:. Had they wished to present a eerseldlle.ar-lln-
ing statement, these things would not have beendone,°lllBll-
- but, as the line hadclearly earned upwards eft
half per cent.' per annum, he hoped the dividend would,
and'
wotrd,
with these 'explanations, be cheerfulls .eeeepte
(Hear.) He was happy to state that, after man inter-
views with the Eastern Counties Company,' the director-
of of the Great Northern had stint settled the basiirslors
agreement for a term of fourteen years, which he frostedo
would prove mutually beneficial; and, if it were notm u
Wally beneficial, he' should not have adopted it, be..,...--
he Was quite sure that arrangements of a contrary---
nature
seldom preyed satisfactory to either of the
parties.
Perhaps some of the shareholders might be of opinion
that the payment of 20 pet cent. by the Great Northern
Company from the earnings of the Eastern Counties
traffic sent from Peterborough to Newark; Lincoln, d
Hull, and certain other places north of these towns, and
Hull,
high; but if so—and he,admitted it was high' was
it be 'borne in mind that by the transfer of the Royston.et
!and Hitehin and Shepreth Extension' Lire to the Eastern
'Counties, to be worked by that company between' Ca'
'ttridge. and 'Hie:shin, in connexion with Great NorthZ
trains; the guarantee rent to which the Great. Northern
was liable, and interest, together 16,800 L a year, would'
have to be paid by the Eastern Counties Company. He
believed, as he had said before,. that the arrangement
would be mutually beneficial, and that a harmony bad
now been established between the two, companies which
would be of the greatest 'value to both.—(Hear.) With
regard to the East Anglian Company, the report stated
that
the directors of the Great Northern had agreed to
hand Or
er to them any balance of receipts after replying
ell outlay;` and so that matter was adjusted.—(Hear,
hear.) With regard to the arbitration undertaken by
and Gladstone, between this companY and the London
n
North-Western and Midland Companies, he (the
Chair)
_ la" wished to set himself right upon a point re-
specting which it was said filet he had made a very con-
eiderabi • '
e mistake Whenever he found himself wrong
he vas* -
the quite ready to acknorledge his errotl. but in
present instance be fancied he would- be acquitted
of having
. sit lig oonamitted any great offence. - What
be hadcis that he
.was that he had Made a proposal t.ll.
, .-p.,,, ave
the matter '' ' ''
'.
.: , ain dispute referred; and, in saying this, it
.teas alleged that he had- taken credit to hiiiiseilfer ita' -Y-
-in Wide a proposal which in reality had emanated trims
others;
Now, the facts were these:—Two or three daYi
prrt the 2d of April last, he had met the directors
connected with the London and North-Western Com-
pany, but being.unable to come to any arrangement,
they parted. Some gentlemen in the House of Com-
mons then spoke to him about a reference, and, amongst
others,, Air. iludson.—(A latrib.) Oa the 2d of April
was forwarded
he •
a letter,.'enclosinic,one from Mr.
Stewart, in which a reference to two gentlemen, named
therein, was proposed. He (the Chairman)'
refused. to
refer the matter to the two gentlemen in question, but
he proposed at once to refer it to Mr.. Gladstone' and
accordingly a letter to this
the
0 ,IYFI• lie hoped that he ,
seffect, was. written -to Mr.
,cfßosition itselt. would at' al""ats;
.. ad not, committed .any .great
yllepee 'in making that •
.show the hareholdets and
,e,kublic that he was Len • •
•-' e 4' ' 11
partial'alters in dispute , a fidc. anxious. to- refer a
tribunal. Mr. '6' a competeat . and . ire,
Glyn said he was perfectly
satisfied, and, thus the m
to Nfr. Gladstone,. and matte; was ultimately :referred
Gladsterin had since signed be4n° sub itidio• • -Mr.
as folloWs,-" in hisorder," as award, and be decided
juries arising from the,eore ° said, " to. prevent- the-in-
ful companies." , In orde Petition of :two such Power'
would:. he necessary . to. i,4; 'to 'iLudget oft: the decision, it
NortheinCompany asked atln We conditions the. Great
Western, 'COMpany ' what to con
and Nortb-
Gladstone had awarded.proposed, to give, and ,what: :Mr.
tern Company proposed
to e!' lOndon and .North.Wes-
peroent. with respect to th -I've the Great Northern 70
the Great Northern witl:e Passenger traffic from York;
theM 80.—(Hear, hear.) . 1;,(,• 80; .Mr. Gladatene gave
traffic) from'Leeds, the London ith respect to the passenger
poied to give 60 p®r cent,' the and North-Western . pro-
-66,2 thl; Mr. Gladstone Great. Northern, wanted,
With respect io the pase,engave. them 65,4 Hear, hear.)
London and North•Westeer traffic from Wakefield
Wakefield thee
Great Northern asked 6611,P—Posed 60 {ter cent;; the
them 70.--(Hear,heer,)
~w Mr.- Gladstone' gave
passenger traffic,- the London ith respect to. the Doncaster.
posed 70 per cent.;
.the Gre -and North.Westeropro-.
Gladstone gave them 90. di:.it. Northern,. asked 85; Mr.,
to the Lincoln .passenger twirl.' hoar')
- With respect
Western /proposed 75. 'pe e, the :London . and North-
r cent.•
1 the. Great Northern,,
ask,...ci 86; Mr. Gladstone
With respect to the Sheffield them 85,-(ilear, hear.)
North. Western made no ofd„, -
tretlie„the London and
66, per cent.;_ and Mr. Gladstone , the Great Northern es'ial
These awards served to show gave theta -rOlear•)*
had, not been unreasonable in their
that the Oreat'Northera;
and -eppl tuse.) Then, with r demands.—("Hear,".
the London and • North-Went:gard to goods from York,
the Great Northern- asked , 66'1 Proposed 60 per cent.;
them 73. eat hear.) From'3; Mr. Gladstone gave
NOrth-Western proposed 40 Leede, the, London:and .
ern asked 50; Mr. Gladstone gave gent.; the Groat Nod-la-
the Lopdon .and North-West-eave 39. . From Wakefield,
the Great Northern, asked so; Tr Proposed 40 per cent.;
(Elear.) From Doncaster, the .... Gladstone gave 60.
orn proposed46o,:per cent.; the Lo'
ondon anNoth-Wst-
Mr. Gledstoile g*ve,,9o. From Pet Northern asked 85;
North-Wes.tern proposed 50 pig Lincoln the London and
era asked 75; Mr. Gladstone r cent.; the Great North-
the
.LOndon and North-Western 70. From Sheffield,
Great Northern asked 50 rn made no offer •;. the
stonegavo.3o. So that, with per cent.; • Mr. Glad.
tionstbey had got more than theylY one or two excet;
then;' anything unreasonable in t asked; • Was there,
(Hear, hoar.) He called upon the original demand?
ereise forbearance towards the hosjhareholders to ex,
dorm. men of business in the City
ties having agreed to refer their dis
r..., the duty of both to earn as much:oe to
could?--(Hear.) ~, sarth u" 'any lialf
at the two par.'
be•divided;it
It was indubitably, cieZenne.as they,
ought, to .have been. the ease, but the "other—I.- that such.
if the directors, who were, wining'ut;and to believe that
other parties, did not in all cases enter ;make terms • with
it was not because they would net, itito arrangements, I
could note--•(Hear.) Mr. Gladstone's. bat because they
forwarded. and it was to date,haelc.froinaward had' 'been"
last.- But, after that award had been Illthe' sth of .April,
of which, according to Mr. Gladstone's ade—the design
to prevent injurious competition—wourn words, was
sett, in order.:to,eee how the money We: to a third per-.
en. uite a different principle, and nothing Parties acted
do could prevent them from going on withg that he could
petition,-scandalous to any body of trustees.ahat he
Mr. Gladstone's award had been deliverd;—`"g"
. August last, 'yet no sooner did a now. d` to ' them. in
traffic arise than they commenced the same
esoription of
fore. , .Doncaster races, came off.. in.
_g`eal° game as be-
generalmanager of the . Great- NortherePteraber- : The'
general , that event, informed Captaiall ; ,_' fortnight
Loudon and I%lortit-Western Company, Aii„n"dift.'ol 'the:
intention of the,former to take the .passengers was, the
caster,and back . for . one fare,' as in forever year to Don-
London And North-Western Company thergeara- - The-
limited. by.--Mr, Gladstone's award .to.fire per. Pon,though,
tweeoDoncaster and _London, actually "molt be.
.reduced the
efares.
between .those places 50 percent. below the fa
Groat Northern, AP - that. while the one wasta' of the,
carrying
there . beck' for „twenty .shillings the other was.
Charging-. only ten,ohiilings. Anything 'more un s.
or more dinreditable.than: this, which, mint
have ort.7
a losing transaction, be .bad never heard.—.(Hear,hbeen
Besides, they adopted a system of re-60014e,, at. Nor)
mutton, . which, in his opusious. woultl, -
have practi al
come to no other- conclusion than that. they-.were ae.
destroyed the award; and, upon the ',Whole, he. erelied"lY
lunder the influence of feelings which he hoped heshtig‘
never entertain.—(Hear, heat.) In October, he
a letter. to Mr.. Glyn, calling his earliest
these circumstances, and saying that attention ou d
wrote
a .. lon to
consid
' 'en °ffenee'
dered them, nothing less than an invasion of th
4, in had given offence,
award.
.It seemed that the word i
but -
Ought "'was an invasion, nevertheless--one of wh;„,, ,_
16 be ashes' d 0.4„,,, bear.) A -.. they
• -- ~ .-- e .---%"-- - :Atter. wring,
•

1 Aiken the matter into consideration, they sent a letter
stiting that they approved of what had been done—thet
was with respect to Doncaster races. The subject was
diaonssedday the directors of the Great Northern board,
I who coademned the practice and refused to follow i; and
ameeting took place before Mr. Gladstone with the view
of ase.ertaining his opinion of the matter.' Captain Huish
and Mr. &vitt attended it and defended 'the Conduct
Pursued. Mr. Gladstone said he was glad the Great
Northern had given notice to the London and North-
Weatern thaethey were going to reduce the fares during
the Doncaster races, that the reduction on the part of
the former was a matter of policy, but that, with
only 5 per cent. interest, for the London and North-
Western to make . the reduction was most improper.—
(Hear, bear.) He then said thit anion as the' award
of five per •cent. lass, he regretted it, he had given it
the traffic was so clearly the Great Northerns, but that
' he did so in order to carry out a calculation he had
made, and to 'prevent injurious competition.—(liear.)
Mr. Gladstone had aince"kindly consented to continue his
good offiees; so far as to be referred to from time to
time, to see that the award was bona fide adhered to.
The chairman then proeeded to read extracts from the
speech of Mr. Glyn, delivered at the London and North-
Western meeting yesterday week, commenting upnn
g them as he proceeded, and giving thatentleman credit
for being a highly honourable man. He did not believe
that Captain Huish and Hr. Swift could have *told Mr.
Glyn of what, Mr. Gladsome bad said at the meeting
to which he had just alluded, because, if he did, au
apology was duo from his company, and a case of re-
buokine, which had occurred last week, would not have
taken place.
• - A PROPRIF,TOR here cited an instance of the operation
of the re. booking system; showing that by paying first to
Northampton, and then from Northampton to London,
the tlllOl of 51; *a§ saved.
The Chinaman said his object was to prevent the
proporty ‘of, the. Great Northern Company from being
frittered away. lie was anxious to obtain sound, fair,
and honourab,le tertris, and he would not be frightened
into the 'frisking of unreasonable concessions. If the
Lended .and North-Western Company would give up
treaties hostile to the Great Northern, he should have no
difficulty in agreeing to a reference to respectable and
disinterested parties. If Mr. Glyn made an arrange-
ment only with the Midland, there would be no cause to
complain, but he had gone further, and made arrange-
ments with companies—with the Lancashire and
Yorkshire, for instance—whose traffic would naturally
come upon the Great Northern line. • In conclusion, he
left the London and North-Western Company to take
the beet care they could of themselves, and he promised
to do the same by the Great Northern.—(Hear )
'A long eotrvereation ensued. It was complained that
thasixeil traffic wacunprofitable; and that several of the
stations were useless.— Tbragreentent -with the Eastern
Counties was approved by some and objected -to byt
others; and it was contended that the coinpany was not
in ir position tresubscribe a sum not exceeding 1,0001.
per year to establish a provident abciety and benevolent
fund. .......
The CHAIRMAN said the average expense per mile of
running the Great Northern trains was 1/. Os. 7id., and
that they had travelled over 9,000,000 isf miles during
the half-year. Some of the stations had been established
ex necessitate rei, and no doubt the direct receipts from
them were enremanerative. He contended that. the' coal
traffic was very remunerative; that the agreement with
the Eastern.Coanties would save the company 16,0001.
a year, and be a beneficial one for both parties; and that
the establishment of a provident society was a judi-
cious arrangement for the men as well as for the share-
holders.
Mr. BAXTER, the law clerk, gave an explanation to
the meeting, which was considered satisfactory, of the
circumstances under which the company had resisted the
payment of certain expenses to which an excursionist
had been subjected, who had arrived at Doncaster by a
late train, and had hired a carriage to convey himself
home to Barnsley.
The report of the directors was then adop!ed, and the
four retiring directors—namely, the Chairman, Mr.
Barff, Mr. Pine, and Mr. Austell, were re-elected.
A dividend at the rate of 2i per cent. per annum was
declared. -
100/. for the moral and religious instruction of the
workmen was voted, and the directors were authorised,
at their discretion, to subscribe a sum, not exceeding
1,000/., towards the formation of the provident society.
The meeting was then made special, at which the
directors were authorised to promote a Bill in Parliament
to enable the South Yorkshire Railway and River Dan
`Company to transfer their undertaking to the Great
Northern Railway.
The proceedings terminated with the usual vote of
*.hanks to the chairman.

THE NORTH-WESTERN' RAILWAY.
THE MIDLAND .AGREEMENT.
The half-pearly meeting was held in Leeds, on Thurs-
day, the proposed agreement with the Midland Company
being one of the subjects to be brought under the con-
eideration of the shareholders; Henry Alcock, Esq., took
the chair.
The report of the directors, from which we give some
extracts, waa read.
" The, further sum of 27,4831. 12s. sd. has been paid
on capital aceount, making the total sum expended up
to.3lst December, 1851, 1,045.8891. 19s. Bd. The liabi-
lities, of the company on the .3lst December last, with
the estimated sum required for works in course of con-
struction, and for legal and Parliamentary expenses,
amohnted to 113,197/, which sum might be raised by a
call of I/. a share, the arrears of calls on shares, and
loans on debenture. The gross receipts on revenue ac-
count for the half-year have been 18,6401. ss. 6d., against
14,178/. 2s. I Id. for the corresponding period of the }ear
1850, being an increase of 4,4434 15s. 4d., or a little over
30 per cent. The' expens©s during the half-year have
been:--working expenses, 12,48. q. 1034 excise dent and
taxes, 592/ Os. Id.; mileage of waggons, &0., 3371.45. 101;
interest on preference shares, 2,956/. 133.; interest on
debenture debt, 2,696/. 155. 4J.; income-tax, 801.
.4s. 23.;
total; 19,1511. 7s. sd. From the balance in hand on the
let July, the deficiency (511/. Is. Ild.) has been taken,
leaving a balance of 'B3/. 16s. Id. to be carried forward
to-the credit of the account on the Ist January, 1852."
The CIIAIRMAN, after a few explanatory observations
on'the report, moved that it be received and adopted,
Which was agreed to.
"The other resolutions, comprising the ferfeiture of a
number of shares, advancing Me. Wean's salary to
500/. per annum, reducing the directors allowance from
6001. to 400/. a year, and re-appointing Mr. R. Frost,
one of the auditors of the company, were adopted.
The meeting was then'made special, for the purpose of
considering the proposed agreement with the Midland
Railway Company, for the working and maintenance of
the North-Western line.
-The SECItIiTARY read the heads of the proposed agree-
ment; at 'follows :-
1. The Midland Company to purchase the whole of
the rolling stock and plant of the North-Western Rail-
way Company.
2. The Midland to work and maintain the railway and
works for a period of 21 years.
3. If any general renewal of the permanent way should
become necessary during the term, the North-Western
to find now rails, chairs, sleepers, ftes, in exchange for
the old ones, and the Midland to find labour and
carriage.
4. The North-Western to receive onedsalf of the
gross receipts up to 26,000/. per half-year, and two-
thirds-of any excess beyond that amount.
5. The North-Westere line to be worked in every
respect as a part of the Midland Railway.
6. Tbo Midland to pay to the North-Western its
mileage proportion upon all traffic to which as the
nearest and legitimate route it is entitled, and which
may be diverted from it by any agreement which the
Midland Company have already made or may hereafter
enter into with any other parties.
7. All questions of difference arising out of the agree-
ment to be settled by arbitration.
Considerable discussion having taken place, the fol-
lowing resoltition was carried:-" That this meeting be
adjourned, to be held at this place on Wednesday, the
17th of March next, at twelve o'clock in the forenoon;
that the consideration of the proposed agreement with
the Midland 'Railway Company, submitted to this meet-
ing, be referred to the following committee, with power
to confer with the directors of this company thereon;
and that the committee be requested to report to the ad-
joUrned meeting whether it is desirable or not to adopt
the proposed agreement—the following gentlemen to
be the committee, viz., Messrs. A. M. Price, J. Wil-
kinson, Henry Newbod, Isaac Berkill, Joseph Gill,
Robert Barr, Henry Watson, John Sankster, and L. EI.
Pegler." -
A vote of thanks to the chairman concluded the busi-
ness.

MIDLAND RAILWAY.
The ordinary half-yearly general meeting of the Mid-
land Railway Company was held at the Derby station
on Wednesday, Mr. John Ellis, M.P. (chairman of the
board of directors), in the chair. There was a large
attendance of shareholders.
The CHAIRMAN, in moving the adoption of the re-
port; entered into a lengthened and detailed exposition
of the' cornpan's affairs. With respect to the dividend
reconmended, he said that some dissatisfaction had been
expressed because 'the directors did not propose to d i-,
"vide at tbe !sten! three per cent., seeing, that they could
do so, and carry over a considerable balance, That point
had-not failed to elicit the directors' serious'. attention;
but they felt most strongly that it veia 'for the
intereats of ' the ,shareholders that they should -.Pay
Such an amount of dividend as they were 'morally cer-
tain' they could continue to pay, and as ' would keep
their' property, which had alreadyreed its lown:t
point, in a state of progression. ' _each /visa satisfied the
dividend would be the same next halfiesr, and that
after that it woald rise still higher. lie Ivonld advise
them not to be bitten by taking the eitra half-crown,
thereby leaving the next ‘dividend in jeopardy. They
were at-present on a friendly
whose interest it also
footing with the Londop
and he, therefore, felt
and 'North-Western Company,
was to work amicably with' them;
fully as satisfied of the Midland Company'e position as if
the finndon and North-W'estern had actually made an
agreement with them:
tile dividend in the terms it The 'report was unanimously adopted, together with
a resolution fin declaring
re-
commended.'
A formal resolution'ffits next passed, authorisin the
g
' directors to proceed with the construction of the brunch
' line from Gloucester to Stonebouse, and the
execution
the works connected therewith, and to C___ on of
ump,ete the
narrow gauge to Bristol.
retiring directors were unanimously
The three
elected, and 31r. Cripps was re-appointed anaudit re-
elected,