The Sun.
London, England, 1852-02-23 00:00:00

FEBRUARY 23, 1852.

rent is to be allowed equal to tis per cent. on the outlay;
From the statement of the last half-
year's accounts, it will be seen that
the net prOceeds tire
To which must be added the balance'car•
tied forward from last acc0unt......... 124,077 7 5

£853i592-- 2 5

Less, further allowance
for renewal' bf rails
(abstract H.)
For addition to works
and stock (abstract J.) 17,022 1 10
For extra stock
nexion with . the
Great, Exhibition (ab- •
stract J.)

~1

Showing a disposable balancr of ....£772,992 S 7
The directors recommend a dividend of 31, per cent. for
the six months, amounting to 590,5161. 12s. Ild., leaving
a balance of 182,4754 1.55. Bd. to be carried to the next
half-yearly account."

Die CH-AIRMAN, in moving that tho report and state-
mentn tso
ccbaes
Toone etioveodbr,,
eardvoepttheadt,
hperidnitae du,
oatn dm
ecairn-
actocoouk
cul
a te od
to say in his Opening observations that hon. proprietors
had signed the Manchester letter; all he meant to con-
vey was that the signatures were affixed.
Mr. UPCROFT referred to a variety of statistics, for the
purPoso of showitig that the calculations of the directors
had not been realised. He thonghr the directors 'otight
to be called upon to redeem their pledge of finally closing

the capital account.
Mr. ALSTON begged to record his unqualified disap-
probation of the hostility going on between this company
and the Great Western. He suggested that Members
of the House of Commons, unconnected with either
company, should be requested to meet together and
take the whole question in dispute into their dispassion-
ate consideration, for unless something of this kind were
done there would be no end to the present waste. of mo•
ney on both sides. He thought the following gentlemen,
if they would undertake the task, might very speedily
and amicably arrange the differences :—namely, Mr.
Gladstone, Mr. Bright, Mr. Cardwell, and Mr. Sidney

Herbert.
Mr. DE WINTON deprecated the idea that South
Wales, inwhich he had a deep interest, should now

be made the
.arena on which to-fight the: battle of the

gauges. In August last the chairmen of both the Lon-
don and North Western and the Great Western Compa-
nies had expressed themselves as inclined for peace, and
yet now they' were buckling on their armour foT war,
saying that they were possessed of the means to carry
on that war, and that they had their reserved funds for

the purpose.
The CHAIRMAN—No, no.
Mr. DE WINTON denied that it was for the interests m
either company that large sums of money should be
thrown away in hostilities. He interfered as a conciliator
having a considerable stake in both concerns, but
having the larger in the London and North Western.
He admitted that the Great Western were the aggres-
sors, and that that company had not hitherto shown
themselves desirous of coming to an amicable arrange-
ment. Still he disliked competition, and hoped the
Chairman would exert his powerful influence to have the
points in dispute referred to arbitration, provided the
Great Western world consent, and that in the event of
failure in the negotiation a petition would be forwarded
to the House of Commons, praying that the whole rail-
way system might be placed upon a new footing.
The CHAIRMAN said that Mr. Alsop, instead of having
read a paper circulated among the propritary in 1847,
ought to have taken the statements and figures sub-
mitted in 1850, when, the directors received fromehe
proprietors a credit vote of 1,500,0001., upon which they
were still acting. At the present moment nothing like
this amount hud been expended. It was true that same
portions of the estimates had been exceeded, and that
others were more under than over; at the proper time
the vote would balaid before the proprietors, and their
opinion thereon ' tstken.—(Hear.) With reference to
submitting the question in dispute with the Great Wes-
tern to the arbitration,of men in public life, he, (the
Chairman) would take it upon- himself, without having
hp theur
bod
op proper
madeoicaerisen
station
with
had the opportunity Of 'consulting his colleagues, to say
that no proposition could be more acceptable! than that
was. It was for ,the meeting to determine the princi-
, pies upon which that reference should be accepted.
Whatever was the basis of it, provided the fair rights of
the London and North-Western ' proprietary were re-
spected, the board would be perfectly ready to refer the
existing differences to arbitration. But, let the principles
on which it was to proceed be settled. If the Great
Western were to go on with their Bills and the London
and North-Western were to abandon theirs, that would
not be considered fair; if both were to proceed eith
their. Bills, he had no, oktiectiontaif all were to withdraw
tfleiraßiLle that -*Old; teerhips, bottle fairest, int* tek
all; bat let the principle, whatever it was, be laid down,
and he and his. coLleagues were ready to refer the dif-
ferences to arbitration.—(Hear, hear.) He wished!! that
there should be no misunderstanding with regard to the
policy pursued.by the London and North-Western Com-
pany towards the Great Western. The Great Western
had been mainly assisted in the first instance in !tuning
their Bill in Parliament by the instrumentality of the
London and Birmingham Company, He stated without
fear of contradiction, that if tthe London and Birming-
ham Company had ;lot afforded the use of their stations
the Great Western would have failed in Parliament.
But there was no use in referring to what had been
done in past Year% All sides had made mistakes.
Proprietors had made mistakes, for they had forced
lines to be made which directors were never inclined to
make.—(Hear.) How did the case stand in 1847 with
Commissioners.
cmh isi?sai addressedodnet
taken
etnh elptleßa
coweaoruds
would
dnocfp'
not Trades r
refer
fer
regard to the Great Western? He held in his hand a
document which would servo to show the spirit that
actuated the Locdors and North Western at that peed!
of heat and greatly excited feeling. On Dee. IS, 1847,
leave the question then in dispute to be settled by the
the proprietors would not consider that injustice existed
that period. He hoped
on the part of the London and North Western Company
or that its directory were either willing or anxious to
prolong the contest a single day. He wished that every-
letotterneogffoetriiantgiontos
thing which had passed between the Great Western
and themselves were forgotten, and could assure the
meeting that if they would put matters in a train of fair
adjustment, he would hail the day with feelings of the
greatest possible satisfaction.— (Cheers.)
The lion. Capt. BUTLER thought this company had
right up in their side in the dispute with the Great Wes-
tern. Ho then proceeded at some length to complain of
what he called the perfectly disgraceful state of the sta-
tion at Rugby, and of a round of two miles which the
passengers had to teavel in order to reach it. lie cot-
eluded by saying that he had never known a board which
deserved the praise of the proprietors more highly thee
did that of the London and North Western Company, if
only they would make the necessary improvements at
itugby.—(Bear, hear," and laughter.)
Mr. De WINTON having repeated his former question,
The CHAIRMAN said he was not aware that he couldh
add anything to what he had already observed upon the
subject. The directors were willing to refer to arbitra-
tion, a_ea
or to agree to a withdrawal of Bills on bot _ ida
nd
a bthaespetirwpoousled.
would shortly
promised
aai se
d admitted
th:tt haaatutiht
suitable
Rleaugnbdy
be erected there.
seriously whether the tribunal proposed that day was the
proper one to which to refer the matters in
rdispute. Ha
capital
taterdestpheacttiniug
ItBhseoth
Mr.
i°
n meetingwrasd
odfwi sorgricirr.lsaadpcdocenfsii
,i)andl considere. t
con-
stitute
should have much more confidence in the directors (:)
the London and North Western Company than in Mem-
'lhla°dmsbeeevrnesroyqiudrioteaureletinsfumeolutgnrhitbtuoonfhalftr'forthsaut
hers of Parliament,, and he thought that in the hands of
the former the entire question ought to be left,
oßuagth t
hat o
the view
account.
had given the directors'a credit vote for 1 5e proprietors
at that time the Chairman informed them, 00,000/., and
con-
sidered the capital account ns closed. _ that he
period to the present the company hadgone
Now, from that
and
if
hdeeobtainingarthat,Chairmanhe a r.information) they
had s
tag money. It was true that the on expend-
-1,500,0001. had not been expended; whole of the
estimates had been exceeded. For still, some of the
of the main line and branches had instance, the estimate
less than 29,0001. in addition been 88,0001., and no
them. He thought the auditors had been laid out upon
for an account of the excessive ought to be called upon
place upon that item. It increase which had taken
was far better, from time to
time, to have a statement of the excess or otherwise laid
before the proprietary,
ex-
pended fist,
andhave rather than have the money
~nothing afterxards at these halt
yearly meetings but
wrangling andjangling.
Tho CHAIRMAN
promised that the fullest explanation
would be given to Mr. Locke. It had been already.
stated that the expenditure was in some cases under, and
in others over the estimates, but the balance was no
doubt on the side of the excess.
Mr. LOCKE said his sole object in asking for the in-
formation was to show the public out of doors that the
t;;;CQS:3 was justly and fairly required.
Mr. L. ISiozLEY ob;ervcd that every precaution hod
been taken by the auditors, and that the most attenive
com-ideration had bean given to the expense of each un-
&rtaking.
1!Ir. SLANEY, M.P., asked when the Stour Valley line
would bo opened. He e°l)fesi,cd that ho had h( ard with
deep satisfaction the explanaLicus given by the Chair-
man of the willingness of the ditect.::,r,-, to termirate the
.differences which bad prevailed I.)Ptw een this company
and the Great Western. He thought i: premature to
state the tribunal they were zilli:o.4 to go before; it wee
sufficient to know that they weze unxiJus only for a fair
tribunal.
After an explanation from Captain Hume, respecting
the existing contracts with ngente,
Sir li. WILLOUGHBY expressed his belief that the
mode and general principles of the reference ought to
emanate from the meeting.
Mr. GOLDSMID, sen., returned his hearty thanks to tt e
directors for the indefatigable exertions they had used
on behalf of the interests of the concern.
. The ORAthe Stour Valley
erteuet said the opening of
had been fixed for the 26th instant, but it was thought
the Board of Trade would not allow it to be opened cn