The Sun.
London, England, 1852-03-11 00:00:00

THE SUN,

affairs as would place before the shareholders the
entire state of the undertaking; and if be failed in
doing sc, he would afterwards be happy to answer
frankly and fully any questions which might be put
to him. In the first place, he had to state that the ut-
most cordiality reigned in the board.—(Hear, bear.)
From the time when, by an unanimous and cordial
vote of the board, he was induced to accept
the chairmanship of the company, now a year ago,
up to the present moment there had never been the
slightest possible difference on any one question.—
(Hear, hear.) This would be a satisfactory announce-
ment, for, as practical:and commercial men, they
must be aware that no undertaking with a divided
management could prosper.—(Hear, hear.) In the
second place, he had great pleasure in assuring them
that no difference of any sort or kind had arisen
between them and any of their neighbours. He
made this statement more particularly with re-
gard to the London and North-Western Company;
for, as he had mentioned on former occasions,
he believed their prosperity mainly depended on
the cordial concurrence and hearty co-operation of
that company in all their undertakings for the de-
velopement of their traffic.—(Hear, hear) They
had not received from the board of that company
simply a cold, formal recognition of everything they
proposed, but the most hearty co-operation and most
substantial practical aid which it was in their power
to give, or for which this company ought con-
sistently to have asked.—(Hear, hear.) During
the past year the extension for the temporary station,
at Holyhead, to the end of the pier had been completed,
and this, too,within the estimates and without any pay-
ment to the Government for the facilities given by
them. By referring to the engineer's report, it would
be seen that the goods' station would soon be
ready; so that the goods traffic with Ireland
might be commenced within a few days from
the present time. The Bangor branch, open-
ing upon Col. Pennant's quarries, had been finished
within the last three weeks, and Col.. Pennant was
now constructing quays at Bangor, and also all the
lines and sidings necessary for the development of the
slate traffic. The construction of this line had been
carried out without any expenditure on the
part of the shareholders, except for supplying
materials for the permanent way. The line to
Port Dinor wig, opening upon Mr. Ashton Smith's
quarries, was opened yesterday, and the first cargo of
slate from it had been brought over the line. The
sidings throughout the whole of their lines requisite
for the due development of the mineral traffic had been
carried out, and those and the other necessary works
would be completed by the Ist of May. So far they
had been placed in a position to develope thoroughly
this part of their traffic. During the year the board
had anxiously considered the best means of develop-
ing the traffic in connexion with Ireland. They had
always felt that if Holyhead was to be taken as the
terminus of the line, the great object for which it was
originally constructed would never be attained, and
a dividend to the proprietors never paid.—(Hear.)
They bad, therefore, opened, a communication with
all the various railways in Ireland and England, and
they had succeeded in perfecting a " through booking"
arrangement, which would largely develope the
traffic with Ireland. They had now eighty-three
stations in England, Scotland, and Ireland, in which
" through booking" had been established ; fifteen
railway companies had entered into:this arrangement.
" Through booking" had been extended to Bristol
and London on the south, Grimsby and Hull on the
east, and Edinburgh and Glasgow on the north. The
".through parcels' traffic in December last was only
established to Dublin and six stations on the London
and North-Western line, but since the 31st of that
month it had been extended to fourteen principal cities
and towns in England. The system had been found
to work well, and various Irish companies were at
the present moment making arrangements with them
for the extension of the traffic to all the various lines
in Ireland. The advantage that would result to the
company he need scarcely point olio., because
it was apparent. If goods or parcels could
be sent from any one station in England
to Ireland, or from any station in Ireland
to England with one payment, including all charges,
omitting the intervention of agents, and exclusive of
the cost of shipping, and over a short route, there
could not fail to be a great amount of additional
traffic. Such a system only could properly develope
the Irish traffic. If asked for a test as to the
advantage of " through booking," as far as it
had gone, he would point to the receipts for the boats
during the first six weeks of this year, which showed
an advance of 45 per cent. over the first six weeks of
last year.—(Hear, hear.) The boats had maintained
great regularity during the present year. In the
first six or seven weeks there had been a degree
of unpropitious weather, the occurrence of which
on any previous occasion was not within the
memory of any of their officers or naval men con-
nected with the Holyhead station, yet tire regularity
of transit by the boats was such that on comparing
the arrival of the expresses at the Crewe station with
the arrival of the boats at Holyhead it would be
found that the boats were the most regular.
of the two. He ought perhaps to refer to the highly
efficient state of the boats, not simply to their state
of repair, but to their excellent machinery and boilers,
and the arrangements which conduced to the comfort
and convenience of the public. All these mat-
ters had been constantly attended to. In the
person of Captain Hurst, who was their steam super-
intendent, they had an officer not only capable of
attending to his duty in these and other respects with
zeal and efficiency, but the most correct and careful
man with whom he had ever been brought in
contact.—(Hear, hear.) In the present year there
was a prospect of several important extensions being
opened in Ireland. Among the most important was
the railway to Belfast. In May it would be opened
to Drogheda. They experienced the greatest cor-
diality and thorough-going amity in their connexion
with all the directors of the various Irish lines. The
increase in the company's receipts during the year
was 17,6521. 13s. 4d., while the decrease in
the expenditure amounted to 2,5131. 15s. 31.,
making a larger sum applicable to a dividend
this year, as compared with the last, cf
20,1651. 18 e 7d.—(Hear, hear)—and this was with-
out any addition for the mineral and slate traffic, and
without any goods traffic being developed and con-
nected with the Irish coast, and without any of the
other advantages which he had already pointed out as
likely to accrue to the company. The increase in
the charges ;for the half-year was 8571. 6s. 2d. Iv
advertising, printing and charges incidental thereto,
they had expended in the half-year 1,1721. 93. Bd.
The " through-booking " arrangement could not be
achieved without an agency, and that agency had been
of the most efficient character possible. This ar-
rangement could not also be accomplished without
extensive advertising and placarding in every
town to which the " through-booking " applied.
The directors had spent 3,0001. in this manner, and
had charged the amount against revenue, though it
ought to have been spread on the next four or five
years' accounts. Besides the agency in Ireland, they
bad engaged a gentleman of high standing and of
great knowledge and experience to make preliminary
arrangements for the slate traffic. In the last
four or five months he had been in nearly
every town of importance in England and Scotland
for that purpose, and when the slate traffic was
thoroughly opened, the inhabitants of these towns
would be prepared to avail themselves of the increased
facilities offered to them. The fact of the pre-
liminary expenses being charged against the
revenue of the half-year proved that the di-
rectors did not desire to give the accounts
the most favourable appearance—on the contrary, it
showed that they charged against revenue all they
properly could, whether the expense incurred was
for the present or future benefit of the company.—
(Hear, hear.) If they had not done so, they might
have paid interest on the entire preference stock for
the:past year; He felt great dissatisfaction and dis-
appointment -.with! regard to the result of ,the mail
award. They were obliged to deduct a sum of 5,0001.
whichtec the directors had calculated upon receiving in
v eding accounts. TheiGovernment contract was
30M:10/- per annum, and the directors were surely
He considered entitled to expect that no deduction would be made
in cella, ,
nee of the break at the Britannia-bridge.
grievous that the company had a most
causeneofl complaint, inasmuch as they
had expended
erection of stupeeaeroy a million of money in the
works, which in any other
country could only übs
eactdifficultiesmthtehrown in their way,
undertaken by the Govern-
.or etlaeir Government taking ad-
vantagemen Govern-
ment, do
f the t
he
any
.._ceontract, was most
to seek a.lreduction" in.
M ar, hear.) The
to Parliament for
proceed
additional call
did not contemplateii(iltenu.dnehdantdo;erne.—
Ihear.) The directors
obstruction at this
altlin ebyuastbnaitreholders.—(Elear
in conjunction with
acuoußrrf,3
upon the
right
eator.)apPTlyh,e
the North-
had thought it
Western, for a separate entrance to Bir-
kenhead.—(Hears
mineral traffic to th
point in the , d e Mersey
our ays.
caused a delay of 1 They also
asked for powers to increase the tolls on a certain
portion of the line, in consideration of the enormous
cost they had been put to in erecting the Menai and
Conway bridges.—(Hear.) They also asked for
powers to issue perpetual preference stock, Which
would be guaranteed by the Western
Company. That would effect a saving of 10,000 i.,
a year. The North-Western had readily consented
to back the debentures, which would enable them to
raise money at 3/ instead of 5 per cent. as formerly.
They also asked to be exempted from a charge of
3661. per annum, which was at present imposed upon
the company by the Government, for the occupancy
of certain slips of land. That charge was utterly a
disgrace to the Government, and an injustice to the
company. He had thought that when the Govern-
ment spent some years ago three millions to get a
communication with Ireland in thirty-six hours they
would not have fixed a Peralneut charge of that