The Sun.
London, England, 1839-04-02 00:00:00

THE RAILWAY MAGAZINE.

The attacks made on the London and Birming-
ham Railway Company by a Correspondent of this
Magazine, call for immediate inquiry on the part
of all interested in the success of this great under-
taking. In the Number for March, the writer im-
putes great blame to the Directors for their mode
of conducting the financial matters of the Company,
and charges them with a systematic art of manage-
ment for the purpose of making the dividends ap-
pear nearly twice as large as the most favourable
calculation of the expenditure and receipts would
warrant. The Directors suppose that W. 10s. is a
gitimate dividend for half-a-year ; while " A
Friend to Railways and Truth" contends that,
looking at the undertaking in the best aspect, it
cannot realize at most 4 per cent. per annum ; and
that up to the present time, if the expenses had
been correctly taken and deducted, " the proba-
bility is, that this fine concern would hardly pay
the expenses, and no dividend be made, whatever
it may do hereafter." In. the Number for April
the returns to the attack, first making ample
apology for a gross mistranscript in the previous
Number to the disadvantage of the concern, asserts
that it cannot be completed for less than seven
millions, and directly charges the Directors with
having done more than all others together to bring
railroads into disrepute. It is quite impossible that
such sweeping accusations in a publication of that
sort can be passed over without inquiry, and the
sooner the fullest explanation takes place the better.
The London and Birmingham Railway has been
long looked to as a test for the success of this mode
of conveyance. It traverses the heart of the coun-
try, and forms one of the main links between the
capital and the next largest commercial town in the
kingdom, and any failure, from whatever cause—
whether from mismanagement, high fares, or unne_
cessary outlay—must have a most injurious effect on
similar undertakings. We have long taken great
interest in this line particularly, and should feel
grievous disappointment if even one-half of the
statements in the RailtuayMagazine are well founded.
An attempt has been made in the Railway Times to
rebut them, but some of the calculations in that
publication are so extravagant (one in particular,
that when the capabilities of the line are developed,
the Proprietors may reckon on a dividend of 17 per
cent.) that it would be a waste of time to analyze
them. Another writer in the same publication,
however, takes a much more rational view of the
question, and furnishes data for anticipating ulti-
mate success ; though he cannot disguise the fact,
that the results have not yet realised the expecta-
tions of the public. With his concluding remarks
we entirely concur. The mischief will only be in-
creased by concealing the truth.
" In fine," says he, " lam willing to believe
as before stated, that the undertaking will in time
become a very profitable one; yet, it cannot be denied,
that the prospect of its yielding the Proprietors a return at
the rate of only some five or six per ceht, per annum, even
for the present half-year, is cause for serious disappoint-
ment and anxiety, particularly when it is considered bow
high expectation has been raised by the florid statements
and estimates of persons officially connected with the con-
cern--some of whom are now confirming their favourable
opinions of its prospects by selling out shares I If doubt
and discredit be thrown on railways, it is by the interested
and delusive promises of large profits held out by Di-
rectors and others, which result, usually, only in vexatious
loss to those who are simple enough to be influenced by
them ; and although I am fully sensible that to shake
public confidence in the success of the London and Bir-
mingham Railway were in effect to inflict a "severe blow
and great discouragement" on railway property generally,
yet I believe that evil is much more likely to arise from
concealing than telling the truth."

We are glad to see from Reports published in
this number, the success which has attended the
opening of the Newcastle and Carlisle Railway,
and the favourable progress made in another line
—the Birmingham, Bristol, and Thames Junction
Railway. As regards the former, the increase of
the revenue over that of last year for passengers,
parcels, and goods, is better than 46 per cent.; and
the engineer of the latter has, reported that if the
necessary funds are supplied, the railway may be
completed and opened for traffic during the ensuing
autumn. Negotiations are in progress with the
promoters of a branch line from the Great Western
Railway to Windsor, for the use of the Thames
Junction Railway. Should the negotiations suc-
ceed, the line will be of great benefit to Windsor
and the adjoining country, especially as it will
enable coals there to be sold at 4s. the ton less than
the present price.