The Sun.
London, England, 1865-03-03 00:00:00

has already appeared, was taken as read.

The CHAIRMAN, in moving the adoption of the
report, said that the most prominent feature in it
was that the gross receipts for traffic during the past
half year showed an increase of £135,000 as com-
pared with those for the corresponding period of
1863. The most disappointing matter was that out

of that increase they were only able to offer the
shareholders an increase in the sum available for
dividend of £30,000, and in offering them that
amount he would explain how the remainder had

been expended. He might mention, however, that
_ _ _ _ _

the dividend for the year 1863 amounted to £2 7s,

per cent., and for the year 1864 to £3 2s. 6d. per
cent. (Hear, hear.) Now one of the largest items
of increased expenditure had arisen from interest
charges, £16,000 for the six months ending Jan.,
1865, as compared with those for the same half year
ending Jan., 1864. Of that sum £7,000 was for

interest on the increase of capital expended, and
there was a sum of £4,000 for capital expended on
the Aberdare branch of the Newport section. He

might tell them that there was not one farthing of
interest on capital.that had not been charged to re-

venue. They had been as severe on revenue as

possible, so as not to increase the capital of the com-
pany in any way that could be avoided. (Hear.)
There was a charge of £5,000 for an increase of the
interest owing to the charges for higher rates of
money that had prevailedduring the last six months,
and, looking to the large amount of floating
debt, he did not think that the increase of
£5,000, owing to the increased rates, was more
than could have been reasonably expected. Another
large item of increase in expense was £lB,OOO for
additional rent-charges for lines leased by this com-

pany, as compared with those for the corresponding
period ending Jan. 31, 1864. Several new lines had
been opened—the Tenbury and Bewdley, and the
extension of the Wycombe from Thame to Oxford
and Aylesbury. The Tenbury and Bewdley was a
line over which the London and North-Western
could get access from South Staffordshire and Man-
chester to South Wales. In a year or two that was
likely to be one of the most profitable lines they had.

On the first opening of lines the expense of working
was considerable as compared with the receipts.

The line from Thame to Oxford and Aylesbury was
carried out when the West Midland were projecting
an independent line to London for themselves, and

it now furnished a second line to Oxford through
Buckinghamshire. Those lines had been worked
during the half year without yielding any profit to
the company. The Hampstead and City and the
Colebrookdale branch had been opened for traffic
eexpenses, duringes
theye ha h
l fear.
- With regard to the locomotive
had exceeded by £8,200 those for the
corresponding period, but the charge per train mile
was less than for the same half of the preceding year.
The additional mileage run by the trains during the
past half-year was 700,000 miles, which also tended
to increase the expenses. The same might be said of
the item for carriage and waggon expenses, which had
shown an increase of £7,800. In the carrying account
there was an increase of £19,000, and in the general
charges of £12,000. Those items of increase had
been partly caused by additional expenses, and were
partly necessitated by a desire to provide for the
convenience and safety of the public. They had
been compelled to increase their staff and to reduce
the rates charged in consequence of the strike, and
they had thus obtained a carrying traffic between
Staffordshire and South Wales, which he hoped
would recompense them by the interchange of new
traffic. There was not sufficient rolling stock or
adequate siding accommodation at many places on
their system, but when those were provided the pre-
sent working expenses, in some respects, would be
diminished. They had made traffic and other ar-
rangements with the Vale of Neath and the Metro-
politan Railway Companies, which he trusted would
be beneficial. That made with the Vale of Neath
Company would give them access to the Aberdare
coal district and to the docks at Swansea, which
would save them much expense in working the mine-
ral traffic. They had placed, Mr. J. Williams, the
general manager of the Vale of Neath Railway, at
the head of the Welsh district, and from his perfect
knowledge of the requirements of the trade, and
other circumstances, the new arrangement would be
beneficial to all parties. The arrangement with the
Metropolitan would give the Great Western access
to the heart of the city of London, and bring them
into communication -with the " Inner Circle line."
The long traffic from Bristol, Birmingham, and other
places would be developed by means of quick trains
running into the Finsbury station, and also the sub-
urban traffic would be brought into operation. The

present station at Farringdon-street, which now
covered about 3i acres, would be leased to the Great
Western at a certain rent for a goods station. This
would save them four miles of cartage, and enable
them to carry and deliver a certain description of
goods traffic that they could not get before: He
trusted they would unanimously approve those ar-
rangements. (Cheers.) During the half-year they
had entered into an agreement with the London and
North-Western for the joint possession of the
Shrewsbury and Welshpool Railway, which had been
heretofore worked rather against the interest of the
Great Western Company. They had also agreed
with the South-Western Company for a joint lease
of the Weymouth and Portland line, which, he
hoped; would be opened for traffic in a few
weeks. They hid also agreed with the Metropolitan
Company to take a joint lease of the Hammersmith
and City line, on the principle of allowing a rebate
on four miles of the Metropolitan and one mile of
the Great Western, equivalent to a fixed guarantee
of 5 per cent. for the first year, rising for four years
at the rate of 2s. 6d. per cent. until it arrived at 5i
per cent., which was to be continued for 999 years.
This would give them an outlet for their minerals,
and tend to develope the traffic on the main line.
The Board had appointed Mr. Young, one of the
members of an eminent firm, to conduct their law
and Parliamentary business for a stipulated amount,
and he trusted that in future there would be a saving
under that head. They proposed to raise £1,000,000
more capital for the purpose of satisfying the public
requirements and to accommodate the increase of
traffic, to construct and improve stations at Slough,
Reading, and other places, and to provide additional
rolling stock. They proposed to interchange traffic
with the South Eastern and Brighton Companies,
and to take the express lines on one side of the new
joint station to be built at Reading, so as to avoid
accidents. The workshops at Swindon would be
enlarged to meet the requirements of increased traffic,
and to keep their working stock in efficient repair.
They proposed to lay down the narrow gauge over
the Hereford, Ross, and Gloster line, which would
complete their narrow gauge communication from
South Wales to Birkenhead. The outlay on those
facilities and improvements would be most productive
to the company, and would yield 20, 30, or 40 per cent.
He then explained that the by-law which had been
agreed upon two years ago for preventing the for-
mation of any extension lines without the permission
of the shareholders could not be •acted upon to the
letter, as they were often surrounded with speculative
competitive schemes. While the directors were will-
ing to carry out the spirit of that by-law, they could
not, in the interests of the company,
be bound by
the letter of it. They had agreed t 9 form, in con-
junction with the Midland and Bristol and Exeter
Company, a joint station at Bristol, as the present
one was quite inadequate to accommodate the traffic.
There was a new line proposed from the Midland
Railway at llendon through Buckinghamshire to the
East Gloucestershire Railway, which was a specula-
tive, needless, and injurious scheme, and he had
confidence in the wisdom of Parliament that they
would reject it. With regard to the Government
commission to inquire into the working expenses of
railways, the directors would endeavour to further
their object and furnish them with every informa-
tion in their power. He hoped that it would be so
composed as to fairly represent the vast mass of
capital that had been expended on the railways, and
that the commission would also inquire into the
causes and effects of the action of Parliament gene-

rally on the railway system, and as to how an eco-
nomical and beneficial state of things could be esta-
blished for the future. He had no doubt that the
traffic on the company's line would go on increas-
ing, and if the proprietors would give the directors
the means of carrying it on in a proper manner he
had no doubt the result would be satisfactory to the
proprietors. A period when the receipts were increas-
ing was the time of all others to economise the ex-
penses. He could assure them that the promotion
and advancement of every officer in their service
would depend on the vigour and prudence with
which he economised every item of expenditure in
his department. He hoped, therefore, to see a
complete system of economy pervading every de-
partment of their great undertaking. (Hear.)
Mr. W. FENTON, deputy chairman, seconded the
motion for the adoption of the report.

Major COURT thought the directors ought to have
stated in their report the amount expended on the
Vale of Neath line, and the grounds upon which they
recommended the amalgamation with that company.
Mr. DELAHUNTY called attention to the ener-
getic manner in which the London and North-
Western Railway Company were endeavouring to
secure the whole of the Irish traffic. He contended
that the southern portion of that traffio belonged to
the Great Western Company, and that proper
means should be immediately adopted to secure it.
Lord R. CECIL was glad to say they had now
a very efficient Board, and a very able chairman,
and he thought that fully justified the shareholders
in supporting the Board in every way they could.
He should like to know the amount of the Parlia-
mentary expenses during the past half-year.
_ _

Mr. Marriott said that the London and North-
Wester n were not satisfied with getting their fair
share of the Irish traffic, but had taken steps in the
north and south to secure the whole of it.
Mr. TAYLOR stated that he found from the ac-
counts that the legal and Parliamentary expenses
paid by the company during the hall-year amounted
to £35,000.
Mr. ADAMS, a candidate for a seat at the Board,
said he thought the present directors had had a very
fair trial, and that the result of their operations had
disappointed every one in the room. The increased
traffic for the past half-year had cost 50 per cent. to
work it, while for the corresponding half-year it
had been worked for 25 per cent. of the increased
receipts. He was quite as confident as ever, if the
undertaking was properly managed, that in the
course of five or six years it would yield dividends•of
8 per cent. on the ordinary stock.
Mr. GILES thought the chairman and directors
were fully entitled to their confidence. With re-
gard to the by-law, it was all very well at the time
it was passed, but he believed that in the altered
state of things it was impossible to carry it out with
advantage to the company. The scheme for con-
necting their line with South Wales by crossing
under the Severn by a tunnel was far superior to
that of another company for carrying a line over the
Severn by means of a high-level bridge, at three
times the cost of the tunnel line.

The C AIRM AN replied to the various observations,
apparently t) the entire satisfaction of the meeting.
He stated that they were on the most friendly and
and amicable terms with the London and North

Western Company. The directors had under con-
sideration the organisation of a better service be-
tween South Wales and Waterford, for the develop-
ment of the southern portion of the Irish traffic.
The Course adopted by the Midland Company in
respect of the East Glocestershire scheme was un-

justifiable, under the authorised agreement with the
Great Western. The Vale of Neath Company were
not to have less than £85,000 a year, 5.0625 per
cent. of the joint traffic. The amount of their
capital had, therefore, nothing to do with the arrange-
ment, which itwas believedwould prove a very bene-
ficial one for them and the traders in the district.
Resolutions were then unanimously passed adopt-
ing the report and statement of accounts, declaring
a dividend at the rate of 3+ per cent. per annum on
the Great Western consolidated stock, at the rate of
2 per cent. per annum on the West Midland (Oxford)
stock, at the rate of 1:1 per cent. per annum on the
West Midland (Newport) stock, at the rate of 5 per
cent. per annum on the West Midland (Hereford)
stock; and atthe rate of 34- percent. per annum on the
South Wales consolidated stock, leaving a balance of
£6,087 ; re-electing the retiring directors—viz., Mr.
Bodenham, Mr. Brown, Mr. Dillwyn, Mr. Hamilton,
Mr. Michell, Mr. Ogilvy, and Mr. Walpole ; em-
powering the directors to raise £1,000,000 by the issue
of shares or stock in such manner and on such coudi-
tions as they might think fit ; approving the bill now
before Parliament for granting further powers to the
company, and authorising the directors to proceed
with it ; and approving and confirming the agree-
ments with the Vale of Neath Railway Company,
the Metropolitan Railway Company, the Hammer-
smith and City Railway Company, and the London
and North-Western Railway Company for the joint
ownership of the Shrewsbury and Welsbpool Rail-
way.