The Sun.
London, England, 1862-09-12 00:00:00

RAILWAY INTELLIGENCE.

EDINBURGH AND GLASGOW.

The half-yearly meeting of the shareholders of
the Edinburgh and Glasgow Railway Company was
held yesterday in the company's office, West
George-street, Glasgow,. Mr. Peter Blackburn,
M.P., chairman of the company, presiding.
The CHAIRMAN, in proposing the approval of the
report, said it was very unsatisfactory to have to
come to a meeting of shareholders with a reduction
of dividend, but the directors suffered the same way
as the rest of the shareholders in receiving a :snaall
share of dividend. They had not been able to
produce the same amount of money as formerly,
but he was not aware of anything that had been
done to create this reduction. He did not
think it was the management of the railway
at all ; it was the time of the public not allowing
them to travel so much this half-year. The meeting
was aware that there had been some alteration in
the rates of the fares, but there were some reduc-
tions of fares in regard to passenger traffic, which
he understood was the general desire of the share-
holders. That had been done, and as far as they
could ascertain by comparing the receipts, there was
something of a loss upon that ; but it was impossible
for anybody to regard it as a loss, because it was
impossible that the same number of passengers
would have travel ed if the rates had been the same
as they were last half-year. The chief reduction had
been in the number of second-class passengers.
They had gone partly with the first and partly with
the third class. They are now trying the running
of more second class carriages, to see if they had
any effect in the traffic. But in fact, till the travel-
ling public began to travel more upon the line, they
could not hope for more receipts. There was also a
diminution upon goods, but the principal diminu-
tion was in the mineral traffic. As the report ob-
served, there were exceptional periods when traffic
went down ovor cal tins o. All the neighbouring
lines were in the same position an themselves, and
some of the London lines had decreased on account
of the Exhibition. As they would observe, the re-
port then went on to speak of the working expenses
which were rather less than during the correspond-
ing period of last year. The plant and works bad
been kept in fully better order this half-year, so
that he really thought they might congratulate
themselves on the saving in this matter. With re-
gard to the capital account there was nothing to
add to what was stated in the report. They were
all aware that the Dumbarton line had been the
property of the Edinburgh and Glasgow Company
from Ist Aug. last ; and as it was expected that one
of the shareholders was going to raise certain ques-
tions in regard to their connection with that line,
he thought it better to defer any particular remarks
at this point. As far as the amalgamation of the two
companies had gone, and as far as they were con-
cerned in that question, he thought the more they
looked into the subject it would be found that the
amalgamation would turn out to the benefit of the
Edinburgh and Glasgow Company. Although the
receipts were perhaps not so large as they could
wish, yet, in the end, he had not the slightest doubt
that it would turn out to the advantage of the Edin-
burgh and Glasgow Company to have an interest
down the Clyde. The last bill mentioned in the
report was the Stirling and Dunfermline, which
passed the House of Commons, but was thrown out
by the Lords. He confessed that Jae thought the
Edinburgh and Glasgow Company were rather ill-
used in this matter—'(hear, hear)--as it was appa-
rent that any traffic going from the West of Edin-
burgh must pass up the Edinburgh and Glasgow
line. Considering, also, that they could make a
line to Queensferry at much less expense than any
other company, and that they could bring the traffic
into the centre of Edinburgh without any expense
whatever, there surely could be no doubt that the
Edinburgh and Glasgow was the company that
ought to make the line. They understood that
their bill was thrown out last year because
they did not provide a communication through
Dunfermline : while next year the Lords threw
out the bill because they went to Dunfermline. It
was verydifficult toplease people holding such views;
but he thought they were the proper company to
make the line to Queensterry. He hoped that they
wonla yet succeed in their object- In the mean-
time he had nothing to add, except that he would
be happy to give any explanation that any of the
shareholders might require. He concluded by
moving that the report of the directors, together
with the balance-sheet and statement of accounts,
be received and adopted.
Mr. H. DUNLOP seconded the motion.
After some discussion the motion was agreed to.
The CHAIRMAN then proposed the declaration of
a dividend of 3 per cent. on the ordinary stock for
the half-year ending 31sf July last, and 5 per cent.
on the preference stock.
The motion was adopted.
The proceedings then terminated with a vote of
thanks to Mr. Blackburn for presiding, which was
moved by Mr. I.leikleham.

ANO2IIER SUBSTITUTE FOR COTTON.

(From the Liverpool Mercury.)

If the diastrous conflict which is now raging in
America should unfortunately continue much
longer, there is a probability that it may have the
effect of producing a revolution in the manufactur-
ing industry 'of this country. Great efforts have
for some past been made to relieve us of our depen-
dence on the Southern States of America by open-
ing up and extending other fields for the cultivation
of the cotton plant; but as these efforts seem only
likely to furnish us slowly with a sufficient supply
of the precious raw material, men are now begin-
ning to turn their attention to the discovery of other
fibres which may be used as a substitute for cotton.
A few days ago great curiosity and interest were
excited by the announcement that a gentleman in
London has succeeded in finding a perfect substi-
tute, and he has since intimated his willingness to
make known his discovery on certain pecuniary
conditions. Whether his terms have yet been com-
plied with we do not know.

We have now to announce the appearance of
another discoverer of the same kind. The gentle-
man to whom we allude is a foreigner. For several
years past he has been engaged in the task of find-
ing a material more suitable than cotton for mixing
with wool, flax, silk, or alpaca; and we are in-
formed that his efforts have for some time been re-
warded with success. Having entered into commu
nication with Mr. David Chadwick, of Manchester,
that gentleman's practical experience at onco led
him to perceive that the discovery might be of
even greater importance than the discoverer him-
self imagined it to be. Mr. Chadwick therefore ad-
vised his foreign correspondent to visit this country
at once, and the advice was complied with, The
gentleman is now in Liverpool, and he has brought
with him not only samples of his raw material, but
specimens of the fibre spun into yarn, worked into
cloth, and mixed with linen, silk, wool, &c. All
these samples were submitted to our inspection yes-
terday, and we may remark that the inventor has
carried out his experiments to the extent of proving
that the fibre will take all dye colours, including
the new colours and the most delicate shades. He
has, therefore, gone far beyond his metropolitan
competitor. The new fibre, though it seems to be
somewhat harsher than cotton, nevertheless com-
bines with silk so as to be almost indistinguishable
from silk. In length of fibre and in strength it
appears to surpass ordinary cotton. In fact, Mr.
David Chadwick, who, as is well known, has for
years devoted his attention to cotton and its substi-
tutes, assures us that he has never yet met with a
material which realises all the desiderata so fully
as this new fibre. Another important fact alleged
in its favour is that it can be had in unlimited
quantities, and at a reasonable price. The inventor
at present refuses to discloze his secret, but we un-
derstand that the fibre is a European product.
Samples of the new material Null be on view in
the Exchange Newsroom to-morrow; and we be-
lieve that Mr. Chadwick and the inventor are pre
pared to meet a few gentlemen interested in the
cotton trade and to submit to them all information
under fair and reasonable conditions.