The Sun.
London, England, 1862-02-20 00:00:00

RAILWAY _INTELLIGENCE.

GREAT WESTERN.
The directors of this company have just issued

their report. It states that the agreement of the
30th of May, 1861, for the union and amalgama-
tion of the Great Western and West Midland Com-
panies, commencing from the Ist of July last, have
rendered some changes in the accounts for the half-

year necessary.
The accounts for the last half-year show (after
deducting all separate liabilities on the Great
Western account) a disposable balance of £133,983,
and the directors recommend a dividend at the rate
of 3 per cent. per annum on the Consolidated Great
Western Stock, carrying forward £10,424 to the
current half-year. The directors have charged the
sum of £4,500 as an estimated loss under the terms
of the original lease of the South Wales Railway,
which lease was specially excepted from being a
joint account, in the agreements with the West
Midland Company. The original lease expired by
agreement on the 31st of December last, up to
which date any differences in the accounts are to
be settled by arbitration. The South Wales re-
venues from that date will be placed in joint
account with the West Midland Company, subject
to the payment of rent and other terms fixed by
the heads of agreement, which have been approved
by special general meetings of the three companies.
The results hitherto obtained from the joint work-
ing of the Great Western and West Midland lines,
although productive already of considerable ad-
vantages to the public, can scarcely yet be taken
as an illustration of the ultimate or general
benefit hereafter which may be anticipated. The
directors express confidence in the future advantages
to be obtained, not only by the public, but by the
companies, as soon as the amalgamation shall have
been further and fully developed. Since the last
meeting in August it has been thought conducive
to the interests of the united companies to enter into
an agreement with the Metropolitan Railway
Company for working their ling, when completed,
upon the percentage system, providing for that pur-
pose the needful stock in locomotive engines, car-
riages, &c., so that every advantage may be ob-
tained for the convenience of the public using con-
tinuously the Great Western, West Midland, and
Metropolitan Railways for access to the city. The
works of the latter railway have been progressing
most satisfactorily, and their engineer reports the
prospect of completion for opening in June next.
The works at Paddington for a junction with the
Metropolitan Railway on the property of this com-
pany have been long since constructed, and, with a
view to work the Metropolitan traffic continuously
into the Paddington Station, it has been thought
desirable to provide station buildings and works
within the Great Western premises, which will
be forthwith undertaken by this company, and for
which the Metropolitan Company have agreed to
pay interest at the rate of 5 per cent. per annum,
under the working agreement. The works of the
West London Extension Railway and of the
Victoria Station in Pimlico have been carried
on with considerable spirit, and it is be-
lieved that both will be ready for opening
early in the summer. The new junction with
the West London!Railway at Wormwood Scrubbs is
advancing satisfactorily, but considerable difficulty
and delay have arisen with respect to the construc-
tion of a station at Kensington. The joint commi-
ttee of the Great Western and West Midland Com-
panies have entered into agreement with the pro-
moters of a local line, called " The East Gloucester-
shire Railway," for subscribing to and working that
line from Cheltenham, which is intended to join the
Great Western Railway by a junction with the
Faringdon branch, and to join the West Midland
Railway by a junction with the Bourton-on-Water
branch, for both which branches bills have already
passed. The companies jointly engage to subscribe
towards the share capital a blllll not exceeding
£350,000, and to work the line upon reasonable
, terms when made. A guaranteed contract for mak-
ing it has been arranged with Mr. Brassey, so as to

avoid an excess of expenditure beyond the contract
sum. At the instance of an influential public body
at Bristol, the two carnpanies have also consented
tporoemonottreidbubtey ,Call2osc,aoloocottno;aanrz;:vgfoarn
ford railway
line
the present station at Temple meads to zylu from
hill, near Clifton, embracing a connection with the
r
docks and quays of Bristol. The directors entertain
no doubt that it will be very advantageous to
support such an undertaking. There are other
bills now before Parliament, some promoted in
favour of, and others adverse to, this company's
interests, and the d'rectors refrain from express-
ing, upon this occasion, an opinion either upon
their merits or their objectionable features. In the
meantime the directors will not fail to devote their
best attention to the interests of the united corn-
panies, in respect to all bills submitted for legisla-
tive powers during the present Session.

LANCASHIRE AND YORKSHIRE
The half-yearly meeting was held yesterday at
Manchester, Mr. G. Wilson in the chair.
r e
pTehr et
aCdrivAe
emd A
tNe,
the past half-year, which had amounted to £7,000
tihne
eaadr
no
ntigosndoufritnhge
in passengers and £41,000 in goods. In consequence
the in
dine oc
Tr
na
sg e
of the present falling off in traffic of other descrip-
tions, the directors were now paying particular
attention to the development of mineral traffic.
Negotiations had been proceeding for a long time
between this Board and the London and Nortt-
Western, and were, he believed, completed, which
would enable this company to reduce very con-
siderably their working expenses. (Hear, hear.)
Although their earnings from goods traffic had so
much diminished, this company had carried during
the half-year 52,000 tons more than in the corres-
ponding period of last year. When the balance of
trade was restored between this country and Ame-
rica, he had no doubt the goods traffic of this com-
pany would recover itself likewise. He still in-
clined to the opinion that the cost of relaying the
permanent way would in future be lessened, though
in the past half-year it had increased. In refer-
ence to the proposed Shawforth line, he
did not know that he could advance any rea-
sons in its favour—(laughter)—further than
those he had the opportunity of giving 12 months
ago. He did not disguise the fact that it was a
costly line, the estimate being £40,000 per mile
but it would pass through a district likely to be as
productive as was the Bacup Valley (excepting the
town of Bacup), and £40,000 of the proposed ex-
penditure (£200,000) was to enable the company to
give the town of Rochdale the improved station
which had been so long called for. The only other
bill promoted by the company this session was for
a line near Doncaster, through Goole to the North-
Eastern Railway near Hull. In competition with
this there was a line promoted by independent
parties from Askerne to Hull, and also the respec •
tive schemes of the North-Eastern and Sheffield

Companies,
Mr. DUGDALE seconded the motion.

Mr. T. FIELDEN strongly opposed the Shawforth
line, and expressed his astonishment that the direc-
tors could have " the face" to bring forward again
a scheme which the shareholders had so decidedly
rejected. He moved, as an amendment, that the
clauses in the report relating to the Shawforth line
be struck out.
Mr. HODGSON seconded the amendment.
Mr. ROBERTS recommended the directors to with-
draw the Shawforth scheme.
Mr. BLACKLOCK (director) said that no one who
voted for the report would be committed to support
the Shawforth scheme as the directors had intended
to make that the subject of a distinct resolution.
(Hear, hear.) He believed that, if this company
did not make the branch referred tD, their adversary
the Sheffield Company would occupy the district,
and abstract from them a great deal more traffic
than would pay the interest on the money for the

construction of the line.
Mr. GRUNDY (the solicitor to the company), to
meet the apparent desire on both sides that the
report might be adopted independent of all refe-
rence to the Shawforth scheme, suggested the addi-
tion to the chairman's motion of the words, " Ex-
cept the subject of the Shawforth branch, which will
be brought forward in a separate motion."
This modification was agreed to by the Chair-
man, and Mr. Fielden withdrew his amendment.
Mr. J. FIELDEN moved as an amendment, to the
effect that the meeting regretted that it could not
express its entire satisfaction with the statement of
accounts.
Mr. KNOTT seconded the amendment.
The CHAIRMAN having replied,
The amendment Ras negatived, and the resolu-
tion (as modified) adopting the report was passed
by a large majority.
The guaranteed and preference dividends were
then declared, and also a dividend at the rate of 5
per cent. per annum on the ordinary stock.
The retiring directors were re-elected.
The CHAIRMAN then moved, aad Mr. RADCLIFFE
seconded, a resolution authorising the directors, if
they saw fit, to make the Shawforth branch.
Mr. S. FIELDEN and Mr. MARSHALL (directors;
spoke against the Shawforth scheme.
The CHAIRMAN put the resolution, which on a
show of hands was declared to be negatived by a
majority of 32 to 29.
Mr. RADCLIFFE demanded a poll.
Mr. T. FIELDEN said he had received a proxy
which was against the board, but he protested
against proxies being used.
The CHAIRMAN asked the opponents to name a
scrutineer.
Several objected.aipointe. L
appointed.
Rose and Mr. ever were
ultimately
Resolutions were then carried giving the directors
power to oppose other schemes in Parliament where
this company's interests would be compromised ;
giving the Board power to support the Doncaster
and Goole line, and re-appointing Mr. Wrigley as
auditor.