The Sun.
London, England, 1862-02-22 00:00:00

GREAT WESTERN.

The half-yearly meeting of this company was
held yesterday at the Paddington station, the Earl
of Shelburne in the chair.

The report and accounts, abstracts of which have
appeared in The Sun, were taken as read.

_ .
The CHAIRMAN moved the adoption of the report.
In regard to the paragraph relating to the amalga-
mation of the West Midland Railway Company
with this company, there was no doubt that the
proprietors had looked forward to a profitable result.
The directors certainly did regard it as a beneficial
arrangement for both companies, and had hoped
that before now the advantages would have been
manifest. But he did not consider the dividend now
proposed, under all the circumstances, to be an un-
satisfactory dividend. When two large companies
united a certain time must elapse before the benefits
of the union could be ascertained. There were some
portions of the West Midland line that were quite
new, and the traffic upon them undeveloped ; but
those sources of apparent present loss would become
in future years sources of certain profit. The Great
Western Company had, of course, to bear a great
part of the present loss, but when a profit came that
company would obtain a proportionate amount of
benefit. In making up the accounts of two such
large companies there must always be items which
told upon one side against the other. The accounts
of the two companies had been blended, but had not
yet been audited in their united shape, and there-
fore he could not further comment upon them.
The companies being now united, there must
occasionally be inequalities on one side or the
other, but investigations directed solely to the
discovery of those inequalities would only
create antagonistic feelings, which would result in
mutual dissatisfaction. The next point in the
report to which he should refer was that relating
to the Metropolitan Railway. He would observe,
that the Great Western Railway Company had
abstained for a long time from taking any direct
share in that undertaking, not from any want
of appreciation of the advantages of that scheme,
but because they did not see any prospect of its
being completely carried out ; but now it appeared
in a tangible shape, and was expected to be opened
for traffic in June next. The Great Western Rail-
way had long suffered in comparison with other
lines from the want of a city terminus, especially in
regard to suburban traffic. Recent experiments had
shown that the transit through the tunnelled por-
tions of the Metropolitan Railway could be effected
without any of those disagreeable accompaniments
which were at one time believed to be inevitable.
He, with some of his brother directors, had been
along the Metropolitan line in an open truck, but in
consequence of the complete condensation of the
steam engine there was no unpleasant vapour what-
ever in the tunnels. He looked forward to the open-
ing of that linens an advantage to the Great Western
proprietors as well as to the Metropolitan sharehol-
ders. An agreement had been come to, which would
hereafter be submitted to the proprietors, which,
while it would preserve the rights of each company,
would, he believed, tend to the advantage of both.
The next paragraph of the report which it was neces-
sary to notice was that referring to the East Glo-
cestershire Railway. Before entering on that sub-
ject, he would premise that if there was one thing
which the board of directors had been anxious to
avoid doing per se it was an extension of their lines
and an enlargement of their territory. (Hear.) The
departure from that principle in the present instance
had not emanated from them, as had been errone-
ously supposed. The fact was that the landowners
and other influential persons in the district lying
between Cheltenham and Faringdon had repre-
sented to the board of directors that they were de-
termined to have a railway, and that, although
they were very amicably disposed towards that com-
pany, as they had been before disappointed, they
wished it to be understood that if the Great Western
Company would not help them they should seek as-
sistance in other quarters. At that time this company
had not united with the West Midland, and there
were parties hostile to them who were willing to take
up the line if this company had refused to adopt it.
The question was therefore not so much whether or,

not this company should support that line, but whe-
ther it should permit the line to be made by parties
who had hostile interests. After the terms of agree-
ment had been come to the union with the West
Midland was decided on, and then it was found that
that company had been supporting a line from Bur-
ton-on-the-Waters to Cheltenham. The matter was

fully considered, and the conclusion that had been
come to was that it would be most economical and
more advantageous if the two proposed undertakings
were fused into one common line to Andoversford,
a little distance this aide of Cheltenham, and thence
to run two lines, one towards Faringdon, and the

other towards Bourton-on-the-Waters, which would
form an admirable outlet for traffic flowing from

Cheltenham and the west to the midland counties of

England. The united companies agreed to support
such a scheme provided they could be certain that

,be expenses of the undertaking would be limited
:o a certain amount, and an agreement to that effect

had been entered into. The directors were not un-
mindful of the objections against further extensions
and further outlay, but the relative advantages and
disadvantages in this instance had been most care-
fully weighed. The total amount of railway to be
constructed would be about 40 miles, and he believed

it would not only pay its expenses, but be very re-
munerative. Between Andovereford and Faring-
don there would be a considerable amount of local

traffic, and, although there might be a possible loss
upon that line, yet it must be remembered that if
they had not supported the line other persons
would have made it, and would have substracted
from the Great Western line six or seven times the
amount of possible loss. (Hear, hear.) The formation
of the proposed line would shorten the distance be-
tween Cheltenham and London 24 or 25 miles. He
would next advert to the paragraph of the report
which referred to an outlay for an extension from
the Bristol station at Temple-mead to Clifton, and
that scheme had also been pressed upon the direc-
tors by those locally interested. There was no
doubt of the value of the undertaking if it were car-
ried out with the consent of all those who were
interested in the commerce of Bristol. Upon this
point he wished to correct some misrepresen-
tations that had been made. The Board had always
been anxious to support such a scheme, because
they thought it was a sound undertaking, but they
had always been of opinion that it should be done
in such a manner as would meet the views not only
of the traders and merchants of Bristol, but also of
the several railway companies having termini at
that place. They had never sought to act singly,
but had been desirous to co-operate with the other
companies in carrying out a scheme which should
be acceptable to all parties, and he thought from
what he had heard that there was now a prospect
of carrying out a scheme that would be mutually
acceptable. In connexion with that paragraph of
the report which referred to bills before Parliament
affecting the interests of this company, he could not
avoid alluding to the position of this company to-
wards the London and North-Western Company.
The proprietors would join with the directors in
regretting that their recent alliance with the West
Midland Company should have formed a ground for
the encouragement by the London and North
Western Company of several schemes of a hostile
character towards the Great Western Company.
The alliance with the West Midland was a most
natural one, and must have been long foreseen. The
West Midland line was but the prolongation of the
old Oxford, Worcester, and Wolverhampton Rail-
way, which was supported and fostered by the Great
Western, and therefore it was surprising that the
union between the two companies should be re-
garded as a ground of complaint on the part of
the London and North-Western Company. The
directors had always been anxious to preserve a good
understanding with their neighbours, and therefore
they regretted the course that had been adopted by
the London and South-Western Company. Without
entering upon a discussion of the questions between
the two companies, he felt bound to defend himself
and his brother directors from the charge of having
declared war against the London and South Western
Company. (Hear.) It was true that they had en-
tered into an agreement with the Andover and Red-
bridge Company,but that line had been sanctioned
by Parliament as a broad gauge line, and was ob-
viously intended to connect itself at some time with
the broad gauge system. The agreement with that
company did not imply hostility towards the Lon-
don and South Western Company, but, even if it
did so, the directors had offered the utmost modi-
fication in their power by suggesting to allow the
South Western Company to make arrangements
with the Andover and Redbridge Company, pro-
vided the intentions of Parliament were not frus-
trated, and that the traffic of the Great Western
line to Southampton should be put upon a certain
and secure footing. They also offered to submit all
points of difference to arbitration, and therefore he
thought the shareholders would be of opinion the
directors had not neglected the means of preserving
good relations with all neighbouring companies. In
conclusion, the noble chairman said be hoped the
statements he had made would be satisfactory, but
if further explanations were required he should be
quite ready to give them.
Lord BARRINGTON seconded the adoption of the
report.
Mr. BRIDGES thought that, as two bills were be-
ing prosecuted by this company in direct antago•
nism to the South Western Company, there was no
reason to be surprised at the hostility of that com-
pany towards them. (Hear.)
The Rev. Mr. NICHOLSON defended the adoption
of the Andover and Redbridge line, and contended
that it was right that if the South Western line
went to Bristol this company should control it by
obtaining an access to Southampton.
Mr. ADAMS said, if one company went to South-
ampton they must not complain that the other
went to Bristol.
Mr. NORRIS, M.P., had come prepared to re-
monstrate against any further extension schemes,
but the lucid explanation of the noble chairman
had induced him to modify his opinion upon the
present occasion. He felt bound to yield a reluc-
tant consent to the new lines now proposed, not on
account of their intrinsic value, but as a matter of
protection for their own interests. He assented to
the extension at Bristol because it was needed by
the increasing commerce of that port, and because
it would be largely advantageous to the Great
Western Company.
After some observations from Mr. Malins, Mr.
Giles, and Mr. Taylor,
The motion for the adoption of the report was
agreed to unanimously.
The meeting was then made special, and resolu-
tions for converting the Chester and Birmingham
preference shares into stock, for enabling the direc-
tors to contribute £lO,OOO to the Wenlock Railway.
for making a working agreement with the Wycombe
Railway Company for their extension lines to Ox-
ford and Aylesbury, and also approving the deed of
arrangement and lease of the South Wales Rail-
way, were severally put and agreed to.
Mr. BRIDGES and the Rev. Mr. NICHOLSON ex-
pressed their gratification at the conclusion of the
negotiation with the South Wales Company for
the satisfactory termination of which the share-
holders were much indebted to the exertions of the
chairman and the secretary, Mr. Saunders.
The proceedings closed with the usual compli-
ment to the noble chairman.

DEATH OF A CENTENARIAN.—Ann Dunning, a
widow, of Upper High-street, Taunton, has recently died
at the patriarchal age of 105. Up to the time of her death
the old lady was in full possession of her faculties, and was
since,
frequently accustomed, until within a short timeesy m
ine
take active bodily exercise, sometimes walking many
in the course of a day.— Western Counties Herald.
An old four-horse stage-coach will ere long be less a
novelty than premature grey hair, which is fast disappearing
under the effects of Herring's Magneti c Brushes and Combs,
which recent improvements have rendered almost infallible
in restoring the colour to grey hair, and also in removing the
agony of tic doloreux and nervous headache. N.B.—Coun-
terfeits are being made. Offices, 32, Basinghall-street,-
London.
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