The Sun.
London, England, 1853-02-18 00:00:00

for other arrangements which in the end they will find
impracticable, they draw themselves into a protracted
struggle through successive years—they cannot complain
of us if we feel bound, under those circumstances, to
seek for Parliamentary approval and confirmation of
the agreement entered into by them with us.
I do not believe the Legislature ever can or will permit
the control of the Shrewsbury line to fall into the hands
of the London and North-Western Company. It is ut-
terly at variance with the policy which up to ,the very
last session they have consistently pursued ; and I am
happy to find that Mr. Clive--than whom there is no
man whose Parliamentary experience enables him to
form a sounder and more practical judgment on such a
question—was of the same opinion. I trust we shall go,
then, to Parliament with the full confidence that,
with regard to one or other or all of our bills,
the Legislature will sustain the policy which
it has invariably pursued in reference to those
lines, and confirm the engagement into which the pro-
prietors of the Shrewsbury Company themselves volun-,
tarily and deliberately entered with us, at a time when
they considered themselves oppressed by the London
and North-Western Company. I have thus referred as
briefly as I can to the questions which affect most im-
portantly the interests of our company at the present
period. I have intimated pretty clearly the policy which
it is our intention to pursue. We were always, and are
still, prepared to enter into any reasonable agree-
ment either to satisfy our friends or to disarm
our opposition, but we cannot consent to endanger
the interests, or damage the credit of the Great
Western Company by undue concessions ; and if
such concessions be demanded of us we must, though
we shall reluctantly pursue that course, stand on our
rights. (Cheers.) The chairman concluded by calling
on the secretary to read the report, which was as fol-
lows:

"During the last half-year of 1852, for which the accounts
have been recently transmitted to the,propiietors, the line
of railway between Banbury and the town of Birmingham
beenls Ocbtroobuegrh,tbiunttoexclusively use, having been opened on
or the conveyance of pas-
partial use
hasthe
sengers. The accommodation in buildings, sidings, and
approaches to the goods sheds, requisite for carrying on a
merchandise traffic, could not be provided at that time,
and it was therefore impracticable to undertake any busi-
ness in conveying goods or minerals, even for local pur-
poses, over the Birmingham line. The income of the com-
pany has been, consequently, but slightly increased by the
limited use made of that railway ; and when the general
reduction of fares and rates on all the Great Western
lines, as well as the long continuance of wet weather, (di-
minishing everywhere the usual traffic of passengers, but
increasing the expenditure for maintenance), are taken into
account, the result of the half-year may be considered favour-
able to the future prospects of the company. For it must be
remembered that the effect of the compulsoryreduction con-
sequent upon opening
the Birmingham and Oxford Rail-
way, was necessarily most disadvantageous at the very
commencement, before any increase in the number of tra-
vellers or quantity of goods, ordinarily anticipated from a
lower scale of charges, could be obtained to countervail
the loss. The accounts of revenue and expenditure have
been made up in the usual form, for the information of the
proprietors. The peculiar circumstances of the last half-year
of 1851, when the receipts had been so greatly increased by
the Exhibition, forbid any attempt, by means of the
usual comparison between corresponding periods, to show
the progress of railway traffic, or to explain the nature
and causes of any difference which may appear either in
the income or charges upon it. It may be mentioned,
however, that the two principal items of increased expen-
diture in the present accounts, consist of maintenance of
way and locomotive power ;—the former is to be accounted
for by an unexampled season of weather, affecting the
works and drainage of the railway, and the latter arises
principally from the greater number of miles run ; but is
augmented by
increased cost of materials and labour, and
heavier repairs occasioned by the effects of the wet weather
and partial floods on the line. After charging interest on
an expenditure of 1,347,1151. for the Birmingham and
Oxford Railway from the day of its opening, and defray-
ing all charges on the loans and fixed capital of the Com-
pany, there will remain 228,503/. ss. 7d, at the disposal of
the company, which will admit of the usual dividend
beimg paid at the rate of four per cent. per annum, leaving
s balance of 63,7771. 15s. 3d. to the next account. Under
the terms of agreement for the purchase of the Birming-
ham and Oxford and Birmingham, Wolverhampton and
Dudley Railways unitedly, those railways will be trans-
ferred to this company on the Ist April next, from which
date a further portion of the capital expended on the
former line will become a charge on the revenue.
The accounts of the Kennet and Avon Canal have been
made up, and the directors have the pleasure to
report that there will be a surplus, after defraying every
charge and paying the guaranteed dividend to the Kennet
and Avon shareholders out of the separate receipts from
the canal traffic. The lease of a portion of the South
Wales Railway between Grange Court and Swansea came
into operation on the 19th July last, subject to specific
conditions in the agreement between the two companies.
The covenants in that deed have rendered it necessary to
refer to Sir William Cubitt certain points for decision, re-
lating to the charges for working the South Wales line
with locomotive engines and other plant ; and some ques-
tions remain for amicable adjustment between the boards,
before the proceeds of their traffic can be correctly ascer-
tained. The auditors have recommended a permanent
system of introducing the actual result of the half-year's
revenue of the South Wales Railway, after being duly
certified, into the Great Western accounts of the following
six months, in preference to stating in each current half-
year probable or estimated results,—always liable to be
inaccurate, and requiring correction by subsequent entries,
—and the directors entirely concur in the propriety of that
system. The accounts received for parliamentary expenses
in promoting bills before parliament and in opposing hos-
tile measures during the session of 1851-52 are now under
examination; a portion of which expenses will be defrayed
by other companies, under arrangements made with
them. The actual charge on this company can only be
ascertained after all the bills shall have been received
and examined, and the amount will be brought
into account probably during the present half year.
The position of agreements with the two Shrewsbury
Companies for the interchange of traffic and future amal-
gamation, again form subjects for the consideration of
Parliament during the present session. An effort has been
made to persuade this company to guarantee a fixed divi-
dend to all the shareholders of these two companies, whe-
ther opposing or assisting the alliance with this company,
and irrespective of the earnings of those lines. Under the
agreement framed and submitted to Parliament for a
different object, those undertakings will remain under the
separate control and management of parties representing
exclusively tho interests of the Shrewsbury shareholders,
who claim to have not only the guaranteed dividend, but
also the right to postpone the future amalgamation of the
three companies ; and your directors have acquainted the
two Shrewsbury boards, that they cannot recommend for
the approval of this company conditions so inequitable
and inconsistent with the principles of .the subsisting
agreements already confirmed by the three companies. The
proprietors are aware that writs of mandamus have been
applied for and granted by the Court of Queen's Bench,
requiring this company to proceed with the construction
of certain lines of railway not yet commenced ; and it is
deemed advisable, pending an" appeal upon those cases, to
refrain from expressing any opinion upon them. But your
directors have been for some past in communication of a
more friendly character as to the completion of the branch
of ithe Wilts and Somerset line between Melksham and
Devizes (about eight miles and-a-half),'or which the
land has been bought and principally paid for, and upon
which the works were long since contracted for and com-
menced, although subsequently discontinued in the times
of monetary pressure. It is the opinion of the board that
there should be no further delay in proceeding with that
line. The estimated sum for its completion is 60,000/. ; and
considerations of traffic, as well as other advantages to be
derived from it, induce your directors to recommend it to the
proprietors, with a view to their passing a resolution to
authorise that measure. The engineer's report, which is
appended, explains the principal railway works in progress,
and the present condition of the new station buildings at
Paddington. Since the last vote was taken in February
1852, the directors have caused plans and estimates to be
submitted to them of a farther portion of the new buildings
and works, consisting principally of accommodation for the
locomotive establishment and the passenger arrival shed
and platforms, which are, of course, indispensable for the
business of the company. Those works have been arranged
in the most economical manner, consistently with perma-
nence, and adapted to the convenience of the traffic. A
resolution will be proposed to the meeting for voting an
additional sum of 75,0001., to be applied generally to pur-
poses in connection with the new Paddington Station. The
Great Western Hotel, at the London Terminus, is in a very
forward state, and can be finished for occupation, as soon as
the passengerbusiness shall be transferred into the adjoining
buildings. An association has been proposed for taking a lease
of the hotel, and the proprietors are invited to join individu-
ally in subscribing for thatpurpose. It is thought advisable
to submit that proposal for the consideration of this meet-
ing, as some of the directors and others officially connected
with the company, who are willing personally to unite
in aiding it, decline to do so, unless with a distinct ap-
proval of the plan, and recognition of the principle by a
von of the proprietors. The terms of the lease are re-
corded in a circular, which will bo read to the meeting ;
and the main object being to secure a well-conducted
establishment at moderate rates of charge to the public,
which seems most l;kely to be effected by such an associa-
tion, it is intended to limit the liability of subscribers
to the capital they may embark in it, by providing that any
person- who may have paid up the amount invested, shall
be at liberty to relinquish his interest in the association
to this company, as owners of the hotel, discharged of
all further liability beyond the actual sum subscribed.
As the bills before Parliament, to which the company
are parties, will be brought under consideration at a
special meeting, in compliance with the Wharncliffe stand-
ing order of the House of Lords, the directors think it
unnecessary upon this occasion to do more than report
that powers are sought for extension of time in the con-
astbruouciti7onutiolfesthune Udexrbarirrdangegaenrantde
s Henley
branches (together
with parties interested
in them. Your directors have the satisfaction of reporting
that some very important appeals against the assessments
of the railway have been recently decided in favour of the
company, upon principles for which they had been long, but
unsuccessfully, contending. The effect has been to reduce
materially the mileage amount assessable for rates on some
of the branch lines, and a considerable sum paid since
1849 under protest, but made subject to those appeals,
will become applicable in relief of future rates. A reso-
lution, duly moved and seconded at the last meeting, to
increase the allowance to each auditor from 501. to 1001.
per annum, was withdrawn at the request of one or two
proprietors, in order that it might be treated as a notice
then given for the subject to be reconsidered at the Feb-
ruary meeting, upon the understanding that if a resolution
to that effect be adopted, it shall be considered as retro-
active during the last half-year. It is only due to the
auditors and their accountant, to represent that their
duties are both arduous and responsible, in the minute
of each warrant and voucher for the payment
audit of every portion of the accour;s, as well as the ex-
aminationand receipt of monies. The retirement of three directors
by rotation at this meeting, viz.—Viscount Barrington,
Esq., of GloucesteD—places their seats at the disposal of
M.P., James Gibbs, Esq., of Bristol, and Richard Potter,
the proprietors, under the provisions of the act ; which,
however, renders those gentlemen eligible for re-election."
The engineer, in his report, stated :
"In reporting upon tha. proceedings and events of the
last six months, the prominent subject was naturally the
extraordinary,season which they had passed through, from
the effects of which they were still suffering. Since the
completion of the principal railways of England,
they had
not experienced a seasonof such long continued wet, and
there never had been so much difficulty in maintaining the
lines in working order. Upon the Great Western Railway,
and its several branches, the principal causes of inter-
, ruption had arisen from the washing down rather than
slipping of the slopes of the clay cuttings, Which required