The Sun.
London, England, 1853-08-19 00:00:00

RAILWAY INTELLIGENCE.

GREAT WESTERN RAILWAY.
The ordinary half-yearly general meeting of this com-
pany was held yesterday at the Bristol Terminus.
The notice convening the meeting having been read,
The CHAIRMAN addressed the proprietors as follows :
Gentlemen, we are now passing through that period of
Pressure consequent on the first opening of the northern
lines, which we always foresaw, and for which, as far as
it was practicable we had made preparation. We
knew that about this time we should be obliged to carry
the capital expended on those lines to account.We
knew also that until the traffic should be fully developed
we could not expect any direct return for that expendi-
ture, and the amount that we take from our reserve, in
order to meet the demand thus occasioned, has been set
aside specifically and expressly for that purpose. Our
accounts will show that the interest on the money ex-
pended in the construction of the Birmingham and Ox-
ford line is all now carried against our current revenue.
Nor is this all—the expense of working the line, and
the establishment necessary for it, are very considerable,
while as yet we receive a very small return for it. We
never did look at the districts south of Birmingham as
proving the most productive portion of these lines. We
have always looked upon the Wolverhampton line,
which is still unopened, and to the district beyond it to
the north, which also is still closed to us, for the great
bulk of our traffic in that direction, and while we are
incurring this great weight of expense, we are receiving
I may say no return for it. These difficulties, for
which we were prepared, have been accompanied by
others which we could not have foreseen, in the extra-

ordinary season through which we have passed, and in
the rapid rise in the price of labour and materials'of every
description. Iron has advanced from 61. or 71. to 91.
or 101. a ton, and the charge for maintenance of way
has, from these causes, increased from 45,0001. in the
last year to 60,0001. in this half year, and the repairs of
the locomotive stock and the carriage plant have in-
creased by the same means in about the same ratio, and
to complete the whole, at the very time when all those
charges fall upon us, we are obliged to make a reduc-
tion in our rates and charges over our entire line—a re-
duction which, as you are aware, has been imposed upon
us by the Legislature on the opening of the Birming-
ham and Oxford line. Fortunately, the opposite side
of the accounts presents a more favourable result. The
traffic—the passenger traffic—has rapidly increased.
The extent of that increase upon our own line you will
find stated in the report, and considerable as it was in
the last half year, it is satisfactory to see that it has
increased in a still greater ratio ix the few weeks that
have passed of the present half-year, and including the
last week, it is now averaging 56,0001. a week. During
the first few years of our South "Wales contract we al-
ways expected to incur some loss, and we calculate that
for the last half-year we shall have to make payment to
them of 7,0001. or 8,000/. We are not able to state the
precise amount, as we have not yet received the award
of Sir W. Cubitt, which has been delayed, partly by his
absence on the continent and partly by ill health, but I
believe it is nearly completed, and we are In the expecta-
tion of receiving it in a very short time. But I have
been looking into the receipts of the South Wales lines,
and it is my duty to say, though the length of those
lines has only been increased from 100 miles to 330
miles, the receipts have almost doubled in the last year.
This, too, though the mineral traffic, which is the most
important part of the traffic of that district, is as yet al-
together undeveloped. I trust, therefore, that the time
is not very remote when we may look to the South
Wales line as a source, not of loss, but of profit, to the
Great Western Company. (Hear, hear.) And we hope
you will consider, therefore, that the wonder is not that
we have been obliged to encroach as we have done upon
the reserve fund, but that we have been enabled to
maintain our dividend undiminished, in spite of the con-
currence of so many adverse circumstances. (Hear,
hear.) It is possible we may still have to incur some
adverse pressure in the next six month's, or during an-
other year. But when you consider that the South
\Vales traffic is in its infancy, that the northern traffic is
scarcely formed, and that we have already incurred the
greater portion of the expense of these lines, you will, I
think, agree with your directors that there is no cause
for entertaining mistrust or apprehension of our future
prospects, but that, on the contrary, you will think with
us that we are every day rapidly approaching the period
when we shall have entirely surmounted the difficulties
which we always knew would be inseparable from the
first opening of our northern lines. The session of Par-
liament which is now terminating closes upon us under
a more favourable aspect than it opened. The appoint-
ment of a Government committee has never been
ominous of much good to railway enterprise. If it does
nothing else, it unsettles the public mind as to the state
of a large class of property. The various objects of the
different parties concerned in that inquiry soon became
apparent by the evidence of the first witnesses who were
called. The London and North Western Company evi-
dently hoped they would be able to use the committee
as the means of securing themselves in the possession of
their large territory, and of protecting themselves not
only against the formation of new lines, but against
the combination of old lines, and for such protection
they were prepared to concede very large powers to
the Government. We were as much opposed as they
can be to the extension of useless and unprofitable
lines. We deprecated as much as they could a rash and
ruinous competition, but we felt convinced that in these
days it would be utterly hopeless to attempt to obtain
that absolute protection which some of the companies re-
presented by the witnesses required. We thought that if
even the present Parliament (which was extremely im.
probable) should be induced to grant such protection,
that subsequent Parliaments would treat the matter not
as one of faith, but of fiscal policy, and the railway com-
panies would find themselves when they came to en-
counter the powerful arm of the Government and the
Legislature in the predicament of having made great
sacrifices without the possibility of obtaining any real or
permanent equivalent. The committee seemed not in-
disposed to avail themselves in the first instance of the
share of our management and profits which was so libe-
rally tendered to them. Schemes of great magnitude
were discussed in all their details, giving to the govern-
ment power and control over all our lines, all our rates,
all our charges, and all our dividends, which I believe
would be truly incompatible with the safe and efficient
control of the railways, and utterly subversive of the
safety of all railway property, on any other condition
than that if the Government choose to become the ad-
ministrators they should also become, on just terms, the
purchasers of our railways. (Hear, hear.) Fortunately,
the good sense of the committee and the weight of evi-
dence we were able to tender to them by able railway
officers, and by other witnesses intimately connected with
the general traffic of the country, prevails I over such
suggestions, and the committee very wisely determined
to suspend legislation in the present Parliament, until
they could have the opportunity of considering the ques-
tion more maturely, and their labours have resulted in a
report, many of the recommendations of which, we be-
lieve, may prove most advantageous and beneficial to
railway interests, but respecting all of which perhaps it
would be more prudent if we suspended our judgment
until we find those recommendations actually embodied
in the practical form of a bill. Though Mr. Cardwell's
committee did not lead to any legislative measures it led
to many important legislative effects in the suspension of
all the amalgamation bills that had been introduced, and
among these bills for amalgamating the Great Western
with the Shrewsbury Companies. The London and
North Western Company were not slow to avail them-
selves of the opportunity to strike one of those bold
blows which they have so often tried, and in which they
have so signally failed in their contests for the Bir-
mingham lines. It is not my intention to express any
opinion whatever on the allegations made by Mr.
Scott and Mr. Geach at the recent meetings of some
of their shareholders. I have not formed any
opinion, I will not form any opinion until I have
a knowledge of the facts of the case on safer
testimony than that of hostile and interested
parties. (Hear, hear.) At all events (and I say it
without asperity, but it is right to set the facts fairly
before you), I do not think it was in the mouth of the
London and North-Western Company, which has itself,
through its representatives, gone so largely into the
practice of splitting votes by conferring them on men of
straw, and fabricating seals—l do not think it was in
the mouth of the London and North-Western Com-
pany, under such circumstances, to
taunt
with
recent disclosures, at variance with good faith in-
consistent with the intentions of the Legislature—(hear,
hear)—and this too in an overture for peace. I think
there is rather an ungraceful and disagreeable mixture
of the holly with the olive branch in these expressions
of theirs. But be the facts of the case what they may, of
this there can be no doubt, that the object was not to
convict the directors of the Shrewsbury companies of
any of these misdeeds, but to destroy our agreements
with those companies, and to procure for the Loudon
and North-Western Company, an absolute control in
the management of the Birmingham and Shrewsbury
Company. The position of the Shrewsbury companies
would not admit of hesitation or delay. We could not
allow these companies to fall into the hands of the Lon-
don and North-Western. We could not expect that
the Shrewsbury companies would of themselves consent
to remain , at the mercy of that company, destroying
their fine traffic and depriving them of every shilling of
their dividend. In point of fact, they made a forcible
appeal to us. What they practically said was, either
you should absolve us from our engagements with you,
and leave us to shift for ourselves in the best way we
can, or you should join with us in a struggle to enforce
on the Loudon and North-Western Company the objects
of the engagements between us. (Hear, hear.) The
force and justice of this appeal were irresistible, and re-
sulted in the letter of Mr. Saunders of the 28th of July,
which was read at the meeting of the London and
North-Western Company last week. We adopted the
course then referred to slowly and reluctantly ; we are
not insensible to the great evils of a contest wish the
London and North-Western—(hear)—evils great to our-
selves, greater to the Shrewsbury companies, but greatest
of all (because of the larger area it embraces) to the
London and North-Western Company. (Hear, hear.)
We had made every effort that was possible to come
to terms of peace and accommodation ; the Shrews-
bury companies had sought an agreement with
them separately for the local traffic alone. They made
concessions on every point asked ; they adopted t me
very words of the proposition made by the Lon-
don and North-Western itself, but without erect.
(Hear.) A new condition was immediately imported.
The Shrewsbury companies and the Great Western Com-
pany conjointly sought an agreement with them
for the
through traffic. It was equally without effect. The
London and North-Western Companyiri:fulsottotrtarffieact
with the Shrewsbury companies for the
alone, and they refused to treat with
ttleeymmataiddeutso cuosna-
jointly for the through traffic.
Andli his the more
proposition as an alternative, w
danger-
ous, because it is plausible and delusive, that we should
make the same charges for all the traffic on both routes

to all places ; but that the two companies should make
their conditions separately, and they contended that the
agreement would then be as effectual for our purpose
as if it were made conjointly. Now, before the proprie-
tors condemn us for not falling into this trap, let them
consider for a moment what would be the effect of such
an arrangement under existing circumstances. I am not
going at any length into the whole question. That may
be more properly discussed in the correspondence be-
tween the London and North-Western Company and
ourselves. But let me ask you to bear this consideration
in your minds—if these two routes were under distinct
and independent management, neither of them interfer-
ing with the other, the proposition might be a very fair
one ; I will not say how far it might be possible to en-
force it at law ; that is a point on which 1 express no
opinion, but, at all events, it might have been made
most just as between the parties. But is that the con-
dition of the two lines ? The line between London and
Liverpool is in the absolute control of the London and
North-Western Company, without the interference of
any one. The line between London and Birkenhead, by
Oxford and Shrewsbury, is in the hands of four distinct
"Companies, and the London and North-Western Com-
pany continues to make the most strenuous exertions to
prevent the possibility of any united or continuous action
between these four companies. I presume they have
some object in view in offering that opposition. But,
more than that, the London and North-Western Com-
pany have great influence over the Birkenhead line, and
they are seeking to obtain complete control over the
Shrewsbury and Birmingham line. Suppose they should
succeed in their object, and that the London and North-
Western Company should, having the entire and abso-
lute possession of their own line on the one hand, have
the command and control of two important works of the
rival line on the other, I ask you, under these circum-
stances, how much traffic do you think would be brought
by those lines to the Great Western Company ? Is it
not an abuse of terms —is it not absurdity—is it not
altogether a mockery to talk to us of equal charges and
equal facilities under circumstances like these ? And
should we not be most unwise—should we not be de-
mented if we could consent to be deceived by such
specious semblances of a hollow and delusive peace ?
(Hear, and cheers.) We desire peace with the London.
and North-Western Company. We desire it as ear-
nestly and as honestly as they ever desired it, but we
must not purchase peace by abandoning and endanger-
ing our engagements with the Shrewsbury companies,
nor by surrendering that fair and legitimate share of the
northern traffic is which the Legislature gave us the
right when they conceded to us the act for which in the
last half-year only we have paid so largely. (Hear.) A
union with the Shrewsbury companies in some sort or
other, totally independent of the control or interference
of the London and North Western Company,''as you
have affirmed at the previous meetings, depend upon it
is a condition precedent and indispensable to any fair
and just arrangement with the London and North Wes-
tern Company. The Shrewsbury directors have been
true to us ; let us be true to them. (Hear.) The inte-
rests of their proprietors—of those, at least, of them who
are not under the influence of the London and North-
Western Company —are and must be identical with our
own ; i. e., to obtain a fair and legitimate portion of the
traffic which passes over them. And that same object
is entirely consistent with public policy, and is condu-
cible to the public interests. I believe it will be attained.
(Hear, hear.) When it is attained, and not till then, I
am satisfied that we shall have a real and a permanent
peace with the London and North-Western Company.
I will detain you but a few rom nts on the subject of
the Devon and Dorset line. The reasons for which wo
undertook it in conjunction with the Bristol and Exeter
Company, we have already stated to you ; and we have
endeavoured to give effect to our determination by
framing the line in such a manner as should be at the
same time best suited for local interests, and be adapted
for the purpose of national defence, as expla;ned to us
by the highest military authorities, and as should be also
as considerate as possible of other railway interests as
well as our own. But we have been defeated by a com-
bination of influences too powerful for us to withstand.
Nothing na ire can be done till the next session of Par-
liament, and before that time we shall have had ample
opportunity of considering the proceedings which it will
be right and prop r for us to take. Hitherto we have
cautiously abstained from all interference with the dis-
trict of the South Western Company. About two years
ago, when a proposal was made to me for the construe-
tioa of a broad gauge line from Basingstoke to Andover
the only use I made of it was to scud the letter to Mr.
Chaplin, who was then the chairman of that company.
But if Exeter is so increasing in importance that it must
have not only several lines of railway, but both gauges,
surely the port and town of Southampton l have
some reason to complain that the same advantages are
not conceded to them. If our Shrewsbury arrange-
ment has been postponed, and if our Devon and
Dorset scheme has also failed in the present session,
fortunately the success of our opposition to the Ox-
ford, Worcester, and Wolverhampton scheme—probably
most important of all—has been most complete and de-
cisive. As you are aware, the Mid-Western Railway,
and its extension on the Cheltenham line, have been re-
jected by the House of Commons ; and within the last
few days of the session, the House of Lords has rejected.
the Tring and Oxford line. These results are very im-
portant to us, not only as securing our own interest,
but as showiag that the Legislature is consistent in main-
taining those principles on which it first granted the act
of incorporation to the Oxford, Worcester, and Wolver-
hampton CoMpany. Alter expressing his readiness to
give any explanation that might be required, he con-
cluded by calling upon the secretary to read the report,
as follows :

"With respect to the revenue account, it must be re*
marked that circumstances of peculiar dis advantages have
affected both receipt and expenditure in the half year.
During the whole period, the fares of passengers and rates
for goods over all the Great Western lines have undergone
the compulsory reduction, consequent upon the opening of
the Birmingham and Oxford Railway; nor has the full
consideration for that reduction even yet 'been received by
the company, inasmuch as the Birmingham line remains
isolated from all connexion with the northern traffic, until
the railway shall be opened into Wolverhampton; and
even the,local trade in goods, which only partially com-
menced in the month of February, is very much limited at
present, by want of a direct communication with the canal
of the district. The wet season and the unprecedented
floods, while they have naturally diminished the traffic,
have at the same time increased the expenditure, especi-
ally in the necessary repairs to give greater solidity to the
works of the railway. Under all these disadvantages, un-
controllable by your directors, it is a satisfaction to present
the accounts with a result which enables the proprietors to
declare the usual dividend at the rate of 4 per cent, per
annum, leaving a balance 17,760/. 3s. sd. still to be carried
over, subject, however, to a deduction not yet ascertained
on account of the South Wales lease referred to in the au-
ditors' report. That document conveys other general in-
formation in relation to the accounts, which it becomes
needless therefore to repeat. .

"In consequence of payment being made for the emir-
chase of the Birmingham and Oxford, and Birmingham,
Wolverhampton, and Dudley Railways on the day ap-
pointed, viz., the Ist of April, 1853, the capital account of
this company now comprises the whole sum paid or ex-
pended for those undertakings.
" There are decided indications of improvement in the
revenue during the present half-year. During tho first six
months of 1853, for instance, the average increase of the
receipts for traffic over the corresponding period of 1852
was only 2,2701. per week, while the increase since the Ist
of July, 1853, has averaged 5,400/. per week. The mineral
trade from South Wales is only now commencing, and that
from the Birmingham districts is still untouched; but
everything leads the directors to rely upon considerable
acquisition of such traffic from both sources, and they have
already entered into engagements for the conveyance of large
quantities from South Wales, as soon as the proper means
of communication for receiving and delivering the minerals
can be completed.
" For this and other purposes it became necessary to un-
dertake the construction of a new dock at Bull's-bridge,
with additional coal wharfage, buildings, sidings, and other
works in connection therewith, where coals and iron, as
well as general merchandise can be conveniently transferred
to and from barges passing to the River Thames, and the
principal docks in London. Already this enlarged accom-
modation is in partial use, and the works will probably be
completed before the winter. It will be necessary to pro-
vide also some cottages for the men and stabling for horses
at Bull's-bridge, the estimates for the whole outlay not ex-
ceeding 23,0001. The terminal charges to be made for the
use of the docks will bring au adequate return for the
money so to be invested. Increased accommodation at
Swindon for both men and works is also indispensable to
provide for the growing business of the locomotive depart-
ment, in consequence of the additional mileage of railway
recently opened and about to be opened within the next
eighteen months. The repairs alone of the engines will
then absorb all the resources of that establishment for
the labour and accommodation of the mechanics, and
preparations for meeting the exigency must be made with-
out loss of time. The directors recommend that a sum
of 25,000/. should be voted for that purpose at the
present meeting. Additional stock in engines, carriages,
and waggons must be procured for the same purposes,
and they estimate that orders immediately to be given
will involve an outlay of 150,000/. upon the plant indis-
pensable for the new business to be undertaken in 1854.
The new station buildings for passengers and for the en-
gine-houses at Paddingon are advancing, which premises
will be occupied for business probably at the end of this
year. A resolution will be necessary for a further sum of
50,0001., to be applied in the additional station_r kwhich are progressing for goods and minerals.. Invu:si
re-
spect to these several items of expenditure, it must
clearly understood that they are provided
thatee" the cost
new business accruing to the company;
will be recompensed by the extra mileageatnod
be charged for
the employment of such additional plant, besides the in-
terest for terminal accommodation, and rents of cottages
the posi-
tion to be received by the company.
" The board have been auxionslycoreusrirdheeiring
portions
of the company with respect to
unfinished railways, which were
e theseason financial
actively commenced at
of
one time, and then suspended directors most
to the
difficulties. Of such works it seems 3
desirable, for various reasonsi
t°rasamoef athned beetdw'et
the first instance, with the completion
sibtotilisdrebceomsimgneinfideedd
bthat
Warminster and SalisbureV;tn:asd
a
the approval of the proPrie
resolution to that effect. The sum of 130,0001. has been
already paid for the land, works, and further contingent
expenses, in respect of that railway; a further expendi-
ture, estimated at 160,0001., with a single line of rails, will
render
t 20 miles of railway available for traffic.
When theaboßnadstock branch shall have been opened, there
li a
be considerable trade in Somerset coals carried on
overal the Salisbury line, besides other traffic conveyed to
the general system of Great Western lines.
"An act has passed during the present session for incor-
porating a coin eany to make a metropolitan railway be-
tween Paddiugtou and King's-cross, by moans of a subway
under the New-road, which will form an important link in
the communication by railway between the Great Western
station and the city. Although your directors have taken
no part in originating that undertaking, they are of opi-
nion that it may become a valuable feeder to the line, and
the promoters of it are willing to effect a junction with
the railway of this company, and to afford great facilities
for our traffic.
" Another company, in alliance with them, is engaged in
,crying out a continuation of the North Metropolitan.
t. Railway into the city, and it is the opinion of your a r
_i
that advantageous arrangements may be mutually made