The Sun.
London, England, 1854-02-27 00:00:00

THE SUN, LONDON, MONDAY EVENING, PETRUARY 27, 1854.

RAILWAY INTELLIGENCE.

into A and B stock, as they had power by the act of
Parliament to do so from time to time ?

applied, although only part of it would be required im-
mediately, yet the directors thought it desirable to have
the remainder to provide additional facilities as they
might be required. When the Ulverston line should be
opened, they would be able to judge of its capacities.
It would, however, for some time continue to be an iso-
lated line, until the completion of the works of the
Ulverston and Lancashire line, which were at present in
progress.
Mr. WALKER seconded the motion, which, after a
short conversation, was agreed to.
Tlieliiiidend, as recommended, was then declared,
and the application to Parliament for the power to raise
acopoi. sanctioned. The proceedings then closed with
a vote of thanks to the chairman.

GREAT NORTHERN.

The CHAIRMAN said, the subject had not been under
the consideration of the board, but if it was the wish of
a majority of the proprietors then present, the board
would take the matter into consideration.

The half-yearly meeting of this company was held
on Saturday at the London Tavern, Mr. E. Denison,
M.P., in the chair.

Mr. Mowatt, the secretary, read the notice convening
the meeting. The report, an abstract of which has
appeared in The Sun, was taken as read.
The CHAIRM.A.N commenced by stating that the expen-
diture on capital account during the past half-year
amounted to 236,9841., making the total expenditure on
capital account up to the 31st of December last
10,195,4621. A large portion of the 236,9841. was for
works in course of construction and completed, and for
working stock. The sum of 16,0001. was expended at
various stations to accommodate the traffic, 25,0001. at
King's-cross, 15,0001. in sundry works on the line, and
12,0001. in certain alterations at the Knottingley and
Wakefield stations, to adapt them for the increased
traffic. This outlay was for the completion of the
works, and from the extraordinary manner in which the
traffic on the line wan increasing they would be obliged
to call upon the proprietors to raise a further sum of
money for roiling stock. They could readily understand
the necessity of further outlay on working stock when
he told them that their locomotive superintendent had
applied to the directors for 25 or 30 additional locomo-
tive engines, which would cost 3,0001. each, and when
their traffics manager asked them for 1,000 more waggons,
which would cost between 651. and 701. each. The ques-
tion was, whether they would grant the supplies to accom-
modate the increased traffic, or whether they would with-
hold the grant and stop the increase of traffic. He believed
they would not do anything of the kind, but see at once
the necessity of the additional outlay. In fact, the traf-
fic increased so rapidly that they had considerable diffi-
culty in providing working stock to accommodate it,
The next matter to which he would call their attention
was the receipts and expenditure on revenue account
during the past half-year. The receipts amounted to
487,0001. during the past half-year, being an average of
661. 10s. per mile per week, which was an amount that
had astonished both shareholders and directors. The
working expenses amounted to 214,0841., the interest on
loans and other charges 152,0001., leaving a balance of
118,1411. for dividend. This was equal to 21. 9s. 2d.
per cent, upon the consolidated stock of the company,
which amounted to 4,808,000/. He thought they must
admit that this was a very satisfactory state of things ;
. _ . .

Mr. WATTERS said, he thought the profit they were
now dividing was much larger than they would haveat
the end of the current half-year. The additional profit
arose chiefly from the additional price charged for
the carriage of coal, as compared with the cor-
responding period of 1852. The price then charged
for all coal carried on the line amounted to ss. 4d. per
ton, but in the laq half-year they had charged at the
rate of 7s. 2d. per ton, being an increase of ls. 10d.
per ton, amounting to between 30,0001. and 31,0001.
which was equal to lf per cent. on the ordinary capital
for the half-year ; and were it not for this, they would,
not have been able to divide more than 3I per cent. in-
stead of 44 per cent. He feared they bad charged more
than they were authorized by the Act of Parliament.
He believed they had done so at'Peterborough, Hitchin,
and other places on the line. In 1852 they charged at
the rate of 6s, 4d. per ton for the carriage of coals to
London, but, during the last half-year they charged
lls. 2d. per ton. Now, the act did not authorize them
to charge that amount. (Cries of " Question ! question I")
The Act of Parliament, which regulated the tolls to be
charged on the line, was passed on the 15th of July,
1850, and specified that the charge for coals should be at
the rate of ld. per ton per mile, when the distance did
not exceed 24 miles, but, if carried beyond that distance,
id. per ton per mile for the whole distance. He would;
represent this matter to the Board of Trade. He had
made his calculations, and he hoped to see the line pay-
ing 41& per cent. dividend. (Laughter.) With regard
to churches and schools on the line, he would not con-
fine the matter to Doncaster, but would extend the prin-
ciple to other places on the line, with this difference, that
instead of voting money out of the funds of the company,
he would propose that it be raised' by voluntary
subscriptions ; and that a committee consisting of
certain directors and shareholders be appointed for
the purpose of obtaining subscriptions for a church in
St. Pancras, as well as at Doncaster. He thought they
had strong claims on their lawyers for charitable con-
tributions, as they had received 311,0001. for bills of
costs, which were not taxed. Had they been taxed, it
was probable 10 per cent. would have been off their
bills, but if these gentlemen would only contribute 1 per
cent. of that amount every difficulty would be removed.
He would propose that 501. per annum be voted to the
Royal Free Hospital.
Mr. JESSELL said, he differed in toto from Christianity,
but he fully, concurred in the proposition of the chair-
man with regard to the church and schools. He thought
they ought to support hospitals in a more liberal spirit,
and vote 5001. a year for the purpose, instead of 1001.—
(hear, hear)—as they were liable to be called upon in
cases of accident.

1853 was the first whole year in which the railway had
been at work, including the " towns' line," and he would
take the result of the whole of that year in preference
to a comparison of the two half-years. The traffic re-
ceipts in that year amounted to 868,9001., which would
average 591. per week. They were of course aware that
the average recipts per mile of the year were less than
the average receipts per mile of the past half-year. The
working expenses amounted to 388,9641., being 44 per
cent. upon the receipts. The interest on loans amounted
to 194,8841. and dividends on preference stock to
127,3071., leaving a balance of 179,312/. for dividend
on the ordinary capital, being at the rate of 3/. 14s. 2d.
upon the whole year. This he would venture to say
was a most satisfactory result for the first year they had
worked over the whole line. The traffic upon the
line was very satisfactory at present, and he saw no rea-
son why the traffic of the current half-year should not
be equal to the past half-year. The traffic during
the first half of the year was always less in amount
than that of the second half ; and, if they could approach
the same dividend in the present half-year that
they were about to declare for the past, that would
be quite as much as they could expect. It was
stated in the report that a balance would remain over of
3,941/., after paying a dividend of 28 per cent. on the
original stock, 31 per cent, on the B stock, and 14 per
cent. on the A stock. There seemed to be some doubt
with regard to the rates of and dates at which the divi-
dends respectively became due upon the A or deferred
stock, and the B stock as guaranteed up to 6 per cent.
per annum by the A stock, under the provisions of the
act creating those stocks. The question was of so much
importance that the directors instructed their solicitors
to obtain the opinion of counsel on the subject. Sir R.
Bethell and Mr. G. R. Clarke were of opinion that they
were bound in the first half-year to pay the B stock at
the rate of 6 per cent., or as much of it as the disposable
sum would allow ; and that the holders of A or deferred
shares would not be entitled to receive any dividend
until the meeting for declaring the dividends for the
second half of each year, except in the event of the
amount to be divided in the first half of the year
being sufficient to pay mpre than the 6 per cent. in
respect of the B shares, and that the whole amount
available for dividend in each half-year must be so
applied, without any reserve so far as it was capa-
ble of being divided. The directors had no alter-
native but to substitute, in lieu of the dividend re-
commended in the report, the following recommenda-
tions of the rates of dividend for the last half-year,
ended the 31st of December, 1853-namely, at the rate
of 41. 18s. 3d. per cent. per annum on the original undi-
vided stock, which would give for the half-year or the
original stock 2/. 98. Lid. per cent., being 12s. 35d. per
undivided 251. share; on B stock 31/. per cent., being
Bs. 9d. per 121/. B or half share ; and on A stock 1/. Bs. 3d.
',per cent., being 3s. 60. per 121/. A or half share, The
dividends on the A and B stocks making together 12s.
35d., being the same as the dividend on the 251. share,
leaving to be carried to the next account the small sum
of 341. Notwithstanding that the B stock had the ad-
vantage of the A stock at present, he would not be sur-
prised if the A. stock should eventually become better
than the other. In the 12th paragraph of the report
there was a word or two respecting the South York-
shire. They had thought it right to inform the share-
holders that decidions in two law courts were given
against the Great Northern Company, but they were
told by counsel that the agreement was illegal, and
could not be maintained in a court of equity. Counsel
were of opinion that these decisions of the law judges
were so entirely at variance with those given by the
courts of equity in similar cases that the directors had
resolved to appeal to the House of Lords. He (the
Chairman) believed, after those decisions, that the
directors would be justified in adopting the agreement
as a good one ' • but, if they were to act upon that agree-
ment, it would be competent for a shareholder in the
company to take the case into a court of equity, and
thus upset it. They had a great respect for parties
connected with the South Yorkshire Railway Company,
and all the directors wanted to do in the matter was
that which was right, and their duty to the Great
Northern Company. He hoped they did not suppose
that the matter was contested on litigious grounds, or for
any other purposes than that of being assured that they
had power to enter into it ; but so long as Sir R. Bethell
and other equity lawyers say that they have no doubt
of those decisions being reversed, the directors would
not be justified in acting in accordance with those de-
cisions until the matter was set at rest by a higher tri-
bunal. He could venture to say that, so far as the di-
rectors were concerned, they would be happy to make
a satisfactory settlement with the South Yorkshire Com-
pany if they could without any further litigation. They
had no personal feeling in the matter, but to do their
duty to the proprietors. (Applause.) The directors
had entered into a conditional agreement with the Leeds,
Bradford, and Halifax Junction Railway for working
the traffic on the line, which would be opened in May
or June next. With regard to the paragraphs in the
report relating to his views respecting the proposal to
build a place of divine worship for the population re-
Antly assembled at Doncaster, in the immediate service
of the Great Northern Company, he was sorry to find
that it would be opposed. Before he went into the
question, he proceeded to show that he had no personal
interest whatever, either in having the business of the
locomotive department carried on at Doncaster, or in
the construction of the church which it was proposed to
build on the company's property. Although he resided
at Doncaster in a very bad house, for which he paid a
very high rent, he did not hold even a 40s. freehold in
Doncaster. In making the proposition, he bad done
nothing more than he believed to be his duty to the
company and to society. With regard to the proposal
for building a church, it would be necessary to obtain
an act of Parliament to sanction it. They could not
endow a church without an act of Parliament, and
they would have the opportunity of again consi-
dering the question, as they could not obtain the
bill without the sanction of the shareholders. They
could withhold their assent when the bill was sub-
mitted. The population in connexion with their works
at Doncaster was about 4,000. There were 1,000 men
earning weekly wages at their works, and with their
wives and children made the population 4,000 persons
who resided near their railway, without a place of wor-
ship or a school to go to. He did not suppose that the
proprietors would wish such a state of things to continue.
He had received several letters from Dissenters on the
subject, for whom he had great respect, as he thought
they had every right to express their opinions. It was
not intended to educate the children according to any
sectarian doctrine, but to give them religious and moral
instruction. He proposed, in the first instance, to ask
the proprietors to vote 2001. a year, including 501. for a
house to the clergyman, and 1501. a year for a school-
master and schoolmistress, and 801. for books and junior
assistants. The cost of the church should not exceed
6,0001., and that of the school 2,0001., together 8,0001.,
which, at 4 per cent., would represent 3201. per annum,
and the 4301. for the clergyman, schoolmaster, /cc.,
would involve 7501. per annum. It was not intended to
build the church until 1855. When he brought the sub-
ject before his colleagues, not one of them dissented.
He hoped, therefore, the proprietors would sanction the
proposition. With respect to hospitals and other similar
charities, the directors, on the suggestion of Mr. Waters,
at the last meeting, recommended that they be autho-
rised to subscribe 1001. a-year. [Mr. HUGHES-" That
is not enough."] He was of opinion that they ought to
establish an annuity fund for their servants, when dis-
abled from accidental or other causes. They had made
the attempt among their servants to establish such a fund
for themselves, but the men declined to do it. The
general manager had told him that the men had agreed
to subscribe to a sick fund, but they declined to sub-
scribe to an annuity fund. He concluded by moving the
adoption of the report and statement of accounts.
Mr. PACKE seconded the motion.
Mr. HUGHES said, with respect to the matter in dis-
pute with the South Yorkshire Company, that it was
not a question of equity, but it was a question for a
court of common law. He had no personal interest in
the matter whatever, but he thought it was not neces-
sary to refer the matter to the House of Lords at great
expense, when it had been decided by a court of law.
With regard to the proposition of the chairman for a
church and school, he would extend the principle to
Boston and other places on the Great Northern line ;
and as to subscriptions to hospitals, he would extend
them to 5001. or 6001. a year, if requisite. He thought
it was very objectionable to go on year after year re-
electing their auditors, as he thought the accounts now
required a proper system of audit.
Mr. HUGGINS wished to know whether the directors
would have any objection to divide the original shares

Mr. GLADDING strongly objected to the proposition
with regard to building churches and schools with the
funds of the company. If the principle were once ad-
mitted, it was impossible to say where it would end He
concluded by moving a resolution to the effect that
paragraphs 13, 14, and 15, relating to these matters, be
omitted from the report.
A PROPRIETOR seconded the amendment.

The CHAIRMAN was gratified to find that the principle
of his proposition was generally admitted ; and, if the
board would follow him, he would grant a sum of money
for a church at St. Pancras. As to Mr. Waters' state-
ment with respect to the coal trade, ho would not adopt
his figures ; and he was astonished to hear him say that
he would go to the Board of Trade and make some com-
plaint. Mr. Waters was now a holder of B shares, and
was therefore secure ; but in his observations he did not
show much feeling for the A shareholders, who had
guaranteed his dividend. He (the chairman) was pre-
pared to justify every step that had been taken in re-
spect to the coal trade on the line, and could assure them
that the directors had kept within the four corners of
the act of Parliament. With regard to the churches and
schools, if the proprietors would only give him (the
chairman) Id. in the pound on the capital of the com-
pany, including the loans and navigations, it would raise
50,0001., which would be sufficient for all the churches
and schools that would be required on the line.
After some further discussion it was agreed to receive
the report. It was then proposed to adopt the report,
upon which,
Mr. GLADDING moved an amendment to the effect
that the paragraphs 13, 14, and 15 be omitted from the
report.
The amendment was put and negatived by a large
majority.
Mr. GLADDING demanded a poll.
Mr. HUGHES moved an amendment (seconded by Mr.
Waters) to the effect that 7501. be allowed for religious
instruction on the line. This was also negatived.

Mr. WATERS then moved a resolution to the effect
that a fund be raised by voluntary subscription for build-
ing churches and schools at places on the line.
The motion was negatived.
Resolutions were then passed, declaring dividends on
the 5 per cent, and 44 per cent. shares ; and at the rate
of 41. Bs. 3d. per cent, per annum on the ordinary shares ;
34 per cent. on the B stock, and 11. Bs. 3d. per cent. on
the A stock ; voting 2001. to the clergyman at Don-
caster for the year ; 1501. for the schoolmaster and
schoolmistress, and 801. for books, and junior assistants
to instruct the children of the persons employed at Don-
caster, and 1,0001. to build a school.
The retiring directors, Messrs. Burkill, G. Hutchison,
and Walker, were re-elected ; and Mr. C. W. Faber
was elected a director in the room of the late Colonel
Colquhocm.
A discussion ensued on a proposition to divide the
whole of the original shares into A and B stock, but on
being put to the meeting it was negatived.
The proceedings concluded with a cordial, vote of
thanks to the chairman and directors.

NEWPORT, ABERGAVENNY, AND HEREFORD
The half-yearly ordinary meeting was held on Thurs-
day, at the London Tavern ; the Hon. W. E. Fitzmau-
rice in the chair.

The SECRETARY read the report, which stated that--
"The railway from Pontypool to Hereford had been
completed, and placed in the hands of the London and
North-Western for working. The line had been opened
on the 2d of January last. • The directors, as the agents of
the Worcester and Hereford company, had agreed to com-
plete the construction of a portion of that line which ex-
tended from the Above-Eign station at Hereford to the
junction with the Shrewsbury and Hereford Railway,
being in extent about one mile. By such means they
had been enabled to open a single line from their
station at Hereford, through to the Shrewsbury and
Hereford Railway, thereby completing the continuous and
unbroken line from the Severn to the Mersey; and as the
accounts for that portion of the work were from time to time
certified by the engineer of the two companies, the Wor-
cester and Hereford Company were to recoup the cost to
their company, the account in the interim bearing interest
at 5 per cent. The Taff Vale extension, for the improve-
ment of which an act was obtained last session,' was now
being constructed as far as the Sirhowy Valley. Nearly
the whole of the material for the viaduct wag now on the
ground ; its erection would, therefore, proceed rapidly in
the spring of the year. The accounts showed that the total
expenditure had been 533,393/. Bs. lid., and the receipts
570,9891. 55., leaving a balance in hand of 37,5951.165. ld."

The CHAIRMAN, in moving the adoption of the report,
said that in former times, when adversity pressed upon
them, he had been often compelled to make lengthened
statements. But when better days had arrived, there
was little for him to discuss or explain. The line was
now opened from one end to the other. After the many
difficulties they had passed through, and the pecuniary
embarrassments they had had to contend with, so much
so, that at one time it was seriously contemplated
by many to wind up the affairs of the company, it was
most cheering to calculate with certainty upon the great
increase of traffic. The gigantic difficulties of the slip
had been overcome so as to ensure complete safety to
passengers. The shareholders would remember how
the directors had been assailed for taking the tram
ways. They had obtained their line through these.
They had sold the old materials within 15s. per
ton. of what they had given. There was a large
portion of tramway still to be sold, the remaining
part of which was valued at 20,0001. The engineer's
report was satisfactory, and the more so as he was a
gentleman in whom they could repose the greatest con-
fidence. ffis plans had been for some time delayed
from want of workmen, materials for the fittings of the
line, and in consequence of a slip which occurred in one
of the cuttings during the wet weather last autumn. A
good deal of trouble had been experiencedj in making
arrangements with some landed proprietors, who had
offered land by no means desirable, and had shown great
ignorance in estimating the value of some kinds of ground.
Their Parliamentary expenses were put at 10,0001.
would be impossible to say at present what the exact
cost of the line would be. Their line would still be
completed with double rails under 16,0001. per mile:
This was very cheap, considering the district through
which the line had to pass. The Taff Vale line, after
paying 23,0001. a mile, had given a dividend of-,71 per
cent.
In answer to a question put by Mr. DE WINTON,
The CHAIRMAN stated that the balance as notified in
the accounts was now laid out at interest it 1 per cent.
The report was then adopted.
Thanks were voted to the chairman and directors,
after which the meeting broke up.