The Sun.
London, England, 1838-03-16 00:00:00

REPORT

Or TITS DIRECTORS OF TIIE MANCIIESTER AND LEEDS RAIL-
WAY COMPANY, AT TBEIR THIRD HALF-YEARLY MEETING,

HELD ON THE 15TH OF MARCH, 1838.

The Directors of this great national undertaking, in making
their present Report, wish to enter as fully as they can upon
the merits, progress, and future advantages derivable to the
proprietors, and particularly to place before the public the
actual position of their affairs, and the progress effected during
the short period of ten months, being the time which has
elapsed since the Royal assent was obtained to the amended
Bill on the sth of May last.
The importance of this line of railway in reference to the
port of Hull has been made apparent in a remarkable degree
during the last six months.
The Directors in their Report of September, noticed the
stoppage of the Canal from want of water, since which period
the conveyance upon other parts of the line has been impeded
by damage occasioned by floods, and subsequently the whole
entirely closed by frost, making a total stoppage of more than
three months during a period of six months—while the port of
Liverpool has enjoyed a full and uninterrupted intercourse by
means of its railroad, exceeding on some days the enormous
quantity of 1,200 tons, without in any way interfering with the
passenger traffic.

The Directors have availed themselves of the advantages
which the depressed state of the iron market offered in the
autumn of last year, by purchasing iron rails, chairs, &c., for
nearly one half the line, at a price which, it is almost unne-
cessary to add, is within the Parliamentary estimate. They
have also contracted for six powerful locomotive engines.
The purchase of land has involved a great amount of labour
and time; but by a steady perseverance in the principles laid
down at the commencement, viz., resisting all unjust demands and
meeting those disposed to treat in a fair and liberal spirit, the Di-
rectors have succeeded in purchasing about two-thirds of the land
required for the purposes of the entire line. They have also
secured the land for the important stations of Manchester,
Rochdale, and Wakefield.

In making this announcement, it is satisfactory to the
Directors to be able to add, that while on the one hand they
have ever been disposed to treat with landowners on fair and
even liberal terms, so on the other they have generally been
met in a willing and friendly spirit, as an evidence of which
the whole now reported has been purchased without the inter-
vention of a jury, except in two important cases.
The works on twenty-four miles, or nearly one-half the
line, are let for the aggregate sum of 500,000/., which
includes the contract for the summit tunnel, being the
heaviest and most expensive part of the line, as well
as the expense of sinking the shafts, and other sums
laid out in the necessary preliminaries at the summit,
which entire sum the Directors are glad to state (lees
not exceed the revised Parliamentary Estimate more than
10,4001. The cost of the land purchased is equally satisfac-
tory with the state of the works. The Directors have the
gratification of further stating that they are justified by their
engineers in holding out the hope that the remaining twenty-
six miles will not cost a larger sum than the works already

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let, and that the line to Rochdale will be opened at the period
stated in their last Report.
The statement of accounts now laid before the meeting
will fully explain the finances of the Company up to the 31st
December, 1837, and the Directors will only add that the
entire amount of the calls to that time and since have been
paid, with the exception of 4,6501., being only 13-
4ths per cent. upon the total amount called up. This
is a fact so gratifying, as well as unprecedented, at
this stage of any similar Company's proceedings, that the Di-
rectors account for it simply, but most satisfactorily to them-
selves, by the circumstance that their proprietary is of such a
character as they always wish to see associated with their
stock, that a largo propoltion of it is held in Manchester and
by persons locally connected with the line, Ind there-
fore best able to judge of its merits ; and they trust they
may be permitted to add, that the number of shares
now possessed by the Directors themselves, is calculated
not only to show their confidence in the success of the
undertaking, but to confirm the favourable opinion entertained
by the public,
The sanction of the Shareholders, specially convened, having
been obtained for making branches to Oldham and Hali-
fax, the Directors have to report that the plans were duly
lodged on the Ist instant, agreeably to the present standing
orders.

It being the intention of the Directors to prosecute the
works with all reasonable rapidity, the calls on the Shareholders
will necessarily be corresponding with the progress made.
The Directors have the power of borrowing one-third the
amount of the capital at any stage of their proceedings, but
it is not the present intention of the Directors to avail them-
selves of such power, until fifty per cent. of the calls shall
have been paid up. With respect to any detailed information
as to the engineering features of the works in progress, and of
the general relations of the line of Railway in connection with
others now established, or in a state of formation, the Direc-
tors will now introduce the Report of Mr. Stephenson, the
Company's Engineer.
The SECRETARY afterwards proceeded to read Mr
Stephenson's Report as follows :

TO- THE DIRECTORS OF THE MANCHESTER
AND LEEDS RAILWAY.

GENTLEMEN,—In compliance with your request, I have
drawn up the following remarks on the engineering character
of your line, and the general features of the undertakings, for
the better information of your proprietors, some of whom
might be partially misled by the general misapprehensions en-
tertained by some persons as to the difficulties in the execu-
tion of the works, and tho expense of working the line when
executed.

From Manchester to the summit level, a distance of 16k
miles, the works are of ordinary magnitude, and the material
in the excavations is generally of a favourable description for
forming embankments.
The whole of the work on this portion of the line is let to
experienced contractors.
The tunnel at the summit of the country may be considered
the greatest work upon the line ; and I am happy in being
able to confirm my former ideas as to the soundness of the
material at this place for tunnelling through, as the whole of
the shafts are sunk to a sufficient depth to prove beyond
doubt that the material is of a sound and firm description.
East of the tunnel, although some of the excavations and
embankments are considerable, yet the material through which
the line runs is of a very favourable description.
The next point of importance connected with this railway
is the nature and extent of the curves and inclinations, about
which there appears to have been considerable misappre-
hension. The Todmorden Valley, to a common observer,
certainly appears to present difficulties and obstructions of no
ordinary kind ; but I am happy to inform you, that both the
curves and inclinations are now decided upon throughout
the line, and are equal to those on many railways which have
not been thought objectionable in this respect.
With regard to curves, the Manchester and Leeds Railway
may be compared, and placed on the same footing with the
Grand Junction, which I adduced as a line with which the pub-
lic are now well acquainted ; for although on the Grand Junc-
tion some of the curves are considerably worse (particularly
that in leaving the Manchester and Liverpool line) than
any on the Manchester and Leeds Railway, yet when
taken as a whole I consider them placed nearly on an equal
footing in this respect ; but with regard to inclinations, the
comparison is decidedly in favour of the Manchester and
Leeds Railway, as may be seen by reference to the following
statement of the length of the various inclinations on both these
railways, which exceed twenty feet per mile.

GRAND JUNCTION. FROM LIVERPOOL, MANCHESTER AND LEEDS.
M. C. Feet per Mile. M. C. Feet per Milo
1 20 58 4 6 35
1 40 58 2 73 35
1 40 57 6 30 29
1 2 62
0 20 53
1 7 29
2 24 20
3 23 29

13 29

It therefore appears, that although on the Manchester and
Leeds, the length of objectionable inclinations is about nine
per cent. greater than on the Grand Junction, yet the rate of
inclination is not nearly so bad in many cases.
One of the greatest advantages which can be possessed by
an important line of Railway is its being so situated as to be
for ever clear of competing lines. This line possesses that
advantage to a certainty, and must for ever have the entire
traffic of this route confined to itself.

It will no doubt be contended by some persons that the line
of canals running through the same district may be considered
as rivals, for the carriage of heavy merchandise. lam con-
vinced, however, that this is a mistaken notion, as I believe
that almost the whole of the goods travelling from Lancashire
to Hull, will make use of the Manchester and Leeds Railway.
By this conveyance all pilferage will be avoided, and the
journey will be completed, from Manchester to Hull, in a few
hours, whilst the route by canal occupies many days, and at
the same time there will be a saving in expense. This Rail-
way will also take a portion of the traffic from the Leeds and
Liverpool Canal, so soon as a convenient junction is formed
with the Liverpool and Manchester Railway, and even with-
out that junction this route will be in favour of the Railway for
traffic going from Ireland to the Continent.
The whole of the lines of Railway, completing the chain of
communication from Liverpool to Hull, and Leeds, and York,
with the exception of the junction between the Manchester and
Leeds, and Liverpool and Manchester Railways, are now in
course of execution on the North Midland and the York and
North Midland, the works arc proceeding rapidly ; and I am
also informed that the works on the Hull and Selby Railway
are in active operation, and I have no doubt that the whole of
these Railways will be ready for opening about the same period.
One advantage possessed by the Manchester and Leeds
Railway, is its passing several miles through a coal field, by
which means coke for the engines will be supplied at a cheap
rate, which forms a very serious item in the working expenses
of most Railways.
Admitting the objectionable nature of some of the curves
and inclinations on your line of Railway, and the circuitous
nature of the line to Leeds, it still possesses the same advan-
tages over common roads as any other Railway ; as it is
well known that the shortest roads pass over a country which
is at times almost impassable, and that coaches cinnot travel
the distance on an average in less than six hours, whereas by
the Railway passenger trains will always be able to do it in
three hours.
It is, in my opinion, as much out of the question to suppose
that any competition may be expected front coaches on this
line as between Liverpool and Manchester.
As regards local population, ssliieh is proved by the reports
of the Grand Junction Railway to be a most profitable source
of traffic in passengers (see an account of short passengers in
the Grand Junction Railway Report). Your line appears to
possess more advantages than any other Railway in England,
indeed it is a most important feature in its favour.
I am, Gentlemen, your most obedient servant,
GEORGE STEPHENSON.
Manchester, March 13, 1838.
The Report elicited a general expression of approbation
from the meeting, after which the Secretary read the ful-
lowing statement of the Accounts :

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_ ....
CHAIRMAN—There is one item in the accounts which I

may, perhaps, As well explain—namely, that of the money
paid in advance of calls. I beg leave to state there are
two individual Shareholders in this concern who have paid
up in this way in advaOce of calls, 20,0001., showing the
confidence they have in t,:le undertaking. You are, I sup-
pose, aware, that over and above all money required for
calls, there is 5 per cent. altCwed by the Act, with the
consent of the Directors. I it right to say this, as
I believe there will be many applic,:tions of a similar kind
made to the Company.
JOHN BROWN, Esq., Boroughreeve Manchester, said
he felt great pleasure in moving the first 1-"esolution—
" That the Report of the Directors be recelVtd, and their
pro ceedingsbe approved of and confirmed."
JOHN HARGREAVES, Esq., seconded the Res°lo:ion.
J. B. SMITH, EKI., begged to ask a question of the
Company's engineer, whether he had decided upon :he
width of the rails he intended to lay down, and whether
any arrangements were in contemplation for laying, them
down on a wider space? He believed that in the Eastern
Counties Railway this plan had been adopted, in order if
the Great Western succeeded they might be able to adopt
a similar plan.
Mr. STEPHENSON, in reply, said he had not made any
provision for laying the rails further apart ; and further,
if such a plan were adopted, considering the curves on the
line, he had no hesitation in saying it would "put such a
curse" on the Railway as would prove an everlasting
drawback upon the concern. By increasing the width of
the rails, the wear and tear on the engines would be in-
creased so much, that he considered it would be nothing
short of madness in him to recommend such a scheme.
The CHAIRMAN put the Resolution to the Meeting,
which was carried unanimously.
Henry NEWBERRY, Esq., moved the next Resolution.

" That the accounts up to the 31st December be passed."
GEORGE SANDERS, Esq., seconded the Resolution.
Passed unanimously.
ROBERT BARBoun, Esq., observed, it now devolved

upon the meeting to elect three Directors in the room of
those who had retired by rotation. He had great pleasure
in bearing his humble testimony (and he was sure he spoke

the sentiments of every gentleman present), to the efficient
and talented manner in which the affairs of the Company
had been managed by the present Directors ; and he was
sure the Shareholders would not be studying their own in-
terests if they did not re-elect the Directors who had just
retired from office. Ho therefore begged to move—
" 'Milt Mr. John Smith, Mr. Barrow, and Mr. Barton, who
retire as Directors agreeably to the provisions of the Act of
Incorporation, be re-elected."
HENRY TOOTAL, Esq., felt great pleasure in seconding
the resolution, and in doing so, was sure he was only ex-
pressing the sentiments of the Shareholders and of his fel-
low-townsmen in particular, in recommending the names in
the Resolution.

JAMES STANSFIELD, Bsq., of Todmordon, enquired whe-
ther any of the retiring Directors resided on or in the
neighbourhood of the line of Railway ?
The CHAIRMAN replied that Mr. Barton resided at
Middleton.

Mr. STANSFIELD'S impression was, if one or two resided
in the neighbourhood of Halifax or Wakefield, it would
facilitate the purchase of the land required in and near
those places. He had not the slightest objection to the
gentlemen proposed, but, he thought if they elected one or
two Directors residing on the line, it would be of advan-
tage to the Shareholders.
HENRY NEWBERRY, Esq. observed, that the Share-
holders could not suffer from the non-residence of the Di-
rectors on the line, inasmuch as he understood one of the
Directors undertook the principal portion of the manage-
ment in the purchase of land—(Hear)—and as the pro-
ceedings of the Directors had been of that unmixed nature,
and as they had performed their duties in so satisfactory a
manner, unless it was the wish of the Directors themselves
to make an alteration, he thought it would be impolitic to
do so. He had always found, when gentlemen undertook
to discharge a certain duty, and were performing it well,
the introduction of new men into the body had generally a
very injurious effect.
The CHAIRMAN might, perhaps, be permitted to make
one or two remarks, in reference to what had fallen from
the worthy Shareholder who had spoken on this subject.
It was of vast importance to have a concentrated body to
conduct the affairs of the Company. It might, perhaps,
have struck certain individuals, that advantage would result
from some of the Direetors residingon the line ten, or twenty
or thirty, or forty miles distant from Manchester ; but he
could assure the Shareholders present, that that ad-
vantage, if it were one, would be more than counter-ba
lanced by the advantage they had of having gentlemen on
the spot, who could be called together in half an hour ;
and instances had occurred within the last six months, in
which it was absolutely necessary, for the carrying on of
the concern with that steadiness it deserved and must have,
where it would have been impossible to get together the
Directors, if they had not a largo portion of the body re-
siding in Manchester. It was true they had two or three
of the Directors residing in London, but they were there
for a chosen purpose. They were acquainted with the
operations of the Company, and they could fairly trust
them with any communications they had to make.

Mr. STANSFIELD quite concurred in opinion, as to the
propriety of having a considerable number of the Directors
in Manchester ; but, as a stranger, he wished to know
how many Directors resided in Manchester or its
neighbourhood. _

CrIAIRMAN-All but two.
T. FIELDEN, Esq., would like to know, if there was no
objection, who the present Directors were?
The CHAIRMAN had not the slightest objection to an-
swer the question. Their names were :—The Hon. Capt.
Best, R.N., Messrs. H. Houldsworth, Robert Gill, S.
Brooke, John Barton, James Heald, Thomas Broadbent,
James Simpson, John Smith, Henry Forth, Richard Bar-
tow, and their humble servant.

Mr. STANSFIELD—May I ask how many of that number
reside in Manchester ?
The CHAIRMAN—AII but two.
Mr. STANSFIELD—WouId not that be a sufficent num-
ber for the immediate purposes of urgent business, and
would it not be for the advantage of the Shareholders if
two or three of the Directors resided on the line ?
He thought decidedly that the land would be
purchased at less expense by those better acquainted
with it, who from their local knowledge and influence
would be able to smooth down any little obstinacy thatmight
arise. He knew this to be the opinion of many of the
Shareholders. One of the gentlemen, it was said, resided
at Middleton. Now, as he (Mr. Stansfield) knew all the
land in that quarter had been contracted for, perhaps that
gentleman would retire, and give place to some one who
lived lower down on the line. In doing so he would be
consulting his own interests as well as the interests of
the Shareholders.

J. B. SMITH, Esq., thought it better to leave the ar-
rangement of that matter to the Directors themselves.

Mr. BARBOUR. thought it highly important, that the
Directory should he a united and efficient body, and that
their energies should be concentrated. He differed alto-
gether from the Honourable Proprietor, as to the propriety
of appointing Directors on the line, as they had at present
the services of a most energetic, talented, and efficient
Member of the Board.—(Cheers.) That Gentleman was
ready on all and every occasion to visit the various portions
of the line, and see the landowners. There was no indivi-
dual, he conceived, more competent to enter into en-
gagements, knowing as he did, every inch of land on
the line, and therefore, he believed the Shareholders
would not be studying their own interests if, by nominating
other individuals, they thus weakened the energies of the
present Directors. He would recommend the gentleman to
withdraw his amendment, if, as he understood, it was his
intention to move it.

Mr. STANSFIELD replied. In making the observations
he had done, he begged most distinctly to say that he did
not cast the slightest imputation on the retiring Directors.
He had no doubt the managing Director had been energetic,
talented, and eflicient,as described,and had consulted the in-
terests of the Shareholders :but still he asked whether it would
not be very pleasant for that individual to have persons re-
siding on the land with whom he might correspond respect-
ing any purchases he had to make. He thought the ad-
vantage of an arrangement of this kind to the Shareholders
in a pecuniary point of view, by saving travelling and other
expenses, would be well worth considering. He would,
therefore, press on these gentlemen to allow their names to
be withdrawn.
The CHAIRMAN had no doubt that one and all of them
would be very glad to have their names withdrawn, but he
trusted that this would not be done—it would weaken the
force they had at present in operation, and be a matter of
deep and serious regret to the Director 3, to lose their ser-
vices at the seine time. He was sure no disrespect was
meant to those gentlemen by the proposition that had been
made.

Mr. STANSFIELD—In reference to weakening the present
force of the Directors, he did not think it would have
that affect. The Act contemplated that they should re-
elect new Directors, in order that fresh spirit and energy
might be infused into the body ; and he thought it would
not be acting up to the spirit of the Act if they did
not do so. If they found the interests of the Shareholders
would be consulted by a change, no feelings of delicacy
should prevent their making one. He would therefore
beg to submit the following motion :
" That one or more of the retiring Directors be replaced
by shareholders residing on the line."
Mr. BARBOUR would still remark, in reference to the
practice of other Companies, that so much did the Share-
holders seem impressed with the importance of unanimity
in the Directory, that in the case of the London and Bir-
mingham Railway, rather than fill up the vacancies oc-
casioned by the resignation of Directers, they decided that
no new one should be appointed in their stead, thereby
adopting the principle of concentration. They had all seen

.~-^c'=

so much of the ha,-mony and good feeling which existed
the London and Manchester Railway, that he should ex-
cce I regret if any change were made.
Mr. STANSFIELD—It seemed to be assumed that wt-
union would be created if any alterition were made in the body of Directors. Now he did not see hoii,this was to „
follow. His sole reason for persevering in his motion Was,
that he considered it would be for the advantage of the
Shareholders generally.
S. J. Roacivrs, Esq., of Chester, knew not whether the
gentleman had found a seconder for his motion, but he was
certainly disposed to oppose it.
THOMAS FIELDER, Esq., rose to second the motion. It
appeared to him that all the arguments brought
forward by gentlemen in favour of the original mo-
tion had fallen to the ground. They had had many
new Directors since the formation of the Company, and
while gentlemen resident two hundred miles from the point
of operations were appointed, not one was to be found on
th,e line. He had no feeling- against the gentlemen retiring.
He would say they were very efficient and good men, but
still he contended that it would be a great improvement if
Directors were appointed in the neighbourhood of Leeds,
Halifax, ani2: Wakfield. In these and other intermediate
places gentlemen might be found to give their services to
the Company. De was not quite so well satisfied with the
management of these Directors as gentlemen had oc-
casion so often to speu..k respecting them. He had some
misgivings on the subject, and therefore he would like to
sea a little change.

Mr. ROBERTS observed, it .appeared to him if the argu-
ment of the gentleman was good for any thing it must be
good throughout—they must carry the change to a still
greater extent, and, therefore, he did not see why they
should not have Directors placed along the whole line like
police.—(Laughter.) It was, however, a question whe-
ther the power of the Board was not better concentrated
than diffused. For his part, he never found good result
from its diffusion.—(Hear, hear.) He thought another
evil resulted from it—it would diffuse the responsibility.
Now lie should like all the Directors to be on the spot,
and be made answerable for what was done by the
Board, and how could this be, if gentlemen resided.
at a great distance?—(Hear, hear.) If any thing went.
wrong, or any mishap took place, one gentleman would say
he was not present, and another would say he knew nothing
about it. He was not very conversant with the Manches-
ter and Leeds Directory, but he believed it was well ma-
naged, and that it was decidedly objectionable to make any
change. Without knowing any individual except the Chair-
man on the Board, or having any interest in it beyond a
general wish for the prosperity of the undertaking in which
they were all embarked, it was his conviction that it would
be injudicious to make the alteration proposed.
Mr. STANSFIELD thought his observations on the outset
had been mistaken, for it was his feeling that a great num-
ber of the Directors should reside in Manchester. That,
he distinctly admitted.—(No, no.) His feeling only went
to the extent that it was desirable two or three Directors
should reside on the line.

Mr. NEWBERRY wished to know if the gentleman was
replying ?
Mr. FIELDER rose to order—the gentleman should be
permitted to speak to the question.
Mr. NEWBERRY did not say the gentleman was out of
order, but if he was in his reply lie could not expect to
speak again.

The CHAIRMAN here read the original resolution, after
which he put the amendment to the Meeting, when there
appeared—

For the Amendment 5
Against it 64

Majority against the Amendment -_59
The original resolution was then put to the Meeting, and
carried with only two dissentients.
On the motion of J. B. SMITH, Esq., seconded by JOHN
BizowN, Esq., of Lea Castle, it was resolved—.
" That the Common Seal of the Company be affixed to the
Register of Proprietary now produced."
J. BROWN, Esq., having taken the Chair, a vote of
thanks was passed to Mr. WOOD for his able and im-
partial conduct in presiding over the proceedings of the
day, after which the Meeting separated.