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

_or the convenience of carrying on the traffic in a manner
consistent with the interests of the three companies.
" A.correspondence has been recently published, from
which it will been seen that the London and North-Wes-
tern Company still avow their intention to continue a
course of determined resistance to agreements made by
this company with the two Shrewsbury companies for the
interchange of traffic in the north ; while they expect the
directors of the Great Western Company, separately from
their allies, to entertain proposals for being bound under
penalties never to charge lower rates to the public than the
London and North-Western and Midland Companies,
without any compensating benefit to the proprietors of
this company, so long as they succeed in obstructing the
corresponding free transit of passengers and goods over
the Great Western and Shrewsbury lines.
" This board must deliberately decline to conclude any
agreement oft hat eharacter, which is subversive of the en-
gagements into which they have entered with the Shrews-
bury companies and the Duke of Bridgewater's trustees,
under the existing relations with those parties.
" It would be a source of much pleasure to terminate
conclusively all differences by an agreement upon condi-
tions which can be enforced upon all the companies af-
fected by them ; but nothing would be more fatal to the
prospects of this company than to incur an obligation
which may be used against themselves, of maintaining rates
while the contest between the two companies is still to be
carried on, as threatened in Mr. Stewart's letter of the sth
of August.
" The determination of the directors has been commu-
nicated to the London and North-Western board, in a re-
ply from the secretary, dated the 15th inst., to that letter.
" Your directors consider it to be the most expedient
course, under all the circumstances, to do everything in
their power to cement and strengthen their alliance with
the two Shrewsbury companies : and it will only be in the
unexpected event of failing to accomplish that purpose
they will be prepared with an alternative plan to obtain
other direct means for opening a route towards the north,
independent of the London and North-Western Company.
"The Plymouth Docks, adapted to steamers of consi-
derable size, are progressing favourably, and will afford
great accommodation for colonial and foreign trade at that
port.
" Milford-haven, at the terminus of the South Wales
Railway, is certain also to become a most important posi-
tion for the largest class of ocean steamers, which can ther_e
find ample space for every purpose, in deep water allat
times of tide, with the peculiar advantage of obtainil3_g
their fuel, at very low prices, direct from the steam
coal-
fields in South Wales.
" The Eastern Steam Navigation
Company, and the
Australian Direct Steam Navigation Compan, via Pan-
ama, both having obtained their charters, have filed upon
Milford-haven as their permanent harbour and
station for
their business.
" By the Great Western act of the present session autho-
rity has been obtained to convert the debenture bonds or
debt into a mortgage stock, or mortgage perpetual an-
nuities. The interest shall in no case exceed 4 per cent.
per annum on such securities."
The report of Mr. Brunel, the engineer, stated that—
" The works for the intended junction with the London
and North-Western Railway at Birmingham have been
completed ; and so soon as the rails and crossings have been
laid by that company, and which I have applied to their
engineer to do, the junction may be effected.
" The extension through Birmingham by the Birming-
ham, Wolverhampton, and Dudley Railway to Wolver-
hampton is progressing rapidly, and preparations are made
for laying down the permanent way.
" The 10fxbridge branch is in a forward state of construc-
tion. All the principal works of the Wycombe Railway
are completed, which, although not constructed by the
Great Western Company, will be worked by them, and
practically become part of the undertaking. The stations
are in a forward state, and the permanent way is being
laid.
"Preparations are made for commencing immediately
the Henley branch as well as a connexion with the North
and South-Western Junction Railway, near Acton, for
which power has just been obtained from Parliament.
"The Cornwall Railway, and the Hereford, Ross, and
Glocester Railway, in which this company are interested,
are proceeding very satisfactorily."
The statement of accounts appeared in The Sun of
Monday.
The CHAIRMAN moved that the report of the directors
be received and adopted, and circulated among the pro-

prietors.
The Rev. F. NICHOLSON seconded the motion. He
now entirely agreed with the directors as to the impos-
sibility of making peace with the London and North-
Western Company, and he was ready to offer them any
support in the course they took with the London and
North-Western Company.
Mr. H. DALLOWAY said, in the statement of the ex-
penditure of the past half-year no mention was made of
the legal expenditure. He moved—" That this meeting
at its rising do adjourn to the third Thursday in next
month, to meet at the London Tavern, to receive from
the directors a statement of the entire Parliamentary and
other legal expenses of the past half-year and to show a
corrected statement of the balance in their hands." If
they had looked more to the traffic on their main line
they would have been in a better position. (Loud cheers.)
Now they were putting forth further extensions, further
branches, and new lines—where was it to end ? If they
continued their opposition with the London and North-
Western Company with respect to the Shrewsbury lines,
their traffic in the West of England would be such that
the dividend would come to nil. He though* the policy
of the company should be materially altered. If it was
desirable, they might appoint five proprietors to conduct
the negotiation with the London and North-Western
Company for a fair and uniform rate of traffic on all their
competing lines.
The CIAIRMAN quite agreed that it was desirable their
differences with the London and North-Western Com-
pany should be brought to an end ; but the resolution
proposed by the hon. proprietor would not conduce to
that end. However, if he wished it, he would move it
as an amendment. It was no fault of theirs that the
legal accounts were not presented on this occasion to the
meeting ; they could have no conception how extremely
difficult it was to obtain these accounts. Those for the
session just closing it was impossible to render, and of
those for the preceding half year some only had been
delivered. When the Consultation Committee sat they
recommended that all their legal accounts should be
submitted to a careful revision. Since that time they
had invariably placed them in the hands of a gentleman
who appeared on their behalf, when Mr. May, the exa-
miner of the House of Commons, decided on them. He
trusted the hon. proprietor would not consider it neces-
sary to adjourn the meeting, which would be attended
with a great deal of inconvenience to many proprietors.
Mr. DALLOWAY said, it was a long time for the pro-
prietors of so many millions of property to wait, till
.February, before they knew the state of their accounts.
If a meeting was held at the London Tavern, it was
a central place, where men of business could meet
without wasting the whole day going to Paddington or
Bristol.
After some further discussion the amendment was
withdrawn.
Mr. GILES wished to ask a question of some impor-
tance with respect to their small parcels. If he got one
direct from the Great Western Company, it was carged
_Bd. or ls., but if through a carrier it cost 3d. There was
also an item of 3001. charged for light gold for the half-
year. In large commercial establishments they did not
find anything of the kind. He should also like to know
what their coke cost ?
Mr. ATKINSON (auditor).-14s. 2d. a-ton.
The SECRETARY said, with respect to the loss on light
gold, the directors had taken it into their consideration.

One gentleman had offered to take it all, but he would
not comply with the condition necessary for removing
that gold from Paddington to a Welch bank in Wales.
With regard to the parcels, if carriers charged 3d. or 4d.
it was true they might do the same ; but, instead of re-
ceiving 800/. a-week, they would receive 2001. a-week.
Every inquiry had been made to prevent the frauds
practised by carriers on the company, but they could not
adopt a better course than they did, and that was, to
maintain their incomes by moderating their rates, so as
to get the best portable parcel traffic and leave carriers
those not requiring rapid delivery.
Mr. GORE asked if there was any objection to state
the coat of the branch from Frome to Weymouth ?
The CIIAIR3IAN—About 600,0001. or 700,0001.
and'],_'hae report of the directors was then read and adopted,
_., dividend of 2 per cent. for the half-year ending the
ResolutiewiliNvereal
zott of June last was declared.
Salisbury `
to proceed also passed authorising the directors
rat: the construction of the Warminster and
-Railway, for? Weilli. of the Wilts, Somerset, and Weymouth
the further expleenh
'land had been purchased, and also
sanctioned,
the
suinchsture mentioned in the report was
The best thanks of the meeting to exceed what was stated.
Mr. J. Dickinson, the meeting were likewise given to
auditor who had recently retired,
for his long services in that
eaPacit Atkinson, one of the present auditors, for his continued
,and also to Mr. R.
ALLOWAY proposedpasethes should be
their meetings
were held in Bristol, free
services
M r.
Dvoueul:lxtbeeutgiuvfenl,tooooLLoonr-
don proprietors holding stock to
more.
.. .

r whom it
Y
- --
the proprietors
°
The CHAIRMAN said a large number f
hold
lived in Bristol and in the west of England"
was a great convenience that meetings shot{
bheld
there. There was a third objection more insurmountable
at all events at present—they were bound to
of their half-yearly meetings at Bristol by act of Parl'ilme
merit.
The resolution was lost, there being no seconder.
A resolution was passed declaring the forfeiture of
shares for non-payment of calls.
The meeting was then made special, and a resolution
f the Great
passed
by which, under the provisionstheof 1853, directors
were empowered to convert debentures of an amount
not exceeding 4,000,000/. into mortgage stock or notes,
and to fix the interest not exceeding the interest speci-
fied in the act on that spck and notes, and to do any
other act to give effect to the same.
It was then agreed, that the following correspondence_
should be taken as read, and that it should be printed
for circulation among the proprietors :
" Great Western Railway, London Terminus,
Paddington, Aug. 15, 1853.
" Dear Sir?—Your letter to me! dated sth instant, to-
gether with the resolution of your directors, which accom-
panied it, approving Captain finish's refusal to meet
representatives of the Shrowsbury Companies, when pre-
sent at the conference here With Mr. Joseph Sanders, of
ult., has been sub Company,
the Midland Railway
rectorsuttsetrinteot 96th
and himself, on the -,
"The di
circurnstanc;:s of V'TUP°TI
wish here to enter my board.
that they have no
a controversy as to the nature or
tinction or dissiiniTaarft3 quite at a loss to perceive the dis-
bc
partici, ;
but
thz eements to which either company may
theo London and North;vfortelnivhich you contend, between
one hand, and the Gree2t IV and Midland Affiance, on
Western and Shrewsbury, on
th
character of the traffic relaf.tions between both is ,
the other.
obviously identical. The object
same, and the interchange of business eachm-ti 4 ableliaZeziys
en the two
otpehe.
naive in both instances.
" You represent that the distinction between
eases arises from the London and North-Western
pany never having recognised the Shrewsbury a,reenomi.:
with this company; but it can scarcely be affirmed'that7suenCh
recognition was required to give vitality to arrangements
for the transmission of traffic to and from Wolverhampton;
and if it were so, the consent of this company must, at