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

to all places ; but that the two companies should make
timer 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. lam 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 t
(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 to 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 moments on the subject of
the Devon and Dorset line. The reasons for which we
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 bjea com-
bination of influences too powerful for us to withstand.
Nothing inora can be done7till 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 proptr 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 construc-
tion of a broad gauge line from Basingstoke to Andover
the only use I made of it was to send 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 will have
sonic 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 showing 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. After 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/. 35. 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 pur-
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 impmvoment in the
revenue during the present half-year. During the 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 5,4001. 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 enffbagementsfor 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
nex-
ceeding 25,0001. The terminal charges to be made for the
musoenoeyf tshoe
todobckes
inw:rlelstbedri. Increased bring
an adequate
accommodation
return
for a
the
t
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 25,0001. 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 150,0001. 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 Paddington are advancing, which premises
will be occupied for business probably at the end of this
year. A resolution will be necessary for a further slim of
50,0001., to be applied in the additional station:!? works,
which are progressing for goods and minerals.
in With re-
spect to these several items of expenditure, it be
clearly understood that they are provided ithathemeexpresslyfor
tcost
now business accruing to the company; and
t be charg for
will be recompensed by the extra mileage
the employment of such additional plant,_
rents of cottagesesides the b
in-
terest for terminal accommodation, an
to be received by the company.
considering the posi-
" The board have been anxiouslyo
furt
her
portions of
tion of the company with respect t
suspended in
actively
one time, and then commenced at
unfinished railways, which were
the season of financial
n difficulties. Of such works it seems to the directors most
desirable, for various reasons, to resume and proceed, in
with the completion of the line between
the first instance, w
i; b iry • and it is recommended that
Warminster
of the proprietors
the approval
effect. sum
The of 130,0001. has been
• solution to that
works,and
further
contingent
e..
paid for the land,
already ;
respect of that railway; a further expendi-
"P°uses
tore, estinia •, • rt.,s
ted at 160,0001.,with a single line of rails, will
render about 20 miles of railway available for traffic.
When the Radstock branch shall have been opened, there
will be a considerable trade in Somerset coals carried on
over 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 company to make a metropolitan railway be-
tween Paddington and King's-cross, by means 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
carrying out a continuation of the North Metropolitan
Railway into the city, and it is the opinion of you
rbe mutually made
that advantageous arrangements may