The Sun.
London, England, 1854-08-18 00:00:00

" RECT:IPTS

1853. 1854. Increase.
Passengers, mails, kc '2329,188 £365,602 £36,414
Merchandise, parcels, &c 169,035 226,937 57,902
Other sources of revenue 24,275 28,348 4,073

532,498 620,887 98,389
Working expenses 933,837 262,618 28,781

• --,
Net rovenw 983,661 358,269 69,61)3
" CHARGE.
For interest on loans and
dividends on preference
capital 145,229 195,825 50,596

£143,432 162,444 19,012
" TRAFFIC.

1853.

1854. Increase.

Number of passengers con-
veyed
Number of tons of goods
conveyed 319,174 426,464 107,290
" The foregoing statement of the comparative revenue
and expenses, as well as of the business transacted, cannot
fail to be satisfactory, when it is perceived that the addi-
tional traffic has been conveyed over your lines at a cost of
only 28 per cent., notwithstanding that the main increase
has consisted of merchandise and minerals ; and also that
the difference of the revenue has been more than adequate
in the first year to pay the increased interest on loans and
dividends on the preference stock, which, in fact, repre-
sent the capital expended on the purchase and construc-
tion of the Birmingham line.
" If it had not been for the unexpected obligation to dis-
tribute a considerable proportion of the existing revenue
among the shareholders of the two Shrewsbury companies,
under the circumstances so fully represented in the circular
statement which accompanied the accounts, the directors
would have been able to recommend the usual dividend of
4 per cent. per annum on the ordinary stock. This, too,
would have been attained under many admitted disadvan-
tages, in having been obliged to open, for local traffic only,
a railway of most expensive construction between Oxford
and Birmingham, completed into the very centre of the
latter town, without any connecting line beyond it.
" Scarcely as yet had any through traffic from the north
been procured over any portion of the Birmingham and
Oxford Railway, although it must be obvious that, upon
the opening of the Wolverhampton section in continuation
beyond Birmingham through the South Staffordshire mine-
ral district, and upon the possession of the two Shrewsbury
railways, there will be, at no very distant period, an abun-
dant return, as well for the capital expended on those un-
dertakings, as for the sacrifice of present dividend rendered
imnerative upon the shareholders.
"In making up the accounts of the half-year it will be
seen that the directors have given effect to the system
which was approved at the last half-yearly general meeting,
of charging the revenue account in fixed amounts for the
discharge of all those Parliamentary and legal disburse-
ments which come under the definition given in the direc-
tors' report of the 20th of February last as fairly belonging
to that clags of expenditure.
"The sum of 2,5001. has been appropriated for that pur-
pose in the first half-year of 1834, leaving '2,5001. or 3,5001.,
as the case may seem to require, for the next account, to
make tip the fixed charge therein specified ' at 5,000/. or
6,0001. per annum.'
" The directors think it right to report that the accumu-
lations already to the credit of the Insurance account
against accidents,' in consequence of setting apart a fixed
annual sum, as recommended by the board, exceed 11,0031.,
after meeting all existing claims upon it.
"The only unadjusted accounts which remain to be men-
tioned as having relation to revenue are those with the
South Wales Railway Company, on the one hand, under
the agreement for a lease of one-third of the revenues of
that line nct yet finally arranged ; and with the Midland
Railway Company on the other, who are indebted to this
company, in addition to other claims, for the rent agreed
to be paid by the Bristol and Gloucester Railway Company
for the use of the line between Gloucester and Cheltenham,
which has been now running since 1846, which agreement
was duly confirmed at the time by the proprietors of both
companies.
"The directors have urged through their professional
advisers that these long outstanding claims upon the Mid-
land Company-, which by agreement had been at one time
under legal investigation, when the referee (Mr. 'Justice
Crompton) was raised to the bench, should now again un-
dergo a similar process, with a view to obtain a final adju-
dication by some impartial person competent to decide all
matters in difference between the two companies.
" They entertain little doubt that the sum to be awarded
to this company in respect of the Bristol and Gloucester
agreement, during eight years, will be more than commen-
surate with any deficiency which may have arisen on the
South Wales Railway lease to the present time ; and more
especially as in the latter case, there will be a sot-off of
some expenditure incurred for their account at Gloucester,
besides some other claims in diminution of the loss during
the first two years of the lease.
"In the hope that these two items may be simultane-
ously adjusted, and settled within a short period, the di-
rectors have no hesitation in recommending that both the
claims shall, for the present, remain over as matters of ac-
count likely to compensate each other, and to be then
balanced; but in the event of continued delay in either
case, they suggest that the proprietors should for the future
set apart a moiety of the South Wales dividend to meet
any arrears of claim, until the whole shall have been dis-
charged, whether by any award under the Midland refer-
ence, or by the effect of a progressive improvement iu the
South Wales traffic.
"It is very satisfactory to observe that already the re-
ceipts of that company-, even although still an incomplete
undertaking, have increased from 3,750/. per week in 1833
to 5,300/. during the present summer ; and it is confidently
believed by those who are most competent to judge of the
results of the South Wales Rail way when finished that the
business is capable of being very largely increased.
"In addition to the amalgamation of the Shrewsbury
Railways with this company, the directors succeeded in
obtaining legislative sanction to two acts—the one for ex-
tending the time to complete the Wilts, Somerset, and Wey-
mouth Railway, in coarse of execution, and. to make the
short fork line to connect the Berks and Rants Railway
with the main line nearßmtling; and the other for dispens-
ing with certain works in the town of Birmingham, and
for providing additional accommodation in land and stations
both there and at Wolverhampton.
" The Metropolitan Railway, forming a junction at Pad-
dington with the Great Western Railway, and extending
into the city near to the General Poa-office, has been sanc-
tioned by the Legislatnre, width° subscription by this coin-
pt:ny of 175,0 V. has been authorised by the act.
" The directors arc satisfied that, whatever may be the
present loss of traffic inflicted upon this company by the
forced diversion of it over a circuitous line between Oxford
and London, via Bletchley, it will be compensated for here-
after, when time broad gauge must not only be laid, but also
opened for public use continuously from the Great Western
line at Oxford.

"Dating the Parliamentary proceedings of the session,
the directors deemed it expedient to offer the insertion of
certain clauses in two of the acts then in progress through
the committee, to set at rest and establish the bona fides of
the company in carrying out two principles, on which, as
promoters of those acts, they had fully declared their in-
tentions, although their adversaries sought to raise doubts
and distrust iu the minds of the committee.

" The one related to the construction of additional rails
on the existing Great Western line between Oxford and
Basingstoke, in order to admit of narrow gauge waggons
being transmitted, without impediment, from the north to
Southampton
.and- The directors of this
company had previously pledged themselves to afford this
means of direct intercourse without break of gauge over
the Groat Western Railway, as soon as a connection could
be obtained with the narrow gauge lines in the north.
The advantages of it to the company, as well as its useful-
ness to the public, cannot be disputed. The route from
Birmingham, as the centre of England, to those ports in
the English Channel is fifty-five miles nearer than by any
other railway ; and, the narrow gauge rails being already
added to the Birmingham and Oxford line, there can be
no longer a pretext for diverting any of the traffic fromthe manufacturing districts towards Southampton
they
any other railway, on the plea of having t
additional railso change
inb
transit from one gauge to the other. Those
will, at B
Birmingham
ienvgehnatras ,
and constitute
Basingstoke
thea c Gs
srtehsaient
mainWe Western e
andrn line
direct be-
tween
to or from that
railway thoroughfare for all traffic
England. A period of 18
portion of the south coast
gmaoungteh
rails has beenoi th allowedthe
line
be
between
etnh
Oxford
completion
an dm:
toeafosfitnhtg:Betnoakrer
Shrewsburyo. w
relatestom'atyhebetnimmedeatuodPeaQrlalidaimti°eni
continuously to and from Wolverhampton
gl line
st to
overad traffic
upon‘‘ Twh-eh which futureother
ciclause
forbei
being
adding r
lee thirdd e o
itinabilrwosaydegauge carrsaeosnoreawcha
" No such power had been sought in the application for
the bill to amalgamate these companies, nor was it in con-
templation to press for the construction of the broad gauge
rails over them before the public necessity for such im-
proved communication should be fully recognised. To
snake this perfectly clear and intelligible, it has been
enacted that the Board of Trade must publish in a report
their opinion that it will be attended with advantage to
the public to have such additional rails before an applica-
tion can be made to Parliament for power to lay them.
The effect of this clause will obviously preclude any ex-
pensive contests on the question of gauge until the time
shall arrive when it becomes a certainty that the public
trsiae,el applicatione
requirements must prevail over adverse objections, .and.
that Parliament will consequently give the requisite autho-
rity to provide the broad gauge accommodation, in addi-
tion to that oh the narrow gauge.
" Th Great Western Hotel at Paddington, having been
completed for occupation in the month or June, was opened
to the public under- the management of a committee of
those gentlemen who had subscribed frinds and taksn the
lease of it. It is a matter of great satisfaction to find that
ever since the opening of the hotel the accommodation it
affords to passengers has been resorted to in tho most en-
couraging manner, which gives the promise of a beneficial
return to those who, in an enterprising spirit, embarked
their capital in it.
" The report of Mr. Brunel, the engineer, states that
the Radstock branch will probably be completed and open
in about a month. The Uxbridge branch is completed
all but the permanent way. The permanent way of the
Birmingham, Dudley, and Wolverhampton Railway, and
of the junction north of Wolverhamp)on with the Shrews-
bury lines, is rapidly advancing to completion, and will be
in a fit state for public traffic on the Ist of next month.
Of the n3w lines in which the Great Western Railway
Company is interested, the Wycombe Railway has been
completed and opened during the 1
Hereford, Ross, and Glocester railw:ystvil'7ilr,btt.c.omanpdlLettehde,
durihk the eurrent'half year. • • • • • • • " '
it will be nocosaary to obtain Totes from the proprie7

tors for expenditure upon new stations andextensious of
the present accommodation at Bristol, Box, Swindon,
Stonehouse, and some minor stations, 25;060/._ ; and for
additional house accommodation at New Swindon,•s,o3/.;
at the Paddington station a further vote will necessary
of 50,000/, towards the works still in progres.!' • , •
An abstract of the accounts and circular aiiiiiiikd--4""
thereto appeared on Monday.
The CHAIRMAN then moved a resolution, to the effect
that the report and statement of accounts be received
and adopted.

Major COURT proposed an amendment, to the effect
that the report be not adopted. He understood that it
was agreed at the last meeting that the report of the di-
rectors should be circulated among the proprietors a
week prior to the half-yearly meeting. He had not had
time to read the report, and he had no doubt other
shareholders had felt the inconvenience. He therefore
called upon the proprietors to do justice to themselves,
and adjourn the meeting for a week or a fortnight to
consider the report.
A PROPRIETOR said the question had been discussed
over and over again, and it had been considered as im-
practicable.
Mr. PLOWDEN seconded the amendment. He did not
intend to oppose the dividend to the Shrewsbury Com-
panies, but ho thought the proprietors ought to pause
before they agreed to eanction the outlay of 80,0001.
mentioned in the engineer's report.
Mr. NICHOLSON expressed his strong approval of the
report. He had generally opposed the directors when
he did not approve of what they proposed. He thought,
however, that they had acted with great prudence and
discretion in respect to the amalgamation bill. They
did perfectly right not to risk the bill by insisting en
the insertion of clauses which might have caused its
rejection. He hoped that the shareholders would
strictly adhere to the principle of paying the dividend
out of the earnings of the line. The question of compe-
tition was so far settled with regard to the Shrewsbury
line that it must be either peace or war with the London
and North-Western. They could not allow things to go
on as they had for several years past.
The CHAIRMAN, in reply to Mr. Davies, said that, so
far from it being understood that the report was to be
circulated among the proprietors prior to the meeting,
tiae shareholders at the last half-yearly meeting bad ex-
pressedo occasion,
objectionsca sonthemselvesth aacddovfueorruss
ene,dt opi iattr.qt
iuciu
ItTeah
rielmryepowonses
tri ebhe r ape
troce tsigecii
through the work at the board in time to circulate the
report earlier than the day before the meeting. The
circular sent with the accounts on Saturday last con-
veyed to the proprietors information on all the important
points they had to consider that day. No advantage
could be gained by an adjournment.

The Secretary, in reply to a question, stated that all
the known liabilities against revenue had been charged
during the past half-year. The lawyer's bills, as had been
stated at the last meeting, amounted to about 35,000/.,
and in the present revenue account 2,500/. was charged
to revenue, and a similar amount would be charged
against the next half-year's revenue to the same amount,
so that from 5,000/. to 6,0001. a-year would be charged
to revenue until the whole was liquidated.
One of the auditors stated that the amount of law and
Parliamentary expenses duringf the past five ye'irs
amounted to 122,0001., part of which was charged to
revenue and part to capital.
Major COURT remarked, that the accounts did not
show the amount expended every half-year,. and there-
fore they did not know how they were getting on with
their expenditure or capital account. The estimate of
the committee of investigation had been far exceeded, in
one case to the extent of 1,100,0001. He wished to
know when their capital account would be closed ?

The CHAIRMAN said, when the lines were completed,
he supposed they would know the extent of their outlay.
Mr. GORE, of Bath, and other shareholders, strongly
recommended the payment of dividend to the Shrews.
bury Companies out of the revenue of the Great Western
Company until the traffic on these lines should be suffi-
cient for that purpose.
Mr. MALINS said it was his intention to propose the
appointment of a committee of shareholders with a view
to investigate the affairs of the company for the purpose
of putting an end to the expensive contests that had so
long existed ; but, not being able to carry his motion
for the appointment of a committee at the London and
North-Western meeting recently held, he did not think
it would be of any use to bring forward his motion for
the appointment of a committee on the present occasion.
He was anxious to save railway property fram further
depreciation, and he thought much good might be done
by influential shareholders exerting themselves to pnt an
end to those unseemly and expensive contests which had
already seriously injured the property of railway com-
panies. He considered that the charges in general of
the railway companies were too low to be remunerative.
After some suggestions as to the reduction of the
charges for small parcels on the line, and ethers for the
appointment of a traffic manager to develope the re-
sources of the line, _

Mr. SAUNDERS explained that everything had been
done and was being done to accommodate the public
and develope the traffic,

Resolutions were passed adopting the report, declaring
a dividend for the half-year at the rate of 34 per cent.
per annum on the consolidated stock of the company,
and the amount paid on the Windsor shares, and autho-
rising the outlay mentioned in the engineer's report.
The CHAIRMAN then proposed two alternative propo-
sitions—one for the continuance of the payment of the
dividend to the Shrewsbury lines out of the Great
Western revenue, until the net revenue on those lines
be sufficient to liquidate the guaranteed dividend, and
the other for purchasing the shares of those companies
on certain conditions ; but the feeling of the meeting
being unanimously in favour of paying the liabilities in
respect to the Shrewsbury lines out of the current
revenue of the Great Western Company, the former
proposition was unanimously adopted.
The proceedings concluded with a cordial vote of
thanks to the chairman and directors.

TAFF VALE.
The half-yearly meeting of this company WAS held
yesterday at Bristol ; Mr. J. Poole in the chair.
The report stated that the balance of accounts allowed
the directors to declare a dividend at the rate of 74 per
cent. per annum on the stock of the company for the
half-year, payable on the 6th of September next, with a
dividend in the same proportion on the preference stock
No. 1, and on the amount called up on the 10/. shares.
The urgency of further dock room is still most se-
riously felt at Cardiff. The new dock constructing by
the trustees of the Marquis of Bute is, however, ap-
proaching completion. When completed it is hoped
that ample accommodation for the increasing traffic will
be found to exist.

From the reveuue account to the 30th of June last it
appeared that the receipts amountedto 83,055/., and the
expenditure to 60,1561., leaving a balance (with 2,401/.
from last half-year's account) of 22,8981.
The CHAIRMAN, in moving the adoption of the report,
congratulated the proprietors on the satisfactory posi-
tion of the affairs. The company afforded freighters
every facility in their power, and ho believed, on the
whole, their line was still one of the most economical in
the kingdom. (Hear, hear.)
After some observations in respect to the construction
of the Rhonda branche:s' resolutions were passed adopt-
ing the report, electing Lord J. Stewart a -director in
the room of Mr. W. Coffin, resigned, and re-electing the
retiring directors.
The proceedings concluded with a vote of thanks to
the chairman.

The meeting of the Taff Vale Waggon Company was
then held, and the regort stated that the first lease to
the railway company was now being engrossed for 900
waggons, at the value of 37,500/, The second "lease for
the like amount would be completed immediately after
payment of the call of 1/. per share in October next.

LONDON AND BLACKWALL;
It appears that a dividend for the half-year ending the
30th of June last will be at the rate of 3s. 3d. per share,
clear of income tax.