The Sun.
London, England, 1853-09-08 00:00:00

tion. He would refer back to the original position of
the company in relation to this matter. When the pro-
prietors were originally called upon to spend the million
of money to which he had referred, and to provide ade-
quate boats, they consented, in the belief that there was
a tacit understanding that when they had completed
their arrangements they would have the contract for the
mail service. But what did the Government do? .Why
they put it up to public tender. The directors, feeling
that there had been a breach of faith with them, did not
put in a tender. They wrote, however, to the Minister
of the day, stating that if the Government would lend
them money at the current interest of the day, on the
security of the works, in order that they might not be
compelled to borrow at the ruinous rate of 51 per cent.,
they would take the mail contract at what it then cost,
leaving the time and mode of communication to be
settled by the Government itself, and would guaran-
tee to reduce the expense of the contract within five
years to something like 24,0001. per annum. That
letter did elicit the courtesy of an answer. He main-
tained, therefore, that the Chester and Holyhead
Company was not at all to blame in the matter; that the
country had the Government only to thank for the miser-
able position in which it was placed in regard to commu-
nication with Ireland. (Hear.) If an adequate amount
were paid, there might be daily communication between
London and Dublin in eleven hours. A passenger might
leave Euston-square at 9 o'clock, and reach Dublin at 7,
Cork at 2, and be at Belfast in the middle of the night.
A day would be saved in the postal communication be-
tween Ireland and the manufacturing districts of Eng-
land. At the time when Sir R. Peel ceased to be in
power, and Lord Auckland acceded to office, there was
a total change of policy on this subject. Instead of
seeking to carry out the arrangements which had been
previously contemplated, his lordship simply looked at
the question how cheaply he could get a communication
between England and Ireland on the sea, without refer-
ence to land communication, He would just read to
the meeting, as bearing on this point, an extract from
the evidence of Captain Huish before the House of Com-
mons

Chairman—Are there any other remarks which you
' wish to make to the committee ? Answer—l am not
aware that I have anything to add to the evidence I
have given. I again beg to express to the committee
the very strong impression which I entertain from my,
short visit to Ireland of the great importance and neces-
sity of this question being considered and dealt with as
a national question rather than upon the mere pecuniary
consideration of what could be done in the cheapest way.
I may have overstated or overestimated its importance
to the two countries. I can only say I have no possible
connection with Ireland. I never was there but once ;
and I have no associations with the country; but viewing
it originally in connexion with my own railway, in which
I do feel a considerable interest, and taking afterwards,
I hope, a wider view when I visited the country, I came
back with the impression that sufficient attention had
not been given to this subject, that it had been treated,
I may say so without disrespect, more as a parish vestry
would open a tender for bread for a union workhouse
than as a communication binding together two such
great countries as England I knew to be and Ireland
I found to be."

He had shown the meeting that, with all the facilities
which had been given, the increase of passengers had so
far been very small. The large accession of traffic on
their line had not resulted from any considerable increase
of travelling, notwithstanding all that had been done,
as between England and Ireland ; it was owing to their
having been enabled to draw traffic from other routes.
If, therefore, this country were anxious for the pros-
perity of the sister country, the more and the sooner
this question was regarded as a national one the better.
His colleagues and himself were prepared to do what-
ever they could fairly be expected to do for the accom-
plishment of the object ; but they were not prepared to
do it at the expense of the dividend of the proprietors.
(Cheers.) He concluded by moving the adoption of the
report.
Admiral MOORSOM seconded the motion.

In reply to a question,
Mr. COLEMAN, the company's accountant, stated that
the amount due on the preference shares after the pay-
ment of the dividend of 6s. 3d. was 18s. Bd.

A PROPRIETOR said that reply showed how remote
was the chance of the ordinary shareholders, and how
imprudent would be any increased expenditure.
The CHAIRMAN said the additional expenditure already
incurred was justified by results.
A PROPRIETOR believed that the traffic would never
be properly developed until a superior class of steam
vessels bad been provided.
Adm. MooßsoM said it was only for four months in
the year that the present boats were at all inadequate.
The average number of passengers by the Holyhead
route was during eight months of the year only about
thirty-two ; the average number between Liverpool and
Kingstown' during the same period, was from 22 to 25 ;
and even if this latter number were added to the former
the total would be very small.
The report was then adopted.
In reply to a question,
The CHAIRMAN stated that the loan capital now re-
maining at 5 per cent. had, on the average, about two
years to run.
The CHAIRMAN then proposed a resolution, empower-
ing the directors to dispose of certain land at Bangor.
He said the object was simply to keep alive the powers
of the board with regard to the erection of an hotel at
Bangor ; and, though no company had hitherto been
formed, he was still of opinion that the erection of an
hotel, on a similar scale to many which existed in other
places, would both give an enormous impetus to the
traffic and a good return for the money invested.
The resolution having been seconded, was agreed to.
The meeting was then made special, for the purpose
of considering a proposed lease of the Bangor and Car-
narvon Railway.
In a report which was presented on the subject the
proprietors were reminded that, in pursuance of resolu-
tions passed at a meeting held on the 11th of Sep-
tember, 1851, an agreement had been entered into
with the Bangor and Carnarvon Company, under which
that company was entitled to receive half-yearly, the
entire receipts from traffic to and from their line over
the Chester and Holyhead Railway, less a deduc-
tion for working expenses, until such time as
the ascertained cost of the branch line was paid, together
with interest on the half-yearly advances at the
rate of 5 per cent per annum. The directors con-
sidering the heavy charge thus created against
the revenue of their line, had arranged a lease of the
line at 6,0001. per annum, being 4 per cent. on a fixed
capital of 150,0001. The amount payable to the Bangor
and Carnarvon Company under the existing agreement
was, for the half-year ending 31st December, 1852,
5,9811. 25.; for the half-year ending 30th June, 1853,
5,6521. is. id.; total, 11,6331. 3s. id.; the amount pay-
able under the proposed agreement was, for each of
these periods, 3,0001. Thus it appeared that the Ches-
ter and Holyhead Company would be released from a
heavy present charge for prospective benefit, whilst in
lieu of a deferred payment a return of 4 per cent on the
capital was secured to the proprietors of the Bangor
and Carnarvon Railway. The directors had stipulated
that the entire Bangor and Carnarvon stock should be
offered to the shareholders in the Chester and Holyhead
Railway, each holder to have the option of taking up at
par an amount proportionate to the number of his shares,
such option, however, to be exercised, and the money
paid, within one month from the date of offer. The
lease would require the sanction of an act of Parlia-
ment, but the annual payment would commence as
from the opening of the Bangor and Carnarvon line.
The CHAIRMAN said the proposed arrangement was
so evidently for the benefit of both companies that he
should simply move that it be approved. The receipts
of the Bangor and Carnarvon line fully realised the an-
ticipations which had been formed respecting them.
A PROPRIETOR having asked for information as to the
character of the new shares,
The CHAIRMAN said the 4 per cent. would be as ab-
solutely secured as any dividend could be, inasmuch as
it would be a first charge on the Bangor and Carnarvon
line, and also on the Chester and Holyhead line.
In reply to further questions, _

The CHAIRMAN stated that the line was 91 miles in
length ; and
Mr. COLEMAN, the accountant, declared that the net
earnings already exceeded the amount guaranteed.
The motion was then agreed to, and the proceedings
terminated.