The Sun.
London, England, 1853-02-19 00:00:00

THE SUN, LONDON, SATURDAY EVENING, FEBRUARY 19, 1853.

of Commons upon railway legislation, he said the Presi-
dent of the Board of Trade had asked those members
who were directors of railways if they desired to be
upon it ; but he believed they had all declined to sit in
that committee, though they expressed their readiness to
give every information in their power. He had himself
the fullest confidence in the gentlemen who composed
it, and he hail no doubt they would suggest the passing
of some wise and beneficial measure, both as regarded
the shareholders of railways and the public. (Hear.)
The chairman concluded by calling on the secretary to
read the report.
Mr, BOOTH then read the report, which was as
follows :

"The half-yearly statements of account, which have
been made up in the usual form, and placed in the hands
of the propnetors, exhibit the following results as com-
pared with the corresponding period of last year :-
1851. 1852. In. Dec.

Passengers, parcels,
and mails £941,548 £766,560
Merchandise, &c.... 478,995 54:3,239 £64,244

£174,988

£1,420,543 £1,309,799 £64,244 £174,988

Working expenses £450,003 £454,292 £4,296
" The per centage of disbursements to receipts is, exclu-
sive of rates and taxes, 34.68, against 31.67 in 1851.
"The receipts from passengers show a decrease of 174,9881.,
but this is accounted for by the exceptional circumstances
of 1851, the year of the Great Exhibition, which render
inapplicable any comparison of the receipts from this
branch of traffic. It is satisfactory, however, to find in
the merchandise department the same steady increase ob-
servable for some years past; and considering the character
of the new traffic, and the increase of mileage run by loco-
motives, the working expenses are as low as is consistent
with an efficient performance of the business, and with the
perfect maintenance of the stock and works.
" During the months of November and December, this
company, in common with others, had to conduct its traffic
under circumstances of great difficulty, arising from the
extraordinary and long-continued floods, which, for
. a time,
threatened the most serious consequences. Owing, how-
ever, to unremitting exertion on the part of the euginFer-
ing staff the works were sustained, and the main lines
kept open almost uninterruptedly, while by the exercise of
great care on the part of the engine drivers and guards, the
trains were conducted throughout the trying period with
greater .regularity than could have been expected ; and
your directors feel that the servants of the company gene-
rally deserve the highest commendation. In furtherance
of the policy indicated in their last reports, and approved
by the proprietors, the directors have concurred in the re-
introduction, under the auspices of this company and the
Midland, of a bill for a line from Worcester to Hereford ;
the measure having the almost unanimous support of the
landowners, and parties locally interested. The directors
have concurred in a bill, promoted by parties locally inte-
rested, for a line from Leamington and Warwick to
Stratford-upon-Avon ; also in a bill introduced by inde-
pendent parties for a line in continuation of the
North and South Western Junction, at Willesden,
through Hampstead, to the line of the East and West
India Dock Company, at Camden, length 3A miles; esti-
mated cost 250,0001. This company to subscribe to an ex-
tent not exceeding 150,0001.
6' The directors have to submit the following list of bills
for which application is made in the present session of Par-
liament :—A bill to authorise the transfer from the Black-
wall to this company of the short branch connecting the
Haydon-square warehouses with the Blackwall Railway,
and for other purposes. A line from near the Oldbury
Station, on the Stour Valley Railway, to Stourbridge, 81
miles; estimated cost 300,0001. A line from Northampton
to Market Harboro', 18 miles; estimated cost, 250,0001. A.
short branch, forming a junction, between the Bucking-
hamshire line and the line of the Oxford, Worcester, and
Wolverhampton Company, near Oxford, 2 miles; estimated
cost 37,000/. A line from the Oxford, Worcester, and
Wolverhampton Railway, at Oxford, through Theme to
Tring, 31 miles; estimated cost, 400,0001. A line con-
necting St. Alban's and the district round Amersham
and Chesham, with the main line at Watford, 18 miles;
estimated cost, 152,0001. A line from Crew to Shrews-
bury, 33 miles; estimated cost, 350,0001. Also for power
to widen the line from Primrose Hill to Willesden, and to
take land for additions to station at Warrington, Staf-
ford, and Bushbury, and to divert road at Weaste Lane.
A line from Shrewsbury to Newtown, with branch to
Oswestry, 44 miles ; estimated ' cost, 500,0001. A line
from near Wellington, to Coalbrookdale, with branches,
10 miles; estimated cost, 160,0001. A bill to make a de-
viation of the Oldham branch (for which powers were
granted to the late Huddersfield and Manchester Company)
by which the expense will be materially lessened. Such
bills as it may be necessary to recommend to the proprie-
tors for final sanction and adoption, will be submitted at
a future stage to a general meeting, specially convened for
that purpose. For the present, the directors confine them-
selves to stating that, as regards some of these measures,
the expediency of prosecuting them, must depend in a
great degree on the report of the Select Committee of the
House of Commons appointed to inquire into the ques-
tion of legislation in regard to railways. The directors
believe that inquiry must lead to the conclusion that the
attempt to supply the requirements of the country, and to
maintain competition by granting rival lines, is an error ;
and, if on the recommendation of the Select Committee,
the Legislature lays down a wise and just course of policy
in regard to the future, it will be alike the duty
and the interest of the existing companies to furnish
all needful accommodation, by the formation of lines,
which, though not profitable in themselves, would certainly
throw upon the main line a large amount of traffic, which
could not otherwise be developed. The steps which your
directors have ,thought it expedient to adopt, will
enable them to act upon such a decision of Parliament.
Bills have been introduced into Parliament for giving
effect to the agreements entered into with the Shrewsbury
and Birmingham, Shrewsbury and Chester, the Birken-
head, Lancashire and Cheshire Junction, and Newport,
Abergavenny, and Hereford Companies. Bills have also
been introduced to authorise the amalgamation of the
Midland and North Staffordshire Companies with this
corhpany. These measures will be submitted at a future
meeting, to be specially convened for the purpose. The
traffic on the Stour Valley line continues to show a steady
increase. Your directors would refer to their previous re-
ports as to the course pursued by the Shrewsbury and
Birmingham directors towards this company, and regret
that their relations with that board continue in the same
unsatisfactory state as for some time past. In conformity
with the resolution passed at the last half-yearly meeting,
the directors submit, as an appendix to this report, the re-
sult of their inquiry into the important question of pro-
viding for the necessary additional stock and works re-
quired from time to time, by continued increase of traffic.
The facts stated in that document establish, beyond ques-
tion, the necessity for an immediate increase of accommo-
dation, and in order to obtain the authority of a general
meeting, prior to any expenditure upon works which it
may be requisite to commence during the present half-
year, estimates have been prepared, and are now sub-
mitted, as follows :
Estimated cost of works, as per detailed state-
ment, at foot £164,300
Estimate of works on account of which payments
have been made and debited to deferred revenue
account, viz :—Paid £79,323
To complete 32,750

112,073

Aditional expenditure incurred in the conversion
of the Haydon-square warehouses 15,822
Additional lands and buildings in the immediate
vicinity of ditto
Estimate for additional warehouses at Haydon-
square, on which a return on the cost, at 6 per
cent. per annum, will be secured for a term of
21 years

17,500

30,000

" The directors have had under their consideration, for
some time, a Mutual Assurance and Superannuation Fund
for the salaried servants of. the company, and they are
happy to say, that, with the concurrence of the company's
officers, they have adopted a scheme which promises to
carry out-the desired object. The directors have considered
it right to aid, by a liberal contribution, the fund in
question.

" The directors announce, with great regret, the death
of one of their colleagues, Mr. John Lewis Prevost, and
have to report that they have elected Mr. John Lewis
Ricardo, M.P., to fill the vacancy so occasioned.
" Mr. Georae Loch has been succeeded as the representa-
tive of the Duke of Sutherland by Mr. Joseph Langton.
From the statement of the half-year's accounts, it will be
seen that the net proceeds are ...... £596,754 7 6
To which add the balance carried from
last account

68,303 2 10

£665,057 10 4

Less—Further allowance for
'renewal of rails (Ab-
stract H.).. 227,415 0 0
For addition to works and
stock (Abstract J.)

11,700 10 0

39,115 10 0

Showing a disposable balance of £625,942 0 4

" The directors recommend a dividend of 21. 10s. per
cent. for six months, amounting to 533,1551. 18s. 6d. ;
leaving a balance of 92,7861. ls. 10d., to be carried forward
to the next half-yearly account.
" GEORGE ANSON, Chairman."
" Euston Station, Feb. 18, 1853."

The CHAIRMAN then moved the adoption of the report.
Mr. LOCKE, M.P., congratulated the shareholders on
having a statement of the estimates and expenditure on
the formation of the lines. He found that in many
of the items the expenditure had greatly exceeded the
estimates. He should like to know how that happened.
He had another request to make, the reasons for which
he would not now give, but he could assure the share-
holders that it was not without ground—that the
directors would furnish the shareholders with an account
of the mileage worked by the engines, distinguishing
the expenses of those worked from Crewe, and those
from Wolverton.

Mr. DICKENSON regretted to find that the present re-
port proposed a greater expense in the formation of
new lines than any other report. The number of miles
proposed to be laid down was half as long again as their
original line, the London and Birmingham, which was
the basis of this great company. He was sorry to per-
ceive any indications of a fear of any competition of the
Great Western Railway ; for himself, he despised the
opposition of the Great Western Railway. With re-
gard to the amalgamation of the Midland Railway, .he
thought that the interest of the Midland Company would
secure this company all the passenger traffic which
they could give without any amalgamation. As to the
goods traffic, the internal commerce of this country
was so increasing that this company would have no
reason to go out of their way to seek it. The hon.
gentleman concluded by moving, that all the bills men-
tioned in the report, except the two first, be omitted.
The Rev. Mr. BEARD seconded the amendment.
Dlr. TITS thought that it was not fair to the directors
to make this amendment, when the Chairman had
distinctly stated that a future opportunity would
be given to the shareholders to approve or reject these
bills. If the amendment was persevered in he should be
ready to discuss it, but he thought it would be better to
withdraw it. - _

'The amendment was then withdrawn.
Major-General ANSON was then declared re-elected,
amidst loud cheers.

Mr. Barrow, Mr. Cooper, Mr. Erle, and Mr. Raw-
son, were also re-elected directors.

There being one other vacancy, Mr. Tinney, and Mr.
Rathbone both of Liverpool, were proposed to fill it.
A-show of hands being taken, Mr. Rathbone was de-
clared to be elected.

The proceedings then terminated after a vote of
thanks to Mr. Glyn and the Chairman.