The Sun.
London, England, 1854-02-23 00:00:00

LONDON, THURSDAY EVENING, FEBRUARY 23, 1854.

No . 19,162.]

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PURSSELL'S BRIDE CAKES, 1 to 10
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jOZRAITS COPAHINE-MEGE, or Saccharatt,
C tPSULES, approved by the French College of Physicians,
successfully administered in the Paris and London hospitals, and
acknowledged by them to be the best remedy tor the cure of
certain di‘eases (see " Lancet " 6th Nov., 1852.) Price, per 100,
4s. 6d. ; 50, 2s. 9d.—To be had of the Inventor, Gabriel Jozeau,
French Chemist, 49, Haymarket, London, whose name is printed on
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PAINS in the BACK, GRAVEL, LUMBAGO,
RHEUMATISM, GOU I', INDIGESTION, FLATULENCY,
Nt...RVOUsNESS, DEBILITY, &c.—Dr. DE KOOS' COMPOUND
RENAL PILLS, as their name Renal (or the Kidneys) indicates, are
a most safe and efficacious remedy for the above dangerous corn
plaints, discharges of any kind. retention of the urine, and diseases of
the kidneys, bladder. and urinary organs generally.: For depression
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by Dr. De Eons, 35, Ely-glace, Holborn, . ondon. At home for con-
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cine, £l.

APPETITE AND DIGESTION IMPROVED.
EA and PERRINS' WORCESTERSHIREL
SAUCE. imparts the most exquisite relisq to Steaks, Chops,
and a'.. Roast Meat rsvies, Fish, Game, Soup, Curries, andtom Salad,
and be its tonic and(invigorating properties enables the stomach to
pertectly digest the mod.
The daily use of this aromatic and delicious Sauce is the best safe-
guard to health.
Sold by the proprietors, Lea and Perrins, 19, Fenchurchstreet.
London, and 68 Broad-street, Worcester : also by iie•srs. Barclay
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chants, London ; and generall• by the wincipal dealers in sauce.
N.B.—To guard against. Imitations, see that the names of " LEA
and PERRINS" are upon the label and patent cap of tho bottle.

•
THIRD EDITION.—WITH ADDI [IONS.
Just published, Bvo., in cloth, price 55., by past tree, ss. 6d.
TRUE & FALSE SPERMATORRIREA,
with the View to the Correction of wide-spread Errors
n ,iton to the Treatment and Cure of the Impulssant and Sexual
Hypochondriacs,
Cram-listed from 'he German of Dr. PICKFORii.
Ta which s added, an ESSAY en SEXUAL DEBIT,ITT, b- the
Editor.
I.r. Nekton' 's known to Ensiish readers by his frequent prat:
oal contribution, to Oerman medical literature This is the firs,
t.me, he Worms as, that he has addressed himself to the non-medi•
reader. We trust this may not be the last, if he shall etect an)
other equally flagrant evil which 11 ma, be in his ower to correct."
—London Medical Gazette. May 30, 1851. The tribe of 'Quiet Sympa-
tbisers,'and Medical Friends,'are mercilessly exposed ; and if this book
▪ oxld find its way into 'he hands of those who stiffer fr .m the com-
plaint of which it treats, we are satisfied that many hundreds would
ue saved much needless suffering of body and mind, and what is of
less importance, though it is that which the quacks most prize—
much money ......This volume is well qualified to put an end to the
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ment upon a more rational and physiological basis. It is, therefore,
likely to do much good." —Medical Circular, June 16. 1852.

Loncion: 11. Ilathere. 219, Regent-street.

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call at the Grays, Greenhithe, and laurtieet Piers.
11 at the Piers as underlined (weather permitting
I'M TERRACE PIER, GRAVESEND.

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Passages marked are run e direct
For Cabit. Saloon.
To or from Gravesend and
or
• • ..... • • tod. 2d.
„ Gravesend and Blackwall or Woolwich Bd. Os. 10d.
etween Gravesend and Intermediate Piers - • 6d. " 8(1'
n
BOAT TICKETS.—TweIve Months, 5 , Six Months, 3/. Os. ;
Three Months, 2s. Os. ; to be had of the Collectors on board the
Packets; or of Mr. Moak, Terrace Pier, Gravesend.
Nov. 17, Ma.

RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.
The half-yearly meeting of this company was held yes-
terday at the Euston station, the Marquis of Chandos,
M.P., in the chair.
Mr. C. E. Stewart having read the minutes of the last
half-yearly meeting.
The CHAIRMAN said, that before calling the attention of
the meeting to the business before them he would address
a few words to them on his present position. When at
first it was suggested to him that he might occupy the
chair, he must confess that, so unacquainted and uncon-
nected as he was with the interests, management, and po-
litics of the railway, he felt that his occupation of the
chair would be attended with neither credit to himself nor
advantage to the meeting; but when he came to reflect
that on those important questions which had arisen from
the great increase of railways, not only between companies
as regarded their own interests, but also those of the pub-
lic, he thought that, perhaps, the judgment of one who
was untrammelle i by party interests might be of value.
(Applause.) He had therefore consented to occupy the
chair, feeling sure that if questions of detail should arise
he should receive from their experienced board of directors,
and those more intimately connected with the railway
than himself, every assistance. In alluding to the de-
falcations which have taken place, and which were
mentioned in a paragraph of the report, he said that
the directors thought the proprietors had a right
to a full and clear statement on this subject. (Hear,
hear.) As, however, the matter was under in-
vestigation and a criminal trial was proceeding with
reference to it, it was considered neither just nor right to
enter into details until the decision of this trial should be
known, when a full explanation should be given. With
regard to the financial statement, he considered it satisfac-
tory. A considerable amount of the debenture debt, bear_
ing interest of 5 per cent., had been paid off, and, while
the average interest for the corresponding last half-year
was 31. 18s. laid. per cent., the average interest for the
present half-year was only 3/. 18s. 2d. per cent. on the de-
benture debt. In the statement of disbursements on the
capital account there was one item, from the way in which
it was placed, which might render some explanation neces-
sary. It appeared that on the estimates sanctioned on
February the 22d, 1850, there was an excess of 98,059/.
18s. 9d. This had arisen in consequence of works that
had often been referred to in half-yearly reports—the works
and buildings at New-street station, Birmingham. At the
time when the estimates mentioned were made the works
at this station were not sufficiently advanced to allow of
an accurate estimate being made, so that the directors had
adopted what he (the chairman) thought the best course,
that of not submitting for the consideration of the share-
holders estimates which could not be accurately made ;
and this was the great cause of the excess ho had men-
tioned. The fourth item in the statement of disbursements
showed that the estimates sanctionedfor new lines inJune,
1853, amounted to 897,000/. ; of this the 77,0391. Bs. lid.
expended had been for the purchase of lands, leases, and
preliminary expenses, leaving an unexpended excess of
819,960/. lls. lat. The short line connecting the Bucking-
hamshire and Oxford, Worcester, and Wolverhampton
railways, has been almost completed. The revenue ac-
count he also considered most satisfactory, and it showed
an increase on the passenger, parcels, and merchandise
traffic ;in the corresponding half-year of 1852 the receipts
for passengers and parcels amounted to 776,560/. ; for the
present half-year it amounted to 778,076/. This was the
more satifactory when they remembered that increase did
not arise from there being any new lines, but from in-
creased traffic on their own. The expenditure account was
satisfactory. Since November, 1852, the directors had
taken into their own hand the maintenance of the perma-
nent way which up to that period had been done by con-
tract. During the last half-year a saving of nearly 5,0001.
had been effected, but sufficient time had not elapsed to
enable any conclusive comparison to be drawn between the
two systems—especially as when the directors undertook
the maintenance of the permanent way a considerable sum
had to be expended for stock, stores, tools, &c. With re-
gard to the expenditure for the locomotive power a con-
sklerable increase had taken place ; in the corresponding
last half-year it was 136,0J0/., while in the last half-year it
had increased to 159,0001. This was the most important
item of the expenditure; and, when they compared the in-
crease for the locomotive power with the greatly increased
receipts, they would not think it more, or even so much as
they might have expected to have been expended to meet
the demands of the increased traffic. After referring to
the details of expenditure in the locomotive department,
the noble chairman said, while on the subject, he would
refer to the report of Messrs. Woods and Marshall, who
were employed to report on the difference that existed in
the cost of working the northern and southern divisions of
the line. In their report they stated, that the consider-
able increase in the cost of the locomotive power on the
southern division was attributable to the following causes :
—want of uniformity in the engines, some of which
having been made by the company, and others purchased
of different makers, they were of various forms ; in conse-
quence of the insufficient supply of engines repairs had
been effected at night, which prevented the work from
being done so well and carefully as it otherwise would
have been. Another great cause was the very insufficient
accommodation afforded by the works at Wolverton, as
compared with those at Crewe, for the maintenance and
alteration of the engine stock ; added to this, there was
not the same accommodation for workmen, and this raised
the wages considerably at the former place. He believed
that the results of the last half-year would show that but
little difference now existed between the expenditure for
locomotive power on the northern and southern divisions
of the line. A considerable number of engines had been
ordered for the southern division, and were now in course
of delivery, and this would remove one of the great causes
of the difference of expenditure. The noble chairman then
referred to several items of expenditure mentioned in the
financial statement, an abstract of which appeared in The
Sun of February 13, and none of which called for any
comment. The interest on loans and debenture stock was
less by 2,0001. than in the last corresponding half-year.
The item amounting to 25,0001. for Parliamentary, and
legal proceedings, called for a few remarks. (Hear.) This
was a larger amount than appeared in the accounts of other
companies, looking at it in proportion to the relative amounts
of capital ; but, at the same time, however large the
amount, ho (the chairman) looked upon it with some satis-
faction, because he thought that thus boldly placing in the
revenue account the amount caused by these proceedings
would have the result of calling the attention not only of
this company, but of others, to the ruinous result of these
contest., and also of calling the attention of the Legislature
to the enormous and unjustifiable losses entailed upon
companies by the system at present pursued by Parliament
with regard to what was called private legislation. (Ap
plause.) These expenses were large, but they must consi-
der they were incurred not merely in promoting bills in
which the company had a direct interest, but also by
others which the solicitors and legal advisers of the com-
pany had been obliged carefully to watch, lest parties might
have introduced in their bills clauses which would have
been injurious to the interests of their company, or have
affected some' great principle of legislation. This item
would not be so large in the next half-yearly statement, as
there had only been eight or ten bills which were neces-
sary to be looked after, while in the previous session not
less than 99 bills had been presented, which, unless they
had been carefully watched, some steps might have been
taken which would have prejudiced the interests of the ex-
tensive undertakings of this company. He thought the
course adopted in placing this amount prominently for-
ward in the revenue account a wise one, as when, either
by an altered system of legislation, or the consent of the
companies themselves, these ruinous competitions and Par-
liamentary contests were put a stop to, the proprietors of
this coin ,any would have the satisfaction of fe, ling that
they were from that moment free, as they had not bur-
dened their capital with these expenses. (Applause.)
The items following were of a class which he believed
were not looked upon with satisfaction. They repre-
sented the sums the company had been obliged to pay for
the branch lines During the corresponding last half-year
the losses amounted to 15,800/., while for the present the
losses had been reduced to 12,0001. On several of these
lines increased facilities had been afforded for the develop-
ment of their traffic. In the corresponding last half-year
the balance on the revenue account was 526,0001., while
for the present half-year it amounted to 645,369/. 6s. Bd.
This, after making the deduction for the renewal of rails—
viz., 42,636/. 13s. 4d.—left a balance of 602,732/. 13s. 4d.
as against the balance of 557,6381. on the corresponding last
half-year. He thought this statement was satisfactory, as
it showed a continuous increase in the traffic on their old
lines, while the losses on the branch lines were gradually
diminishing. These losses were not so large as they at
first might appear to be ; for, although these branch lines
were not so productive as they might be, still they could
not but be considered as very valuable adjuncts to their
main lines. In the corresponding last half-year they, car-
rying forward a surplus of 92,000/., had a disposable
balance of 680,0001. ; in the present half-year, carrying
forward a surplus of 29,0001., they had a disposable balance
of 632,000/ ; and this, had it not been for the unfortu-
nate circumstance of the defalcations he had alluded to,
would have, within a few hundred pounds, equalled the
disposable balance of the corresponding last half-
year. The actual disposable balance, after the pay-
ment of the dividend recommended, would be 86,0001.
Having thus called their attention to their financial
statement, it became his duty to look at the general posi-
tion and future prospects of the company. He did not in-
tend to give any estimates as to their probable position, as
these might be rendered fallacious by events that might
arise, over which the managers of the company could have
no control. But, with regard to their general position,
he thought it a strong one, as they had, apparently, a
continuously increasing traffic on all their lines. This in-
crease had taken place in defiance of competition which
had arisen from lines that, years ago, they could not have
calculated on receiving opposition from ; and, although it
had diminished their profits, and taken from that which
ho (the chairman) thought it would have been for the be-
nefit of the public as well as this company to have left for
them, still they had borne up against this competition,
and had an increasing traffic. Though their dividends had
sunk from 10 to 5 per cent. he now hoped they had reached
the bottom of the hill ; and, when they considered the
enormous sums that Parliamentary contests had subjected
them to, the large sum required for renewal of rails, and
that they had really earned their dividend this half-year
--•-a result not so easily discovered in some previous half-
years—whenug they took all this into consideration, he
tlh tthey had every reason to look with confidence to
m
they
large,
alai
rol
had
o,theysfaonm tieh tahf deewsneo Parliament,l
ifurthern linesetshwet heavyoearmme
oauk
likelyt
which
liabilities;
involved
hloipltvhri
eeoa
,svid;ei
received
pntsh though
the
their future position. Their capital was all receiving di-
vtsnahio(jelt,
He found that they continued to work in cordiaedlmuaccwtcioevrrede.
with other companies with whom they had last year
wished to join their interests. Though Parliament had,
by the advice of the committee, thrown out the bills
by which this company sought to arnal,gamate with the
Midland and North Staffordshire, and thrown a decided
I negative in the way of all future large amalgamations, still

that had not impaired the cordial feeling that existed be- :
tween these companies. (Applause.) Although the com-
mittee had reported decidedly against amalgamation, still
he thought the measures it had recommended to Parlia-
ment would, though preventing complete amalgamation,
enable companies without loss to make satisfactory arrange-
ments, and work as cordially, harmoniously, and firmly as
though they had been amalgamated. With regard to the
North Staffordshire, he trusted that in that case the excep-
tion the committee made to their general objections to
amalgamation would enable that bill to pass, and he
thought the result would be beneficial not only to the com-
panies concerned but to the public also. He regarded with
satisfaction the recommendation the Parliamentary com-
mittee had made as to thetraffic arrangements, and though
he looked with confidence to the committee of 40 they had
proposed, still he did not at present see any signs of a mea-
sure by which the enormous expenditure would be pre-
vented to which private companies were put when they
sought the slightest extension of their works or powers.
He thought the Legislature ought to protect more sum-
marily the rights they had conferred from the attacks of
other companies. He wished he could see some measure
that would thus protect companies and prevent expendi-
ture ; but it would not come until the public were made
fully to understand that these expenses must eventually
be paid by them in some shape or other. Questions
had arisen also between railway companies and the
public, but he (lid not think Parliament would consent to
any unjust legislation against the railway interests; still
these questions must be attentively watched by all con-
nected with railways, and fairly discussed, and he had no
fear of the result of such discussion. Railway companies,
however, were bound not to regard their lines as mere
private speculations, but as public highways, and to afford
every accommodation and convenience to the public which
they had it in their power to bestow; for, if they looked
to Parliament for protecticn, they must do their duty to
the public, and by so doing would promote their own pros-
perity. A paragraph, very usual in their reports, had
been omitted in the present one, as he had not to submit
to their approval any newaines, there being none to ask
for. (Applause.) He desired Ain make a few remarks with
reference to their 'relations with the Great Western.
(Applause.) They were all aware that negotiations had
taken place, and there had been meetings between the
chairmen and deputy-chairmen of the two companies. He
regretted that these meetings had not ended in any final
result ; but, at all events, they had effected this practical
result—that they had by mutual consent agreed to abstain
from Parliamentary contest for any new lines. (Applause.)
He thought this a result not without great value, but, as
he said, he wished he could have placed before them some
final result, and told them they were not in future to
attack each other, or that competition was to be fairly
conducted, and that they should refrain from mutual
assaults on each other's propbrty. Although he could not
report such a result, he did not despair of yet being able
to do so. (Applause.) It was a question not to be settled
in a day—one to which he had gladly given much at-
tention, and intended still to do so. (Applause.) With
regard to the negotiations which had taken place, they
had been entirely confidential communications, and
he believed that this was the best mode of arriving
at any satisfactory result. They might rest assured that his
wishes and feelings were in favour of some arrangement
being made, but he could not consent to any such as were
not fair to both parties (Applause.) He would not shrink
from the responsibility which the conducting of these ar-
rangements entailed upon him, and no one was more anxi-
ous than himself that satisfactory arrangements should be
entered into. The noble chairman, after stating that he
was willing to answer questions on any subject which his
statement might have left unexplained, concluded by mov-
ing the a loption of the report.
Mr. BOOTH, the senior secretary, then read the following
report :
The half-yearly statement of account placed in the bands
of the proprietors exhibit the following results as compared
with the corresponding period of last year :-
1852. 1853. Increase.
£
Passengers, parcels, and 766,560 778,076 11,516
Merchandise, &c 543,239 618,122 74,883

1,3u9,799 1,896,198 86,399

Working expenses 454,299 509,089 48,790
Per tentage of disbursement to
receipt

34.68

36.03

In the sum debited to capital for rolling stock (432,7291.,
is included the cost of additional stock employed upon the
following lines worked by this Company—viz., the Lancas-
ter and Carlisle, the Chester and Holyhead, te Shropshire
Union, and the North London. The large increase, of traffic,
principally in merchandise, readers necessary a further addi-
tion to the waggon stock. It has been found requisite, also,
to provide increased accommodation for the goods traffic at
Manchester ; and further accommodation in the vicinity. of
London is required to meet a contemplated extension of coal
traffic. Estimates are submitted accordingly for the sanction
of the meeting. The Oxford, Worcester, and Wolverhampton
Company having determined to work in connexion with the
narrow guage system, your directors have entered an agree-
ment with that company for the interchange and passage of
traffic on terms mutually beneficial, and -calmilated at the
same time to afford to the public all the oon'veniences and ad-
vantages to be derived from co-operation of contiguous sys-
tems of railway. The short line connecting the Buckingham-
shire and Oxford, Worcester, and Wolverhampton Railways,
near Oxford, will, it is_expected, be completed about the Ist
of March, and, in anticipation-of this event,.and of a consider-
able traffic between the metropolis and Worcester, and the
important district accommodated by the line of the Oxford,
Worcester, and Wolverhampton Company, you directors
adopted measures for laying down the additional rails re-
quired to complete the double line between Oxford and
Bletchley, at which point, also, a short improved junction is
in course of construction, at an estimated expense, for the
whole, of 34,5001. The works and buildings of the New-street
station at Birmingham, which have been repeatedly referred
to in the half-yearly reports, ire now sufficiently advanced to
enable the directors to lay before the proprietors an estimate
supplemental to that submitted on the 22d of February, 1850,
viz., Estimate for the New-street station, including the hotel,
and completion of the Birmingham extension, 170,0001. The
necessity which has arisen for increased accommodation for
goods traffic at various points on the Stour Valley line has in-
volved an outlay in addition to the estimate of Feb. 22, 1850,
of 37,0001. for works, sidings, and basins, and 10,000/, for
land, and a further outlay for additions to the joint station at
Wolverhampton amounting to 13,0001. In connexion with
this subject, the proprietors will recollect that the award of
Sir William Cubitt, the umpire selected by the Shrewsbury
and Birmingham Company, and appointed by the Board of
Trade, was set aside at the instance of that company. Sub-
sequently Mr. Hawkshaw, also selected by the Shrewsbury
and Birmingham Company, was appointed by the Board of
Trade to settle the terms and conditions upon which that
company should use the Stour Valley Railway and New-street
station, Birmingham. Mr. liawkshaw's award has been
made, and the Shrewsbury and Birmingham Company are now
using the line and station. They have, however, given notice
of motion in the Court of Chancery to set aside this award.
The directors regret to state that, as referred to in the report
of the auditors, Mr. Thomas Goalen, who filled for many
years an office of great trust in the service of this company,
and who had been for some time the head of the audit de-
partment in London, stands committed for trial on a charge
of felony ; and Mr. Caitcheon, lately a cashier at Liverpool,
also stands committed on a similar charge. The directors
have to report the introduction of bills to authorise a union
of interest between this company and the Midland Company,
the North Staffordshire Compao_Y,
the Birkenhead, Lanca-
shire, and Cheshire Junction Company,
and the Newport,
and Hereford Company ; also? a bill to confirm
thbeelr nY'
lease of Shropshire Union undertaking; and a bill to
authorise the purchase of the Hanlon-square branch, and for
other purposes, including the confirmation of the scheme for
superannuation approved at the last half-yearly meeting; but
all measures of this character will come more specifically be-
fore the proprietors at the meeting required to be held prior
to the introduction of the bills into the House of Lords. The
directors do not contemplate making any call during the pre-
sent half-year ; but they have deemed it expedient to allow to
the holders of the 201. and 101. C shares the option of paying
up their calls in full, receiving interest at the rate of 5 per
cent. per annum till the shares shall be converted into
stock.

half-year's " From the statement of the
accounts it will be seen that the net
proceeds are
To which add the balance carried from last
acc0unt.......................................... 29,302 8 0

Less further allowance for renewal of rails
(Abstract H.) ..................................

£674,671 14 8

42,636 13 4

Showing a disposable balance 0f,......., £632,035 1 4
" The directors recommend a dividend of V. 10s. per cent.
for the last six months, amounting to 546,0031. 12s. 3d.,
leaving a balance of 86,0311. 95. ld. to be carried forward to
the next half-yearly account.
" Euston Station, Feb. 22."

" CHAN-DOS, Chairman

Mr BENSON seconded the adoption of the report.
Mr. G. HADFIELD said that as their traffic increased their
dividends decreased, and that leaving in the hands of the
directors so large a balance as 86,000/,
moving, giving a premium
to litigation. He concluded by as an amendment,
that the dividend should be at the rate of 54 per cent.
A Proprietor seconded this amendment.
Mr. TITE supported the board, Urging xpon the meeting
the necessity of, under existing circumstances, leaving in'
the hands of the directors the balance proposed in the re-
port; and that this, looking at their enormous capital,
was not at all too large.
Mr. GLYN, M.P., in replying to the observations of Mr.
Hadfield, stated that the only desire the directors had in
keeping the present balance in hand, and of recommending
a dividend of 5 per cent., was to preserve the incomes of
those gentlemen who depended on this company free from
any violent fluctuations. He strongly impressed upon the
meeting that the directors had no desire to enter into these
Parliamentary contests; and that legal proceedings were
not a natural consequence of their retaining such a balance.
If the proprietors desired that these legal proceedings
should not be entered into, fet them decidedly say so, and
the directors would know what course to pursue. He was
more sanguine than the noble chairman that Parliament
would adopt some measure which would put a stop to the
present frightful expenditure entailed upon companies by
the existing system of private legislation.
After several other proprietors ,had spoken in favour of
the dividend recommended by the directors,
The CHAIRMAN, in answer to a -question, said he did not
consider the negotiations between this company and the
Great Western at an end.
A long discussion then took place with:reference to the
eighth-shares, some of the proprietors stating that, as the
capital created by these shares had been raised for a spe-
cific purpose, no call ought to be made on such shares for
any general purposes. On the part of the board, it was
stated that the capital thus created was not only for
specific but general purposes.
On the CHAIRMAN stating that the subject should re-
ceive full consideration, and a statement be made as to it
at the next half-yearly meeting, the subject dropped.
Mr. Hadfield's motion having been withdrawn, the
adoption of the report was carried unanimously.
Rear-Admiral Moorsom Mr. Grant, Mr. Ledsam, and
Mr. Lyon were re-elected as directors. Mr. Tinne, of
Liverpool, and Mr. Ileywood, M.P., were elected as
directors to fill the vacancies by the retirement of Mr.
Rotherham and Mr. Gill.
After the re-election of the auditors, Mr. Croesdeld and

Mr. Peyton, a resolution was passed for the consolidation
of certain shares.
A vote of thanks was then given to the chairman, and
the meeting separated.

GREAT WESTERN.
The half-yearly meeting of this company was held yes-
terday at the railway station Paddington, for the purpose
of electing three directors, and for other ordinary business ;
the meeting was also convened specially to consider, and,
if approved, to adopt and confirm the further agreement
entered into with the Shrewsbury and Chester Railway
Company and the Shrewsbury and Birmingham Railway
Company, dated the 28th of September, 1853, for the
amalgamation of these two companies with the Great
Western Railway upon the terms therein contained. Mr.
C. Russell, the chairman of the company, presided.
Mr. C. A. SAUNDERS, the secretary, read the notices
convening the meeting, and.affixed the common seal of the
company to the register of proprietors.
The CHAIRMAN said, on comparing the last six months
of the year 1852 with the half-year which has just passed,
these general results seem to present themselves :—During
the last half-year of 1852 our works between Banbury and
Birmingham were open three months only—viz., October,
November, and December ; during the present half-year
they have been opened the whole six months, and it fol-
lows, as a matter of course, that the amount of interest
will be much increased during the latter period ; and that
increase, in fact, amounts to 46,000/. For the same reason
the working expenses of our line are very considerably in-
creased, and under the heads of maintenance of way, loco-
motive expenses, the servants, and government rates and
taxes (all referring to the working of the line), the in-
crease amounts to more than 53,0001.—the two sums to-
gether making a total increase, as nearly as possible, of
100,0001. On the other side, our traffic receipts have
increased in a degree that enables us to meet this
increased expenditure on account of working our
line, and to pay the interest on the cost of construct-
ing it. The traffic of the country, indeed, appears
to have shown during the last half-year great elasticity.
On our line the comparative increase has amounted to
112,0001. This increase is the more important on the pre-
sent occasion because this is the first year's experience we
possess of the reduction of our rates and charges made
under our Birmingham and Oxford bill over the entire ex-
tent of our line, and as showing that, notwithstanding
that reduction, we are not only able to maintain, but to
increase largely, our former income. The analysis of that
increase also presents many satisfactory results. By far
the greater portion of it has accrued in the traffic on the
branches and on our main line, the total receipts during
the half-year of the line between Banbury and Oxford
yielding to us only about 55,0001., and therefore proving
that almost the whole of our northern traffic still remains
to be developed. In point of fact we never did look to the
opening of our line to Birmingham only as affording a
very large increase of our receipts ; but when we shall
have completed the line between Birmingham and Wol-
verhampton, which we trust will be the case in the month
of April, and when we shall have completed our arrange-
ments with the Shrewsbury companies, of which we now
entertain no doubt, can there be any reasonable doubt
that we shall not only find our position in the north
very much strengthened and improved, but that our
income from that quarter must, at all events, be very
much increased ? The interest on our large subscrip-
tion to the South Wales Company has always, to a
considerable period, been charged against our current
revenue, but as yet it has given no return. A very active
trade, particularly in coals and other minerals, has sprung
up between South Wales and London and Southampton,
and along the whole extent of our line—a trade to which
there seems to be scarcely any limit, except that which is
' presented by the difficulty of providing sufficient carriages
and accommodation for so bulky a commodity. We have
done all in our power to increase our stock, but we find it
scarcely possible to increase it largely enough and fast
enough to meet the demands ; and on the present occasion
we shall ask for your permission to make a further outlay
of capital for the very useful purpose of increasing the
number of engines, waggons, &c., for traffic of all descrip-
tions, and I am desirous to avail myself of this opportunity
to press on the o vners of collieries themselves how much
they will facilitate the trade in which they have so large
an interest, if they will provide themselves with trucks for
its conveyance. With respect to the cost of the Wilts,
Somerset, and Weymouth Railway, censiderably more
than half the money has already been laid out, and the in-
terest on that has for a long time also been carried against
our ordinary current revenue. We are doing all in our
power to press forward that line and to complete the
works. There, too, there is opening a very large field for
mineral traffic, and there also we look for a considerable
increase of our receipts. Indeed, from these various sources
we feel that we are justified in expecting a very large ac-
cession to our revenue when the several lines to which I
have adverted shall be completed, and when they shall
have been opened a sufficient time to develops the traffic on
them. With respect to our relations with other railway
companies, the proprietors will have been gratified to
observe that since our meeting at Bristol, in August last,
our arrangements with the Shrewsbury companies have
made great progress. At a meeting of the Shrewsbury
and Birmingham Company, in September, the agreement
which we shall to-day submit for your confirmation was
approved unanimously, all those who formerly most vehe-
mently opposed it concurring in such approval. At the
Shrewsbury and Chester meeting it was confirmed also by
a very large majority—a majority sufficient to insure the
passing of the Wharncliffe order. It is certainly possible
that we may still experience a last struggle as to that agree-
ment ; but under the peculiar circumstances in which it
has been ratified by the companies themselves, and under
fie very strong case of public necessity and policy which
we shall be able to present to Parliament, we have no
doubt Parliament will no longer withhold their approval
of the amalgamation. In the month of December, for the
first time, I met the noble lord who is now chairman of the
London and North-Western Company at the Board of
Trade, for the purpose of discussing the questions in dis-
pute between the two companies, and on the 20th of that
month we entered into an agreement by which we sus-
pended all the new schemes, with one exception, that
were contemplated by the London and North-Western
Company or by ourselves. (Cheers.) The agreement
was made at once, and therefore it was made success-
fully. That agreement embraced the abandonment of
all schemes entertained by the London and North-Wes-
tern Company in the district between London and Oxford,
the abandonment of the rival schemes between War-
wick and Stratford-on-Avon, the abandonment of the du-
plicate schemes in the Montgomeryshire district, the
abandonment of all the branch extensions which were
contemplated by both companies in South Wales. In
fact it abandoned everything - every new scheme, with
the single exception of the schemes referring to the Can-
nock district, which were not included in it, because the
London and North-Western Company could not obtain
the concurrence of the South Staffordshire Company, with
whom they have a common interest, to its abandonment.
The circumstances of the Cannock district are very pecu-
liar. It is an extensive coal-field, immediately adjoining
the railways both of the London and North-Western and
the Great Western Companies, between the towns of Bir-
mingham and Wolverhampton. The collieries closely ad-
joining these railways are nearly exhausted, and it has
become indispensably necessary that lines of railway for
the accommodation of the large mineral works so situated
should be made. lam disposed to think, therefore, that
it is fortunate that these schemes were not included ; but,
with respect to the other schemes, no arrangement could
have been wiser or better than the agreement to suspend
them, at all events for a year ; and, if no other advantage
had been obtained from our meetings, I should think all
our time and all our labour were amply compensated by
that alone. In such times as these it is advisable to avoid
all unnecessary expenditure, which would occasion addi-
tional pressure on the national resources. It is most im-
portant to ourselves to postpone expensive contests and
costly works ; but important as it is in these respects,
its chief value is that I trust it will prove the prelude to
the establishment between the London and North-
Western Company and ourselves of those peaceful and
friendly relations which we have never ceased to desire,
and which, sooner or later—and the sooner the better
—must be accomplished, and which every year they
are delayed become more difficult and impracticable from
the advancing position which every company assumes, and
the new engagements in which we both involve ourselves
with other companies. I had hoped that on this occasion
I should be able to announce to you that this arrangement
had been completed. You are doubtless aware that meet-
ings have passed between the chairman and deputy-chair-
man of the two companies at the Board of Trade during
the last month or six weeks, and that our discussions have
been frequent and long on this subject. My noble col-
league Lord Barrington and myself entered upon these ne-
gotiations with the true spirit of peace and mutual conces-
sion, and, if we have failed, I trust we have succeeded in
laying at least the foundation of an arrangement which at
no distant date will and must take place. I am not at
liberty to submit to you all the details of the arrangement,
which, on Saturday week, we considered to be so far ma-
ture as to justify us in postponing our meeting, in order
that we might communicate to you the result. lam not
permitted, either, to tell the circumstances under which
these arrangements were suspended last Saturday week,
but Mr. C. Lascelles, the gentleman who was so good as to
act as mediator on that occasion, and to whose judgment
both parties owed and felt the most unfeigned respect, had
desired that no such communication should be made, for
the reason, among others, that such precaution offereu, in
his estimation, the best chance of insuring a renewal of the
negotiations ; and for the same reason I think you will
exercise a wise discretion if you do not enter into a discus-
sion, or make inquiry on the subject. I now beg to call
on the secretary to read the report.
The SECRETART read the report, of which the following
is an abstract :
"Your directors resorted with some reluctance to the pro-
cess of adjournment from the usual day fixed for the half-
yearly general meeting until the 22d inst., but the importance
which was known to be attached to the subiect of negotia-
tions with the London and North-Western Company seemed
to justify that course, and it was considered by the parties
conducting that business on both sides to be a necessary
arrangement arrangement for giving sufficient time for them to concludetre
agreement. The directors now regret this postponement
more, as your chairman and deputy-chairman have been under
the necessity of representing to the board their disapointment
at not having had it in their power to bring about the final
settlement of all differences between the two companies, which,
at one time, they had expected to accomplish before the meet-
ing. At the same time, Powever, it is gratifying to report
athuadtaient
itnhge earlierupo
na
n conferenceshnpor important
arrangement they had
su c ewe
ietdhe
tdh
ei n making
chairman
and deputy-chairman of tho London and North-Western
Company that both companies should suspend during a
year all applications for new conflicting schemes, for
which notices had been given, excepting in the Cannock
district, where the London and North-Western Company
found themselves unable to exercise a control over another
company prosecuting a rival line for similar objects, although
in alliance with them. The accounts indicate a steady and
progressive increase in every branch of the revenue of your
lines. It must be admitted, indeed, that the demand for
transport of much traffic by railway has even outstripped

[PRIOE SD.

the accommodation provided for it ; and the rapid extension
of internal trade in many districts has become such as to
require very enlarged preparations for the conveyance both
of merchandise and minerals. Your directors have not
hesitated to take all needful measures for the increase of
their locomotive stock, by giving orders to build more
engines, carriages, and waggons required for some of the
lines already worked, as well as for others about to be
opened, and also to provide more terminal and station ac-
commodation wherein such additional traffic, seeking con-
veyance over your railways, may be received and delivered.
The receipts during the last half-year show a total
increase of revenue over the corresponding period of
1852 exceeding 112,0001., consisting of about 53,000/. for
passengers, 54,5001. for goods, and 4,5001. for parcels and
other sources of income. From those receipts, however, a
deduction has been made of 5,0001., in consequence of a re-
cent award (delivered only since the traffic accounts for the
half-year were made up), which has determined the amount
to be received for the mail service since July, 1849. Con-
trary to every reasonable anticipation, the umpire has dimi-
nished the scale of remuneration previously fixed for the con-
veyance of the mails, notwithstanding that the services per-
formed have been constantly increasing. The directors pro-
pose to charge upon the revenue, in equal sums, during the
next two years, the further deficiency in the amount of
remuneration, estimated at 15,0001. The expenditure on
revenue account, as compared with the same half-year in
1852, exceeds it by 53,0001., consisting of about 21,0001.
for maintenance of way, 12,000/. for locomotive power,
13,500/. for establishments and wages, 5,0001. for Go-
vernment duties, taxes, and parochial rates, and 1,5001. for
minor disbursements, each of which is to be naturally ac-
counted for by the increased length of railway and addi-
tional number of stations opened, as well as by the extra
mileage of trains and corresponding increase of traffic con-
veyed over your lines during the latter period. The remu-
neration to be received by this company for working the
South Wales Railway with locomotive engines and for the use
of carriage plant has undergone a very protracted arbitration,
the result of which has only just been ascertained, since the
accounts for the half-year were circulated among the proprie-
tors. The professional accounts for legal and Parliamentary
expenses, as far as they have yet been delivered, have engaged
the attention of the directors, who have referred them for
examination. There are still, however, several accounts not
yet received, and no final report can therefore be made upon
the subject at this meeting. The directors are satisfied that
the Parliamentary expenses and conveyancing bills of newrail-
ways belong exclusively to the separate lines, and are therefore
properly treated as an element in the first cost of each portion
of the undertaking. They conceive also that the legal and Par-
liamentary disbursements incurred in respect to measures for
amalgamation, or arrangements with other railway compa-
nies, form in like manner a special and permanent charge upon
the amalgamation itself, when sanctioned and carried out.
With respect to the expenditure in opposing hostile schemes,
and for the protection of the future revenue and the security
of the income and property of the company, the directors re-
commend, when the actual amount can be ascertained, after
all the bills have been examined and passed, that the charge
should be made to fall upon the revenue, distributed over
some stated period, keeping in view, as far as possible, to ap-
portion fairly the amount of the charge itself against the in-
come, for the preservation of which it was undertaken. As-
suming that principle, the apportionment may, in their opi-
nion, be justly fixed over a period of seven years, during which
it appears quite reasonable that the revenue should be bur-
dened with the expenditure so incurred to maintain it, and,
as far as the directors know at present, this arrangement
will probably entail an annual charge of 5,0001. or
6,0001. on the future revenue of, the company during that
li time. The directors attach the utmost importance to
that portion of railway that intervenes between the Great
Western line at Birmingham and the Shrewsbury and
Birmingham line beyond Wolverhampton. They trust
that their exertions may be successful in effecting that junc-
tion in the month of April, from which date only can it be
expeoted that the northern traffic will begin to flow over the
lines of this company. The purchase has been completed and
possession obtained of the land and premises requisite for the
low level station at Wolverhampton, to be used jointly by
three companies. The proprietors have been made aware by
the notice given that this meeting will be made special to con-
sider, and, if approved, to ratify, the agreement entered into
on the 28th of September last, for applying to Parliament to
sanction an amalgamation of the two Shrewsbury companies
with the Great Western Company, subiect to terms and con-
ditions ; which, after many complicated difficulties, have
secured the assent of special general meetings both of the
Shrewsbury and Birmingham, and Shrewsbury and Chester
Companies. The main features of the union of the three
companies consist of an engagement that the amalgamated
company shall pay from the Ist of January last to the re-
spective proprietors of the two Shrewsbury companies a
guaranteed dividend of 3i per cent. on their ordinary
capital, with a moiety of any profit which may be made
from either of those railways in excess of the guaranteed
dividend payable to the proprietors of such railway.
The report states that, besides the amalgamation bill,
there are others promoted by the company for extending the
time for constructing certain portions of the Wilts, Somer-
set, and Weymouth Railway and the Bathampton branch ;
also powers for constructing a fork branch to the Berks
and Hants Railway. These bills, together with the plan for
providing railway accommodation within the Cannock dis-
tricts, and a bill for compelling the Oxford, Worcester, and
Wolverhampton Company to lay the broad gauge through-
out their railway, and to have it worked on that gauge con-
tinuously with the Great Western line in the manner re-
quired by their original act, will again be brought under con•
sideration at the Wharnclitre meetings of proprietors, to N
specially convened in compliance with a standing order of the
House of Lords. A company having been incorporated by
act of Parliament during the last session for the constructing
a railway under the New-road between Paddington and King's
cross, having it in contemplation to extend the same into the
city, on the one hand, and bring it int) proximity with the
Paddington terminus of your line on the other, made proposals
to the directors, during the autumn, to establish a connexion
between the two companies for their mutual advantage. The
board did not hesitate to avail themselves of the opportunity
to secure the advantages of that proposal by a conditional
agreement to contribute 175,0001. to the capital for making
it, provided legislative authority be obtained for that purpose,
and the whole be constructed with broad gauge
The report of Mr. Brunel, the engineer, enters into a
variety of details with respect to the progress of the works.
It states that the works on the Uxbridge branch are nearly
completed. The Wycombe Railway will be completed in
the course of a few weeks. The permanent way on the
Rodstock branch will be shortly completed. The works
on the Birmingham, Dudley, and Wolverhampton line are
drawing to a close.
An abstract of the statement of accounts has already
appeared in The Sun.
The CHAIRMAN moved a formal resolution to the effect
that the report and. statement of accounts be received and
adopted.
Viscount BARRINGTON, M.P., seconded the motion.

Mr. DR WINTON urged on the directors the necessity of
coming to an amicable arrangement with the London and
North-Western Company. He stated that, had it not been ,
for " the battle of the gauges," the Great Western Cora-
pany would now be in the receipt of 8 per cent. on the or-
dinary stock, and the London and North-Western in the
receipt of 10 per cent. per annum. This would have been
the case had both companies confined their operations to
their own districts—(hear, hear)—and exerted their best
energies to develope the resourcesef the districts belonging
to them.
Mr. VOUBLEY contended that the Great Western Com-
pany were beset on one side by the South-Western Rail-
way, and on the other by the London and North-Wester n
Railway. They could not therefore keep to their original
district ; and it was very convenient to say that it was the
battle of the gauges, but he would ask them were there
no battles or disputes between the narrow gauge lines ?
They would find there were, and that what was called the
battle of the gauges was nothing more than a pretext, as
similar disputes between rival companies on the narrow
guage lines existed. The broad gauge possessed great ad-
vantages in point of speed and safety over the narrow
gauge, and therefore had excited considerable jealousy
among the narrow gauge parties. He hoped, at all events,
that in coming to terms with the London and North-
Western Company the directors would not be induced to
make any sacrifice that might hereafter prove injurious to
the interests of the company.
Major COURT strongly objected to the paragraph in the
report which recommended the payment of 5,0001. a year
for 7 years out of revenue for certain law and Parliament-
ary expenses. He thought it would be much better to
borrow the amount it was intended to pay eff at the rate
of 4 per cent. interest, which would amount to about 1,6001
a year instead of 5,0001. a year. With respect to the re-
port generally, he did not see why it should not have been
circulated a week ago among the proprietors. Very few
men had the capacity to comprehend a report of that
length, referring to so many topics, on hearing it read for
the first time. (Hear, hear.)
After some explanations with regard to items in the ac-
counts, it was stated that the law expenses which it was
proposed to pay off out of the revenue at the rate of 5;000/.
a-year—amounted to about 42,0001. It was also explained
that the subject of distributing a copy of the report a week
befor the meetings to each of the proprietors had been
often discussed before, and that the advantages of such
s a
course would be more than counterbalanced by the disa d.
vantages. In confirmation of this, it was stated that,
vh:ray
that course been adopted on the Tgresent occasion,
erroneous impression would have been made on
theashare-
holders with respect to the anticipated settlement of the
disputes existing between the London and North-Western
and Great Western Companies.
The CHAIRMAN said, with regard to the mode proposed
very
posedby
Major Court for paying off the 42,0001-, it appeared
like charging the amount to capital instead of to revenue,
With regard to the observation of Mr._
_De
_W____iriton about
coming to terms with the London and North-Western, he
could assure the hon. proprietor that nothing would be
more satisfactory to him (the chairman) than to see the
whole of the matters in dispute between the two companies
brought to an amicable arrangement. (Applause.)
The report was then unanimously adopted ; and a divi-
dend at the rate of 4 per cent. per annum for the half-year
was declared.
On the motion of Mr. HADFIELD, Mr. E. Harper was
appointed auditor in the room of Mr. J. Dickenson, re-
signed.
On the motion of Lord BARRINGTON, Mr. S. Baker, Capt.
T. Bulkeley, and Mr. C. Russell were re-elected directors.
The CHAIRMAN, in returning thanks for the re-election
of the retiring directors, and the confidence reposed in them,
was received with considerable applause.
The sum of 150,000/. was voted for additional working
stock, and 100,000/, for additional station accommodation.
The meeting was then made special, and the agreement
entered into with the Shrewsbury and Chester, and Shrews-
bury and Birmingham Companies for an amalgamation
with the Great Western Company, was approved and
adopted unanimously ; and the directors were authorised to
take the necessary steps for carying the same into effect.
The proceedings concluded with a cordial vote of thanks
to the chairman and directors.

MANCHESTER, SHEFFIELD, AND
LINCOLNSHIRE.

The half-yearly general meeting of proprietors of this
railway took place at the Corn Exchange, Manchester,
yesterday afternoon, Lord Yarborough, chairman of the
board of directors presided.. An abstract of the report has
appeared in The Sun.
The CHAIRMAN adverted to most of the topics men-
tioned in the report, andin doing so said that the di-
rectors felt bound, in order to defend their already
acquired rights, to recommend to the shareholders . an.
opposition to the Stockport, Disley, and. Whalley-

_

--- ' fr.'
i''
-bridge Railway, for the constru ;of which parties
were now seeking to obtain Were from Theis., `
meat. The proprietors would be aware „that' ttLis-entp--',,,,
obtained .powers in the session of I.BM to stregk
a line m near Newton to Whaleybridge, with a branch
il to New • ls, and that they expended 85,0001. in land,
works d other purposes on this line.
-pan,,y,fsl
Mr.Woon of Sheffield regretted that there should be any
project for a further extension of this company's lines.
Notwithstanding that the mileage receipts of this company
contrasted so favourably with those of other lines, there
was no result to the shareholders, and the only way ixt
which they could hope to secure any
dividend ultimately,
was to stop the expenditure of capital. (Applause.)
The resolution was then unanimously agreed to, as was
also a resolution declaring a dividend after the guaranteed.
rate, on the 6/. preference shares.
Lord YARBOROUGH moved a resolution empowering the
directors to take such measures as they thought fit for
completing the Whalley-bridge branch of this company,
and of the branches to Bugsworth and Hayfield, together
with a branch from the said railway to Stockport ; report.
ing to a special meeting of the shareholders for the con-
firmation or otherwise of their proceedings.
Considerable discussion took place on the resolution,
which in the end was carried unanimously.
The retiring directors were re-elected, and Mr. _Lightly
Simpson was re-appointed auditor.
The proceedings concluded with a vote of thanks to the
chairman.

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