The Sun.
London, England, 1854-08-12 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.
The half-yearly meeting of this company was held yes-
terday a t the Euston-station; the Marquis of Chandos in
the chair.
Mr. C. E. Stewart, the secretary, read the notice con-
vening the meeting, and the minutes of the last meeting,
which were confirmed,
The CHAIRMAN said theywould perceive, from the state-
ment of the accounts, that the receipts for the half-year
ending the 30th of June last exceeded those of the corre-
sponding period of 1853 by nearly 100,000/. A great
goods
por-
tion of this had arisen from the increase in
traffic. The goods traffic had increased considerably, bnloyt
only
more regularly than the passenger traffic ; a
was the increase in the goods traffic shown on their line,
but it was the case with railways generally. He found by
the report for 1853, issued by the Board of Tradwe,asons3rapielr-
ways, that in 1849 the percentage of passengers
o
cent, of the whole receipts, and the goods 46 per cent.
f;
but in 1853 their position was
ratherreversed,more
than 47, and of
the percentage
receipts for passengers was
goods more than 52 per cenft.thshe okwiinnggdeam.He adverted
considerable in-
crease in the goods traffic,
to this, as the great increase had been in the goods traffic,
and consequently the working expenses were much heavier
upon that description of traffic than upon the passenger
traffic. Having a considerable increase in their traffic
during the year, it. was necessary to mention that they
had also an increase in their capital expenditure, which
now amounted to 31,143,8781., and all of which was en-
titled
to receive interest or dividend. The sum required
to pay the same dividend this half-year upon the capital
expended was 20,0001. more than that at the corre-
sponding period of 1853. The proprietors would also per-
ceive that the working expenses were considerably heavier
than at the corresponding period. This arose chiefly from
two causes—namely, the increase in the rate of wages and
the great rise during the past twelve months in the price of
stores and all materials required for railways. Those two
causes not only affected the additional receipts, but ex-
tended to the whole traffic on the railway, increasing the
working expenses from 39.82 per cent. to 42'46 per cent.
There was also an increase in the rates and taxes and
general charges. The traffic on the line had been con-
siderably obstructed, and in some places entirely stopped,
during the first week or two of the half year, in conse-
quence of the snow storm. This had increased their ex-
penses to some extent while clearing the line, and reduced
their receipts durfbg the time the line was idle. With
regard to the balance they could carry over this half-year,
it would be larger than that at the corresponding period of
1853, after paying the same rate of dividend, 5 per cent.,
on the increased capital. The balance amounted to 41,197 k,
but from this must be deducted 14,676/., being arrears due
from the Chester and Holyhead Company, and paid
during the half-year. After deducting this sum,
and allowing for the balance they commenced the
half-year with, they would carry over a net balance
this half-year of 33,200/. against 29,000/. at the corre-
sponding period of last year. There was another feature
- in the accounts which he thought satisfactory ; it was
with respect to the position of branch and leased lines. In
June, 1853, the deficiency that had to be niet by the
company on the Preston and Wyre, North Union, Man-
chester, Buxton, and Midland and other lines amounted
to 42,0501. ; but' in June, 18.54, in consequence of the ge-
neral increase of traffic on those lines, the deficiency
amounted, to only 31,0001., showing an improvement in this
respect of 11,0001. In the guarantee on the North Union
Railway there was a deficiency in the half-year ending
June 30, 1853, of 1,079/., while there had been a profit
of 7641. in this past half-year, showing an increase in the
receipts of 1,800/. The Buckinghamshire traffic at the
corresponding period of last year showed a deficiency of
10,0001., but during the past half-year it amounted only to
12,0001., showing an improvement of 7,000/. This was due
in a great measure to the opening of the junction line with
the Oxford, Worcester, and Wolverhampton Company, by
which a considerable amount of traffic was brought over
the-Buckinghamshire line, and also over the main line
of the London and North-Western. He then adverted to
an item in the accounts of 11,900/., paid for land, with a
view to show that it was paid in 30 or 43 sums, in settle-
ment of old claims, and that it was not a new matter.
Looking at the increase of traffic on the branches during the
half-year, and comparing it with the increase in the ex-
penditure on capital account for the accommodation of the
traffic, he came to the conclusion that the latter on the
whole was a judicious expenditure ; and not only paid its
5 per cent., but would tend in future years to increase the
traffic. The goods traffic required large and extensive ac-
commodation, and it was necessary they should provide for
it. In order that the proprietors may not be under the
impression that they entered into Parliamentary contests
unnecessarily he had a list prepared of the 7 bills they pre-
sented to Parliament in the present session, or in which
their interests were concerned in promoting. There were
presented by other parties bills affecting in some was or other
their interests or charging the company with undue costs,
or to obtain undue and unfairpo wers over the line orstalions
—in all 23 bills. Many of those bills might not at present
have affected them to any large extent, but they would
eventually have materially affected their interests. Several
bills were introduced to Parliament which would have sad-
dled them with a very undue proportion of charge for spe-
cial and local benefit. But to show that they had not in-
curred needless expense in opposing bills, out of the 23
which were presented, in 13 cases the bills were either
withdrawn, or protective clauses were inserted, or the ob-
jectionable provisions expunged, without any appearance
for the company before the committees. There were some
other bills, upon which it became necessary, in the opinion
of the directors, to appear by counsel in Parliament. The
Great Western Company, for the purpose of obtaining
compulsory powers over the Oxford, Worcester, and Wol-
verhampton railways, for the special accommodation of
the broad gauge, for the amalgamation of the Shrewsbury
and Cheater and the Shrewsbury and Birmingham Com-
panies, and a bill to introduce the mixed gauge—the broad
gauge, in fact—into the Cannock Chase district to the east-
ward of the main line. There was also the Leeds, Bradford,
and Halifax Bill. He thought it right to mention those par-
ticular bills, which they felt it their duty to oppose, in
order that proprietors might judge whether it was not
actually necessary for the interests of the company that
they should interfere. The results of their opposition were
these :—ln the South Staffordshire district, the Cannock
Chase district, the united scheme of the Great Western
and the Derbyshire, Staffordshire, and Worcestershire
Companies for the introduction of the broad gauge east-
ward of the main line had been rejected, and the line of the
South Staffordshire on the narrow gauge had been sanc-
tioned by Parliament. He believed the proprietors would
admit that was a result worth contending for. (Hear.) The
next was a bill of the Great Western for compulsory powers
over the Oxford, Worcester, and Wolverhampton line in
favour of the broad gauge. This bill they petitioned
against,, considering that after Parliament had sanctioned
their junction with the Oxford, Worcester, and Wolver-
hampton line, it would have destroyed the utility of
that junction to grant compulsory powers to the broad
gauge. That bill they joined in opposing, and it was re-
jected. The Leeds, Bradford, and Halifax was opposed by
them in the Howse of Commons to obtain clauses protective
of their interests, and those clauses were acceded to and
arranged in the House of Lords. Thst was an opposition
necessary for the protection of the interests of the com-
pany. There was also the two bills of the Great Western,
one for the amalgamation of the Shrewsbury and Binning-
ham and the Shrewsbury and Chester, and the other sanc-
tioning traffic arrangements with those companies. The
sanctionedlatter was withdrawn, and the other was . by
Parliament, but not until clauses had been inserted pro-
tective of the company's interests and making it necessary
for them to obtain the distinct and full approval of the
Board of Trade to the proposal to introduce the broad
gauge upon the line, a portion of which was the joint pro-
perty of this company, and the Shrewsbury and Birming-
ham company. It was the wish of the directors to avoid
such contests and the necessity of appearing in Parliament,
but when bills were presented which might materially in-
terfere with the interests of the company and their powers
over their own property, the directors thought it necessary
to oppose them, and they had done so, as he had shown,
not unsuccessfully. (Applause.) With regard to one bill,
the Shrewsbury amalgamation with the Great Western,
that had been 'passed by Parliament, deciding the owner-
ship of the line, dealing with the gauge question. Looking
at the result of the Parliamentary session in relation to
what was called the private legislation of the House,
he thought the results had been such as to put an
end to a great extent to those causes of difference which
had long existed between this and other companies, and he
trusted that, as the truce which he had told them before
existed between this company and the Great-Western for
the present session extended over the next session, as re-
garded new lines, with the exception of the South Stafford-
shire, it would certainly not be the fault of the directors
if any new causes of difference should arise hereafter.
(Applause.) With respect to the position of this company
with. other companies, nothing was of more importance to
• the development of their traffic and the increase of their
receipts than the most cordial agreement with all those com-
panies whose traffic passed over their line, and whose lines
were in connexion with their own. He believed nothing
could be done to develope the traffic on those lines work-
ing harmoniously and in concert with them which would
notat the same time add to their own receipts. He then ad-
verted to the Facility Clauses Act passed in the present sea-
l:laian; which he believed would protect them from aggression.
looking at the report of Mr. Cardwell's committee, he
could not see the results which were anticipated from
enormousu'4 report,
expenseNo tsotephad been taken to diminish the
imnogdienjteur which they were subjected in oppos-
wilschsethres to protect their property. The only
Parliamentary expeyenesoeuslwdalsoohky
thef o r agedeiemrailnufeteiolinhgofefthtehsee
proprietors.
would tend to barilre projects the promotion of which
and by
aignthem into hostility with other com-
panies,on in their
might rest assurer r to
the public. The proprietors
g the directors to give every accom-
the public would have accom-
modation in every strict,
Tteitl, and between every place re-
. quired for its traffic.
dation, and with that vieweyh would have that accommo-
coprovir proprietors of existing
the most economical e was firmly convinced that
accommodation for coin-
railways to adopt was to
'pletely developing the traffic, b
bto an extent necessary
on a
formrootughtupon
accommodation and warehouse increasing the station
to receive all the traffic that could ben
ion, the esti-
It was with this view that, the lines.
mates were presented to them for the eereasar
of of their
warehouse room, and to increase the rolling gem
Uda), and
traffic had gone on increasing in a very much T: but the
than the directors in former times could have anticipated.
The rolling stock was still insufficient for the
• they would see among the merchandise traffi
they
ghsums4, .
had had to pay large and increasin expeooonseis
io, this year—for th 3 use of waggons of ot her companies.
The fact was, their managers on many
. occasions had had
it. In u**3
to refuse traffic of a very remunerative character beca '
• of the insufficiency of warehouse room and
they had not warehouse room. to receive many cases,
in consequence
station accommodation, the waggons
'been converted into warehouses, and thus diierted
from their legitimate employment. He then adverted
to the increased station accommodationthe report, , in-
volving at Camden-
town and other stations mentioned in p
an outlay of 103,8501.
at Haydon-square of 17,0001., and thewhole about
at Camden-town, and
in .
155.0001, for the southern division, 58,6861. for the nor-
thern division, and 4,711/. for the north-eastern division.
• ; The secretary read the following report :
The half-yearly statements of account placed in the
Tz't ;EV* of the proprietors exhibit the following results, as
es Pared with the corresponding period of last year
• .-A
r4reele, leceipts from 1853. 1854. ill.
passe&
tigers
. ritto from ,
, .;,.. mail,
alerchan-
' c . 689,747 704,513 14,790
' - dice, j 6,......
, ,

,

.1.

yam.

dribinuttehde pturircueiosef
the
coupled
storelwi t h he eu
saeddv, a
hasnc e ix;
awi
nalgye se
contributed
working expensesarfrativ
om:9ratemtoe4nt given in
2-46
per
cent:'
t
From a compthe report, it
appears that from the.
31st of December, 1849, to the 30th
the increase in the mileage of the line was
01f35.1r miles, or
r 27 per cent. ; in the number of passengers
booked in the year 3,824,719, or 63 per cent. ; and in the
money received for them 123,7511. or 10 per cent. ; in the
number of tons of merchandise moved 1,603,173, or 122 per
cent. ; in money received, 361,0421. or 52 per cent. ; in the
number of tom of coals moved 779,638, or 103 per cent. ;
and in the money 101,855/. or 142 per cent. ; in the re-
ceipts for mails, parcels, and cattle, 35,9411., or 15 per
cent. ; total increase in traffic 622,592/, or2B per cent. The
increase in the charge to capital for locomotives, during
the same period, amounted to 262,1081., or 26 per cent. ;
for carriages, to 56,6331. or 13 per cent. ; and for waggons,
to 351,4921, or 69 per cent. ; total increase of capital for
working stock 670,233/. or 34 per cent.
" The short branch connecting the Buckinghamshire
Railway with the Oxford, Worcester, and Wolverhamp-
ton, near Oxford, was opened early in April. The line
between Claydon and Bicester has been doubled, and, al-
though the Oxford, Worcester, and Wolverhampton Rail-
way is as yet incomplete, a portion being still worked as
single line, the traffic is carried on as well to the mutual
advantage of the companies as to the increase of the public
accommodation ; and the bill introduced in the present
session by the Great Western Company, who sought special
and compulsory powers for working the traffic on the broad
gauge over the Oxford, Worcester, and Wolverhampton
Company's line, has been rejected by Parliament. The
directors have to report that, since the special general
meeting, held on the 21st of June, the following measures,
promoted by this company, have been sanctioned by Par-
liament :—A. bill authorising a reference to arbitration of
all matters in difference with the West London Company,
so as to effect a complete settlement between that com-
pany and the London and North-Western and Great
Western Companies, on equitable terms. A bill reducing
the capital of the Shropshire Union, and authorising the
lease of that undertaking to this company. A bill to au-
thorise the transfer to this company of the Haydon-square
branch of the Blackwell Railway Company ; for partition
of the Wolverhampton joint station ; for extinguishing the
right of the Shrewsbury and Birmingham Company to use
the Stour Valley Railway and New-street station at Bir-
mingham, and for other purposes. The Shrewsbury and
Birmingham directors have succeeded in again setting
aside, for a time, on technical grounds, the award of the
referee selected by themselves to settle the terms for their
use of the Stour Valley Railway and of the Birmingham
station. An appeal has, by the advice of counsel, been
made to the higher courts, as a less costly process than en-
tering upon a fresh reference. Parliament has sanctioned
the bill for making a railway from Stockport to Disley and.
Whaleybridge ; also a bill promoted by the South-Stafford-
shirt; Company for a line on the narrow gauge from near
Walsall to Cannock, rejecting the line on the mixed gauge,
promoted by the Great Western Company. The Shrews.
bury and Birmingham and Shrewsbury and Chester Rail-
ways have been amalgamated with the Great Western
Company, subject, however, to clauses protecting the
interests of this company, and which prohibit any appli-
cation to Parliament for power to extend the exceptional
gauge. beyond Wolverhampton, 'unless the Board of
Trade shall hereafter, and five months at least prior to the
commencement of the session of Parliament in which such
application shall be made, have reported (and published
their report) that, for reasons stated in such report, it
would, in their judgment, be for the advantage of the
public that the broad gauge should be so extended, of added,
or laid down, and then only subject to such conditions as
to the use of the said broad gauge, and the maintenance
and continued working and use of the narrow gauge by the
Great Western Railway Company as to the said board
shall seem expedient.' Parliament having thus dealt with
the gauge question, and other matters in dispute, your
directors trust that there may now be a termination of
the costly struggle which has existed for so many years.
The working of the North Staffordshire lines in cordial
co-operation with this company has resulted in the mutual
advantage to the co-operating parties, and, at the same
time, in an increased public accommodation and conve-
nienc3, the full benefit of which, however, cannot be
experienced till a complete amalgamation is obtained.
Preparatory to the reintroduction, in the next session,
of the bill for effecting such amalgamation, and in order
to remove the obstacle which alone prevented the sanc-
tion of Parliament in the present session, a proposition
has been made to the canal interest, offering to make over
to them the Trent and Mersey Canal on fair terms. The.
proprietors are aware that, since the opening of the Man-
chester, Sheffield, and Lincolnshire Railway, there has
been an interchange of traffic between that company and
this on friendly terms, under an agreement for a limited
period ; and the directors have now come to the conclusion
that the time has arrived for establishing more intimate
and fixed relations with that company. Having given this
subject the most mature consideration, and having exa-
mined into the resources of the district occupied by the
Sheffield and Lincolnshire Company, the directors have
agreed to the heads of an arrangement under which the
lines of the two companies are to be treated as practically
one interest, so as to give to the public the fullest ad van-
tage of both lines, and to the respective proprietors the
greatest results which can be obtained. Although the ad-
vantages of the arrangement may appear at the outset to
preponderate in favour of the Manchester and Sheffield
Company, the directors are satisfied that it will result at
an early date in material and increasing benefit to both.
The directors have, on former occasions, expressed a strong
interest in the completion of the Worcester and Hereford
Railway; and, considering the expediency of opening, as
speedily as possible, the vast resources of South Wales, by
an uninterrupted route, to the Midland districts and-to the
metropolis, the directors recommend that, to insure the
speedy completion of this undertaking, this company should
concur with the Midland and other companies interested
in any application to Parliament which may be necessary.
The proprietors are aware that considerable preparations
have been made in anticipation of working the Newport,
A.bergavenny„and Hereford Railway; circumstances, how-
ever, have arisen which have compelled the directors to
decline proceeding with the working arrangements on the
terms proposed. It has been intimated, however, to
the Newport and Abergavenny board that this com-
pany will willingly assist, by friendly co-operation, in
developing the traffic of that line. The attention of
the proprietors has been called to the circumstance of
the great increase in the traffic being principally in
the goods department. This, unavoidably, has involved
the necessity of new and extensive warehouses, wharves,
sheds, and other conveniences. At Camden-station
it has been found necessary to remodel the whole arrange-
ments, in order to provide that increased accommodation
which is necessary for efficiently and economically conduct-
ing the traffic. The plan of the proposed works has under-
gone
much consideration; and the estimated cost of ade-
quately providing both for goods and coals is 103,850/.
Besides this sum, a considerable expenditure is required,
in order that the accommodation in each department
throughout the line shall keep pace with the growing traffic.
The particulars are shown in a tabular form at the end of
this report, and the directors request the proprietors to
authorise the specified outlay. From the statement of the
half-year's acconnt, the net proceeds are 529,516/. Os. sd. •
to which add the balance carried from last account 86,0311:
9s. id. ; total 615,5471. Os. 6d. ; less further allowances or
renewal of rails (abstract II.), 21,887/. 16s. 10d. ; showing
a disposable balance of 593,6591. 12s. Bd. The directors
recommend a dividend of 21. 10s. per cent. for the last six
months, amounting to 552,46[1. 14s. 6d., leaving a balance
of 41,1971. 18s. 2d. to be carried forward to the next half-
year's account."
An abstract of the statement of accounts has appeared
in The Sun.

The CHAIRMAN then moved, "That the report, with the
half-yearly statement of accounts, be received and adopted,
and that it be printed and circulated among the pro-
prietors."
Mr. BENSON seconded the motion.
Mr. UPCROFT said, he believed that their annual income
was reduced at least 100,000/. by losses or guarantees, rents,
&c., to other lines, and that the 86,000/. balance, which
they were reported to have had in hand when they last met,
would be insufficient to pay the arrears for Parliamentary
and legal expenses. Up to 1847 the same system of manage,
meat which still prevailed in this company existed in the
Brighton Company. In 1848, however, the stock of the
latter company had fallen so low that it was determined
to adopt a new system, and it was resolved to have nothing
to do with further branches or extensions, but to exclu-
sively attend to the development of the lines they already
possessed ; secondly, to incur no law or Parliamentary ex-
penses, but be at peace with their neighbours ; and, lastly,
that the capital account should be closed. (Hear, hear.)
Now, what had been the result of this policy ? Their in-
come had gradually increased, their dividend had been
raised from 21 to 5 per cent., and their stock was in March
last selling in the market at 96, while that of the North-
Western with An equal dividend was at 92. (Hear, hear.)
That was the result of the Brighton policy, while the pro-
ceedings of this company had reduced the value of their
stock, which stood in 1847 at 176, but was reduced in May
of the present year to 96. Whether, under these circum-
stances, some changes were not required in their present
system of management he thought was a subject well
worthy of consideration, in order to preserve the company
from ruin. (Hear, hear.)
Mr. HADLEY said, it was quite time the proprietors
should take the management of their affairs into their own
hands. He concluded by moving an amendment to the
effect that the report be not adopted, which was not
seconded.

A long discussion ensiled, in the course of which Captain
Woodgate, R.N., Mr. Dickenson, Mr. F. Smith, Mr.
Mitchell, and Mr. Howard, complained of the manage-
ment and the general state of the company's affairs.
Mr. PUNCHER remarked that in all the station construc-
tions of the company there had always been some blunder
or another. No sooner was a btation built than it was
found to be inconvenient. With a capital of upwards of
30,000,0001., the company ought to be able to command
talent equal to prevent such mistakes. (Hear, hear.)
The CHAIRMAN remarked that the " blunders" com-
plained of arose from the fact of the increase of traffic
having surpassed the anticipations oven of the most san-
guine.
After some further discussion, the motion for the adop-
tion of the report was carried.
Resolutions were passed declaring a dividend of 21. 10s.
per 1001. stock, and so on in proportion on shares of a lower
nominal amount; electing Messrs. Du Boulay, J. Har-
greaves, J. Peckup, J. Tyner, and J. N. Walker, the audit
committee for the ensuing year ; appointing Messrs. Ban-
bury and It. W. Moore auditors of the accounts of the
Coventry and Nuneaton Railway, and voting them 201. for
their services; authorising the consolidation of certain
shares into the general capital stock of the company-
miTtre.eMo ALINS brought forward his resolution, that a com-
mittee orhe
safety 12 sha shareholders lder s
prosperity be appointed
that
greatt oco
companyns. de r in.
for-
ward a similartfeNs
what
td
be best secured. It was his intention to bring for-
all !natters in dispute
might be thereby betweenruemtlirenrieess;)
'Western and. G
settled.atthe meetings of the Great
respective
hope
companiesthat
After some observations
arid Mr. G. C. Glyn, Mr.
from Mr. Flood, Mr. Puncher,
he proceedings concluded
Melina withdrew his motion, and
concluded
chairman. with a vote of thanks to the
am
amicably
lrubt

STRIKE OF THE ENGINE-DRIVERS ON THE
LONDON AND NORTH-WESTERN.
It is much to be regretted that the disputes which have
arisen between the authorities and the engine•drivers and
firemen of the London and North-Western Railway has re-
sulted in a general strike of those men opposed to the con-
tract system throughout the southern division of the line.
The intimation was first received per telegraph by the
authorities at Euston station before the half-yearly general
meeting of the company, which was held yeAterday,
had terminated, that the Rugby men had refused en
12"1 in masse to take out any trains after four o'clock, and
542,391 625,555 `-'''''" a subsequent telegraphic message announced that the
----
--nrt Birmingham men had also struck, and refused to work
£1,232,138 £1,330,128 £97,9-A, their trains. These announcements naturally created great
at the
_ _
'Working expenses £490,737 £564,894 r 4 157
1 ' London terminus, and Mr. 31`Connel, the chief of the loco-
and excitement among the officials
"It will be observed that the u hom
increase of receipts has
Arisen chiefly from merchandise trafUcwhich • t4u2 motive a =AMA ce department, having procured some ram upon whom
ast,o;nise hment.