The Sun.
London, England, 1853-05-02 00:00:00

turn for the security we ask. Now, I would give no-
thing for amalgamation simply, but for security I am
to
los
apdmo s ed
it t o
thatm weak area lar
e cr
aglel
ecdo nucpeosns i otno. s
hammi
tntoot pe
anyr par
limi-
tation of our dividends, but believing that the measures
oI havee
rparholpeo saendd, i
pf
ecn r
edn into
pe ffr
oe
vc tem we
notu lidn lead
our tpor
oa.
perty, I do not think you would object to the fixing of
7 theperp
coetnntt.,aotrw2hpicehr
somecent. above your
of the tollsyioourpresent should
dividend,
as
be made. Moreover, in order to prevent any improper
expenditure of capital, supposing such a prosperous state
of things should arise, and for the sake of keeping the
dividends within the specified amount, I think we should
be willing to submit to a public audit, the auditors mak-
ing a report to the Board of Trade annually upon the
financial position of the different companies. Ido be-
lieve that under such a system as I have faintly outlined
a different state of things would arise. I believe our
expenditure would be diminished—l believe our receipts
would be increased--I believe the resources of the coun-
try would be more effectually developed, and that ulti-
mately your property would be placed upon a basis
which I despair of seeing so long as we are allowed
to go on as we:are now. The chairman then enumerated
the new lines proposed to be constructed, and for which
bills are now before Parliament. The directors did not
anticipate any objections to the first--a line connecting
St. Albans and the district round Amersham and
Chesham with the main line at Watford, at an esti-
mated cost of 152,000/. This branch was demanded by
the people residing in the district, to whom they are
bound, in fairness, to supply railway accommodation,
and would, he was convinced, prove a remunerative
concern. The second was a line from the Oxford, Wor-
cester, and Wolverhampton Railway at Oxford, through
Thame to Tring, at an estimated cost of 400,0001., the
distance being 31 miles. The meeting would bear in
mind that there was at present a bill before Parliament
for the construction of a new line, to be called the Mid-
Western from Oxford to London. He believed there
was no necessity for it, and that it would be opposed by
the Great Western ; but as there was also a new line
proposed from Cheltenham to Oxford, which he thought
would be carried, the line from Tring through Thule to
Oxford would place the towns and districts accommo-
dated by the Oxford and Cheltenham in connection,
through the London and North-Western lines with the
metropolis. It could be made for 400,000/., while the
proposed Mid-Western would cost at least 1,000,000.
The distance from Oxford to the Euston station would
be 62 miles, against 59 miles to the terminus of the
South-Western at Waterlow-road. The third was a
short branch,
linench, forming a junction between the Bucking-
hamshireand the line of the Oxford, Worcester, and
Wolverhampton Company, near Oxford—length, 2 miles;
estimated cost, 37,0001. Last year the bill was not
sanctioned by Parliament, but the directors thought a
fresh application should be made, as it was necessary
the line should be constructed, The fourth, a line of 13
miles in length, from Northampton to Market Har-
borough, at an estimated cost of 250,0001., was sup-
ported by the town of Northampton and the landed pro-
prietors in the district. A large mineral field had lately
been opened in the county, and there was every prospect
of the line being a remunerative one. The fifth was a
line from near the Oldbury station, on the Stour Valley
Railway, to Stour-bridge, 8.1 miles ; estimated cost
300,000/. This line would pass through a rich mineral
and very populous district, and must prove remunerative,
worked in connection with a system of railway so exten-
sive as that of the London and North-Western. The
same observation applies to the sixth project, a line
from near Wellington to Colebrookdale, with branches,
ten miles ' • estimated cost, 150,000/. The proposed
line from Shrewsbury to Newton, with a branch to
Oswestry, was 44 miles in length, at an estimated cost
of 500,000/. It certainly dived into a new district, but
the landowners and others were in favour of it, besides
which, parties in the interest of the Shrewsbury and
Chester and Great Western companies had before Parlia-
ment a line to Newton, which would no doubt be passed,
if the superior project of this company were not pro-
posed, and thus the entire district of central Wales would
be transferred to the opposing companies. The eighth of
the series, a line from Crewe to Shrewsbury passed
through a district freefrom any engineering difficulties, and
many of the landowners having agreed to dispose of their
land at fair rates, and to dispense with needless or costly
works, the whole length, 33 miles, could be constructed
for 350,000/., about 10,600/. per mile ; while its forma-
tion would bring Liverpool, Manchester, and Yorkshire
into direct communication, by the lines of the London
and North-Western Company, with Wales. The whole
amount of capital that would be required for the proposed
lines would be 2,149,000/. —a very large sum of money ;
but he hoped he had satisfied them that they would not
do wrong in allowing the directors to proceed with these
measures to the extent that might be necessary in the
present session of Parliament. The question now arose,
how were the means to be provided to meet this heavy
expenditure ? In order to encourage and aid the exten-
sion of railways in connection with the several lines from
the system of the London and North-Western Company,
the proprietors had from time to time subscribed to other
undertakings, the amount of capital so invested amount-
ing to 3,292,656/. The market value of the shares so
held now amounted to 2,905,970/. It might be asked,
why not avail yourselves of that capital for the purpose
of providing means for constructing the proposed line ?
The answcr was simple and twofold. In the first place,
during the last four years the value of the property held
in other undertakings had increased to the amount of
1,200,0001., and having regard to the reasonable prospect
of further and considerable improvement, it appeared to
the directors inexpedient to realise the property at pre-
sent. In the second place, even if the directors were so
inclined, such a step would not meet the immediate re-
quirements of Parliament in reference to new works
to be sanctioned. What they recommended, therefore,
was, that ordinary share capital should be raised to
the amount of 3,054,600/. ; that the new shares should
be offered to the proprietors entitled to participate, in
the proportion of one share of 21. 10s. for every 1001, of
stock, and that a deposit of 21. 10s. per share should
immediately be made, it being understood that there
would be no further calls for the present. It was im-
possible for the directors to say how much of that money
would be required ; but the proprietors might rest as-
sured that no further demands would be made upon
them without due and proper notice being given. With
respect to the projects themselves, there was another
process through which they must pass before they could
be carried into execution. After receiving the sanction
of Parliament they would have to be submitted to a ;
Wharncliffe meeting of the shareholders, called by pub- lic advertisement, and forms of assent and dissent to
each bill would be distributed among the proprietors
several days before the meeting in question, such forms,
if returned properly filled up, to have all the authority
and legal force of proxies. He hoped that the share-
holders would be satisfied with these propositions. They
had hitherto reposed the fullest confidence in the di-
rectors, for which his colleagues and himself returned
their grateful thanks, and he should be extremely sorry
if that confidence were now to be withdrawn. The
chairman concluded by moving a series of resolutions in
accordance with the recommendations of the directors.
Admiral Mooasost seconded the resolutions.
Mr. UPCROFT opposed the resolutions for several reasons.
First, because the proposed lines would cost at least
5,000,000/. ; secondly, because he understood that the ca-
pital account had been closed ; and thirdly, because he
thought it would be more respectful to the select committee
to wait until it had completed its investigations and
made its final report for the guidance of the House of
Commons. He moved an amendment.
Mr. DICKENSON seconded the amendment. He knew,
from the communications he had had with his brother
proprietors, that considerable difference of opinion existed
among them with regard to the policy of amalgamation
propounded from the chair. They were not called upon
to discuss that question now, but he protested against its
being passed over sub silentio. As for the propositions
now before the meeting, he complained that more time
had not been given for their consideration, involving as
they did, the expenditure of a large amount of additional
capital. He had no objection to the line connecting the
Buckinghamshire and the Oxford, Worcester, and Wol-
verhampton railways, if they thought it worth struggling
for ; but he most decidedly objected to all the others,
as being exceedingly improper and disadvantageous to
the company. He had recently been much about the
lobby of the House of Commons, and the information
he received on all hands was, that no railway bills of
any description would be passed this session, He thought
therefore that the consideration of the resolutions should
be postponed.
Mr. GEACH did not believe with the last speaker that
no railway bills would be passed during the present
session. On the contrary, he believed that a large
number of bills would be passed, and therefore he
thought it was absolutely necessary, for the protection
of their interests, that they should ask Parliament
to sanction the bills to which the chairman had re-
ferred. The mover of the amendment had said it
would be more respectful to the select committee if they
delayed the prosecution of these bills. So undoubtedly
it would ; but if they consented to delay, what security
had they that hostile companies would adopt the same
course ? Mr. Dickenson had objected to the line from.
Oxford to Tring ; but he asked them, supposing the pro-
posed line from Cheltenham to Oxford were to be agreed
to, would it not be better to have a line for bringing on
the passengers to London than to allow them to stop
short at Oxford ? He maintained that the new lines
were necessary for the protection of their interests, and,
in his opinion, the present was a favourable time for rais-
ing the additional capital that would ;be required, money
being both cheap and abundant. It was folly to talk of
closing the capital account. He believed it would be
impossible to do it under the present system,
Mr. DEANS supported the amendment believing that
the measures proposed
.by the chairman would be
highly detrimental to the interests of the company. He
admitted that it was the duty of railway companies to
supply all the reasonable wants of the public ; but when
the landowners and inhabitants of any district came
forward and demanded a new line to be made, he thought
they should be told to construct it themselves, and not
endeavour to throw the burden upon others. (Hear,
hear.) The chairman had frankly stated that the proposed
lines were not necessary, except as protection against
other companies. That was exactly what he complained of.
He complained that their own and other companies had
been so occupied in competing among themselves, in en-
deavouring to injure each other as much as possible,
Ac to ece me
ansacpos put their tri eg
ldypresidevihne lines
proper r
noo
fp
goodethr
ei accommodation they had not been able, for want of the necessary
n for the public,
lines, that thee or
shareholders.kigconitio condition,
(Hear,o hteoairn;
injury upon other railways, found, on looking over the list of new
pay the cost of a'wa3rs'
all either intended to inflict an
or else such as would never
Wasanconstruction,ins The line from Crewe to
Shrewsbury
attierept to compete with the
Great -Western Corripen7 toßpereovhe.nettit establishing
squanderecline Parliamentary
a connection with Lancashire.
objected to the re-
venue of the company being
Mita% PAW reinia____ded the directors that !film they
now

proposed was directly in the teeth of their own report,
which declared that it was inexpedient to encourage or
authorise the expenditure of capital in the construction
of duplicate lines with a view to competition. (Hear.)
Mr. NICHOLSON spoke in favour of the resolutions,
but regretted that the Hampstead line had not been pro-
ceeded with.
Mr. BRIGHT recommended that the meeting should be
adjourned for a fortnight, and that in the meantime a
petition should be presented to the House of Commons,
praying that no railway bills be passed this session.
(A laugh.)
A PROPRIETOR complained that the directors had not
supplied the meeting with the means of forming a cor-
rect judgment upon the merits of the proposed lines.
The CHAIRMAN then briefly replied to the various ob-
jections which bad been made to the resolutions. These
objections, he said, would have had greater weight with
him if they had not come from gentlemen who always
opposed the plans of this company. (Hear.) Although
he believed with Mr. Geach that the capital account of
so extensive an undertakingcould never be closed entirely,
yet it was so far closed that the directors could not
touch any part of the capital without the sanction of the
proprietary, and he for one was not disputed to disturb
that arrangement. But they must not jump to the con-
clusion that the expenditure increased in proportion to
the increase of capital. The experience of the last three
years showed the reverse to be the fact, for while the
capital had been increased to the extent of 6-93, the re-
ceipts had increased to the extent of 2-13. He was con-
vinced that all the proposed lines, besides being neces-
sary for the protection of their interests, would be remu-
nerative, while the cost of their construction would be
much less than they had formerly any experience of.
He did not agree with Mr. Dickenson that no railway
bills would be passed this session. A considerable num-
ber of bills had already received the sanction of Par-
liament, and it was absurd to say that they should de-
lay until the select committee had made its final report
to the house. If they did so, the opportunity of passing
their bills would be lost for ever, and the projects of
hostile companies would be carried into execution. The
reason why he had nut mentioned the Hampstead line
was, that they were not interested in it corporately, but
he believed the measure was in progress. So far from
thinking, with Mr. Deans, that they should not seek to
prevent the communication of the Great 'Western with
Liverpool, he should, as long as he occupied his present
position, resist it to the uttermost, and he should have
the support of the whole proprietary. (Hear, hear.)
The question was then put, when there voted—
For the resolutions 65
For the amendment 23
Majority
—42
The resolutions were accordingly declared carried.
A vote of thanks was awarded to the chairman, and
the meeting which had lasted upwards of three hours,
separated.

PARIS TO STRASBURG RAILWA7.
The general meeting of the shareholders of this com-
pany took place on April 28, at Paris, in Herz's Great
Room, Count de Seg-ur in the chair. Near him were
seated the following directors :—The Duke de Galliera,
Baron d'Hervey, Baron Alph. de Rothschild, M. Jayr,
M. Fol, M. C. Arnoux, 1,1. Baignieres, M. Blacque-
Belair, M. Clary, M. E. Chevaudier, M. Hainguerlot,
M. Marcuard, M. Roux, M. E. Perdonnet, and M.
Dubochet. It being announced that there were present
240 shareholders, representing 36,000 shares, the meet-
ing was declared to be duly constituted.
The CHAIRMAN then rose, and stated that the pre-
sent meeting was convoked both as an ordinary and
extraordinary one ; the former was for the usual busi-
ness of having a statement of the position of the com-
pany made, the accounts passed, and a dividend de-
clared ; whilst the latter was for the consideration of a
project for creating a caisse de retraites for the men em-
ployed on the line 25 years, and some other matters of
importance. The number of shareholders present and
the number of shares represented not being sufficient to
constitute an extraordinary meeting, these latter objects
could not be brought forward at present.
A SHAREHOLDER wished to inquire how it happened
that after the public journals had, a fortnight back,
spoken of an arrangement between the Strasburg and
Northern companies relative to a tender for an impor-
tant line, after the Minister of Public Works had agreed
to the proposal made, and when all that remained to
terminate the matter was the approbation of the Emperor
—when all this had taken place, how did it come to pass
that the hon. chairman did not say one word about the
matter when speaking just now of the extraordinary
meeting ?
The CHAIRMAN replied that it was quite correct that
the two companies alluded to had more than a fortnight
back agreed to tender conjointly for the Ardennes Rail-
way. They had sent in a proposal to the Minister of
Public Works, who had at once entered on an examina-
tion of their tender, but no answer had as yet been re-
turned. It would be consequently premature to speak
of a matter which had not been brought to a conclusion.
It would be better for any shareholder who desired to
ask for information to allow the proceedings to go on
regularly, and speak wl.,an the report had been read.
He should now call on the secretary-general to read the
report of the Board of Directors.
M. BOSSANGE then rose, and read the document in ques-
tion. It commences by stating that the promises made in
the report of the preceding year had been more than
realised. On June 15, trains had commenced running from
Paris to Forbach, and on 12th August following from Paris
to the Prussian frontier, without any break or interruption.
It was only by great exertions that this could he effected.
and when once the whole line was opened a difficulty
presented itself, which, although tending to the ultimate
advantage of the undertaking, was for the moment a
source of annoyance. This was the sudden and unex-
pected augmentation of the passengers and goods' traffic
to such no extent that the company was forced, notwith-
standing the amount of working-stock which it had pro-
vided in anticipation of that opening, to refuse a cer-
tain amount of the business which was offered. The
consequence was that it was found necessary to make an
additional command of 100 locomotives, 100 tenders,
36 passengers carriages, and 1818 goods' waggons, the
expense of which was, in round numbers, 13 millions.
There was no intention of providing for the expense at
present, as the company could meet it during the cur-
rent year ; but next year the general meeting would
have to decide whether it might hot be advisable to pro-
vide for it either by a loan, or by creating a reserve fund
from a certain sum kept back from the dividend of each
year. The various goods' yards, stations, and sheds on
the principal line may be considered as terminated, with
the exception of the terminal station at Nancy. The
plans for that building were at present under the consi-
deration of the Ponts-et-Chaussees. The Strasburg
terminus was now in course of construction, and was
advancing rapidly. On the 17th of November last the
Prussian and Bavarian lines were united wth that of
Strasburg, and the latter was placed in direct communica-
tion with IVlanheirn and the coal districts of Prussia. The
branch-line to Rheims, which the company was bound
to have terminated in March next, would be opened to
the public in November. As to the branch-line from
Metz to Thionville, there was every reason to hope that it
could be opened to the public at the end of 1853, that is,
two years earlier than the conditions of the contract re-
quired. Hitherto the working of the coal basin of Saar-
bruck and the manufacture of coke had been kept in the
hands of the Prussian administration of mines, but by
an arrangement lately entered into with the Prussian
authorities, the company had obtained permission to
make coke !on its own account at the coal-pits. In
order to facilitate that operation the company had pur-
chased ground to the extent of 5 hectares 19 ares (14 acres.)
The company intended to establish 112 ovens, which
would give about 120 tons a-day. Already 28 of these
ovens have been built. The second line of rails was to
be laid down on the whole of the principal line by the
end of the present year. The report then enters into a
very minute account of the results of the working, and
shows how general has been the augmentation of traffic
in every kind of receipts.
The gross receipts for the year ending March 31,
1853, amount to
from which must be deducted for the
passengers' tax of one-tenth, sub-
ventions, &c.,

962,365 fr. 46c.

leaving a remainder of 16,833,149fr. 12c,
From that sum there being deducted,
first, the expenses of the working,
amounting to 6,524,771 fr. 38c.,
and secondly the balance of the
interest pail during the construc-
tion, namely, 1,685,553 fr. 75c.,
all
7,210,125 fr. 13c.

there was a surplus of receipts of ... 8,623,023 fr. 99c,
From that sum must be deducted,
first, for the reserve-fund to meet
unforeseen expenses, and which
cannot be less than 5 per cent. on
the net receipts, or 433,884 fr. 990,,
and next, interest paid to the
shareholders for 1852, or
4,925,000 fr., making in a 11......... 5,358,884 fr. 99c.

----
Leaving a disposable sum of .............. 3,264,139 Oc.
which would give a dividend of 13fr. per share. That
sum being added to 20fr. already paid as interest, gave a total dividend of 33fr, per share, or 6 3-5 per cent. on
the capital paid up. Had not the obligation existed to
complete the reimbursement of the sum of 15,162,500 fr.
paid in interest to the shareholders during the construc-
tion of the line, there would have been distributed
1,685,553 fr, additional, which would have given within
a shade of 40fr. per share for the year 1852. It was to
be remarked, in addition, that during the last three
months of the year which has just concluded, the re-
ceipts had amounted to an average of 54,981 fr. 4c. per
day. Such an amount at the very commencement of
the working of the main line, in conditions by no means
of a favourable character, seemed to demonstrate that
the returns of the line would be even greater during the
present year. Should the dividend be approved, it would
be paid at the office of the company on and after the 2d
of May.

M. RENNIN, in the Tname of the Committee of Ac-
counts, read a report stating that he and his colleagues
had visited the line in every part, and that they could
only express their approbation of all they had seen.
A vote of thanks was passed to the Committee of
Accounts, and the members composing it were requested
to continue their functions (which are gratuitous) for
another year.
The accounts were then approved of, and the dividend
of 13fr. per share agreed to. The proceedings then ter-
minated.

A WELL-DISCIPLINED SOLDIER.—A laughable circum-
stance took place a short time since. As a soldier was
carrying the dinner belonging to his mess from the baker's,
one of his companions coming behind him, called out
"Attention !" when this well-disciplined soldier dropped
his hands, and at the same time the dinner of his unfor-
timtscomradose— Worceater Chronicle.

THE SUN, LONDON, MONDAY EVENING, MAY 2, 18;3.

-GENCE.

TEE SHARE MARKETS.

BRITISH RAILWAYS.

Paid RAILWAYS.

100 Aberdeen .......
82 Ambg. Nottug. Bost
& Eastn. June.......
all Birmng. Wolverh. &
Stour Va11ey.........
28 Birkenbd. Lancsh. &
Cheshire Junct......
all Do. Chesh. & Birk.,
£5O & .£25 Cons....
18/ IN., .£2O.
100 Bristol & Exeter
100 Caledonian
all Chester & Holyhead
all Cork and Bandon
all Cork, Black. & Pass
45 Dublin&BelfastJunc
all Dundee Perth &Aber-
deen Junction
all Do. New
all East Anglian (.£25 L.
& E. & L. & D.).....
all Do., (.£lB E. & IL)..
all Eastern Counties.....
all Eastern Union, Class
A. late E. U. 5h....
83 Do., d 0...... .........
all Do., B. & C
1100 East Lancashire
all East & West Ind. Dk
& Binning. June
100 Edinburgh & Glasgow,
13 Edinb.' and Peebles 1
1100 Edinb. Pith. &Dundec
100 Glasgow &S. Western
100 Great Northern Stk
100 Do., A. Stock
100 Do., B. Stock
1100 Gt. Sth.&West.(lre.)
100 Great Western
11 Irieb South-Easters.
all Lancaster & Car.isle
11t Do., Third 5............
100 Laneash. &Yorkshire
15 Do., Fifths
111. Do., Wst. Riding Un
all Leeds Northern
all Liv. Crsby. & Soutbpt
all .Loudon & Blackwall
3 Loud. Tub. & Sthend.,
100 Loud. Bright. &S. Cst.
100 London &N. Western
12 Do. Fifths
1 D0.,16/.5h.,M&8...0
100 London & S. WP FatArn
423 Do., £50.......
34 Do., £10..............•
all Lndndrry.drColeraine
all Lndndrry. & Ennisk.
100 Manch.Shef.diLincln.
44:D0., Man. &Lin. Un.
1.00 Midland
100 Do. Binning. & Derby,
47i1,1Midland G. West.(lr.)
17i Do. 3 Shares .....
all Newcastle &Carlisle..
100 New market. .....
33 Do. Bury Extensions
16 Ne wpt.Aberg.&lltfd.
72 Newry & Enniskillen
all Newry Warrenpoini
& Rostrevor
100 N0rf01k........
all Do., New.. ......
331Northn. Counties Un
100 'North British
13 North Devon, No.l
63 Do., No. 2
all Dc., . A Deferred...
5 Do., 3 B Guaranteed
173 North Staffordshire.
all North Western..
10 N. &S. Westrn. June
100 Oxford Worcester

Wolverhampton
. 100 Scottish Central
100 Scottish Midland ,
. 100 Shrewsbury. &
. 100 Do., L. &N. Westn.
Guaranteed Stock
8 Shrewsby. & Herefd
g all Shrcwsby. & Chester
(Nor. W. Min.).....,
all Do. Halves, do
all Do. Oswestry
61 Shropshire Union._
all South Devon
100 South Eastern
all South Wales
15 S. Yorksh. River Dun
lqlStockton & Ifartlepl.l
19 Thames Haven Dock
and Railway....,
17 Vale of Neath...
all Waterfd. & Kilkenny
all Waterford&Limerick
13 West C0rnwa11.......
21s. Wruble,lon &Croydoi,
1 'W00df0rd.............
1100 York Newctl. & Berw
20 Do. Extensions.......
1111 Do. G.N.E. Purchase
100 (York & N. Midland..

Closing Prices
Saturday.

28 - 29,

5i - N

10 - 103

Dulness done
Saturday.

-- 6} d
21 22
3i 2i (1
103 105
65,1 67
23i 24
284 23