The Sun.
London, England, 1853-08-13 00:00:00

LON DON, SATURDAY EVENING, AUG-UST 13, 1853

BAIL-W.4Y INTELLIGENCE

S CASINO, ARGYLL ;1001,,i6.--
AELEB E. LAU it ENT, Onsh, vr-bolse, Fel Won-
LAgesßsEeeNT,
cl;
road.) Open Every Evening. The Orchestra will prform, ifurim
the week., "The Sylvan," " Marie," " " FiONV,r
of the Field," " Rosalinda," and "La Croix do Marie," Weltzei.
e " Topsy," "Ciunercmians," "England," and "Logo Maggoire'
Quadrilles ; " Etna,' and " Constance,' Galops ; " Fauchette,'
Frankfort," &c., &c,, Polkas.— Admission, Is. Doors open
Half-past Eight o'clock ; commence at Nine, and terminate at
Half-past Eleven.
These Rooms will close on Saturdiy, August 13, and Re-Open on
Monday, August 29.

LONDON AND NORTH-WESTERN.
The ordinary half-yearly meeting of this company was
held yesterday at the Euston station for the transaction of
the general business of the undertaking, and in order to
" authorise the purchase of the Coventry, Nuneaton, Bir-
mingham, and Leicester Railway, or any interest therein.
Major-General Anson in the chair.
The minutes of various meetings, &-c., having been read,
The CHAIRMAN said he felt that it would be hardly ne-
cessary for him to preface the remarks which it would be
his duty to snake with any request for the indulgence
of the meeting, because he knew that it had never been
withheld from any one filling the position which he had the
honour to occupy. He had, moreover, upon the various
occasions when he had the pleasure of meeting the proprie-
tors of that company, personally experienced their indul-
gence, and he was happy to say also that he had always
remarked that the proprietors had been anxious to check
any unreasonable objections that might be taken against
either the management of that great concern or the policy
of the directors, because he believed that they had good
sense enough to make an allowance for the fallibility of hu-
man nature. They knew perfectly well that, however well-
intentioned, the directions of a great concern like that
might sometime's be mistaken in their anticipations, and
the result might be different from that which, perhaps im-
prudently, but certainly with the best intentions in the
world, they had ventured to foretelL Though he felt that
reliance on their kindness, still he confessed that he had
not undertaken the responsibility which devolved upon
him without having seriously reflected upon it, and upon
the difficulties which surrounded him. He knew that to de-
tail to them the actual position of this concern, and to state
his expectations of what might be its position hereafter,
were not matters of slight imirrirta nsce • nay would.
remember that at the last half-yearly meeting he had ven-
tured to express an opinion that the receipts would continue
to increase as they had done from the commencement of
the year, and that he had also expressed a hope that those
receipts would be so large that they might this year be en-
abled to return again to the dividend of 1852. He freely
confessed that in that respect he had been disappointed.
Their calculations with respect to the increase of the re-
ceipts had proved correct, but they had been mistaken as
to the very large expenditure, which tended to reduce the
net profits of those receipts. 'The consequence was that
they now maintained tho dividend of 5 per cent., and
in order to do that they had to take 63,0001. from the
reserve fund, leaving a balance of 29,0001. as the future
reserve. Ho confessed he thought that that was quite as
low as the reserve of that company ought ever to be.
(Hear, hear.) The proprietors would remember that this
time last year they received a dividend of st, per cent. ;
but they must bear in mind that at that time they took
114,0001. from the reserve, which had been created in con-
sequence of the very large traffic of the year 1851. From
the reserve'then created of 182,0001. they took 114,0001. in
order to make up the dividend of 5} per cent. They must
also bear in mind that this year they had to pay 20,0001.
more than they had last year, being the 1 per cent. upon
the quarter shares, which began to bear dividend in the
month of February last. He thqught, therefore, that
there was no great ground for discouragement in the pro-
spects of their company. More than that, he ventured
again to look forward to the next half-year as likely to re-
place them in the position that they had been in before
they. had touched the reserve. (Hear.) Looking back to
the receipts of the year 1852, they would find that the net
profit was 557,0001. ; but if it went on increasing
as it had
done, at the rate of 4,0001. a week, there would b© an addi-
tional 100,000/., which would make a profit of 657,0001,
From "that, however, he made a liberal deduction for
working expenses, which would reduce it to 633,0001. To
that might be added the reserve of this year, 30,0001.,
which was still remaining. If, then, they paid a dividend
next half-year at the rate of 5 per cent., that would
amount to 533,0001., and there would remain 117,000/. as
a reserve in February next. He said that that was not a
discouraging prospect. (Hear, hear.) On the contrary, he
thought if they could maintain, under existing circum-
stances, with all the difficulties they had to contend
against, their present dividend of 5 per cent., and have up-
wards of 100,0001. AS a reserve next half-year, that was a
position which ought to be highly encouraging to them.
Having said thus much, and not having attempted to
make out a case which could not be borne out by figures,
or to place their actual position in too flattering terms be-
fore the meeting, he proceeded to refer to the statements of
accounts which were in their hands, and which he should
go regularly through. In the joint-stock capital they would
rind an 'increase simply of the 507,0001., which was the
amount of calls at 21. 10s. per share paid upon the 121. 10s.
shares which were created last year. In the general state-
ment of the capital account they would find an additional
expenditure of 220,0001., the details of which were ex-
plained in the abstract. There was very little alteration
in the state of the debenture account. In the mileage
charge for working stock they would find that the average
cost per mile was 2,3301. this year against 2,4271. last year ;
and the return of the working stock was 2,105,3211.—
total charge to capital. The disbursements on the capital
account had all, with the exception of one item of 34,0001.,
been sanctioned by the proprietors ; that sum had been in-
cidental to their Parliamentary proceedings upon new bills
obtained this year. It was not a very large sum, and would
not amount to above 20,0001., as 14,0001. was expended
-upon land a two diffarent Paces.;licaribw turned to the
revenue account, which was, perhaps, the most interesting.
They would perceive, as he had stated, that the receipts
were very satisfactory. The increase in the receipts, since
the corresponding period of last year, was 95,8611., but
against that there was an increase in the working expenses
amounting to 67,4321., which was not satisfactory. It was
a very large amount, and therefore required some explana-
tion, and he trusted that he should be able to show that
though there had been an increase of upwards of 2 per
cent. over last year in the per centage of disbursement to
receipt, which had risen from 37.25 to 39.82, yet that it
could not have been avoided. Upon the maintenance of
way there was a reduction, as compared with the corre-
sponding half-year, of 3,0001. That was very satisfactory.
But that was not all, because, had it not been for the water
and the continuous floods, which had caused very consider-
able expense, particularly the accident to the bridge over
the Tame at Tamworth, there would have been a consider-
able reduction in that charge. He thought, therefore, that
they might congratulate themselves on having arrived at a
state of things with respect to the maintenance of their way
which was extremely gratifying, The next item was the
locomotive power, in which there had been the largest
increase in these accounts, being 41,0001. over the same
item in the corresponding period of last half-year. That
at first appeared, no doubt, to be a very large sum, but a
reference to a few heads would clearly explain the mode
in which it had been expended. In the first place, their
contracts for working other lines were less by 6,0001. than
they were last year. There had been also a very con-
siderable increase in the locomotive power. On the
mrthern division of the line there had been five new
engines, and on the southern division nine ,• and altogether
the expenses of the new engines, which they had been
obliged to provide in order to carry on the very largely in-
creasing traffic, had amounted to 17,000/. Then, againl they
had run 400,000 miles more in the half-year than in the
half-year of 1852, which, at le. a mile, would amount to
20,0001. This would immediately account for the large
increase which was observable in that item, because they
could not expect to run their engines over 400,000 miles
without a very large increase in their expenditure. Since
that period also the Stour Valley had been opened, which
they could not calculate had entailed upon them a less ex-
pense than 5,0001. If, then, they would add up these sums,
the proprietors would find that the balance was rather in
their favour than against it. In the coaching expenses
there had been an addition of 10,0001. Here again the
)pening of the Stour Valle ' formed an element, for they
had to pay for a new staff, &c., which had amounted to
about 5,0001. There had been a considerable rise also in
wages and in the price of everything and he thought that
it was not a very large sum when they considered all that
was involved in it. Upon the merchandise traffic expenses
there was an increase of 12,0001., but against that, upon
he other side was the increase in receipts of 75,0001., and
he thought that the outlay. of 12,0001. was fully justified,
in order to secure the earning of such an amount. (Hear.)
There was one item here which he could not help remark-
ing on, "Charged through the clearing-house, Sac., for wag-
gons used by this company, 1,1951." That was an entirely
new charge, for last year they had had to receive instead
of to pay, under that head. It showed, however, that
their stock had not been sufficient for the increased traffic,
because they had had to pay that for other waggons corning
upon their line instead of using their own waggons. That
was a sufficient reason for asking the proprietors for a vote
of money, which they must pay, and which they must be
content to pay, out of their capital for an increase of the
working stock. The total working expenses this half-year
showed an increase of 67,4321. over the half-year of 1852 ;
but he endeavoured to explain the principal items on which
that increase had arisen, and he trusted that the proprie-
tors would give credit to the directors and officers of the
company, who had had the management of the working of
that enormous increase of traffic, for having endeavoured
to do their duty as well as they possibly could. (Hear,
hear.) Upon rates and taxes there was an increase of
6,0001., arising out of a disputed claim which had been
made by the parish of St. Pancras last year, and which
they had been obliged to pay. It was, however, still dis-
uted, and their legal adviser told them that it might be
recovered.
There was a charge of 10,0001. for Parl;a-
mentary expenses, which was one of those items which
they hoped hereafter would be very
view much diich he had
minished.
though he confessed that the sanguine wh
entertained of it hitherto had not been realised. With
reference to the subsidiary lines, they were much in the
same condition as at this time last year. They always
formed a bad item in the accounts ; but
he he
did not must repeat
what he had stated last February,
that
that those subsidiary lines were so groat a loss to the
main lines as might be supposed. They certainly did
bring
an immense amount of traffic upon the main lines, and he
had had some statements prepared, which were too detailed '
to go into at that mHnenetr,
the to showa
hd n w f
ha,,tptahleanreeealbroopnegraht-
tion of them was. forere o l f
down" they would see an item ewa o rails of 21.3181.
That was charged to revenue, and the directors hoped that
by degrees the roadwould be brought into that state in
which it ought to be in order to bear the increased traffic
and the very large weight of engines that were now brought
upon it. It was quite evident
. that they must make up
their minds to some considerable expense in the improve-
ment of their line, because what would have originally
per mile cortld not be done now under 3,000/.,
cost 2,000/.
in consequence of the increased weight of traffic that was
brought upon it. The next subject to which he would call
their attention was the abstract J, " works, stocks, and
which they would remember there
estate account,"
had been a discuslApoonnat the last half-year
that expenditure
it had been found that various
items had been charged to it which ought to have been
charged to capital; and upon that
fairly and and justly their sanction to 79,000/. being
sion the proprietors a
withdrawn from it avghichhtandeynveowtedhashaotuhldatbsenph
jaeheltoaugat
ionf
capital. The directorstion.
Ile confessed that he could add
under their considers
very little to what w.tasinsttahteedrreippeoin.t. thTehsantlajpeacrtaignratphhe
paragraph respecting
was headed by a comPlahrftetri:7B4st,a,taemndentthfeor3tohthe yoefars
enu-
ing the 31st of Decem
1853, and for the half-years entdninggwtehneld3Ostehe owfhat June,
elnBosr2.
and 1853, and from at the mee
mous increase there had beenjdn the Weight of goods
alsocar-
see what a very small
rigid over the line. They would

110YAL POLYTECHNIC INSTITUTION.
P A TRON —H.R.H. PRINCE ALB KRT.
LECTIIRES.—By J. 11. Pepper,PHOTOGRAPHY, with
Illustration's, Mornings and Evenings.
By Pr. Ilachhoffner : On ELECTRO-GILDING and
SILVERING.
The LANCASHIRE SEWING MACHINE exhibited in Use
and explained Daily.
On TUESDAYS and FRIDAYS. at Four o'clock, and Every Even-
ing (except Saturday) at Nine, the FIRST PART of an lIISTORI
CAL LECTURI an " THE THAMES," from its source to its
Estuary, by GEORGE BUCKLAND, Esq., assisted by Miss Blanche
Younge, with appropriate Songs and Dissolving Scenery.
open Mornings and Evenings Admission, is.; Schools, and
Children under Ten years of age Half-price.

ALI AFIMED'S TREASURES. These are
the th-ee most extraordinary and valuable remedies in the
wor d. Thousands of cures aro effected by thern. Incontr. vertible
evidence of their agarvell,us eft cts may be had, and the original
testimonials sem, on application. (As the case may be)
ask for
ALI AHMED'S ANTIBILIOUS PILL, ALI AHMED'S COUGH
P g LL, ALL AIIII.ED',I HEALING PLAISTER. In boxes. at
is. , 2s. 9d., 4s 6i., and lOs 6d. The pills are silvere din the
oriental style, thus proving the absence of mercury. Central bet) t,
9. and 10, 't. Brides-avenue, Fleet-street, and of all respectable
medicgne vendors.

• aIHE ELECTRIC TELEGRAPH COMPANY.
—REDUCTION in CHARGES o the CONTINENT.—i,PEN-
TNG of the NE W T ELEGR A PH ROUTE via the IN 'PERNA I'ION A L
I'ELFGR • PH CO ArAlklY LINE. - On and alter MONDAY, the 15th
August, the ,statio,is of the Electric Trlegraph C,dnpany, eAribliched
in all the principal towns of Great Britain, will be placed in direct
communication with the whole of the lines of Telegraph on the
Continent. Great iacilities will thereby be afforded ior the trans-
mission Of dispatches to all parts of Europe at the following reduced
r.,tes. Messages of 20 words to:—
Amsterdam.. •.. • • £0 8 4 Hague"... ..... •• • £9 7 6
Antwerp .••. • • .. 011 6 Namburgh. ••••, 0 15 6
Augsburg .•• • • 017 6 Hanover ••• • • ..... 015 6
Berlin ..... ••. • • 017 6 Strasburgh . 019 6
trernen.. ••• • .. ~ 013 6 Leghorn • • .•.— 110 2
Breslau.. ••• • • ...... 019 6 Lubeck..... • • .... 015 6
Brussels •
Cologne.. .. ._ • • 013 6 Presburg ... ••• • •• 11 6
I),intzle • ... • ...... .0 19 6 Rotterdam
Dresden . •
E.berteld
Florenci,... •• . 1 12 2 Van ee .. ••• • • • 0 19 6
Frankfort-on•the-Maine 015 6 Vienna •• • • ..... 019 6
And to other places on the Continent at proportionately low charges.
T e above rates will be uniform from all the Company's Stations
in Great Britain. arid thus—Messages delivered to the Telegraph
offices at Liverpool, Manchester, Birmingham, Leeds, Hub, New
ens le. Edinburgh, (.lasgow, &e., will pay precise y the same amount
for the whole clist,,nce us Mes ales forwarded from London.
For further particulars, apply to the Company's station.i.
I. S. FOURDRINIER, Secretary.
Central Station, Lothbury, London, August 12, 1853.

THE ELECTRIC TELEGRAPH COMPANY.
f;EOl1CTION ofCl{i. E in UREA BRI •%IN".
On i,nd aster MONDAY, the 15th August, be charge for messages
ransmitted within a eire, it •.fNsittv M les w 11 be reduced to ONE
SHILLING for twenty words. This reduction will als,. apply to
messages between London and the following places:—
Birmingham.
Brighton.
Cambridge.
Oxford.
Reading.
Windsor.
For further particulars apply to the Company's stations.
No poi teraw• charg, d for delivery of messages when the distance
from the station does not exceed half a milt.
PltiNr IPAL LONDON OFFICES.

Central Station, Lothbury, Bank of England.
No. 43, Mincinu-lane, corner of Fenchurch-street.
General Post Office, et. marthes•le-Grand.
No. 3 , Fleet-street. opposite St. Dunstan's Church. •
No. 448, West strand, corner of Adelaide-street (open day and
nigat).
No. 17.4, Great George-street, Westminster.
No. 89, St. James's-street, opposite St. James's Palace.
No. 1, Park-side, Knightsbridge, opposite Wilton-place.
No. 6, Edgeware-road, near the Marble Arch.
Great Northern Railway Station, King's-cross.
London and North Western Railway Station, Euston-square.
Eastern Counties Railway Station. Shorednch (open day andnight)
London ,nd south Western Railway -tation, Waterloo-road.
London and Brighton Railway Station, London-bridge.
Great Western Railway Station, Paddington.
By order, J. S. FOURDRINIER, Secretary.
Lothbury, London, August 12,1853.

charge bad been made to capital for their carriages, wag-
gons, and locomotives. The increase per cent. during the
half-year, compared with the corresponding period of 1852,
in the number of passengers booked was 24. The increase
per cent. in the number of tons moved was 18. The in-
crease per cent, in the number of tons of coal moved was
19 ; and the increase per cent. in the charge to capital Was
nil. (Hear, hear.) It was impossible to suppose that
that enormous increase of traffic could be carried on, and
that the cost of all the engines, waggons, and carriages
which were to produce that traffic, and the receipts conse-
quent upon it, was to be charged to revenue. He thought
it must be quite evident to everyone, that it would not be
fair to the . present proprietors that the whole of that sum
should be charged to revenue. (Hear, hear.) That was
the opinion which he had always entertained. He did not
believe that it would be possible for a gigantic undertaking
like theirs to close their capital account at present. He
did not' mean to say that the day might not arrive when
the capital account might be closed ; but the railway
system was not yet sufficiently extended throughout the
whole of the country, nor had the resources of the country
been so completely developed, as to allow them to say that
the railway system was perfect. The day might come
when it would not be necessary either to improve the de-
scription of railways or to increase the number of lines
with which they should be connected, but that day had
not come yet, and until it did arrive he said that it was
impossible for them to close their capital account. (Hear,
hear.) For that reason, although there might appear to
be some inconsistency in their decision, the directors were
satisfied that they had come to a right conclusion, and that
it would be much better for the proprietors to make up
their minds to augment the capital, in order to provide the
means for carrying on the traffic, than to leave themselves
in a state of uncertainty every half-year with respect to
the amount of dividend which they were going to receive.
His great object, if he were about to remain in the posi-
tion he' ue-vr 'bell-the honour to occupy, would 43 to en-
deavour to maintain for them a fixed dividend, "Believing
that that was of the utmost importance in any concern

like this. (Hear, hear.) He w-ould not be induced to
change that decision by any actual variation that might
take place in the amount of the reserve or of the receipts
from one six months to another ; and the result of the
present half-year had shown, he thought, that they were
quite right in the month of February last in not endeavour-
ing to increase their dividend at that time, although they
had a considerable reserve in hand. He was the more par-
ticularly induced to say this, because they were still in the
same position in which they had been hitherto with regard
to competition. He had looked to the possibility of Par-
liament interfering and assisting them to improve their
position. Ho had told them in February that he hoped
that the select committee of the House of Commons which
had been appointed to inquire into railway legislation
would have resulted in something good. He did not
think now, however, that they were likely to enjoy any
great advantage from any change that might be pro.
posed. The evidence that had been taken
emin before that
committee 'had proceeded from the most
in this kingdom connected with railways, and he be-
lieved that the gentlemen who had sat upon the com-
mittee were remarkably able and clever men, but they had
decision, and .
he thought
had been some difference
been a long time coming to a
it was pretty clear that there
of opinion among them. He did not find fault
Working expenses
with
their summing np of the evidence which had been taken
Percentage of disburse-
before them, but he did find fault with them that, having . ment to receipt 37.25 39.82
received the best evidence which could possibly be ob
" The increase in the expenses relatively to the receipts
tamed, rind theirnd admitting that that evidence satisfied
-
is principally under the head of locomotive' charges, and
own minds, they yet had done literally nothing. The pro- arises partly from an increased number of miles run, but
prietors would remember that the report presented to the chiefly from the infusion into the stock of a larger number
last half-yearly meeting contained a paragraph in which of new engines, in substitution for those of less power, no
the directors stated their opinion that competition was longer suitable under the altered circumstances of the
t
not maintainable. The select committee of the House of traffic. The expenditure for repairs and renewals during
Commons now gave a very strong opinion also, against the past half-year has been 76,0311., as against 53.2411. in
competition. That was the result at which the members June, 1852. The higher price of materials and the advance
of the select committee had arrived,--some of them he be- generally in the rate of wages throughout the country
Hewed very unwillingly—because he had nodonbt that they have also had their influence in increasing the rate of work-
would have been very glad to make out that competition ing charge ; while, at the same time, the continuance of
was still practicable in this country. Persons not person- eneavours to abstract traffic from this company by a reek-
ally and pecuniarily interested in railways, often said less reduction of rates has prevented the directors from
" What does it signify ? The more railways the better— profiting by that economy in the working arrangements
we shall get better carried, and cheaper carried." At the which they hoped for, and which they believe may be ulti-
same time they forgot that they would not be so safely matcly effected without any detriment to the service of the
carried, or so well accommodated, as when the corn- public.
pally were in a position to keep up their staff in a state of a The directors have availed themselves of the opportunity
the greatest efficiency. (Hear, hear.) One of the results afforded on the expiration, in November last, of the contracts
at which the committee had arrived was •this. They for maintaining the permanent way, by taking the duty en-
said,— tirely into their own hands. Experience thus far justifies
"It follows from general reasoning, and appears to your them in calculating on a considerable saving under this
committee to have been established in evidence, that coin- head. They have been enabled, notwithstanding the extra-
petition fails to afford to the public the same security in ordinary expenditure consequent upon the long-continued
respect of railway accommodation which it gives in the floods of last winter, and the recent advance in wages, to
transactions of ordinary trade." effect a considerable reduction in the expenditure, as well as
Then they said— to maintain and improve the condition of the road.
"As the practice of Parliamentary legislation stands at " The comparative statement for the years ending the 31st
present, it is in the power of one rival company materially December, 1849, and the 30th June, 1853, shows an increase
to affect the interest of the other : or a small number of in the number of miles open of 135 A or 27 per cent. ; of the
speculators, with or without the encouragement of a rival, number of passengers booked, 3,480;399, or 56 per cent. ;
can injure the position of an establisheaeompany by laying and of the receipts 116,0411., or 9 per cent. The increase in
out a line within their neighbourhood,and so compel them the number of tons of merchandise moved, 1,154,187 tons,
to bring forward, in self-defence, and as part of their own or 88 per cent. ; receipts, 231,527/. or 33 per cent. ; in the
system, schemes which, upon a wider review of the public number of tons of coals moved, 481,337 tons, or 63 per cent.;
advantage, itis probable that Parliament would have refused receipts, 58,9471., or 82 per cent. ; the increase in the
to sanction." parcels, mails, cattle, &c., 8,9921., or 4 per cent. The total
They were satisfied of that, and yet nothing hadbeen done increase in the receipts during 3i years amounted to
to prevent, during the next six months, any number of 44,5071., or 19 per cent. ; and in the charge to capital for
schemes btu ,projected which would have the effect Of working stock, 133,3221., or 7 per cent., including 41;8231.
forcing tbiraompany to incur those large Parliamentary for carriages, and 91,4991. for waggons.
expenses in which was to be found one of the principal "In the comparative statement for the half-years ending
reasons for the depreciation of the value of their property. 30th June, 1852 and 1853, the increase in the length of rail-
(Hear, hear.) With respect to their parliamentary cam- way open was 13 miles, or 2 per cent. ; in the number of
paign, the report would be found to contain a detail of the passengers booked, 895,473, or 24 per cent. ; and amount,
bills which had been promoted by parties hostile to the 25,124/. or 4 per cent, ; the increase in the number of tons
London and North-Western Company. He believed he of merchandise was 190,433, or 18 per cent. ; amount,
might use thephrase "hostile," because they were more or 62,6331., or 15 per cent. ; increase iu the coals, 107,611 tons,
less concerned with the broad gauge, and he could not con- or 19 per cent. ; amount, 10,2291., or 16 per cent. ; mails,
ceive that any proposition coming from parties connected parcels, and cattle, 1,0341., or 1 per cent. The total increase
with the broad gauge could be otherwise than hostile to in the receipts amounted to 99,0201., or 9 per cent. ; and in
the North-Western. All those bills had been thrown out, the charge to cattle for working stock, 2,3111. for carriages.
and this company had had, if he could call it so, a very ,‘ The increase . shown by these returns has been so great,
successful campaign, for they had been very much inte- especially in the weight of goods and coals moved, as to
rested in opposing those bills, and their opposition had render necessary a considerable addition to the carrying and
been successful. (Hear, hear.) They had thrown oat the locomotive stock, and to the stations, sidings, and accommoda-
Mid-Western, the Birmingham, Shrewsbury, and Chester, tion generally ; and, accordingly, it has been provided, as
promoted by the Great Western ; the bill to lay down the shown in the accounts. This expenditure has been charged to a
broad gauge on the South Staffordshire; and the bill which, separate account, with a view to its gradual liquidation at the
above all, he rejoiced to have defeated, for a line upon the cost of future revenue ; the object of the proprietors
mixed gauge between Worcester and Hereford, which had in adopting the principle being, as stated in the auditors'
been promoted jointly by the Great Western and the Ox- report, 14th of February, 1850, that ' The capital account be
ford, Worcester, and Wolverhampton Companies. An- rigidly closed, and not again reopened unless to meet tle
other paragraph in the report contained a list of the bills requirements of a positive increase of traffic. The objection
which had been promoted by this company, five of which to this principle, on the ground that it would be unjust to
had been lost, and five gained, and which were bills that persons immediately interested in the profits to tax the cur-
they had been compelled to bring forward in self-defence. rent earnings beyond the efficient maintenance and renewal of
The select committee now recognised the truth of what he the existing stock and works, appeared to the directors out-
had always told them, that they had been obliged to bring weighed by its probable advantages. During the last 33
forward measures of self-defence, because, if they did not years there has been an increase in the weight of traffic moved
occupy the country others would, and would compel them of—Merchandise, 1,154,187 tons, equal to 88 per cent. ' • of
to buy lines at a much higher rate than they could have coal, 481,327 tons, equal to 63 per cent. ; total, 1,635,5141.,
constructed them for-themselves. It was deeply to be re- equal to 79 per cent.; while the charge to capital for ad-
gretted that in cases of this sort they could place no re- ditional rolling stock has been 133,3221. e equal to only 7 per
Bence whatever upon Parliamentary decisions. To show cent. on 1,971,9991., the cost of the stock in 1849.
how uncertain those decisions were he would instance a " The directors feel that they cannot, consistently with an
case or two in point. They had promoted a line from Ox- efficient performance of the service, and with equity to those
ford to Tring this year. The bill passed the House of interested in the current profits of the undertaking, attempt
Commons unanimously. It arrived at the House of Lords- to provide, at the cost of revenue, the additional capital ne-
The committee of the House of Commons had expressed cessary for so large and sudden an increase of traffic ; they
an opinion that the best line for making the communion-
have therefore resolved, with the sanction of the proprietors,
tion between the South Wales district and tho metropolis
to cease charging to revenue the additions to stock and works
was upon the narrow gauge, which would have cost only required for increased traffic, and that the balance of the
400,0001., while the Mid- Western would have cost 1,000,000/. account shall be transferred to the debit of capital; the sum
For no reason in the world, however, that bill had been of 97,7701. 17s. 6d. having been already liquidated at the
rejected by the caprice of a committee of the House of cost of revenue. It is probable that 150,0001. will suffice to
Lords. (Hear, hear.) The same thing occurred last year meet the requirements of the present six months.
with respect to the Worcester and Hereford. It passed ~ Of the bills promoted by this company, the Amersham
branch, the Coalbrookdale branch, the Shrewsbury and New House of Commons, but the House of Lords rejected
it without any reason, and without knowing why or town, the Stourbridge (withdrawn in the Lords), and the Tring
wherefore. It was impossible then, he said, to depend upon and Oxford, have failed ; the St. Albans branch, the North-
the decisions of Parliament as to the merits of the bills ampton and Market Harborough, the Shrewsbury and Crewe,
brought before them. There was the case of the Shrews- the Buckinghamshire Junction, and the Oldham Deviation,
bury and Newtown again, which had been projected by this have passed committees of both houses. Of bills promoted by
company. That bill was rejected by the House of Cora- parties iu connexion with this company, that for the Warwick
mons, but they gave a line from Newtown to Llanidloe, and Stratford line has failed, that for the Hampstead and City
which was a mere patch in the middle of the country about Junction is still before Parliament. The line from Worcester
12 miles in length, without head and without tail. That to Hereford has passed both houses, on the narrow gauge only.
line must be continued to Shrewsbury next year or the The junction between the Buckinghamshire Railway and the
year after, and if the North Western abandoned that narrow gauge of the Oxford, Worcester, and Wolverhampton
country, it was evident that other parties would construct will immediately afford an unbroken communication between
that portion and would compel them probably to purchase
it. the metropolis and the mineral districts of South Wales.
The fault of the Legislature was, that they did not
The bills to authorise amalgamation between this company
lay down a system which should protect large companies
like this, in which the interest of so many persons was and the Midland and North Staffordshire Companies were, in
common with all those for similar powers, suspended by the
concerned, and in which so much money was embarked,
resolution of the special committee ou railways ; this, how-
from being robbed year by year, by, to use the words of ever, has not affected the working arrangements with those
the report of the select committee, " adventurers who companies, who continue to co-operate with mutual advantage
embody schemes which they have no intention of carrying and to the convenience of the public. The relations with the
into effect, but purpose using as a means of extorting ad- various companies to the north and east continue on a friendl,
vantage from the bona fide undertakers of railway enter- footing.
prise in the district." (Hear, hear.) In the course of 12 ~ In order to avoid further litigation in regard to the
months he hoped that they would have a much greater covenants under the lease of the West London Railway, in
Protection for their property than they had at present. which this company and the Great Western are jointly in-
There was not one of those bills mentioned in the report terested, it has been mutually agreed between the directorsin which he could not show the caprice of Parliament, and those of the West London Company, subject to the
either of the House of Lords or of the House of Commons, sanction of Parliament, to refer the disputed points to arbi-
in the mode in which they had dealt with it. He now tration, with a view to a complete settlement of all matters
came to the next point —the question of amalgamation be- in difference, on equitable terms, and this arrangement wil
alleged exclusive
tween the Midland and the North Staffordshire and this now be submitted for the approval of the shareholders.
asey
ahapvereliumni.formly i-t-
-company. All the evidence which had been adduced before With' the Great Western Company the board regret to sad- ,
the committee was in favour of the amalgamation, and namodschttalveemepnetrsliisatsedbeienn
demanding, as
showed the economy and convenience to the public which fused to conclude an agreement repeatedly offered to them
agreements which, apart from the circumstances of t .or i ;-
would result from it. The only fear was that
btloiare
dMolfl
would place too large a power in the hands of t _ s
ditien, the admission. by this board of their mary con_
directors, and that that wer would be abused. It wa. agreements with the directors of the Shrewsbury Companies
commontrheetirdeefocirbe,yitnhe
committee upon gin, your directors feel itwould '
t 1 withon nafllthbeillsforsimilar powers, sus
special would be abused • , . be inconsistent both with
railways. That power, however,your interests and
engagements to recognise. From resolu
never
board of directors. went of the theom state-
so long as the company chose a good . half-year's accounts it will be seen
• •
allow it, and public opinion
The proprietors would not proceeds are 490,9901., to which add that the net
(Hear, bear.) He con- the balance carried f •
would not allow it to be abused. t account, 92,7861. Total, 583,7761. 1011:1
were amalgamated,less further
tended that the more those railways for renewal of rails, 21,3161., showing a disposable allowance
beneficial they
and brought into one system, the more 562,4581. g a balance of
The directors recommend
proprietors and to the public at large. The a dividend of 21. 10s.
would be to the per cent. for the last '
those amalgamations; six months, am • amounting to 533,1551.,
house had, however, at once quashed not affect the working leaving a balance of 29,3021. 8
8 to be •
but he was happy to say that would. next half-yearly account." . carried forward to the
They
between the companies. might make , .
arrangements
were not allowed to make such ' '
.t n abstract of the accounts
arrangements, but theyla Saturday last.
and binding by the authority of a
arrangements secure
to the North Stafford- - The CHAIRMAN
act of Parliament. with respect Stafford- moved the adoption, printing, and cir-
would be no objection culation amen th
shire, ho hoped that there to an g e shareholders of the report, and the
amalgamation with that company. He could not expect
statement of accounts.
that there would be, because the select committee ex- Mr. PIERREPOINT (a director) could not permit the fare-
cepted from their general rule against amalgamations well speech of their gallant chairman to pass sub silentio.
minor or special cases, where it clearly appeared that the (Hear, hear.) He was sure he spoke the sentiments of his
true object sought to be obtained was increased economy brother directors, and of the proprietors generally, when
of management and consequent advantage to the pub- he expressed the regret with which they should lose his
lie. He believed tnat it would be a great advanta,,e services. It was impossible for any man to have devoted
to the whole of the country to have the North I himself with more zeal, ability, and activity to the inte-
Staffordshire amalgamated with the North-Western, for I rests of the company than he had done. His services, in
it was, in fact, a part and parcel of the same system. He I fact, had been beyond all price; and he was sure that, go
had no doubt, therefore, that the amalgamation with the wherever he would, the General would carry witha himl h
North Staffordshire Company would be granted, and that kindest and best wishes of all those who had h d the p ea-
they should be able to form as perfect a union between sure of acting with him. (Cheers.)
Midland Company and themselves as could be the 1
1 Mr. H. EARLE, another director, amid the cheers of the
(Hear, hear.) There was one more subject mentionedwished.
meeting, bore similar testimony to the services and the
the report to which he must briefly refer. 7 in
character of the gallant chairman.
stated, " with the Great Western Com an ne directors Mr. LOCKE, M.P., having occurredc
in the sentiments
regret to say, no settlement has been effeCledy4 Ththe
eboard expressed by the two
ofdierceetotrs wished to have some
the locomotive establish-
prietors would not be surprised to hear that that pro- detailed information of_th cost
It had been stated out of
case. He believed that the proprietors was the ment at 'Wolverton and Crewe.
of both companies between the cost of
a great difference
would be extremely surprised to find that doors that there was
had taken place. He couldnot any settlement the two establishments. .
He could not venture to state
say, " why," exactly, what that difference was, since the directors had refused
because he believed that the proprietors wished it ; but information upon the subject ; but he believed that since
there was some sinister influence behind which aways the amalgamation of the Grand Junction and the London
prevented it taking place when it appeared to be almost
land North-Western, the difference had amounted to between

Mr. H. BOOTH, one of the secretaries, then read the
report, of which the following is an abstract :
" The half-yearly statements of account placed in the hands
of the proprietors exhibit the following results, as compared
with the corresponding period of last year :
Passengers, parcels, and 1852. 1853. Increase.
mails £668,799 £689,746 £20,947
Merchandise, &c., 467,477 542,391 74,914

£1,136,276 £1,232,137 £95,861
£423,304 £490,736 £67,432