The Sun.
London, England, 1853-02-17 00:00:00

tions remain for amicable adjustment between the boards,
before the proceeds of their traffic can be eorrectly agcdf,-
tained. The auditors have Werlin:tended a permanent
system of introdneing the actual result of the half-year's
revenue of the South Wales Railway, after being duly
certified) into the Great Western accounts of the following
sit months, in preference to stating in each current half-
year probable or estimated results, —always liable to be
inaccurate, and requiring correction by subsequent entries,
—and the directors entirely concur in the propriety of that
system. The accounts received for parliamentary expenses
in promoting bills before parliament and in opposing hos-
tile measures during the session of I'sl-52 are now under
examination; a portion of which expens3s will be defrayed
by other companies, under arrange —or :-,s made with
them. The actual charge on this company can only be
ascertained after all the bills shall he re been received
and examined, [tad the amount will be brought
into account probably' during the present half ye-r.
The position of agreements with the two Shrewsbury
Companies for the interchange of traffic and future amal-
gamation, again form subjects for the consideration of
Parliament durinc, the present session. An effort has been
made to persuade this company to guar-ntee a fixel divi-
dend to all the shareholders of th- le two companic-, whe-
ther opposing or assisting the alliance with this company,
and irrespective of the earnings of those lines. Under the
agreement framed and submitted to 7arliairent for a
different object, those undertPkingP will remain uneer the
separete control and management of parties representing
exclusively the interests of the Shrewsbury shareholders,
who claim to have not only the guaranteed dividend, but
also the right to postpone the future amalgam-tion of the
three companies ; and your directors have acenainted the
two Shrewsbury boards, that they canr ot recoir-reld for
the app .oral of this company conditions so inequitable
and inconsistent with the principles of the te-bsisting
agreements already confirmed by the three companies. Tho
proprietors are aware that writs of mandamus have been
applied for and granted by the Court of Queer's Bench,
requiring this company to proceed with the construction
of certain lines of railway not yet commenced ; and it is
refrain from expressing any opinion upon them. But your
cdliereeme
oe dr
s advisable,hav have
bee been
pending
for
an appeal upon those cases, to
sm
e past in communication of a
more friendly character as to the completion of the branch
of the Wilts and Somerset line between Melksham and
Devizes (about eight miles and-a-half), for which the
land has been bought and principally paid for, and upon
which the works were long since contracted for and com-
menced, although srbsequently discontinued in the times
of monetary pressure. It is the opinion of the board that
there should be no further delay in proceeding with that
line. The estimated sum for its completion is 60,0001. ; and
coasideraVons of traffic, as well as other advantages to be
derived from it, induce your directors to recommend it to the
proprietors, with a view to their passing a resolution to
authorise that measure. The engineer's report, which is
appended, explains the principal railway works in progress,
and the present condition o: the new station buildings at
Paddington. Since the last vote was taken in February
1852, the directors have caused plans and estimates to be
submitted to them of a further portion of the new buildings
and works, consisting principally of accommodation for the
locomotive establishment and the passenger arrival shed
and platforms, which are, of course, indispensable for the
business of the company. Those works have been arranged
in the most economical manner, consistently with perma-
nence, and
adapted to the convenience of the traffic. A
resolution will be
proposed to the meeting for voting an
additional sum of 75,0001., to be applied generally to pur-
poses in connection with the new Paddington Station. The
eat Western Hotel, at the London Terminus, is in a very
forward state, and can be finished for occupation, as soon as
the passengerbusiness shall be transferredinto the adjoining
buildings. An association has been proposed for taking a lease
of the hotel, and the proprietors are invited to join individu-
ally in subscribing for thatpurpose. It is thought advisable
to submit that proposal for the consideration of this meet-
ing, as some of the ciirec:ors and others officially connected
with the tornlany; who are willing personally to unite
in aiding It, decline to do so, unless with a distinct ap-
proval of the plan, and recognition of the principle by a
vote of the proprietors. The terms of the lease are re-
corded in a circular, which will be read to the meeting ;
and the main object being to secure a well-conducted
establishment at moderate rates of charge to the public,
which seems most likely to be effected by such an associa-
tion, it is intended to limit the liability of subscribers
to the capital they may embark in it, by providing that any
person who may have paid up the amount invested, shall
be at liberty to relinquish his interest in the association '
to this company, as owners of the hotel, discharged of
all further liability beyond the actual sum subscribed.
As the bills before Parliament, to which the company
are parties, will be brought under consideration at a
special meeting, in compliance with the Wharncliffe stand-
ing order of the House of Lords, the directors think it
unnecessary upon this occasion to do more than report
that powers are sought for extension of time in the con-
struction of the Uxbridge and Henley branches (together
about 7 miles), under arrangements with parties interested
in them. Your directors have the satisfaction of reporting
that some very important appeals against the assessments
of the railway have been recently decided in favour of the
company, upon principles for which they had been long, but
unsuccessfully, contending. The effect has been to reduce
materially the mileage amount assessable for rates on some '
of the branch lines, and a considerable sum paid since
1849 under protest, but made subject to those appeals,
will become applicable in relief of future rates. A reso-
lution, duly moved and seconded at the last meeting, to
increase the allowance to each auditor from 501. to 100/.
per annum, was withdrawn at the request of one or two
proprietors, in order that it might be treated as a notice
then given for the subject to be reconsidered.f at the Feb-
ruary meeting, upon the understanding that a resolution
to that effect be adopted, it shall be considered as retro-
active during the last half-year. It is only due to the
auditors and their accountant, to represent that their
duties are both arduous and responsible, in the minute
audit of every portion of the accounts, as well as the ex-
amination of each warrant and voucher for the payment
and receipt of monies. The retirement of three directors
by rotation at this meeting, viz.—Viscount Barrington,
M.P., James Gibbs, Esq., of Bristol, and Richard Potter,
Esq., of Gloucester—places their seats at the disposal of
the proprietors, under the provisions of the act ; which,
however, renders those gentlemen eligible for re-election."
The engineer, in his report, stated :

"In reporting upon the proceedings and events of the
last six months, the prominent subject was naturally the
extrordinary season which they had passed through, from
the effects of which they were still suffering. Since the
completion of the principal railways of England, they had
not experienced a season of such long continued wet, and
there never had been so much difficulty in maintaining the
lines in working order. Upon the Great Western Railway
and its several branches, the principal causes of inter-
ruption had arisen from the washing down rather than
slipping of the slopes of the clay cuttings, which required
censtant watching, and the actual flooding of the line at
one or two points."

The report, on the motion of the Chairman, was re-
ceived and adopted. After a short discussion a dividend
was declared as stated in the report.
The retiring directors were re-elected, and, after the.
transaction of some other business, the meeting separated
after a vote of thanks to the chairman.