The Sun.
London, England, 1849-02-15 00:00:00

account of the sudden rise which took place in cer-
tain property about the middle of the last century.—
(Hear, and a laugh.) The law obliges us to give
notice of our intention to Wee any land that may
be required for the purposes of our railway ; and if
circumstances, over which we have no control, should
oblige us to abandon or suspend our work, we have,
nevertheless, in numerous instances, been obliged not
only to remunerate the owner of the land for the
injury he has sustained by the notice that has been
served upon him, but we have been obliged to pay
most exorbitant prices for the cost of the land which
will never be wanted, or for the severance of that
which would in all probability never be severed.—
(Hear, hear.) We have been obliged to make new
lines and new branches as the only protection to our
traffic against the encroachments which have been
threatened against it. It was broadly announced in
the House of Commons that, though the Legislature
shall have granted a line of railway, there were no
reasons of public faith which should pre-
vent their granting another line of rail-
way running close along side of it if
they should think fit ; and in pursuance of this
doctrine, in the session of 1845, Bills for 160,000,000
miles of railway Here passed; in 1846 Bills for
32 000,000 miles of railway were passed; and in
1847 Bills for 40,000,000 of miles were passed, being
no less than Bills for 232,000,000 of miles of railway
in the course of three successive sessions. On each
succeeding occasion that we have been obliged to
go to the Legislature for a new Bill, which was
indispensably necessary for our works, we have
been compelled to pay as the cost of that
Bill a considerable reduction in our maximum
charges. We have been obliged to carry third-class
passengers at scarcely a remunerative rate, and we
offered them such accommodation that not only the
poor but the affluent—(Hear, hear)—avail themselves
of those third-class carriages; and they travel almost
free of charge on our line. And besides that, we
have been obliged to carry officers, soldiers, and po-
licemen, at half the rate which would have been
scarcely remunerative. In addition to this, we
have been subject to the provisions of a Bill lately
passed, practically to insure the lives of those passen-
gers who travel with us ; and under the operation of
that Bill we have been amerced in penalties on consi-
derations unknown to the principles of the English
law, not in proportion to the poverty, but in propor-
tion to the wealth of the claimants.—(Hear, hear.)
And lastly, we have been assessed to the poor-rates
on principles not contemplated at the time when this
Bill was passed, and totally at variance with the
principles applied to every other commercial enter-
prise of the country ; and we add not one shilling to
the charge, though we are obliged to bear nine-
tenths of the burdens of every parish through which
we pass.—(Hear.) This is but a brief and imper-
fect statement of the burdens that have been cast
upon us, and is it wonderful that the value of your
property shmild have declined ? In other countries
every possible encouragement and assistance have
been offered to railway enterprise.—(Hear, hear.) In
America, France, Belgium, and even in Italy they
have had grants of land, the remission of taxation, and
loans of public money ; but here, in commercial
England alone, and in these days of free trade, we
have not been able to get one acre of land for which
we have not had to pay double and treble its value.
But, during the late pressure, it was pretty plainly
intimated to us that we must look to
no assistance ; and the public policy rather
seemed to be directed to correct the vicious legislation
to which I have alluded, and which was no fault of
ours, by increasing rather than modifying the difficul-
ties of the railway companies.—(Cheers.) The re-
sults are now seen, and I hope we may look for a more
considerate policy towards the railway companies. I
feel satisfied, if we take care that the prayer of our
petition for relief in the matter of the
parish rates be moderate and just, if it be
firmly but temperately enforced, that we must
succeed in obtaining relief. I am not aware that I
have any thing more to say on the subject of those
rates. The question has been taken up in confor-
mity with your wishes expressed at previous meetings,
and I have no doubt you will give your consent to
the attaching the seal of the company to the petition
which we propose to present to Parliament. I cannot
quit the subject of our accounts without adverting to
a question which I know has occasioned considerable
dissatisfaction in the public mind—l mean the discon-
tinuance of our system of return tickets. We
have resorted to that expedient with the
greatest possible reluctance, but it was inevitable.
I do not believe the proprietors or the public are
aware of the extent of the remission of charge
involved in our system of return tickets. We
have had an account carefully made of the half year
terminating on the 30th June, 1848; and we find
that during that period the number of pas-
sengers who have travelled by our express and
our ordinary trains were about 230,000. Of
this number as nearly as possible one-half availed
themselves of the use of return tickets. The number
of our second-class passengers, which constitutes of
course the great bulk of our traffic Has about
one million and fifty thousand, and of this number
about two. thirds availed themselves of the use of re-
turn tickets. The system of return tickets practically
therefore amounted to this, that we remitted one-
third of our charge with half the first-class traffi
and upon two-third of our second-class traffic. Nor
was this all. You can have no notion of the extent
to which frauds were practised upon us by the
transfer and sale of return tickets—(Hear)—
and which we found it impossible to prevent.
I believe a more striking instance cannot be foetid
than is found in the practice adopted respecting return
tickets of that laxity of principle—(Hear)—by which
men justify themselves in doing that in their dealings
towards the public which they would shrink from
doing in private life.—(Cries of " Hear, hear.")
I am aware that great complaints have been
made of the discontinuance of the reutrn tickets.
It has been charged on us as a breach of faith, but I
know of no principle of justice or law which entitled
any man to travel at the expense of another. Great
sympathy is expressed for the retired tradesman, who
has not taken his dinner by the road side, and unex-
pectedly finds himself called upon to pay 2s. or 3s.
for it in the metropolis—(Laughter)—but no sym-
pathy is found for the retired tradesman, who is
perhaps his neighbour, who has invested
his hard earned savings in railway property, at Si.
per cent., but finds the rate of interest, year by year,
declining, and not only that, but even his captital,
diminished more than half in value.—(Cheers.) This
class of proprietors is very much increasing among
us. The number of our proprietors was nearly
doubled On the course of last year. Now these
proprietors were entitled to the same justice
and consideration from the public, and from
the Legislature, that any other proprietors are
entitled to; at all events, from us, who are their
trustees, they are entitled to the most vigi-
lant watchfulness of their interests.—(Loud cheers.)
We have discontinued the system of return tickets
until we know the result, so that by keeping accu-
rate accounts we shall be guided by those results
in the course we shall pursue.—(Hear, hear.)
It is our duty to afford every reasonable accommoda-
tian to the public, but it is our right to receive a
reasonable remuneration.—(Hear, hear.) For such
accommodation I am sure the public hare no
right to complain if railway affairs are con-
ducted on those principles of reciprocal justice
which governs all other commercial enterprizes in
our country. I am not aware there are any other
topics connected with our accounts to which it is
necessary that I should advert. The Chair-
man then went on to congratulate the meeting
on the improvement in the aspect of their
affairs which had recently taken :place, and adverted
to the principles which he thought it necessary for
the company to be governed by in the present state
of circumstances, and by which he believed it would
be
restored to its former sound, healthy, and pros-
perous condition.-- (Cheers.)
Mr. LAWRENCE FIETWORTH thanked the chairman
for the business-like speech he had just delivered.
He had never heard a
speech
more to the purpose,
and it was to thank the chairman that he presented
himself
sEc
totßhzeTAltr
meeting:en read
at that
the memelat.
The report, which wEs
r nn
linege
owlnaensr
eet x half-year anc lc fwe-
successively
re
the twoy otpr
ea detachedninesd otof
the
as follows :
Gpporarebtairtoi
en s of
public,
workedbranlicha
Wes-
tern Railway—the one on the sth September, being 13i
miles of the Wilts, Somerset, and Weymouth Railway,-
through blelksham and Trowbridge to Westbury ; th
other, on the Ist November, between Reading and
Basingstoke, constituting the 15 miles which remained
incocOplete of the Barks and Hauls Railway.
" The company, aided by their additional branches,
have maintained, and in some degree increased their re-
ceipts during the last six months, although the general
business of railways in the country has fallen off, and
this company has besides had to contend against some
disadvantages—thesapileceiavlentsfor
the
present,Datchet Line some of the London and Windsor traffic,
South-Western
withdrawn to ptaonthea tir
while the Southampton and Dorchester Railway has
been the means of diverting a portion of the Somerset-
shire and Dorsetshire trade, which used previously to
pass through Taunton, Bridgewater, or Bath, over this
railway.
" Although the two Great Western Branches referred
to have riot yet been opened long enough to develope
their proper traffic, either in respect of passengers or
goods, so as to become remunerative in themselves, there
is sufficient indication that they will, in due time, upon
the revival of trade, contrilette to the general resources
of the company, by attracting a considerable increase
of trade to the main line—besides defraying out of the
receipts from the kcal traffic, when progressively im-
proved, at least a moderate rate of interest on the cost,
%ir.ti all their working charges.
oTherk tdhi:. e
lcitnoer:
irneoplourdtiendg t ht
ha to
st
oh e
by r hanacvheebseeant
aenreadblueed.
twt i oot nra
kl
to‘w‘
oinfingelree,oaoseoeouv upon t
ht he e
cpo precedingd
ihn agl f -pyeerai
or'
d; whileBt4h7e,
53 additional miles, and supporting establish-

- • -
ments at twelve new stations, amounts only to 4,6501,
a sum but slightly exceeding the cost or the maintenance
cf way of these branches, an item which has been charged
to revenue, even during the first year of their being
opened for traffic.
The directors have devoted their attention during
many months to a careful revision of the general ex-
penditure, feeling, under the less prosperous condition of
raissay property in these times, the increasing import-
ance, and even necessity of making every practicable
retrenchment, calculated to improve the financial condi-
tion of the company, without impairing the safety and
efficiency of the line, or the management of the under-
taking.
" The directors entertain a belief that the alterations
and reductions which have been determined upon will
effect an annual saving of about 25,0001. in working
charges, exclusive of the sum of 6,000/. per annum, which
from the reduced price of coals under the present con-
tract, will be saved in the cost of coke. Some of these
reductions, it is proper to mention, have been
partially in operation during the latter months
of 1848, but the board is of opinion that by
a further modification in the trains, and other arrange
merits, there may still be an annual saving of 30,0001. as
contrasted with the expenditure even of the past six
months. In addition to this, there are some minor
sources of income to be obtained, irrespective of ordinary
traffic receipts over the line, which will probably amount
to 3,500/. per annum.
" The directors will not relax in their endeavours to
conduct the whole system under the most strict and
vigilant economy, in order to increase the prosperity of
the company, and afford a proper remuneration to the
shareholders; tied they trust the public will at length
perceive how essential it is, even to their own conveni-
ence, that railways efficiently managed should make an
adequate return for their capital, without which there
can be no means of enlarging or extending those ad-
vantages.
"The result of the audited accounts during the last
six months, places the net sum of 223,9871. 19s. I Id. at
the disposal of the general meeting; and the directors
recommend that a dividend at the rate of 6 per cent. per
annum, should be declared by the proprietors, payable
on the let March in the usual way. This will leave
6,214/. 19s. I Id. to be carried forward to the account of
the current half-year.
"Under the authority of a resolution of the general
meeting in August last, the directors have resolved to
create, for construction of the Windsor Railway, 6,500
new shares of 201. each, to be issued, in conformity with
the agreement, to the shareholders of the original
Windsor Railway Company, and to others ; the said
shares entitling the holders to a rateable dividend only,
from the time when the railway itself shall be finished.
"In the Berks and Hants Extension Act, 1848,'
there is an enactment to give effect to the subsist-
ing agreement with the shareholders of the London,
Newbury, and Bath Direct Railway Company' (a
subjt et also mentioned in the last report), in
virtue of which agreement they are to be ad-
mitted as shareholders of Berks and Hants Preference
shares, of 5 per cent. per annum, to the amount of their
subscription, which is about 460,0001. The clauses in
question are now brought to the attention of the pro-
prietors, in order that the formal steps may be taken to
authorize the creation of those preference shares to the
amount specified in the Act; for which purpose a reso-
lution has been prepared and will be submitted to this
meeting.
" Experience in some companies having shown that
the proprietors of shares, upon which the capital has
been called and paid up, have derived an advantage
from the conversion of several denominations of shares
into one consolidated stock, and the authority of
Parliament having been obtained by this company
to do so, the directors recommend that such measure
should be adopted with respect to the 1001, 50/., and
201. Great Western shares, as soon as the prescribed
conditions of the Act can be complied with. A reso-
lution to that effect in legal form can only be submitted
to a special meeting, and if the proprietors concur in its
expediency, notice shall be given to convene a general
meeting of the company specially in order to confer the
requisite powers for that conversion.
" In the month of October, 1838, an order was made
by the company requiring separate lists of proprietors to
be made for each half-yearly meeting, which has been
acted upon ever since; but it is practically proved that
the preparation of such lists (since become very volu•
minous) is an unnecessary expense, inasmuch as the
sealed registers of shareholders, which arc required by
the Act, furnish the same information; and the directors
recommend, under existing circumstances, that the order
for the separate lists should be rescinded.
" Reverting to the all-important subject of expen-
diture, the directors must again renew their complaint,
so frequently expressed, against the system upon which
railways continue to be assessed for parochial rates.
Relief was promised as an eqnivalent, when, when Mr.
Gladstone's Bill was introduced for compelling compa•
vies to convey troops and the police at very reduced
charges; and to afford separate trains, with a superior
accommodation for third class passengers, at a low price,
whether remunerative or not to the company—but no
relief whatever has yet been affarded.
" A resolution will be proposed for affixing the com-
mon seal of the company to a petition to the House of
Commons, praying for some Legislative redress for that
grievance; and th matter is of sufficient importance to
urge upon all the proprietors, both collectively and in-
dividually, every active and proper exertion to obtain
this measure of justice.
" Subsequently to the last meetingeof the company,
the directors were anxiously engaged for some time in
endeavouring to arrange amicable relations with those
companies whose railways approximate to er connect
with the Great Western lines, to enable them all to
dispense ctith the outlay of capital not abs'Autely
required fur new lines, as well as to economise,
by united estabishments, for carrying on the
traffic of the country. Although circumstances
over which your directors could exercise no control,
prevented the completion of any general or final agree-
ment for the identification of those 'companies, they have
the the gratification of stating, that there is no contest
now pending in Parliament or other conflict of interest,
as far as they can perceive, which ought to preclude the
hope of friendly and satisfactory arrangements being
made between the companies separately for their com-
mon benefit, consistently with the accommodation and
just interests of the public.
" The general financial statement of the property,
affairs, and liabilities of this company, so very recently
published and circulated among the shareholders, renders
it unnecessary to dwell upon that subject in this report.
" There is no Bill before Parliament during this
session for any new railway in which this company is
interested, and the only measure in which they are at
all concerned, is a Bill for vesting the Stratford-upon-
Avon Canal in the Birmingham and Oxford Railway
Company, to whom it really belongs, under an agree-
ment with the Oxford, Worcester, and Wolverhampton
Company.
" The resignation of Mr. Peter Maze, of Bristol, one
of the original directors of the company, who, to the
great regret of his cones:saes, had become unable by
infirmity of health to attend the board, rendered it ne-
cessary to appoint another director, being a proprietor
resident within a limited distance of Bristol, (the Act
requiring four directors so resident,) upon which occa-
sion Nit.. James Gibbs, formerly chairman of the Bristol
and Exeter Railway Company, was unanimously selected
by the board to fill that vacancy.
"At the present meeting, three directors, viz. :—Lord
Barrington, the deputy chairman, Mr. James Gibbs, and
Mr. George Jones, of Bristol, are to retire by rotation.
They have severally declared themselves to be candidates
for re-election at this meeting.
"The half-yearly accounts, already circulated, are ap-
pended to this report, together with a letter from the
engineer in relation to the works of the company, which
is printed for the information of the company.
"C. RUSSELL, Chairman."
The adoption of the report having been moved and
seconded,
Mr. STAMFORD moved as an amendment that a
committee of eleven of the shareholders should be
appointed to consider the affairs of the company,
with a view to ascertain what further reductions
could be made in its expenditure.
This gave rise to a good deal of desultory discus-
sion, which had not terminated when our reporter
was obliged to leave ; but, from:the feeling prevalent
in the meeting, the adoption of the report would in
all probability be the result.

LONDON AND sOUTH. WESTERN
RAILWAY.—(THIS DAY.)

The spring half-yearly general meeting of the pro-
prietors of the above railway was held this afternoon, at
the Nine Elms Station! Mr.ffilliam Chaplin, chairman
of the board of directors, in the chair. There was a very
full attendance of shareholders.

Mr. WYNDHAM HARDING, the new secretary, read the
report, from which it appeared that the directors were of
opinion the traffic during the last half-year on all the
railways in the kingdom had been much and injuriously
affected by several causes, which were nut likely to be
lasting in their operation. Among these were the
political convulsions which bad disturbed the continent
of Europe. This had especially affected the French
trade of the port of Southampton. The proof was to be
found in the very great falling off, since the revolution,
in the traffic of the railway from Paris to Havre, the port
on the opposite side of the Channel. A charge of 2,4001.
had in consequence been thrown, for the first time, upon
the revenue of the half year, in order to cover the interest
on the capital of the Steam Packet Company, which
has been guaranteed to them by this company. The
general depression of commerce, and the unusual wet-
ness of the autumn season, had also been peculiarly in-
jurious to that suburban traffic, which the opening of
the Datchet line, and the extension to waterloo-bridge
were c Aculated to develop. In connexion with there
circumstances, the low scale of fares, adopted as an ex-
periment in a time of prosfority, was found to be pre-
judicial. As soon, therefore, as circumstances permitted,
the directors raised the fares to the present scale.
The expense of running trains, during the last half-year,
has Lean 2s. 10d. a mile—a result which, it was believed,
would bear satisfactory comparison with other railways;
and to this the directors would refer as a test of eco-
nomy. By the terms under which the Third Shares
of 1847 were created, the amount of capital entitled to
dividend this half-year exceeded by 1,172,275/., or 46
per cent., the amount on which dividend was paid last
halr-year.Under the same terms, the whole amount
which may be paid up on the capital of the company would
be entitled to dividend out of revenue during the current
half-year. A greatly increased capitalhad, therefore, in
future to be provided for; and every effort, in developing
the resourc•A of this railway, as well as a rigid economy
in conducting its afldrs, would be necessary, in order to
realise a fair remuneration to the shareholders. These
efforts the directors are prepared to
make,Forand
thethis eco-nomy they are aetermined to pursue
satisfac-
tion of those who may be influenced by the apprehension
RCM so commonly entertained, that expenditure which