The Sun.
London, England, 1849-08-15 00:00:00

Viitrti

CHESTER AND HOLYHEAD RAIL-

WA Y.—(THIS DAY.)
The half-yearly general meeting of the proprietors
of the Chester and Holyhead Railway was held this
afternoon at the Euston Station. The meeting
was made special to consider and determine as to the
creation and appropriation of the additional capital
authorised to be raised by an Act passed in the pre-
sent session of Parliament, or of some part thereof ;
and also, to consider and determine upon the expe-
diency of reducing the number of the directors of the
company, in conformity with the provisions of the
same Act
Captain Moorsome, R.N., chairman of the board
of directors, in the chair.
The minutes of the previous meeting having been
read and confirmed, Mr. Gifford, the secretary, was
called upon to read the following report of the direc-
tors for the past half-year :
" The causes which have operated to delay the com-
pletion of the Britannia Bridge, and with it the opening
of the entire line, beyond the period contemplated by
the directors at the half-yearly meeting, are explained
in the accompanying report from your engineer, Mr.
Stephenson. The board much regret that circum-
stances beyond control should have retarded a work so
ess- ntial to the full utility and value of the undertaking.
" The directors have the pleasure to inform you that
the main line of the Mold Railway has been inspected
and approved by the Government Engineer, and was
opened yesterday. The construction of this branch has
been effected at a moderate cost, the full advantage of
which will be secured to you by the tenor of the agree-
ment for the purchase, already laid before you, and
sanctioned at the meeting of the 30th of March last.
Arrangemeuts are in progress for bringing the various
coal workings into cot.nexion with the line.
" The directors have continued to give unabated at-
tention to the employment of the steam-packets in con-
nexion with the railway. The actual returns of the
company's vessels are now nearly equal to the Govern-
ment packets. although the latter make twenty-eight,
and the former only twelve trips in the week ; the ex-
perience of twelve months in their working, proves that
both must be running at considerable loss, and that all
would be benefited by the whole service being performed
either by the Government or by this company. The
directors stated in their last report that they bad, at the
invitation of Government, submitted a proposition for
undertaking the whole packet service between Holyhead
and Kingstown; that tender not having been accepted
has been withdrawn, and the question therefore remains
unsettled.

" The following return does not include either the
amount due for the conveyance of the mails or the toll 1
payable by the Shrewsbury and Chester Company. The
Post•office authorities insisted upon the amount of remu-
neration for the conveyance of the mails, previous to the
commencement of the Treasury contract, being referred
to arbitration; and although the directors appointed
their arbitrator in September, 1848, no decision has as
yet been given, in consequence of the Post-office not
having furnished their arbitrator with instructions.
" The number of passengers conveyed from Ist Janu-
ary to 30th June has been—by railway, 119,911; steam-
boats, 6,637; making a total of 126,548.
" The gross receipts have been—
From the Railway. From Steam Boats
25,576 10 0 3,381 13 8
5,473 12 2 ... 0 0 0
933 2 11 ... 55 15 1

Passengers
Goods
Parcels

Total £31,983 5 1 ... 43,437 8 9
•' The working charges hare amounted to
23,6791. 12s. 101. from the railways, and 11,5364 105.4 d.
from the ste: in-b oats.

" The Act authorising the raising of further capital,
for which your sanction was obtained at the last half-
yearly meeting, received the Royal assent on the 26th
June. By this Act the Company have obtained the
restoration of the power of borrowing on debentures,
which had been merged in the former creation of pre-
ference shares, whilst the shares which the said reso-
lution of the last meeting authorised the directors to
create, are reduced from 735,0001. to 525,000 L,
leaving, however, a discretionary power eventually to
capitalise the loans by a creation of shares.
" In order to meet the liabilities of the Company, and
to avoid the sacrifice which the immediate raising of ad-
ditional capital to complete the line would entail, the di-
rectors have solicited' the assistance of the London and
North-Western Company, who have agreed to advance
100,0001. on the security of a resolution of the board
pledging itself to act upon the power conferred upon the
directors at the last half-) early meeting, whenever re-
quired by the London arid North-Western Company to
to repay the loan by mean+ arising from a further
creation of preference shares."
"7. At the last meeting it was intimated that interest
would be paid on the original shares, until the line was
completed by the erection of the bridge over the Menai
Straits, in accordance with the construction pat by the
Govt rnment upon the contract with the Treasury for the
conveyance of the mails, the commencement of which is
dependent on the same circumstance. But the directors
now feel it to be their duty to state, that since the
futds nee wary for the paytn,nt of this interest could
not be pro.uteit otherwise than by a new issue of pre-
ference shares, at a rate of discount, or of en-
hanced intere3t, which would render the transaction
permaaently injuriotil to the interests of the Company,
they cannot recommend the proprietors to purchase an
illusory advantage at such a cost. The only mode of
meeting the difficulty appears to be by a creation of
shares, under the powers of the last Act of Parliament,
representing the amount of interest due, and issuing
them, di-cnargi-d from the payment of all calls, to the
proprietors or the original shares. If it should be the
pleasure of the proprietors to adopt this course, the di- j

rectors recoama..-Jvi that these sihares shoul.l not be izsued

until the ric xt half-yearly meeting, by which" time the
entire hue will be completed, and dindend will then be
payable out of traffic.

"The arrears of calls due at the last half-yearly
meeting amp unted to 46.7861, of which 11,6901. have
be, 11 received. Notice of forfeiture has been given to
the h:)iders of 506 shares, upon which, in the aggregate,
6,892/. 10s. have been paid; and the directors are using
every means to recover the balance, although they anti-
cipate but partial success.
" By the removal of the offices of the company to the
Enston station, an annual saving of rent will be effected;
and the directors have revised the establishment, and
pla.:ed it upon the most economical footing.
" Agreeably with the intimation given you in
the last:report, powers have been obtained by the Act of
this session of Parliament_ to reduce the number of di-
rectors to twelve, and the board recommending that the
reduction he forthwith effected have received the resigna-
tiou of Mr. Collett and Mr. Thomas, which, with the
previously reported vacancy of Mr. Laird's seat, will
leave the number of six representing the general body
of the shareholdors, and on your approval of the reduc-
tion of the board to twelve, the directors appointed by
the London and North-Western Company will be re-
duced in the same proportion. The directors recom-
mend that the remuneration voted to them by the pro-
prietors should also bo reduced.
" It is proposed to declare a dividend of Bs. 3d. per
share, on the pleerence shares, to be made payable on
the 20th instant.
" In conclusion, the directors are compelled to state,
- that the causes specified in their report of the 16th
March last, as having disappointed, in respect to the
traffic of the line, even the most moderate expectations
that were entertained at the time when this company
was formed," have continued to operate to its detriment.
The terrible calamity with which Ireland has been
visited, the consequent depreciation of all property con-
nected with it, and the diminution of the intercourse
between the two countries, is obviously beyond their
control. Your interests have also in a minor de-
gree been injuriously affected by the unavoidable i
delay in the completion of the Britannia bridge, the tar-
diness of the proceedings in forming the harbour of
rouge and pack, t pier at Holyhead, and by the competi-
tion of the Government steam-vessels with thcso of the
company, at a heavy loss to Loth parties. The first of
these impediments to the development of the traffic,
will say shortly be removed. The second and third, it
is beyond the power of the directors to obviate ; but
they cannot believe that her Majesty's Government wilt
continue to compete for a traffic, the whole of which,
under present circumstances, would be utterly insuffi-
cient to remunerate any other party than the proprietors
of the railway. But, whilst thus laying these facts before 1
the shareholders, without disguise, the directors also
ft el it to be equally their duty to express their confident
expectation, that with the restoration of Ireland to its
- ordinary state of prosperity, and the further develop-
, ment of local traffic, the position of the shareholders will
be materially benefited; and -that the returns of the
railway will be still further improved upon the com-
pletion of the harbour of Holyhead. In the meanwhile
• the directors have used their best endeavours to ad-
minister the financial concerns of the company, and to
avail themselves of its credit, so as to obviate the neces-
sity, otherwise unavoidable, of increasing the capital upon
terms detrimental to the interests of the existing pro-
prietors. Mr. Philip Banbury being the auditor who
goes out by rotation, now offers himself for re-election."
The statement of receipts and disbursements, includ-
ing outstanding charges of the railway and steam-boats
connected with the traffic to 30th of June, 1849, ri pre-
sented the receipts from the railway from the Ist May,
1848, to amount to 78.786/. 3s. 7d., while the total work-
mg charges were set down at 51,475/. 10s. Bd., showing
a profit en the railway of 27,310/. 12s. 11d. The total
receipts of the steam -boats, t dating from the Ist August,
1848, amountett to.
.8834 Bs. 3d., while the working '
• charget had reached 19,9991.6 ss. Id., showing a loss of
. on the steam
13,115/. 16s. 10d
boats, which, when de-
ducted from the previous
asunrplus, left the rest profit on
traffic (exclusive of toll a
mails)from at 14,194/. 163, Id.
The general balance-sheet,company to the 30th of June, 1849th nel formation of the
ex-
penditure at 3,581,5871. ls. 9d., and the recei the total
3,628,5401. 1 Is. Bd., leaving a balance of 46,9531. 9a.pts at
11d.
The engineer's report was as fellows:—
" I beg to off,r the following remarks on the state of
the works on No. 9 contract, and the Britannia-bridge,
being those alone which are unfinished. No. 9 Contract
Since my last report, the lining of the Llandagai and
Bangor Tunnels has been completed, so that at this mo-
ment the line may be regarded as entirely finished up to
Bangor
station.
Or the works between Bangor station
and the Britannia-bridge, there remains to complete--
• ono tunnel front, which is in a forward state; No. 12
Cutting, which will be ready for ballasting next week;
the remainder of the contract is ballasted, ready for the
permanent way, and 220 yards of lining in the Belmont
Tunnel, which is commenced, and may occupy six weeks.
. The cost of completing this portion of the contract
will be 9,0001., • and I have no doubt about the line
' being finished up to the Britannia Bridge by the let Oct.

Britannia Bridge—The masonry of this contract is
completed as far as practicable, prior to the floating of
the tubes; awaiting that operation, the progress of the
remainder will depend upon the lifting. In this latter
proceeding.there has-been some delay, owing to an un-
soundness in one of the large castings of the new hy-
draulic press in the Anglesea Tower, which occasioned
so much leakage, as threatened, at one time, to render a
new casting necessary, which would have delayed, for
several weeks, the process of lifting the tube, which
has been, as you are aware, floated into its
position for being raised. I have, however,
the satisfaction of reporting that the leakage has
been successfully stopped, and that the operation of lift-
ing is progressing, and might, by this time, have been
completed; but I have deemed it prudent to lift by short
stages only, and to build up step by step underneath
with brickwork, in order effectually to guard against the
serious consequences which might arise from any failure
or derangement of the hydraulic presses, whilst the tube
was suspended from them. Such an accident I believe
to be very improbable; but, after the fracture that took
place in one of the cross-heads during the lifting of the
Conway tubes (which was fortunately discovered in time
to prevent a very serious disaster), I do not feel that I
shout he justified in omitting in the case of the Britannia
tube (where a mishap would, in all probability, interfere
permanently with the navigation of the straits)
any one expedient which caution can sug-
gest. With these feelings, therefore, I have, with
your sanction, resolved to follow the course
alluded to, notwithstanding it will protract the time of
lifting in each tube a fortnight or three is eeks beyond
I the period originally contemplated. The arrangements
l for floating the next tube (which, with that already being
lifted, will enable us to complete one line of rails across
1 the Straits) are in a very forward state, and will certainly
, be ready by the 24th instant, with the view of taking ad-
s vantage of the spring tides of the 7th and 10th of Sep-
tember, if it should be deemed expedient to do so.
! Upon this point I am hardly able to decide positively at
. this moment, for if any delay should take place from
; some unforeseen contingency, it may be advisable not to
1 float the next tube until the following spring tides. No
great loss of time would ultimately arise out of this
! postponement, as the interval would be occupied
in removing the presses from their present positions
into those for lifting the second tube; and some advan-
tage would be gained by lessening the time during which'
the principal channel for navigation would be interfered
with. On the other hand, I think it very desirable not
to allow the season to advance further than absolutely .
necessary, before the next floating takes place. 1
latter consideration appears to me so important, that
we shall not fail to avail ourselves of the spring
This
tides from the 7th to the loth of September, ife
consistent with the further considerationae .of the
circumstances circumstances I have mentioned as
.11 t
being
admit of one line of railway.
completed in the
linbge.lieve,
question. The present arrangements will,
conclusionxperienee : s arrivedand
can an to fromcannot
f far
ctrersreesouflNtsoovefmobuerr.
mislead; but I am bound to add, that the operations are
recent This e
so dependent upon casualties which man cannot control,
that the most careful calculations as to time may not be
i exactly verified. Ido not, however, see any reasonable
. grounds; for doubting that one line will be finished
throughout by the date above mentioned, or, at the
latest, before the end of the year."
The CHAIRMAN, in moving the adoption of the re-
port, observed that it was so little encouraging, that if
he were to consult his own feelings he should lay it on
the table, and leave it for the proprietors to move its
adoption or rejection as they thought fit; but such a
course would not be respectful tojthe shareholders, and
ho should therefore at once propose its reception. Their
affairs, no doubt, were discouraging, but not quite dis-
heartening, since they had much to be thankful for,
although their early anticipations had not yet been
fully realised. The tubes over the Menai Straits were
progressing satisfactory, if not rapidly. The two
smaller ones had been safely carried to their
final resting places in the air, while one of
the larger tubes was now to be seen midway
between the water of the Straits and the top of
the pillars upon which it would eventually be placed.
Now, it might have remained there obstructing the na •
vigation of the Menai, and serving ony as a monument
of the recklessness of engineering daring, and the folly of
railway speculation; but he could give the proprietors
this gratifying information that it would ere long be lifted
by the same hydraulic machinery that bad raised it to its
present eminence—to a position, and applied to a purpose
that would entitle'it to be cussed amongst the wonders
of the world. The second tube, he could
promise, should soon follow it, and when they
obtained an unbroken railway communication from
the metropolis to Holyhead, they might reasonably hope
for a large increase in their traffic. He regretted much
that the tender alluded to in the report had not been
accepted by Goveinment, whom he could not avoid ac-
cusing of having been guilty of injustice towards this
company. Men who had ventured their reputa-
tions and their means upon such works as the
Chester and Holyhead Railway embraced, might
have met with more encouragement at the hands of
Government, but it was useless to go into the
details of their negotiations with the Admiralty and the
authorities, as it could serve no good purpose, while, if
they ultimately succeeded without Government aid, their
triumph would be so much the greater. The delay
which had taken place in the works of Holyhead Har
hour was a source of great annoyance to him, and so
indeed was the whole result of their tperations; but if
the propjet me thougt be was not sufficiently energetic to
fill the office of chairman, to which he was elected at
, the last meeting, he was quite willing to resign it in
1 favour of any more efficient man.—(No, no.) Ile, how-
`ever, felt that, desponding as their prospects might be to
I some, he could yet be of service to the concern, and if
the proprietors were prepared to confirm him in the
I chairmanship of the company, he was ready to go on
encountering and, if possible, surmounting all
' those d,theulties which must ever be incident to an
undertaking of so much magnitude as this, and yet which
no human calculation could foresee.—(Cheer..)
Mr. MORGAN really could not take so desponding a
view of the company. The line, there could be no
doubt, was a good one in all !points of view,
but the difficulty of its works, and he could safely affirm
that there was nut a railway in the kingdom that linked
together interests of greater magnitude or importance
than did this. To our vast American and West India
trade it would prove a most valuable adjunct ; and
on the completion of the Irish Midland Great
Western line, which would unite the important
harbours of Dublin and Galway in the west
of Ireland, the mails and passengers from
the United States, Canada, Nova Scotia, Newfound-
land, New Bruns% ick, in fact, from every part of the
western world, would be conveyed to the shores of
England in about seven days, or three days earlier than
by the present route, and by which means the most
dangerous part of lithe voyage would be avoided. It
might be madness to say so, but with such facts
before him he had no hesitation in predicting that the
ultimate profits of the line would not only be sufficient to
1 remunerate themselves, but in time, to pay off the
National Debt.—(Oh, ob.) At all events, of this he
was satisfied, that all those who rated their hares at less
than 701. would live to regret the bargain.—(Hear.)
The resolution for the adoption of the report was put
and carried without a dissentient voice.
The dividend was then declared, and the retiring
auditors re-elected; after which the meeting became
special, and a resolution was passed sanctioning the re-
duction of the directors to twelve, and their remunera-
tion to 1,0001. a year.
Thanks were then voted to the Chairman, and the
meeting terminated.

John, presutoptive heir to the ' throne of Saxony,
Prince Albert Frederick Augustus, is affianced to
the Princess Charlotte, eldest daughter of Prince
Albert of Prussia, born June 21st, 1831. These two
alliances will form a yet closer union between the
reigning families Qf ,Austria, Prussia, and Saxony.—
German Papers.

STATE OF TRADE.
(From the Manchester Guardian of this day.)
MANCHESTER, TUESDAY:FOY most numbers and
qualities of yarns some further advance has been re-
quired to-day. In this upward course spinners have
felt themselves urged on by the continued rise in
cotton. They have found it very difficult, however,
to carry the buyers along with them. The ma-
nufacturers hesitate ; the India merchants are
waiting the arrival of the mail; and the continental
houses are disposed to watch the effect of the
large shipments of previous purchases, which
are now going out, before committing themselves to
extensive operations at much higher prices. There
has been some degree of irregularity in the market,
however ; for, while most parties agree in stating that
little business has been dune, there are others who
report a fair amount of transactions, on the whole, for
the German, the Russian, the Mediterranean, and the
home markets. In what has been done the full prices
of last week have at least been paid, and, to some
extent, more or less of an advance.
The goods market has also been, for the most
part, inanimate. It has, indeed, been easy to dispose
of printers' cloths, and the lower qualities have
shown a tendency to still higher prices. But the
wider shirtings, particu!arly of the lower qualities,
and various other articles suitable for India, are expe-
riencing a diminished inquiry, and the prices of some
of them are not fully sustained. Long cloths, T's,
and domestics are still neglected.
We have advices from New York to the 31st July.
The operations of speculators bad raised the price of
cotton is to kc. per lb. Spinners were buying from
hand to mouth. Little was doing for France, and
nothing for England. The manufacturers of heavy
cottons were still labouring under large stocks, with
little demand and depressed prices. The accounts of
the wheat crop were very good, and prices were still
rather declining.
thefle bas been another
annel were ea
gollodocnillaDrAkLetEl,MdaoN noonDsir
bought up before. n.d—Ther
Heavy goods,s such as kerler-
y
set's, have been dull of sale, and the transactions
have been more limited than on the previous week.
In wool prices remain steady, with little business
doing.
HUDDERSFIELD, TUESDAY.—Stocks continue very
foreignee t withse
emm as
rrtkeoae dtbsye.
tnrhmgo :celaands adaptedtohfe gl
late
edr st
advancehel meet
low,Pricessale especially
and
remain
d i
firm,
fully maintained.

HALIFAX, SATURDAY.-WO have no particular
chance to notice this week, in our report of the state
of trade, either in wools, in yarns, or in manufactured
goods, everything remaining about the same as re-
ported in our last.
LEEDS TUESDAY.—LittIe business done in the
Cloth-halls to•day, and we can quote no alteration in
prices.