The Sun.
London, England, 1849-08-17 00:00:00

RAIL WAY INTELLIGENCE.

GREAT WESTERN.

BRISTOL, THURSDAY NIGHT.—The half-yearly ge-
neral meeting of the proprietors of the Greats Western
Railway Company was held to day at the station of the
company in this town. The room was crowded some
time before the hour appointed for commencing the pro-
ceedings; and at one o'clock Mr. Russell, the chairman
of the company, Mr. Saunders, the secretary, and many
of the directors, entered, and were received with some
hisses, which were drowned in cries of " Shame," and
cheers.
The SECRETARY having read the notice convening the
meeting.
The CHAIRMAN moved that the corporate seal be
affixed to the registers of the shareholders of the Berks
and Hants Extension Preference Shares of 501, and the
Great Western Windsor Railway shares of 201.
Mr. JACKSON inquired whether preference shares were
legal? Mr. Saunders had "contended in the case of the
South Devon Railway that such shares were not legal.
The CHAIRMAN said the legality of preference shares
depended entirely upon the provisions of the Acts cf
Parliament under which they were created. Under the
Acts relating to these railways such shares were legal.
Mr. JACKSON asked whether it was true, as had been
publicly reported, that Mr. Stevens, the solicitor to the
company, had misappropriated 45,0001. of the money of
the company; and whether the directors bad obtained
any security for its repayment?
The CHAIRMAN replied, that it was perfectly true that
Mr. Stevens had received 45,0001. of the company's
money, or thereabout, which was intended to pay for
the purchase of land, but which Mr. Stevens had ap-
plied to other purposes. As soon as the directors be-
came acquainted with the circumstance they took every
step in their power in order to secure the company against
loss. In the first instance, there was a considerable sum
of money still due to Mr. Stevens in his capacity of solicitor
to the company for conveyancing.—(Cries of " Oh, oh!"
laughter, and Hear,- bees.") The company was in-
debted to Mr. Stevens for conveyancing, and when the
accounts were obtained from him the amount would be
placed as a set-off against the money he had misappro-
priated. Mr. Stevens was also in the possession of
landed property at Peckham, and he also had property
in shares, upon which the directors had taken every se-
curity that could be obtained.—(Hear, hear.) They had
also made an arrangement with the firm of which Mr.
Stevens was a partner, by which a considerable saving
would accrue to the company. It was due to the mem-
bers of the firm with which Mr. Charles Stevens was
connected to state, that they had no knowledge of his
misappropriations. He might add, that the directors
entertained a confident belief that the whole—or, at
all events, by far the greatest part, of the money mis-
appropriated by Mr. Stevens would be recoveredlor the
company.
Mr. JACKSON asked, whether. Mr. Saunders had not
become one of the securities to a large amount for Mr.
Stevens ?
Mr. SAUNDERS said, he was not security for Mr.
Charles Stevens, nor had he anything whatever to do
with his affairs, nor had he ever any pecuniary trans-
actions with him.—(Hear, hear.) He (Mr. Saunders)
had been the servant of the company for sixteen years,
but the most malignant attacks had been made upon
him for months past, in consequence of the course
which be thought it manly and proper to take with re-
spect to the South Devon Railway Company. In conse-
quence of the obervations which had been made respect-
ing him, he now asked the proprietors—if they thought
fit to do so—to institute an investigation into his con.
duct. He had felt pride and pleasure in performing the
duties of his office; he thankfully remembered many evi
dences of the confidence reposed in him by the directors
and shareholders; and he must say he thought the man-
ner in which he had been attacked had been very unjust
to an old and faithful servant of the company.—(Hear,
hear.) Every step be had taken with regard to the
South Devon Railway, from first to last, had been
brought to the knowledge of the directors of the Great
Western Company; and he hal been assured by them
that the course he had pursued had not in the slightest
degree diminished their confidence in him.—(Hear.) If
it were the opinion of the proprietors that he was no
longer deserving of their confidence—(Cries of " No.
no," and " Yes.")—if they thought their interests would
be better confided to another executive servant—("No,
no")—he was at once prepared to retire from their ser-
vice.—(" No, no," and cheers.) If they withdrew their
confidence from him—if he was to be attacked as he had
been attacked lately, it would be better for the company,
as well as for himself, that he should resign his labori-
ous office.—(" No, no," and cheers.) If it was the wish
of the company he was quite prepared to do so; for it
was impossible for him to discharge his duty efficiently
if he was not to be supported by the directors and
proprietors, but was to be treated as if he had com-
mitted some act deserving reprobation. He would ven-
ture to say that his conduct throughout the transactions
for which he had been attacked lied been manly and
open; and he would appeal to the directors whether the
inquiry they had instituted-did not completely exonerate
him from blame.—(Hear, hear.) If they entertained a
different opinion he should feel it his duty immedia y
to resign into other hands the c flice he now held.
The CHAIRMAN did not think that Mr. Saunders'
pecuniary arrangements with the South Devon Railway
Company were a proper subject for discussion at that
meeting.—(Hear, hear.) He was very happy to say
that the differences which had existed between the South
Devon Company and Mr. Saunders had been arranged,
but, whether those differences had been arranged or
not, he did not think they were matters with which the
shareholders of the Great. Western Railway Company
had any concern.—(Hear, hear.) It was, however, a
question of the deepest importance to the Great Wes-
tern Company, when the character, the honour, and in-
tegrity of Mr. Saunders were at all attacked; and hr
therefore thought it right to say, that Mr. Saunders had
made the fullest passible statement of all the facts con•
nected with these transactions to the directors of the
Great Western Company, every member of the board
being present, and that the board had unanimously
declared that nothing had occurred in any one
single instance to impair the entire confidence they had
reposed for so many years in Mr. Saunders's honour and
integrity.—(Hear, hear, and cheers.) He, (the Chair-
man) had also been fully informed of every transaction
which had since taken place with reference to this mat-
ter; the question was beset with infinite difficulties ; but
he might say, that the arrangement to which the parties
had come was, in his opinion, most just and judicious,
and reflected credit upon all concerned in it. (He (the
Chairman) hoped the meeting would now proceed to the
business of the day.
Mr. SOMERTON, a proprietor, wished to put some fur-
ther questions on this subject, but the general feeling of
the proprietors was decidedly against pursuing the
matter further; and, after a scene of much confusion, oc-
casioned by cries for an adjournment, and attempts on
the part of two or three proprietors to put questions to
the chairman relative to the arrangements entered into
by Mr. Saunders, which were met with cheers and
shouts of " Oh " from the great body of the meeting,
Mr. JACKSON moved as an amendment, that a com-
mittee of investigation be appointed, and that the re-
gistries of the Berks and Hants and Great Western
Windsor Railway Companies be not confirmed until such
committee had completed their inquiry.
The amendment Was seconded by Mr. W. J. HALL,
and was then put to the meeting. Few hands were held
up in its favour, and the original resolution was carried
by a very large majority.
The CHAIRMAN observed, that during the past six
months all the railway companies of this country had
been contending with the difficulties which had arisen
from a premature and precipitate extension of the rail
way system, and from what bad been justly termed—
in a report emanating from the House of Lords—" the
rash and ill-constructed legislation of 1845 and 1846."
As now railroads and new branches had been projected
in districts not yielding a traffic sufficient to remunerate
the capital which had been expended upon them, a pres-
sure had of necessity fallen upon the revenues of the
parent lines. The Great Western Company bad been
subjected to a double charge. On the one hand, they
had opened new branches to Westbury and to Basing.
stoke.
The proceedings were here interrupted by the
clamorous demands of several persons for an adjourn-
ment to some more commodious place, in consequence
of the crowded state of the room, which it was alleged
was too small to accommodate all the proprietors. The
chairman vainly endeavoured for some time to repress
the tumult and to obtain a hearing, and at length he ex-
pressed his hope that the meeting would not be " turned
into a beargarden," and resumed his seat. Several of
the proprietors successfully exerted themselves to restore
order, and it was eventually agreed, on the suggestion
of the chairman, that the question of adjournment should
be determined by the meeting. The chairman then put
it to the meeting whether it was their wish that an ad-
journmentheld up in favourshoul d
of
takeadjournment;
and
The CHAIRMAN therefore proceeded with his address.
He was stating to them, when he was interrupted, that
place,
the Great Western Company had during the last year
opened lines of railway to Westbury and Basingstoke,
and that they had since the Ist of May given up the line
from Bristol to Exeter. It was extremely difficult under
that double change to institute a fair comparison between
the traffic of the last six months and the traffic of the
corresponding period of 1848; but ho had endeavoured
to do so by comparing the mileage receipts. He found
that in the first four months of 1848—from January the
Ist to April the 30th—they had worked 279 miles of
railway, and the earnings for that period had been
297,1661., which gave a rate of 62/. 2s. 7d. per mile
per week. During the corresponding period of
1849 they had been working 306 miles of rail-
way, and they had earned 304,1951., giving 57/.
19s. 9d. per mile per week, or about 41. less pr
mile per week than in 1848. In the two months from
the ist of May to the 30th of June, 1848, they worked
279 miles; their earnings were 195,4701., giving a rate
of 801. 7s. IW. per mile per week; and in the corre-
sponding two months of the presentyear they bad worked
229 miles, earning 161,0441., or a rate of 801. 14s. per
mile per week. He thought this comparison must be
satisfactory to the proprietors; for, • though they had
given up the Bristol and Exeter line, passing through
a rich country, the traffic of which had been developed
for some years—though they had obtained in substitu-
tion for that branch the Westbury and Basingstoke

lines,—and though the South-Western Company had at
the same time opened a line to Datchet, near Windsor,
competing with them,—the traffic on their line had still
during the last two months maintained its former level,
clearly demonstrating that that traffic must have consi-
derably increased.—(Hear, hear.) The directors had
fulfilled the pledges and assurances they gave to the last
meeting of proprietors, that they would apply them-
selvestNooveevmerbyer,quleBs4t3io,
economy sedulously
an d
ret r eanncdh me ae
nr nt.e tIl yet nthoef
directors took off trains to the extent of 5,184 miles
per week; and on the Ist of March, 1849, they had
still further reduced them, to the extent of 5,767
miles, making a total reduction of 10,951 miles per
week. Immediately after this last reduction a meet •
ing was held to ascertain whether further reductions
could be made; but, after carefully considering the sub-
ject, and after having taken the advice of all their lead-
ing executive officers, the directors came to the conclu-
sion that it would not be beneficial to the interests of the
company that the trains should be further reduced, at all
events during the summer months. As the winter
months approached, however, the directors would again
take the subject into consideration, and would extend
the reduction as far as they could, consistently with a
dua regard to the convenience of the public and the se-
curity of the company's receipts. The directors in their
report of February last stated that, after a careful exa-
mination, they believed they would be able to effect re-
trenchments to the extent of 30,0001. a year. The re-
sult had justified that expectation. The expenditure
for the last half-year showed a reduction of 29,4001. as
compared with the corresponding half-year of 1848;
and, as compared with the second half-year of 1848, of
15,4001.—(Hear, bear.) The directors had also felt the
importance of economy with regard to capital em-
ployed in their works. They foresaw some time ago
the difficulties which were impending, and about July
or August, 1847, they suspended every work that could
be suspended upon their own lines and upon the lines
with which they were intimately connected, and they de-
termined to proceed as slowly and cautiously as possible
with those works which it was necessary to prosecute.
Notwithstanding these precautions, however, prelimi-
nary expense had beenincurred, and contracts had been
made in 1845 and 1846 which it was impossible for
them to cancel. In the financial statement laid before
the proprietors in November last a list was given of
those lines which had been conceded to them, and upon
which the works had not been commenced. It was then
stated that no progress had been made with the Chelten-
ham and Cornwall lines, and those lines might now be
practically considered as abandoned. The directors
had, therefore, thought it right and consistent with
sound policy that the interest of the money which had
been expended upon those lines should be carried against
the revenue of the last half-year, as they would see had
been done in the accounts presented to the shareholders.
They were also subscribers to the South Devon Com-
pany, and to the Oxford, Worcester, and Wolverhamp-
ton Company, which were at present unable to pay a
dividend or interest upon the subscription. It could
not be expected, however, that this state of things
could continue. They might feel assured some
means would be adopted to render the large amount of
capital which had been expended on the Oxford, Wor-
cester, and Wolverhampton line profitable, and in such
profit the Great Western Company would participate.
When the South Devon Company should have overcome
its present difficulties—when the packet-station should
be opened at Plymouth, and the traffic of that line be
developed, that line would undoubtedly be enabled to
pay a gradually increasing dividend, and the Great
Western Company would then obtain interest for its
advancer. 'ln the interim, however, the directors had
thought it right to charge the interest upon the revenue
for the half-year; and it was to these circumstances,
among other causes, that they must ascribe the tempo-
rary reduction of their dividends. The attention of
the directors had also been called to their engage-
ments with other companies, with a view to render
them as little onerous as possible to the Great
Western Company. They were in communication with
the London and North-Western, the Oxford and Bir-
migham, and the Birmingham, Northampton, and
Dudley Companies, with a view to make some ar-
rangement respecting the northern lines, in order to
prevent further hostility, and to economise, as far as
possible, the- expenditure of capital upon unnecessary
lines. If, for example, instead of two lines running
parallel to each other from Birmingham to Wolverhamp-
ton, they could make one line answer the purpose of
both, if they could avoid expensive cuttings, and the
purchase of valuable property within the town of Birm-
ingham, if they could render one station sufficient for
the purposes of two companies, instead of having sepa-
rate stations, he thought that an arrangement highly
beneficial to both companies would be effected.—(Hear,
hear.) It had been suggested with respect to their en-
gagements with the Wilts, Somerset, and Weymouth
Railway Company that it might be desirable to take
;hat line entirely into their own control.—(" Oh! oh!")
Their engagements with that company partook more of
the character of a partnership than of a lease. By the
suggested arrangement, no additional liability whatever
would be imposed upon the Great Western Company.
Chc guarantee of the independent subscribers to that
line would remain 4 per cent., as it was at present,
but not Is. more of liability would be incurred by the
arrangement. The Great Western Company would
be enabled to carry forward the works as might
best suit the circumstances of the time; they would
get rill of the expense of an independent direction and
management, and they would obtain several minor ad
vantages from the proposed arrangement, which, he
thought, would be a most prudent and economical one.
But as a recommendation was made in the report that
the proprietors should appoint a committe of consultation
to meet the directors and discuss these special questions,
he would not enter further into the matter on this occa
don. Several discussions had taken place as to the
expediency of a change in their arrangements with the
South Wales and Oxford, Worcester, and Wolverhamp-
ton Companies, and the directors of the Great Western
were desirous of affording to these companies every
facility in their power, which would not cast any addi-
tional burden upon themselves. In their negotiations
with those companies, however, they had prescribed to
themselves two broad and fundamental principles for
their guidance—that they should not make the Great
Western Company parties to the raising of any capital
whatever for other lines—(Hear, hear)— and that they
should not increase the risks and liabilities of the Great
Western Company by a single shilling. (Hear,
hear.) The directors were, and always had been pre-
pared to carry out their engagements to the letter, as
well as in spirit, with every company with which they
were connected; but he must protest against a doctrine
which had been sometimes insisted on—namely, that
having entered into engagements which were strictly
limited and defined, they were bound to extend those
engagements under some altered state of circumstances.

Impiitations had sometimes been cast upon-their gooti
faith, because they had thought it inconsistent with the
interests of the shareholders so to extend their engage-
ments. They were most desirous to be on friendly terms
with other companies, who were their natural allies ;
they would therefore be desirous to render those corn. panics every assistance in their power; but the proprie-
tors might be assured that the directors would always
regard the interests of the Great Western Company as
their first and primary object.—(Bear.) The auditors
for the present year had on this occasion made a fuller
report than usual, and it was gratifying to observe—
especially in these days, when so much was said about
railway accounts—that they bore high testimony to the
manner in which the accounts of the company were
kept. These statements, bearing the names of Mr. J.
Dickenson and of Mr. T. S. Gladstone, would be received
by the world as authoritative testimony to the clear-
ness and fidelity of their accounts. He might take
this opportnnity of referring to a project which it was
attempted to hurry through Parliament at the very close
of the last session, for the establishment of a system of'
Government audit of railway accounts. He could assure
the meeting that the directors of this company did not
object to the most efficient audit which could by possi-
bility be devised.—(Hear, hear.) It was essential for
the protection of the directors—for the vindication of
their character, more especially in these days, when the
name of a railway director had almost past into a term of
opprobrium and reproach—(A laugh) —t hat there should
be an efficient system of audit. His belief, however, was
that a Government audit must, of necessity, be formal
and technical, and could not be so comprehensive and
efficient as an audit established by the shareholders
themselves.—(Cheers.) Any scheme of Government
audit must, of necessity, be a very costly operation.
With a system of accounts so absurdly elaborate as
that put forth in the Audit Bill, could there be
any doubt blt that Government auditors with a
Tl large staff of erks would be billetted upon every
railway in the country ?—(Hear, hear.) A Government
audit would be a most vexatious system, for it would
naturally be the interest of the auditors to be perpetually
interfering with the business of railway officers and
clerks. He thought, also, there could be no doubt that
this system of audit would ultimately grow into an as-
sumption by the Government of the entire control of the
financial affairs of railway companies, and would be di-
rected, not to the protection of the interests of the share.
holders, but to further the views and objects of the
Chancellor of the Exchequer for the time being and the
result would be that, while the Government would take
the entire control and management of railway affairs,
the risk and responsibility would rest altogether on
the shoulders of the proprietors.—(" Hear, hear," and
cheers.) lie claimed fog railway proprietors the same
independent control of their own affairs which wcs
accorded to every other analogous enterprise in this
country.—(Hear, hear.) He denied that the system of
audit as practised on the Great Western Railway was
a mere matter of " moonshine." The auditors who
had filled that office in the company could state that
every book, every account, every voucher, from the
be
p
highest to the lowest, had always been I
unreservedly at their disposal, and that they had
rully and fairly examined the whole of them. _(Cheers.)
He sincerely hoped that the railway companies would
never allow the power of audit to pass from their own
hands into those of the Government.—(Bear, hear.)
been
The opposition to the Audiß i Bill had eventually
successful, although every effort had been made
to
maintain the measure, and even on one of the latest
days of the session, when the Bill had beenvery formally
worthily,
as an attempt was made—not
as he thought—to insert its provisions in a private Bill,
—(Elear, hear.) As they had buoeceded in their oppo-

!MOIL

[PRICE SD.

sition to the Audit Bill, he thought it was their duty to
render the audit of the company as efficient as possible,
that no pretence might remain for the interference of the
, Government. Mr. Russell then proceeded to refer to
the recommendation in the report that four of the pre-
sent directors should retire, in order that their places
might be supplied by four directors chosen by the share-
holders; and observed that this suggestion must not be
misunderstood as inferring that the present dizact:rs
had not fully and faithfully discharged their duties
to those whose interests they represented.—( ar,
hoar.) It had never been the policy or practice
of the directors of that company to make to the
proprietors nny overdrawn or overstrained statements as
to their position. It could not be denied that the next
two or three years, while new lines of railway were be-
ing brought into operation, must be a time of difficulty
and trial to them—and not only to them, but to the best
railways in the country; but he believed that with stout
hearts and honest purpose they would successfully sur-
mount all the difficulties they might have to encouuter.
—Meer.) Something would depend upon their traffic,
and the increase of that traffic would also in some degree
depend upon the prosperous condition of the country;
but, in the ordinary and healthy state of the country, ho
believed the increase of traffic was constant and steady.
But, besides the natural and ordinary sources of traffic,
there were new sources of traffic to which they were en-
titled to look. To Plymouth being rendered a station
for packets, to the South Wales line, and to the northern
companies they might look for an increase of traffic.
Much, however, depended on the good sense of the pro•
prietors themselves. If they pursue the cautious and
prudent course which befitted them as men of business,
—if they supported the directors in carrying out the pro•
jects on which they were engaged for economizing the
expenditure of capital, for confining their liabilities within
the narrowest limits consistent with good faith, and for
carrying on a stringent system of internal economy, ho
entertained no doubt in his own mind but that they would
soon re-establish public confidence in the stability of their
enterprise, and would work their way calmly, but not
the less successfully, through those various difficulties
which a popular frenzy, wild speculation, and a rash
and ill-considered course of legislation had gathered
around them, and would restore that state of prosperity
which for a time—but he sincerely believed for a time
only—had been diminished.—(Hear.)
The following reports were then read by the Secre-
tary :
" The income from traffic, as shown by the accounts
to the 30th of June, has been derived from working
306 miles of railway during the first four months, and
229 miles during the last two months of the half-year,
the lease of the Bristol and Exeter line to this company
having expired on the 30th of April.
" That circumstance has prevented any complete ana-
lysis of traffic for the half-year being made in the ac-
counts, by way of comparison with that of former periods.
It is a satisfaction, however, to state that the gross re-
venue, earned in respect of Great Western lines exclu-
sively, during the first six months of 1849 has increased
by 13,0001. over the same period of 1848.
" The only additional lines opened intermediately
were the two branches to Westbury and Basingstoke,
together 27 miles. It is to be observed, on the other
hand, that the South-Western Railway to Staines and
Windsor came into operation as a rival line, abstracting
some portion of the traffic which used previously to pass
from that district over the Great Western Railway.
"Arrears for former post-office services, received at
that time under the award, were credited for more than
15,0001. in the accounts to June, 1848, which will explain
the apparent excess in the receipt fur mails beyond the
earnings of the half-year.
" The system of return tickets available for two or

three days, according to the length of the journey, which
had been adopted on these lines in more prosperous
times, as a means of augmenting that branch of traffic,
having ceased to create the progressive increase of reve-
nue which was anticipated, and being discovered to give
rise to fraud, was discontinued in the month of Novem-
ber last. By a careful process of examination of the
traffic during the six subsequent months, it was ascer-
tained that, while the receipts of the company had in-
creased in the aggregate by the abolition of those tickets
in respect of passengers travelling the long journeys,
there had been a falling off, not only in number of, but
also in income from, passengers travelling over the
shorter distances between intermediate stations. The
result of this investigation induced the board to intro-
duce single day tickets, limited to an allowance of 25 per
cent. upon the double fare, which have been in operation
since the Ist of May, and this encouragement give❑ to a
description of traffic which has been always considerable
on the Great Western Railway seems at present to have
answered the purpose.
" With respect to expenditure, there has been a total
reduction of 29,400/. over the corresponding period of
1848. and of 15,4001. over that of the last half year.
Under two or three heads only an increased pay-
ment appears to have been made; which, upon a careful
analysis, is accounted for, as respects maintenance of
way.' by a comparatively heavier charge in consequence
of the new lines opened, and by the transfer to that
account of some expenses for improved drainage, &c.,
which might seem to belong more appropriately to th,.
'construction' than to the maintenance of works. In the
amount paid for salaries of superintendents and cl, rks,'
and in 'general office establishment,' the apparent in-
crease arises from the circumstance of two sums -of
1,4311. 10s. 7(1. and 600/. respectively corning into charge
as paid early in this half-year, although appertaining
more properly to the former; an inequality which will
occasionally arise from a mere contingency as to the date
of payment.

the ' carrying expenses' the sum of 1,2761. 18s.
91. has been included as written oil' for losses in that
department. The 'compensation account' comprises a
charge of 2,5001. to meet all claims upon the company
in respect of accidents, which sum it is proposed, with
the approbation of the auditors, to continue in each half
year by way of insurance against all risks, until the
expenses for the Shrivenham accident shall have been
liquidated and a fund shall have been created of 20,0001.
to meet any future claims of the same description.
" The directors are still using every exertion to make
further prospective reductions in the expenditure of the
company, feeling how extremely important it is to intro-
duce the most strict economy in every department of the
service, which may neither expose the public or the Pro-
prietors to risk or loss from inefficient management.
"The auditors having delivered a special report,
which has been printed and circulated with the ac-
counts, it becomes the duty of the directors COW to ad-
vert more particularly to the important subjects which it
embraces.

"It is impossible that the board should concur in the
recommendation of a reduced dividend of 4 per cent, per
annum, without the expression of deep regret at the ne-
cessity of such a step. It will be perceived by the
accounts as now published, that tho revenue is charged
for the first time with interest on a considerable sum ex-
pended for lines either abandoned or not in progress, as
well as on subscriptions to other railway companies
which cannot at present pay any dividend or interest to
.

ENGIN'EER'S REPORT.

their other shareholders. By this precautionarymea:
sure, it seems, both to the directors and auditors, that
the permanent value of the undertaking will be more
effectually maintained. It has the advsutage of stop-
ping, in respect of those payments, any increasing bur-
den upon the future receipts of the company, and the
reduction of the dividend will enable them to provide
means for a reserved fund, gradually to meet engage-
ments or extinguish unproductive capital.
ear which
tnigiliTthoet hreerswulitsoothat ehe
divi-
dend at the rato of 5/. per cent. per annumwith
yaiceeldouedntstofothr ethperhop--r"ietors:
small
balance over, will only supply funds for a dividend
per cent. per annum, leaving, however, the sum of
of 4
18,020 Z 9,.10d. as a balance, to be hereafter appropriated
as may seem most advisable.
"The directors cheerfully express their acquiescence
in the suggestion of the auditors, that the proprietors
should themselves at this meeting appoint a committee to
consult with and advise the board upon matters of general
interest and importance in the future administration of
their affairs. Being actuated solely by a desire to do
everything which can be supposed likely to give confi-
dence to the proprietors, the directors have also resolved
if it shall seem to the meeting desirable that some
change should be made in the individuals composing
the board, that they will give effect to such wishes
by arranging for the retirement of four of the present
directors, to be replaced by the same number whom the
proprietors may think proper to appoint. While offering
this suggestion, the directors will not be rendering jus-
tice to themselves or the company if they neglect to state
that it is neither the purpose nor the wish of any of their
body to abandon their trust at the present time from any
apprension of difficulties attending it.

Since the last meeting, and in fulfilment of a pledge
then given, a vacancy has been created by the retirement
of Mr. Holland, in order to elect Mr. Crosthwaite, of
Liverpool (at that time an auditor), as one of your direc-
tors. This appointment rendered it necessary that he
should invite somo influential and responsible share-
holder, well qualified for the duty, to act in hihsasi
half-year,
until one of the auditors of the accounts for Orem
meetingf
until a new election could be made atiaartnoeup,
of Liver-
of the proprietors. Mr. T. Stuart G
tphoeo l,
dutieswas goodof t h enoughatoffi e e
to
duu
'time to the examination
Dickinson, have devoted undertake upon uheisoneotilleisagoacc?lsilorn.
board that he will
other proprietor must
as the successor to
of the accounts; but Mnr.ambyel,aLdnsytonloenghears
toapapertiseind the
Mr. Crosthwaite•
The completion of certain lines of railway now in
theh Oxford and Rugby to Fenny Comp-
e thereforea pacit capacity
ofb eaeuhdoj auditor,
and
de
tuhi that
nsioeneitei ng
am and Oxford to Birmingham, and
raigilway—have engaged the careful atten-
:pihoorenng*Wrofehfisnesd—tphsoveirirzmbl'oti board for some time. In respect of the
iincs beyond Oxford, the directors have been, and still
are, in communication with the London and North-
Western Railway Company as to the best means of
saving all unnecessary outlay of capital, and retrenching
some of the expenses attendant upon making separately
two rival lines of ruilway. The railway to Banbury
will be ready for traffic early in the spring, and the
Windsor Railway will be finished in October.
" With regard to the Wilts, Somerset, and Weymouth
Railway, the works on several portions previously com-
menced have been for some time either delayed or
stopped, and the completion, in the first instance, of the
main line to Frome and Warminster, with the branch
into the Somersetshiro coal-field, at Badotock, seems to J

ale directors the most advisab!e plan of proceeding for
the development of traffic from those districts, at the
least outlay of capital. The guaranths--tipon-that Wilts,.
Somerset, and Weymouth shares of 4,:petAfel4tposan,
- num being unconditional and positive, the directors
would hare been prepared to recommend to this meeting
that the undertaking should be at once taken over under
the powers of their Act (subject to such fixed charge in
respect of those shares), for the purpose of dissolving
that company, and saving a separate establishment, if it
did not appear to be anticipating the decision previously
to consultation with the committee of proprietors which
is proposed to be appointed.
" The directors of this company have reason to know
that such plan would be acceptable to the Wilts, Somer-
set, and Weymouth Railway board, and if, upon con-
ference with all parties, the arrangement be still deemed
advisable, it can be submitted to future meetings for
confirmation by both companies.
" With respect to the limited and conditional guaran-
tee of this company for leases of other lines, it may be
proper here to mention that the directors have felt it
their duty resolutely to decline any new agreements
which may tend to increase subsisting liabilities; and
they hare refused to enter into any engagement to raise
further capital than that for which this company has al-
ready contracted.
" Upon these various subjects, as well as in relation to
the future expenditure of the company, the board will
readily and unreservedly consult with any committee
which may be appointed under the ri commendation of
the auditors; and it seems desirable that the conditions
upon which a reserved fund ought to be provided should
be maturely considered in the same manner before the
proprietors are called upon to commit themselves to the
details of that measure.
" The directors confidently trust, by a prudent and
economical application of the resources of the company,
with an improving traffic, to be augmented as new lines
may be brought into operation, the proprietors sub-
mitting in the mean time to the reduction of dividend
deemed most conducive to the permanent value of the
property, that the undertaking will recover from the
temporary depreciation to which it is subjected, and that
the shareholders will derive a more adequate remunera-
tion for their capital.
" The engineer's report on the state of the works is
appended to this report. _

" C. RUSSELL, Chairman."

" 18, Duke-street, Westminster, August 13.
" Gentlemen,—The works upon the several lines of
railway at present in course of construction by this com-
pany have, with the exception of those upon the Windsor
branch, been proceeded with very slowly during the last
six months, the rates of progress having been kept strictly
within the limits fixed by you. Upon the Birmingham
and Oxford Railway, notwithstanding the slow rate of
progress, however, the principal works are approaching
to completion. The viaduct into Birmingham has been
long since finished, and thence to Warwick the whole of
the line is in a forward state. Between Leamington and
Fenny Compton the principal work, the Harbury cutting,
is far advanced; and I wait only your directions to
proceed with the connecting loop line at Leamington.
" Upon the Oxford and Rugby we are now proceeding
somewhat more rapidly than we had been previously
doing, in order to complete the works and permanent
way for a single line between Oxford and Banbury; on
two-thirds of the distance the works and ballasting are
complete, and ready for receiving the permanent way,
for commencing which preparations are now making.
The principal works required to complete this line are
in the neighbourhood of Oxford, and these are being
proceeded with rapidly. I should hope that a single line
of rails, with stations upon a moderate scale, sufficient
fur the local traffic of the district, may be completed and
ready to open to the public early in the next spring.
" Upon the Wilts and Somerset Railway very little
has been done, the principal object being at present to
complete the line to Frome, and to Warminster, both
within six miles of the present terminus at Westbury;
where the line reaches the former town, it will be brought
within reach of the Radstock coal district, and I should
hope that by means of the Radstock branch, a colliery
line of eight or nine miles in length, that the whole of
the coal of this district may be brought upon our line.
" Upon the Windsor branch the works have proceeded
rapidly, the whole of the viaduct, and the rest of the line,
with the exception of the bridge across the Thames, is
finished, ballasted, and the permanent way is laid; a tem-
porary bridge has been for some time past constructed
across the river, and arrangements might have been
made for opening the railway with such contrivance a
month or six weeks ago. The permanent bridge, which
is a work of some magnitude, being of a single span of
203 feet, is in a very forward state: two of the three ribs
or arches of which it consists being in place, and the
third, which has been entirely completed and proved at
Bristol, is in course of delivery on the spot; in a few
weeks this will be quite finished. The completion of
the station will govern the opening of the line; every
endeavour has been made to advance this since possession
could be obtained of the requisite houses and lands. I
should hope that in the course of next month it will allow
of the opening of the railway.
" The works upon the new lines which have been
lately opened, as well as upon the main line, are in a
perfectly satisfactory condition, and I have every reason
to believe that the contracts fur the maintenance of the
permanent way will lead to economy in this branch, as
well as to the securing a good state of the line. During
the past half-year many works in drainage and ballast•
ing had to be executed in order to hand the line over to
the new contractors in a perfect state, which have added
to the half-yearly outlay; but such extra expenses will
be diminished under the new contracts. You will ob-
serve with satisfaction also, that under the excellent ma-
nagement of Mr. Gooch, the cost of locomotive power is
still further reduce d, as well us th it of carriage and
waggon repairs, both of which sources of expenses are
closely c,rinected with the state of the permanent way
and works.

I am, Gentlemen, your obedient servant,
" I. K. BRUNEL."
The CHAIRMAN moved that the reports be received,
adopted, and printed for circulation.
Major CounT, baring sc c mded the proposition, ob-
served, that the chairman had brought before the notice
of the meeting a subject which he regarded as of the most
essential importance—he alluded to the appointment of
public officers by the Government to audit railway ac-
counts. fie had addressed a letter to the Times news-
paper on the question, in which he fully explained the
views which he still held. The chairman seemed to
think that a public auditor was totally unnecessary,
but he (Major Court) considered that the accounts
presented to them that very day showed the utility of
such an officer. Major Court then proceeded to point
out several items in the accounts, which he said a public
auditor would not have passed in the form in which.they
appeared in the statement. Ile did not think there was
any foundation for the apprehensions of the chairman,
that the appointment of public auditors would lead to
the interference of the Government in the management
of railways. The duties of the auditor would be strictly
confined to the audit of the accounts, to ascertain that
no improper or illegal items were included in them. He
could not conceive on what ground it could be supposed
that the Government would billet clerks upon the rail-
way companies, or interfere in any way with their in-
ternal management. Having a very large interest in the
Great Western Railway, he felt that it was of the most
serious consequence to him that he should have the pro-
tewion of a public auditor.—(Hear, hear, and a cry of
" No.") Ile did not mean for a moment to throw any
imputation on the perfect honour and integrity of the
chairman and directors; on the contrary, he reposed the
utmost confidence in them, and should be sorry to tee any
of them retire. But they would not always have the
present chairman and directors to conduct the affairs of
;he company, and he, therefore, thought as a measure of
precaution that every man who had any regard for the
interests of his family should firmly support the appoint-
ment of public auditors.—(Hear, and " No.")
A long discussion then took place upon some of the
topics referred to in the report, and upon the financial
position of the company. It was complained that while
the financial statement of June, 1848, represented the
liabilities of the company to be 80,0004 a sum of
156,0001. had since been paid for Parliamentary expenses
incurred previously to that time. Mr. Saunders denied
that the accounts delivered in June, 1848, or at any
other time, had stated the liabilities of the company; for
that it would be quite impossible to give a statement of
actual liabilities, except upon speculation.
Mr. J. MERCER, jun., recommended a general reduc-
e tion in the salaries of the officers.
The CHAIRMAN said, they had not proposed any re-
duction in the salaries, nor would he recommend such
a course. Their principle was, to pay every officer as
touch as his services were worth—(Hear, hear)—and he
believed that, if they were to cut down the salaries of
their officers, they would eventually greatly increase the
expenses of the company.—(Hear, hear.)
Mr. AVERY asked whether any means had been taken
to relieve the company from the heavy charges made
upon them for parochial rates?
lIAof The
the
detrertnomrsasrofre
col'watnitehs'at they
plied
several that a
itlhwearye had been meetings
of
view to obtain an alteration of the s
successful.
interest, and so far they had notss been
areed to.
The adoption of the repoovretdw
that a
dividend for the
had to contend against the Goveramleanwt'and the landed
The CHAIRMAN the3not
of June be paid after the Ist
'ph
half-year ending the
of September next, at the rate of 4 per cent. per annum.
—Agreed to.
A resolution
was then adopted in conformity with a
recommendation of the report altering the regulations
respecting the election of directors.
bl
ofr.
the auditorslt.ATKiliso of the m
N, ofKeirobypanLoy, in
nsdale was appointed
one the
place of Mr.
C rions t
thhwe a
ci
ot eu, r ws
eh
oo h f
saod bmne gen°
ne
vl eecrtsed at ao
nd
on
rrie
the
oh re.
subject of
intimated
apply
to that
ienxteeunrtsi ioonn
ot rfa itnhie, tchoemcil,iaani rym an
toaarthiatme.nast the
intention of the company to apply to Parliament for
power to increase their • maximum rate of charges.
A vote of thanks was then d
passe to the chairman,
directors, and auditors, and the meeti •ng broke up soon
after 5 o'clock.
D 13

„LOCKADR.—PLYMOUTH, AUGUST 15.—
The Danes having raised the blockade of the Gorman
p)rts, the vessels bound to those places, which have been
detained here (some of them nearly four months), have
all sailed within the last few days. It is but common
justice to them to say that during their stay here the
crews have conducted themselves in the most orderly
manner. We believe not a single case of disorderly
aconductmon haseom
beenany m
broughtenof
before
differenttheA nmagistrates,LoF nations,
A Di3 oi olt which,earny
g
creditable.
ADVERTISEMENT.j—Tu
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3
Lordship's letter, dated ” Villa Messina, Leghorn, Feb. 21, 1845.
Professor Holloway—Sir : I beg to acquaint you that your pills have ef-
fected a cure of a disorder In my liver and stomach which all the most
eminent of the faculty, at home and all over the continent, had not
been able to effect ; nay, not ever the waters a Carlsbad or Ma-
rienbad. (Signed) " ALlmoßounn.” These wonderftd pills will
cure any disease of the liver or stomach.—Sold (also Holloway' s
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by all AledlGlllo vendors throughout tho odythood world.