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

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the directors the most advisable plan of proceeding for
the development of traffic from those districts, at the
least outlay of capital. The guarantee upon the Wilts,
Somerset, and Weymouth shares of 4 per cent. per an-
num being unconditional and positive, the directors
Would have 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 11re6 mouth 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.
"6 With respect to the limited and conditional guaran-
tee of this company for leases ef 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 have refused to enter into any engagement to raise
further capital than that for which this company has al-
reariy contracted.
" Upon these various subjects, as well as in relation to
the future expenditure of the company, the board will
r( adily and unreservedly consult with any committee
which may be appointed under the r, 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."
ENGINEER'S REPORT.

" 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
for 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;
whero 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 Radscock 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
200 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 bas 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 for 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 reduced, as well as that of carriage and
waggon repairs, both of which sources of expenses are
closely connected with the state of the permanent way
and works.

" I am, Gentlemen, your obedient servant,
" I. K. BRUNEL."
The CHAIRMAN moved that the reports bo received,
adopted, and printed for circulation.
Major COURT, having seconded 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. lie had addressed a letter to the Times news-
paper on the question, in which ho 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. Ho 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-
tection of a public auditor.—(Hear, hear, and a cry of
" No.") lie did not mean for a moment to throw any
imputation on the perfect honour and integrity of tho
chairman and directors; on the contrary, he reposed the
utmost confidence in them, and should be sorry to see any
of them retire. But they would not always hare the
present chairman and directors to conduct the affairs of
the 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 80,0002, a sum of
156,000/. 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•
tion in the salaries of the officers.
The CHAIRMAN said, they had not proposed any re-
duction in the salaries, nor would he recommend inch
a course. Their principle was, to pay every officer as
much 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?
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The adoption of reporttheeaoved
iii was
that a dividend for the
half-year ending t
The CIIAIRMANhtb
the 30thte teroafJoufn4 per o
June be paident apfteerratohheulmst.
of September next, at the
—Agreed to.
A resolution was then adopted in conformity with a
recommendation of the report altering the regulations
sdinalet,hwe
respectinge theAa Tuicd
auditors
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th.fhwaßteh.course of some conversation on the subject of
excursion trains, the chairman intimated that it was the
intention of the company to apply
power to increase their maximum rate of charges.
A vote of thanks was then passed to the chairman,
directors, and auditors, and the
meeting broke up soon'
after 5 o'clock.
D

- • - _ -
'ANIBII BLOCKADE.—PLYMOUTH, AUGUST 15.—
The Danes having raised the blockade of the Gorman
ports, 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 care of disorderly
conduct has been brought before Ihe magistrates, which,
of diff,rent nations, is
EARL. OF ALDBOROUGH
among so many then very
astounding cure by this miraculous
creditable.
means had failed. See extract from his
rADVERTISEMENT.j—ME
AND HoLtowat's Prx.l4.—An
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medicine,Lordshi Lordship's alterletter, ev
e.
dated otl li
eminent 01 the iacnlty, at :.,,mf .titd all ovcc Ihr ec,,thaent, had not
been able aad.ble to effect; uay, 110 t eves tho waters of Carlsbad or Ms.-
ri (signed) " ALDBOBOUGII.” These wondertai pills will
cure any disease of the liver or stomach.—Sold (also Holloway' I
Ointment) at Professor Holloway's Establishment, 244, Waal, a I
fry SU medicine Tondop thz:plighqt Up *RIM wed&

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