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

frbtrb Wibition

SUN OFFICE, Seven o'Clock.

LONDON AND NORTH-WESTERN
RAILWAY.—(THIS DAY.)
The usual half-yearly general meeting of the pro-
prietors of are London and North-Western Railway
was held this morning in the great hall of the Euston
Station ; Mr. G. C. Glyn, chairman of the board of
directors, in the chair. The meeting being the first that
has been held in this magnificent building was very
numerously attended.
The business of the day was commenced with the
wading of the minutes of the previous meeting, which,
on the motion of the Chairman, were unanimously con-
firmed. The common seal of the company was then
affixed to the register of proprietors.
The CHAIRMAN then addressed the meeting as fol-
lows:—Before, gentlemen, we proceed to the reading of
the report I am anxious, according to the custom of this
company, previously to occupy your attention for a few
minutes with a few words upon some parts of that report
which will be afterwards read to you.—(Hear, hear.)
In the first place, gentlemen, I am a little anxious to
remove from the minds of the proprietors some little ap-
prehension which has been felt since the publication of
the accounts as to the large dip we make on this occa-
sion into our reserved fund.—(Hear.) Now, I beg Hon.
Proprietors to recollect, and all who are acquainted with
railway practice know full well the fact that the two
half-years, the first and second divisions of the year, are
very dissimilar in their comparative results, and that
from time to time we have in this company found it
necessary, on one occasion to a much larger extent than
we do now, or at least to very nearly the
same extent, to make use of the reserved fund which had
been accumulated in the preceding half-year.—(Hear,
hear.) I am quite aware, gentlemen, that this is per-
haps an inconvenient custom; but as long as the present
system established by the Act of Parliament rendering it
necessary to make up the accounts in a particular manner
exists, the consequence of that inconvenience is inevit-
able. I would much rather that we were in the sims-
tion, and could follow the examples of many
public companies in London, who, although they hold
two halt-yearly meetings of their proprietors,
nevertheless regulate their dividend by one annual
making up the accounts; we should by that system avoid a
great deal of that inconvenience, and the occasional
fluctuations that now arise.—(Hear, hear.) But, gentle-
men, having said this with regard tb the use of the re-
served fund, and explained that our taking a great
pr portion of it on the present occasion,
raty no means an unusual practice, indeed it is the ne-
cessary result of the form of keeping the accounts—
still at the same time I do not hesitate to say that your
directors are on the whole disappointed with the result
of the operations and business of the year.—(Hear, hear.)
I allude particularly to the results which have followed
the accounts made up in connexion with the passenger
traffic.—(Hear, hear.) The receipts, gentlemen, of the
past half-year upon passenger traffic amounts to
647,9171., a total that is very considerably less than
that of the corresponding half year of 1848, and
very considerably less indeed than that of the corre-
sponding half years of 1846 and 1847.—(Hear, hear.)
And, gentlemen, it is to be remarked that this alteration
in our traffic receipts has fallen upon particular places.
—(tlear, hear.) London has done its duty; but at
Liverpool, and particularly at Birmingham, our re-
ceipts present a very considerable diminution.—(Loud
cries of " Hear, hear.") On the other hand, taking
the whole of the local traffic in the aggregate, we are
satisfied eith the results which it presents.—(Hear,
hear ) Upon that important item there is on this
occasion no falling off whatever.—(Hear, hear.) Now,
gentlemen, in touching upon the question of the pas-
senger traffic, it is impossible to avoid alluding,
in passing, to the causes which probably have
produced that effect.—(Hear, hear.) From Ireland,
gsnth man, which is of course a considerable source af
traffic to this line, we have comparatively drawn little
or nothing.—(Hear, hear.) But I am inclined to consider
that we must attribute the falling off the receipts upon
passengers still to the evil effects of that disastrous year
1847. I think the effect generally throughout the coun-
try of the disastrous events of that year has not yet
passed away; and I think also, gentlemen, that a great
deal, perhaps more even than the effect of the com-
mercial distress of that period, is to be attributed
to the legislation on railway matters in the years 1845
and 1816.—(Hear, hear.) I attribute to that legisla-
tion—that over legislation—that reckless granting of
new prejects—a great deal of the mischief, both in com-
mercial matters and also in railway matters, which we
arc now decidedly suffering under.—(Hear.) We cannot
expect, gentlemen, the revival of our passenger receipts
until the t onimunity at large have recovered from the
effects which were produced upon them by that constant
recurrence of calls—that constant recurrence of sub-
scriptions and losses upon new projects, from which
the great proportion of the community had more or less
stiff red.—(llear, hear.) It is from the surplus income
of individuals that any increase of our passenger traffic
must mainly be looked for.—(Hear, hear.) It is when
tree pocket is full of money that a man with a family
turns round from business to see whether he can venture
forth to eijoy himself—to see where he may go for re-
cre.stion, and, under these circumstances, we cannot
bele ler a revival of our passenger receipts until
all these disasters to which I have referred have been en-
tirely overcome.—(Flear, ht ar.) Now, if I am correct,
gi n li men, in attributing the depression of railway
tretlic in general to this cause, there is at any rate
this satisfaction connected with it, that it is cause
of a pa-sing character.—(Hear, hear.) I cannot
kelp feeliree when I look around in the manufacturing
districts of this great country, that there is decided evi-
der ce at this period of a very great—though it has been
graeual—,inprovereent ; and if the prospects of
the harvest should be blessed with plenty.
I see no good reason why we may not look
fore ani with a great degree of confidence to a
we'll to the position which we occupied in the years
1847 and 1848.—(Hear, hear.) Ido not wish you to go
back to 1845 or 1846, because those were years of
prodigious excitement, in which years the traffic was
exagi;erated by those schemes and projects which at that
time were got up and thrust upon the public, and which
prodecad an exi.enditure in railway travelling of a most
extravagant, and, as it afterwards turned out, of a most
&trim. teal character. But, gentlemen, if the passenger
traffic of the present halt-year has not realised the anti-
cipetiens of your directors, it is at least a source of great
satisfaction to them and to me that I am able to tell
you that the same disaster has not fallen upon the
goods tregic, and our accounts present a very
d tr,rent teaturs: in that respect. (Hear, hear.)
Ueort the goods traffic we are enabled to report that,
for the half-year ending 30th of June, 1849, it antount,d
to 385,000/. ; whereas in the corresponding half-year of
18i8, i, amounted only to 339,0001.—thus showing a
very considerable and large increase.—(Hear, hear.)
And, gentlemen, in alluding to that increase, we
should not do justice to the energy, activity, and pro-
ceedings generally which have characterised our agents
under the new system of goods traffic upon which
tr•at pert of our business is now bast d, if we
pa sad them over without some remarks. They
have certainly conducted the goods traffic in
a way which leads us to look forward to a
still further increase, nut only in the activity which
they now exhibit generally, but also in the amount of
fice.mmodatioa which is afforded to the public.—
(Cheer-0 There is one other point in connexion with
the accounts before you upon which also, gentlemen,
I have a sight to a-le for your approbation—
I allude to the reduction Ai the working charges. Ido
not say that the le duction is very large, because it is
rigl t that you should understand that the system
which we announced to 3ou in a former report,
as: to our working under contract and tender,
has not yet come into general operation—that is,
we are at present under the effects of a part of the old
stem; but we loots forward—and there is no reason
why we should not look forward with confidence—to an
additional saving on that head. At the same time, I wish
to add, and I am sure you will be rather gratified than
othervkise, that this subject still occupies the attention of
yotir directors, and that while I have no doubt we shall
be Ale to refer to retrenchments in particular parts of
tho service of the company, I am happy to say
that the business is conducted with more than usual
regularity, and with perfect efficiency in every branch.
Gentlemen, when you have the report read to you,
you
will see that a deputation has been appointed by' the
board to enter into negotiations with the Mid-
land Company. I am happy to state to yon that
since that paragraph was penned, the final meet-
ing of the deputation of the two companies
has taken place, and I am enabled to announce to you,
tl at the arrangement has been made with the Midland
Company, which I have no doubt, in working, will be
proe ctive of the interest of both companies (Loud
cheers) —th Lt it will secure to you a more
full development of ;our merchandise traffic in
particular tt en any other system of action with them
that could be devised, and at the same time it is
regu'itt, d in sueb a way, that it any difficulty should
arise under it the system may flatus time to time be
re-arraegert, thus avoiding, in point of fact, any
detrimental consequences to the interests of either
company .—(Cheers.) The arrange-meat I allude to
does not take the character of an amalgamation—(Hear,
hear)—but it is for the mutual working of a certain
branch of the traffic, and a large branch—to use a
th
!reateile expression, I will say we have entered into a
pint account which I think will prove most beneficial to
the interests of this company.—(Cheers.) There is also
a, other point;, gerflortlemeu, upon which I wish to occupy
ur attention for This is the first
o cation on which
mode
eolen in the accounts any re-
ference to the peculiar working the system,
which we have proposed forthkaeteoptfi,
tin order our per-
manent way. I ',trot out
all of you have
the executive
seen in print the report made'mte).'
officers of this company to the boardyo
A: ter certain alterations, that report wasnadttf subject'
b ardo and we are now carrying it out, acd—iliby the
this--
we wry it out to your advantage.—(Hear, bear" to
tht era.) The principle of the system is simply
to the permanent way—that is to the
we are appl) ing
duration of rails, chairs, and sleepers—we are applying
to them exactly the same system which a life assurance
office applies to the carrying on of its business. We
have upon evidence, which is open to the whole world,
and which cannot be gainsaid, arrived at certain conclu-
si, ni which authorise us to say that in a certain number
of years the permanent way requires replacing.—
(Hear, hear.) We have found out by practical
results how much it will take per annum
to arrive at a sum, at the expiration of a certain period,
wh ch will replace the whole line. We propose that
every halt-year the necessary sum to be given to the an-
P 441 "°"" shall be taken l from the revenue account

that that shall be applied, with securities, at the
rate of four per cent., and shall form a separate and dis-
tinct fund from anything else connected with your busi-
ness; and we know from the calculations of experienced
actuaries, that if that system is honestly and properly
followed out, exactly in the same way that a life assurance
office follows out its:system of meeting the liabilities, on a
policy on a life, we shall be in a situation to lay aside,
in this way, the entire sum necessary for replacing the
permanent way. Of course, gentlemen, the accu-
racy of carrying out this will depend entirely
upon the honest performance of our duty. If there be
any doubt, any hesitation or delay as to the way in
which the sum is used, as to the investment of the money
every half-year, then, gentlemen, of course the calcula-
tion falls to the ground. With the view of
keeping our eye upon this system, we thought it neces-
sary, with the sanction of the auditors, to append to the
account the first result of the working of the system. I
am happy to say, in reference to this particular
subject, that there is another point upon which
doubts may have arisen in the minds of those who have
not occupied themselves with the subject, viz., at what
price the rails may be replaced. Now, to set the
matter at rest, I may say that the ten-
ders which have been received by the principal
railway companies enable me to tell you that the cal-
culations set forth in the report of the practical
officers of the company are rather higher than the price
at which we can at present get rails would
justify. Perhaps I have dwelt too long
upon this subject, but, as the principle involved is a new
one, and has never yet been introduced into any railway
company, because from signet of experience it has never
been fairly lcoked into, I thought it advisable to
take advantage of the first opportunity which
presenteditself to enter into some account of
the reasons which have induced us to adopt it.
When we last had the pleasure of meeting you, gentle-
men,it was upon a question of primary importance in
every view to all connected with railway interests. I
allude to the special meeting convened on the subject of
the Audit Bill then before Parliament. The almost una-
nimous vote which that meeting arrived at, expressive
as it was of its views so strongly upon the then
proposed measure of the Government—had, I am
certain, a great effect on what subsequently took
place. Acting in some measure under the advice
of an Honourable Proprietor whom I am
glad to see present on this occasion—(Mr. Alston)—
acting on his advice we, making a portion of the depu-
tation of Railway Companies, waited upon Lord
John Russell, the head of the Government, who was
attended by two of the Railway Commissioners, Mr.
Labouchere and Sir Edward Ryes, and after much. par-
ticular discussion on the merits of the measure itself,
and after explaining to Lord John Russell the views
of the railway bodies generally as regards thevsub subject
of additional audit, Lord John Russell hailway
Companies, m ly
and
explicitely declared to us, that it
into ourinclined we,
werebands,
he t owas take
nota tmeasurehe m ofa the R n
a dwdhi
oti own
aasl
audit
anxious to bring railways under the crontrol of the Go•
vernment for thatpurpose.—(Cheers.) In consequence the
Bill was in a few days after that declaration withdrawn
from the House of Commons.—(Hear, hear.) The de-
puties who represented the railway interest at the meet-
ing held subsequently to the witddrawal of the Bill,
adjourned their meeting until a later period in the year;
their object, gentlemen, in that adjournment was to afford
' time for the holding of the public meetings of the
different railway companies, that they'might, when they
met again, either receive personally from the proprietors
their opinions, or receive suggestions from them in
writing, if they so think fit,—that they might, in fact,
' receive suggestions in some mode or other re-
garding the measure which it may be the
duty of railway directors themselves, or railway
proprietors themselves, I would rather say,
to introduce into Parliament next session. And, gen-
tlemen, I beg to state that if the proprietors think it
worth while, and I bore they will not neglect the occa-
sion, to enter into the question and offer suggestions to
that meeting when next held, I trust they will come
forward and do so, because I can speak confidently of those
who attend this meeting that they entered las diligently
as they could do into the subject which at the time I
mention we had in view—namely, to defeat the measure
of the Government, which would have taken from you
that power which at your special meeting you said
you would not surrender. That was the subject
which, in the first place, you had to consider;
in the second, to be the medium of introducing
such a measure before the attention of Parliament in the

next session, which might emanate from the proprietors
themselves. I told you at the last meeting, and I now
repeat it again in the face of any observations that may
be made upon it, that I believe that the powers which
yea now possess under existing Acts, if you will
only take the trouble yourselves to see properly
carried out, are effectual for the purpose of a lull and
complete audit.--(Hear, hear.) And I do not think it
quite right and fair that the absence of attention, on the
part of proprietors, should be thrown in the teeth of
executive bodies who opposed the measure to which I
have referred.—(llear, hear.) Recent experience, gen-
tlemen, tells me also that the powers under existing
Acts possessed by proprietors, when exercised, are ample
and sufficient ; but when I say that I will add my ow❑
individual opinion that, judging from the experience
which I have obtained during the past, I, as a proprietor,
should not be content with leaving Parliamentary
powers exactly as they now stand.-e-(Cheers.) Why,
gentlemen, do I say this ? Because times may
arrive again when proprietors may pass from
their present state of activity into which they had been
raised on those questions, into that calm and dreamy
state in which, when they are getting large dividends,
they were so apt to fall into. And, gentlemen, it is on
account of that—it is against the possibility of supine-
ness—it is against that I would ask you to consider,
that in any measure to be proposed additional
powers ought not to bo given with respect to the ques-
tion of audit. I say now, as I said then, that I believe
that the addition of professional men, as expressed in
the resolution passed at the last met tieg, would
be sufficient and entirely sufficient for the ob-
ject which I have in view. And, gentlemen.
when I am met by that argument, in answer
to that—that the accountant or auditor, whatever he
may be called, so appointed, would be the mere tool of
the railway bodies who would appoint him—
I say that that casts an imputation upon two
classes of men. I won't take up your time in de-
ft nding railway directors, one of the classes alluded to,
b. cause it is their duty to bear all those remarks
that, are thrown out against us, whether deserved or
not; but I do think it a hard imputation against a class
of men whose livelihood depends upon their professional
exertions—l mean that class who hold a considerable
stake among commercial men, the class of public account-
ants. It is hard upon them, it is unfair that it should be
supposed possible that because they are appointed by men
like those before you—it is unfair that they should be
subject to be dealt with, which, if I properly interpret
it, means, that they can be easily bribed by the met
sitting behind the bar. Is it likely that men occupying
a high position, as from their position they occupy
in the commercial world, where subsistence
depends upon the good opinion of commercial
men—is it possible to think that such men
will lend themselves to such proceedings as these? On
the contrary, they would be the first to show up any ro-
ceedings of this kind, and hold up to shame and obloquy,
any attempt, it made, it it could be or dared, be made by
any executive body. I think it is bard to suppose that
it. is possible such men could be dealt with in this way
by the executive body of the company. It is hard
upon them, but harder upon the class of gentlemen to
whom I have referred. But I can name another class
from whom the accountant might be chosen. We
have in all towns a class of gentlemen of large respon-
sibility appointed as official assignees. Choose account..
ants from them if you think proper. They hold their
places during their good behaviour. Is it likely that a
man for any trumpery offer that would be made to him
by a mile ay company would risk the loss of that which
gives him his place for life, that he would
conceal or alter any accounts placed before
him ? Such a thing is altogether unlikely.
.1 am anxious, and so I have no doubt are you, for the
reading of the report.—(Hear, hear.) I have often ad-
verted to the question of the capital account, and I hope
the time has now arrived when the operation of the capi-
tal account will be such as to render the operation upon
it of little importance —(Hear, hear.) I hope in
future that the capital account will by some Flan be

brought more under the cognizance of the proprietors.—
(Hear, hear.) I conceive that some system may
be adopted by which the directors may take from
the proprietors a vote on account, and that the directors
at some future meeting might account for the amount of
that vote.—(Cheers.) I believe that if such a plan was
adopted it would obviate great difficulty. In railway trans-
actions I am ready to admit it is often impossible,
with an increased business, that the accounts should be
ready at the particular time—(Hear, hear)—but the
shareholders might depend upon it that every exertion
%%mill be made to produce so desirable a result. The
transactions of this company, I am happy to say, are in-
creasing; the mercantile transactions of this country are,
I em happy to say, also improving; and such being the
case, I think it is a sound principle that all votes of money
should be placed under the control of those who voted it.
—(Lheers.) I have nothing more to add, except to state
that we stand before you under circumstances of great
anxiety. It is our duty to give an account of our whole
transactions, and that we have endeavoured to do.—
(Cheers.) In all that the directors have done, they have
considered the interest of the proprietors. They have been
obliged, and they could not avoid entering into many
projects that the 1, gislation of 1845 and 1846 compelled
them to enter upon. The shareholders, therefore, could
not throw upon them that as matter of blame.—(liear.)
The dire ctors came before the proprietors to show to
them w hut they bud dune. It was true they had done
some deeds at which the shareholders might be asto-
nished; the directors might have done some deeds at
which the proprietors might be astonished—they
might have done th, m mistakingly—(Hear, hear)
—but this I will say, whatever acts they have done
wrongly they have done the m innocently and with the
best intentions.—(Hear, hear.) The directors have
acted throughout in an endeavour to be the faithful
stewards and trustees of the proprietors ; and,
whatever we have dune, if cur acts aro to be
examined into, we have no fear for any control or
any audit that may take place.—(Cheers.) Mistakes
% eway have m.-..de,—(lle or, heat)—they have L, en
vhonestly made, and we look confidently to the approval
of the shareholders both in Loudon and elsewhere.
The CIIAIRMAN then culled upon the secretary to read
the following report:—
" In submitting to the proprietors the usual half-yearly
review, the directors have to report a diminution of the
passenger traffic, as comparedwith the same period of
1348, to the extent of 22,1891. This decrease may be
attributed to various causes. The suspension of the
relief of troops by Government has reducedin the receipts
4,5004, and the loss of one day (1848 being
may be estimated at nearly 5,0001., in comparison of tirfetahre)
produce of the two corresponding half years. A further A

,eta ase may be found in the lessened amount of travel-
, ling throughout the country, and in the establishment of
new, though distant channels of communication, attract-
ing some of the traffic which has hitherto passed over
the London and North-Western Railway.
"The cattle traffic, which shows a diminution of

1,7721. received a cheque, owing to low prices in the
London markets; it has recently shown a steady advance
over last year.
"It is satisfactory to report, in the merchandise de-
partment, an increase of business, amounting to 47,0001.,
which has been obtained at a very trifling augmentation
of the working expenses. This large addition of income,
in the face of much competition, is an indication of the
expanding commerce of the kingdom, and of the sound-
ness of the system on which the carrying business of the
company is now conducted.
" The working expenses of the line have been reduced,
and the directors are satisfied that a further gradual
reduction of these charges is consistent with the convey-
ance of a large additional traffic.
" The increase of the aggregate receipts from traffic,
as compared with the corresponding period of 1848, is
23,0321., the working expenses being 5,854/ less ; leaving
a net increase of profit of 28,8861., with about the same
mileage.
" The working charges on the present occasion are,
exclusive of rates and taxes, 35.9 per cent, and including
those items, 40.9 per cent. ; but a per centage of work.
ing charges on gross receipts affords no sound test of the
economy of railway management.
" The moving stock is in excellent order, and the
usual renewals have been effected.

" The proprietors are aware that the important ques-
tion of the deterioration of rails and permanent way,
and the necessity of providing for their renewal, has
engaged the serious attention of the board. With a
view of arriving at a sound conclusion on this subject,
they ordered their officers carefully to investigate all
the facts of the case. Their report having been
maturely considered by the board, it was una-
nimously adopted, with some modifications. The
result of the irquiry showed that an annual appropria-
tion of 20,700/. with interest at 4i per cent, would pro-
vide for a perpetual: renovation of the rails, and other
perishable materials connected with the road. The
board decided that the interest should be computed at
4 per cent., which increases the amount required to
22,050/. per annum ; one-third being charged in the
spring, and two-thirds in the autumn half :year ; and
the sum of 7,5251. is accordingly deducted from the re-
venue of the present half-year.
" The complex arrangements, and conflicting interests,
arising from the opening of new tines of railway,. either
directly or remotely affecting the position of this com-
pany, have engaged, and. must fur a length of time re-
quire the anxious attention of the directors. They have
been desirous to recognise the just claims of other com-
panies, at the same time that they protect your fair in-
terest; and thus to mitigate, as far as possible, the
injury that would result to every interest, by an
opposite line of policy. They have generally been
met in the same spirit of mutual concession;
hanoypesetroiouosvesraccormifiece.thTe
hdeyiffihcauvletiecsonacsluthdeeyd
and, encouraged by the feeling now pervading railway
arise without
tthhoeuyt
aommuptaunayl7 andwith beneficialrr eatun withties
RilthaweMayil andland
Company,
theaEaissutegreiira
they have extended their friendly relations with the di-
rectors of the Lancashire and Yorkshire lines. They
have also agreed with the South Staffordshire Company,
for the perpetual use of the London and North-Western
line from Bescott to Birmingham, on terms satisfactory
to both parties. They have not yet succeeded in
making arrangements with the North Staffordshire Com
pany, but negotiations are going on in a friendly spirit.
Sensible of the advantages to be derived from a tempe-
rate consideration of every reasonable demand, the
directors will lose no opportunity of extending alliances
which must eonduce to the convenience of the public, as
well as to the prosperity of the railway companies.
" The railway trom Leeds to Manchester was opened
f)r passenger traffic on the first of this month. The
South Junction connexion at Manchester, and the new

tunnel and station for goods at the north end of Liver-
pool, were also opened on the same day.
" The Altringcham Branch Railway, in which this
company is interested, jointly with the Manchester,
Sheffield, and Lincolnshire Company, was opened a few
drys previously.
"Referring to the promise given by the directors at a
former meeting, that they would not proceed with new
works without previously consulting the proprietors,
they have now to call attention to the line authorised
by Parliament to be made by this company from Bir-
mingham to Lichfield, at an estimated cost of 200,0001.
After full consideration of the matter, the directors have

decided that, under existing circumstances, the proper
course for them to pursue is to refer the whole question
of this railway to the consideration of the proprietors at
the present meeting.
"In regard to the Coventry, Nuneaton, Birmingham,
and Leicester Railway, agreed to be transferred to the
Midland Company (as explained in the general state-
ment of 28th October jpat), the Midland board have sig-
nified their inability at the present moment to complete
that arrangement. The directors trust that the transfer
may not be much longer delayed, as it is obviously not
the interest of the Midland Company to render necessary
the completion of the line in question by any other party
than themselves.
"The chairman at the last general meeting expressed
a hope that good might result trom the discussions then
going on with the directors of the Great Western Com-
pany. Communications of a friendly nature have con-
tinued without interruption, and although, as yet, no
definite terms have been agreed upon, the directors have
the satisfaction to state, that there is no longer any
cause to apprehend a recurrence of those contests which
have entailed so much expense upon this company.
" The board cannot omit this opportunity of bearing
testimony to the obligations under which, in their

opinion, the company-- lie to those individuals, both
directors and proprietors, who, at great inconvenience,
and at a time of extraordinary pressure and anxiety,
assisted in promoting the objects contemplated by the
resolution of the general meeting of February, 1847,
with respect to the threatened extension of the broad
gauge, beyond the limits of the Gauge Act, over the
Birmingham and Oxford line.
From the statement of the half-year's accounts it
will be seen that the net proceeds are ....£517,194 6 10
To which must be added the balance
carried forward from the last account 71,493 12 11

£588,687 19 9
Less, further allowance for the renewal
of rails of ... ... 7,525 0 0

Showing a disposable balance of £581,162 19 9
Out of this sum the directors recommended a dividtnd of
31. 10s. per cent. for the six months, amounting to
565,661/. Os. 8 I.; leaving a balance of 15,5011 19s. id.
to be carried to the next half-year's account.
" The directors have considered it necessary, with a
view to greater security in the payment of the dividends,
to make an alteration in the form of warrant hitherto
used, and to request the proprietors either to pass their
warrants through a banker, or to make application in
person for the amount."
The CHAIRMAN said, with reference to that part of
the report which referred to the projteted line from Bir•
inigham to Lichfield, although it would be sanctioned
by the resolutions he was about to propose, it would be
reserved for subsequent consideration. He begged now
to move that the report be received and adopted, and
printed for circulation amongst the proprietors,
Mr. CHARLES LAWRANCE, the deputy-chairman, se-
conded the motion.

Mr. HEADLEY, of Birmingham, wished to know before
the resolution was put, what the outstanding liabilities
to other companies were, and what would be the pro-
bable cost of the lines now in the course of completion?
The CHAIRMAN said with reference to the inquiry of
the honourable proprietor, the more satisfactory way of
answering it would be to refer him at once to the state-
ment put torward in October last year, where every
thing was given in detail, and nothing whatever had
been altered since that time.—(Hear, hear.)
Mr. HEADLEY said his reason kr asking the question
was this. He saw by the statement that the sum of
25,862,012/. was set down as the sum required to com-
plete all the lines now in progress. Now, he saw
by the present accounts that already 26,225,2881.
had been spent, being 363,0001. more than was required
in October, and he wanted to know what additional suns
would complete the whole lines? Again the Birming-
ham Extension Line was set down in the statement at
281,000/ ; but already that sum had been exceeded by
3,000/. er 4,0001. Now, what further money would be
required for that? He understood that other companies
wore expected to contribute to that station.—(Hear.)
The CHAIRMAN said the question just put was more
easy to answer than the first. The Birmingham
Extension, it was true, was put down at 281,0001.,
to which would have to be added 50,000/. more,
but although this company was finding the
money to make that extension and station, other
companies would have to refund a large portion of it.
Mr. HEADLEY asked what companies the chairman
alluded to?

The CHAIRMAN said the Great Western was one of
them.

Mr.HEALDEY—Had the Birmingham and Shrewsbury ?
The CHAIRMAN—No, that company has nothing to du
with it.

Mr. HEADLEY—The Stour Valley ?
The CIIAIRSIAN—Yes, as as a matter of course, but
particularly the Great Western.
Mr. DEAN saw with considerable surprise in the state-
ment of accounts a charge of 91,3631. ls. 9d. for the
Scottish Central Railway. Now, no Act of Parliament
or resolution of the proprietors had authorised this
company to contribute to that line; and be must,
therefore, most decidedly object to the item.
47,7001. had been expended, and, he submitted, illegally,
in buying Scotch Midland shares. This he thought was
of. sutficient importance to demand a notice at the hands
of the Chairman. lie had a right to complain of the
accounts for all that had hitherto been submitted to the
shareholders had be en mystified. They were going out of
:heir way in purchasing shares in a worthless line, which
he submitted it was, because a parallel line ran along
side of it. The part of the report which referred to it
ought, he thought, to be left out, and brought forward
as a substantial motion at a special meeting convened
or the purpose. There was also 20,860/. 16s. 7d. paid
~ut of capital for Parliamentary expenses in Opposing
the extension of the broad gauge beyond the limits as•
signed by Parliament. He could not conceive bow so
large a sum could be legitimately expended in such an
opposition.— (Hear, hear.) Reports were current that
the London and North Western Company had purchased
shares in the Birmingham and Oxford line for the pur-
t,ose of defeating the views of the. Great Western Com-
pany. Then there was anitem of 100,0001. paid under
a working agreement with the Scottish Central Com-
pany. Now when a company applied to
.Parliament for
powers to lease another line, and their application
was refused more than once, he thought it ought
to abandon its intention of leasing altogether.—(Hear.)
TIM it appeared for the glory of carrying the traffic of