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

ON, FRIDAY G S N 7 AUGUST 17, 1849.

AUSTRALIAN AGRICULTURAL
Incorporated by Royal Charter,COMPANY. A.D. 1824, Office, 12, King's Arms
Yard, Moorgate street, London.
J. S. trownrigg, Esq., Governor, Ashford, Chertsey, Surrey.
A. W. Blanc, Esq., Deputy-Governor, Salt 11111, Bucks.
C. D. Bruce, Esq. (Fletcher, Alexander, and Co.) 10, King's Arms
Yard.

Henry Buckle, Esq., Mark-lane.
W. S. Davidson, Esq. (Herries, Farquhar, and Co.) 16, St. James's-
street.

John Hodgson, Esq., St. Helen's-place.
John Loch, Esq: (Director of Vie Honourable East India Com-
pany), 13, Cavendish-square.
Stewart Majoribanks, Esq., Bushy-grove, Watford, Herts.
lion. J. T. Leslie Melville (Williams, Deacon, and Co.) Blrehin-
lane.

henry Porcher, Esq., Park-corner, Hartford-bridge.
J. H. Ravenshaw, Esq. (British Iron Company), South Sea
Houma.

G. R. Smith, Esq. (Smith, Payne, and Co.), Lombard-street.
Thomas Tooke, Esq. (Chairman of Royal Exchange, and St.
Katharine Docks.)

G. S. Thornton, Esq. (Director of San Fire-office), Amwell Bury,
Ware, Herts.
__.

The Australian Agricultural Company, after having for the last
twenty years confined its operations to cultivating and grazing
estates (comprising 1,000,007 acres), which were selected with great
care in New South Wales, has determined on offering for sale, all
that pot tion, cont _lining nearly 500,000 acres, situated near the ex-
cellent harbour of Port Stephens (100 miles from Sydney and its
50,00) inhabitants). The uncu' tivated or virgin lands will be sold in
lots of 50 acres each at 11. per acre ; 501. paid in England will entitle
the purchaser to one free intermediate passage to Part Stephens,
equivalent to'2l/. and the choice of a freehold of 50 acres throughout
the above territory.
Commonage will be allowed on the Company's unappropriated
a ljoining lands until required for sale, upon payment of a capitation
assessasent of one penny per head per annum for sheep, for a certain
number, not less than one for every acre of freehold; or cattle and
horses at the rate of one for every five sheep.
Purchasers of two allotments, or one hundred acres, will be entitled
to two intermediate, or one cabin passage, equivalent to 421.
Persons with families, desirous to economise and avail themselves
of steerage accommodation, according to a fixed scale, will be
allowed a proportionate deduction on their land purchase.
The cleared and improved lands (with the exception of certain
reserves for town and village sites, and other purposes) will be open
for sale at the rate of twenty years' purchase of the estimated yearly
rental, which can only be ascertained on the spot; but any sum
paid in this country for the unimproved or virgin lands will he
credited to the purchaser, should he prefer the former after his arrival
in the cclony.
The Company have engaged the services of a gentleman many
years employed in the Surveyor-General's Department in New south
Wales, in which capacity he assisted in the survey of the Company's
lands, and became thoroughly acquainted with their character; he
will accompany the emigrants in the first ship, Artemisia, and assist
them in selecting their respective allotments, and from his long colo-
r.ial experience, be able to render them much useful information and
guilance in the commencement of their operations.
Fine-woolled sheep, horses, and cattle of the best breeds, can be
purchased of the Company on advantageous terms. Tine-cuttings,
plants, and seeds may be obtained from the Company's gardens and
orchards.

Purchasers, Immediately on landing at Port Stephens, will be
received by the Agents of the Company; shelter will be afforded
them for a limited period, and means of conveyance for themselves
and their luggage furnished them ; all upon the most moderate
terms.

The average duration of a passage to New South Wales may be
taken at 110 days.
Prospectuses will be forwarded to any part of the United King-
dom on the transmission of Four Postage-stamps, and any further
information may be obtained on application to the Secretary, George
Engstrom, Esq., 12, King's Arms-yard, London.

THE AUSTRALIAN AGRICULTURAL
COMPANY,

(Incerporated by Royal Charter 1824,)
Will dispatch, from the East India Docks, for their Colony of
PORT STEPHENS, on the 31st AUGUST, last shipping day 29th
August, the New Ship ARTEMISIA, A 1, 12 years, 553 tons
register.

An experienced Surgeon has been appointed to the ship, and a
Surveyor in the employment of the Company, of 20 years' expe-
rience as a Colonist, will accom.any the first band of Emigrants.
Applications for Land hs Lots of 50 Acres and upwards, by which
purchasers will be entitled to a Free Passage, must be made at the
Company's Offices, 12, King's Arms-yard, Moorgate-street.
Parties not purchasing land of the Company, desirous of proceed-
ing to Port Stephens er Sydney, may be accommodated on applica-
tion to Hall, Brothers, 2, Riches-court, Lime-street, or to T. B. Mal-
lett, 4, Castle-court, Birchin-lane. _

N.B. Easy access to view the ship in the East India Docks is
afforded by the Blackwall Railway, the trains for which leave every
twenty minutes, from London-street, Fenchnrch-street.
For Freight or Passage, apply to Hall, Brothers, 2, Riches-court,
Lime-street ; or to T. B. Mallett, 4, Castle-court, Birchin-lane.
By order of the Court,
GEORGE ENGSTRO3f, Sec.

NEW WORKS ON EMIGRATION.
With a Map, price One Shilling,
A GUIDE TO PORT STEPHENS,
In NEW SOUTH WALES,
the Colony of the Australian Agricultural Company.
By ALEXANDER HARRIS, Author of " Convicts and Settlers,"
" The Emigrant Fatally," &c., &c.

Complete in one vol., pp. 346, price 103. 6d., with a Coloured Map of
Nelson, in New Zealand,
SIDNEY'S EMIGRANT'S JOURNAL.

Ninth Thousand, price One Shilling,
SIDNEY'S AUSTRALIAN HANDBOOK.

New Serle,, Monthly, small Bvo., price Sixpence,
SIDNEY'S EMIGRANT'S JOURNAL AND TRAVELLER'S
MAGAZINE.
Edited by SAMUEL SIDNEY.
EmigrAnts' Questions Answere4.
The Number for AUGUST contains :

Scenes from the Life of a Bushman : a Hunt on the Cannobile—
The Use of Association—Power's New Zealand—Pictures of Austra-
lian Emigrants —Letter from Patrick Dore, Wisconsin, U.S.—Jour-
nal of a Voyage to Adelaide—Letters from Texas, No. s.—Mrs. Chis-
holm on the Australian Agricultural Company's Colony—Emigrants'
Questions Answered : a Word to 'Women Emigrating —Our Library
Table.

London : W. S. Orr and Co., Amen-corner, Paternoster-row.

HELL GWYNNE TAVErtN and CHOP-
HOUSE, Bull Inn-court, Strand, for Luncheons, Dinners,
and Suppers, Three Doors East of the Adelphi Theatre, and opposite
Adam. street.
Messrs. ARCHER and HOLT most respectfillly invite their
friends and the public to patronise the Nell Gwynne Coffee-room,
which has been fitted up in the style of the period in which she lived.
Visitors to the Theatres, Citizens, and Gentlemen connected with
Somerset House, and the Banking Houses in the vicinity, will find
the Table d'Hote, which takes place at Half-past Five precisely, the
most comfortable and rea.3onable in the metropolis.—Fish and
Joints, 2s. per head. Hot Joints until Eight, and Suppers nut!. One
o'clock. Private Dining-rooms. excellent Beds, superior Wines and
Spirits, fine Ales, and Barclay and Perkins's Stout.
N.B. An Entrance also from Maiden lane.

FABLES for the FANCIFUL. No. IT.
CECILIA AND THE TULIP.
Amid the garden's peaceflil shade,
At evening's tranquil hour,
Cecilia, meditating, strayed,
And in her leafy progress stayed,
To pluck a beauteous flower.
" Fair lady," (quoth the chosen bloom,
When taken from its stem)
" Those roses have a rich perfume—
Why take a tulip from the loom,
Instead of one of them 7"

Cecilia smiled, and thus addressed
The golden-petalled flower :
" Fair bloom, it was thy beauteous crest,
Which made me choose thee from the rest,
That blossom in the bower.
" Flora has clothed thee with attire,
Which few but thee assume ;
And 'tis this dress which ranks the higher,
However much I may admire
The rose's scented bloom."
APPLICATION.
I heard—and smile net when I say
I thought of Moses' Mart,
Where fashion's flower., in choice display,
Attract admirers, clay by day,
From many a distant part.
This splendid suit, by Moses made,
Has won Cecilia's smile ;
She thinks the beauty here displayed,
Casts every other in the shade,
In point of make and style.
had it not been for M. and Son,
She might have passed me by;
But dress like this, excelled by none,
has, like the tulip's beauty, won
Cecilia's judging eye.

LIST OF PRICES.
UADY MADE.
Men' Spring, and Summer Wrappers.. from AO 8 6
The Bulwer, Pacha, Paletot, and every descrip-
tion of light Over-coats •••• • • • • ••• • • .... 1 2 6
Cloth Over Coats, of a light texture, and hand-
somely trimmed ...... .•••••• • • • . • • 1 1 0
De. do. lined with silk.. • ....... •• • • 1 8 0
Dc. do. superior quality •••• • • • • 1 IS 0
Jean and Holland Biomes ••••••••• • •• • • .. • • 0 2 9
Fancy Victoria do. ••••• • • • • •
Dress Coat ...... ..
Frock Coat ...... ••• • • •
Spring and Summer Trousers .. •• . ...... 0 4 0
Doeskin and Buckskin d 0....... ••• • • • • 0 7 6
Spring and Summer Vests in every variety • • 0 1 6
Black and Figured Satin Vests ••.••••• • • •• • • 0 4 6
Black do., superior quality ... ••..• .. • 0 9 6
White Marcella Vests

Men's Black C'oth Vests • 0 3 6
Boy's Spring and Summer Vests ..... •• .. 0 010
Boys' Hussar and Tunic Suits 0 15 0
Men's Fishing Coats in great variety ........ 0 4 0
NADI TO NIABIIII.
Paletots madetrom a variety of material, fitted
cor Summer wear• • I 1
Do. very elegantly trimmed .. ••• • .. .• I 8 0
Superior Cloth of a light texture • • I 15 0
Ditto ditto lined with 2 2 0
Ditto Dress Coat...• •• •• •• •• •• •• •• •• •s •• 1 12 0
Rest do ..... •• •• •• •••• •• •• .• •••• •• •• ••• •• 2 15 0
Superfine Frock do.
Best do. •••••••••••••••••••••• .••••••••• 3 3 0
Fancy Doeskin Trousers. • • 016 6
Best do. • • .... ............. • • ...• .. ••• • .. 1 6 0
Black Cloth Vests • ...... .• • 0 8 6
Best do.. ••• •• •••• •••• •• •••• •••••• •• •• •••• 0 13 6
Splendid Satin Vest.. •.. ••••••• • • • • • • 014 6
Best do •••••••••••••••••••••......•••••••• 0 18 6
Hussar and Tunic salts ..
Superfine do. .. •• ....••.••••••••••.• ll5 0
Men's White Marcell% Vests ••• • .. •• • • 0 7 0
Fishing Coats in endless variety from 0 10 6to 1 16 0
Elegant Dressing Robes in great
variety • • ...• from 0 16 otos 0 0
Mourning to any extent at Five Minutes notice.
A Suit of Clothes complete for 11. 10s.

The new book, entitled the "Great Fact," with hill directions
for Self-measurement, can be had on application, or forwarded, post
tree, to any part of the kingdom.
Notice— i he Shawl and Parasol Department are now replete with
every novelty of the season.

Observe—Any article purchased, either ready made, or made to
measure, if not approved of will be exchanged, or the money returned.
E. MORES and SON, Tailors, Woollendrapers, Clothiers, Hatters,
flosiere, Furriers, Boot and Shoemakers, and General Outfitters, 154,
155. 156, and 157 Minories, and 83, 44, 85, and 86 Aldgate, City.
London; all communicating with each other, and forming one vast
Establishment.
Cantion.—E. Moses and Son regret having to guard the public
against imposition; but having heard that the antradesman-like
falsehood Of being connected with them, or " It is the same concern,"
h,s been resorted to in many instances, and for obvious reasons,
hey beg to state that they have no connexion with any other house
In or out of London, except their Branch Establishments, 36, Far-
gate, Sheffield; and 19, Thornton's-buildings, Bradford, Yorkshire;
Int hose who require cheep and genuine clothing, &0., should call
at or send to the Ifiaories and Aldgate, City, London; or either of
the Branch Establishments, as above.
- -

Tate Notice.—This Establishment is closed front sunset Friday,
to ,nteset Saturday, when bus neas Is resumed till twelve o'clock.

A VENT' LUCKY HUSBAND.—Tbere is now living
within half a mile of Bromsgrove, Worcestershire, on
the Worcestor-road, four children born at one birth, all
girls. They aro 15 months old, two of thorn can walk
alone, and the others nearly so. The father is a !a-
men, named Lambert. His wife, at her pre-
finont nt. 13.. re him three children, the whole of
lie Alive, making seven children within two
eilgtru,ourii.ne :rue
tt
y

RAILWAY INTELLIGENCE.

GREAT \-‘7'ES TER N.
BRISTOL, THURSDAY NICTIT.—The half-yearly ge-
neral meeting of the proprietors of the Great 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-
eeeings ; 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
Gre it Western Windsor Railway shares of 201.
Mr. JACKSON inquired whether preference shares were
legal;? Mr. Saunders had contended in the case of the
&mitts Devon Railway that such shares were not legal.
Tlee CHAIRMAN said the legality of preference shares
dope ruled entirely upon the provisions of the Acts of
Parlitament under which they wero created. Under the
Acts; relating to these railways ER:11 shares were legal.
M r. JACKSON asked whether it was true, as had been
publicly reported, that Mr. Stevens, the solicitor to the
cornl iany, bad misappropriated 45,0001. of the money of
the c company; and whether the directors had obtained
any security for its repayment?
Tf 1.3 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 mem ey still due to Mr. Stevens in his capacity of solicitor
to the. company for conveyancing.—(Cries of " Oh. oh!"
lauglrba., and " Hear, hear.") The company was in-
debted to Mr. Stevens for conveyancing, and when the
aceorm is were obtained from him the amount would be
placed as a sot-off against the money he hod misappro-
priat ed. Mr. Stevens was also in the possession of
landed property at Peckham, and he also had property
in sh ores, upon which the directors had taken every so.
curit y that could be obtained.—(Hear, hear.) They had
also made an arrangement with the firm of which Mr.
Stevt ma was a partner, by which a considerable saving
woul 1 accrue to the company. It was due to the mem-
bers i)t the firm with which Mr. Charles Stevens was
connoc ted to state, that they had no knowledge of his
misappropriations. Ho might add, that the directors
enteraained a confident belief that the whole—or, at
all events, by far the greatest part, of the money mis-
appropriated by Mr. Stevens would bo recovered for the
comp sr y.
Mr. JAcKsoN asked, whether Mr. Saunders had not
become one of the securities to a large amount for Mr.
Steve as ?
Mr.. SAUNDERS said, he was not security for Mr.
Charl els Stevens, nor had he anything whatever to do
with 'cc s affairs, nor had he ever any pecuniary trans-
actions with him.--(Hear, hear.) He (Mr. Saunders)
had base n the servant of the company for sixteen years,
but t'ae most malignant attacks had been made upon
him s'ot: months past, in consequence of the course
which he 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 hi , 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 saki and faithful servant of the company.—(Hear,
hear.) Every step ho had taken with regard to the
South Devon Railway, from first to last, had been
brough t to the knowledge of the directors of the Great
Western Company; and he had been assured by them
that t 1 so 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 ho was no
longer deserving of their confidence—(Cries of " No,
no," ' "Yes.")—if they thought their interests would
be bette r confided to another executive servant—("No,
no")-111 e was at once prepared to retire from their ser-
vice.--(:" No, no," and cheers.) If they withdrew their
confided ce from him—if he was to be attacked as he had
been att asked lately, it would be bettor for the company,
ae well ;as for himself, that ho should resign his labori-
ous °Sat \--c“ No, no," and cheers.) If it was the wish
of the ex 'mpany he was quite prepared to do so; for it
was imp( -ssible for him to discharge his duty efficiently
if he wr as not to be supported by the directors and
eropriett Ts, but was to be treated as if he had com-
mitted tic me act deserving reprobation. He would ven-
ture to s ny that bin conduct throughout the transaction.
for whir. h he had been attacked had been manly and
open; far d ho would appeal to the directors whether the
inquiry ;they had instituted did not completely exonerate
him from t blame.—(Hear, hear.) If they entertained a
different opinion he should feel It his duty immediately
to resign into other hands the cffice ho now held.
The CHAIRMAN did not think that Mr. Saunders'
pecuniter y arrangements with the South Devon Railway
Compare;v were a proper subject for discussion at that
meeting.. —(Hear, hear.) Ile was very happy to say
that the,, differences which had existed between the South
Devon Company and Mr. Saunders had been arranged,
but, w b ether those differences had been arranged or
not, he did not think they were matters with which the
shareh alders of the Great Western Railway Company
had sr ey concern.—(hear, hear.) It was, however, a
questi are of the deepest importance to the Great Wes-
tern Gonspany, when the character, the honour, and in-
tegrity of Mr. Saunders were at all attacked; and he
therefore thought it right to say, that Mr. Saunders had
made the fullest possible 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
declart id that nothing had occurred in any one
single i nstance to impair the entire confidence they had
reposed. for so many years in Mr. Saunders's honour and
integri ty.—(Hear, hear, and cheers.) He, (the Chair-
man) h ad also been fully informed of every transaction
which lead since taken place with reference to this mat-
ter; the s, question was beset with infinite difficulties ; but
he migi i t say, that the arrangement to which the parties
had cot ae was, in his opinion, most just and judicious,
and reflected credit upon all concerned in it. (lie (the
Chairtrire a) hoped the meeting would now proceed to the
business; of the day.
Mr. S. MERTON, a proprietor, wished to put some fur-
ther q; to scions on this subject, but the general feeling of
the preap rietors was decidedly against pursuing the
matter lin rther; and, after a scene of much confusion, oc-
casioned by cries for an adjournment, and attempts' on
the !Ara of two or three proprietors to put questions to
the cha"tranan relative to the arrangements entered into
by Mr. Saunders, which were met with cheers and
shouts " 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 Rants and Great Western
Windso r Railway Companies be not confirmed until such
commit tee had completed their inquiry.
The amendment was seconded by Mr. W. J. HALL,
and was then put to the meeting. Few hands wore held
up in its favour, and the original resolution was carried
by a very large majority.
The IDIIIIRMAN 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 had been justly termed—
in a report emanating frond the House of Lords—" the
rash and ill-constructed legislation of 1845 and 1846."
As now railroads and new branches had been projected
in distri.sts not yielding a traffic sufficient to remunerate
the capiaal 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 wero hero 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-
journment should take place, when only one hand was
held up in favour of adjournment; and
The CHAIRMAN therefore proceeded with his address.
He was stating to them, when ho was interrupted, that
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 mouths of 1848—from January the'
let 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 621. 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 304,195/., giving 57/.
19s. 9d. per mile per week, or about 41. less per
mile per week than in 1848. In the two months from
the let of May to the 30th of June, 1848, they worked
279 miles; their earnings were 195,4701., giving a
of 80/. 7s. 11d. per mile per week; and in the corre-
sponding two months of the presentyear they had worked
229 miles, earnine 161,0441., or a rate of 801. 14;. 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
rich county, se' eillo el' which had Lie. 0 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-
selves sedulously and earnestly to every question of
economy and retrenchment. In November, 1848, the
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 ha beneficial to the interests of the
company that the trains should be further reduced, at all
events during the summer months. As the %sinter
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
due 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 halt-year of 1848, of
15,4001.—(Hear, heal%) 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 been incurred, 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 bad
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 bo expected, however, that this state of things
could continue. They might feel assured seine
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
advances. In the interim, however, the directors bad
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
preve,nt 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 tho purpose of
both, if they could avoid, expensive cuttings, arjd the
purchase of valuable pr:pperV thsc:t97n of Birm-
ingham, if they could render one statios,sufficient for
the purposes of two compUies, instead oVhtiving sepa-
rate stations, ho thought that an arrangement highly
beneficial to both companies-wnld be effected.—(Hear,
hear.) It had been su.ggesteewith respect to their en-
gagements with the Wilts, Somerset, and Weymouth
Railway Company that it might be desirable to take
that 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.
The 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. Tho Great Western Company would
bo enabled to carry forward the works as might
best suit the circumstances of the time; they would
get rid 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-
sion. 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—(llear, 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.
Imputations had sometimes been cast upon their good
faith, because they had thought it inconsistent with the
interests of tho 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!
paniesevery 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.—(Hear.) 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. Lie might take
this opportunity 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. Ho could assure
the meeting that the directors iof 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)—that 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 but that Government auditors with a
large staff of clerks 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.) He claimed fo7 railway proprietors the same
independent control of their own affairs which was
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, f
highest to the lowest, had always been
r
unreservedly at their disposal, and that they
had
'fully and fairly examined the whole of them. —(Cheers.)
He sincerely hoped that the railway compn i would
eventualiymade to
hands into those of the Govern
never allow the power of audit tompeansts._fr(oirrieatih,eihr
eoawr.t
beenbeen
The hhaadd
mammal the measure,critii7eunat
d ;(o,itn etiveeoertu'y twtoe;_rnaltahrt:il
lays or the session. •
wasits provisionsmade in a private Bill.
wae ithdrawn, r a
had succeeded their thought—tooppo-
_oievhnaaru.)atAteismnstpehtrety

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 directors
had not fully and faithfully discharged their duties
to those whose interests they represented.—(Hear,
hoar.) It had never been the policy or practice
or the directors of that company to make to the
proprietors any 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 encounter.
—(Hear.) 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, he
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, he
entertained no doubt id 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.—
_ _

`r The income from traffic, as shown by the accounts I
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 fur 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 13,000/. 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 fur more tha❑
15,0004 in the accounts to June, 1848, which will explain
the apparent excess in the receipt for 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
i❑ 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-
dace single day tickets, limited to an allowance of 25 per
cent. upon the double tare, which have been in operation
since the Ist of May, and this encouragement given 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 15,400/. 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 the
'construction' than to the maintenance of works. In the
amount paid for salaries of ' superintendents and clerks,'
and in • general office establishment,' the apparent in-
crease arises from the circumstance of two sums of
1,4311. 10s. 7d. and COOL respectively coming 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.
"In the ' carrying expenses' the sum of 1,2761. 18s.
81 has been included as written off 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.
"'rho auditors having delivered a special report,
which has been printed and circulated with the ac-
counts, it becomes the duty of the directors now 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 the revenue is charged
for the first time with interest on a considerable sum ex-
pended fur 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
their other shareholders. By this precautionary mea-
sure, it seems, both to the directors and auditors, that
the permanent value of the undertaking will be more
effectually maintained. It has the advantage 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 ouable them to provide
means for a reserved fund, gradually to moat engage-
ments or extinguish unproductive capital.
" The result of the accounts for the half-year, which
might otherwise have yielded to the proprietors a divi-
dend at the rate of hi. per cent. per annum with a small
balance over, will only supply funds for a dividend of 4
per cent. per annum, leav►ng, however, the sum of
18,020 L 93.10 d. as a balance, to bo hereafter appropriated
as may seem most advisable.

"'rho 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. llolland, in order to elect Mr. Crosthwaite, of
Liverpool (at that time an auditor), as one of your direc-
tors. This appointment rendered it necessary thata href
should invite some influential and responhsiishlseresand
as
holder, well qualified for the duty, to a
one of the auditors of the accounts foret e inn
e ther a hl al f-
meetingye r
until a new election could be made act
lesagstone,
of
of the proprietors. Mr. T. Stuart
Liver-
pool, was good enough to undertake
with his colleague Mr.
Dickinson, have devoted upon this occasion
the duties of that office, and be,
mGucihwtsitmoneot to tahse
apprisedexamination
the
of the account.; b
will übe unable any longer to act in the
capacity of auditor,
board that be and that some other proprietor must
therefore be chosen at this meeting as the successor to
Mr. Crosthwaite.
The completion of certain lines of railway
now in
, the Oxford and Rugby
progre to Foilly Comp-
ton, the Birmingham and Oxford to Birmingham, and
,he Windsor Railway—have engaged the careful atten-
tion of the board for some time. In respect of the
lines 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
too rival lines of railway. The railway to Banbury
will bo rearly, for traffic early in the spring, and the
Windsor Railway will be finished in October.
" With regard to the Wilts, Somerset, and Weymouth
IZlil WIT; the works on a -veral portions previou corn-
kitiLZ.(l h<tro ban for seine time either ddisytd or
stopped, and the completion, in the first instance, of the
main line to Promo and Warminster, with the branch
hate the somereetshire mel-Aeld, at &chock, 1001111 to