The Sun.
London, England, 1849-02-15 00:00:00

E'ttrb 72 itio

SUN OFFICE, So en o'clock.

TATTERSALL'S—THIS EVEN IN G,
Six o'cLocx.

LIVERPOOL STEEPLE CHASE.
7 to 1 agst Prince George
9 to 1 agst The Curate
10 to 1 agst Napoli on
20 to 1 agst Arab Robber
METROPOLITAN HANDICAP.
7 to 1 agst Lugar
15 to 1 agst Clarissa
CHESTER CUP.
20 to 1 agst The Tartar
20 to 1 agst Joe o' Sot
40 to 1 agst Lady Wildair
40 to 1 agst Peep o' Day Boy
40 to 1 agst Halo
50 to 1 agst Clermont

DERBY.
No betting.

GREAT WESTERN RAILWAY.
(THIS DAY.)
The twenty-seventh half-yearly general meeting
of the proprietors of the Great Western Railway
Company was holden to-day, at the B-.-ard-room of
the Company, at the Paddington station. The
meeting was convened for the election of three di-
rectors in the place of the same number who retired
in rotation, and for other purposes of business. The
retiring directors were eligible for reelection under
the company's Act.
Mr. Charles Russell, the chairman of the company,
took the chair at one o'clock.

The three retiring directors were Lord Barrington,
the deputy-cbairman ; Mr. James Gibbs, and Mr.
George Jones, of Bristol ; and they had severally de-
clared themselves to be candidates for re-election at
this meeting.

The SECRETARY having read the notice convening
the meeting,
The CHAIRMAN addressedtheassembly as follows :
Gentleman—lt will not be necessary to detain you
with any lengthened remarks upon the de-
tails of our accounts for the last six
months. These accounts have already been in
your hands for several days, and I have no doubt that
you will have compared those accounts with those of
the preceding half-year, and that comparison, together
with the report which has been to-day circulated
among us, will have directed your attention to the
most important particulars of them. You will observe
that our receipts from our traffic during the last half-
year have not increased in any material degree over
the receipts in the corresponding half-year of 1847, al-
though in this latter period a considerable length of
new line has been opened ; but yon must bear in mind
that that new line has not been opened sufficiently
long to develope the traffic of the district through
which it passes, and that a considerable portion of it—
I believe more than one-half—has only been opened
during a few weeks of the winter months. I believe
that if it had not been for these new branches
and for our discontinuance of the system of return
tickets, that our traffic, even upon our main line,
would have fallen short during the past half-year.
In point of fact, up to the month of October, our
general receipts on the line were less than they were
during the corresponding months of the last year.
This can be ascribed to no other cause than to the
depressed state of the country, and when we
consider what is the character of the principal
towns with which our line is connected, I do
not think we can entertain any surprise. Those
towns are Cheltenham, Bath, Bristol, and Exeter, and
when we remember the heavy reverses that have fallen
upon the East and West India interests, the total
failure of rents in Ireland, the general stagnation of
commerce throughout the country, and that in point
of fact there is scarce a house at the door of which
is not to be found difficulty and distress, the wonder is,
not that our traffic should not have largely increased,
but that it should not have materially declined.
Lastly, we must recollect that in the interval to which
lam adverting, the South-Western line to Datchet
has been opened; and though we may, perhaps, be
permitted to entertain a doubt whether the traffic
which the South-Western Company wtll derive from
the line will reimburse them for the capital which
they have expanded in making it, there can
be no doubt that it has withdrawn a
considerable portion of our Windsor traffic,
particularly until the period shall arrive when our
own branch into Windsor shall have been
completed. We have endeavoured to meet
those difficulties by every retrenchment which was
compatible with the efficiency and safety of our line.
We have reduced the trains to the extent of 800
miles a day, and we contemplate still further modifi-
cations in the arrangements of our trains.—(Hear.)
Mr. Gooch has been able to effect very considerable
reductions in the locomotive department, and although
during this last half-year our engines have run over a
considerably longer distance than they ran over in the
corresponding half-year, the expense has been reduced
from about 62,500/. to 53,0001., a very considerable
red action. The maintenance of way is one of the
heaviest charges in our accounts. In the last half-
year it amounted to no less a sum than 40,000/. I
believe it is the practice of most railway companies
to add the maintenance of way for the first year to
the cost of construction, and to carry that charge
against the capital. Such has never been the practice
of the Great 'Western Company. We have always
charged the maintenance of way to our revenue
account from the day that aey line has been opened.
The auditors have been so good as to look very mi-
nutely into this account, and I am sure they will bear
me out in my statement, that every charge which can
be properly included under the head of maintenance
of way is so included, and is carried to the debit of
our revenue account. We heve lately been able to
enter into a new contract for the maintenance of
way, and by this contract we hope to effect a saving
of 5,0001. or 5,5001. a year. Gentlemen, the cost of
coke is an item in which we suffer by any com-
parison with the working expenses of the
northern lines. They are enabled to procure this
coke at about 124. a ton, while you will see, from
an accurate statement which is appended to our ac-
counts, that we have been obliged to pay from 21s. to
245. 4d. a ton for ours. We have lately entered
into a new contract for the supply of coals,
which will be supplied at a lower rate than
they were formerly obtained at, by about
2s. a ton. The effect will be to enable us to obtain
that coke at about 203 a ton, and the saving accruing
to the company by this new contract will be about
6,000/. a year. I have adverted to these two or three
particular charges, for they are the heaviest charges
in our accounts; but our attention has not been
limited to them. We have had a committee of re-
trenchment sitting for several months, who have
instituted a most careful examination of your estab-
lishment, and proposed every reduction which was
practicable. With the assistance of that committee
we hope to effect a saving throughout the general
departments of your establishment to the extent of
about 25,000/. a year.—(Cheers) Gentlemen, you
are aware !that the lease of the Bristol and
Exeter wilt terminate on the Istof
May
next. Communications have passed between the
directors of the two companies, but_ have led to no
practical result. We, of course, know with perfect
accuracy, what is the value of that line, and we have
made the fullest and fairest communication
tothe
directors of the Company;
Bristol and Exeter but
we have been unable to reconcile our experience of
the past with their expectations of the future; and
s e have not thought it would be right at the present
time to enter into any speculative bargain whatever,
and though we have not been able to continue the
lease of the Bristol and Exeter, we have entered into
an arrangement for the common use between the two
companies of the Bristol station. The expense of a
large station like that of Bristol is very consi-
derable, and the saving to the two companies
must be: great, by their using it in common.
Of the equity of that arrangement there can be
no doubt, at d very accurate accounts are to he
kept, which will be open to the inspection of both par
ties, end each is to bear the expense of that station in
tee precise ratio of the work which may be done
upon it. lam happy to state that the Bristol and
Exeter and ourselves still continue, and I hops
mill always continue, on the most friendly terms
—(Hear, hear)—and I am satisfied the cordial
co operation of the two companies on all occasions
must be conducive to their common interests. Gen-
tlemen, the parochial rates which we are obliged to
pay still constitute a heavy item in our charges, and
you are of course aware that active steps are about to
be taken in order to obtain a modification
of that charge. This question was first in-
vestigated at any length before a Committee
of the House of Commons in 1844, and in
that same year a Bill was passed by which large
concessions were made from the railway companies
to the public. It was a distinct understanding at that
time that it was equivalent for such concession that
there should be a re'
s ion of the poor-rates with a
view to our reliefl feel confident
to
whin
the Government shallhteave
stances they will be quite
thepr
prepared to render us their
assistance. I hope," too, Legislature m ill be dis-
posed to extend some consideration to us when they
look n,ti only to that fact, but at the very
heavy burdens mleigh have been cast t upon
the railway companies in those days when
the public was under the delusion that they were to
of wealth to us. We have been corn-
„ rive mines
NITSVALkIted to pay by the decisions of the Legislature the
l'enoet exorbitant prices for the property which was
if-- !Tee': ary to us to enable us to carry out those works
•at national importance. I think the railway
• ies would do well if they were to collect
" 5 " " stances of those exorbitant prices, if it were
only or the purpose of preserving some statistical