The Sun.
London, England, 1840-03-18 00:00:00

tions, we find that in this period the total number of 1
passengers was 346.412 (averaging 1,957 passengers
per day), of whom only 244,500 arrived at or left Man-
chester, the remaining 101,912 being local traffic. The
number of miles travelled by these passengers was
2,721,981 (average 15,378 miles per day) ; the duty
paid to Government, 1,4171., or 81. average duty per
day. The average receipt per day for parcels, trucks,
&c. was 41.58.5 d. ; and for passengers, 100/. 133. 11d.
the average distance travelled by each passenger being
7 13-16 miles, and the average receipt from each passen-
ger, Is. 0 5-16 d. or Is. 19-16 d. per mile. The total receipts
for parcels were 756/. ; and for passengers, 17,823/., of
which, (no classification having, been made in July and
August) 1,302/. was received for 7,872 first-class passen-
gers during the last four months of the period,oran average
of 10/. Bs. per day for 63 passengers of this class—being
3s. 3d. for each passenger. For 40,034 second class
passengers during the lour months, 3,2681. was received,
or 261. 12s. per day for 320 passengers per day—being
Is. 7d. for each passenger. For 182,050 third class
passengers during the four months, 7,207/. was re-
ceived, or 57/. 34. per day for 1,461 passengers per
day—being about 9d. for each passenger. The num-
ber of trains during the six months was 3,260 ; ave-
raging 136 passengers to each train.]
The CHAIRMAN said, that as every Proprietor pre-
sent had a copy of it, the cash statement need noc be
read. [We may state, however, that the total receipts
were shown to be 577,082/. Bs. 6d. ; and the disburse-
raents (including 21,537/. Is. sd. paid for land and
buildings for the junctioa line) to be 534,134/ 12s. 6d. ;
leaving a balance unexpended on the 31st December
last, of 42,947/. 163. By the revenue account from the
opening of the line, July 4 to December 31, 1839, it
appeared that the total recepts of the six months, from
passengers, parcels, &e., were 17,908/. 1 Is. Id. ; and
that the disbursements were 8,669/. 3s. sd. ; leaving
a balance in hand of the 31st December last of 9,239/.
7s. Bd.]
THosras MARILAND, Esq. said he had very great
pleasure in moving, that the report of the Directors
be received ; that their proceedings be approved of and
confirmed ; and that the accounts up to the 31st De-
cember last be paesed.
WILLIAM GRANT, Esq. said he had great pleasure
in seconding the resolution ; he thought the report was
most gratifying, and that it said much for the valuable
services of the Directors.

The CHAIRMAN said, before the motion was put, he
wished to make a few observations. It had been fre-
quently remarked, particularly of late, that a very im-
perfect knowledge of a Report was obtained by hear-
ing it only once read over in a crowded meeting ; and
the Directors, anxious to avoid this evil, had caused
the Report on this occasion to be printed and distri-
buted, so that every gentleman present had the means,
if he did not catch the import of any passage, to cor-
rect his information on the instant ; and he might add,
that the Directors generally, seeing how seldom it was
that the Proprietors were called upon to meet those
whom they entrusted with the management of this
great concern, felt that it was essential to the interests
of all parties that the utmost confidence should be pre-
served between the Proprietors and Directors—(Ap-
plause)—and that could only be placed on a firm
foundation, and fully maintained, by the shareholders
having a. correct and thorough knowledge of all the
principal parts of the undertaking. By the means
which the Directors had adopted on this occasion, he
hoped that was secured ; and it might have precluded
him from making any further observations, were it not
that there was one subject referred to in the report
which interested the shareholders very much, and which,
as it bad been a subject of disappointment to the Direc-
tors, he might be allowed to trespass a while on the time
of the meeting, in referring to it. . . _

With respect to the progress of the works (continued
the Chairman), I think the engineers' report, confirmed
as it is by r. Stephenson's presence on this occa-
sion, renders it unnecessary for me to say much. There
are but four contracts that we consider at all in a
situation to require particular mention. Two of those
are in the summit tunnel, in fact the most impor-
tant contract on the line. That, we have every
reason to congratulate ourselves upon, is in a very satis-
factory state; because with the exception of the worl-
ings in two shafts, all the rest are, as the engineer em-
phatically expresses it, " perfectly safe, both as to time
and execution ;" and the delay in one of the shafts has
arisen from finding the material much harder than was
expected. To remedy that, six or eight months ago,
the engineer caused an intermediate shaft to be sunk,
which has only just come into operation. It is marked
upon the plan (3k), and it is at that point in the tun-
nel that the hardest rock has been found ; and it is most
likely to run hard for a time : but the engineer is now
confident, that he will be able to complete the tunnel at
the time previously stated. There is another short tun-
nel between Littleborough and Hebden Bridge, which
has occasioned some little trouble ; but, as it is only
229 yards long, and in a very satisfactory state, I
need say little about it. These are the only two
contracts that at all attract the notice or tax the
energies of the engineer ; and, when I say, that
there were twenty-three or twenty-four contracts to I
begin with, and that those which require particular at-
tention are reduced to two, I think you will see the sa-
tisfactory state of the work.—(Applause.) The two
remaining contracts at Cooper Bridge and Kilthorpe,
have been delayed in consequence of difficulties with
the water companies, which, in effecting their own
interests, have delayed our proceedings ; but we be-
lieve that these difficulties are so far removed that there
will be no difficulty in completing the contracts within
the time. The Report next alludes to the bond loans
which have been taken up ; and I have no doubt the
Proprietors will feel that, under the circumstances of the
times, the Directors have acted well in taking up loans
in the way they did.—(Hear, and applause.) It
may have occurred to particular Proprietors, whose
convenience it suited to have calls made, that the delay
would be injurious to them ; but it is not so, because
by the Act the Directors have power to receive payment
of calls in advance, and they have determined upon
allowing five per cent. interest on such payments—the
same interest as they pay on their loans. On that
ground there appears to be perfect equity as regards the
interests of' any Shareholder prepared to pay up his
calls ; and the effect of borrowing money, as wo have
done, is merely to extend the calls over a longer period.
The security to those who lend their money on bond is
as perfect as if it were in the bank ; the money is not
in hand, but it is in the pockets of the Shareholders
—(Hear)--and we believe it to be fully as safe as
if it were in the bank. I will not detain you longer
on any other part of the Report, but proceed at
once to the consideratien of the present difficulty in
the way of proceeding with the Junction Line.—
(Hear, hear.) Tice Directors must acknowledge, that
they have been disappointed at the course which the
Liverpool and Manchester Railway Company's Direc-
tors have pursued in this matter ; but we have great
confidence in thinking (although we have no inti-
mation of any change of opinion on the part of
the Liverpool and Manchester Railway Company's
Directors), that when the question is most perfectly
understood by these gentlemen, the Junction Line, as
contemplated by our Acts of Parliament, and for mak-
ing which we have secured the necessary powers, will
be completed. We have been told by these gentleman,
that the Liverpool and Manchester Railway Company
is somewhat changed in its construction ; and, certainly,
speaking as an individual, I must say that it is changed
in its character and spirit very much since it was first
established. There was a time when we associated
with the Liverpool and Manchester Railway Company,
everything that was enterprizing and bold. When they
first commenced their undertaking,--looking at the dif-
ficulties which teeposed themselves to the trial of the
experiment of railways on such a scale as theirs,—
every one must be indebted to them for the enterprife
and spirit they exhibited. But we are now told, that
their present proprietary consists of parties more cau-
tious than those who originally completed that scheme ;
and that they look more to the return which they arc
likely to receive for their money, before they will
part with it ; and, that, consequently, the Direc-
tors are obliged to consider that change in the cha-
racter of their constituents, and to act much more
guardedly. 'We have no objection to the question being
put upon that principle ; because we believe, with the
knowledge we: have of all the circumstances connected
with this line, that there is a sufficient traffic to justify,
on the part of the most cautious, the outlay which the
Liverpool Company would be required to make to
carry out that project, which, in conjunction with our-
selves, they so far approved of as to go to Parliament
with us and obtain Acts. It is now my duty to lay
before you the masons for which we think they will
ultimately come to that resolution. They have stated,
at considerable 1 ength, in the extract which we have
given from their Report, the reasons which induce them
at present to pause in this proceeding ; and, considering
their having obtained their Act, and the length at which
they have alluded to the subject in their Report, at is evi-
' dent that they do fc•el it a delicate subject ; and presuming
that they have the strongest reasons possible for de-
clining to proceed, seeing that this Company have so
far committed themselves to it as to make considerable
pure
as well as in applying to Parliament,
and
rea-
sons which they a dduce in their Report are—first, that
Ifiagshetsin ogf land,
through aco d Bill. The two nteste
the traffic statement with which we furnished them is
not corroborated by their own inquiries ; and, secondly,
that since they did not look for such a large return as
we expect, they were anxious, by taking another
route, to •secure some collateral advantages, to make
up for the deficiency which they allege to have disco-
vered in the returns we presented to them. The
Proprietors are aware what was the original plan for
the junction line proposed by this Company. We
proposed to come down from the station in St. George's
Road to Hunt's Bank, to cross the river, pass through
Salford to the Manchester and Bolton line, along that
for about 1,200 yards, and then by a short cut to the
Liverpool line and , - ' you will perceive by the plan, that
the line is as near and direct as possible. The line
that was proposed some time ago, and which latterly
has impressed itself upon the minds of the Liver-
pool Directors, is this circuitous line [showing it on
the plan of Manolaester], which has the disadvantage