The Sun.
London, England, 1847-02-24 00:00:00

LONDON AND BLACKWALL

RAILWAY.

The usual half-yearly general meeting of the proprietors
of this company was held yesterday, at the London Tavern;
J. N. Daniell, Esq., in the chair.
The SECRETARY read the report, which stated that the total
receipts amounted to 34,8011. 6s. 9d., being an increase of
3,5481.45. 3d. as compared with the corresponding period of the
year 1845, and the sum available for the half-yearly dividend
was 9,6381. 17s. 2d., which would give 4s. per share, clear of
income-tax. The amount of passengers in 1845 was
1,658,555, which produced a sum of 26,362/. 14s. 2d., and
the number in 1846 was 1,782,844, and the receipts 28,634/.
140. ld. The report then went on to state that the directors
had for some time past been engaged in an inquiry whether,
under all the circumstances of the traffic, it would be desirable
that the present system of motive power should be continued,
and that from a recent report furnished by the superintendent
of the company, which was confirmed by their engineer, they
believed that it would be beneficial to the interests of
the company to change the present expensive and exclusive
system of working by ropes, and to adopt locomotive power.
'the recommendation of the present system was that it ac-
commodated the intermediate w ithout inconveniencing the
through traffic. The directors thought that the conveni-
ence of the public might be provided for by a judi-
cious arrangement of the intermediate stations, in
order to adopt the line to the use of locomotive
engines. By means of locomotives an accommodation would
also be afforded, which could not be given under the present
system of conveying passengers to and from the intermediate
stations, thereby opening a new traffic, which the removal of
the Shadwell and Cannon-street stations to the locality
of the new street leading to St. Katherine's and
the London docks would extend. The report then
went on to state that working by ropes precluded the possi-
bility, without great difficulty, of junction lines running into
the railways, and that to obviate that inconvenience, the
directors, at the recommendation of their engineer, obtained
powers to widen the line from Stepney to Fenchurch-
street ; but, in the event of the present mode
of traction being changed, that the outlay for widen-
ing the line would be spared, with the exception of the
cost of improving the London terminus, to accommodate the
traffic which would follow the communication of other lines
with the extension line then in progress. The present
system cost nearly one-third more than would be in-
curred by the locomotive power. The report concluded
by stating that a Bill for effecting the requisite altera-
tion of gauge, and for constructing a short line to connect
the London and St. Katherine Docks, had been read a second
time in the House of Commons, and that after the meeeting,
the directors, in accordance with the wish of the proprietors,
would reduce their number from 10 to 7.
The SECRETARY then read a lettter from Mr. Joseph
Locke, stating that the change of gauge could be easily
effected, and at a cost of but 1,5001. for each line.
A statement of the accounts for the past half-year was
then submitted to the meeting, from which it appeared that
the expenditure for that period was 25,020/. 2s. 6d., which
left a balance of 9,9241. 2s. 10d.
The CHAIRMAN said that it must be evident to the share-
holders that there was a disposition on the part of certain
great companies to avail themselves of their line.
He had no doubt that the Great Western Company-
would do so if their line were offered to them. It
would be for the meeting to consider whether or
not there should be any change in the mode of traction.
Their station traffic was no doubt of great advantage, and
by the alterations here proposed they would be en-
abled to carry passengers from one station to another.
There was one important feature which should not
be disregarded in deciding upon this question—that
was,' if the proposed alteration were adopted, it
would effect a saving of 190,000/. or 200,000/. The
saving was not only in the mode of traction, but in
several other ways, as any person acquainted with the
subject must be aware. There Was every reason
to think that within the space of a few months they would
be in full operation. As far as the last half-year was con-
cerned, the shareholders had reason to be gratified, for it was
the only half-year in which there had been anything like a
bond fide dividend. He would therefore move that the re-
, port, together with the accounts which they had heard read,
should be received and adopted.
Dr. Boveutso, seconded the resolution, which, after some
discussion, was agreed to unanimously.
Captain Mangles, Mr. Haigh, and Mr. Baker, were then
re-elected directors.
Thanks were voted to and acknowledged by the Chairman,
after which the meeting separated.