The Sun.
London, England, 1847-02-01 00:00:00

201 8 10

The clear excess being £55,498 2 10
The report of the resident engineer stated that the
general condition of the permanent way was good, not-
withstanding the long prevalence of unfavourable wea-
thee, and there had been a saving of expenditure in the
Last six months under this head of nearly 2,0001. The
extension of the company's works at Derby was now
nearly completed, and would be ready for occupation in
fourteen days, and increased station accommodation had
k,majondiad at.aewsl4,,amitnekpa). and aticTidlata • ''' •
r'ititiqiial6ifeth line '4hy-wliiefr..,.o.oiy'We-ree.4
public would be largely increased , 10w branch lines
to private collieries and works had been opened on the
North Midland line, from which a rapid development of
traffic might be anticipated. The electric telegraph had.
been extended between Nottingham and Lincoln, and was• -
nearly completed between Syston and Peterborough. -
This mode of communication had been found extremely
useful in securing the accurate working of the trains,
and the directors congratulated the proprietors on its
adoption. The superintendent of the locomotive depart-
ment, reported the company's stock of engines to consist
of 122, including ten new ones, which had been put en
the line during the last six months. Ninety-nine of this
number were now in good working order; and the car-
riage and waggon stock belonging to the company, was
also in improved working condition. The line from
Nottingham to Lincoln was opened on the 4th of August
last, but, until the stations at Lincoln and Newark were
more completely furnished, the traffic would be only
partial. An extension from Newark to Claycross, from
Rolleston, on the Nottingham and Lincoln line, to
Sonthwell, about three miles, will shortly be opened. A
portion of the Syston and Peterborough line, from
Syston to Melton, was opened on the 2d of September
last, and the line from Stamford to Peterborough, on the
2d of October last; but, until the whole line from Syston
to Peterborough, forming an unbroken communication
between Norfolk and Cambridgeshire, and the east, with
the great coal and mineral districts of Derby-
shire was completed, it was not anticipated that • -
the success of this branch could be fully deve-
loped. The junction mith the Manchester and Ashton-
under-Lyme, and Sheffield at the 'Ater Owe had been - -
opened for traffic. The Erawash Valley line, place,
Trent
to Pye bridge-14 miles— would be opined during the e
ensuing summer, and a junction with the Midland Rail-
way,
near the north end of Claycross Tunnel, between
Trent and Chesterfield—near seven miles—is being pro-
ceeded
•
with. Some idea of the traffic to be anticipated from
this extension might be gathered from the fact, that in
the year 1845, no less than 480,000 tons of coal were
taken out of this valley, only 580 tons of which passed
over the Midland Railway. The works of the Leicester
_and Swannington branch would be let-in a fevedays,.-
and an extension from Claycross to Newark, from Not- .
tingham to Mansfield and Pyc Bridge, would be staked
out in a few days. The retiring directors were Mr.
Holdsworth, Mr. Hutchinson, and Mr. Lewis, each of
whom was eligible, and offered himself for re-election.
The report having been read,
The CHAIRMAN said he had great pleasure in sub-
mitting the same for the adoption of the meeting.
lie trusted the results it exhibited would be per-
fectly satisfactory to the shareholders, and looking
at the enormous amount of business transacted
during the past six months, and the probable
increased cost, had the various lines not been under
one management, if they still wanted any proof of the
great benefits resulting from the consolidation which had
taken place, the results of the half year just closed would
give it them. Moreover it was not alone the sharehole .
•
ders who were benefited by the amalgamation—the pub-
lic also derived their share of the advantages resulting
from it. The excess of receipts, after deducting all dis-
bursements for passenger traffic, during the last six
months, over that for the preceding half-year had been
29,0001., for which amount 500,000 passengers had been
conveyed over the line, at an average cost of little more
than ls. for each person.—(flear.) While the share-
holders, therefore, had received only 19,000/. the public
had been benefited to the extent of 80,000/. or 90,0001.
_ _

—(lletir, hear.) lle (the Chairman) could not fail also
to congratulate the proprietors on what ho thought he
might fairly call the successful management of the rail-
way, and its perfect freedom from accident. Upward 3
of two millions of inhabitants had been conveyed over
•he line during the last six months without injury to a
single pasenger, a fact which the directors felt a natu-
ral cause for congratulation.—(Hear, Lear.) After al-
luding to the extensions referred to in the report, the
Chairman remarked that he thought, now the temporary
excitement in the railway world had subsided, there was
little fear of any interference with private enterprise by
the Imperial Parliament, and concluded his address by
formally moving the adoption of the report.
The DEPUTY CHAIRMAN seconded the motion.
Mr. MERCER, of Bristol, wished before the report
was put to the meeting, to inquire what was the financial
conditions of the Birmingham and Bristol line. There
was no mention made of this in the report, and was
there a profit or loss upon it ?
The CHAIRMAN said there were good and substantial
reasons for not rendering this account at the present
moment. Negociations were now in progress, the re-
sult of which he bad no doubt would be satisfactory to
all parties.—(Hear, hear.)
Mr. BRANCRER, of Liverpool, wished an explanation
of an item he did not understand in the creditor and
debtor account which had been issued to the share-
holders ; he alluded to the sum of 5,866/. ss. 2d., placed
under th head of " Compensation Account ?"
The CHAIRMAN replied that out of this amount a
large sum had been paid to the surviving members of
the family of Mr. Boteler, who was unfortunately killed
during last year near Masborough. He had wished to
make up a subscription, and offered to head the list with
a donation of 5001., but it had been thought advisable
the sum should be paid out of the company's funds, and
thus it appeared in the accounts.
Mr. BRANCRER thought the chairman's explanation on
this point quite satisfactory, but before he sat down ho
wished to urge the propriety of the company following
the example of other companies, and become carriers
on their own account ?
The CHAIRMAN expressed some surprise at the Hon.
Proprietor's question, and read from an official return
for the half year the respective amounts of tonnage car-
ried by the company themselves, and also by the car-
riers. They were as follows :—By the company, 189,000
tons : by the carriers, 126,000. He (the chairman)
would never be a party to exclude the carriers from the
line, inasmuch as he considered while they paid the
company's rate of charge they were fairly entitled to use
the railway.—(Hear.)
Mr. BRANCRER said the Midland Company had under-
taken a great many employments, but in the accounts
issued to the proprietors no mention was made of the
profit or loss accruing on each. He thought this was
an omission which should be rectified, and he should
urge it again and again until it was.
Tho Cu..unntArt complained of the apparent imputa-
tion on the competency of the directors conveyed in the
proprietor's question. He for one was not all ambitious
to continue in the office he now held unless the directory
of which he was a member possessed the full confidence
of the shareholders.—(Hear, hear.) If the Hon. Pro-
prietor knew anything of the matter he must ace at once
that now the consolidation of all the lines had taken
dplace,tion ai
lf sseepc ar
e rateta ryac, o,aonudn
at s for eachset
eoref
crleeqr
ku edo
ta
Ineaast
would be required.
Captain WATTS saw no credit given for interest on
the funds in hand. Perhaps the chairman could explain
this omission, as it appeared to him to be.
The. CHAIRMAN said the money in their bankers'
hands was always allowed the market rate of interest
and explained the manner in which the gallant captain
had been misled.
A PROPRIETOR WaS *ry anxious as to the future
prospects of the Leeds anti Bradford branch. He
feared it would be a losing speculation.
The CHAIRMAN said the debtor and creditor account
would shortly be published, and if the shareholders did
not like it, he would take the line off their hands himself.
Some further questions on matters of minor importance
having been put, and answered most satisfactorily, it
was unanimously agreed to award a sum of 5001. to a
committee of five of the directors who had been specially
s•tlected to superintend the purchase of land, &c., re-
quired for the new lines.
The retiring directors having been re-elected, Mr.
Rusisee proposed, a©d Mr. GRAND seconded, a vote of
thanks to the directors, which was carried by acclama-
tion, the meeting broke up.

BENEFITS FROM TELEGRAPHIC COMMUNICATION.—
During the past week a vessel grounded in the Humber and
was in danger of being wrecked. To save her very prompt
assistance was requisite ; and the aid of a powerful screw
propeller 'being required, the telegraph from Hull made
known the want at Newcastle-on-Tyne, and hyllrst train the
much-needed screw was forthcoming, and thus property was
saved by this prompt assistance exceeded jn value consi-
derably 1,0001.--aliall4dveriiser.