The Sun.
London, England, 1840-08-28 00:00:00

I-LE RV :Mt LOW noN,"yninklr, A IEIGTNT 28, mio,

To loans and debentures 30,900 11 2
Interest BO9 16 0
Rent of surplus property 551 13 9
Sale of do. do 1,575 0 0
Produce of old matcrial 543 15 6

£99,969 1 3

By further payments to account of
Land and compensation
Contracts and works 35,723 0 10
Engineering
Loans
Direction
Officers salaries
Solicitors' bills
Sundries
Balance .. . 19,248 11 h

£99,969 1 3
TRAFFIC DEPARTMENT.
FROM 4TH JANUARY TO 4TH JULY, 1840.

RECEIpTi,

To balance from 4th Janiiry,lB4o £3,977 8 1
Passenger traffic from ditto to 4th July 7,784 7 1

£11,761 15 2

To balance brought down £7,698 2 0
DISBURSEMENTS.
By Police Accounts, viz. : Cr.
Salaries to Superintendent and In-
spectors, wages to Policeman
By Locomotive Power Account, viz.:—
Coke, Oil, and Grease
Wages to Engine and Firemen, En-
gine Cleaners, &c.
By Conveyance Department, viz. :
Wages to Guards, Potters, &c.
By Mile Duty to Government
By Clerks' Salaries
By Printing,Books,Tickets, Stationery, &c 134 11 1
By Miscellaneous Expenses at the Four
Stations for Coals, Gas Light, Oil,
Furniture, &c.
By Office Expenses and Petty Cash
By Balance

£11,761 15 0

By Reserve Account for Wear and Tear of
Engines and Carriages
By Conveyance Department for Coaches,
Omnibuses, &c.
By Balance 3,948 12 10

£7,698 2 2
(Passenger Traffic from 4th July to 24th August,
.£,210 19s. Id.)

Mr. GREENWOOD moved that the Report be received
and adopted.

Mr. K NOX, in seconding the motion, said that per-
haps he might be permitted to take that opportunity of
asking a few questions ; there would, perhaps, he no ob-
jection to stating the exact amount which it was pro-
posed to raise by new shares or debentures.
The SECRETARY--538,000/.
Mr. KNOX—The Accountant had stated that 1,116/.
was due to the Company. He should wish to know
from whom those sums were due

The CHAIRMAN—They are due from different par-
ties, and the Company are now suing them for the pur-
pose of recovering the amounts.
Mr. KNOX said, with regard to the Report, the most
important part of it, and one to which he particularly
wished to direct their attention, was the necessity there
was for proceeding immediately with the line. Since
the satisfactory termination of the action for mandamus
nothing appeared to him to be more important than
the necessity for proceeding with the continuation of the
line with the greatest possible dispatch. He was
glad to see by the Report of the Engineer that the es-
timated time for the completion of the railway to Col-
chester had been reduced from two years to one. It was
satisfactory to know that when the works should once
be commenced, the Railway could be completed to Col-
chester in twelve months. Unless they proceeded fur-
ther with their works, the profit, according to his calcu-
lation of the present traffic on the line, would not be
more than one-and-a-half per cent. upon the capital ex-
pended, and judging from the great increase which had
taken place in the profits of the railways consequent
upon the extensions of the lines, it was evident that the
longer the lines were the greater were the profits. No-
thing demonstrated more certainly the absolute necessity
of their proceeding to Colchester at once, and he could
only regret that anything should have occurred to pre-
vent the Directors taking steps for that purpose at once.
There was only one other call remaining to be made, the
amount accruing from which would be so small, after pay-
ment of the loan which had been contracted, as to render it
utterly impossible to construct the line without further as-
sistance ; he should thei efore urge upon the Directors the
propriety of proceeding at once to issue new shares, so
as to complete the line to Colchester with as little delay
as possible. He hoped a special meeting for this pur-
pose would be convened at an early day. From the
traffic account it appeared that the expenses had been
more than the receipts, but this he apprehended was
not really the case, inasmuch as the allowance of
2,420/. for wear and tear was for the whole year, and
not for the short period during which alone the rail-
road had been open. It appeared that there was a
charge of 1,329/. for coaches, omnibuses, Sze. ; he
wished to know if that ware a permanent charge, or
merely a temporary one ?
The SECRETARY—A temporary one.
Mr. KNOX considered the Report perfectly satisfac-
tory, and would therefore with pleasure second the mo-
tion for its adoption.

The CHAIRMAN said the Directors were prepared to
issue new shares as soon as they had properly con-
sidered what would be the best mode of making the
issue. At present he was satisfied that the traffic on
the line had not nearly developed itself, and that when
such should be the case, it would not fear a comparison
with any other line of railway in the kingdom.
In answer to a question from a Proprietor,

The SECRETARY stated that twelve coaches at pre-
sent were in connection with the railway, and that he
had hoped, before the accident, to have had others
also ; but he hoped soon to be able to complete arrange-
ments with nine or ten more.

Mr. KNox was satisfied that as yet the traffic had
been not at all developed, and that they had a great
deal of prejudice to get over. He had hoped that some
intimation would have been given that steps would be
taken to prevent the recurrence of such an accident as
that which Lad lately taken place. It might appear
to some persons impossible to do so, but he thought
it was unreasonable that the lives of so many
passengers should be left within the control of
one man. He thought that some person of superior
authority might be appointed at very little expense, and
unless some steps were taken ha was convinced the
receipts of the Company would be very seriously
affected.

The CHAIRMAN replied that a committee of the
Directors had been appointed, and were then sitting to
institute, not only the most rigid inquiry into the whole
of the facts of the case, but to endeavour in every way
to prevent the recurrence of a similar accident.—
(Hear.) If any improvement could be made, it would
be effected.—(Hear, hear.)
Mr. ATKINSON wished to ask, if it were not invidious,
whether the late Secretary was one of the parties
from whom a sum of money was due, because by the
statement of accounts it appeared there was a balance
of 1,0001. owing to the Company ; and in the last Re-
port the Directors alluded to the complicated state of
the accounts, and that it was necessary to have the as-
sistance of a skilful accountant to check them. It would
give great satisfaction to the Shareholders, as certain
persons had, through the medium of the public press,
thought fit to depreciate the Eastern Counties Railway
in every possible manner, to be informed on that point.
The CHAIRMAN was bound to state that the late Se-
cretary was one of the parties from whom the Account-
ant had reported that money was due to the Company.
Mr. ATKINSON inquired whether there was any ob-
jection to state the amount ?

,-- -
The CHAIRMAN replied that it formed a considerable
portion of the whole, but he could not state the precise
amount. _ _ _

Mr. J. B. SMITH, of Manchester, asked whether the
cost of the terminus had exceeded the estimate given
at the last meeting.
Mr. BRAITHWAITE—NO.
Mr. SMITH—Is the railway completed from London
to Brentwood ?
Mr. BRAITHWAITE—NO, it is not.
Mr. SMITH—What would be the expense of that ?
Mr. BRAITHWAITE—About 100,000/., and that
would be for land.

In answer to further questions from Mr. SMITH,
Mr. BRAITHWAITE stated that the estimated cost of
completing the line to Colchester would be 2,500,000/.,
which included the 100,0001. for land, and 98,760/. for
carrying establishments ; but that the sums hitherto
laid out had not been expended entirely upon the work
between London and Brentwood, because the amount
mentioned in the balance sheet included the cost of
the works at Chelmsford, the sums paid for jand to Lord
Metre and Mr. Labouchere, and amcunt paid foreland
to Colchester.

Mr. SMITH next inquired what would be the amount
of sat ing from the proposed alteration in the gradients ?
Mr. BRAITHWAITE said the saving would be con-
siderable, although not so great as if the line was
carried on in a regular manner ; but if the works were
prosecuted with the vigour he proposed, one advantage
would be, that the Company would come into the re-
ceipt of large profits one year earlier.
Mr. SMITH—What is the steepest gradient, accor-
ding to your new plan ?
Mr. BRAITHWAITE---One in 132, and that only for
a short distance, being the same gradient as the pre-
sent gradient east of Brentwood.
Mr. SMITH begged to ask the Chairman how it was
intended to raise the money for completing the line
without going to Parliament ?
The CHAIRMAN said they could do it, and measures
were being taken for the purpose of bringing the sub-
ject under the consideration of the Shareholders.
Mr. ATKINSON wished to ask whether the line coif d
be completed to Colchester within twelve months from
the present time, if the requisite means were afforded,
and at the cost of 2,100,000/. ?

Mr. BRAITHWAITE—Certair.Iy not,
Mr. WILEY thought it right that the Shareholders
should be informed that the Directors some time ago,
under the superintendence of Captain Moss, caused an
estimate to be made of what the traffic upon the line
when completed ‘Nould be, and the result was that it was
proved there would be a return to the Shareholders of
upwards of 10 per cent., supposing the outlay to amount
to 2,200,0001.
Mr. Smuni thought it would be very satisfactory if
an abstract of that calculation were laid before the Pro-
prietors.
[The Secretary then read the estimate.]
A SHAREHOLDER thought it necessary that such a
statement should not go forth to the public without cor-
rection, because it was erroneous from beginning to end.
According to the estimate which had been read
1,000,000/. more was to be raised to complete the
works. The only means suggested for raising that ca-
pital was the issuing of new shares. Those new shares
would be issued at the rate of 50 per cent. discount ;
therefore this then would be only a million of money to
be raised, yet it would be two millions of stock, and et n-
sequently the capital of the Company would really
amount to three millions and a half. Therefore, while
the old shareholders would receive about 5 per cent. the
new shareholders would receive 10 per cent.
The CHAIRMAN said the capital of the Company
was 1,600,000/., and there was a power to borrow
5:33,0001., or to issue new shares to that extent. The
Directors were doing all in their power to look into it,
and would call a special meeting of the Shareholders for
the purpose of taking the subject into consideration.
They might depend upon it that the interests of the old
Shareholders would be most rigidly attended to.
Mr. WILEY was convinced, that when the railway
was completed to Colchester, no gentleman would have
cause to complain of his investment in the Eastern
Counties Railway.

Mr. EDWARDS hoped the Directors would go boldly
to work. The ultimate return from the completion of
the entire line was what they had to look to.—( Hear.)
A Peoreir:Tott wished to ask if there were at pre-
sent any dispute with the North Eastern Railway
Company ?
The CHAIRMAN said it had been agreed by both
parties to refer the matters in dispute to the engi-
neers, and he had no doubt but that the matters in dis-
pute would all soon be amicably settled, to the satis-
faction of both parties.—( Cheers.)
The motion that the Report be received and adopted
was then put, and carried unanimously.
Mr. ATKINSON said that, with respect to the discus-
sion which had recently taken place, he thought the meet-
ing would not be doing justice to the absent Shareholders
or to the Directors, if they separated without coming to a
resolution of a general nature, recommending to the
Directors to take into their early consideration the best
means of raising a sufficient capital to complete the line
to Colchester, whether by the issue of new shares or
otherwise. Such a resolution would produce a great
moral effect. It would go forth to the world as a proof'
of the great confidence which that numerous and re-
spectable meeting had in the Directors ; and if they
thought it would strengthen their hands, he should
feel happy in having proposed it to the meeting.
He could not sit down, without expressing his
thanks to the Directors, for the manly and ener-
getic stand they had made against opposition
from every quarter.--(Cheers.) He alluded to their
unbending spirit in avoiding anything like conciliation
or compromise which was pretended to be held out to
them. It was in this manner that they had succeeded
in defeating the attempt. that was made to their preju-
dice in the House of Commons. In saying this he was
only givincr expression to the opinion which was generally
entertained of their cemiuct among the Shareholders in
the north of England. It was their firm and unbending
conduct alone which had carried them through their dif-
ficulties.—(Cheers.) .With regard to the prospects of
the Railway, it was of the utmost importance that the
public mind should be aware that their opinion as to the
ultimate result of the undertaking being a profitable one
remained unshaken.—(Cheers.) He was glad to sec
that as far as regarded the amount of traffic the Eastern
Counties Railway stood at the head of eight different
railways which had recently been partially opened, and
some of them stood very high in public estimation. It
was gratifying to the Shareholders to be able to look
prospectforta
vrd too a
frteiamliezil n they
nvgheand should
e civateiiavesome
profit
upo
then
capital
which they had expended. With regard to the lateaceident
it was with feelings of deep regret that he heard of it,
but he could not restrain giving expression to the feel-
ings of indignation with which he had heard of the un-
precedented deodand levied by a jury of Essex on that
occasion, and he believed, if a verdict of that kind met
with the public approbation, it would tend to create a •
greater amount of unfounded prejudice than any other
occurrence. In an accident which had occurred on the
Grand Junction Railway, and in consequence of which
life had been lost, the jury returned a verdict of acci-
dental death, accompanying their verdict with a strong
censure on the Company, inasmuch as the officers ap-
pointed by them were perfectly incompetent to the
execution of their duties, and as the Company had not
issued proper directions for their guidance ; and yet
they had only levied a deodand of 150/. on each engine,
and yet in this instance, in which it was proved that the
accident was • entirely owing to the inattention of the
engineer, and to his neglect of the positive direc-
tions of the Company, who bad done all in their
power to prevent the occurrence of these dis-
asters, the jury had levied the unprecented
sum of 500/. as a deodand on the engine,
He could only attribute this to the ignorant and un-
enlightened state of the inhabitants of this agricultural
district, who were thus throwing every obstacle in the
way of that railway which was intended for, and which

must ultimately most materially conduce to, their ad-
vantage and prosperity.—(Cheers.) Therefore, it was
necessary to complete the railway to Colchester as
speedily as possible, so as it place it Beyond the reach of
the malevolent opposition of prejudiced parties.—
(Cheers.) The lion. Proprietor then proposed a re-

. .
solution, which was seconded by Mr. G. SAuL, put,
and carried unanimously.

The CHAIRMAN said he thanked the lion. Pro-
prietor for three things, for the compliment he had paid
the Directors, for his excellent, just observation on the
verdict of the Essex Jury, and for strengthening the
hands of the Directors by the resolution.—(Cheers.)
A Paomuurott wished to know the amount now due
on forfeited shares.

The SECRETARY-30,000/., and 18,000/. more
would soon be due.

It was then moved and seconded that the resolution
of the last meeting, declaring 607 shares forfeited, be
confirmed, and that 90 other shares be declared forfeited.
The resolution was put and carried unanimously.
The SECRETARY said that of the forfeited shares '285
had been declared forfeited, under an arrangement by
which the Company would secure the whole amount
due upon them ; of -112, the larger portion had paid up
71. 10s. per share.

Mr. ATKINSON moved, and Mr. E. JOHNSON of
Liverpool seconded, a vote of thanks to the Chairman,
Directors, and Officers of the Company, which was
carried by acclamation, and the meeting separated.

trains. The same plan is ;n progress with regard to the
Blackwall engines, and is nearly completed.
" We must be allowed to state, that the experience
we have acquired from the working of this railway has
entirely confirmed the opinion we ventured to entertain
with regard to the applicability and efficiency of the
system here adopted ; and to express our highest grati-
fication, that its entire success is now placed bed and the
possibility of question.
(Signed) "GEORGE STEPHENSON.
GEORGE. P. BIDDER."
Also the following Report from the Directors .
" The Directors of the London and Blackwall Rail-
way, meet the Proprietors on this occasion with pecu-
liar satisfaction, the Railway having since their last
meeting been opened for traffic, and being now in
successful, although as yet but in partial operation.
" On the 6th of July, the train commenced running
between Blackwall and the Minories, upon one line of
rails, at half-hour intervals ; and on the 3'l instant the
second line was opened, admitting of trains being run
every quarter hour from each end ; at the same time
carriages have been running every half hour from Lon-
don to the intermediate stations of Stepney, Limehouse,
West India Docks, and Poplar ; and the number of
journeys which are now being daily performed, amount
to no less than a hundred : each journey, including the
time required for placing the passengers in the car-
riages, occupying on an average not more than ten
minutes. Carriages within these few days have been
put on to run at half•hour time from Blackwell to Step-
ney ; and as soon as the necessary arrangements can be
made for carriages and breakamen, others will be
placed to run between some of the other stations and
Blackwell.
The Directors have to express their unqualified con-
fdence in the system of working the railway by sta-
tionary engines and ropes, and the experience they
already have had, although short, is sufficient to con-
vince them that no other system in practice could have
been adopted to admit, in so short a line, so many in-
termediate stations to be successfully worked.
" The Directors with reference to that part of the
above Report, which relates to the breakage of the
rope during the early part of the period of working the
Railway (the causes of which, with the remedies re-
sorted to by the Engineers, are therein explained), deem
it right to add, that they believe, that by the adoption
of remedies pointed out by the Engineers, the ropes
are now in good working order. In the mean time, it
is most satisfactory to be able to say, that in the in-
stances when breakage occurred, there was no difficulty
in splicing the rope, and no other inconvenience was ex.
perienced than a short delay, and without the smallest
injury to the passengers.
" The Directors trust, that the amount of traffic will
not disappoint the Proprietors, they themselves viewing
it, under all the circumstances, as being highly satis-
factory. From the 6th of July to the 24th of August,
the number of passengers who travelled by the Railway
have been 334,354 ; and the total amount received
5,0541. Bs., while the number of persons who have
embarked and disembarked from the Brunswick Wharf
have been 60,855. The principal part of these latter
were to and from Woolwich ; a town, which by means
of the Railway, has been brought within twenty-five
minutes distance of the metropolis. The steam-boat
traffic at present is but partially developed, partly owing
to the Company's preparations at the Brunswick Wharf
being yet incomplete, by the want of suitable landing
lighters, but principally in consequence of the distance
from the seat of business, at which the Minories Ste

tion is situate ; the one inconvenience will be speedily
removed, by the placing at Blackwall commodious land-
ing lighters, which are now in progress of construction ;
and the other, by the establishment of the Terminus
in the City, which will be completed in the course of

next Spring ; when to steam-vessels, with their passen'

hers and goods, such facilities of transit will be afforded

as will assuredly constitute Blackwell the chief start-
ing and arriving point, for the numerous steamers which
frequent the river Thames.
" The Directors have always been sensible of the in-
sufficiency of the Railway, so long as its London ter-
minus shall be confined to the Minories, and they would
hope that the Proprietors feel with them, that the
amount of the present traffic is by no means the stand-
ard by which their future prospects are to be governed.
A knowledge of the localities, and of the habits of men
of business, will convince them how great will be the
value of transferring tho London terminus to Fen-
church-street ; immediately adjoining the dock ware-
houses, and in the midst of the counting houses of the
colonial merchants and factors.

" The progress making, in regard to the extension of
the line, although not apparent to the eye, is consider-
able ; the claims of the several parties, whose property
is destined to be removed, have been duly considered,
and negotiations are advancing for the purchase of the
same. The freeholds are, in a great measure, in the
hands of the Corporation of London, and they have al-
ready been agreed for, while many of the other interests
have also been adjusted, so that the ground may be ex-
pected to be cleared during the winter. Three months
are reckoned to be sufficient to construct the whole of
the works, and, therefore during the ensuing spring, the
trains may be expected to run to and from the new ter-
minus in Fenchurch-street.

" A statement of the half-yearly receipts and disburse-
ments is appended to this Report. It may be necessary
for its proper elucidation to state, that the surplus pro-
perty which has been paid for, and which remains to be
disposed of, has been estimated by competent persons
at 90,000/. In order to be prepared for the payment
of the property purchased and purchasing on the Extet -
sion Line, a call of 21. lOs. per share will be necessary
before the end of the year ; due notice of which will be
given to the Proprietors in the usual way.
" It is judged, by some persons, that the fares charged
to passengers arc too low ; but the Directors trust that
the Proprietors will give them credit for having very
maturely weighed the subject, and they hope that the
discretion will be left in their hands, either to continue

the present rates, or to advance them, as they may deem
most conducive to the general interests of the concern.
" The Directors cannot conclude their Report,without
again assuring the Proprietors of their confidence in the
success of the undertaking ; the system adopted was at
one time looked upon as visionary, but they now per-
ceive how practically correct have been the calculations
of their enci'ineers, and how completely their anticipations
have been borne out by the results. With regard to
railways in general, experience has shown that their
capabilities are never manifested at once, a considerable
time is always required before the full tide of traffic will

flow into new channels ; and in the case of the Black-
wall Railway, the Directors firmly believe, that a fair
development of its resources will prove that the expec-
tations that have been formed of it will not be dis-
appinted.:

(Signed) " WILLIAM ROUTH, Chairman."
" London, Aug. 2G, 1840."

HALF-YEARLY ACCOUNT, FROM 31ST DECEM-
BER, 1839, TO 30Th JUNE, 1840,
RECEIPTS. X S. d.
To Balance of last Half-Year's Account 15,846 2 9
To received on Account of Calls 125,551 5 0
To ditto for Interest on Calls 832 17 2
To ditto for old Materials sold 572 4 8
To ditto for Ground and other Rents 287 10 0
To ditto for Transfer Fees 4l b 0
To ditto for Re-sale of Property
To ditto on Account of Loans ..

£252,217 16 3

DISBURSEMENTS. £ S. d.
By paid for Works 122,027 1 9
By ditto for Property purchased, Vendors'
Costs, and Conveyancing
By ditto for Engineering and Assistants 1,601 18 3
By ditto for Solicitors, Parliamentary, &c 2,911 10 4
By ditto for Counsels' Fees
By ditto for Parliamentary Agency
By ditto for Surveying, on account
By ditto for Direction 1,0(9 0 0
By ditto for Carriages, on account 5,000 0 0
By ditto for Salaries, Secretary, and
Clerks
By ditto for Rent, Furniture, Repairs,
Coals, Printing, Stationery, Maps, and
Plans
By ditto for Advertisements
By ditto for Interest on Debentures and
Stamps...
By ditto for Interest on Loans
By ditto for Discount on Calls in Advance 6 4 0
By ditto for Rates, Taxes, and Insurance' 1,280 19 9
By ditto for Petty Cash and Miscella-
neous Expenses
By Balance (of which 20,000/. arc placed
upon Interest) 24,725 2 11

6SO 0 0

345 5 4
142 7 10

£252,217 16 3

GENERAL ACCOUNT OF RECEIPTS AND
DISBURSEMENT:3.
Total Amount of Receipts, as per previous
Accounts lo 31st December, 1839., ....£431,696 19 7
Ditto, half-year to 30th June, 1840 (as
above)

X 668,068 13 1

Total Amount of Disbursements, as per
previous Account, to 30th December,
1 339 £415,850 16 10
Ditto, half-year to 30th June, 1840 (as
above)
Balance Bankers, 30th June, 1840 (as
above)

£668,068 13 1

Balance of Cash in hand £24,725 2s. lid.
The CHAIRMAN then said the Directors had made
the Report as full as possible, but still he considered it
his duty to detain them for a few moments while he ex-
plained some things which had been omitted from the
Report. The first subject was that of intermediate
stations. It was well-known that they must lose some
time at every stoppage—they calculated that at least
three minutes would be lost at each stoppage, and as
they were intended to qve in number, that would
be a loss of fifteen minutes, which would totally
defeat their object, but from the exertions of their
engineers that dJliculty had been obviated. The traffic
to those stations was not of trifling importance. The
Directors had taken as an example one whole week's

traffic, and upon an average it was found that the traffic
to the intermediate stations amounted to 50 per cent. ;
and that traffic was likely to be permanent, because it
was entirely business traffic, and would not be affected
by the season.—(Cheers.) From 20 to 25 per cent.
of the traffic was from passengers from Brunswick
Wharf, but it was almost entirely confined to Wool-
wich ; but the Directors were in good hopes that that
traffic would be much increased, not only to Graveg.-
end but to Margate. Ile had not the least donht th,,t,
vary soon they would double the receipts, and although
he knew that it was a hazardous thing for a Director
of any concern to give an opinion upon such a subject,
still, having formed an opinion upon mature considera-
tion, he thought he would not he doing his duty to
conceal it, and therefore he avowed that his firm opi-
nion was, that very shortly their traffic would yield a
profit of ten per cent.—(Cheers.) He would be most
happy to answer any question that the Proprietors might
wish to put to him. -
In answer to a question from a Shareholder, The CHAIRMAN said he had formed an estimate of 1
the traffic to be expected upon the railway, and he
thought in a very short time it would produce 2,000/.
a week ; and including the duty payable to Government,
and the interest upon borrowed money, which was
10,000/., the expense would be 28,000/.
Mr. JEFFRIES wished to know what pier dues were
paid by the Company for passengers at Brunswick
Wharf.
The CHAIRMAN . said that that depended entirely
upon where they came from. If fr,pm Woolwich, the
Company had contracted to pay to the Dock Company
one farthing each passenger, and the Company were to
get as much more as they could.—(Laughter.) If from
Gravesend a halfpenny ; and from Margate three-half-

pence.
Mr. JEFFRIES also wished to know whether the. Di-
rectors had a prospect of coming to some satisfactory
arrangement with the steamboats?
The CHAIRMAN said that with regard to the Wool-
wich boats a satisfactory arrangement had already been
come to, but with respect to the Gravesend vessels some
difficulty still existed. Steps, however, had been taken,
not by the Directors collectively, but they had asso-
ciated themselves with other parties, and this, it was
thought, would have the effect of bringing the traffic to
the Brunswick Wharf.

Mr. JEFFRIES said that great complaint had been
made of the noise of the sheaves. It had been ad-
mitted in Parliament that such would be the case unless
they were padded. That plan had been adopted, but
for some reason or other the padding had been taken
off, and the noise occasioned in consequence was
now very great, and a subject of serious complaint.. He
thought, therefore, that it behoved the Directors to
consider whether or not some more eligible mode of
working the railway, then by pullies and ropes, ought
not to be adopted.—(Laughter, and cries of " No,
no.") Gentlemen might say no, but he would beg to
call to their recollection that a new principle, called the
" Atmospheric," had been proposed, which he believed
might be applied with the best results.
The CHAIRMAN could assure the Proprietors, that
the Directors had no intention of adopting that princi-
ple.—(Laughter.)
A PROPRIETOR wished to know whether, since the
opening of the second line of rails, there had been an
increase of the traffic ?

The CHAIRMAN said that there had been an increase
of 75 per cent, in the traffic since that period, although
the season had considerably advanced.
The Report was then read and adopted.
The meeting then proceeded to the business for which
it had been made special—namely, to take the opinion of
the Proprietors as to the expediency of reducing the num-
ber of Directors from sixteen to ten. A resolution was
read by the Secretary, which bad been drawn up by
the Directors for the adoption of the Proprietors, in
which the names of nine of the Directors, and that of
Captain Routh, the son of the Chairman, were pro-
posed as the ten Directors to manage the future affairs-
of the Company.

The CHAIRMAN, in asking the adoption of the Reso-
lution by the Proprietors, adverted to the circumstance
of his son being proposed as one of the Directors, and
observed that probably some other gentleman would
state why he had been proposed.
Mr. Alderman HUMPHERY, the Director who by
ballot it had been determined should go out of the Di-
rection to make room for Captain Routh, said that
every person who had travelled the line of railway must
bear testimony to the efficiency of Captain Routh.
When first the railway started, and the almost insur-
mountable difficulty of the breaking of the rope took
place, he was the first who proposed the use of swivels,
the adoption of which had been attended with so much
benefit to the Company, and but for which the greatest
difficulty would have been experienced. Captain Routh
had not rested in his exertions in behalf of the Corn-

piny night or day, and he thought, therefore, his addi-
tion to the Direction would be a most valuable acqui•
sition.

Mr. SALOMONS was delighted to observe the good
feeling displayed by Ald. Humphery in making way for
Captain Routh, whose talent and exertions eminently
qualified him for a Director of the Railway.
Mr. CRAWSHAY considered, with the exception of the
Chairman, the most active individual in their Direction
had been Mr. Ald. Humphery, and he wished, there-
fore, to know why he had been excluded ?

The CHAIRMAN felt bound to state all be knew upon
the subject. The Directors, one and all, were of opi-
nion that some one should make room for his son, and
the matter was determined by ballot, at which he was
not present. He most cordially agreed !with what Mr.
Crawshay had stated with respect to the exertions of
Mr. Aid. Ilumphery, but for which, coupled with those
of his sen at the opening, the concern must have stood
still.

Mr. Ald. HOMPIIERY could assure the Proprietors
that he was deeply impressed with the importance, for
the interests of the Company, of their having Captain
Routh for a Director.—(Cheers.), He (Ald. Humphery)
had exerted himself for the interests of the Company,
and should continue to do so, notwithstanding he was
not a Director.

Mr.
CRAWSIIAY would propose that Mr. Alderman
Humphery should be the eleventh Director. The Pro-

_ -
prietors must recollect the great exertions of that gen-
tleman in Parliament in their behalf when their Bill was
in jeopardy.
Mr. ATKINS seconded the motion.
A short discussion then took place, in the course of
which, it was suggested that it should be left to the
Directors to determine which of their body should leave
the direction instead of Mr. Alderman Humphery, but
several of the Proprietors objecting to this proposition,
Mr. SOLOMONS moved as au amendment that the
number of Directors be eleven.

The amendment was seconded, and being put to the
meeting, was negatived.
The original motion was then put and carried unani-
mously.
On the motion of Mr. Salomons, the thanks of the
meeting were voted with acclamation to the Chairman
and Directors.

The Chairman returned thanks, and the meeting
broke up.

GREAT WESTERN IiALLWAY

MEETING.

(Abridged from a Second Edition of the Bristol Stan-
dard of yesterday.)
The Tenth Half-yearly Meeting of the Proprietors
of this important undertaking was held this day at the
Merchants' Hall. The meeting was very fully attended.
The Chair was taken at one o'clock by Charles Russell,
Esq., Chairman of the Board of Directors.
The Chairman opened the proceedings with the
following observations :—The report which has this
morning been distributed among the Proprietors, con-
tains such full and detailed information on the several
points that will be submitted to your consideration, that
it will not be necessary for me to detain you with many
observations. Our traffic has continued to maintain its
high success as we have advanced ; and this is
the more satisfactory, because the first six months
are always the least productive half of the
year, and also, because a great portion of the
Bath and Bristol traffic only joins us at Read-
ing, and because the whole of the traffic of the West of
England goes, not to our line, but to the Southampton
line at Basingtoke. Our works have continued with
unremitted activity ; successive portions to Reading, to
Steventon, and to Farringdon Road, have been opened
at the periods at which we led you to expect. I con-
gratulate the town of Bristol, that in a very few (la) s
they will see in active operation that great work which
owes its origin, in a great measure, to the enterprise
and intelligence of the great commercial corporation of
this town.—(Cheers.) I have no doubt, that by the
beginning of November we shall be able to open the
line as far as Swindon, which will be at an earlier pc-
riod than we led you to expect at our last meeting, and
will complete ninety miles of the entire lengths of 11
miles.—(Loud cheers.) Such is the present state
of our works. The most important pointyhifc.i
you will have to consider to-day is, the mode in which
we shall raise those funds which will be necessary
the completion of our work. In considering this
tion, the Directors have been most anxiosanxioustodcieuvissC
those means which shall enable them to complete tt-i•3
object by means which will bear as light as possible"
upon the Proprietors ; and they hope that they have
been succossiul in the plan which they have devised.
beenTlm planiaid ibseffourlely'yotealnodpeld
canin the. express ep Report whichful l has
confi-
dence of the Directors, that, they will be able
As an earnest of thQ
that plan into early effect, to carrys
sbse-
cess which is to attend it, I can assure the Proprietors,
that persons have alreadyl secured oar loan notes to
the
aln
t believe,s o
orreqsuoi,rooooa/s.pecAtifin;
resolution from
the Pro
other im
p tube which will
ctprietors, is the contract which
the Directors propose to make for the I3ristol and Ex-
eter line. In that agreement we did not propose to
ourselves any pecuniary benefit whatever, the great be-
nefit that we look to is, the early and entire completion
of the line to Exeter. At the same time we have felt
it to be a duty to our Proprietors, to require such terms
as should ensure them against the risk of any loss.—