The Sun.
London, England, 1847-02-12 00:00:00

trbtrb /Raton

SUN OFFICE, Seven o' Clock.

LONDON AND NORTH-WESTERN
RAILWAY.—(THIS DAY.)
This morning the Feleabruatarythelaualuf-Leanr.lsyqunaireeetsintagtioofn,thaet
above company was h
twelve o'clock. On the arrival of the chairman and directors
in the board-room,
The SECRETARY' proceeded to read tohfetandevelasrttishemalef-nytearconly-
vening the meeting, and the minutes
assemblage.
The CitAinsaart then said—Gentlemen, it is now ten years
since, through your kindness and that of my colleagues,l
have had the honour to hold the situation which I
sow occupy, and in presenting the accounts to you
on the present occasion I cannot help feeling the extraor-
dinary difference between the position which the company
occupied in the year 1837 and the position in which it is at
the present moment. It will be in the recollection of many
proprietors that the year 1837 was a year of extraordinary
commercial pressure, and its depressing effects were felt more
especially in those districts of England through which the
line passed, and in those classes of society which constituted
the greater part of our proprietors. I confess that at that
time, in common with many others engaged in similar
large undertakings, I felt a degree of anxiety and suspense
upon what was generally regarded with considerable dismay.
However, by the help of our shareholders and by perseve-
rance the difficulty is now overcome. Ido not say on the
present occasion that I apprehend that there is the
slightest idea of a state of things similar to the year 1837,
quite the contrary, but 1 may say that our currency
is established on a more secure footing, and upon a better
regulated basis than it was then, and, I may add from expe-
rience, that the commercial organisation of the country is in
a better state. I have not the slightest idea of drawing a
comparison between that period and the present, but I think
that from the public papers you must have perceived
lately a great tendency to continued and untiring
exertions on the part of those to. whom, in the first in-
stance,devolved the responsibility of these great undertakings.
I sonfess, gentlemen, that it does appear to me that upon
those who first tried this great experiment upon so large a
scale--and really it was nothing but an experiment—it is
rather hard that on the successful result of their schemes,
they should be called upon to give up any of the ad-
vantages they have justly earned. I believe, gentlemen, and
on this subject, circumstances authorise the belief, that if the
Ifilsby tunnel had proved too much for Mr. Stephenson, the
Box tunnel for Mr. Brunel, or the Primrose Hill tunnels
for Mr. Locke, we should have had not the slightest as-
sistance from Parliament. And, gentlemen, I do not think
that we should have found any talented leader of the Oppo-
sition to propose a vote of sixteen millions in our favour.—
(Hear, hear.) That would not be done for us.—(Hear, hear.)
However all our difficulties are over, and they have been
surmounted by the energies of those whom I see before me.
I am happy to say that on the present occasion we
are enabled to offer you, as we have invariably
hitherto done, accounts of which the gross results aro
entirely satisfactory. At the same time the accounts deserve,
and I hope that if you take them home you will give them, a
careful analysis. You are aware that we have lately made
very large reductions. Those reductions on the goods traffic
have been repaid by an enormous increase, and on the pas-
senger traffic by an increase in a smaller degree, but not in
an equal ratio. With regard to the passenger traffic, I must
draw your attention to that, as it is very important that
you should sea, and that the proprietors of other companies
should be made aware, by the medium of the public press,
of one fact, for I think it will put a stop to the very danger-
ous competition which at present exists. The total number
of passengers during the last six months who have travelled
over every part of the London and North-Western Railway
amounts to the extraordinary number of 3,277,:,96; and just
let me observe, in passing, that out of the whole number of
passengers transported, we have not had one single serious ac-
cident. The number transported in the same period in 1845 was
2,793,372, showing an increase in a period of two years of
484,224. Now mark the conclusion. From the diminution
of fares, the gross receipts for passengers this year has been
less than in 1845, while the expenditure has been, of course,
much greater, in consequence of the increased accommoda-
tion. The deduction which I draw from that is. that the
reduction in fares and the altered mode of travelling has been
no benefit to the public and none to ourselves. Ido not wish
to conceal from you that it is possible, in the course of time,
by improvements and increased accommodation, we may reduce
in some degree the working expenditure. That is a point
which I hope the Legislature will deal with with the greatest
care and eaution, for nothing is so detrimental at foolish or
overstrained economy in large undertakings of this sort.
We ought certainly to be economical, but not at the
expense of the public. There are evils connected with
competition which I have always viewed as most se-
rious. It is the call made by competition, which causes
such a reduction in the rates ; and if proprietors do force upon
us the overstrained economy consequent upon it, the result
will be that the public must eventually suffer—and thenb'ou
will regret it when it is too late—by a loss of life. Another
point in view, which will create fresh traffic, and to which I
wish to call your attention, is the necessity forced upon us of
providing in some way or other increased means of transit
for the traffic which already offers itself. Before going into
this question, I must say that traffic has come upon
us in an unexpected rate of increase, and therefore, during
the two latter months of the past year, we have not done our
duty towards the public iu the way for which we were for-
merly celebrated. We have failed in some degree in regu-
larity, and in our ordinary punctuality, but luring the last
month the evil has been repaired, and we arc now going on
as usual. The point which you must carry out is to give us
better means of transit. The subject has occupied our atten-
tion for a long time. We are not disposed to increase the
expenditure unnecessarily, but the question has been
forced upon us lately, and in such a shape,
and way, that slow as I was to be convinced on the subject,
I have yielded to the necessities of the case. I must say, in
justice to several of my lion. Colleagues, who have, from time
to time, pressed the question, that they have long been con-
vinced of the necessity of adopting such a step. The mea-
sure which we shall propose is, to lay down, between Primrose
Hill tunnel and Watford, two additional lines of rails. We
hope to accomplish that without going to Parliament for in-
creased powers, but if there is the smallest necessity for such a
step, we shall not hesitate a moment to apply to Parliament at
once. We propose also to continue this increased accommo-
dation from Watford to Tring, in order to inke advantage of
the Buckinghamshire lines, and we shall go on until we meet
the Birmingham and Oxford line, by which means we hope
to render to the district and the traffic the most ample ac-
commodation that can be wanted. The estimated cost of
laying down the second line is 350,0001. We have
not yet got the estimates as between Welkin! and Tring,
but they are in the course of preparation. I think
gentlemen, if we are to judge from the state of the internal
traffic in which we have engaged during the last six months,
although I am prepared to admit that traffic is very unsafe
to trust to, as a criterion of what the state of the country
may be, because it may have been diverted fur a time from
other channels; but taking our own experience, and the ex-
perience of railway companies, we are inclined to think that
the internal traffic of the country has, during the last year,
taken a prodigious stride. The internal prospects of the country
are increasing daily, and are recovering from the commercial
pressure which has lately acted as a drawback to it, and
which, I believe, Is passing away now, but which, at all
events, will not be of any lengthy duration, if it does last.
I hope, even, that if we go on in the same ratio of increase,
that not only the existing railways, but even the canals,
may keep their own. Under the circumstances, gentlemen,
I will not detain you any loeger. You have in the report
nearly every subject which it will be necessary
for the directors to bring before you ; and I am
Most anxious to save time as much as possible, by
not going over ground unnecessarily at this meeting;
but there is a point upon which you must allow me to make
. a few observations as Igo on. I allude, gentlemen, to the
state of your schools at Crewe and Wolverton, which are on a
satisfactory footing; and I believe, I may say, that it is re-
garded by the parents of the children connected with the
works there, as well as by the whole neighbourhood, as a
real blessing to the country. The object of these esta-
blished schools is to make the education furnished there
a practical and useful one, and one which shall serve as a
model for other schools of the same nature. We have had
children of all denominations educated in these schools, and
,although they are under the immediate superintendence of
your clergyman, Dr. Waithe, the principles of the education
administered are such that we have never had a single
parent who found the slightest fault. We have also had
applications from other :parts of the country for sub-
scriptions to their schools. We have not thought it
right to accede to these applications, not having any autho-
rity from you to administer your funds for that purpose. We
should like to be enabled to allow subscriptions for a thing
of that sort. -We should like to carry the principle out fur-
ther. I can mention that I have received notice that some
Of the directors sitting at this table have, of their own accord,
volunteered from their own purses the means of supplying
spiritual instruction to many of your men. When I mention
that fact,l am sure that it is not a way in which you would like
to leave it. Ido not think it right, because individuals at
the table have furnished funds for these schools, that no
further measures should be adopted. I conceive that the
principle to be acted upon is the principle that property has
its duties as well as its rights and advantages, and many
here have thought it a duty to furnish the means from their
own pockets, and they can hardly doubt that it is
their duty, as well as their advantage, to furnish
spiritual instruction to their men. On this subject
I speak without having any previous communication
whatever with any of my colleagues, but I believe that they
are all actuated by one sentiment—l think, unless they have
your permission, I will not say votes, to apply certain funds
to this purpose, many of them will not take the oppor-
tunity of receiving any funds, for they would sooner pay it
out of their own pockets than have it sparingly and
grudgingly bestowed for a purpose so essential to the general
benefit of your men and the country.
The following is an abstract of the Report:—
In comparing the traffic receipts for the six months ending
31st December last, with those of the corresponding halt=
year to the 31st December, 1845, it will appear that both in
the number of passengers and quantity of
.goods conveyed,
there has been a considerable excess, while the rates of
charge have been materially reduced. In merchandise the
increased quantity conveyed has more than compensated for
the reduction in rates; the excess in the goods' receipts being
68,362/. In the coach department, on the contrary, the re-
ceipts. have fallen off 6,7961.
By the accounts of the half-year now sub-
mitted to the meeting, it appears that the
Ad profit (after deducting the interest on
To borrowed capital) amouats to ... £653,010 0 0
this sum must be added the rest, or surplus
fund, shown in the accounts for the six
months, to the 30th June last ... 102,645 0 0

Amounting together, to £756,555 0 0

The directors recommend a dividend of 51.
per share of 1001, on the London and North-
Western stock, amounting to
... And 41. 10s. per share on the Manchester £578,604and
terms stock, in conformity with the 0 0
terms of agreement, amounting to