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

(Hear, hear.) But even takintr tba 'r 'ffic on tbn as-
sumption of tile L; verpool Director s :is s. are csis
show that even that would pry. I hold in my I\ian-1 an
annual statement of the expenditure on the LiVerpool
Line for the year 1833 ; and I find that, at that time,
they estimated their net profit upon every ton of goods
between Manchester and Liverpool at 3s. Oid. 1 find
that, since then, their traffic has increased about 30 per
cent. in goods ; and I assume that, if it yielded 3s. 01,1.
per ton profit in 1833, the increased perfection and
improvements in concluding their business must. yield a
higher rate of profit than 3s. per ton. I consider also,
that, when they say that they only got 3s. per ton profit,
they have provided for all their fixed expenses, such as
would not be increased by the increased traffic that
would come in consequence of this junction. Ali the
charges for expenses of head office, direction, interest of
borrowed capital, rates and taxes, and, in fact, a great
number of expenses, are already provided for ; and it
may be very fairly taken, that the outlay they wculd
be at in consequence of the additional traffic on
the present occasion, would be only for the locc-
motive power, the wear and tear of waggons, a cer-
tain portion of the maintenance of way, and a few
more porters. Now, we find one of the items in the
Liverpool Company's accounts of 8,0001. a year for
carting in Manchester ; not one farthing of that would
be required. That amounts to 10d. a ton upon every
ton of goods they carry. If I add, then, to the 3s. the
10d. they would save in carrying, and subtract from their
expenditure those charges that are fixed, and which
would not be increased by the increased traffic, I End
that upon every ton of goods which this junction would
bring upon them in addition, there would be a profit of
from ss. to Os. per ton. Then, what is the amount of
tonnage they require at ss. or 65., to cover the expense
estimated of 240.000/. ? At five per cent that
would be 12,000/. They have the liberty to
charge double tolls by the Act of Parliament. Sup-
posing they charge double tolls, and that pays for every
expense of working, supposing that there is no profit
whatever on tolls, then the 150 tons per day would ply
the 12,000/. a year, which is required to pay the pro-
prietors 5 per cent. Now, looking at the traffic be-
tween Manchester and the portion of the country
eastward, by the Leeds Canal one way and the Roch-
dale Canal another, I ask any gentleman here whether
he does not think that more than 150 tons of goods
traffic would be produced by this junction.
We find the traffic of the Leeds and the
Rorhdaie Canals to be each of them within
100 tons (one way or another) of 2,000 tons a
day. Looking at that fact, and the small tonnage that
would be required to remunerate the proprietors of the
Liverpool Company, it appears to me, that, if there
were not other reasons than this mere traffic-reason
operating at the present moment, the difficulties that
now stand in the way would not exist. However, we
cannot but believe, that these matters will be fairly in-
vestigated by the Liverpool Board ; and we are per-
suaded that they will, in the end, be guided by that
which they find to be best for the interests of their
Company as Railway Proprietors. Adverse interests
may, for a time, prevent the junction ; but we believe
that ultimately more enlarged views will he taken. And,
under those considerations, we do not think it for the
benefit of this Company to allow their powers under
the recent Act to expire, without, at all events, such
purchases of land as may enable them to extend the
junction line to this point (Hunt's Bank), which after-
wards the proprietors of the Liverpool line may approve
of. That is the precise position of this question. I have
gone more into detail than I could wish ; but I was de-
s'rous that every gentleman present, taking what lie
could remember of what I have stated, would use his
own figures, and sit down to examine into it with pen
and paper ; and I am convinced, that the general result
will be much as 1 have stated it.—(Applause.)
Mr. JAMEi HEALD (late a Director in this company)
said, that so far from the Chairman apologising, he
thought the shareholders present would agree with him,
that that gentleman deserved their thanks for having,
with so much pains and so luminously, explained the
details of this question. There were two or three
features in• this junction case to which he wished to refer.
They could not hesitate to admit the more they examined
into the merits and importance of the junction line to the
interests of this Company--.(and he spoke as a preprietor
of this company, for he would know no other interests
than those of this Company)—the more it would appear
a matter of the highest importance ; and he did not
hesitate to say, that he considered its right settlement
as a matter of vital importance to the interests of the
Company at large. He saw no reason to change the
opinion he had long held in common with many others,
that the traffic might be made out as a prima facie case.
If any lines could, from their position and importance,
command the formation of a junction of only two
miles, it surely was a line which, from its position,
commanded the western ocean, and another main line
which, from its position, guided the destinies of our
eastern commerce. With these two termini, and so
short au intermediate line to accomplish their union,
what, in the common-sense view of the thing, was
likely to be the traffic? If this junction could not
maintain itself on its home trade, he would not have
been the purchaser of one single share, We had
about a million and a half of population, all most com-
mercial, active, moving, and industrious ; and with
the wants of such a population in the case, if there were
any doubt as to remuneration, he would contend that u
liberal policy was the best policy to secure the common
object which these Companies had in view.—(Applause.)
Therefore, as he did not now expect the Liverpool
Company to form this junction with the Leeds Com-
pany, except by the progress of events, and the supply
of additional light to their minds on the question, with
the conviction of beneficial results from a more thorough
examination, showing that they were wrong in their
computations, and that we were nearer to the right
than they were ; the next question was, supposing
they did not join to form it, what was the position
of the Leeds Company ? He saw, with pleasure,
that the attention of the Shareholders had been di-
rected by the Report to a point that had struck his
own mind,—whether, after using in vain, to the last
moment, all proper means to induce the Liverpool corn-
play to join us, the next question to be considered at
the proper time will not be, whether there are not rea-
sons sufficient contained within itself for our preparing to
make the line upon its own distinct and settled merits.
It was a question which they could not hastily deter-
mine, as being a departure from the principle upon
which they applied to Parliament for their Act fur this
junction line ; but he thought it became a public ques-
tion ; and that any unprejudiced person, deciding the
question per se, must be satisfied that a straight line of
communication,—seeing that we were in the centre of
the commerce of this country, between the eastern and
the western oceans, which transmit the products of
our manufactures all over the world,—must strike
any man as most simple, feasible, and desirable, for
the public to realize the advantages to the inte-
rests of the shareholders. The question was whether
the shareholders would concur as to the adoption of
this measure. The point was left just where he wished
to see it, under the consideration of' the Directors ;
and, from what he knew of them, he would venture to
say, that he felt no doubt whatever, that, whenever the
shareholders should be called together to receive this
recommendation, the reasons upon which it would be
founded would be as plain and satisfactory as the state-
ment they had just received from their Chairman ; and
if' it should appear to the Proprietors that they ought
to embark in it on its own merits, then he knew there
was energy enough in the Directory to carry it out.—
(Applause.)
The CHAIRMAN then put the motion for the adoption
of the report, which passed unanimously.
J. C. HARTER,. Esq., moved, " That Messrs. Henry
Houldsworth, Samuel Brooks, and James Hatton, who
retire as Directors, agreeably to the act of incorpora•
tion, be re-elected." He was sure it was quite unne-
cessary for him to say to this meeting, that he believed
there was such abundant evidence of the good services
of the Directors, that tiro Proprietors must all feel very
unwilling to see any of those gentlemen out of the
Direction.—(Hear.)
Was. GRANT, Esq., had very great pleasure in se-
conding the resolution. The report convinced them,
that the Directors were worthy of their confidence.
The services of their Chairman and Mr. Gill. in par-
ticular, were most valuable, and the shareholders had
reason to congratulate themselves on the success which
had resulted from the efforts and labours of their Direr-
tors.—(Applause.) The motion passed unanimously.
Capt. JOHN BROWN, of Lea Castle, Worcestershire,
moved, " That the Directors be authorised to dispose of
twenty-two unappropriated shares of the old stock by
sale, at such time as may seem to them advisable, and
from the proceeds of the premium t 3 make such a do-
nation towards the fund of the Manchester and Leeds
Railway Benevolent Society, as they may consider
proper."
Mr. JAS. HEALD Seconded this motion, which passed
unanimously.
The Rev. R. BASSNETT moved, " That the thanks
of the meeting be given to their excellent Chairmen,
for the able manner in which he had conducted the
proceedings of the day?'
Capt. S. BROWN seconded the motion, which passed
unanimously.
The proceedings then terminated, about twenty
minutes before two o'clock.

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