The Sun.
London, England, 1846-08-08 00:00:00

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7Zi
.that the calls had not been all paid up, neither had the Com-
pany borrowed anything near the amount they were autho-
rised to raise by loan.
After some congratulatory remarks on the position of the
Company from Mr. Taylor, Mr. Wishaw, and other pro-
prietors, the report was unanimously adopted.
Mr. Surrox, the solicitor, in answer to a question, stated
that the Chancery suit relative to the loan notes was pro-
gressing most favourably. It had been partially heard be-
fore Vice-Chancellor Wigram, and would be decided in No-
vember.
A dividend of 245. 6d. per share was then declared.

'2Lr.,//

~_J ~

PRICE SD.

Mr. BOOTH than read the following report :
" The directors are happy to report, that the Act 'To con-
solidate the London and Birmingham, Grand Junction, and
Manchester and Birmingham Railway Companies,' received
the royal assent on the 16th of July last.
" In meeting for the first time, the shareholders of the
London and North Western Company, the directors have
great pleasure in being able to inform them that the traffic
for the half-year, on the three lines which are now under the
control of the amalgamated Company, exceeds considerably
in each: case that of the corresponding six months of last
year, and that this observation applies to the three divisions
in which railway traffic is usually classed, namely, coaching,
merchandise, arid coals.
" But while an increased traffic on all the lines indicates
the prosperous state of the concern, the proprietors will re-
collect that from the larger amount of capital entitled to divi-
dend, owing to fresh calls paid up, and other circumstances,
a larger suns is now required to pay the same rate of divi-
dend, while, at the same time, the six months just ended
constitute the least productive half-year. It will conse-
quently be necessary to encroach, to some extent, on the re-
serve fund which the proprietors allowed the directors to lay
by, after providing for the last dividend.
By the accounts which will be laid before £ ad.
the meeting, it appears that the nett
proceeds of the amalgamated concern
for six months are... 543,929 4 4
To which must be added the surplus fund,
amounting to 166,105 12 3

Making an available balance of £710,034 16 7

The directors recommend a dividend of 4 per
cent. on the Manchester and Birmingham
capital of 1,440,0001., in conformity with
the provisions of the Act
And of Si. per 100/. share on the remaining

capital - 549,789 3 0

Which together will amount to £607,389 3 0

And leaving a balance of £102,645 13 7
to be carried forward as a surplus fund to the next half-year's
account.
" The directors will now beg leave to state to the pr?prie-
tors the result of their proceedings in Parliament, in the
session which is about to close. It wlll be fiCell that the ex-

LONDON AND NORTH-WESTERN
RAILWAY COMPANY.
Yesterday morning the first meeting of the proprietors of the
above Company was held at the Euston Hotel, Euston-
square. Mr. Glynn took the chair at twelve o'clock.
The SECRETARY (Mr. Booth) having read the notice call-
ing together the proprietors for the purpose of declaring a
dividend; appointing auditors and fixing the amount of re-
muneration to be given to auditors, directors, and commit-
teemen ; for authorising the raising of money by new shares
and by loans; and for the conversion and consolidation of
shares into the general stock,
The CHAIRMAN said—Gentlemen, from the notice which
has just been read to you, and from the unusual course of
commencing business, you will perceive that we are about
to hold the first meeting of the London and North-Western
Railway Company. It is to us a matter of unmixed satis-
faction to see you convened together under that title under
the recently passed Act ; for although, on the part of my col-
leagues and myself, I can say that we have always received
much gratification in meeting the proprietors of the London
and Birmingham Railway Company, and which we have left
under its own name in a very prosperous state, it is more
satisfactory to us that the measure which we have all advo-
cated for some time past has received the royal assent.
No words are necessary on the subject, for the approval
which the measure has from time to time received from the
proprietaries tit both ends of the line, and at Liverpool and
Manchester, speaks enough on the subject. The project
arose as a mattcr of course, and, as regards the Grand Junc-
tion Railway Company, the only wonder which can be ex-
pressed is, that they did not take up the Bill at an earlier
period. It was the intention of the promoters to carry on
the concern jointly; but you all know the difficulties
which the directors and proprietors would experience
in not being able to carry on these two great undertakings
It is impossible for us yet to represent to you its full effect
as regards your interest, and the interest of the public,
which may result from this amalgamation. We shall not
forget that we have great interests to deal with in providing
for the mercantile wants of Liverpool and Manchester. It is
unnecessary to carry out before you to the full extent the ad-
vantage likely to result from the amalgamation itself. As
three separate and large bodies, acting on three different
systems, it might be impossible for us to' move suffi-
ciently quickly in adjusting the present system now
before you. We expect very important results from
that which we have undertaken. It is a source
'of 'congratulation to us that the measure will be carried out
to its full extent, and we have great satisfaction in finding
ourselves so closely connected with those to whom we must
look up to as the promoters of railway projects—who, during
the time when the first propositions with regard to railways
were received with scorn and sneers—when Parliament took
a line of conduct against their introduction—when the
money-market was in a gloomy and depressed state, car-
ried out the railway to Liverpool, the foundation of
the schemes which have since been proposed. I feel that I
have occupied the chair improperly on this occasion in the
presence of Mr. Lawrence, who was mainly instrumental in
carrying out the Liverpool and Manchester Railway. It is
rumoured (but. I can hardly give any credit to such a report)
—it is rumoured that those companies which have hitherto
been successful in their results are likely soon to be brought
under the notice of Parliament, to show to the public
what is called the enormous profits supposed to be
derived from some of the railway companies. It
is not in this room, or in the presence of the
proprietors of the London and North-Western Railway, that
I can deny the existence of large profits. They are the pro-
fits from a great undertaking—from a great experiment
which we have tried, and successfully tried. With regard to
the London and Birmingham Railway, it is stated that it is
with regard to the creation of new shares ; that is the point
upon which we are likely to be brought under the notice of
the, House, and I say, that when we were forced by the great
increase of our outlay—by the estimates far exceeding what
was anticipated—when we were driven to Parliament
to raise money to complete our works—the subject under-
went a long investigation before a Select Committee, and we
were ordered to allocate our shares to the proprietors at par.
We do not complain of it—it was an act of justice. We ask
for no new privileges; our calculations of traffic were based
on the most accurate investigation. It was not fair to be
called on to double our capital, but having done so, to whom
ought the benefit to be given, if any benefit arose? It was
to be to those who invested money in the undertaking
in the first instance, for if the shares had not
been offered to the proprietors at the earliest moment,
the undertaking would have lingered in an inactive state, as
the money-market at that period was in estate of gloom ; and
if it had not been for the untiring energy of the proprietors, it
would have been a failure altogether. It is too
hard, therefore, to be called on to account for
profits which, however large they may be, arc circulated
over the whole country. Because our shares have risen
and been increased, it is invidious to hold us up as having
sacked large profits. lam very anxious not to occupy your
time unnecessarily on this occasion, and as a report of some
length is prepared, you would rather refer to
that for further information with regard to this
concern ; but it will be expected from me to say one
word or two about the different schemes which we have
from time to time submitted fur your approval and
brought before Parliament. Our success in Parliament
this year has been of a chequered character, 'as
far as the London and Birmingham is concerned. We
have lost several very important measures. We have lost,
in the inquiries before Parliament this session, all those mea-
sures which were designated to you as the 'Warwickshire
branches, and, what is the worst part of the case, our
opponents have carried the Birmingham and Oxford.
The others have been of a secondary nature
to that scheme—they were not of any great importance in
themselves. We have lost the St. Albans and Luton branch,
and we have withdrawn the Newport Pape]. Altogether
we have come out of Parliament fortified in our posi-
tion. During the discussion this present session
we have profited. Whether we look to the
South-Western—the Direct Portsmouth having been carried
against them—or if we look to Norfolk, where the London
and York has been carried, or to Scotland, the principle
of competition is laid down. The Oxford and Bir-
mingham is carried against us, on the principle
of competition. Though that principle has been generally
adopted this session, and will most probably be so next ses-
sion, it has not altered oar views on the general merits of
the question. I believe that the Legislature would have
exercised a wise discretion if it had taken up the principle
laid down by the Board of Trade, and not laid down
the dangerous and impolitic doctrine of competition.
But we must be preparad for it ; we have no other argument
for doing so than the fact, that what has been done this
session has rendered our position infinitely more safe. We
are in a position to carry on competition, and any company
which commences against us must commence on a very large
reduction of the present existing rates; for, though some
companies are very low in their charges, there are very few
nearly as low as we are, and only one in this metropolis is
equally low. The prosecution of the several Bills which
we have obtained will, of course, require an addition
to our capital ; and when I mention this, it is only
right that I should point out to the proprietors that many of
the Bills which we have secured this session are Bills more
of a protective character than Bills from which we can expect
any large return. We have been obliged to carry Bills for
the improvement of the stations at Liverpool, Man-
chester, Birmingham, and London, and I cannot hold
out any hope of any new return. The same observation
applies to several Bills which the Grand Junction has ob-
tained. In what lam now about to say I speak only in
my individual character, and I must not be understood as
expressing the opinions of any of my colleagues. In
looking forward under the large creation of stock
which has recently taken place, it will be impossible for me
to expect to keep up the present existing dividend. It has
been the principle of the London and Birmingham directors
never to conceal anything from their proprietors. It is right
that I should make you acquainted with my own feelings
on this subject. It will be some time before the new capital
can be brought into operation, and it is impossible to know
what events the intervening time may produce. Many of
my colleagues are sanguine in their hopes that we
may still keep up the existing dividend, but it is not so in
my opinion. I cannot mention to you the mode in
which we propose to create the new capital ; we do mean
to make an immediate creation of London and North-
Western Stock. I will not keep you many more
minutes, because you will naturally be anxious to hear
the most important document of the day read to you ; but
cannot resist, on the first time I address you under your
new name, letting you know a vote which you will be
Ncalled
be uapsokned. to I
may say
s aayn dthatto
it which i cah
to the service of the amalgams
which you owe to your engineertse.d
company
debt of
sanction
will
usreer(.l-
-
eeSZpdhentshoen
two
od 1% r.
companies for
w who have
time past. Gentlemen, although the amount I shall
propose to you I cannot be considered anything at: all
equal to compensate the worth and merits of the indi-
viduals, yet I still think that you will receive
with approbation the resolution which will be tendered
to you with regard to ' them. It is a compliment
quite unexpected, and will be received with great grati-
fication. What I propose for your sanction is, that
a testimonial, in some shape or other, to the value of 1,0001.,
be presented to Mr. Stephenson and Mr. Locke. With these
remarks, I will now proceed to ask Mr. Booth to read the
report, and it will be a source of satisfaction to me to be
able afterwards to answer any questions that may be put to
me.