The Sun.
London, England, 1848-07-19 00:00:00

Ni. 17 414.] LONDON, WEDNESDAY E •
-L
JULY 19, 1848.
it
' y

RAILWAY INTELLIGENCE.
EAST INDIAN RAILWAY.
__

A special meeting of the proprietors was held yester
day at the London Tavern to receive a report from the
directors; Mr. H. A. Aglionby, M.P., in the chair.
The report stated that the directors, in compliance
with a resolution of the last meeting of proprietorstheld
on the 18th of April, made a call of 2L per share in
order to place the board in a position to effect the deposit
of 100,000/. with the East India Company by the Ist of
May. The period intervening between the date of the
call and the time fixed by the East India Company for
the payment of the deposit was so short as to leave little
ground for expectation that a sufficient sum to enable
the directors to complete the deposit would have been
received. On the 29th of April the cdi of 2/. per share
was paid on 10,062 shares, many more shareholders ex-
pressing their desire to pay if a little extension ef
time were allowed. At the same time the directors,
acting in conformity with the second resolution of
that meeting, urged upon the Court the senst
entertained by the meeting that it would
be impossible, under existing circumstances,
to increase the list of their proprietary to an extent
necessary to the immediate outlay of the sum of
3,000,0001.. as required without an increase in the rate
or term or guaranteed interest. The Court of Directors,
in reply, declined either to extend the period for making
the deposit or to increase the rate or term of the gua-
rantee. The project of commencing the work in two
sections simultaneously, at a co,t of 3,000,0001., origi•
nated in the Court of Directors, and the board always'
felt that the expenditure of a smaller sum might in the
first instance be advisable, and be made productive to
the proprietary and the public. Under these impres•
sious the directors addressed a letter to the Court on the
subject, and on the 4th of July the Court replied by
letter, that on a review of all the circumstances of the
case, they were prepared to accede to the proposition
for executing a portion of.-the-lion-.between Calcutta.
and the north-west provinces, upon condition that
a sum of 60,000/. be forthwith deposited in the Com-
pany's treasury, and that satisfactory proof be ad-
duced within four months from the date of this com-
munication that the railway company will be able,
through their registered shareholders, to raise the
capital, namely, 1,000,000/, so as to carry out the under-
taking without delay and in tin efficient manner, with a
distinct understanding that the East Indian Railway Bill
now before Parliament must be withdrawn. The report
stated that the first call of 1/. had been paid on 37,441
shares, and the capital thus represented amounted to
1,872,0001., but as the shares are to be treated as 20/.
each, the capital actually represented amounts to
748,880/. The directors believe that if the deposit be
made with the East India Company, the list of sub•
scribers will be augmented in Europe and India. It ap•
pears the funds now in hand amount to 63,386/. The
last call was paid on the underranding that the amount
would be returned to the proprietary if the deposit of
100,0001. were not completed before the Ist of May, or
any extended time that may be allowed. With their ac-
quiescence the funds in hand are sufficient for the pur-
pose of making the deposit, which will immediately en
title those who have paid the calls to interest at the rate
of five per cent. per annum from the East India Com-
pany. The directors congratulated the proprietors oe
having arrived at a state of negotiation involving the
prospect of a practical result.
The CHAIRMAN said he had become connected with
the undertaking purely on public grounds, and not as a
pecuniary speculation. The directors had but one de
sire—to advance the interests of the proprietors and that
of the public. The proprietors would have to considem
whether they would now abandon this great concern witt
a large sacrifice of money, whether they would dissolve
the company, or whether they would proceed in the
manner suggested by the report, and carry out that which
he was satisfied would prove most beneficial to them all,
and a great national object.
Mr. NoAD, the secretary, read three resolutions, at
the request of the chairman; which he stated embodied
the views of the directors. They were to the following
effect:—That the letter of the East India Company ap-
peared to the meeting to contain the basis of a negotia-
tion advantageous under existing circumstances; that
the call of 2/. per share made at the meeting held on the
20th of April, for the purpose of paying the deposit of
100,0001., be cancelled, and the amount be returned to
the proprietors on application ; that, with a view to
making the new deposit of 60,0001, the directors be re-
quested to make a call of 21. per share, in lieu of that
cancelled, and that the shareholders be requested to re-
spond to it without delay, it being understood that the
amount should be returned, unless a contract was made
with the East India Company to the satisfaction of a
general meeting of the proprietors to be called on the
subject.

Captain BARBER inquired the cause of the retirement
from the board of the three directors of the Great Wes-
tern of Bengal Company.
The CHAIRMAN said that, strictly speaking, there had
WhielePhenc aBsie Ong till, VIM with that comnat~ It was
,
undertaking merging with another, both companies
afterwards to procee with one common object. He
lamented that there should be any mystery as to why
the three gentlemen had left the beard, but no reason
for their retirement had been stated by them. At the
time the proprietors sanctioned the arrangement with the
Great Western of Bengal, it was arranged that the com-
pany should be dissolved, and that they should join the
East India Company and-regard its interest as their own.
They were afterwards told that the solicitors to the
Great Western of Bengal said that the company could
not be dissolved without an Act of Parliament, and soon
after a Bill was introduced into Parliament without the
knowledge or sanction of this company, containing a
number of most objectionable clauses, giving parties all
sorts of compensation at the expense of this company.
It was at length agreed that the Bill should gu on with
the objectionable clauses struck out, but suddenly that
Bill ceased to exist, and the intention of dissolving the
company appeared to have ceased also. He could not
state whether they intended to work with this company
or against it.
General M‘LEop was understood to say that he did
not quit the direction on account of any wrong pro-
ceeding on the part of the board, but Ile objected to the
enormous expenditure in sending out the staff to India.
Ile bore testimony to the honourable conduct of all the
directors during the time he had acted with them.
Sir G. LARPENT said the gentlemen referred to had
_ . _ .

joined the direction in August, and he could only refer
to the report presented to the roopnrtileelors
'on the 15th of
aFie)pbrrauaieryd,lasstta,titnogwitihiceh
ctihrceusemsfancesmuennds_name.s were
Ilmee
measure.
h thisi e f
gentlemen
eVlassnt to
thatltondia. report pledged
st
ht
his connexion with this company that the promotion of
their object was a most important one both for India
and this country.
A long discussion ensued in reference to certain
anonymous pamphlets and publications rtth
e
directors, on.
directors, which was disposed of to the satisfaction
of the
meeting.
The CHAIRMAN, in reply to questions from Mr.
Brown, explained that the line to be executed by the
company had still to be arranged with the East India
Company; arrangements were pending tor ac ompromise
with their staff, with
.the exception of some gentlemen
who insisted on the entire fulfilment of the contract. It'
they proceeded,they would only require a portion of their
present staff, which had been engaged for a line of
3,000,000/. instead of 1,000,000/. Ile believed if the
company were now wound. up, the original deposit of ss.
per share would cover their expenses.
Explanations were also given ns to the Bill in Parlia-
ment for incorporating the company and limiting the
liability to 201. per share. The Bid was opposed by the
East India Coinpsny, but the Chairman had no doubt
but the opposition would be withdrawn on their show-
ing their ability to complete the proposed arrangement,
the clauses of the Bill having been drawn up with
the consent of that body, and of the Board of Con-
trol. It had never been contemplated either by the
directors. or the East India Board that the Bill should
elt
give the company a monopoly of railway undertakings in
hcil
throughoutt h,,
India.
.After considerable discussion, and an amendment pro-
posing an adjournment, which was negatived by a large
majority, the three resolutions were adopted.
'Tanks were voted to the chairman, and the meeting
separated,

IRISH RAILWAYS.
We return • to the consideration of this important
question. Mr. Humphrey Brown has, in his " Irish
Wants and Practical Remedies," arrayed a
great mass
.
of facts to support his views on Irish railways. .14
he is called upon to give estimates of prospective
traffic on the proposed railways, he has started by
showing the degree of credibility which attaches
to such estimates. With many, " railway esti-
mates" have passed into a proverb typical of delusion
and disappointment ; but prejudice has here taken a
eebsxetnimemeaaddteeed.s ob
It
tt
thhiese e
actualtnog ibi i
ee e
crrasesmts
greater part than truth. It is perfectly true that the
,oemmblebiteyrsee,,tannirs ago were much
e thata lallowances
ne
c epsriacree to
land was enhanced, increased station accommodation
was required, the cost of labour ircreaseil,
Cho weight of rails was raised, the price of
iron run up by the iron-masters, arid the size, power,
and value of locomotives and stock were likewise aug-
mented, but no allowance was made for the engineer.
It is true there has been a great increase in the
estimate of cost ; but there has been a still greater
increase in the estimated income. Indeed, it was
the increase of traffic which manifested itself on
the railways earlier opened is hich caused the
increased expenditure on the others. The engi-
neer, who had made his calculations to accommo-
date a small traffic, found that he had to provide
heavier locomotives and more frequent trains ; that
the rails which he had calculated ut 451bs. per yard
must be made to 'Nibs.; and that where he had laid
cattle,sout two acres for a station he must have five, and
build workshops for
houses for goods, and pens engines,
fo
so much exceed the
i contemplated rcquirements.
The only fear we have s that the stated expenses of
working our railways 1
on the " competitive" system may, sheds fur carriages, store-
the extent of which
some four or five years hence, be found to have been
rather fallacious. But the errors into which railway
companies have fallen in this country may be easily

t voided by . legislative . assistance and the exercise of a
Kittle commercial common sense.
► Mr. BROWN has given some calculations which show
the increase of actual traffic over the original estimates
in a very strong light. The Midland Railway, as it is
aow called, is au amalgamation of three lines, the Bir-
tningharn and Derby Railway, the North Midland Rail-
way, and the Midland Counties Railway. For these the
otal amount of the original estimates given in by the
projectors and the statisticians are shown below, together
with the actual traffic from the Parliamentary returns
of 1845 :

Estimated Number
number. realised.
550,985 1,809,145

174 p.—Midland, 6 per cent. (Bristol and Birmingham), 119
—Birmingham. Wolverhampton, and Dudley, VA p.—
North Staffordshire, 21. 3s. 9d. dis.—Shrewsbury and Bir-
mingham (A), 47s dis. ex int.—Ditto (B), 314 dig. ex
int.—South Staffordshire, VA dis.