The Sun.
London, England, 1848-10-30 00:00:00

I. Toucallfora reduction of the salaries of our engineers. We
have only one engineer employed upon the lines, and, considering
the abilities of that gentleman, the Directors do not think him over-
paid.. •
4. You require that stations Shall 'not 14 ertlaraa4.'- -Shottld,traffi'
increase, how is it to be conducted without increased accommoda-
tion? If the Shareholders think the Directors incompetent to decide
neon matters of thiS kind, they hal much ,better remove them, and
appoint others in whom they have greater confidence.
3. The Directors are called upon to enter into no further contracts.
it must have escaped your recollection that at the last half-yearly
meeting I gave an assurance that the Directors did not intend to
engage in any further contracts. •
6. You allude to traffic which you do not consider remunerative to
the Company. The Directors are entitled to ask you to be more
explicit, and to state specifically what traffic is meant.
7. Tou think the number of trains ought to, be reduced. Tbls is a,
question which must be left to the judgment of the Directors ; for
nothing can be more difficult than to determine, from time to time,
what trains ought to be run. I consider it would be an unwise and,
impolitic measure to take off the express train, which you suggest
should be done.
)3: The alteration you propose in the mode of appointing Directors
would require a new Act of Parliament.
9. You ask the Directors to purchase all stores by public contract.
I have no doubt you aro aware that this is generally done, bat it not
unfrequently happens that the Directors can purchase articles In the
market much below the contract price, and when they can do so they
often avail themselves of the opportunity.
I have now answered or commented upon every point of the ad-
dress, except that which relates to the depreciation of the value of
shares, with which the Directors feel that they have little or nothing
to do. Their duty is to obtain all the traffic they can, and to pay
the Shareholders good dividends.
The address you have sent is signed by seventy Shareholders, this
is a small proportion of the en'ire number, which .exceeds 8,600.
You are a holder of capital stock in the company to the amount of
3501:, and you describe yourself in the address as a broker. Front
Your experience in that business, I have no doubt you are well aale
to inform the public how the old railway stock of this company has
become so much depreciated.
In my position as Chairman of several railway companies, I have
received numerous complaining letters, all, I am bound to say,
crouched in a courteous and respectful manner ; and I have answered
them by assuring the parties of the soundness and stability of the
concerns over which I preside. The acknowledgments I have re-
ceived in reply have been generally satisfactory; many of the parties
stating that they were holders of stock in a variety of foreign and
other new lines, and that they were compelled to sell the stock of
aid lines to pay for the new. When the supply exceeds the demand,
and when a regular combination exists to depress railway property,
I believe any course which Directors may pursue will be of little
avail. Yet, after all, the amount of stock transferred in the com-
panies ever which I preside has been less than usual, which shows
that many of the quotations of sales are merely nominal. I have
no- fear of not seeing railway prOperty again placed in a better
position in the market, though not at the extravagant price it has
heretofore arrived at, and then its proper and true value
will be maintained in a manner that will be more satis-
factory to all parties. Consols have been at 47, they are now at
84IA , and have been at 100. If you or your friends can, by any
effort, advance them to 92 or 93, I have no doubt you will see a
great advance in railway property. The Bank Stock has paid 10
per cent., and is now only paying seven, and the price has fallen con-
siderably ; but no one ever doubted the integrity of the management
of the Bank. The surprise to me is, that in the excitements and
commotions which havo prevailed, railway traffic has been so well
supported. Even the present amount of traffic justifies the anticipa-
tion that the rate of dividends will not undergo any material dimi-
nation ; and this remark applies to all the lines over which I have
the honour to preside. I wish I could call the serious and grave
attention of the chairman of the London Stock Exchange to a pub-
lication whick is issued weekly, professing to be under the sanction
of that body. lam aware that the statements which appear in that
paper are stated not to be published under the authority of the Stock
Exchange ; but I cannot close my eyes to the effect that they pro,
duce on the mind of the public, who naturally consider that they
have that sanction. If these statements were correct and true, no'
person would have a right • to complain —but when they are
almost la every instance incorrect, and their general ten-
dency is to depreciate railway property, it would be well
that the Stock Exchange should disavow a publication
which is calculated to do so much mischief. I must, in con-
clusion, request that you will call the Requisitionists together, and
that there may be no delay in sending a list of the charges im-
pugning the integrity of the Directors, who are anxious to meet and
repel the calumnious imputations that have been made against
them. Nothing but a sense of duty to the large body of Share-
holders who have hitherto given their confidence induces the Di-
rectors ti retain their seat az the board; and as soon as that con-
fidence is withdrawn they will most readily and gladly resign their
trust into ether hands by whom the affairs of the Company may be
more ably conducted,
I perhaps might observe, before I conclude my letter, without
pledging myself to the-etatement, but merely gis:ng It as my own
individual opinion, that X believe another 51. call upon the 50/.
Shares, with the arrears of calls now owing, complete all the
works in course of construction, and the reins wing 251, per Share
will remain applicable to the liquidation of the,e,bt. The liabilities
of the Company are under the consideration of the Directors; in
order to enable them to lay a statement before the Proprietors,
which it is anticipated will be done within a very early period.
I am, Sir, your obedient servant,
GEORGE HUDSON.
To J. Houghton Ttraucker, Esq., Liverpool

RE AT WESTERN RAILWAY.
-r OPENING of LINE to BASINGSTOKE, ALTERATION for
WINTER TRAINS, and DISCONTINUANCE of RETURN
TICKETS.—Nov. 1, 1848.
The forks and Hants Railway, between Reading and Basingstoke,
will be OPENED for the conveyance of Passengers, Goods, Parcels,
Carriages, Horses, and Cattle, on and from WEDNESDAY next, the
lst of November. •
On the same day several alterations will be made in the times of.
Great Western Trains, and some Trains will be discontinued during-
the Winter. For pat ticulars of all these changes, and for the times
of Trains to and from Basingstoke, reference must be had to new
Train Bills, which will be ready for 'delivery on and-after Monday
the 30th inst.
The Directors regret to notify, also, that they are compelled, in
consequence of the existing severe pressure on railway property,, and
the Increased assessments for parochial rates, to relinquish the sys-
tem of return, or day tickets, which will be entlrely,discontinued
from and after the Ist of November, 1848 • -
By order of the Directors, ' '
CHARLES A. SA.UN.DERS, Seeielary.
Paddington Station, October 26, 1848.

THE GREAT PEACE CONGRESS.-A
PUBLIC MEETING of the FRIENDS of PEACE :will .be
held at Exeter Hall, on TUESDAY Eve.xlNia, October 31, 1848, td re-
ceive 31. Visschers, Councillor to the Belgian Government; 31.
Francisque Bouvet, Member of the French National Assembly; the
Baron Suringar, of Holland ; Elihu Burritt, of the United States ;
and William Ewart, Esq., M.P. ; the President and• Viee,Presidents
of the late Peace Congress at Brussels ; whea a Report of the Pre-
cc edings of the Congress will be presented, and Other important mat-
ters bearing on the Peace Question will be submitted to the Meeting.
C. HINDLEY, Esq., M.P., in the Chair.
Several Members of Parliament and other Gentlemen of eminence
are expected to take part in the proceedings.
Doors open at Five o'clock, the Chair to betaken` at Six o'clock.
N.B. Seats Reserved for Ladies.