The Sun.
London, England, 1848-11-23 00:00:00

WATERFORD AND KILKENNY
RAILWAY.

The half-yearly meeting of this company was held
yesterday, at the London Tavern, at one o'clock; Mr.
George Anderson occupied the chair.
Mr. CURRIE, the Secretary, read the report and ac-
counts, of which the following are extracts:—
" At the half-yearly meeting in May last, the direc-
tors announced to the proprietary the opening of the
line between Kilkenny and Thomastown: this portion
has since then been in steady operation, and although
the receipts have been small, they have gradually in-
creased from a weekly average of 251. in June to 47/. in
October, a surn sufficient, with the rent payable,by the Irish
South-Eastern, to cover all the expenses incident to
working the line. There is every prospect of a stilt
greater increase in the traffic receipts, which on an insu-
lated section of only eleven miles, the directors look
upon as highly encouraging, and as a proof of
the soundness of the undertaking when it shall
be completed in all its integrity by its extension to
Waterford on the cne hand, and its connexion with the
reetropoks of Ireland on the other, by the completion of
the line from Carlow; and here the directors have again
to express their regret at the unfortunate delay on the
part of the Irish SoutheEestern Company, for whose con-
venience a heavy expense has been incurred, in passenger
and goods traffic accommodation at the Kilkenny termi-
met, much beyond the wants of their own line at present,
but e hich they ‘i Cie compelled by agreement to have
reedy by the Ist September in last year—two years
before there would now appear to be any prospect
of that company benefitine• by it. On this subject
an extract from the report of the directors of the Irish
South-Eastern Company, to their proprietary on the
28th ef September last, is subjoined:—` Agreements for
the remainder of the land are concluded; the sleepers
are in course of delivery, and there is nothing to prevent
the opening of the line to Kilkenny within six months
from the present time, if the directors shall be enabled
to press forward the works with vigour, and they feel
bound to add that, until the whole line is opened they
cannot expect the traffic to be remunerative, or the real
value of the undertaking to be at all fairly developed.'
The directors have devoted their time, since the last meet-
ing, rather to the development of the traffic, than
to the extension of the works, but they are now engaged
in purchasing the land between Thomastown and
Knockwilliam, with a view of extending the line in the
direction of Waterford. The directors have to report
that the Amendment Act received the Royal Assent on
the 22d July last, and the proprietors will remember
that by this Act certain deviations have been authorised,
whereby improved gradients have been obtained, the
earthwork diminished, and a saving of 20,0001. effected
after paying all expenses attending the application to
Parliament; the Act also provides for the abandonment
of the Bells branch, and for an increase of capital. Being
aware of the necessity of practising economy in every
branch of expenditure, the directors have only drawn
half their salary for the last quarter, and have reduced
the general expenses of management to the lowest pos-
sible amount."

The Engineer's report stated that the goods trade is
increasing month by month, chiefly in coal, corn, flour,
and butter, and to take advantage of this more carriages
are required, for which it is desirable provision should be
made. The farmers and millers are also making appli-
cation for loading places, which appears to promise a
good agricultural trade, and which will require some ex-
penditure from time to time; bearing in mind these re-
quirements, the capital account, as respects the portion
between Kilkenny and Thomastown, is open only to
such additional small works for meeting additional trade
as are shown to be likely to realise a good profit on the
outlay; and in applying the remaining capital of the com-
pany to the construction of works towards Waterford,
they may rely on the most rigid economy being exercised
on every point that is not absolutely necessary for the
accommodation of the landowners or for efficiency of the
traffic. The receipts to Sept. 29 had been 266,546/. 68.9 d. and
the disbursements 219,2181. 4s. 3d.; leaving a balance of
16,1701. The revenue account from May 26 to Sept. 29,
1848, was, receipts, including 1,315/. due from the South-
Eastern Railway Company. to August 31, 1848, 3,0011.
9s. 10d.; and the expenditure was 1,6861. 9s. 10d., leav-
ing a balance of 1,315/. ls.

Mr. BATES said he was an original shareholder in
some of the first and oldest established lines in
the kingdom, but that be had never in the
course of his experience seen such a report
as the one the directors had presented to them.—(Hear,
hear.) It was a disgrace to the board from which it
had emanated, and proved the directors totally incapable
of conducting their affairs.—(Hear, bear.) They had
expended 250,376 L—he might say it had been squan-
dered by the directors—for which they had but 11 miles
of single line of railway, which had cost 23,0001. a mile.
—(Hear.) Let them bear in mind that this had taken
place in Ireland, where labour and everything else was
so exceedingly cheap. Why the Lancaster and Carlisle
had cost but 20,000/. a mile. How had that money
been expended; were the estimates submitted to public
competition, and who were the parties that had received
such enormous sums of money for land? It was origin-
ally intended to have wooden rails; they had been aban-
doned. Now, he understood two of the directors were
interested in Prosser's patent. If so, he wished to know
what became of the 15,0001. this suggestion had cost
them. It looked very like a job. He found that 4,5151.
had been paid to the executors of the late Mr. Deve-
reaux. What was the meaning of that?
The CHAIRMAN said, it consisted of law expenses in-
curred in 1845, when a great many people were mad;
and l:e did not know that directors were better than
shareholders.—(Laughter.) They went to Parliament
with the sanction of the shareholders for branches, to
he, p supposed competing lines out of the way.
Mr. BATES said great expenses bad been incurred
since the line had b'en opened, eighteen weeks ago.
They had received 6451. from passengers (about 364 a
week), whilst the working expenses had cost them
1,6864 Bs., or 94/. a week.—(flear ) This presented
little encouragement to the m to go to Kilkenny, and he
therefore thought they could not do better than break
up the compat•y and divide the assets.—(Hear, hear.)
The directors slid they had of late received but half their
allowance. When the directors of one of the largest
comp:des in the kingdom had given up their allowance,
tie thonght it would have been but fair to the share-
holders, who had been such great losers, if they had
declined to taks any money.
The CHAIRMAN said the directors had done their best
to promote the benefit of the company; he should not
answer the aspersions which had been cast upon the di-
r. by Mr. Yates.
Considerable cbscussion here ensued with respect to
the accounts, and as to what course should be adopted,
in which Mr. Fagin, Mr. Wills, Mr. Franklin, Mr. Ca-
vane, Mr. Taunton, and others took part, in the course
of which it was elicited that the Irish south-Eastern
owed the company 1,3151. for rent, and that they were
bound to pay that sum continuously by Act of Parlia-
ment; that Mr. Valentine's estimates were far below
the mark, and that they would on his estimates
only have had sufficient capital to carry on the line to
Knockwilliam, leaving about fifteen miles. The direc-
tors had, in fact, been misled; they must therefore seek
powers to increase the capital if the line was to be com-
pleted.
Mr. FAGIN suggested that they should sell the line to
the best customer. - (Cheers.)

The CHAIRMAN said 120,0004 additional capital would
be required. When the line was complete he had no
doubt of the ultimate results. They had expected that
the Irish South-Eastern would have run over the line

long before this. That line would not be in a condition
to do so for six months. Now, these were contingencies
which they could not provide against.—(Hear.)
Captain Moonsom (the engineer) said he represented
40,0001. in the company, and was surprised at the
desponding statements of some of the shareholders, since
alter carefully examining the likely proceeds of the
line, he had come to the opinion that it would realise
lair profit. If the shareholders did not pay their calls, and
a bitterness of feeling existed in the company, they
could not expect to realise so much. The London and
Birmingham, for instance, and other great lines, did not
pay when but portions of them were opened.
The Lancaster and Carlisle (the line alluded
to by Mr. Bates) was originally made as a
single line, and it was made very cheaply, as
there was no lack of money. In this line the contracts
had been let very advantageously to small contractors, to
whom they had to pay ready money; but if they could
not do this they would have to place themselves in the
hands of the large contractors. They laboured under a
disadvantage in not having shareholders who could pay
their calls. The original estimated cost for stations,
pbeurtmwahnaetnthew
haya,dlmanedn,tiaonnded p,l.
but
winacsrela6s,seoothLel
amount. The contracts NI ere all put up to competition.
The increase of the traffic was very encouraging.
After much discussion,
Mr. MILLS proposed the appointment of a committee
of five shareholders to investigate the accounts, and
their affairs and prospects generally, and to report
upon them.

_
This was accordingly done, and the meeting was ad-
ourned until the second Wednesday in January, on the
understanding that no calls should be made in the mean-
time,

TuE
WEATHER.—Since our last, we have had
some fine weather with mild temperature for the season.
There was a slight frost on Sunday morning ; and that
day, Monday, and yesterday, were three as fine days as
we remember to have experienced in November. On
Monday evening, the wind rose, and about eight o'clock
heavy rain fell, and there were showers at intervals dur-
ing the night. The wind has been S.W. during the last
three days, and the temperature has not fallen lower than
32 degrees Fahrenheit. There were no telegraphic re-
ports of the weather yesterday.—Manchester Guardian
of yesterday.
EXTENSIVE ROBBERY.—Another robbery of the
description SO frequent at present took place on Wed-
nesday night, in a house in St. Andrew-street, by which
a cattle dealer was deprived of the sum of 2101..... n 42
bank-notes of 5/. each. During tho time he was in the
house his pocket-book was abstracted from his breast-
pocket and lodged in the pocket of his coat, after its
contend had been stolen, which he did not miss till ho
had left the house. Information was immediately given
to the police, who reached the house a short time after-
wards; before their arrival, however, the door had been
padlocked, and the house closed in such a manner as to
cenvey the impression that it had been shut for a long
p(,riod. Several persons were apprehended, but no trace
has been got of the money.—Caledonian Mercury.

AMERICAN THEATRICALS.-Mr. Maurice Power,
the s, n of the late Mr. Tyrone Power, has appeared in
some of his father's best characters at the Park Theatre,
New York, and was received by an overflowing audience
with the greatest enthusiasm. Mr. Maurice Power is
said to evince great talont and energy. and his Amen-
can critics declare that he must eventually gain a great
reputation. As an evidence of Mr. Power's success it
is stated that the Park Theatre, which had been long al-
most entirely deserted, is now crowded to the ceiling on
each night of his appearance.