The Sun.
London, England, 1846-05-27 00:00:00

'FINANCIAL POSITION AND LIA-
BILITIES OF THE GREAT WESTERN RAIL-
WAY COMPANY.
(From Herapath's Journal.) .
The discussion on the gauge question, and the presentyar-
liamentary contest between the Great Western Cotlip.amr_and
the South Western, have brought the former so prominently
before the public as to cause any information respecting it to
be of more than ordinary interest. - r
So numerous and extensive are the engagements of the
Great Western Company, that it has long been a source of
anxiety to knew what are their actual position and liabili-
ties. It has been said, they are so multifarious that it is
doubtful whether anyone member of the Company—director,
shareholder, or officer—could state them, if called on to do so.
Certain it is, that none of our usual portfolios of railway in-
formation are competent to furnish all the cases of their pur-
chases, leases, and amalgamations, made and proposed.
The defect of this information occasioned a gentleman to
undertake the very laborious and difficult task of collecting
the facts connected with the Great Western engagement..
Whether he has embraced all the schemes taken and pro-
posed to be taken under the wing of the Great Western, or
whether there may be any trifling oversights, it is next to
impossible, in such a mass of projects, to decide. If; how-
ever, there should be a few slips, there is scope enough for
them in this mountain range of projects.
In this Andrean, or rather Himalayan group of under-
takings, the Great Western Railway, which was originally
designed to be simply a railway to Bristol of 1184 miles
long, and 2% millions capital, has swelled its own capital
proper to above 94 millions (including two branches), of
which 84 have actually been spent. Its effected and pro-
posed amalgamations exceed 11 millions more, and it has
under lease above 64 millions, which, with different matters,
make a grand total of 43 millions sterling !
If we regard the mileage, it stands thus :—The 1181
miles of original line have got annexed to them 1701,E miles
by amalgamation, and 295% miles byproposed to add 329 miles more by amalgamation,andanother
lease, to which it is
68e1 miles by lease, making in all 1,600 miles of railway!!
or nearly as much as all the railways at this time in opera-
tion in the United Kingdom.
The following is the abstract :
Capital and Shares. Length.
Miles.
Great Western proper, including -
hrilf, &c., shares
Amalgamations
170%
Proposed ditto 329
Leased
6 1/4, 295%
Proposed to be leased l6l 686%

Few Total... ............ Millions 43, Miles 1,600
can look
andon tlisitsoneisnhormenouts sum, we should think,
without won
be the nerves of that shareholder;
wag.od
matron net
nitnedmeedmust p
la without shuddering. It is not a question whether our cor-
respondent's figures are right to a million or two
'l or to half
te it
a-dozen millions, nor to half-a-dozen hundred two, or
for the
liabilities are of that vast extent, and the number of miles
so great, as to make a sum equal to the entire cost of such
a line as the London and Birmingham, or the much-abused
London and York, and a distance from Liverpool to London
and then to Edinburgh, an insignificant fraction—a mere
drop in the huge bucket of Great Western speculation and
risk. Heaven forbid that we should do or say ought to
damage the true interests of the Great Western Railway;
but can any one look on this mighty mass of liability with-
out being appalled at its magnitude? We will venture to
pledge our word that there is not one in the Company--cer-
tainly none of the shareholders—aware of the extent of lie,
bilities to which his property stands pledged and is sought to
be further pledged.
The original capital of the Great Western Company has
been swelled under their engineer, with the addition of two
branches of 114 millions, from 214 to 914 millions, which has
materially reduced their legitimate dividends far below the
expected amount, and to less than one-fourth of what they
would fairly have been. So great are the liabilities and en -
gagements, that if trade received a check we are unable
to understand how and where the Great Western
could find funds to meet the demands on them for rent, in.
terest, &c., without calling on their shareholders fur
contributions. Some of the lines, it is morally certain, never
can pay, and the consequence_ will be a constant drain on
the parent line. Very kindly to the Great Western the Par-
liament last week threw the wet blanket over five of the
projects, and it would be fortunate indeed if most of the rest
could share the same fate.
In this mass of engagements it should not be overlooked
on
tge s 4. millions
so thatar the 2i
actualmillions
paid-up i decapitalbentures, ecbaepni
that, of the 8i millions expended, only 4-1 are actually paid
Ilieinrelmoaaninni
ttualret
uapnd;
meet and bear the brunt of the engagements, and proposed
engagements, of nearly 43 millions, are really only 4,4 mil-
lions, or not a tenth of the amount. Some of the debentures
also bear an interest of 5 per cent.
The summary that we have given by no means shows the
probable state of affairs. Most of the lines proposed to be
leased and amalgamated are not yet made, but are to be
made under the Great Western engineer, the same gentleman
who estimated the Great Western at 2i millions, and has
already contrived to spend upwards of seven or eight. Now
we believe, there are at least 25 millions of these proposed
liabilities not vet begun. Supposing, therefore, instead of
nearly quadrupling the estimates, he is fortunate enough this
time only to about double them, the Great Western liabilities
will then amount to 70 millions !
We have long complained of the very great and perilous.
engagements of the Great Western Company; but, we can-
didly confess, until the facts were brought beforetis in detail,
we never dreamt of their fearful extent. We did not ima-
gine that at the utmost they exceeded a half of the amount
they reach. We had, indeed, heard talk of near 30 millions,
but the probability that the directorsand shareholders should
have committed themselves to this extent, appeared to us to
be so small, that we regarded it rather as a wild guess than
an approximation to facts. We looked upon it to be some-
thing like Mr. Brunel's bridge over the Severn—a creation
of the imagination never to be clothed with reality ; or like
his South-Devon Atmospheric Railway, a thing to excite our
wonder by the greatness of its absurdity.
It is but an act of justice to say, that we strongly doubt
whether any of the managers of the Great Western have
been aware of the monstrous large liabilities they have been
incurring. Far too much engaged to compute the " sum
tottle of the whole," as Mr. Joseph Hume would call it, they
have gone on step by step, adding item to item, without once
looking back on the insufficiency of the fulcrum to bear so
mighty a load. Like many men in their worldly affairs, they
have been dealing in those dangerous little items, called "
buts," without counting their number, or regarding their ac-
cumulated weight; and, we have no doubt, when we now
call their attention to the fact, they will be as much surprised
at the amount as we were when it was laid before us.
In our next, we shall give the details of the foregoing ab-
stract, with probably a few more observations.

DEATH AT THE LIVERPOOL AND MANCHESTER
RAILWAY STATION.—On Thursday evening, a little before nine
o'clock, a man, who was sitting on a form in the second-class waiting-
room of the Victoria Railway station, Hunt's Bank, was found dead;
and a surgeon, having been promptly• called thither, was unable to
restore animation. The deceased had been sitting there a short time
previously, without exhibiting any signl of indisposition. He was
apparently about sixty-five years of age, respectably attired in black.
He wore a pla n neckcloth, white stockings, shoes with four button
Roles, and a cap upon his head. He had not paid for his fare for any
place. and no money except Is. ad. was found upon him.—Menihe3M'
Guardian.

THE RIFLE BRIGADE. On Saturday evening the
officers at present connected with the Rifle Brigade, and several who
formerly held commissions in that distinguished corps, held their an-
nual festival at Grillon's Hotel, Albemarle-street. Sir Andrew Bar..
nerd, G.C.8., Colonel-Commandant, presided. The list of attendants
comprised—Major-General Sir Alexander Cameron, G.C.8., Major-
General Brown, Deputy-Adjutant-General Sir T. 3fonro, Viscount
Jocelyn, M.P., Colonel Peel, Captains Groves, Walpole, &c. Upwards
of 25 sat down.
FATAL ACCIDENTS ON THE RIVER.—TWO LIVES
LOST.-:On Sunday morning, between six and seven o'clock, a num-
ber of persons hired a boat at Bls.ckfriars-bridge for the purposeof
proceeding up the river. When they had got nearly facing the new
Houses of Parliament, a young woman named Ellen Morney, who
resided in Fulwood's-rents, Holborn, by a sudden jerk of the boat
was thrown from her seat into the river. A young man named
Beagley instantly jumped in after the female, but he was unable to
save her, and ttp to ten o'clock last night the body had not been re.
covered. The same afternoon as the Matrimony iron steam-boat
was proceeding up the river to Chelsea, with a cargo of passengers,
the foremost mate, a young man, named Charles Pliny, was stand-
ing on the paddle-box, when ho was accosted by a friend, and whilst
shaking hands with his acquaintance he overbalanced himself arid
fell into the river. The boat was stopped as quickly as possible, a
waterman put off from the shore, and rowed to the spot, and every
endeavour was made to save the young man's life but without suc-
cess. It is supposed that the deceased must have been washed on:
some distance by the swell canned by the passage of the steamer.
As in the previous case the body had not been found at ten o'clock
last night.
The Right Hon. the Lord Mayor and Lady
Mayoress
have Issued cards to the foreign Ambassadors and their ladies, and a
great number of the nobility, to dine with them on Friday, the 19th
of June. It is supposed that about IGO will sit down in the Egyptian-
hall, and their Royal Highnesses the Duke ofCam
b ed
ge, the Duchess
honour the Man.
of Cambr'dge, and Prince George are expected to
sion-house on the occasion with their presence
Cambria had met w.th
learn that Wie steam-ship Cara
Great Western, we S. e arrived safely an the UK
an accident on her outward passige.
THE STEAM- SHIP CAMBRIA.—By
but hair-an-hour before midnight on Saturday,
Bimoestownas, shfoegrargy,
instant at Halifax ;
on shore in Truro, Cape Cod. The pas.ageNrf-ICoanitheHraliatfaxthetot
running at half-speed. The engines were reversed, and
and the
anchorbo andat stern-cable carried out. At the time she went ashore
the 2d instant, while on the
it about half tide ; as the tide rose her stern swung round ; and
at high water (about four o'clock on the Sunday morning) she lay
broadside on. On the following day her coal and supplies of water
having been discharged, she was got off by the aid of a steamer, and
on Tuesday morning leached Boston in perfect safety, not having sus-
tained the slightest damage from her mishap. She would leave Bos-
ton on her return on the 16th instant, and may therefore be expected,
to arrive here about three o'clock on Thursday morning next. -
ELOPEMENT.—The clandestine flight of Miss Fanny
Wilkinson, of Gledhow Mount, near Leeds, with Mr. Joshua Burton.
jun., on Monday night last, has been a subjeet upon which a great
deal has been said and conjectured in Leeds and the neighbourhood
during the last few days. The young lady is highly respectable,
being the daughter of John Wilkinson, Esq., one 01 our most exten-
sive and opulent flax spinners. The connexions of Mr. Burton are
also of a very high standing, his father being a wool merchant doing
a large business, and a bent director. They travelled rapidly to
York, where they arrived sufficiently in time to proceed northwards
by a train to Newcastle, which leaves the York station about five
o'clock in the morning. On the same day they were married at
.Gretna-green.—Leeds Intelligencer.
ADDRESSES FROM SCOTLAND TO MR. WILLIAM SMITH
O'BRIEN.—Last Saturday addresses from such of the inhabitants of
Edinburgh, Glasgow, Greenock, Aberdeen, and Dundee as are favour-
ably disposed towards the agitation of the Irish repealer', waited on
Mr. William Smith O'Brien in the prison of the House of Commons,
anappcliopvrales.ented him with addresses of sympathy and unqualified
PEDESTRIANISM.—On Saturday Harris, who last week
lost his match- in undertaking to cover
made another attempt, and succeeded in accomplishing the feat. His
the five bridges in one hour,
wager was for la, and the time occupied was fitty-nine minutes.
REOPENING OF NEW OXFORD-STREET.—This impor-
tant thoroughfare, from Oxford-street to Holborn, near Little Queen.
street, has been re-opened, with the exception of a very small per.
troll, avoided by going round Hart-street, Bloomsbnry.
THE FOREIGN MAILS.—POST-OFFICE NOTICE.—The
following notice relative to the foreign mails was on Saturday affixed
to the chief office, St. Martin's-le-Grand :—The Peninsular Mails—
The next mails for Vigo, Oporto, Lisbon, Cadiz, Gibraltar, Mediter-
ranean. Egypt, India, and China, will be dispatched from hence On
the morning of the 27th Jost. The next mails due on the 26th inst.
the morning of the 27th inst. The Overland Indian Mails: The
The Queen will sail from Southampton with the Peninsular mails on
next mails for the Mediterranean, Egypt, India, and China, via Mar-
seilles, will be dispatched from hence on the evening of the 25th inst.
India, &c., via Southampton :—The next mails for Gibraltar, Malta,
Greece, the lonian Islande, Egypt, India, China, &c., via Southamp-
ton, will be dispatched from hence on the morning of the 3d of June.
West Indies, &c. :—The next mails for the British Colonies in the
West Indies (except Honduras and Bermuda), the foreign colonies
S.,
andeS
in the West Indies, Mexico, Venezuela, and Madeira, will be dis-
patched from hence on the morning of the 2d of June. The AMR,
Sydney,
tNheew3 hotuitnhst Wal
:fr—on Tlhhee nextlee on mail taithl from
evening
ienSinydna
with the mails from the above, due on the 7th of June. Sydney,
will be b Southdispatched Wales
will be conveyed by the Trafalgar. Madeira,
Brazils, and Buena!'
Ayres :—Thu next mails will be dispatched from hence on the even-
ing of the 2d of June. From August to July inclusive the packet
touches at Pernambuco and Babia on her
outward passage to Rio
Janeiro, and the other six months on her homeward. Her Majesty's
brig Penguin due with the above mails on the 29th inst. America:
—The next mails for British North America, Bermuda, and United
States, will be dispatched from hence on the evening of the 3d June.
The Caledonian, with the above malls, due on the.2frth inst. 'Rot.
terdfun :—A mail bag will be made up to be forwarde'd by the Ba-
tavia on Saturday next, the 30th inst. and *eery snceeeding Satur-
day daring the season.
_ -
A WOMAN CHORED BY A PIECE OF BuxAD.—On
Saturday an inquest was held at the William the.,Fotrth,aads..
Wands-
worth-road, before Mr. Carter, on the body of Mel,' A
wife of a sweep, living in Howard-street. ,
r_
the deceased was at tea, when a piece o
be ro
larynx, and before a surgeon could p
A fi, eft.) e previously
i mil o bread lodged in the
cured, the was dead. Vox,
Wet, "Died &Pm latifOCSll9ll."
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