The Sun.
London, England, 1848-10-28 00:00:00

MIDLAND RAILWAY
Newby Park, Oct. 24, 1848.
•
Nit,-On. behalf of the Directors of the 31idland Railway Coin-
pany, I am requested to acknowledge the receipt of an Address from
a nuinber of Shareholders resident in Liverpool and the neighbour-
hood which you have transmitted to them.
The Directors would ;have been content merely to acknowledge
the receipt of the Address, had it not contained an imputation upon
them, which they cannot pass over In-silence. - The _Shareholders
commence their address by ascribing the depression of their pro-
perty to " the want of public confidence in the, integrity of the ma-
nagement." The Directors, therefore, desire that you will immedi-
ately furnish them with a list of the specific charges involved in this
statement, in order that they may convene a Special Meeting of the
Company, and have the opportunity of' refuting the accusation thus
brought against the integrity of a body of gentlemen who feel, that
they stand as high in the estimation of the public at large as the in-
dividuals who have appended their names to this calumnious docu-
ment, which comes with a peculiarly bad grace from a body of Share-
holders who, prior to the appointment of the present Directors, were
only receiving a two-and-a-half per cent. dividend. Since that time
"the dividends have been" increased to six and seven per cent.
In the meantime I may be allowed to offer to you, as one of the
Shareholders who have signed the address, a few remarks upon the
Several suggestions contained in it.
1. You call upon the. Directors to close the capital account. No
person is more fully aware than yourself that the shareholders have
had the power of passing a vote to that effect at any half-yearly
Meeting. But supposing the development of a new traffic, producing
a revenue of 20,00 E. or 30,0001. per annum, should require an out-
lay of 60,0001., how absurd it would be to say that such outlay ought
to be taken oat of income.
2. Teti call upon the Directors to examine and pay all outstanding
accounts of,the solicitors. These accounts are now undergoing a strict
examination, and as soon as the solicitors are satisfied to accept the
amount the Directors think due to them, their bills will be paid.
But surely this is a matter which must be left to the discretion of
the Directors ; had they given way to the pressure of the Pro-
prietors When. they were urged to settle the demands of the contrac-
tors, they might have sacrificed a very large sum for the sake of an
Immediate settlement. They succeeded in making great reductions,
• and so much was saved to the Company. The claims of the con-
tractors amounted to 89,5771., and were finally liquidated for
17,7231. lbs. 7d. Your objection to any further Parliamentary ex-
penses being incurredorithout the sanction of the Shareholders, is
; it is clear that no Parliamentary expenses of any importance
can be incurred withoet_such sanction.
3. You call for a reduction of the salaries of our engineers. We
have only ono-engineer employed upon the lines, and, considering
the abilities of that gentleman, the Directors do not think him ever-
paid.
-- 4. You require that stations shall not be enlarged. Should traffic
increase, how is it to be conducted without Increased accommoda-
tion ? If the Shareholders think the Directors incompetent to decide
apon matters of this kind, they ha 1 much better remove them, and
appoint others ht whom they have greater confidence.
5. The Directors are called upon to enter into no Ibrther contracts.
It roust have escaped your recollection that at the lest halt-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 sice-cifically what traffic is meant.
7. Ton think the number of trains ought to be reduced. This is a
-question which must be left Le the judgment of the Directors for
nothing can be mere difficult than to determine, from time to time,
_ what trains ought to be ran. I consider It would be an unwise and
impolitic measure to take off fhe express train, which you suggest
_ should be done.
‘• 8. The alteration yon propose in the mode of appointing Directors
Would require a new Act of Parliament.
-- 9. Ton ask the Directors to purchase all stores by public contract.
l'have po.dpubt you are aware that this is generally done. but it nbt
-nnfrequeutly,happens that the Directors can purchase articles in the
• inarkeintich below the coiitfact price; and *heir they ban do So they
often avail themselves of the opportunity.
I hare 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
10 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 8,000.
You are a holder of capital stock in the company to the amount of
• 31141., and you describe-yourself in the address as a broker. From
your experience in that business, I have no doubt you are well sole
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 steel( in a variety of foreign and
other new lines, and that they were compelled to sell the stock of
old 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 over 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 setts-
- factory.to all parties. Consols have been at 47, they are now at
84%, 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 railwly 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 have 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-
nution ; 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 which 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 in 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-
clusions, request that you will call the Requisitionists together, sad
that there may be no delay in sending a list of the charges Ira-
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 to retain their seat at the Board; and as soon as that con-
Ildence 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 statement, but merely giving it as my own
individual opinion, that -I believe another 51. call upon the 501.
Shares, with the arrears of calls now owing, will complete all the
works in course if construction, and the remaining 251, per Share
will remain applicable to the liquidation of the debt. 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 I. Houghton Braucher. Esq., Liverpool.

GRE AT WESTERN RAILWAY.
OPENING of LINE to BASINGSTOKE, ALTERATION for
WINTER TRAINS, and DISCONTINUANCE of RETURN
TICKETS.—Noy. 1, 1548.
The Berks and Rants Railway, between Reading and Basingstoke,
will be OPENED for the conveyance of Passengers, Goods, Parcels,
Carriages; Horses, and Cattle, on and flora WEDNEiDAT next, the
let 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 particulars of all these changes, and for the times
of Trains to and from Basingstoke, reference must be bad to new
Train Rills, 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•
tens of return, or day tickets, which will be entirely discontinued
from and after the Ist of November, 1848
_ _ _ .

By order of the Directors,
"• CHARLRS 1. SA.U).i DABS, Secretary.
Paddington Station, October 26, 1848.

ROYAL SEA - BATHING INFIRMARY.
The FIFTY-THIRD ANNIVERSARY DINNER will take
place at the London Coffee-house, Ludgate-hill, on TI7ESDAY, Oc-
toiler 31, 1848,
The Right Honourable the LORD MAYOR in the Chair;
Supported by

THOMAS QUESTED FINSTiS, Esci; A1d.,1 Sheriffs of London
JACOB EMANUEL 'GOODHART, Esq., 5 and 'Middlesex.

STEWARDS. •
The Very Rev. the Doan of Pe• Thomas Bless Pugh, Esq.
:terborough. . Robert Pugh, Esq.
Pir_ Richard Plumtre Glyn, Bart. ;Samuel Ridley, Esq.
Zdward Candor, Esq. Samuel William Rowsell, Esq.
Rev. Charles Day, LL.B. - ICharles John Rowscll, Esq.
Thomas Henry Fenton, Esq. 'John Thomas Rowsell, Esq.
Robert Hanbury, Esq. Thomas Thornton, Esq.
Samuel Jones Loyd. Esq. - 'Richard Tress, Esq.
John Labouchere, Esq. Thomas Watkins, Esq.
William Phelps, Esq. ,Robert Westwood, Esq.
Samuel Poyndei, Esq. Robert R. Wood, Esq.
Dinner on Table at Half-past Five o'clock precisely.
..Tickets, 16s. each, may be had of the Stewards; at the Bar of
the Tavern ; and of John Paul, Secretary, 35, Cannon-street.

DISPENSARY for CONSUMPTION and
DISEASES of the CHEST.
26, Margaret-street, Re;ent-street.
-The next Quarterly Court of Governors of this Dispensary will be
held on MONDAY, October 30.
By order.
W: ,T. HUDSON, Hon. Secretary.
The Chair taken at One o'clock precisely.

ON NERVOIft'IitISILITT AND GENERATITE DISEASES.
Just published, the Thirty-sixth Thousand, an improved edition, re-
vised and corrected, 120 pages, price 2s. 1* a sealed envelope, or
ibrwarled•by tkaA,uthors, post paid, to any address, secure from
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merous ..t.natpoicalgolaured Engravings.
MANHOOD: the -CAUSES of its PREMA-
TURE DECLINE, with Plain Directions for its PERFECT
RESTORATION.

.-,A Medical Essay on those Diseases of the Generative Organs,
emanating from Solitary and Sedentary Habits, *indiscriminate Ex-
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sufferer la Youth, Manhood, and Old Age ; with Practical Remarks
en Marriage, the Treatment and-Cure of Nervous and Mental De-
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Correspondence, cases, •
By J. L. CURTIS iktul_qp., Consulting Surgeons,
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The rarent, who beholds hfi.belovetfchild Wing away, and fast
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"IfsA • 13.- B I A • G E.
One half the wend *are desolately single, and the other
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0,404.14nd STlningS), 10, Argyll-place Regent:street; and all