The Sun.
London, England, 1848-08-29 00:00:00

TrESDAY EVENING, AUGUST 29, if i4B„

RAILWAY INTELLIGENCE.

THAMES HAVEN DoCli AND RAILWAY.

The half yearly meeting of this company was held
yesterday, at the Guildhall Coffee house; Mr. W. Chad-
wick in the chair.

The report stated, that in consequence of the very de-
pressed state of railway property the directors had ab-
stained from making any calls upon the shareholders,
and that operations on the works had been limited to
the excavation required for constructing the tidal dock
as the only means of economising the expenditure. The
accounts to the 30th of June showed that 12,8031. had
been received, and 5,142/. expended, leaving a balance
of 7,6611.

The CHAIRMAN having moved the adoption of the
report, it was seconded and carried unanimously.
Thanks were voted to the Chairman, and the meeting
separated.

Railway Company), a distance of four miles, the fencing
earthworks, bridges, and culverts are complete ; the per-
manent way is also laid and ballasted, and the gate
lodges and road-side station houses are building.
The CHAIRMAN said, as the report of the committee
which sat in London in April last had fully stated the
proceedings of the company, ho should at once move the
adoption of the report ; which was carried.
On the motion of the CHAIRMAN, seconded by the
VICE-CHAIRMAN, the forfeiture of the 495 shares was
confirmed.

The thanks of the meeting havirg been given to the
retiring directors,
Mr. BRAITHWAITE, of Nottingham, formerly a di-
rector, moved the reduction of the number of directors
in the board, and wished no re-election to take place, as
the line was now reduced from 93 to 24 miles.

Dr. J. C. WILLIAMS, of Nottingham, seconded the
proposition. Letters had been sent from Leeds, with
proxies for 200 shares, and from Glasgow, with proxies
for 2,195 shares, in favour of a reduction of the number
of members in the board.

A discussion ensued, and on amendment was made,
that two directors be elacted in the room of those re-
tiring, and the board in future be twelve instead of nine
directors.

For the amendment 14 hands were held up, and for
the original motion 15. . .

Mr. BRIGGS, of Lewes, demanded a ballot.

Mr. John Swann, of Nottingham, was elected an au-
ditor, in the place of Mr. Charles Middleton, at a salary
of 251. per annum.
Scrutineers having been appointed, the poll was taken,
when there appeared to be—for the amendment 7,326
proxies, and for the original motion 3,940, being a ma-
jority of 3,386 in favour of the amendment, or a total of
11,266 shares represented on this occasion.

r make cna arrin2;ements for the execution by this com-
pany, nr. t he London and South-Western Company, of
the Prot iOF Fed extension from the Black Potts to the town
• of Win( Is or as to the directors shall seem expedient."
The i !e solution was agreed to.
The CHAIRMAN said the meeting would now become
special, for the purpose of considering the terms embo-
died in a memorandum of agreement, which, subject to
the app rnbation of the company, they had entered into
with the London and South-Western Company, with a
view tot f e present profitable use of such portions of the
line as w NT) or might be available for traffic previously to
the comp IE lion of the entire works.
Mr. Da IA .KE read the agreement under its provisions.
The Setzttry Western Company was to work the line now
finished, en d p9y a rent of N. per cent. on the money
paid by t be.- shareholders, the rent to commence from.
the 22'd uas t, and to be paid half-yearly. The South-
Western C !ompany was also to work the line until
it was con pleted, and then the shareholders were to
begin on t-..h air original leases.
Mr. Onst .ow did not wish them to work it. If the
line were s7out up they would give the 4/. premium.
The Ci-a .Iu said that would not do. The line
must be wa. Azad; the Act of Parliament was imperative
on that poi] it.

Mr. dtist ,olv said, they might run one carriage, and
evade the A et. He would not consent to the agreement
unless tl le) had a definite promise from the South-
Western Co mpany of 41. premium. If the shareholders
did not protest strongly against the conduct of the
diroctors of the railway, they would never purchase at
that price..

Lo: gGSTAFF thought the speculation would ulti•
niately re alize 8 per cent., and the South-Western Corn,
piny wou Id hava a capital bargain by purchasing at 41
premium.

The CE :AIRMAN was of the same opinion. He was
afraid to say anything about allowing a given period for
the purchase nt that price. It would be much better for
the shareb.62-ders to obtain the 5 per cent. stipulated.
Mr. ONstow moved, as an amendment, *bat the
agreement l'oe not entered into until they had obtained
from the So.ith-Western Company a promise that somo
definite inw should be fixed for the purchase of the
shares at -U. premium."

The amen, ii-nent having no seconder, fell to the ground.
Two reso.'utions to the following effect were then
agreed to That the agreement which had been made
with the London and South-Western Railway Cum-
pany for working the completed portions of the line
between Richmond and Datchet be approved of, and
that the directors be empowered to carry the same
into effect;" and " That the directors be authorised to
borrow, at such time and upon such terms and condi-
tions as to them seem e:qedient, all or any part of the
sums whie% that company was authorised by its Act
of incorporation to borrow."

Dr. Lc NCSTAFF asked if the directors gave up all con.
trol to the South-Western Railway as to the time, &e.
the trains were to run ?

Tho CIIAIRMAN—EntireIy.
Dr. LONGSTAFF suggested several improvements in the
hours of running the traini, for the convenience of per-
sons requiring to be in London early. lie also recom-
mended the issuing of season tickets.
Mr. CRAPLIN said Mr. Stovin, their manager of traffic,
was present, and would no doubt pay every attention to
the recommendations of the learned doctor.
Thank:i wpre then voted to the chairman, and briefly
acknowleded.

BIRKENHEAD, LANCASHIRE, AND CHESHIRE

JUNCTION.
The half-yearly meeting of the proprietors in this
line of railway, was held at the Town Hall, Birkenhead,
nn Saturd..ty Izst, James Bancroft, Esq. (chairman of the
board of directors), in the chair. The fol!cwing report
of the din-- ctors was read :

"In laying the half•yearly accounts before the pro-
prietors, the directors have to report an increase of
traffic amounting to 8 per cent. on the receipts for pas-
sengers, and 20 per cent. for goods, as compared with
the corresponding period of last year; and, relying on
the development of traffic on the Holyhead, the Shrews-
bury and Chester, and the Shrewsbury and Birmingham
lines, which will be opened throughout in a few weeks,
together with the improved arrangements now being
made for the!moro efficient working of our own line, the
directors confidently expect a further and very con-
siderable increase in the income of the company. A
saving has been effected in the working expenses
to the extent of five per cent. as compared with the
corresponding period of 1847, and of the sum of
8001. as compared with last half-year, although the
amount of traffic in both departments has been much
larger. The charges on merchandise are still heavy.
However, the directors anticipate that the arrangements
which are now completed will enable them to make
a most satisfactory report on this subject at the next
half-yearly meeting of the company. In accordance with
the intimation of the last half•yearly meeting, the direc•
tors have taken steps and revised the staff of officers,
the reselt of which is a saving in the engineers' de-
partment of 203/. per annum, and in the general of-
fice of 1901. ; making a total saving of 393/. per an-
num. These reductions may be carried further, but at
this season of the year it was not considered expedient
to make more extensive changes. The proprietors may,
however, rely upon the expenditure being reduced as
far as p)ssible whhout impairirg the efficiency of the
staff. The proposals of the bondholders to obtain powers
to levy rates upon goods at the docks in Birkenhead,
at variance wi:h the understanding upon which this
company has expended a large sum of money, was, in
fact, an attempt- to levy rates upon the railway com-
pany; consequently the directors, although anxious to
avoid measures which might be regarded as hostile to
that interest, considered it their duty to offer the most
strenuous opposition to the Bill, and it will be satisfac-
tory to the proprietors to learn that their opposition was
successful. The board has been completed by the elec-
tion of Isaac Taylor, Esq., Baron Goldsmid, and Robert
Garnett, Esq. The following three members of the board
go out of the direction, in accordance with the provisions
of the act, and arc eligible for re•election, namely,
William Balleny, Esq., John Williams, Esq., and Cephas
Howard, Esq.; and James Tyrer, Esq., as auditor, who is
eligible for reelection. The directors recommend the
payment of the half-yeses interest due on the Ist July
last to the holders of the 27/. 10s. and 22/. shares, and
which shall be payable on the 25th September next; and
that interest, at the rate of four per cent, per annum, be
paid to the shareholders, who shall have paid 101. per
share on the 31/. shares on or before the 17th September
next, which last-mentioned interest is to be payable on
the 25th September next."
The capital account of the company showed that the
entire receipts.. amounted to 1,146,2141. 15s. 10d., and the
expenditure to 1,026,871/. 4s. 9d., leaving a balance in
favour of the company, including the balance due from
the Birkenhead Dock Company, and other outstanding
accounts, of 119,343/. 1 is. Id. The revenue account
for the half year showed the receipts to be 20,2511. 4s. 7d.,
and the disbursements to be 11,627/. 10s. 2d., leaving a
balance applicable to dividends of 8,623/. 14s. sd.
The CHAIII3IAN, in moving the adoption of the report,
alluded, at considerable length, to the negotiations which
had been going on with other companies, in order to
complete the unfinished portions of the line.

MALi..tr.v objected to that part of the report
srw!,:e ut the payment of interest to the Chester
and Birt;!enboad proper holders of stock, as a matter of
discretion. It V.'flS imperative on the directors, according
to the terms of amalgamation, to pay them five per cant.
up to the year 1549, and six per cent. afterwards. lie
also objected to the proposition to pay four per cent.
upon the Cheshire Junction Shares.
The CHAIRMAN admitted that the Chester and Birken-
head holders were entitled to five percent. independently
of any vote of ;let meeting. The payment of the four
per cent. to the Cheshire Junction was with a view of
getting the calls paid up.
Mr. WEEISTIM proposed that the report should be re-
ceived, but that the consideration of it, except as to the
payment of interest, be adjourned to a future meeting.
Considerable discussion then took place, in which
Mr. W. Jackson, M.P., Mr. Mallaly, Mr. Brown,
.Mr.
Webster, and other shareholders, took part.
The CirtrnmAN having alluded to the necessity of
completieg the Chester and Warrington Extension, and
again rekrred to expected negotiations with other com-
panies for assisting them to do so, the motion of Mr.
Webster was carried.
It was then agreed to adjourn the meeting to the 29th
of September.
The CHAIRMAN intimating that in the mean time some
propositions with other companies might be made, and
be submitte.l to the adjourned meeting.