The Sun.
London, England, 1846-08-19 00:00:00

1845.

Passengers. Amount.
January 207,920 A;i,225 12 9
February
March
April 258,546 4,407 9 0
May 293,373 5,033 7 10
June

1,524,077 825,612 19 1
18-16.
Passengers. Amount.
January
February 166,551 2,688 10 7
March
April
May 310,318 5,040 19 11
June 393,730 6,283 0 9

1,496,180 £23,731 15 4
"It will be observed that there has been a diminution
both in numbers and receipts during the past half-year. This
is attributable to various causes. The ' Great Britain'
steam-ship was a great object of attraction for some months
during the early part of last year. The issue of annual and
season tickets will also partially account for the diminution.
The receipts from this source, which amount to 7981., have
bees taken credit for in the revenue account, but ate not in-
cluded in the above statement of traffic.

" The returns from wharfage, both on passengers and
goods, exhibit a favourable result, so that, irrespective of all
adventitious sources of increase of traffic, the receipts from
the regular traffic during the past half-year evince a pro-
gressive improvement.

" The shareholders will remark, that though the ca-
pitalisation of the debenture debt is only beginning to
operate, there is a saving on the half-year's interest account
of 4731.

"The directors are glad to report, that the arrangements
with the steam-packet companies in connexion with Graves.
end and Woolwich are satisfactory, their boats frequenting
tLe wharf on terms common to all.

"The directors strongly represented to the shareholders,
on a former occasion, that the interests of this Co►n-
pany could not but be greatly advanced by the con-
struction of the proposed South Essex Railway bringing a
large traffic upon the line; and they found it imperatively
necessary to take active and earnest measures to prevent the
traffic being diverted to the Eastern Counties Railway by
the North Gravesend, which was the competing line with
the South Essex; and though the South Essex Company
failed in their attempts to get a Bill, so also did the North
Gravesend. Every effort will be made to retain for the
Blackwall proprietary the traffic of the left bank of the
Thames, so legitimately their own.
" The Bill for uniting the Birmingham Railway with the
East and West India Docks is yet before Parliament. It has
passed the House of Commons, and is now in the House of
Lords. Such arrangements have been made with the pro-
moters", as it is believed will secure the interests of this com-
pany, should the Bill receive the s:lnction of the Legislature,
and the work be carried into effect in the manner now
proposed.
" The negotiations with the Dock and Birmingham Junc-
tion Company led to the belief that it was prudent to delay
for the moment the commencement of the works on the Ex-
tension line, lest any modification of the plan should have
been found desirable. The works have, however, been con-
tracted for, and will now be proceeded upon with all possible
dispatch.

The report of the Commissioners on Metropolitan
Termini is strongly against the introduction or extension of
railways within certain limits round the City. This restric-
tion, and the attainment of powers to widen the line, to give
increased station accommodation, and for the use of loco-
motives at the London terminus, have placed the London
and Blackwall Railway in a much more advantageous posi-
tion than it ever held before. And the directors venture to
express their confident belief that this railway will, at no
distant period, become the London terminus for all the lines
north and east of the metropolis."
The CIIAIX3IAN congratulated the shareholders upon the
improved state of their affairs, and expressed his conviction
that the termination of the rivalry between the Company
and the Gravesend steam-boats would be productive both of
advantage to themselves and benefit to the public. On the
whole, he thought their efforts in Parliament had been
tolerably successful, and they came out of the contests they
had lately entered into with as much success as they
had, under all circumstances, reason to expect. The
Bill for enlarging the station had been carried,
and it would no doubt tend to increase the accommodation
of the public as well as their own traffic. The business of
the Brunswick-wharf was daily improving. The rope had
worked well ; and on the whole their prospects were highly
gratif) ing. Indeed he had no doubt that eventually the
line would fall into the hands of a powerful neighbour, and
become the leading entrance into the City for all lines.
After a short discussion, during which it was elicited that
there was no favouritism evinced by the directors towards
any of the steam-boat companies, and that it was intended at
a future meeting to reduce the number of directors from ten
to seven, the report was adopted, and resolutions in accord-
ance N‘ith its recommendations agreed to.
Thanks were then voted to the Chairman and directors,
and the meeting termipated.,

------- -
The half-yearly general meeting of this Company was held
yesterday for the transaction of the ordinary business of the
Company, in pursuance of the provisions of the Richmond
Railway Act and of the other general Acts of Parliament re-
lating to railways.
Thechair was taken at one o'clock by W. Chadwick, Esq.,
Chairman of the Company.
The SECRETARY having read the advertisement convening
the meeting, proceeded to read the report, which stated that
the Richmond Railway was opened to the publie on the
27th of July last, and the directors cordially congratulate
their proprietors upon the favourable prospects which may
be fairly anticipated ; that a sufficient time has not as yet
elapsed-since the opening to enable the directors to form an
accurate judgment of the traffic to be expected. They are
happy to report, however, that the result of the returns,
as.far as they have been obtained, is most encouraging.
The receipts for the first week to August 2d, amounted to
47c).; for the second week, to August 9th, 536/.—making a
t 0t..1 of 1,0121.: that the Bill for the construction of the Kew
hranch has •been rejected for this session by the House of
Lords; but the directors feel confident that the necessity of
a speedy communication between the metropolis and the im-
portant towns of Brentford and Hounslow, and their
neighbourhood, will induce the Legislature to afford
some railway communication to this district, which
can be procured in no other way so satisfactorily as by a
branch line from some point on this railway. It is proposed
to make a further call of 51. per share, which they feel as-
sured will be amply sufficient for the entire completion of
the railway. It further stated that the directors have
inxiousl3 deliberated on the terms proposed by the South
Western Railway Company for the purchase of this railway,
and have communicated with the directors of that company
upon the subject, in pursuance of the resolution of the
last special meeting; and the South-Western Company
has since consented to a modification of the former terms,
ivhereby all the shareholders in this Company should be
allowed the option of either taking the stock of the South-
Western Company as before arranged, or the sum of 91. as
premium in money. The receipts of the line up to the pre-
sent time, although worked under great disadvantages, have
far exceeded the expectations of the directors—they do not.
therefore, feel justified in recommending the proprietors to
concur in the sale of this railway on the terms now offered by
the South-Wetern Railway Company; and that intere.t. at
4 per cent. per annum will be paid on the sums contributed
in respect of any shares in this Company, according to the
provisions of the Act of Parliament, on and after the Ist of
September next.
The following summary of the balance-sheet of the Rich
mond Railway Company was laid before the meeting:—
DEBTORS.
_

Land and compensation £57,813 14 4
Construction of the way and works, and
rails and chairs for the permanent way...
Engineering, surveying, and valuing, also
Parliamentary. law, and arbitration ex-
penses
Furniture for the office
Remuneration to the directors and auditors
Salaries and allowance for services
Rent and office charges
Advertising, printing, and stationery....
Postages, travelling and miscellaneous ex-

61,617 8 2

4,308 9 5
182 12 8
770 0 0
1,175 10 7
238 11 9
891 11 9

199 7 9

penses...
Sundry persons on account of works in pro-
gress, land, &c.. 8,542 6 6
Deposits to await the settlement of claims
for land 23,149 16 3
Shareholders for calls and interest 9,543 12 8
Cash at the bankers 13,951 11 8
Cash in the hands of the Secretary 2B 12 5

£182,413 3 2

CREDITORS.
Capital stock, being 101. on each of 13,000 -
shares £130,000 0 0
Interest on investments and calls 537 4 4
Transfer fees
Sundry persons for land and compensation 9,722 5 0
Sundry persons for rails and chairs, ser-
vices, &c 0,819 19 4
Loans and interest •••••• 35,305 2 6

Total £182,413 3 2
Several formal resolutions having been put and carried
`nem. con., the meeting was then made special, for the pur-
pose of considering the expediency of leasing or selling the
Richmond Railway to the London and South-Western Com-
pany, and if such lease or sale should be deemed expedient,
then for the purpose of considering and determining upon the
terms and conditions of such lease or sale.
The SECRETARY then read the terms of the agreement
provisionally entered into with the London and South-
Western Railway Company on the 20th of July, 1846, for a
sale of this railway and all its works and appurtenances,
with all the lands, property, and other effects of this Com-
pany, and all its earnings from the time of the opening, and
including also a further call of 5/. per share (making alto-
gether 15/. per share paid on 13,000 shares) to the London
and South-Western Railway Company, in consideration
of 195,000/. stock of that company, or 3,900 shares of 501. each
fully paid up, to be placed in the hands of the directors of
this Company for distribution amongst the shareholders, ac-
cording to their respective interests. The London and South-
Western Railway Company taking up and providing for all
the obligations of this Company, and the said stock or shares
to be considered as the property of the Richmond Railway
Company, from the Ist of July, 1846, for all purposes except
dividend, which is not to accrue thereon, except from the Ist
of January, 1847, the London and South-Western Railway,
Company admitting as an obligation of the Richmond Com-
pany, their liability to pay interest, at therate of 4/. per cent.
per annum, from the time of the Richmond calls, being the
paid-up capital to the Ist of July, 1846, and at the rate of
51. per cent. per annum from the Ist of July, 1846, to the
4.c of January, 1847. Also an agreement made on the 15th
of August, IS-16, by which the oouth-Western Railway
have consented to modify the terms originally proposed, for
the purchase of the Richmond Railway, as follows :—That
all shareholders in the Richmond Railway Company shall be
allowed the option of either taking the stock of the London
and South-Western Railway Company, in exchange for their
shares, as set forth in the terms first proposed; or the sum
of 9/. as premium upon each share, in money.
The CHAIRMAN then proposed a resolution, "That in the
opinion of this meeting it is not expedient to sell the Rich-
mond Railway upon the terms proposed by the South-
Western Company."
Mr. A. PELLATT quite concurred in the terms of that re-
solution, and thought that valuable extensions of the line
might be made not only to Brentford and Hounslow, as
stated in the report, but also to Staines and Windsor.
Mr. TITE wished to know of the directors what was their
reason for so strongly refusing the terms offered by the South-
Western Company?

.
Mr. SALOMONS said that he was sorry to differ from his
brother directors on this subject; he thought the proposition
a very fair one, and that as men of business, and having first
opened the negotiation, he thought they were bound in ho-
nour to accede to the proposition. his friend Mr. Boothby
had, he believed, another proposition to make to the meeting,
which he hoped would receive the sanction of the meeting.
Mr. BOOTHBY then stated the terms of his proposition,
which were, that the South-Western Company should take
them into their Company at par, at 151. per share, and give
them their stock at par, at 45/., which would be at the rate
of three shares in the Richmond Railway for one South-
Western, with the alternative of taking 10/. premium, if the
parties chose to do so.

Mr. SALOMONS w•as quite prepared to sanction that pro-
position.

Mr. A. PELLATT said that he would oppose the resolution,
and moved, as an amendment, "That this meeting do not
consider that the time has arrived for the sale of the Rich-
tnond Railway, and that the consideration of the question
be adjourned sine die."

A SHARHYOLDER, whose name we could not learn, se-
conded the resolution.

After a few words from Mr. Wilson (the chairman) and
Mr. Salomons, the amendment of Mr. A. Pellan was with-
drawn.

The original resolution was also withdrawn, in the place of
which

The CHAIRMAN proposed, "That, in the opinion of this
meeting, it is not expedient to sell the Richmond Railway
upon the terms proposed, but, in rejecting the present oiler,
are empowered to dispose of the Richmond Railway, upon
receiving one South-Western share for three Richmond
shares upon which 13/. per share have been paid, or the
option of receiving 10/. in money, as a premium upon each
share upon which 101. shall have been paid, provided these
conditions shall be accepted before the lbth of September."
Mr. D. W. IlmtvEY thought the proposed arrangement a
very favourable one, it would give the shareholders in the
Richmond railway not only an interest in the success of their
own line, but also of those extensions of the South Western
Company to Waterloo and to London-bridge, and also in
those gigantic extensions to the West of England, to Salis-
bury, Exeter, Cornwall, and other places; and without at all
envying the receipts of either the Greenwich or Blackwall
Railway, he could not doubt but that all those lovers of the
country who had hitherto been used to exhibit
their shapes not always in the most attractive
forms upon the hills of Greenwich would be found quietly en-
joying themselves by the side of the river at Richmond,
which was a part of the country far preferable to the others.
He hoped, therefore, that the resolution would be agreed to
unanimously.
The resolution was then put and carried unanimously.
A vote of thanks was then proposed to the Chairman,
which was also agreed to.
The meeting then broke up.

OXFORD, WITNEY, CHELTEN-
HAM, AND GLOUCESTER INDEPENDENT
RAILWAY.

A general meeting of the shareholders and scripholders of
this Company was held at the London Tavern, Bishopsgate-
street yesterday, for the purpose (as stated in the advertise-
ment) of considering a proposal to be made to unite this
Company with the proposed Cheltenham, Oxford and London
Railway, upon certain terms and conditions to be stated at
the meeting, and in case of such terms being ap-
psf ved and accepted by the meeting, then to
!:arise and empower the proper parties to unite
this company with the proposed London, Oxford,
and Cheltenham Railway Company, and to wind up the
affairs of the Oxford, Witney, Cheltenham, and Gloucester
Independent Railway Company.
Sir JAMES DUKE, the chairman of the board of directors,
took the chair a few minutes after twelve o'clock, and
opened the proceedings as follows :—Gentlemen, I ant glad in
some respects to see so small a meeting here, because
I believe that it will in some respect testify
that there is something like confidence in the
directors as regards anything which we may have
the honour of submitting to this. meeting, and on their
part and on my own I confess that I feel a great obligation for
the confidence that has been manifested towards this Com-
pany, because, while I believe that it is generally understood
that the Company's finances are in a very low state, there
are no parties here who have conic for the purpose of expres-
sing a want of confidence in the directors, because they have
not thought proper to call the proprietors together.
Gentle-
men, I have been anxious for some time past that we should
not abandon our line without some struggle, and an en-
deavour to obtain some advantages for you and after
negotiations with various parties, we have now come
to the happy result of making such an arrange-
ment as I trust will be satisfactory—very satisfactory—
to us all, under the circumstances. Gentlemen, before
I allude further to that, I will state to you that
we are honoured to-day with the presence of the solici-
tor of what was formerly the London and Birmingham Com-
pany, but now the London and North-Western Company,
who gteo;ll6 tore 41, onto; tbit ho may confum gatment,

or supply any deficiencies which I may inadvertently
make. Gentlemen, it has been my anxious wish on all oc-
casions to act straightforwardly, and, though our deed of settle-
ment gives the directors the power of making this arrange-
ment, I thought it would be very ungracious, in return for
the confidence which you have always evinced towards us, if
we did not call you together, and give you an opportunity of
expressing your opinion upon our conduct with respect to
this arrangement. And, at the same time, I may state that
if your views are in unison with ours it will strengthen our
hands in completing that arrangement. I will now, there-
fore, ask the Secretary to read the advertisement calling
you together for this special object, and then I will endea-
vour to explain to you the terms of the arrangement,
Mr. J. Menzies, the Secretary of the Company, having
accordingly read the advertisement,
The CHAIRMAN continued as follows:—Now, gentlemen,
some time ago we were in negotiation with the London and
Birmingham Company, but their directors not being able to
prevail upon them to take the same views of the advantage
of taking us up, the negotiation (as, in fact, I apprehended)
went oil. However, upon further consideration, they
requested me to see them again, and on Saturday
last I received from them officially such a communication
as I shall now read to you, with your permission. Having
read the communication, the Chairman thus continued :
Now, gentlemen, there is another rival- company in the
field. the Great Western Company, and I felt that to talk
to you about advancing more money, with the view of pro-
secuting this scheme in the next session of Parliament, was
not likely to be a palatable project, and I therefore thought the
only alternative that we had to resort to was to endeavour to
make the best arrangement that we could between those two
Companies. Now, I will read to you a letter which I re-
ceived from our solicitor at Witney, who supports our inte-
rests there, to show how much better the directors of the
Birmingham Company have viewed and treated us than they
were inclined to do. I will only read an extract, which is,
I think, all that is necessary :—" Although I could make no
conditions relative to the independent line, yet I think
that 500/. a thousand would be taken for them." Now,
gentlemen, I need not tell you that, after such a proposi-
tion was made, I had nothing more to do than to secure that
(in my opinion) very liberal offer, which has been made to
us by the London and Birmingham Company.—(Hear.)
Gentlemen, they in fact give us 6s. 80. per share for our
plans and our interests. That is the real state of the
case. They give us three six-and.eightpences, and we give

them three six-and-eightpences, making altogether '2/. •
so that- we ghee I/., and they give us 2/. for
You will see, gentlemen, that their shares being 20/..with 10/.
per cent. paid upon them, equal 2/., and that we give them
three shares, which are equal to three six-and-eightpences ;
they give us one of their shares—they give us, in fact, 40s.
for 20s. But, gentlemen, in addition to this pecuniary ad-
vantage, I think that there is another great advantage, inas-
much as our line from Oxford "to Witney could only com-
mand traffic between the two towns, but the project
which the London and Birmingham contemplate is to make
it, in fact, the Cheltenham and London line to Oxford,
because it is to join their line at Tring, and by that means
it will bring the two towns of London and Cheltenham
nearer than by any other route. Therefore, I am quite
satisfied, gentlemen, that if Parliament act up to the principles
which they have hitherto adopted, namely, in preferring the
most direct course, there can be scarcely any opposition
in the ensuing Parliament to this project. Besides, gentle-
men, if you look at the map you will see that the line from
Oxford to Cheltenham is a north branch of of the Great
Western Railway; and after both Houses of Parliament came
to a solemn resolution, and subsequently enacted it by
a Bill, that there shall be no broad gauge north
of the Great Western Railway, it is quite clear
to me that this Company will have nothing to do but
to go to Parliament and present their plans and obtain their
Bill.—(Applause.) Now, gentlemen, there is also another
view to be taken of the subject. You get shares in this
Company. I have shown to you by the letter which I have
read that the Birmingham directors—l speak of them still as
the Birmingham directors, gentlemen, because as their
last title is so new you will better understand what
parties I mean, I call them uy the name of the Birmingham
directors—they will be guaranteed a subscription of three-
fourths of the capital required by that Company, and thei
remaining fourth will be given to us, and such friends a
Oxford, at Witney, at Cheltenham, and other places on the
line, who have taken an interest in the undertaking. So that
gentlemen, I need not tell you that there is no chance a
those shares being at a discount, but that there is a very great
prospect of there being at a considerable premium as soon as
this arrangement is completed.—(Cheers.) Now, gentlemen,
with respect to the prospects that these gentlemen entertain
of their line, this is a skeleton of their prospectus. lam
sorry to say that it is not quite so complete as I
could wish; but the reason of that is obvious. Until
the arrangements were completed with the company,
and until they had an opportunity of consulting
their principal engineer, Mr. R. Stephenson, and ascertain-
ing in every way that they possibly could the exact amount
that they might consider necessary to carry on their line,
they could not make the arrangement complete. Gentlemen,
they have shown the great sincerity with which they intend
to carry out thi: project—they have given no less than
eight members of their board to the provisional and
managing committee. Now, gentlemen, I am quite
satisfied that you will understand the position of the London
and Birmingham Company, and it will not be necessary for
me to explain to you the importance of such an accession to
any company that may now be formed.—(Applause.) The
names of those eight gentlemen include those of Mr. Robert
Benson, Captain Mangles, M.P., Patrick Maxwell Stewart,
Esq., M.P. Now, gentlemen, I was very anxious that
I should be permitted, if I had the good fortune of closing
this affair, to retire altogether; but the solicitors of the Bir-
mingham board said "we must have fl'om you such a gua-
rantee as will satisfy Parliament that we are, in fact, the
legal and proper heirs of your state.—(Hear, hear.) Anti,
under these circumstances, it was agreed that four
of the members of this board should continue upon
the provisional committee.—(Hear, hear.) I stated
to these gentlemen from the first to the last that I ITM a
perfect blank sheet of paper, and that as long as they should
wish me to continue on the committee of the company, and
any good was to be gained by the shareholders thereby, I
would very gladly continue in any position which they
might wish are to occupy.—(Cheers.) Now, gentle-
nu n, these are the names which the Birmingham board
have furnished to carry out their proposed line, and in addi-
tion to those, there are other gentlemen connected with the
towns through which this line would pass—they are names
of great respectability. Having read the names, the Chair-
man continued to say—ln addition to those gentlemen,
there is the respectable name, the well-known name, of Robert
Stephenson as the engineer. Now, gentlemen, I think these are
names which will satisfy you that unless the Birmingham
Company had seen that they were to carry it out with ad-
vantage, and with a view to the advantage of those parties
who became subscribers with themselves, they would not
have come here to have made that offer which they have now
made. Gentlemen, the merits of our line have in some
respect been tested by this fact, because you will bear in
mind that the Great Western Company endeavoured to get
a line from Cheltenham from their Wolverhampton branch
in the last session. That was thrown out. There was also
another competing line running pretty nearly with
us, which did not succeed. It is, therefore, clear
that the Great Western have fallen upon, as nearly as pos-
sible, our line of road, and that the same line of road being
taken up by the Birmingham Company, does show, at all
events, some testimony of the merits of original project.
Gentlemen, you must bear in mind that, in taking up those
shares, we shall hand over to the new company the whole of
our plans, and the whole of everything that has been doss,
so that we shall have to pay a very small sum of money in-
deed for the necessary preliminaries and preparations to
enable us to go to Parliament. That, gentlemen, is also an
object in addition to the direct pecuniary advantage
which you get for those plans. You get another advantage in
fact, by saving the expense which would be required for new
plans.—(Cheers.) Gentlemen, the next point, and the most
important point, which I have to state to you, is
with respect to the proposition which has been
made by that Company, that we should pay
them Gs. Bd. per share, they also giving us 6s. Bd.
a share, so that for 20s. we receive 2/. ; so that would
leave in fact, one share for three without being called on to
subscribe an additional penny.—(Hear, hear.) Now, gen-
tlemen, thee are as nearly as possible all the points or
information that I can give you, and with the view of en •
abling you to come to some resolution on the subject, I have
sketched out, with my brother directors, a resolution, which,
if it meets your approbation, perhaps some gentleman will be
kind enough to take up and bring before the meeting.
" Resolved—That the proposal now made by the London,
Oxford, and Cheltenham Railway Company, of giving one
share in that undertaking in exchange for three shares,
with a payment of 6s. Bd. per share, of the Oxford,
Witney, Cheltenham, and Gloucester Independent Railway
Company, be accepted by this meeting antler a
guarantee from the directors of the London and North
Western Railway Company to subscribe three-fourths of the
capital required for the first-mentioned line, and to take a
lease thereof in perpetuity at a rent of 4% per cent. with
one-half of the surplus profits ; and this meeting hereby
authorises the managing committee of the Oxford, Witney,
Cheltenham, and Gloucester Independent Railway Company,
to carry the proposed arrangement into effect, and to pay the
sum of 6s. Bd. accordingly ; the shareholders, in considera-
tion of such arrangement, releasing all claims, and giving
full powers to the managing committee to wind up the affairs
and settle all outstanding demands in such manner and upon
such terms as they may deem most advisable."—(Cheers.
Now, gentlemen, having stated thus much to you, I don't
known that I have anything further to state.—(Cheers.)
Mr. KEDDLE said, he did not anticipate meeting with
a dissentient voice in rising to propose that the
resolution just read should be adopted by the meeting.
It appeared to him that if the affairs of the Company were
wound... up, the shareholders would receive some-

thing like 6s. Bd. a share, whereas the present arrange.
ment would moue to them the sum of IL par
share, clear of any additional expense or premium,
which might be, attached to the shares.—(Cheers.) In ad-
dition to that, as the chairman had very properly stated, no
new expense would have to be laid out in the making of
plans. He did not think that one word more was necessary
to ensure to the resolution which he had to propose a unani-
mous reception.—(Cheers.)
Mr. HARPER—I shall be happy to second the resolution.
The resolution was then put from the chair, and carried
unanimously, with loud cheering.
The CHAIRMAN then said—Gentlemen, I must confess
that I am grateful to you for this mark of your confi-
dence, and I am sure that my brother directors
must be equally grateful to you for this kind vote and the
assistance which you have always rendered to us in carry-
ing out this project; and I beg to assure you, gentlemen, that
we shall be most anxious, in our position as provisional Com-
mitteemen in the new company, to do everything in our
power to maintain our character and the confidence you have
been pleased to bestow upon us.
Mr. MARSHALL moved a vote of thanks to*the Chairman
and his brother directors for the interest which they had ma-
nifested in the concerns of the Company, and particularly to
the former, for his conduct in the chair that day.
The resolution having been seconded and carried amidst
acclamations, the Chairman responded, and the meeting,
which was most unanimous throughout, separated at half-
past twelve.

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