The Sun.
London, England, 1846-02-13 00:00:00

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SUN OFFICE, Seven o' Clock.

LONDON AND BIRMINGIIAAI
RAILWAY.—(THIS. DAY.)
MEETING OF THE PROPRIETORS.
The half-yearly general meeting of the proprietors of this
railway was held at the Company's offices, Luston Station,
this day. The meeting was also a special, one for the pur-
pose of submitting to the shareholders the drafts of several
Bills proposed to be introduced into Parliament during the
present session for the formation of railways mentioned in
the advertisement convening the meeting. There was an
unusually large attendance of shareholders, and near the
chairman we observed Joshua Procter Westbead, Esq., the
chairman of the Manchester and Birmingham Railway
Company.
GEORGE Cann Goystte, Esq., the Chairman of the Board
of Directors, took the chair at twelve o'clock precisely, and
commenced the business of the day by calling upon Mr. R.
Creed to read the advertisement, which, having been done,
the chairman, with the consent of the meeting, affixed the
seal of the Company to the register of the proprietors, and
also to the register of the holders of 201., 25/., and 321.. shares.
The Secretary then read the minutes of the last meeting,
after which
The CIIAIRMAN said that he believed hon. proprietors were
aware, from the advertisement which had appeared in the
newspapers, that although this was the usual half -yearly
meeting for the passing of the accounts and declaring a divi-
dend, it was also a special general meeting for the purpose
of laying before them Acts of Parliament in which this Com-
pany was particularly interested. Ile had proposed, consi-
dering the value of the time of those present, particularly at
su.h a part of the day, to make a few remarks upon the
matters which would be brought under their corisis
derstion at the special general meeting, as the
Bills had already passed the standing orders of
the House of Lords. However, before he did that, he would
say a few words with regard to the dividend which would be
shortly proposed for the last half year. The Grand Junction
Company had declared that the amalgamation entered into
with them last half year was sit• isfactory to them, and
he believed he might say that it was also satisff e-
tory to this Company.—(Loud applause.) Since he
had had the honour of occupying a seat in the
board of this Company, he knew nothing that was so cal-
culated to give satisfaction not only to the parties concerned,
but also to the public at large, as that amalgimatior.—
(Cheers.) He sincerely rejoiced that it lied fallen to his
lot to be a director when that amalgamation was carried out.
—(Hear.) But with reference to the accounts it was rigl t
that they should know that a very satisfactory result had fol-
lowed the recent reductions which had been made in the fares.
both fur passengers and goods. However the dividend for
this half-year would not be so large as the dividend of the
corresponding half-year in 184.5, because they would all be
aware that the last year was one of the most extraordinary
excitement, and the number of passengers and the amount of
traffic passing along the different lines in England was
greater than might be expected for some time to
come. That remark applied especially to the amount
of goods passing along railways. They were
aware that since the commencement of this year, as regarded
passengers, there had been a very large reduction in the
fares, and the directors were also determined to Make those
rates still lower as soon as it was deemed prudent. It was,
however, quite impossible for him to enter into that
subject now. They were determined to show the
public that their policy was to do everything that
might advance the interests of the public at large con-
sistently with those of themselves.—(Cheers.) Indeed, that
was the course which they had pursued for years, and he did
not, for his own part, see that a proper reduction in the
fares for both passengers and goods at, all prejudiced the in-
terests of the Company.—( Hear, hear.) He did not mean
to say that the first of such reductions would to
a decrease in the income of the Company, but he
did not think that any reasonable man would deny
that those reductions, under the proper regulation of Parlia •
'Trent, eventually tended to the interests of a Company. But
whilst they made reductions cn one particular article of
traffic, they should also take care that a corresponding de-
crease was made in the rates on other articles. He believed
that they might learn a lesson on this head from other
railway companies. Foreign Governments took great
care upon this point. They took care that the public
should have the advantage of as low rates as possible, but
that was not effected by giving their sanction
to competition. They effected the object by Parliamentary-
regulations, and that he believed was the only way in which,
in point of fact, the object could be carried in concerns of the
nature.—(Applause.) And although he was not one of those
who were willing to subscribe to the doctrine quoted by
some people, namely, that the cost of a passage
from London to Dover should be more, mile fur mile,
than the cost of a passage from Ostend to Bruxelles,
he yet believed that the cost of the different articles of
food, tec , in e :eh county should be taken into account in
regulating the rates of fares to be puid for passages on a line
of railway. It must be recollected, that- although
the cost of a passage from London to Dover
was as much as was paid for a journey on
a French railway from Ostend to Bruxelles,, yet all the in-
cident, I expenses eventually made the cost as large as the
fare from London to Dover. If the rates for passengers in
the foreign lines were small, those for luggage were enor-
mous—(fiear, hear)—and in point of fact made travelling
by railway precisely as expensive as it was in this country.
It was an extraordinary tact (and he did not mention it
merely for the purpose of showing the cheapness of the fares
charged by the London and Birmingham Company, but
merely for the purpose of showing the extraordinary reduc-
tion which had taken place in the fares of pas•engers and
goods since the formation of railways), it was a fact he re-
peated of the most extraordinary character, and had
been communicated to him the other day by a large
carrier—that when the Grand Junction and the
London and Birmingham Companies first commenced
operations, the cost of one ton of goods between Manchester
and London was 41. lOs , and the cost of a similar quantity
of goods now between London and China wa.s only 3/. ss.
(Great laughter end applause.) He did not say that this
Company could take to themselves the credit of that reduc •
tion which they hoped to make still more marked, but still
it eai a remarkable fact in the statistics of this country as
showing what a vast change had been effected by the
reduction of fares by the Cifforent railway companies. It
would be clear to these present, that, looking forward
as they did to the great increase in traffic which, in point of
fact, must yet deverof itself. though those reduced rates, the
accommodation which the Company had at present for its re-
ception would not be sufficient. They had, therefore, made
a very large and considerable purchase from the Duke of
Bedford, tor the purpose of increasing the accommodation at
the Euston station, and the directors would now ask the leave
of the proprietors to complete that purchase. The directors also
proposed to enlarge the accommodation provided by the
Company at Birmingham, if power were given to them by
the proprietors. The proposed site would be in the very best
position in Birmingham, especially in reference to the traffic
which was expected from Wolverhampton and Dudley. It
wes proposed to expend rather large sums in the erection
of the two contemplated stations. Those proposed additional
accommodations would, he made solely for the purpose of
meeting the increased requirements of the public; and that
would show the public that they were determined to de-
serve their confidence. This liberal conduct on the part of
the Company, he felt satistied, would also gain the sanc-
tion, rather than the discouragement, of Parliament.
As regarded the different projects which the directors had in
view, he thought he need not enter into a great discussion
about them; but he would draw the attention of the pro-
prietors present to a few of them which called for some brief
remarks. One of the Bills which would that clay be brought
tinder their consideration was, " A Bill for authorising certain
arrangements between the London and Birmingham Railway
Company, end the Company of proprietors of the Birmingham
Canal Navig,at ions with reference to the purchase, leasing, or
-use of the said navigation." He made mention oft his Bill first,
because the directors some time ago thought that such an
arrangement would contribute considerably to the prosperity
of this Company, and they were not now at all (if:posed to
disturb that arrangement or alter their views. Tne next
projeet to which lie would refer was also one
which he believed would be most advantageous
to the Company if carried out, and that w
the formation of the Buckinghamshire Railway. There
avers too Bills for that project. lie mentioned that fact be-
cause he believed that some honourable proprietors, then pre-
sent, had complained that the directors had prot'ostd the in-
troduction of an unusually large number of Bills into Par-•
liament during the present session. Now, the fact was, that
in some instances there were two, and in some instances, three
and four Bills for one and the same project, 4 step which had
been recommended by their Parliamentary advisers.
The Buckinghanishire line would connect this Com-
pany's main line with Banbury, Buckingham, and
Aylesbury. It would also connect this Company's line with
the Warwickshire line, which would form one of the very
best communications between that part of the country and
Cheftstsibam ; it would also give the best and shortest cam-
Inrsiication between Leamington anti Warwick, as well as
ssuckingliam and the metropolis. The next line in which
this Company was engaged was the extension ef the line into
the town of Leamington, which was in point of fact a mere
local line, but it was one which the inhabi'ants were very
anxious to have made. The remuneration arising cut of the
Alta& on that line would be exceedingly: small. The next
trojett would be an extension to wnich he had already A-
laska, viz, the extension of the line into the heart and
centre of Birmingham. The next was the Bir-
mingham, Wolverbatrp`on, and Stour Valley Ri i!-
way. This project he mentioned to them in August
last. The directors had arranged that the Birmingham,
Canal Company, and the Shrevtbury and Birmingham Rail-
way should have a third of the interest in that railway, anti
this Ceonpany two thirds. That project was also sanctioned
at the meeting held in August last. The next Bill which
would be laid bdfore them was one for formally carrying out
the arrangement to which he had alluded, and which had
given so much satisfaction to all parties, viz , the amalga-
mation of this Company with the Manchester and Birmingham
Company. That subject, he was sure, would not require a single
observation from him. He believed he had now gone over
all the Bills in which they were themsslves imireliately con-
cerned, and he would, therefore, proceed to make some ob-
servations with respect to those projected undertakings in
which they would became partners. The first of those pro-
jects was the Rushy, Leamington, and Warwick Railway.
That was a short line, and very strongly supported in that.
part of the country, and was one, he believed,which would
prove vary advantageous and remunerative to the Company.
The Bill had already pa:se I the standing orders in thelltute f
Lords.Theeapital which this Company Would have to subscriben
would be4so,
000/. The next project was the No them
bury, and Cheltenham Railway, which would paLio, as they
might be aware, through a very extensive district of the
country; the _capital to be subscribed by this Company
would be 300,000/. The line he had reason to- be-
lieve would be a very remunerative oi.e. The next
project would be the formation of a railway from or near the
Blisworth station to the towns of Banbury and Cheltenham.
He bad spoken upon the advantages of such a hue at the
meeting held in August last. It was one which would he
very cheap in its construction and was called for by the inha-
bitants of that district. There was also another line in the
formation of which they would receive a considerable amount
of support from other parties, and that was the proposed line
from Rugby to join the Midland Comities line at Stamford.
The district through which it would pass was a very rich one,
and the traffic was considerable: they would, in point of
fact, realise such advantages from that undertaking as they
had already reaped from the Peterborough line. The next
line mentioned in the advertisement was the extension of the
line at Camden-town to Farringdon-street. At present
the directors did not sanction the extension of
the line into the heart of the metropolis,
on account of the enormous expense which the Company
would subject themselves to in pulling down property to
tarry out that extension. That project would, therefore
(for the present, at any fate), be abandoned.—(Applause.)e Tia re was another Bill, which would be laid before them, to
sanction, the extension of the main line, the West
London line, which the directors recommended to the ap-
proval of the The next wastheWatford, St-A ban;
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