The Sun.
London, England, 1848-10-26 00:00:00

Increase
You reqaire that stations shall not be enlarged. Should traffic
• how is it to be conducted without Increased accommoda-
tsn . If the Shareholders think the Directors incompetent to decide
„
"1"" Matters of this kind, they had much better remove them, and
aPPolat others in whom they have greater confidence.
5.
The Directors are called nponto enter into no further contracts.
It Mast have escaped your recollection that at the last half-y early
meeting 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
elPheit• and to state specifically what traffic is meant.
a
• You think the number of trains ought to be reduced. This is a
question which must beleft te the judgment of the Directors ; for
wthing can be more difficult than to determine, from time to time,
,what trains ought to be run. -I consider it would be an unwise and
Inalsolitle measure to take -off the express train, which you suggest
ehanld be done.
g• The alteration you propose in the mode of appointing Directors
W7ll 711;01111re a new Act of Parliament.
b " ask the Directors to purchase all stores by public contract.
have no doubt you are aware that this is generally done. but it not
Lmtreqiaai,•_
ay happens that the Directors can purchase articles in the
often much below the contract price, and when-they can do so they
ien avail themselves of the opportunity.
cite have now answered or commented upon every point of the
stafad-
except that which relates to the depreciation of the value of
tn 1-ea, with which the Directors feel that they have little or nothing
the Vio• Tisch' duty is toobtain all the traffic they can, and to pay
Shareholders good'divldends.:
The address you have sent is signed by seventy Shareholders, this
Ti
oa small proportion of the en' ire number, which exceeds 8,00.
3101 are holder of capital stock in the company to the amount of
,() a and you describe yotrself in the address as a broker. From
bo rrealserience in that business, I have no doubt you are well aale
Come nn the Public how'the old railway stock of this company has
somuch depreciated.
rn3l,position as Chairman. of seve railway companies, I have
received.
ceeron,„ce,rtis numerous complaining. letters, all, I am bound to say,
isened in a courteous and respectful manner ; and I have answered
ethoer4 by assuring the parties of the soundness and stability of the
over which I preside. The acknowledgments I have re-
sti,!id in reply have been generally satisfactory; many of the parties
other
that they were holders of stock in a variety of foreign and
lingew it
old -nes, and that they were compelled to sell the stock of
and -1-0 Pay I,r the new. When the supply exceeds the demand,
b linen a regular combination exists to depress railway property,
aaatQl.eve any course which Directors may pursue will bo of little
paw Yet, after all, the amount of stock transferred in the com-
th
tes over which I preside has been less than usual, which shows
noa ..tnanY of the quotations of sales are merely nominal. I have
tear of 'not seeing railway property again placed in a better
fop ion in the market, though not at the extravagant price it has
heretofore arrived at, and then its proper and true value
;21,1 be maintained in a manner that will be more satis-
factory to all parties. Consbls have been at 47, they are cow at
groat
and. have been at 100. If you or your friends can, by ally
__"erts advance them to 92 or 93, I have no doubt you will sae a
advance in railway property. The Bank Stock has paid 10
Per cent., and is now only paying seven, and the price has fallen con-
aide •
r4blY- ; but no one ever doubted the integrity of the management
Of the
Bank. The surprise to me is, that in the „excitements and
c_ommotions which have prevailed, railway traffic has been so well
rlasorted. Even the present amount of traffic justifies the anticipa-
In that the rate of dividends will not undergo any material
; and this remark applies to all the lines over which I have
j_te.Ozhoo:our.to preside. I wish S could call the serious and grave
,".tt af the chairman, of the London Stock Exchange to a pub-
lication is !Skied Weekly, proressing 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
...
zellange ; 1. ut I cannot close my eyes to the effect that they pro-
duce oat the mind of the public, who naturally consider that they
have thatsanction. 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 tell-
deacy is- to depreciate railway property, it would be well
that she- -Stock Exchange should disavow a publication
Which is calculated to do so much mischief. I must, in con-
clusion, request that you..will call the Requisitionists together, and
that there may be no delay in seeding a list of the charges im-
pugning the integrity of the Directors, who are anxious to meet and
repel the calumnious imputations that have been made against
,"n. Nothing but a sense of duty to the large body of Share-
holders who have hitherto given their confidence induces the Dl-
rectors to retain their seat af. the Board; and as soon as that con-
eklence is withdrawn they will most readily and gladly resign their
trust into
_ether hands by 'yam 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
asdivldual opinion, that I believe another 41. call upon the 501.
e arcs, with the arrears of calls now owing, will complete all the
Works in course of construction, and the remaining 251, per Share
Will remain applicable to the liquidation of the debt. The liabilities
Plithc Company are under the consideration of the Directors, in
_ er 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,
To j. nosghthn Braiseker, Esq., Liverpool. IRMS°I4..

CHESTER and HOLYELEAv RAILWAY.
OPENED THROUGHOUT TO 110LYNEAD.
London to Dublin in Thirteen Hours.
DOWN TRAINS.

London.

Chester I Holyhead I Kingstown

IL M.
255 P.M. 45 P.M. lO 30 P.M.
345 A.M. 445 A.M. 10 30 A.m..