The Sun.
London, England, 1846-02-19 00:00:00

BL A CKWALL RAILWAY.

The first half-yearly meeting of the proprietors of the Blackwell
Extension Railway was held, at twelve o'clock yesterday, at the
London Tavern.
The meeting was made special, for the purpose of considering the
propriety of amalgamating with the Blackwell Company.
A great number of proprietors were present. J. M. Darnell in the
chair.
The report, which was read by the secretary, Mr. Kennell, stated
that the original design of the promoters of this Company was, that
the line should form a part of the London and Blackwell Railway.
In conformity with this design, the shares in the capital were allotted
amongst the proprietors of the Blackwell Railway, by which means
an union between the two Companies has already been established,
and it only remains to ratify that union in the manner directed by
the provisions of the Act of Parliament. The accounts showed a
balance of 17,9991. 7s. 9d.
A resolution assenting to the agreement, on the understanding
that one share in the extension should represent three in the original
line, was adopted.
The eighth half-yearly meeting of the directors and shareholders of
the Blackwell Railway was then held, Mr. Damell also presiding.
The report set forth that the result of the half-year enabled
the directors to congratulate the shareholders on the prospects of the
undertaking. The net profits of the past year had exceeded those of
the previous year by upwards of 4,300/„ so that the dividend which
they would declare would be Is. 6d. per share more than that for-
merly declared. The passenger returns showed a falling off in num-
bers during the past half-year, but that falling off was almost con-
fined to the new traffic; but there had been an increase in the re-
ceipts from the stations, or business traffic of the line. Annual and
season tickets had been issued since the commencement of the year.
Tiro Bills for railways were before Parliament ; one was the London
and South Essex, and the other, the East and West India Dock and
Birmingham Junction Railway. The last, passing through the
densely populated suburbs, Camden-town, Islington, Holloway, and
Hackney, is intended to join the Blackwell Railway near the West
India Dock station, and will thus give great facilities to the inhabi-
tants of those districts for communicating wills the City and the
river. The London anti South Essex Railway in intended to join
the Blackwell Railway at Stepney, and there can be no doubt that
a large additional traffic must by this means be obtained. Inde-
pendently of the different populous localities in the vicinity of the
m. tropolis which would seek this channel of communication, this
route between Gravesend and the City will be the shortest and most
accessible, a steam ferry being established across the Thames
at Tilbury ; and the facility of communication, • afforded
by this line, will snake Southend a favourite place of resort. They
had agreed with the directors of the Eastern Counties Company that
passengers and goods should be conveyed to their station at Shore-
ditch, when the junction with that railway at Bow should take place.
The directors, acting under the advice of Mr. Locke, had applied to
Parliament for power to widen the line from Stepney to Fenchurch-
street ; the shareholders would not be called upon to contribute the
capital necessary for this purpose, unless the directors were satisfied
t'iat they could obtain such an increase of Verne as would amply
remunerate the outlay. The revenue account exhibits a balance
available for distribution of 6,552/. Is. 3d., out of whirls the directors
recommend the declaration of a dividend of 2s. 6d. per share, clear
of income-tax, leaving 363/. 10s. to the credit of the present half-
year. The net balance was 6361. 3s. 10d.
The report, and a resolution assenting to the amalgamation wills
the Extension line, were agreed to.
The CHAIRMAN, in reply to a number of questions, stated that the
directors had done all in their power to reduce the working expenses
to the lowest rate ; that the accounts had been carefully audited ;
and that they were doing all in their power for the benefit of the
shareholders. In his address he stated that, viewing the line as an
Isolated one, with a terminus close to Greenwich and Woolwich,
they never could expect it to remunerate them for the large capital
which they had expended ; and even the traffic from these places,
on account of the cheap water conveyance, had greatly diminished,
l its total withdrawal was threatened. However, he anticipated
great results from their junction with the Eastern Counties, and
for the extension of which they had sought the sanction of Parlia-
ment. The South Essex line would be most beneficial, inasmuch as it
would bring a great amount of traffic on their line. After referring to
other minor topics, lie concluded by expressing his belief that their
prospects were now more favourable than ever.
Several gentlemen having addressed the meeting, a dividend of
2s. Gd. per share for the half-year was declared, and made payable
on and after the sth day of March next. A vote of confidence and
thanks to the directors for their exertions was carried, and after the
transaction of sonic other business, the meeting separated.