The Sun.
London, England, 1851-08-16 00:00:00

of the North Staffordshire letard, and to co-operate with
them, by every mewls calculated to eticourage the traffic
ot the district occupied by that uudertakteg.
" Adverting to the proceed figs of the Great Western
Company, as particularly alluded to in February la.t,
your directors have now to report that that company in-
troeuctd into Parliament a Bill seeking compulsory
powetei of access to the new station of this company in
Birmingham. The protessed object of the measure was
to satisfy the requirement of an Act passed in a previous
session of Parliament, and on this representation the
Bill was sanctioned by a Committee of the House of
Commons Subsequently, however, on a Bill promoted
by the Shrewsbury and Birmingham directors coming
Letore the same Committee, the true bearing of the
scheme, and the object of the parties, were made evi-
dent, and in the Committee of the House of Lords the
meature was defeated by an unanimous decision.
" Simultaneously with the Bill promoted by the Great
Western Company, the directors of the Shrewsbury and
Birmingham prosecuted a Bill fur the avowed object of
connecting their line with that of the Birmingham and
Oxford by means of the proposed Great Western branch,
and also of having their powers over the Stour Valley
line extended for hostile purposes, in violation of the
clearest engagement to the contrary. Yeur directors
have the satisfaction to state that their opposition to this
unjustifiable proceeding was also successful, Parliament
rt fining to sanction measures manifestly unjust, and at-
tended with danger to the public.
" The board abstain from entering at large into the
eercunistatmea u •der which the Oxford, Worcester, and
Wolverhampton directors have failed to carry out the
arrangement sought by themselves, and unanimously
approved and adopted by the general meeting of their
proprietors, held on the 28'.n February last. Your
directors are still of opinion that an alliance, such as
chat proposed with this compauy and the Midland,
would prove more advantageous to the public, and more
C iiducive to the interests of the Oxford, Worctester, and
•Volternamptoln proprietors, than the arrangement sub-
srqueutly offered by the Great Western Company—and
a committee of proprietors having been appointed to
consider the question, your directors have little doubt
that they will arrive at this obvious conclusion; and that
the Weed, Worcester, and Wolverhampton Company
will adhere to their intention of counecaug themselves
with this company and the Midland.
"In consequence of the continued refusal on the part
of the Great Western Company to eater into friendly
arrangements on lair terms, your directors have enter-
tained propositions made to them by several existing
interests connected with the mineral district ot South
Wales. The suoject is receiving the mature delibe-
ration of the board, who have, pending the decision
of the Oxford, Worcester, and Wolverhampton
C tmpany, ordered the necessary surveys to be made
with a view to a continuation of the Buckinghamshire
lines to Worcester and Cheltenham. A line from Wor-
cester to Hereford is being actively promoted by the
landowners and other influential parties connected with
that district. From Hereford to Abergavenuy there is
a line on the narrow gauge already sanctioned by Par-
liament, so that by this chain, when completed, the
whole system of the London and North-Western and
Milland Railways will be brought into direct communi-
cation with the important mineral district of South
Wales and with the city of Bristol.
" With the Shrstwebury and Birmingham Company
an agreement ha. been made, advantageous to both par•
ties ; but the Shrewsbury and Birmingham directors
have not yet signified their intention to give effect to it;
they having subsequently entered into an arrangement
with the Great Western Company. Your directors
trust that, on more ma, are consideration, the Shrews
bury and Birmingham directors will see fit to concur in
the views of the majority of their bona file shareholders,
who are anxious to abide by the prior agreement made
with this company.
"The Stour Valley line and the Birmingham exten-
sion are neatly completed. and will be ready for opening
ill October. Con, rants have been entered into for the
erection of the permanent Central Station in Birming-
ham; in the m, an time a temporary station will be im-
mediately constructed.
" The directors hive entered into an arrangement
with the lessee of the South Stafferdshire Railway, which
will effect a more economical working of the traffic of
that district.

" The directors regret that the altered policy of the
Great Northern board, in refusing to adhere to the prin.
ciple of equal charges between all points with which the
several companies communicate, has led, as an inevitable
consequence, to an injurious reduction co. rates. Your
directors have 'spared no effort to avoid this unfortunate
result, and have off,: red, in conjunction with the Midland
&rectors, to leave the whole questions in difference, as
also the basis of a more general settlement, to a referee
of high standing arid authority.
'• Your directors have ►he satisfaction o reporting the
continuance of friendly relations with the Lancashire and
Yorkshire, the alidlaud, the Manchester, Sheffield, and
Lincolnshire, and other companies whose lines commu-
nteite with yours.
" The result of the experience which the directors
hive had in the operation of these traffic arrangements
s.itisfin them of their value to the public and the com-
panies interested, and they will endeavour to extend and
consolidate them so as still further to identify the com-
mon interests involved.
From the statement of the last half-

year's accounts, it will be seen that
the net proceeds are £520,093 13 0
To which must be added tLe balance

carriod forward from last account ... 151,291 3 5

Less—Further allowance for renewal of
rails, and addition to the works,
stock, and estate

£571,384 16 5

18,992 5 6

Showing a disposable balance 0f... £652.392 10 11
" The directors recommend a dividend of 21. 15s, per
cent. fcr the six months, amounting to 528,3151. 3s. 6d.,
having a balance of 124,0771. 7s. sd. to be c.irried to the
next half-yearly account."
The CHAIRMAN moved the adoption of the report.
A SHAREHOLDER urged upon the board the necessity
For taking some steps to reduce the interest account and
the arrears of ealb.
The CHAIRMAN said he was happy to inform the share-
holders that large reductions were constantly being
nude in the mortgage debt. N.ne of the debentures
were renewed except at reduced interest; while, with
regard to the arrears of call., it would perhaps be satis-
factory to the Hon. Proprietor to know that the arrears
carried 5 per cent. interest.—(Hear, hear.)
Mr. UPCROFT asked if it was not possible to send out
the report some days before the meeting?
The CHAIRMAN replied in the negative. It was of
importance that the report should be kept open until the
last moment, so as to make all new matter available.
Mr. BALDWIN would be glad to know when they were
likely to !mem anything from the Eait and West India
Docks iinf,?

The CHAIRMAN said the directors of that line were in
the highest spirits at the result of the working of their
line, and they were in hopes that a dividend would be
forthcoming this half-year.
Mr. WILLIAMS again took the opportunity which
the meeting afforded him of complaining of the item of
2,0001. which appeared in the accounts as the losses on
light gold. fie suggested that all thnlight sovereigns
should be clipped before they were sent to the board,
and then they would not get into circulation again.
The CHAIRMAN said this proceeding would be illegal,
The light sovereigns were not re-issued by the bankers
of the company, because the gold was made up in bags
which were sealed up, and after being weighed, delivered
in that state to the Bauk of England. There ought
to be some movement in the country to abate the evil,
which ho was sorry to say was very much on the increase.
The remedy would be found in recommending the Go-
vernment to recoin light gold annually.
Mr. fIecLEY was rather surprised that a renewal
of debentures, to the extent of 1,400,0001. had recently
taken place at the high rate of 41. per cent.
The CHAIRMAN said the renewal took place at a time
wen the money market was not so easy as it was at
present.
A PROPRIETOR remarked that the Chester and Holy-
head Company were borrowing money at a large rate of
interest. Now, as Ibis c.;mp,,ny were largely interested
iu the success of that line, could not something be done
for it in the shape of a loan from the funds of this
company.
The CHAIRMAN said they bad not the power, if they
were disposea to do it.
In reply to en.eher qu stion,
Tne IIAIRMAN add the the interest of this company
was ri-pres,,nted on the East and West India board
by six directors. 'lhe Dock Company, who hold
100,000/. in the concern, were represented by four direc-
tors, and the public by six; this company held the largest
interest in the a ncern of the three. Aboui, a third of the
capital was held by the public. The gfeat feeder of the
line was the passenger sod not the goods traffic. No leas
than 105,000 persons were carriod over the line hst
week, and there could he no doubt that the concern was
doing exce+dingly well.
Mr. BASSETT addressed a few words to the meeting
upon the importance of keeping up a large reserve
fund. The stability of the company, in his opinion,
depended upon their always having a large reserve.
For a company like this, with a capital of 30,000,0001,
a reserve fund of half a million was not too large.
Mr. LcexE, M.P., wished to know in what condition
the Birmingham, Dailey, and Wolverhampton line was
now.

The CHAIRMAN had been informed that the powers of
the comp.ny had expired.
Mr. LOCLE said he found that the gross receipts
from goods amounted to 417,0001., and the ex-
penses of collections 87,0001. Now he thought
something ought to be done in future to reduce
the latter item, and he trusted the directors would
not lose sight of this part of the account. He
explained that one great reason for the loss of the Audit
Bill was the opposition of the lawyers and the
resistance it met with from some railway directors in
Parliament, who ought to have supported it. He an-
nounced his intention to renew the Bill next session, and
therefore he impress.d upon the meeting the import-
ance of agitating in its favour.
Captain Ilulen, the manager of the railway, in reply
to an observation from the last speaker, stated that the
goods' agents derived only a moderate profit from their
agency ; but a negotiation was now on foot for reducing
the expenditure in this respect, and it was hoped
the new system by which the reduction would be eff,cted
!would shortly come into operation. The whole sub-
jest, however, was now undergoing the consideration of
a committee.
r Mr. GlAcu, M.P., admitted that the Hon. Member
tor wmiton and
the worth Chairman did all they
could to secure the passing of the Audit Bill, but he,
y
for one, thought there was no necessity for legislation,
aud he was not sorry that the Bill was thrown out.
The motion for the adoption of the report wee then Fut
and carried unanimously,
The CHAIRMAN then moved the declaration of ite
diridend saw the tete' mentioned in the roped. •