The Sun.
London, England, 1856-03-29 00:00:00

SEVERN VALLEY.

Yesterday a very large and influential meeting of
landowners, residents in the district, and others, was
held at Bridgnorth, to hear from Sir Samuel Morton
Peto, Bart., chairman of the company, a statement of
the present position and prospects of the line.
The mayor of the borough, Mr. J. B. GRIERSON, pre-
sided. His worship briefly explained the object of the
meeting, and stated that he had received a letter from
Mr. Henry Whitmore, one of the members for the
borough, regretting his inability to attend, in conse-
quence of the illness of his brother.
Sir S. M. PETO said he had great pleasure in attending
that day, to give a candid exposition of the prospects of
the railway of which he was chairman. As many present
were perfectly aware, he did not in the first instance
hold that partition, bat he in connection with other
friends of his own became a large subscriber to the share
HA, feeling assured that by so doing he was materially
advancing his interests as a shareholder in the Oxford,
Worcester, and Wolverhampton Company. But find-
ing that this company was in a position to need all the
aid he could give it, and at the earnest request of
the directors, he assumed the chairmanship. On look-
ing into the project minutely, and after going over the
district carefully, he felt that his original anticipations
were far more than realised in the prospects that pre-
sented themselves to him, and that he had not only
entered into what would be valuable in improving his
interest in the Oxford and Worcester line, but that would
also in itself be a paying investment. He found that
certain things bad been omitted and certain errors corn.
mitted in the orignal laying out of the line, which, if to
meiied, would not only affect the cost of the under-
taking, but also materially improve it as an enterprise.
The time that had elapsed from his taking the chair had
not been lost time, because they had economised upon
,he total value of the undertaking at least 120,000/. It
was now not only a well considered line, and everything
they could desire as to the character of its works, but
the total cost of construction, including the purchme of

I lan I and all other expenses, had been brought down'to
15,000'. per mile. Taking the cost at 15,0001. per mile,
and assuming that the brie between Shrewsbury and
Hartlobury afforded traffic equal to that portion of the
Oxiord, Worcester, and Wolverhampton line, and allow-
ing 50 per cent. for working expense 3, the receipts of
that line applied to this would pay 6,i per cent. on the
outlay. Taking it in carnparißon with the Shrewsbury.
and Hereford they would' have rather over 5' per.cent.
In looking through the returns of the different lines
of railway, he did " not .find any lower in its receipts
than the Shrewsbury and •Heretord, and, with the ex-
ception of the Aberdeen Railway, none so low. In the
eastern counties- of England the average weekly receipts
of the different railways were 281. per mile ;, and, as-
suming that this line received only 261. per ,mile per week,
they would have five per cent. on the outlay; Before
the line , could be carried out 150,600/. must be
raised-in shares. He, as the chairman of the com-
pany, would never sanction the commencement of
the line until he saw that they were in a position
honest'y to pay for the whole of the undertaking,
and to carry it out in its entirety. Within the
last fortnight he had been instrumental in obtaining
sub.eriptions for shares to the extent of 28,000:. ; and if
Bridgnortb, Bewdley, and the other towns along the
line, came forward liberally, the directors would be en-
abled to start the undertaking this bummer, and the
line between Shrewsbury and Bridgnorth might be com-
pleted in fifteen months from the time of its colomence-
meat, and the whole line in two years and a quarter.
By completing the Shrewsbury end of the line first, they
would have twenty miles opened, which would be earn-
ing as much at least as would pay the interest on the
debentures. In conclusion, the,hon, gentleman said he
wished to correct a statement that had gone abroad to
the effect that the directors intended only to carry out
the line to Itoublidge ; the directors were determined to
make the whole line.

Mr. J. Parronann, spike at some length in
supportof the undertaking been at,once-ifirted into
effect, and to aid the directors in doing so he seggested
tLat a committee be formed to canvass the town and
district. He was himself prepared to support it.
Mr. FowLEH (engineer to the line) explained that if
the landowners could be induced to take the value of
their land in shares, a less sum than that named by Sir
S. M. Peto (150,0001.) would be sufficient,
_and
not necessary that the whole of that sum ishotild be lo-
cally raised. If one half was .subscribed by parties re-
sident in the neighbourhood, the other half would no
doubt be.previded by capitalists.
A di-cus3bn of some considerable length ensued, and
ultimately a resolution was adopted to the effect that the
statement of Sir S. M. Peto was satisfactory to the
meeting; and a committee of gentlemen was appointed
to cavase the town and neighbourhood for shares.
Votes of thanks were accorded to Sir S. M. Pete
and the Mayor, and the mee.tingtheu separated.