The Sun.
London, England, 1851-08-15 00:00:00

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SUN OFFICE, Seven o'Clock.

LONDON AND NORTH-WESTERN
RAILWAY.—(THIS DAY.)
The usual half-yearly general meeting of the proprie-
tors of the London and North-Western Railway was
held this day at the Euston-square Station; Ala G.
C. Glyn, M.P., Chairman of the Board ofi Directors,
presiding.
The advertisement convening the meeting having been
read, the minutes of the previous meeting were con-
firmed; after which
The CHAIRMAN addressed the proprietors as follows:
—Gentlemen, before we proceed to read the report
perhaps you will allow me rather more than the usual
amount of your indulgence on the present occasion,
because I feel that the circumstances under which your
executive body meet you to-day are fraught with a con-
siderable degree of difficulty, and I might almost
say we have arrived at a sort of crisis in the history of
railway affairs. And I feel, gentlemen, that though it
is only our duty at all times to fairly communicate, and
openly declare to you everything in connexion with
the management of the undertaking, yet under the ex-
isting circumstances in which railway property is placed,
it is more than ever incumbent on us to detail to you,
and make you acquainted with the policy which has
dictated our line of proceeding, and either to receivefrom
you that confirmation which we expect to receive at your
hands, or that we should learn from you in what respect
you differ from us therein.—(flear.) These are not the
times, gentlemen, in which there ought to be the
slightest reserve between the executive body and the
proprietors in the management of this large undertaking.
—(Hear, hear.) But before I enter on the important
subjects which force themselves on our consideration to-
day, I am anxious to say a word or two in reference to the
accounts which have been transmitted to you, and I do so
more particularly, because I certainly have been very con-
siderably surprised to find that these accounts when they
were sent among the proprietors, and placed before the
public, have not produced that effect in the minds of the
people which I thought they were calculated to do. So
far from thinking the accounts are discreditable accounts,
I am inclined to think they are the beet ever presented
to you yet. You must bear in mind that at these half-
yearly meetings we have always had recourse to the re-
serve fond for preserving the equality of your dividends.
The very principle on which you advocated a reserve
fund was that we might equalise the dividends as far
as we could by keeping in hand a certain amount of re-
serve to make up the diff rence between the two half-
years. Therefore, it is no: a matter of surprise to us
that we have been obliged to do that which we have
hitherto done, more especially this half-year, paying as
we do a larger amount of dividend than
in the corresponding half year ; it is not
I say a matter of surprise to us that we have bad re-
course to the reserve fund to meet the dividend on the
present occasion. I must confess, however, that it ap-
peared to me that, perhaps, the accounts might cause
some disappointment, because the receipts were not
quite so large as some persons might have anticipated.
The receipts are, nevertheless, very large, and have
largely increased; and let the proprietors reflect for one
moment that the receipts arising from the Great Exhi-
bition traffic, and which we have now received so
largely, do not operate in the accounts from the com-
mencement of the half-year. In point of fact, the only
advantage derived in this respect in the half-year ex-
tends simply over one month. I beg again to call your
attention to another feet, because it proceeds as much
from you as from us, that this half-year, according to a
vote—and in my opinion a most righteous vote—the
capital account has been closed as far as pos-
sible. We have charged against revenue every
item that can at any time come against
revenue, although we have entertained a doubt whether,
in the administration of the affairs of this great concern,
what is technically called in the City balancing the ca-
pital account, and never laying out more capital,
could be practically carried out ; yet there
are such instances, and in regard to certain
points we have closed the capital account. Every-
thing has gone against revenue—the lawyer's bill
has gone against revenue—every variety of item which
hitherto it has been the practice of every railway com-
pany to charge directly against revenue and capital has
been charged to revenue. I might detail a variety of
items, but I will not occupy your time by doing so, as
they are patent to von all. I may mention in connexion
with this point that in preparing for the Exhibition
traffic we were necessarily obliged to undergo
a larger outlay this half-year than in the corresponding
half-year, in regard to locomotives, carriages, &c.
Therefore, I think, if you truly and fairly consider the
accounts, you may take heart, and be satisfied not only
that the directors have paid the greatest attention to every
item and particular contained in them, but that they
present a most favourable result on the working of the
last half-year.—(Hear, hear.) We have followed your
instructions implicitly with regard to a very considerable
amount of outlay necessary for the great traffic that
was anticipated from the Exhibition. We have not
charged these items of expense against capital, but we
have charged them according to the principle laid down
by you, against revenue spread over a certain number of
years. We have also rigidly followed your instructions
with regard to another head of expenditure. According
to the vote passed in February in the preceding year, ere
have limited ourselves to a sum under the
vote which you them gave us. The effect of all
this variety of items charged against revenue is begin-
ning to be felt on the working expenses of tho line. I
can assure you, and I do so without much fear, that we
are ready to submit our accounts to any inspection, and
to allow them to bear comparison with the working
charges of any other company similarly placed.—
(Cheers.) I use the words similarly placed, because I
find that, with some rare exceptions, there are no com-
panies similarly placed.--(Hear, hear.) We have now
arrived at that stage of existence when I am
morally convinced that if we are to have fair play with
regard to our own business traffic and receipts, it is ne-
cessary that other companies should close their capital
accounts.—(Cheers.) As long as that source is open to
enable others to carry on expensive and harassing Par-
liamentary attack,— (Hear, hear)—so long as that
source is open for a variety of other kinds of
expenditure which has hitherto been very much
charged to it, it is impossible for any old esta-
blished company to be at equal odds with them.
Our law expenses may appear somewhat large. I don't
deny they are large, and I won't hold out any expecta-
tion that they will be smaller while these Parliamentary
contests are going on.—(Hear, hear.) Therefore, with
regard to these points, I do hope you will not evince
that kind of feeling which I confess I was very much
surprised to find prevail in other quarters re-
specting the accounts. The re is a point in
connexion with the closing of the capital account, to
which I have had the honour of several times drawing
your attention—l allude to the necessary accommoda-
tion for our goods traffic; but lam happy to say—in-
deed, I almost made a promise to you on the last occa-
sion—that I am now able to announce to you a plan
which, when carried out, will allow us also to close that
head in the capital aecount—(Hear, bear)—and
having done that, then I believe you may look at
the capital account in connexion with the main line, and
there will not remain a single item of expenditure
which is not brought under your cognisance. The pro-
prietors will also bear me oat in this remark, that no
railway company carrying on an enormous business can
entirely close its capital account; but this we are prepared
to do—if any great accession of expenditure is required
we will consider it the bounden duty of the executive to
be ready to state the nature of the expenditure and the
advantages likely to accrue from it, and which it will be
for you, not for us, to vote the necessary money.
(Cheere.) You are doubtless aware of the enormous in-
crease in the goods business, and probably have antici-
pated that it has put us to great inconvenience in
consequence of the want of accommodation at
the Camden station. We, therefore, thought that
for the more economical end speedy dispatch of
business we should see whether it were possible
to carry on a considerable portion of the goods business
in the city of London.—(Hear.) That plan has had
my eye now for a considerable time, and I have great
pleasure in stating that we are now enabled to carry it
into effect. We have acquired, as you will see from the
report, a large space, whicn will allow us to carry on that
description of business in the very heart of the city of
London. lam also enabled to state that there will be a
centinuoas railway communication. lam not going to
speculate on the, saving which we will make by this ac-
commodation, but there can be no doubt it will be very
considerable, worked as the traffic will be under the
agency of the present experienced agents.
But I am
quite willing to make this bargain —if you do not
like the project I will undertake it, and
I ant quite
certain there never was a surer fortune for a
man in prospect, than undertaking that which is now in
our power for the accommodation of the goods business
of this company. We have had, as I said before, an
allusion to the lawyer's bill; there has been a good deal to
do in Parliament this year. We had no Bill of our own,
but there was one Bill in which we were very much inte-
rested—a Bill for four-and-a-half miles of new railway,
connecting. the North-Western with the South-Western
rad'aY, and the other railways south of the Thames,
which has been successful.—(Hear.) This I think will
bp a most important adjunct to our system.—(Hear,) In
fact it Wilt bring our line in connexion with the railways
south of the Thames, and the ports connected with those
railways, sine you will all, as mercantile men,
appreciate
this advantage.—(Cheers.) But if we did
not promote o
a,
time was occupied
Bills, a considerable deal of
:, opposing Bills. The
two Bills which
weifare the called upon on principle
to oppose were the Bill-, Great Western Company
and the Shrewsbury and Birmingham Company, for
acquiring powers fur using our s
stationt in Birmingham,
and using our lines from that station. I don't think,
in the whole course of my Parliamentaryexatnradorrdaiilnclaryy
experience, I
ever met with such an
attempt as that waa—(Hear, hear.) It was ad-
mirable for its boldness ; for they,
I sought
to avail themselves of our own capital
and a considerable. amount we have paid for the stationat
Birmieghem and the lines running there—(Hear)—
they sought to avail themselves of our capital, land, amcl
station, for the purpose of beginning a competition
w the project in-
against ours& ves.—(flear.)
That us
introduced
volved in the two Eels which were to Par-
liament. The object Was not discovered,ommittee quite
as rapidly by the members of Co
mmittee
as as it might have been, but it was eventually
seen, and the result was that both Pr`jPets Thesewere
rejected by Parliament.—(Loud cheers)
are the only Parliamentary proceedings of any conse-
quence that we have had, but they were very tedious
and very long, though very successful.—(Hear, hear.)
I wish it was in my power to report to you that our re-
lations with all our neighbours are on the footing
I should wish them to be. In connexion with