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

Wortley, M.P., tha Recorder of London, and
his judgment on most of them has been obtained. That
the North Staffordshire board should publicly express
dissatisfaction with a decision to sought and obtained, is
a matter of regret to your directors, who, however, are
still reedy and desirous to meet every just expectation
of the North Staffordshire beard, and to co-operate with
them, by every means calculated to encourage the traffic
of the district occupied by that undertaking.
" Adverting to the proceedings of the Great Western
Company, as particularly alluded to in February last,
your directors have now to report that that company in-
troducA into Parliament a Bill seeking compulsory
powers of access to the new station of this company in
Birmingham. The professed 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
before 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
measure was defeated by an unanimous decision.

" Simultaneously with the Bill promoted by the Groat
Western Company, the directors of the Shrewsbury and
Birmingham prosecuted a Bill for 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. Your directors
have the satisfaction to state that their opposition to this
unjustifiable proceeding was also successful, Parliament
refusing to sanction measures manifestly unjust, and at-
tended with danger to the public.
" The board abstain from entering at large into the
circumstances under 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 28th February last. Your
directors are still of opinion that an alliance, such as
that ' proposed with this compauy and the Midland,
would prove more advantageous to the public, and more
conducive to the interests of the Oxford, Worcester, and
Wolverhamptom proprietors, than the arrangement sub-
sequently 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 Oxford, Worcester, and Wolverhampton Company
will adhere to their intention of connecting themselves
with this company and the Midland.
"In consequence of the continued refusal on the part
of the Great Western Company to enter into friendly
arrangements on fair terms, your directors have enter-
tained propositions made to them by several existing
interests connected with the mineral district of South
Wales. The subject is receiving the mature delibe-
ration of the board, who have, pending the decision
of the Oxford, Worcester, and Wolverhampton
Company, 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 Abergavenny 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
Mi Ilunci Railways will be brought into direct communi-
cation with the important mineral district of South
Wales, and with the city of Bristol.
"With the Shrewsbury and Birmingham Company
an agreement has been made, advantageous to both par-
ties ; but the Shrewsbury and Birmingham directors
have not yet signified their intention to give ctroct, to it;
they having subsequently entered into an arrangement
with the Great Western Company. Your directors
trust that, on more mature consideration, the Shrews.
bury and Birmingham directors will see fit to concur in
the views of the majority of their bard fide sharehold,
who are anxious to abide by the prior agreement 'nixie

with this company.
"The Stour Valley line and the Birmingham exten-
sion are nearly completed, end will be ready for opening
in October. Contracts have been entered into for the
erection of the permanent Central Station in Birming-
ham; in the man time a temporary station will be im-
mediately constructed.
" The directors have entered into an arrangement
with the lessee of the South Staffordshire 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 of rates. Your
directors have spared no effort to avoid this unfortunate
result, and have offered, in conjunction with the Midi and
directors, to leave the whole questions in difference, as
also the basis of a more general settlement, to a referee
of high standing and authority.
" Your directors have the satisfaction of reporting the
continuance of friendly relations with the Lancashire and
Yorkshire. the Midland, the Manchester, Sheffield, :mid
Lincolnshire, and other companies whose lines commu-
nicate with yours.
" The result of the experience which the directors
have had in the operation of these traffic arrangeoients
satisfies 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
To which must be added the balance
carried forward from last account

4671,384 IE. 5
Less—Further allowance for renewal of
rails, and addition to the works,
stock, and estate..

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.,
leaving a balance of 124,0771. 7s. sd. to be carried to' the
next half-yearly account."
The CHAIRMAN moved the adoption of the report..
A SHAREHOLDER urged upon the board the necei laity
for bating some steps to reduce the interest account and
the arrears of calls.
The CHAIRMAN said he was happy to inform the sh are-
holders that large reductions were constantly be Rig
made in the mortgage debt. None of the debentures
Were renewed except at reduced interest; while, Nv ith
regard to the arrears of calls, it would perhaps be se.tis-
factory to the Hon. Proprietor to know that the arr,ars
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 ws,s 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 acre
likely to receive anything from the East and West India
Ducks line?
The CHAIRMAN said the directors of that line were in
the highest spirits at the result of the working of tia eir
and they were in hopes that a dividend would be
forthcoming this half year.
Mr. WILLIAMS again took the opportunity wia ich
the meeting afforded him of complaining of the item of
2,0001. which appeared in the accounts as the losses on
light gold. He suggested that all the light sovere'cns
should be clipped before they were sent to the boax.d,
and then they would not get Into circulation again.
The CHAIRMAN said this proceeding would be illiag al,
The light sovereigns were not re issued by the ban:kers
of the company, because the gold was made up in bangs
which were sealed up, and after being weighed, deliv eyed
in that state to the Batik of England. There ought
to be some movement in the country to abate the e vil,
which he was sorry to say was very much on the increase.
The remedy would be found in recommending the Cio-
vernment to recoin light gold annually.
Mr. HAGLEY was rather surprised that a reneival
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 tine
when 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 this company were largely interested
in the success of that line, could not something be do.oe
for it in the shape of a loan from the funds of th is
company.

The C)HAIRMAN said they had not the power, if they
were disposed to do it.

In reply to another question,
The CHAIRMAN said the the interest of this company
was represented on the East and West India board
by six directors. The Dock Company, who held
100,0004 in the concern, were represented by four dire -

tors, and the public by six; this company held the largest
interest in the concern of the three. About a third of the
capital was held by the public. The great feeder of the
line was the passenger and not the goods traffic. No lens
than 105,000 persons were carried over the line last
week, and there could be no doubt that the concern was
doing exceedingly well.
Mr. BA -SETT addressed a few words to the meetin g
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. LocxE, M.P., wished to know in what condition
the Birmingham, Dudley, and Wolverhampton line was
now.

The CHAIRMAN had been informed:that the powers of
the company had expired.
Mr. Lode said he found that the gross receipts
from goods amounted to 417,000/., and the ex-
penses of collections 87,0001. Now he thought
something ought to be done in future to reduce
item, and he trusted the directors would
not lose sight of this part of the account. Be
the latter
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 en.
nounced his intention to renew the Bill next session, and
therefore he impressed upon the meeting the import-
ante of agitating in its favour.
Captain lima, the manager of the railway, in reply
to an observation from !he 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-c-
-dcome into operation. The whole sub-
jteent would
howshortly m
o ver,
wa
was
now
undergoing the consideration of
a committee.
Mr. CrEAcs, M.P., admitted that the Hon. Member
for Honiton and the worthy Chairman did all they