The Sun.
London, England, 1834-01-13 00:00:00

NITY FOR THE PURPOSE OF PROMOTING THE FORMA

TION OF A RAILROAD BETWEEN BRISTOL AND BATH

READING AND LONDON.

Pursuant to public notice by handbills and advertise-
ment, a most reslectable and numerous public meeting was
held at the great room at the White Lion Inn, in the
market-place, on Tuesday last. R. Bright, Esq., and a
deputation from the Bristol Directors, accompanied by
Colonel Baillie, M.P. for the city of Bristol, were in at-
tendance. Several gentlemen (among whom were Messrs.
Walmesley, Pycroft, Mant, and others) were pressingly
invited to take the chair, but declined. As the time was
advancing, and the business required much explanation
and discussion, Mr. Caldecot was at length prevailed upon
to preside, and having opened the business by reading the
requisition, he trusted to he honoured with their indul-
gence in a situation for which he acknowledged himself
unfitted, but which he took at their request, because the
object of the meeting was a great public measure, and cal-
culated to produce great public good. He then begged to
introduce Mr. Brunel who had come provided with the
plans, &c., and concluded by calling upon Mr. Saunders,
the Secretary of the London Committee of Directors, who
would furnish them with all the important details belong.
ing to the measure.
Mr. SAUNDERS now came forward, and intimated that
as it was the first occasion that he had been called upon
to address a public meeting for the purpose of explaining
the circumstances connected with this great design, he
must claim their indulgence, if he should be obliged to
detain them for a short time. He had made himself ac-
quainted to a minute degree with those circumstances and
details, and he could meat unequivocally state to them that
the project bad emanated from no speculator for his own
private benefit, but from public bodies in Bristol. These
had appointed a committee in London, and had raised the
necessary funds among themselves to make and pursue the
requisite inquiries as to the practicability and utility of the
plan, and having satisfied themselves of both these, they
had submitted the scheme now to the public support. It
was a fact well known that the trade of Bristol, if it had
not actually declined, was not increasing, and the gentle-
men who had originated this plan were desirous to stinite
late that trade, by representing to them what Liverpool
had done, by showing that even the project for connecting
Birmingham with London had been received favourably,
and that the Act bad passed last session. The report of
the London committee to that at Bristol was that this
measure was one of the greatest importance, and calculated
to insure great public benefit. He repeated therefore that
it was not an enterprise fostered by some private indivi-
duals, for private advantage, but one which had been looked
into minutely, studiously, and fairly, and promised the
greatest public advantages. They had appointed de-
putations from each of the Corporate Bodies of Bristol
to attend a public meeting in that city with the
reports of the various Committees, and at that
meeting the plan was unanimously approved. They
had then conferred with the gentlemen in London,
who, having no local interest to serve, looked at it as a
matter of pounds, shillings, and pence. A board consisting
of some of the most respectable gentlemen in London bad
been formed to co-operate, and he had the honour to be
their secretary. Subsriptions in the local districts had
indeed not been so numerous as they could have been
wished—some were perhaps deterred by the magnitude of
the undertaking, others by the failure of minor undertakings.
Lately, however, the subscription had been greatly enlarged
and upwards of 8,000 shares were already subscribed to-
wards the whole number of 10,000 which were wanting
to form a railroad which should unite Bath and Bristol, Lon-
don and Reading. It was, his desire that the whole system
should be most thoroughly sifted ; their estimates of re-
venue bad been drawn from the most certain sources and
every other species of information was at their service.
They were there for proof that the contemplated un-
dertaking would be of certain benefit to both Bristol and
Bath, and he was happy to say that in a personal canvass
be bad not found one solitary individual, either in Bath
or Bristol, who doubted the advantages which both
places would derive from this contemplated undertaking.
They affirmed (and submitted that it was reasonable to
do so), that a rapid communication with all parts of
England would benefit Bristol as a place of commerce,
and Bath as a place of resort for pleasure, and for the
invalid. It bad been proved that the value of land, the
value of houses, and the profits of trade, bad all benefited
by a quick travelling communication, and he would
instance the vast increase and prosperity of Brighton from
the mere exertions of stage-coach proprietors, who having
accomplished that distance from London in five or six hours
had induced great number of families to settlewhose principals
were frequently required in London for purposes of busi-
ness. Nay, steam navigation, with its cheapness and
rapidity, had done the same thing for Gravesend, Rams-
gate, and Margate, and be mentioned these as a proof that
places resorted to by the less opulent classes of society
were equally benefitted by quick intercourse. In Graves-
end this was already felt to such a degree that land,
which, before the rapid conveyance by steam-vessels was
known, was worth only about 1201. per acre, was now
selling at between 5001, and 600/. Arguing upon this
principle, and submitting that Bath was already an
acknowledged favourite resort, he was of opinion that the
number of residents would be speedily doubled; that the
salubrity of its waters, its baths, and its fine air, coupled
with the knowledge that it could be reached in four hours
and a half (as he could prove), without fatigue, would
soon double the number of its visiters and residents. And
wherever these increased, it was obvious to common sense
that trade must participate largely in the benefit. If any
objection was made upon the ground that provisions
might rise in price from this extension of population, he
would answer that the undertaking furnished equal faci-
lities for bringing produce into it from the distant markets.
Under any circumstances the city of Bah might be
considered the keystone of communication, in the very
possible event of a railroad being continued to Plymouth ;
Bristol again would derive the same advantages from
South Wales ; passengers now go by Gloucester to Lon-
don, who most assuredly would take the road of Bristol
were there such facilities in existence as were supplied by
a railroad. In Ireland, too, the most sanguine expecta-
tions were entertained of the benefits which the country
would derive from such an approximation of the British
metropolis to the Irish markets. (In answer to a ques-
tion from a gentleman in the room, as to the amount of
the Irish investments in this undertaking, the speaker re-
plied that hitherto they had not been applied to, though
he could positively speak to their anxiety for information
upon the subject, but that a deputation would wait upon
the people of Cork this very week for that purpose.)—
(Cheers.) lie observed in continuation that in Ireland,
as in Bath, they had as yet bad no subscribers, from the
want of an explanation of the nature and profits of their
plans. He would next address himself to the question of es-
timates, and he begged them to bear in mind that be was
not there to defend his own. These estimates bad been
prepared before he had the honour of being the secretary
to the London Board ; but he had most carefully ex-
amined and compared them with those of others, and all
that he had seen confirmed him in the belief that they were
to be depended upon. He had looked into those which
bad been expended on the Manchester sad Liverpool
road, and ours were beyond theirs. They were also
beyond the estimates or the London and Birmingham, the
London and Southampton, the London and Brighton, and
the London and Windsor railroad.. He was aware that
more injury had been done to public credit in these under-
takings, by under estimates, than in any other way ; but
he could safely say that here, at least, no deceit was intend-
ed. Having been decidedly satisfied that 2,800,0001. was
amply sufficient for the whole line, he could state that
the result of revenue on this line would be 20 per cent,
for passengers alone, more than on any other line of road
in the kingdom. For supposing that by this inducement
of cheapness, and the rapidity of conveyance alone, people
should be tempted to travel only twice in future where
they travel once now, the result would be an income of
747,000/ , without taking into consideration any of those
articles which would be conve3ed then by these roads that
are now transmitted by canal and other conveyances. But
the proportion of travelling had increased far beyond this
on the Datlington and Stockton, and the Manchester and
Liverpool railways. He would come now to the deductions.
On the Liverpool and Manchester road these had been very
great owing to alterations, new engines,&c., and yet the Co-
mmittee were willing to admit that ours should be even al
great, and the return would still be large enough to satisfy
any subscriber. In the Liverpool road 89,0001. was the
receipt of the half-year which is charged with eleven-
twentieths or 49,000/. for deductions. Now admitting'
the whole receipts on the new projected line to be as above
stated there would be 411,2571., even with the deduction
of eleven-twentieths, though he would maintain that the
expenses of clerks, porters, Etc., could never be so great
upon a long as upon a short line of road. On the former
line of road again, the amount of profit on passengers was
stated to be 2s. 6d. out of 4s. 6d., and the profit upon
heavy goods was stated to be only 2s. '7d. out of 109. 6d.
of outlay ; now he argued that if, as it appeared from this
statement, the revenue derived from passengers was the
most important, it was clear that the calculation would be
all in favour of the project now contemplated. (Mr.
Walmesley here inquired if the wear and tear of loco-

motive engines were included in the Liverpool and Man-
chester estimates? to which the speaker replied " Certainly,
yes.") With respect to the per tentage of profit, he really
thought 10 or 11 per cent. profit enough, and should it
produce more, the public ought to profit by it. That
travelling would be increased he would infer from the
mere filet of the omnibuses plying on the Oxford-street
and Paddington line, where the number of passengers had
immensely augmented from the mere circumstance of the
diminished charges. And with the view of combining
these advantages with an early return of gain, it was con-
templated to petition Parliament for an Act to com-
mence the undertaking at both ends, which would
immediately produce a temporary revenue, as it was
calculated that the passengers alone, between populous
places, without reckoning anything for the transport
of goods or c ittle, would bring a profit of 12 per cent.
And now wiih respect to the shares—there were at
present 8,000 shareholders, and he begged to impress
upon them that it is provided in the deed that no call be-
yond 5/. per share, can be made upon them until after the
Act of Parliament is passed. The Act will empower the sub-
scribers to transfer their shares, and will exonerate tl.e
parties who thus transfer them from all responsibility for
moneys not called for when the transfer is made. There
will be also a clause empowering the directors to borrow
501. per share, as in the London and Birmingham under•
taking, from the Exchequer Bill Loan office as soon as 501.
per cent. had been paid on each share; this sum will be
advanced by Government at a low rate of interest.
The word " bubble" has of late been applied to joint
stock concerns, and has deterred many from joining in
such projects, but he affirmed that it could never apply
to this. Here no individual was liable for a single penny,
under any circumstances, beyond his share. He returned
them his best thanks fu the great kindness and patience
with which they had listened to his lengthened statement
—(Applause)—and he begged once more to assure them
that he had put forward nothing but what was the consci-
entious conviction of his own mind. He had never been
instrumental in the formation of any company, and more •
over he was not a sanguine man, but the deepest consider-
ation and weighing of all the bearings of this project
enabled him to state with confidence, that it would be
advantageous to the public and beneficial to the share-
holders.—(Applause.) (The speaker delivered these de-
tails with great fluency and appropriate expression. His
manner was perfectly unpretending, his arrangement lucid,
and his replies to queries full and unreserved.)
Mr. MANT now put a question to Mr. Saunders rela-
tive to the line of road to be taken between Bath and
Reading, as he saw many friends present who were inte-
rested in that direction, and wished for information.
Mr. SAUNDERS referred to Mr. BRUNEL, the engineer,
who here stepped forward with the plans, and showed
that the line from Bath would be through Chippenham,
Wotton Bassett, thence by the line of tl.e Wilts and Berke
Canal, for the sake of the level) and thence to Reading.
Mr. H. HUNT (the late M.P. for Preston) wished to
know whether the railroad was to stop at Bristol ? He
thought it would be advisable to extend it to Pill, by
which means the port dues of Bristol would be saved.
Mr. R. BRIGHT stated in reply that if it were extended
to Pill, it would still be within the port of Bristol ; but be
would add that measures were now in progress for dimi-
nishing those port dues to the lowest possible scale.
Colonel BAILLIE corroborated this statement, as did
also Mr. GEORGE JONES, who added that a committee of
the Directors were now sitting for that express purpose.
Mr. MANT, after expressing his unequivocal satisfaction
at the frank manner in which Mr. Saunders had explained
every subject connected with this project, concluded by
moving the first resolution.
Dr. WILLINSON seconded the resolution and argued
that the commercial traffic of Bristol and Bath would be
immensely benefitted by the proposed plan, that every
article of consumption would be cheaper as was proved by
the short line of rail from Coalpit Heath, which had
already reduced the price of coal very considerably.
Mr. I. WILSON moved the second resolution.

Mr. BRACE seconded it.

Alr.PycaorT,in moving the third resolution,took occasion
to confirm that part of Mr. Saunder's financial statement
drawn from the number of passengers travelling at present
by coaches. He had taken the precaution befo?e be joined
in this undertaking to ascertain the number of passengers
who bad travelled between Bath and Bristol during three
weeks of the most inclement weather in the month of
January, when, perhaps there was less travelling than at
any otl'er period of the same extent in a whole year. He
had gathered his information from the toll-keepers, and he
had found that during this period the average number of
passengers per each coach was seven. On inquiring from
the directors of this intended company what average they
had taken for the same line per coach during the whole
years, be found it only eight. This circumstance had
satisfied him that their calculations had been drawn with
care, and had certainly gained them his confidence. Mr.
Pycroft next adverted to the rumour that the Southampton
Railway would interfere with the interests of this concern,
which, he affirmed, could not be the case, and that they
were, he believed, rather disposed to join us, and thus save
mutual expense. And he verily believed that if the late
scheme of the railroad between Bath and Bristol had not
been opposed as it had been, it would now have been at
work, and the city of Bath would have reaped the benefit
of it in every shareholder receiving a very large interest for
his money, and having every house occupied.
Mr. Scorr would not wish to raise expectation too
high in the amount of compensation likely to be drawn by
subscribers for their investtnents in this undertaking, but
he would state with the fullest confidence that it would be
double the interest accruing from the public securities.
Mr. H. HUNT thought that the company would do well
not to overstate the amount as an inducement to the capi-
talists ; for himself, as long as the railroad was finished,
he did not much care whether it paid or not.—(Laughter.)

➢lr. J. ALLEN inquired the difference between the
former estimate of expense for the completion of the rail-
road between Bath and Bristol, in the year 1830, and the
present estimate.

Mr. PYCR.O77 stated that the present estimate was
00,0001. more. . .

Captain SCOTT, R N., in moving a resolution, stated
that the plan would have the effect of employing an im
mense number of the labouring poor ; and could state
from some correspondence which he bad had with the
Directors of the Southampton Railway that this company
would have nothing to fear in the shape of opposition
from them.

Captain LYE, R.N., eeconded the resolution.
Mr. J. ALLEN moved, and Mr. E. DAVIES seconded,
that the city and county Members be requested to give
the petition to Parliament their fullest support.
Mr. H. HUNT, seeing neither a city nor a county
Member present, begged to state that he, as a candidate
for the Eastern Division in opposition to Mr. Miles,would,
if returned, give the Bill his best support.—(Laughter.)
Mr. H. was proceeding in his remarks upon Mr. Miles's
politics and his own, when he was stopped by an obser-
vation that the subject was irrelevant.
Mr. SAUNDERS hoped that the business being now over
the public spirit of the company would not allow them to
separate without supporting it with their names. The
call was then pretty generally answered, and in a few
minutes the name of one gentleman present (Mr. Inglis)
was announced as having subscribed for five hundred
shares, accompanied with a declaration that he entertained
no doubt that the undertaking would be carried into ex-
ecution. The amount of shares subscribed in a few
minutes was little short of seven hundred.

_
Thanks being voted to the Chairman, the meeting
broke up.
The Prospectus of this undertaking supplies very ample
and important information upon the subject.

INSOLVENT DEBTORS' COURT, JAN. 11

Charles Gadderer, a wine merchant, was opposed by
Mr. Gilmore, a tea dealer, and by Mr. Coombe, a retired
attorney. The insolvent's debts amounted to 17,000/.
and he had been twice a bankrupt. He had been chiefly
concerned in bill transactions.
The COURT adjourned his case.