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

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851.

[PRIM;

prices of those shares, any money invested in them
would hardly prove disadvantageous, and it would
be most valuable as a counterpoise to several other
pecuniary interests now in adverse hands for hostile
purposes. With the internal poition of their affeirs
he trusted they would be satisfied from the accounts
which had been distributed among them. They
would perceive that during fhe last half-sear their
traffic had increased, and their receipts hadgincreased
to the extent of 48,0001.. while the Exhibition was
only open for three months, while the charges of the
Commissioners were very high for the largest half of
that period, and while their own excursion trains
were by no means numerous. At the same time,
though their receipts had so much increased, and
though they bad run so many thousands of miles
more, their actual expenditure had diminished.
Much of this was owing, unquestionably,
to the vigilant economy and care of all their officeis.
But much also was due to the improvements which
had been made in many of the old engines, and to
the larger power which had been given to the new
engines that had been adopted on their line. By
those improvements the traffic of their branches was.
most economically conducted by the old ones, while
the more powerful engines were better adapted tor
the heavy traffic of their main lines. Though their ex-
cursions trains had been so heavy—often carrying
from 1,500 to 2,000 passengers—they had scarcely
ever been obliged to use more than ono engine ;
while excursion trains on the narrow gauge lines
used generally two or three, and often four. He did
not believe he overrated the economy of their manage.
ment when he stated that they were conducting their
excursion traffic with their new and more powerful
engines at one-half the expense which they would
have been put to with the old ones ; nor was there
such waste of power as was generally supposed
in the use of those larger engines for conducting
heavy traffic. It was a positive fact that there was a
smaller consumption of coke per mile now in those
larger and heavier engines than used to be treed in the
lighter and older ones. He had thought it due to
those gentlemen who had taken so much pains in im-
proving their locomotive system, to state those facts.
—(Hear, hear.) They had obtained in the last session
of Parliament a slight advantage with reference to the
coals used on their lines. Tney had at last succeeded
' in obtaining a remission of she City dues on the coals
used by themselves to the extent of 6,000 tons a year.
And they had also obteitied a drawback on all the coal
which, being imported within the City limits, was
egain exported beyond. However, there being no
duty on the coal landed at S aithatnpton, considerable
quantities were imported from that route, and were
etnployed close to their line. He himself knew of iti-
stances of coals so brought being u,ed in the neigh-
bourhood of Reading, the expectation was, that
whatever Newcastle coils wire now consumed at
Maidenhead or Reading, must and would be carried
over their line. there had been a slight increase in
the charge for maintenance of the way. That had
been examined into, however, and it was found to
have been occasioned from a new and mere extensive
system of drainage which had just been introduced,
and which, though more expensive in the first in-
stance, would be more economical hereafrer.—(Hear.)
Their interest account, also, had increased. They
would observe, from a report just distributed amongst
them, the circumstances under which the interest on
the money expended in the South Wales line was now,
for the first time, carried to that account. They
would observe, also, that the interest on their Oxford
and Rugby line, and their Forest of Dean line, were
charged against their current receipts. In point of
fact, the only expenditure of capital, the interest on
which was not now charged against their current re-
ceipts, was for the money which had been expended
on the short branches of the Wilts, Somerset, and
Weymouth Railway, between Westbury and War-
minster, and between Frome and Radstock ; and also
on their northern lines, the Oxford and Birmingham,
and the Birmingham, Worcester, and Wolverhamp-
ton. However, a very considerable number of their
lines, which had been made at the expense of capital,
had been entirely brought to a close.—(Hear.) They
had pressed heavily on their resources, and yielded to
them nothing. In about a month they would open
branches to Warminster. In the course of the same
period the Forest of Dean line, and the South Wales
line, between Gloucester and Chepstow, would be
completed ; and he trusted that the period was fast
approaching when those works which, being unpro-
fitable, had hitherto been very properly marked in
black letter on the first page of their accounts, would
lose that mournful aspect, and become profitable and
conducive to a large accession of traffic.—(Cheers.)
The SECRETARY, at the request of the Chairman,
then read the following report, which was received
with satisfaction :

" The revenue of the company during the half-year
which has just expired, exceeds that of the correspond-
ing period in 1850 to the extent of 47,9811., while the
expenditure for the same account, has been reduced by
the sum of 3,266/., which two amounts constitute the in-
creased profit of the half-year, as will be observed upon
a comparison of the published statements.
" The traffic in passengers has yielded 37,1151. more
to the company, derived in nearly equal proportions from
every class. The excursion trains are included in it,
from which an excess of 5,0001. has been received over
the acme period in the former year.
;;" The receipts for merchandise;have exceeded those of
1850 to the amount of 6 7704

..These results enable the directors, after providing
for the interes upon the whole expenditure of capital,
productive or non-productive (excepting for the lines
under construction and about to be completed), to re-
commend the same dividend as before,;viz., 4 per cent.
per annum, and to leave a balAnce of 49,9101. 9s. 3d. to
be curried forward to the next; half-year.
" With reference to this balance, the directors are de-
sirous of representing the circumstances under which
one charge in their accounts exists, with a view to as-
certain the opinion of the proprietors as to the mode of
dealing with it

" During the continuance of the original agreement
with the South Wales Railway Company, your directors
were advised that under the covenants of the then in-
tended lease,ithis company would be entitled, in priority
of other shareholders, and before any liability could ac-
crue to pay rent for the line, to receive the interest
during the construction of the railway at 4 per cent. per
annum on the shares held by them in virtue of their
subscription; but that to establish such claim it ought to
be shown, that even although the psyment of interest to
others was postponed by the South Wales Company, it
had been uniformly charged by this company as being
due to them.

" In February, 1850, the South Wales Board deter-
mined to apply all their funds to the works of their lino,
and to suspend for a time the the payment of interest to
their shareholders generally, expressing, however, their
intention to pay it out of capital at some subsequent
period.
" Acting upon the opinion already referred to, eo
long as the original agreement subsisted, interest
thterniantteedreasst
aant
asset to be received from them. During the present
4 per cent. per annum was charged in their accounts
and
dbaneneyn nothcaernceslulbedstiwtuittehd thet.or
apinst the South Wales Coamas
lly confirmed by the Great
ishta:nlwcf -thyi
ioecrahi r ohtt ha
sba ot
bt t:a
eg
ncr oe eme mppeeacnni tiaecsht,t
Western Railway Act, 1851.

- -
" The interest for the current half-year on that sub-
scription has consequently become a charge upon the
present Great-Western revenue, and it being still uncer-
tain whether the South Wales Railway Company will
defray the arrears of interest to their shareholders
generally, it is thought desirable, as the prior claim is
extinguished, to provide for the liquidation of the
arrears charged against that company, amounting to
31,844/. 153.

" The directors recommend] that the first receipts,
whether of interest or of dividend, from the South Wales
Company, should be applied to discharge that amount,
but that in the meantime the sum of 10,000/. iu the pre-
sent year, and 5,0004 annually afterwards, should be
taken from the December accounts of revenue for the
gradual repayment of it. The auditors have expressed
their entire concurrence in the proprietyof that measure.
"The same Act which rescinds the original agreement
and confirms the new agreement with the South Wales
Company, has also ratified the purchase of the Wilts,
Somerset, and Weymouth Railway, and dissolved that
company, and has given legal validity to the lease of the
Gloucester and Dean Forest Railway. It is enjoined
under one of the clauses that the Wilts and Somerset
shares shall be consolidated into stock, and this meeting
has been made rpecial for the adoption of a formal reso-
lution to that effect.
Full powers are given by the same Act to erect en
hotel at the Paddington station,
and to raise the
under a Parliamentary mortgage on the premises,coin
moneyh
the additional security of the revenues of the the
pany, which, in accordance with the resolutions of
general meeting in February last, will be
without delay, carried out
" The directors, having regard to the importance of
as well as the
fixing the second line of Indian steamers
ub have consented
Cape packets to the port of Plynlho
p over their line, in
to put down the electric
itil.setgerls- and_ Exeter.
coneuirence iithsfuomrthe
use and maintenance f
wwahyiehCaonmapnanl the use
payable to tile &calls
who will construct it at their own
Telegraph CompaDY,
exprnse.
A plan for affording further assistance to complete
the docks at Plymouth has also beenproposed, and, it
s respond to it , the otors will re- dire
the other coropani,.
commend your acqiiiescence in it. These two points at-
tained,
the favourable report of the Select Committee on
postal communication with India mutt secure to the
Eastern Steam Navigation Company a contract for their
steamers, appointed to leave and arrive at Plymouth,
which will probably lea,' to the same courac being
adopted by other steam companies.
"voting the lag geniol2 an Act has been passed for

eottim
extension of the Giaueester and-Dean
nn Grange C.eurt to Ross and Har•ford, which ,
rbe coosioarid A greet aziqaati:laa to tho i3tear,,
Great Western Company as well as beneficial te.41,1#4
county, anti the districts beyond Hertford,
"Your directors thought it their deny to accord facie •.
lities and advantages to enable the Ilarelord, Rost, arid
Gloucester Company to obtain their Parliamentary
rowers, and they have assisted them raifang a portion
ef the canal, through the instrumentality of the Glen-
,rester and D'art Forest Company. They will be glad
to learn that the Great Western hharoholdera inoividue.
ally are encouraging that undertskoeg by affording
some pecuniary aid in raising the small amount 01 cupi-
tat
s:ill required by that comony. It io uuderstood that
the works are to be forthwith commenced. and that the
line will be very economicaliy and promptly constructed
for public traffic.
•,
" The line from Westbury to Warminster vial by
finished within a month from this time; and there_is
reason to believe that the Dean Forest and South Walee
lines, through Gloucester, will be opened about the setae
period, to tae east of Chepstow, leaving only the river
Wye Bridge and about a mile of railway to be completed
for the continuous communication thri.ugto u; beta eel;
London and Svraraaaa
The egieAnent with the Shrewsbury and Cheat.:
and Shrewsbury and Birmingham Railway- Conipareiflit
which was approved at a speeral general meetiog of this
company, has been now duty ratified by the other parties
a) it, An Act has since pseeted of math importanca to
that alliance, coLierrilt powers on the first-named com-
pany, to carry on traffic ifidependently and uninterruptedly
from their own line at Chester o Birkenhead, and the
Mersey on the one side—and towards Manchester on the
other, over the Birk:alined, Lanceashire, and Cheshire
Junction Railway.
" The power to make a very short fine for a junction
with the London and North-Western Railway in the
town of Birmingham,having-beenrefuoad by a Commit-
tee of the House of Lards, it has beetroot) necessary to
proceed at once with the branch in that town, previously
sanctioned by Parliament for the same Purpose; and
prompt measures have been taken to secure V) this com-
pany all their rights of using the broad gauge,. and of
completing the independent communication with the
Shrewsbury lines at Wolverhampton.
" The agreement with the Oxford, Worcester, and
Wolverhampton Company, Approved at a general meet-
ing of this company on ti e 15th ult., has not yet beNt
confirmed by their proprietors---who required furthe,`
time to consider it. It is understood that there is an
effort making on the part of acme of the shareholders
in that company to rejEct the agreement, in order to
obtain better terms—to which, however, your directors
cannot feel justified in acceding.
"After au ineffectual attempt to make some perms.
neat and satisfactory arrangement with the Rennet and
Avon Canal Company in relation to the traffic of the
district, providing for the requirements et the public,
according to the respective facilities to which the railway
or the canal may be best adapted, it has been deter-
mined to submit to the proprietors of both companies as
agreement for a lease of the canal, at a guaranteed rate
of 6,. per canal share, amounting to 7,4731. 14s. per
annum, which turn your directors confidently believe
will be realised by a judicious regulation of the trade of-
the canal, while many advantages may be s-cured to
both companies as well as to the public truffle by means
or swell arrangement. The directors; confidently 'acorn-
weed it for your approval and sanction, and a resolution
will be submitted accordingly t, the meeting, which has
oeeti made special to consider the slit-jeer.
'- '1 he re port of the chief eng!neer is appended to this
document, aid u, compliance w, h the wish expressed at
a former meeting, a list of the present directors, with
ow piece of residence, is also seu j. clued."
SI.CRLTARY next rt ad the following report of
Mr. I. K. Brutod, the togiueer

Main;

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to onstruot a brola

14tia?t,.

lee wolits Oh the permanent way, between Oxford
and Banbury, and which has be.en opened and worked as
a line, for about a twelvemonth, are in good order,
and the second line of rails is now ben,g laid, prepttra-
t;:ry to the extension of the railway to Fanny Compton,
and the opening of the Birmingham to Oxord. The
works between Banbury and the junction at Fenny
Compton are nearly compleied, and the materittla for the
permanent way are in course of delivery.
Upon the Birmingham and Oxford Railway at Her.
bury, Whitnash, Lramington, and Warwick, the work*
are everywhere in active progress. Between Learning-
On and Warwick, where the works have been cora.
mrlacei only within the last few months, every exertion
is Meg made to expedite their progress—upwards of
two-thirds of the (mire line ib ballasted, and ready for
the permanent way; and I trust that six months will be
sufficient for the tymnpletion of the whole distance to
Birmingham. Every mean; has been adopted for pro-
' ceeding rapidly with the extension into the Snowhill
Station at Birmingham, and the junction with the North,
Western Railway. The whole of the property has been
arranged for, or taken possession of, and the contractor
for the extension has received orders ,to commence.
With a favourable season, I believe we may rely upon
being in a position to open the line by February or
March.

" Upon the Wilts and Somerset Railway the exten-
sion to Warminster has been completed, the permanent
way is laid, and the line may be opened within a fort-
night or three weeks. The Radstock branch is in
progress.

"-The opening of the Gloucester and Dean Forest
Railway, and the South Wales Railway, between the
junction with the former and Chepstow, is delayed by
the non-completion of the junction at the Gloucester
station and the bridges across the Severn and the Wye.
The junction and station at Gloucester had been una-
voidably delayed by the necessity of effecting a joint
arrangement between the three companies—the hiid-
land, the Great Western, and the Gloucester and Dean
Forest, and which has not been long completed. The
bridge across the Severn at Gloucester has also been de-
layeii, partly by difficulties arising from clauses in the
original Act, and partly by the fault of the contractors;
and I fear it may be three weeks or a month before the
rails can be laid across.

.‘ In consequecce of the delay in the erection of the
Chepstow bridge, it bas been determined to open the
South Wales Railway temporarily, to the east side of
the river, and preparations are making fur effecting this,
which will be ready as EOM as the line is opened through
Gloucester.
" The works and the permanent way of the Great
Western Railway and branches generally are in ex-
cellent condition. We have, during the last summer en.
irely re laid one line of rails through the Box Tunnel,
the timber of which had not been originally creosoted;
the cost of this is, as with all expense of repairs, carried
to maintenance; and the result of this last half-year
again fully confirms the views adopted in uty report on
depreciation of plant, of January, 1850, and the eldest..
latiun which I than made. For an annual sum—some-
what less than that which I then estimated—we have
not merely repaired, but renewed the permanent way, so
as to render it more perfect, and iu better condition than
during the previous year.
The accounts having been taken as read,
The CI4AIRAf 4N moved that the report be adopted,
and circulated amongst the proprietors.
A SHAREHOLDER inquired when the Radstock
branch would be completed.
Mr. BRUNEL said that the contract time of fifteen
months had been exceeded from unforeseen (Mimi.-
ties, aed that it would probably take twelve months
more to complete it.

Major COURT expressed a hope that the report in
future would be issued on the same day as the ac-
counts. He wished to know now, how it was that a
great number of surplus shares, which they had some
time ago, were not disposed of fur the benefit of the
shareholders, when the premium upon them ranged
from 50 to 100? The Hon. Proprietor also put a
few other questions to the directors respecting the
mode of classing certain details of the accounts, which
however turned out not to be important.
Mr. ATKINSON, one of the accountants, entered into
an explanation with reference to the interest on the
South Wales Railway account, which consisted partly
of principal and partly of interest. As these subjects
would not improbably be investigated in a court et
law or equity, he conceived it to be highly impru-
dent, by making public the whole of their essreet:
leave themselves defenceless against their opponents. the
The Rev. Mr. NicuoLsoN, having learnea,
____t wii
majority in the Shrewsbury and Birnsiegrm_uni.
small, he hoped the proprietore would take see the
wry interest in those lines against their opponents,
North-Western Company.
lgor and Hon. Pro.
The CHAIRMAN informed the ..---
prietor that it would be illegal to
in the Oxford and Wolverhaniptosnirrie vi„ sorry to
_e_trgilwoya,t.heir votes
The Rev. Mr. ncLionsortatisg
the meeting on the
hear it, and whilst congratutlato
coerce them into CU.
defeat of the shabby aqe.mP
regretted that his repre-
rying the mails for n?tintnog:
a should have been abuts
sentative, Lord
Commons on the occasion of the
from the House of
debate.
AN explained that Lord Barrington,
The CuAlEm- • t in these
deep Interes
Barring
who took a alluded to.
voidably to •
unanimously.
absent oirs the occasionmatters,
The 111°6°n " agreed
t
The clients:am next moved that a dividend of tarp
nt. for the half-year be declared.
per A -
opinion having been expressed that a larger
dividend should be declared,
Mr. ATKINSON, the auditor, explained that the
49,7601. stated in their accounts as being to their
credit, was not exactly a credit, inasmuch as 41,0001.
of it was still in the hands of the South Wales Rail-
way, and they had had credit for it.
After a few words from Mr. DICKENSON 011 the
same aide,
The CHAIRMAN said he conceived the auditors bad
_
supported the entire view of the subject. The greatobject was, to maintain the credit of the company
to avoid, by not acceding to schemes of a Isere "'
dend, dividends that would be subject to 1 tu.etrion;
Until they could recommend a dividend of 11!
a II
ge
amount, with full certainty of their being able to
e
sustain it, they would not do so..
He entreated theta
not to anticipate that period, which they o
j could not d
y,
without inflicting on themselves a very
.___ deep inurD ass.
A motion for a dividend of 21 having now
and seconded,
Isis regret on the come
The CEIAIRMA?i expressed his views, and said it
persisted in, in opposition.
.tdoe
upon it.
SO large tg
would be necessary to divi
the
dividend would ape full ezent of theic
year's profit.
After a short discussion
ropr iate
the amendment was with.
Oa the motion of the itng , a btAr -vote of thanka
drawn, and the motion agreed_ to.
Ci

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t.( S AM!

ASTLEY'S ROYAL AMPILITIIEATRE.
Thidor the Patronage oi her Majesty and his Royal Ellghnsie
Prince Albert.
rror.rietor and Manager, Mr. W. Batty.

The only star at the present day in the theatrical hemisnhere is
mazeppa, which shines with undiminished lustre after upWards of
1,000 representations.

THIS EVEITiIiG,

Will be performed the grand Spectacle, entitled MAZEPPA ;
or the Wild Horse of Tartary, which has 'keen revived, in conse-
quence of numerous applications from Persons of all Nations to wit:.
ness the magnificent Spectacle.
To be iohowed by new Scenes of the Circle, introducing an on.
tirely new Company of English, French, Italian, and American
Artigteo.
To conclude with the Farce of JACK JUNK.
.Soz-otlice open mom Cloven till FM:
Stage Manager, Mr. T. Thompson.

PUNCH'S PLAYHOUSE AND STRAND THEATRE.
Lessee, Mr. W. It. COPELAND, Liverpool.
THIS EV EN LNG,
Will be performed a new Farce, with a Prologue, entitled MY
WIFE'S FITTURK HUSBAND.
With a Dramatic Bubble entitled THE SHOT TOWER. Princi-
pal characters by Me-srs. J. Reeve, R 'gars, and Miss Marshall.
After winch a new Burlesque, e GODIVA, THE LADY OF
Norton,
Romer, Characters by Messrs. J. Reeve, J. Rogers,
Romer, Maskell, Attwood; Mesdames Marshall, C. Horsman, E.
Romer. Morcelli, and Slacken.
To conclude with a new Comedy, called CAPTAIN CHARLOTTE.
Principal characters by Mr. Tilbury, Mr. Davis, Mr. J. Rogers,
Miss Romer, Miss Maskell, and Mist Marshall.
_ .Th. e prices of admission ate arranged as tollow :—Orchestra stalls,
as !loxes (first circle), 35.; (second circle), 2s. ; Pit, Is.
Doors to be opened at Halt-past Six, and the pertormances to
commence at seven precisely.
A second price will be taken to the Boxes only at Nine o'clock
`-first circle, 28.; second circle, is.
Private Boxes One Guinea and a Half each.

•
LAST WEEK PUT TWO OF MONS. JULLIEN.
ROYAL sURKEY 7.(x),,001CAL GARDENS-
TO-DAY, AUGUST 13.
Danson's Colossal PICTURE of the TEMPLE of JANUS In the
Eternal City- Splendid Menagerie -Performing Elephants—Prome-
Dade Concert, by the elite of Mons. Jutlien's unrivelled Band—a
Soli, each ev,ning by Herr Kcenig—English Glees and Madrigals, by
those eminent VpCalists, Miss Messent, Messrs. Manvers, Young,
Mill, and Lerner—Pianoforte, Mr. Jolley—Conduc or, Mons. Jullien,
oonc.mAlng With a brilliant display of Fireworks, by Southby.
Doors open from Nine In the Morning. Feeding the Animals at
half-past five. Qtaicert at a Quarter to Seven. Fireworks, a Quarter
to Ten.