The Sun.
London, England, 1851-02-22 00:00:00

THE SUN,

LONDON AND NORTH-WESTERN

RAILWAY.

The usual half-yearly meeting of the proprietors of the
London and North-Western Railway was held yesterday,
at the Euston-square Station ; Mr. a C. Glyn, M.P.,
Chairman of the Board of Directors, in the chair.
The advertisement convening the meeting having been
read by Mr. Charles Stewart, the secretary, and the minutes
of the previous meeting confirmed, the common seal of the
company was affixed to the register of proprietors.
The CHAIRmAx then proceeded to address the meeting to
the following effect:—Gentlemen, considering the vast
amount of business that we shall have to bring
before you to-day, I am thankful that I shall not have
occasion to detain you long, as it will not be my duty to
occupy any considerable portion of your time in the remarks
which I have to address to yen. —(Hear.) The accounts are
in your hands, and I can scarcely doubt that on the whole
they present to your mind the same favourable aspect which
they have done to your executive body.—(Hear.) At the
same time I should have been glad if it had been in my
power to congratulate you upon an increase in our passenger
traffic; but you will find in reference to the report and the
returns, that the same causes are acting upon the travelling
now that I alluded to on a former occasion—(Hear)—and
from that reason this branch of our traffic remains nearly
stationary.—(Hear.) But, gentlemen, with regard to the
goods traffic the increase has been remarkable, indicating
thereby a great increase in the consumption of the country,
and perhaps I may add also, an improvement in the general
prosperity of the great mass of the people.—(Hear, hear.)
There is, however, another portion of your accounts,
gentlemen, to which I refer with still more satisfaction.
I allude to the working expenses, and their small amount
when compared with the work done and with those of pre-
vious half-years.—(Hear, hear.) Now, gentlemen, no ex-
ecutive body can create traffic, but it is in their power to
take care that the working expenses are kept down
within a proper rate—(Hear, hear)—and upon that
point I think we have a right to claim your approbation
en this occasion.—(Hear, hear.) We have done a con-
siderable increase of work with inconsiderable increase in
the working expenses, and I may further add
that in that increase is included the expense of maintaining
a much larger portion of working stock than we have
had( to keep up in previous half-years.—(Hear, hear.)
Therefore upon those two points, gentlemen, as far as they go,
I claim your approbation.—(Hear, hear.) Now, gentlemen,
I have been charged with being an advocate for the non-
closing of the capital account, and I think it necessary to
refer to this to-day, because I am aware that a circular has
been sent round on that subject, in which my humble
name is made very prominent, and in which the charge is re-
peated. I totally and entirely deny:the charge—(Cheers)—
for I firmly believe, gentlemen, that no large undertaking like
ours can be finally based on a firm foundation, or placed in a
proper position, until the capital account has been closed.
But, gentlemen, it would be useless, it would be deceptive,
if your directors,: from time to time, came forward with
propositions for closing the capital account, and then in the
following half-year came again to ask to re-open it.—(Hear,
hear.) No, gentlemen, to a policy of that sort we are not
prepared to bind ourselves. On many very important heads
connected with the main line we have closed the capital ac-
count, such as, for instance, in the locomotive account, in
the carriage and stock account, and also in that account we
presented to your notice on a former occasion, and which
is now periodically submitted to the inspection of
your auditors.—(Hear, hear.) So far then, gentlemen, we
have closed your capital account, and we entertain a confi-
dent hope that in the course of a few months time we shall
be enabled, as regards the main line, to carry out
that principle mach further.—(Hear, hear.) But, gen-
tlemen, I am sorry to state, that from the new compe-
tition which is likely to arise through the failure of
the negotiations with the Great Western Company, which I
alluded to when I last bad the honour of addressing you
from this chair, we shall find it necessary to call upon you
for a further outlay in the town of Birmingham.—(Hear,
hear.) It is not my intention to enter fully into the ques-
tion or the reasons for this new competition. I regret it—l
deeply regret it.—( Hear.) The report itself alludes at length
to the cause of it.—( Hear, hear.) I find no fault with the
Great Western. The only remark I make is this, I regret
extremely that from the delay which occurred in the com-
munication which they made to us on the subject, it did not
allow us to put before you at an earlier period the
necessity that has arisen for a further outlay in
the town of Birmingham.—(Hear, hear.) On the other
hand we are certainly not prepared at the present
moment to doss our capital account to the full extent, be-
cause it is necessary for the accommodation and development
of our goods traffic that it should still be kept open.—
(Hear, hear.) That traffic has increased in such an
extraordinary ratio, that it would be folly in us to
p retend on this occasion to state what we might eventually
have to come forward and: ask you to negative.—(Hear.)
But I hope, gentlemen, in the next half-year, those of us who
shall then be here will find the directors asking for a vote on
this point.—(Hear, hear.) As far as regards the main line,
we have nearly done what you asked of us—we have fulfilled
the promise you called upon us toanake to totally close the
capital account, as far as it was possible to do so, and as an
evidence that we are still carrying out that promise and in-
tention, we this half-year have ordered, as you will see by
the report, a considerable increase in our working stock,
which we have charged against revenue.—(Hear, hear.)
I mention that circumstance simply as affording an evidence
that we were steadily and bond fide carrying out your already
expressed wishes, and I hope you will therefore not require
us to extend that principle further until we are really in a
situation to do so.—( Hear, hear.) Now, gentlemen, you
will see by the accounts that the directors mean
to propose an increase in the dividend of the half-year.—
(Hear, hear,) I candidly confess that if I had been admi-
nistering my own private affairs I should have not been in-
clined to make an increased payment out of the net receipts
upon the occasion.—(Hear, hear.) I should have preferred
waiting until I had seen the effects of the competition com-
ing against us, but knowing that we have had to deal with a
proprietary body placed in circumstances which would render
an increase or a decrease of dividend a matter of con-
siderable importance to them, we do not think it
right on this occasion to ask you to increase further that re-
serve fund which now, at two several meetings, you have
adopted.—(Hear.) Gentlemen, with regard to the probable
effect of that competition, I feel considerable apprehension
in approaching the question to-day, in consequence of the
position in which that question stands, from a communica-
tion we have received from other parties in the north of
England, who are now about to raise a competition against
us.—(Hear.) We had conceived that we should have been
ready by this time to state to you, as nearly as we possibly could,
the results which might have arisen if the competition was
to be carried on the proposition submitted to the Great Western
Company of equal rates ; but when we found the principle
advocated that equal rates would not answer their purpose,
but that there must be discriminating or differential rates,
which must be so arranged as to draw to the longest and
most inconvenient route the traffic which otherwise be-
longed to the shorter and more convenient route, we at once
abandoned all hope of that sort. If, gentlemen, the scale
is to be fixed upon a principle like that, I am sure you
will agree with me that it would be vain for us to attempt
to measure the amount of competition such an arrangement
might produce.—(Hear, hear.) But if this principle is
adopted in one quarter, the evident result will be that in
every other quarter a similar principle will be acted upon.
But, gentlemen, it may not be uninteresting for you to
know how far we are at present able to judge of the
effect of the competition by comparing it with the
existing competition that is now offered against our traffic,
and whose effects we are at this moment exposed to. Now we
have competition from three several points, namely, from the
Shrewsbury and Birmingham, the Great Northern,
and the North Staffordshire. With regard to the
Shrewsbury and Birmingham, it is impossible for
us accurately to measure the amount of injury which
that competition will bring upon us—it is something no
one will deay ; but with the North Staffordshire we have the
means of measuring it to a shilling, because we account to
there for the traffic.— (Hear, hear.) Now, I am inclined
to believe that the experience which the North Stafford-
shire Company confess themselves to have had of the com-
petition which arises on their line, and which experience I
think has been felt on portions of other lines, is not very
encouraging.—(Hear, hear.) They can :idly confess
they have been grievously disappointed in the amount of
traffic which they have derived from their arrangement with
us in running to Manchester—(Hear, hear)—andyou may
rest assured of this fact, gentlemen, that that is an error
which all those companies who are anxious for competition are
every day falling into. They see our large returns, and they
fancy those returns are based upon our receipts from places
like Liverpool, Manchester, and Leeds.—(Hear.) The ex-
perience of the North Staffordshire, as regards Manchester,
is applicable to other towns; but it is not upon points
like these that a large amount ira property exists and arises.
We receive the large amount every week quoted to you
through the development, gentlemen, of traffic which comes
from one hundred and eighty-eight different stations.—
(Cheees.) And it would astonish gentlemen to know the
comparatively small extent of traffic which towns like Liver-
pool, Manchester, and Leeds give us, and which is to be found
in that large ratio which you have before you. (Hear.)
The North Staffordshire have lately at their public
meeting openly alluded to their disappointment, and
I might, perhaps, without any breach of confidence,
state to you the figures which we derive at this moment from
Liverpool, because, gentlemen' that is one of the points
whe re we are about to be attacked.—(Hear.) Now we are
to be attacked in Liverpool ; the traffic is to be
take n by a circuitous route, by a break of gauge, and by
crossing the Mersey.—(Hear, hear.) I mention these facts
because I have no doubt gentlemen who have been accus-
tomed to the best route, and who propose to avail them-
selves of this competition, will find a considerable
drawback in the comfort and pleasure which they have ex-
aienced in the old route.—( Hear, hear.) But, gentlemen,
let us give credit fer full competition. We will sup-
pose that all these things are nothing, though going
twenty miles out of the way, and having to en-
connter the inconvenience of a break of gauge,
and the nuisance of crossing a river, is not to be overlooked
in theses days of rapidity of transit.—(Hear, hear.) Well,
th en, it is quite impossible for any gentleman to suppose for
at_single moment that those passengers who use any f
"'in will ever admit the of inconveniences to which I have
alittd
ed•—(Hear.) They are men of business, to whom time
is of importance
-ell not be dis and who pay money for dispatch, and they
(Heaa.hear.)to to put up with the inconvenience.—
the Deductingi therefore the express trains from
tee receipts,
:station, which is thought to
receipts of the Liverpool
t to be one of the main stages of the
whole traffic of this railte
tadeo not amount to more than 1,4701 ;
give then the competing
division come
of that, and it will not get
more, and what does the 'vision come to? What does it
yield ou 227 miles of railway? Why, no more than 4921.
If they can live and compete with that,y let them, do it, they.
are quite welcome.—( Hear, and laughter.) Let them pay
their working expenses, if they Can, of that, to say
nothing about remuneration for thecapital laid out upon
the line.—(Hear, hear.) It is a singular fact—a fact
re
t i n u
rn taking
wh outich
men-
tioned to me by our excellent manager_ that
s,
r
the returns per week—the passenger
amount to 22,5001. it is shown that of that
tt2,-001. only 1,3001. was derived from any other
line beyond our own—a pretty conclusive evidence
that our 188 stations it is that keep us alive.—(Hear, hear.,
These are the sources that keep us alive; and so long a, We
have traffic from them we may have competition here and
competition there without fear of injury ; and you may
re it assired. gentlemen, that our property is based
on. a sound foundation; and we may, in point of fact, defy
those who threaten us with their competition.—(Hear, lean)
1 do not say, however, that we are not anxious to seek the
support of our neighbours, nor is it for us to throw
down the first stone in this race of competition.
But 'We have always in this room advocated one prin-
ciple, and we are not going to part from that now because
eve are menaced with competition.—(Hear, hear.)
Competition is not the rule in railway ma-
st %gement, it is connexion and the development
of traffic for the benefit of all which is the
rule, and I am happy to
state that principle is recog-
nit by the Great Northern Company.—(Hear, hear.) It
is the principle that will preserve our roe erit and while
we adhere to it we have P P
no cause to fear
th e injuries I have already stated to you.—(Hear, hear.)
G eni'lenaen, you are called upon on this occasion to receive
from your committee their report upon an alteration in the
board of management. I am really anxious, not to take up
your ti use unnecessarily, as the business we have to transact

is of importance, and the sooner we get on with it
the better, but it is, ne,yertheic_.s, right that I ~,bc,ulcl
here recall to your recollection that when the Arcalgania-
tion Bill received the royal assent, the Legislature most
wisely allowed the existence of the several local committees
of management, and kept in office the directors
constituting those committees. I think it was a
wise arrangement that the line should be ma-
naged by committees of directors acting in different
localities, and one almost regrets that the Legislature did not
allow that system to go on until, by the lapse of time, the old
committeemen would have ceased .to take an active
part in the business of the company, and to continue
to give their services, but the Legislature determined
that we should take five years' trial, and after that the future
arrangement should rest entirely with the proprietors, as
well as the duty of fixing the number of the board. Now, it
is upon this occasion, gentlemen, that we have to consider the
report of a committee of proprietors, whom you appointed on
a former period to look into the subject.—(Hear, hear.)
We entirely agree with the committee of proprietors in the
♦iews which they express as to the number of directors
necessary for the purpose of conducting the business of
the company.—(Hear, hear.) We do not believe,
from the experience we have had of the increased business
which almost every day presses upon us, that less than thirty
directors can properly carry on the business. (Hear, hear.)
I should not be discharging my duty properly if I let this
occasion pass without bearing my testimony to the zeal and
ability which those gentlemen have devoted to your interest
who are now about to leave your service.—(Hear, hear.) I
have been connected with them now some twenty years, and
I do believe that during that time you could hardly have
found a body of men who could have devoted to your ser.
vice more time, energy, or activity, or shown more devotion
to your cause than they have done. But, gentlemen, many of
them have gone further than that even, for during the period
of the contests in which we have engaged, many of these
gentlemen endured pecuniary liabilities that were never
made known to you—many of them not only performed
the common duty that was expected of them,
but they did more for the sake of carrying on those contests,
they went so far beyond that even, that I defy you to point
out to me a parallel in any other public body in this country.
—(Hear.) Many of them incurred liabilities during
the Birmingham and Oxford contest which really
I could not have asked of them ; their zeal and energy in your
service went beyond anything that we had a right to ex-
pect of them, they paid money freely out of their private
purses for the sake of our cause, and in taking leave of them,
I must offer them my warmest acknowledgments for
their able co-operation in your behalf.—(Hear, hear.) One
of them is Mr. Lawrence ; he is the oldest director we have,
and during the time I have had the honour of serving at this
board it has been a source of great gratification and plea-
sure to me to have such a colleague.—(Hear, hear.)
Gentlemen, I have on this occasion to regret
the loss of a respected gentleman, whose decease
has occurred since we last met here, and who filled
the office of one of your auditors.—(Hear, hear.) Gentle-
men, there is no necessity for my detaining you further, but I
should not have done justice to my own feelings, nor should
I have properly discharged my duty to you had I
not taken this opportunity of bearing my testimony
to the ability and activity which those gentlemen, who are
about to leave us, devoted to your service during the time
they acted at this board.—(Hear, hear.) It only remains
now for me to call upon the Secretary to read the report.
The SIICRETARY then read the report of the directors as
follows :

" The half-yearly statement of account just issued, again
shows the gratifying result of a large addition to the traffic
receipts, with but a relatively small increase in the working
expenses. As compared with the corresponding half-year of
1849, the results are as follows
Traffic receipts— 1849. 1850. Increase

Passengers, parcels, and mails.. ••• • .. £719,052 729,547 10,495
Merchandisetincluding coal and cattle.. 410,553 477,743 67,190

1,129,6051,2F7,290 77,6a5

Working expenses .................... 381,391 390,362 8,97

Net increase of profit....
The per-tentage of disbursements to receipts is, exclusive of
rates and taxes, 32.33 against 33.80, in 1849 ; and inclusive
of those items, 36.61 against 38.50, in 1849. The ratio of
working expenses to receipts for the six months is satisfac-
tory, considering that nearly the entire increase is from mer-
chandise, and that the following additional mileage has been
worked, viz.:—.

Miles. 1850.
Coventry and Nuneaton.
Rugby and Stamford—Rugby to 3lerket Harbro'..l7% „ April 29.
Ditto-31arket Harbro' to Rockingham Castle .. 10 „ June 1.
Clifton Branch .. • • ............................ 3% „ Feb. 2

In all, 4 1.1,4 miles.
The extent of traffic during the ensuing summer, your di-
rectors anticipate, will be very large; and having had under
consideration an estimate of the probable number of second
and third class passengers likely to visit the metropolis
during that period, they came to the conclusion that at least
150 additional carriages will be requisite; and accordingly,
they have entered into contracts for that number, to be de-
livered prior to the Ist May next, the cost of which, as well
as all similar expenditure not included in the estimates
already sanctioned by the proprietors, it is proposed to re-
imburse, out of the earnings of the five years next en-
suing, as exemplified by the accounts for the past half-year.
The East and West India Dock Railway, in which this
company are interested to the extent of 400,000/., was par-
tially opened for passenger traffic on the 26th September
last, and the remaining portion, forming a junction with
the main line of this company at Camden, was completed
and opened on the 15th instant; the result, so far, has been
highly satisfactory, and exceeds, as to the extent of the local
traffic, the expectations of the directors. The Rugby and
Leamington Branch will be opened on the Ist March next.
The Buckinghamshire lines are progressing towards comple-
tion, and it is expected that the directors of that company
will shortly be in a position to execute the lease of that un-
dertaking to this company, in conformity with the Act of
Parliament. The traffic of the Chester and Holyhead Rail-
way, in which this company are deeply interested, is steadily
on the increase ; and your directors hope that the improve-
ment will continue, and that the proprietorawill shortly receive
a return for their investment. It is also satisfactory to observe
the rapidly improving position of the Lancaster and Carlisle.
The directors have mach pleasure in stating that their rela-
tions with the Midland, Lancashire and Yorkshire, Man-
chester, Sheffield, and Lincolnshire, and East Lancashire
Railways, continue on the most satisfactory footing; all
parties have concurred in general arrangements for the
friendly interchange of traffic, and at such rates as may
secure to the proprietors a fair return on the capital employed.
The directors have also entered into friendly arrangements
with the Great Northern and other companies, connecting
Scotland with England by the east and west
route. The differences of opinion which arose with the
North Staffordshire Company, as to the true interpreta-
tion of the agreement between the two companies, have been
referred to arbitration in a manner satisfactory to both par-
ties. Some delay was occasioned, by an objection, on the
part of the North Staffordshire Company, to leave the set-
tlement of the proposed deed of reference (as to certain dis-
puted points) to the decision of a barrister of eminence. This
objection, however, having been withdrawn, the deed of re-
ference was immediately settled ; and to the entire satis-
faction of this company. This statement of facts
will be a sufficient answer to the misrepresen-
tations which have been circulated by parties
connected with the Shrewsbury and Birmingham Company.
It is to be regretted that the hostile proceedings of the direc-
tors of the latter company are still continued, and in a spirit
which precludes any hope of an immediate settlement with
that Board. The negotiations sought by your directors have
failed. It has from time to time been intimated to the pro-
prietors that negotiations were in progress with the
Great Western Company, and, as stated in the report
of the 22d February, 1850, your directors forwarded
to that company, on the 30th January, in the same
year, a proposal, having for its object the saving, by both
parties, of unnecessary expenditure of capital, the avoidance
of mutually injurious competition, and the establishment of
permanent peace. Such being the object of your directors,
and the proposition submitted by them having been framed
with due deliberation, and after frequent and satisfactory
conferences between Captain Huish and Mr. Saunders,
on the part of their respective companies, they na-
turally hoped for a favourable result; the more
so, as months passed without the rejection of their offer.
On the 4th May, being without reply to the proposition sub-
mitted on the 30th January, application was made to the
Great Western Company, by whom your directors were
assured that nothing had occurred to alter the views and
wishes of the board to come to some amicable arrangement.'
It was not, however, until the 12th September that the for-
mal reply of that board was received to the proposals submit-
ted to them eight months before. Your directors were anxious
to meet, if possible, the expectations of the Great Western
board; but some of the alterations proposed by them being
in their judgment both unuesirable and unnecessary, and
considering that the balance of advantage upon the general
scheme was already in favour of the Great Western Company,
they declined to bear the cost of the additional expenditure
involved by the altered plan of that board. Their reply
terminating the negotiation was received on the Bth of
November, and they published almost simultaneously,
notices seeking Parliamentary powers to obtain compulsory
entrance into the stations and works constructed at the sole
risk of the proprietors of this company in Birmingham and
Leamington. The directore regret that these protracted
negotiations have not resulted in an agreement such as they
could recommend for the acceptance of their proprietors.
The Great Western Company having become parties, in
conjunction with the Shrewsbury and Birmingham, and
Shrewsbury and Chester Companies, to measures which
could not but be regarded as a first step towards in-
jurious competition, your directors addressed a com-
munication to the Great Western Company de-
precating such a coarse, disclaiming the monopoly of
any traffic, and pressing upon their consideration the
propriety of adopting equal rates between all points to which
the two companies compete, leaving to the public the choice
of route; an arbitrator being appointed, with full power to
enforce the fulfilment of such arrangement. This communi-
cation, intended for the Great Western Board, appears to
have been submitted by their Secretary to a 'Joint Traffie
Committee,' representing the Great Western, Shrewsbury
and Birmingham, and Shrewsbury and Chester Companies,
by. whom the proposal of equal rates has been virtually
rejected ; for, in a counter proposal, that Committee re-
quire such discriminate rates' as may secure to their
companies, what, according to their views, would be a due
proportion of traffic, seeking, in fact, to force it from its na-
tural course by a reduction of charge in proportion to the
circuitousness of the route. Under these circumstances, it only
remains for your directors to protect the interests thus at-
tacked ; and they confidently trust to receive the sanction and
support of the proprietors, in such measures as may be neces-
sary for that purpose. The directors have to announce that
they have, in conjunction with the Midlandßailway Company,
entered into a working agreement with the Oxford, Wor-
cester, and Wolverhampton Board; the line will be imme-
diately completed by that company, and then worked
and managed in connexion with the Buckinghamshire
Railway, by this company and by the Midland,
and with the prospect of advantage to all parties.
Application having been made to Parliament, by
private parties, for powers to construct a short line,
3i miles, to connect the South Western Railway with
the lines of this company near Willesden, it has been
agreed jointly to work the link, and to secure to the
proprietors thereof, a certain minimum amount of traffic
over it. The formation of this junction cannot fail to prove
advantageous both in a public and private point of view.
The liability of this company is limited to a maximum of
1
calt2
a 5 1
specialpe a
meetingnnum. Theto be
proprietorsd
thew i
purpose)
shortly
b toe
sanctionre u i red
an arrangement (in conjunction with the Lancahire
and Yorkshire, the Eastfor
leasing
and Midland
Railway Companies)
a portion of the
toll son the Leeds and Liverpoolg
unite more intimately the interests of the fanueaerlin'r
Liverpool with Leeds; the object of the a connecting
agreement being to
competitionp n ies oc n paysi n
tog that district,
to w h
which
hdt tohe
they
haveprevent
severally
ai
licrEeut !-
subjected. The particulars of the arrangement will be ex-
plained to the proprietors at the special meeting about
to be held. The farther arrangements proposed to be
entered into with the Chester and Holyhead Company, will
also be brought under the eonsideration of the same meeting.
The report of the committee appointed at the last half..
yearly meeting to consider as to the future management of
the affairs of the company, has been circulated amongst the