The Sun.
London, England, 1851-03-19 00:00:00

CHESTER AND
AY HOLYHEAD
R.

The usual half-yearly
.meeting of the proprietors
of the Chester and Holyhead Railway, was held
yesterday, at the Euston Station of the London and
North-Western Railway, Mr. S. M. Peto, M.P., chair-
man of the board of directors, in the chair.
The advertisement convening the meeting having
been read, the minutes of the previous meeting were con-
firmed, and the common seal of the company affixed to
the register of proprietors.
The Caen:mem said the report and accounts had been
extensively circulated, and he believed they had long
been in the hands of every proprietor. Perhaps, there-
fore, it would be an unnecessary consumption of time to
read them now, and he would suggest that they should
be taken as read.—(Cries of " Yes, yes.") [The:accounts
and report have already appeared in The Sun.] This
was the first half-yearly meeting he had presided at,
-and he was on that account naturally anxious
to place before the proprietors a full elucidation
of the principles which guide the course of the direc-
tors, as well as the position of the company and its
future prospects. Having explained the circumstances
under which he had been called upon to undertake the
chairmanship of the company, the Hon. Gentleman pro-
ceeded to the immediate business of the meeting. The
principles upon which he had taken the chair, and upon
which his colleagues had given him their united confi-
dence, was the development of their traffic in every pos-
sible manner consistently with the preservation of the
beat possible feeling towards all connecting interests in
the various lines which were themselves united to this
company, either as adjuncts or as allies in capital.—
(Hear, hear.) The board had felt it to be their duty
resolutely to work with the London and North-Western
Company most harmoniously; and it was due to that
company to state that they had met the Chester and
Holyhead section of the board with the greatest
amount of liberality and fair dealing. (Cries
of " Hear, hear.") There had been no desire
on the part of that company to take advantage of their
own position. or of the difficulties of the Chester and
Holyhead Company ; and it was to their forbearance,
and their kindness, and their assistance, that the pro-
prietors were indebted for the bright prospects which it
was his duty and pleasure to reveal to them to-day.
:Acting upon the principle or basis of avoiding all
unnecessary competition, and bringing on the Chester
and Holyhead' line the largest amount of traffi•-.1 that
could be possibly obtained-by fair and legitimate means,
the directors had concluded an arrangement with the
London and North-Western and the Dublin Steam
Packet Companies, which ho believed was
fraught with the largest amount- •of benefit to
themselves, while it would be equally beneficial
to both those companies .he had • mentioned.—(Hear,
hear.) The London and North-Western Company had
conceded to them a large amount of reduction in the
mileage rate of their working charges, and , although
they might have.claimed the unexpired time of the ex-
isting contract, and continued for three years more
to work the tern Ches and Holyhead line upon
the old rate, yet pon this board approaching
them to solicit a new arrangement, they at once con-
ceded a reduction which would save the Chester and
Holyhead Company no less than 8,0001. per annum.—
(Cheers.) The accounts for the half-year just termi-
nated had been made out upon the principle of the old
rate, but had this agreement to which he was referring,
and to which the meeting would be asked to give its
approval to-day, been sealed, there would have been a
saving from the 20th of September last up to the present
time of nearly 2,0001., which of course would have been
placed in the hands of the proprietors to-day in
addition to the dividend to be declared on that
occasion.—(Cheers.) -But that saving he viewed
as the least advantage which would be derived
from the united working of the three companies.—
(Heer, hear.) The agreement with the Dublin steam
Packet Company and the London and North-Western
would enable this company to look through from every
part of Ireland to every pert of England with which the
two railway companies were connected, which was au
,advantage that' cattle only be :appreciated by those wise
had devoted time and trouble to the investigetion of the
sirbjetrt. In the next peace the agreement contemplattol
that the Lowden end North-Westera at! the Dublin
Steam Packet Companies should do all that in them lay
to throw nhon this lied, toe entirety of the Irish traffic,
and this corepeny, in return, would do it possibly
'could to continae. to the London and North-Wesaarn
Company, its natural ally, the entirety of the through
traffic, while it left them perfectly iree to make
ail such arrangements as could conduce to the entire
development of its local traffic. The arrangement
contemplated the sale of the steam-boats belonging to
the company to the Dublin Steam Packet Company,
-upon the arbitration of individuals selected on both sides,
and in the event of the arbitrators not being able to
agree, they were to choose an umpire.—(Hear.) Until
the money was paid, this company did not release
its hold upon the boats, while the purchase
money was to be paid by annual instalments,
the balances carrying interest; so that on the whole
they stood in a position of perfect security, and on a
sound commercial footieg.—(Hear, hear.) Such, then,
was the effect of the arrangement which had been come
to between the three companies. Now, with regard to
the position- of their own line, many of the proprietors
who bad not been upon it were possibly not aware that
at the present moment they had no line to Holyhead at
all, for although they had spent 165,0004 on steam-boats,
which, he maintained, all things considered, was a most
judicious expenditure, yet at the present moment their
terminus was c full mile and a quarter from the end
of the pier at Holyhead.—(Hear, hear.) They
lost by that break, owing to the inconvenience which
resulted from the transfer of the traffic, and parti-
cularly of goods, to the present temporary station, a
large amount of advantage which their line would
naturally present to individuals going to Ireland.—
(Hear, hear.) The directors had, however, made ar-
rangements for getting rid of this obstacle, and he might
state in parenthesis that they were entirely indebted to
the exertions and influence of his colleague Mr.
Stanley, for being able to carry out those
arrangements.—(Hear, hear.) They had agreed for the
construction of a temporary line, without any charge
from her Majesty's Government; and though the ar-
rangement would secure, with the new goods station and
a new passenger station, and the erection of a hotel
and refreshment rooms, and everything necessary
to render the line popular in connexion with
the immediate transit of the steam-boats, it was calcu-
lated that the expenditure for all this would not exceed
23,000/. ; and when he stated to them that this
amount of expenditure, and its interest would
be repaid in five years by the saving it
would effect in the existing system of removing
goods by carts, and in the conveyance of passengers
by omnibuses, he thought the proprietors would have
reason to congratulate themselves upon the successful
and advantageous nature of the arrangement.—(Hear.)
They had also made arrangements, in pursuance of
the authority given at the last half-yearly
meeting, with Colonel Pennant by which extensive
slate quarries were put in connexion with the railway,
and a similar arrangement had been concluded with
Mr. Ashton Smith for placing Conway quarries also
in connexion withehe line, and the company was now
in Parliament seeking powers, with the view of extending
the line to the port of Conway.--(llear.) Arrange-
meats were al<o pending with various companies in the
midland district, by which Irons one point alone they
would obtain mineral traffic, to the extent of 100,000
tons, which would have to travel over the whole length of
their line. That was a fact which would convince the
meeting that the mineral traaic of this company was
wholly untouched.—(Hear.) They had also arranged
for a " siding" at Conway; and the party for whom
this "siding" was to be constructed would pay them
10/. per cent. annually on the outlay. This also
was for the purpose of accommodating the mineral
traffic, and when he remembered that one indi-
vidual alone during the present year had rent upwards
of 20,000 tons of slate flags to London by the line,
he thought the meeting would, agree with him
that by these arrangements they were se-
curing an immense soarce of income, which
at present was perfectly and entirely undeveloped.—
(Hear.) While he was on the subject as to developing
traffic, he would refer to a circumstance which occurred
at the moment to his mind which he thought reflected
great credit on one of the officers of the company.
Although he occupied the Lumble situation of a station-
master, he thought it right to mention his name on the
present occasion to stimulate others to a similar course
of conduct, and to show the proprietors the advantage
of having zealous and faithful servants. The station
Master at Conway observing the large quantity of shell-
fish that abounded on the coast, endeavoured to induce
the fishermen to engage in the trade of selling that
Pleeticuear commodity, but felling in that attempt he ap-
Pleat° thecompany toinvest a small sum with the view;of
ascertaining the practicability of establishing such a
' trade• d
when he told the meeting that at the present
moment the eemeatay were cerrying from that station
alone to 21teetiiZter between 150 000 and 200,000 shell-
fish per month, he thought the meeting would agree with
him that thaeteaviment had been most successful.
The result had not only to increase their profit,
but the trade emplo the
.fishing population,
but the whole of the women
the fish or
n and children in preparing
and sortingl market, and thus besides
'
contributing to the interest and
Welfare of that parti-
t added to their coffers,
cuter part of the population,
and those of
the London and North-Western, no
less
than 2,000/. per annuan—(Llear.) lie new approached
another branch of his subject, that was the financial
position of the company'.
When they last
met they
were in the position of a corporation crushed with the
amount of its debts, and they
way clearly out of their difficuldid not then see their
way n
—'—earihe".) At
the present moment they had no difficulties what.
ever—(Cherrs)—for they had, by thy: assistance of
the North-V, ,;stern Company, arof by the exertions of
individual members of the board in o'otaining temporary
loans, been placed in a position of ssftAy and security,
and the rad cling of to-day would 1-.de enabled to create
the preferenth;l stock which was alluded to on a for-
mer occasion, but not et the origins l interest, but
at such a rate of interest as their improved
prospects would command,
aryl which hr. had no doubt
the money market would readily
respond to.—(Hcar.
hear.) It had been said that the board hgcl created these
shares at too low a rate of interest, but when lie stated
to them, that, after having ievestieattd every cir-
cumstance connected with the railway taking into
consideration the exteesion of the line at Holyhead
—taking also into account a fact which he had on the
authority of the engineer engagd d at Helalicad, that one
arm of the new harbour would shortly be extended
720 fedt, giving twenty-two v ,
,ent tieetn of water
ea the ebb tide, thus enabling the American
packets always to call e
there—bParin in mind
also that the directors would always-
ease f.
train ready
for, the reception of the Psb.'entters landing from
those packets,, and the, everything would he done
to promote their ease, comfort, and accommoda-
tion—looking at. the large Atat.iunt of mineral traffic