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

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incorporating a company to construct a broad gauge fine
in extension of the Gloucester and Dean Forest Railway
from Grange Court to Ross and Hereford, which must
be considered a great acquisition to the interests of the
I Great Western Company as well as beneficial to the
county, and the districts beyond Hereford.
Your directors thought it their duty to accord faci-
lities and advantages to enable the Hereford, Ross, and
Gloucester Company to obtain their Parliamentary
powers, and they have assisted them in raising a portion
of the capital, through the instrumentality of the Glou-
cester and Dean Forest Company. They will be glad
to learn that the Great Western shareholders individue
ally are encouraging that. undertaking by affording
some pecuniary aid in raising the small amount of capi-
tal still required by that company. It is understood that
the works are to he forthwith commenced, and that the
line will be very economically and promptly constructed
for public traffic.
" The lire from Westbury to Warminster will be
finished within a month from this time; and there is
reason to believe that the Dean Forest and South Wales
lines, through Gloucester, will be opened about the same
period, to the er.st of Chepstow, leavieg only the river
Wye Bridge and about a mile of railway to be completed
for the continuous communication throughout between
London and Swansea.
" The Lig-teen:tent with the Shrewsbury and Chester
and Shrewsbury and Birmingham Railway Companies,
which wa; approved at a special
general meeting of this
company, has been now duly ratified by the other parties
to it. An Act has since passed of much importance to
that alliance, conferring powers on the first-named com-
pany, to cerr y on traincindependently and uhisterruptedly
from their own line at Chester to Birkenhead, and the
Mersey on the one side—and towards Manchester on the
other, over the Birkenhead, Lanca.skure, and Cheshire
Junction Railway.
" The power to make a very short line for a junction
with the London and North-Western • Railway in the
town of Birmingham,
having been refused by a Commit-
tee of the House of Lords, it has become 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 to this com-
pany all their rights of doing the broad gauge, and of
completing the independent communication with the
Shrewsbury lines at Wolverhampton.
n The agreement with the Oxford, Worcester, and
Wolverhampton Company, approved at a general meet-
ing of this company on thee 15th ult., has not yet been
confirmed by their proprietors-,who required further
i
time to consider it. It s understood that there is an
effort making on the part of tome of the shareholders
in that company to reject the agrcensent, in order to
obtain better terms—to which, however, your directors
cannot feel justified in acceding.
" After an ineffectual attempt to make some perma-
nent and satisfactory arrangement with the Kennet and
Avon Canal Company in relation to the traffic of the
district, providing for the requirements of the public,
according to the respeeitive 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 an
aereement for a lease of the canal, at a guaranteed rate
of 6s, per canal share, amounting to 7,4731. 14s. per
annum, which sum your directors confidently believe
will be realised by a judicious regulation of the trade of
the canal, while many advantages may be secured to
both companies as irc.ll as to the public traffic by means
of such arrangement. The directors confidently recom-
mend it tor your approved and sanction, and a resolution
will be submitted accordingly to the meeting, which has
been made special to consider the subject.
" The report of the chief engineer is appended to this
document, and in compliance with the wish expressed at
a former meeting, a list of the present directors, with
their place of residence, is also subjoined."
The SECRETARY next read the following report of
Mr. L K. Brunel, the engineer :
"The works oa the permanent way, between Oxford
and Banbury, and which has been opened and worked as
a single line, for about a twelvemonth, are in good order,
and the second line of rails is now being laid, prepara-
tory to the extension of the railway to Fenny Compton,
awl the opening of the Birmingham to Oxford. The
works between Banbury and the junction at Fenny
Compton are nearly completed, and the materials for the
permanent way aro in course of delivery.
" Upon the Birmingham and Oxford Railway at liar-
bury, Whitnash, Leamington, and Warwick, the works
are everywhere in active progress. Between Leaming-
ton and Warwick, where the works have been com-
menced only within the last few months, every exertion
is being male to expedite their progress—upwards of
two-thirds of the entire line is ballasted, and ready for
the permanent way; and I trust that six months will be
sufficient for the completion of the whole distance to
Birmingham. Every means 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 bn opened within a fort-
night or three weeks. The Radstcck 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 arid station at Gloucester had been una-
voidably delayed by the necessity of effecting a joint
arrangement between the three companies—the Mid-
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•
layed, 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 vvcelN or a month before the
rails can be laid across.

" In consequence of the delay in the erection of the
Chepstow bridge, it has been determined to open the
South Wales Railway temporarily. to the east side of
the river, and preparations are making for effecting this,
which will be ready as soon as the line is opened through
Gloucester.

" The works and the permanent way of the Great
Weetern Railway and branches generally are in ex-
cellent condition. We have, during the last summer en•
tirely re-laid one line of rails through the Box Thane],
the timber of which bad n,,t been originally creosoted;
the cot 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 my report on
depreciation of plant, of January, 1850, and the calms•
la iou which I then made. For an annual sum—some-
what less than that which I then estimated—we hare
not merely repaired, but renewed the permanent way, so
as to render it more perfect, and in better condition than
during the previous year."
The accounts having been taken as read,
The CHAIRMAN moved that the report be adopted,
and circulated amongst the proprietors.
A SUARRHOLDER inquired when the Radstock
branch would be completed.
_ _ . _

Mr. BRUNEL said that the contract time of fifteen
months had been exceeded from unforeseen difficul-
ties, sad that it would probably take twelve months
snore to complete it.
Major COURT expressed a hope that the report in
future would be issued on the same day as the ac-
counts. Ile wished to know now, how it was that a
great number of surplus shares, which they had some
time ago, were not di:posed cf for 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 \Vales Railway account, which consisted partly
of principal and partly of interest. As these subjects
would not improbably be investigated in a court :.
law or equity, he conceived it to be highly impru-
dent, to
dent, by making public the whole of their case,
leave themselves defenceless against their
opponents.
d that the
The Rev. Mr. NICHOLSON, having learned
majority in the Shrevvsbury and Birmingham was
small, he hoped the proprietors would take a Pecu°l-
ary interest in those lines against their opponents, the
North-Western Company.
The CHAIRMAN informed the
employ their votes
Rev. and Hon. Pro•
prietor that it would be illegal
.to°_ Railway.
in the Oxford and Wolverhampton u
tinsgaid be was sorry to
the meeting on the
regretted that his repro-
The Rev. Mr. Nienol_sio_
hear it, and whilst congratulating
should have been absent
to coerce them into car-
defeat of the shabbyn attempt
rying the mails
repre-
sentative, Lord
from the House of Commons on the •
occasion of the
debate.
fl3orsrtbgitn°gn''
es e matters, was una-
voidably
RMAN explained that Lord Barrington,
aabsdeener on the occasion alluded to.
The Cu."- interest in these
whT motionohteook
The CHAIRMAN next moved that a dividend of two
per cent. for the half-year be declared.
An 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.
Atter a few words from Mr. DICKENSON on the
same side,
The CHAIRMAN said he conceived the auditors had
supported the entire view of the subject. The great
object was, to maintain the credit of the
a I companyaini.
and
large to avoid, by not accediug to schemes of a
(lend, dividends that would be subject to fluctuation.uctu.g:
aatri divi-
dend,
-Until they could recommend a dividend of
amount, with full certainty of their
beingdo
entreated them
not to anticipate that period, which able to
sustain it, they would not do so.
they
could not do
without inflicting on themselves a very deep injury,
He
A motion for a dividend of 2, , haulsg been made,
and seconded,
The CHAMMAN
to his views, and said it
divide
upon it. So large a
expressed his regret on the course
persisted in, in opposition
would be necessary to
dividend would appropriate the full extent of their
year's profit.
After a short
discussion the amendment was with-
drawn, and the motion agreed to.
On the motion of the CHAIRmAN, a vote of thalika