The Sun.
London, England, 1851-08-16 00:00:00

THE SUN,

„lee_ _concessions, however, which bad been de-
manded of us and the Midland Company are so
great, involving the infraction of agreements
ith other companies, and so far exceeding
the Parliamentary or legitimate traffic connected with
that company, oat hitherto grey hare refused to admit
them as the basis of an agreement, lam sure our
friends of the Midland Cumpany, with whom our con-
nexion is of the closest end most intimate kind, would
bs the very first to come to an arrangement with the
Great Northern Company, on a mutual, fair, and bene-
ficial basis.—(Cries of "Hear, hear.”) We are
also at issue with the Great Western Company.
I confess that the failure of our negotiations weir the
Great Western Company does not surprise me. I have
watched their policy for a great many years, and I am
fully convinced that, disappointed in their own traffic,
they would not be quite happy until they had made a:-
tempts somewhere else.—(flear, hear, and cheers.)
Our negotiations with them have, therefore, failed.
With respect to the Shrewsbury and Birmingham Com-
pany, I do not think that there is need for me to trouble
you with many observations. We are under an agree-
ment with that company for working in communication
with that line, which we are advised by an authority of
the higher rank is perfectly 1, gal and binding, and
I see no reason why we should cease to adhere to
it. I do not know why we should be induced to
conceive that at the present moment the policy of
Parliament in railway matters can lead them to
allow of a second competing line in communication from
London to the Mersey. The Shrewsbury and Burning
ham line was never 'granted with that intention; the
obj ,c( o, it was originsley to work in tentirxion with
the London and Birmingham lino in one district. but not
to form a competing line to the Mersey. It is perfectly
true that there was a line in connexten with it which
semmuniceted with a large and opulent district,.
the exigencies of which le quire d a comtnuno
cation with the Mersey; but hit line never was
granted with the ilea of entering into competition with
the London aid North-Western
.Railway. Parliament,
I am convinced, could never feel disposed to grant a se•
cond competing line against that lair traffic which was
established by the London and North. Western Railway,
and the longer we go on the surer we shall arrive at the
conviction that the just principles laid down years ago by
Lord Dalhousie are those which must ultimately govern
railway arrangements and policy. The experience of
years shows, and more especially iu cases where he capital
account is to be clossd, that is not by competition, but
by an intimate c.mnexton between companies in the
awe district, supported by Parliament allowieg them
to do their best for the developement of the traffic, and
allowed, too, to put something in the pockets of their
proprietors, that we can expect to obtain the slightest
chance of the railway system being supported properly
in this country.—(Hear, hear.) To think of competi-
tion is absurd. Look at the fact, that people
are now being carried from Leeds and back
for 53. to 4s. 61., why, what good can that do either
company? It must lead in the end to combination and
a division of the whole territory between the two com-
panies. That is what will be the case befere long; but,
as I said at the commencement of my speech, I have nu
wish for any reserve, Ido not hesitate to say that
before that arrives we have to go through a long and
very serious competition. The effect will be a great deal
of ruinous injury to railway property, and inconvenience
to the public; we shall have a repetition of horrible acci-
dents until the public must at last become awake to the
real position of affairs, and we shall have Parliament
iniertering and putting the system upon a different and
wiser footing. These are my own remarks, ate+ I have
no wish to commit my colleagues to them—(Hear)—
but I know that there are many before me who are
large holders of railway property, and I wish to im-
press them with these same opinions ; I
wish them to go to their meetings and press
these ideas upon them.—(Hear, hear.) If you
do not you will ruin your property, and your only
chance to preserve it in its integrity and full value is
to do so. It will take time to bring about a proper feel-
ing on this subject, but I must beg in the mesutime to
impress upon you the necessity of being content to keep
up a 1 .rge reserve tund.—(Hear, hear.) It' we have tee
go into this extensive competition it is a most material
thing that we should be able to do so without touch-
ing on your dividend. Therefore I do hope that you
will not from any temporary increase in the traffic
which might come into the current half-year be induced
to run away with the idea that you can increase your
dividend. If you are content to remain in your present
position, and to carry yourselves through this competi-
tition by the aid of your reserve fund, you will have
neaten down all those fancied theories of persons
unacquainted with railway matters, and you will do
more to neutealies the effect of bad legislation
than I had ever anticipated would have been done
in so short a time. We have at this moment several
agreements of that sort with the Lancashire and York-
shire, and others, and we are must anxious to carry
them out to the full. We are anxious, as far as possible, to
promote the most cordial alliance between ourselves and
those lines; they form part of the same system, and that
is part of our territory, and with their Help we intend to
endeavour to work it and to meet all competition
there. I am happy to say that there is a better
feeling growing up on these p Ants, there
is a greeter disposition among our neighbours to
work harmoniously together. Do not think that I wish
to alarm you about the state of your property. If you '
will only carry on the policy which has hitherto di-
rected your proceedings, if you are content to keep your
dividend at its present amount, there is nothing in the
aspect of our concern which is in any way calculated to
discourage you. In our local traffic, and in our 188
stations we have the elements and basis of
strength which nothing can take from us.
With that conviction I hope that none of yru will be
frightened by statements which you may occasionally
see in the newspapers. We shall be forced into a com-
petition, but the end will be as I have stated to you. I
shall always be ready to enter into arrangements for the
promotion of a fair and equitable understanding; but we
shall not be disposed to shrink from entering into that
competition to which we have been compelled, if we
have from you the support and encouragement which we
look for.—(Cheers.)
Mr. KAY said, before the report was read he
should be glad to hear what course the directorsin-
tended to take next session with regard to the Audit
Bill?
The CHAIRMAN said he might say, on the spur of the
moment, that the directors were not prepared to take
any steps whatever. He must in justice, however, to
himself and others, refer the proprietor to what had al-
ready taken place in Parliament —(Hear, hear.) After
the reception which the Audit Bill had met with there,
he confessed that he, for one, was not disposed to under-
take the future management of any similar 1111.—(Hear.)
The report was then read as follows:
" A full statement of the accounts for the half-year
ending 30th of June last, has been pl,ced in the hands
of the proprietors, from which may be derived the follow-
ing results, as compared with the corresponding six I
months of 1850:

Passengers, parcels, and 1851. 1851. Increase.
mails £674,221 £723,862 £49,641
Merchandise, &c. ... 435.959 453,718 17.759

£1,110,180 £1,177,580 £67,403

Working expenses £377,422 £415,420 £38,002
" The actual per tentage of disbutvaneota to receipts
is, exclu-ive of rate, and taxes, 34.99 against 33 99 in
1850. and inclusive of those items 38.99 against 38.31 in
1850.
" 13: sides the expenses attendant upon the working
and maintenance of 524 irlditional milesge, viz.:—
Rugby and Stamford, 27i opened 29th April, and June 1, 1850,
Coventry &Nuneaton, 10 opened 2d September, 1850,
Rugby & Leamington, 15 opened 1.1 March, 1851,
the ordinary expenditure in the locomotive department,
during the halt-year, has been increased to a consider-
able extent by the measures adopted in anticipation of
the Exhibition traffic, of which the company are now de-
riving the benefit, to an extent which tally justifies that
expenditure; the receips for the first six weeks of the cur-
rent halt-year exceeding the receipts of 1850 by 88,0004
Theclasing of the capital account, except for certain speci-
fied items formerly stated to the prop i .tors, has throws
ap:m teaehue a variety of expenses necet.sarily ii cured
for additions and improvements, and which am amt in
the aggregate to a consithratile sum. These citeum-
stanves will explain the apparent disproportion between
the incrs,ase o! rec ipts and working expenses.
"The East and West Inuits Dock Junction Railway
is now in operation for psettiger traffic, Hum the Junc-
tion at Camden staion to Fenchurch-street. The reshit,
so tar. has proved highly satisfactory. The hue will be
used for the transit of goods so soon as the arrangements
now in progress at the tea mini are completed.
"Parliament has sanctioned the construction of a
short line to connect the Blackwell Railway with the ex-
tensive warehouses at Hayden- square, formerly the pro
perry of the East India Company, and this branch will
be iwine,iiately proceeded with. Looking at the position
and extent ut these warehouses, situate in the most
central part of the city of London, and containing
upwards of six aere.4 of flooring, it is impossible to
naer-estimato their importance, as bearing upon
tht, further development of a our merchandise traffic ;
and the directors have great satisfaction in submitting to
the proprietors this terms of the arrangement, by which
they have obtained the option of purchasing these ware-
houses; as also the agreement with the Blackwell Rail-
way Company, by which the transmission of the traffic
over that line is secured,
on terms equitable and mutually
advantageous.
" The estimated eost of the Ilsydon-square warehouses,
together with the necessary alterations, approaches, &c.,
is:—

For the buildings £25,000
„ alterations, machinery, &c. ••• 15,000
„ approaches
... ... ... 5,000

.£1.5,000
"Parliament has also sectioned the North and South-
Western Junction Railway, which will connect the line
of this company near Willesden, with that of the London
and South- Western Company near Brentford, and so
afford uninterrupted communications between the manu-
facturing districts, and all points south of the Thames,
and the port of Southampton.
" Tho Rugby and Leainiugton line was opened on the
Ist of March, and the remaining portion of the Rugby
and Stamford line on the 2d of June last.
" Your directors have to report that the Bucking-
hamshire lines of railway having been completed, the
lease of that undertaking to this ComPanY has been
prepared, in conformity with the Act of Parliament,
and duly executed by both companies.
andTheuestions in difference between this company
an
arbittrhaoeti North Staffordshire have been referred to the
Wortley, of the Right Honourable James Stuart
eY' M.P.the Recorder of London, and
his judgment
the North rlr aost of them has been obtained. That
dissatisfaction with i Staffordshire board should publicly expreis
decisiono: so sought and obtained, is
a matter of regret to
yurectors, who, however, are
to i
still ready and desirous meet every just expectatiou