The Sun.
London, England, 1856-02-16 00:00:00

WORKS IN PROGRESS.

Mr. BRISTOWE moved the following resolution :—"That
a concise statement of the several works in progress
under the late Commissioners of Sewers, and now being
carried on under the eaneCton 'ethic( board, be prepared
by the Clerk and Engineer, and printed and circulated
among the members of the board two days at least before
the first meeting of the board in March ; and that the
plans, &c., connected therewith be also in readiness for
the inspection of the board at that meeting."
Mr. BURSLEII seconded the motion.—Agreed to.
Mr. WILKINSON gave notir of the following motion :
" That it is desirable that immediate and active means be
taken to provide for making a new line of street, from
the west end of Cheapside westward to the Strand and
Piccadilly, in or near with the line recommended by the
Metropolitan Improvement Commissioners, in their sixth
report, more especially the portion thereof between
Carey-street and Fetter•lane, inasmuch as building opera-
tions of great magnitude are about to be commenced,
which will, if completed, materially increase the expense,
if they do not altogether prevent the carrying out of this
important improvement ;" and also, " that in order to
enable the board to decide on what' particular improve-
ments in the thoroughfares of the metropolis are most
pressing with regard to the public convenience, the
Superintending Architect immediately prepare and lay
before the board a statement comprising all the projects
for metropolitan improvements recommended by the
Metropolitan Improvement Commissioners, or by Cora-
mittees of the House of Commons, and that they be laid
down upon one of the large sized skeleton Ordnance maps.
That the chairman be requested to communicate with
the President of the Board of Works and other autho-
rities, to obtain the necessary facilities for carrying- out
the foregoing resolution."
After the transaction of other business the meeting
adjourned.

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Zwyraa • NO E. Muir, 41444

Mr. SAUNDERS (the secretary) basing read the adver-
tisement convening the meeting, and the report being
taken as read,
The CHAIRMAN addressed the meeting:—Gentlemen—
Your directors have laid before'you so full, so clear, so
elaborate a report of the affairs, the position, and the
prospects of this company, that I feel any lengthened
statement emanating .front myself would be a tedious
and superflnpus task. There are some circumstances,
however, to which I think I ought to call your at-
tention, especially after the meeting we had in August
last—a meeting somewhat of gloom, if not on the
part of Reeser& proprietors--a meeting, to a certain
extent, of despondency—in order that I may point
out to you that the view which your directors took of
your affairs, was not over sanguine, het prudently can•
tiptoe has, I think, in every particular been vent
fled. On the occasion of that meeting we found our-
selves with a dividend which had fallen from four per
cent. to two per cent. in a year and a half. There Yeas
then great pressure commencing in the money markets
of this country ; that pressure was likely to operate dis-
advantageously to yourselves with reference to the re-
newal of debentures, arid I have no hesitation in Raying,
that the last autumn Wan an autumn of immense anxiety
to your directors ; but I hope the result of this report
will show you, that by forethought, by prudence, by
careful management, your affairs ace much better an]
they were when I then. addressed-you. (Cheers.)
that occasion I endeavoured to point out to you, as
clearly as I could, the cause of the diminution of our
dividend, and the Consequent depreciation of year
property. Setting aside the stagnation of trade,
which, to a certain extent, was consequent on the
war, the high prices of most materials used in tl a con-
struction of railways—setting aside the necessity of
continuing unfinished works, which necessarily operate
generally to Tour disadvantage, but which could not
be avoided—setting aside, I say, all these matters,
I tranett,- or—ststieavenrad to tease,- the ceases el- the
diminution to those circumstances, which, I believe, oc-
casioned that diminution. You have only to look at your
report, and you will see how amply justified your direc-
tors were in pointing out those circumstances as the
causes of that depression. You will there find that the
charge on the Great Western property, for the Shrews.
bury lines, was 34,0001. during the half-year ending the
30th of June, 18:75. Yon will find that the expenditure
for the lines north of Birmingham was little less, during
the same half-year, if at all less, than 40,0001.: you will
find the charge for new works, daring the same half.
year, about 12,0001., thus making a total of 86,0001.
Now, a diminution in your dividend of 2 per cent. is repre-
sented by a diminution in the available receipts of your
company to the extent of about 83,0001. for the half-year ;
consequently you will see that, the causes of the diminu-
tion of your dividend to the extent of 2 per cent. might
fairly and probably be traceable to the three
causes to which I have adverted. Now, I stated
my opinion to be, that the depression of your
shares was a temporary, not a permanent, de-
pression. Look at the results—your average re-
ceipts during the half-year ending Dec. 31, 1855, as
compared with the average receipts during the half-year
ending Dec. 31, 1854, Fellow an increase in your great
Western lines of 86,0001. ; and en your Shrewsbury
lines of 23,0001. more. (Hear, hear.) The balances of
the revenue accounts carried to credit, when contrasted
with the same period, show for the Groat Western lines
in 1854, a result of 383,2271. ; and for 185,5, a receipt
of 438,3271., giving an increase of net earnings of
54,4001. The Shrewsbury lines show f r 18e..e, a sum of
32,6391. as against 47,7991. for 1855, or net increase of
earnings of 15,1601., snaking on the whole of yonr pro-
perty, a total increase of net earnirge of $69,560/.
(Cheers,) Now, observe the increase is not a partial
one, it is uniform throughout your lines ; observe also,
that this increase is not an increase ,made by fits and
starts, but by steady progression ; observe, in the
third place, that this increase is still continuing, and
the receipts during the first six weeks of the present
half year, will, I think, justify me in saying the
company is gradually righting itself, and tbat if you
pursue a prudent, canCous management of your affairs,
you will find it will right itself still more. I find that
the re...eipts for the first week of 1856 of the Great
Western line, were 19,3741.—whi1e fOr.the week, that is
six days, for the corresponding week of this year, the re-
ceipts were 17,417 i, giving an apparent decrease of
2,4561., but you will see that, there was not any decrease
when I add, as I shall, the earnings of the additior al
day. In the second week of 1855 the receipts were
21,0201., and for 1856 they were 21,8841., being an ire
crease of 8601. ; for the third week of 1855 the receipts
were 20,5291., and for 1856 they were 23,2431., being an
increase of 2,7161. ; for the fourth week of 1855 the
receipts were 19,020/., and fur 1856, 23,1541., giving an
increase of 4,1301. ; for the fifth week of 1855 the re-
ceipts were 21,1571., and for 1856 they were 24,3421.,
giving an increase of 3,1921. ; the sixth week's receipts
in 1855 were 20,1501 , and far 1856 they were 15,8851.,
an iuctease of 3,735/, I will add the 'seventh' day
to make the period of six weeks in' 1856-corresP,mf
with that of 1855. For that day I sot down 2,013/.
for passengers only, showing a total increase of
14,671., or an average of about 2,3661. per week
in favour of the present year, (Cheers.) I will give
the result of the receipts or ,the Shrewsbury lines
during the same period. Thep increase during the six
weeks no the Shrewsbury and Birmingham line was
8551. 12s. 2d., and on the Shrewsbury and Chester line
2,7291. 12s. 7d., making a total of 3,5831. 4s. 9d.; or an
average of 5971. per week. I mention these facts to
show you that I think I was right in stating that the
depreciation of your property was not likely to be a per-
manent depreciation, if you found by subsequent expe-
rience (as you do now find by subsequent- experience)
that there was an improvement going tn over every fart
of yeur line, and that this improvement was consistent
and also progressive. The second point which I men-
tioned wee, that you had seen the worst of your Shrews-
bury lines. In that respect 1 think my statement has
been fully verified. You will observe that your dividend
has this half-year been increased to 2e per cent. from 2
per cent. (Hear.) This alone will, I hope, to some ex.
I tent, be satisfactory to you. You will also observe that
the balance on therevenue account is much larger than it
was the laet half-year, and that your directors have kept
in hand about 16,0001. in respect. of that balance. The
report states that there was an arbitration, by which a
further sum is expected from the South Wale* Company
for the agreed use of the Gloucester station and esta-
blishment ever since they have opened their line ; that
that arbitration is nearly brought to a close, and that
the amount will appear to credit in the next account. A
small sum only was taken under that head to credit,
but I have the satisfaction to state to you that the arbi-
tration on this point was closed yesterday, and that you
may add under that bead to the credit of your account a
sum of 5,1001. (Cheers.) The result, then, is that your
available balance for dividend among the proprietors for
the last half year, instead of being what it is represented
to be in the accounts, is 5,0001. more, which added to
the haeauce that we have held in reserve—of 16,0001.,
would, in point of fact, just enable you to pay at this
moment a 3 per cent. dividend. Now, I do not recommend
you to ask for a 3 per cent. dividend, and I will tell you
why. I think one of the greatest points you have to
bear in mind is, that you will be prudent and cautious
before the vessel has properly righted itself ; and I think
that till your works are completed, which they soon will
be, that till your liabilities are thereby perfectly ascer-
tained, it is safer for you to keep that balance in band
to meet contingencies, and which will be a balance
available for you at a future period, though, as I have
said, I recommend you not to make it available for an
increase of dividend now. He then alluded to the dif-
ferences that existed at. tha.beeenel And concluded by say-
ing—lf you (the shareholders) will adhere to the wise
maxims you have laid down for yourselves, of not en-
tering into new speculations—e(cheers)—if you will strive
to keep in harmony with other companies, which must
be for the mutual benefit of both—if you will steadily
watch the rise of your shares, and the fall in the value of
money in the market, until you can convert your debt
into stock and reduce its interest—if you will finish, as
your directors have shown yon you are about to finish,
all your great works, without incurring new 'liabilities
—again, I say, my honest, conscientious conviction
is, that you have a property which, by provident, by
careful, by sedulous good management, will be valuable
to yourselves as an investment and as an income, and
will be restored, I hope, at no distant day, to that high
position in which it formerly stood. (esond cheers.) be
then moved the adoption of the report.
The question of the report being adopted was then
put, when
Mr. EDMONDS moved an amendment—" That so much
a
of the report as recommended di
be adopted, and that the remaindervibeen com-
mittee, of 2e per cent.
referred to a co-
mittee, to be appointed when the list of shareholders was
published.
Major COURT SOCOlided the motion.
A. long discussion here ensued, during which Mr.
Echelon& was called upon to withdraw his amendment,
which he refused to do. Eventually the amendment
was
put, and lost by a large majority,
On the question that the report be adopted,
Mr. mums, 111.1"., moved the emission of those pas-
sages in it which permitted officials of the company to
become shareholders in the coal company specified
therein, and the insertion of words that no person con-
nected with the company, directly or indirectly, should
be permitted to have anything to do with the proposed
new Joint Stock Company about to be formed.
Mr. VOUSELY characterises] the resolution as most de-
spotic, for surely they would not interfere with any en-
terprise in which their servants might wish to engage.
They ought to be permitted to have an opportunity of
employing their little capital as they might think proper.
Lord BARRINGTON hoped the meeting would not pass
a resolution which they had not fully considered. They
might remember that the Limited Liability Act was
passed last session of Pailiament to enable persons
with small capital to invest it, and yet that company
was prohibiting the salutary influence of that excellent
law. (Cries of " Hear, hear.")
Ur. OWL* 1,0144 L begged of tboxp, mimi#ll tc!

SCINDE RAlLWAY.—Th.dirctors of ,the Sainde Rail-
way have issued their first report, preparatory to the
meeting of the proprietors to be held on the 18th inst.
It appears that the sum received on shares to the
31st of December amounted to 257,1141., of which
248,9801. lls. 11d, was placed with the East India
Company, in accordance with the terms of the guarano
fee. A. further 811111 has, however, been paid into the
East India Company's treasury, and the total menet
upon which the guaranteed interest now accrues ii•
265,6141. 10s. The directors speak with unabated con-
fidence of the value of the railway as a commercial in-
vestment, and particularly refer to the experiments that
have been tried during the last south-wester4monsoen,
with respect to ICurrachen as a port, to which access
can be obtained without difficulty. Several vessels of
large tonnage, up to 878 tons, were taken in during the
most unfavourable
,part of the year with facility and
without the aid of steamers. The bar at the mouth -of
the Indus had been proved, by a series of careful trials
to,
aof vessels
deep
deposit of And, and tiept
rocks,receiving injury froth ,
grounding in entering the harbour was inconsiderable; '
The report was in the highest degree satisfactory, as
be nothingsothat
the more
dangerthan
the moderate expenditure (5,5021. 51. ld.) in ,the Lon-
• •-e•ticnably a subject for congratula-
tion to the shareholders.