The Sun.
London, England, 1860-02-16 00:00:00

SUN, LONDON, THURSDAY EVENING, FEBRUARY 16, 1860.

RAILWAY INTELLIGENCE.

GREAT WESTERN.
The report of the directors of this company states
that the revenue, steadily improving from almost
_ _

every source during the last half-year, enables the
directors to recommend an increased dividend to
the ordinary shareholders of the company. This
improvement of income was the more satisfactory,
us not only derived from every branch of traffic,
beet as extending alike over all portions of the Great
estern system. While the lines south of Wol-
verhampton had contributed £55,588 more than in
the corresponding period of 1858, the two Shrews-
bury Railways had added 110,720 of excess to the
general receipts. making together an average weekly
increase of £2,550 for the same length of railway.
The less entailed upon file company by the Shrews-
bury Railways, which amounted in the last six
months 011855 to £15,292, had been now reduced
to £7,325, notwithstanding that a charge of about
11,800 had teen incurred and paid in the latter
period for renewing a portion of the joint line be-
tween Wellington and Shrewsbury. The accounts
which had been circulated showed fully every item
of expenditure, re-presenting the working charges.
In relation to those which affected the South Wales
Railway, an award was made in the month of Sep-
tember last by Captain Gallon, of the Board of
Trade, declaring the rates which were to be charged
against that company for the supply of locomotive
power ,and rolling stock, which award not only
affected those charges clueing the last half-year,
but for an antecedent period of two years. The
accounts for the last half-year were made upon the
basis of that new award ; bat it would occupy
some time to apply it to the former accounts. The
directors were led to believe that the total amount
would not be much varied, although the details by
which it was to be finally ascertained might give
rise to complication, and occasion much labour and
loss of time in arriving at the final conclusion. The
directors proposed to the company, as the result of
the accounts made up to the 31st December, 1859, to
declare a dividend at the rate of 3 per cent. per
annum on the consolidated stock of the company,
and on the Great Western Windsor shares, payable
on the Ist prox., carrying forward a balance of
/25,748 to the next account. The report goes on to
state that, " It will be observed, from the state-
ments printed with the accounts, that a saving of
interest on capital has been commenced, by re-bor-
rowing at lower rates, as well as by a reduction of
interest from 8 to 6 per cent. per annum OR a por-
tion of the Shrewsbury and Birmingham prefe-
rence stock, which will hereafter save about £3,000
per annum. The Metropolitan Railway, after a pro-
tracted struggle for the means of obtaining capital
to carry it into effect, is now happily in a financial
condition which will insure its construction. The
whole capital of that company has been subscribed,
with the aid of a contribution from the City Cor-
poration of £200,000 ; the contracts for the works
have been satisfactorily taken, and the works com-
menced in several places. The city authorities are
also promoting a large Meatonarket in Smithfield,
which is intended to be connected with the Metro-
politan Railway by a short branch, adding much
:o the usefulness of the whole undertaking, and
affording to railway companies the means of pos-
sessing a very convenient terminal station for
goods, &c., within the city. The Brentford Rail-
way and Docks, provisionally opened in July last,
were completed, so far as concerns the conveyance
of goods, &c. in the middle of September. The re-
moval and adaptation of machinery removed from
Bull's-bridge to Brentford has been gradually pro-
ceeding with as much expedition as circumstances
would allow, provision having to be made for car-
rying on a considerable traffic at both these places
during the interval. The directors have the satis-
faction of renorting that the minimum monthly
tonnage under the agreement has been already at-
tained since the month of November, and there can
no longer be a doubt of the stipulated quantity of
100,000 tons of goods, &c., exclusive of coals, being
shipped or landed in the Brentford Docks within
the first year of the lease. The Board of Trade
made some requirements before the Brantford
Railway could be opened for the accommo-
dation of passenger traffic, which necessarily
postponed it until the commencement of winter, and
rendered it undesirable to commence running pas-
senger trains just at that season; but the directors
propose to do what is necessary for that purpose
early in the spring-. When the Metropolitan line
shall be finished, and a connection perfected by
railway trains with their stations in the North of
London and the City, the Brentford and Isleworth
population, as well as that of the suburban districts,
will be enabled to make the journey with the ut-
most facility by a system of frequent trains, cal-
culated to promote their convenience, and so to in-
crease the number of all classes of daily travellers
over the Great Western line. The directors have
deemed it necessary to apply in the present session
of Parliament for power to make a short extension
branch at Yeovil to the South-Western Yeovil and
Exeter line for interchanging traffic, near to the
point where the two railways intersect each other.
There would not otherwise be any convenient
method of providing for the traffic which must ne-
cessarily require to pass from the trains of the one
to the other company. The estimated cost of that
branch is £15,000. The Birkenhead Leasing Bill,
of which this company gave notice, is still before
Parliament, although the ultimate fate of any Such
application has been rendered uncertain by a notice
received from the London and North-Western solici-
tors that their company will not be parties to any
bill for that purpose. It seems unnecessary at the
present time to discuss at length the various cir-
cumstances which have led to a relinquishment by
the London and North-Western Company of the
agreement entered into in August last, and sanc-
tioned by meetings of the three companies, for the
permanent working and joint lease of the Birkenhead
Railways. It is sufficient to say that in the interval
important differences have arisen on this subject be-
tween the two companies, and that, during a pro-
tracted correspondence, your directors expressed
their willingness to refer those differences to arbi-
tration, but the London and North-Western Com-
pany declined recourse to any arbitration, except-
ing it was restricted to two points only, which
they had raised and selected, but which, in effect,
could not have led to a final adjustment of differ-
ences on vital points between the companies who
were parties to the agreement. Since the last half-
yearly meeting your directors have given much
consideration to the means of procuring the very
best quality of materials, both of iron and timber,
required for the renewal and maintenance of the
permanent way and works. Those materials form
important items in the ordinary expenditure of the
company, and the supply of them requires therefore
to be watched with peculiar care, in order to insure
their being of the best and most enduring charac-
ter. To accomplish this with respect to iron rails,
the Board have decided, after the most careful in-
quiry and investigation, to construct upon their
premises at Swindon a rolling mill for the working
up of the worn or damaged iron, in order to be con-
verted, with the aid of fresh material of the very
best quality, into new rails, which would possess a
longer and therefore more economical existence
than any which have yet been manufactured for
them. The first cost of the roiling mill and machi-
nery will amount to £20,000, which sum, with all
current interest upon it, will be absorbed within a
period of 14 years by an annual charge on the new
rails of /2,000, in addition to the expenses of the
manufacture, Your directors are satisfied that this
process will Italie° your worn rails at the highest
price obtainable for old iron, and will provide new
rails of the most durable quality at a comparatively
moderate cost. The directors very much regret that
a deficiency has been proved in the waggon stock
belonging to the Shrewsbury narrow gauge lines.
The most searching inquiry will be made into this
matter by the directors, who will spare no endea-
vours to prevent the recurrence of any similar mis-
take. It may be right here to mention that in the
engineering stores for the maintenance of the rail-
way there is a considerable amount of materials
which haveinot yet been used, but for which charge
has been made against revenue in previous accounts,
exceeding the value of £17,000, which will be
brought back gradually in future accounts to the
credit of maintenance of way. The directors
are unwilling to conclude this report without
adverting to the melancholy loss which the coin-
paey have sustained in the recent death of Mr.
Brunel. As the original engineer of this under-
taking, as a faithful and zealous promoter of its in-
tercets, as one of those remarkable men whose
genius and abilities were not more conspicuous than
the warmth of his heart and the kindness of his
disposition, the directors think that the proprietors
will wish to join with them in paying this passing
tribute to his memory, in heartfelt proof of their
gratitude for his services and their admiratiox of
his character."

that additional traffic always required additional
outlay to obtain it. However, the increase of
£79,337 in traffic had only cost the company 311
per cent: to obtain it, while the working expenses
on the whole receipts of the half-year had been
about 40 per cent. The directors had great hopes
that the rate of dividend now proposed would be
maintained or improved upon for the future. It
was not often that railway directors could point to
any special acts of theirs showing the benefit of
their superintendence, or for which they were in
a position to ask for the shareholders' acknow-
ledgments, but on this occasion he thought they
were fairly entitled to do so. Recollecting
that this company was the first, if not the only
company, at the present time, to relieve
the cost of working by consuming coal, and
consuming coal only ; knowing that this alteration
took place after a series of experiments by able and
scientific men, the directors had attended to the
subject for many months, and at a very small ex-
pense all the old working stock had been altered to
meet the requirements of the change from coke to
coal. By comparison with the year 1856 or any
other period when coal was not adopted, it showed
a saving on the half-year of £13,000 or L 14,000 ;
he thought it would be admitted that in this respect,
at all events, the directors had not been inattentive
to the interests of the company. (Hear, hear.) The
expense of the permanent wayshowed a diminution,
the line was in as good order probably as any in
the kingdom, and it was only natural that the share-
holders for the future should enjoy the advantage of
their liberal allowance for expenditure on this ac-
count in years past. He feared that the saving in
the item of general charges was more apparent than
real. He regretted that the legal and Parliamentary
charges should be so large, not only in this but in
all railway companies ; but so long as it appeared
their duty, which he did not see how they could
escape, to watch with the greatest vigilance all rival
schemes before Parliament which might seriously
affect their interests ; so long as they were subject
to applications to Parliament all along their line,
by corporate bodies and others, for Water Bills, or
Improvement Bills, or other bills, which might
seriously affect them in rating, and so long as they
were compelled to go before the tribunal which Par-
liament had appointed—the most expensive in the
kingdom—he really could not anticipate a material
reduction in these expenses, The fault was in the
Legislature, and not in the Railway Boards of the
kingdom. The amounts paid for compensation
showed a reduction of £3,139. In more senses than
one, they must feel gratified that this was the case.
A distinguished railway authority, Mr. Watkin,
had proved at one of the Sheffield Company's meet-
ings, that the risk of railway travelling was very
much exaggerated. In that opinion he (the chair-
man) agreed. He was not quite sure that Mr.
Watkin 's arguments did not show that of all
places in which a man could place himself for secu-
rity, a seat ix a first-class carriage was the
one he should select. Taking the number of peo-
ple travelling down Market-street, Manchester,
and the accidents occurring to them from vehicles,
sign-boards, or chimney-pots, he (the chairman)
maintained that there were fewer people injured
on this line in proportion to the number of pas-
sengers than there were pedestrians in Market-
street. (Cheers.) Very little was heard of these ;
a stretcher carried them to the Infirmary, and a
paragraph in the newspapers disposed of them for
the future ; while, if a railway company had the
misfortune to injure any one, of course large claims
were made against them, although ships might
sink with 500 passengers on hoard, for which not
the smallest shadow of a claim was made against
the owners. Many complaints had been made
against this company for defending their interests
• in law courts against extraordinary claims believed
to be false ones. No claim for compensation was
. ever made to this board that was not referred to
a committee composed of men as humane in their
judgment'on these subjects as any in the kingdom,
and, if a choice had to be made in the interests of
the claimants, he believed no tribunal could be
found more actuated by a desire to meet all the
exigencies of the case. But claims were made
which by no means represented the injuries sus-
tained, and which put it entirely beyond their
power to deal with them, except through an Eng-
lish jury. If he were to mention the singular in-
stances of recovery after a verdict for large da-
mages, the shareholders would be very much sur-
prised. He confessed he had never seen yet a
remedy proposed so successful in restoring an in-
jured person to health as a good heavy compensa-
tion paid by a railway company. (Cheers.) After
some great disaster these remarks might have been
looked upon with distrust, but he made them at
the present favourable moment, hoping that for the
future the directors would never be supposed to
have rejected claims except on what appeared to
them sufficient grounds for rejection. (Hear.) The
directors had exerted themselves to prevent any
future difficulties with other companies, but he re-
gretted that the Great Northern, with whom they
had been on the most friendly terms, as with all
others, had proposed a scheme seriously prejudicial
to them. They had done their utmost by the offer
of favourable terms to induce the Great Northern to
continue running over this company's line from
Doncaster to Wakefield (the cost of which was
chiefly in the interest and incurred at the request
of the Great Northern), and he had no doubt Par-
liament would approve, as on three former occa-
sions, their reasons for opposition. (Hear.)
Mr. W. STUART seconded the resolution, which
was adopted.
The various guaranteed dividends were then de-
clared, and a dividend at the rate of 5 per cent. per
annum on the original stock, after which the re-
tiring directors were re-elected.
A long discussion took place on the election of an
auditor, the contest being between Mr. Evans (the
retiring auditor) and Mr. Wrigley. For the latter
there appeared 72 votes, and for the former 68. A
poll was demanded on behalf of Mr. Evans, which
would be kept open till noon on Saturday, and the
result would be made known on Monday.
The meeting having been made special, the East
Lancashire Preference Fifth Shares, 1857, were for-
pperro cceeend nl ended with ati preference stock
e
of
fatlhlyia convertedcampany; intoand atilt
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vote of thanks to the chairman.

and maintain the line for 50 per cent. of the re-
ccipts, and, in addition to the other 50 per
rs;ent.,
they were to give them 10 per Mr. of i,do -,.,eceipts
of traffic from the Severn Valley line lr.,ssing over
the Oxford, Worcester, and Wolveraampton line. '
The surgestion was now that the. Oxford Company
should hand over to the Severn v alley Company 55
per cent. of the receipts on their hue, keeping the
45 per cent. to pay for working, maintaining, and
renewing the Severn Valley hne for the extended
period under the proposed lease. Another sugges-
tion was that the Severn Valley debentures should
be taken at 4.4 per cent., being the average amount
paid by the Oxford and Wolverhampton Company.
Arr. Brasscy had the power to take them at 5
per cent. per annum. The Oxford Company
were to undertake the transfer and other business
of the kievern Valley Company. These were the
. material points under discussion. The traffic would
be worked under the direction of a joint committee
• over the shortest route. They had already ex-
) pended £263,000, and it was expected that the cost
1 of the land would not exceed the estimate.

Mr. W. REED, a director, explained that it was
right they should have some additional advantage
for leasing their line for the long term of 999 years.
Resolutions wore passed adopting the report, re-
electing Mr. J. Parson and Mr. Chownc, the retir-
ing directors; and also Mr. W. Phillips, the retir-
in,.,(., auditor.
The meeting them separated.