The Sun.
London, England, 1867-02-23 00:00:00

RAILWAY IN TELLIGENC

WATERLOO AND WHITEHALL,

The adjourned half-yearly meeting of the:share-
holders in this railway was held yesterday at the
offices of the company, 7, Westminster Chambers,
Victoria-street, Westminster, under the presidency
of Mr. Parsons.

The report has already appeared in our columns.
The CHAIRMAN said the company was in need of
£30,000 more capital to complete the works, and
the result of an appeal to the shareholders was that
only £9,000 had been raised. He at the same time
expressed his conviction that if the company could
succeed in getting its tube laid down there could be
no doubt of its being ultimately successful, and
becoming one of the best paying lines in the metro-
polis. As the required capital was not obtained, of
course there was no alternative but for the works to
be stopped. Looking at the circumstances, hedeemed
it advisable to confer with the contractors as to the
best means to be adopted to get the tube laid.
A discussion ensued, in which several shareholders
expressed their entire concurrence in the views of
the chairman, and their, confidence in the board, as
well as their conviction that within a short period
the company's affairs would be in a more satisfac-
tory condition.

At the conclusion of the discussion, the following
resolution, moved by the CHAIRMAN, and seconded
by Mr. SurroN, was unanimously adopted :
" That the report of the result of the application to
the shareholders and season ticket holders of the
South-Western Railway Company now made to the
meeting be received and adopted and entered on the
minutes."

A vote of thanks to the chairman terminated the
proceedings.

LONDON AND NORTH-WESTERN.

The half-yearly meeting of this company was
held yesterday at the Euston Station—Mr. R. Moon
in the chair. The report (which has already ap-
peared) was taken as read.
The CHAIRMAN, in moving the adoption of the
report and half-yearly statement of accounts,. said
it was with disappointment and regret that the di-
rectors came before them to recommend a diminu-
tion of the dividend as compared with last year.
But they were bound, like everybody else, to bow
to circumstances. They knew what a collapse there
had been in the trade of the country, and that their
expenses of all kinds had increased. He regretted
to state that the result of the half year's working
showed that the expenses had increased lid. per
train mile as compared with 1865, and as much as
2d. per train mile as compared with 1864, while the
earnings had remained about the same. The board
hoped that as the trade of the country returned, the
arrangements they had made, anticipating the con-
tinuance and growth of that trade, would become
remunuatic: to the company. It would be in the
recollection of any proprietor who had been pre'ent
12 months ago, and to any one who read what
passed on that occasion, that he then pointed
out that the half year they were considering
might be taken as almost an exceptional one ; and
though he did receive from a gentleman a note to
say that be had bought his shares on the faith of
progressive dividends, he did not think it necessary
to answer him by saying more than that the board
were also bound up with the prosperity of the
company. On that occasion he was anxious they
should retain in hand the 4 per cent. they paid
additional, and if they had done so the dividends
would have been equalised. Of course it made no
difference to the proprietors if they retained their
shares, but he thought they ought to have a surplus
sum in hand so as to secure at all times au equal divi-
dend. The result would not be in the dividend itself,
because in either case the proprietors would put it in
their pockets sooner or later, but it would have the
effect of making the value of the shares more uni-
form. Several proprietors, however, strongly ob-
jected to this course, and in deference to their opi-
nions the board gave way. During the past year
there had been exceptional circumstances which for
a moment depressed their dividend, but he hoped
when the prosperity of the country returned they
would be able to do something better. He did not
know that anything more could be done than had
been done during the past year. They had watched
the expenditure very carefully, and a ere continuing
to do so ; but it would be a great mistake on their
part if, because of the temporary panic in the trade
of the country, they supposed it was coming to a
dead stand, and were to make a diminution in the
number of trains, which they might afterwards re-
gret. The board recommended them to bear the re-
duced dividend as patiently as they could, in hope
of better times hereafter. Then coming to the ac-
counts of the company, he said, with reference to the
capital account, that it was very accurately recorded
and carefully got up, showing so clearly as it did all
their liabilities in reference thereto. The total capital
of the company and its leased and guaranteed lines
was about £70,000,000, the loans being about
£19,000,000. They were paying dividend this half
year on nearly £2,000,006 of capital which was al-
most unproductive. Only a few lines had been opened
during the half-year which had not yet come into
play. With regard to the revenue expenditure, the
maintenance of way had been very exceptional ; but
they had every reason to believe they bad reached
the culminating point of their expenditure; in fact,
it so happened that, not quite the last year, but
nearly the last year, of the Lancaster and Carlisle,
and the Chester and Holyhead fell with the first
year of the St. Helen's Canal renewal; and when
this company took these lines their permanent ways
were in a miserable condition. Another thing was
that the heavy engines of the Sheffield Company
running over the Stockport and Warrington had
compelled them to relay that line sooner than they
should have done. There was also £4,000 for
steel rails put into the account. In the last half-
year they had relaid 37 miles of double line ; and
they had now forty lines of double line laid
with steel rails. With reference to the locomotive
account, if they took off a great m any exceptional
charges, the extra price of coal for instance, the total
extra cost in this departmentwouldbe about£l7,ooo
or £lB,OOO for the extra miles run, but there wa s
no real addition to the cost per traia mile. They
had put for stock nearly £22,000 of steel—that was
to say, beyond what the tyres, axles, &c., would have
cost in iron. Then there were a few exceptional
things, which the fluctuations of a half year would
sometimes give, accounting to a considerable extent
for the difference in the cc st. They had reached such
a point of economy that they did not see their way
to make any material reduction of expenditure ;
on the contrary, wages, materials—everything
had been growing against them during the half
year. If they went further down the accounts they
would find an item for compensation for accidents.
They had been very unfortunate during the year.
The total amount they had paid for compensation
in 1866 from the 15th Jan. was about £llB,OOO,
but that included compensation for loss of goods and
delay to markets, bad debts, and so on. The; total
amount paid for personal injury and what might be
called " fright" was about £54,000. He did not
know what more could be done. People said they
should have more signals and flags, but there was a
strong impression on the minds of the board that
the company was rather over-signalled, and the diffi

culty was .to hit the happy medium. The more
signals they bad the more they confused their drivers
and staff. Therefore the matter was to be left to the
discretion of the directors to do the best they could.
They must expect accidents. If they took the whole
sum for injury to passengers during 1866, they would
find it was not a half per cent. of the receipts for
the past half-year. The law expenses were, he
believed, nearly cleared off. During the last five
years they had had to wipe off many arrears which
bad been allowed to accumulate in the law expenses,
and an immense sum for maintenance of permanent
way and other things ; so that they might look for-
ward to a better state of things in these respects in
the future. If they looked to steamboat expenses,

he might say that after buying new steamers and

replacing their boilers, and doing everything to keep
them in order, they were still £lB,OOO in hand.
With regard to rates, the cattle plague rate was
about £l,OOO against them in the half year, and the

parish rates and assessments generally were increas-

ing in the country. This was a thing over which
they had no control. Questions had been asked the

directors with regard to fires, and though they did
not appear to cost a large sum of money, yet if they
took the case of the Liverpool-road station it put
them to an immense inconvenience to carry on the
traffic at all. After providing for all fire losses,
they would have about £50,000 to the credit of the
fire insurance fund. Another thing against them in
the half year was the interest of money, which was
a rather serious matter, as the increased rate made
a difference of about £22,000 for money borrowed.
lle was sure that, from the report sent out at the
request of the audit committee, they would be satis-
fied their accounts were thoroughly honest and true
They were very gratifiod to think their two auditors
—and especially Mr. Crossfield, who had been their
auditor for 17 years—had so got the accounts into
shape that they could sleep comfortably, and not
dream of mistakes. It was his belief that the audi-

torship of a company was the most important in
connection with it. Auditors should be not merely
atrongmiuded men, not easily cajoled, but they ought
to be supported by the proprietors. When a man
put his money into a public company he looked on
it as a sort of vested interest, about which he need
take no further trouble, whereas he really became a
partner in a commercial enterprise, and ran the
risk of failure the same as in any private part-
nership. One of the auditors of a public com-
pany told him that on one occasion, when the
auditors differed from the directors as to whether a
certain sum should be divided or not, it was agreed
to refer it to the proprietors ; and when it came be-
fore them, instead of supporting their auditors, they
were so tempted with the immediate dividend, that
they supported the directors. (Laughter.) He be-
lieved that if the shareholders of this company were
to do that, the auditors would not stay with them.
He hoped the proprietors would be with the board,
and if they would not permit the accumulation of a
surplus fund, that they would try to make their
property permanently prosperous. In regard to
parliamentary proceedings, there were 317 private
bills, against 633 last year. Private bill legislation
was a gigantic evil, but no one seemed to attempt to
alter it, and it was allowed to take its own course.
He then moved the adoption of the report and ac-
counts.

Mr. BROWN-WESTHEAD, the deputy-chairman,
seconded the motion,which, after a short discussion,
was carried unanimously.
A dividend at the rate of 6 per cent. per annum
was declared.

Upon the motion of the CHAIRMAN, seconded by
the DEPUTY-CHAIRMAN, it was resolved that the
proposal to execute the works stated in the report of
the directors be approved, and that the meeting
sanction the addition to the capital of the company
of the sum of £227,389 for such purpose, and that
the charge to capital account of £5,345, certified by
the auditors to have been expended iu the half-year
ending Dec. 31, 1866, in the improvement of the
permanent way, be also approved of.
The retiring directors having been re-elected,
Mr. J. Bickersteth and Mr. H. C. Tannicliffe were
elected directors to fill up vacancies.
Mr. Crossfield was re-elected an auditor of the
company.

At a special meeting of the shareholders held un-
der the new regulations of Parliament, the directors
were empowered to exercise the borrowing powers
of the company to the extent authorised by the
company's acts.

The consideration of the agreement which was to
be brought before the meeting was postponed to the
16th of March next.

A vote of thanks to the chairman closed the pro
ceedings.

Representative Government.

The following letter has been addressed to the
editor of the Anglo-American. Times :
SIR,—In theory the Southern States were blessed
with representative Governments, but practically
they were ruled by the iron will of a slaveholding
oligarchy. The members of the Slave State
Legislatures and the Southern members of Congress
represented the slaveholding interest, and no other.
Who for thirty years before the war were governors
of the respective Slave States ? Slaveholders
Who were Senators and Representatives in the
Slave State Legislatures? Slaveholders ! Who, in
both houses of Congress, represented the South ?
Slaveholders ! And the one object which they
steadily kept iu view was to strengthen, extend,
and perpetuate slavery—witness their legislation.
The four millions of slaves, from the beginning
to the end of slavery, were never represented.
If some Douglass, or Martin, could have been
elected to a State Legislature by their fellow-slaves,
and in the present slaveholders could have depicted
the misery and agony of slave-life, slavery would
not have been continued. Slaveholders would have
trembled in the presence of such advocates, and an
enlightened and aroused community would have
demanded the abolition of slavery.
Slaveholders destroyed the ground-work of the
principle, that the people are
power, and contended that the
of power,
not only no right to vote, but that
rcthoepleoricisosreendurttmleteaivnoe
he had no right to petition. In the whole history
of American slavery whoever hard of a petition
from slaves? In law they were as much property
as the lowing ox and the neighing horse ; they
could not petition.

But what of the six millions of poor white non-
slaveholders in the Slave States ? Were they repre-
sented ? Certainly not. Their interests were op-
posed to the interests of the slaveholders ; but they
spoke and voted under the reign of terrorism.
Instead of regarding a representative Government
as designed to secure the rights and protect the
property and the lives of the people, their highest
idea of Government was a slaveholding oligarchy,
such as prevailed throughout the South. They
had lost their own rights, and knew it not. Nay,
they deemed it an honour to go forth in hordes at
the beck of (he slaveholders, and at the peril of their
lives extend to other countries the same absolute
despotism which ruled the South.
To attempt to promote their own interests as
non-slaveholders, had they been so far enlightened,
would have been to incur political and pecuniary
ruin, and in many eases death itself. As illustra-
tive of the power wielded by slaveholders, and of
the helplessness of non-slaveholders, I will refer to
the treatment received at the hands of the former
by Mr. Clay, Br. Malcolm, and Mr. Helper.
By a law of Kentucky, slaves could not be in-
trDduced into that State for sale. The slave-

traders made a determined attempt to repeal this
law. Mr. Clay, the American Ambassador to
Russia, was then a member of the Kentucky Legisla-
ture, and had not emancipated his slaves. But
he successfully resisted the attempt to repeal the
above law on the ground of the immorality of the
slave trade. For this, by the management of the
slaveholders, he was thrown out at the succeeding
election, anLedgai slave-trader returned in his stead.
IFreonmtuctichyat day Mr. Clay was never returned to the
The following, in regard to Dr. Malcolm, from
the Kentucky Georgetown Herald, of August 15,
1849, speaks for itself :—‘, The Rev. Dr. Malcolm,
who has presided over Georgetown College for the
last nine or ten years with such distinguished
ability and general satisfaction, felt it his duty to
vote for the emancipation candidate at our election.
The storm of disapprobation was so violent that it
was plain he could no longer be of use to the
college, and he resigned his office. The office has
not yet been filled, and we fear that the trustee of
the College will find it difficult to fill the vacancy
occasioned by the resignation of au officer so faith-
ful and so devoted to the interests of the College
as President Malcolm has been."
By birth and marriage Mr. Clay was connected
with the first families in Kentucky, and Dr. Mal-
colm was distinguished as a scholar and a preacher;
yet both were stricken down at the command of
the slaveholding oligarchy. From this may be in-
ferred the extent of their despotism over the poor
white working classes.
The crime of Mr. H. R. Helper differed from
that of Mr. Clay and Dr. Malcolm. He belonged
to the poorer middle classes in North Carolina, and
having visited the Free States, so far sinned against
the slaveholding oligarchy as to write a book en-
lightening the non-slaveholders of the South as to
their servile condition, and urging them to attempt