The Sun.
London, England, 1859-08-13 00:00:00

the Victoria Railway Station in Westminster, ap- '
peared to be so important for the acquisition of
additional traffic for both systems, as to lead to an
arrangement for obtaining Parliamentary sanction
to that undertaking, to which the South-Western
and Brighton Campanies were also parties."
The CHAIRMAN, in moving the adoption of the
report, said it was a subject of no little gratifica-
tion to him to be able, on the first occasion on
which he had the honour of meeting the proprietors
as chairman, to address them on a state of things
which, as shown in that document, presented not
a few favourable features. There had been a con-
siderable increase in the traffic receipts of the
line, and that increase had been obtained with-
out a corresponding increase in the working ex-
penses—proving that the directors had neither
been neglectful in developing the large re-
sources of the company on the one hand,
nor, on the other, in the practical observance
of those principles of economy on which they un-
dertook to administer its affairs. His gratification,
however, was not wholly unmixed ; for there was
undoubtedly a very large increase in the expendi-
ture for the maintenance of way and works,
though with respect to a portion of that increase,
they might look forward to its disappearance after
the lapse of a certain ;Lumber of years, because,
being attributable to the substitution of stone for
timber in viaducts and other works, it would cease
altogether after the line had been put in a per-
fectly satisfactory state. Even after deductingthe
items for the maintenance of way which had refe-
rence to the viaducts, a very large and unpleasant
increase undoubtedly remained. That was owing
chiefly to the adoption of the new system of remov-
ing and reinstating continuous lengths of the line,
instead of what might be termed patching it. The
great increase in that respect came upon him and
his brother directors with much surprise, but it was
impossible for them to have been aware of it before
the accounts were made up. He hoped, however, in
future a reduction might be made under that head
without impairing the efficiency of the line, and
v_ith that view the board would give its best atten-
tion 1";.1 the subject in all its details. Since the last
general ri2eeting the Brentford Railway and Docks
had been ope'ed, and the board saw no reason to
change the opinitn they had previously formed of
the merits of that selZeme. It had, however, been
opened for so short a time hat It would be prema-
ture to appeal to retrospective i'Tsults, But several
contracts had been made for carrying coal over that
line and through the dock, and the directors were
sanguine as to future profits. With respect is the
Abingdon line, the directors had in the first instance
undertaken to work it at cost price, but fin ding they
could work it at 60 per cent. working expenses they
had made an arrangement with that company satis-
factory to both parties, and which would place the
town of Abingdon in direct communication with
the Great Western system. He had to express the
gratification which he and his brother directors felt
not only with reference to the support given to
two bills, possessing a common interest for their
respective proprietors, but also as a general prin-
ciple the London and North-Western and Great
Western Companies were now working together in
perfect amity, which he could not doubt would
tend to the advantage of both. (Hear.) One of those
two bills related to the Birkenhead Railway-, re-
specting which this meeting would afterwards be
made special to consider an agreement for the future
working and management of that line. The other
was the prolongation, by a deviation at Wormwood
Scrubs, of the West London Railway from Ken-
sington, to join with the South-Western and Crystal
Palace Railways on the south of the Thames, and
eventually be connected with the Victoria Railway
station, by which an admirable access to Westmin-
ster traffic would be given to both the London and
North-Western and the Great Western systems. It
was needless to dwell on the value of that access,
provided it could be had on reasonable terms. The
companies concerned, instead of endeavouring at
the outset to convince each other that the great
object in view was the benefit of itself, had
been able in a short time and in an amicable
spirit to agree upon a plan uniting them
all with the West London extension scheme. With
reference to the Metropolitan Railway, he was able
to state that the most valuable support had been
given to that project by the corporation of London,
and with that assistance and under the auspices of
its present management, it was likely to be carried
out in an efficient and speedy manner. He hoped
it would not only be remunerative as a railway
scheme, but also the means of conferring great bene-
fits on the public at large, and especially on the
working classes. (Hear, hear. A paragraph in
the report of rather a peculiar nature related to the
church and schools at Swindon. " The time (said
the report) has at length arrived when the funds
for the support of the church and schools erected at
Swindon by the voluntary subscription of proprie-
tors and other friends to those institutions, have be-
come nearly exhausted, and some provision ought
to be made for the future." That was a question
entirely for the proprietors themselves to decide,
and no proposal would emanate from the board in
reference to it. If he offered an opinion on
the subject it would be as an individual. The
church and schools at Swindon were founded in
1844 and '45, and had since been supported out of
the money at that time subscribed. The institution
had since continued to flourish and had been a great
benefit to the place, and therefore to this company,
who had so large an establishment there. Looking
at it as a question of policy, he thought it would
be impolitic to allow the church and schools to fall
into decay, which they must do if not supported
from some quarter or another. After adverting to
the loss the directors had sustained since the Febru-
ary meeting, in the deaths of their colleagues, Mr.
R. C. Brown, of Cirencester ; Mr. Thos. J. Badger,
of Shrewsbury ; and, more recently, of Mr. R. W.
Clive, M.P. ; and to the retirement of Mr. Atkin-
son from the office of auditor, the duties of which
he had discharged to the complete satisfaction of
the board, the chairman concluded by moving the
adoption of the report. _ _ _

A PROPRIETOR- congratulated the directors on
having at last, after spending, he might say,
thousands on thousands of pounds in squabbling
and fighting, come to be on terms of amity
with the London and Noith-Western Company ;
and he trusted the result would be smsibly felt in
an increase of dividends. He added it was re-
ported that the Great Western Hotel was paying a
very high percentage; and, inasmuch as this com-
pany was extremely useful to the company who
managed the hotel in providing it with visitors, he
thought it only fair that they should demand a
liberal rent. He asked what the cost of the hotel
had been, and the rent that was paid for it.
Mr. SAUNDERS said the cost was about £50,000,
and the rent about £3,500.

• Mr. GILES, of Bristol, said " Happy the country
whose annals are dull" was a proverb ; and he con-
gratulated the meeting on the report for the last
half-year. From 1846 to 1858 their annual re-
ceipts had increased from £1,000,000 to £1,600,000,
but in the meantime, their dividend had fallen from
£8 to 255., and in the last year, although their re-
ceipts had not increased in a greater ratio than
during the last six years, the dividend had risen
from nil to £2 per cent. (Hear, hear.) He com-
plained that the company had been involved in
extensive schemes and guarantees which had
sapped and mined the dividends, and he trusted
that for the future they would see no more of
those sappers and miners. (A laugh.) He also
complained that there was a deficiency of accom-
modation on the line for third-class passengers,
who were the mainstay of railroads, and that the
convenience provided for second-class passengers
was not what it ought to be. He desired to know
what were the services performed by Mr. Brunel as
consulting engineer of the company. He also
pointed attention to the circumstance of Mr. Gooch,
the head of the locomotive department, having been
for some years the chairman of the Rhuabon Coal
Company, besides being consulting engineer to other
companies, and being concerned in other patent
rights, all of which necessarily encroached on the
time he was expected to devote to the interests of
the company. He held that it was desirable to have
the undivided rather than the eccentric attention of
a man of great ability such as Mr. Gooch.
Mr. SAUNDERS, in reply to a proprietor, said
from the first he had held that the arrangement re-
specting the Brentford Railway and Docks was a
desirable one, and had never denied that it would
redound to the advantage of this company. (Hear.)
Major COURT pointed the attention of the meet-
ing to the debenture statement in the report of the
several amounts of loans and rates of interest, form-
ing an aggregate total of £10,274,078 6dd. The
accountant of the company could, he had no doubt,
state that the total amount of interest chargeable
upon all loans was £245,768 9s. 3d. But, as com-
pared with that sum, the meeting would observe
that the entry of Charge against revenue was
£257,301 15s. Bd., making an excess 0fX11,533 6s.
3d., or more than an equivalent to an addition of
per, cent. to the half-yearly dividend. There was
another matter of account chargeable to capital to
which he would call attention. In the account for
the half-year just ended the balance of estimated
liabilities for liquidation was represented to be
£75,151 13s. Bd., but he submitted that the truc
amount was £32,545 Ds 4d.
bellpuergceodntoefnadendumtbheart
to
the capital account ought
mourn; as an of items, and concluded by moving
amend-
ment that a committee be appointed to examine the
capital and revenue accounts embodied in the half-
year's statement before the meeting.
Mr. COTTLE, in seconding the amendment, sub-
mitted that the time had arrived when the
proprie-
tors should understand
hear)—tahhed
thattrue until
ltt capital
the
company_.
account was closed they would never know the ex-