The Sun.
London, England, 1857-02-20 00:00:00

LONDON AND NORTH-WESTERN
I RAILWAY.

MEETING THIS DAY.

The half-yearly meeting of this company was held
this afternoon at the Euston-square Station ; the Mar-
quis of Chandos in the chair.

The report and accounts, which have been already
published in The Sun, were taken as read.
The CHAIRMAN, in moving the adoption of the report
and accounts, said that the Board of Directors had made
an alteration in the accounts, as suggested, relative to
the renewal of rails account, and said that the directors
intended to ask the proprietors for a vote of 350,0001.,
with which to lay down a third line of rails between
Bletchley and London for the accommodation of the
goods traffic, punctuality, speed, and safety being the
necessary requirements of.. a railway. Most of the
land that would be required for the purpose was the
unoccupied original land of the line. The noble
chairman then referred to the bill now before Parliament

for the conversion of the Shropshire Canal into a rail.
way, at an estimated oost of about 80,000/. ; to the
negotiations with the Government rtlitive to postal
communication with Dublin, which were not completed ;
and to the late dispute between this company and the
Great Northern, which Mr, Gladstone had kindly under-
taken to settle, and said that he believed the award would
be ready in a few days. In consequence of the report
and accounts having been in the hands of the proprietors
for some days, he did not consider it necessary for him
to address them at such length as formerly ; and after
ref rring to one or two unimportant matters of detail in
the report, be concluded by moving its adoption.
Mr. BENSON, deputy-chairman, seconded the motion.
Mr. DICKENSON congratulated the shareholders on the
improved management of the line. He doubted if it
was a prudent course to incur the expense of the pro-
posed third line of rails. There was a great desire on
the part of the Great Northern Railway Company,
which was reciprocated by the
people of Manchester,

that that line should be extended to Manchester,
and the consequence would be that they would have to
lower their rates from that competition. He condemned
their continually adding to the capital account, and
urged that their policy in that respect should be
" finality."
Mr. PUNCHARD referred to the extension lines in con-
nection with this railway, and expressed an opinion that
the third line proposed was no more wanted than their
having two secretaries. They had two, and were not
likely to part with them, and he supposed soon they
would want a third, if they bad the third line of rails.
He thought that if they better managed their locomo-
tive departmebt the traffic could be carried on without
an additional line of rails. He urged that a sum of
162,0001. could be saved annually by an improved ma-
nagement. 50,0001. a-year might be saved at the sta-
tions, even if they increased the salaries of some of the
officials. They had 166 goods stations, and 188 passenger
stations. Formerly they gave their principal stationmas-
ters, at the commencement of the company, from 2001. to
3001. a-year ; but they had now increased them to 4001.
or 5001. a-year, and raised them so much above their
station that they required a deputy, and soma of them
bad as many as four. (Hear; hear.) He considered that
everything was increasing. With regard to the land near
the stations, it was now being sub-let by the company's
servants to third parties. 10,2501. might be saved an-
nually on the consumption of oil. One eighth of a
penny on the coke woull give a saving of 5,0001.
Raising the passenger fares one eighth of a farthing
would give an increase of 31,000/. ; and a halfpenny a
ton on merchandise, 10,0001. He called attention to
the free passes, and said he had heard of a gentleman
of high standing who had travelled over the line for
nothing, and that there was a loss by this means
and from persons using exhausted tickets, of 26,0001. a
year; the extravagance of 13,000 servants at ld. a day
gave a loss of 20,0001. ; the difference of an alteration in
letting their waste lands would give an addition of
10,0001., the interest on cash balances might be greatly
increased, if not double its present amount. At the pro-
per time he would move that the qualification of a
director should be 5,0001. in stock.
After some further discussion, in which complaint was
made at the directors keeping a balance of 66,0001. in
hand,

The report was agreed to, and a dividend declared at
;he rate of 5i per cent. per annum.
Thanks were voted to the Chairman, and the meeting
separated.