The Sun.
London, England, 1850-09-04 00:00:00

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[PRICE SD,

the meeting decided by a larg9 majority that he
should not.
Mr. HARRISON, the engineer, was called upon, and
!ry satisfactorily explained the working expenses,
'hich were actually 33 per cent. below the Great
.'estern, which Mr. Douglas had held up as an ex.
ample. The expenses on their line included many
items of which the Great Western knew nothing.
He could challenge the world for economy of ma-
nagement, and pledged himself to the accuracy of
their details.
Mr. MAUDE, one of the auditors, addressed the
meeting in support of the recommendations in their
report. Adopting the mode of calculation used in
their former report, they found the sum due for de-
terioration of engine and waggon stock exceeded by
about 5,000/. the sum actually expended. As no
sum was set apart for future reparation of rolling
stock, they thought that the sums of 5,100/. for new
engines, and 6,0001. for new waggons, were impro-
perly charged to capital. In like manner the charges
for Parliamentary expenses included an item incurred
in opposing a Bill for a competing railway, which, in
their opinion, should constitute a revenue charge.
lie referred to the oilier points of objection con-
tained iu their report, which he contended were well
founded.
The CHAIRMAN said that, so fur from the rolling
stock not being fully maintained, every carriage and
engine had been kept as completely in repair as pos-
sible, lie also referred to the fact that they had had
above 200,000/. unproductive capital during the last
half-year, not one sixpence of which had had interest
charged to capital, all being provided for out of re-
venue. He, therefore, thought that they had had
their accounts somewhat severely taxed.
In answer to Mr. WATSON,
The CHAIRMAN said that there was not the slightest
matter of difference between Mr. Hudson and the
directors as to the Sunderland Dock shares. The
postponement of payment was merely a question of
convenience.
Mr. WYLIE, the other auditor, proceeded to advo-
cate the establishment of a reserve fund for rolling
stock. He also commented upon other points on
which the auditors and directors were at issue, and
generally spoke in commendation of the affairs of the
company.
Mr. RAMSEY complained of the immense expense
incurred by the auditors and their accountants,
Messrs. Quilter and Ball. He condemned their dic-
tation and the agitation which these London accoun-
tants would keep up.
Mr. STACK, of Darham, thought the Parliamen-
tary expenses were properly chargeable to capital ; he
also thought occasional revisions of their affairs and a
little agitation were at times useful. When they had
no agitation the affairs got into bad hands, and now
they were the sufferers. He did not approve of reserve
funds, but would keep up their stock in a state of
efficiency from half-year to half-year, making each
half-year provide for its own dilapidations. He
looked upon the Pensher branch as a most valuable
accessory, but clearly the expenses of its formation
should come out of capital. He thought Mr.
Wylie had formed altogether a wrong conclusion as
to the distinction between capital and revenue.
A SHAREHOLDER asked in what way Quilter and
Ball were employed ?
The DIRECTORS said they were engaged by the
auditors ; the directors had no control 'over those
gentlemen.
The adoption of the report was then put, and car.
tied unanimously.
The CHAIRMAN then moved a resolution declaring
that, as it appears to this meeting that the rolling
stock is in good working order, and that the same
has been fully maintained out of the current revenue,
it is resolved that it is inexpedient
,to set apart from
revenue any further :um for deterioration of the
rolling stock.

Mr:LEEcmuArt seconded the motion, which was
carried with only five dissentients.
The CHAIRMAN then moved that a dividend be de-
dared at the rate of 2- per cent. per annum.
Mr. PULLETN seconded the motion, which was car.
tied unanimously.
The CHAIRMAN then moved a resolution, autho-
rising the construction of the Pensher branch, which
was seconded.

Mr. DOUGLAS objected to the item of 15,760/. for
contingencies, which he thought was very excessive.
Mr. HARRISON explained that, considering the
works near Sunderland, he thought that it would
not be prudent to state a less sum.
Mr. STACK inquired where the funds were to come
from ?

The CHAIRMAN said a call of 11. per share on the
shares on which 201. were paid would go far to meet
the outlay ; but as yet they had not decided whether
they should make a call or raise the money by de-
bentures.

Mr. RAMSEY suggested they should have the ar-
rears of calls collected.

The CHAIRMAN pledged himself that there was and
should be every vigilance.
Another SHAREHOLDER asked what promise tiers
was of a return of revenue from this branch?
The CHAIRMAN said that the directors had endea-
voured to ascertain the probable additional traffic
which this line was likely to produce, but had found
it exceedingly difficult to form any estimate. It
would, however, open an important portion of coal
district, and there was a prospect of additional local
passenger traffic. There was also a great interest
held in the Sunde►Lnd Docks by this company,
whose business would be greatly augmented by this
branch.

Mr. CUAYTOR had made considerable inquiries in
the district as to the traffic to be derived from this
branch, and had collected important documents ; the
result was, in his opinion, a justification of the con-
struction of this branch. He thought a very large
increase of traffic would arise, realizing from 5 to 10
per cent. on the outlay, probably 7f per cent.
In answer to a question, the CHAIRMAN said that
the line would be seven miles in length.
The CHAIRMAN said the company had incurred
legal liabilities which they could not avoid, and there-
fora the directors asked for the powers to construct
the branch. As to the Auckland branch, they were
not under similar stringent liabilities.
The resolution was then carried nearly unani-
mously; also a resolution empowering the directors to
apply to Parliament for additional powers.
A resolution was passed authorising the consolida-
tion of such shares into stock as have had all the calls
paid up.

- Mr. RAmsEr moved a resolution that the salaries
of all officers receiving 1001. and upwards be pub-
lished with the half-yearly. accounts ; also the parti-
culars of every contract entered into.
Mr. MITCHELL seconded the motion.
The CHAIRMAN, on behalf of the directors, objected
to this proposal, as being invidious and calculated to
be prejudicial to the interests of the company.
Mr. DOUGLAS inquired whether Mr. Harrison
would be paid for superintending the construction of
the Pensher branch, beyond his allowance of 1,2001.
as general manager ?

The CHAIRMAN said Mr. Harrison had offered to
superintend and take the entire responsibility of the
Pensher branch for 501. per mile.
Mr. JOWETT, Mr. WYLIE, and other shareholders,
having addressed the meeting on the motion proposed
by Mr. Ramsey,

- A division was called for, when the numbers were :
For the resolution, 20; against it, 33. The motion
was consequently lost.
Mr. RAMSEY demanded a poll, but ultimately with-
drew it amidst much uproar. _
The proceedings terminated with a vote of thanks
to the chairman, which was carried unanimously.

RAILWAY DOCKB.—At the meeting of the Sunder-
land Railway Docks just held the report stated that
since their opening in June a large number of home
and foreign vessels had availed themselves of their fa-
cilities, and that to accommodate the traffic in coals
the York, Newcastle, and Berwick Railway were
about to construct their Pensher extension, connect-
ing the docks, which have cost upwards of 200,0001.,
with the main line. At the meeting of the Sutton
Pool Docks, on the 30th, connected with the Great
Western Railway, the report showed that 25,0001.
had been expended in improvement on the new quay,
and that negotiations were in progress with the Great
Western Railway fora branch from their line to the

docks. A dividend of 17s. 6d. per cent. for the half•
year was declared. The new docks just projected in
connexion with the Vale ofNeath Railway at Briton-
ferry, are estimated by Mr. Brunel to cost 45,0001.,
of which sum about 15,000/. is said to be subscribed.
OXFORD AND RUGBY.—The Great Western Rail-
way Company's line from Oxford to Banbury was
opened for traffic yesterday, giving a competing route
with the London and North-Western out of London
to those districts. The distance to Banbury by the
Great Western is 87 miles, by the London and
North-Western 78. The distance by the latter line
will be done in three hours, and by the former in
about three hours and a half, while the relative pas-
senger fares will be as 17s. to 144.
RAILWAY Excunsross.—On Monday the Eastern
Union Company took 1,000 persons from Sudbury to
Ipswich, and the Great Western Company 3,000 per-
sons from Oxford and other places into London.

VICTUALLING lIER MAJESTY'S TROOPS ON Skup.
BoA RD —A board of officers assembled at the AdmiralAy..,,pm.
Monday last, to consider a proposed modification in the 5e.44,
established for victualling her Majesty's troops when am_
barkvd on board transports and troop-ships. According to
the present regulations the troops have only two-thirds of
the navy allowance; but this has been found to be too little
solid food, and moreover. it has often turned out that the
commanders have declined to allow the troops to take any
extra provisions, although paid for and out of their own
pockets. It would be well, at the same time, if the Admi-
ralty were to take into consideration the unequal allowances,
granted to officers of the army and navy on board troop=
ships. Army officers are allowed 4s. 6d. per diem extra
whilst on board troop-ships, whilst navy officers, who are
put to much inconvenience and great additional expense in
entertaining day after day. their passengers, do not Betze
single fArt,wpg eztr&—United Servicc qaette.

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