The Sun.
London, England, 1850-08-16 00:00:00

FRIDAY EVENING, AUGUST 16, 1850.

it right to maintain a system so injurious to them-
selves, so unjust to others, and so inconsiderate to-
wards the general interests of railways. But if they
should persist in such a system it would, of course,
become the duty of the directors of the Great Western,
at any 105 S or any hazard, to counteract so unjust and
injurious a system.—(Loud cheers.) But it was
to those causes—and he hoped they had seen
the worst of them—for there were no other towns to
which new lines would be broueht into competition
with the Great Western ; it was also to their going
back to their return-ticket system which they were
about to carefully review, and it was to the depres-
sion in the agricultural districts that they ascribed
the falling off. They hoped, by a return of improving
times, their traffic would also improve. Every effert
of the directors would be directed to that object.
They would observe, by a new distribution of their
officers, they had placed the passenger and the
goods traffic under separate management. They
had appointed Mr. Drewe to be manager
of the goods traffic, a gentleman who had very extene
sive experience in the west of England. The services
of such an officer were of great importance to the
towns he had named, but he was satisfied that over
the whole line they should derive great benefit and
advantage from the experience and energetic services
of such an officer in their relations with
other railway companies. The altered position of
their engagements with the Oxford, Worcester,
and Wolverhampton, had compelled the directors of
the Great Western to appear before a Committee of
the House of Lords in the last session of Par-
liament. a In the report of the Railway Com-
missioners for 1849 there appeared some im-
portant papers presented by that company to the
Railway Commissioners. If the question were a
matter of controversy now between the two compa-
nies, he should be prepared to controvert all of the
statements that were there made ; but it was not ne-
cessary that he should enter into such a contro-
versy. He had no doubt the directors of the
Oxford, Worcester, and Wolverhampton Com-
pany had stated the case as favourably
as they could for themselves, and upon that statement
he was willing and prepared to stand. The meeting
would remember, in 1844 they entered into an agree-
ment with the Oxford, Worcester, and -Wolver-
hampton line, and that that agreement was modified
by two subsequent agreements—one in Sept., 1.44,
and the other, he thought, in Feb., 1846. The
Great Western Company never thought of disputing
those agreements. They felt they were binding on
them, and till the difficulties occurred in 1847 and
1848, they never heard that those agreements were
controverted by the Oxford, Worcester, and Wolver-
hampton Company. It appeared, however, by a
report to their shareholders on the Ist of Jane,
and that of the month of August, 1846,
only six months after the last arrangement
had been entered into, they came to a resolution that
it would not be expedient for them to consider that
agreement binding upon them ; and in October of the
year 1849 it appeared, by a report of that date, that
that determination was taken in concert with
the leading body of their proprietors. In
the same report of June, 1849, they dis-
tinctly recommended their shareholders not to
confirm the agreement with the Great Western
Company. Under those circumstances it could not
be wondered that their (the Oxford, Worcester, and
Wolverhampton Company's) own legal advisers should
tell them that there was no agreement between the
two companies which could be enforced in equity.
The agreement with the Oxford, Worcester, -and
Wolverhampton Company was, therefore, absolutely
terminated, and it was brought to an end, not
by any default of the Great Western Company,
hut by the deliberate and concerted act of the Ox-
ford, Worcester, and Wolverhampton Company.—
(Cheers.) They had bad several communications
with that company, in the hope that they might de-
vise some modified agreement which the Great
Western Company should feel themselves justified in
recommending to their shareholders, but hitherto they
had been unable to devise any such plan. He
hoped, however, that when their more urgent obliga-
tions had been fulfilled, that they might still be able
to frame some agreement with the Oxford, Worcester,
and Wolverhampton Company—(Hear, hear)—which
might enable them to complete their line. Their
interests had always b:-en identified, and he
should be extremely desirous, if possible, that
they should be continued so to the end. But
no new agreement could be entered into with them
until it had been presented to the shareholders of the
Great Western, and bad received their sanction.
Out of that lease to the Oxford, Worcester, and Wol-
verhampton Company arose other subordinate arrange-
ments. It was thought desirable, in order to facilitate
the passing of that company's Act and the Birmingham
and Oxford Act, that the Stratford Canal should be
purchased, and it was purchased by the Oxford,
Worcester, and Wolverhampton Company, under an
agreement that upon certain conditions the Great
Western Campany, as purchasers of the Oxford and
Birmingham line, should become the purchasers of
the Stratford Canal. The principal condition was,
that the Great Western should obtain a Parliamentary
sanction in the course of two years. They did apply
for that sanction in three years, end earnesily and
strenuously endeavoured to obtain it. So long as
they were to be the owners of the Oxford and Bir-
mingham, and the Oxford, Worcester, and Wol-
verhampton lines, it was a matter of indiffer-
ence to them (the Great 'Western) in which
of the two capacities they held that canal ;
but so soon as it was known to them that they (the
Great Western) were no longer to be the lessees of
the Oxford, Worcester, and Wolverhampton line, the
case was different ; and when that company sought
to introduce a Bill which sought to bind that pur-
chase on the .Great Western, the Great Western
directors resisted that Bill. The whole question
was referred to a Committee of the House of Lords,
and he believed, by an unanimous decision of that
Committee, the consent for introducing that Bill into
the House of Lords was refused. Out of the same
agreement to lease the Oxford, Worcester, and Wol-
verhamptoe line arose also the provision which was
inserted in the other Act enabling the Rail-
way Commissioners to call upon the Great
Western Company under certain circumstances to
complete the Oxford, Worcester, and Wolverhamp-
ton line. That obligation was learly dependent on
the expectation that the Great Western should here-
after buy the lease of that line. Had they not en-
tered into an agreement to have a lease of the
line such a proposition could not have been con-
ceived. The Railway Commissioners, however, had
thought it right to put a different construction upon
the clause, and they had called on the Great Western
Company to complete the Oxford, Worcester, and
Wolverhampton line. The directors of the Great
Western had taken the best legal advice on this
question, and they were satisfied that the same re-
sults must attend this proceeding which at-
tended the legal proceedings which the Com-
missioners instituted for the purpose of com-
pelling the Great Western Company to reduce their
tolls ; and that, even if it should be held that, as ad-
ministrators of the Oxford, Worcester, and IVolver-
hampton direction, they might be compelled, merely
ministerially, to complete their line with their funds
and at their risk, still the directors of the Great
Western felt assured, on the most competent
authority, that not only was there no obligation on
them, but no power had been given to them to enable
them to complete that line at their own cost and their
own risk.—(Hear, hear.) Having first adverted, in
passing, to the proceedings which were instituted by
the Railway Commissioners for the purpose of reduc-
ing their tolls on the Great 'Western, he doubted
that a more fitting opportunity might arise for re-
ferring to that subject than the present. The meet-
ing had from time to time seen notices of that pro-
ceeding in the newspapers, but it was his duty
to state the facts of the case, and he should
do so very briefly. They might remember
that about April or May, 1848, a memorial
was sent from their neighbours in the town
of Bath, instigated, they had strong reason to
believe, by strong opponents of the Great Western
Company, praying that the Commissioners would call
on them to reduce their fares' under the Act by which
they were to become possessors of the Oxford and
Birmingham line. The Commissioners deter-
mined, not however upon the grounds suggested
in the memorial, but upon other grounds which had
been detected, as the memorialists supposed, by the
legal eyes of the Commissioners, and the:Commis-
sioners did call upon the Great Western directors to
reduce their tolls. They (the directors) were much
surprised at such a demand, and took the best legal
advice in their power, and having done so they
communicated to the Railway Commissioners, re-
monstrating against their proceedings, not only the
opinion the directors had received, but the case which
had been submitted to counsel. The Commis-
sioners, however, determined to proceed, and it was
officially anounced in
the House of Lords
that the directorsll were
theycontravening
were entitled to levy.
They felt satisfied of the ju case
the law
by levying larger tolls than
stice of their
,however,
and were determined to await the decision on the ap-
peal to the tribunals of the country. The 14th
of March wile flea
-al for tlee hearing of
the case ; and on the very day before the
hearing the directors were informed that there had
proceedings been some error in the committed by the
law officers of the Crown, and the original infor-
mation was ordered to be taken off the file, and a
new information had to be filed against the directors.
Again they remonstrated with the Railway Commis-
sioners of the extreme hardship in subjecting them to
double cost. more especially as the proceeding, being
at the instance of the Crown, no costs could be re-
covered against the Crown ; and that, whatever was
the result, the directors would be obliged to pay their
own costs. The Railway Commissioners still
determined to proceed, and, after the lapse of
another year, the case was sent down from the

Equity Court to the Court of Exchequer, and on a
hearing there the Chief Baron said, in the most em-
phatic terms, that the directors of the Great Western
had in no degree exceeded the law in their interpre-
tation of it.—(Cheers.) He (the Chairman)
looked with some anxiety to see how
that matter would be treated in the volu-
minous blue book of the Commissioners,
but what was his surprise on looking over that book
from beginning to end, to find not the slightest men-
tion made of it? The meeting would observe by the
report that the South Wales line was opened .on the
19th June, and in which the Great Western had
a considerable stake. Considering that that
line was an insulated line, and that there were 30
miles of it still unfinished between Gloucester and
Chepstow, and which could not be opened till the
spring of next year—considering also that they
had as yet no goods traffic on the
line, and that they had as yet received
no remuneration for carrying the mails, he
thought he might consider their weekly re-
ceipts, amounting to nearly 1,0001., were very satis-
factory. When they last met the directors were
trying to arrange a modified agreement bet weal the
two companies. He was sorry to say that those
negotiations had led to no satisfactory result.
The proposition made by the South Wales line was
that the line should terminate at Swansea, and that
for the first year of opening the Great Western
should guarantee to them 45,000/. Now that
45,000/. must have come out of the pockets of the
shareholders of the Great Western, without
the slightest chance of their ever being remu-
nerated, for the line could only pay its expenses
in the first year. They proposed that by
a progression that amount should be annually ex-
tended until it reached a guarantee of 120,0001.
a year. The shares of the South Wales
Company were 'at present worth 201. or :22/.
in the market. The proposition, then,
for a guarantee of 120,0001. a year amounted to de-
mand of 101. per cent. on the actual value of the
South Wales line. He was sure the meeting
would think such a proposition was too unreasonable
for the directors of the Great Western to entertain,
and they absolutely and peremptorily declined it.
(Cheers.) The Chairman then described the propo-
sition made to the South Wales Company by the
Great Western, adverted to the passing into
a law of the Railway Abandonments Bill,
and how seriously it was calculated to affect
the company, though it was ostensibly meant
for their relief; alluded to Lord Portman's
Committee of the Lords on the parochial
burdens as affecting railroads, and to the
abandonment of the Railway Audit Bill, on
which he congratulated the meeting. In con-
elusion, he said it was extremely satisfactory that
they approached nearly to the time when all
their works would be completed. In the
course of a very few days the line to
Frome and Banbury would be open to the public,
and with the permission of the shareholders the
branches to Radstock and Warminster would
shortly be completed. The only unfinished line
would be that from Banbury to Birmingham
and Wolverhampton ; and on the completion of that
line they would have completed the entire task
which they at present proposed to themselves.
They would then have passed through every period
of difficulty and trial; they would have attained to a
position of certainty, and, he hoped, or security, and
from that period, after the experience they had
had of the folly and mischief of unnecessarily urging
forward those great enterprises they were promoting,
they might expect to have a short breathing time to
repair their fortunes and renew their strength.—
(Cheers.)

The SECILETARY then read the following report :
" In comparing the revenue account for the last halt-
year with that of the corresponding period in 1849, there
is one remarkable feature in ir, upon which the directors
consider it their duty to submit some observations to the
proprietors.
" After making allowance for the traffic of the Bristol
and Exeter Railway during the first four months of 1849,
as comprised in the statement of that period, it appears
that this company have received in 1850, from passengers,
8,5001. less, although they have conveyed 13,000 more
persons; and in like manner have received 2,500/. less for
merchandize, although they have carried a❑ excess of
8,600 tons of goods over the railway. The parcel trade,
on the other hand, has produced 1,0001. more in income,
leaving an aggregate deficiency of about 10,000/. from
those sources of traffic; notwithstanding that the quan-
tity of business proves to have increased in every de-
partment.

" The only addition to the line in the interval has
been the Windsor branch (about three miles), which was
opened in October last.

" With respect to the comparative receipts from pas-
sengers, the deficiency is mainly accounted for by the
fact, that the return ticket system was in abeyance
during four months of the year 1849, and the resumption
of it has had the effect of lowering the average rate of
fares. The principal falling off has been in the first class
passengers, where the increase of numbers has not re-
quited the difference of charge.
"In order to increase the receipts of the express trains,
the directors approximated the fares of the second class
to that of the first class in the beginning of April; and
the result has been that, whereas h' proportion of first
class had previously been 125 to 267, they are now 180
to 246; and the average sum formerly paid by each ex-
press passenger, 12g. 10J., has become 15s. 3d. since the
alteration of the fare.

" These results, thus ascertained, will enable the di-
rectors again to devote their very careful attention to the
whole subject of passenger fares, with a view to deter-
mine whether any and what revision of system can be re-
sorted to for the advantage of the company, without de-
triment to the public service and accommodation.
"The difference in the sum received for the convey-
ance of goods, appears to have been owing to two causes:
the one being the more extended use by the public of
the mileage system of rates, which is especially applicable
to the heavy loading and less valuable goods; the other
being an altered classification of certain articles, rendered
needful by the increasing competition in other modes of
conveyance. Under all circumstances, it has been thought
desirable to engage the services of a gentleman it the
capacity of a goods manager, who had bad long ex-
perience in the carrying trade of the west of England,
and the directors believe, in selecting Mr. Drewe for that
office, the company will derive benefit from his intimate
knowledge of the traffic, as weir as from the devotion of
his time and energy exclusively to that description of
business.
" This appointment has been made, by means of an
altered distritution in the duties to be performed by
some of the superintendents, without any augmentation
to the general expense fer the salaries of officers.
" The promised retrenchments in the expenditure of
the company have already far more than counterbalacced
that difference in traffic receipts, which has been the
subject of the preceding remarks, and the directors still
contemplate a further saving in some items of charge.
" Referring to that'of Compensation for Accidents,
Sec.,' it is proper to remind the proprietors that it in-
chides a fixed half•yearly aura of 2,500/. placed against
revenue, which has
_already nearly extinguished the
claims arising from the Shrivenham accident, and will
hereafter provide a fund to meet future contingencies
under Lord Campbell's Act, that course having been
sanctioned at a former meeting of the company. It
is very satisfactory to be able to state, that no acci-
dents have occurred during the last two years to consti-
tute any new claim upon the sum thus appropriated out
of the company's income.
"The only other item in the accounts, which has not
yet been diminished is that of ' parochial rates.' In
order to obtain some relief from that charge, several
appeals have been lately instituted against assessments
on portions of the line, and the directors trust that an
equitable decision on such cases may tend in 801110 degree
to diminish the oppressive weight of local taxation upon
the property of the company. Every effort has been
hitherto made but in vain to obtain redress from the
Legislature, although the anomaly and the injustice of
the present system has been again and again admitted.
"The published statements of account will show that,
after charging every expense incidental to the traffic
during the half-)ear, a net sum of 241,187/. 1 ls. Bd.
remains to be added to the former balance of
39,703/. 9e. 11d.

Deducting therefrom the expenses of new works,
the interest on loaus, and the annuities payable to
shareholders in the Wilts, Somerset, and Weymouth,
and the Berks and Hants Extension Railway Companies,
there is a disposable amount of 185,8t)31. 183. Bd., which
will admit of the payment of the same dividend as be-
fore—viz., four per cent. per annum, and will leave a
balance of 24,3531. 18s. Bd. to be carried over to the
present half-year.

" All the shares, fully called up, having been con-
verted into stock on the Ist July, as ordered at the last
half-yearly meeting, the directors recommend that a re-
solution should be passed to make that dividend payable
in the usual manner on the Ist September, on the said
Consolidated Stock, and on the amount called up on the
171. and Windsor shares of 20/.

" Tho directorsl;We adopted the plan recommended
by the committee of consultation, of closing the capital
account, and tbey have therefore represented on the pre-
sent occasion under one sum the total cost of all the
lines belonging to this company, whether opened, sus-
pended, or abandoned, consisting of the amount which
had been paid up to the 31st December last, as well as
of all liabilities then existing in respect of those under-
takings, of which liabilities a portion only has been since
paid, as explained in the accounts.
" Consequent upon this arrangement, the directors
have charged to revenue during the half-year all the
expenditure for new works and building?, or fur addi-
tions to works; the only payments placed to the cApiral
account being those incurred distinctly for constructing
unfinished railways.
" It becomes necessary now in respect of those new
undertakings, but principally for thu use of the South
%Vales Railway, to order an additional stock of goods
engines and waggons, which must be provided, in anti-
cip Ition of the truffle of such lines. This r, cpirement
was referred to in the directors' report of April last, and,
in fulfilment of the intention then expressed, an estimate
has been obtained of the probable cost of eight locomo-
tive engines and 150 trucks %Well are necessary, and a
resolution to authorise an expenditure not exceeding
40,0001. 1)r that stock will be proposed to the meeting.
" In like manner an estimate fur the construction of
cottages, recommended to be built at the level crossings
of the line, and an alteration of one of those crossings,
to save the wages of policemen, together with the cost of
some improTements and additional accommo;lation at,

stations, amounting in the whole to 4,0001., is submitted
for approval.
" The period having arrived when the directors con-
sider it important to commence thk7., works of the colliery
branch between Fromo and Radstock, an estimate for it
has been also prepared by the engineer (which is men-
tioned in his report) for the purpose of bringing that
question under consideration at the present meeting of
proprietors. The specific objects and advantages of the
outlay for that branch have been so repeatedly brought
by the board under the notice of the company, and more
especially in their report of April last, that it seems
superfluous now to renew the same arguments in favour
of it.

" The report of the engineer explains to the proprie-
tors the general state of progress which has been making
in the fevv lines of railway still in courss of conEtruction.
" The South Viralas Railway was opened for public
traffic on seventy•five miles between Chepstow and
Swansea on the 19th of June. The stock for work-
ing it has been entirely supplied by this company,
in the manner provided by th© previous agreement
between the two companies. No credit has been yet
taken for the use of such stock, as it had been only em-
ployed for a few days before the end of June, but this
company will be entitled to remuneration for it, and the
amount will consequently come into the next half-year's
stat9ment of income.

"It will be a satisfaction to the proprietors to know
that the two informations which had been filed in the
Court of Chancery against the company by order'of the
Railway Commissioners, to enforce a reduction of rates
and tolls in consequence, as was represented, of the re-
quirements of certain Acts of Parliament, have both
failed; the latter suit having been taken for argument into
the Court of Exchequer, where the judges decided unani-
mously, and in strong terms, against the legal construction
contended for by the Railway Commissioners. The di-
rectors have reason to apprehend that, however right
they have proved to be, the company may neither obtain
redress nor recover the heavy expenses incurred in these
suits, inasmuch as they have been instituted in the name
of the Crown.

" A similar course is now again adopted, for the third
time, under the order of the Railway Commissioners,
who have filed an information in the Court of queol's
Bench, to compel this company to complete the Oxford,
Worcester, and Wolverhampton Railway, although they
were previously made a •are that there are no funds
available for such an expenditure. It appears that this
proceeding, also in the name of the Crown, is undertaken
at the instigation of s few influential landowners, and not
as was originally affirmed at the request of the Oxford,
Worcester, and Wolverhampton Company. The directors
are advised that this must prove as unsuccessful as the
two former informations.

" The accounts of this company have now undergone
a system of audit, conducted continuously throughout the
half-year under the constant supervision of a public ac-
countant, employed by the auditors—who has verified
every entry—and tested the accuracy and faith tulness
of the accounts by an inspection of every voucher or
document in support of them.
" The directors cannot but remark, that this scruti-
nising audit seems to them so effectual for every pur-
pose of checking and controlling the accounts, with-
out impeding the business of the company, as to render
it very undesirable that any public department should
permitted to interfere in the matter, especially as it
has been admitted in a Government report made to the
House of Lards, that the information so acquired by
them may be used for purposes which can only be
considered as directly adverse to the interest of railway
proprietors.
" It is to be regretted that the other engagements of
Mr. Cubitt, who had undertaken to examine
and report upon the condition of the permanent
way, have hitherto prevented his carrying that inten-
tion into effect. The directors have to mention that
Mr. May has already made considerable progress with
the investigation of the solicitors' accounts, which were
placed in his hands.
" Since the general meeting in February last Captain
Bulkeley, of Clever Lodge, the chairman of the Windsor
Railway, and Dr. R. Prichard Smith, residing at Mor-
timer, near Reading, have been elected directors in the
place of Mr. Wardell and Mr. Crosthwaite, whose re-
tirement the board have to notify to the proprietors with
much regret.

"C. RUSSELL, Chairman."

ENGINEER'S REPORTI

" Gentlemen,—The works upon the lines of railway,
referred to in my last half-yearly report, as those in-
tended to be proceeded with, have been carried on at a
moderate rate of progress.
"Upon the Birmingham and Oxford Junction Rail-
way, the works have proceeded steadily, and with the
exception of a slip in the cutting at Ilarbury, nothing
has occurred worthy of notice; the contractors are
adopting all the remedies that can be required, and as
the operation is not hurried, I do not anticipate that
any permanent evil can result from it.

Nothing has yet been done with the works through
Leamington.
" The extension to Frome of 51 miles on the Wilts
and Somerset Railway, and the portion of the Oxford
and Rugby Railway extending from Oxford to Banbury,
a distance of 24 miles, have been completed, or so nearly
completed, as to allow of the requisite notices being
given to the Railway Commissioners, and they will pro-
bably be opened for public traffic during this and the
following month.
" The works upon the Warminster Extension, a dis-
tance of 41 miles, which had been entirely suspended
when the contract for the line to Salisbury, of which it
formed a part, was wound up, have been re-let and are
now about to be resumed.

" Upon the old lines the works aro all in good condi-
tion, and the permanent way is in perfect repair and
continues decidedly to improve.
I have prepared estimates of the cost of the Radstock
Colliery Branch, which, exclusive of the rails which we
have in stcck, amounts to 00,0004, and of the several
(Aber, and minor works likely to be required durrng the
next halt.yeir—namely, cottages at level crossings, ad-
ditional sidings and goods accommodation at Reading
and Bath, and the diversion of the Drayton Green-road,
amounting altogether to 4,0001. As these works have to
be let, it may probably be undesirable to publish the de-
tails of the estimate.

' I am, Gentlemen, your obedient servant,

"I. K. BRUNEL."
The CHAIRMAN then moved, and a shareholder
seconded, that the report as read be adopted.
In reply to a question from Mr. HODGES,
The CHAIRMAN said the company had been ad-
vised, and believed that they did not owe any
sum to Mr. Mackintosh, the party interested in the
suit of Mackintosh and the Great 'Western Rail way
Company.
Major COURT questioned the reduction of the dis-
posable balance in order to make up the dividend of
41. per cent. Ile did not think that they ought
at this period of the year to make the dividend more
than 31. 10s. per cent.—(Cries of "No, no.")
The CHAIRMAN observed, that there was a balance
of 24,0001. now to be carried forward.—(Hear.)
Major COURT noticed, as a matter indicating the
need of an audit, that the company in 1843 made an
agreement with the Bristol and Birmingham, under
which the latter were to pay 19,5001. for certain
advantages ; but credit was not taken for so much as
that.

Mr. SAUNDERS explained, that the accommodation
had not been given which was bargained for, and the
question was under arbitration.

Major COURT made an inquiry respecting the in-
terest of the money advanced to the South Wales
Company. _ _

Die CHAIRMAN said the Great Western Company
held themselves entitled to the interest, and considered
the suspension of it not justified by law.
Major COURT then stated that he proposed to more,
as an amendment—

" That the capital be in future represented in the half-
yearly reports under the following heads:-1, fixed
capital; 2, mutable capital; 3, transitory capital; 4,
profit and loss; 5, subscriptions to other lines."
The accounts would thus be made more distinct and
clear.

Mr. DALLAWAY seconded the atnendment.
Mr. AVERY considered that the details desired were
in the half-yearly accounts, as now made up, and
that it was not desirable to make changes.
The amendwnt was put and negatived.
The Rey. Mr. NicnoLsotv wished to make some
inquiries with respect to the negotiations with the
North-Western Railway, if there was no objection to
his doing so. _ _ _

The CHAIRMAN said the negotiations were at pre-
sent in progremi.—(Hear, hear.)
Mr. DALL&WAY wished to have this item ex-
plained—" Expenses of consultation committee and
of special general meetings of proprietors, 1,746/."
Mr. SAUNDERS observed that there were the travel-
ling expenses of the committee, but they charged no-
thing for their remuneration ; these came to about
2301. Then there were law stationers' bills for the
very voluminous statements which were drawn up,
and the expense of proxies, stamps, and a variety of
information that was required.
Mr. DALLAWAY said he would move another
amendment—

That the directors be disqualified from issuing any
proxy stamps at the cost of the company, but that the
individuals applying for the same remit the cash to the
secretary."

The CHAIRMAN thought there ought in fairness to bo
previous notice of the intention to agitate such a ques-
tion.—(Hear, hear.) A large number of proprietors who
could not attend meetings would practically be disfran-
chised, and their judgment not be obtained, if such a re-
solution passed.
After some discussion the meting divided ; there
were—

For the amendment ... —• 35
Against it ... ... 66
Majority against it ... ••• —3l
Mr. GORE asked in what mode the South Wales Com-
pany was charged for working their line ; and whether
the charge in the Great Western Company'N accounts
for working expenses included auy bum fur depreciation
of stock or permanent way?
Mr. SAUNDERS answered, that the Great Western
agreed to work the South Wales Line, while partially
open, not fur a fixed scale per mile, but deduct the
actual working expenses, interest, depreciation of stock,
&c., and paying to the South Wales Company the net
produce. An accountant had been chosen by the two
boards, and the accounts were kept distinct.
Mr:BRUNEL observed that he had, in a report which
was some time ago laid Lefore the proprietors, stated his
reasons for consiering that it was better to carry to the
account of maintenance of stock of way the exact cost,
rather than set aside a nominal amount each year.
The motion for the adoption of the . repor; was then