The Sun.
London, England, 1850-02-15 00:00:00

GREAT WESTERN RAILWAY

The usual half-yearly general meeting of the pro-
prietors
of the Great Western Railway was held yester-
day afternoon at the London terminus, Paddington; Nile
Charles Russell, chairman of the board of directors, in
the chair.
The advertisement convening the meeting having le; en
read, the common seal was affixed to the register of
proprietors. The report was then read, from which we
make the following extracts:—
" The accounts of income and expenditure which have
been already circulated among the proprietors scarcely
present any remarkable feature fur notice, beyond the
circumstance that, for the first time in the history of the
undertaking, there has been a deficiency in the receipt
from passengers, which would be referred to with the
greater regret if the mein cause of it had not force
manifestly of a temporary character. It afpears that
the falling off has been greater in proportion with the
third class than with other passengers, although each
class shows a deficiency. It must not be forgotten that
the diminished number cf passenger trains, although a
measure calculate:l to save expense to the company, has
obviously tended to reduce the number of travellers, from
the less frequent opportunity to them of moving, especially
fur short distances, between intermediate stations. The
amount received for passengers is 12,4141. 14'. 4d. less
than in the corresponding period of 1848. The directors
are happy to report that the merchandise buii-
ness, on the other hand, has increased, and shows
a tendency to improve; and there is reason to expect
now a revival of the trade in live stock, Sac., from the
south of Ireland, which had been suspended for two
or three years by reason of the famine in that
country. The receipts fer merchandise, tattle, and
parcels have exceeded, to the extent of 6,098/.
13e. 5d., those of the corresponding period in Ms.
The result of the half-year's accounts, after deducting
the rents and balance of interest paid (comprising that
en the Berks and Hants Extension shares), will leave
196,393/. 9s. 11d. at the disposal of the proprietors. The
board and the auditors conjointly recommend that a di-
vidend of 4 per cent. per annum be declared for the half-
year, to 31st December lad-, which will leave over a
balance of 39.703/. 9e. 11d. to the credit of the company.
The directors retiring at the half-yearly meeting are
Samuel Baker, Esq., Charles Russell, Esq., aid Charles
Wardell, Esq., all residing in London, who have seve-
rally notified their intention to stand for re-election.
It is intended to submit to a snecial meeting a resolution
far converting the paid up shares of the company into
stock, to tae effect from the Ist July next—
a measure approved by the committee in their
report, and recommended, as well by economy
in the registration department, as by convenience to
the proprietors holding several denominations of shares.
The purchase of the Wilts, Somerset, and Weymouth
Railway, which would he submitted to the special meet-
ing, attains the object of reducing' the expenditure by
abolishing a separate board of directors and office estab-
lishment; it simplifies the control and management by
placing the undertaking under the exclusive charge of
Great Western directors; while it does not in any way
directly or indirectly increase the liabilities, or affect the
pecuniary rights of proprietors in either company. That
has been scrupulously attended to in the terms of agree-
meet, to be laid before the meeting. The conditions of
pay meat will :secure to the Wilts, Somerset, and Wey-
mouth Company the permanent annuity of four per
cent. per annum, to which each holder of those shares is
entitled, with a contingent benefit, whenever the Great
Western shareholders may be receiving more than 8 per
cent., per annum, on their shares, as originally provided
for, and therefore still maintained in the new contract.
The Oxford, Worcester, and Wolverhampton Railway
requires the moat prudent and careful consideration of
the board, who are anxious to perform every duty which
the law enjoins; but they are bound scrupulously to
ascertain their powers, as well as the relative
rights and privileges of all parties interested in
both undertaking'. The works of those rail-
ways which are intended to be complete.l, and
which are not likely to be affected by any pending
agreements with other companies, will be carried on
without intermission, in order to render the outlay pro-
ductive; and it is proposed to convene a special meeting
within a few weeks, to consider and determine the mode
of raising capital for the payment of that expenditure, as
well as for the liabilities of the company."
The CHAIRMAN, in moving the adoption of the re-
port, observed that as the report, and the report of the
committee of shareholders who had recently investi-
gated the affairs of the company, had been in the
hands of the proprietors fur some time, it was un-
necessary for him to detain the meeting with any
lengthened remarks. Every facility had been at-
forded the committee for prosecuting their inqui-
ries, and every book, paper, or account Wei-ring either
to the past or the present, had been unreservedly placed
before them; and so satisfied were they of the manner
in which the accounts were kept, that one of them had
made the forcible remark that the accounts audited
themselves. The committee recommended that the
Wilts, Somerset, and Weymouth line ought not to be
constructed beyond Frome, at least for the present; but
the directors still thought that the line ought to extend to
Radstock, to enable them to open up the mines of Somer-
set. The South Wales line they considered ought not
to extend beyond Swansea, and the directors were now
negotiating with teat company on the subject. With
regard to the Birmingham and Oxford, and Birmingham,
Dudley, and Wolverhampton lines, the committee re-
commended that they should be prosecuted to comple-
tion with the utmost dispatch; and with the view of
effecting that object the direction was now nego-
tiating fur the abandonment of the duplicate
rails and stations on these lines, which had been
contemplated and authorised by Parliament. The
shareholders were no doubt aware that the Board of
Trade had recently called upon this company to com-
plete the Oxford, Worcester, and Wolverhampton line;
but the questions relating to that undertaking were so
numerous and complicated, teat the directors were seeking
the best legal advice they could obtain on the subject, and
by that advice they would be guidel in the future steps
and proceedings they should adopt. The committee re-
commended various changes in the internal management
of the concern, and he could promise them that these sug-
gestions should have the best attention of the directors.
Besides the report of the committee, the shareholders now
had the security of an efficient audit, which had been
conducted by the auditors aided by an efficient public
accountant, and the shareholders might rely upon the
accuracy and truth of their accounts. Having made a
passing allusion to the Audit Bill introduced las

session by Lord Monteagle, and supported by the
Government, and ultimately withdrawn at the request
of the railway interest, he went on to observe that
since then a committee of chairmen had been agitating
the question of audit, and to show the difficulties that
that committee had to contend with in arriving at the
views of their constituents, he mentioned, in reply to
56,000 applications sent out by this company to their
shareholders to know whether or no they were
favourable to a Government audit, they could only
obtain COO answers. Other companies were no
less unsuccessful, and under those circum-
stances the committee was dissolved, upon
the understanding that the matter would he
taken up by the shareholders themselves. With regard
to the report of the directors he had no remark to make
upon it, except to remind the shareholders that they
were still able to pay their usual dividend of four
per cent., and carry a large balance to the
reserved fund. Every attention would be paid in fu-
tore to the recommendation of the committee to econo-
mise, and the shareholders might always rely upon the
officers and directors of the company to develope and in-
crease the traffic.

Mr. MuLLINGs, M.P., disapproved of that part ;of the
report of the committee of investigation 'which
recommended the reduction of the salaries of the
officers of the company. If he owed his suc-
cess in life to anything it was to the circum-
stance of his having always secured the services
of efficient assistants, and paid for them liberally, and he
hoped the shareholders would not allow the directors to
reduce the salaries of their hard-working clerks and
servants, to put some paltry few shillings per annum into
the pockets of the shareholders.
Mr. W. WILLIAMS, one of the committee, justified the
recommendations, observing that free trade had so far
reduced the necessaries of life, that their officers could
well afford to submit to the proposed reduction, not of
their salaries, but of their number. He suggested
the propriety of the meeting considering the
recommendation of the committee to reduce the number )
of directors. It was much better to have a small well-
peid efficient board than a numerous one, where many
of its members were merely ornamental and always led
by the working and talented few.
,Mr- MILES, M.P., also opposed any reduction in the
salaries. Let the directors revise the duties but not re-
duce the remuneration of their officers who had eerved
them well and long.
Mr. WITHFItB, of
-Liverpool, supported the recom-
mendation of the committee, arid seemed to think that
the salaries ought to be regulated by the dividends the
shareholders received. The shareholders had suffered,
and so ought the servants. Reduce the salaries now, he