The Sun.
London, England, 1850-02-23 00:00:00

N°.17,915.] LONDON, SATURDAY EVENI G
FEBRUARY 23, 1850.

THE' ROYAL GENERAL ANNUITY
SOCIETY.
Fur Allowing Permanent Annuities to Decayed Merchants, Bankers,
Professional Men, Master Manufacturers, Tradesmen, their Widows
and Clerks, and single Females their Daughters, from all Parts of
the United Kingdom.

Founded A.D. 1827.
Supported by Voluntary Contributions.
PATRONS.
Her Most Gracious Majesty The QUEEN.
Ills Royal Highness the PRINCE ALBERT, K.G.
Bis l‘laesty the KING of the BELGIANS,
Iler Royal Highness the Duchess of GLOUCESTER
Her Royal Ilighsess the Duchess of KENT.
Iler Royal 'Highness the 'Duchess of CAMBRIDGE.
The AN FESTIVAL will be holden at the London
Tavern, Bishopzgate-street. on WEDNESDAY, Marsh 6.
The Hon. EDWARD HENRY STANLEY, M.t'. for King's Lynn,

In the Chair.

Tickets, 21s. e tch, may he obtained of the Stewards, at the London
Tavern, and at the Offices of the Society.
Noblemen and Gentlemen desirous of honouring the festival with
their presence are requested to make an early application for tickets
to provont disappointment ; and the Stewards are particularly re-
quested to inform the Secretary, at their earliest convenience, the
number of seats they may require.
Toe Committee most respectfully and earnestly solicit the benevo-
lent attention of the public towards the support of this institution,
hich has for its object the relief of misery and distress, at a period
when the applicants are too frequently bereft of all other aid, when
with debilitated health and ruined fortunes, they can leek forward
only to the parish workhouse as their last shelter, and from the de-
gradation of which this charity seeks t• rescae them.
There are at the present time forty annuitants on the funds : the
males receive 21. ss. per month, the females 11. 10s.; besides these,
114 most deserving persons, many of them redaced from affluence to
poverty, are now asking for help ; for these the Committee plead,
and they trust the claims of such an institution will not be forgotten,
but that the opportunity will be seized with pleasure of ameliorating
the condition of the helpless and the aged, and thus answer one of the
greatest ends of our existence, which is to afford relief to the dis-
tressed in titne of need. _ _ .

Contributions gratefully received at the Bank of England to the
account of James Bidden, Esq., and others ; at Messrs. Roberts, Cur-
tis, and Co.'s, 15, Lombard-street ; at Messrs. Sir John William Lub-
bock, Bart., Forster, and Co.'s, Mansion House-street ; at the Oflice
of the Record ; and at the Office of the Society, where lists of the sub-
scribers, forms of application, and every information respecting the
charity may be obtained between the hours of Ten and Five daily.
STEPHEN J. ALDRICH, Secretary.
Offices of the Institution, 13a, Basinghall-street, reb. 2r, 1850.

CONVEYANCE of her MAJESTY'S
MAILS between ITOLYII4AD and KINGS/WI/If-DUBLIN':
; 000$1011st at diseaestaptrelser AWVldnalltax antrramport
Services, Somerset-place, Feb. 22, 1850.
The CoMmissioners for executing the Office of Lord High Admiral
of the United Kingdom of Great Britain and Ireland do hereby give
Notice, that on TUESDAY, the sth March next, at One o'clock, they
w.ll ';e ready to treat, under conditions, which may be obtained at
the • above office, for the Conveyance of her Majesty's Mails, in
Steam-vessels, twice a day each way, between HOLYHEAD and
K I t GSTOWN.
All Tenders to be made upon the printed form provided for the
Purpose, which may be obtained upon application at the said Office,
or to Commander Bevis, R.N., Liverpool, and to be addressed to the
Secretary of the Admiralty, at Somerset-place, with the words
" Tender for the Conveyance of Mails," and " Comptroller for Vic-
tualling and Transport Services" in the left-hand corner of the en-
velope.
No Tender will ho received after One o'clock on the day of treaty,
nor will any be noticed, aniess the party attends, or an agent for
him, duly authorised In writing.
Every Tender must be delivered at the above Office, and it must
express when and where the vessels will be ready for survey, and
when they will be completely ready fur sea, and also state the ad-
dress of the party tendering.

PURSUANT to a DECREE of the HIGH
COURT of CHANCERY, made in a cause ELLIS
against ELLIS, the Creditors of CHARLES ELLIS, formerly
of Park-road, Ralston, and late of Hampton Court, in the county of
Middlesex, Esq. (who (lied in the month of March, 1545), are, on or
before the 26th day of March, 1850, to come in and prove their Debts
before RICHARD TORIN KINDERSIXT, Esq., One of the Masters of
the said Court, at his Chambers, in Southampton-buildings, Chan-
cery-lane, London ; or in default thereof, they will peremptorily
be excluded the benefit of the said Decree.
TATHAM and PROCTER, 10, New-square,
Lincoln's Inn, Plaintiff's Solicitors.

RAILWAY INTELLIGENCE.

THE LONDON AND NORTH-WESTERN.

A. general half-yearly meeting of the proprietors of
this company was held yesterday at the station, Euston-
square. The large room was crowded to excess, and the
interest of the meeting was sustained unabatedly to the
close, which was at a late hour.
Mr. G. C. GLYN (chairman of the court of directors)
having taken the chair, commenced the business of the
day by asking the proprietors to extend to him More
than their usual indulgence, as he was suffering under
severe indisposition, and observed that the present meet-
ing was held at a later period than had ever yet occurred
since they had assembled at their half-yearly meetings,
arising from the work which had been gone through by
their auditors and by the tecountant, with the intention
of putting before the proprietors in as complete, and he
hoped in as satisfactor a form as possible, the accounts
of the present half-year. It was not for him, nor would
it be becoming in any one on that side of the bar, to say
much with regard to the proceedings or the conduct of
the auditors during the last two months; but it would be
improper if ho did not take the opportunity of bearing
witness to the indefatigable exertions they bad shown.
He conceived that when those proprietors undertook
that duty they little thought of the responsibility, the
anxiety, and the great devotion of time which would de-
volve upon them in carrying out their intentions.—
(Hear, hear.) He always regretted any delay in their
half-yearly meetings, because it was his anxious desire
not, only that the dividend should be paid to the pro-
prietors at the earliest possible date, but that they should
also be in possession of the accounts, that they might be
able, from authentic documents, to judge of the pro-
ceedings of the past, and that the attempts which from
time to time ,wero made in the interval to affect the mar-
ketable value of their shares, should be met by a state-
ment of facts and figures. lie did not think it neces-
sary to allude more particularly to the means that bad
been taken, during the past half-year, to produce great
fluctuations in the stock of the company. It was irn-
Possible,to Imo out _ the„systeme had been—wetted
OposeeertesyStern there decidedly had been in it—in all
its ramifications and extent. The directors knew a great
deal, but they did not know all. It was impossible in a
concern of this magnitude, whose interests and traffic were
to be affected by such a multitude of circumstances, that
fluctuations should altogether be avoided, but they cer-
tainly had been brought about and acted upon in a very
extensive manner during the last eighteen months. It had
been asked several times why, under these circumstances,
the directors had not, from time to time, put forth, in
contradiction to those statements, an authentic docu-
ment emanating from themselves? He would tell the
meeting at once it was quite impossible for their execu-
tive body to meet these persons by any such act, on
their part. The establishment of this concern, large as
it was, was not over-handed. They had no surplus sup-
ply of labour to apply tee these extraordinary occasions;
and if they entered upon the task of refuting statements
which were from time to time put forth, it would not
only occasion great loss cf time, but would, in other re-
spects, be extremely inconvenient. Therefore they had
determined to abide by their half-yearly statement; but
they made this offer, that if at any time any individual
proprietor chose to come to the office and request a per-
sonal interview with the secretary, all the books of the
company should he open for his inspection.2--(Hear.)
He must allude to another system which had gone on to
a very considerable extent, and which he hesitated not
to say he considered perfectly disgraceful—he meant
that of addressing to him week by week, and almost day
by day, anonymous letters of the most extraordinary de-
scription. If those letters had not come upon him to
such an extent, he should have thought it beneath him
to notice them at all; but, when he found from week to
week letters were sent to him, sometimes reflecting upon
the character and conduct of individuals, sometimes re-
flecting upon his own character, and sometimes reflecting
upon the character of the system altogether, he felt it his
bounden duty to allude thus publicly to the fact; and to
tell those individuals, whoever they were (he scarcely be-
lieved they were proprietors), that the course he took
with those letters was simply this—to consign them
to the flames ; which was the only way in which they
deserved to be treated. Having touched upon
these points, he then called the attention of the meeting
to the accounts; but he did so briefly, on account of the
character of those accounts, they having been most care-
fully drawn up by a professional accountant, and since
reported on by the auditors. There were a few points,
however, to which he would claim the attention of the
meeting. He would, in the first place, advert to what
had been represented as au apparent inconsistency be-
tween the account for the present year and that fur-
nished in 1848, with reference to the " capital ac-
count." He would not attempt to conceal the fact that,
in reference to that account, there had been on some
items an excess ; but that which appeared to increase
the amount of capital in this year's account over that
of 1848 was an addition to the stock of the Leeds and
Dewsbury and Huddersfield and Manchester Railway,
'which were by Act of Parliament converted into London
aed North-Western stock, and which, in point of f.ct,
became part of the capital stock of the company, and
was now included in that stock, while in 1848 they
were put down as subsidiary lines. The items upon
which the actual excess had occurred were principally
these of the Birmingham Extension. There was a very
considerable increase in regard to that line, but he might
accompany that remark by saying that they hoped the
negotiations with the Great Western Company would
put them right again upon that item of capital. There
was another excess upon the Huddersfield and Mar.-
chester Railway, not from any mistakb on the part of
the directors of this company, but from the fact of the
Huddersfield Canal not being included by their directors
iu the return they made to this company of the capital
of that concern. But that was a concern producing its
own dividend; therefore, though there appeared to
be an addition to the capital of the London and North-
Western, there was also an addition to its receipts by the
amount of the revenue of that concern. After mention-
ing that 160,0001. had been added to the working stock
of the company, of which 100,000/. was btal in store, he
believed he had alluded to the principal items of the ex-
cess over the statement of capital made in 1848. There
was another point in connexion with the capital account
upon which he knew the proprietors of railway compa-
nies generally, and he doubted not that meeting also,
took a very earnest interest—he alluded to the closing of
the capital account.—(Loud cheers.) The report en-
tered upon that subject; little, therefore, remained for
him to say. He sincerely hoped that all their branches
would be completed in the course of 1850, or early in
1851, and that no difficulty would occur in closing en-
tirely all those accounts. With regard to the main line,
he should be very glad indeed to close the capital account
of that also. The contrary had been represented as the
fact; but he was no advocate for keeping the capital
account open; and he hoped by the close of
1850 they might be able to bring Masten; to
such a point as that, practically, the capital
account for the main line might be closed. One
circumstance which might oblige them to keep that ac-
count open would arise from a continued increase of
traffic. Since 1847 the goods' traffic had taken such an
enormous start, which appeared likely to continue, that
it would be premature and detrimental to the interests of
the company if they did not reserve to themselves the
power of taking from time to time from the capital the
means of paying for additional waggons. Supposing the
goods' traffic should so increase as to require 200 or 300
additional waggons, he did not suppose it was the wish
of the proprietors that that expense should he defrayed
out of the revenue. If, from 1851, the proprietors should
say that everything should begin upon a new principle,
and that these charges should be upon the revenue, and
not upon the capital, their executive would be bound to
attend to their regulation; but he would only warn them
of the consequence of any such regulation. If it were
adopted they might in one-half year be obliged to take
a much larger som from the revenue than they ever con-
templated doing, and thus be taken money out of the
pockets of the shareholders for the time being. He
would allude to another point bearing upon this subject.
It was quite clear that it might be necessary to have a
large depot for goods in the city of London. They
would not pay for that out of revenue, but out of
capital. He mentioned this only to show the moral
impossibility of closing the capital account at present.
—(Hear, hear.) With regard to their receipts, he
regretted he could not congratulate them on an
increase. Their passenger traffic did not during the last
half-year present those favourable features which they
could desire. The maximum amount of their passenger
traffic occurred in 1846. That year increased very ma-
terially upon the year 1845, which could be well ac-
counted for. The year 1846 was a period of extraordi-
nary and most unnatural excitement. From that period
to the present there had been a gradual decrease; and the
year 1849 stood relatively as regarded passenger traffic
to the year 1845. For the last half-year the passenger
traffic by the express trains bad increased; and the third-
class traffic had increased both in number and revenue;
hut the ordinary first and second-class passengers had
decreased most materially. That afforded a proof that
the pressure which the railway mania of 1846, and the
panic of 1847, inflicted upon the middle and trading-
classes, was still materially felt, and it was from those
classes that the company did not derive that amount of
revenue which they had done previously to those events.
In the goods' traffic there had been a very considerable
increase, which indicated that the whole trade of the
country was in the course of a very wholesome and sound
revival; though the profits of it had not yet reached the
pockets of those classes who were affected by the events
of the years 1846 and IB47.—(Hear, hear.) With re-
gard to the charges on the company. there were grounds
for congratulation. The accounts showed a saving on
the last half-year of upwards of 11,0001. It was true
the figures appeared nearly the same as the former ha f-
year's account, but there had been in the last half-year
an increase of twenty-three miles of line worked, and
that without adding to the working charges. An in-
crease of goods' traffic would always occasion an increase
of working charge in a much greater proportion than in
increase of passenger traffic did. It had been suggested
that the working of the line by contract might be an
advisable system. That was a great and most entensive
question. They had no practical experience yet of the
working of any large lines by contract. When they
should put into the hands of a contractor the working of
the line of this immense establishment there would be a
variety of things to be considered. They would require
security for the due working of the line, and for their
plant; in short, the r5nai60.4001123=581117 to a comPlge

arrangement for working the lino by contrast were so
extensive, that nothing but the experience of many
' years would justify them in entertaining such a proposi-
tion.—(Hear, hear.) In addition to which they could
not afford to allow a contractor to make his profits by
running down the charges to the lowest scale. See how
it might effect the shareholders. By an efficient service
the directors might be able to maintain the ,dividend;
but, without an efficient service, their receipts would de-
crease. He therefore hoped before the proprietors
allowed themselves to be led away by any prospective
plans of the success of working the line by contract,
they would consider well the subject, and not permit the
experience derived from the working of small lines to
mislead them. Ho would in the next place allude to the
question of dividend; and it was with great regret that
he approached that subject. Not that he alluded
to it with any individual feeling of responsibility,
for they would bear in mind that as far back as
1846 be warned them that the creation of new stock, by
the passing of new Acts and tiler-formation of new lines,
would inevitably lead to diminished dividends. -It was,
however, only flir to add, that in the interval between
that declaration and the present time circumstances had
been more adverse to the r ailway interest than it was
possible for any man to predict or oven think of. The
different elements which had been brought to work upon
railway concerns had resulted in diminishing the divi-
dends in every quarter of the kingdom. The dividend
recommended on this occasion by a majority of the di-
rectors was at the rats of 5f per cent., per annum. He
should not move or take part in any movement to alter
that amount. He certainly was in a minority on the
9uestion.—(llear.) He had no reason to doubt that his
coJleagues.who were in the majority would be able to
give sufficient reasons for the course they had recom-
mended, but his wish was that the proprietors should
have received a dividend of 5 per cent., bat the belief
that that dividend would be the lowest they ever could
arrive at.— (Hear, bear.)_ It would, in his opinion, have
been safer to have hael,a disiidgq#, of 5 per cent, with a
4'he' could—assfrie the meeting that
ohripk, Awn* an
'there would have been a very large reserve inded.
But then he proposed 5 per cent. with this addition—
that that reserve was not to be taken by the proprietors
until they had got rid of all their liabilities; after which
they might have looked forward to a gradually increased
dividend.—(Hear, hear.) But if the proprietors were in
1.851 to come forward and object to the-directors carry-
ing on that large reserve, and should require it to be dis-
tributed among them by an increased dividend, then he
admitted that the argument of his Hon. Colleague would
be perfectly correct and sound, and that the proprietors
in 1850 had a right to part with the surplus that was
left after the payment of 5 per cent. But be bowed with
respect to the decision of the majority of his colleagues,
though he did not concur with them in their reasons for
it. It might naturally be asked whether, this being
a true description of the state of their affairs, it had not
occurred to the directors to consider what remedial
measures might be advisable under existing circum-
stances. He could not help thinking that any applica-
tion to Parliament for remedial measures with regard to
the railway interest would, whenever made, have great
force and effect. But a few years would elapse before
those who would be then living would be unable to
contrast the present mode of conveyance with that
which many present, as well as himself, suffered under,
when they were obliged to be cooped up for
three days in a mail coach to go from London
to Glasgow. In a few years that fact would be forgotten;
and those who would henceforth travel the same distance
in fourteen hours would not believe what their fathers
did before them. That, indeed, was a small question of
mere personal comfort, but there was another and a
larger question of public interest involved. He wished
any one of their statistical statesmen would turn his at-
tention to the fact of the saving of. capital which had
arisen to every wholesale dealer in the country since
the introduction of railways, by no longer being under
the necessity of keeping the amount of stock which
he was obliged to do previous to that system Of convey-
ance being established. There was not a large shop-
keeper in any country town who could not from half-
week to half-week get his supply according to order
without the necessity oflooking up his capital. Take an-
other instance. Previously to railway conveyance the
post from London to Glasgow occupied three days, and
from Liverpool to London two days. The money trans-
actions of every merchant between those towns and the
metropolis were delayed one or tNo days. Merchants
were obliged to make their arrangements pro-
spectively. All these considerations in the ag-
gregate were of immense amount in the saving
of time and of property. That great social change of
the present day could never have been carried out with-
out the agency of railways—he meant the penny post-
age system.—(Hear, hear.) Mr. Rowland Hill could no
more have carried out his scheme without railways than
lie could have carried the letters upon his shoulders.—
(Laughter.) All these considerations furnished such
grounds upon which to go to Parliansent, that whenever
the time should come when it would Le proper fir them
to do so, he could not doubt that Parliament would grant
some remedial measures to the railway interest. But'
then came the question, what were those remedial mea-
sures to be? He knew that some companies had got their
Bills before Parliament already to enable them to rai,e
their fare*, they believing that that would restore them
to a state of prosperity. Of course, if any general mea-
sure of that nature were passed, the London and North-
Western Company would participate in it; but, with the
figures which were before them (save as regarded the
express trains), the directors were not prepared to act
upon the principle of an increase of the fares. Those
figures showing already a falling off of receipts from the
ordinary first-class and second-class trains, led them to
believe that if they raised the fares they would further
diminish the number of travellers. Though the dire°
tors were willing to accept any increase of power
for raising their tariff, yet they deemed it a fallacy to
suppose that the mere possession of that power would be
the means of increasing their receipts. They must look
for better times.—(Hear.) That was the only course.
Ho would avail himself of the power with regard to the'
express trains, because he believed the fares to: be at
present too low, but with respect to the other trains, it
awpapsly it to them, if they pea-
one thing which might be
essysoosnuseel
,dd
tnnhdos t
pwhich
proper
. ouTghh
et tr os t o
be
done, but be was not
aware that it had been iucluded in any Bill yet intro.
duced. He did think that if a small " booking-fee"
were allowed to be taken at each booking-office, it would
not be felt by the public, but would yield an increase to
a very considerable amount to the general reeeipts. That
adopted without
He was anxious
ted without inflicting the
ltpeoas r
bs t
tri
hi I
agmr
beforeme a so un r ea
ntmyh iegi
nmh
dt
ve be
die
nu
gone
point connected more
especially with the future practical working of this great
establishment. At the beginning of next year, under
the Amalgamation Act, the system of working
through the executive would take a new shape.
When that Bill was passed it was thought advisable on
many grounds, and he considered that Pauliament in
making the change thought wisely to continue the exist-
ing committees in Liverpool, Manchester, and London,
and that out of those committees a board of direction
should be selected. That arrangement was intended to
last five years, as a m-and of consolidating the connexion
which was then brought together from those three dif-
ferent points. But that connexion next year would
change. The committee would cease, under the Amal-
gamation Act, to exist; and it would be necessary, in
consequence, that some step should be taken to consider
what should be the future constitution of the board. It
was a very grave Ruestion
future prosperity might mainly depend. It was a point,
in fact, upon which their and oneexecutiveb poueyosn which
houldgte
go
in
full concurrence and action with the proprietors. He
would suggest whether at the next half-yearly meeting
it might not be expedient to appoint a committee of pro-
prietors with the view of taking the subject into conside-
ration in conjunction with the directors, and that they
should report to the meeting of 1851 their opinion as to
the future formation of the board by whom the executive
duties were to be carried on.—(Hear, hear.) He could
not sit down without expressing his satisfaction at the
auditors having at once called in a professional ac-
countant, without any communication with the
directors. It was no longer right, nor could they,
nor ought they, any longer to stand upon the words
past services," or
" past character."--(Hear.) They
must now turn to the investigations of the auditors and
of the accountant, and he hoped before 'the meeting
closed he should learn from the proprietors that the di-
rectors had not forfeited that confidence hitherto re-
posed in them, and which he believed nothing that had
been done by the executive body should in any degree
have diminished.—(Cheers.) Neither he nor his col-
leagues wished to stand upon their character in the rela-
tion they bore to the proprietors at large; all that which
regarded unlimited confidence in railway directors had
passed away. Henceforward,
facts must speak for them-
selves, and all he would say was that he appealed to
what those gentlemen who had investigated the com-
pany's affairs had reported to the proprietors, and he
did so with confidence, feeling assured that they would
not disapprove of the course which had been pursued by
their executive body. He was aware that the
question would be put to him; he might as well, there-
fore anticipate it. Great anxiety had been felt with re-
gard to the future management of the law business of
the company. Ile wished the proprietors at once to
understand that that question was engaging the serious
attention of the directors, and be hoped before long he
should be able to present some plan which would allow
the directors to meet the wishes of the proprietors on
that subject. It was his duty to state that, as regarded
their law advisers, he had every reason to say that from
the commencement of the company. to the present time,
they had rendered the most faithful services to the pro-
prietors, and that the directors themselves felt the greatest
satisfaction in co-operating with them.—(Cheers.)
The SECRETARY then read the following report:—
"The accounts for the half•year, copies of which are
in the possession of the proprietors, again exhibit a dimi-
nution in the passenger receipts, although during the
greater part of the period an additional mileage has
been worked. This decrease, amounting to 5,8694 is
not confined to those localities where the company has
been subjected to the competition of new lines, but
(although heaviest between Liverpool and Manchester)
extends over the whole railway. The loss of pas-
senger traffic was seriously felt during the prevalence
of cholera in the autumn ; and for the four weeks
between the 17th of September and the Bth of October,
the diminution, as compared with .the same period of
1848, amounted to 10,3404 since that time the comps-

rison has continued slowly to improve. Upon the main
line and branches the receipts from first-class passengers
vary little from last year. and the third-class shows a
trifling improvement. Upon the second-class, as in
previous hale-years, and in day-tickets of both classes,
there is a considerable falling off. - There is also a
slight decrease in the receipts for parcels and for the
mails; the latter arising from a contraction of the Post-
office service over a portion of the line.
"The merchainlise traffic continues steadily to improve;
the increase over. the corresponding half-year is 16,7791.
This is the more gratifying in the present instance, as
during 18 weeks of the half-year the company has been
subjected to a severe contest with the •canals in Lar.-

cashire. The directors did not enter upon this struggle
without first remonstrating with the canal interests, and
using every other means in their power to avoid it.
An amicable arrangement has at length been effected,
which it is fur the advaut3ge of all parties to consolidate
and extend.

" Notwithstanding the expenses inseparable from the
working of forty-three miles of additional line, the open-
ing of the new station at the North Docks in Liverpool,
and the fact that the increase in the traffic is exclusively
in the goods department (ne.cessarily entailing a certain
amount of additional charge), the director& have been
able to effect a further reduction in the working charges.
Excluding the disbursements on the Yorkshire lines, the
saving on the main line and branches, as compared with
last *year, is 12,650/.
(" The system of economy which has been practised for
were( half-years is still in progress, and the board da-
ticipates its being carried to a greater extent; but mea-
sures of this kind must generally be gradual in their
operation, and well considered in all their details, in
order not to impair the efficiency of the service, which it
is of paramount importance to maintain. The percentage
of disbursements to receipts is, exclusive of rates and
taxes, 33.8 per cent., and inchisive of these items, 38.5
per cent:

&US eDiendrinio-11/6.4odidikk
of iiiii'kTiig-itO-ek;-tfiiFit is unnecessary to advert to it
further than to express the satisfaction of the board at
finding their previous reports fully confirmed.
" The reserve for deterioration of the permanent way
is increased, in
.consequence of the opening of additional
milage, in accordance with the principle laid down by the
board.

"During the half-year just conclud©d the following
lines and extensions, the property of the company,
or in which it is largely interested, have been opened
for traffic :
The South Junction and Altrincham Railway 9 Miles.
The Leeds and Dewsbury and Huddersfield
and Manchester Railway (worked by L.
and N.W.) .. ... .. ... 43} pp
The Shropshire Union Railway,from Shrews-
bury to Stafford (worked by L. and N.W.) 291-
4_ PI
The Manchester and Buxton Railway, from
Matlock to Ambergate „

' Wit
And the extension under the town of Liver-
pool to the new and important station for
merchandise at the North Docks.
" The remaining lines in which this company holds
an important stake, viz.:—the Stour Valley Railway, the
Rugby and Leamington, the Rugby and Stamford, the
Buckinghamshire, Coventry, and Nuneaton, and the East
and Westindia Dock Railway, will probably be opened
during the present year, and some of them in the course
of the summer.

" The South Staffordshire Company having proposed
to lease their line to certain private individuals, your
directors felt themselves compelled in the first instance
to refuse their consent to the measure, considering it de-
trimental to your interests, and tending to defeat the ob-
ject fur which this company originally became sub-
scribers, but negotiations are pending with the board of
the South Staffordshire Company for such modifications
as may remove the existing objections.
" In pursuance of the policy indicated in their last re-
port, the directors have continued carefully to watch
their position in connexion with neighbouring companies,
and to embrace every opportunity of extending friendly
arrangements., The conflicting combinations arising
from the extension of the railway system render this a
labour of increasing anxiety, and requiring the utmost
circumspection. The opening of the East Lancashire
Railway, coupled with the oppoiition of the canals,
alluded to above, disturbed for a time the relations of the
scioomn porsiny in the
traffic
cwhneorreth. the Ain
tseertetlestms
clash
and amicable d
shhasbeenerreeivi
effected
between the Lancashire and Yorkshire and this company
on the one part, and the East Lancashire Company on
the other, which it is believed will under the circum-
stances work satisfactorily for all concerned.
" The opening of the Clifton branch brings the Rosen •
dale district of Lancashire into connexion with Liver-
pool. The traffic by this branch to the Liverpool and
Nlancheq,r hue is embraced in the agreement with the
East Lancashire Company.
" To the eastward the directors, in conjunction with the
Midland Company, have, after lengthened negotiations,
completed a comprehensive traffic arrangement with the
Manchester, Sheffield, and Lincolnshire Company.
" Negotiations aro proceeding with the Great West-
ern Company, having for their object the saving of
capital and an equitable division of the traffic in the dis-
trict traversed by the lines of the two companies. Your
directors have fore arded a proposition to that company,
and are now awaiting a reply.
"In the following instances your directors have failed
in their endeavours to arrange the questions at issue
with other companies. The Shrewsbury and Birming-
ham Company rejected the proposals for traffic ar-
rangements, and declined a conference except on the
basis of a previous admission of certain claims. Nego-
tiations were consequently suspended, and proceedings
in Chancery have been commenced by the Shrewsbury
and Birmingham Company; and until the questions
raised are finally disposed of, it does not appear that
further advances can be made for an adjustment of the
present differences.

la the case of the North Staffordshire'Company pro-
cce Hogs in Chancery have also been instituted. The
directors do not, therefore, feel at liberty to enter into
the reasons which (after the most careful and repeated
deliberations) have influenced their conduct. They
have been, and are still, willing to give every fair
facility to the traffic of the North Staffordshire Com •
pany, but they cannot consistently with their duty admit
the claims put forward on behalf of that body.
" The proprietors are aware that this company, in
connexion with the Lancaster and Carlisle and Cale-
donian Companies, entered into a working agreement
with the Scottish Central Company for the purpose of
securing to their respective lines the traffic flowing over
the Scottish Central. A committee from these three
companies having been appointed to accomplish this ob-
ject, met monthly at Perth, and soon ascertained that the
Scottish Central was not in a position to give full effect
to the agreement.
" Under these circumstances a new one was admitted
by all parties to be expedient, and accordingly a fresh
arrangement was entered into on the Gth October last, by
a deputation of one member from each of the three leasing
companies, and a deputation from the board of the Scot-
tish Central, consisting of its chairman, deputy chairman,
and Mr. Stirling, one of the directors (attended by their
solicitor), who pledged themselves to bring it without
delay before their colleagues, and use all their influence
for its adoption. On the faith of this your committee
paid, without demur, a sum of money stated to be due
up to the 30th of June, from which date the new agree-
ment was to take effect.

" Some difficulties having subsequently arisen betwixt
the Scottish Central and the Caledonian companies, the
Scottish Central directors declined on that ground to
redeem their pledge. Your directors deny the validity
of this plea as affecting the London and North-Western,
and assure the proprietors that they are fully prepared
t') vindicate their conduct throughout the whole trans-
action.

" The directors regret to say, that the capital invested
in the Chester and liolyhea'l Railway (the interest on
which is now a charge against revenue) continues unre-
munerative. This result is attributable in part to the
course pursued by the late Government, whose require-
ments caused delay and involved that company in a large
unforeseen expenditure, and in some degree to the con-
tinued distressed condition of Ireland; while, since the
opening of the line, Government packets have continued
to run in competition with those of the company, at a
very serious loss to both parties.
" With a view to the final closing of the capital ac-
count (except in so far as it may be re-opened for specific
purposes, by a special vote of a general meeting), the
directors called upon the heads of the several depart-
ments to submit careful estimates of the amount requi-
site to complete all works in progress or actually ordered;
also, estimates of such further outlay as they considered
immediately necessary. These returns have undergone
revision, and the board lay the result before the proprie
tors, in the confideet belief that as regards the expen-
diture the estimates are suffiolent. The summary of
estimated farther expenditure on various lines is stated
to be 1,570,0351., less assets, viz.—surplus lands and
materials, 550,1251.. leaving 1,019,910/.
" The opening of 143 additional miles of railway, to
be brought into operation during the present year, will
of course entail the necessity of providing additional
working stock, with the exception of locomotive engines,
of which there are a sufficiency in store.
" The reduction in the current rate of interest has
enabled the directors to effect renewals of debentures at
3i per cent. It is unnecessary, therefore, asd on every
ground undesirable, at present to raise money by fur-
ther calls upon that portion of the share capital upon
which the calls are optional.

From the statement of the half-year's
accounts it will be seen that the net
proceeds are ... ... ..• ....£536,018 2 4
To which must be added the balanca
carried forward from the last account 15,501 19 1

551,520 1 5
L2SR, further allowance for renewal of
rails ...

18,770 10 0

Showing a disposable balance of ....£532,749 11 5
" A dividend of 2/. lss. per cent. for the sir. months,
amounting to 489,112/. 7a. 33., would leave a balance of
43,6371. 4'. 2d. to be carried to the next half-year's
account."
The CHAIIIIVIAN then moved that the report be re-
ceived and adopted.
I& TAUT wished to more IM amendment. lie had

been a sharehelder fifteen years, but this was the first
time he had ever attended a meeting of the proprietors.
—(Heer.) He bad been guilty of this neglect in com-
mon with many others, in consequence of the implicit
confidence in the integrity and good conduct of the di-
rection. But the chairman bad told them that blind
confidence in the directors was at an end Notwith-
standing the miserable frauds which had been discovered
elsewhere, he willingly and cordialy believed that the
honour of their directors was perfectly intact.—(Cheers.)
But their leases, their amalgamations, their purchases,
and their guarantees had never yet been thoroughly in-
vestigated; and even supposing they should be proved
to be blameless, or justifiable and free from the influence
of any individual interest, still there was a sufficient
ground to justify the proprietors in complaining of a
most lavish and wasteful expenditure of their money.—
(Hear.) He would not trouble them with instances;
they were sufficiently palpable. They bad one
example of it in the hall in which they were then asseiti-
bled.—(Hear, hear.) Was that a place for the transac-
tion of business among mercantile men?—(hear, hear.)
It was more like the splendid banqueting-hall of some
Italian palace.—(Hear, hear, and laughter.) They might
takepossibility-of
oesnssi
ibvstructure
thattaos
f a t small
raw: lhb
eicinhgexamplehaodn
be of
fsehnit
lhleienr erected mannererde,
tuwr return,
inwhich
fromo without their money had been thrown away. Look at the ex-
Look, too. at the way in which they had run into all
kinds of Parliamentary contests. The directors had not
merely met opposition, but they had courted it. Because
the broad-gauge line was one project, therefore they
ht thite
must raise up another gauge to compete with it.__
(Hear, hear.) Again, because the Great Western
Company contemplated (not very wisely) a line from
Oxford to Cheltenham, the directors of this company
immediately brought forward another line to oppose
that project, although it did not promise one farthing
of profit to the proprietors. It was impossible to re-
trace their steps, bat igkilitalifrATAbleAskyaltiaid.4ses
sinekeitigstkerfri-osilkoF kesttlts shoul bl e held
up- as a warning to any future -management,.. It
was this profuse expenditure which originated Lord
Monteagle's Bill of last session. The Hon. Gentleman
then expressed his dissatisfaction at the explanation
given by the Chairman of the discrepancy between the
capital account of 1848 with the accounts then in the
hands of the proprietors. By the former account it
was stated that the whole sum expended and to be ex-
pended would be 25,000,000/., now they were told the
sum had already amounted to 28,000,0001, and that
something more would be required. This must be put
a stop to in time some way or another. It was obvious
that these great additions to their capital account were
ruinous to their property. The proprietors might in-
deed be satisfied that their undertaking would yield a
remuneration ; but that was not sufficient. The public
must be satisfied also before their shares could attain
proper mercantile value.—(Hear, hear.) So long as
any doubt existed they could never expect to obtain a
fair price for their property. It was on this account
that he ventured to propose an amendment, that such
part of the report as related to the payment of a dividend
be received, and that the remainder of the report, together
with the half-yearly accounts, be taken into considera-
tion at the first meeting which should be held after
Parliament should have established some better system
of audit and control.—(Laughter, and cries of " No I")
After a considerable time had elapsed, Mr. GALLOWAY
seconded the amendment.
Lord LILFORD opposed the amendment. It would be
throwing the apple of discord among them, and reflecting
upon the board of directors, which would be extremely
injurious to their interests. There had undoubtedly
been many imprudent acts. Many of their concerns bad
not been remunerative, but at the time those things were
done not only were railway directors committing errors,
but every one of them, proprietors and all, did the same.
—(Hear, hear.) Having committed these errors, the best
way was to pass them by and resolve that no further ex-
travagance should be permitted.—(Hear, hear.) But
something ought to be done to close the capital account.
It was also desirable that an account should be presented
to show what part of their works were remunerative
and what not, what were completed and what not, and if
any further capital were required, the proprietors should
be convened and a new call be made upon them for that
particular occasion, an account of which should be kept
entirely distinct from the present capital account.
Mr. MARTEN said he had a proposition to submit to
the meeting, which, if adopted, might probably induce
the gentleman to withdraw his amendment and substi-
tute the other. It was to a certain extent most desirable
to have a continuous audit, for it was impossible for one
gentleman in a hundred to follow the details cf the ac-
counts, from half-year to half-year, of several millions
of money. Monthly audits were established in various
departments under her Majesty's Government in China
and the colonies, and there was no difficulty in doing so.
He thought it would be a great improvement if the
railway accounts were made up monthly instead of hale
yearly.

. .•
Mr. DEAN said ho would suggest an amynciment to
the etfect—

" That it is the opinion of this meeting that, with the
payment of the calls now in arrear, the capital account
of the company be forthwith closed, and that no further
addition be made thereto except for such purposes, and
to such extent, as shall be authorised by the resolution
of an extraordinary general meeting of the comply, to
be convened for the purpose of considering the estimate
of such outlay, and that such estimate be circulated
amongst the proprietors for at least six days previous to
such meeting."
This would put in the hands of the proprietors a more
effoltual means of controlling the expenditure of the com-
pany. Be refTred to the discrepancies between the
statement of October, 1848, and the present account. The
former statement said, that the whole expenditure neces-
sary would be 25,862,0001., to close the capital account
in 1852, whilst the total capital actually expended to the
end of 1849 was 28,000,0001. He then went into some
figures to show that, after making some deductions, the
capital account was in excess of the October statement
to the amount of 1,750,0001.
A PROPRIETOR seconded the amendment.
Mr. E. J. MOZLEY said, all the auditors had to do was
to ascertain whether the money had been expended, and
it fell within the province of the shareholders to arraign
the conduct of the directors if they thought they had
exceeded their authority. It did not fall within his
duty to explain as to the estimate in the account of 1848,
which might have been deviated from since that date.
It was his duty to tell the shareholders what had been
actually expended, and what might be required to be ex-
pended, to complete the various lines in progress. He
would warn them not to be led away from business by
ad captandum speaking. Many of these lines were in
such a state that it was necessary to complete them, in
order to draw from them any revenue, good or bad; and
if they called on the directors to lay before them fresh
est;mates before they completed them, they would only
be frittering away their time without an object. lie
agreed as to the necessity of their capital account being
closed.

Mr. Du BOULAY said he was unlike the gentleman
who had never attended a meeting before. He (Mr. Du
Boulay) had attended every meeting ever since he be-
came a shareholder, seven years ago, and he had always
observed that the shareholders generally applauded the
directors fur all they had done.—(Laughter.) It could
not be doubted that Parliament had been far too ready
to grant branches and competing lines, and it was sur-
prising that the position of railway property was not
worse. The branch lines might have been in the hands
of other and competing companies with their own. He
thought they could not be in better handl' than those of
their present board, who combined the keenness of Liver-
pool with the intelligence of London.—(Laughter.)
Mr. BRIGHT made some observations with regard to
the duties of auditors, and thought there ought to be a
more effectual check un directors, and that a Bill should
be brought into Parliament to regulate the rights and
specify the power of proprietor..
The CHAIRMAN said his Hon. Colleague and himself
bad proposed the resolution in its ordinary shape—viz ,
that the report should be printed with the accounts, and
distributed amongst the proprietors. The Hon. and
Learned Gentleman (Mr. Dean) had proposed an addi-
tion which was wholly unnecessary, as the report itself
contained the following paragraph:—" With a view to
the final closing of the capital account (except in so far
as it may ,be re-opened for specific purposes by special
vote of a general meeting), the directors called upon the
heads of the several departments to submit careful esti-
mate'," &c. The proprietors were, by that report, put
in possession of the fact that the directors would call on
them in the case alluded to by the Hon. Proprietor. The
directors had pledged the proprietors only to the fulfil-
ment of the contracts and the completion of works in
progress, and he asked him whether, with works to be
finished in the course of a very few months, it was
likely any alteration would be introduced? If they held
meetings for this purpose there must be delay, and that
delay would put off the opening of the lines by which
they might acquire some return, whether small or great,
on the capital they had expended on them. He would
not enter into an explanation of the observations made
by an Honourable Gentleman on the present build-
ing, although it did not appear one foot too
large for their purpose.—(Laughter. The room was
inconveniently full.) There was not one office in that
building which was not occupied; and they were reeeiTs.
g
rent for different apartments let out to otherce burin
, as
All that required no justification, because the
of the company could not be done in less room than they
had got. But the Hon. Proprietor had made an admis-
sion that he had never attended any of their meetings,
and now, at the eleventh hour, he came forward to dis
approve of that of which the company
had approved,
th
and which they had urged upon e directors.—(" No,
no!") No! The Hon. Proprietor could not have been
a proprietor at the time. He appealed to all present
whether they had ever heard any division upon these
questions. On the contrary the directors wore told that
tbey were not doing enough to protect their territory,
and that they were allowing the broad gauge party to
take advantage of them. They had not sought these
extensions. If the policy of Lord Dalhousie bad been
carried out on this subject, they would not have pressed
on the shareholders these schemes. They would have
.gone on in a very different way, not calling on the share-
holders so rapidly as they had done for additional
capital. They had not made a single branch which
had not been forced upon them. He did not mean to
say that if they took up the question now with
their past experience they would not deal with it
differently, u they knew 119 W that branches did not

~~~ ~ ~
~`~ -c...

•
pay like the main lines. But that was no n f
41t the time. The question was, whether the w oleo
-That district should be usurped, and whether the line to
_hat
especially was not a proper counter-move
40-that of the Birmingham and Oxford:line. They had
not a single new project to bring forward this. session.
They were not in Parliament this year for a angle Bill.
Those. Bills to which they asked the meeting's concur*
rence were Bills of other parties, and by the regulations
of the House of Lords this company was required Willi
to assent to them.—(Cheers.)
Mr. LOCKE. M.P., referring to the imperativeness of
closing the capital account, said, he was delighted with
the explanation of the Chairman on that subject, and if
the proprietors had a security that these views would be carried out, the question of capital might be con.
sidered determined.
The resolution, with Mr. Dean's as an amendment
addition, was then put and negatived, and the
original motion was carried by a very large ma-
jority.
Mr. LOCKE, M.P., moved—
" That it he an instruction to the auditors to prepare a
statement f*Jr each half-yearly meeting of the disburse.
ments on capital account, according to the form of the,
estimate as to unfinished work presented in the report of
the directors to the propietors. '
The motion ens seconded and passed.
On the motion that a dividend at the rate of 2L is,,
per cent. be declared on the capital stock of the company.
Mr. Moos; proposed as an amendment that a dividend
of 21. Ids. per cent. be substituted.
Mr. RADCLIFFE contended that the directors were
bound to divide the whole of the profits.
Th&: CHAIRMAN said the Act ot Parliament allowed
m to up.ke a reserve to tneet contingencies.
s,m, discussion the amendment was carried by
106 agairst 84,, ands dividend of 21. 10s. per can:. was
to instead of the 21. ISa. per cent. recommended
in 2he report.

lt,,l9lutions were passed suspending operations On tha
Birmingham and Lichfield line until the next meeting,
re-electing the Yetiring. auditors,.,Messrs. Mozley and
Peyton, and fixing their furthers- remuneration at 2301.
' a yeir,each. • • • -
Tile meeting was then made special,,and resolutions
passed authorising the proprietors of canals to act as
carriers ; approving of the Bill for the, deviation of the
Buckinghamshire line at Oxford; the East and' West
India Dock:and:Birmingham Junction Bill to lease line;
approving of the Shropshire Union Bill to reduce ca-
pital, abandon. portions of line, and 'im'end terms of lease.
_On the motion for' Ike approval of tha Chaster,and
Iloly head Bill, ask sunendmen& trVatuncioyed, by 14 MANI-
thtfrbeifot approved. On a show of hands, the amend-
ment.was lost by a majority of 50 to 19. The motion
was then carried.
e
Mr. DEAN then demanded a poll, the result o which.
is to be declared to-day.
The heads of the Audit Bill prepared by the deputa-
tions from meetings of shareholders held in Binning...
ham, Manchester, and Liverpool, having been • read
amidst considerable, noise and confusion, a committee
was appointed, consisting of Messrs. wart, Jamey;.
Ross, Ryley, Bennett, Swift, Hadfield, and Crossfield,
to co-operate with the shareholders in other companies
for the introduction of a Bill into Parliament for se-
curing an independent audit, and for the more effectual
protection of the interests of the shareholders, but free
from all Government interference or control. It was
also agreed that the expenses of the committees of
shareholders in Liverpool, Manchester, &c., should be
defrayed out of the funds of the company. The pro-
ceedings concluded with a cordial vote of thanks to the
Chairman and directors.