The Sun.
London, England, 1850-02-27 00:00:00

LONDON AND SOUTH-WESTERN
RAILWAY.

The useal half-yearly general meeting of the London
and South-Western Railway Company was held yester-
day at the Nine Elms Station; William Chaplin, Esq.,
chairman of the board of directors, in the chair.
The advertisement convening the meeting having been
read, the minutes of the past meeting were confirmed,
and the report of the directors submitted to the share-
holders, from which we make the following extracts:—
" From the accounts that have been for some days
past in the hands of the proprietors, it will be seen
t hat—
The net revenue for the half-year ending
31st December, 1849, amounts, after
deducting interest on loans, and all
other preferential charges, to ... £107,658 14 6
The surplus from June, 1849, to 2,687 18 8
The balance applicable to dividend is,
therefore £110,346 13 2
From which the directors recommend
that a dividend for the half-year,
at the rate of 31 per cent. per
annum, be deducted, amounting on
6.602,422/. 3s. 4d. to
Leaving to be carried over to the next
half-year .
" The total working expenses for the half-year
amounted to 109,4151., and of rates and taxes, exclusive
of income-tax, to 19,0251.
" It is to be remarked, that although a large amount
of capital is still unproductive, in consequence of the
original intentions of the company not having been
carried out, the whole of the interest on such capital is
charged to revenue.
" From a comparison it appears that the passenger
traffic of the last half-year, although twenty-three more
miles of railway are open, is 3,1841. less than in 1848,
the goods traffic being 6,8371 more; the whole increase
being consequently only 3,6531. It is, however, satis-
factory to perceive, that it has been possible to work
twenty-three more miles of railway with an expenditure
of 8,3541. less. The net revenue is thus 12,0071. more.
" The total expenditure, per mile of railway, 5541., and
per mile of train, 3s. 34d., will, it is believed, bear com-
parison with any metropolitan railway.
" In October, 1849, they reduced their fares within
short distances of London, with a view of encouraging
traffic to the suburbs, being of opinion that the true po-
licy of of the company is to promote in every way the
daily extending habit of residence out of town ; and
they believe that when the districts this railway tra-
verses, and the central position of the London terminus are
considered, it is able to offer advantages, in regard to re-
sidential traffic, greater than any other railway out of Lon-
don. It is now shown by experience, that every additional
house of the better class, inhabited on the line, brings
with it a certain increase of traffic to the railway. The
directors therefore purpose to establish a low scale of sea-
son tickets for the suburbs, to be issued for terms vary-
ing from one to twelve months, and to be renewable at
the same rate for seven years ; and they are satisfied,
that by adhering to this policy, a large additional re-
venue will be eventually secured to the railway.
" The maintenance of 207 miles of railway is charged
upon revenue during the half-year, the average cost,
per mile, of maintenance of way and stations, amounting
to 283/. per mile per annum.
" The charge for locomotive power for the last half-
year was (the price of coke being 21s. 10d. per ton) per
train per mile, including pilotage, 9.36 d.
"During the last half-year 3,3871. has been expended
on the locomotive stock on renewals, and is included in
the charge of 9.36 d. per mile. It is probable that, in
some years, this charge will exceed the present rate; but
the directors are satisfied that the company is pur-
suing a safe and sound course in meeting these
inequalities out of revenue. The locomotive
stock of this company is in excellent condition.
It is satisfactory to find that the earnings for the past
year of the steam-packets leased by the company have
sufficed, after paying all expenses, to meet the interest
for that p-riod on the 50,000/. lent to the New South-
Western Steam Navigation Company, and to pay
the 5 per cent. guaranteed dividend on its
paid-up capital ; a balance of 3,1801. is
carried over to the credit of the present half-year.
In November, 1848, it was proposed to confine the opera-
tions of the company to the completion of certain lines
then in progress; these are all open for traffic, and there
remains not a single mile of line now under construe-
The directors have accordingly been anxious to
determine and discharge all liabilities and engagements,
with the view to the final closing of the capital account
at the earliest possible period. It is impracticable sud-
denly to effect this object, some of these engagements
requiring great circumspection in dealing with them;
but it is certain that no creation of new capital can be
necessary in this company."
The CHAIRMAN said the report of the committee ap-
pointed to investigate the charges and statements made
against the integrity of the directors would be read.
It is only necessary, however, to give the concluding
paragraph in the report, which was as follows:
" The committee having reported upon all the charger

... 107,289 7 3

affecting the directors, either Collectively or individually,
which they think it necessary to bring specifically be-
fore the proprietors, have only to add in conclusion,
that although they have discovered in the course of their
inquiries much to blame and to regret, especially in the
finance department, they are unanimously of opinion
that nothing has come before them which affects the
integrity' or probity' of the directors."
Mr. CURRIE, the chairman of the committee, moved
that this report be received and forwarded to each share-
holder.
Mr. MYCROFT took exception to this, because the re-
port did nc t deal with the charge against the directors
of mystifying and circulating false accounts.
Mr. MANGLES, M.P., one of the committee said, they
had never before heard of such a charge.
The CHAIRMAN did not agree with all the conclusions
of the report, which he had not seen until ho came into
that room; but on the whole he hal no desire to quarrel
with h.—(lleer, hear.)
The resolution having been seconded, was shortly
clet,aAed and agreed to.
The CHAIRMAN said the next matter to be disposed
o was the report of the committee which had been ap-
pointed to consider the question of audit.
Mr. MoRTIMER, the deputy-chairman of the com-
mittee, moved the adoption of the report and the ap-
pointment of a committee to confer with the committees
of other companies in procuring an Act of Parliament
for establishing an efficient system of audit.
A SHAREHOLDER suggested that the report should be
read, which was accordingly done; but as it was pub-
lishei some weeks ago it is unnecessary to repeat it.
The CHAIRMAN observed, that however desirable it
might be to carry out the recommendations contained in
the report, it could not be done to the fullest extent
without the sanction of an Act of Parliament, and he
therefore hoped the directors would not be called upon
to carry them into effect now.
Mr. LOCKE, M.P., said the majority of them could be
carried out under the bye-laws of the company; but he
would suggest that the entire matter should be referred
to the committee to be appointed to-day, to communi-
cate with the committee of other shareholders on the
general subject of audit. That committee might also
confer with the directors upon the propriety of accom-
plishing some of the recommendations under the bye-
laws.

Mr. SAINSBURY objected to referring the matter back
again to a committee, and suggested that it had better
be left in the hands of the directors. He moved an
amendment accordingly, that the report be referred to
the board to decide what point of it was compatible with
tho existing Acts of the company.
The CHAIRMAN wished to have nothing to do with
the audit question, but to leave it entirely with the
shareholders.

Mr. HELPS, a member of the committee, said that both
he and the chairman of the commitVe, Mr. Thomas J.
Hall. the chief metropolitan police magistrate, were fa-
vourable to a Government audit. In the event, there-
fore, of the amendment being rejected, it was his in-
t= ration to move another, to the effect that the report be
referred to the directors, with instructions to communi-
cate the opinion of this meeting to the Railway Commis-
sioners, that railway accounts ought to be audited by
two auditors appointed by the shareholders, assisted by
a public amountant to be nominated by the Government.
Mr. BAKE; another member of the committee, an-
nounced his determination to support anything in the
shape of a Government audit.
Mr. Sergeant GASELEE was favourable to a Govern-
ment audit, but as shareholders were not ripe for that
system, he had no objection to the alternative proposed
by Mr. Locke.

Mr. MooN, of Liverpool, explained the provisions of
the: Bill prepared by the London and North-Western
Company, and recommended the meeting to appoint a
committee of three gentlemen to assist in carrying it
through Parliament. He proposed that Messrs. Locke,
Hoyes,and Baker, should torm that committee.

Mr. MANGLES, M.P., would second that proposal if he
could do so with order. They had no right to force
upon the board the wholesale adoption of all that the
report contain'd.
Mr. MORTIMER had no objection to withdraw his
resolution in favour of Mr. Moon's proposal.
Mr. ROTES was opposed to a Government audit. The
shareholders were the best source whence auditors should
emanatd.

Eventually all the amendments, including that of Mr.
l%
Helps, were rejected, when the report was received, and
Mr. Moon's proposal, now
becoming a substantive reso-
lution,
eiwolaustipoinit
wasand.
thenagr e
to .
passed, recommending the di-
rectors to adopt the recommendations of the report as far
as they could possibly do so.
The CHAIRMAN then moved the adoption of the di-
rectors' report, which was agreed to after some discus-
sion, and the dividend declared payable on au early day.
Mr. Chaplin, RP., was then re-elected as director.
The other two vacancies which occur at the board this
half•year it was resolved should 11 ut be filled up.
Thanks were than voted 0 the Chairman, and the
meeting terminated after a very lengthened sitting.

EAST AND WEST INDIA DOCKS

BIRMINGHAM JUNCTION RAIL WAY.

The general ordinary belf.Yearly meeting
of the pro-
prietors was held yesterday, at the Euston Station; Mr.
John Scott in the chair.
The report stated that the directors had continued to
forward the works upon the line a..; much as possible, in
order to bring the railway into operation at the earliest
possible period. Tho land required for the branch to
the Blackwell Railway had been agreed for, and a contract
haring been concluded for the construction of the branch,
no time will be lost in the commencing and completing
it, thus connecting the main line with the Fenchurch-
street terminus. A contract bad also been taken for
cempleting.the line of railway to the East and West India
Docks and to Blackwell, at a price below the engineer's
estimate. The efforts of the directors to enforce pay-
ments of arrears of calls bad met with little success.
Those arrears amounted to 27,3101. on 693 shares, upon
which 7,3401. had been paid. The necessary

THE SUN,

notices bad been given for the forfeiture of
460 of those shares, upon which 3,8501. had been paid.
The Bill now before Parliament would show that the
necessary steps were being taken to obtain legislative
sanction for leasing the line to the London and North-
Western Company. One of the directors, Mr. Robert
Cotesworth having resigned, Mr. Edward Maxwell
Daniell had been elected in his room. The directors
who went out of office by rotation were Mr. Creed, Mr.
Hibbert, Mr.'Kelsall, and Mr. Thomas, and, with the ex-
ception of Mr. ICelsall, they offered themselves for re-
election. Mr. Sweetland, the auditor, who also went
out of office, was eligible for re-election."
The total receipts, from the commencement of the
undertaking to the 31st December last, amounted to
627,677/. 19s. 3d., and the expenditure to 622,3681.21. 5d.,
leaving a balance of 5,309/. 16s. 10d. The engineer's
report stated that the portion of the line between the
North-Western Railway and the City might be finished
ready for opening in the present spring. The sites for
the different stations had been fixed, and the buildings
were now in the course of erection. The sudden fall-
ing in of seven of the arches of the viaduct, at Camden-
town, in November last, occasioned much anxiety. The
searching inquiry then made proved that the accident
was to be attributed solely to the peculiar character of
the soil of the district, and could not, by any possibility,
have been guarded against. This conclusion was
confirmed by the opinion of the engineer of the
London and North-Western Railway, who was
requested to examine the works and report on
the subject. He stated that the design was
most judiciously arranged, that the materials were of
every description most excellent, the workmanship un-
exceptionable, and that the occurrence was a casualty
which no foresight could have prevented. In conclu-
sion, he states, that " the loss falls on the contractor,
which is to be regretted, as the works have.evidently
been constructed with much care and honesty."
In reply to a question, the engineer (Mr. MARTIN)
stated that 130,0001. would be required to complete the
works remaining to be executed on the 31st of Decem-
ber last. The company was in the possession of surplus
land, which was valued at between 150,000/. to 170,000/.

After a brief discussion, the report was received and
adopted, and the retiring directors and the retiring
auditor re-elected.

The proprietors then resolved themselves into a spe-
cial general meeting to consider a draft Bill intended to
be promoted in Parliament during the present session.
The SOLICITOR read the heads of the Bill, which is to
enable the company to make and maintain certain branch
lines, to amend the former Act, and to authorise the
leasing of their undertaking to the North-Western
Company, to create additional stock, and for other pur-
poses.
In reply to a suggestion from a PROPRIETOR that the
North-Western Company would be enabled by their
shares to swamp the votes of the other proprietors when
they wished to carry any proposition,
Mr. THOMAS, a director, said it was provided in the
Bill that each proprietor who held no more than twenty
shares was to have a vote for each share, but larger
holders were only to have one vote for five shares; and
as twenty shares was about the average number gene-
rally held, it was calculated that the proprietors would
have 2,000 votes, whilst the North-Western Company
would only have about 1,600.
The Bill, with the exception of the clause giving gua-
ranteed interest upon the additional stock to be created,
was then agreed to; and after a vote of thanks to the
Chairman, the meeting separated.

MARKET INTELLIGENCE.
(From the London New Price Current, Feb. 26.)
SUGAR.—To-day the market for West India. Sugar
presented a more active appearance, holders wore less
disposed to realise, and at former rates a fair business was
concluded. The business amounted to 620 hhds., &c., in-
cluding at auction 133 hhds 8 trcs Barbadoes, which sold
freely at 6d per cwt advance; fine yellow realised 41s to
425, and other sorts 38s to 40s; 25 hhds 75 trcs Deme-
rara, crystalized, went at full terms; ord and mid yellow
38s 6d to 41s 64, and good brown 37s per cwt.
REFINED.—Today home dealers made purchases with
more freedom in Refined Sugar, but better prices could
not be obtained. Sales of brown Lumps were made at
48s per cwt, and fair to good grocery 48s 6d to 51s.
The market is still in a dull state for Bonded Crushed
Sugar at 29s 6d to 30s 6d, and there are free sellers.
MAURITIUS.—This afternoon the quantity of Mauri-
tius Sugar submitted to public sale amounted to 6,000
bags. There was a more active demand, and the whole
sold at fully former rates; yellow went at 37s to 39s 6d,
low 36s to 37s 6d, mid to good brown 32s to 345, fine
34s 6d to 35s 6d, inferior 304 to 31s, and very low 26s
to 27s 6d per cwt.
EAST INDIA.—This afternoon there was a better de-
mand for Bengal Sugar ; the parcels offered at public
sale amounted to 4,620 bags, and nearly all sold at
steady rates ; white Benares at 38s to 40s 6d, fine 41s
to 425, yellow, like Mauritius, 35s 6d to 37s 6d, ord 34s
to 355, and fine strong yellow 44s 6d to 45s 6d. Of
Madras 928 bags were disposed of at the full value of
soft brown at 29s to 30s 6d, and yellow 31s to 33s 6d
per cwt.
FOREIGN.—To-lay there was no public sale of foreign
Sugar, but by private treaty rather more business was
concluded at the former value, and holders display
firmness. Of yellow Havannab about 5,000 chests have
been sold on the spot at 20s 3d to 20s 6d, in bond. a
cargo of 5,000 bags brown Pernams 18s 9d, and 400
chests strong white Bahia 23s 3d per cwt.
MOLASSES.—Prices tend downwards for West India,
and operations have been small in all sorts by private
treaty. Of Demerara 150 puns sold at 15s to 15s 6d.
At auction 90 puns Trinidad were taken in at 15s 6d,
and 91 puns Demerara at 16s. East India Treacle is
to be obtained at 13s 6d to 14s.
COCOA—To-day Foreign Cocoa met with little atten-
tion, and at public sale 971 bags Guayaquil were all
taken in at 30s to 32s for grey, which are lower rates.
TEA.--There has been little desire evinced to operate
in common Congou since our last report, still holders are
firm and require 9,id to 10d per lb, whilst several fresh
shipping orders are expected. Other sorts have been in
good demand, and prices are fully as high as on this
day week, but middling and middling rather strong
selling at loid to 11d, blackish leaf is Id to is 3d,
strong blackish leaf is 3d to Is sd, ditto and Pekoe
flsvor is 5d to is 9d per lb. For Hyson and Young
Hyson the market became dull, and prices have fallen
Id to 2d; still other sorts of green have been in good de-
mand at full terms. Twankay met with much attention
for exportation chiefly for Canada, and there are no sel-
lers under 9d. Scented Caper has been purchased with
caution at is 2d to is 7d, but in scented Orange Pekoe
a good deal has been done at lld to is 2d, and good
Is 3d to 3s 3d.
COFFEE.—This afternoon there was no improvement
in the Coffee market, and both shippers and home dealers
operated with much caution, whilst the downward ten-
dency, continues. At public sale 53 casks 946 bags
Ceylon were offered. Native was, taken in at 59a
6d to 60s for good ord, whilst a few lots damaged sold
at 54s to 56s : of the Plantation a part only found buy-
ers at rather lower rates ; good ord at 57s 6d to 58s
6d, fine and fine fine ordinary 61s to 655, middling
68s, and triage 524 6d to 58s; the better sorts
were taken in at 70s to 80s. Of Mocba 150 bales
were in part sold, fine at 80s 6d, mid 702, low mid
665, damaged and triage 37s to 665; but 116 bags Madras
were taken iu at 565, and the sound of 305 bags Padang
at 48s; damaged sold at 39s 6d to 40s 6d, which are
lower rates. Of Native Ceylon 2,000 bags were disposed
of for arrival at 58s per cwt for good ordinary.
SPICES.—To-day Cloves met with more attention, and
at public sale 174 bags of Bourbon all sold at 74d to
for bold; likewise 198 cases Bengal Ginger, at 51s to 53s
for small cultivated sorts.

RlCE.—There has again been much dulness in the
market for East India. At public sale a part only of
4,100 bags found buyers; low and mid white Bengal 9s
to 9s 6d, Madras, Bombay sort, 83 to 8s 6d, and
good pinkey white 9s to 9s 6(1; the value
of good and fine white Bengal is 10s to 11s
Cleaned Rice continues in excellent demand, Patna, low
to fine 12s to 18s, broken 10s to Its 6d, town dressed
Carolina 22s to 265, and American 19a 6d to 21s. Of
Sago•the quantity offered at public sale has been large,
and amounted to 1,230 cases, but a part only sold at from
21s 6d tp 24s 6d fur low to fine pearl. To-day at public
sale 150 boxes Pearl Sago were all taken in at 23s 6d to
24s per cwt.
SPlRlTS.—Leeward Island Rum has been sold at is 5d

,o is Sid proof, and at Is 6d for fine brown. East India
is 44 to is 5d proof. Of Demerara several parcels have
been sold at from 2s 3d to 2s 7d for 30 Le 40 per cent
over proof. Jamaica,2o to 29 percent over proof, from 2s 44
to 2s ed, 30 to 36 over 2s 9d to 3t sd, fine and choice marks
3s 6d to 4s 3d. In Brandy operations have been upon a
more extended scale. The value of Cognac, best brauda
of the vintage of 1848, is 4s 7d to 4s 9d, 1847 do 5s 2d
to 5s 44, inferior sorts 2s 8d to 45 2d, and Bordeaux
3s 6d to 2s 8d per gallon. Geneva Is 9d to is 10d, and
fine 2s 3d to 3s 3d. British made Spirit 9s 6d net cash.
SALTPETRE.—To-day there was a good demand, and
at public sale 821 bags Calcutta sold at full rates, refrac-
tion 5i to 2 per cont. realised 27s 6d to 28s 6d, and 12
to Si ditto 26s per cwt.
COCHINEAL.—To-day there was little desire evinced
to operate in Cochineal. At public sale not above half
of 150 bags sold at id to 2d decline. Honduras silvers
went at from 3a 10d to 4s sd, Black 4s Id to 4s 9d,
Mexican 3s 11d to 4s ld, and silvers 3s 10d to 3s lld
per lb. •
OlLs.—There has been a further increase in the de-
mand for Cod Oil, and higher rates have been paid, sales
having been made at 321 10s to 331 per tun. Seal, pale
at 381 to 381 10s, straw and tinged 341 to 374
yellow and brown 311 to 33/ 10s. Whale Oil
met with a more active sale. At auction 30
tuna went at from 32/ 5s to 341, for middling to fine,
and 50 tuna of St a Elephant Oil 32/ to 331 10s. Sperm
821 to 821105 for Colonial. Of Ground Nut Oil 34 hhds
were taken in at 41s 9d. There is firmness in the
market for Linseed Oil, whilst the rates paid have been
32s 3d to 32s 6d on the spot. A fair quantity
has been sold for delivery, and the market is
at attention,4
ls,
brown
firm at 32s 6d to 335. Rape Oil met with
littlea4nOds , Foreigna
desire
is
Refined
4 3sto
445,t0 sell,
pale
brown 425. Palm, sales of good and fine have been
made at 31s 6d to 32s 64. Cocoa Nut, at auction 200
casks were taken in at 33s to 365, and ordinary 31s 6d
to 325. For Olive there are sellers of Spanish and
Gallipoli at 491. ta 501, Barbary, Levant, a:l4 Portugal
471 to 48/ per tun.
TALLOW.—The value of fine P.Y. Candle is 36s 3d to
36s 9d per cwt. For delivery in the last three months
of the year only limited sales have been made, although
a desiro is evinced to accept 38s to 38s 6(1. Home
melted has been operated in with caution
and prime melted is to he obtained at 363 to
36s 6d for cash. Of other sorts of Tallow there was
been an abundant supply, and reduced rates are sub-
mitted to. At public sale 70 casks Potcrsburgh Soap were
taken in at 33s 64, 50 cks Taganrog at 3556 d, 183 cks
Odessa 35s to 365, 1,130 casks Sydney only in part
fonnd buyers, good and fine 35s to 36s 6d, low and
Middling 331 to 34s 9d ; 1,000 pkgs South American,