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

London: John W. Parker, West Strand.

OMFORT in SHAVING depends on the proper
use of a good Razor, an efficient Strop, and a Paste to renovate
the surface of the Strop when it becomes black and choked with the
steel from the Razor ; to these must be added a Soap that will not
dry suddenly on the face, and a smooth taper-pointed elastic Shaving-
brush. Unless all these points are attended to, and the Razor
wiped and stropped after shaving, that operation must always be a
troublesome, even if not a painful one. Those gentlemen whose
shaving apparatus is defective, are invited to I. .J. Esta-
blishment, No. 4, Leadenhall-street, London, where they will not
only obtain all they require for the toilet reasonable and efficient, bit
may also procure gratis, his instructions for easy Phavlng, stropping,
&c.—A large assortment of Papier-mache manufactures, dressing-
cases, work-boxes, and writing-desks, bagatelle-tables, &c.

TIIIRTT-FIRST EDITION.
Illustrated by 96 Anatomical Colouree Engraving. on Stool.

3.11 PHYSICAL DISQUALICATIONS, GENERATIVE IWCAPA•
CITY, AND IMPEDIMENTS TO MARRIAGE.

Vow Edition, enlarged to 196 pages. Just publiahed, price 2s. 6d., or
by cost, direct from the Establishment, 3s. fid. in postage stamps,
PHE SILENT FRIEND, a Medical Work on
the infirmities and decay of the generative system, from ex-
,:oxsive indulgence, infection, and the inordinate use of mercury,
with remarks on arriage, and the means of obviating certain d:o-
-inaliiications. Illustrated by 20 Coloured Engravings. I4y h. and
L. PERRY and CO., Consulting Surgeons, 14, Berners-itreet, Ox-
'aril-street, I.ondon. Published by the Authors : sold by Strange,
11, Paternoster-row : Ilanna7, 63, and Sanger, ISO, Orford-street;
3tarie,23, Titchberne-street, Eaymr.rket ; and Gordon, 146, Leaden-
ball-street.
Yana 1. treats of the anatomy and physiology of the re-productive
,rgans, and is illustrated by Six Coloured Engravings.
pautT Ix. treats of the consequences resulting from excessiyeindul-
gene°, and their lamentable effects on the system, producing mental
and bodily weakness, nervous excitement, and generative r.capaeity.
Illustrated by Three Explanatory Engravings.
PACT 111. treats of the diseases resulting from infection, either in
the primary or secondary form, and contains osplicit directions for
their treatment. This section is illustrated by Seventeen Coloured
Engraving.
Lear IV. contains a Prescription for the Prevention of Disease
by a simple application, by which the danger of infection ob-
viated. This important part of the Work should no esefige the
seder's notice.
Pim' Y. is devoted to the consideration of marriage, and its
duties. The catvais of unproductive union are also zoissidered, and
the whic,le subject critically and philosophicall7 irc,aired into.
TIIICOHDIAL 13ALter OF STILIACUM is exclusi—ly employed in tree:-
leg nervous and sexual debility, impotence, &c.., 11 a. and 335. per
b ',Ale. The Cone'.ntrated I)eterBios Tseenco, no anti-syphilitic
remedy, for purifying the blood 1- ease.. ofinfection, secondary e:imp-
toms, eruptions, and the abuse of trr:eury, lie. and 335. per bottle.
Perry's Puritying ISpecifle kr. 9,1., 48. 6,1., and lls, per boa, a
certain remedy
for gonorrbcoa, 6:eet, stricture, and chronic imiarnina-
len of the bladder. ...onsultation fee, if by letter, 11. A minute
detail of the case is iequir ad : age, habits, and position in society.
Si packets, wirq advice, to be bad at the Establishment okly, by
übich thr• 4.3. I .0 aa.'oi Messrs. Perry. gurgeong, ,tre in
dance dully at 19, Berners-street, Oxford-street, T.ontlon, from Ele-
ven till Two, and Five to Eight ; on Sundays from Eleven to One.

COMMERCIAL TRAVELLERS SCHOOLS—A deputs•
tion from the Parent Society, in London, met the friends
of this institution in Bristol, on Thursday, and about
100 gentlemen dined together in the evening, at the
White Lion Hotel. The aum of 12 0001. is intended to
be raised for the purpose of erecting a building capable
of accommodating 300 children. 3,0001. has been already
subscribed in London, and no less a sum than G6O/. 14s.
7d. has been raised in Bristol. It is intended to visit
Manchester, Liverpool, Glasgow, and other large t mvits,
and endeavour to raise the sum above mentioned.
BOARD OF TRADE BETURNS.—The accounts re-
cently published show the trade of the country for the
year 1849, compared with 1848; the usual monthly ac-
counts have since been issued, by which the exports for
the month ending Jan. 5, 1850, show an increase of
282,3161. over tho corresponding month of last year.

RAILWAY INTELLIGENCE.
THE LONDON AND NORTH-WESTERN.
A general half-yearly meeting of the proprietors of
this company was held yesterday at the aeration, Eustoe-
,,quare. The large roorn.we.s crowded to exces,., and the
itoereet of the meeting was sustained unabatedly' to the
close, which was at a late hour.
Mr G. C. GLYN (chairman of the coast of directors)
having taken the chair, commenced the business of the
d-ay by asking the proprietors to extend to him more
then their usual indulgence, as ho Was suffering under
severe indisposition. nail-,,bserved that the prea nt meet-
iree ear held et a later period than had ever yet occurred
since the y had assembled at their k.ll-p.arty teuering.:,
arking from the work which hurl hewn got e through by
their auditors andby thole:cow/tante with the intention
of pitting berm) the proprietors in as complete, and he
hoped in as sutiefactor • a form as possible, the accoleits
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 thee proceedings or the conduct ,ee
the auditors during the last two months; but it would be
improper if he did not take the opportunity of bearing
witness to the indefatigable exertions they had 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 were made in the interval to affect the mar-
ketable value of their shares, should be met by a state-
ment of facts and figures. He did not think it neces-
saree.to allude more particularly to the means that had
leeen taken, during the past half-year, to produce great
fluctuations in the stock of the company. It was im-
possible to trace out the system which had been acted
upcne—for system 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 to these extraordinary occasions;
and if they entered upon the tack of refuting statements
which were from time to time put forth, it would not
only occasion great loss r f 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 be Of ea for his inspection.:—(Bear.)
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 •
fleeting 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 wer e (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 an 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 tha: 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 Hudderefield and Manchester Railway,
which were by Act of Parliament converted into London
acid North-Western stock, and which, in point of Let,
became part of the capital stock of the company, and
waselem. included is that aterelsoesehile„ 184*.eeekey_
were put down- es—subsidisry lines. The items upon
which the actual excesk, lead 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 agein upon that item of capital. There
was another excess upon the Huddersfield and Mar.-
chester Railway, not from any mistake on the part of
the directors of this company, but from the fact of the
Huddersfield Canal not being included by their directors
in 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 160,000/. had been added to the working stock
of the company, of which 100,0001. was still in store, he
believed he had alluded to the principal items of the ex-
cess over the statement cf 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
bin; to say. He sincerely hoped that all their branches
would be completed in the curse of 1850, or early in
1851, and that no difficulty would occur in closing en-
tirely all these accounts. With regard to the main line,
he should bo very glad indeed to close the capital account
re that also. Thu 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 matters 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
teethe. 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 be 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 sum 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 ef 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
tre the year 1845. For the last half-year the passenger
traffic by the express trains had increased; and the third-
class traffic had increased both in number and revenue;
but 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-
cl4sses, 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.
Iu the goods' traffic there hal 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 1847.—(Hear, hear.) With re-
curd to the charges on the company. there were grounds
fa. congratulation. The accounts showed a saving on
the last halr-year of upwards of 11,000 L It was true
the figures appeared nearly the same as the former hal.-
year's account, but there had been in the last half-year
au increase a twenty-three miles of line worked, and
that without adding to the working charges. An in-
crease ef goeds' 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 pr actical experience yet of the
working of any large lines by contract. When they
should plat 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 ramificationanecessary to a Complete

arrangement for working the line by contract were so
xtensive, that nothing but the experience of many
years would justify them in entertaining such a proposie
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 affect the shareholders. By an efficient service
the directors might be able to maintain the dividend;
but, without an efficient service, their receipts would eh -
crease. He therefore ,tiped before the proprietors
allowed themselves to be led away by 'any prospective
plans of the success of working the' line by contract,
they would eonsider well-the subject, sold not permit tee•
experience delived from the working of smell lines co
mislead t• fen. He would in the next place allude to the;
quest on of dividend; and it was with great regret that
tie aeproached that subjest. Not that he alluded
to it with any individual .feeling of responsibility,'
fur they would bear is mind that as far back as
1846 he warned theta that• the creation of newistock, by
the passing of new Acts and therformation, of now lines,
would inevitably lead to diminished dividends. It was,
however, only fair to add, that in theinterval between
that declaration and the present time circumstances had
been more adverse to the ihilway interest than it was
possible for any man to predict or evert- think of. The
different elements which had beeabrousht;to work upon
railway concerns had resulted in. diminishing the divi-
dends in every quarter of the kingdom. The dividend
recommended on this ocoasion by a majority of the di-
rectors was at the rate of 5 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
question.—(Hear.) He had no reason to doubt that his
colleagues 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., lent the belief
that that dividend would be the lowest they ever could
arrive at.--(Hear, hear.) It would, in,hisepinion; have
been safer to have had a dividgel,ofitOercent. vrfth
large reserve; and he could assure the meeting that
there would have been a very large reserve indeed.
But then he proposed 5 per cant, 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
1851 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 he bow ea with
respect to the decision of the majority of his colleagues,
though be did not concur with them in their reasons for
it. It mi =ht 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 bo 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, indoid, 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 of locking up his capital. Take an-
other instance. Previously to railway conveyance the
post from Loudon 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 two 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
he could have carried the letters upon his shoulders.—
(Laughter.) All these considerations furnished such
grounds upon which to go to Parliament, that whenever
the time should come when it would be proper far them
to do so, he could not doubt that Parliament would grant
some remedial measuses to the railway interest. But
.then came the question, what were those remedial men-
rah& Vibe? Hrr~tranbtztivte-i
Bills before Parliament already oee,11„ terie.tb,em to istire
their fares, • they believing that that 'would restore them
to a stato 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 be fire them (save as regarded the
express trains), the directors were not prepared to act
upon the principle of an increase of the la es. Those
figures showing already a falling off of receipts from the
ordinary first-class wad 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.
He 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
would not be proper to apply it to them, if they pos-
sessed the power. There was one thing which might be
done, and which ought to be done, but be was not
aware that it had been included 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 receipts. That
partial measure might be adopted without inflicting the
least harm on any individual whatever. He was anxious
to bring before the meeting One 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 in, ans 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 question, and one upon which their
future prosperity might mainly depend. It was a point,
in fact, upon which their executive body should 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 born 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. Ho was aware that the
question would be put to him; he might as well, there-
tore anticipate it. Great anxiety had been felt with re-
gard to the future management of the law business of
the company. He wish' 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 thatthe 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 5,869 e, 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 es:eptember and the Bth of October,
the diminution, as compared with the same period of
1848, amounted to 10,3401. Since that time the compa-

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, via.:—the Stour Valley Railway, the
Rugby and Leamington, the Rugby and Stamford, the
Buckinghamshire, Coventry, and Nuneaton, and the East
and West India 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 for 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 opposition of the canals,
alluded to above, disturbed for a time the relations of the
company in the north. A settlement and amicable divi-
sion of traffic where the interests clash has been 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 •
d ile district of Lancashire into connexion with Liver-
pool. The traffic by this branch to the Liverpool and
Manchester line is embraced in the agreement with the
East Lancashire Company.
"To the eastward the dir: ctors, in conjunction with the
Midland Company, have, after lengthened negotiations,
completed a comprehensive traffic arrangement with the
Manchester, Sheffield, and Lincolnshire Company.
r—rigagavagobt,a9s, proceldinerveith the-Greet-West=
ern Company, ha, 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 forwarded 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.
" Is the case of the North Staffordshire Company pro-
ceedings 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 6th 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
fur its adoption. On the faith of this your committee
paid, without demur, a sum of money stated to be due
up to the 80th 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
to vindicate their conduct throughout the whole trans-
action,
" The directors regret to say, that the capital invested
in the Chester and Holyhead 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 is 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 confident belief that as regards the expen-
diture the estimates are sufficient. The summary of
estimated farther expenditure on various lines is stated
to be 1,570,0351., less assets, viz.—surplus lands and
les of railway, to
present year, will
be materials,
rTohu eg ho ptseisnnOti,onig2operation
i nagdddulir,toiinoign9a,9ltlh e
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 prr cent. It is unnecessary, therefore, Lead 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 ..„£536,013 2 4
To which must be added the balance
carried forward from the last account 15,501 19 1

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

18,770 10 0

Showing a disposable balance of ...X532,749 11 5
" A dividend of 2/. 15s. per cent. for the siz months,
amounting to 489,1121. 7s. 3d., would leave a balance of
43,6371. 4s. 2d. to be carried to the next half-year's
account."

Thu CHAIRMAN then moved that the report be re.
ceived and adopted.
Mr. TARTT wished to move an amendment. He had

been a sharehelder fifteen years, but this was the first
time ho had ever attended a meeting of the proprietors.
--(Hear.) He had been guilty of this neglect in com-
mon with many others, iu cense queece of the implicit
centidence in the integrity and good conduct of the di-
rection. But the chairman fuel told them that blind
confidence in the directors Ras at an end Notwith-
standing the miserable frauds which had been discovered
,elsewhere, he willingly and cordial), believed tout the
honour of their directors was perrectly intact (Cheers.)
But their lz,ases, thi it ainalgewations, their purchase,,
and their guarantees had never Sv t been there uehly iii-
vestigated; rut VPII ,ttpp..sit.g they should be Droved
tic ee blainelev, or justifiable sod tree from the influence
id any individual interest, st:ll there was a sittlicisnt
e.round to justify the proprietors in complaining of a
most lavish and wasteful expenditure of their mone).
(lleer.) He would not trouble them win instances;
they were sufficiently palpable. They had one
example of it in the hall in which they were then assem-
bled.—(Hear, hear.) Was that 'a place for the transac-
tion of business among mercantile men ?—(Hear, heir.)
It was more like the splendid banqueting-hall of some
Italian palace.— (Hear, hear, and laughter.) They might
fake that as a small example of the manner in which
their money had been thrown away. Look at the ex-
pensive structure which had been erected, without the
possibility of there being one shilling return from it.
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
must raise up another gauge to compete with it.—
(Hear, hear.) Again, because the Great Western
Company contemplated (not very wisely) a line from
Oxfird 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, but it was desirable they should be
inVestigated, in order that the resalts should be held
up— *s a warning to any. future management,. - It
was this profuse expenditure which originated Lord
Monteagle 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 25,000,0001., 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 :a
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 acccunt
that ho ventured to propose an amendment, that such
part of the report at related to the payment of a dividend
be received, and that the remainder of the report, together
1 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 !")
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 had
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 au 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. MARTIN 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 of the ac-
counts, from half-ye ,r to half-year, of several millions
of money. Monthly audits were established iu various
departments under her Majesty's Government in China
lied 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 half-
yearly.
Mr. DEAN said he would suggest an amendment to
the effect—
" That it is the opinion of this meeting that, with the
payment of the calls now in arrear, the capital account
afro uqteurpsuraerferthwittralnaed, 414 tharsaerfiaselause
ad itioWletada:thereto-uxeept for sue h purposes, and
to uch extent, as shall be authorised by the resolution
of an cxtr4ordinary general meeting of the comfaly, 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
effectual means of controlling the expenditure of the com-
pany. Be referred 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 1,750,000/.
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 beets 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. Arany 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
estimates before they completed them, they would only
be frittering away their time without an object. He
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 for all they had done.—(Laughter.) It could
not be doubted that Parliament had been fir 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 bettor hands 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 on directors, and that a Bill should
be brought into Parliament to regulate the rights and
specify the power of proprietors.
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 fur their purpose.—(Laughter. The room was
inconveniently full.) There was not one office in that
building which was not occupied; and they were receiving '
rent for different apartments let out to other companies.
All that required no justification, because the business
of the company could not be done in leas room
than they'
an had gut. But the Hon. Proprietor had
made
their meetings,
admis-
sion that he had never attended any of
and now, at the eleventh hour, ha m
dis-
approve of that of which the companyae forwardbad approved,to
and which they had urged upon the 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 were told that
they 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
extension!. If the policy of Lord Dalhousie had 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, as they knew now that branches did net