The Sun.
London, England, 1845-08-15 00:00:00

RELATIVE CLOSING PRICES OF RAILWAY SHARES

IN THE

PRINCIPAL CITIES AND TOWNS IN ENGLAND, SCOTLAND, AND IRELAND.

Dublin.

6%

614

7%

2

11%

235. 6d.1

234

RAILWAY INTELLIGENCE.

GREAT WESTERN RAILWAY COMPANY.
The half-) early general treetit.g of the Proprietors of
his company was held, pursuant to the Act of Parlia-
ment, at the Bristol Railway-static n, yesterday, for the
general purpeses of business.
Mr. C. Russell, M.P., tuck the chair at one o'clock.
The attendance of Proprietors was very numerous, the
large room in which the meeting was held being com-
pletely filled.
Aug.l3. I e notice covening the meeting having been read
by Th
Mr. Saunders,n Secretary to the cempany,
The CHAIRMAN said, that at the last half-yearly
meeting of the Proprietors the Directors submitted to
them the various schemes they had in contemplation for the
protection of their own interests, and for affording more
extensive accommodation to the publie, and it was most
satisfactory to the Directors that all those schemes had
been practically carried out.—(Hear.) The Cornish
line was the only one in which they had taken any active
interest which had not passed into law ; and that pro-
ject might rather be regarded as having been postponed
than as having been defeated. The Cornish line had
received the sanction of the House of Commons,
but was ejected by the Lords, under circumstances
which justified the belief that the general scheme
met their approval, and that their assent was with-
held from it only in order that it might undergo
some modification and improvement. The South \Vales
and the Monmouth and Hereford lines were considered
undertakings of such great national importance that the
Legislature departed from its usual course to sanction
them, though it was found necessary to postpone that
portion of the project rclat ng to the passage of the Se-
vern. He (the Chairman) believed that the mode in
which Mr. Brunel proposed to pass that river would have
effected a substantial improvement in its navigation; but
the Board of Admiralty thought otherwise, and it was
therefore nt cessary to postpone the further consideration
of this portion of the plan. He hoped, however, that
before the next session of Parliament the Directors of
the Great Western Company, with the assistance of Mr.
Brunel, would be prepared to recommend some plan for
connecting the great western railways with the impor-
tant principality of Wales, which might meet the objec-
tions to the former proposition. The Oxford and Wol-
verhampton and the Oxford and Rugby lines had involved
the Great Western Company in a somewhat severe
contest with the Birmingham Railway Company; but he
wished it to be distinctly understood that the Great
Western Company had not been the firat to adopt mea-
sures of hostility and aggression.—(Hear, hear.) The
success which had attended the lines of railway projected
by the Great Western Company was, in his opinion, and
as had been stated in the House of Commons, mainly
attributable to their adaptation to the wants of the districts
through which they passed. Ile could assure them it
would never be the policy or the purpose of the Great
Western Railway Company to strain the principle of
competition, either for their own undue aggrandisement,
or for the wanton injury of their neighbours.—(Hear,
hear.) The success which had attended the various
schemes they had submitted to Parliament had rendered
it necessary for the Directors to consider to what extent
end in what mode the capital of the Company should be
increased. The Directors., taking a prospective view of
their financial position for the four years from 1845 to
1848, found that they would require, during that period,
about 1,600,0001. for the new works in contemplation,
and about 600,0001. to pay the debentures and loan
' notes which would fall due within that time. That
amount, 2,200,000/a was nearly equal to one-half of their
present share capital ; and the Directors had, there-
fore, thought it advisable to issue new shares, in the
ratio of one-half new share to the holders of each
whole old share. Ten per cent. only would be called
for immediately on the new shares, and the remainder
of the " calls,' he hoped, would not be required until
1847, and 1848, by which time many of the new works
would be completed, and the receipts of the Company
would be -proportionably increased. The proprietors
must regard with satisfaction the steady progressive
increase which had taken place in the receipts of the
Company, notwithstanding the reduction of their charges
upon passengers and merchandise. The projected line
of railway from Oxford to Worcester would necessarily
give rise to two - other schemes—a railway from
Oxford to Cheltenham, a distance of about 20 miles,
and a line from Worcester to Port Dynllaen, which
would afford the most direct line of communication with
Ireland. The Directors had desired Mr. Brunel to survey
that part of the country, and be (the Chairman) was
convinced the proprietors would arm them with power to
render any aid and assistance to companies formed with
the object of carrying out those lines which they might
consider advisable. The hon. gentleman then called on
the secretary to read the report.
The SECRETARY then read the report as follows :
The Directors present on this occasion the usual accounts
of ine.trne and expenditure for the information of the Pro-
prietors, which they trust will be considered as satisfactory
evidence of the progressive prosperity of their affairs.
The line from Kemble to Gloucester was opened for public
use on the 12th May last ; and the revenue account, therefore,
comprehends the receipts over that portion of line during the
interval to the 30th June. The rent for the use of the Bristol
station by the Bristol and Gloucester Raikkay Company from
the Bth July last, and for their use of the line between Stone-
house and Gloucester from the 12th of May, are included in
the same account ; while the interest of money for the period
antecedent to the opening from Kemble to Gloucester is carried
to the credit of the Company, in diminution of that which has
been paid during the construction of the works.
The arbitration which was pending to determine the com-
pensation receivable for the conveyance of mails up to the 22d
of June, 1844, has been closed by an award which has brought
to the credit of revenue a further sum for that service. The
Postmaster-General has thought fit to require another (being
the third arbitration) in respect of the mail services performed
by this Company since that date.
-

X. s. d.
I The total receipts to the 30th of June are 433,296 16 2
The expenditure for the same period

Leaving a balance of ........£274,929 12 It)
During the last half-year two calls have been made upon
the Proprietors, which entitle them to a dividend upon an in-
creased capital of 408,0561. After defraying the interest on
money borrowed, and the rent of the Bristol and Exeter Rail-
way, the nett income will admit of a dividend of 41. per cent
being paid on the whole capital called up—viz., on 4,080,656/.,
and the Directors recommend that such dividend be now de-
clared payable on the Ist of September next. The amount of
it will absorb 163,226/. 4s. 9d., and leave a balance of
1,6961. ss. 7d. to be carried to the next account.
During the last half-year considerable reductions have been
made both in the fares of passengers and charges on merchan-
dise, which, before an increased traffic can be attracted on the
line and developed, will naturally have had some influence in
diminishing the receipts of the Company. The Directors, how •
ever, feel with confidence that the result will eventually justify
the steps they have taken, and that the future revenue will be
improved by the lower rates of charge.
The Directors derive great satisfaction from being enabled to
record in this report the success of their several important ap-
plications to Parliament during the recent session. The royal
assent has been given to Bills for snaking the following lines,
viz.:—
The Berks and Hants Railway ;
The Oxford and Rugby Railway ;
The Monmouth and Hereford Hailway ;
The Oxford, Worcester, and Wolverhampton Railway ;
The Wilts, Somerset, and Weymouth Railway ;
The South Wales Railway.
It is intended at a general meeting, convened immediately
after the half-yearly meeting, to apply for the sanction of the
Proprietors to a purchase of the three first-mentioned rail-
ways, so as to form one complete amalgamation of them with
the Great Western Rail Nay Company, in the same manner as
was heretofore arranged with the Oxford Railway. Steps
will then be forthwith taken for constructing those lines under
the exclusive management and control of this Board of
Directors.
The Wilts, Somerset, and Weymouth Railway, and the
Oxford, Worcester, and Wolverhampton Railway will be held
by this Company permanently under Lease—upon a guaranteed
rent with contingent advantages to their Shareholders, under
agreements which will hereafter be submitted for the formal
approval of a general meeting of this Company.
The South Wales Railway Company has been assisted by a
contribution only from this Company as Subscribers to their
capital under the resolution of the last half-yearly meeting, but
without any lease or engagement to work it.
In addition to these measures, all of vital importance to the
future welfare of this Company, the Directors may mention
that the Bill for securing the lease and possession of the West
London Railway to the Great Western and the London and
Birmingham Railway Companies jointly, in equal moieties, has
also been passed during the same Session.
The Directors consider that the time has at length arrived
when, upon a careful review of the engagements contracted by
this Company in the shape of loans for the completion, as well
of the Cheltenham anti the Oxford Railways, as of the Great
Western, regard being also had to the prospective wants fur
the new lines just sanctioned by Parliament, provision may be
advantageously made by the creation of additional Shares. It
seems obviously the interest of the Proprietors in any such
operation to keep steadily in view the maintenance at least of
the present rate of dividend on the subscribed capital, and the
Directors confidently entertain the opinion that, exercising
prudent caution in that respect, a new subscription may be no
i
raised to the amount of one-half of the present shares n this
Company. For such purposes they recommend that the
sum of 2,325,0001. be capitalised in 93,000 quarter shares
of 251. each ; and that the other be made rateably to each
Proprietor who may be registered upon the books on the
6th September next, of one half the amount held by him
in shares, viz.:—two quarter shares in respect of the 1001.
share—one quarter share in respect of the 501. share—two
quarter shares in respect of five 20/. shares.
The Directors should be empowered to arrange equitably
between any Proprietors holding less than five of the fifth shares
of 20/. each, so as to distribute among them the fair value of
any fractional parts of the new share ; and in the event of re-
fusal, or neglect, to accept and pay upon the quarter shares,
within a prescribed time, authority should be given to dispose
of such shares for the benefit of the Company. They propose
that a deposit of 21. 10s. on each quarter share, should be made
payable on the Bth October, and that no further call should be
made for at least six months. The whole sum will probably
be required within four years, and the Directors will call for it
as may be found expedient. The same dividend will be paid
from time to time, rateably with other shares, on the amount
of deposit or calls which may have been paid up, but not upon
the nominal amount of the new shares.
The re-purchase has been made of the moiety of the line
between Gloucester and Cheltenham, and the amount claimed
has been paid or invested under the provisions of the Acts of
Parliament relating thereto, within the time prescribed ; but
the Directors have not thought it desirable yet to complete the
line into Cheltenham, or to build the station there, in conse-
quence of the new railway contemplated between that town and
the Oxford and Worcester Railway, at Shipton under Wych-
wood, which would probably render the intermediate outlay on
any buildings unprofitable, at all events until the future plans
can be more distinctly defined. The Directors have been
obliged to forego for the present all the advantages of giving an
improved station, and accommodation for traffic, at Gloucester,
in consequence of a legal question having been raised as to the
right of this Company to the land bought for that express pur-
pose ; and in the meantime this Company are merely in pos-
session of the premises under a temporary arrangement with
the Birmingham and
.Gloucester Railway Company.
In the next session it will be necessary not only to promote
the line referred to between Shipton under W) chwood and
Cheltenham, but also to connect the Monmouth and Hereford
Railway with the
.Swindon line at Gloucester. These two
measures are essential to complete the chain of direct commu-
nication between the railways constructed by this Company and
the whole western districts of South Wales, Monmouthshire, and
Herefordshire, through Cheltenham and Gloucester.
Arrangements have been made with two local Companies to
apply to Parliament for Bills to carry eut those lines, for which
purpose Alr. Brunel has been appointed the engineer.