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

PRI

the duty of the Directors of that Company to watch
carefully the interests of the Proprietors, and that they I i
were &termite dto do. _loth{} upon that principle, it 1
was their intention, in tile course of the next year, to 1
bring forward several project.; that had had the origin
in a desire on the part f the Directors to increase the
resources of the Company and the emoluments of the
Proprieters. They ineerled to propose, with the future
unction of the re,,priet, makieg -a branch railway
from Watford, by St. Aiben's, to Luton. They proposed
also to carry a line from eSo-thampton to Banbury.
They proposed also to connect the Leamington and
Warwick line with Coventry and Nuneaton, an by that
means to connect it with the Trent Valley line.
They had also in view extensive protects in con-
nexion with Warwick and Buckinghamshire. They
proposed te continue the line from Hampton to
Warwick and Leamington, and thence to Banbury ;
and he believed that the same Company would carry it
011 to Cheltenham. They proposed also to carry the
line to Aylesbury, Brackley, Missenden, into their own
line at Harrow. Now, these lines, he believed, would be
a source of considerable profit and emolument
to the Proprietors.—(Hear,' hear.) In addition to this
they had formed a connexion with the Birmingham
Canal Company, with the intention of forming a rail-
Way connecting Birmingham with Wolverhampton and
the Shrewsbury- and Wolverhampton line. And, although
they had lost the South Staffordshire Bill, the Proprie-
tors would see that this arrangement would ensure, if
tarried out, the great bulk of the mineral traffic of South
Staffordshire flowing into the Birmingham line. In short,
he had very little doubt that this line would bring upon
the London and Birmingham line the whole traffic of that
Part of the country, because they intended to carry that
reject out by another line up the Stour Valley. Another
e which they proposed was from Wolverton to Buck-
,ltightun, in connexion with a branch from Wolverton,
L°7 Buckingham, to Bicester and Oxford. He was
happy to inform the Proprietors that the Directors con-
tinued to cultivate the.r connexion with the North
ntaffordshire line. Indeed, h' believed he might
y that the Company had not lost, notwithstand-
'4g their defeat in Parliament, any connexion, not
!yen the connexion of Lord Ward.—(Hear, hear.)
It Was the desire of the Directors to seek peace in every
bay, and he could assure the Proprietors that they had
dime all in their power to promote it.—(Hear, hear.)
It was right that he should row call the attention of the
Proprietors to some other points which, although they
:were not very material to the interests of the Company,
it was desirable he should advert to, in order that the
Proprietors should keep themselves right with the
Public. He alluded to a declaration made some
Weeks ago in the House of Lords by the Marquis
of Clanricarde, in which he stated that it would be a
singular inquiry to see how far the London and Bir-
mingham Railway Company had kept their faith with
the public, and whether, for the sake of' increasing their
dividends. they had not increase d their charges.—(Hear,
hear.) Now he would appeal to the greatest enemy
that that Company had, whether the engagements that
;lad been made en the part of the Company had net
been carried out to the very letter—that after
their prefies lid ree :Int a certain extent, they
'would reduce their fares ? The ()large made against
them of increasing their rates for the purpose of in-
creasing their dividends was not founded on fact, and he
defied env one to preee it. Be now came to another
charge, made the night before last in the House of Com-
mons, as to the proceedings of the Company in re-
gulating their general business. That charge
arose in consequence of a statement made by a
Noble Lord in the House of Commons, and the
off, Mof that charge was, that the Len-lon and
itrininghe-n Cemn nes lisd used two engines to propel
heavy trains, and that hed taken place especially in the
neighbourhood of Weeder.. New he (the Chairman)
thought that bef -se such a charee bad been brought
Some inquiry ought to have taken place as to whether it
''as tree or not. On the part of the Directors of the
Jnoildo s and iiirmin,ham C,ornpany, dt.ni,d it in the most
forcible maener rossibleesed he asserted that so far as it re-
g,rded them, the charge was utterly false and greendless.
Slime that charge had teen made inquiries had been set
ch foot by the Directors, and it vas upon the result of
those inquiri. s that he founded the strong and Insequi-
v9cal denial he had given to the charge. He felt con
raced that the Noble Lord who had made the accuse-
tiTl had been misled, as far as it regarded the Bir-
. Inioghatn and London Company. There was no instance,
he believed, of any of the trains of the London and
:41trainglitun Company being propelled in the way stated.
Indeed it was the instruction of the Directors to all their
servants that such a course should not be adopted unless
tluder very special circumstances. As he had before
stated, since the change had been made. inquiries had
• "eh institstel, and he could assure the Proprietors and
the public that no instance of the kind referred to had
°test! een. All he had to express a hope for
Las, that the refutation he had thus given
.7 the charge, would be made as public as the
.41erge itself had been. That Company had certainly
I.nt received much favour from Parliament.—(Hear.)
deed, they did not desire it—(Hear, hear)—but they
fed for justice.—(Cheers.) They had a pledge from
eti• Gladstone that justice should be dßonu, et thnemotwvrtilib.
d4ad3t.Nt to the law of rating.
iilitling that pledge, another session had passed,
igring which they had got nothing ; and the
alv stood, with respect to that subject, just where it
o.',"°tl before. The law with respect to rating operated
lila railway companies with great oppression; indeed, he
'TV almost said it sanctioned robbery.—(Hear, hear.)
1:1e other points to which he had now to advert were,
Inwas happy to say, of a more pleasant nature.
order to provide for their: engagements with
'4le Holyhead Company and the Trent Valley
°Papany, the Directors proposed that the creation
That
201, shares should be ordered.—(Hear, hear.)
would give to each share of 100/. one share of 20/.,
. Vitt it was proposed that the dividends from those shares
should commence on the Ist of October next ; of course
lObjeet to the charge cf deduction of 5 per cent. on calls
shard. And it was also int•aded with respect to those
to make that reservation according to the
s
agreement with the Birmingham and Manchester Cora-
Pr 3. That was, that they should have the full amount
2tshares as if the amalgamation had taken place. The
Directors of that Company, he could assure the Pro-
prietors, had no wish whatever not to come to
49113 e amicable arrangement with the Grand June-
hadCompany notwithstaeding the statements that
been put forth at the last meeting of
that Company. He believed that he had now gone
through the whole of the topics he had intended to
advert to, and he hoped. in conclusion, that the Pro-
Prietors would not consider that the Company was in a
Worse situation than when the Directors met them at the
last
half-yearly meeting, notwithstanding that they had
?ten defeated in several instances.—(Cheers.)
The SECRETARY then read the following

REPORT.
The operations of the last half-year exhibit a great in-
' !!'ease of traffic, both in passengers and goods, and a consi-
, Ildetable excess of receipt over. the corresponding half-year
.141844, notwithstanding, the large reductions which have
'44llce been made in the .Company's fares and rates, amounting
an average of the passengers' fans of all classes, from
a 609. per mile in 1844. to 1-818 d. in 1845 ; and on the
f',rage rates of goods all clast.ea, per ton, from 2.91,U. per
in 1844, to 2-530 d. in .1845. • •
The total mileage of passengers is 38,758,260 in 1845,
ainat 24.664,979. in 1844, being au increase of 57.143 per
. •
The total mileage_ of goods is 9,350,718 tons, against
111• 29,g75—beim: an inct of 34.933 per cent.
The receipt for the gross or-
dinary traffic for 1845, is... £447,190
1'844, is... 405,768

Increase

£41,422

The charge on the traffic for
1845, i 3
1844, is

1„_ Increase to char ;e 215,560
to chief increase of charge is in the locomotive depart-
'utilt • •
etr„. o us:rg from the. additional work required from the
41es, which amounted
For the half-year of June,
1845, to £43,161
Against the charge for 1844, of 32,603

the Increase
At
--e Directors havisg made provision, as stated in their
thos report, for a supply of engines of greater power than
tended
hitherto employed, and better calculated for the ex-
,iered carrying business of the Company, although (limp-
tt-",ed in their delivery as early as was expected, they con-
heallate a large prospective reduction of expense under this
in the course of next year, when these engines will have
een brought into work.
or ~11e Directors trust, also, that the charge for maintenance
lle;a7 will be progressively reduced under the operation of
pro , contracts which, owing to the improved state of the
thr,..11(8, they have been enabled to make at lower prices than
Previously subsisting.
elsue Directors have again to remark on the exorbitant
.ia ils`ges made for parish rates, which amount to 3,9101. more
the"e last half-year than in 1844, and they regret that, under
4d:el's:sting system of appeal, there appears little chance of
altts respects the increase of traffic, the Directors feel that
~.Igll the greater portion may be fairly ascribed to the
eht.,°vcd state of the country, aided by the influence of low
and PBl and in a small degree by the opening of the Warwick
pa:,:eamington branch line, no inconsiderable share of the
hicTger receipts is due to the extraordinary. movemet
exeit" ,tlle numerous railway projects before Parliament have
act eu, and they are of opinion that the Proprietors will
ijoirwisely in not dividing more of their profits than is re-
ed for the present rate of dividend, clear of income-tax.
bet Y the accounts which are now before the meeting, it will
,(3„..:en
re that the
L"receipts for the half-
iri:ar are £452,881 8 1
charges (including
",642/. lls. 4d. for rates
sad taxes)
134,250 17 7

£318,630 10 6
et receipts From which, deducting the
allowance for depreciation 0 0
£15,493
of sto .11
42,166 19 3
Interest of loans
0 0
1,000
Item of Aylesbury line

X 58,c64 19 3
ry, There remains a net profit of £259,965 11 3
40 which, acidity, the surplus of the December
A half Year
rid profit realised on the allotment of the
New 25/. Shares

47,093 1 3

5,600 0 0

from The 11;--sposable balance is ......... £312,058 12 6
1e (?
eel m,"ich amount the Directors recommend that a dividend
eoThared, clear of income tax. of Si on every 109/. of the
1 7,,,PanY's capital stock, leaving 69,310/. (from which the
t'uc• is to be paid) to the credit of the present half-
The Ot •
Peterhorectors in reporting that the Northampton
and
t°_ stateCO&Ugh lit., was opened on the 2d of june, are enabled
' —um their brief cxpelience of the traffic, that the
tl)
L'Peetations they had formed as to the value of this' railway
11'4 Public and the Proprietors will be fully realised.
and she
of the Chester and Holyhead, and Lancaster
Carlisle
funds
hrlisle lines, are in a satisfactory state of progress, and
rot the a"
been voted by Parliament in the present session,
"Inall"Onlent of the Holyhead harbour.

The royal assent has been given to the Trent Valley, Bed-
ford, Dunstable. and West London Bills ; in all which lines
this Company has a direct interest. The works of the Bed-
ford and Dunstable lines will be commenced without delay.
The Directors regret that the issue of the proceedings in
he Worcester and South Staffordshire, and Rugby and
Oxford Bills, disappointed the reasonable expects Lions which
had been founded on the able and comprehensive Report of
the Board of Trade. The result has in no respect shaken
thtir opinion of the superior advantaOes which these lines
woul-1 have afforded to the district for whose accommoda-
tion they were planned on the narrow gauge ; and the evi-
dence before the Committees only the more confirmed the
Directors in their belief of the prejudicial effects which
must follow the introduction of a gauge, differing from that
which is uniformly laid down throughout the country, with
which it is proposed that the wide gauge shall be connected.
That a Company whose line is formed on the narrow
gauge, and whose interests appear to be directly connected
with the support of the system, should have aided the op-
posing party, may be matter of surprise, but the Dircetors do
not feel called upon to enter into a discussion of the grounds
on which the Company referred to has sought to vindicate
the proceeding. The Directors have a duty to perform to-
wards their own Proprietors, and to this they will steadily
adhere. They will oppose what they consider unjust to-
wards this Company, and encourage on the other hand mea-
sures which, in affording additional accommodation to the
public, are calculated to maintain the interests of their Pro-
prietors. They are persuaded that no measures are better
adapted to this end than moderate charges, combined with
economy of management; and that a steady adherence to
these principles will afford the most effectual guarantee to
the Company against unfair competition.
Following up their views on this subject, the Directors
made in the last month a further and important reduction in
the rates for merchandise, the effect of which has already
been to add greatly to the tonnage, without lessening their
receipts.
The Proprietors will be called upon to give their sanction
at the present meeting to a creation of new shares, for the
capital which is required to meet their engagements for the
Company's interest in the Chester and Holyhead. Trent
Valley, Lancaster and Carlisle, West London, and Aylesbury
lines. They recommend, for this purpose, that a new share
of 20/. be offered to each Proprietor of 1001. stock of this
Company, leaving a proportional reserve of shares for the
capital of the Manchester and Birmingham Company—the
new shares to participate in the future dividends from and
after the Ist of October next, subject to the deduction of 5 per
cent. interest on the amount not called far and paid.
A resolution was then proposed by the Chairman and
carried unanimously, to the effect, that the report then
read should be adopted and printed, and circulated
amongst the Proprietors, and that a dividend of 5 per
cent. should be declared on the consolidated stock of the
company of 4,124,526/. ; and that a dividend of 17s. on
each of the 32/. new shares, amounting to 241,7511 125.,
should be declared free of income-tax.
Another resolution was also unanimously agreed to for
creating new 201. shares ; as. was also a resolution to in-
crease the present number of Directors from 17 to 24.
Mr. WILLIAMS wished to know whether the Directors
had in contemplation any alteration with respect to the
chargt s for carrying goods ?
The CHAIRMAN said that at present the Directors bad
not in contemplation the making of any alteration.
They wtre a wore, however, that abuses had crept in.
but ey were devising rtlans by which the public would
know what was chstgod by the Company. It, however.
they found that the plan they were now adopting was in•
jurious to the public, they would then consider the pro-
priety of becoming carriers on their own account.
If corabinaion went on with the carriers, the Company,
he was sure, would think it right to interfere ; but the
Directors were of opinion that if they could consult the
interests of the public and act with the carriers, the in-
terest of the Proprietors would be the result.
In answer to a question from a Proprietor,
The CHAIRMAN assured the meeting that everything
would in lii:ure he d. ne that lay in human power to pre-
vent accidents' occurring on the railway.
Mr. HOMFREY wished to know if the Directors had
come to any determination to facilitate the attendance
of Proprietors who lived in the country at the meetings
which were held in London ?
The CHAIRMAN said that that was a subject which
rested with the Proprietors themselves, rather than the
Directors.
Mr. lI,MFREY then gave notice, that at the next meet-
ing he should move that all the trails on the railway
should be free to the Proprietors on such occasions.
A PROPRIETOR cansiclered that, while they were re-
ceiving such ample dividends, and the Company was
going on so prosperously, they could afford to pay the
fares themselves.—(A laugh.)
Thanks were then voted to the Chairman and the Di-
rectors, and the meeting separated.

LONDON AND BRIGHTON

RAILWAY.

The usual half-yearly meeting of the London and
Brighton Railway Company was held yesterday after-
noon at the London-bridge ti r.r;nus. The meeting wt s
made special, for the purpose of sanctioning
the purchase of the Brighton, Lewes, and Hastings, and
the Brighton and Chichester Railways. Mr. Rowland
Hill, Chairman of the Board of Directors, occupied
the chair. The report, which was of an
exceedingly . satisfactory nature, stated that the
late reduction which had taken place in the fares
had produced the most satisfactory results, and re-
commended the meeting to declare a dividend of
20s. per share. The report having been adopted,
a dividend was declared accordingly, and resolutions rati-
fying the terms of the purchases of the Brighton, Lewes,
and Hastings, and the Brighton and Chichester Rail-
ways, which have already been made known to the public,
having been agreed to, a vote of thanks was passed to
the Chairman, and the meeting terminated.

LONDON AND YORK RAILWAY

BILL.

Th' following is the petition of subscribers in the
London and York Railway Company, in reply to that of
Mr. Bruce:—
The humble Petition of the undersigned Persons, being
Subscribers in the London and York Railway Coin-

pany,
Showeth,—That a petition has been presented to
your Ilonourable House, signed by Henry Bruce, of
Mincing-lane, merchant, which petition has been printed
by order of your Honourable House, and is now pub-
lished, and on sale to the public for one penny.
That the said petition contains false and scandalous
matter, most injurious to the character of your peti-
tioners, and tending to inflict serious damage upon them
in their several stations and callings.
That the said petition contains, amongst others, the
following allegation, namely :
" That the following names of subscribers to the
London and York Railway subscription contract is, in
respect of their several names or descriptions or places
of abede, fictitious and false."
That among the names to which the said allegation
applies are those of your petitioners (excepting your
petitioners Robert Perks Pitman and Robert Alichael
Baxter), and that the said allegation is entirely false
with respect to them, ina- much as the names, descrip-
tions, and places of abode, so appearing in the said con •
tract. are truly and in fart the names, descriptions, and
piata-s of abode of your petitioners.
Tr, at, with respect -to your petitioners George Hadley,
John sshotter, Widiam French, Edword
Thomas Barnes, Roger Mortimer, Roberts Perks Pit-
man, and Robert Michael Baxter, it is alleged that they
.re persons who, from their circumstances and station in
life, are utterly irresponsible, and unable to pay the
several sums sulatribed by them.
'lhat such allegation is, with respect to your said two
petitioners, absolutely false and scandalous.
Tiat the petitioner Henry Bruce is the vice-chairman
of a eouipsny promoting the Cambridge and Lincoln
Railway, which was a rival scheme, competing with the
London and York Railway, and was rejected upon its
merits by the Committee of your Honourable House.
That the London and York Railway Bill has passed
your _Honourable House, after a long and most expensive
investigation, which lasted 67 days.
That your petitioners verily believe that the said
Henry Bruce has made the said false, and slanderous al-
legations maliciously, and with a view to impede the
progress of the London and York Railway Bill, so as to
forward the interests of the rival and defeated project
promoted by the said Henry Bruce, and in which the
said Henry Bruce has a large pecuniary interest.
That your petitioners are advised that they cannot take
the necessary steps for the vindication of their characters
before a court of law without being guilty of a breach of
the privileges of your Honourable House.
Your petitioners humbly pray, that if your Honourable
House shall think fit to cause an investigation to be made
into the said subscription contract, the same may be made
without delay ; and that your petitioners may be per-
mitted, in the meanwhile, to institute such legal pro-
ceedings against the said Henry Bruce, for his false and
defamatory statements, as they may be advised.
Robert Michael Baxter. Edward Filder.
Thomas Clapham Chadwick. John Haines.
George Hadley. Charles Brown.
John Shotter. Benjamin Badcock.
Benjamin L. Cox. George Thomas Barnes.
Townsend C. Dance. Roger Mortimer.
Thomas Sheridan, late Major William Henry Ince.
Royal Marines. Robert Perks Pitman.
W. French, H. M. Clarke.

THE MINISTERS.—The annual white bait dinner
of her Majesty's Ministers took placeon Wednesday at the Crown
and Sceptre Tavern, Greenwich. There were present, Sir J.
Graham (in the chair), Sir R. Peel on his left, the Duke of
Buccleuch on his right, the Right Hon. Mr. Goulburn, Mr.
H. Baring, Mr. Pringle, Mr. F. Mackenzie, Mr. Young, the
Right Hon. Sir G. Clerk, the Right Hon. Sir T. Fremantle,
Mr. G. Hope, the Hon. Captain Gordon, the Hon. Mr. Fitz-
roy, the Right Hon. Mr. Corry, the Right Hon. Mr. S. Her-
bert, Colonel Peel, Viscount Mahon, Lord G. Somerset, the
Earl of St. Germans, the Earl of Lincoln, the Right Hon. Dr.
Nichol, the Attorney-General, the Solicitor-General, the
Attorney-General for Ireland, Earl Delawarr, Lord Ernest
Bruce, the Right Hon. Colonel Darner, the Earl of Warwick,
Captain Merle% the Right Hon. Mr. Herries, Mr. Horace
Twin, Mr. Charles Ross, the Right lion. George Dawson,
Mr. Greene, the Right Hon. Dr. Lushington, the Lard-
Advocate of Scotland, Captain Boldero, &c. The party em-
barked at Hungerferd Pier on board the Waterman steamer
No. 10, which was specially engaged by Mr. Quartermaine for
them, at half-past five o'clock, and proceeded down the river in
twenty-five minutes, where a well-arranged floating pier,
thrown from the house, much facilitated the lauding. The
party returned to town about eleven o'clock.
tt u BIRTH-DAY OF PRINCE ALFRED.—Th#
birth day of his Royal Highness Prince Alfred was celebrated
at Windsor on Wednesday, with the usual rejoicings. The bells of
St. George's Chapel and the parish church were rung at in-
tervals during the day, and a royal salute was fired at twelve
o'clock from the corporation ordnance in the Bachelor's-acre,
under the superintendence of Mr. Pond, the town bombardier.
Great riurniiers of tourists daily pass through 131-
verston from Bardses, where they arrive by the steamers from
the south. The new steamer, the Lady of the Lake, continues
a source of great attraction at Windermere, and causes numbers
of tourists to bend their steps in that direction.—Cumberland
Parquet.
A Vienna letter of the 20th ult., in the Journal
de Frankfort, revives the report of a projected marriage be-
tween the Duke de Bordeaux and the youngest daughter of the
• Duke of Modena,