The Sun.
London, England, 1845-08-20 00:00:00

RAILWAY INTELLIGENCE.

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HULL, AUG. 19.
STOCK EXCHANGV.—The sales are...-Hua and Selby, klidf
Sham, 24%—Praston and Wyre, 39%—North British, 81%

LON DON AND BLACKWALL
RAILWAY COMPANY.
The half-yearly general meeting of the Proprietors of
this railway was held yesterday, at the London Tavern,
J. N. Daniell, Esq. in the chair.
The advertis.ement convening the meeting having been
read,
The SECRETARY (Mr. J. F. Kennel]) read the report,
from which it appears that a dividend of two shillings
per share, clear of income-tax, is recommended. The
Directors observe—
" The amount which is available for a dividend, al-
though not considerable, is satisfactory, when it is re-
membered that this is the first time in which a sufficient
profit has been realised, to enable a dividend to be de-
clared on the worst half of the year, and the Directors
believe that it is an earnest, that no future half-yearly
meeting will occur without a larger amount being ap-
plicable to the same purpose, independently of the ad-
vantages which must emanate from the various measures
which are in progress for the benefit of this Company.
" With regard to the extension line to Old Ford
the Directors have much pleasure in reporting, that
the Bill for the extension from the Stepney station of
the Blackwell Railway, to join the Eastern Counties
Railway at Old Ford, received the royal assent on the
9th instant. Measures, therefore, will be immediately
taken to allot the shares in this extension line amongst
the registered Proprietors in the Blackwell Railway,
according to the plan recommended in the report made
to the Proprietors on the 29th ultimo, and the Directors
lose no time in arranging for the commencement
and speedy completion of the works."
The CHAIRMAN said he congratulated the Proprietors
on the cheering prospect presented by the report, show-
ing as it did a decided improvement over the returns of
preceding half-years. He trusted this prosperity would
not only be permanent but increasing, and while he
would not affirm that such would actually be
the case, he saw no reason for entertaining
a doubt but that the value of this pro-
perty would materially and speedily be enhanced.
He was happy to inform them that they had satisfacto-
rily w orked with the boats with which they were con-
• nected ; and ho took the opportunity of saying that,
without the slightest reserve, equal terms had been
offered to all boat companies absolutely and positively.
2% One company had unhappily opposed them, and sought
- terms different from those accorded other parties ;he
wished, therefore, as much misrepresentation had been
- made, and mach misapprehension existed in the minds of
- the public, to make this unequivocal declaration. The next
point to which he wished to advert was the junction with
the Eastern Counties, the details of which would be referred
- to the engineers of each, viz., Messrs. Locke and Ste-
-5 phenson. He trusted that, if successfully carried out,
5Y4
arrangements would be effected for adopting cheap fares
- and good accommodation. The conversion of the debt
- into fund( d capital would in future be a prominent fea-
ture in the prosperous conduct of the Company, although
- at present it did not show any result in the report now
- presented. When, then, all these arrangements were
- concluded, and the Epping line brought to bear, he
anticipated, though he would not pledge himself to
- the confirmation of his hopes, but he confidently
- believed that their shares would yet rise to par, and
even eventually exceed it. With these few observations
- he would conclude by moving that the report and
- acounts, as read, be received, confirmed, and adopted.
Mr. HAIG seconded the resolution.
Mr. CASH said that as many parties were present who
- were original subscribers he wished to know what the
- Chairman meant by par?
The CHAIRMAN replied that 161. 13s. 4d. was to be
- considered as par.
Mr. CASH remarked that the expenses of the Com-
_
314 pany were still very great. Their income was 29,000/.
21A a year, and the expenditure no less than 25,0001. He
- was desirous of asking, therefore, whether no better
- power could be adopted than that of the wire-rope?
The CHAIRMAN assured the meeting that the ques-
tion had received the most anxious consideration at the
- hands of the Directors, and a doubt did exist as to the
superiority of the present means of traction. Frequent
- breakages had caused a very great expense to be in-
- curred, and when the arrangements, now in abeyance,
- for forming connexions with other companies were corn-
_
_ pleted, it would be desirable that a system should be
- adopted for making a uniform means of communication
- adapted for all the lines.
Dr. BOWRING would take the opportunity of stating
- that a great many methods of locomotion had been
—2% under the consideration of the Directory. The atmos-
_ pheric princip]e had not escaped their attention ; but in
- a question of such gravity, ant involving the incurrence
- of great expense, was necessary that every precaution
_ and prudence should be observed before pledging them-
selves to adept a rew and permanent means of traction.
Mr. D. W. HARVEY said he was aware that great
2% inconvenience was often entailed on boards of directors
by the unadvised intermedding of proprietors. Never-
_
- theless, it was no less incumbent upon shareholders to
- suggest to directors any course which might conduce to
- the prosperity of a company, or avert an apprehended
_
evil. It was for this reason that, while repelling every
- intention of impugning either the ability or conduct of
the present Board, and while avowing, on the con-
_
trary, that much new life and talent had of
- late been introduced into the Directory, he wished
: to offer one or two observations on matters
connected with their prosperity. As to the London and
- Blackwell Railway, beginning at Fenchurch-street and
- terminating at Blackwell, the project was borne down
by an enormous expenditure, and though the Chairman
and he dare say many of the proprietors were so san-
- guise as to anticipate that secondary capabilities were
- likely to enhance the value of their property, he
believed that the most sanguine could scarcely
- hope that the projects now in contemplation would
- work any very miraculous change in the price of their
- shares, or the amount of their dividend. With respect
to the junction between the Blackwell Company and the
- Eastern Counties, it would bo in the recollection of the
- meeting that some time since that course had been pro-
posed and rejected by the Directors. He did not wish to
- throw any blame upon them for their refusal; "better late
- than never" was an old proverb, and he was only glad
- that even at this period the measure had been ap-
proved and adopted. He regarded it as a most ex-
- cellent junction, but to secure its success the Di-
- rectors of both Companies must preserve a cordial and
well-defined co-operation : otherwise their endeavours
- would be frustrated, and their money laid out uselessly.
- If, however, the Blackwell Company persisted in striking
out projects into South Essex, they would interfere with
- the Eastern Counties Company most seriously, while the
- scheme would not only be useless but pernicious. He made
- this observation, but if at a future period opposition should
be raised against the project, it might be said, that
- the shareholders of the Eastern Counties Company being
- invited to attend, and actually present, had heard the pro-
_
positions of the Blackwell Company, and remained silent
- on the subject.
Mr. JEFFRY was proceeding to address the meeting on
- the question of the South Essex line, when be was
stopped by-
- The CHAIRMAN, who said that the question before
- the meeting was not the propriety of the Essex scheme,
which was quite independent from the interests of the
- Blackwell Company, and therefore its introduction was
- irrelevant and irregular.
2b2%
Mr. JoSIAH WlLSONinquired if, then, as a company,
the Blackwell Railway repudiated the South Essex line ?
- The CHAIRMAN said, as a company most distinctly,
though not as independent parties.
The resolution for the adoption of the report and
accounts was then put, and carried unanimously.
The CHAIRMAN then moved the second resolution, to
the effect that a dividend of two shillings per share, clear
of income tax, should be declared.
Mr. HAIG seconded the motion, which was also car-
carried nem. con.
A SHAREHOLDER inquired whether the promoters of
the London and Blackwell would be prepared to apply
to Parliament next session for powers to carry out the
Epping Extension, in case the Eastern Counties Co.n-
pany neglecting to do so.
The CHAIRMAN explained ; shortly after which the
meeting separated.

MEETING OF THE SHAREHOLDERS OF THE MAN
CHESTER AND BIR3IINGHAM RAILWAY COMPANY.-- A
numerous and highly-respectable meeting, called by circular, of