The Sun.
London, England, 1842-02-25 00:00:00

with his approbation, as well as the Directors had done
• on this occasion.—(Hear, hear.) He mixed with a por-
t tion of society, where he had , frequent oppartunities
l of hearing the opinions of gentlemen with regard to the con-
struction and advantages of different railroads, and the univer -
' sal opinion was that that the Great Western Railroad stood
second to none. On so great an undertaking, it must be im-
posaiLle for any person, however talented, to tell .ex-
actly the cost of construction of such large works,
and if there was anything at all to complain of with regard to
the estimates of the expenses on the road, still it was certain
. they bad a most solid and excellent property for their outlay.—
( Hear, hear.) He would net further trespass on their time
but to say how much he was gratified to find that from the exer-
tions of the Directors, combined with those of the engineer,
they could now boast of having a property which was equal to
any of the same description. The worthy Proprietor on his
right, had not made any proposition, but he had thrown out a
suggestion, and they had heard the Chairman's observations
ilk repty to it. They certainly took their shares
with the knowledge of the Act of Parliament, which
regulated them; though it was in the power of the
meeting, perhaps, with the cansent of the Directors to such a
proposition, to make an a'teration in the regulation, yet he
thought it unnecessary with the satisfactory Report. they Lad
heard read, and which Mr. Heyworth recommended for adops
tion. He should be sorry, under the circumstances that had
brought them to such a prosperous situation, if his pro•
position should be carried into effect. Ile felt him-
self that it was not necessary to appoint auditors
Ard if any thing could strengthen the confidence he felt in the
Directors, it. would be their having adopted the suggestion of
the last half-yearly meeting, and reduced their numbers, and
also diminished their expenditure as much as they could do,
consistent wdh the safety of their property. Beyond that they
could not wish them to adopt any suggestions. Ile again ex-
pressed himself per'ectly satisfied with the Report, and he
hoped the next half-yearly meeting would find them in a still
more prosperous condition.
A PROPRIETOR said that, while he felt the most unbounded
confidence in the Directors, yet he was not disposed to place
implicit confidence in their wisdom more than in that of any
other men. He dissented from the proposition of Mr. Alston,
for appointing auditors, believing that it would not accomplish
his intent'on ; auditors were merely checks on an account of
expenditure, but if they were permanently appointed,
they would soon become directors of the road, and
the Directors would become their servants, under the
direction of these individuals. The time might come
when the railroads having used up their capital, they
would be subject to a mere question of management,
and auditors might be appointed; but that time had not arrived
with railroads in general, and the introduction of a bad prece-
dent in one might injuriously effect others ; the appointment
of auditors he thought. wouli tend to produce litigation. He
trusted that Mr. Alston would allow the meeting to dole with
the unanimity with which it had commenced. He did not quarrel
with any single remark of the Report ; it was very creditable to
the Directors, and was an honest, open-minded, and fair
Report, from which they knew the state of their circumstances.
The extent of their expenditure was comprised within
6,300,000/., and whatever might be the variation on this item
or that, they were prepared to meet them as they arose. The
Engineer stated it was impossible to say exactly what the ex-
pense of certain works would bo. He thought the time had
arrived when indefinite expressions should be dropped, but at
the same time he congratulated him on having given
them a good, and firm, and stable property. He was merely
going to ask one question—that was, whether they had got all
the money on loan which they'required, or whether they were
taking more ?
The CHAIRMAN stated that they had not taken up all they
required
In answer to a second question from the same LION. PRO-.
reiF.TOR, as to the probable amount that would be required,
The CHAIRMAN stated, that without reference to the ac-
counts, it would not be very easy to tell the amount.
The same HONOURABLE PROPRIETOR. proceeded to say,
that he wished to make a few observations on the subject of the
allowance for depreciation of stock. He concurred in the
principle laid down, that the fair and honest mode of proceed-
ing was, that a provision should be make for depre-
ciation so that Proprietors might at any time trans-
mit the stock in the state in which it had been
when they held their shares. It was needless to say that there
was a decay of stuck going on of necessity in railways from day
to day. Their stock was now new, and it was of course sub-
ject to less wear an :I tear than it would be subject to hereafter.
It was the opinion of the Directors that 20,000/. would keep
the stock in perfect repair for the next ten years. Now
he wished that valuators might be appointed who
would fix as nearly as possible the sum required for re-
pairs, and that as little doubt as, and could be. expected, might
exist upon the subject. The stock, in his judgment, should be
valued, and all risk of a deterioration of the property should be
removed as much as possible. There was no reason why future
Proprietors should be called upon to meet unexpected demands.
In offering those remarks he did not wish to throw any ob-
struction in the way of the adoption of the Report, of which he
h ghly approved. He thought. that Report was creditable to
the Directors, and must be satisfactory to the Shareholders.
Mr. GEORGE CARR GLYNN said that he entirely concurred
in the observations of the Ilonourable Proprietor who had
preceded him. He was sure the Directors were right in
adopting the principle of setting aside a sum which they con-
sidered amply sufficient to meet the annual expense of depreci-
ation. But lie should alto say, as ha I been said by his Hon.
Friend, that lie did not think any system of per centage would
carry conviction to the minds of Proprietors, unless accompanied
by a periodical valuation of stuck. He thought that a valua-
tion of the kind might be made with considerable accuracy;
and so great was the progress that had been made of late in
scientific inquiry, that a very close approximation might be
, made to a definite result. At the same time, he thought that
it would be extremely unfair to act upon any valuation from
half-year to half-year, and that such a valuation would in that
case be very false. There would necessarily be particular pe-
riods at which greater expenses would be incurred than at others,
and the only sound principle was, therefore, that a suns
should be set aside, to be applied during a number of years.
He had not, however, merely risen fur the purpose of making
these observations ; and his principal wish was to allude to a
transaction in which he was concerned as Chairman of the
Grand Junction Railway Company. It was true that
he had himself seconded a motion for the appointment
of auditors to overlook the accounts of that Company ;
but he had found. it necessary to do so in consequence
of certain aspersions thrown out against him at the
meeting in question ; and under any other circumstances
he should not certainy have recommended such a proceeding.
Could there, he would ask, be anything more inconclusive or
unsatisfactory than to allow parties to investigate the accounts,
those parties being the Directors that went out by rotation ?
For his own part, he would much sooner leave it to the gentle-
men at present behind the table than to such a tribunal.
Why not, he would ask; appoint a committee
of five, and let them take the whole responsibility. In prin-
ciple, therefore, he begged to dissent from the proposition made
by his Hon. Friend. lie had laboriously executed the duties
imposed upon him by the North Midland Railway, but he must
allow him to dissent from the proposition that had been made.
A PROPRIETOR said that he had travelled more than 100
miles to attend the present meeting, and he was anxious to ask
Mr. Brunel a few questions—First, he wished to know whether
the account that had been put in for extraordinary expenses
was the preface to a demand at the next meeting for an increase
of capital, or whether Mr. Brunel remained of the same opinion
be bad expressed at Bristol, that the capital of 6,300,b001.
would not be exceeded by more than 50,000!.
1.31t0 NEL stated that lie still entertained the opinion he
had expressed at the last meeting.—( Cheers. )
A PROPRIETOR also wished to know how much had been
borrowed upon the resolution which had been come to at the

I at meeting.
Mr. SANDERS said that under that resolution they were
empowered to raise 300,000/., but the whole of that sum hed
not been required, because, before it was all borrowed, ()Our
styes would conic back again to the Company.
A PROPRIETOR said, that in the report the Directors ex-
pressed their regret that the Cheltenham branch had not suc-
ceed, das well as it had been hoped for. Now he wished to
know from the,Seeretary, whether he was aware of the high
charge made by the coach proprietors for the carriage of
pass, ngers.
Mr. SANDERS was quite aware of what the Lion• Proprietor
had alluded to. It was felt desirable by the Directors to induce
the coach proprietors to lower their fares, and he had been
sent down to them for that purpose. In September last lie
got them to reduce their fares from ss. to 35., and at the end
of three months they produced their accounts to him, from the
in.pectien of which, he was perfectly satisfied in Isis own mind
that they could not afford to carry on their coaching business in
a mann, r beneficial to the rai.way, unless they were
pertrated to charge 45., and that was the price they were now
charging. For his own part he thought, under the circum-
stances, that the present arrangement was the best that could
be adopted.
A Pitornirrort, observed that the Secretary stated at the
last meeting that it would be necessary to run more trains. He
wished to know whether it would be necessary to continue them.
Mr. SAUNDERS entertained the same opinion he did in
February laA. He formerly believed that the diminution of
the number of trains would be detrimental to the Company.
It was necessary to maintain the number of trains they had
new fur the summer. He thought they would have to add to
them.

A PROPRIETOR said, he was of a different opinion. He had
travelled a good deal on the railrcad, and he often saw many of
the carriagesftnply. .. . .

•, • .
Another: NomaTon wished to know why the payment
of the dividend should be delayed till the Nth of March. He
thought, as the London and Birmingham Railway had set them
the example, the dividend should be paid at an earlier period.
The CHAIR ma N vaid that the preparation of the dividend
warrants occupied a fortnight or three weeks. In another year,
perhaps the better course would be to have the meeting earlier.
HEt WORTH, in allusion to the 20,000/. - per annum,
about which so much had been said, wished to know whether
it was intended to let that accumulate to have 200,000/. in haul
at the end of ten years ? . .

iatgthhole.iis
conduct.
The CHAIRMAN—Such is our intention.
Mr. llevwortrii wished to know what was the object of it.
.What were they to do with that 200,0001• if all their engiues
were kept up so that after the expiration of 10 years they
should be in the same stale that they were at present ? That
200,0001. would be of as little use then as it was now. He
wanted to know of what use that 200,000/. would be?
The SECRETARY would, at the desire of the Directors, ex-
us
Tt improvementsihiea they
D.icruercetdaraa
plain to the meeting their views on the subject. Although it
was their intention to keep up their locomotive plant during
the ten years, it' should be recollected that many circum-
stances might occur to depreciate the first cost. There
might, for instance, be introduicef,(
in locomotive engines, so that the Directors would not be
justified in retaining on their capital account, the whole ex-
pense oft heir locomotive plant.
fund of MX'S., that which bad originally cost the Company
550,000/, would, at. the expiration of ten years, have ac-
tually cost them only 300,000/.—
engines would be a proper step
a Icor might be set
agreed that the valuation of the
to take, not every half year, but that if after the lapse of three
Secretary
ay-year
Ni•nalsuuaffiticoinensthottilliedn b2es,ooorequi:site, then it would be
proper to make it, and if it should then be found that 20,0001.
apart. Whatever sum was set apart should be set apart so as
to ride over a 1 rge space of timeh,eanmdasdoe asall teoxppriaenvaetnitonsthreei..r '
dividends from suffering an arbitrary depreciation. The adop-
tion of that princirle was sanctionedexbpyenlgshiniui,tileionrtittyo—tte
authority of the Grand Junction Railway Company. That
Companyqfotir
Ai
it.ehdieoie,
roxhrphilamai
explicit
mdoioaalleintsneada
eli
sdroahifseeni ml
ftleviplhl act i :el
:ph:
:a::
by h
oalbfl
iag ey
satisfiede atirov
fNoVritthherensepxetcttetno
ytheaers2ooo,ooomele.tpraonpyosed to be retained as a fund
oCrotmlipsacnhyief, in the repair of engine?,
and the amount
not comprehend it. 'I here might be other reasons fur a sur-
plus fund, but he could not understand those alleged.
After a few words in explanation from the CAAinstarr,
Mr. TYRRELL said that there was no item for tht. liabilities
of the Company. He was surprised at such being the case, a
lie was aware, from hearing the solicitor of Mr. APlntosh, nes
contractors with the Company, that that Gentle
man had' a claim of 2502000/. on the Company,
ofe claims of other contractors added to the former would,
ft
_. bid reason to know, make the entire amount of
Jabilities of the Company to contractors above 500 000/
He made that assertion that they might knowwhat ' ' *
were upon claims
them, particularly as he had already mentioned
there was no item of that mature given in. the Report. .
The SECRETARY begged to interrupt the :Hen. Pro •
The Companyprietor.
were perfectly aware of all claims up it, and
on
were perfectly competent to test the validity of their
He trusted
the Mon. Proprietor wottkd not press the discus: i
introduced
therefore,
eva
ra r.i