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

GREAT_ WESTERN RAILWAY.

The 13th Half-yearly Meeting of the Directors and Proprie-
tors of this Company took place yesterday, at the Company's
Offices, Prince's-street,,Rank, for the purpose of receiving the
Report of the Directors for the last half year, to elect Directors
in the room of those who go out by rotation, and for other
business connected with the Company.
The Chair was taken at one o'clock, by Cita Rees RUSSELL,
Esq.,lll.P. for Reading.
'She isotice convening the meeting having been read, and
the Corporate Seal having been fixed to the registry of Pro-
prietors,-
The Cuareatare said that the Directors had great pleasure
in laying before the Proprietors their Report for the first six
months, during which their entire line had been opened, Lnd
they felt confident that the result of that period would prove
highly satisfactory to the Proprietors.—( Cheers
if they i)cok the
average traffic of about 13,G00/. a week, the
whole line, had taken place, and about 11,4001. ir
Railway took
only that portion which belonged to the Great Westernpesanguine
y
Company. That, he thought, would sati'"the mosti„ith
cxctations, and would be a most favourableeoraparisor This period
embraced an example any other railway in the kingdom ( beer;.)
not only of their summer traffic,
but the winter one, and demonstrated that there was not, as it
had beea sometimes called, merely a summer traffic, buta busi-
ness traffiee ; a standing
winter traffic quite proportionate to
that of their summer traffic, and equal to that of the mcst pros-
perous of their neighbours. He had no apprehension of their
traffic not increasing, as the traffic
cof all other lines had increased
subsequent to their opening. The Bristol and Exeter Railway
had proceeded towards Exeter and Cornwall, and he hyped that
means world be devised to enable the Cheltenham Company
also to proceed toward Cheltenham and Cornwa'l, and the
South of \trees-. Their traffic in merchandise was sub •
stantially greatly on the increase, and it was Very probable
that a new traffic both in coal and stone would be este-
. leished.—(Chee-s. ) He entertained gnat hope that the
recommend don of the Commission, appointed by the Govern-
ment, to determine ths harbour for the reception of the West
India Mails would be adopted, and that Dartmouth would be-
come that harbour. An arrangement was in progress to estab-
lish a communication between Bristol and the South of
Ireland. '1 hese various sources of increase, and the fa-
cilities and growing up of travelling, he t'iooght justified them
in forming the most sanguine expectations that their traffiis was
likely to become great in the extreme. if such was the actual
state of the flattering prospects on the credit side of their ac-
count, he hoped they would think that the debit side exhibited
an equally favourable aspect. In the course of the last six months
they bad reduced their expenditure f-om about 45 per
cent, to 37 and one-third per cent.—(Cheers.) He was
glad to perceive that the Proprietors considered that a
considerable reduction. The Directors looked to a still
further reduction, to a proportionate reduction as their re-
ceipts should increase, and to a positive reduction when their
means for providing coke was completed. They would
then be enabled to devise other means for the more economic
mar.agement of the concerns of the Company. He could assure
them that the Directors had devoted their attention
to the means of reducing the expenditure. —(Cheers. )
At the meeting in August last the Directors hid be-
fore the meeting the estimates of the sums then re-
quired for the completion of the line. A Committee had
been recently employed, for the purpose of comparing their
acteal expenditure to the 31st of December, with those esti-
mates, and it would be gratifying to learn, that the investiga-
tion entirely sustained the accuracy of those estimates.—
( Cheers.) He was satisfied that that must be peculiarly satisfac-
tory, especially when they recollected the extraordin iry season
through which they had passed, and the great expenses entailed
on railways, particularly those of recent construction. The
Direetcrs were desirous, if practicable, to close their general
capital account to the 31st of Dec. ; hut the incomplete state
of the works at Swindon, and other minor works, had rendered
it impossible; added to this, it was thought that it would not
be wise to hurry 111 r. 13rurel in his final adjustment
with the contractors.—(Loud cheers.) With most of them
arrangements had been made, and they had been paid up
closely, and the Directors were anxious at the earliest period
to close their capital account.—(Cheers.) The result of all
these favourable circumstances was to enable the Directors to
propose a dividend of six per cent. per annum for the last six
months, which they thought was a large dividend for the
first six months of the first working of the line.—
( Hear, hear, and cheers.) At the same time it was
a fair and honest dividend.—(Cheers.) They had not made it
till they had paid every shilling of interest on every debt.—
(Cheers.) He did not believe that a single item had been
carried to the general capital account, which was fairly
chargeable to the account of maintenance or manage-
ment.—(Cheers. ) He would now request the Secretary
to read the Report, which he trusted would prove as
aatistactory to the Proprietors as it was to the Directors. He
thought that Report would justify them in looking forward
as ith the greatest reliance to the future prosperity of the enter-
prise.
The SECRETARY then read the following
REPORT:—

The Directors have on this occasion, for the first time, the pleas.
in duty to present to the Proprietors the detailed accounts and re.
.r tilt of six months' business on the entire line of the Great Western
Railway, together with that on a portion of the Bristol and Exeter
Itailway between Bristol and Bridgewater, and of the Cheltenham
Rail Way between Swindon and Cirencester, both held under lease.
The gross receipts of that period up to the 31st December,
IS4I, were 337,3321. 4s. 2d., of which sum 295,010/. 18s. was
earned exclusiyely on the Great Western Railway. A further
amount will have to appear in some subsequent account, as the re.
eii/t for extra service in conveying mail., no credit having yet
been taken for working two mail trains over the Bristol and Exe-
ter line, nor for the day mail service between Bristol and London,
411 consequence of the Postmaster General's notice to refer the sub-
ject to arbitration. The daily rate agreed for anterior to the per.
tbrrnance of that additional duty is the only sum credited for mails
(luting the half.year, and pending such reference.

The number of passengers conveyed on the line between the Ist
July. and 31st December, 1841, was 882,119, travelling an aggre.
gate number of 27,538,764 miles.

Theexperisee on the traffic are furnished in detail, and com-
prehending every office charge, of the Company, they amount to
125,9101. as. belnff•in the Teti& of 37,323 per Cent. on the receipts.
ThenDieeetxxs,erninot.disubt.that this result will prove highly ea.
Ilsfacteey tO all *be havir embarked. property this undertaking,
and may be coaddered,a pleege•of the future aid progressive pros.
verity of the Company. The expenditure has been watched by your
Directors with the most anxious attention to economy on the one
hand, and to the requisite efficiency of their establishment, and se.
curio, of travelling on the other.

_
The locomotive expenditure for the half-year has been 40,110/.
195., of which '22,1444 3s. (as may be seen by the printed analysis)
was paid for coke.. One half of the whole quantity of coke con.
sinned during last half.year was, of necessity, procured in London,
and of course still, at a comparatively high price.
, The arrangements arc now so far advanced as to admit of the
Company obtaining at Bristol, for the present half year, all the
mice required, over and above the produce of the coke ovens be.
longing to the Company at Hillingdon (which are just adequate to
supply the locomotive engines in the Paddington station), and
some reduction may consequently be anticipated in that branch of
Iccomotive expenditure. The repairs of engines, however, in the
present ha'f.year, appear likely to be rather heavier in proportion,
and may.perhaps absorb such contemplated saving in the price ofccke.
The number of miles run by the engines during the half.year to
3 lsti December, was 673,398, of which 613,616 miles were
travelled by regular engines, with trains of passengers and goods,
sad '29,654 miles by the assistant engine upon the Box incline.
The period has not yet arrived when any comparative returns of
revenue or traffic can be usefully offered to your notice, inasmuch
as the recent opening of portions of the line prevents statements
being deduced of the same traffic from any former corresponding
period. The ratio of expense to receipt is the only exception,
and that comparison is therefore stated in the accounts. With
reference to the Government duty, it is proper here to mention that
the payment of 15,9404 14e. I Id. comprises a portion of that for
the month of June last ((luring which there had been partial open.
logs of new lines), as well as the whole SLIM fir the latter six
months of the year, and the ratio to receipt will, from that circum.
&lance, appear to have been increased. The Proprietors wilt not
tdil, of course, to perceive that the total expenditure of 125,9101. 6s.
tut the ha'f.year is not for the 118 miles of Great Western Railway
alone, but for working 169 miles of railway, including 34 public
stations, used for the convenience and accommodation of traffic
upon the three several lines.

The first charges upon the profit of the half-year's business con-
sist of the interest on the Company's debt, and the rents payable
under lease to the Bristol and Exeter Railway and to the Chelten-
ham and Great Western Union Railway Companies.
The sums respectively paid are as follows :

Balance of inlerest on all monies lent to the Company, after de.
ducting interest, received... £73,881 18 5
Bristol and Exeter Railway, one.half year 10,987 12 6
Cheltenham and Great Western Union Railway,
one-half year

£93,259 10 11

These deductions irom 212,4464 16s (of which 1,004/. 17s. 10d.
was the residue on 30th June last, and 211,441/. 16s. 2d. the
profit of the last half.year),weuld !caeca balanceofll9,lB7/. ss. Id,
available to the Company.
There are two points, however, which have engaged the atten-
tion of the Board, in reference to this balance, and they are desirous
of taking the opinion of the Proprietors upon both of thiarn
It will beobserved, that in the account for expenditure, which
• embraces every charge for keeping and maintaining the plant of
the COMpany in an effective state, no separate provision has been
nitrite for a fund to meet the probable depreciation of stock which
must accrue with time. While it can be scarcely disputed, that
prudence and foresight should dictate a certain provision to meet
such an anticipated reduction of value, the Directors do not think
any benefit k derived from pretending to ascertain periodically the
tpinions of parties, however competent, as to the then supposed
value of such property. On the contrary, they t► ink injustice may
ownefimes result from the adoption cf any such arbitrary system,
mid alms devoting their best consideration to the subject, they
would much prefer that a tilted state of amount should be deter-
mined to be set apait for a period of years, such as may be reason-
ably. es':mated to meet the entire depreciation for the time, so that
intim interval this accumulating sum may gradually and equally
fall over etch period, and therefore equitably upon al who may,
from time to tune, be the holders of the Company's Stock.
If this view shall be acquiesced in, the Directors would recom.
mend that '20,000/. should be annually ;:ppropriated for a period of
ten years, to redeem the depreciated value in the first cost of the
locomotive engines, carriages, and other moveable stock of the
Company, the whole being in the meantime kept up, renewed, and
maintained in an eff.ctive state, and paid for in the ordinary dis.
btrrsements on traffic.

The other subject to be submitted for the consideration of ll'e
Proprietors relates to the rent which is payable under the lease to
the Bristol and Exeter Railway Company. It will probably be re.
membered, that on, of the covenants of that deed rendered this
Company liable only to a moiety of the fixed rent of 30,000/. per
annum, for s portion of the first year, if the line between Bristol
and Bridgewater should not be completed and opened for trallic, on
or before the Ist June, 1841.
Notwithstanding every exertion on the part of the Bristol and
Exeter Railway Company, the contingency so prOvided for did
actually occur, and it was not until the 14th day of that month
that the line to Bridgewater was ready for use. This circumstance
accounts for the diminished paytncnt of rent 'er the half year,
Moiety of the fixed rent, say 15,000/. per annum ;€7,500 0 0
Ascertained tollage on passengers and goods

10,877 12 6
Under the terms of the lease, the same reduced scale of rent
would continue payable until the 31st of March, after which the
Bristol and Exeter Railway Company will be entitled to receive
rent at the full rate of 30,0CP/ per •annum, besides the agreed
tollage on passengers, merehandize, and coal. The circumstances
under which this heavy infliction of a penalty was sustained by that
CoMpany, became the subject of discussion between the two Boards,
during which it was apparent that your Directors could not, upon
undertake in any way to release them from
their own responsibility,
any portion of the loss which had been so indisputably incurred.
Your Directors, in the course of several conferences, were how-
ever led to entertain the belief that it might be ai ranged for the
mutual interest of both Companies conditionally to concede the pay-
ment of the greater portion of that difference of rent, provided they
could thereby secure fixed and advantageous periods for the future
opening of the remainder of dint railway, to which the Bristol and
Exeter Railway Company had not bound themselves by any co.
valiant in the original lease. When it is considered that the main
I enetits contemplated in working that line, were to bring and
secure the Devonshire and Cornish traffic, more directly to the aveat
Western Railway, it must be apparent that' the acceleration of
the progress and completion of line beyond Bridgewater, must far
outweigh any consideration of ' suth -111ving•as could- be obtained%
scamthe reduced rent, during only a few months of the first year.
r
_.• swenry,plish this purpose, a negotiation ensued between the two
`mn".1,...., and it has been reciprocally agreed by them to submit
tot theiv
1. the Proprietors an arrangement Of which the fop.
or 'Jour , which your Directors stroigly recommund
• -- -

The payment of the full rent at the rate of 30,0001. per annum
(after deducting 5001. for the estimated loss incurred by this Com-
pany), to be made at the times and subject to the conditions herein.
after mentioned.
The line from Bridgewater to Taunton to be ready for opening
in the manner prescribed by the terms of the lease, on or before the.
7th July next, two further portions of line on or before the lst
July, 1843, and let July, 1844, and the entire line thro-gbout on
or before the let July, 1845. The rent for the current half-year,
at 30,0001. per annum (deducting the 5001. above mentioned), to
be paid them when due, upon a certificate from the Engineer that
the Railway will be ready for opening to Taunton on the day spe-
cified.

The sum of 7,500/. for the first half-year's rent to be reserved
and paid over to that Company, on the opening to Taunton, pro.
vided it takes place on or before the 7th July, and not otherwise.
In the contingency of failure to open any of the three several
portions of line successively, on or before the Ist of July in each
year, one-third of the 7,300/. with interest at five per cent. per
annum, to be reimbursed by the Bristol and Exeter Railway
Company, in respect of any such failure, or to be retained from
rent payable to them by the Great Western Railway.
If the line from Bridgewater to Taunton shall not open by the
7th July (which period has been fixed with reference to the
British Agricultural Meeting, to be held this year at Bristol), one
moiety of the extra sum, which may have been previously paid over
to the Bristol and Exeter Railway, to be re-imbursed by them to
this Company, or in like manner to be retained from rent payable
by the Great Western Railway.
The arrangement only to be binding in the event of being sanc-
tioned by General Meetings of Proprietors of both Companies, and
not to affect any other terms or covenants contained in the existing
lease.

If these two propositions shall receive the consent of the Proprie-
tors at this Meeting, the profit of the half-year will be subjected to
the further deductions as follows :

Moiety of Rent tt hich may become payable to the
Bristol anti Exeter Railway £7,500
Depreciation Fund on the Company's Stock for
the last six months

£17,000
leaving the sum of 101,667/. ss. Id. at the disposal of the Company.
The Directors recommend that a dividend at the rate of 6/. per
Cent, per annum on the amount called up, should be DOW declared
for the half-year ending on the 31st of December last, payable to
the Proprietors who were registered at the closing of the books,
upon their respective shares.
A dividend of 11. 19s. on the original share ; 11. 108. on the half
share ; and 2s. 41d. on the fifth share for the half year to the 31st
of December, declared payable on the 24th of March, amounting to
90,7501. will leave an undivided balance of 10,9371. 55. Id. to be
carried to the credit of the current half-year, which, it may be pro.
per here to remind the Proprietors, is always the least productive in
railway traffic.
The Directors look with undiminished confidence to that gradual
and certain augmentation of income from passengers which has
been found to accrue on every railway after its completion. In
merchandise and cattle, the increase, although in some cases more
slow in its operations, may be regarded as equally certain of attain-
ment on the lines worked by this Company. Already small quart.
tities of coal and stone are brought for conveyance by the Great

Western Railway, and as soon as the requisite accommodation is
procured, these two articles alone will add considerably to the
revenue of the Company.
Negotiations are now pending with parties for carrying on a

trade Loth in coal and in stone upon the line, which it may be rea-
sonably i iferred will become beneficial to the Company as well as to
themseiv.is.
The bniefit arising directly and indirectly to the great Western
Railway Company from the Cheltenham and Great Western Union

Line, though considerable, is of course greatly limited by that
Railway not yet running into the great line of traffic through Glou-
cester and Cheltenham. The Cheltenham and Great Western
Union Company has now a Bill before Parliammt enabling them to
treat with other parties, and your Directors will steadily keep in
view arrangements which may be mutually beneficial to the two
Companies.

The Engineer's Report is appended to this, in order to afford full
information to the Proprietors on the state and condition of the
works, the winding-up of accounts, and the general review of his
last estimates, as far as the progress of settlement with contractors
enables him to communicate any decided result.
The Directors have given full effect to the resolutions of the last
half-yearly meeting of the Company, for altering the constitution
of the Board rf Management, by a reduction of numbers, with the
changes i■ the periodical retirement of Directors consequent
thereon. The numbers were reduced to eighteen by the lamented
death of Peter Horrocks, Esq., and by the resignation of the un-
dermentioned Directors, viz.—Ralph Fenwick, Esq., Charles
Bowles Fripp, Esq., Riversda!e William Grenfell, Thomas
Pycroft, Esq., and Robert Scott, Esq.
Under the new arrangement which was ordered to be adopted
for the determination of the four Directors to retire at this meeting,
the period of service of Robert Frederick Gower, Esq., Thomas
Richard Guppy, Esq., William Singer Jacques, Esq., and George
Jones, Esq., has expired, but being re-eligible, they severally de-
clare themselves candidates for reelection.
ENGINEER'S REPORT.

18, Duke.strott, Westminster, Fi.h. 22, 184.
GENTLEMEN,—The whole line having-been opened a short time
previous to tl c last Half-yearly Meeting, my Report upon the h tate
of the works and proceedings of the last six months, might be, I
ani happy to say, limited to the satisfactory statement that these
works, although many of them are very new, and exposed so imme-
diately after their construction to the severest trials, have sp fdr
withstood these trials as to allow of the uninterrupted working of
the Railway. But the extraordinary winter which we have just
passed through, and the consequent injury which all new works
have sustained during this winter from the long-continued and ex_

cessi vit rains, and the subsequent violent alternations of frost and thaw
must naturally have excited anxiety as to the effocts produced upon
those parts of our line, and those works which were barely completed
before this weather commenced, and these circumstances requ' rc that
I should give some account of the difficulties we have had to con.
tend with, and of the degree of success attending the means taken
to meet those difficulties.
Upon the part of the line thus recently opened occurred all the
heaviest works (excepting those between Bristol and Bath), and es.
pecially those works which from the character of the soil were the
most likely to suffer from the weather.
From Wootton Bassett to the Bristol side of Chippenliam, and
from the Box Tunnel to Bath, a total distance cf upwards of twenty
miles, the natural soil is everywhere clay, and at several points,
clay of the worst description. It is almost unnecessary to add,
that in cuttings and embankments newly formed, and of such ma.
terials, the bursting out of water in the slopes of the former
' at points where no previous indication of water existed, and
the complete washing down and dissolving of the surface of the
latter, were the frequent and unavoidable consequences of all
the natural drains of the surrounding country being overcharged,
and of the almost incessant fall of rain. Slips of various de.
greet of magnitude occurred in the slopes of the cuttings—
one of considerable extent in the Wootton Bassett cutting : in
this case, as indeed almost always in slips or cuttings, there was no

alternative, the only remedy being the entire removal of the dis-

turbed ground, and the carrying back the slope at that part. About
2.5,000 cube yards of earth have been removed at this slip. In
the Ashley cutting, between Box and Bristol, where the sloping
ground beyond the cutting has always given much trouble, the ex-
tensive precautions taken, by shafts and headings connecting them
to effect a perfect under-tlrainage of the hill, proved very efficacious,
and has no doubt saved us :rom very serious slips; the increased
quantity of excavation required here, in consequence of slipping,
has been small, and the temporary roads which had been left for re-
moving the materials from the slopes clear of the main line, have
now been removed.

In the clay embankments the greatest difficulty has been felt in
the repairing of the slopes where the material has been actually
washed down in a state of mud ; at many of these points no dry
materials could be obtained, and consequently there were no means
of reforming the slopes; faggots have at these places been used
extensively, both for protecting and draining the surface, and
even when necessary, for making up the embankment; in such
cases the safety, and other advantages of the continuous support to
the rails, were strikingly manifested ; the longitudinal timbers kept
their form, and maintained the line sufficier:tly straight over weak
places, when separatesleepers or blocks would !MC completely dropped
out of place, and whe❑ the security of the line appeared likely to be
increased by it on account of the one side of an embankment set.
tling or washing down more than the other, the whole line of rails
could be, and frequently has been, shifted bodily tit veral feet side.
ways, or even lowered considerably, aud set again with good curves
and regular easy gradients, without difficulty or tl c slightest risk
between the passing of the trains ; and the line has thus been kept
in good working order, and perfectly safe, at times and in cases in
which, without this facility, great delays must have occurred from
the crossing or stopping of trains.
By constant attention, I am happy to say, we have succeeded in
passing through this winter without any extensive injury to the
new work•, involving either stoppage of the line or any other seri-
ous consequences. The late accident at Sunning, disistrous -a's it
may have been in its results, was a very painful instance of serious
consequences arising from a very alight and totally unexpected
cause, The Sonning cutting had been compteted for two years—
the slopes had from the first been carefully formed and well drained,
and the cutting was considered one of the best on the line; the sur-
face of the slopes had at some points slid down—a common and com-
paratively unimportant occurrence with new slopes; these places had
b:en drained and left till more fav ,urable weather er complete drainage
aftinded a good opportunity for repairing them ; but unexpectedly

_ .
a part of. the solid slope itself was thrown forward from near the
top cf the slope, and although net very extensive, formed a slip
sufficient to cover a short piece of one line of railway; with the
earth were bronght down several large pieces of a thin bed of
sandstone, which were sufficient to throw the engine and tender
violently off' the rails, and thus cause the light waggons behind to be
broken, whereas, without the presence of the stoncs, the result would
most likely have beers comparatively trilling—a combination of un-
foreseen circumstances thus rendered serious a most 'unexpected, and
in itself, an unimportant slip. It has since been found by cutting
into the slope, and endeavouring to trace the cause, that a large 1
basin of gravel exists within the clay just at this point, approach.
ing very near to the cutting, and which overcharged with water,
the usual drainage being for the first time insufficient, had pushed
the tour of the slope into the cutting. Against such contingencies,
whether on a railway, or in any other work, it is impossible
altogether to provide, but as far as unremitting attention, vigi.
lant and constant inspection of the works by mysQlf and. my
assistants, and the prompt and vigorous application of
the most complete remedies that could be applied, I can unhesi-
tatingly declare that your interests have been taken care of
by the maintenance of your works, and the public safety and con-
venience have been preserved to an extent which the difficulties of
the season at one lime Lordly allowed me to hope could be effected.
The weather has, of course, almost completely cut a stop to or
materially delayed those works which were in the course of con-
struction, and involving any building—the Swindon engine-house
stations, goods' sh: ds, and all other minor works. These cir-
cumstances having unavoidably delayed the finishing offof many of
the works, and winding.upof the contractors'accounts, from this cause
more particularly, although in some degree, also, from the occupation
of my time consequent upon the frequent and sudden calls to various
parts of the line, I have not been able to complete the general Re.
ports which I had intended to have laid before you at this meet.
leg, when I had expected that all the works would have been com-
pleted, and the accounts squared, and in referring to either of
which I could consequently have spoken of any of the details
or of the causes of expense freely, and without danger rif embar,
rassing any question of unsettled accounts which I cannot now do;
and I could have roterred to the completion of distinct works,
completed for specific sums, which I could have named, as to esta-
blished facts, this neither can Ido at the present moment, I must
therefore look to a future opportunity fur making this Report.
The various occurrences which I have referred to as requiring
and receiving such constant and serious attention, have nccessa-
rily been attended with some considerable expense, but I am happy
tfimanyftfhat although it is not in my power yet to arrive at a suf.
hmeaotemoffeftbis cost,f which is so much mixed up with
contracYtsgaofre estimate
orksf ~ not
eaesn s
stof oanrjsgu
es;
ciafaysn
might
hntarnhainvitt
wound venture
any sum, I do not think it will havew
been expected, and although for the same reasons
to give any positive opinion, yet I can say, that having
several contracts, and having gone very far towards a settlement of
other accounts, I have no reason to fear that any ground of coin-
plaint will exist as to the correctness of my last estimates.
I am, Gentlemen, your obedient servant,
I. K. BIIUNEL.
The Report of the Directors, and the Engineers' Report
having been read,
The CHAIRMAN said that perhaps the Proprietors would
dispense with the reading of the accounts,. as the results had
.been stated in the Report, and as a copy of the account was
annexed to the :Report. —This proposal having been unani-
mously assented to, • . . _
The CHAIRMAN said that if any. Hon; Preprieter was &sr-
rous of making, any observations, op the.subjects alluded to in
the.Report-n•,w was the.time for doing so,.before he pet the
• ~.ti .
resoluon'lLit the Beport: be addpred: " •
20.-Cuovrti-vrArrE wtslied 'to know whether li6 was to
understand that the -Directors-considered their present funds
were sufficient for every thing.
The CHAIR34•AiN-Yes,
Mr, CROSSIIIYAM Wag desirous of knowing how mach of

the locomotive expenditure was charged to the capital account.
Was the amount of 120,6041. expended for locomotive car-
llages, &c , within the last half year, for articles entirely new ?
'the CH AIRM AN—Nothing has been charged to the capital
account except for what is entirely new.
Mr. CROSTIIIYAITK—What is our present stock of engines?
The CIIA IRMA N—One hundred and seven.
Mr. CROSTHWAITE—Are hey all paid for?
The CHAIRMAN—NearIy so. There may be some small
sums outstanding, but their amount is very trifling.
Mr. CROSTHWA ITE —How many more have been ordered?
The CHA IRMA N— Twenty-ono, which will make one hun.
dred and twenty-eight in all.
Mr. CROSTIIWAITE—Do you think that will be all that will
be required.
The CII A I KM A N —I think that number will be perfectlyade-
qua's, but Mr. Brunel can perhaps furnish the Hon. Proprietor
with more accurate information than I can.
Mr. CROSTII WA ITE —I am anxious to know how far see have
met the expense we arc likely to incur for locomotives and
care Ages.
Mr. Ban NEL—I think 130 engines will do all the work of
the rood.
Mr. CROSTH WA era—Then with regard to the suits at law.
The CHAIRMAN—We have had one recently decided against
us in the Court of Exchequer.
Mr. CROSTIIWAITE—Is that the same cause that was tried
at Liverpool?
The Crtareatax—lt arises out of that cause.
Mr. CaosritwArra-:--When will the Cheltenham line be
completed ?
The CHAIRMAN said that the Directors bad always at-
tached the greatest importance to the finishing of that
line, but they had nut thought themselves empowered
by the Proprie'orl to enter into any consideration of the ques-
tion of endeavouring to complete the line on their own account.
Such aid as they had been able to give. to that Company the Di-
rectors had always given ; but if the Proprietors should deem it
desirable for the Directors, to enter into negotiations for the
completion of the road upon an equitable basis between
the two Companies, it would be the duty of the
Directors, so soon as the Proprietors should empower them so
to do, to enter into negotiations with the Cheltenham Com-
pany to carry out that intention. if the Hon. Proprietor
thought such a course ought to be adopted, he had better move
a resolution to that effect.
Mr. CROSTHWAITE was well aware of the value of such
an adjunct to their line. He believed that that
railway must be completed in seven years, or that
at the expiration of that time it would fall into other hands.
Without making any motion on the subject he thought it de-
sirable that some equitable proposition should come from the
Cheltenham Company to the Proprietors of the Great Western
Company.
The CHAIRMAN—Then you do not propose that the Direc-
tors should take it up ?
Mr. CROSTII WAITE—Not unless we knew what the relative
value of the line is. Many Proprietors of the line may be dis-
posed to take shares for the completion of that line, but
others may dissent from the Company, as a company, tak-
ing up the subject.
Mr. lIETWORTH supposed that the expense for permanent
way was for the expenses of the whole line.
Mr. BRUNEL—. Yes.
Mr. HEY WIRTH. —What causes the other expense of
168,t,90/. for the half year.
Mr. BRUNEL—It is a portion of the cost for the continua-
tion of the permanent way open through the half•year.
In answer to other questions, Mr. BRUNEI, stated that some
small portion only of that expense was owing to the slips and
other accidents which had occurred ; not 10,000/. in all.
The SECRETARY, in reply to Mr. Heyworth, stated that the
real capital of the Company was supposed to be 6,3e),0001.
and the Chairman stated. that it was his firm impression that
that capital would be sufficient.
Mr. IIEYWORTH said he had never been at a meeting of
the Great Western Railway Company where he had heard a
Report so satisfactory to himself as that which had been pre-
sented by the Directors on this occasion.—(Cheers.) He
trusted that other gentlemen would entertain the same feeling
as himself with reference to that Report; at all events he could
not do otherwise than give it his entire and unqualified approba-
tion. With regard to the Report of the Engineer, he was sorry
to say that he could not give that document such unhesitating
approval. He found in that Report these words :—" The
weather has, of course, almost completely put a stop to, or
materially delayed those works which were in the course of
construction, and involving any building—the Swindon-en-
gine-house, stations, goods', shede,-and all other minor works.
'these circumstanees having unavoidably delayed the finishing
off of many of the works, and winding up the contractor's se-
counts." He was sorry to find such an unsatisfactory state-
ment.

The CHAIRMAN said the Hon. Proprietor must see that the
hasty closing of the contractor's account would be injurious to
the Company.
Mr. BEI-worm' said the Report of the Engireer went on to
state that the various occurrences to which he had referred in
connexion with the works, rendered it impossible for
him to name any sum as the probable cost. There
was something extremely indefinite in such a state-
ment. "I do not think," said he, " that the - cost will be
EO large as might have been expected, and although I cannot
venture to give any positive opinion, yet I can say, that having
wound up several contracts, and having gone very far towards
a settlement of their accounts, I have no reason to fear that any
ground of complaint will exist as to the correctness of my last
estimates."
'I he CHAIRMAN said it would be impossible to be very
definite with respect to accounts which had not been rendered,
and with respect to which it remained to be determined what
portion should be borne by the Company, and what by the Con-
tractors.—( Hear, hear.)
Mr. HE Y WORTH said the result would show whether the ac-
counts were satisfactory. The remarks of the Chairman were
in some measure a guarantee that no great mistake had been
made in the calculation. 4.—( Hear, hear.) At all events he felt
great pleasure in moving the adoption of the Report which had
been made to the meeting.
A PROPRIETOR wished to ask the engineer, more for his
own information, than that of the meeting, whether the con-
veyance of such a heavy article as stone was not likely to be
more prejudicial than profitable to the Company ? •
Mr. Han NEL raid as far ashe was aware there was nothing
in the article of stone which rendered it peculiarly dificult to
car; y ; of course the weight would be proportioned to the
power of steam.
A PROPRIETOR wished to know what ground there was for
believing that Dartmouth would be appointed as the station
for the mail packets.
The CHAIRMA N said there had been a commission appointed
by Government to consider the subject, and the opinion of that
Committee was decidedly expressed in favour of Dartmouth.
Subsequently the question was rendered doubtful in the House
of Commons. A Committee was appointed, and a great deal
of evidence was taken. Their report, though it leaned towards
it, was not derided in recommending Dartmouth.
In answer to a question with respeet to the establishment of
a mail to the south of Ireland,
The CHAIRMAN said, communications had been entered
into with the Government for remeving the mail from Milford
to Bristol; but though he hoped the object would be attained,
the matter was at present, quite undecided.
A Pitorairroa n ished to knew whether a larger sum did not
accrue for interest in the last six months, than in the former
six months, and what was the extent of the increase.
The TREA SURER said there was an increase of 8,0001. The
Honourable Member should be aware that the interest upon
the loan notes had accrued the last half year.—( Hear, hear.)
A PROPRIETOR inquired wh t was the amount of toll upon
tho Bristol and Exeter branch a
The TREASURER replied that it was one farthing for every
paasenger, and a penny for every ton of goods.
Mr. ALSTON said, that before the question was put to the
meeting, he felt it setts due to his own consistency, and he
might say to Isis own character, to say a few words
to the meeting. When the last meeting of the Great
Western Railway took place, he was attending a
meeting of the North Midland Railway Company.
At that meeting he made a proposition that two auditors should
be elected from the body of the Proprietors, who should inves-
tiga'e into the accuracy of the accounts of the Directors, pre-
inns to their being laid before the meetings of the Company.
It was extremely gratifying to him on that occasion to hear the
Chairman state that he telt. very great pleasure in seconding the
motion. When he came to London on Tuesday he called on Mr..
Russell, who received him, as he was accustomed to receive every-
body
.who had intercourse pith him, with great courtesy and
kindness.—( Hear, hear.) He recommended to him the benefit
of appointing two individuals who would look after the
accounts and audit them. What could be more absurd in prac•
tice than that individuals, meeting twice a year. and for a
few hours should be able to look into all the accounts, and
determine their accuracy.—( Hear, hear.) The Hon. Gentle-
man gave him no answer at the time he cal!cd, but at a subse-
quent lime, he stated to turn, that the Di. ectors had determined
it would be inexped;ent that such auditors should be appointed.
Ile did not wish to do anything in opposition to the Directors,
but he considered that a proposition so sound and just as that
which he referred to should emanate from the body of the
proprietors themselves, and having received a refusal host the
Directors, he begged to bring the subject before the
meeting.—(Hear, hear, hear.) The Chairman in the
short conversation he had with him expressed that
such a proposal would seem to cast some doubt on the
integrity of the Directors, but no person could believe, that he
entertained any such doubt; but he did consider that the Di-

rectors were very extravagant, looking retrospectively, and
that it would be useful to have a check placed upon them pros-
pectively.—( Hear, hear.) He had no wish to disturb the
meeting, and he had great pleasure in alluding to the great re-
duction that had taken place in the cost of maintaining the
line, because that was a point which he looked on with sus-
pieion. The charge was reduced fvom per cent to and
he could not but record his approbation of that reduction, be-
cause it showed' that the laying of the road was on good and
sound principles.—( Hear, hear.) He was desirous of asking
what was the price of eok..
'I he CHAIRMAN said it was 365. per ton in London and
255. in Bristol, but they hoped to make a still further reduc-
tion in its price.—( Hear. )
Mr. ALSTON said that another question was the appoinmcnt
of the Directors, which he thought to be erroneous. On the
Grand Junction Iti:way the largest Proprietors were the
Directors, but on their line that was not the case ; and Pro-
prietors who had SOO, and 1,000 shares, were not brought into
the d'reetion. He would say no more at present, but would
wait few his reply.
accounts.
stateto t I e Proprietorshe,
ewere
,g,oenDeriarlelcytortiheinm
The CHAIRNIAN said, that in the first place he would
thein
rool en
d nr aaunddi t tn‘gv o
Bristol, who devoted several days ix each month to the duty of
auditing the accounts. That mode he believed to be extremely
efficient, and one through which they had a complete know-
ledge of the accuracy of the aecounts.—(Elear, hear.) Ile
would ask the Hon. Proprietor if the new Proprietors who
might be appointed would devote more of their time
to audit the accounts than the present?—(Bear, hear.)
He believed the mode proposed by the Honourable
Proprietor would be inefficient for the purpose of auditing the
accounts or ensuring accuracy in them, but it would be very
efficient for the purposes of litigation and dispute.—(Hear. )
If that mode were adopted their half-yearly meetings would he
entirely occupied by trivial disputes. He also entertained con-
siderable doubt as to the legality of appointing seven auditors.
The. Act of Parliament under which the Company was formed,
very accurately defined the executive officers to be
of auditors. The Chairman
then there was no mention made . i
then referred to the Act of Parliament, which enjoined the
appointment of five Proprietors, if it became necessary, to try
g.
the accuracy of the accounts. He could not help thinking
would imply a
also that the appointment cf such auditors
want of confidence to the Directors,
_who he hoped had always,
and always would continue to d:reb arg e their duty to
the
Proprietors the Directors Proprietors. It was for these reasons _ e
_esiia, ! b_e t
o comply
had
unanimously resolved that it would not l?
with the suggestion of the Hon. Proprietor.—( Hear, hear.)
that and
They thought the system would be utterly inefficient,
it would lead to endless litigation and dispute.—(Hear, hear.)
And they believed it would imply a want of confidence in the
Direction, without which it would be impossible for them to
discharge their duty satisfactorily to themselves and beneficially
to the Proprietors.—( hear, hear. )
Mr. Vonsticy congratulated the meeting; and the Direc-
tion on the unanimity that had prevailed among them.
He rejoieed that the gentleman who had proposed tht' adoption
of the • Report was the gentleman who on many occasions had
taken a very lively int( rest in the affairs of the Great Western
Railroad. He was very glad that -he now gave the Direci
tors the whole weight of his ekperience and application
because they knew that, on some former occasions, he had felt it his duty, and no doubt justly so, to differ from ,
them. He hoped that the time' was not far , I
distant, probably ,
the next half-y try westing, Awl the engineer wenld meet t