The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-02-04 00:00:00

CHESTER AND BIRKENHEAD RAILWAY.

The application to parliament made by this company, for
leave to raise additional capital by the issue of half-shares,
appears to have created a feeling to the prejudice of the un-
dertaking, greater than we think could havp arisen, mliss
aided by misrepresentation or the prejudices of opposing in-
terests. The necessity for increase of capital,' beyond, the';
original estimate, was announced by the directot:s,at thellast
half-yearly meeting, and the cause which had led to it fully
explained ; and although, as supporters of the railway sys-
tem, we deprecate the too frequent recurrence,of discrepancies
between the parliamentary estimates and the actual cost of
railways, yet we must express our conviction that the expla-
nation then given ought to have been perfectly satisfactory
to the shareholders and the public. As respects the former,
such, we believe, has been the case ; but yet the bare fact of
this application being necessary has afforded a handle to par-
ties interested in depreciating its stock, which they have not
been slow to lay hold of.

The increased expense of the line has been mainly owing to
one or two causes, over which the engineers could have no
control, and which they could scarcely foresee. The direct-
ors have had to submit to soine very exorbitant charges for
land, and have been also induced (we think wisely) to pur-
chase for stations, &c. to a more ample extent than was ori-
ginally contemplated or may at first be wanted. An increase
has also been made to the weight of the rails, by which
greater durability is insured. Some contingencies have oc-
curred, but to a trifling extent, to increase the cost of execut-
ing the works ; but in most cases, we believe, the enlarged
cost in this way has been caused by alterations of the original
plans, adopted with a view to the general improvement of
the line, the benefit of which will arise from increased facility
of working. A considerable sum has slso been sunk in pur-
chasing the rights of the Woodside Ferry Company, by which
the directors secure in their own hands a valuable property,
together with the greatest degree of accommodation for their
Liverpool traffic.

Under these circumstances an application to Parliament
became indispensable, in order to complete the undertaking,
thus enlarged,, and to provide the means of conducting the
carrying department efficiently. Supposing that the full
amount applied for—Xl2s,ooo—should be required, in addi-
tion to the original capital of X 250,000, the entire cost per
mile would not then exceed £27,500, which upon a short
line of fifteen miles is not excessive, and upon which the
estimated traffic of the company would afford an ample re-
muneration. We have reason to believe, however, that
small portion only of the whole amount of the new shares
will be called up ; yet we quite approve of the policy of the
directors, in applying for power to raise a larger sum,
order to .enable them at a future time to avail themselves of
any contingency which may offer for the advantage of the
undertaking.

The works upon the line are rapidly and satisfactorily pro-
gressing, and are fully expected to be completed in the
course of the ensuing summer. We would, therefore,
strongly urge upon those Who have so far adhered' to the
undertaking, to continue their confidence until its opening,
When we think the evil prOgnostications and the interested
motives of those parties who are now engaged in decrying it
will be disappointed, Until within a few months its stock
has maintained itself firmly in our market; and however
much, and for whatever motives, it may be temporarilg de-
preciated, we have little fear of its being for the present
good and safe investment, and, ultimately, when the re-
sources of the line shall be fully developed by the proposed
Ruabon branch, and a connection formed with the rich
mineral district, to which that branch will give it access, 3
highly profitable one.

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