The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1841-02-23 00:00:00

SIBTHORP wished to know what salaries would be

THURSDAY

It by this company w

tat many other compani

us in the market, and this company came a little too late for
the comfort, convenience, and ease of •the proprietary. But
that makes no difference as to the wisdom of the plan for
constructing a railway from Manchester, nor will it all lin-
king, or disturb the calculations originally
I believe the calculations will re-

pede the undert

Made by tE

company

main unassailed, and it is precisely the same with regard to
the result as when our calculations were first submitted to
parliament, with this difference, (a difference in favour of

proved that the traffic would be much greater than the esti-
mates that were originally made, but that the amount of
expenditure would be the other way, it was found that
although the traffic had increased the expenditure had
much increased also. (Hear.) By looking to the published
reports and proceedings of other companies, we find a consi-
derable increase of expenditure ; but still the increase of traf-
fic, in a majority of circumstances, affords a remunerative
return for the increased outlay, With respect to the railway
of which we are the proprietors, the traffic will be found to
partake of the same general result which has happened to,
other companies—namely, the traffic will be greater than was
originally estimated ; but we shall have the satisfaction of
knowing that, as far as the matter can be tested by experi-
ment, the expenditure will not be greater. It will be found
that the more industrious and diligent gentlemen are in look-
ing into the accounts, the more will the directors he pleased,
for the shareholders will then be convinced that the aggre-
gate_ expenditure will come within the estimate. If you look
_ys, you will hardly find a company
state a similar result. Even the Grand Junction

to the history of rails!

Railway Company, who had the advantage of having the same
engineer with the Manchester and Sheffield Railway Com-
pany, in some instances doubled their estimated expenditure.

believe the expenditure in this undertaking will not exceed
our estimates ; while, from the increase of population, and
renewed traffic, we have every reason to believe that the traf-
fic will considerably exceei what it was estimated at ; and,
therefore, the opinions which the public has formed with re-
spect to the resources of the company are rather premature.
The unfortunate litigation in which the company was nearly
implicated, no doubt, gave rise to these opinions. But it is
satisfactory to know, as the report announces to the proprie-
tary, that the series of litigations in which the company was
involved, and over which the directory had no controul,
arose from circumstances common to all railway undertak-
ings, as well as to those circumstances peculiarly connected
with a company who came so late into the market. In that
litigation the company was successful, and, in addition to our
liberation'from the meshes of the law, the advantages attain-
able by the improVed state of the money market, and the
clearing away of the clouds that hung over the affairs of the
company, now offer a hope that, for the future, we shall have
much greater ease in collecting resources, and making greater
progress in carrying on the works than hitherto. You are al-
ready so well acquainted with the history of railways—this
town being almost the centre and parent of all the railways in
the country—that it is unnecessary for me to into a detail of
their respective expenditure, in order to prove specifically
what I asserted generally. lam amply borne out in what 1
have stated with respect to expenditure by the reports of the
Grand Junction Railway, the North Midland Railway, the
Manchester and Leeds Railway, &c. &c. &c., in all of which
the expenditure has considerably exceeded their estimates ;
' whereas in this railway, so far as we have gone, the expendi-
ture has not exceeded the estimate. Since our last meeting
the directory have turned their serious attention to the ques-
tion of the probable traffic. They were not satisfied with
the original estimate on which the application to parliament
was founded, but employed. some gentlemen conversant with
that mode of business to make re-investigations of the pro-
bable traffic, and the result of theirlabours will be laid before
you in the report—which report, I am happy to say, is highly
satisfactory so far as we are able to give an opinion. The
report will hold out a strong expectation (on these matters it
should be recollected that we can never speak with certainty)
of seven or eight miles of the line being opened in the autumn
of the present year. It is exceedingly desirable that, circum-
stances permitting, it should be carried on with as little delay
as possible ; for if we can only open seven or eight miles of
the line, the undertaking, instead of being one only in pos-
sibility, and futurity, will assume a settled and established
character. and the public will feel greater confidence in it.
The probable profits arising from these seven or eight miles,
which will constitute the whole line to Glossop, will, when
laid before you, prove very satisfactory. lam anticipating
the effect of this report, but I thought it my duty, on taking
the chair, to state the circumstances under which we meet

I do so, as the opinion of the direction is considered
worth having. If the proprietary support the direction, and

place the necessary resources at their command to carry on
the affairs of the company, there will be no ground for
despondency, and the position of the company will soon be
very different from what it as at present. The chairman
having fixed the company's seal to the registry of their pro-
ceedings,

Mr.-C-harles Thomson, the secretary, read the report and
statement of the accounts, for which see our advertising
columns.

Mr. JAMES BERN ARD moved that the report of the resi-
dent engineer, certified by the engineer-in-chief, be printed
and circulated. It was not for the meeting, who were not
engineers, to enter into the minutiae of the report, but they
might safely rely on the known character of Mr. Locke,
whom he (Mr. B.) was glad to see present. He hoped Mr.
L. would persevere in the work with all due consideration
of the expenses, and add another leaf to his well-earned
reputation by completing the work at a moderate cost. •He
(Mr. B.) was sure the work would satisfy the shareholders
as fully, by the return of their capital, as any magnificent
work of art, which, no doubt, was commendable and beau-
tiful to see, but which did not always yield the return
expected. _

The resolution was seconded by Mr. LEES, and agreed to.
Mr. WADDINGTON believed it was pretty well known that
the directors were extremely anxious to carry on the works,
and that from time to time heavy calls were made on them.
They were purging the share-list and endeavouring to keep
it pure from those parties who could render no assistance.
In a short time they hoped to be able to re-issue forfeited
shares to solvent shareholders. They would then have a
healthy responsible body, able to answer the calls made on
them, but the directors would not make these calls if they
could avoid doing so. But for the purpose of avoiding it
he would propose to the meeting to give the directors power
to borrow money when it was required ; that if their means
were found to be insufficient for completing the railway, the
directors might borrow the sum of £230,000, to be taken up
at interest on the credit of the railway undertaking ; and
that the company's directors be authorised' and empowered
to mortgage and assign the property of the undertaking,
rights, titles, &c. arising, or to arise, by virtue of the act,
with interest of the same, to such person or persons as shall
advance the same.

Mr. CHAPMAN seconded the motion, and it passed.
A vote of thanks having been passed to the directors,
Mr. WADDINGTON, at the request of the chairman, with
great pleasure returned thanks on behalf of the directors. He
telt confident they would endeavour to deserve the thanks of the
proprietors by carrying out the objects of the company, in
refereime to the railway between Manchester and Sheffield,
so as to return them a handsome dividend on their out-
lay. The chairman alluded to the state of the money mar-
ket as being unfavourable to the company's operations, but
much more evil had resulted from evil reports, which bad
been most industriously circulated by parties carrying out
railway speculations of their own. These-parties had calum-
niated this railway undertaking, and represented it as imprac-
ticable, and not likely to yield a remuneration. The board
of directors were carrying on the work with the utmost pos-
sible dispatch, and making as small a draw as possible on the
pockets of the shareholders. The undertaking was a valuable
one, and if proper exertions were made to forward the work
without unnecessary delay, it would be second to none in the
kingdom. On the part of the board he thanked the propri-
etors for the renewed mark of their confidence afforded by
confirming the grant of £1,600, and he was sure the directors
would prove themselves worthy of the trust reposed in
them.

The meeting was then declared to be dissolved

The work Is divided into five contracts. The Ardwick
contract commences at the junction near Blind-lane, and
ends at the Trail dogs, Messrs. Buxton and Clarke are the
contractors. The Newton contract begins at the Trail dogs,
and ends at Newton-green ; the contractors are Messrs. Sar-
gent and Denton. Mr. ThoThas Brassey is the contractor
for that part of the line from Newton-green to Broadbottom
—this is called the Hattersly contract. The Gamesley con-
tract is undertaken by Messrs. Miller and Blackey, who
carry on the line to its terminus at Glossop, with the excep-
tion- of a bridge over the Etherow, which, we understand, is
a separate contract.

BRISTOL AND EXETER RAILWAY.—The noiseless but
steady and active manner in which this company are pursu-
ing their object of completing the line leaves no doubt of its
being opened to Bridgewater by the Ist of June, and to Taun-
ton early in 1842 ; already the wooden bearers for the rails
are being laid. The object of the directors is, now sufficient
has been paid up, to give the proprietors a little respite by
taking up £500,000. on loan • no new calls will be made for
a year and a half to come. With this loan the workS will be
completed considerably beyond Taunton, so that the share-
holders will be in the receipt of a good income, while the
bondholders will be sectire of their interest the moment the
line reaches. Bridgewater, not out of the capital but out of
the annual rental secured by the lease to the Great Western
Company, and leave a considerable surplus to the sharehold-
ers besides. Wit be true, as we understand it is, that
£1,500,000., with the loan of £500,000., will complete the
line to Exeter, and the rent and toll will pay 6 per cent. on
the total outlay, and 5 per cent. be paid for the loan, the
shareholders will receive at the rate of 61 per cent. for their
capital; making a good thing for those who have bought
shares at a large discount. The forfeited shares, we are in-
formed, are all taken up by the large and substantial share-
holders. _ _

MANCHESTER AND LEEDS RAILWAY.—This important
link of the railway communication across the kingdom from
Liverpool to Hull, will be completed and opened throughout
on the Ist of March. A few months will now tell what may
be expected of this and its kindred lines, but the full traffic
will probably not be developed for a year or two.
NORTHERN AND EASTERN RAILWAY.—The meeting
was held on Thursday. The directors in their report express
their satisfaction with the result of the opening of the line,
and of the prospects of traffic. It appears that they have
made arrangemenls for laying a double line to Broxbourne,
and also for opening to Harlow-road, seven miles further, in
July.

THE LATE TRIAL OF THE EARL OF CARDIGAN.--(From
a correspondent.)—Such was the doubtful character of the
issue of the late trial in the House of Lords, entertained by
the Earl of Cardigan and his legal advisers, that his lordship,
in the event of being found guilty of felony, and to prevent,
in that case, the whole of his property being forfeited to the
Crown, executed, some time before, a deed of gift, assigning
over the whole of his valuable possessions to Viscount Cur-
zon, the eldest son of Earl Howe, the latter nobleman having
married a sister of Lord Cardigan. It is stated, that the
legal expenses of this transfer of property, arising from fines
upon copyholds, and the enormous stamp duties, amounted
to upwards of £lO,OOO. As the deed is stated to have been
enrolled in due form, the same expences will now have to be
again incurred to effect a re-transfer of the property from
Viscount Curzon to his lordship. Should the statement of
our informant regarding the stamp duties payable to govern-
ment bes
cicorrect,n.,cbu ur incurred
a
ede ,vt hleyy will not only most amply defray all the
expenses
the country in fitting up the House of
Lords, &e., a very handsome surplus.— Times.