The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-07-24 00:00:00

PARIS AND ROUEN RAILWAY,

The French legislature having passed the law for construct-
ing the line, it is now necessary that the shareholders should
execute the subscribers' agreement, and receive the certifi-
cates of their shares, in ex change for the banker's receipts.
All shares will be absolutely forfeited, in respect of which the
subscribers' agreement is not executed on or before the 27th
of August next.
The French government has made two alterations in the
bill, which the English directors think it right to specify to
the shareholders. The
.first of these is, that the shareholders
are to be allowed 3
per cent: interest upon the money paid on
the shares during the period of construction, instead of 4 per
cent. as originally intended; and secondly, the French go-
vernment, instead of becoming shareholders to the extent of
one-seventh of the capital, and lenders of another one-seventh
at 4 per cent interest, are to lend 14.50ths of the whole capi-
tal necessary to execute the line from Paris to Rouen, at an
interest of 3 per cent. per annum.
The capital will therefore stand thus, viz.,
72,000 shares of 500 frs., or £2O each £1,440,000
Loan by government

• £2,000,000
To this it will be necessary to add at the proper time
£400,000 for the branch to Evreux. The English directors
are of opinion, that the allowance of any interest to the share-
holders in this country, during the construction of a line
which promises so large an ultimate return for the capital as
this does, was unnecessary as an inducement. As regards
the mode by which the assistance of the French government
is rendered, viz., that of lending money at a low rate of in-
terest, instead of taking shares, the alteration is clearly ad-
vantageous to the company.
The English directors- avail themselves of the Present op-
portunity of again calling_ specific attention to the two•pro-
visions of the subscribers' agreement, which are not common
in England, viz. the amount of remuneration to the directors,
and the proportion of one-tenth of the profits (after paying
6 per cent.) denominated " Projectors Fund." In respect
of the first of these 'points, the directors would observe, that
although the sum of £4OOO per annum, or one-twentieth of
the profits after paying 6 per cent., is larger than is appro-
priated to the same purpose in England ; yet they believe it
will be found consistent with true economy, inasmuch as it
will secure effective management, it being intended to apply
part of this fund to the payment of individuals of the direc-
tory, to compensate them for the whole of their time, or so
much as is found necessary for regular and constant super-
intendence ; thereby obtaining the best security for a judici-
ous and economical application of the company's funds, and
also the completion of the works in the shortest possible
time. As regards the second point, the principle is in accord-
with the practice pursued in France, in respect to all such
undertakings : the English directors had only to say whether
such a feature in the project furnished a sufficient reason for
declining it altogether or not ; and after mature consideration
they determined, that although the plan was not in confor-
mity with the mode pursued in England, yet it furnished no
ground for rejecting a project which holds out such flattering
prospects of great pecuniary advantage to the shareholders :
under these considerations the English directors distinctly
set it forth in the first prospectus. The French shareholders
approve the arrangement with the projectors, well knowing,
in relation to other cases, that parties who have launched
projects, and who have, as in this case, personally under-
taken the expenses and responsibilities of preparing plans,
surveys, and other preliminary arrangements of that kind,
the employment and remuneration of engineers, agents, &c.
and in furnishing the deposit money to the government at
their own risk, have been much more amply rewarded. The
shareholders will bear in mind two things ; first, that if the
French legislature had -rejected the bill, the whole of the
deposits would have been: returned to them, and the entire
expenses, so well known in England to be large, would have
fallen on the projectors ; .and secondly, that the projectors'
advantage can only arise out of whatever profit may be
made beyond the 6 per cent., which is to be first applied to
the benefit of the shareholtiers.

The directors here repeat their full confidence in the un-
dertaking as an investment for capital ; and they now proceed
to state some of the grounds for their sanguine expectations
of unusually large profits from it. The works will not be
heavy ; Mr. Locke assures the directors, that the cost per
mile will not exceed £22,000. He moreover states, that he
be able to reduce considerably the cuttings and embankments,
upon which he made this estimate, and therefore to reduce
the cost of the work. The directors have the highest opinion
of Mr. Locke's zeal and ability ; but in fixing the amount of
capital, they have, under all the circumstances of the case,
thought it more prudent not to depend upon the saving which
may be effected by these reductions, but, on the contrary, to
anticipate the possibility of more than ordinary and unlooked-
for contingencies. Mr. Locke's estimate for the line from
Paris to Rouen is (exclusive of contingencies) £1,740,000;
if to this is added £lOO,OOO. for payment of interest during
construction, there will remain £160,000. for contingencies.
being £lOO,OOO. more than is contemplated by Mr. Locke.
This expenditure includes £150,000. more than is contem-
plated by Mr. Locke. This expenditure includes £150,000.
for providing carriages, engines, &c. for working the line.
As to revenue, it is the decided conviction a the directors
that it will be unusually large ; and in corroboration of this
opinion they refer to the estimate of traffic, which has been
carefully taken from undoubted sources,

If the government continues the line to Havre, as there is
every reason to believe it will, then a great additional revenue
may be expected. As a further justification of this their
opinion as to the traffic, the directors would mention these
two facts :—first, that the district which this line will accom-
modate and bring into close connection with the metropolis
of France, and with the principal port of import and export,
may be considered the chief manufacturing and commercial
district of the kingdom ; and secondly, that there will, prac-
tically speaking, be no competition for the passengers' traffic
between these important termini. The river Seine is not only
a very circuitous navigation, but it is for the greater part of
the year impassable.
The shareholders may probably be as much surprised as
the directors were to find that there is conveyed by carts and
waggons along the common road from Rouen to Paris, upon
the whole distance, an average daily quantity of 600 tons of
goods, and a similar large quantity is also sent by water.
This is exclusive of goods sent from one locality to another
on the line of railway, from which source alone a large re-
venue would be derived. As regards the traffic of passengers,
the directors have only taken the numbers actually travelling
at the present time ; but they have no doubt the progressive
increase will be very large, as has been the case on the Eng-
lish lines. On the railroads already constructed in France
the increase of traffic has exceeded any thing of the kind in
England, and this will the more readily be accounted for
when the relative accommodation afforded by pre-existing
modes of conveyance in the two countries is considered.
The prices taken credit for are, as regards passengers, at
the tariff agreed with the government, which is rather less
than the present prices. Goods sent by the Roulage Acce-
lere are two days in being delivered, and the price charged
for their conveyance is from 55 to 60 francs per ton ; whereas
by the railroad they will be delivered in from 6 to 8 hours, at
an expense of 27 francs per ton.
The goods sent by river occupy 6 to 10 days, in their tran-
sport. The time which will be occupied by passengers in tra-
velling by railroad from Paris to Rouen, as compared with
that now consumed in the journey by diligence, is as 4 hours
to 10 hours ; by the steam-boats on the Seine the passenger
is from 12 to 16 hours in performing the journey. h is need-
less to say what must be the result of this saving of time even
if the old prices were kept up.

TABLE OF PRESENT TRAFFIC.
Passengers now travelling by diligence, cal-
culated at railway prices £132,987 0 0
Only one-fourth of the number who now tra:

- .
vel by steam-boats (though it is believed •
that every one of them will come to the
railroad)
Passengers now travelling by private Car-
riages 22,164 0 0

There- is now paid for parcels and merchan-
dise carried by diligence, per annum 120,702 0 0
This item will doubtless be decreased, so
far as price is concerned, as the railroad
will carry the merchandise more quickly as
goods than it is now carried by diligence,
and the price charged will be the usual
goods' price ; but any falling off of revenue
in this respect will be far overbalanced.by
the increase of passengers, for which no-
.

thing here is set.down

GOODS.
188,500 tons of goods which now go by land,
and are from two to ten days on the road,
to be charged 225. per ton
97,500 tons of the goods which now go by
water, at 20s. per ton
272,000 tons of -goods front and to various
parts of the line, at an averrge of ss. per ton 68,000 0 0

Total gross receipt for present traffic, at
the contemplated railway prices £676,410 0 0

It is hardly necessary to inform the English shareholders,
that there is no line in England (whatever has been its cost)
which has so great a traffic.
The subscribers' agreement for Liverpool now lies for sig-
nature at the office of Messrs. Clay and Swift, solicitors,
Union-court, Castle-street ; and the agreement for London,
at the office of Mr. Bircham, solicitor, Bedford-row, London.

JOHN EASTHOPE,

JOAN MOSS,

WILLIAM CHAPLIN, CHARLES LAWRENCE
July, 1840.

The CHAIRMAN said, he would again take the liberty of
stating, that a general meeting was appointed to be held, in
Paris, on the 30th instant, at which it would be desirable to
have the proxies of as many English subscribers as possible.
To obtain those proxies was, indeed, the principal reason why
they had been called together ' • and, having been called to-
gether, he would mention, that Mr. Locke, who had surveyed
the whole line, was in the room. That gentleman had made
a highly favourable report concerning it ; and his recommen-
dation of it must carry great weight. Mr. Lafitte from Paris
was also present, and he would most willingly render any
information to the shareholders respecting French laws and
customs as affecting the undertaking. His friend, Mr. Reed,
the able secretary to the Southampton Railway Company,
who had calculated the present traffic along the Paris and
Rouen line, was also present, and would speak as to the
certainty of the returns estimated. He (the chairman)
knowing Mr. Reed well, both as the secretary to the South-
ampton Railway, and as a private individual, should be ex-
tremely pleased if the directors should be able to induce him
to go to 'France to assist in the formation of the railway. He
was sure that the directors would be very glad to have the
benefits of his assistance. The directors had not thought it
desirable to give any statement, in their report, of the pro-
bable expense of working the line, because they did not pre-
tend to have more knowledge upon that subject than any
other gentleman. lie might, however, state, that it would not,
in his opinion, be greater, except so far as respects coke, than
in England; but, in every other respect, the expenses would
be less in France than in England. The duties, for instance,
were less ; wages, he believed, .were less ; coke was not a
serious item. The chairman then introduced Mr. Locke,
the engineer.

Mr.o LOCKE commenced by stating that he was not aware
that he could make any further observations respecting the
Paris and Rouen Railway to that contained in the small
pamphlet now in the hands of •the shareholders. It might,
however, be satisfactory to those who did not know
so much of this railway as he did, to hear something of
its origin. Mr. Lafitte came over to this country to

ascertain if English capital could be brought to bear in the
construction of a railway from Paris to Rouen ; and
he applied to the board of directors of the Southampton rail-
' way, to inform him whether sufficient capital for the purpose
could be raised in the country. That board gave an answer
to this effect—" If we have security that the statements you
make as to traffic and cost are bond fide, there will be little
difficulty in providing any amount of money for the purpose."
It was in consequence of this reply that Mr. Lafitte engaged
him (Mr. Locke) to proceed to Paris and examine the line.
Mr. Lafitte brought to him plans and sections of the entire
works, which he was bound to say had been most carefully
prepared by some intelligent engineers in that country. He
repeated that these documents exhibited great care and great
accuracy. With those plans in his hand he went over the
entire line ; and judging from the nature of the materials,
and the extent of the work, he had no hesitation in saying
that the estimates for accomplishing the work had been very
properly and carefully made. The only difficulty be felt
concerning them arose from the circumstance of his not
knowing the value of French labour. He felt that difficulty
still. He could tell what an English labourer would do, and
what he would expect for his work; but it was difficult for
him, an Englishman, to estimate the price per yard where
French labourers had to execute the work. Every one knew
that when great masses of workmen were brought together
the price of labour was sure to increase, and that it was only
when a large proportion of the work had been done that
wages came down to a lower standard. He expected, there-
fore, some increase upon the present rates of French labour,
and all he meant to say was that he could not yet give a de-
cided opinion upon this part of the subject (the cost of labour.)
He thought, however, there was a sufficient guarantee that
the savings which certainly would be effected in various ways
would compensate for an increase in the price of labour. He
was satisfied, indeed, upon the plans already recommended
by the French engineers, that large sums of money might be
saved; and he thought a considerable reduction would be
made when the line was staked out, a saving which would
more than compensate for any increase in the rate of wages,
or for the absence of any information he might want with re-
gard to the value of French labour. Once made, he consi-
dered that the cost of working the line would be much less
than any in this country. The rates of workmen's wages
upon lines already made in France did not exceed Is. Bd. a-
day—certainly it was not 2s. ; showing that when the press
for workmen was over they got down to the lower standard
which he had contemplated. Therefore economy would be
certainly exemplified in the working of the line, even more
than in its construction. But when he informed the meet-
ing of the nature of the works upon the line, they might be
able to form some judgment upon it for themselves. He did
not know any instance on the whole line where there would
be a cutting or an embankment of thirty feet high ; generally
speaking they would not exceed twenty. The heaviest works
were three tunnels and four bridges. Possibly there might
be six bridges, but that was a point not yet settled. If one
plan was adopted, there would have to be six bridges ; if not,
they would have to be limited to four. The kind of bridges
were common in France ; they were made of wood, and he did
not belieie they would cost more than £15,000 each : they
would be of abOut 100 feet span, and have four' arches.
The French were peculiar for the construction of works of
this description; they had already built a number of such
bridges, the cost therefore was ascertained, and upon that
point he was able to speak with confidence. With regard to
tunnels, there were to be three ; the longest was 1 mile
long, the second three quarters of a mile, and the third half
a mile. The first mentioned tunnel was clearly the most
difficult to work, but it was through an excellent material, for
it was through chalk ; and if he could only estimate with
perfect accuracy the value of labour, which he hoped to be
enabled to do very soon, he thought there would not be the
slightest difficulty in calculating the expense of this tunnel.
The meeting, from these remarks, might form a notion of
the extent of the works. He would further inform them that
several of the first contractors in this country had already
offered to him to go to France and make the line. When he
mentioned Mr. Mackenzie, who made the Liverpool tunnel,
it was a guarantee for the best construction of the work. Ile
could mention several other contractors. Indeed, he felt
that in all the heavy work, particularly in that which might
occasion some difficulty through the want of practical know-
ledge on the part of the French, he had the very best men to
fall back upon. His own opinion of the cost of the line was
not at all altered from his first impressions, as published by
the directors; and if the tables of traffic were borne out (of
which he thought there could not be a doubt) it would prove
one of the most extraordinary lines ever made. Such being
his opinion, and having a strong desire to see the line carried
out, it was his intention to give the greatest possible attention
to it, and he should not relax any effort to see it accom-
plished.
The CHAIRMAN said, Mr. Locke might have added, but
his modesty prevented him, that he had himself embarked a
very large interest in the undertaking. Mr. Locke had taken
500 shares himself. The meeting would recollect, that in the
first pamphlet the names of three gentlemen were men-
tioned ; he (the chairman) was sorry to say that Mr. Chap-
lin (whose name was a guarantee for the correctness of the
traffic,) was not here as.he intended to be. Mr. Chaplin had
authorised him to say that he would increase his shares a
thousand more if any gentleman would give any up : he had
only 500 now, but so convinced was he of the benefit that
would arise, that he was willing to add a thousand more.
That was the strongest proof the meeting could have of Mr.
Chaplin's opinion of the undertaking.
Mr. REED was then introduced to the meeting. He per-
fectly concurred in the remark of the chairman, that Mr.
Chaplin's name was, of itself, a great guarantee for the cor-
rectness of the tables of traffic. It had been his (Mr. Reed's)
good fortune to have him for his companion in France when
he examined into' the traffic ; and his long continued inter-
course, in France, with those parties who were most inte-
rested in the conveyance of passengers and goods, gave him
facilities for procuring information which probably no other
Englishman could possess. Mr. Chaplin had an opportunity
of seeing the business and the books of all the principal par-
ties who run diligences and other vehicles for the conveyance
of goods and passengers between Paris and Rouen ; and it
was from these sources principally that he (Mr. Reed) had
formed his estimates of the traffic, and put down those par-
ticular figures as actual facts for the estimation of the amount
of traffic. Those statements were given most willingly by the
different parties, although Mr. Chaplin jocularly first told
them he was come to cut their throats. In his (Mr. Reed's)
judgment there was not the slightest doubt of the correctness
of those estimates. The probable increase of passengers—
(for it was only to the existing traffic that the report just read
referred)—might be left to the judgment of those gentlemen
who were sufficiently interested in the undertaking to inves-
tigate the point. There would doubtless be various opinions;
thy would perhaps be variaa little by the extent of infor-
mation of the character of the country, of the habits of the
inhabitants, and of the existing facilities for going from point
to point on this line. That the existing modes of convey-
ance were very inferior to those possessed in this country
previous to the introduction of railways, could not be doubted.
That the railways already made in France had produced an
increase of traffic altogether unknown in this country was
equally true ; therefore he should be ashamed almost to state
what he himself thought would be the probable increase of
traffic consequent upon the construction of this line. A small
proportion out of all the passengers who went up and down
the Seine in steam-boats were put down in the report as likely
to go by railway ' • but such an assumption was, he thought,
ridiculous. He himself had been fourteen hours in going
from Paris to Rouen ; those who went up had the stream
against them, and the tide.was not very strong, consequently
they were almost sixteen hours in performing the journey.
That length of time for such a distance was intolerable ; it
broke into two days as we used to do in travelling from Li-
verpool to London. Besides, at some periods of the year,
owing to a scarcity of water, and at others to a redundancy,
whereby it was impossible to pass under the bridges, the steam
boats were altogether unavailable as conveyances for goods
or passengers. The parcels and goods carried by diligence
were numerous and formed a large figure. These, no doubt,
would be carried by railway, part of them in'the character of
goods, therefore they would diminish in some respects the
charges now made upon them ; but that would be amply
made up by the increase of the other traffic. He (Mr. Reed)
believed that that item in the estimate would be more than
sustained by the fact. The importance of this line of railway
as a medium of communication with the French metropolis
was so obvious, that it was scarcely necessary to dilate upon
its geographical position to show the inevitable increase of
traffic that must follow this improved communication. When
we considered that the line from Rouen to Paris formed a
large proportion of the line from the principal trading port
in France to the metropolis, it was evident that it must yield
an ample return for the capital invested. If the English
merchant, instead of seeing his ships come to his own door as
now, found they could arrive only within 120 miles of that
place, that everything had to be conveyed between the two
points of the harbour and the metropolis either by land or by
such a vavigation as he had described the Seine to be—if he '
knew that all the passengers coming to that port—that being
the port which was the best approached from all the west '
as well as from this country, for Havre was the only port ,
upon the south side of France—kwas inevitable there could ,
not exist a doubt that this must be a very excellent line. He '
had nothing to add to the statements he had given in figures
in the report lie had the honour of making to the French
directors ; but if there was any point upon which any gentle-
man had the slightest doubt he should be happy to give any '
information in his power, to justify the report and to convince
the meeting fully that its statements were all founded in truth.
Very large quantities of goods • went by land; in travelling •
from Rouen to Paris, he himself met, every now and then,
strings of carts more numerous than he had ever seen on the
road from Prescot to this town, all striving which could first
reach the market with their goods, in such quantities as ,he
had never seen on any road in this country. It happened
very singularly, but happily, that in endeavouring to find
documentary evidence of the probable traffic upon the line,
they had obtained an account of it taken some years ago for
the then government, when it was intended to make a ship
canal between Havre and Paris. It was therein proved, to
the satisfaction of the commissioner appointed by the govern-
ment, that the quantity of traffic at that period exceeded
one thousand tons a day, and he had put it down at only 600.
He could assure the meeting that goods were sent in most
extraordinary quantities, and that he had not stated the fall
extent, or anything like it. He was sure, however, that if
they arrived only at the extent which he had stated, the
shareholders would have no occasion to regret their invest-
ments in this railway.

The CHAIRMAN then introduced Mr. Lafitte to the meet-

Mr. LAyirrE, who speaks the English language with an
uncommon degree of fluency and correctness, then came for-
ward. He said he did not see anything to add to the clear
and able statements of Mr. Locke and Mr. Reed. Any
questions, however, that might be put to him he should be
be most happy to answer. Upon this occasion he might ex-
plain the object of the proxies. There would be a general
meeting of the company at Paris on the 30th inst., in order
to submit to the shareholders the modification of the original
plan. In order to make it valid, it was necessary that two
hundred shareholders should be present, representing one-
third of the capital. Half of the capital being English, it
had been thought advisable to ask the English shareholders
to send their proxies. The first question for the meeting
would be the alteration in the bill, whereby government lent
£360,000, at three per cent. per annum interest, instead of
lending one-half of the whole at four per cent., and taking
shares for the other half. The second was the reduction of
the rate of interest from four to three per cent. upon the ca-
pital during the construction of the road. The third ques-
tion would be to make a definitive survey of the projected
branch to Evreux, and to go before government for a grant
of that branch. These were the leading points to be discus-
sed, and he wished to obtain as many proxies as he could, in
order to make the meeting an effective one. The bill would
have received the royal assent to-day if the directors had not
felt it a duty to their English friends to submit to them these
modifications, previous to accepting the bill. That was the
object which had brought him to Liverpool. As soon as the
general meeting had been held in Paris, the royal assent
would be given. It was out of special favour on the part of
the French government that the shareholders were allowed
hadregardthatthis they
bill.
their own time to consider whether they would accept the
altered bill: it was entirely out of the friendly feeling of the
with French
deviatedgovernment
fro
the
towardsregular the
course English
capitalists,
to
Mr. ARNAUD considered it very desirable that the English
shareholders should be represented at the general meeting in
Paris. He therefore suggested that those present should
give their proxies to Mr. Lafitte, and that those who were
not present should be written t9.‘

The motion was put and carried.
The CIE AIRMAN intimated that this course would be taken.
Mr. LAFITTF. said there was a very important circumstance
to mention. In coming over to England to solicit the expe-
rience of the English people who had done so much and suc-
ceeded in so man) undertakings of this kind, they had the
good fortune to persuade Mr. Locke to visit France. Their
task, however, was not completed; they wished also to call
to their aid additional experience ; and he was happy to say
that he believed before the 27th of August Mr. Moss would

be enabled to announce to the English shareholders, that the
directors of the Paris and Rouen railway bad secured the

services of Mr. Reed as a director.
The CHAnuokN added that there was a vacancy in the di-
rectory, and it was understood Mr. Reed would be elected.
It rested with the directors to fill up the vacancy, and with
the shareholders to confirm it; and he was sure they would
see it would be most important and advisable to appoint Mr.
Reed.

Mr. COGLAN enquired whether the appointment could be
made by the present meeting?
The CHAIRMAN replied in the negative.
A conversation followed respecting the issues of the shares
in fives or singly. Mr. COGLAN and the CHAIRMAN and
others joined in the discussion, but as the meeting had no
power, it ended in nothing.

Mr. RICHARD HARRISON said there appeared something
irregular in giving proxies before the deed of agreement was
signed.

The CHAIRMAN said the same point had occurred to him,
but it was unavoidable in this case.
Mr. LAFITTE begged to say that the general meeting would
be composed of all persons as shareholders who had paid
their deposits. If Mr. Harrison or any other shareholder
were in Paris he might attendthe meeting, but if he were in
England his proxy was nothing more than a power to a third
person to represent the number of his shares as required by
the law, Therefore there was no irregularity.
Mr. HARRISON said it had struck him that, by a vote of
this meeting, two of the English directors might be au-
thorized to represent this meeting in Paris.
Mr. SWIFT replied, that if that course were taken, it would
still be necessary for each shareholder to send his proxy.
Twenty shares gave one vote • 500 shares gave no more than
live votes ; therefore, if the English shareholders were all re-
presented by two directors only as proposed, they would only
have five votes altogether:
Mr. GREAVES wished to make one remark. He had had
five years' experience of the habits and character of French
workpeople ; and he could say from experience that if you
only paid them well and used them well, no men could work
better.

On the motion of Mr. HARRISON, the report just read
was approved of and adopted, and ordered to be circulated
amongst the subscribers.
Mr. W. W. CURRIE proposed a vote of thanks to Mr.
Lafitte for his visit to his country and-for his information,
and it was a decided proof of the good-will and confidence
existing between the English and. French directors—upon
which indeed the undertaking depended, and without which
it could not succeed.

Mr. HARRISON seconded the motion, and it was unani-
mously carried.

Mr. LAFITTE returned thanks for the honour conferred
upon him. It would be an incentive for him to do all in his
power for the future to deserve the confidence reposed in
him.

Mr. LENIN MOZLEY then rose to move the thanks of
the meeting to Mr. Moss, the chairman, not only for his
conduct in the chair this day, but for the very fair, plain,
and straightforward Way in which every particular connected
with the undertaking, (and particularly as to the director's
and projector's interests) had keen both in the first instance
and now again laid before the subscribers. Nothing could
have been fairer, and it was impossible for any man to say
that he had subscribed in any degree without full information
upon any point. • _

. .
This motion having been seconded and carried, and ac-
knowledged by Mr. Moss, the meeting broke up,—all parties
evidently being highly satisfied with the prospects before
them.

MANCHESTER, BOLTON, AND BURY CANAL

NAVIGATION AND RAILWAY

The annual meeting of the shareholders in this concern
was held, by adjournment from Manchester, in the Claren-
don -room, on Wednesday afternoon. Mr. JAMES BRANC-
KER was in the chair.

The minutes of the Manchester meeting were read by Mr
MILLER, the law clerk.

Mr. HAWKSHAW read the report for the half year ending
June, a copy of which had been sent to each proprietor.
Mr. •JOUN CLARE, of Warrington, said that he felt satis-
fled with the report, and hoped that the concern would go on
successfully. He moved that the accounts and report be
approved and confirmed.
Mr. RIGG seconded the motion.

A PROPRIETOR from Dublin complained of the large
amount expended for " maintenance of way" which, he was
informed, was as much for their ten miles as it was on some
lines one hundred miles in length.

Mr. CONNELL, one of the -directors, replied that the ex-
pense per mile was less on the Manchester and Bolton than
on any line he had ever heard of.

Mr. HAWKSIIAW entered into comparisons to prove this
statement. The " maintenance of way" for this line, for
the past half year, amounted to £lO7B 4s 9d, which would
make, for the whole year, a rate of £214 per mile ; but he
expected that the expense for the next half year would be
less than for the last. One of the lowest lines he knew of
was the Grand Junction, and the yearly cost on that, for
maintenance of way, was £245. The engineer expenses on
the Manchester and Bolton were £264 per mile ; on the
Liverpool and Manchester, £1343; on the Grand Junction,
£536; and on the Dublin and Kingstown, £1258.
Mr. Rion said that this was nothing but an attempt to
mystify the matter. The shareholders of the Manchester and
Bolton line were to receive a dividend of ten shillings ; those
of the Grand Junction received £l4.

The Dublin PROPRIETOR also complained of so many as
ten engines being employed on a line only ten miles in length,
when three only were worked.

Mr. H AwxsliAw showed that the number was not an un-
usual one, and stated that the interest of the capital invested
in engines bore no proportion to the cost of repair.
Mr. RATCLIFFE observed that if they could not succeed,
by some means, in reducing the expenditure. there was no
hope, and they had better give the railway away.

The Cu AI AN.-1 shal be happy to accept your shares,
sir.

Mr. RATCLIFFE could not consent, at the present moment,
to make a present of his shares ; but he must say that to de-
clare a dividend of ten shillings a-year one week, and then to
make a call for £3 immediately afterwards, was very dis-
heartening. _ . _ _ _ _

0-
Mr. RoßiNsoN was of the same opinion, and thought that
they had better give up the railway and stick to the canal
solely, rather than as at present, look to the profits of the ca-
nal for paying the losses of the railway. He should move, as
an amendment, that the word " approved" be left out of the
motion before the meeting.
Mr..RATCLIFFE seconded the motion.

Mr. CONNELL stated that the objection advanced by Mr.
Robinson had been fully answered before. The canal and
railway were one concern, and there was on them jointly a
debt, the interest of which (about £6,000 for the half year)
was paid out of the proceeds of the latter, apparently making
that a losing concern, and the former a gaining one. But,
to come to a fair point, the interest ought to be divided be-
tween the two.

Mr. IlAwHstrAw also observed that the objectors argued
upon incorrect premises. The bond debt would have to be
paid, although the proprietors should consent to give the line
away. The canal yielded only £B,OOO nett profit per annum,
and the interest was £12,000 ; it was therefore easy to calcu-
late what their position would be, supposing the suggestion
were acted upon. A proposal had once been made to let the
line, and if the offered terms had been accepted, there would
have been a profit of £l,OOO less than had been received.
A question was then asked as to whether the company had
not a great deal of unproductive land about Salford.
The CHAIRMAN replied in the affirmative, adding, however,
that every means were being taken by the directors to dispose
of it, but such had been the depressed state of the times, that
that had not hitherto been accomplished. In the approach-
ing spring, if confidence should then be restored, an effort
would be made to dispose of it, a part at least, by auction.
Mr. CROSTHWAITE mentioned that it was not at all im-
possible that in a short time a very advantageous sale might
be made, and it would be a pity to sell the land prematurely.
A junction with the Leeds and Manchester line was almost
inevitable. Besides, he had himself been spoken to on the
subject of a junction with the Liverpool and Manchester, and
he hoped that ere long the directors would be able to report
satisfactorily to the shareholders with respect to the land.
The amendment was then put, but only three or four hands
were held up in support of it.
The original motion was carried.

Several resolutions were then carried, fixing the rates for
the carriage of coal and lime-stone. This was with the view
of increasing the old traffic, and creating new, both of which
were expected to be the result to a very considerable extent.

In accordance with the wishes of the directors, a motion
was brought forward, that instead of the guinea hitherto
allowed for attending a meeting, the members of the com-
mittee should have £— a-year, to be divided as they them-
selves thought proper.
Mr. JOHN CLARE said that the man who would work for
nothing would never be without a job, and moved, as an
amendment, that the subject should be considered that day
twelve months.

The original motion_was carried by a small majority

On theinotion of Mr. RATcLIFFi, it was agreed that any
shareholder, on application to Mr. Hawkshaw, should have
a copy of the proprietary, for the sum of seven shillings.
Allusion having been made to the profit which might be
made, and the convenience which would be afforded to the
humbler classes, by having third-class carriages attached to
each train, it was stated that the subject had been under
discussion, and that it had been decided to have a third-class
train every morning and evening. They would be confined
to 1 g. passengers and to goods.
Mr. RIGG drew up a motion, proposing that the directors
should be empowered to effect a junction with the Liverpool
and Manchester line.

It was stated that the matter had formerly been under ne-
gotiation; that the directors of the Liverpool and Manches-
ter Railway had an act of parliament empowering them to
make the junction, and that the matter now rested with them.
There were, however, obstacles in the way, arising from the
fact of large holders in the Liverpool and Manchester line
having an interest in railways opposed to the Bolton and
Manchester; and 'Mr. Rigg was counselled to take his mo-
tion to the next meeting of •the Liverpool and Manchester
proprietors. In the course of the conversation, it was re-
commended, seeing the great number of wealthy persons
connected with the Bolton and Manchester line, that if the
Liverpool and Manchester would not consent to a junction,
an application should be made for an opposition railway to
Liverpool. This elicited a remark to the effect, that unless
terms were come to, there would undoubtedly be an Opposi-
tion line. It was, however, thought injudicious to move.
further in the proposed matter at present. The motion of
Mr. Rigg was withdrawn.
A vote of thanks to the chairman and the directors was
passed, and the meeting separated.