The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1841-07-09 00:00:00

clause

The Directors have now adverted to the matters of leading
interest in your concern, and they cannot take leave of the
Proprietors without congratulating them on the prospects
which the Railway holds out of realizing the high hopes
which were entertained of it.
That the first cost should have exceeded the estimates is
scarcely to be wondered at, when the localities are considered ;
but the Directors, now when the works are finished. cannot
discover that hasty or ill-considered decisions have caused an
injudicious expenditure ; and they are certain, that, as each
day developes the immense resources of the line, the Pro-
prietors will have fresh cause to be satisfied that the extensions
of the original plan arc calculated to secure lasting and inva-
luable advantages to the Railway.

MARK HUISH, Seeretary.
The Chairman remarked that there was apart of the dire
tore,. report that he would read himself. It was as follow

. " TLe directors cannot conclude their,report✓ without ad-
ad-
verting to the retirement of their respected secretary, Capt.
Huish ; and in order to testify the sense which they and the
shareholders entertain of his able, faithful, and zealous ser-
vices in the cause of the railway, the directors have voted
the sum of :1.300, subject to the approbation of the general
meeting, to be expended in the purchase of a piece of plate,
to be presented to him, with a suitable inscription, previous
to his departure for the new sphere of his labours."
The chairman trusted that the measures of the directors
would be approved by the general body of shareholders. Ht
had nothing to add, but simply to bespeak the favourable
reception of his report. Since last half-yearly meetir
imi

pOrtant era had Occurred in the history of the railwaj•, I

its-opening on the 30th March. He congratulated the meet-
ing on that auspicious event, on the highly favourable corn-
mencement of the traffic, and the increased value of th,
shares. The satisfaption of all who had travelled by the rail
way, the excellence of the road, and the good r
working of the trains, had been everywhere es
acknowledged. The number of passengers carried
as great as could fairly be expected, considering the
period of the year at the opening, and for same time
after,—the restraint which was laid upon travelling by the
pressure of the times, together with the many disadvan-
tages with which every new undertaking at the outset, had
to contend, but which every day's progress tended to obvi-
ate and remove. Should the amount of traffic fall short of
the expectations of any, there must be kept in mind the
number of competing conveyances which, at greatly re-
duced fares, are still sharing the traffic with the railway,—
the result was amply sufficient to prove the public prefer-
ence of the railway, and with no wish to undervalue the
efforts of our respectable rivals, the river and canal, it was
equally obvious that no successful opposition can be long
maintained against the great facilities, and daily developing
resources of the Railway. The carriage of Goods would,
he had no doubt, be very extensive when the arrangements
were completed ; but at present uo more than a limited
quantity could be taken. In the course of a month every
thing would be in readiness to prosecute any extent of trade.
At this stage it was no small matter of congratulation the
unanimity which had characterised the past proceedings of
the Railway, not only at the Board, but also between the
Directors and the Shareholders. To that happy circum-
stance may be attributed much of that prosperity which had
marked its past course ; and with a continuance of the same
harmonious co-operation, the best results might be antici-
pated for this undertaking, which now more than ever pro-
mised to realise the highest hopes of the Share-
holders, and to prove a permanent good to the country.
lie-could not sit down without adverting to the loss which
the Company were about to sustain by the intended resigna-

and elf

Lion of their respected Secretary, Capt. Huish, who, in con-
sequence of an offer made to him by the Directors of the
Grand Junction Railway, was about to vacate his office here,
and transfer his services to the wider field of that great Com-
pany. It was well known the high estimation in which Capt.
Huish was held by the Directors ; and, while they regret the
prospect of parting with him, a feeling in which he was sure
the meeting would participate, they, at same time, for the
regard they felt for Capt. Huish's welfare, were pleased that
a wider field awaited the exercise of his talents, and conse-
quently a reward more proportioned to his merits than could
be afforded here. The completion of the works brought us
close to the termination of our engagement with Mr. Locke
and his valuable coadjutors in the engineering department.
The public had pronounced the most fitting eulogium on
these gentlemen by their universal admiration} of their handi-
work, and it was unnecessary for him to add more than that
the several duties were executed with the highest honour to
themselves, and to the entire satisfaction of the Board. He
was happy to add that Mr. Locke's services, under a new
agreement, would still be given when required as consulting
engineer of the Line. Mr. Errington was presently in charge
of working the Line, and Mr. Davidson was engaged in
finishing those portions of the work which require comple-
tion. With the conduct of the other officers, superior and
subordinate, of the various departments, the Board are much
satisfied •, and the servants, with a very few exceptions of
fine and dismissal, have also done well. He took this occa-
sion of assuring every individual in the service of the Rail-
way, that it was the anxious desire of the Directors to reward
merit, and their eye would be directed towards those whose
deserts entitled them to promotion or other reward, when
opportunities occurred, by vacancies or otherwise, of bring-
ing forward deserving individuals, whose conduct and ser-
vices should render them worthy of the special notice of the
Board.

Andrew Donaldson Campbell, Esq., of Ashcraig, expressed
his approval of the Report, and stated that the compliment
which was proposed to be given to Captain Hnish was well
merited by that gentleman. He moved—" That the Report
which had been read be adopted, printed, and circulated
among the Proprietors, and that the resolution of the Direc-
tors regarding a mark of their esteem for the Secretary be
confirmed."

David Balderston. Esq., seconded the motion, which was
carried unanimously.

The Chairman slated that Mr. Errington was present to
answer any questions that might be put to him, respecting
the state of the works, or any other subject connected with
the Line, upon which information might be desired.
After a short pause,

James Baird, Esq., said, it might be satisfactory for the
meeting to know something regarding other railways, which
might be calculated to throw light upon their own prospects.
With this view he had looked into the Railway Times of
Saturday last, and he found that the cost of the Grand Junc-
tion Railway was £22,000 per mile, and that the return for

the weekly traffic was £B9 per mile, and that it paid a divi-
dend of 13 per cent. The cost of the Greenock line was
£27,000 per mile, and as the traffic produced £4l per mile
per week, it would allow a dividend of 5 per cent. The cost
of the London and Birmingham line was £52,560 per mile,
and the weekly traffic upon it produced £173. 16s. The
dividend paid there was 8/ per cent., or just about the same
proportion. The case of the Liverpool and Manchester line
also tended to confirm the estimate he had formed. The
cost there was £45,484 per mile, and the weekly traffic for
the same distance £lB5. 3s. which produced a dividend of
10i per cent. The same journal contained a communication
entitled " Railway Prospects," which gave some account of
the former and present condition of certain Railways, and
alluded to the depressing influence of the dullness of trad
and the contracted state of the Money Market

The circu

lation of the Bank of England, at the present moment, was
a million and a half below what it was in 1839, which, of
course, had a tendency to depress Railway shares, and to
lessen their traffic. In fact, the Grand Junction stock, upon
which an annual dividend of 13 per cent. was paid, did not
bring more at this moment than £202, and other stock of
the same description had suffered in proportion. A single
good harvest, however, of which there was at present hap-
pily every prospect, would soon restore the Money Market
to its former easy condition, and Railway shares would pro-
bably derive more immediate benefit from such a change,
than any other description of stock. The same writer men-
tioned a circumstance connected with the London and
Birmingham line, which was highly encouraging to the,
proprietors of the Greenock Railway. During the eleven
weeks from the 9th April to 30th June, 1839, the receipts
were at the rate of £45 per mile weekly, while they now, as
he formerly stated, had increased to £173 per mile. These
he thought highly encouraging facts which the meeting would
be glad to hear.
Captain Huish, on rising, said, Mr. Baird's calculation of
the profits of the Greenock Line had been taken for a period
when their receipts barely averaged £BOO per week; but for
some time past their receipts had considerably exceeded
£9OO, which would add more than 1 per cent to the estimate.
(Cheers.) In alluding to the resolution regarding him, he
trusted they would allow him to state, that be was quite un-
aware when he entered the Hall that such a public compli-
ment was intended to be paid him, and he felt altogether
unable to express his feelings on the occasion. He had
already taken an opportunity to convey to the Board the deep
sense he entertained of the uniform kindness with which they
had treated him ever since_he was connected with them. The

readiness with which they listened to every suggestion which
he made, with a view to the improvement of their great
undertaking, made it a pleasure to perform his duties. He
felt deeply grateful to the shareholders for the mark of their
favour which they had agreed to bestow upon him. Had
their undertaking been an unsuccessful one he would have
had some scruples about accepting it ; but he felt persuaded,
that the railway would not only benefit extensively the conntry
through which it traversed, but would be a fruitful source of
profit to the shareholders, of whom he was one. (Cheers.)
The first remark that he had made at a meeting in this town,
before a spade had been put in the ground, was, that their
line would be a little Liverpool and Manchester one. The
only change which his subsequent experience had induced
him to make upon that saying was to change the word
"little " into " great." He saw great prospects of traffic
lying before them, which a short time would bring into
operation. Some had expressed disappointment at the num-
ber of passengers which were still conveyed by the river after
all which the railway had taken
.away ; but for his part lie
regarded the matter with totally different feelings, as showing
how many more passengers were yet in store for the railway
—for come to it they would at last. The more he investi-
gated the subject, and observed the tendency of all traffic to
flow into the best channel, the more convinced he felt that it
was utterly impossible for the river long to compete success-
fully with the railway. (Cheers.) He could not sit down
without adverting to the kind courtesy and warm hospitality
which he bad ever met with from the inhabitants of Greenock
generally during the time he had been domiciled among them.
He was happy to avail himself of this public opportunity to
acknowledge their kindness' and to state that wherever he
should be placed he would regard a Greenock man as a
friend. (Cheers.) lie again thanked them all for their
kindness, which could never be effaced from his mind.
Wm Leitch, Esq., remarked that he had observed in the
Greenock Advertiser of that morning a paragraph upon the
subject of carrying the Mail, which he thought well worthy
of being brought under the notice of the meeting. He wished
to know if any explanation could be given in regard to the
matter ?

Captain Huish said the Post Office had contracted with the
Railway Company to carry the Mails four times a day, and
the selection of the hours was left to the former. But he
could assure the meeting that upon any occasion, when the
Mail was not forward in time to go by the appointed train,
if it were taken to the station-house for the next departure,
it would be forwarded as a matter of course. So intense was
the anxiety yesterday to receive the London papers, that the
Directors would willingly have despatched a special train to
bring it on rather than that the delay that had occurred should
have taken place. (Cheers.) The Railway would convey
the Mail bags whenever they were brought to it, and he
trusted that future delays of the kind, should they neeni.,
would not be blamed on them.
It was agreed to refer the matter to the Chamber of Com-
merce, to endeavour to have it arranged so, that when any
Mail arrived too late for the appointed train it should be de-
spatched by the next. •
Allan Fullerton, Esq., asked whether the Directors had
received any authentic information as-to the time when
e
Edinburgh and Glasgow Railway would be
thanksopend :erctitile:
vote
C.
The Chairman replied in the negative.
Ond to
motthioencoifiainuAndarnewfoAr nhdi:rcosonn , ntittlr, and the
meeting separated.