The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1842-10-04 00:00:00

any one doubt which mode of conveyance will be preferred?
Then, as to the goods ;—if the Seine is really so good a me-
dium of transit, how happens it that upwards of 110,000 tons
of goods per annum are transported between Paris and Havre
by land, at an expense ranging from £2 Bs. to £5 per ton?
It is clear, from this single circumstance, that the common
road is a powerful competition with the river. The com-
monest goods sent by the river pay about per ton per
mile, while the cotton pays an average of 20 francs per ton
for transport from Havre to Rouen, which will be more than

3d. per ton per mile when taken by the more direct route of
the railway. It will be seen that, in the prospectus, it is only
assumed that we shall obtain from the river 100,000 tons per
annum. lam thoroughly satisfied that we shall obtain that
quantity, and that if we choose to adopt a scale of charge not
greater than is charged on some railroads in this neighbour-
hood, we may take nearly all the goods which now go by the
Seine. I suppose no one will doubt our getting those which
now go by land. And now as to the profit on the passen-
gers :—our tariff allows us to charge
12 centimes per kilometre for Ist class passengers.
10 „ ft 2d 77
7+ 77 3d „
which, rendered into English denominations, is, as nearly as
possible, rather less than 2d. per mile for Ist class passer-,
gers ; rather more than IW. per mile for 2d class ; and 14d.
for 3d class. It is quite certain that in France passengers
are carried at a cost to the companies of one halfpenny per
passenger per mile. If it is observed that this is cheaper
than they are carried in England--I admit at once that it is
so : but the reason why they are carried cheaper in France
than in England, is that a greater number of passengers are
carried in each train. The Paris and Orleans train have

averaged 153 passengers by each train from the Ist January
to the present time. The average, on thJ most favoured line in
England, is not more than 70, while in most cases the average
ranges between 50 and 60. Now, I apprehend that the cost
to the company of carrying 150 passengers is very little more
than that of carrying 50. Be that as it may, it is clear, from
the accounts of the St. Germain, the Orleans, and other

railways, that the total expense of carrying passengers is not

exceeding one•halfpenny per mile; and,assuming that all
the Paris and Rouen passengers are second class, and charged
per mile, it follows that they will leave a profit of 66
per cent. I therefore differ in Coto with those who predict
that we shall not have the traffic, or that, if we obtain it, it

will not be profitable ; and I beg of those entertaining such
opinions to look at the facts more closely, and I am sure they
will alter those opinions. Now let us see what is to be done
with this profit when it is obtained. It has to be divided

over a :hare capital of £BOO,OOO only; for, as has already
been explained to you by the hon. baronet, the extraneous

aids which we receive reduce the share capital to that compa-
ratively trifling amount. £lO,OOO a-year will, therefore, pay
5 per cent. on the shares. Gentlemen, I will not detain you
by attempting to prove what must be self-evident, namely,
that nearly sixty miles of railway, through such an important
line of country, must yield several times over such a sum.
It was a saying of the Emperor Napoleon, that " the time
would come when Paris, Rouen, and Havre would become

one large town, of whiCh the Seine would be the principal
street." The conception was worthy of the master-mind
which conceived it. Had he lived, however, until this time,
he would have had occasion to vary one part of his predic-
,.. .

tion, and for the Seine have substituted the railroad, which
will now most certainly be made. (Applause.)
Mr. LUCKE said, that after the eloquent address of his
Mend nothing was wanting from him to assure the proprie-
tors of the prosperous condition of the Paris and Rouen
line. It was two years since they met in that room, when

some of them were not so sanguine as he was of the result ;

but now they had obtained greater information, and he was
not less sanguine now that he had got it. He was satisfied
that the capital of the company would be sufficient. There

were, however such things as administrative acts of govern-
ment, to which they were obliged to submit ; therefore, it
behoved them to behave with becoming caution when they
talked of capital; but judging from the past, he had not the

slightest doubt that they_ would be able to execute this
railway for the original estimate, and have some little
money to spare. (Hear, hear, and cheers.) Of the time
he had no doubt whatever ; the line would be ready for
_ _

opening on the first of May. Indeed he had considered
that question fully before he had written his report, conse-

quently he had nothing to do on that point but to refer the
proprietors to that report. It had been made after great
consideration of the state of the works; and he had, in
short, no doubt that the line would he ready for opening on
the first of May. (Hear.) With regard to the Havre line,
he could not speak of it with so much confidence as he had
now spoken of the Paris and Rouen line ; but he could speak
of it with quite as much certainty as he could of the Paris
and Rouen line two years ago. He thought the smaller
capital was sufficient; but as they might have seen from his
report, he had thought it right to guard himself, and in
guarding himself he guarded the proprietors, by wishing to
have £200,000 extra capital, to be employed in purchasing
stock, in the event of the Paris and Rouen Railway Corn-
pany declining to find the stock, or to work the line; it was
a simple question whether it would not be for the inte-
rest of the two companies to work together, and that the
Paris and Rouen company should find the stock for both.
In that event this £200,000 which he wished for would pro-

bably not be wanted; and this was the contingency to which
he had alluded in his report. In conclusion he felt thankful
to the directors for the confidence placed in him : and the
shareholders might rely that he would use all his energies
for the success of the undertaking. _ . _

Sir J. EASTHOTE recollected th.at in the case of the Rouen

line, it was to be only after the shareholders had contributed
their funds that the government advanced their loan. He
enquired how that was with regard to the Havre line?
Mr. REED read the whole article of the law, which was to
the effect, that when the company had expended £160,000,
then the government was to begin to pay, by tenths, the
sum they were to lend; and when the £160,000 were ex-
pended, then the government had to furnish £40,000, the
company put to it £40,000; and having expended that, they
would go to the government for another £40,000, and so on.
This was as regarded the loan ; as respected the gift, (8 mil-
lions of francs,) it was to be given to the company in propor-
tion to the advance of the works. The gift and the works
would go on pari passe.
Mr. JOSEPH HORNBY made an inquiry, to the effect,
whether the £200,000 was given to the Havre Company by
the Paris and Rouen Company ?
Mr. REED said, the Paris and Rouen Company had only,
in fact, to find £40,000, the government lending the other
£160,000, at 3 per cent. ; and the simple question was, whe-
ther, for the sake of saving £4,800 a-year interest, and
£40,000 cash, they would lose the Havre line. He thought
there could not be a question about it.
Mr. LocKE added, that it was not, in fact, a gift of mo-
ney ; but they were to contribute towards making the line
through the town of Rouen, which would cost £400,000.
The CHAIRMAN explained, that every one was aware of
the difficulty there was in all railways in England as to mak-
ing junctions in towns between railways from opposite direc-
tions, the one coming in upon one side and another upon the
other. The French government very properly said, to the
Paris and Rouen Company, in the first instance, " we must
insist, if you make a line to Rouen, and if there is a line
made from thence to Havre, that you bear a portion of the
expense of making it through Rouen." Their portion of the
expense was £200,000 , and towards this sum the French
government lent them (as had been before explained)
£160,000, at 3 per cent., and he was quite sure it would have
been better for the English railways if the English govern-
ment had done the same.
Sir JOHN EASTHOPE asked, whether that was contem-
plated in the Paris and Rouen expenditure • and whether, in
stating his confidence in the sufficiency of the capital, Mr.
Reed had taken into his account this £40,000 ?

Mr. REED said, his hope was, that the estimate would
cover it ; but he could not positively say it would.
Mr. PARSONS begged to ask, whether the amount put
down for stock for the Paris and Rouen line would be suf-
ficient also to work the Havre line ? _ _

Mr. Locicz thought a few more engines and a few more
carriages might be required, but nothing for the wotking, es-
tablishment ; and he thought mutual advantages would be
derived from the Paris and Rouen Company working the
Rouen and Havre line.
Mr. PARSONS said he had seen no particulars of the cost
of the railway ; but he trusted it was the intention of the di-
rectors that the shareholders should have an opportunity of
contrasting the actual cost with the estimate.
Mr. REED replied, that by law the accounts were obliged
to be furnished at the end of the work.
Mr. LOCKE added that all the works were being done by
contract ; all the accounts were kept distinct, and it only re-
quired an order of the directors to make them out in a de-
tailed form. _ . _

Mr. PARSONS.—To a half-yearly meeting?
Mr. REED.—Yes, after the opening of the line.
Mr. PARSONS meant, before the opening?
Mr. RFED said that was not contemplated. There must
be two half-yearly meetings held in France. Those held in
England were not official meetings, but rather meetings of a
section of the proprietors; and it was a matter of convenience
as well as policy that these explanations should be periodi-
cally given. There was no express regulation, but it arose
out of the nature of things.
Mr. PARSONS said that as half the capital for this foreign
railway would be held in England, the English shareholders
should have an opportunity of asking the directors any
questions.
Mr. REED was sure the English shareholders had only to
express a wish, and it would be attended to.
The CHAIRMAN said, in poitit of fact, this was a French
railway, and, therefore, the meetings must be held in France.
Although the English had taken one half the capital, that
did not make it an English railway, and he could not imagine
that any influence of theirs would be sufficient to procure the
holding of the official meetings in England.
Mr. PARSONS was speaking not of the official meetings of
the company, but of those meetings which were held merely
for the convenience of the shareholders resident in England.

The same, in fact, as the present meeting.
The CHAIRMAN thought it would be extremely important,
whenever the railway was opened, that there should be meet-
ings held in England previous to the half-yearly meetings in
Paris. With regard to the accounts, they were kept as
regularly as (perhaps more regularly than) any English
company's accounts. They were kept with the greatest
possible minuteness. The directors in France, indeed, con-
sidered it their duty to act almost as scretaries rather than
as directors ; they went through the whole detail of business
themselves, and every order for money required the signa-
tures of three directors before it was paid.
Mr. REED stated, that with regard to the Havre line, £2
would be required as a deposit ; and the next call would not
be made till June, before which time the Paris and Rouen
line would be opened. They had been enabled to extend the
interval between calls from three to four months, in conse-
quence of the aid of government going on pari passu with
the works. . .

Mr. PARSONS asked whether it was intended to consoli-
date the two companies ?
The CHAIRMAN said that it was a question he could not
answer. He was quite of opinion that where companies could
be advantageously consolidated it ought to be done ; but in
this case there were upwards of 2,000 proprietors resident in
France, and it would require the sanction of every individual,
or a new law, to effect an amalgamation with the Havre line ;
he, however, could not but hope that the two companies would
be consolidated hereafter. It was of importance that they
should be with regard to the saving of working expenses;
and as far as his influence went, he would assist in doing it.
Mr. PARSONS asked how the account for exchanges was
kept?
The CHAIRMAN replied that the account was not kept
with each individual, but with each share. Troublesome as
it was, each share bad a separate account kept of what was
due to it. With those who held shares from the first, and
paid all their calls in England, it was very simple.
Mr. REED said it was a troubleseme business, but it was
only proper that the parties to whom the share belonged
should have their money.
Mr. PARSONS enquired whether the £2 paid with with re-
gard to the Havre line limited the responsibility ?
The CHAIRMAN replied that first of all the French go-
vernment had not done in the present case as in the Paris
and Rouen. In this latter they required £2 to be paid to
them for caution money : in the present case they had re-
quired only £1 If the Havre company did not go on with
the line that £1 was liable to forfeiture ; and according to the
law of France the shareholders would be compellable to pay
up the three first calls. Whether or not the law would be
enforced he did not know ; but he himself could not conceive
of the probability of anything occurring to make it desirable
not to go on.
After a few words on this subject, Mr. Chaplin was
called upon for his opinion on the subject of the Havre line,
Mr. CHAPLIN said he thought there was no doubt of

success. The inhabitants of Havre, whose interests were
identified with the river Seine, thought so much of it that they
consented to give £40,000 toward it. They were, therefore,
movers in it; and the other movers were the French govern_
went, who saw at once the inefficiency of the Seine for the
traffic between the places. This line, therefore, was not a