The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1842-07-15 00:00:00

CHESTER AND BIRKENHgAD RAILWAY.

The adjourned halt yearly meeting of the shareholders in
the Chester and Birkenhead Railway Company was held in
the Clarendon-rooms, South John-street, for the purpose of
receiving the report of the directors, which they, at t►.e last
meeting, requested time to prepare. There was a very large
attendance of proprietors. Shortly after twelve o'clock the
chair was taken by William Dixon, Esq., Chairman of the
Board of Directors.

The CHAIRMAN commenced the proceedings by stating
that the report of the directors, which bad already been laid
before the proprietors, would be read by the law clerk.
Mr. MALLABY, the law clerk, then read the report, of
which the following is a copy :
..

" At a meeting held in October, 1841, the directors laid
before the proprietors statements of the company's transac-
tions, which they had every reason to believe were correct,
having given instructions to the late treasurer to prepare
them in as detailed and complete a manner as possible ; the
accounts when prepared and their correctness certified by a
professional accountant, they laid before the meeting with
the most undoubting confidence.

" The resignation of the late treasurer, and the consequent
appointment of his successor, having led to a re-examination
of the accounts they were found ill-arranged, inaccurate,
and in many respects deficient and incomplete, so much so
that it has required the utmost efforts of Mr. Wilcox, the
present treasurer, aided by the occasional assistance of Air.
Joseph Fry, an able accountant, and frequent explanfitions
from the late treasurer, before the accounts could be brought
into an intelligible shape, and rendered worthy of the confi-
dence of the proprietors.
" The directors have reason to believe that the accounts
about to be lad before this meeting are correct. They are
made up to the 30th of June last, showing the state of the
affairs of the company, both as to its capital and traffic, and
will be read in detail to the meeting; the following abstract
will show in the meantime the results of the working of the
line ;

The total amount received for the Carriage of
317,739 Passengers, from the 30th day
ofJune, 1841, to the 30th June, 1842, is £25,924 15 5
For Parcels and Merchandise 2,038 14 0
For Rents
Claim outstanding against the Post Office 2,173 6 0

Expended during the same period
in working the Line £18,543 4 9
Interest paid on Loans £6,842 2 4
Deduct Interest received 138 2 4

£30,784 6 3

£6,704 0 0
£25,247 4 9

Balance in hand in June, 1841

Surplus on Traffic account

£5,537 -1 6
3,314 19 8

£8,852 1 2

" The expenditure on the gross receipts (upwards of 60
per cent.) will no doubt appear to the proprietors, as it has
done to the directors, much too great ; and as it has been
apparent for many months that a considerable portion of this
evil arose from the fares being too low and the trains too
numerous, an improved arrangement of both fares and trains
has been adopted with signa success—the expenditure has
hen diminished to the extent of £1650 per annum—the
receipts of the railway, in proportion to the number of pas-

sengers, have increased—the accommodation for the public
Las proved amply sufficient—few persons have gone by any
other route in preference to the railway, whilst the number
of passengers has not diminished to the extent which the ad-
mitted depression of trade during the last year, might have
led the directors to expect.
" In addition to the above sources of increased income,
the sum of £1,500 per annum has been saved by causing the
passengers to pay their own ferry rates. First class passen-
gers alone are now conveyed from the ferry to the railway
station in omnibusses, by which £730 per annum has been
saved to the company ; indeed it is from these changes alone
that the directors have been able to create the surplus now
placed at the command of the proprietors; had the trade of
the country been in a prosperous state, it is obvious that an
extended traffic, unattended with additional expenditure,
would have arisen, which, under the present arrangements,
would have enabled the directors to have laid a statement
before this meeting more satisfactory to themselves and to
the proprietors.
" It is a well ascertained fact, that short lines cost much
more in proportion than long lines, and the expense of work-
ing them is also proportionally greater ; this line endures the
pressure of both these evils in no ordinary degree, a much
greater sum having been expended on the line than was ever
contemplated by its projectors, and must continue a draw-
back upon the returns which the railway would otherwise
have produced.
" The directors have devoted much of their attention to
the introduction of economy in the expenditure into every
department of the establishment ; they have, to a certain
extent, succeeded, and they have in contemplation various
plans, which, when matured, will lead to still further reduc-
tions. Much has already been done, but it is apparent that
still more must be done, and they pledge themselves to the
proprietors to carry into effect all practicable and ra-
tional plans for reducing the expenditure, consistent with
a due regard to the accommodation and safety of passengers,
and the efficiency and permanence of the line.
" The directors have completed the arrangements for the
sale of the Woodside Ferry, on the terms already sanctioned
by the proprietors. By its sale, the right of ferryage to and
from Liverpool has been secured in perpetuity to the Monk's
Ferry, as far as regards railway purposes ;—the interest on
capital expended in its purchase, or engaged in working it,
has been saved by the company, and in the event of the pro-
prietors thinking it expedient to construct a tunnel from
Monk's Ferry to Grange Lane, they have secured to them
the right to do so, and for that purpose to break the surface,
and pass under the streets of Birkenhead..

" With the exception of having the plans and estimates
prepared by the company's engineer, the directors have not
taken any step towards the formation of the tunnel, and they
now desire to have the sentiments of the proprietors fully ex-
pressed relstive to so great and expensive an undertaking be-
fore they venture to engage in it. The company has land,
which, if sold, would furnish a considerable portion of the
funds needful for that purpose. Some of the directors con-
sider that much of the ultimate welfare and success of the
railway depend upon the construction of the tunnel forth-
with, whilst others think, however desirable the measure
it is worthy of grave consideration,- whether the advantages
which may be gained by the construction of a tunnel would
compensate for the great expenditure and the sacrifice of va-
luable property in land which is daily increasing in value, and
which must be sold for less than even its present value if
forced upon the market without reserve.

" The directors have pleasure in stating that the line has
not suffered any injury from the late severe winter; it is in
good order in every respect.

"The directors recommend that a dividend of 20s. per
whole share be paid to the shareholders, on and after Mon-
day, the Ist of August ; and they have only to add, that the
retiring directors are Mr. Wardell, Mr. Booth, and Mr.
Hamilton, who are all eligible for re-election.
" WILLIAM DIXON, Chairman.
. _ _

•
Appended to the report was a statement of the receipts and
disbursements on the traffic account from the 30th of June,
1841, to the 30th of June, 1812. It appeared that, including
a balance in hand on the 30th ofJune,lB4l, the receipts from
passengers, parcels, merchandise, rents, interest, and the
ferry, amounted to £32,064 2s. 3d. The disbursements for
coaches, locomotive power, police, omnibus and ferry, rates,
maintenance of way, direction, law charges, &c. &c., to
£25,385 7s. Id., leaving a balance in hand of £6678 15s. 2d.
The receipts and disbursements on capital account, from the
31st of August, 1841, to the 30th of June, 1842, shewed a
balance against the company of £29,776, Bs. 9d. ; against
which was £28,257 45., mortgages of the commissioners of
Birkenhead for Woodside Ferry. The accounts were signed
by Mr. John B. Wilcox, treasurer, and by the auditor, Mr.
Joseph Fry, accountant.
Mr. JAMES MULLENEUX said, that in order to bring the
business fairly before the meeting, he had no objection to
move the adoption of the report just read; but before doing
so, he would allude to one item which demanded serious con-
sideration upon the part of the directors. He meant the
immense charge of working the line. It was worked at en
expenditure of between 60 and 70 per cent. upon the gross
receipts, which was far greater than on any other line in the
kingdom ; and he thought it might be very materially dimi-
nished. If the working of the line was let upon contract, he
thought that object would be obtained. He was aware
that this plan had been brought before the directors ; and he
certainly felt some surprise that it had not been adopted. He
saw that the directors wished to have the opinion of the
proprietors upon the propriety of making the tunnel. He was
of opinion that it would be most impolitic and injudicious to
do so ; that they must either sell their land at an improper
time, or incur a debt with the prospect of a very doubtful
advantage. .He did not think the advantage to be gained by
it would compensate for the expense it would entail upon the
company. He thought it was the duty of the directors to
employ their money upon the improvement of the line, and
leave to other and more prosperous times the construction of
the tunnel. He moved the adoption of the report.
Mr. SEAGAE seconded the motion.

Mr. PETER SOWERBY said that portion of the directors'
report which contained a eulogy upon the present system of
fares, was incorrect and not founded in fact. He would not
enter into the discussion of the fares then, because it would
be a waste of time ; but he would give a sketch of the traffic
since the opening of the line. From the 23d September to
the 14th December, 1840—eleven weeks and six days-21,811
passengers were conveyed ; the amount received for passen-
gers and parcels was £2,857. 16s. 9d. ; the average number
of passengers per week was 1,817, and the average receipts
per week £239. The fares were then 4s. the first class, and
2s. 6d. the second ; upon market days a third class carriage
was provided, with seats, and Is. only was charged. From
the 15th December, 1840, to the date of the commencement
of low fares, the 30th September, 1841—forty-one weeks and
two days-281,402 passengers were conveyed ; the amount
received for passengers and parcels was £21,566. 15s. 7d. ;
the average number of passengers per week was 6,863, and
the weekly receipts for passengers and parcels was £530.
During the whole of that time the Chester and Birkenhead
Railway Company had to contend with a most powerful
oppositions. Three coaches left Eastham for Chester, and
two left Eastham for Wales, which made ten coaches a-day.
Early in September, 1841, the proprietors of those opposition
coaches ceased to run in opposition to the railway, having
entered into an agreement with the Chester and Birkenhead
Railway Company. From the 30th September, 1841, to the
30th June, 1812—thirty-nine weeks-205,928 passengers
were conveyed;' the amount received for passengers and
parcels was £21,050 ; the average weekly number of passen-
gers was 5,280, and the average weekly receipts were
£539. They must, however, bear in mind, that the re-
ceipts of those 39 weeks contained an item of £4O per
week derived from her Majesty's mails, which was not the
case in 1841. They must also bear in mind that the last 39
weeks included a considerable amount—upwards of £BO per
week—received from the traffic that used to go by Eastham.
Now, deducting the £4O and the £BO, which made £l2O,
from the average sum of £539 received per week in that
period from passengers and parcels, it would leave only
£419. Now, considering that there were a large number of
villages on each side of the line—that the population of Li-
verpool was 200,000—that the railway was contiguous to
Shropshire and the whole kingdom of North Wales,--would
they tell him that the line would only produce £419 per
week ? He laid these facts before the meeting, but he should
not make any motion upon them.
The CHAIRMAN begged to make one remark in reply to
the observations of Mr. Sowerby : it would be merely to
state the working of the road from January, 1841, to Janu-
ary, 1812. They carried, from January 22 to June 30, 1841,
148,554 passengers; and they received £10,162 IGs. From
the 22d January to the 30th June, 1842, they carried 119,743
passengers, and realised £11,465 ; thus shewing, that though
they had carried 28,811 passengers less in the former than
in the last year, they had receivd a larger sum.
Mr. UNracra said he agreed, in a great measure, with
the remarks made by Mr. Mulleneux ; the only point in
them to which he objected, was his opinion as to the forma-
tion of the tunnel. He (Mr. Uniacke) thought there wer
such grounds for the immediate construction of the tunnel,
that he should take the sense of the meeting upon it after he
had submitted a few remarks. He bad a large stake in the
undertaking; and, having been for some years (indeed from
the first) closely connected with it, he had watched its inte-
rests as narrowly as be could. The honourable gentleman
who had moved the adoption of the report had very fairly
and justly complained of the great expense of working the
line; but whence did that expense arise? A saving of
£1650 a year would only make a difference of 4/ per cent.
upon the cost of working the line—consequently, suppose
that reduction was made, the expenses would still be more
than 50 per cent. upon the gross receipts. What caused
this line, then, to cost more in working than any other? It
occurred between the station and the river. (Hear, hear.)
The sooner that nuisance was put an end to the better; and

he was willing to submit with others to a temporary sacrifice
in order to do so. The directors had very judiciously, he
thought, left the question open for the consideration of the
proprietors, they being themselves divided upon the sub-
ject. He thought, then, he was justified in expressing his
individual opinion, and, perhaps, the opinion of some others
upon the subject. This railway was peculiarlycircumstanced,
and its advantages could never be developed, or it could
never be better than it was, till that had taken place. If the
proprietors were willing to make a temporary sacrifice, he
was quite sure the work would be completed in a very short
period, and that they would soon reap an ample reward upon
it. He had been for some time a director of the Grand
Junction Railway ; but he begged not to be understood as
in any way speaking from anything which had occurred in
his hearing, with regard to Grand Junction affairs. " The re-
marks he was inclined to make had arisen entirely from his
own connection of what must necessarily take place under
certain circumstances. He considered that when the com-
munication between the Manchester and Leeds line and the
Liverpool and Manchester line was completed, there would
be a great rush of goods' traffic from the Manchester and
Leeds line; and that the Grand Junction Company would
find greater difficulty than they found now in carrying their
goods traffic along the Liverpool and Manchester line.
(Hear.) The difficulty .was so great even now, that it was
perfectly notorious that a plan had been carried oat, or was
in contemplation, for them to take their goods by water to
Preston Brook.

A PROPRIETOR.—OnIy to a certain extent.
Mr. UNIACKE said that might be so. When they were
last before parliament, however, he knew it was a subject of
observation that iron was not brought down that line iu
consequence of the distance and other inconveniences attend-
its being conveyed round 'Warrington, which would cease,
as he understood, when the communication was complete
through Chester. He knew no body of men more fully
alive to their own interests than the Grand Junction direc-
tors, and be did not expect them to show any favour or
affection where they found it would tend to the disparage-
ment of their own interest ; but, when it was their interest
to adopt a particular line of conduct, they would do it; and
a railway communication from the shores of the Mersey, by
which they should be enabled to put their goods from the
river upon the railway, would be such- an improved commu-
nication between the Mersey, and Birmingham and London,
and all the intermediate places right and left, that in spite
of any other interest, and of whatever might occur, their
interest would be iu favour of adopting this line for their
goods traffic. They would be sure to come to this line if
they could get up to the river side. Without meaning this
company any service, if this company would serve them so
much they would come to it ; and therefore the sooner this
company set about to receive their traffic the better for them-
selves, (Hear.) The increased traffic, by such facilities
being given would amount between Birmingham and Liver-
pool to £l5OO a week. He did not think he was saying at
all too much, considering the great communication with
Ireland; and as the Chester and Birkenhead line constituted
about one-sixth of the whole distance, he thought they might
calculate one-sixth of the traffic paying the expenses of
working the line. If any-difference arose in doing it, he was
sure the proprietors would he willing to waive for six months,
or even twelve months, any chance of profit from the line.
In the meantime they need not be in a hurry to sell the land.
In a year or more it might be sold, and if there were then
any surplus it might be divided among the shareholders ;
but the railway would be of such little value to them as it
was, and of such very great value to them when it was
altered that he did not think any time ought to be lost now
in securit'' the thing—or at all events in securing the right to
make it. He did not know what the agreement might be
with ,the commissioners of Birkenhead, but he supposed
that what one body of commissioners had ordered another
.might rescind.
The CIIAIRMAN.—They cannot.

Mr. UNIACKE concluded by expressing bis opinion, that
it was expedient to make the tunnel; and said be should
move that the directors be authorised to proceed with its
construction.

Mr. THOMAS WHEELER, of Manchester, apprehended
that Mr. Uniacke's motion would follow Mr. Mulleneux's ;
and that the proper time to offer any remarks upon it would
not be till after the reception of the report.
Mr. MozLEY did not think it was necessary to move it by
way of an amendment.

The CHAIRMAN said he should consider it merely as an
instruction to the directors.

Mr. UNIACKE observed, that the directors called upon the
proprietors for their opinion upon the subject.
Mr. EDWARDS (of Chester) said, the account given in
September last of the preceding three months traffic that,
there was as much in stock then as there was now. He
wanted to know why Mr. Mallaby had avoided that matter.
and what he had to say upon the subject?
Mr. MALLABY said he had nothing more to say upon the
subject than what the directors report to the proprietors
contained.

Mr. EDAVA 'rms.—That is nothing.
Mr. NI ALLARY read the first paragraph of the report, and
said it was sufficiently indicative, on the face of that report,
that the former accounts were not correct.
Mr. EDWARDS.—Were they not examined by the direc-
tors?

Mr. MALLABY said the report shewed that the former ac-
counts were not correct. The directors had given particular
instructions to the treasurer, who prepared them, to employ
a professional accountant, of the highest eminence, to under-
take the auditing of the accounts, and until those accounts
had been audited, the directors did not lay them before the
proprietors. The audit, however, seemed to be quite as in-
correct as the accounts themselves.

Mr. MAY enquired whether the auditor had been paid fo
his trouble ?

The CHAIRMAN replied in the affirmative,

Mr. EDWARDS asked who had audited the accounts

Mr. MALLABY.—The signature of Mr. Stanway appeared
to the accounts themselves. It was Mr. Stanway, of Man-
chester.

Mr. EDWARDS.—HAS his account been paid ?
Mr. MALLABY.-It has been paid a long time ago.
Mr. EDWARDS asked whether the errors had arisen from
any particular mystification in the accounts. He could not
otherwise understand how Mr. Stanway, a man of character,
could be wrong.

Mr. MALLABY said, the result was, as appeared by subse-
quent inquiry, that all the accounts were fotroa..ill arranged.
The system itself was bad. •
Mr. Enwartns wanted to know how all these errors had
arisen—in what particular way they had Occurred. There
was a mistake as to more than £5OOO, ami he wanted to
know the particulars. These were point-blank questions,
and he wished to hear them answered.

Mr. MALLABY said he was not the accountant, and con-
sequently could give no information.
Mr. MAY :—Who are we to apply to then ?
The CHAIRMAN said, to the treasurer.
Mr. EDWARDS said, that from the 30th June to the 28th
September, last year, there appeared to have been £5OOO
gone away and lost sight of ; and he wished to know what
had become of it ?
The TREASURER (Mr. Wilcox) said, that if the gentle-
man would look at the receipts of the directors, he would
see that the accounts professed to be made up half-yearly;
and as a matter of course they were bouud by that regulation.
The £5OOO referred to by Mr. Edwards was false, because the
outstanding bills were not charged. That, indeed, was a
three months' statement, without any of the bills for that
period appearing in it. _

Mr. EDWARDS asked whether the treasurer knew of that?
Mr. WiLcox could not tell what the treasurer knew.
Mr. EDWARDS :—Was it not his duty to know of those
accounts ?

Mr. WILCOX :—Certainly it was.
The CHAIRMAN said, the directors admitted that the late
treasurer did not attend to his duty, and they had requested
a general statement might be gone through, which had been
done by Mr. Wilcox. The directors, however, had every
reason to believe that the accounts now submitted showed the
exact position of the company.
Mr. MAY inquired to what period the investigation had
extended.

The CHAIRMAN replied, that the accounts had been ex-
amined from the commencement.

Mr. JAMES LAWRENCE Said, they must not allow it to
go forth that these errors had all taken place within the last
twelve months. The proprietors were told that the accounts
were now correct, but he himself thought the directors knew
very little about them.

Mr. MOZLEY said, there seemed to have been no adequate
responsibility upon the part of those who had the direction
of the accounts. instead of being submitted to a distinct
committee of directors to audit them from time to time, they
were left to a paid servant of the company, and the ipse dixit
of that servant was taken for their correctness. If he was
told that there had been a bad system, but it was now cor-
rected, and the proprietors had the voucher for that of those
persons in whom, par excellence, they confided, he should
be contented for the future ; but if they had not that voucher,
then it was time for the proprietors to call upon the directors
to adopt such a code of regulations as would secure confidence
in the accuracy of the accouuts.

The CHAIRMAN, in reply, said the accounts were audited
weekly by the finance committee, and no money whatever
was paid but under the direction of that committee. The
treasurer had no power to pay money without their order.
The accounts laid before that committee were placed before
the general board every Monday, and every account was
again gone through before the general body of directors. He
might add, that the finance committee went weekly to the
station at Grange-lane, and there superintended the whole
arrangements for payments.
Mr. MozLur.—Then I take it for granted that the errors
which have previously occurred have been errors from the
bad keeping of the accounts ; and are not abstractions of
money ?
The CHAlRMAN.—Certainly.

Mr. MOZLEY said the proprletors might then he satisfied
that the errors had arisen not from any loss of money, but
from mere clerical errors in the system of keeping the ac-
counts • and a bad system it was. Without meaning to cast
any reflection upon the gentleman who had had the manage-
ment of this matter, he could not but say that there appeared
to have been some deficiency as to the' auditing by the com-
mittee, as they had not detected the error-of the treasurer
in not placing the bills which had come in against the earn-
ings during that period. But as they had nothing to answer
for, as to the abstraction of money, it was plain that all that
was required was a better system ; and now the question was,
whether the system was such an one as could be depended
upon for the future. If he understood the directors to vouch
for the accuracy, then he did not think the proprietors need
dwell upon errors which had not led them into loss. But
if, upon the contrary, when enquiry pas made of their accu-
racy, they contented themselves with referring to Mr. Wil-
cox, he must say that more was required from them.
Mr. M uLLENE-ux.-1 wish to ask a question—whether
the late treasurer has made up his accounts and handed over
the balance?
Mr. MOZLEY.—I take that for granted.
Mr. MULLENEUX.—I put the question distinctly—has
the late treasurer made up his accounts. and paid over the
balance due from him?

The CHAIRMAN.—His accounts are made ap, but he has
not paid over the amount due. NNT: are, however. to receive
the principal part of the amount this week, and the remain-
der we shall have ample security for.
Mr. MULLENEUX.—What is the amount?
The C lIAIRMAN.—It is about £2,300.
Mr. EDWARDS.— Have you got the security for it?
The CHAIRMAN.—We have.
Mr. MOZLEY.—YOU have no reason to doubt but you will
receive the money ?
The CHAIRMAN.—Not the least.

Mr. Mozr,F.y begged to ask a few questions with regard to
a point suggested by Mr. Uniacke. He wished to know
whut would be the expense of the tunnel ?
The CHAIRMAN replied, that the directors had had an es-
timate made, and a statement laid before them, and they were
inclined to believe that the expence would be £23,000 at
least. It was, however, pretty well known to every gentle-
man present, that the expence of such undertakings generally
exceeded the estimate.

Mr. EDWARDS said the expellee was generally double the
amount of the estimate.

The CHAIRMAN said it was on that account the directors
wished to have the opinion of the shareholders upon the sub-
ject. There was no division among the directors as to the
eligibility of making the thrinel; hut it was a question whe-
ther at this moment it was desirable to force the sale of pro-
perty, as they must, in order to make it.
Mr. WHEELER contended that the proprietors ought to
have the opinion of the directors upon the question of malc-
jug the tunnel before being called upon to give their own.
The report did not state their feeling, but merely said some
were for and some against it. He asked the Chairman for
the opinion of the majority of the directors upon it.
Mr. MOZLEY objected to the question on the ground that
it was asked with a view to biassing the opinions of the
I)l'2l?rietors. .

ir:WLELER defended the question. It was of great

importance that the question should be understood in all its
bearings; and if this information was withheld, how could
they form a correct judgment? Before the directors asked
for the opinion of the proprietors, they should have been in-
formed the amount of traffic expected upon the one hand,
and the expense upon the other.
Mr. MOZLEY explained ; and added, that he was about to
ask the directors where they calculated upon receiving the
money from tq construct the tunnel ; and next, what, in their
opinion, would be the advantage of making the tunnel, com-
pared with the present system of the railway. A general
answer to these questions would most likely be sufficient to
enable the proprietors to came to a conclusion as to the
desirableness of the tunnel.

The CHAIRMAN repeated, that the estimate they had
received was £25,000. As to the means of paying for the
tunnel, they had from £30,000 to £40,000 in land, which
not being essential for the use of the railway, might be sold.
Whether this was the proper time to sell the land he did not
know ; but if it were sold the directors would have sufficient
to make the tunnel, assuming that the cost did not exceed
the estimate.

Mr. YARROW, the engineer, read his estimate of the cost
of the tunnel. It amounted to £24,525.
Mr. MOZLEY asked the engineer whether it was his firm
opinion that the tunnel could be completed within a mode-
rate amount of the sum he had named.

Mr. YA RFLOW.—I have every reason to believe it would be.
Mr. Mort.tY.—Do you think £30,000 would fully cover
all the expense?
Mr. YARROW :—I consider that £25,000 would cover all;
£30,000 would cover the expense of another year.

Mr. DIXON said he had this business in hand when he
ceased to be the company's engineer, and the estimates
might in fact be considered as his own. He believed them
to be correct ; but he wished the directors, for their satisfac-
tion and his own, to take the advice of some other engineer,
not only as to the cost, but whether it would be desirable to
make the tunnel a single or a double one. These estimates
were made for a double tunnel.

Mr. MozLEr asked Mr. Dixon whether the estimate
might not be exceeded ?

Mr. DIXON thought not ; and the directors might be
satisfied of that by receiving tenders from responsible parties
before they decided. Speaking as a shareholder, he thought
there would be no great diffiwalty in making the tunnel. The
land which the company had on hand was not only earning
nothing, but it was costing money every year ; and if it
were sold to make the tunnel, and it did not succeed, they
would be no worse of.

Mr. MOZLEY said it had been reported that a portion of
the company's land could now be sold to considerable advan-
tage, to the extent of £lO,OOO or £12,000; and he inquired
whether this was the case?
The CHAIRMAN replied that it was probable.
Mr. MOZLEY.—Atid that money would be available in
carrying out the object of the tunnel ?
The CHAlRMAN.—Certainly.

Mr. MOZLEY said it appeared to him there could be no
question as to the eligibility of making the tunnel. If its
cost would not exceed £30,000, and if they could make
£lO,OOO or £12,000 towards it by the sale of land, it would
be for the proprietors to consider whether they would not
forego their dividend in order to enable the directors to
complete the tunnel; and whether they should not at once
come to a conclusion, which sooner or later they must do,
of making it. If the tunnel turned out advantageous, the
certain result would be, that in twelve months they would
be in a better position, notwithstanding the sacrifice they
had made, than they were at this moment. He was not in
possession of any information on the subject himself, but he
took it that Mr. Uniacke would not have expressed the opi-
nion which he had as to the necessity of being prepared, by
being perfectly independent, if there were not good reasons
for it.

Mr. JACKSON said, the object of the directors of this
railway, from the first, had been to obtain a communication
with the water-side. They had made a variety of efforts to
attain that object, and he declared that nothing else was
wanting to ensure the success of the railway.

Mr. EDWARDS called for the expense of working the
tunnel.... The cost of making it had only yet been given.

Mr. UNIACKE said, that eras included in the estimate.
Mr. EDWARDS again called for the expense of working
from the engineer.
Mr. DIXON replied, that the engines would go down the
tunnel at once, so there would be no expense incurred in
working it.
Mr. MAY I—A_stationary engine will not be required ?

Mr. DIXON:—No. -
Mr. RADCLIFFE expressed his conviction that if the
tunnel were once embarked upon, it would not be completed
for double the amount of the estimate. It would cost
£60,000. Mr. Dixon had first said it could be made for
£10,090, then for £15,000; and he had gradually increased
his estimate till it had reached £25,000. Nothing could be
more fallacious than such statements.

Mr. UNIACKE asked Mr. Dixon whether his original esti-
mates were for a single or a double tunnel?
Mr. DIXON replied they were for a single tunnel, but at
the same time he should be glad if the opinion of some other
engineer were taken.
Slr. EDWARDS asked Mr. Jackson whether he would him-
self undertake to make the tunnel for £5,000 above the esti-
mate—namely, for £30,000?
Mr. JACKSON.—Yes; and I would do it with the same
success, as I made another bargain not long ago ; but I warn
you not to part with your money.

Mr. EDWARDS.—i am of a contrary opinion; but if Mr
Jackson can do it for that let him.

Mr. JACKSON.-1 have no hesitation in saying that I
would become the contractor for this tunnel, to complete it
for £30,000.

Mr. MAY.-But that does not contemplate the pier.
Mr. JACKSON said a pier was never contemplated. Ile
would undertake to complete the tunnel in twelve month.
for £30,000.
Mr. JAmEs LAWRENCE coincided with Mr. Radcliffe.

After considerable discussion a resolution was passed that
the report be received and entered upon the minutes. An-
other was carried to the effect that it was the opinion of the
meeting that. with a view to ascertain the desirableness of
making the tunnel, the directors be requested to obtain an
estimate of the expense of the same, with the advantages
likely to arise from the construction of it. and the means
proposed to raise the necessary funds; and that they report
to a special general meeting as soon as practicable.
Mr. MAY then moved that the declaration of a dividend
be deferred till after the report of the directors to the

special meeting

Mr. MULLENI 1X seconded the motion

Mr. WHEELER opposed it, and asked the law-clerk whe-
ther the directors could legally capitalise any part of the
dividends.

Mr. MALLABY.—In my opinion they can not.
Mr. MAXWELL, seconded by Mr. JAS. LAWRENCE,
moved as an amendment that the dividend be paid on the
Ist of August.

The amendment was carried, only two hands being against
it.

Mr. 'MAXWELL then made an attempt to reduce the num-
of directors, but it was unsuccessful.
Five gentlemen were next put in nomination as eligible to
be elected directors in the place of the three who retired by
rotation. The following is the list :—Mr. James Mulleneux,
Mr. Booth, Mr. Hamilton, Mr. Abbott, and Mr. Folliot.
A division took place, when the numbers were declared to
be—

For Mr. Mulieneux
Mr. 800th....
Mr. Hamilton .
Mr. Abbott ..
Mr. Folliot

A PROPRIETOR required that the notes should be taken in
strict conformity with the act by each proprietor, according
to the number of his shares.

This demand caused considerable trouble ; and in the
course of about two hours, the following was declared to be
the result : Votes.
For Mr. Mulleneux ..
„ Mr. 13ooth .
„ Mr. Hamilton
„ Mr. Abbott
„ Mr. Folliott

The three gentlemen first on the list were consequently
declared elected directors; and Mr. DIXON having been
thanked for his conduct in the chair, the proceedings termi-
nated.