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    81S THE LEADER, fNo. 438, Atjgtjst 14 iq...

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    RAILWAY . INTELLIGENCE, ' We are rejoice...

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    IiONJDON AND NORTH-WESTERN RAILWAY COMPA...

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  • Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.

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    General Jrade Report. London, Friday Eve...

    avoid -putting the workpeople on . shorter time . At present there is nothing stirring in the Tray of autumn goods , and no stronger evidence could be obtained of the languid condition of the home trade than the fact that the splendid harvest weather and the abundance of the crops lias failed to produce cheerful , much less sanguine , anticipations as to the prospects of the autumn trade , la the district of South Staffordshire there are no signs of improvement in any of the manufacturing trades . The lockmakers at Willenhall are very badly off , Cor work ; and the rapidity -with which orders for hoUovf

    ware are executed at West Brotnwich and in other parts of the district where that manufacture is carried ' oh , ' pretty good evidence of the state of that branch . The iron trade continues very much depressed , and an opinion is gaining ground that it would be better to have reduced the price 17 . per ton at quarter-day- Nearly all the leading firms have now reduced the price 108 . per ton , but at present there are no indications that this has stimulated the trade . Pig iron is quoted a fraction lower in consequence of the limited demand . At Sheffield things are looking better .

    81s The Leader, Fno. 438, Atjgtjst 14 Iq...

    81 S THE LEADER , fNo . 438 , Atjgtjst 14 iqko

    Railway . Intelligence, ' We Are Rejoice...

    RAILWAY INTELLIGENCE , ' We are rejoiced to find that the clamour of the press on the subject of railway legislation , and the condition of railway property , is making itself heard ; for then we may le sure it will eventually make itself respected and attended to . We are glad , to have even the Times on tlie side of railways , because that journal , for good or evil , always has a certain weight with the public . But then our satisfaction is somewhat chastened when-we call to mind bow large a share the Times has had in producing that very mischief which it affects to lament . It is not so long ago but that railway shareholders can recollect to their cost , after giving every possible

    encouragement to the development of railway enterpriseeven to the fostering of a countless number of bubble projects—that in November , 1845 , the Times—at period most advantageo-us for stock-jobbers , but ruinously disastrous to thousands of families who had embarked their all , and in thousands of other instances more than their then all , in what they were induced to believe were the most legitimate and national undertakings of the day—came out with an article denouncing the whole series of railways , projected and partly completed , as something in the nature of swindles ; and ; asserting with matchless hardihood that the hundreds of millions already expended were hopelessly and profitlessly buried in embankments and excavations .

    But it suits the purpose of the Times now to patronise railways , as it suited the purpose of the Times then , to decry them —( are the sympathies of the Times excited by the wailings of Stock Exchange jobbers , who want to see a revival of speculation on the part of the pillaged public ?)—and all we can hope for isattention being directed to the subject—that means -will be taken to amend what is amiss , and to avoid mistakes and fobbing for the future . Trom the City article of the Times on Thursday we make the following extract . Referring to the depressed condition of the railway interest and the gradual diminution of dividends , the Times remarks : — " In the report of the London and North-Western—the largest English

    company—published on Monday , that concern ; is alleged , through the conduct of Parliament , to have been made the sport of its ' reckless and unscrupulous rivals . It would not be safe for an outside observer to stigmatise any railway board in this way ; but the public assume that these boards must he good judges of each other's nature . Probably the rival lines will in the current fashion retort the charge , and all that can be arrived at is that there is unscrupulousness somewhere , that no efforts are made to remove the unworthy ^ and that meanwhile the holders of some forty or fifty millions of stock are paying the penalty . These are not respectable facts to be laid at the door of any legislature , but they are the result of meddling-with concerns with which Parliament has no

    legitimate business . It has assumed the responsibility , and must not complain when it is reproached for the concequenees . The speech of the chairman at the halfyeaaly , meeting of th « London and South-Western , published on the same day , is even more explicit . He appealed to shareholders in general to combine in defence of thahr property agatart the Legislature , just as the merchant * of feudal days , nrny have been stirred to band themMlyea « w mutual protection against their lords . Referring to the proceedings of Parliamentary committee ^ he said , caprice , and not argument , seemed to their conclusions

    regulate , . Decision *) in one committee were opposed in principle to those of another conrmitteo in the next room . ^ It was impossible , ' he added , ' for any man , b » his experience ever so great aad the case ever bo strong ox ever so good , to form the least idea of what was the chance of success until after t ) M committee was selected . Than he could give aprtttg j / iMit guess * as to tekai sort 0 / decision would bo arrived at , ' Tfce remedy , he considered , was in the hands of eliareholderitihwniBelrea , —" they should combine and form flweci « ti « iM fa ? the protection of their property . " YH 4 b nafawmca to tbe report of tha London

    andHorth-Western Directors , it is too true that the vast interests of this Company have been made the sport of its reckless and unscrupulous rivals . But the [ rivals have been made " reckless and unscrupulous" solely by the aid and with the countenance of Parliament . Competition has been the bane of railways , and competition , was openly patronised by the late Sir Robert Peel . The case of the London and North-Western rests on a different basis to that of most other lines . What the London and North-Western Company is charged with . doing against other lines was in self-defence . The London and North-Western appears to have been first threatened or attacked before retaliation was resorted to . This ought to be borne in mind when considering the question of the condition of railways , and the causes which have produced that condition .

    With reference to the South Western chairman ' s report , we do not quite agree in his remark that " the remedy was in the hands of shareholders themselves , they should combine and form associations , for the protection of their property . " Now , we assert that shareholders , individually , are practically powerless , and that it is difficult , if not impossible , to get them to act in a body as if of one mind . Any benefit that is to be obtained through the unity of shareholders may be regarded as visionary . Uut the general remedy is not unattainable . Lay down some intelligible basis of action in the first instance , test encroachment by ascertained rules , define the respective limits of different companies , leave the companies unfettered to work out their

    regeneration their own way , and then we shall have some hope for the future of railways . ^ As far as the markets are concerned there is no particular feature to dwell upon . Fluctuations have occurred in the leading lines , and , in some instances , a small advance in prices has been obtained . We may note among the lines that have indicated improvement , the London and North-Western , the Lancashire and Yorkshire , and the Great Western . In the report of the London and North-Western , it is stated the balance of net revenue applicable for dividend for the past half-year is 450 , 704 / . The expenditure of capital during the same period has been 454 , 194 /; , of -which 330 , 183 / 1 was for working stock , lands , and

    buildings , and the remainder for lines in which the company have an interest . The entire traffic receipts were 1 , 379 , 9992 . against 1 , 556 , 519 / . in the corresponding six months of 1857 . The decrease has taken place in about equal proportions in goods and passengers , and the diminution in the actual profit is stated at 164 , 976 ? The working expenses show a saving of about 10 , 0007 The falling off in the revenue is attributed—first , to the depression of trade ; secondly , to the income in May and June , 1857 , having comprised exceptional receipts from the Manchester Exhibition ; and , lastly , to the continued

    competition of the Great Northern and Sheffield companies . The loss from the last cause is estimated at 75 , 000 ? . Hitherto forbearance has been exercised in using the powers of retaliation in the hands of the North . Western ; but it is observed that such forbearance must have a limit . The large claims of money said to be due to the Manchester , Shefiield , and Lincolnshire are denied . The bill for a union with the Chester and Holyhead has been sanctioned . A dividend is recommended at the rate of 3 J per cent , per annum , leaving a balance of 5925 ? .

    The propo sed dividend on the stock of the Eastern Counties Railway Company is officially announced at the rate of 2 g per cent , per annum , against 2 £ per cent , per annum for the corresponding period of last year ,

    Iionjdon And North-Western Railway Compa...

    IiONJDON AND NORTH-WESTERN RAILWAY COMPANY . The half-yearly meeting of the London and North-Western proprietors was held yesterday at the station , Euston-aquare , the Marquis of Chandoa in the chair . Mr . Stewart , the secretary , having read the notice , The Chairman said that in the tabular statement appended to the report he observed that the depression of traffic during the last half-year arose principally at four points—London , Manchester , Liverpool , and the South Stafford district . In the South Stafford district they had had no competition , and theref ore the falling off in the traffic was wholly attributable to the depression of trade . At the other points they had had a most active competition . It might be said that under tho circumstances there ought to have teen a larger reduction of expenditure ; btft it was , he thought a sufficient reply that

    , the weight of goods carried between Manchester and London was in excess of that conveyed in the corresponding half of last year , and that the weight of goods carried between Liverpool and London was only sliglitly diminished , The loss had arisen not from an abstraction of traffic but from the destruction of profits . As regarded the preliminary contests thoy were loft , as other expenses were , entirely to the chance of tho individtml view * of the members of the committees ; and uj p 1 arliament should adopt some one view by which Ita decisions were to be guided on questions affecting , not only railway companies , but many other intercuts , me shareholders must oxpect the result of parliamentary contests to bo costly and ruinous . Tho liopea once rermed of a favourable change in that respect had fceen

    disappointed , and he saw no chance ofTnromTTTthings unless railway directors were joined in S- ° by the whole body of proprietors . ( HeaVhet *? ° * hament had recently thought fit to grant aS , ar " to Manchester , regardless of existinf interests o ™^ other hand , it had refused to allow the constr ^ f ^ of a line connecting their main line wfch £ l V T shire line , and had thus left them in that a- rfc ?^ the mercy of other companies . He then entaS bJ some minute explanations with regard to th » negotiations with the- directors of the North % Zv * f shire Company for the purpose of showing that therfS been no unfair delay on the part of tho Worth-TT « £ ' directors . He was still of opinion that some arr ! l ! ments should be adopted between the two boS £ but care nmist be taken that they were such as woE satisfactory to both companies . As regarded the Z petition by which the company had so severely safferp , i * he remarked that when that competition commenced tw directors had to consider the past history of railwav companies in reference to that sufcjcct . The usual course

    at first was for rival companies to enter into mutual arrangements with regard to fares and rates , the effect of which was to prevent a ruinous competition between them , though it was not satisfactory to the public Other and smaller lines then sprang into existence -md new arrangements were formed embracing the ' newcompanies . These arrangements continued till within a year or two ago , and there -was a large system of traffic agreements by which'the whole country was in . fact cut up into territorial < listricts . Under that system the old companies paid large sums to the new ones ; but , on the -whole , the system -worked advantageously to them . Parliament then determined to put an . end . to the existing arrangements , arid the Midland and the Sheffield arrangements , and the Gladstone award , were severally set aside . Under tliesc

    circumstances the North-Western directors apprehended that rates would be reduced to an extent which in many cases would leave no profit ; and after fully considering the matter , they came to the conclusion that the only satisfactory settlement would bo the establishment of a . fair and profitable system of charges for the whole country—a settlement which they felt convinced would leave tliem a good share of profit . With this view he had felt bound to resist the competition which had been forced upon them . "What was the result ? Their own traffic had not been abstracted to any very great extent ; while the Midland , the Sheffield , the North Staffordshire , and other companies had gained nothing by

    competition . It was for railway shareholders themselves now to take up the question , and to endeavour to secure the establishment of a fair scale of averages . They had been accused of having formerly made extortionate charges ; but he denied that there was any ground for such an accusation , while they charged 42 s . for first-class conveyance between London and Manchester , the charge ; made bj' their competitors was 60 s . ; and between London and Liverpool the comparison was equally in their favour . ( Hear . ) The present competition was discreditable to the railway management of the whole kingdom —( cheers)—and until it was checked there could be no security for railway

    property . The rates which the directors of thiscompany desired were the rates which would , they believed , be most conducive to the public interest , affording them all necessary accommodation , and at tho same time ensure to railway proprietors that profit which tliey might justly expect . ( Hear , hear . ) On the last occasion when they met , he held out a hope that a satisfactory settlement would soon take place . Subsequent events tended to disappoint that hope ; but what had occurred , during the last two months had revived it . It must depend on proprietors whether fair and re-asonablc rates should be established and ni aintaiiied throughout the country , profits being left to be derived from the just and free course of

    public traffic , and not to bo won by extortion or abstraction . He was of opinion that some tribunal should becstablished for the settlement of rates throughout the kingdom ; and although it might be difficult to establish such a tribunal , still he could see no other course to be pursued . ( Hear . ) The board of directors had come to resolutions which woro to bo sent to all railway board * of tho kingdom , urging the establishment of a uniform system of rates among all the lines of tho country , and that in cases of difference between any companies on this point the subject in dispute should bo referred to arbitration . ( Clieors . ) Theso resolutions had received

    tho assent of 130 , 000 , 000 / . of railway property . The Sheffield Company had objected to asaent to this proposition , lie looked forward with conlidcnco to the result of the appeal which wns thus being maclo to tho various railway companies . Ho looked to railway proprietors to secure tho general adoption of tho principle which ho had advocated ; and ho believed that from thnt times railway profits would improve . Tho state of things which had existed during the last alx months was , he repeated , a disgrace to all connected with railway management ; and it was for shareholder * to . say whether tho settlement for which ho contendod wna a

    propor one . Mr . Puncher , in a long speech , raised sovoral objections to tho working of tho lino and to what ho calk " tho extravagance of tho arrangements and stuff . Ho condemned tho ninnagoraont on tho ground that tlicro

• Citation
  • Leader (1850-1860), Aug. 14, 1858, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_14081858/page/26/