Current:

Leader (1850-1860), 20th November 1858, Edition 2 of 2, Page 28, RAILWAY INTELLIGENCE. The annual general...

Page 28
Page 28
28 of 32

On this page

  • Text (3)
  • Transcript

    • 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.

      Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.

      1268 •: ' _ T H .Fl H T3" Ajd E B. ^ C1^...

      1268 : ' _ T H . fl h T 3 " AJD E B . ^ C 1 ^ A * ° Twr- — , ^^ ^ & ov .

      Railway Intelligence. The Annual General...

      RAILWAY INTELLIGENCE . The annual general meeting of the Great North of sSSa « " d Company was held at Aberdeen on the 12 th The receipts for the year showed an increase of 4000 * . over those of the previous year , while the expenditure was less / the working expenses of the line beiu" only 31 i per cent , of the receipts for traffic . The Alford Valley Railway would be opened in January next , and no doubt materially benefit the ny . The Aberdeen and Inverness Junction

      compa had been materially beneficial ; the Formartine and Buehan line , to which they were also subscribers , would be made as soon as the proprietary and residents in the district had subscribed 2000 / . a mile . ¦ Resolutions giving 5 per cent , to preference shareholders , and 4 * to original shareholders , were agreed to . On the same day at Aberdeen an ordinary meeting of the Banff , Macduff , and Turiff Company was held ; the statement made to the shareholders was not very satisfactory . _ , _ . _ . __ extend accommodation

      It is proposed to railway from Inverness to Dingwall , with a branch to rain , for the purpose of opening up the west Highlands and bringing Ross-shire into communication with the raihvavs leading to London . The" North Eastern Company intend to apply to Parliament next session for power to construct the Kid Valley branch , and to purchase tlie Rosedale and other branches of the North Yorkshire and Cleveland Railway . . Application will be made to Parliament in the ensuing session for powers to construct a line from the Hytlie , Colchester , to Wivenhoe ; and also to construct a line from Cambridge to Bedford , via Potton , to join the Eastern Counties at Cambridge , and the London and North-Western at Bedford .

      It is proposed to construct a line of railway from Poncaster to Wakefield . The object of the line is to reduce the distance between Doncaster and Wakefield , and thereby accelerate the traffic between the mineral districts of Lancashire and the metropolis and intervening places . The Australian Gazette states that the continuation of the Geelong and MeLbourne Railway from Williamstown to Melbourne will . be . ready for opening some time in December next . The shareholders seem determined to retain the line in their own hands , instead of transferring it to the Government , as was some time ago intended . There can be no doubt that so soon as there is a through , traffic the

      company will be able to get clear of embarrassments . Railway Benevolent Institution . ^ —The first half-yearly meeting of this institution , which was established some months ago , partly upon the mutual benefit and partly upon the benevolent principle , for the relief of orphan children and widows of railway officers and servants , was held on Saturday at the Railway Clearing-house , Mr . II . Love , chairman of the Eastern Counties , in the chair . The secretary read the report , which stated that contributions had been received from persons connected with forty-three railway companies in different parts of the United Kingdom , and there was every prospect of ultimate success . The board , had

      determined that the outlay of the institution should Tbe regulated by its income ; and that until they had funds in hand , for the purpose no expenditure should be incurred in buildings or offices . In conclusion , the board appealed to all railway servants to join the institution , and to all railway managers , directors , and shareholders , to support it . The balance-sheet stated that 309 / . 13 s . 6 d . had been received in donations , and 212 / . 8 s . 6 d . in subscriptions , total 522 / . 2 s ., balance 467 / . 8 s . Id ., but from this must be deducted 160 / . duo for printing . Thereport was unanimously adopted , and the formal business of electing officers having been transacted , a vote of thanks to the chairman concluded the

      proceedings . WATBRffORD and Limerick ; . —Preliminary arrangements have been concluded for leasing or transferring this railway to the Great Southern and Western Company . One condition provided for by tho Waterford and Limerick Company is , that the port of Waterford shall be effectually protected under the proposed arrangement . Watforp and Wbndovbr Railway .- —Tho proposal to extend this line to Aylesbury and Winslow is abandoned for the present , owing to the difficulty of raising sufficient capital in the district ; . It appears doubtful whether the subscriptions will be sufficient to carry out the original scheme .

      A special general meeting of tho West London Company was hold on "Wednesday , at tho London Tavern , to consider the propriety of making application to Parliament in tho ensuing session for an act to extend the Konsiugton Cnnal brunch across the Thames to tho London and South-Western Railway , and also for power to soil the jtonsington Canal . A resolution , adopting and couflrming the dtops taken , and being taken , by tho direotors , authorising them , in conjunction with the committee , to take all necessary steps Tor carrying out

      the undertaking , was pat and carried unanimously , and a committee was appointed for carrying it into effect . The half-yearly meeting of the Monmouthshire Company was held on Wednesday at Newport , when a dividend of 3 $ per cent , on the half-year was agreed to . A meeting was held at Edinburgh on Monday , at which a new scheme was submitted by tho North British Kailway . The projected line is proposed to be called the Border Union -Railway , and is to be double . It is to leave the North British Railway station at Hawick , and proceed direct to Carlisle via Longtown , instead of availing itself of any portion of the Caledonian Railway . The usual notices have been given of an intention to apply to Parliament to transfer the Suncjerland Dock to the River Wear Commissioners . It is also contemplated to extend the dock accommodation by converting the timber pond into a deep-water dock .

      Money Market And Stock Exchange. Fkiday ...

      MONEY MARKET AND STOCK EXCHANGE . Fkiday Evening . Rather contrary to our expectations , we find money rather cheaper than it was . It is offered on call at 2 per cent ., and not accepted . There is no difficulty in discounting-bills at 2 £ per cent . Probably the large reserve of legal money in the Bank , noticed elsewhere , may be the cause of this . In the latter part of October and the beginning of the present month , money was dearer than it now is , and the joint-stock banks , which are full of money , are

      making great efforts to procure business for themselves . If we are to have unrestricted competition in corn , let us have it also in monej ' . Let there be no privileged bodies , and then each man will know to what he has to trust . Joint-stock banks of . all descriptions , with charters , are privileged bodies , and individuals who are exposed to their sharp competition will naturally complain of their privileges . Money is so abundant , and trade so generally dull , that no rise in the rate of discount is immediately expected .

      In the Stock Exchange business is also extremely dull , though many good schemes are preparing when the public " shows , any disposition to employ their spare capital . One talked of for the construction of docks at Greenwich seems to possess great advantages , and it is one of jthose domestic undertakings which , even if they fail , add to the employment and wages of the labourers . We have shown that surplus capital can in no other way be employed than in new enterprises , and we are glad to find that such useful ones as new docks to relieve the overcrowded river are contemplated . ¦ . _ ... ¦ made the Austri

      The concession recently by an Government of the Lombardo-Venetian lines , or rather the bargain to sell them to an English company , was yesterday confirmed at "Vienna , and this great undertalcing may now be supposed to be placed fairly . The shares , both of the old Lombard and the new Venetian lines , are already at a premium , and the fusion promises -well for tho interest of all parties . The whole share capital of the united companies is to be 150 , 000 , 000 florins , or 15 , 000 , 000 / ., in 750 , 000 shares of 20 / . each , of which 312 , 500 shares are the existing share capital of the Lombardo-Vonetian Company , leaving 437 , 500 shares to

      represent the share capital of the Trieste line , and of which 104 , 166 shares , making one for every three old shares , are to be allotted , pro raid , to the present Lombardo-Venetian shareholders . All further capital is to be raised by obligations . Throughout the Continent there is , wo think , a growing activity : The port of Trieste , which this railway will serve , has an annual trade of not less than 1 , 500 , 000 tons . At the same time the whole trade of Austrian exports and imports has more than doubled within the last seven years . We believe that tho public here generally have little conception of the great progress which has been made on the Continent during the last quiet of eight or nine years .

      Tho French funds nntl railway shares have advanced in the week , and are advancing in , price in conjunction with an improved trade . This is somewhat anomalous , but is to be explained by the fact that JYenoh securities , having regard to tlie interest they yield , are in price much below our securities—French Three per Centa . are at 70 , English Three per Cents , at 98—and ns tho securities of both countries are freely dealt in at Paris and at London , than the

      there is no reason , other certainty or uncertainty of receiving the 3 / ., why it should bo worth less at Paris than at London . Everyday , consequently , that tho Imperial Qovernmont lasts , and appears to be consolidated , increases the reasons why tli © discrepancy should diminish . There may well therefore be a rise in tho price of French securities , arising solely from a firmer reliance on tho continuance of the Government undisturbed , in conjunction with an increased demand for money arising

      from brisker trade . The dulness of our funds through the week is only a part of the general dulness- and the firmness of the French funds and railway shares may be ascribed to improved political feelines Both may be good signs , the one of assured quietness and prosperity ,. the other of reviving or increasing trade . '• - . '* Reviving trade abroad is beginning to work the gold out of the banks . There is less in the New York banks according to the latest accounts , than at any time since last December , and the loans aTe 30 , 000 000 dollars greater than they were at that period . One purpose for which the coin lias been taken from New

      York is to purchase in the south bills on Europe for the cotton purchase * which will check for a time if not stop , tlie remittance of gold hither from the United States . Already there is an increased supply of bills on Kuror : o in the New York market . The demand for money seems more active abroad than at home ; and it may be * expected , as England is more advanced than other countries , that the revival of business ami the impulse to further progress should begin elsewhere than here . Consistently with progress abroad we notice that the shares of the Credit Mobilicr , the great speculative bank of Pan ' s , are on the rise . Lcttershavobeen published this week toset forth the cheapness , and good order with which telegraphic messages are transmitted in Switzerland . One of the curiosities noticed by the diplomatic agents of the Government , in their recent reports , is the extent of the telegraphs in that country—1500 miles—and

      tlie number of messages they transmit—227 , 072 in 1 S 5 G , of which 40 , 193 were to and from foreign countries , and 17 , 503 transmitted through , and 1 G 9 . 376 internal messages . The very rapid progress made in establishing telegraphs and railroads throughout Europe is a proof of the readiness of all mankind to adopt what is really good and useful ; yet pious and virtuous men , and rich men , will not trust anything to the influence of their own success , but will insist on making other people , by some kind of coercion , like themselves .

      A private letter from 1 Jong-Kong-, of . a late date , says of affairs sit Canton : — "On the one hand both the foreign and native mercantile communities are most anxious that trade should begin , and are suffering' the utmost inconvenience from its being closed . Nearly the whole of this season ' s teas are known to be directed to that port , many of them having arrived in its immediate neighbourhood . . The h « ppo ( collector of customs ) has opened his office . The utmost has been

      quiet prevails in the city . Peace proclaimed by Commissioner Hwang ami Governor Pekwi ; the people have been ordered to return to their vocations ; the blockade has been withdrawn ; the foreign authorities lay no claim to the duties ; and yet , with a good demand both for imports and exports , the trade remains hermetically sealed , no satisfactory or even specious reason being assigned for such .-niv unprecedented anomaly . _

      The " Great Ship Company" is now organised , and the Leviathan , or Great Eastern , winch cost the old company 640 , 000 / ., is to cost the new company 1 G 0 , 000 / . 1-10 , 000 / . is the estimate for nnisnmg and equipping her for sen , leaving a margin ot 30 , 000 / . for working capital . It is four months since the plan of the new company was matured , ana its further progross is now dependent on its ova 'TcSmpnny is about to be formed for the general introduction of ti . e brilliant light recently exhibitea by the Hon . VV . K . Fitzmaurico at Cherbourg , m advantages for cheapness , portability , simplicity , ana

      purity , are very great . . , From Urmparthd of Smyrna wo learn thati-ow Stratford do Kcricliffe lately inaugurated tl orotiw Smyrna and Aidin Kailway , extending to a distance of upwards of seventy miles . Jt promises tojlicag n and quicken tho conveyance of goods from « o P « JJ of their growth to the port of aliipinont ; ami o in crease production as well as trade , tor tho common advantage of Turkey , England , and ot her ^ coin tries . His lordship , in an elaborate speech , dwo on ti c progress Turkey had already niado m «»" ffi and encouraged us to hope that in tuno tl »»^'" f' ™ will become a worthy member of tho Bf ^ VjS o Federation of Suites . As they combine to bcuk justice to tho Mortara family , thoy will soon com

      bine to do justice in all cases . t 0 Wo havo recoived South Australian PftP ° JJ September Uth , and the eighth annual ropo i « Chambur of Commerce of that colony , w regret to find was not at that time in a i » J ' ErJ condition . Tho previous harvest had Dun " and sib tho price of corn in tho noiglibou »«» b ° o u was low , ami while South Australia ; ll ' . 'T ftnd u country , had suffered both from low P >" lrom short crop , tho shipments of wliont < l" < ' "' ^ o 9 Adelaide in tho first si * months ot I 8 fl 8 JJ Hl , g tons , ugainBt 1 / 5 , 011 tons in U \ o cprr ° ' icl , r months of 1857 . Wool , too , though not ( lo j had fotched losa in London than was ^ JP ^ uicto there was a great temporary pressure ftt ^

  • Citation
    • Leader (1850-1860), Nov. 20, 1858, page 28, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_20111858/page/28/