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Leader (1850-1860), 14th August 1858, Edition 1 of 2, Page 818, LONDON AND ITORTH-WESTERN RAILWAY COMPAN...

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      Ploymeufc Is General, And There Is An Am...

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

      ware are executed at West Bromwich and inotherrparts of the district where that manufacture is carried © h ^ -ia 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 1 L per ton at quarter-day . Nearly all the leading firms have now reduced the price 10 s . 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 .

      818 The Leader. [No. 438, August 14 1858

      818 THE LEADER . [ No . 438 , August 14 1858

      Eailway Intelligence.

      EAILWAY INTELLIGENCE .

      We Are Rejoiced To Find That The Clamour...

      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 be sure it will eventually male itself respected and attended to . "We are glad to have even the Times on the 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 how 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 moat advantageous 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 profitlesely 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 waitings 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 jobbing for the future . From 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 be 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 ia that there is nnscrupulousnesB 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 consequences . The speech of the chairman at the halfyearly meeting of the London and South-Western , published on the same day , is even , more explicit . He appealed to shareholders in general to combine in defence of their property against the Legislature , just as the merchants of feudal days may have been stirred to band themselves for mutual protection again st their lords . Keferring to the proceedings of Parliamentary committeeshe said and not

      , , caprice , argument , seemed to regulate then : concluaiona . Decisions in one committee were opposed in principle to those of another committee in the next loom . ' It was Impossible , ' headded , ' for any man , be his experience ever bo great and the case ever so strong or ovor so good , to form the toast idea of what was the chance of success until after the comntittteo was selected . Then he could give a pretty goad gtteea cm to what sort of decision would be arrived at . * Th « remedy , he considered , was in the hands of shareholdvew ih « mselv « v— " they should combine and form association * far the protection of their property . " With nfiuanceto the report of th « London and

      Northwestern Directors , it is too true that the vast interests of this Company have been made the sport of its reckless and unscrupulous ri-vals . But the [ rivals havo 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 JNorth- " Westera 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 Ms 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 . But 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 fthe future

      or 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 G-reat 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 45 0 , 7047 . The expenditure of capital during the same period has been 454 , 194 / ., of Which 330 , 183 / . was for working stock , lands , and buildings , and the remainder for lines in which the company have an interest . The entire traffic receipts were I , 379 , 999 & against lj 556 , 519 L in tJie corresponding six months of 1857 . The decrease has taken place

      in about equal proportions ia goods and passengers , and the diminution in the actual profit is stated at 164 , 976 ? . The working expenses show a saving of about 10 , 000 ? . 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 Manche ster Exhibition ; and , lastly , to the continued competition of the Great Northern and Sheffield companies . The loss from tbe 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 , Sheffield , and Lincolnshire are denied . The bill for a union with the Chester and Holy head has been sanctioned . A . dividend is recommended at the rate of 3 J per cent , per annum , leaving a balance of 5925 ? . The proposed dividend on the stock of the Eastern Counties Railway Company is officially announced at the rate of 2 § per cent , per annum , against 2 £ per cent , per annum for the corresponding period of last year .

      London And Itorth-Western Railway Compan...

      LONDON AND ITORTH-WESTERN RAILWAY COMPANY . The lialf-yearly meeting of the London and North-Western proprietors was held yesterday at the station , Euston-square , 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 ho 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 therefore 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 the circumstances there ought to have been a larger reduction of expenditure ; but it was , he thought , a sufficient reply that the weight of goods carried between Manchester and London was in excess of that convoyed in the corresponding half of last year , and that the weight of goods carried between Liverpool and London was only slightly diminished . The loss had arisen not from an abstraction of traffic but from the destruction of profits . As regarded the preliminary contests they were loft , as other expenses were , entirel y to the chance of the individual views of the members of the committees ; and until Parliament should adopt some one view by which its decisions were to bo guided on questions affecting , 5 k k onlv rft U * ray companies , but many other interests , the shareholders must expect tho result of parliamentary contoste to bo costly and ruinous . Tho hopca onco formed of a favourable change in that respect had been

      disappointed , and he saw no chance of a proner «*„? ~~ things unless railway directors were joined in their- ?• by the whole body of proprietors . ( Hear SearT S liamenthad recently thought fit to grant a second rlT to Manchester , regardless of existing interests nlT other hand , it had refused to allow the constrW of a line connecting their main line with the S shire line , and had thus left them in that district 7 the mercy of other companies . He then entered inU some minute explanations with regard to the tp ( 3 negotiations with the directors of the North StaffhH shire Company , for the purpose of showing that there Wi " been no unfair delay on the part of tho ITorth-W- esfcMw directors . He was still of opinion that so me arrant ments should be adopted between the two comnmvT but care must be taken that they were such as would h ^ satisfactory to both companies . As regarded the com petition by which the company had so severely suffered he remarked that when that competition commence * the

      directors had to consider the past history of raihvav companies in reference to that subject . The usual coursi 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 mi new arrangements were formed embracing the ' new : companies . 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 Tip into territorial districts . 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 , and the Midland and the Sheffield arrangements , and the Gladstone award , were severally set aside . Under these circumstances the North-Westerii 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 be the es ' tablishiiien t of a . fair and-..-profitable system of charges for the -whole country . —a settlement which- they felt convinced -would leave them 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 T 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 by their competitors was 50 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 this company desired were the rates which would , they believed , be most conducive to the public interest , affording them all necessary accommodation , and at the same time ensuro to railway proprietors that profit which they 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 reasonable Tatcs should bo established and maintained throughout the country , profits being left to be derived from the just and free course of public traffic , and not to be won by extortion or abstraction . He was of opi nioft that some trib ' unal should bo established for the settlement of rates throug hout 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 were to bo sent to all railway boards of the kingdom , urging tho establishment of a uniform system of rates among all the lines of tho country , nml that in cases of difference between nny companies on

      this point the subject in dispute should be refurreil to arbitration . ( Cheers . ) These resolutions had received tho assent of 130 , 000 , 000 / . of railway property . Tho Sheffield Company had objected to assent to this proposition , lie looked forward with confidence to the result of tho appeal which was thus being made to tho various railway companies . Ho looked to railway proprietors to secure tlie general adoption of tho principle which ho bud advocated ; and he bolioved that from that tirno railway profita would improve . Tho tstaU of tilings which hud existed during the last six months wns , ho repeated , a . disgrace to all connected with railway management ; and it wns for shareholders to * ny whether tho settlement for which ho contended , was ft proper one . Mr . Puncher , in a long speech , raised several objections to the working of the lino and to what ho called tho extravagance of tho arrangements and staff , Ho condemned tho maiiagoinont on tho ground that tliero

  • Citation
    • Leader (1850-1860), Aug. 14, 1858, page 818, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/ldr_14081858/page/26/