The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1870-10-01 00:00:00

STOURBRIDON: RAILWAY COMPANY.

A general meeting of the shareholders of this com-
pany was held at the oftlees of Mes,rs. Ilarward, Shep.
.herd, and Harward, on Thursday, Cie 29th day of Sep-
tember, at (oar o'clock p.m., in pursuance of the ordinary
notice sent to the shareholders. There were present A.
i;. Sherriff, Esq., M.P., Charm-in, C. E. Swindell, 1,::1 ,
Deputy Chairman. and other shareholders Absent
shareholders, holding £BO,OOO in shares, were represen.
tea by proxies.
. .

The t. badman, having read the resolutions passed at
the last meeting, aaid that after the lengthened exposi•
Lions he had then given of the geueral position of the
company, he had nothing farther to report on that mat.
ter. The officers of the compsny had been engaged in
the interim in getting in the essets and discharging the
iiabilitiea of the company, as far as it had been found
eracticable. There were, however, sown liabilities which
from various causes over which the company have no
control—as, for instsnee, litigation between the claim•
eute—which could neither be discharged, nor even exactly
eseertained. Moreover, since the last meeting, it had
iseen discovered that there were some works which the
company hod undertaken to execute, which were not thee
taken into account; and seine of the eetimates then
made had been execeleil. The result of this was, that.
otter discharging such r:f the liabilities of the company
to ens practicable, and distributing to each shareholder
ere) guaranteed rent charge stock for every £lOO of
,eares in this company, the foals of the company would
se reduced to £2166 Co 81, out of which sum would have
er be paid any excess in the actual liquidation of the
known liabilities beyond the 93036 et which those liabili-
ties were estimated, and any liabilities which were not
then known, bat which might afterwards arise. These
Abilities were of so:serious a nature that the Directors
had to consider whether it would net be their duty to de-
lay the distribution of the stock until all their liabilities
hail been discharged; but as this would be highly incon-
venient, and would necessitate the expense of continuing
the company for 1441011, years longer, he had euggested to
Elie Directors that in accordance with the spirit of the
reeolutions oif the last meeting, he and they, instead of
providing a portion only of the guarantee of £5,000
:should undertake to find the whole of the guarantee, and
eive the required undertaking to the Great Western Com-
rieny to complete the ergot:aiding matters. Although
shore was no legel or moral obligation upon them to do
so, lie thought it deeirelite. is the iutcrest of the share-
Udders, that :ill eff in should be thus made ti meet .the
difficulty, whiled, calling upon the shareboldere to bear
111 e loss awl inconvenieuce of delay. He, therefore, of-
t-red that tuggestion see to the slate-holders with this
observation: Unit if any of the large shareholders (who
sere, in fact, more largely interested in the question than
the Directors) would come forward to undertake these
debilities, he and his brother Directors would be very
nappy to allow them to take their place. He had pre-
pared a resolution to give effect to this suggestion, but
:outcast of moving it lie would leave it in the bands of
the mecting.--He theu handed the meeting a statement
of the position of the Company, based upon the state.
seat previously circulated among the shareholders, but
continued up to the prevent day.
In reply to enquiries, the Chairman gave information
s to the claims which had been made since the last meat-
ier?, and as to the arrangements made between this com-
pany and the Great Western company in the year 1866,
and the meaner in which those arrangements had opera-
ted for the benefit of both compauies, recapitulating the
etatements made on those points at the last meeting:
after which the resolution suggested by the Chairman
was passed unanimously. The resolution was as follows
That it helve eseential to the shareholders that the
elfaire of the company eliould be wound up. and the
Street We llien gearanteed rent charge stock certificates
he issued to the ,liareholders of this company forthwith,
the Directors he authorised to call in, sell, and dispose of
the whole of the outstanding assets of this company, to
themselves, or any other parties who) may he willing to
see as a consideration for the same their personal on•
,e.s taking to the Greet Ws -ern Railway Company to
di,cearge ell the wee k 14,11 eutstandieg liabilities of
this company, and also the liabilities which are not now
known, but which may arise during the silt years pro.