The Express.
London, England, 1852-11-04 00:00:00

LONDON AND NORTH WESTERN RAILWAY

COMPANY.

THE AMALGAMATION.

Yesterday a special general meeting of the pro-
prietors of the London and North Western Railway Com-
pany was held at the Rudest Station, to consider the
proposal of amalgamation with the Midland Oompany.
The attendance was by no meet suberoun The chair
was taken by
T. SMITH,- Esq.. who opened the bedews by calling
on the Secretary Vdr. Stewart) le reed the aivertieement
sonvening the meeting, which baying bees dine—
The CKAILAtiIt mud—Altiftli. mama, you hay
had a circular addressed to yea ea~lhe eer of this
meeting, and the reasons of the diem= dery preemies the
resolutions which they intend to brig bats yes le-day,
it may perhaps be convenient that the 1111111)1116111114 SS
a matter of form, now be read. (No, me.) It bossy sheet,
sad will not occupy loag. (" It is not fmswr.l Jest
as the meets' pleases ; but as it is some days sines it was
placed in the bands of the proprietors, and they may pos-
sibly dare forgotten it to some slant, it =LI think, be
better to read it: it will not take a minute. Hear.)
The Sitcarraav then read the circular se owe :
" To the Proprietors of the Lead= sad North Western
Railway Comps_ y.
Itzperienes satiael the Direness of the Leedom
red North Weeasesead Midisilinet: that it wadi
ambies to themendity et the and to the esa•
maims, and advantage of the ;while, the
(booed at an Identity of interest) which hoe =VC
sows yeses la wedeln the two nadertakiageware rendered
mews amidst* mid pennenent ; wid they base
=I by an emenimeee vsedallea of see losemil. leer
kr wholes by there vs yeah* geopristere es
women* le sorb to parlimmee for aby
le embgerecie
the semgenies, se Isms le be alibi by retirees et high
owning. The breeten am led to assimmead this memo
lbent a esavistisa that by seek mew aline sea thyroids*
the tall wheateges to be desbed hoes the existing anew.
=measure with =Wel/ in nebeermeted melba&
bet swami evegeeelbe la the weak, of the um
whirl; weentlei le Ow welliwo et the=
wge tees,takiZ to the heemieb of the nab Is
to the swirl mesa ht Mow of as emelpesellea
safi entellise,"Zteeeleiti= I=2
sempebes leads, et sawmatg, le peat ad genswel lassave-
Meese, end to • seed= reit welsh' 1111.9.11 tun is the
embed of the bells essimis to
_wiliest any mar
wading adseelege to the guile, end leads die to the es►
by, yes by year et Imp ammo% el *OM is the ese-
straelion of illeste Mess and eleisno, WWI of being
o Mird se the intimate of lhe seestry Moak le the wants
sad MOW MI dread et seined fesid tiss. The
direelees but Owe yen ell be able to Mow) wismaady the
gmeseheseeigoss lie ded of lareasksec it however,
yes me unable to de se, sedsheald dubs le be segmessied
by prey, an. meg obis the aniesemy hem an mia-
dos le cM maw, Cunha.= Z. innctrA,

asellittimains—Clestisiosa, MIMMUNIM of the.
eetimene et Mr. Cllys hen thedish be se tees
ism as dna iamb to hisseeo
i
mid lima le an aimed, it ibis la Mist to Wag be-
km re wNesidisias whidt will be had= ea the re.
esammeinise eielsies ding helllibilik het the
Ma
reei—libd ie, he am me et the Liaise sad
NMI Mists= Orepei en NAM Osemer.
Thael:=: simelganatlia bee bei the met swifts
mot ef Md. bid alms et Oat at the
Miami Onapsay ; tad we an seedy essaimas
song to the eseelatioa that ma neenie we sea miss
will Ind se he te bairn Pttfaxml limiessat
Luse= ot the two esimpodes. (Obsen. unionim, let
me ny that, while hit is iembein it my lap aid a very
imports.' moliole dish we Raw have to MOS M yes,
it is as the Me vie Oat is my aside sod veil
sally emaselset, Ira est, •
her moi agast, harlised Nerde hi= see,
to =less yee to sawn. the abs. the 1I at both
esegamies have ineeineeek_besa
_bind to Wes. Tin
see adder swan that the Minas sad the Lemke and
Noah Wenn llailway Commies ban hid seer
eidenbis osmium of the rode of
(Chem) Yea will all rewind that the es well
es
the lamiem oral Man Wasseal thopaake. et
day mew sleek Ned{ hen the seseiriedism et mad
idigemileat esairaist. The lemilisemiXerth
nes , as now seassitelak smirk= in or
1111 y enorimise, and the sera my bo
nil et the Mani : lei I lINV MOW, MP tog that, do-
rani as dawn emigelly dMa pm bee= that de-
pend= weald have bra fee am serfeesly felt by beet
esmadse bet he sash onalgoemeism. (Hear.) Isereed
with this hst, the et lath Maris en Wend
te go sail teens ia din ammigemetiem le=
ire, sad the melt leis the eiminediabe by Me ter
the Medea of their agate peageleMthe the essekellise
with whisk I del rent a. I Mall add, that
onslgenatise smi as we hes benne shim mom
▪ her bes Wein elated asesesery
In the ems he bra puma by ths leghistan In
vigr=litlr mein to se may Imes et willway, met ea
gsmisel sommiseee or meity,biss, oyes
ell Mew, line hew tea by pianos=
dal vim and he heal ponamee, without saMoiset
ratiiehrthermalemimisees sadieloieseettionseawy.
(Haar, bear.) It apron ten that the only mode by dish
the gable amebas. OM ha duly camiliossi, ed the la-
tense of the shareholders la the email neMpealli eta, u
' by melgentsting those interests whensoever they ma be
emseleatly arranged. (Hear, hear.) Thb rand rou-
te the cm nth, Midland Costray, sad to
riurrsad Nettle WMa Company. (sew, bow.)
All the Minn Um whist: me emprind withia the errs-
;
tory of the,. two eseernies were without doubt originally
intended. work is hammy with each other. They have
I been working is harmony together, and the object of the
measure I am new bringing before you is to make that
I' harmony permanent and SPCUrll—(bear, hear)—and tripm,
• Tent Ito being hereafter disturbed by any changes wbicb
may aria is the maven., by the alliance, of third per.

ties, or by env cause whatsoever. (Clam) Oftffiaaaeat
a geed deal has heen ruse* said both radii* ead pri-
vately on the subject of emagematime, and eamewhat of ,
an outcry has raised @pint ell mesh measures ea the !
ground that by sanction the parllemeat would he in effect
granting and establishing great moappolies. (Hear, hear.)
Undoubtedly it would he creating greet snonopoli. s, and
whatever may Wend on the subject si competition between
railway companies, it is no use le diaguiee or attempt
to disguise the fact that all railway easspanies see to a great
extent monopolies—and moat necomarily be so from the
nature of the Coal. (Hear, bear.) The principle of free
trade don't apply to railway.. (Beer, bear.) You
may base 800 grocer. or 500 drapers in say one
town, and these parties may compete together, but you
can't have Sip railways dancing from any one place to
another—you cannot have more than two or three railways
practically running between say two given points to com-
pete with each other, nor can you by any measure you can
introduce prevent their combining together if it is their in-
terest to combine. (Hear, hear) Therefore, I say, that
generally speaking, the principle of free rade does not
apply to railways. (Hear, hear.) I am not now taking
any new view on thissubject—it is an opinion which has
been expressed by far higher authorities then! can pretend
to be. I will read to you the view which was taken by a
committee of the House of Commons, in the year Ifilt,
which I think it is very important you should know. Yon
may probably remember that there was a select committee
of the house of Commons appointed on the subject in that
year—sod upon the committee were Mr. Gladstone, who
was the chairman, Mr. llcnition, the chairman of the Great
Northern Railway, and Mr. Russell, the chairman of the
Great Western Railway. That committee made several
reports to the House of Commons, and there was sub•
eequently, as you are aware, the railway department of
the Dowd of Trade established, over which the Earl of
Dalhousie so ably presided for a length of time. (Hear.)
Now, the opinion which was messed by that committee,
and afterwards endorsed by Lord Dalhousie, as regards
railway competition, is to this effect:—" When the lines
are very short, the probability is that unless charges be
moderate, road traffic will revive, and in such cases the
public have a great dogree of security. Again, as respects
the carriage of goods, it is found in practice that by other
channels of eouveyance, such as canals, an effective control
may, under certain circumstances, be plased upon railway
charges. But in considering the case of passenger charges,
and iu all classes of lines, except those which are so short
as to be effectually checked by the ordinary road, the
committee think that little can be permanently expected
from the mere multiplication of reitways in the way of
security for moderation of charge. There may be, indeed,
indirect and accidental competition between railways, which
may cause cheapness, and there may even be direct and
brisk competition, with great reductions of fare, for short
periods. Beat in such cases of competition, somewhat
modified, as have hitherto occurred, the result has gene-
rally been increase of charge by mutual arrangement or
positive amalgamation of the competing compenies."
(Cheers.) If this was true in the year 1844, there an
be no question that our experience sines that period proves
it to be equally true now. (Hear, hear.) Thecomunittee p
on to say : ' The experience of the past is, however,
limited, end might not, if taken alone, warrant any conclu-
sive opinion ; but in looking to the nature of the questing
itself, the committee feel this difficulty, that they canine,
in case of railways, anticipate any such facilities in the is-
troduction of new competitors as to cheek **proceedings of
the companies actually in possession of the traffic; that infect
there is no district in which the traffic will support any eon
siderabts number of railways; that there is noose in which
they can imagine a likelihood of more than two, or at the
very utmost, three lines of railway communication, which
could he so situated as to compete with one another, and
they cannot conceive that two bodies, or even three, acting
by compact executive boards, and secure against the en-
trance of any other party into the field, will tail to combine
together. It is, therefore, their apprehension, that in such
cases, either the different railways will continue to be
worked, and thee that extreme measures will be taken in
con en for the purpose of paying very moderate dividends,
and it may be found that several capitals have been ex•
pended for performing the business which could have been
equally well, or perhaps even better performed by one ; or a
closer combination will take place among the companies ; they
will choose the line upon which they can most profitably carry
the traffic, and will leave the rival line or lines unoccupied."
Now, gentlemen, all our subsequent experience, I repeat,
has tended to prove the truth of the views taken by the
Committee of the House of Commons, and by the depart-
ment of the Board of Trade over which Lad Dalhousie
hresided at that time ; but, nevertheless, me steps have
itherto been taken by the legislature, with a view to ik
hroper distribution of railways throegheat the esuary
aving regard regard to the two great principles, sommenty Gad
public convenience—(hear hear) ; and the result is that
that which was then predicted, vie., that the parties would'
combine and amalgamate, has proved to be true, and will
'minus to be so, I have no doubt, until railway amalgama-
tions shall have been carried out throughout*, country. to
a very large extent, indeed./i(Hear, hear.) la hr:1112
this measure before parliament—u we hope pa will
as to do—we cannot input they will pass it Wen we are la
a condition to peeve that it will be admap•Ol. net scaly'
to th, proprietors of the two analguneing tempmelma,bati
to the public also. (Hear, hear.) Bat we haw MS the
slightest doubt of being able to prove that it will b. is.
(Hear, hear.) I think our own ezperiesoe, as far emit
will enable us to prove, beyond doubt, that the public hare
derived very great advantages from the varietal amalgams-
tans whisk have 'bead taken plan. Formerly if
• bed to eons team Liverpool to Londe. by 1
, he bed to paw over the lines of
three se km Ipilspaket anapaeles ; end it was ,
the menu ben MearArarar or Leads to London. These
essepaiss nessmally saartalaal kdbreat views, seek of
sews% la be megoemmte. Isaias rather to awn .
011ie namesan sad esavemisaes, W its
end et Mose of these
public, as involved la the facilities afforded by the whole
Ilse of communication Ist now that theme sempeales are
all lawlaffiwalad. prestimally, the effect of sub allialpasa-
ties b, that the peke eseveniease is esaulaid te a far
Mrdegree then it over wee eaderthe et- erases ; aad„;l
ast that oven ea* who has emeden a travel our
theme lime will ads* that the famillise be the sconyense
a trueness have lase
y emsal; able eke
has any preeliesi lam
em Me suatiset, wiltseems, drog thee
t&speak er bee be ax= ta as greedy asseleartM, and
w
that the emaustease bee ham staled le a mash
greater depaeathsa wee peed* say senagements
that could hamariy be devised. (Readwim) Them. gm-
*mon, I Mkt you will find, is emessitiag the 'pain of
these who see beet able to form • judgmemmt inth=ed to
1111 411111119 et railway useasmation—yea will, I dud
Mak *Wu very mai In its favour. (Hear bear.)
And I would much rata than that yes sup-
I pia libill an en up arguments merely embed to
iel,
' its auelka. se la verses kr what we propese—l
VOW mak peakT le yeeaembltheff *aims Mame of
, 11Ast salballeme In tits sails* tima
my ova geememei views. Tem en portage asses
71.m7= three kinks op the cbairmemea of the Gnat
Hakes Rawer prepaid the saalgemation et that line
wish Me Midland. sal ie ids lease es 111 r. the *sir-
sea of the latter aspany (which has beta , Mr.
Natio makes area st these eqwessises : As seedgenta•
ties ar ken two raw& is so natural, kern poslar sit,
comelemess, and 1 • to Mr. Glare pdMited ept.
idea the abject of competition and snalgellesidelt
so that I apprehend no parlisawatay
wadi be ; the two capitals united not big larger
than that/ be Leaden and North Weston aim," And
that be gess an to say :—.. I fear, until this anagemeat be
made, that Wish enopetition, ea/pities., end jealousies
will end the shareholders in the uses time may
suffer ; rd I believe that the longer it is pa et the more
etomplicatol, and therefore more &Montt of solution the
question will buoine." This is Mr. Dealma's view, the
Hainaut of the Great Northern; sad I will now
Qua to
_yea Mr. Rummell's, the chanson of
Its Great Western, who sold a few weeds on the
ere at t e last meatus et the Great
Mimi. Caspar.y. Me. Rasa ea that masks said, .. If
MGould be Wooed to self belle palmitin etthe
erest ea the earelld sans ea seeteedels,
shuldhaileseh aa suyiebes drugs la the pub.
Ille ado errailats name absees elt te tie
rsed the " The is useels agleam.
woe ma shut le gesle an gain 'bah
have mesa waled elk you Vol mm aims&
limey sebresva any celber—Ma of coins timbres tae Mr.
, hew.) Mr. Gip as yea leow. keg
al'atesisteatly bald sad szpremsd midis that by a
anima et railway newest; under puillamiatan ve-
getations the bake of the wedd be asadaseed
with greeter seavealeass sad esemeasy te literiazdyi
amo:setwisa=ly le the pnprielses ate than
nada Thies views Kr. Glyn has
tam the lint, and has meast albeeptedt•
sensed the het whisk I slated ern the begiessieg,tbst meow
somapeedme mast is ease be emaspelisiond that Ike pe-
ar nuns end Ms bus pair bet ingzeiry
_lsperaumwm
to dammed that thq shield-b. well-reguLimd measpelles.
by the impsibisa by pediment of sash reguleaus sad
restriction as lima assure the Eights and lateessa et Me
rd at the emu time prebave be sighte ma We-
mistiPill Ms pregiblese. sad thus la retest Mat seuelies of
be* - wilkont asee asesomes et this Mad are peed
br the meat late plass. (Hem) These/tee.
la main kb peiguilleu, we Ml Waal te show—tad we
bellow ea NS M. MIS
the thew skein=
C:==alail.attiesgiael: am km lair.) .
Tirettesageatiszseeiel hawse:poise al be Militelisemoslike
gramma of its tendency to est2ll:4llllsat aria
CrssempeMisa. But in realer Ohs sue we brag *-
es Is sae a melded the gasettes ef mempothibm dem
met sum (seaee) There as as emapeellies Mamma the
Miami Compamy end the Leeds& mad Ikea Woolen
Celegally. Beth-Una were 11111(argly wade le week lam
sash ether, and, although beth tsar& west legetha bar.
menisusly, it b imposeible es prevent ebbs, the ass
party or the ether tams Whin mese to what
they may massive to be Ms* tawbanns
that Id the ether party. Osetaisesty, thaelbre ,
little dlikedsiss will vim from thb mune. We want to
pretest this, sad buret an sad to sAjedemdee between the
two etausams. We km met meat to have be lateraes et
these twe pea esespenies liable te be disturbed by thus
ceases. se by the katibrease of third panic; sad we are 1
le tabs munwee asers to you per-
=7,l:lll2hmet mamas@ te who may amass to be
at the Mad et akar massea—mumens_ toAmos the kb.
rests of both ampaniss eaa satistonery eselft. I meek
that tlie7,:if suagetitlon does met seise as.i. I
the • we new propose. We hope,
there be as oppesitiee on that ground. (ile.ar,krner
This preposition comes rather within the ease stated by
Lord tuie, is 1843, where ho says, in his repot to
petlibassat:—" The term ' monopoly' cannot be mild
with any justice to such a combination of the differesa.

emotive links of a great line of railway communication as
tends to ensure the whole being worked as one concern for
the pupates of the through traffic. On the contrary, the
objection might be more aptly applied to the existence of
one of such links in a static of absolute independence,
with both the power and the inducemeut to 1
put the public to inconvenience, in order to
extract an undue proportion of the profits, of the
through traffic. Such instances are by uo means profit
,
on the contrary, many caws might be quoted where the
public have been subjected for long periods together to
great inconvenience, and have been heavily taxed, owing to
the abeenee of that unity of intermit between connecting 1
lines, which is objected to as creating monopoly. It will be
sufficient to refer to one ease, that of the niterruption which
for a long time existed at Birmingham, whereby persons
who had begun their journey between Loudon and Liver-
pool,
or Manchester, as second or third class passengers, 1
were frequently compelled either to take out first.elase 1
tickets for the remainder of their journey, or to incur a se-
rious delay. It is found also in practice, that unless a very
Mom unity of interest exists among the different portions ut
what really constitutes one great lint of communication, it
is scarcely possible to introduce that hannuey and accuracy
of :amngement which are essential to ensure ;speed and
punctuality. Many important branches of traffic also are
apt to be neglected, which can only be properly developed
when a long consecutive line of railway is united in one
amainen interest. Coals, and heavy goods, for In- ,
stance, can be conveyed for long diotauces with a
profit, at rates which would be altogether insufficient
to remunerate a company which bad only a run of ten or ,
twenty miles, and thus many of the must important bene-
fits of railways to the community at large can only be ,
obtained by uniting through liucs in one interest. Nor
does it appear that auy disadvantage can result from such
union among the consecutive links of one through line,
similar to that which may be apprehended where erns lines,
sanctioned for entirely different purposes, supported by dif-
ferent streams of traffic, and united by no legititnate com-
mon interest, combine ter purposes of mutual defence. lu
such cases it is evident that amalgamations, especially if of
• permanent nature, ought to be scrutinised with extreme
jealousy; but the case appears to us to be very ditfi rent as
✓egards lines which constitute portions of what, for para-
mount public objects, must be considered as properly one
system." Now, gentlemen, I think you will consider this
so conclusive as to the public advantages which are those
here considered by Lord Dalhousie, and not those of the
particular amalgamating companies, that you will not re-
quire me Miley another word on that part of the question.
(Hear, hear.) Nor am I aware that it is necessary for me to
trouble you with any further observations, but will conclude
by submitting for your adoption the first of the resolutions
of which you have already been furnished with copies.
" That it is expedient to effect a permanent union of iute-
rest between the London and North Western and
Midland Railway Companies, and to amalgamate
the undertaking' on the following term', namely :
—That the relative values of the two under-
takings be ascertained and fixed by three referees of
high standing; that their decision be given after the pass-
ing of the Act of Amalgamation; but in case the first ap-
plication to parliament fails, further application shall be
made in the following and ensuing sessiou ; and it shall be
competent for either company at once to call upon the refe-
ree., to fix the relative value of the two undertakings ; such
values to be, in any case, fixed after 31st December, 1853."
Mr. Urcaorr had been requested to mention that the
time and place of the present meeting had not generally been
communicated to the proprietors as usual, which probably
was the cans* of the very thin attendance. (near,
hear.) He had also to complain of the partial manner
in which proxy papers had been sent round.
(Hear, hear.) It was quite clear that the matter
did not press mo much as to render it necessary
for them to act as improvidently then as they had done on
most previous occasions. (Hear, hear.) Ho would there-
fore put it to the directors whether, in fairness and
justice to the proprietors, as well as from a
regard to their own cheracter as trustees, they
Gould object to the adjournment of the meeting for the
purpose of affording more time for the consideration of a
matter of such vast importance. In tho meantime the
directors should furnish them with some information es to
the terms of the proposed amalgamation, and the nature
sad extent of the liabilities involved in the amalgamation
sad not leave a question of such vital moment tR be settled
by mere chance at some indefinite period.
The Cmaiamax said—As respects the question et ad-
journment we mast press you to come to a decision this
day. There is no time to be lost if we are p to
oarliament for the smalgarnatka.
Mr. 11. BiIIOHT said, if it were true that the proxies had
not been properly distributed, there was no other course
than to adjourn the meeting ; for in that case It was totally
impossible to regard the meeting as a meeting of the com-
pany.
The Csautimas—Proxies have never been sent to any but
those who have requested them. The circular contained the
following words on the subject : " The directors trust that
you will be able to attend personally the general meeting
on the 3rd of November. If, however, you are unable to
do xi, and should desire to be represented by prosy, you
may obtain the necessary form on application to this

Mr. H. BRIGHT Mid, if that wee* the regular COUTSC, he
had nothing more to any on the subject. ‘with respect to
the resolutions themselves, they appeared to him to involve
a great many points, and ho thought they ought to be di-
vided into as many resolutions as there were points, in order
that the judgment of the meeting might be taken separately
upon each. It had been alleged that one of the objects of
the Midland Company was to run a line parallel to the
Great Western Company at Gloucester. Would the meet-
ing_p!eilge itself at once to enter into that war ?
The CRAIRMAN.—We know nothing about it.
Mr. MittOn• thought the directors ought to know.
The Cifatnmsis.—l do not believe there is any inch
scheme. (Rev, hear.)
Mr. BRIORT said the first effect of adopting the resolu-
tions would be to bring the whole country upon their backs.
The doctrine of amalgamation was unprofitable to the coun-
try, though it might be • ••rygood thing for the proprietors.
Mr. SAINSBURY hoped the imem proprietor who bad just
ma down, and in whoa be an old and honoured
amber of parliament, weld the the lead by moving the
eirssent instead of merely voting for it.
Oznom, most cordially supported the mu-
le#sa.

After Mall dhemelon,
Dioxmcsoi formally moved that the meeting be ad-
journed far Ono weeks.
rime firths: dismasioa having taken place,
The ameedimeat was pat sad negatived, end the original
resolution woo asseissl by a way lugs majority
The CIIALIMAX then put the mad resolution, namely,
" That the 4/sewn be accordingly authesised to introduce
and posseente, in the ensuing maim of pediment, a bill
to wry late Wee the foregoing moieties, and to take
wasitmemares, is fartherames thereof, u they may deem 8t
and us meta my advise, maistently with the power. of
the
Tr: carded with only bur dissentients.
A Paorurroz asked whether anything bad occurred
to interfere with tho satidiperag relation' which had
hitherto existed hawses the lends& and Nortk-Wonsm
and the lead-Wastme Osomposy t He ailed the (mess
ks osemegmenso of bade' sera an advertisement of the
Leedom awl 1114-Irosteen Oirespany, in the direction of
which the ma of mass /each-Westin directors ap-
peared.
The Cesinimit woe km to my that the beard hid
received esmemisimeises Rom the loath-Western Railway
Company, is sinew I. a Miter tem the smeary, in
which they stated that Um bad withdrawn their directors
from the Yid-Western Company. He therefore did not
apprehend that the relatioesimesirthe two companies would
be in say moped , Mar.)
Mr. HOTall MIMIC a at Monks to the Chairman,
and expressed his pas nallidetien that the Mau was now
filled by a gentlemen lobo appeared, from his endue that
day, to he la re VW Wider to his talented predecessor,
Mr. (flys. (Ohms.)
The modes w served momdmously, and having been
briefly admowiedged by the Choirmse, the misting sepa-
rated.