The Express.
London, England, 1852-12-20 00:00:00

NORTH STAFFORDSHIRE RAILWAY.

A special general meeting of the shareholders in
this railway was bald at the station at Stoke.upon-Trent
on Saturday. W. lia01)111ca, the deputy-chairman. pre-
sided, Mr. Ricardo, u.r., being absent from indis-
position.
The purpose of this meeting, like that of the London
and North tVestern, was for couaideriog end approving or
otherwise, the recommendation of Messrs. J. It. Hope and
Robert Stephenson upon tho future relauon between the
two companies.
The CUAIMMAM commenced his speech in reference to
the business of the day lry expressing his regret that he
had been placed in that position by reason of the dangerous
illness of Mr. Ricardo, wl.o had not been in a fitting state
for sumo tints to be communicated with on business matters.
This was, he said, to be regretted, and, apart from the per-
sonal interest which they all felt in the hon. gentleman, hi.
illness espeeislly. to be regretted, because the 'moire-
lions in conaexiou with this day'. business had been under-
taken and carried on by him; if the hon. chairman had
been present, he would doubtless have entered into a review
of the circumstances attendant upon the origin of this line
of railway ; how far the hopes of its precut& n had been
realised—how much there Led been of disappointment—
the cause which had contributed to it, and the actual re-
sult. (Hear) That, however, which would have been
a very proper course for Mr. Ricardo to take,
would scarcely be so as regatds me. I therefore pus
on from that question to the present one, and
refer you to cell sin passages in the last report of the board,
which refers to the subject in reference to which wears met
today, and of which the proprietary approved. We had,
last year, bills before pietism, sit for extensions of various
kinds, the object being the protection of the interests of
this company ; well, • stop was put to our promotion of
these by Mr. Stephensoo, who stepped in u • mediator,
with the view to prevent the expense of litigation and a
parliamentary contest. The offer of that gentleman was
accepted in the terms set forth in your let report ; that
reference proceeded, but after the break-up of parliament,
when members were mattered, as usual, end with them,
others interested in parliamentary proceedings—Mr.
Stephenson left this country for Sweden ; bat be-
fore he did so, both he and Mr. Hope bad
inspected the company's bookie, they had familiarised them-
selves with its traffic, and, accompanied by Mr. Ricardo,
they had had access to and been attended by the different
officers of the company. The result was that they agreed
as to a principle, but upon • principle only ; and nothing
mild be more erroneous than to eupposs that at that time
any agreement had been come to and the details withheld
from the proprietors. (Hem.) The fact was that it was
intimated to the board that the award would be ready
about the Bth of October, in time for the board meeting on
the 9th. Well, the board met on that day, and after three
o'clock in the afternoon the seal of the award was reinoeed,
after the Stock Exchange was closed, so that no advantage
should be taken of any priority of information to the disad-
vantage of any shareholder ; and by eatraordinsay exer-
tions on the part of the official., en that very Saturday, the
9th of October, • circular was sent to the shareholders con-
taining information which he would now, for the informa-
tion of the public as well as again to draw shareholders'
attention to it, read to the meeting. (Hear.) It was as
follows :

" Oentlemen,—ln purvuence of the authority given to
us by the resolutions of your respective boards of the dates
3rd and 6th May, 1832, we have considered the questions
in difference between the London and North-Western and
North Staffordshire Companies, sad have tome to the fal-
lowing conclusions, which we recommend for adoption by
those companies:
"1. The London and North.Westarn Company to
acquire absolutely the railways, curds, and whole fixed
and moveable property of the North Stafford, lire Corn-
PadY•
" 2. The London and North Western Company, in con-
sideration thereof, to pay athe North Staffordshire Com-
pany upon their present paid-up share capital an annul
dividend of 3 per cent. during the lint year, of 31 per
cent. during the second year, and of 31 per cent. daring the
third and all Ilibielpitat yearn, provided that it shall be in
the option of the London and North Wisteria Company at
any time, apes sin months' notice, to convertthe share
capital of the North Staffordshire Company into ordi-
nary stock of the London and North Western Company at
Par.
"3. The paid-up Mara capital of the North Staffordshire
y to be taken, u stated by themselves, at
Coo
~ and the nominal esteem of the Maros to be re-
keen 201. to 171.105.
4. TM Landes sad Mail WOWS Cowley to under-
take the mg sent es Melds* the bead debt, and all
esker NANO@ of the Matti IkaSerabke Queasy=
vide! thee if tbe bend debt, as selbestsi by dee
Stalbribire Custom with s view le ewer ell mann
liabilities, &eV be heed ei mese i,oikes4 do leeks
sad Hort! Wadies Oemmeny obeli be 111 Inielnat
I from the dividend pereble less the Nerds Ilkelbedaldre
share capital a pent ma equal to Merest at 34 par sent
as the ,:met-- - - _ _

6. obit Miss of tbe Lamas sal Nett! Waists
Cemputy to lir aviinas and Al tide I, oat to die-
chap tho osier Article 4 to esursisse lbws die
time at white ea tesedit of the North Sielledaire po-
verty shall be Waft empleted.
"6. TM two sompesles to apply to palliated at Nat
ripsaw la the ant omelet for nantodlses powers to the
three sere, sad ia sees of failure to renew the applieation
is towswilog esaiess. Mead prams* am times
rasa the egvNietios spa merits, eal set amok es
formal plats, the appoint balms the anvesies to
.woe

:11•11ming that both Weeds en the impotent with
the eapeikeey el speedily iluesenthig pried*, of an
arreneweent. we hem eveletheillelliehll• with a etatemet
amt. eginisa wme the peekep ethe pekes sehmittod to so ; het
should the sempenist eer advise upset these pans
we shall be happy to rased this tenths eseistame,ewd to
mediate between them upset limy opmeles will& my
arise MMus the ming ef the eth el pelfmmt—Teer
Oaks' MI ME% JAMES H. Mom Unica Ilemetheso x.
—T. the Meth= of the Labium sed IllertMWeetern and
North Staillarellee Cempuies.l4ll4lll4 Ott. 6."
New, with sithethes to the emehinte of that circular or
nerd, es it rat ig with mere propriety be embed, it woe
mew he sny thei the board felt that doers were
mum naliikeliene white might with aim; be moth is
it, whilstdiseithetege M the eoa poetise ea
thew die ear
the ether ; we of them lei
referees, te the senior earrying Late Wiest el the es,
nagentat pregestedi, width it was premed *We be made
depethet en dr egg of the set ef pathement, Omit
it might be deilmei At Mew weer end ultimately re-
ject. Ups this stedest Mr. Remit undertook to tee
Mr. Stephens's for the pepper of drawing his ebestiset to
that rabjeet, and to each mitlilleediees el the teems re-
commended b (Hem, bum) Well, Mr. /Ricardo
did see Mr. sale sumeetheL (Hoer, bear.)
Another objeetieleble Nig in the meth wee that the
Lesion and Meth Weems Cowpony no to be allowed to
month the Nee* thetheishire Mesh et par at any time the
former mespeny disse to select ; s, be me related to this,
Mr. said rat the proviso mom with the arbi-
omen It heing neither eggweeell ma disap-
proved byelaw y, hat Mr. litoplineen dithered his
loaminess Mame his *forts to include the Landen and
North Wester. Company to abandon it. The Ws. gentia-
ns& has thee so, for (Said Yr. Bredriek) wily yesterda
y yMr. Dicey std myself saw Mr. Stephenson, who expressed regret that this particular proviso was an the
award ; het he aloe expressed hie belief that
a small pram ally of the board of the
North Woolens Cempemg was I. favour of adhering to it ;
and subsequently I baton faterview with General Anson,
the chairmen of the Lenien and North Western Company,
and with Mr. less.., Mr. Stalwart, and other omen.
Garaged AMMO assonsi Is Mr. Stephenson's view, and
Mr. Bowen roproasul the snow sentiments; hie they said
that as the award was a thing which It as the result of cer-
tain proceedings takes is em elt by the two bused', they
could not in any particular eleadon at ; but they ooscsrred
in the opinion that they could ioduce the bawd to depart
from it an this puns alas, mud they gam M to
mead= this fact at Me meeting here to-day.
(Applause.) That is se; and I am glad to Sad
such an expression of the approbation of the proprietors;
bet let it be understood that the board hes been drirtn to
seek It neither by advertisements in the Tones, nor by
pamphlets on the 'object in the rotted's; the objection