The Express.
London, England, 1852-08-19 00:00:00

RAILWAY MEETINGS.

also mention that we have it under consideration to apply
to parliament for power to snake our bonded debt a fixed
*huge, at the rate of 3i per cent. The Loudon and North
Wasters Company have done the same thing. When
we have got the act it depends on the state
of the money market whether we can avail our-
selves of its provisions ; but it will be an inex-
pensive bill not likely to he opposed, so that whether
we avail ourselves of it or not it is as well we should have
the power. (Hear.) There is another subject to which I
wish to advert, and that is the attempt made in the last
session of parliament to obtain a new line of railway from
Worcester to Hereford ; and we are anxious to induce our
shareholders as individuals to support it by taking shares
or by any means in their power. Many members of the
board had (he said) taken shares. He had done so him-
self, believing as he did that the line was most important
for the protection *1 their Welsh traffic, because it wu very
likely that the Great Western would make a broad gauge
line to Worcester, and, without the Worcester and Here-
ford line, they would experience all the inconveaienos of a
break of gauge. The London and North Western Com-
pany had anxiously and zealously promoted the bill, and
the Midland board was no less anxious that the
parliamentary powers should be obtained. (Hear.)
The nest Important subject to which he was
anzions to call the attention of the share-
holders was the paragraph in the report alluding to
the new Hoe to Ilitchin ; now after what had Wien place,
no man had a greater horror of extensions than he had; but
here was a matter for very grave consideration. The recent
discovery of ironstone in Northamptonshire had forced this
matter forward, end the directors had been waited upon by
one of the most influential deputations he ever attended.
Amongst the gentlemen composing it, there was Mr. Whit-
bread, who owned the laid through five miles of the dis-
trict of the intended lin:. Now the gee talon put to the
Midland board was, whether, as they bad formerly pos-
sessed the powers for making the railway, but whirls had
lapsed, they were now willing again to take the subject up;
and it lid/ further intimated that if this company declined
to do so, an independent company would be immediately
formed ; the result was that after the fullest deliberation
this board gave the deputation a favourable answer,believing
as they did that it was most important that such an anta-
gonistic line as that must be in independent hands should
not be let pass from the Midland Company without the
fullest consideration ; they had now placed the subject
before the shareholders, who might rely on it nothing im-
portant would be done without their consent; if the board
had neglected to bring it before them and to allow the line
to be made by others, he believed that it would have been
one of the most fatal things that ever happened to the
Midland railway. (Applause.) Finally (said the hon.
gentleman) I have to state that I have a subject of great
importance to bring before you
,as soon as the formal bun-
nese of the half-yearly meeting is over. (Hear.) You are
all aware that a very important correspondence has re-
cently taken place between the London and North Western ,
and Great Western Companies; with the former we con-
tinue on the same friendly terms as ever, and from,
them we have within the list day or two received
the first letter of a correspondence which I shall
presently read to you. (Applouse.) Now, gentlemen, before
submitting my formal routine for the adoption of the re-
port, allow me to state according to custom our last week's
receipts. That amount is, I believe, with one exception,
the largest sum we have ever taken. It is 23,13371. ; last
year it wu 25,1291. (Applause.) I beg now to move that
the report be printed, adopted, and circulated amongst the
shareholders.
_ _

MIDLAND RAILWAY.
The half-yearly meeting of the shareholders in
this railway was held yes erday at the Central Station at
Dishy, Mr. Join( ELLte in the chair.
The statement of accounts appeased in Monday's Ex-
pos.
The following report of the directors was read by Mr.
Bell the secretary :
The directors have peat pleasure in stating that the
accounts for the half-year ending 30th of June last, show
an Innen from utak receipts 0127,4411. as compared with
the receipts of the corresponding period of 18.51. The pro-
portion which the working expenses have borne to the re-
ceipts from traffic during the haltyear hes been 41/. 3s. 7d.
per cent., exclusive of rates, taxes, government duty, and
the provision for renewal a permanent way, and increase
of felling stook. The balance available for dividend is
160,8401. lde. 641., and the directors ree:mmend that a divi-
dend (sohjeet to income tax,) be declared payable on the
Ist of September next of 11. 10,. upon each 100/. Midland
Consolidated Stock; 16e. 3d. upon each 1001. Birmingham
and Derby Consolidated Stock; 3/. upon each 1001. Conso
Mated Preferential Stock; 11. 10a. upon each Ere-
weak Valley share ; and 2s. 3d. per share upon each
Ulf 18/& 61 share, being 41 per cent. per an-
num apes 61. per share paid, leaving a balance of
1,1641. 2s. 10d. to be earned to the next account.
Mr. Barlow reports, that 16 miles of siogle lime have been
rebid during the half-year, and that the permanent way is
Y geed condition, with the exception of those parts which
see about to be rand. The wrought iron permanent way,
with that laid upon cast iron sleepers, continues to exhibit
satisfactory results es to the excellence of the road and
cheapens of the labour of maintenance; the accounts fur
maintenance and renewal of works, however, show an in-
crease of expenditure, chiefly in consequence of the re-
building of Crow Mills viaduct, near Leicester, and some
extensive repairs to the bridge over the River Avon, at
Defford, upon the Birmingham and Gloucester line. The
senflensll nevease of the goods and mineral traffic has also
bd Is s briber outlay for sidings, warehouses, and enlarge-
ments at nations. Mr. Kirtley reports, that the rolling
stock of the company has been maintained in good working
seder, and that in addition to the ordinary repairs, four new
=lee earriegss, sad 43 movies Len been wade so
Mead worn-out stock, the entire cost of which has
heat *mod to revenue. The additional plant received
during ills half year has taw 10 new goods' engines, 74
covered pals' waggon, l6m bark vine, the cost of which
has been divided bearesemsdtal and revenue, as approved by
the proprictom si bore geseral meetings. The mileage of
tares has bon 2,002,010, as compared with 2,489,698, for
lila
411=118agengrtOlgood bei:ganad minerals emafrjeMos
her tome, as against 1,383,246, showing an is.
anon upon die half-year of 124,812 tons. The authority
given to your Menton at a special general meeting of the
LrZetors ma Ml2th May last, to commute the sum of
, ~ them a tole annually as rent to the Leeds end
Bradford by creating a permanent stink
prili
ginsgating in ~ io 18,000 shares of 100 each, and
hearing intone else the rate of 41 per cent. per arum
for 6 rano emeMeweris 4 per cent. per annum in -
pushy, bee onsessfully carried out. It will bemire.
ported te the edgermill nerd general meeting tis be heM
this day, that 771 Lefibislikadford preprinting, hilidli
111,072 shares. have si. le near an equal sweabewa
ansuat of Midland illimd dam, eat thin ass Piallio.
log lASI shares have all Men glean : the kartedes Mill
be umpired on the 4th sl October next. The abet of
this operation, as you are aware, will be a saving of 9,0001
per annum till the Ist of July, 1857, and from that
period of 18,0001. per annum in perpetuity. The
state of the market during the half-yeee Me
enabled your dl,eofom to renew the debentures
due at a rate of remit mash lower than that upeaaaera
they were - geored. Debentures to the amain
rasa* due is July last, whisk hen
beim or upland et Mee whin will effect a Weft
in fern aserets of more than 7,0001. per annum. The
probable future value of money has hid your directors lia
think that it will be advantageous to obtain powers Gem
piedmont to enable them to convert the debenture debt of - -
Mg esupasur into preference sham, at a rata of interest not PROPOSALS TOM AMALGAMATION.
magewarg di re cent. per annum, and thereby make per. The CHAIRMAN on again rising was greeted with much
applause. Ile said—Gentlemen, you know that there has
coq saving of interest which has already been, or
May be homo Mer, effected ; and they propose, with your been a correspondence lately between the London and North
=canes, to gsemoto a bill for this purpose in the next en Western and Great Western Compare , and you also know
gden.Am mg eiparliansent has been obtained to enable the what has been the result. You wilt not have forgotten
Ilingshisem, Beaton Matlock, and Midlands Junction either that there were not very long since, certain terms
/11111 way Canna]. to lease or sell their undertaking to the made to us by by the I.ondon and North Western Company
lenien and North Western and Midland Railway Cow. for an amalgamation; that offer was refused; for as I then
Ciento we obtained bv the canal companies thenght, and still think, the terms were not such as the
daring re
the wpm of the bill,adch Injuriously affected Midland Company would be justified in accepting. (Hear.)
the serangemsat as reported to you at the last half-vearl We have continued to be on the most friendly terms, and 1
maim. The summate,. ef the Loden and North think that by so doing we are most likely to arrive at some
Wells= Company have MUM We neer reir share of the arrangement for a conservation of the property of those who
have so largely invested their money in these vast an-
ion; sad although your dbeellen Oak that it will, in
ewe ta, be less advantage:ens Mn that originally dertakinp ; of hitting upon some plan by whin
the present system of reckless expenditure shall
they ramemend pen lo dna it, rather than
bee the serer of a lies whisk mfgbe he worked in hostility be put en end to. (Hear.) Well, now, without
=ir The of die day will be made going into
feeref pen to consider and de- of talk on this subject with our friends in London ; then
tondso Up labile,. A ad very considenble 7" • certaincertainmeeting
of the (committees of both companies
snes=4l,
Imparrese hoesisce the last meeting bola revived, and has In London, last went, and the result was, that we received
lama, maw the mettles drier gkeetera. The the following letter from the London and North Western
„aiolea aea &Hwy gm Lehleao through Company, which is dated " August 14." It is addressed to
Mr. Bell, at my suggestion, and the following are the
Market antsweregb, Ile Kettertag, Weillingliereagh, and
Bedforkte for lanai= with the Gent Northern Ilea. otionots
way at ON OM =Chin, has berm=staken up by some " London sad North Westera Railway, Secretary's
0 the gee al landowners and in the neighbour- aloe, Easton Station, London, Aug. 14, 1652.
heal aka kale. It will be rem eabored that as act of "My dear Sir,—ln consequence of communications which
yeIIIOMISt to enable the Midland_Oampay to make a rail. have taken place between individual members of our ro-
wer tram Of near Leicester to-Bitchia with branches, epective boards lam instructed to acquaint you that the
was obtained, and received the royal assent on the 9th special committee has the authority of the board to meet a
of July, 1847. The state of the money market and other similar committee of your board, and diner the question
eircumwasses prevented further progress being made with of a closer union or amalgamation of the two undertakings.
the saikreitiag, and the powers of that act expired in July, " I am, my dear sir, faithfully your,
1800. 21,1, fermerly granted to the Midland Com- " CHARLES E. STZWAZT, &notary.
my to make this lino, indeed • depute- "J. F. Bell, Esq:' .
and residents teme the. district to wait Now (continued Mr. Ellis) when I arrived here yesdticetz
morning, I found • special messenger with • letter ad ups per dbeelsee with seas of support if they would
semis embeleim lbosearemetion of the railway, bit at th_ to me from Mr. Denison, the chairman of the Greet
use kr leberreg them, that is sass of refusal, they Northern Colarnary. (" Hear," and applause.) Beam
wen......a hemageteb to rum en t ma. reading it, I should remark with reference to the seams.
mit y Ki‘vieweeee. year dimes. n al "moth,. nieatlon from the London and North Western
Ca
Lis., gime alagawages of the after which be- that there was already in existence two 0001ElittOWIrnia
our interests
lien" it le be kr the of board for considering such important matters ea affected the
thatat no Mei 11 erkilion b
engineer,
I Pert ofj the Midland interests of the two companies; we have added to our
mg
mum, goon the , that the own tine committee two members our board, the North Western '
NW now ha Nos -coned it a mach km sum than that board I believe will do the same, in order that the subject '
knurly esdeested. ami that it would traverse vslu- refeged to in Mr. Stewart's letter may be fully considered.
Ade beds a imams which will materially (Hee.). The followng is Mr. Denison's letter :
Mamie the adds arigisally ealcalated upon, they ' The Great Northern Railway, Secretary's office,
ratersod a favourable answer to the deputation. King's Cross-station, London,l6th August, 1861
aat was macaw. to you for making a railway from "My dear siT,—l have frequently said to one of your
Wenner to Rootirtil, wiiek oestained a gauss for en- edlearees, sad to others, that in m opinion an earnest
Agar ea utakaggeeepaap. be eleguaegea with the L. attempt Vire be made to unit* the Great Northern and
gem sea Nee* wows osemeao, at make woad. lildred wa_r , and the sensible letters which lately
assempoosho with the sampsey le be dermsd. That bin gelWaves° Mr. Glyn and Mr. Russell, have determined
was had is esmisese a the Lord.', but the perdu hew, ms M puoywe to my en.directors (and they have this day
washed le web at paggenwat main rthe meat coxes,, that I should at ones address a letter to you,
earl he a dieW Me. Am this will moles a bran ad& slittimf; PtimiPle eta complete amalgamation of the
U. he the eepttal, the akaames invite the rooeheigete fa- Greet oaken awl Midlands. They compete with each
OMs* to oe.oparsta braining... Is pas eggs ea& Ober la the nob end In the north, and hey UM each
glad moat oegairad la mom eerie sagestakic which ether at two sr: three important points ; there ace doable
will anama the id* the Maim
le
gram a Satins at seam& ems, and duplicate trains run where
railways okhrly Waft, of, Is the warm of r single ones wend wren the public equally well. A very
the mimed diarist Ms of nes Wales. It will Meshy spas large eltsual meld therefore be saved, which
pa a lib imeadog se ems. flub suguipine. ma womb& impa•mosaCiollel °I
sidimis and the real value of both
=41.11101. sleek sr amain the ompsy,as as moo. Ptertfam, _
tebses duty it will be to met fa damn* of ._____an eninhillneelne,____._____•l6••• two. nil is et natural,
Jersey seat, to seise* sad neeeri rod to the MU-yearly 1;117= Yet ant_ .le Mr... Gall's !
=.41:66e !cherry next, a penes to be ap-
anasingiko is
altPt" the 'Les of alaaPan
nppookesi nonan.aild
TM 1711110,31A21 said—lt is not mistemiles as occupy
__ ekellitill weeklal _ the esdbets gaited
penr time at any great length with rehrosse to the LIA nee of the lLsiea me North
=but any question that may be pat to me en that weak&
emu awn, to the beet et le, slaty. I speak "Ths age= aide cif the kingdom weeldtbm have its
go-7—olageheate sea my a wok es wesem when own terdems at kirstearen. mei las andliont that the
I weg, seen sines I kayo led Wan to El iles "pmegea Was et Ileers=awill beim:rile es Isms es the Busy:ni-
-1 sew new, has trisstaile of ear aides been nen ante am eseemetalata. I sae so
Iloolei. Mom.) t sot we hue te =11: in the mem" el settling the Wm of amalgamati-
ons pm is • large one, bat at bent it Yen advisee en lest thlea . I thell_miteff_e_leeell in detail upon that pole%
hag when ig ..... at pea nap temetahet, gas we ear A MIT U. yen take a barna* view Of the
eMdi allegm a wets of 10,0001., ia order am we 0b1.e4. 6P_11_r1,,,..
Arid mann en boreend dividend. (Hoer.) The re- ' • •••• name We tbe made, that foolish com-
ma Meehan that I was enact. Nobody ajar te kip ketittlet. ""PlakeN Ind i will continue, and the
iamb seen than I do; but it is SLY ages and be eldest emememete kme my"free, and I bedew
of tbe Nerd to master • Ind dividrd, or that whomever that the Mier It h put ee the more complicated, gad
we do „shim us en
games. ...op he aka. to keep theeenn more Minh of solution, the queries ME
ill up. Olses., Masa Now Sena
am not rim la
smear
blielma.
:wuy jamas. la uur iguiguageniz.7-63 knew ear " I shall feel obliged by your laying this letter bakes
r well es we de ; wo base to cereal— your dheetoftisharhi ell it sleet, very large I
we bar little that wee ostersbeg Then is, I think y01ir.,,, der, ogeht to he Put into I have ,
halism.enly ens enienailog matimatoes data sosoltiod ; of it en Wednesday neat. lam man) sorry that
kk a &gm by a elepagager us whoa I token we bunny not been able to send it sooner, bet I have done so the
eve • shilling. These b, tee, a cash bed rein le adjust. moment I felt jangled by the example set by Mr. Glyn
It roses metre her peculiar weslee, owl it is net • end Mr. Russell.
thing shin Irish share is any mane. • hen, is bet, " I am, my dear sir, faithfully yours,
se many et swilled; you knew es rash as we do ; you " dinner) DENISON."
see net ear sedges Is hell year showed an increase of "Of course Ido not expect any decision by return if
✓ely ANIL mod wisher it raw. of post, but I hope to be favoured with your views before the
ohms eis woks ie. And Moe ism me fay that I wit meeting of the Great Northern shareholders, to be held
a* Oasts heed eat waygsm~gees Other Ming • decrease on the 26th inst. "E. D."
bean weelas gent. I dent rink nen will be any Tho messenger sent by Mr. Denison was requested to
deems& Woa nellainmea to the tater% past will perhaps take back a reply, so I sent the (clewing
anew as be mg • word or two. I think fteis is man la " Derby. August 17, 1862.
us, awn to whoa saw for unigodutum. 'gm, "My Dear Sir,—l have this moment received your letter
etetewerit that I have nage woe pas ken of yesterday, which I will lay before my board dob after-
noon, and A were you it will receive from my colleagues fay r=aised. The Gnat Neelbsen line has bleu
telly sgamitg, and, m I •xpeseed, it has areal as well as myself all the consideration which so important
dhow pm ,asa. a fasta pap speaks Is mud • communication deserves—l remain, my dear air, yours
(Reoribear.) There is another queries to whisk sellweer feithfull, "Joan Exxis.
omen be made, sad that is the beret MIMI ben the do- " 8.11. Dimino, Req., M.P."
reser deers on the debenture debt. Now, sire the 10th Now (mid Mr. Ellis) I need not say to you that this is a
of June, whas the bellipwsh elorants wen seeds up, de- very peat question—such an one as is not to be decided
beatings have fallse in sad been renewed en he which off land, but I man say that Ido think it would be a
will oder to you a saying of has 7,0001. to TOON. • . most beneficial thing if tivo great companies could be
Of cones Wee le no certainty as to the Mims se we brought into some sort of alliance, so that the interests of
shell WWI the renewal of oar debentures penally le fall shareholders and of the public should be equitably pro-
fs. bur these falling in berms this dm and the end of vided for. (Rear.) The reply of our board to Mr. Deni.
libelpi.en replevied en Um rem of these te whisk I son which we propose to send to night is as follows :
ketse it will abet sieving ie OW bin ban (harp Midland Railway, Derby, Aug. 18, 1852.
Ild Ilettesatoarigy. a "min. (Appiwass.) Then "My dear Sir,—l have this day submitted to my board
Awe b U. Bradford armagemnt, which your letter of the 16th inst., and 1 am requested to assure
INT be ler=ad u ompleted. By that we shall you. of the gratification which my colleagues and myself ex-
save fear pow& this half-year; the saving in pomace at the frank and direct way in which you approach
1863 wil he 0,6 W. ; onpling this with the saving on the the question of an amalgamation of the Great Northern
"beStilla ilabli ae whisk I have alluded, it will reduce our and Midland Railway Companies.
Axed dews um year gar 29,0001. (Hear, hear.) We " Our board is, equally with younelf, alive to the MIAOW
have remegy seared rid am arrangement with the Post • evils, which are the inevitable resultof competition between
alter wlins will belie es addition to our revenue., amount- two lines which approach and intersect each other, and
lag es 1,1101 a ror—llbe contract only remains to be which have double stations at so ma places. They feel,
=et the Traman, sad I put these things before 7uu moreover, the great importanc running of putting an end
be row to woke yes acquainted with everything. to that needless expenditure ofdouble trains where
Ind be Arm are for a further increase in our single once would serve the Interest of the public equally
trails hls not be no to say—you must judge for your well, but further and still more, the imperative necessity of
salves i but, at all events, it is satisfactory to me to he able preventing a reckless outlay of capital in the construction
to saki sena statsmad as I have done to you. I should of new lin% which can only tend to impoverish the pro-

------------
Mr. S. BEALE, the deputy chairman, seconded the
motion.

In answer to various questions, the CHAILMAN, among
others, replied that the proposed line from Leicester to
Hitchin was about 60 miles in length, and the directory,
before adopting the scheme, would consult the shareholder,
when the proper time arrived. With respect to the leisure
of an engine belonging to another company at Nottingham,
and which had created considerable stir in that locality, the
chairman requested that no discussion might take place, as
it might prejudicially interfere with legal proceedings.
The resolution was acoordingly passed, sad a dividend
declared in the terms of the report inserted above.
This concluded the business of the half-yearly meeting
paper.

prietariee, sad reader an amicable arrangement ultimately
more ditheult.
" It can scarcely be expected that we should venturer
without further and more mature consideration, to express
an opinion whether the proposal made by you for a com-
plete amalgamation of the Great Northern sod Midland
Companies will be the moat effectual mode of accomplishing
this object.
You are aware that for many years the London and
North Western and the Midland Companies have cultivated
an intima•ss alliance, and that upon a recent occasion nego-
tiations were on foot fur a closer union of the interests of
these companies. Candour requires mo further to inform
hou that previously to the receipt of your letter a proposal
as been made to this company to retie.. these negotier

.7We will, however, readily comply with your request to
pet our shareholders in possession of your communication,
at our general meeting to be held this day ; and, so soon u
we can possibly do so after the general meetings of our re-
spective companies have been held, we will give to your
proposition our most serious attention, with a view and In
the hope of being able to form such arrangements as will
be fair and equitable to all, and will both improve the divi-
dends and the real value of the respective properties.
".I am, my dear sir, yours truly,
(Signed) " JOHN ELLIS.
" To E. B. Denison, Esq., Chairman of the Great
Northern -Railway."
That, gentlemen, is all that has transpired ; you know as
much as 1 do, and I hope you won't think that I want to
stop discussion if I suggest that this is not the place to
enter into any debate on such a subject which has been
brought before you ; it is a most unfortunate matter, and
it requires to be treated in a tender and judicious manner;
and any variety of opinions expressed here would only be
likely to damage our power without doing any good. We
ask you therefore to leave the affair in our hands for the
present; we shall lay before you the result of any proposi-
tions made or any negotiations entered into as early us pos-
sible ; and I trist the course we recommend will be entirely
acquiesced in by the proprietary. (Cheers.) I believe the
time will come when the legislature will sanction alliances
of this character, and with the object now in view.
The shareholders did signify their assent in an unmis-
takeable manner. Two shareholders attempting to address
the meeting, were immediately hissed down.
The matter accordingly remained where Mr. Ellis
, left it.

SPECIAL MEETING.
The meeting was afterwards made special. By two reso-
lutions the disposal of the Midland Bradford shares were
confirmed ; also the proposed arrangements with the Man-
chester, Buxton, and Matlock Company in conjunction
with the London and North Wertern.
The meeting then adjourned to the 2nd of October, after
passing a vote of thaului to the chairman d :Id board of
directors.