The Express.
London, England, 1852-08-14 00:00:00

THE EXPRESS, SATURDAY EVENING, AUGUST 14, 1852.

of those lines was, that they should canstittatts • competing
scheme to the Londot and North Western Railway. lam
speaking in the presence, probably, of many gentlemen who
are aware of everything connected with the formation of
those undertakings; arid I beg you to remark, in the whole
of the circumstances from their origin, how totally devoid
of foundation that weenies is. What was the origin of
the Shrewsbury and Birmingham line ? The origin of the
Shrewsbury and Birmingham line was this. The London
and Birmingham promoted one line; the Grand Junction
promoted another; and in parliament those two lines were
made one with the sanction of these two C01:111.110iPi. But
further then that, the Shrewsbury and Birmingham urn
our partners in the Stour Valley line; they are our part-
ners in the Wolverhampton station ; they are our part-
ners in part of tie lino to Shrews- ury ; and will
anybody tell me that when parliament granted
lines and powers with such an identity and partnership
it was their intention that they should be competing lines?
(hear, hear.) Surely people don't enter into partnership
with the view of destroying the partnership property?
(Hear, hear.) All these line. were-1 was going to say
o.n promoted—but they were we supported and sanct tttttt by the
and Birmingham interest.—(near, lu:2)—and,
therefore, to say that the intention of parliament has been
thwarted by our efforts to prevent those lines being con-
verted into purposes hostile to us, is to speak without soy
knowledge whatever of the original facts. (Hear, hear.)
The same is true of the Shrewsbury and Chester line. I
have before me the original prospectus. It was nothing
more than a prolongation of • line already existing, coaled
the North Wales Mineral Line, formed, as it is said in the
prospectus, with the intention of developing the resources
and the testae of those districts. If there had been any other
Intention admitted, the line would have been opposed by tin n
ousting interests. Well, did we oppose it? ho ; we never
thoaitht ofopposition—it never entered into our heads; they
never made any statement at the time suggesting the ni ens-
city of it, end they Id parliament that it was to be a
sompeting line with us ; and, therefore, we n erpwed it.
(Hear, hear.) Therefore, to say that in the course the pro-
prietors are now taking we are interfering with the inten-
tion of parliament in regard to tholo• lines— fa, I must again
observe, to speak without knowledge of the facts connected
with the origin and intention of those undertakings. (Hear,
hear.) As I said before, I wish we hail Lord Lyndhurst as
our advocate; for as all must adioit in that capacity lie is
one of the cleverest and most talented men this country
ever produced. On the occasion I am ref. rring to
it is very likely he could not help thinking
that, considering the audience he was address-
ing, there was • very gad opportunity for his giving
us a hard hit; and sctiug on the instructions which he had
doubtless received, he went on to urge another accusation
against us. I am almost sorry to occupy your time with
them things—(" Go on") ;—but lam nut quite sure whe
Cher what I am shout to tell you doesn't somewhat account
fur the way our bills were dealt with—(hear, hear) ;—and
that is the reason why I advert to the matter. (Hear,
hear.) After talking about what it was alleged we had
dune in getting shares and so forth, he gas on to say, " The
Londonand North Western entered into an alliance :for
this purpose with a man of greet note, the chairman of the
Anti Corn-Law League—Mr. Geo. Wilson; damns el
rencrabile ',omen. (Laughter.) Well, now, that was all
very wi 11, in that place. Lord Lyndhurst knew the au-
dience he was addressing, he knew that when he wee address-
ing the Home of Lords, the mention of the Anti Corn-Law
League would to raise • cry against its friends. He
knew very well what he was about, but he might have
been more accurate. I can only say with regard to the
Anti Corn Law League that I wish we had its assistance—
that body is in the habit re carrying what it undertakes—
(laughter)—but we have not its assistance. A railway
board hu no huriness to be mined up with political strife of
any sort or political parties of any kind. (Hear, hear.) We
have the representatives of various parties behind this bar,
though I don't think there is • single protectionist
amongst us, if there is now a protectionist any where.
(Laughter and loud cheers.) I wish we had Mr.
George Wilson on our board, for we could not
have • better or an abler men to assist us. (Hear, hear.)
No doubt, however, all theee suggestions lad their in-
fluence; and we lost our bills. (Loud cries of "Hear,
hear.") Then there was another bill before parliament,
promoted by tee Shrewsbury and Birmingham Company,
the object of which was to enable them to occupy and make
use of part of ear station. That bill was carried, al-
though it was proved by us to demonstration that nothing
could be more injurious to the public service, or more
dangerous. However, parliament passed the bill, but a
clause was after all inserted by the Lords committee which
renders it inoperative until certain legal questions are de-
cided pending between us and the Shrewsbury and Birm-
ingham Company; and therefore I don't think that in the
shape in which it did pass it was altogether very hurtful to
your interest.. (Hear.) These were the principal bills dis-
cussed during the lest session, which, short as it was, was
one or the mat harassing we ever went through. I come now
to another subject. Ido not see present on this occasion
either of those honourable proprietors—l mean the hon.
baronet the member for Benham (Sir 11. Willoughby) or
Mr. Alston, or Mr. De Winton—who took such an active
part at the list meeting in reference to the question of
settlement with the Greet Western Company. The dis-
cession which then took place will be in the recollection of
all °fret. It will not have passed away from your minds
that I then took the liberty of telling the honourable pro-
prietors in answer to what had been urged, that that was
not• the proper period for moving in the question ; that we
must wait until the expiration of the session to see how
things turned out, when we might consider what could be
done. You will see, gentlemen, from what I have detailed
as respects the position of the company, than as is garde the
past session the Great Western and ourselves leave
off very much as we begun, and that the only result
has been the expenditure in parliament of a large
sum of money on both sides. (Hear, hear.) However, I
was not unmindful of what had passed. I did nut lose an
hour after the session was over ; and I took en opportunity,
through an influential connexion of this company, of seeing
whether something could not be done. He also met a very
influential party on the other side ; but, as nothing resulted
from those communications, and es they werecottrelycoofl-
dential, I;do not feel myself at liberty to allude more particu-
larly to them, as I should certainly otherwise wish. (Hese,
hear.) But, gentlemen, I went further than that; and on
discussing the question with my colleagues we determined,
feeling that we should be acting up to your views, to make
a definitive proposition to the Great Western Company
and we accordingly did so last week. (Cheers.) I
will not go in detail into that proposition; for it will
be the duty of the secretary to read, after the
report, the correspondence which has taken place
on the subject. It only remains for me to say
that the Great Western Company did not accept
the offer ; but put before us a counter-proposition' which
we have found it utterly impossible to assent to. •But I re.
joice exceedingly that we adopted this step; and although
the proposal has been related, I speak to you still with the
hope that something in the nature of that offer will ulti-
mately be brought about. (Hear, hear.) lam led to this
conclusion, gentlemen, by the circumstance that I find in
the declaration which my friend Mr. Russell made yester-
day to his proprietors the following very remarkable coin-
cidence of opinion with that expressed by the London and
North Western Board, In the communication made through
me. lam at some disadvantage in alluding to the point,
as you have not yet had the lettere read to you, but you
will perceive et once the general bearings of the case. Ws
proposed simple and absolute amalgamation on given terms.
Mr. Russell says, to Ws quick pee day to his proprietor.,
alluding to ilea Semennisatien we had made, " If
parliament could he Magid le adopt the views of the
Logsdon and North MOM Company, and to think that
it would be miss M ellisme the complete amalgamation of
the two great weenies, and to rely for the protection of
the pail Wen* en careful restrictions and restraint,,
he kw ens einenid hell each an auspicious change in the
etthile pay of tile country as most beneficial to railways
eel Yle pthile." Now, If this fs the view of my friend
Kr. zesel he sever trimmed &sentiment he did not
beeseily*Seehde—l certainly mast still say decidedly that
I Mee in lie leg that, me long, war shall bring about with
IM Ciseat Wigan thee aeenys.s.s which appears to Is
te be tie only enesgement fly as ever terminate the
isecresa se—l men a replete smalmunatits
of the two eampaaies. (Cheers.) I believe also that them
has bows peat alteration in the public feeling on this stir
jvet. A "my put watheeity la railway matters—l am meat
liberty temenlissile mink Ow I have not spoken to Wm
with • Ater te maim hie emalments public—has caroming
to nee emphathally the epleies that all these attempted
agnismeate are nothing bee indications that eventually
there mast be an amalgamation, ander proper restrictions,
for the public inter,.., of all the great railway interests.
And I met say„ patience, I am convinced that that will
be the hose of the contest, and the sooner that issue is at-
telmeilthebetter for the parties who have subscribed the
capital invested in these vast undertakings, as well as for
the public. (Cheers.) Therefore although our offer was
rejected, I do rejoice we made it, and that,
too, in the simple and precise terms we adopted;
for I em satisfied there is no other shape in
which it will be possible to work out any mauve
ment at all, really and permanently conducive to the
gnat interests of the two companies. Mr. Russell,
himself, suggests no other; and I think it must be
seen, seem, by all parties, that there is no other. (Hear,
hear.) Gentlemen, I have now occupied sufficient of your
time, at present, on this topic; end I am rather inclined to
think that yea would sooner understand the whole bear-
ings of the ease, should it be necessary for me
to make any farther remarks on the point, if
I postponed them until a later period of the day ; for I feel
that until you have had the letters read, and until, thus, the
whole matter has been brought before you, I am speaking
in a way scarcely intelligible, and therefore, if you will give
me leave, I will proceed to call upon the secretary to
'read the report, and the documents, understanding
that I am to avail myself of other opportunities of
saying whatever may be required on the subject.
I will only make this remark now. In reference
to the letter we sent yesterday to the Great Western board,
I think it right to state that if it should strike anybody that
it contains matter which I, for one, would gladly have
avoided patting in, it must be borne in mind that these decla-
rations with regard to the relative position and prospects of
the two companies—the point I allude to—were drawn
from us by what was said on behalf of the Great Western
Company es to the relative value of the stock of the two
companies, which made it imperative on us to place before
the Great Western in reply what we thought the error they
were making in respect to the future relative value of their
own stock. Had it not been for that obvious necessity, I can
assure you the feeling on the part of my colleagues, and my
awn feeling, was that it would have been very undesirable
to refer to those points ; our wish being to avoid everything
that might interrupt an amicable feeling. e" Hear, hear,"
and loud applause.) We will now proceed, if you phw,
to the report.
Mr. BOOTH, one of the secretaries, read the report, as
follows:

" The statement of amounts just issued to the propri-
etor exhibits the following reselts r compared with the
corresponding period of last year :
1861. 18.52. Iseresse Decrease
Passongen, parcels, E. E. E. £.
and mails
Merchandise, Lc 453,718 467,477 13.769 .....

1,177,660 1,136,276 13,769 66,063

Working expenses 416,420 423,304 7.884 •••
" The per maw of disbursements to receipts is, exclusive
of rates and taxes, 37.25, against 34.99 in 18.51. The circum-
stances of the year 1851 are so exceptional, as to render in-
applicable the usual comparison between the traffic and ex-
penses of the corresponding period. The increase in the
working charges is attributable to two causes, via., the un-
usually heavy amount of repairs to the locomotive and car-
riage stock falling upon the past half-year, consequent upon
the wear and tear to which they were subjected during the
period of the Exhibition ; and to the greater mileage run
by engines, carriages, and waggons, resulting from the re-
duction in the charges for pas...engem and goods. The first
of these rouses may be regarded as temporary, and limited
to the half-year immediately following the Great Exhibi-
tion. The second, on the contrary, is dependeat upon the
degree to which competition may be carried on, and will
continue to make itself apparent In the expenditure of every
company which, like this, has doled its capital account.
A bill authorising the creation of debenture stock,
to be issued in substitution of the existing bond
debt of the company, as also fur the enlargement of station,
at Kilburn and Wolverton, has parsed into law. The bill
to authorise the junction of the Buckinghamshire line with
the Oxford, Worcester, and Wolverhampton Railway, near
Oxford, passed the committee of the Commute, but failed
in the House of Lords. The same wee the case with the
bill for the Worcester and Hereford line ; in both houses It
was intimated by the chairman of the committee, that the
case, as regarded the public utili'y of the project, had been
fully established ; and as the formation of this extension,
on the narrow gauge, is of great importance to this company,
a bill will be introduced in the next session, supported by
the landed proprietors and local parks acting in unison
with this and other narrow gauge interests; and your di-
rectors rely upon the co-operation of their proprietors in
giving such individual aupport to the project as may, in ad-
dition to the support of this and other companies interested,
be required to
directors have encouraged the formation, by in-
dependent parties, of a line from Warwick to
Stratford.upon-Avon. Highly influential landowners, and
others interested in central Wales, having proposed a line
of railway between Shrewsbury and Aberystwith, which
may be constructed at a very small expense per mile, your
director§ did not hesitate to indicate their hearty approval of
the project by requesting some of their colleagues to assist
in carrying out the undertaking; and they have now
under consideration the promotion, in their corporate capa-
city, of a line from Crewe to Shrewsbury—the extension of
the railway system in Wales rendering this line necessary
alike for the protection and development of the traffic of
this company. The bill promoted by the company for a
line from Chester to Birkenhead, was withdrawn on the
faith of an agreement sought by, and entered into with,
the Birkenhead, Lancashire, and Cheshire Junction direc-
tors. That company having failed to ratify the acts
of its executive, it will be necessary to resume
the application to parliament in the next session.
It will be in the recollection of the proprietors that, as
steed in the last half-yearly report, the Stour Valley Line
was completed and advertised to be opened oa the lat De-
cember, 1851, and that the Lords of the l'rivy Council for
Trade prohibited the opening, on the ground of danger to
the public, owing to the proceedings of the Shrewsbury and
Birmingham Company. The further facts may be briefly
recorded, as follows:—On the 6th December, 1861,
application was made by this company to the Board of
Trade to settle the matters in difference, under the powers
of the 5 and 6 Wet., cap. 56. On the 26th of January, at
• meeting before the then President of the Board of Trade,
it was mutually agreed to refer the disputes to arbitration;
the Shrewsbury and Birmingham Company, suggesting Sir
William Cubitt as solo referee, and this company con.
curriog in the selection ; and, accordingly, the fol-
lowing agreement was drawn up and signed by
the agents of the respective companies, in the pre-
sence of the officers of the Board of Trade.
" We, the undersigned, request that the Lade of the Com-
mittee of Privy Council for Trade will appoint an umpire
to decide all differences of opinion which may arise in the
Joint Committee, in conformity with the terms of the agree-
ment, a copy of which is hereunto ed ; each company
engaging to be hound by the decisions of such umpire with
respect to such differences of opinion so referred to him."
On the 3rd February Sir William Cubitt was accordingly
formally appointed to act as umpire ; and on the 6th April he
made to the Board of Trade a preliminary report indicating
the outline of the principles on which he proposed to net in
framing his award. Your directors expressed perfect willing-
ness to abide by the decision of Sir William Cubitt ; the
Shrewsbury and Birmingham, on the contrary, refused to
concur, and recorded a formal protest against the course
which the arbitrator, selected by themselves, thought
equitable between the parties, and which appeared, in
the opinion of the Board of Trade, if fully carried'
into effect, " sufficient to secure the safety of the pub-
lie, as well as their convenience." Under these
circumstances, their lordehips, on the 6th June, intimated
that the." were prepared to act under the powers of the '
and 6 N ic., cap. 66, and accordingly the application made
by this company on the 6th December was repeated; and
on the Ist July the Stour Valley Line end Station at Wol-
verhampton were opened for public traffic, under bye-laws
and regulations settled by the officers of the Board of
Trade, and your directors have the satisfaction to state that
the traffic promises to equal their expectations. A resolu-
tion will be submitted to the proprietors, at the special
general meeting to be held this day, to approve a lease,
jointly with the Midland Railway Company, of the Man-
chester, Buxton, Matlock, and Midland Junction Railway
and Canal. Your directors bare to report that the questions
in difference between this company and the North Stafford-
shire have been referred, under the common seals of both
companies, to Mr. Robert Stephenson, 11. P., and Mr.
James Robert Hope, Q.C., so as to effect a complete union
of the interests of the undertakings. The mat-
ter is still under the consideration of the arbi-
triter', whose award, when given, will be submitted to
the proprietors for confirmation. Adverting to the ex-
premien of opinion on the part of numerous influential pro
prietors at former general meetings, as to the desirableness
of ending, if possible, on equitable terms, the existing in-
jurious state of rivalry between this and the Great Western
Company, your directors availed thwaselves of the first fa-
vourable opportunity which preemie& keel!, after the close
of the parliamentary sereden, to eater upon negotiations
with the directors of the Great Weans Cowpony ; and on
the 4th init. the obsiman, by unanimous ramilation of
the board, transmitted to the disbars of ere empty a
proposal, having hr its istiew the mien of the two under-
takings, on tenets whisk 710118 amnia believe would hays
proved mutually ademingsme Wino proprieton, and which
would, at the Male limn ism sewed to the public more
selosionlial bowman ern ma polar result from a con-
tinues* etthe existing slab of *ilk This offer has, your
&redoes regret to state, hem njosisahy the Gnat Western
Board. The correspondents resempanyhog ale report will
fully euestion.xplain the views el your dinners en Mimportant s
q
" From the statement of the half year's aossunts it will be
seen WM the net linseeds are 487,7201. 17s. 44.; to which
must ha Mid the her carried forward frees last so-
count, 1/0,4711. 16.. Bd.-660,1961. 13s. Lem—Farther
aUowanes err renewal of rails (Abstract H), 14,2951. as. ;
for Mahlon to narks and stock (Abstract .7), 20,193113 e. ad.
—34,1008. 16. : showing a disposable balance of
616,90111. Mts. 41. _ _ . _ _

'. TiiiiireeNre sessernseet a dividend of 2i. 16s. percent
how:ta. foe the els meenting te 14.41.1 L Us. IC leaving
a bedews et la IN. le be waded Simard to the
ant aseenat—Oneemen Oa= GLYN, Chair-
segme...iewlea Lemke. 1111:41.1862."
Kr. lITIWART tin read the on which has
takes pionelhebeeen the ehairmea of • Great Western
sad the Lewin sod North Western Railways on the sub-
lets& of antslonmatioa. The correspondence, with the
111161101111 of following letter, which concludes it, ap-
peared le peeterday's Espross :
"Loudon and North Western Railway,
"Secretary's Ogles, Euston Station,
London, Aug. 12, 1862.
"My dear Sir,—l have to day laid before my colleagues
your letter of the 10th, received yesterday, and they concur
with me in regretting that our proposal of the 4th has not
been accepted. We should certainly not have made the
proposition at all, if we had not thought that gem speed
with us in considering it the best, if not the sok, way K
effecting the public and private objects which both bunk
profess to have in view—or if we had doubted a the
approval of it on the part of either body of shareholders--or
of their carrying it out with perfect good faith—or, Saltily,
of its receiving parliamentary sanction. And se to the money
terms named by me, I have only to observe, in reply to
your remarks, first, Gott those terms were very reluctantly
acceded to by my board, and only for the sake oface ;
and, next, that we had neither overlooked the fact (wpehich
you properly mention) that you have additional traffic to
expect upon some of your lines, nor, on the other hand, the
fact that you are open to the chance of abstraction of pre-
sent traffic from others of your lines ; nor the fact that you
have between three and four millions of capital yet to bring
to the debit of your account, whereas our capital
account is virtually closed ; besides, that if you falfil the
engagements with third parties, to which you demand our
assent (1 allude to the Shrewsbury Companies and the
Birkenhead), they will involve a further charge against
your revenue of at least 160,0001. per annum, in addition
to the interest on the three or four millions to
which I have just alluded, and this at the moment when
you will, in conformity with your act of parliament, have to
reduce your passenger fares over the whole of your lines
20 to 25 per cent.—that is to say, to the fares which the
London and North Western have charged for several years.
However, as you observe, it is superfluous to dwell upon
these topics; and we merely advert to them for the purpose
of adding that we believe we did your undertaking full
justice, in naming the:money terms of smolgamatico, which
we are suryrired that you now refer to as unsatisfactory.
It is still our conviction that, complicated as are the rela-
tions of the two companies, ' absolute amalgamation' is the
best, if not the only, means of giving to the public the
fullest advantage to be derived from both the undertskines,
and of maiutaining for our respective shareholders a fair and
moderate return on their capital. We believe, also, that per.
Lament would have come to the same conclusion, had you
concurred with us in laying before them the morel facts of
the case ; for I think I may say that experience has shown,
to the satisfaction of almost all men, whether in or out of
parliament, that what is called ' oompstition ' between 1
railway companies, is, in truth, merely a step towards ulti-
mate combination, and attended, of necessity, with very
considerable inconvenience to the public in the meantime.

We feel the more confidence in recordiag our opinion to
this effect, Weans, it has had the deliberate suction of
your board as well as mine ; and certainly, if amalgamation
was desirable in 1819, it is not the less so now, when the
capital of each company has been still further and largely
extended for the public accommodation. I purposely re
frain from alluding to the arguments with which you now
support the opposite view, because, as you are aware, we
entirely dispute the accuracy f the facts on which
those arguments are based —as to the Shrews •
bury
enter lines its particular and it can answer no
purpose to here upon those discussions.
greed
board having declined our proposal, we have given
your counter-proposition our boat attention ; but 1 reget to
say that we line ourselves wholly usable to accept it. In
the first place, in order to its being of a complete and per-
manent character, taking also into account the complicated
engagements and alliances of the two companii a, it would
necessarily require parliamentary sanction ; and if there be
any force in the objections, of a public nature, which you
suggest against absolute amalgamation, they equally cooly
to this, your proposal of a partial amalgamation, including, as
it doe, some fixed apportionment between the respective
companies of the net proceeds of all such traffic,' that is, of
all the traffic to be nominally competed ter. Again, it does
not at all meet the difficulties of the two companies in rela-
tion to third parties, and would involve an abandonment of
our honourable engagements. his made to be contingent,
, moreover, upon the assent of other companies, described as
' in alliance' with you, which assent, it cannot be denied,
there is no probability of obtaining ; and, lastly, your pro-
position is so general and vague in its character and lan-
guage, that it must irevitably lead hereafter to disputes,
while it lacks the important elements of simplicity and sta-
bility, which the nature of the case an obviously requires;
and you cannot forget, that the various attempts hitherto
made to effect a satisfactory arruncement on any such prin-
ciple have signally failed. Our endeavour was to lay before
you, on the present occasion, a proposition for a complete
settlement, on a broad, permanent. and intelligible basis;
and, in conclusion, I have only to express the sincere regret
of every member of toy board, thrt the effort bas not met
with the success we had hoped for.
" 1 rentaio, my dear sir, faithfully yours,
" GEO. CARR OLYN, Chairman.
"Charles Russell, Esq., Chairman, Great
Western Railway Company."
The CHAIRMAN then moved that the report be adopted
by the proprietors.
Mr. TITE said there was a suggestion of the auditors
that he thought worth consideration. It appeared to him
to be a matter of exceeding importance with regard to their
dividend. Though he should not for a moment suggest the
opening of the capital account in any way whatever, still ho
thought that the abstraction of so large a MCA AS 77,0001.
from the dividend funds in one year was an exceedingly
large amount to ;say out of divideill for additions to perma-
nent stuck. The auditors in their report stated that "in
consequence of the capital accounts being closed all additions
to the rolling stock and works are of necessity to be charged
to the revenue account. The sum of 20,0001. has thus been
debited to the accounts of the past half.year, which,
with the sum of 57,0001. charged in the half year
ending the 31st December, make,' 77,0001., of divi-
dend expended purely on capital account, deducted from
the profits of the year. While your auditors could depre.
caul any proposition to reopen the capital account, they
nevertheless think it worth consideration whether some mo-
dification ought not to be made in the arrangements by which
the cost of additions to stock should be spread over five
years." He agreed in that suggestion, and ho would put it
to the chairman whether he would make an addition to the
report that the subject be taken into consideration by the
directors, and that they report specially upon it at the next
meeting, and that the auditors in the meantime should be
at liberty to make any change.
Mr. MOSELY suggested that the subject to which Mr.
Tile's resolution referred should be brought forward as •
specific motion.
Mr. TITE moved a resolution to the effect that
the suggestions contained in the report of the auditors, in
respect to the present mode of dealing with the account for
providing for the increase to the permanent works and
stock, be referred to the special consideration of the directors
to report thereon to the next meeting, to act thereon as they
may deem expedient.
Mr. MOSELY, in a low voice, urged the merits of his
resolution, which differed only verbally from that of Mr.
Tits. We understood him to contend that expenses fur
works should be spread over a number of years, and not to
be taken arbitrarily from one ye ,r's traffic.
After some conversation, Mr. Mosely's resolution WAS
withdrawn, and Mr. Tite's put and agreed to.
The CHAIRMAN—Then we understand that the motion
amounts to this. We understand that there is an expres-
sion of opinion on the part of the proprietors that they re-
quire an alteration in the existing system ; but the mode of
that alteration is left entirely in our hands.
The following resolution was then passed: "That a di-
vidend of 21. 15s. per 1001. stock, and so on in proportion,
on shares of a lower nominal value, be now declared out of
the net profits of the company up to the 30th Juno last,
upon the stock and I shares of the proprietors entitled to the
same, after makingor slowing such deductions as are
directed by the company's sets in respect of amounts not
paid up, and deducting the proportion of dividend payable
in respect of any period for which the proprietors of shares
are not entitled to dividend."
The CHAIRMAN then said the next resolution was one
providing that 168,355 251. shares, created in 1846, be con-
solidated into • general capital stock. This (observed the
Chairman) is merely formal. It is simply to turn the whole
of the shares on which calls have been paid up into consoli-
dated stock.

The resolution was adopted.
Mr. MOSELY again addressed the meeting, and re-
ferred to the observations of the Ckairman,:in respect to the
correspondence with the Great Western Comi any. He
(Mr. Moody) thought any arrangement could not but
be better than the present state of things between the
two companies. He certainly feared great impediments.
He had seen a good deal of the Great Western Company,
and he did not sec the obstacle in Mr. Russell.

The CHAIRMAN—(The consideration of the question'
involved in the correspondence with the Great Western hay-
ing been resumed)—This is a very important subject ; and I
cannot help feeling that the more discussion we have
about it, the more likely are we to see a success-
ful termination. (Cheers.) I still adhere to the
opinion, and it is the unanimous opinion of my col-
leagues, that the only possible mode of getting rid of
all the difficulties and of all the entanglements which exist
in our relations with the Great Western, is by a simple act
of amalgamation. (Cheers.) Therefore, gentlemen, unless
there is a decided expression of opinion to the contrary, we
shall feel it our duty to continue in that course of policy
which we have commenced. (Cheers.) I may take this
opportunity of offering one or two observations upon some
remarks which Mr. Resell made yesterday. I will not oc-
cupy your time long ; but I do thiuk it is very desirable
that an impression should not go out to the public that
there was anything in the offer we made to them which
was not fairly and sincerely made by us. (Cheer.) If hon.
proprietors will take the trouble of reading our first letter,
they and all interested in the Shrewsbury Companies cannot
fail to be struck with this, that we did particularly press
for the proper settlement of the interest of those two com-
panies. We pn.ssed for that in a distinct and fair way ;
and I cannot give better authority in respect to that than
Mr. Russell's own declaration with regard to it. Well,
gentlemen, what were the difficulties to which Mr. Russell
alludes as to the amalgamation ? Is it whether parlia-
ment would carry it out or not ti It is quite clear
that Mr. Russell. Is his counter-proposition to us, does
propose se astalpmation so far as the public interests
are eimeneed. Me gets rid of competition, which is
nothing Mit omalpmeLion, by apportioning the traffic be-
tween parffilMor Owns • and he states no difficulties, except
these or 1 riespat Of tin' Shrewsbury questions. Coupling
Ibsen fhb with Mr. Reweirs own declaration, which I have
Awed, se to the value he attaches to the simple act of
I sans* Imitate believing that he himself
=reiliftk the whereto forth, course we are proposing, pro-
vided the Met wee nut with regard to those companies.
beigt) How did we propose to act ? That an areal-
MI amid be introduced into parliament, that
ate 15trewsbmip Companies should have the choice of either
offer, and siamal mint for themselves, and that the bill for
asalswitelieg them with the amalgamated compsny should
be in Aides come asinion as our amalgamation bill,
and theeld p empori paw with it—that is, as the larger
ernalgantatiest mist ea the minor bill should go on too. Mr.
Russell Nye it would bare failed ; possibly it might. I
admit that. What would have been the result ? A delay
of twelve ammthe would have taken place in the fact of the
of the Shrewsbury Companies; and
all barn would be that they would still have
p la with that arrangement in another see-
stow with an interim dividend in the meantime.
I my, therefore, if you look at it fairly, that the only people
who could complain of our proposition were the lawyers on
all aides, who, I won't my, would be defrauded, but de-
prived of their gains for twelve months. (Cheers and
laughter.) I cannot really help thinking, then, that if the
proprietors of both companies are seriously determined, and
I think they are coming to the determination that some-
thing most be done-1 don't mean to end with the Great
Western—and that the best system for the country is that
such amalgamation should take place, and that all should
be put under proper regulations-1 say that I really cannot
help thinking that Mr. Russell and his board will yet see
occasion to alter the view they have expressed. (Cheers.)
At the same time if they do not, I candidly confess that
no alternative will remain but for the proprieten to take
the whole question into their own hands, to pass by the
directors and the officers of both companies, and to say,
" Gentlemen we won't have our property frittered away any
longer—we don't care who governs us. You may manage
the traffic, but the policy of the company shall be directed
by us—and you shall come to terms." (Cheers.) Us ntle-
men, that is what will have to be done ; and I am very
sure that if that is done the question will soon be settled.
(Loud cheep.))
Mr. BASSETT quite agreed with all that had been odd
by the chairman ; and if the proprietors would take the
matter into their own hands, with a clean slate to begin
with, there was every probability of some good arising.
Mr. DEAN, as a proprietor, begged to express his opi-
nion that he regarded it as most gratifying that the pro-
position for an amalgamation had proceeded in the first
instance from the London and North Western Company.
Mr. RAMSDEN had attended many of these me .tings,
l and had often had occasion to feel indebted to the chairman
11 for his conduct ; but he hail never hail so much reason to
feel more grateful te that gentleman than for tie views he
had expressed that morning. This was a very serious ques-
tion—the question of amalgamation—for the Great Western
proprietors and for the proprietors of this company. Endea-
vow a bad been mode for a long time put to determine the
disputes between the two companies ; but ho thiugbt they
were now nearing a settlement. Tho proposition now m.de
by the London and. North Western was straightforwed and
intelligible; but the counter proffer of the Great Western

board was not so—it was in tact a most complicated pro-
posal. (Hear, hear.) And as far as his judgment went
what was clear and intelligible was preferable to that which
was complicated. (hear, hear.) Allusion hod been made
to difficulties arising in connexion with the Gr.. Western
from parties wits were neither the board nor the proprie-
tary. He was far from wishing to mention mums invi-
diously; but he did fear that there were interests at work
on this question with which the interests of the proprietors
could not be identified. It was time that the Oreat
Western proprietary should open their eyes to their own
affairs, and if difficulties did arm and if they di I iiriginate
or continue to exist in the quarters to which he seas alluding
then such interference should be taken up by the proprietary,
in order that it might at once be put a stop to. (Hear, hear.)
It was a fearful tniog that the thirty millions involved in
this company, and the fifteen or twenty million, in the
Great Western—shot such enormous intereid- as those
should be lost sight of, and that certain individuals should
be permitted to use such influence in the admuu tration of
affairs as to get complete control into Omit own bands.
(Hear, hear.) As to the proprietary themselves, they had
nothing to do with it. This ought nut to be the What
was at stake was the capital of the proprietary, sot the capital
of individuals. (Hear, hear.) Well, then, let the pro-
prietary see if these disputes could not be put a et ip to.
Alter a few words from Mr. MARSHALL,
A resolution MU paused, appointing the folk w'ng gen-
tlemen to select auditors :—Mi s-re. George Hadio id,
Foster, Alexander Hoye., Vansitturt, anii Riley.
A resolution was alto agreed to, appointing iil-
don and Banbury auditors of the Coventry and Nuneaton
Company.
The meeting then resolved itself into a meeting,
for the purpose of considering the expediency I.: creating,
and to create, a certain amount of Lnn ton ci.l North-
Western debenture stotk, to be issued in rubstite:Mn of an
equal amount of the existing borrowed capital of the com-
pany.
The CHAIRMAN then moved • resolution,
the directors to substitute any portion, for any yartiou of
the borrowed capital of the comp my, not exe. • ding five
millions stock, of a corresponding amount, at a toted die-
count, not exceeding per ci nt. per annum.
Alter some discussion, the resolution was ogre. n to.
The meeting had also been nude special fur te., purpose
of considering and determining upon the experli 01 en-
tering jointly with the Midland Company into "i agree-
ment with the Manchester, Buxton, Matlock, aim Miellisard
Junction Railway Company, for leasing that railway awl
the Cromford Canal.

The CHAIRMAN said this company were parties to •
bill, on certain terms, to enter into an amalgam-ohm veldt
the Matlock and Buxton Company. The Midland Cos-
pony and themselves had agreed to rive that conipeny 2f
per cent. upon their capital. Ito did not prettcd to sty
that he could show them a profit ; in fat there a..* aleror
1,400 f ; but yet there were motive of policy than rendered
it highly desirable that they should take this ling: into their
hands. The chairman then moved a resolution ..whorisiei
the directors, in conjunction with the Midlands C.lmpriny.
to take a lease of the line in question for n years,
at a rent nut exceeding 2 per cent. upon u.a capital
invested.

On the motion of Mr. MUSELLY, a vote of 'hank.; was
then passed, with acclamations, to the tha man and
directors.

The CHAIRMAN said they were always 11,7•py to re-
cave the thanks of the proprietors, but he was p rttrul.irly
pirated with the spirit evinced to-day, and he h-ped they
would all sot about the anialuamstion in earnest.
The proceedings then terminated.

YORK AND NORTH MIDLAND RAILWAY.

We subjoin the most important passages in the
report of the directors, to be submitted to the thirty-second
half-yearly meeting of proorietors, to be held in the De Grey
Rooms, in the city of York, on Tuesday, August 21:
The following is an analysis of the capital account: The
amount of capital rai+ed by this company to the 30.11 June,
1853, consists of—Consolidated stock, 3,210,646 e Os. 2,1.;
preference share capital, 6.58,9411.; debenture debt,
1,581,5511.; total capital entitled to dividend and
interest, in addition to rent and interest of bonds
of the Hull and Selby Railway, 5,135,139/. Os. 2d.
The heads of expenditure of capital during the past half-
year have been as follows:—In payment of numbest, of
land, 13,4741. 15s. 4d.; on engineering works, 22,1,321. 195.;
on new buildings, 6,5861. Is. ; parliamentary and other ex-
penses of carrying out the amalgamation with the East and
West Yorkshire Railway, &c., 1,2491. 9s. ; en additional
rolling stock, steam packets, and lighters, 26,756'. 189. Id.
The principal items under th_ head of engineering works,
have been 16,0591. 19s. 3d., in discharge of the balance pay-
able to the contractor for the Knottingley branch, and
1,3261. 149.6 d. for some extensive sidiags which were re-
quired at York, to afford adequate accommodation for the
coal and coke traffic by the Great Northern line. The out-
lay in buildings has arisen principally from the erection of
an additional engine shed required by the Great Northern
Company, for which they have agreed to pay un adequate
rent; an extension of the workshops for repairing
waggons, dm.; works at the Hull Hotel ; and the
erection of corn warehouses at Beverley, Drittieldone.
It hu again been found necetiary to augment the carrying
stock of the comrany, especially the goads and grain
trucks. This outlay, though strongly recommended by the
goods manager, was not acceded to by the directors until
they were convinced that the increasing traffic of the dis-
trict imperatively required such an expenditure, and would
yield a profitable return fur it. The claim made by the
Messrs. Crawshaw for 142,560/. hag at length been disposed
of—the arbitrator having fixed 34,1761. as the sum which
they were entitled to receive from the complay. The
directors consider that they have reason to be
dissimilated with this award ; but the Court of Queen's
Bench having confirmed its sufficiency an a legal ver-
dict, the directors had no option but to pay the amount.
The York Hotel is now covered in, and will in a few
months be ready for opening. The directors believe that
the estimated cost of 8,0001. will not be exceeded.
From tho revenue account we learn that the receipts
from ordinary traffic during the half year have been
194,3481. le. 9,1., showing an increase of 15,531/. 18s. 3d.
over the corresponding half-year of 1851 ; and after making
allowance for the receipts ea the fifteen miles of the East
and West Yorkshire branch, there still remains a satisfac-
tory increase in the general traffic. This would have been
still more gratifying if it could have been realised at a leas
cost; but the disbursement side of the account shows that
under the three heads which represent the cost of working
the traffic, viz , the locomotive power, coaching and mer-
chandise expenses, the increase has amounted to 7,3351.
15s. Bd., or above 47 per cent. On reference to the
return of train mileage, it will be seen that 123,429
more miles have been run than in the corre-
sponding six months of 1851, of which 24,802 only
base been run on the East and West Yorkshire line.
The balance available for dividend on the ordinary stock of
the company amounts to 16,7891. Ils. 3d. ; out of which
the directors recommend that a dividend be declared at the
rate of 11. per cent. per annum (deducting income tax),
.saving a balance of 5951. 189. 9d. to be carried to the
credit of the current half-year. A considerable sum has
been expended out of revenue during the half-year in re-
pairing and renewing the rolling stock. The revers, fund for
renewal of permanent way has received the serious attention
of the directors, and the actual cost of renewals since the
fund was established (November, 1849) IMP been compared
with the estimate which guided the proprict,,rs in fixing
the amount of the fund. 'The report furnished to the di-
reetors on this subject by Mr. Cabry, the company's en-
gineer, and founded on the result of relaying twenty five
miles of double line, is highly satisfactory, showing that a
saving of about 8,5001. has been effected upon 36,5401., the
estimated cost of the work already executed.