The Express.
London, England, 1851-07-17 00:00:00

GREAT WESTERN RAILWAY.

On Tuesday a special general meeting of the
prietors of this company was held at the company's
at the Paddington stances, " for the purpose of eonsidering
and approving, or otherwise, of an agreement entered into '
between the Oxford, Worcester, and WolVerhampton
Railway Company of the one part, and the Oreat Western
Railway Company of the other part, on the 20th of June,
I for a lease on certain terms and conditions of the under-
taking and works of the former company, from • junction
with the Oxford and Rugby line at Wolvercot, near Oxford,
to &junction with the London and North-Western Railway
near Showhill, for a period of 999 years." The meeting,
which was very numerously attended, Irma presided over by
CMAilLia Ressztr., Esq., chairman of the board of di-
rectors.

The CHAIRMAN said that at the half-yearly naming I
which was held at Bristol in the month of August WS peon
be entered at some length into the relations su be.
tween the Oxford, Worcester, and Wolverhampton
piny and the Great Western Company. Ile Mena Ole
from some papers which had just then been pressold
parliament from the Railway Commissioners, it alinamed
that a full case bad been laid by the Oxford, Wassier.
and Wolverhampton Company before an eminent Clown
barrister, who gave it as his opinion that there eons me,
decided agreement canting between that company end_ filet
London and North-Western which could be enameled be
equity; end that opinion had since been strongly iseninnelli
by Lord Cranworth on an application to stay the writ►
meat entered into between the Oxford, Worcester, are
Wolverhampton and the Leaden and North-Western Cue.
panies. But, though there were no legal agnamaida
subsisting between the twocompanies, and thee**, sew
meat which was made had been rendered null set by
the Oxford, Worcester, and Wolverhampton Company,
and not by any act of the Great Western Cu..
puny, nevertheless the directors of the latter felt tlmt
the same reasons for an alliance betweeu the Oxford aid
London and North Western Companies, which hod ed-
gioally induced it, had become, if possible, still knew.,
eed they always expressed their willingness to adopt any
salease for a renewal of the connexion between these tee
=which they. could feel themselves justified is sob-
the proprietary of the Great Wester's.
issetings bad been held between the directors Mae two
essapanies, and several arrangements bad beat peeposed
between them, hut none of them were such as be and his
nwelirscton could accept. From the first it hod been at-
tempted to substantiate against the Great Western a claim
that their guarantee to the Oxford, Worcester, and Wolver-
hampton Company was an unlimited and not • limited
capital. That claim was contrary to fact, as was evidenced
not only by verbal but by written communications which
had pared between the two companies. It was, moreover,
contrary to the policy which had been invariably adopted
by the Great Western, as the directors of the latter never
entered into any arrangements with any other company
which were not atricUy defined; and, as they had
steadily and successfully resisted that claim, he was sure
the proprietor* would now approve of their having done
SO. (llear, hear.) It was proposed to them that they
should raise the rate of guarantee from 4to 5 per cent.,
but, as no substantial reasons bad been assigned for this
change, except the necessities of the Oxford, Worcester,
and Wolverhampton Company, they did not think that in
the position of the two companies they should be justified
in proposing such an alteration. It was proposed also that
Nee y should undertake the lease of the Oxford, Worcester.
and Wolverhampton Company from Oxford to Stourbridge,
at a mileage rent proportionate to the entire length of the
line; but as that would give the Great Western Company
the most unproductive portion of the line, and would not
bring them to the verge of that district from which they
expected to derive the greater portion of their traffic, they
declined it. It was proposed that they should complete
the line from Oxford to Worcester, and leave it to the Ox-
ford, Worcester, and Wolverhampton Company, with the
aid of other northern companies, to complete the portion
from Worcester to Wolverhampton, but that would also
have given them the unproductive portion, and would
have handed over the productive portion to other
companies. This also, they had thought it improper
to accept. It had been said by those who were not a►
quainted with the ease, that the Great Western had throes
overboard the Oxford, Worcester, and Wolverhampton
Comply. He had stated the leading proposals which bad
bees wade to them ; aad he had done so, not for the
=ef reviving any differences between the two com-
but fur the purpose of his own and his co-directors'
justification in answer to allegations which were being
every day put forth, and to sestish the minds of the pro-
prietors that no proposals bad ever been made such
as they would have been justified in entertaining.
(Hear, hear.) It was too late to think of obstruct-
ing lines or systems of railway which had not only been
sanctioned but were almost finished. It was idle to
think of obstructing lines which public convenience, and
local position, and common interests, and actual agremeents
had determined, and it was the part—he would sat may of
wisdom—but of common. sense, to shape our nleeeelle
meet the conditions of eircumsteneso, riot as they embed be
the year It!! or the year Ifici, but as they must inevitably
exist in the year 1102' and to diminish by rational preemnl
tions and prudential arrangements those evils which ao
human power can now avert, which every passing day
brings nearer to their consummation, and which every pro-
gressive movement will render more severe, if those attempts
at such arrangements be not made. (Hear, hear.) 'I he

decision of the courts of equity having set free the hands of
the Oxford, Worcester, and Wolverhampton Company, the
latter intimated to the Great Western Company their wil-
lingness to enter into negotiations; nil the result of those
negotiations would now be sohntitONl. The primary and
meet indispen.able propo•ition to the Oxford Company
was, the means of raising money necessary to
complete their line, and thus to reader the capital
already spent on it productive. It had been ascertained
that for this purpose an annual sum of 82,0001. was news-
sary--35.0001. to pay the interest use their debentures, and
47,0001. to pay the interest on the preference shares which
must be created. This sum, therefore, of 82,0001. was made
the first charge upon the gross revenue of the Oxford Corn-
luny, even before the working expiates ; and, with such
sound security, there could be little doubt that they would
be enabled to raise the capital they required on the most
advantageous terms. The second charge on the gross re-
venue was 80,0001. a year, to be paid as for working expenses
so lone as the receipts of the line should not exceed
112,0001. per annum. 60,0001. upon 142,0001. was 42 per
cent. ; and the Oxford Company were, therefore, not only
saved the cost of providing themselves with rolling stock,but
they secured the working of their line upon moth more reason-
able terms than they could possibly work it for themselves.
Uwe the gross revenue reaching from 142,0001. to 200,0001.
the Great Western Company were to take one-third for
working expenses, and the Oxford Company were to take
two-thirds for themselves, so that, when the revenue
should amount to that sum, the Great Western hail agreed
to work the line fur 33 per cent.—again a very great ad-
vantage to the Oxford Company. lithe line produced only
142,0ta1. a year, the interests of the Great Western Com-
pany would be still secure ; but he thought the more rea-
sonable—indeed, the more [Amhara-like way, was to look at
the agreement under the circumstances which were most
probable to occur. Now, looking at railways of merely the
same length—take, fur example, the Bristol and Exeter
line— was it reasonable to expect that a line like the
Oxford, 90 miles in length, and running through such
a district as that from Worcester to Wolverhampton, could
yield Las than 4,0001. a week? Assuming this to be the
state of the gross revenue, the following would he the effect
of the arrangement which had been made. if the receipts
amounted to 24.18,0001. a-year, they would be thus applied;

Debenture interest
Other prat:mum claims

First charge
Working Expenses.
Up to 142,000/. gross receipts
Between 142,00 W. and 200,0001., one-third 19,331
Above 200,0001., one-half
-- 83,334
Dividend to original shareholders:
Two-third. or the excess between
142,000/. and 200,000/ 33,666
One-ball of the execs. above 200,0001. 4,000
- 42,666

This 42,6661. was very nearly 3 per cent. on 1,4a0,0001.,
the share capital of the original shareholders. This was the
result which he thought it reasonable to expect from the
arrangement. The advantages of it to the Oxford com-
pany might be briefly summed up thus—that it enabled
them to raise the funds necessary to complete the line, that
it ensured their getting that money ou reasonable terms ;
that it eared them the cost of rolling stock; that it ensured
the working of their line upon much more advantageous
terms than they could possibly work it themselves; and
that it gave to the original shareholders every possible ex-
pectation of obtaining a moderate dividend fur the money
they had invested. 'Co the Great Western company the
advantage was that it would reduce their liability to little
more than the working of the line, that it would bring
a considerabie addition of traffic over their own main
trunk line, and that it gave them a reasonable expectation
of deriving some return fur the 180,0001. which they had
invested in that line. These were the direct pecuniary
advantages which the proprietary would derive from the
agreement. There were other important advantages they
would devise from it. lie believed that in every point of
view it was an arr moment desirable both for the Oxford,
Worcester and Wolverhamptoo Company and Great West-
ern Company, and be had the fullest confidence, therefore,
in submitting it for the adoption of the meeting. (Cheers.)
The Sze TTTTTT then read the Epitome of the Agree-
ment, which appeared in Monday's Express.
Upon the motion of the CliAlliMAN, this agreement be-11
tween the two companies was unanimously approved of,
ratified, and confirmed.

•
In reply to a PROfillll7oll,
Tho CHAIRMAN stated that the rates on the Oxford,

Worcester, and Wolverhampton hoe would not be paid un-
til that line was finished and the ►ease granted.
The meeting then separated.

OXFORD, WORCESTER, AND WOLVER-
HAMPTON RAILWAY.

On Tuesday, an extraordinary general meeting of
this company was held at the London Tavern, Bishopsgate-
street, to determine on the propriety of approving of an
agreement made by the directors to lease the undertaking
to the Great Western Railway Company.
Captain RUSHOUT, M.P , having taken the chair, said,
in proceeding to the object of the present meeting, which
was to sanction am agreement which had been made, he
would draw their attention to the fact, that in the month of
February, 1861, as they must be aware, they were called
together to sanction an agreement with the London and South
Western Company. After this a cause was brought on before
the Vice-Chancellor, styled " Beman v. Rufford' " on which
Lord Cranworth gave a very lucid and decided judgment,
which he then possessed. It would appear from this that
the agreement with that company could not stand, and if
they wished it to be a valid one they must go to a court of
law to sanction it. The had been advised that it would be
absolutely necessary to apply to parliament to carry out
such an arrangement. V. bast this opinion of Lord Cron-
worth was against them an offer was made by the Great
Western Company in court that they were prepared to make
equally beneficial terms to the Oxford, Vs orcester, and
Wolverhampton Company. (Hear, hear—No, no.) A
communication afterwards took place on the subject, and
the result was thr agreement now before the meeting.
First of all there was a sum set apart for preferential
shisros and preferences dividincls which was assumed to be
82,0001., and an annual sum of 60,0001. for contingencies,
and the probable reduction of the working expenses. The
excess beyond 200,0001. of receipts was to be divided into
two-thirds for the Oxford and %Voremer, and one-third to
the Great Western Company, and after that to he divided
in equal proportions. There was also a provision for ex-
tending the line from Tipton to Wolverhampton, and al-
though this would be attended with considerable expense,
it would atill undoubtedly be followed by commensurate
profit. The estimate of the short line from Tipton to Show
Hill was about 240,0001.
Mr. COHEN-300,0001. (Hear, hear.)
The CHAIRMAN—We are advised only 210,0001.
Mr. THOMAS (a director)—For the works, 239,0001.
(Hear, hear.)
The CHAIRMAN then concluded by moving that the
agreement be hereby ratified and confirmed. (" Hear, hear,"
and " No, no.")
Mr. Alderman THOMPSON, M.P., objected to the mo-
tion altogether, as giving them nothing fur making over a
valuable undertaking. lle concluded by moving that a com-
mittee of shareholders be appointed to consider this agree-
ment, and that they adjourn for six months. (Oh, oh.)
Some discussion then took place on the subject ol adjourn-
ing the meeting.
Mr. diesel, Mr. Thomas, and Mr. Oliveira (three of
the directors), did not oppose a further consideration of the
subject, but objected to the long time fixed by the worthy
alderman. (Hear, hear.)
After some consideration a month was substituted, and a
committee of the following gentlemen was named to go into
the subject of the agreement, and report to a future meet-
ing; via., Mr. J. -Walker, Mr. Usielli, Mr. l'ratt, Mr.
Cape!, and Mr. Grazewood.
Major CANT thought the object of their consideration
ought to be, how to bring back the Great Western Com-
pany to the terms of their former agreement. (Hear.)
The CHAIRMAN agreed on the part of the directors,
and with a view to promote harmony on the subject, to
withdraw the original motion, so that the resolution fur the
above committee to consult with the directors on the agree-
meet was passed unanimously.
Mr. Alderman TIIUMVSON and Mr. GAZZLEZ expressed
an opinion that they were not bound to the broad gunge
system.
After a vote of thanks to the chairman, the meeting
adjourned.

THE LONDON, BRIG I [TON, AND SOUTH

COAST RAILWAY.

The report of the directors of the company to be
submitted at the halt-yearly meeting to be held on Thurs.'
day next, shows that the amount of capital raised up to',
June 30, 1851, is as follows :—Mortgage debt, 1,522,5871. ;
preference ca pi tul, 1,037,5961.; consolidated stock, 4,61.5,6317.;
total 7,175,817/. The net amount at the credit of the
revenue account for the hall.year is 144,528%. whereof
is appropriated for interest on the mortgage debt,
31,230!., and for dividend on preference capital,
27,9071.—together 59,1371., leaving a balance of 85,3911.
And out of this, as already stated in the Express,
the directors recommend a dividend of 11. 164 per cent.
fur the half-year, amounting to 83,0811., leaving a balance
to the credit of the current half-year of 2,3101. The addi-
tional capital expended during the half-year, irrespective'
of additions to the working stock, amounts to 18,442/., of
which 9,3021. is for the New London-bridge terminus.
This work is now concluded, and has cost about 143,0001., or
7,000!. less Liam the original estimate, although the plan of
that estimate was considerably enlarged. The gross revenue
fur the half-year has been 218,635/., showing an increase of
20,9711. over the corresponding halt' year in 1850. Deducting
the cartage, rents, &e., in both cases, the increase has been
20,0611/., of which 15,689/. has been in the passenger, and
4,3771. in the goods traffic. "This increase," says the re-
port, "is on the whole satisfactory, considering that it has
arisen entirely from the development of the ordinary
traffic, and that the effect of the Great Exhibition, thus
far, at least, does not appear to have been favourable. The
average increase over the corresponding period of 1850,
which, during the first four months of the year, had been
850/. per week, his, since the opening of the Exhibition on
the lot of May, been only 450/. per week. The principal
result hitherto obtained from the Exhibition, has been the
establishment of a cheap and direct route between Loudon
and I'aris, trig Newhaven and Dieppe."

SHREWSBURY AND CIIESTER RAILWAY.

CHESTER, JULY 16.
At 2 o'clock to-day the adjourned meeting of pro-
prietor* of this railway was held at the ltoyal Hotel,
Chester, fur the purpose of umenting to, or dissenting from,
the proposed amalgamation with the Great Western Com-
pany in We; ; Jona WILLIAMd, Esq., Mayor of Chester,
to the chair. The chairman of the company, W. Wardell,
En., was unavoidably absent from indisposition' but there
was a very full attendance of directors, and the largo
room was crowded by proprietors lung before the hour of
meeting.
Some delay took place in consequence of each share-
holder being required to enter his name is the books of the
company on euteriug the room, there being at one time as
many as 200 proprietors " fighting their way " on the
stairs.

Mr. DARK IN read the draft of agreement between the
three companies, viz., the Great Western, the Shrewsbury
and Birmingham, and the Shrewsbury and Chester, as to
the application to parlia:nent for an act of amalgamation,
at any period between the present date and the session of
18.57 ; in the meantime, provision to be made fir division
of the profit of the London through traffic, pro rata, be-
tween the respective companies. From the commencement
of Itts2, a guarantee of 3 per cent. to the other two com-
panies by the Great Western, and in the neat year 4 per
cent. until the actual amalgamation; the requisite expenses
of course to be deducted—the interest of the Birmingham
and Shrewsbury proprietors in the Stour Valley. line to be
secured to them • pective of the amalgamauon. This
agreement had before been submitted to the shareholden,
but as tLe points involved in the subsequent discussion, we
have deemed it requisite thus briefly to recur to the heads
thereof. The reading of this document was received with
considerable cheering.
A SHAREHOLDER wished to put a question, but the
chairman decided that the meeting should proceed with the
business in the regular course.
Another SHAREHOLDER (Mr. East, we believe) here
said he would stop there till midnight, unless a question
relative to their interests should be answered.

A perfect hurricane of disapprobation here ensued, which
continued fur several minutes ; in the midst of which seve-
ral speakers attempted to address the company at the same
time. After great delay, sad a scene of confusion unpa-
ralleled almost even et railway meetings,
The CHAIRMAN said he had two resolutions to pro-
pose ; one was their absolute assent to the agreement ; and
the other was a recommendation to the director+ to obtain
same relaxation in the riod fixed for the actual fusion of
the three companies. If e would not delay them by any
further observations, hut submit to them the resolutions
he had adverted to. The first wu the ratification by the
corporate seal Of the company of the agreement just read
to the share holden.
Mr. WALKER seconded the resolution.

s..s
Dir. Wrkalt.q)3i --- -- and Mr. HASWELL seconded
an amendment, postponing the actual period of tioion, but
insother respects identical with those proposed by the chair-
man.

Mr. THOMPSON rose to move another amendment, but
was informed by the chairman that he could nut do s.). He
charged the directors with taking most improper means to
obtain proxies iu favour of their rropesitiom, and concluded
by moving that the meeting be adjourned to the 26th of
August, for the purpose of allowing the shareholders an
opportunity to consider the agreement.
(Language is utterly inadequate to pourtray the scene at
this moment, and it was some time before any thing hie
tranquillity was restored.]
Mr. EAST said upwards of two hundred revocations of
proxies had been that day lodged with the secretasy, and if
they had a little more time, the agreement with the Great
Western would be r.jected by a considerable majority. If
they went on at that rate, they would be involver' in end-
les. legislation. (Roars of laughter.) Well. legislation
would do as well as litigation. He supported the adjourn-
ment.