The Express.
London, England, 1851-03-01 00:00:00

THE EXPRESS( SATURDAY EVENING, MARCH 1, 1851.

RAILNVAY MEETINGS.
OXFORD, WORCESTER, AND WOLVER-
HAMPTON RAILWAY.
Yesterday the half-yoarly meeting of this company
took place at the London Tavern, lliehopsgate-street ; Lord
Weep in the chair.
The SECRETARY rend the report, which stated that
"The directors bad considered it oxpalieot to appoint a
committee to negotiate with other railway companies, and
they authorised this committee to consult Mr. Peto ; and
the result was. that an arrangeotent (of which the following
is the substance) had been concluded with the London and
North Western and the Midland Companies : The line be-
tween Oxford and Tipton to be completed as early as pos-
sible, the narrow gauge being laid down the whole way as a
double line from Tipton to Moreton-in-the-Marsh or Dayles-
ford, and as a single line from one of these places to Oxffird
—to be made a double line, however, when the traffic re-
quires it ; the line to be worked for twenty-one
yews by the North-Western and Midland companies,
the rates per mile being uniform on all the three lines.
To carry out this arrangement, Messrs. Pens and Bette and
Messrs. Tredwells have placed the 20,000 shares allotted to
them at the disposal of the board ; and, as 6,000 shares re-
mained nnallotted, the amount of new shares now at the
disposal of the board amounts to 25,038. These shares
your directors intend issuing under the arrangement with
the London and North Western and the Midland Com-
panies, in such manner as to carry interest et about 4 per
cent. Your directors are of opinion that this is an arrange-
ment advantageous to this company, securing the proprie-
tors against the liability. of having to raise capital for the
working the line ; leasing them the power of making the
line from Tipton to Wolverhampton if the probable traffic
thereon should make such outlay prudent, and opening a
large traffic from Cheltenham, 'Tewkesbury, stud Glouces-
ter, and the surrounding country—a traffic never before
contemplated as likely to be brought upon this company's
Line."
The general balance sheet for the half-year ending the
31st December last, showed that the total receipts up to the
314 December, 1850, amounted to 1,705,3381.' and the ex-
penditure to 1,687,0831 a leaving a balance of 18,25.11. The
expenditure during the last half year was 70,6201.
The CHAIRMAN said he entirely dissented from the
report, and from the arrangements proposed in it ; and he
was bound to tell them, that if this arr.umeinent with tho
London and North-Western and the Midland Companies
were carried into effect, he should resign his position us
chairman of this company. His reasons for coming to this
determination—however mistaken they might be, were
clearly defined, and he would explain them without any
reserve. The feeling was strong in his mind that when
be accepted the position of chairman of this company
in the month of January last, it was understood that the
Oxford, Worcester, and Wolverhampton Railway should
be an independent line, the company having, as he ima-
gined, become tired of depending upon other lines, anal
haviug resolved to carry on its own works with the best
regard to the interests of the shareholders. Had such not
been the case, nothing would hove induced him to take the
position of chairman. lie afterwards became aware of the
fact that there was no intention of carrying on the line in-
dependently, but that there wu a determination to,
lease it to one of the two great companies—
the London and North Western and the Great Western.
Having the public to consult as well us the shareholders he
now appeared for that public inasmuch as he represented a
Lira, mining interest in that part of South Staffordshire
which lies nearest to Birniingham and Wolverhampton.
The interests of the public hail been fully thought of by
parliament, and the opinion then entertained was that
those interests would be beet consulted by avoiding the
general disadvantages of monopoly which the London and'.
North Western Coinpany were spreading over the whole
railway world. It was fur this reason that in the contest
which took place in parliament upon the question respecting
the broad and narrow gauges, that the preference was given
to the broad gauge. The present company had suffered
much from. the London and North Western Company, to
whom they now proposed to ally themselves, for if it had
not been for the opposition offered by that company—an
opposition not for the sake of the public, hut merely for
the purpose of acting against their great rival, the Great
Western, they never would have been in their present I
painful position. (Hear, hear.) Now it was proposed to I
give this line of theirs to the London and North Weeterni
Company, not he believed upon lease, because if he '
was eighth y informed, it was not in their power to grant a
lease, at all events not to any company but the Great Wes-
tern ; or if it were in their power to grant a lease to the
London and North Western, it could only be dune by them
as a body of proprietors, and nut by the directors. The
directors, however, had entered into negotiations with the
North Western Company, and had confirmed them by their
seal, without obtaining the permission of the proprietors. !
This he considered was a hasty, indecorous, and not very
courteous mode of proceeding. The question was now
before the Mareholders, and they were called upon to settle I
it—as far as it was possible for them to settle it. If they
came to a determination in accordance with the wishes
of the directors, he should have no course to
adopt but to resign his position of chairman.
If, however, upon considering these matters fairly. and im-
partially, the shareholders should come to a decision in his
favour, so long as his continuing in the office of chairman
might be of service to them, be would most willingly remain.
Mr. RUFFORD, M.l'., mentioned that the arrange-
ment was the best and fairest they could possibly obtain.
(Hear, hear.) It had been negotiated by Mr. S. M. Peto,
a man eminent in his sphere, of high character and position,
and of transcendent abilities, which he hail not scrupled
to use for the benefit of this company ; and he (Mr. Rua
ford) was perfectly satisfied that the name of that gentle-
man would remain untarnished by the arrangement he had
so advautageowely concluded on the part of this company.
(Hear, hear.) Ile concluded by moving the adoption of the
report. (Hear, hear.)
air. COHEN, a shareholder, expressed his full concur-
reieee in the urrangement proposed.
A.W. THOMPSON, eI.P., said the Great Western Com-
pany. !tad behaved towards this railway most unfairly.
Mr. r"'ETO stated that, in rising to address the meeting,
he was satuated by a deep sense of the responsibility which
attached to him, attended h some feelings of embarrass-
ment, which he hoped would entitle him to their indul-
gence. (Hear, hear.) When he undertook to effect these
arrangements with the London and North Western and the
Midland Companies, he slid so upon the distinct under-
standing that he possessed the confidence of the entire
Board of Directors. lie had met Mr. Glyn and Mr. Ellice
upon this matter, and alter some considerable discussion,
au agreement was come to, the prim iples of which had been
already detailed to the meeting, and in reference to which
rhairy...On thh
he should ix' glad to offer any further explanation, if neces-
yihtor,
and wthase
was sent
told that some hesitation had arisen amongst the direc-
tors as to the
e.lareetz,ftoratedrd
)elayhe(thwe
to the document describing the arrangements, which he as
propriety of affixing the common seal
their representative had eniared into with the two com-
panies mentioned. Ills lordship. it appeared, requested
that three days delay might be allowed him to consider the
matter more fully, and he then intimated to him (Mr. Peto)
that his interests were entirely with the broad gengsa Upon
this he (Mr. Peto) met Mr. Glyn, and stated the circum-
stance of his lordship having reported three days' delay.
Mr. Glyn at once acceded to this, and said he should be glad
if Mr. Carter, of Birmingham, would meet any person
whom-his lordship might appoint to discuss the subject.
Mr. Carter accordingly met Mr. Benbow, jun., Lord Ward's
representative, and that gentleman made three requests, on
the granting of which his lordship, he said, would assent to
the proposed arrangement.
The CHAIRMAN denied that he had made use of the
words " would assent."
Mr. PETO continued—The three points mentioned by
Mr. Benbow were these :—first, that his lordship's minerals
should be carried on every part of the London
and North Western Railway upon the same terms
as the most favoured parties using the line. To this
proposition Mr. Carter at once gave his unqualified con-
sent. The second demand was that his lordship should
have a seat at the board of the North Western Company.
To that Mr. Carter replied that, by a new arrangement the
election of the directors was entirely in the hands of the
shareholders, but that Mr. Glyn would undertake to re-
commend his lordship to the proprietors. These two points
then might be looked upon as yielded. The third point
was that 6,000 of the preference shares should be imme-
diately apportioned to his lordship, and to this request Mr.
Carter replied, " If you have any regard for Lord IVard, I
would recommend you to advise his lordship that it would
not comport with his high honour and dignity to make such
a request." On the Friday following Mr. Benbow again
made the request for 5,000 shares, and on that occasion Mr.
Carter gave an unqualified refusal. Upon this circum-
stance rested his lordship's opposition to this plan and his
' retirement from the company. It was extremely painful to
him (Mr. Peto) to have to make these remarks, but he
had nothing to conceal, and nothing would he conceal. He
conceived, moreover, that it was due to his own honour and
position that he should make this statement. (Hear, bear.)
Mr. Glyn, Mr. Carter, and Mr. Benbow would confirm
what he had stated, and he staked his reputation as a com-
mercial man, that the proposed arrangement, if carried out,
would ultimately conduce to the advantage of the com-
pany. (Hear.)
The CHAIRMAN said it was extremely disagreeable to
him to have again to intrude upon the attention of the
meeting, but as the hon. gentleman, Mr. Peto, bail given
to this discussion a personal turn, he hoped he should be
excused. At the time he began to hold the office of chair-
'man of this company he made two distinct statements,
one to the board and the other to the solicitor—the
first, that he was perfectly indifferent as to whether they
allotted him 1 or 1.000 shares, not having joined the com-
pany vas a speculation, but because he was the leading
mineral proprietor in South Staffordshire, and represented
a large portion of the proprietary in ist district; and,
secondly, that be would never consent to any arrangement
with the London and North Western. As to the 6,0001
shares, he had merely offered to take them in order to help
the company out of their difficulties, and not with the view
of throwing them into the market and putting money into
(Adrertisement.]—Cuman. •LIIIMI AND STOMACH his Rocket. His lordship then entered into an explanation
of hie carious traueactions with the e pa 3, and said the
Curtuer es flouaw•T'S fameaaillageella W. biks d the armies:meat submitted to the meetingwn-
ad' been entirely
lisasarsbls asst Twee • aa.stas_esestzkit au* IS years
serried out by the solicitor, together with the contractor
snsisysd as eased tallsosti trout
oy the k„,Th=sidisond, Pete, observing that he would never have a seat at a
w▪
ild appeared to be rmetly masemliehe Me =tette. board which were not to he made cognisant of everything
stseetaa tee treatment of mos at the MN mint at Ihe osier. connected with their affairs.
ble MOM SO 11.10 fOlgl7.is towIOW Is lake Mr. PETO said Mr. Benbow, his lordship's agent, bad
Plis. Ind tag"""4."'"nm diatinctiv and imperatively made it a condition tlt 5,000
ea". that it ba" "4"hhsa that stow swim it g"'w 1101- shares fi tad be to allotted his lordship ; and Mr. Carte a
rest y hopalbasame. —Said by all 1111111111 W 111111•1111 ellellebOld the o
civilised world. and a P *OW, d 111 e. ybiat insel. pbb. the solicitor to the North Western, had refused to comply
Strand, Lament with it, observing that he did not think it would comport

18 14

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flo.lesoirLteor and Exmouth .. 1
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124, Do. 1, sharco,A,Dohruo:
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IP Du. Tilhury Eate&Sarip,
100 ;Las, Bright..&&n.Const Y
ismn j 100 ILoadon & North-Wealirn
17 Do. do., Newt obis& .
12 Do. Fifths .
1 DD.& a ...h.,ii:".ati I.(e)
100 Landau & ta.n.da-W
. _

71 1 1 az di.'
91j9 (ex d 4
1301 4 1 301
171 eadle
31
84 71 8 „
11
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231 21
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181 191
186 I f IS
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11 018

el Maash 110.,aad Matlock
10 dasela,oo.AUnookelk
q Id lika.a LON& Unica
100 Midland ..•
115 Do. 00 shares
100 Do. Oka. sad Derby
$3 Newmarket
100 NoVolk , .
13 Do. New Z 10... .
13 !forth LOMA
1;1 North Staff .rdehire .
!korth &Soda Weet.hose.
30 ;Oxford, Wont., k Waiver I
13 Ileo ueh Central
is Itlastish Mollaad
1 13 ,Shrewe. sßina, Or •
OWI ftrewebory and Meter
W. Ma.)
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61 ihropeture Cabo
So douto Devoe
30 :Huth Wales . . .
18 Meth YorkebAßiecrDwn
94 ram Vale kr anion ..
11 Vale of Nesth
20 W.te ford rod K Ikenny.
20 West Loodon
23 Vark,Nswesstlekßerwlek
20 Do. do Yottoet. os
9 Do.O.N..E.Pwelkare
3d :York sad koala Modlaad

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2111 .1 114 30

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LIMES LEASED AT
!Bette & Item& EaL 3 p
Ct. (lesion' to Gt. o. flat

i 1 ra

Rotes (lia : to Gt.; eot.l
20 'Ditto mato-sat a Fumanti*
(hosed tot:maw..Kern,
IS ,Blrni., Woh., an.3l!odley

il,wd to OreatVie7t^rni
li Ditto without a guarantee
(leativi to Ufesit%\tsts
•

se Ile zd
eye ~
I 7 '7l

' • 1— t. N. Wimtcrn;
21 KertLmailmh.pur 6p.0.

tow dtry Gt.Nortirrn'•l
SO Hollaifielby (LI oast N
23 Do. shares (nitro)..
124 Do. 1 Alava Idaho)
SO loads& Bradtord (Midland
111 London and Gfreenwichl
I lowed to South 2.... tern)

311 32j
100 102 'idly
su. blex. di,

101 i ex di,

;ii
964 67;

96!!

SI 'Mit° Preference (ditto,'
SO Loweatoft Guar.perCent.

(herd i4;r7citi;.-ij
30 Sa!tbor, . E•str 95 sp+ r,CI

14 13 es dl♦

jY~rd to

3, 117
4 6 P 62 ~

43 Ditto New (d tut)
33 Preston& Wirt (lees. Lou
&N. West& Liose.tWork
104 Dttto shirrs (A) (ditto)
30 1t00d.,13181d.. and RAW.
timed to 8 ABllE...tan
64 Royston and Hatchet (lees
to Oral Norther a ...,
24•D0, &wroth Eiteu.(ditto
04 South &Won:Mitre tletoe4
to Mr. MU...
23 Iqt ar Valley. it p. Ct. sus.
ketord to Stossurshrear
30 Wilts. Sunerert. at,t7o.!

4t4 434
2 Y:2112

24 311
7 $f
11 14
if 3 dla
sq sq
14 45

T 1 ex fat

(le.;red to Uri.

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10 • 'alooo.om

5 SI
16 16i
11 I

l rbester end llolydesd
51 1i5et51904.33(51.10m)..p.Ct.
LateroCoasties Eaten,
5 per Ct. No. 1
9 Ditto do. No. 21
16 De. New 6 per Coat. stock!
20 EOM Unicm,ftrip 1u.6 p.Ci
121 Divot Nor.hesn 3 per
23'1;3 Silts weArn(l)Eightbs
6 r Uncaehire&Yorks. 1,
WI 1 Du. 6 per CenL Rock .
9 .Leedssiihirok Quarts-181,
100 .Lostlan,Briebtoo,ls &Kith
1 Coast, Peet. 5 per Cent.
5t0ck.!851,1r05301.45E
$0 DiroConert. 3 p.Ct., 155 s
100 • Ditto New 'roar. 6 per Cl.
I ,LoodoulloithWeetens New
33 '155,3.513.
110 I Do. New /10
Do. £.l

i I poi
par
irt 11
11,
IN 19
11 Pal
1 Ins

I Pak
101
is'

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114 120
57 60
133 138
24 ,r.
231 14
111 II
Pa
1291 130
17 IS
I' 3
10 101
141 II
121 131
II 17
44 41
11 1 die
FOREIGN ZAILWAIITS.
20 180ulo9ne and Amiens „ 11
20 Crnto.l frame (Vienna) 114
S Dutch „ 1111
II PAN INimi .. got
3 Groot bull= Peafowls.. loi
21 Do. Do.
S Laymbourg .„ „.
63 Its Aalßois"
74 D. 118.
Omit sod Mei .. 131
IS rtboro Ohms. 141 13
S Orlesoo DOOM 4$ 4 Ws
SO Pan. and Orions .. 34 36
IS •-oris and Bows ... 251 301
IS Patio and Otnobaorg .. 5 41 dim
30 oou,s and Ham
..10 11
SS imam mid Yaw . 3 31
13 Than aad Nantes 9/ I/IdY

14i a div
4

1100 01t711;n76401e.11:01 BA p. 6 I
SO .Norlolk Eztelasioa

omit,
6 !North &kith
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111 Skrrw. BiCkinter(Nor.W.
$3 liti4.iiskjir Cont... ...
IT York. Nelrsoar Dori/4

EI
5 'Ditto Ditio

UIII

LIVERPOOL, Feb. 28.
eroCI-EuCtlaNol.—Business to-day was rather heavy,
hot were barely sustained. larkenhead, Lancashire, and
, 9a a 4.-Caledoolan, 111-Chester and Holyhead
(pref. roar. 54 per cent), 161 a -East Laecashire, 144-Lencashlre
and Yorkshire, 56 a 1 7/ 4-Ditto (6th shelve) 71 a. I d.-Lszcaner
end radials (third shares), 5/ 4 c. p.-Lteegool, Oarby, and South-
port, Ip. pare. j 44.-Dnidon and North esters, 131 394 ea-Ditto
ohm 4 shares)), SI p.-Daochester, Sherteld, and e_ =hire 33-
Ditto shares,l-ti Nil 1851). 134 -Dire (sm?. shares). 111-111d-
land,old. 2-Dttto (Leicester and Swan. )
ham4_ (4 shares),
1M I 144 d.--Skrembury red Bironnt (94 12s. Bd. ID, 31 -
booth Easters sod Dom, 261 -York. Newcastle, and Berwick. 11
-York and North Midland, 244 c. 4-Dundalk and Inalskillen, 51.

MANCIIESTER, Feb. 28.
STOCI Exotattoz.—We have had an improved market
both u reprde prl ea tad extent of basintea Ltncorblre and York-
s/We were der at 371. t. l ; and Wert lUdlres at 4 du. London
aad North weeenta, 13u1, 131; Led Lancandre, I 41; dhrfarlda 33,
t, b. 33. There 'males a lair bumbler la other than local rook; at
*lillarly Unproved rats.

BIRMINGHAM, Feb. 28.
STOCK EICII•NOZ.—The failure on the part of Lord
auger to torn so administration has mused sham to rise in this
market to-day. Chmter and llolvimad Preference shares were done
st 161, rod Shrewsbury and If miniboom A's at £3 30. Id. dig. The
balf-rutty miring of the Birmingham and Stour Valley proprietors
was admrtioe 1 fur t -thy, but there not being • suliclint number of
shareholders toroent, no busineso transaVed. Thee norm is
leased in privet u ty to the London and North Western Company; •
itelll4ll cou'A, there' under any circumstances, be only ol a lot oral
character. Ilia terms are teathlrds of the London dividend, eleven
Sum Valley slum. Wing equal to one London and North Western.

LEEDS, Feb, 28.
Sion' Enema:rem—The market on the whole is better
lo tone this morning. and more !minim hm been done than yesterday.
TM doing • itis were -Lancashire and Tork•hirea, 371 Midland
Stmt. i es. ; North Memento 131 din ; Great Northern.,
tb; Lards and Think., ISr ; Tork and North Midlands, 241.