The Express.
London, England, 1851-02-13 00:00:00

THE EXPRESS, THURSDAY EVENING, FEBRUARY 13, 1851.

RAILWAY MEETINGS.

on the matters aforesaid,
.and what steps in their opinion
should be taken for the protection of the property of the
shareholders, and that in the meantime the directors be
required to abstain from entering into any new contract
with reference to any of the matters referred to the consi-
deration of such committee."
Mr. W. H. SPARROW, of Penn, seconded the amend-
ment. ruder any circumstances (he said) they could not
very well be in a worse position than they now were ; they
had been put otf with all sorts of subterfuges at meeting
after meeting, and it sat time for the sharchulders to take
the matter into their own hands. For himself, he was in a
thoroughly independent position as regarded this railway,
himself and his family having 1.5,0001. in the concern.
Mr. GEACH, of Birmingham, a director, supported the
amendment. ire entered into a most elaborate and lucid
review of the position and prospects of the company. point-
ing out with great succinctness what should be the true
policy of this company. He condemned the aggressive
character and the spirit which bad dictated the competition
with the London and North-Western Company. He at
great length explained all the circumstances connected with
the recent negotiations with the London and North-Western
Company.
Mr. BENNETT, of Liverpool, urged the shareholders to
place confidence in the directors.
Mr. SYLVESTER supported the directors. His expe-
rience of the London and North Western Company, in the
matter of the North Statffireahire agreement, was sufficient
to have created an entire feeling of distrust in his mind
with reference tee any transaction with the London and
North Western Company. (Cheers and hisses.)
Mr. AKROYD, of gtourbridge, one of the auditors,
supported the amendment. He urged the closing of the
capital account ; and he said the only hope for remunera-
tion was by an entire change in the management. Every-
thing connected with the concern was in a wretched state ;
there is not such a thing as a cheque order book on the
premise' ; I have asked for it over and over again. (Cries
of " Shame " and hisses.) You have twenty-them engines
in stock, procured at a heavy rate, and nine only
at work.
Mr. KNOX aaid that he should be prepared to submit
the fullest explanations on all the subjects and charges in-
troduced by Mr. Akroyd ; at the same time he did think
that it was a most unfair thing for that gentleman to have
made charges of this sort, although at the audit of the ac-
counts Mr. Akroyel never asked a single question upon any
one of those subjects of which he has spoken so strongly
to-day. (Cries of " Shame.") In conclusion, as Mr. (leach
had taken great credit to himself for disinterestedness, he
would ask him whether he was nut at that'rnoment pri-
vately negotiating tbr the working of the Oxford,
Worcester, and Wolverhampton Company? (Laughter.)
Mr. GEACII—I could put Mr. Knox down in a moment
if I pleased ; but he asked me a most impudent question,
and, ine with all impudent questions, I shall decline to
answer it. (Hear.)
Mr. ROBERT SCOTT (late M.P. for Walsall) said that
there was no doubt that the Shrewsbury line ought to
have been in the hands of the London and North We-tens
Company ; hut after the (nurse that company had taken,
thuy had themselves to blame if they got the worst of all
these squabbles and disputes. The time had now come
when they (the Shrewsbury Company) ought to look for
something more than a traffic management with the London
and North Western Company; it must be nothing short of
a lease or a guarantee. (Cheers.)
After a great scene of squablding, confusion, and uproar,
a division was taken on Mr. Chesshire's amendment. On a
show of hands the amendment was declared to he lost.

SHREWSBURY AM) BIRILNGHAM.
The half-yearly meeting of this company was held
at the Swan Hotel, at Wolverhampton, yesterday, Mr. 0.
Goan, M.P., in the chair. The attendance of shareholders
Iran very numerous, and the meeting excittsl immense in-
terest, in consequence of the agreement which the directors
have recently eoneltukd with the Great Western Company,
and the dissatisfaction which a large number of the share-
holders have evinced thereat. An abstract of the report of

the director, hap already appeared in the Exprt as.
The peal hav-ing been at t the reorktry of phare-
holden:, Mr. KNOX announced that there w... 0 an error in

the ace° ants of some importance. The nuudx.r of pre-
ference shares in the hands of the company was 2,600, and

not 2,000, as priuted in the report.
The following " supplemental report" was then read by
the Secretary :
Your directors have had under their anxious considera-
tion the subject of the appointment of a committee of share-
holders—with the object more particularly of settling the
future policy of this company, in its connection with the
two great railways, the London and North Western and the
Great Western. Many shareholders, who have shown their
confidence in your directors, by forwarding to them their
proxies, and are certainly not among those who appear pre-
pared to hand over to the Londou and North Western some
of your present, and a larger portion of your future traffic,
without its equivalent value, nevertheless consider that such
a course would relieve your directors from the serious im-
putation of being supposed adverse to a fair settlement of
the matters in dispute with that company. Your directors
concur in that opinion, and will propose the appointment of
a committee t-or that object. Your director,, believe that no
further information run be laid before the proprietors in
reference to the alliance for traffic purposes which has been
formed with the Great Western Railway. The policy of
that step etfairly before the sharehohl;:s. and your dint- I
tors look with confideuce to their approval. The following
communication bas been made to the London and North
Western Company by the through traffic committee, ap-
pointed under the agreement with the Great Western, as
the result of a correspondence between the chief Waters of
the two companies for a settlement of recs.
" Remiluti,m of Joint Traffic Committee of the Great West-
ern, Shrewsbury and Birmingham, and Shrewsbury and
Chester Railway Companies, at a meeting held at the rad-
. dington Station, on the :ith February, That this com-
mittee will not ritommend any agreement with the London
and North Western Railway Company, as to rates of traffic
over the united lines of the Great Western, Shrewsbury
and Birmingham and Shrewsbury and Chester Companies,
unless upon the hasis of a complete *Atkins ut of all differ-
ences., and the withdrawal of all opposition between the
Loudon and North Western Railway Company, and either
or nB of the throw united companies. That this committee
is of opinion, that all injurious competition, on the part of
their companies and the London and North Western, ought
to be avoided ; and that, to this end, arrangements ought
to be entered into, bawd upon the principle of agreed on
rates, by which a fair proportion hi the traffic to which each
company is entitled would be secured to it, and by which,
with a due regard to accommodation and convenience, the
largest proportion of profit may he secured to the respective
compaoies. That if such shall be admitted, as the basis of a
negotiation, the Joint Traffic Committee will appoint a depu-
tation to mat a similar deputation of the London and North
Western Company, to agree Mona the terms and conditions
both as to local traffic and through traffic, upon a principle
of discriminate rates, where such ought to lw allowed; or
equal rate., where such can be introduced and maintained
with perfect equity, to secure a due proportion of traffic to
each company; or for a fixed participation in the traffic,
within certain districts, or divisions of the line. That it
will be indispenmble, as one condition of the agreement, in
order to make au arrangement just and permanent, that a
system of impartial arbitration shall have power to decide,
after the agreement ix made, upon all questions of difference
between all or either of the said companies. F. null'
Bantam, Chairman of the Joint Committee ; approved on
behalf of the Great Western Company, C. Russell., Chair-
man; approved on behalf of the Shrewsbury and Birming-
ham Company, W. ORMSBY UOUL, Chairman; approved
on behalf of the Shrewsbury and Chester Company, W.
WARI,EI.I., Chairman.

Hereupon Mr. G Excit demanded a poll.
Before this was taken, however, on the motion of Mr.
Ald. ANDREWS, of Wolverhampton, Mr. ChesAirc's amend-
ment was adopted, the following tire names being substi-
tuted for those moved be Mr. Chesshire : Mr. Tarratt, of
Wolverhampton ; Mr. Webster, of Hirminghain ; Mr. lien-
nett, of Liverpool ; Mr. Robert Scott (late M.l'. for Wol-
ball) ; and Mr. Ald. Andrews. of Wolverhampton.
The report of the directors therefore stands over until
the meeting in March. The proceislings terminated at
half-past six o'clock with a vote of thanks to the chairman
and directors for their attendance on this occasion.

" It is uhvious that, if the negotiation proceeds, the sepa-
rate questions pending between your company and the Lon-
don and North Western Company must again be discussed
and disposed of; and your directum will no doubt he greatly
fortified, in nom course which your intermits ro quire them
to adopt, by hiving the concurrence of such a committee.
Its constitution is a matter of great importance. Your
directors decline altogether to mime a number of proprietors
known to be favourable to one 0111:114, of policy, to as t, it
may be, with a like number known to entertain views
(gunny opposite. If harmony is to exist in the committee,
and between it and the board, it can only be by all parties
looking steadily ut the interest., of the company, 1111i11-
tiII...MIA by any other consideratioms whatever. Voila di-
rectors have inavrtained that thus re sae 40 proprietors on the
register on the .4th instant (when the books were closed)
holding each upwards 44,000/. paid stock in this company.
So large a stake ought to be deemed a sufficient security
that the true interests of your railway will be advocates! by
them, whatever may be the extent of their int,:nan, in other
lines; and your director.. TPCOMITICLId accordingly that the
twelve of the largest of these shareholder, who will (upon
application) eansent to act, be appointed the members of the
foregoing committee. Your directors, in connexion

with the Shrewsbury and ('heater Bead, also propose to
select small local committees in Liverpool, Manchester, and
London, from among the proprietors of both companies re-
sideut in these places who may be competent and willing to
assist the respective boards in increasing the traffic upon their
railways' more particularly in their mime:lion with these
planes. Your direetors anticipate much toad from this step
and it is one that has 110:0111C almost 11(4.vssdry by thus..
mensures that have been adopted to render the extent of
the through traffic (itsdistinguished from the local traffic) on
your railway equal to what yOU have always been led to
expect.— WILLIAM OMMANY Gone, Chairman."
The CIIAIItMAN rose and moved the abolition of the
report and the supplemental report read at this meeting.
The hon. gentleman next entered into a detailed sketch of
the eimunatances connected with the rise of this railway in
1102, and its progress down to the present time ; here-
after he went on to remark that their line was about
thirty miles in length ; but that although so limited
in extent, it formed one of the moat material links in the
great chain of communication thmughout the centre of the
kingdom. They must rentember that whilst the local traffic
might pay the expenses of working the line, the share-
holders must look to the through traffic alone for a remune-
ration for the capital invested. Now, at one end of the line
they had a railway from Chester. and it was he who suc-
cessfully urged the North Wales Mineral to continue their
line from Ithuubon to Shrewsbury in order that it might
there form a esinnexion with this line to that town ; with
this line they had formed a close alliance ; fur it must be re-
membered that they were to look not only fur traffic from
the eastern and western coasts, but as far north as possible
and south beyond the limits of the London and North
Western line. To promote this policy, the direc-
tor; had exerted themselves; their alliance with the
Shrewsbury and Chester Company was one that was
mutually firmest and reciprocal in its character ; it helped
them to traffic from the north, and by the agreements into
which they had entered with the Great Western Company,
it opened op to them a diner line to Dover without passing
through I, .1111011 ; and in addition to this, to Southampton,
Portsmouth. and Brighton. by the shortest route. (}tear,
hear.) It had been said that this alliance with the Great
Western Company would be prejudicial to the interests of
this company; but the fact was, that the directors were'
borne out in all they had done by heaps of approbatory
letters front shareholders, and especially by one gentleman
who had a 20,0001. stake in the concern, and who said in a'
letter to him (Mr. Gore), " Have nothing to do with
the London and North Western Company." And as
he (the Chairman) would remind th,m, that company had
nothing to give to the Shrewsbury and Birmingham that they
did not take from themselves • on the other hand, the traf-
fic from the Great Western lines" would Now naturally on to
their railway without subtracting from the Great Winitens:
therefore he contended this company was the natural ally
of the Shrewsbury. The good faith, too, of the Landon.
and North Western Company was most completely exem-
plified in the case of the North Staffordshire Company.
(" Hear," and laughter.) Let them look at Mr. Rieardo's
speech. It disclosed the most gross violation of an agree-
ment he (Mr. Gore) had ever heard of. In conclusion the
hon. gentleman denied that by the alliance with
the Great Western they were shut out from en-
tering into an agreement with the London and North
Western. He denied, moreover, that Mr. Robert Clive
at the last half-Yearly meeting gave any specific pledge on
the subject of th'e directors entering into agreements with-
out the consent of the shareholders; if, however (he said),
"you, the shareholders, choose to stultify yourselves. and
to set your foot on agreements which we have entered into,
and rush into the hands of the London and North Western
Company, why then I say, good bre to You." Mr. Gore
then submitted a formal motion fur the adoption of the re-

port to the meeting.
The Hon. ROBERT CLIVE, MX., seconded the mo-
tion. and repeated the denial given by the chairman that he
had given any pledge at the last meeting on the subject of
the directors entering into agreement,' with other companies
without the consent of the shareholders.
Mr. J Oil N VSSIIIRE, of Birmingham, nest rose, and
in the course of a long speech entered into a detailed course
of reasoning in support of the following amendment:
' That the further consideration of the report of
the directors be postponed, and that this meeting,
being dissatisfied with the present position and management
of the affairs of the company, a committee of shareholders,
consisting of William Tarratt, of Wolverhampton ; John
Chesshirc, of Birmingham ; John Davis. of Manchester;
Akroyd, of Stourbridge ; and John Webster.
of Birmingham, be appointed to inquire into the truth of
the statement of accounts, and all or any of the acts of
the directors and their officers, which may be brought
under their notice ; and into the nature and validity of all
agreements made by them, particularly into the necessity
for entering into a permanent agreement with the Great
Western Company on the eve of a general meeting and in
violation of a pledge, with power to inquire into all the
circumstances connected with such agreement ; and also to
inquire into the effect of each of the several bills which the
direeton are now prosecuting in parliament ; and whether
the same or any of Wit same should be supported or op-
posed by the shareholders ; and with power to re-open the
negotiations with the London and North-Western Company
for the purpose of averting continued hostility and opposi-
tion ; and either with that company or any other company,
to enter into any negotiations which they may deem fit for
the benefit of the share tuklers. and with power fur any of
these purposes to call before them officers, see. • • • •
And this meeting to be adjourned to the lfth f March.
when the committee should be requested to make a report