The Express.
London, England, 1849-05-26 00:00:00

ARRANGEMENT BETWEEN THE LANCASTER
AND CARLISLE AND LANCASTER AND PRES-
TON COMPANIES.
Special meetings of both these companies were held on
Wednesday last, to discun the following teems of estrange-
ment, as mutually agreed uponbetween therespective boards
of direction. Mr. J. Breaux tcok the chair at the Lan-
cuter and Preston meeting; Colonel IlssetL presided over
the Lancaster and Carlisle.
All the Lancaster and Preston Railway, with all their
stations, works, and all other their property (except only as
expressly excepted in the first schedule to this paper) to be
vested in the Lancaster and Carlisle Company iu perpetuity,
with such rights and powers as the Lane ester and Preston
Company now have, or at the end of this session of parlia-
ment, may have.
The net earnings of the above, and of all the Lancaster and
Carlisle C.inspany's property of all sorts (except only as ex-
pressly excepted in the second schedule of this paper), to be
divided each half year, between the Lancaster and Preston
and Lancaster and Carlisle Companies, in the ;:roportion of
7 to 15, that is to say, 7 parte to the former, and 16 to the
latter.
The Lancaster and Preston Company to pay out of their
proportion the annuity to the Canal Company, also t..e inte-
rest on their debt of 113,0001., and all other their debts, liabi-
lities, and engagements of all sorts, and In like manlier, the
Lancaster and Carlisle Company to pay out of their said pro-
portion, all their debts, liabilities, and engagements of all
sorts, except any liability to the Scottish Central Company
under the arrangement with them, which, as well as any
profit from that transaction, is to go to the debit or credit, as
the use may be, of the Joint Lancaster and Carlisle and
Lancaster and Preston Fund, before any division thereof,
but the liability of the Scottish Central Company not to in-
clude any debt which the Carlisle Company may be owing
to them at the time this arrangement is completed.
The Lancaster and Carlisle Company and Board to have
the absolute management of the Lancaster and Preston line
and property, just the same u their own, and both as to the
fixing of the tolls, rates, and charges, and otherwise howso-
ever, and to be wholly without iutarference on the part of
the Lancaster and Preston Company, eitker as to receipts or
expenses of any tort in connection with either of the lines or
properties.
All expenses to be hereafter incurred for carrying this
arrangement into effect, to be paid by the two companies in
the proportions in which they are interested in the arrange-
ment.
This arrangement to be carried into effect by means of
such agreements and of such parliamentary provisions in the
bills naw before parliament and otherwise es a gentleman of
the bar on each Ude (with an umpire chosen be them, if they
differ) shall decide upon, and with such alterations and
additions as those gentlemen shall decide upon, in the event
of the Canal Company's not agreeing, and the respective
bodies of shareholden to be at once called together, in coin-
pliasee with Lord Wharncliffe's order, at the earliest possible
day to decide up= this arrangement, the Lancaster and
Preston shareholders being immediately consulted by their
representatives, and the committee bring requested to ad-
journ both the Lancaster and Preston and Lancaster and
Carlisle bills till that has been done.
The Lancaster and Preston Company to have power half-
yearly, through any competent person appointed by them to
examine the Lancaster and Carhele traffic and revenue ac-
counts to ascertain their accuracy. All books, touchers, as d
other documents and paters relating thereto, of the Cartel,
Company, being submitted to such examiner.
The Lancaster and Carlisle Company to be put into ab-
"elute possession of the Lancaster and Preston property as
soon as this arrangement is suictior ed by parliament, or
sooner if they and the Lancaster Canal Company can so
agree, and this arrangement to come into operation in other
respects as soon as such possession is given.
The Lancaster and Carlisle Company to be at liberty to
oppase the clauses in the Lancaster and Preston Bill, (piing
any retrospective powers or legalising any past ac's.
If hereafter the Lancaster and Carlis:e Company find it
necessary to invest capital on the Lancaster and Preston
Railway, or en their own, for the better conduct or enlarge-
ment of the traffic, interest on such capital to be debited to
the joint fund before division; the rate of it.terest charge-
able against the joint fund being that which the Carlisle
Company shall have paid,
The Lancaster and Preston Company epprove the an-
nexed arrangements between the Lancaster and Carlisle and
Canal Companies, the Lancaster and Preston and the Lan-
caster and Carlisle Companies to do all further acts reqaisit
or advisable for carrying this into effect.
Every dispute and question not settled by this paper to be
settled by arbitration, under tha arbitration clause in the
Railway Clauses Consolidation Act, 1845.
The Lancaster and Preston Bill to be absolutely with-
drawn unless it can be passed with all the agreed clauses in
it, and without the addition of any at all irconsistent there-
with, or with this arrangement in any part, and in that case
the Carlisle Company's bill to be also withdrawn.
The Lancaster and Preston Company to have cue director
at the Carlisle bard, in addition to the one to se We the-
may be entitled for their C erlitle snares, such new director to
he chosen by the Carlisle Company from the Lancaster and
Preston beard.
This arrangement to be converted into an equivalent
amalgamation of the capital of the two companies if they can
agree upon figures, which will give a result precisely similar
to that attained by the division of the traffic in the propor-
tion of 15 and 7.
This agreement on the part of the Landaster and Preston
Company to be without prejudice to any existing engine-
aunts on their part with the Canal Company, the Larcaster
and Carlisle Company, however, not being bound by any
such agreements.
Ist Schedule.—To Lancaster and Preston and Lancastet
and Carlisle contract.
The Larcute r and Pre s'en Company's shares in the Lan-
caster and Carlisle Railway.
Cottages in Preston, and plots of lend connected tberewi
The plant of engines, carriages, waggons, rails, office
nature, and other moveable property.
All cash at banker., recite, and debts due to the Lareasto
and Preston Company (including sum secured by a me
gage), due at the time this arrangement is comp'.eted.
2nd Schedule.—To Laucaster and Pr st,n and Lamest
and Carlisle contract.
All lend already contracted to be sold or offered for sale,
or included in the acconnt already delivered to the direstes-
of land which may be disposed of.
(Signed)

P. W. HASELL.
May 14, 1849. Joe. Bustinti..
The agreement was unanimously sanctioned by the Lens
miser end Carlisle proprietasy, without diseurston.
Lancaster and Preston meeting en Thursday. however,
a very stormy affair,greet opposition being manifested to those
paragraphs which went to establish participation in the Is-
bind(' of the Scottish Centhl Coa pany, end e( nkrret.
the Lancaster and Carlisle the power of eboveOge the ads
tional director, proposed to be selected from the Laneast4
and Preston board. After several unsuccessful s
tempts to adjourn the meeting, the agreement pat
in its original form by a majority of three to