Northern Times.
Liverpool, Merseyside, England, 1857-10-10 00:00:00

LONDON AND NORTH-WESTERN RAILWAY.

A special meeting of the proprietors' of the London
and North-Western Railway Company was held at
Euston-square yesterday, for the following purposes:-
1. To authorise agreements wi'h the Shropshire Union
Railways and Canal Company, with respect to the con-
version of the shares, or stock of these Companies into
ordinary stock of the London and North-Western Railway
Company. 2 lo authorise the London and North-
Western RAilway COmpacy to sulJscribe towards the
RaTton Extension capital of the Stockport, Disley, and
Whaley-bridge Railway Company to an extent' not ex.
ceeding 4105,000 3 To submit to 'he proprietors the
heads of a contract approved by the Government for the
conveyance of the mails between London and Kingstown.
4. To- submit to the proprietors an aereement for the
purchase of the Huston and Victoria Hotels. The chair-
man (the Marquis of Chandos) presided.

In an explanatory document circulated among the pro-
. prietors, it was observed that " parliamentary sanction
was obtained in the last session for the conversion ofthe
'shares or stock of the Shropshire Union Company into
shares or stock of the London and North Western Chen.
pany:' The following were stated to be the clauses of the
Act 20 and 2 Vie , chap. I enabling the proprietors
in the respective companies to act on that. behalf
Sec. 34 requires " The consent of three fifths at least of
the votes of the shareholders, in person or by proxy, at
any extraordinary meeting of the respective companies
specially convened for the purpose, or the companies may
from time to time enter into such agreements as they re-
spectively think fit with respect to theeonversion of all or
any of the shares cr stock of the Shropshire Union Com-
pany into ordinary stock bf the
.Landon and North-
Western Cempany."
Sec. 36 provides that the shares or 'stock of the Shrop-
shire Union Company so from time to time converted shall
cease to exist, and the Londem and North-Western Com-
pany shill issue to the holders of the shares or stock: so
converted ordinary stock of the London and North-
Western. Company. •
Ste. 37.—" Provided always. That, the total nominal
amount of the ordinary stock of the London and North-
Western Company so issued shall not exceed one-half the
total nominal am mnt of the sock or shares of the Shrop-
shire Union Company so converted."
" See. 3a—The ordinary stock of the London and North-
Western Company created by this act, and so issued, shall
confer like rights of voting, qualification, and o'her
privileges as the other ordinary stock orthat company:
It was added .that the conversion of shares or stock
authorised by these clauses would not involve any ad-
ditional payment or liability on the part of the London
and. North-Western Company. The explanatory state-
ment then proceeds as follows r.—
" The extension authorised last session of the Stock-r
pert, Disley, and Whaley Midge railway,, will bring the
town of Baxton into immediate connection with the lines
of thiS company: The directors, for the same reasons
which induced them to take an interest in the original
line, and 'which led the conialtation committee to the
conclusion (stated in their report)" that the board, under
'the circumstances then existing, acted prudently in
making arrangements to work the I:ne, and for taking the
portion of capital subscquentty authorised by Parliament,'
recommend that the capital for the extension line be taken
to the extent authorised by Parliament, 105,0001, and that
when completed, the'line be worked on the same terms as
the Stodkport :and Disley line. As intimated by the
directors in the last hatf'-yearly report, they are now
enabled to Slate that the long pending negociation with the
Government for the improvement of the Irish pasSenger
and postal communidatiort, has resulted: in an agreeinent
as to the conditions of a contract between the Postmaster-
gereEral and the united companies (Lemon and North
Western, Chester arid flolyhead;. and City of Dublin,)
under the act of 1853, for a new Postal and Passenger
Service between London and Kingstown. The contract
is for fourteen years, subject to a power of the Govern
ment, at any time after the first five years, to put tan
end to the contract, if they have reason to be dissatisfied
with the manner in which it is generally performed ; in
which event the government will purchase the packets at
a price to reimburse the 'net Cost, to be determined by
arbitration. The existing contract with the City of
Dublin Steam Packet Comp‘any is to terminate when
the new contract takes effect. There are to be provided
four packets, each being not less than 300 feet long,
1,700 tons measurement, any of- such construction as
stall be approved by the government as being suitable
for this improved service, and for the accommodation of
the public. There are to be four communications—two
each way daily L-between London and Kingstown in
eleven hours, subject to penalties for delay, except ,in
certain cases, when arising from causes beyond the con-
trol of the companies. Nothing contained in the. con-
tract is to be interpreted to interfere with the rights of
the Postmaster-General, or of the companies, under the
existing agreements or contracts with the Chester and
Holyhead Railway Company, and with the London and
North Western Railway Company, excepting so far
as .the establishment of these new trains will render
the service under such contracts or agreements unneces-
sary. The new service is to commence within two years
from the execution of the contract. By agreement
hr,f. .ynnn t lin o'^ ••
at WO,OOOl, is to be provided equally by tee London rud
North-Western and City of Dublin Steam Packet Compa-
nies. This company had the option of being half owners
and managers of the steam packets to be provided under
this contract.; the directors, however, deemed it more
expedient to arrange with the. City of Dublin Company
for the performance of the sea portion of the service—this
company being relieved from all liability in respect
therecf—the vessels being available and at the disposal of
this company for, the development of passenger traffic, as
fully as if they were its own property. Under thie
arrangement, the proportihn of the capital to be provided
for the construction of the steam boats
,by the London
and North-Western Company will be advanced as a loin,
bearing interest at-5 per cent., on the security of the four
packets (costing double the amount of the advance); 'and
of the receipts for traffic earned by the steam vessels.' The
capital so advanced will be repaid by annual instalments.
For the land service, there is to be paid annually the sum
of 20,0001., independent of and in addition to the amount
now paid to the London and North Western Company
under their present - general*:contract ; and the sum
of 39,000 t. now paid annually to the Chester and
Holyhead. Company under the existing arrangement
between that company and the government, will
continue to be so paid ; which suni Of 30,0001 shall, during
the existence of this contract, include, in addition to the
service now performed in respect to it, the service herein
provided for. By a recent act of Parliament. the Com-
pany were empowered to provide hotel accommodation in
the vicinity of their Landon Terminus. The Euston and
Victoria Hotels, built in 1639, by an Hotel Company, cam-
posed principally of shareholders in the then London and
Btrrningharn railway, are now let on lease, which expires
in 1861. In view of this event, and in order to insure the
hotels being managed under regulations and arrangenients
g(sereralle,7, so as to afford the greatest possible accommo.
dation to travellers using the lines of this company, the
directors-have deemed it expedient to purchase the build-
ings (the company already possessing the freehold) for
55,000 e Tile rent payable under the existing lease
suffices to pay a full interest upon the amount -of the
purchase money.''
The Chairman, in moving, the approval of the arrange-
ment with the Shropshire• Union Company, obseried that
it was entirely in acaerdanee with the Original agreement
between the two companies, and thathit would load to an
immediate simplification of accounts.
ler reply to a question,
TOe Chairman stated that the capital of
_the Shropshire
Union Company was aboutA 1,L00,000.
•
The nrietioa was carried with only one dissentient.

Resolutions ware thew:passed, sanctioning the arrange-
ment with the Stockport, Disley, and Wholeybridge Com_
pany, and the contract with respect to the Irish passengers
and postal• com:nunicatim, in accordance with, the
foregoing statement of the directors.

The' Chairman then moved a resolution for the purchase
of the Eustom and Victoria Hotels fur the sure• of £55,000,
ob3erving that the company were already the freeholders,
that, the hotels were let for four years at the sum of
£3,500 per annum, and that the object of purchasing them
was to obtain control over the future4inanagement.

A Shareholder wished to know whether it wasneces-
sary that the buildings should be purchased at that
moment, remarking that there were strange storiee. in the
City with regard to the position of their company in re-
gard to money:matters.
The Chairman hoped that the hon. proprietor did not
believe these stories; and another sharekider thought
that the rcport should have a distinct contradiction.
Mr.. G. C. Glyn, M.P.--What report ?

The Shareholder who had. intro luced the matter, upon
being called upon for explanation, said a clerk in a bank,
occupying a very influential position, bad told bim that it
was necessary for that company to borrow a large sum of
money, and that the amount of interest' tb be' paid would
reduce the dividends. Re himself attributed the fall in
tie company's shares to jobbing.
The Chairman said the hon. proprietor need not alarm
himself, as there was no foundation fo,- the report which
he had mentioned. (Rear, hear.) The company was in
fact in a very easy position as regarded money.
The resolution was then agreed to, and this terminated
the proceedings.

"The Austrian glverrmzo`," s tys the Emancipation of
Brussels, "ia q Italy but ac;ively augmenting its navy.
Several ships of, the line are nearly termtinusateodf,thaendroaonthubeer
smaller vessels are being constricted. The fortifications
of Venice, Trieste, and particularly of Pola, already excite
the admiration of engineerFrand when terminated will be
among the-strangest an Europe. The fiut
is also to be shortly complete, E 0 as to protect German
commerce on that river."

ANOTHER COLLTERY EXPLOSION NEAR

BARNSLEY.

On Wednesday morning, about two o'clock, the inha—
bitants residing at Iligham Common, about three mile 3
from Barnsley, were aroused from their slumbers by th e
report of a terrific explosion, which had taken place in the
colliery of Messrs. J. & J. Charlesworth, at that place.
The residents, most, of whom are colliers, were soon on
the pit-hill, where they found the metal plates dislodged
by the ex lesion. Mr. Ainsworth: the egen', accompanied
by several of the workmen, descended the shaft, which i
130 yards deep, when they found so much damacze done to
the workings that they were unable to penetrate any great
distance into them. They however were able to get to
the stables. On their way they found the tenter of the
cupola slightly burnt, and in a state of insensibility, and
unable to give any account of the explosion. Both his
'lamps were in perfect order. Nine dead horses were
found in the stables. Fortunately no men .were at work,
:or the effects would have been dreadful, there being more
;than 100 persons employed in the mine. It is generally
supposed that 'a fall of the roof has taken p 111,,, an 1 dis-
lodged a large quantity of gas, which has fired at the
cupola.