The British Press; or, Morning Literary Advertiser.
London, England, 1826-08-11 00:00:00

LONDON NORTHERN RAIL-ROAD COMPANY.

A meeting of the Riitrarribeta to this undertaking was held yea,
terday at the London Tavern. Bishopsgate.striet. to revere and
otusidcr a Rewirt of the Roan! of Directors as to the propriety of
dissiolt ing the Company.
G. IlinttEnT. E.l. (one of the Directors) took the Cliiir.
The CHAIRMAN was afraid that the I urpose for which they weft
as►etnbled to-day w• uld appear to be in contradiction to the Re.
port which 1./.0 read at their Meeting on the 4th of November last.
and in some measure inconsistent with the inMrination it contatned.
lie, however, could state that what they had learnt since that
period served only to litrettgthen the opinion they then erprepled.
l'he fset was, tlorre was ii great a Change in the siftrstihs of
the country, and in the disposition of the public to adventwre upon
undertskings of Ong nature, that the Directors felt it th.if duty to
auh.rnit to the Proprietors retell' •rile present t:ompany should not
be abandoned. not because they Eli/lair:Med it inc igible, but Merely
on lccomit of its impiartictrltility at this moment.
ftlr. Vtzann (the Solicitor) then read the Report, in which the
same reason ng wan embraced, and rcenninending the abandonment
of the concern. The sum at which it was estimated the line of
mad from london to Cromfor I could bz made was 913,7701. The

money in hand was thine!. 12e. lOC The disbursements already
made amounted to 6,673/. A further shm would be required Mr
contingencies, after which there youth remain a balance that would
pay a dividend of 1 is. in the pound to each Shareholder.
Mr. Lore (Rank .r) move I that Report be confirmed.
Mr. Wtt.hi A M CLARK seconded the motion; and spoke in
commendation hot of the object or the undettaiting and of the
corduct of the Directois. if the public to unite* had been direct:
et to legitimate works 1 ke this, instead of being *Craved by those
sourinus undertakings thrifty, brought distress on the country,
this Company would now he in rapid progress. Only 1001. had.
been expended in law by the Directors, while the Kent Ittil.mad
Company, which extended only 72 miles, expended 2.6001. flat
Company paid only t.. in the pound 64 its dissolution. He was
idle sure that no traffinkiog in shares had been practised by the
'rectors. and their coadnet throughout was a subject of cangtata.
don with the Proprietors.
quite
Mr. WRIGHT (a hanker of Nottingham) said the with the NS-
ginal formation of this Company he had nothing to do. It was more
than a month after it was projected that lie became connected with
it. As he was a great proprietor of coal and iron, It migll
be supposed be was interested in the undertaking, but he assured
them, if he had not had the greateet confidence in their Chair.
man, he should not have troubled himself about the concern;
but feeling assured that it would be a most beneficial undertaking,
lie came to town, and they did him the honour of making him a
Director. Ile had been requested to glee in a statement jointly
with two other Directors of the probable income of the contetn.
plated rail-mail. He accordingly wrote a letter to the Cheirmeu,
enclosing such a statement, and at the same time declared himself
so fully convinced of the stability of the undertaking, diet he had
become a subscriber to a large amount, with a view to a permanent
investment. Many of his friends had been induced to eubscribs
from an opinion that it was a work that would pay most liberally.
The line which had been determined upon was proposed by him kf
the first meeting he attended. The original line of road proposed
would have coo 400.0001. more than the present, and would not
have had one-third of the trade: besides the diffizmlty the Corn.
pony would have experienced from the opposition of the Pro.
printers of the Duke cf Bridgreater's Canal, the Grand Junction.
and other Canals' which would have been immense. Th •
present line went into a country where no re:l-road nor carat
exi-4al. There was no rail-road in the country, which realized a
profit, on which coal was not carried. The original line proposed
would scarcely have carried any. It would have carried ladies' hats
from Dunstable, shoes from Northampton, and stockings from Let.
center ' • but no bulky articles. Grass would have grown upon the
I tad, if it bad been token that way. But coal would be the pelt-
cipal article on the lint lie suggested. Ile had no hesitation io
saying that the carriage of coal, stone, and corn, would pay more
than 10 per cent. that might be spent by the Company. The arit-
cies that would be conveyed on it would be coal, corn, stone, gyp-
sum, the Derby agricultural pro Luce, iron, timber, hay, and pots.
toes, besides all the trade between Manchester and Liverpool, and
the other great trading towns. There was a rail-road making
from Liverpool to Manchester; and there was only wanting
a district of seventeen miles to connect Liverpool with Cron'.
f rd. Mr. Struts, of Derby, who was well known, had spOkel
in commendation beyond measure of the undertaking ; sr I
had no doubt of its answering. It would pay ten per centt, for
the first five years, and after that time he was afraid they wool I
I tugh at him if he were to say how many more ten per cents. it
would realize. It would carry three hundred thourand tons of co ,i
yearly. When Nlr. Rennie surveyed the Canal from Cambridge.
he stated that 120,000 tons of corn would pass along it. Now all
that would come by this rail-read ; besides the corn from Drrhv.
Manchester, and Nottingham. He therefore mild not agree 1-•
saying that such a work should be given up. The reason assigned
for it was very inconclusive. The grand point made was, that me-
oey was scarce. After the ridiculous humbugs with which Mae-
great cite had been overwhslasedithey amid van be surprised at the
7eluctance shown by men of capital to take shares in any undertak.
ing. But when the public had die assurance of the Directors,
and of practical men. that it was a good and safe investmezt. •
he thought plenty of diabeeribers would be found. The Ammer ,
of the money required appeared to li:m to be nothing. It might
first cost them 2 per cent, to get an Act of Parliament. The next
year they would spend 10 per cent. It would take four years set
complete the work, and require about 20 per cent., which, upon a
capital of a million, would be 200,000/. Such a sum was no. a
drop in the bucket to this great city. He had no doubt that upon
consideration the Subscribers would be induced to continue the '
work ; anti their children's children would bless there for having
done it. Except perhaps within twenty miles of London, the land.. •
lords on the whole line of road would support the undertaking, be. '
cause it would bring them articles at a much cheaper rate than they
paid at present, and take away the produce of their estates at cot.
siderably lees expense. It was calculated that the Company could
convey goods at one penny per ton for each mile, which would be r
great beuefit to the country. With regard to procuring an Act of
Parliament, he anticipated no difficulty. The House of Commons
had shown a predilection for such works, and the House of Lords
was decidedly in favour of such measures. li.sldee, it would
afford employment to their poor labourers. Ile had no doubt of the
co-operation of the gentlemen of Manchester, Liverpool, and aU
concerned in that part of the country. He hunted, therefore, she
subscribers would consider the subject before t hey determined to
take away their paltry its, lie wished his statement to be in-
spected by men of business, to ascertain whether it was founded in
truth. Assured as he was of the great advantages that would re-
sult from the continuance of the work, lie should move, that an the
Directors had in their Report stated that the information they had
obtained had not changed the opinion they expressed in a former
Report, as to the practicability and utilhy of the proposed under-
taking, and as it appeared that the proposed railroad, if made ru
the extent mentioned in the Report, namely, front London to
Cromford, was calculated to produce, not only a great advantage to
the public, but a certain return to the shareholders, it was the
opinion of the 'Meeting that it was not advisable to dissolve theCon:-
pany, but all shareholders might be at liberty to receive back their
subscriptions out or before the Ist of November next ; and all whu
did not do so should be considered as subscribers for carrying ea
the work.

Mr. CLARK felt that the work was one of great utility, and en
that principle would withdraw the original Reslutioo, if permictrd
to do so ; but still such was the distast a for Joint Stock Companies.
that people wood not subscribe MAIM so reality as 3lr.
IVright seemed to think.
Mr. LOYD said, as to the support to be expected from the gen-
tlemen of Manchester. the Directors had never been able to g-t
one of them to act as a Director. He considered the spirit for sucis
enterprises to be completely gone by.
Mr. CLARE ask:4 if the assents from the landown -re hod been
obtained. _ _

Mr. Vnattn replied, that application had not yet been made fo7
them. But with the exception of one Nobleman, he thought they
should have the support ut all the landowners on the proposed lire
lithe Company continued, it would not be possible to get the A.t
or Parliament net Session.

Mr. ♦ißlGtHT—ft must be delayed another. As to money. he
met a gentlernai. in hombarchstreet this morning, who said he ha.l
just been offered 200,0001. at two per cent. fur as longs tilie as lie
chose to keep it.
After some further desultory
put and carried.
Thanks were then voted to the Chairman and Directors fur their
honourable conduct, and the Meeting adjourned.

t, the amendment at.

It appears that the wholesale prices of meat in Lone. -I
have been for some time cheaper than at many of the con—
try markets, while the retail price is from ld. to 3d. a-
pound dearer.
Among the best pieces of wheat on the Hill above In.:-
don, is one lately reaped by Mr. Gillet, of Fivellead. 'l':;e
produce is not less than thirty bueh:ls per acre, which i 4
far beyond the average for that neighbourhood. The sr. -
cies sown is known by the description of " Frost's nurs ry
wheat."—Taunton Jourrtul.

We are sorry to featrith;t something like the old coo,-
bination system appeared in Glasgow in the night beta ist
Saturday and Sunday last, when a shameful attack lea.,
made on the premises of Mr. M`Phail, cotton-spinet:,
Greethead. No person was hurt, and it is probable that
intimidation was intended more than injury.
RAISING THE ‘VIND.—A fellow dressed likes valet la
been defrauding several tavern-keepers at the west vial 0(
the town, by the following stratagem:—lle has called.
with an air of authority, to take apartments for his tna,t, r
and mistress, whom he represented as being shortly •
pected in town, and has contrived, by this introduction. in
procure temporary subsistence from Mr. Dudtling, of ill •
Royal Hotel, St. James's-street, of Mr. Jaquier, of rl e
Clarendon, and of ,Mr. Jordan. At the former lintel
stated, that Mr. and Mrs. Green, with whom he iive.l,
were at Dover on their return from France, and requir,
apartments for themselves and their family. The impost .r
took up his quarters at the Royal Hotel on the night ire
.finwurell Mr. Dudding with the order, supped, and on ilte•
following morning breakfasted and lunch, d there ; but
did not wait for the arrival of the Green family Gout
Dover.