The Sun.
London, England, 1852-12-20 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.

On Saturday, an extraordinary general meeting of the
proprietors of this company was held at the Euston-
station, for the purpose of considering and approving, or
otherwise,t he recommendation of Messrs. James Robt.
Hope and Robert Stephenson, upon the future relations
of this company with the North Staffordshire Railway
Company.
Major-General Anson, M.P., the chairman of the
board of directors, presided.
The Secretary, 1/r. C. E. .SITEWART, having read the
advertisement convening the meeting,
The CHAIRMAN proceeded to read the following printed
statement addressed by the Secretary of the London
and North-Western Company to the shareholders of the
company
The proprietors were informed by the last half-yearly
eport ' that the questions in difference between this com-
pany and the North Staffordshire have been referred under
the common seals of both companies, to Mr. Robert Ste-
phenson, M.P., and Mr. James Robert Hope, Q.C., so as
to effect a complete union of the interests of the under-
takings.' On the 6th October, Mr. Hope and Mr. Stephen-
son communicated the result of their investigation of the
question referred to them, and recommended the following
conclusions for adoption by both boards 1. The London
and North-Western Company to acquire absolutely the
railways, canals, and whole fixed and moveable property of
the North Staffordshire Company. 2. The London and
North-Western Company, in consideration thereof, to pay
to the North Staffordshire Company, upon their present
paid-up share capital, an annual dividend of 3 per cent.
during the first year, of 3 per cent. during the second
year, and of 3i per cent, during the third and all subse-
quent years : provided, that it shall be in the option of the
London and North-Western Company at any time upon six
months' notice, to convert the share capital of the North
Staffordshire Company into ordinary stock of the London
and North-Western Company at par. 3. The paid-up share
capital of the North Staffordshire Company to be taken, as
stated by themselves, at 2,826,0001., and the nominal
amount of the shares to be reduced from 201. to 171. 10s.
4. The London and North-Western Company to under-
take the canal rent or dividend, the bond debt, and all
other liabilities of the North Staffordshire Company : pro-
vided that if the bond debt, as estimated by the North
Staffordshire Company, with a view to cover all existing
liabilities, shall be fraud to es.eeed 1,050"10/., the London
uric? North-Western Company- shall be entitled to deduct
from the dividend payable upon the North Staffordshire
share capital a yearly sum equal to interest at 3. per cent.
on the excess. 5. The obligation of the London and North-
Western Company to pay the dividends under Article 2,
and to discharge the liabilities under Article 4, to com-
mence from the time at which the transfer of the North
Staffordshire property shall be legally completed. 6. The
two companies to apply to Parliament at joint expense in
the next session for immediate powers to the above effect,
and in case of failure to renew the application in suc-
ceeding sessions. Should Parliament three times re-
ject the application upon merits, and not merely
on formal points, the engagement between the companies
to cease. Believing that both boards are deeply impressed
with the expediency of speedily determining the principles of
an arrangement, we have contented ourselves with a state-
ment of our opinion on the principal points submitted to
us ; but should the companies accept our advice upon these
points, we shall be happy to afford them further assistance,
and to mediate between them upon every question which
may arise before the passing of the act of Parliament.' In
conformity with the advice of the referees, the Parlia-
mentary notices have been given for a bill to amalgamate
the companies on the terms above specified. Subsequently
Mr. Hope and Mr. Stephenson were requested to consider
as to the steps proper to be taken immediately, and until
the sanction of Parliament be obtained to the amalgama-
tion applied for. Further conferences took place, at which
the referees stated that they had arrived at the conclu-
sion expressed in their former letter under the conviction
that a good understanding between the companies was
alone necessary to realise the expected results, and that
by cordial co-operation in the worki g and interchange of
traffic, the net profit accruing to the North Staffordshire
Company would suffice to secure to the proprietors, over
and above all charges, the dividend named by them. They
recommended, therefore, the appointment, immediately,
and until the passing of the act of amalgamation, of com-
mittees specially deputed by their respective boards, to
manage, in conjunction, the traffic affected by the reference
—the two boards pledging themselves to give the fullest
effect to the acts and recommendations of the directors so
deputed, and engaging cordially to co-operate in carrying
out the declared objects of the reference. Mr. Hope and
Mr. Stephenson having been further requested to continue
their ' good offices' until a eomplete union of the companies
be effected, they have expressed their willingness so to act,
on the understanding that both boards engage to abide by
their decision in all matters of question, if any, arising out
of the arrangement. The foregoing recommendations have
been adopted by both boards, and the directors will submit
them for confirmation and adoption by the proprietors at
the special general meeting summoned in terms of the
notice, a copy of which is attached."

The Criiiiimaar said it was now his duty to ask the
proprietors to sanction the resolution just read.; but
before he proceeded to do so, he trusted he might have
their permission to say a few words on a subject personal
to himself—namely, the position which he had the
honour to occupy that day. He was aware there was
not a gentleman in that room, nor did he believe there
was a proprietor of the company out of doors, who did
not most sincerely regret the absence from the chair of
his honourable friend Mr. Glyn. (Hear, hear.) Now,
from his long connection with the company, it must
have appeared strange to them to receive a notice of this
meeting without his name being affixed to it. His long
experience with railway matters generally, and his tho-
rough knowledge of the peculiar interests of this company,
had stamped his services with a value which could not
be too highly estimated ; and he (the chairman) believed
he was correct in saying there was no instance—at least,
he could not name one—in which the confidence, and he
might say the attachment, of a large body of proprietors
had been so unreservedly; so universally, and so justly
bestowed as upon his honourable friend who had pre-
sided over the affairs of this company for so many years.
(Cheers.) He was sure he was speaking the sentiments
of the directors, and he believed he was justified in assum-
ing that those were the feelings of the proprietors of this
company, in joining with him in expressing his humble
testimony to the combined qualifications which he pos-
sessed for that arduous post. (Cheers.) He (the chair-
man) was perfectly aware he might be accused of rash-
ness in having undertaken the chairmanship of the com-
pany. He felt, in succeeding his honourable friend, he
could not expect to attain his great knowledge of their
affairs, nor even by any studious attention he might
devote to their interests, could he hope to mitigate the
regret which they felt at Mrt Glyn's retirement ; but he
had the satisfa,ctiol he (the chairman) had the confidence
of his brother directors, and he trusted he should even-
tually receive theirs. The manner in which they had
expressed their unanimous wish that he should occupy
that position, left him hardly the option of declining it ;
and he could assure them that, sensible of that kind-
ness, and duly acknowledging the too high estimate in
which they had held the small services which he had
rendered this company during his brief connection with
it, he would endeavour, so long as he occupied that
post, to promote the prosperity of the company, and he
hoped, from the influence he might have in his present
position, he might have the opportunity of contributing
to the settlement of some of those questions in which
the interests of every railway in this kingdom were in-
volved. (Cheers.) He was glod that in this first op-
portunity of meeting the shareholders of this company
it would be his duty to propose to them a measure
which he thought was sound in principle, and that,
being so, the details of it might be considered almost
of secondary importance. He hoped that they
would concur with him when he said he considered
the 'duty of the directors of a large company like
this was not only to consider the interests of this com-
pany, but, also the interests of the public. Anxious as
the directors might be to carry out profitable arrange-
ments for the proprietors, they must also feel it was their
duty to take care that the interests of the public were
not only satisfied, but that every opportunity should be
taken for giving them additional advantages. At the
same time there was a aide difference between the two
-parties—the public and the railway companies. Con-
cessions were required and demanded from railway com-
panies sometimes in an extraordinary degree. Those
might extend even to a demand of a diminution of their
profits and for increased requirements and an increased
expenditure; but he knew no way in which the public
called on to make concessions or sacrifices to the railway
interest. (Hear, hear.) In point of fact, the one party
had to consider the interests of the public as well as
their own, and the other had only to consider their
own interests as representatives of the general public.
lie did not complain of that ; he only mentioned it as
a fact, and just to remind proprietors, who might some-
'
, Imes think the directors were not sufficiently mindful of
the interests of this company, to what extent their
r:v3e,rB might be limited. Now, the question before them
tio " "'ay was one of great importance—it was a ques-
• n whether amalgamation was a sound principle or not.
quee
tion of amalgamation had been so lately brought
the
under their notice, when they were asked to concur in
PrePosal made to them in the month of November,
for a bin which year for an amalgamation Was to be brought before Parliament this
the London
wand
of the Midland Company with
North Western. The principle of that
propos& h
Smith, who then o so ably expounded to them by Mr.
ccupied the chair, that it would be an
unnecessary waste of time
again at any great lengthe to travel over the ground
Mr. Smith reminded them
on that occasion, that this
itself was the result
of a series of amalganiatioeorapany
orations, out at different
times, and proposed under
some-
times upon a small, soraet• different circumstances, a
more extended
scale ; but the result had been that ti amalgama-
tions had raised it to its resent thosethat
and that it
had become one of the most importgl
the world. (Hear, hear.) He also Pointed out u°tr incorporations
isin
that it would be a benefit to the public, and that, themc
all circumstances and at all times, whether of depruessnioenr
or of prosperity, experience had proved that the cours
which had been recommended to them had been ofe
ad-
vantage. He also mentioned that a committee of the
House of Commons had been appointed in 1844, over
which Mr. Gladstone presided, and which had reported
on the subject of amalgamations, and that Lord Dal-
housie—than whom no man better understood the rail.
way interest in all its bearings—acquiesced in the reso-
lutions of that committee. He also pointed out to them
that all the leading railway parties—Mr. Russell, Mr.
Ellis, Mr. Denison, and Mr. Glyn--entertained the same
opinions on the question of amalgamations. (Hear.) They
all concurred in the propriety of them ; and he (the
(chairman) might, therefore, assume that the principle of
amalgamation was to a certain degree affirmed. (Hear.)
The question that remained to be settled appeared to him
to be to what extent that amalgamation should be car-
ried out. They were all aware that a committee had
just been appointed by the House of Commons to in-
quire into this subject, in connection with the whole
question of railway legislation ; and he confessed he was
one of those who rejoiced that the Government had
taken that course, for he felt they were much more likey
to settle the principle upon which railway companies
could act than those companies themselves by any course
which they might individually pursue. Accordingly,