The Sun.
London, England, 1852-08-13 00:00:00

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fcommenced, and might occupy some time; and th© Ad-
vantage would be, that at a special meeting they might
raise many questions which would be hardly regular at
an adjourned meeting. The directors would take es.sae•
cial csre not to commit themselves to any steps itivolv...
lag the interests of the proprietors, without giving them
ample time to express their opinions..—(Dear, bear.)
Major COURT asked what would be the probable ex-,
pease of the railway from Dorchester to Exeter, to
which allusion is made in the report?
'The CHAIRMAN said it was not in his power to give
_details, but he believed the gross exp,nse would be
75,0001, part of which would be contributed by parties
locally interested, and- part by the Bristol and Exeter
Company. The proprietors might rest assured they
Would not be committed to any thing without consul-
tation.

Mr. GREEN, reverting to the North-Western amal-
gamation, suggested that five of the largest proprietors
in each company should be appointed to co-operate with
the directors in conducting the nego:iation.
The CHAIRMAN expressed a strong opinion. upon the
utter inutility of such a course.
Mr. VOUSLEY said it was not always those that had
the most money who had the most wisdom.
Mr. GORE said he thought the proposition of the
Loudon and North-Western Company ought to be te-
icion. It might be intended to create
among the shareholders of the Great Western
hoped the matter would be left in that
dgiasrudneidonwaimthtflo
what had passed at this meeting.
hCaon:mis.aonStßhseilritdDir, eacf?errs.
cereleted iL advisable to add to the resolution an ex-,
pression of unanimous approval of their directors enter-
ing upon the negotiations with the London and North-
Western C,.mPacY•
The CHP-IRMLN, however, said the strongest expres-
sions had decidedly been en the side of the London and
North-Western Company, and he should understand,
without any such addition, that it was the unanimous
wi.h 07 the meeting the negotiation should proceed.
Mr. BERNARD was then quite satisfied.
Scme usimportant conversation intervened upon the
subject of the cost of coke and the lots by light gold;
afterr.,,i n whichiaieropv liy a
to
a e,
ge
the
agreed to.
ution adopting tla o report was
u
The CHAIRMAN said the estimete for the hotel at Pad-
di''gtun qu''' sufficient, though an increase of the
vote of 129 000/. would be necessary for the completion
of the arrird station.
o!ifo
four
udr,,peefarrcireg,,tapdeireitiLenselumurn the half-year
at tAh or e;:tieti
Upon a vote of thanks being proposed to the
ereed auditors,to.
NORRIS moved, but afterwards withdrew it, and
gave notice that at the next meeting he would move that
the salary bo rsited from 50/. to 1001. each, and 501.
extra, to ono auditorve a e
forrttirtiopdsit2..2ya
inrltheop.eSroautitohn.Wales:
ao-
ceuTthieeB2aaind
oloni9 have
can agreed to.
Some conversation followed upon the next proposition
for giving power to the directors to take the necessary
steps ;Or c.moletirg the works between Frome and
Wc.reeuth, and authorisinz a preliminary arrangement
for prosecuting a sch-me of railway communication be-
tween Dorchester and Exeter, but after it had been dis-
tinctly Rated that beyond preliminaries reference must
again be mado to the feelings of the proprietors, it was
agreed to.
The meeting having been made special, a resolution
was passed unanimously to allow the directors to reduce
the rate of interest on ibe unissued poraon of the 4i per
cent. stock, and thanks baying been given to the chair-
mall and secretary for their exertions, the proceedings
terminated.

The annexed Correspondence referred to in the re-
plrt was taken as read:—
LONDON AND NORTH-WESTERN RAILWAY.

Secretary 's-offias, Euston- station.
My dear Sir,—unde
London, 4 h August, 1852.
with the Lrsotnadnedningauthdat
North-Western
nstern
Board agree in
thinking that the interest
, alike, when
the public and of both
bodies of shareholders
imperatively call for mutual
when rightly considered,
c
two companies, and for a cessation of
fation between the
harassing strite which has unhappily the costly and
so
the attention of the two boards, and
di
n long distracted
that these desirable results can only be attainedt hinking also
absolute amalgamation of the undertakings,
have by an
day been authorised by my board (unanimously) toprthe.
is
pose to the Great Western such amalgamation, on the
tollowing basis, namely-
1. The Amalgamation Bill (as settled by counsel,
mutually agreed on) to be introduced into Parliament
next session; and in anticipation thereof, to be forth-
with submitted to meetings of the two companies, under
the Wharncliffe order of the House of Lords; and such
arrangements to he made between the two boards, with
a view to the obtaining of the Bill, and with a view to
the convenience of the public and the conduct of the
traffic in the meantime, as a joint committee, to be at
once appointed by the two boards, may think fit; any
difference of opinion in such committee (the numbers
being equal) bt ing settled by arbitration.
2. All the exiting Red preference fixed charges of the
two companies to ba adopted by the amalgamated com-
pany; and tfinir ordinary stocks to be consolidated in
such proportions, not exceeding the rates of 100/. for
London and North-Western to 801. for Great Western,
and not less than 100/. for London and North-Western
to 751. for Great Western, as may be agreed on, or as
may be settled by arbitration.
3. Such terms and conditions to be *unreservedly sub-
mitted to by the amalgamated company, for the secu-
rity or convenience of the public, as Parliament may,
when the amalgamation Bill is before them, prescribe.
4. With regard to third parties, with whom either of
the two companies alone as now subsisting, but incom-
plete, legal or honourable engagements, those engage-
ments to be adopted simpliciter by the amalgamated com-
pany, and be submitted for Parliamentary sanction si-
multaneously with the Amalgamation Bill; and where
(as in the case of the Shrewsbury lines) both the com-
panies have such engagements, it be lett to the respec-
tive third parties to oose which cf the two engage-
ments (when they differ) shall be adopted by the amal-
mated company, and that alone, which is so chosen, to
be adopted accordingly, and to be submitted to Parlia-
ment as above.
5. With the Oxford, Worcester, and Wolverhampton
Company a satisfactory agreement to be made by the
amalgamated company for the proper development of the
traffic of the district, in accordance with the interests of
all parties concerned.
6. The Midland Company to be invited to concur in
this arrangement generally, in manner and on terms to
be settled with them.
7. That (as in the case of the amalgamation of the
London and Birmingham and Grand Junction Com-
panies) the amalgamated undertaking be managed for
the first three or five years in departments by the two
existing bodies of directors as local
committees, under
the supervision of a general board, composed of
equal
numbers selected from those bodies, the management,
after the limited period just referred to,
such general board in the ordinary way.
8. Tan
hat for the settlement of y. y
difference arising
under this agreement, and also of any points of detail,
any arrangements not otherwise provided for, or
some three
of the following noblemen and getlemen be solicited to
act as arbitrators, namely
:—The Earl of Carlisle, Earl
Granville, the Earl of Userowby, the Right Hon. Sir
James Graham, the Right lion.
Right Hon. W. E. Gladstone Sydney Herbert, the
Stuart Wortley, Mr. Sergeant Wthe
rought
Hon. Jamesr
James Reba Hope, Q.C", the rans
Westernm, Q.Ca J 1
Great being
invited to suggest
any additional names which they
think fit.

I belu-ve I have now alluded to all points of import-
ance;ihappy to give uny
but it I have overlooked any I shall of orm!lrhs
you
may that,
may desire. I will merely, therefore,
now add
Great
explanation of our views which,
whilst on the one band we do not seek freoninot
Western, so on the other we are of coarse
andpyrepterarmeds
to subject the London and North-Vire:many
or condi.ions, except what are to beta equally
advantageous, and
applicable, mutually and equally
mutually and equally protectiveo.f
your board's reply to
I am to r( quest the favou
this communication Oil °L. _ dear Sir, faithfully yours,
lfefore the 9th inst., if not
very inconvenient.-1 am, mi ~..
v- Cdna GLYN, Chairman.
(Signed)
Charles Russell, Es(l-, Company.
G"lictirman, Great
Western Rail",

„„Bili. viESTERN RAILWAY.
' ',Addington Station, August 5, 1852.
sir,--1 had the pleasure to receive your
4th inst. late yesterday evening. We have
faithfully,
1:
opeeisl meeting of the directors for Tctesday,
oleotrihrter:o4Y,:lfdelelbree
question.--Yours
pyroeuprasrevdertyo di
to cootider the answer to be sent to you. It is th
large gu'd
"dies' darmaptorwtantucthawqeues
C. RUSSELL, Chit. itman.
George Carr Glyn, Esq., Chairman, London
and North-Western Company.

GREAT WESTERN RAILWAY.
Paddington Station, August 10.
my dear Sir,—ln fulfilment of the promise expressed
when acknowledging your letter to me of the 4th instant,
I convened the board of directors for this, the earliest
practicable day, in order to consider the important sub-
ject of that communication.
You only render justice to this board in assuming
that we consider the interests of both bodies of the pro-
prietors, as well as of the public, may be promoted by a
mutual cessation of costly and harassing strife beltweea
the two companies. I may add that we still enter tain a
of which we have already given to
that some plan should be devised, even
yonvery
manysincere
prowoifssb,'
now at this eleventh hour, for working out, on fair "Lid_
equitable conditions, an amicable arrangement, mow..
of being made subservient to both purposes, viz., the be-
nefit of those who have invested their capital in our I'e'
opective companies, and the general advantage and
venience of the public and trade of the count ,for
which those undertakings were sanctioned by Parks"
meat.

Unquestionably at one period, some years ago, when
it seemed possible to have saved the expenditure of se-
veral millions of capital, it was the opinion of this board
that a union of two or oven three large companies, with
tho prospect of conflicting interests, might then have
been
accomplished by Act of Parliament, in order to
avoid the waste of capital in times of national pecuniary
embarrassment, and to secure harmony of action between
the contending boards of management.
eilteh7rmaPtanthie esglsyent still be, it is
time, after
Da
But, however desirable in some respects such mega.
m oreation thanof' larcigoeuabnt
doubtful
whether
the whole expenditure of capital has been forced upon
the companies and is just completed, and when it 1
about to be turned to account for public and commercial
objects, the Legislature will sanction that principle, and
especially after committees of both houses have received,
evidence of the instances of obstruction to traffic) over
a iinineu3c,el thehie Leg
which daring
the last three or four years
rbareivl
d
to interfere for the proSe-