The Sun.
London, England, 1852-11-03 00:00:00

state that tho two boards were unanimous in recom

mending the proposed amalgamation. (Hear, hear.)
Both companies had already had considerable experience
in amalgamations generally ; and great as the recent de-
pression of railway property had been, it must be evident
to every one who was conversant with the question, that
it must have been much greater had not many lines
which were formerly independent, been united together.
(Hear, hear.) Parliament, by granting a large number
of schemes which had since been carried out, had ren-
dered amalgamations necessary, but it was always in-
nded, indeed the very nature and position of the lines
embraced by the two companies rendered it absolutely
necessary, that the two boards should be constantly
working together. (Hear, bear.) The present proposal,
therefore was brought forward for the purpose of
strengthening that harmony ; and he was satisfied that
there could be no possible objection to it. (Hear, hear.)
Competition in railways was impossible, the rules of
Free-trade in fact did not apply to such undertakings.
We might have a hundred grocers or drapers in the
same town, but they could not have a hundred railways
there, and since it had been admittedby the best autho-
rities, such as the Board of Trade and Lord Dalhousie,
Mr. Denison, Chairman of the Great Northern ; and
Mr. Russell, Chairman of the Great Western—that
competitio❑ in railways injured instead of benefiting the
public, there ought to be no resistance to the proposed
amalgamation. (Hear.) The facilities of travelling were
increased by amalgamations, as the union of the London
and Birmingham and the Grand Junction lines proved
for the union, secured an uninterrupted communication
without change of carriage between London and Liver-
pool, and the public was thus enabled to travel with far
more ease and security than they could do before the
fusion took place. (Hear, hear.) He knew of his own
knowledge that Mr. Glyn was favourable to amalgama-
tions, and as the directors were in a position to prove
to Parliament, that the amalgamation would not damage
the public while it would benefit the proprietary bodie s
of the two concerns. (Hear, hear.) Ile repeated that
railways must continuo to be regulated monopolies,
nothing could change it,—but here the question of com-
petition did not arise, because there was no competition,
and never had been any between the London and North
Western, and the Midland Companies, and all that this
amalgamation was intended to accomplish, was
simply to prevent the intrcduction c•f a third
party into the management of the Midland
Company who should be calculated to disturb the
good understanding which he had already referred to.
(Hear, hear.) Ho had now to propose the following re-
solution for the adoption of the meeting i—
" That it is expedient to affect a permanent union of
interest between the London and North Western and
Midland Railway Companies, and to amalgamate the
undertakings on the following terms, namely:—That
the relative values of the two undertakings be ascer-
tained and fixed by three referees of high standing; that
their decision be given after the passing of the Act of
Amalgamation; but in case the first application to Par-
liament fails, further application shall be made in the
following and ensuing session, and it shall be competent
for either company at once to call upon the referees to
fix the relative value of the two undertakings; such
values to be, in any case, fixed after 31st December,
1838.

Mr. JEVONS complained that due notice had not been
given of this meeting, and afterwards went into a num-
ner of figures to show that amalgamation had been ruin-
ous to the old proprietors of the London and Birming-
ham line. The Grand Junction was largely benefited
by the union of the two companies; but the London and
Birmingham proprietors were large sufferers by it. (Hear.)
Now, he was of opinion that this amalgamation, if ulti-
mately carried out, would be attended by a like result.
And while the Midland Company would be large gainers
by the bargain, the London and North Western Com-
pany would be great losers by it. (Hear, hoar.) He was
told that the real object of this proposal was to enable
the London and North Western Company to run trains
over the Bristol and Birmingham Line to Bristol against
the Great Western, and thus the company would be
again dragged into another battle of gauges. (Hear,
hear.) He called upon the directors for the sake of
their own characters, as well as for the sake of securing
the interests of the company, to adjourn this meeting
in order that the shareholders might have more time to
decision The C
to-day, or
theysaid wtheeoddi.hreeettooorstatmeufsotr
epraeralisamfoernat
consider the important proposal. (Hoar, hear.)
next sessions. (Hear, hoar.)
u ggt
g e
theste d
amalgamationta
ought
tortoe
definite SHAREHOLDERIOII I 0 I the termss o
be laid before the proprietors. (Hear, hear.) g
The atantmast said it was impossible to obtain a
more eligible mode of adjusting the terms than that
mentioned in the circular. (Hear, hear.)
A SHAREHOLDER asked it there was any truth in the
report relative to running the Bristol against the Great
Western.
The CHAIRMAN said there was no foundation whatever
for the report. (Hear, hear.)
Mr. SAINSBURY objected to passing the resolution
until they were in possession of some more extended
datl upon the subject of the proposed amalgamation—
(hoar. hear)—and pressed the directors to adjourn the
meeting. (Hear, hoar.) He should be glad to know
what the opinion of the groat body of the proprietors
was upon the matter. (Hear, hear.)
The CHAIRMAN said the proxies sent in to support th
resolution represented 2,700,000/. worth of stock, while
the proxies sent against it did not reach,loo,oool. (Hear,
hear.)
Mr. GEACH, M.P., opposed the idea of adjourning the
meeting, and spoke at some length in favour of the pro-
posed amalgamation, believing as be did, that it would
be greatly to their own advantage, while it would, at t h
' same time, confer additional benefits upon the travelling
public. (Hear, hear.)
In reply to further questions,
The CHAIRMAN stated that the names which bad sug-
gested themselves to the directors as those which ought
to be proposed to the Midland Company as referees, were
those of the Earl of Carlisle, Lord Granville, Sir James
Graham, Mr. Sergeant Wrangham, and Mr. J. B. Hope.
The reason why the 31st of December had been fixed
upon for taking the calculation was simply because it
would enable the referees to have a whole twelve months'
traffic before them when they came to consider the terms.
(Hear, hear.)
A SEIAREHOLDER said he knew enough of Mr. Glynn
to satiety him that Mr. Glynn would have been present
to-day had he approved of the proposal. (Hear, hoar.)
The CHAIRMAN said ho could remove the hon. pro-
prietor's doubts upon that point. Mr. Glynn did approve
of the amalgamation, and had sent his proxy in favour
of it. (Hear, hear.)
Mr. DICKENSON moved, as an amendment, that this
meeting be adjourned until this day six mouths.
The amendment having been seconded,
Mr. PUNCHARD asked if the decision of the referees
was to be final after the passing of the act, or would the
shareholders have the option of rejecting it ?
The CHAIRMAN said the decision of the referees it
was intended should be final and conclusive.
In reply to another question,

The iIAIRINIAN said he could not say that there bad
been any infraction on the part of the Midland of the
working agreement that now existed between the two
companies; but difficulties and obstructions had arisen in
reference to it. (Hoar, hear.) For instance, the Chair-
man of the Great Northern bad made overtures to the
liiidlauti for au amalgamation, 50c1 the propo)§l that