The Sun.
London, England, 1852-11-04 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.
A special general meeting of the proprietors of the
London and North-Western Railway was held yesterday

afiernoon, at the Easton-square Station, for the purpose
of considering, and if approved of, authorizing an amal-
gamation wilt the Midland Company. The chair was
ocinpied by Mr. Smith, the deputy-chairman of the
board of directors.

The advertisenizect convening the meeting haring been
read by Mr. Stewart, the secretary of the company,
The CHAIR/ lAN said the shareholders had already
been put in possession of the views of the directors,
`trough the medium of a circular which would now be

"TO THE PROPRIETORS OF THE LONDON AND NORTH-

WESTERN RAILWAY COMPANY.
" Experience has satisfied the directors of the London
and North-Western and Midland Companies that it
would conduce to the stability of the undertakings, and
to the convenience and advantage of the public if the
co-operation (based on an identity of interest) which
has subsisted for some years in working the two un-
dertakings were rendered more complete and perma-
nent; and they hava determined, thererfore, by an
unanimous re-solution of each board, to recommend
tor adoption by their respective proprietors an agree-
tent to apply to Parliament fora Bill to amalgamate,
:,he companies, on terms to be settled by referees of
.ngh standing. The directors are led to recommend
this course, from a conviction that by such means
alone can they obtain the full advantages to be de-
rived from the existing arrangements, or secure with
certainly an uninterrupted continuation of that cordial
co-operation in the working of the two undertakings
which is essential to the welfare of the proprietors, and
to the interests of the public. In addition to the special
reasons in fsvouris
of an amalgamation of these two
experience daily proving, beyond all
companies,
question, that a state of hostile rivalry between railway
companies leads, of necessity, to great and general in-
convenience, and to a needless and wasteful expendi-
ture in the conduct of the traffic common to both,
without any corresponding advantage to the public ;
and leads also to the outlay, year by year, of large
amounts of capital in the construction of duplicate
tines and stations, instead of being devoted, as the
interests of the country dictate, to she wants of towns
and dis:ricts still devoid of railway facilities."
The CHAIRMAN said he held his present position in
consequence of the retirement of Mr. Glyn, who had

so long and so ably occupied the chair, and it would be

his duty to move the resolutions. The subject of the
amalgamation had long engaged the attention of the
boards of the two companies, and he was authorized to
state that the two boards were unanimous in recom-
mending the proposed amalgamation. (Hear, hear.)
Both companies had already had considerable experience
in amalgamations generally ; sad 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 mach 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-
tznded, indeed the very nature and position of the lines
emibraced 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 ho 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•
rides, 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

cornp-Aition in railways injured inateacl of benefiting the
public, there ought to be no resistanQc 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
to. public while it would benefit the proprietary bodies
of the two concerns. (Hear, hear.) He repeated that
railways must continue to be regulated monopolies,
nothin: could change it,—but here the question of com-
petition did not arise, because there wag no competition,
`oncinever 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 cf 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.) lie had now to propose the following re-
solution fur the adoption of the meeting:—
" That it is expedient to effect a perman.ant 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 vale es of the two under takings be ascer-
tained and fixed by three referees of 'nigh standing; that
their decision be given after the pressing of the Act of
Amalgerietion; but in case the first application to Par-
Lament fails, further application shall be made in the
following and ensuing session, er.td it shall be competent
,:r either company at once to mall upon the referees to
fix the relative value of the two undertakings; such
Values to be, in any case, fixed after 31st December,
1853."

Mr..Tevotes complained that due notice had not been
givea of this mzetiog, and afterwards went into a num-
ber o figures to show that amalgamation had been ruin-
ells 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
Birmingfeam 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, hear.) He was
told that the real object of this proposal. was to enable
the London and North Western Campania, to run trains
over the Bristol and Birmingham Line Bristol against
the Great Western, and thus the ce,mpany would be
again dragged into another battle of gauges. (Hear.
bear.) He called upon the directors for the sake of
their own characters, as well as fi).: the sake of securing
the interests of the company, to adjourn this meeting
in order that the shareholders might have more time to
consider the importint proposal (Hear, hear.)
The CHAIRMAN said the di rectors must press for a
decision to-day, or they woule, be too late for Parliament
next session. (Hear, hear.),
A SHAREHOLDER suggq,ested that something more
definite as to the terms of the amalgamation ought to
be laid before the propri store. (Hear, hear.)
The CHAIRMAN said it was impossible to obtain a
more eligible mode of adjusting the terms than that
mentioned in the circtV,ar. (Hear, hear.)
A SHAREHOLDER e eked it there was any truth in the
report relative to rug sning the Bristol against the Great
Western.
The CHAIRMAN t aid there was no foundation whatever
for the report. (H.ear, hear.)
Mr. Salim:tux': objected to passing the resolution
until they were i n possession pf some more extended
data upon the s' abject of the proposed amalgamation—
(Hear, and pressed the directors to adjourn the
i..teeting. (He Par, hoar.) He should be glad to know
what the opir ,ion of the great body of the proprietors
was upon th a matter. (Hear, hear.)
thal .IRMAN said the proxies sent in to support tEe
resolution represented 2,700,0001. worth of stock, while
the prox es sent against it did not reach, 00,0001. (Hear,
hear. )
Mr. f3rEACH, M.P., opposed the idea of adjourning the
tll.,,'et,i'et:, and spoke at some length in favour of the pro-
C"` tfaiialgamation, believing, as he did, that it would
ku, eetly to their own advantage, while it would, at the
.._4e time. confer additional benefits upon the travelling
(Hear, hear.)
Dl7 to further questions,
Besteda);
se
e k,RdAIRMAN stated that the names which had sug-
o
to be pro roseives to the directors as those which ought
to the Midland Company as referees, were
those of tho E
Graham, latia Earl of Carlisle, Lord Granville, Sir James
The reason why ta,he aant Wrangham, and Mr. J. B. Hope.
upon for taking the alst of December had been fixed
would enable thecalculation was simply because it
refereesto have a whole twelve months'
traffic before theta when
they (Hear, hear.) came to consider the terms.

to Asatist SHAREHOLDE y
him tha t R
Mr.
saiduhlye
ealtnevv enough of Mr. Glyn
th
to-day bad he approved of
would have been present
remove the hon. pro-
prietor's Glyn approve
did
The CHAIRMAN said he eoPurlcdP"a3. (Hear, hear.)
prietor's doubtsints upon that point.
Is
of the amalgamation, and had sent his proxy in favcur
of it. (Hear, hear.)
Mr. DICKENSON moved,
as an ams
jell dramoeunt
mouths.
arlat this
meetitig he adjourned until this day
The :Aruendment having been seconded,
Me. I'UNCHA.RD asked if the decision of the referees
was to 1:e final after the passing of the act, or would
the
shareholders have the option of rejecting it ?
The CHAIRMAN said the decision or the referees it
was inteticlon should be final and conclusive.

Ip renly to another gnestion,
Tt.a CHAIRMAN Said he couldt say that there had
been nny 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. (Hear, hear.) For instance, the Chair-
:ll,m of the Great Northern had made overtures to the
Midland for an amalgamation. and the proposal that
they were now discussing was brought forward by the
directors with the view of preventing a recurrence of
such affairs on the part of third parties. (Hear.)
After some further discussion. the amendment ',as pat
to the vote, and negatived by a large majority.
The original resolution was then put and carried by a