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, Mr. C. E. STEWART, 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 Stafordshire 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 32 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
uonths' 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 Lem 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 found to exceed 1,050,0001., the London
and 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 31 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 expediencyof 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 working 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 complete 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 CHAIRMAN 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 Mr. Glyn's retirement ; but he
had the satisfaction 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.) Re 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 wide 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.
He did not complain
a fact, and just to remindof thatproiehteorsonlwyhmoenantigiohnd
tesointiaes.
times think the directors were not sufficiently mindful of
the interests of this company, to what extent their
powers might be limited. Now, the question before them
that day was one of great importance—it was a ques-
tion whether amalgamation was a sound principle or not.
The question of amalgamation had been so lately brought
under their notice, when they were asked to concur in
the proposal made to them in the month of November,
for a bill which was to be brought before Parliament this
year for an amalgamation of the Midland Company with
the London and North Western. The principle of that
proposal was then so ably expounded to them by Mr.
Smith, who then occupied the chair, that it would be an
unnecessary waste of time to travel over the ground
again at any great length. Mr. Smith reminded them
on that occasion, that this company itself was the result
of a series of amalgamations, carried out at different
times, and proposed under different circumstances, some

times upon a small, sometimes on a more extended
scale ; but the result had been that those amalgama-
tions had raised it to its present magnitude, and that it
had become one of the most important incorporations in
the world. (Hear, hear.) He also pointed out to them
that it would be a benefit to the public, and that, under
all circumstances and at all times, whether of depression
or of prosperity, experience had proved that the course
which had been recommended to them had been of 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;

under those circumstances, and having alluded to the
observations made to them by his hon. friend, Mr.
Smith, at the last meeting, he thought, as the committee
of the House of Coons was to undertake this question,
it might perhaps beiii 11611 not to discuss it further. He
(the chairman) felt strongly in favour of the principle,
and he had no doubt that it would be maintained, and
Ilbat a number of sensible men in the House of Commons
would come to the same conclusion ; but at the same
time, as a question of this great importance was about
to be submitted to one of the most influential and im-
portant tribunals made use of in this country for
the purpose of investigation, and with a view to
legislation, he thought it better perhaps to leave the
question open till the result of that inquiry was before
them. (Hear, hear.) In the meantime they must pro-
ceed with their measures—they must pursue their course
and they were about to apply to Parliament for their
sanction to this bill of amalgamation. If Parliament
should decide against the principle of amalgamation,
there would be then an end of the matter ; but if they
should decide in favour of the principle, he could not for
one moment doubt that a committee of the House of
Commons would sanction a request, or rather the una-
nimous wish he might say, of the directors and proprie-
tors of a large company like this. He hoped, therefore,
on the present occasion the proprietors would give their
sanction to this proposal for an amalgamation with the
North Staffordshire Company. This was a preliminary
measure. They all knew that the directors of this
company had been long anxiously endeavouring, he
would not say to make up the differences between
these two companies, but to unite the interests of both.
Many attempts had been made, but had failed, from
what cause he would not pretend to say—but per-
haps it arose from one party over-estimating the
value of their property, and from the other under-
valuing it. Agreements had been made axtd were in
operation, but they had not answered the purpose of
amalgamation, -nor had they been of the benefit they
were expected to be. Although there was an appear-
ance of unity of interest, there was always some mode
of action, which could be hardly accounted for, but
which prevented the public receiving the benefit they
had a right to expect from such a union of management.
He would only mention one fact. During the time
those agreements were in operation, the North Stafford-
shire Company—he would not say wilfully; or knowingly,
for it might be far otherwise—proposed bills to Parlia-
ment which were of a character decidedly hostile to the
interests of this company. He thought that was quite
sufficient to prove that such an agreement was insuf-
ficient, and to prove the necessity for some compact
more binding and secure. Let them look at the
position of the North Staffordshire Company, and
how their interests and those of the public had been
affected by the system which had been in operation
since the opening of the North Staffordshire line, and
the amalgamation of the London and Birmingham
Company with the Grand Junction Company, upon the
basis of a large union of railway management, which
had supplied the most commercial and populous district
of this country with railway accommodation—the dis-
trict of Lancashire, Manchester, and Liverpool. At
that time the North Staffordshire was not in existence ;
and if they had not formed their line just at the very
heyday of railway speculation, or on the verge of the
decline of that period of railway prosperity, he believed
the London and North-Western Company would have
supplied the district of the Staffordshire Potteries and
the whole of the adjacent country with railway accom-
modation. But at that time there was an opinion pre-
vailing that competition was not only practicable, but
that it was for the interest of the public. Public opinion
was very much changed on that question. Experience
had proved, in the short existence of the railway system,
how delusive all the arguments were that were used in
favour of it every day, and there was now a strong con-
viction that a union of management upon a continuous
line of railways in any one district was much more con-
ducive to the public convenience and security. He was
satisfied of this, and he believed that opinion was gaining
ground every day throughout the country. In the case
of the North Staffordshire Railway Company it was evi-
dent from its position in the company, and from the pecu-
liar extension of its branches, that its efficiency might
not be materially diminished, but almost destroyed, for
the purposes of the country which it was meant to sup-
ply, unless it was worked in union with those large com-
panies which embraced it in every direction. They had
only to look at the map of the North Staffordshire Rail-
way Company ; there were 121 miles of railway included
within that company's limits, and it was difficult to say
which was the main line ; it was like a lobster over the
country, extending its claws all around. ; its points
touched five different places on the London and North-
Western line, and two upon the Midland line ; and, not-
withstanding any traffic arrangements that might be
made, it was impossible, unless they were actually worked
together, that proper economy could be practised in the
working of that line so as to be conducive to the pros-
perity of the shareholders. He was only astonished that
this arrangement had not been made before. That might
be made the ground of an attack against the directors
of the London and North-Western for mismange-
ment ; it might be said that they had neglected the
duties due to their own company in not having done
this previously ; but, although there might be some
ground for those assumptions, he still would beg that their
verdict on that side might be withheld until all the cir-
cumstances and all the difficulties attending the carrying
out of this negotiation were made known. No doubt,
difficulties had existed to a great extent in carrying out,
not only this amalgamation, but they had found them in
whatever way they had turned in negotiating with other
companies ; and he trusted the proprietors of this great
company would make allowances for the difficulties
which the directors had always to contend with. (Hear.)
But he thought new light was dawning upon them now.
They found there was a necessity for that union in rail-
way management which formerly was considered only as
very desirable. The directors of these two companies
thought it to be their duty, therefore, to endeavour to
carry out this object effectually, and they agreed to refer
to arbitration the conditions on which a perpetual amal-
gamation should be formed ; and he thought they
adopted the only course likely to carry out that object,
for they selected two gentlemen, than whom he be-
lieved no two others could be found in this country
more qualified for undertaking the duty—namely, Mr.
Robert Stephenson and Mr. James Robert Hope.
(Hear, hear.) Those gentlemen had devoted their
time and their labour to that duty ; they had had be-
fore them the whole of the information that could be
required, and which could be afforded by the North Staf-
fordshire Company; and the result was that they had
agreed to propose to these two companies the terms
which had been read to the meeting that day. Those
terms were very simple and easy of comprehension. He
did not now wish to go into the figures in making this
statement, because there they were before them in print.
They were very simple, and he relied with confidence on
the ability of those two gentlemen to estimate the value
of the North Staffordshire property. Some might think
the London and North-Western was called on to make
a sacrifice by the terms which were proposed. He for
one thought—and he believed the directors agreed with
him—that they might be called on at any time to make
sacrifices for the public good ; and if they willingly
submitted to those sacrifices, and were willing to
submit to the concessions which they might be called
on to make, he believed it would not ultimately be
injurious to their property. In considering the inte-
rests of the public, they were advancing their own inte-
rests ; and if any of the proprietors thought the terms
of the present amalgamation were disadvantageous
to this company, he would only ask them to put in the
balance the greater convenience and the greater accom-
modation afforded to the public by carrying out this ar-
rangement. But, looking at this matter simply as one
of loss or gain, the directors were satisfied that, notwith-
standing the apparently larger dividends proposed to be
given to this company than the returns in the public
lists showed that the North Staffordshire Company par-
ticipated in, the ultimate result would be no loss to this
company, while it would be a great advantage to the
public and all concerned in these two companies. His
opinion had always been that a union of railway man-
agement was desirable, for it conduced to economy
and advantage to the public; and that union
of management would, he was persuaded, finally
put railway companies in a state much more
wholesome than they had hitherto occupied. After
his hon. friend Mr. Glyn had occupied the chair,
he knew it was great presumption for him (the chair-
man) to enter into these details, but at the same time he
had been anxious just to explain to them shortly what
was now submitted to them for their approbation, and
if any further information was required on the subject
he should be happy to give it as far as lay in his power.
(Hear, hear.) The details, however, were simple and
plain ; and he was confident the proprietors of this
company, who had already on all occasions shown their
confidence in the directors, would on this occasion con-
tinue it to them, and would hereafter acknowledge that
they had found the benefit of the recommendations
which the directors had ventured to make to them. He
would therefore move—

"That the circular issued to the proprietors, under the
date of the 4th December, 1852, having been considered,
the recommendations of Messrs. Hope and Stephensen, as
reported, be approved and adopted, and that the board of
directors be authorised and instructed to take such steps
as may be necessary and best calculated to give effect to
the same."

(Hear, hew.)
Mi:BENSON seconded the motion.
Mr. PARSONS thought a strong indication had been
afforded by the conversation which took place in the
House of Lords as to the probable action of Par-
liament on the subject of amalgamations. He wished
to ascertain whether any large body of the pro-
prietors concurred on that subject. The late
Postmaster-General brought the mail service of this
company under the notice of the House of Lords, the
obvious inference from which was his wish for a very
large reduction in that service ; and some other peer
alluded on that occasion to the transfer of troops as now
carried on by railway companies. He (Mr. Parsons)
wished to allude to the amalgamation with the Grand
Junction Railway Company. That was purchased by a
very large reduction on the part of the proprietary. At
that time the railway fare by ordinary train to Birming-
ham was half as much again as it is now, and the stock
of the London and North-Western Company stood at
nearly cent. per cent. above what it did now. If the
reductions were at that time so very serious, amalgama-
tion was a matter of grave importance, when they con-
sidered the enormous sums now paid for labour in this
country, and the prices in the labour market consequent
on the large emigrations which were likely to take place.
If a large reduction was to be submitted to in order to
obtain the amalgamation in question, he thought the
result would be disastrous to the shareholders.
Mr. GLYN, M.P. begged to return his very best
thanks to his hon. friend in the chair for the terms in
which had thought fit to introduce his (Mr. Glyn's)
name to the meeting—terms which he felt could only ,
have been called forth from a consideration of friendship
which he was happy to pay had fruboisted between them,

and not of any deserts or merits of his own. In retir-
ing from the position of chairman to this company, he
must return to them his best thanks for the considerate
and kind co-operation which he had uniformly received
from all, under circumstances sometimes of very consi-
derable difficulty; but which kind co-operation had been
unvarying, and never for one moment diminished, and
which had even often induced them to receive from his
lips statements which, although it was his duty to lay
before them, he was not always prepared with evidence
to support, but which they were willing to take on the
credit of the board. The causes which led him to re-
tire from the position now occupied by the chairman
were of no light moment. Nothing would have induced
him to give up that position, which he had held for
more than 15 years, but the circumstances which were
pressed upon him by those whose advice he was obliged
to consider and listen to ; and although he no longer
stood to them in the relation of their chairman, to his
latest day, whatever services it might be in his power to
render them would be at their command. (Loud cheers.)
He might say, if it had not been for the kind forbearance
and the zealous co-operation on the part of his colleagues
in the direction, it would have been impossible for him
to have borne the labours of his office. But he was de-
sirous not only of promoting their interests, but of up-
holding the character and the standing of the railway
interest before the world—(cheers)—and he had chosen
that moment for his retirement, from a conviction that
there was in the board one individual on whom his eye
had been long fixed, who he believed was fully calculated
to undertake the laborious duties of that position which
he (Mr. Glyn) had relinquished, and into whose hands
he gladly and willingly resigned the trust which he had
so long held. (Cheers.) He alluded to his honourable
friend the chairman, and after watching his conduct in
public and Parliamentary life for a considerable time,
he (Mr. Glyn) was sure that, so long as his ho-
nourable friend had the opportunity of turning his
talents and his time to their service, they could not be in
safer hands. (Cheers.) He need only refer to the masterly
exposition which his honourable friend had given them
that day ; but he (Mr. Glyn) formed his opinion from his
knowledge of him as a public man, and he would tell
them that his honourable friend, if he chose, was cap-
able of rendering them most valuable and efficient ser-
vice. (Cheers.) He (Mr. Glyn) should not have risen
on the present occasion, but for the observations which
had just fallen from his hon. friend (Mr. Parsons).
There was a day when be (Mr. Glyn) was used and glad
to call on him to co-operate with the directors in every-
thing concerned in advancing the interests of this com-
pany, and he deeply regretted to hear that circumstances
had occurred to induce his honourable friend to reduce
materially his stake in this company. He still further
regretted to think—although he (Mr. Glyn) did not pre-
tend to say that such was the actual fact—that probably
at that moment the interests of his hon. friend lay pro-
bably in another direction than this company. He did
not think Mr. Parsons had quite fairly stated the effect
of the amalgamation of the Grand Junction on the
affairs of this company. This company submitted to
a reduction of their tolls on that occasion, but it re-
duced its traffic at that time merely to the state in which
it had been actually serving the public. The reductions
had been considerable since, and they had been
attended with large returns both in passenger and goods
traffic. The motive for those reductions had been the
competition with the Shrewsbury and Birmingham and
the Shrewsbury and Chester ; and although those re-
ductions were forced upon this company, he never re-
gretted them, and he was one of those who believed that
they were not only beneficial to the public interest, but
that after a time they would be materially beneficial to
the company itself. (Hear, hear.) He heard the dis-
cussion in the House of Lords to which Mr. Parsons had
alluded on the Post-office service ; and but for its having
arisen suddenly, he believed many noble peers would not
have taken the course they did on that occasion. But
although much was said on the point to which Mr. Par-
sons had alluded, he (Mr. Glyn) must call his attention
to the antidote delivered at that time in a remarkable
speech by Lord Harrowby, who, with his knowledge of
the facts, acquired by living in that part of the country,
and his former connection with railways, dispelled at the
moment the impression that was made. Mr. Parsons
was perfectly right in saying the Postmaster-General
then talked about the immense sums paid for the public
service ; and so they were immense ; taking them alto-
gether, they amounted to a very considerable sum.
There was, however, no particular allusion made to
the London and North-Western Company, the name
of which was not even introduced on that occasion.
But if it was ever introduced into a similar discussion,
he ventured to think that no Postmaster-General would
forget, if, indeed, he was aware, that this company was
now carrying an excessnf weight beyond all calculation ;
and he was convinced that whenever a proper account
was laid before Parliament as to what was really done
by this company as regarded the Post-office duty, there
would not •be h reasonable man in the country who
would think of reducing the amount that was now paid
to this company for what it did. (Hear, hear.) Besides
that, the Post-office itself had renewed its contract with
this company for a large service and a great number of
years. (Cheers.) He would also remind Mr. Parsons
that the whole question of the Post-office service was
founded on an act of Parliament, obtained after a great
discussion with the then Government of the day, and a
strong Government it was. He believed also that when
the question was fully gone into—when what was done
was compared with what was paid—when the accommo-
dation afforded to the public was considered, and the
fact that the penny-postage system itself depended in
point of fact upon the establishment of railways—
(the justice of Parliament would never allow the
interest of the railway companies to be sacrificed
in any arrangements that might be made for the
Post-office service. (Hear, hear.) Under these cir-
cumstances, he could not help saying he thought there
was no foundation for the remarks which had fallen
from his friend Mr. Parsons.

Mr. PARSONS said, whether in amity or in opposition,
he never equivocated, and was always straightforward.
With regard to the interest he had in any other com-
pany, he held that interest before the contest with this
company took place.

A PROPRIETOR thought they should know what was
the general system intended to be adopted by this com-
pany in regard to amalgamation. It was exceeding im-
portant that a union should be effected for the purpose
of cheapening traffic.
The CHAIRMAN, in reply, reminded the honorable pro-
prietor that they were only met that day to consider a
particular subject. (Hear, hear.) The great object of
amalgamation was to cheapen, to economise, and to af-
ford accommodation and convenience to the public, at
the same time to regard their own interests, and to en-
deavour, if possible, to improve the position of railway
matters generally.
Mr. HADFIELD, M.P., thought it exceedingly desira-
ble that the present system, under which it was necessary
to take out more than one probate on the decease of a
proprietor, should be put an end to.

A PROPRIETOR thought the thanks of the meeting
were due to the chairman and directors for giving them
the opportunity of coming to an unanimous vote on this
occasion.

The CHAIRMAN then put the motion, which was car•
ried unanimously.

Sir GEORGE GOODMAN, M.P., could not but observe
on the extreme value of the services rendered to this
company by Mr. Glyn. (Hear, hear.) From his (Sir
G. Goodman's) early connection with railways—not
having been a speculator but a proprietor in them—he
had came much into contact with Mr. Glyn, and he con-
sidered him a man who had rendered the most impor-
tant services to the nation at large. (Hear, hear.)
He begged, therefore, to move a vote of thanks to Mr.
Glyn.

Lieut.-General MACINNES seconded the motion, which
was carried unanimously.
Mr. GLYN briefly acknowledged the compliment.
Mr. CROSSFIELD moved and Mr. SAMUEL DREWELL
seconded a vote of thanks to the chairman, which being
carried and responded to the proceedings terminated.