The Sun.
London, England, 1854-06-22 00:00:00

4

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RAILWAY INTELLIGENCE.

LONDON AND NORTH-WESTERN.
A special meeting of this company was held yesterday at
the Euston Station, to consider seven bills now pendiug in
Parliament, in compliance with the standing orders of the
House of Lords—the Marquis of Chandos in the chair.
Mr. C. E. STEWART, the secretary, read the notice conven-
ing the meeting.
The CIIAIRMAX said that since the notice was issued, the
proceedings in Parliament had reduced the number of the bills
he had to submit. Tho bill for leaping the Birkenhead, Lan-
cashire, and Cheshire Junction Railway, and for authorising
traffic arrangements between the latter and the Chester and
Holyhead Railway Company, was rejected by Parliament ;
also a bill to amalgamate the North Staffordshire Railway
Company and the London and North-Western Railway
Company and another bill for authorising traffic arrange-
ments between these two companies were also rejected. With
regard to the North Staffordshire amalgamation bill, it was
promoted for the benefit of both companies, as well as for
the purpose of accommodating the public, and on that ac-
count he thought he should have been able to submit it for
their approval. Although the bill was rejected by the com-
mittee of the House of Commons, the • directors saw no
reason why the same friendly agreement should not be car-
ried out with the same advantage, the same spirit, and cor-
dial feeling as was intended under the amalgamation bill,
had it passed. It was true that under the amalgama-
tion certain advantages would have arisen to the companies
from a union of management and a saving of expense, which
could not be obtained under a simple agreement. They
were now left free to carry on the traffic of the two conipa-
". 'es unfettered by any conditions or restrictions which would
we been imposed had the amalgamation bill been granted.
They were, therefore, in no worse position than they were bkie
,fore by the rejection of the bill. The same arrang•emerits
would be made' with respect to the traffic and for the accom-
modation of the public as originally intended. Under the
agreement with the North Staffordshire Company, the London
and North-Western Company were bound to apply in three
successive sessions of Parliament for the sanction of the
Legislature to the Amalgamation or Traffic Arrangements
Bill. It would, therefore, be his duty to submit the bill
again to them in the next session. With regard to the
bills he had to submit for their approval, the first
was. a bill for authorizing the transfer to the London
and North-Western Railway Company of the Hayden-
square .branch of the London and Blackwall Railway, and
for.other purposes, and of which the short title is " Tho Lon-
don and North-Western Railway (Haydon-square) Act, 1854."
The object of the bill was to enable the company to purchase
a short branch line to Haydon-square, to deprive the Shrews-
bury and Birmingham Company of the use of the Stour Val-
ley Railway and New-street station at Birmingham on and
after the Ist of January, 1855, in consequence of the union of
the Shrewsbury and Birmingham with the Great Western
Company. It also contained a clause to legalise the assurance
scheme and superannuation fuud established for the officers
of the company.
The SECRETARY reader :head* et the:bill, from 'which it ap-
peared that the officers of the company subscribe towards the •
fund 23/4 per cent. of their salaries, and the company a like
amount; a committee of officers and a committee of director 111
manage the affairs of the society ; certain retiring allowances
are provided after ten years. The bill also authorises the di-
rectors to provide hotel accommodation at Euston-square, and
to acquire lands and houses for that purpose.
After some observations from Mr. WrimAxs, Mr. GLYN,
M.P., Mr. CROSSFIELD, Mr. HADFIELD, M.P., and other pro-
prietors, in respect to the superannuation funcl and the an.
nual Parliamentary expenses, the resolution approving the
bill was carried unanimously.
In reply to questions respecting the proposed terms of amal-
gamation with the North Staffordshire Railway Company, it
was stated that the traffic on the line justified the improved
terms proposed to be given to that company—viz., 3 per
cent. afterwards, with the option of allowing the proprietors
in 1859 to become proprietors in the London and North-
Western Railway Company at par. to the amount of their
holding in the North Staffordshire Railway Company. •
Mr. ittcaneo, M.P.' chairman of the North Staffordshire
Railway, who sat at the board as a director, said that Messrs.
Stephenson and Hope Scott, the arbitrators, had recom-
mended the modified terms ; and it was intended to carry
out that arrangement fully between the two companies, and
to make it as binding as they could. They would endeavour
to make such an agreement as would tend to the harmonious
working of the two lines. .
The SECRETARY then read the heads of " A bill for deter-
mining the existing lease of the; Wcst London Railway to
the London and North-Western Railway Company, and for
enabling the last mentioned company and the West London
Railway Company to enter into fresh arrangements for the.
sale or lease of the undertaking of the West London Railway
Company to the London and North-Western Railway Com-
pany, and for the settlement of all disputes between the said
companies, and for other purposes."
Mr. GLYNN stated that the object of the bill was to get rid
;ation, and to determine the amount to be paid for the

lino.
A resolution approving of the bill was carried unani-
mously.
The CIIAIRMAN said the next bill he had to submit was
" A bill for making a railway from the London and North-
Western Railway, near Stockport, to Disley and Whaley-
bridge, all in the county of Chester, and for other purposes."
The line was promoted by local parties, and would be con-
structed by them. The London and North-Western Com-
pany had no further interest in the undertaking than to
work the traffic on it when completed. The powers wore
permissive, and the working agreement would not take effect
until approved by three-fifths of the shareholders present at
a meeting specially convened for the purpose.
Mr. HAtIFIELD objected to the measure, and said the lino
would not pay its working expenses. He strongly protested
against any further liabilities being entered into.
In reply to questions, it was stated that the line was tobo
worked for 50 per cent. of the gross receipts ; that it was 10
miles in length , and that the company could not refuse to
work it under the circumstances. _ _

-- -
A resolution, approving of the bill, was carried, after the
withdrawal of opposition from Mr. Hadfield and three other
proprietors.
The SECRETARY read the heads of " A bill o reduce the
capital iand define the undertaking of the Shropshire Union
Railway and Canal Company." It web stated that axe
shares of 201. each would be reduced by the bill to 61. 10s.
each.
A resolution, approving of the bill, was carried unanle
mously.
Tho CHAIRMAN, in reply to a question, stated that the notice
in the circular of a call in July next on the 101. and 201. shares
of the company was -given as a matter of precaution, but it
was not intended to make that call. Should a call on those
shares be required, the directors would give further and duo
notice thereof to the proprietors.
The proceedings concluded with a vote of thanks to the
chairman.

LONDON, BRIGHTON, AND SOUTH COAST.
A special meeting of this comp any was held yesterday at
the Bridge-house Hotel, London-bridge—Mr. S. Laing, M.P.,
in the chair.
The CITIARMAN explained the object of the meeting, which
was to authorise the directors to raise additional capital to
the amount of 359,0701., partly by the creation of new shares
and partly by loan. This would increase the capital of the
company to 7,800,000/. Parliament had decided that the
new capital should be raised on preference shares, bearing
interest at the rate of 5 per cont. per annum. In reply to
Mr. Herapath, he said that the directors had no power to
redeem the new preference shares, but he believed the gua-
rantee of 5 per cent, was not a matter of any great moment,
having regard to the amount of the proposed stock and the
present rate of dividend on the,ordinary stock. He though t
it was not too much to say of the latter that it would be
rather more than less than 5 per cent. in future.
After some observations from Admiral Kelly, Mr. Mawds-
ley, and Mr. Herapath, a resolution authorising the directors
to raise 252,0001. on 5 per cent, preference shares and 107,0701.
on loan was unanimously adopted.
The meeting then separatei.