The Sun.
London, England, 1853-02-28 00:00:00

their railway upon certain terms and conditions, and
that it should be amalgamated with your railway, and
that agreement was brought before the shareholders, as
well as I remember, about this time last year, if not this
very day last year. That was, in point of fact, a lease
for 21 years, and with the intention and with the sanction
of the gentlemen present, at least a great many of them,
that Parliament should be applied to for leave to amal-
gamate the two completely, upon certain terns and con-
ditions. The solicitors of each company jointly applied
to parliament for an act enabling the two companies to be
amalgamated; and after certain animated discussions the
act of Parliament was granted. It involved the guarantee
of various canals, and interest on the money expended
on the railway, and, in round numbers, it involved a
guarantee of 75,0001, a year. The bill went through
Parliament, and an attempt was made by the Midland
Railway to get what are called running powers into the
same coal field. As soon as I heard that they intended
to make this application, I was so thoroughly convinced
that it would render our amalgamation with the South
Yorkshire dangerous, impolitic, and unwise, that I deter-
mined at all hazards, in case the committee of the House
of Commons granted such powers to the Midland Corn-
pany, and notwithstanding the resolution which you
had passed, I would insist upon the bill being with-
drawn, and that it should not become an act of Parlia-
ment. (Hear, hear.) This question of running powers
was discussed for two days before the committee. I was
examined ; and the committee came to the conclusion
that they would not grant the 'tinning powers to the
Midland Company. But they insisted upon a clause
something like this :—" And whereas it will contribute
to the public convenience that a free interchange of traf-
fic in passengers, goods, and minerals should be estab-
lished between the Great Northern and the Midland
Railway Companies, at the junctions between the South
Yorkshire Railway and the Midland Railway, and on
the principle of a mileage rate, be it enacted, that in case
the Midland Railway shall, by notice under their common
seal, signify to the Great Northe'rn Railway Company
their desire to adopt this provihion, then, so soon as the
undertaking of the South Yorkshire Railway and River
Dun Company shall, by virtue of this act, have become
vested in or be under the control of the Great Northern

Railway Company, either by lease or amalgamation, or
otherwise, the last-named Company and the Midland
Railway Company shall make such mutual arrangements
at the said junctions. between the) South Yorkshire
Railway and the Midland Railway, as shall provide for
the proper conveyance of traffic in passengers, goods,
and minerals, and of waggons and carriages along their
respective lines, on the principle of a mileage rate, so as
effectually to prevent any detention of such traffic, and
to prevent any disproportionate charge thereon ; and in
case the said companies, or either of them, shall fail to
make such arrangements as aforesaid, the saw e shall be
referred to arbitration, in the manner prescribed by the
Railway Clauses Consolidation Act, 1845." After having
succeeded in objecting to the Midland Company getting
the direct running powers into the coal-field, this clause
—at least, the substance of it—was drawn up by re-
spective parties advocating the bill. This was the clause in-
sisted upon by the committee on behalf of the public. What
is the operation, it may be asked, of that clause ? I
will tell you, not my interpretation, but that of others—
that it practically gives to the Midland, and all rail-
ways connected with the Midland, for all prac-
tical purposes, as good an entrance into the South
Yorkshire coal-field as the Great Northern would have.
The question that comes across my mind is this, whether
it was worth while with these conditions that the amal-
gamation should be carried on I Another clause was
inserted in the bill. But before I make any comment
upon the clause I am ready to admit that it was dis-
cussed at our board, and it was a clause insisted upon
by the South Yorkshire directors. It is to this effect—
that three trustees shall be elected by the shareholders
of the South Yorkshire, who shall have 2001. a-year
each, but which 2001. a-year each shall be paid out of
the purse of the Great Northern. (Hear, and a laugh).
I protested against the clause as long as I could, and I
found that it was unavailing. I will at once admit I
consented ;* I had no alternative. The question was,
whether it was at all fair or necessary that we, the parties
who were to pay a very handsome sum to them for the
amalgamation, should be the parties to pay them 2001.
a-year each for auditing what, in' point of fact, are their
own accounts ? But notwithstanding this. I did not for-
get that there was a reservation in the bill which you
may exercise, and that is that the amalgamation cannot
take place without the consent of three-fifths of the
shareholders of the Great Northern. If the bill had con-
tained twenty more objectionable clauses, I do not know
that I should have objected to them ; because, after
all, it is a permissive bill, and not a confirmation bill ;
and leaving the option entirely in the hands of the share-
holders, they are at liberty at any moment they like to
make use of it, if three-fifths of them choose to do it, with
the concurrence of three-fifths of the shareholders of the
South Yorkshire. The hon. gentleman then went at great
length into the South Yorkshire question (speaking upon
it for about an hour and a half), and concluded with a
motion for the adoption of the report.
Mr. PACKS seconded the motion for the adoption of
the report.
After a lengthened discussion the report was adopted,
and a dividend at the rate of 24 per cent. per annum
having been declared, a vote of thanks was given to the
chairman, and the meeting broke up.