The Sun.
London, England, 1853-11-22 00:00:00

F PRICE SD,

CITY RAILWAY TERMINUS COMPANY.

A numerous special general meeting of the share-
holders of this company assembled at Radley's Hotel, at
12 o'clock yesterday, "to consider the final report of the
directors, relative to an amalgamation with the North
Metropolitan Railway Company."
Mr. A. S. AYRTON (chairman) opened the business by
calling upon the secretary to read the report.
Mr. SIDNEY SMITH read the report, which was as
follows :
" Report of the Directors to the Special General Meet-
ing of Shareholders of the City Railway Terminus
Company, convened at Radley's Hotel, Bridge-street,
Blackfriars, the 21st November, 1853
" The shareholders of the City Terminus Company hav-
ing at their last general meeting approved of the suggestion
then made by the directors, that the shareholders should
continue associated together for the purpose of carrying
into execution their general project for securing efficient
railway communication between the railways north of the
Thames and the western side of the city of London, the
directors immediately afterwards took steps to ascertain
the views of the Board of Trade respecting the company's
undertaking, when they were informed that the company,
was at liberty to proceed with it, on condition of the rail-
way not being used for the conveyance of goods or cattle
without the previous consent of the Board of Trade, and
then only in such manner and subject to such restrictions
as the Board might direct.
" The directors deemed it unnecessary to discuss the
propriety of such a restriction being imposed upon their
undertaking, preferring to assume that the Board of Trade,
in exercising the unusual power intended to be conferred
on it, would be guided by considerations of public con-
venience alone; and as the directors were satisfied that
however large the goods traffic of the railway might be de-
veloped, the accommodation proposed to be afforded for it
was such that it would have been productive of far less
inconvenience than the railway traffic of the metropolis
under existing arrangements, they did not anticipate that
any obstruction to the traffic of the railway would be ex-
perienced from the intervention of the Board of Trade.
" At the earliest practicable period, therefore, the direc-
tors entered into negotiations with the Great Western and
Great Northern Railway Companies, which were unavoid-
ably retarded by the absence, during the vacation, of the
principal persons concerned in them ; but at length the
basis of a very satisfactory arrangement with the former
company had been adopted, when the sudden depression of
the money market rendered it necessary to reconsider the
subject. The undertaking, though it had been so modified
as to leave no doubt of this company being able to carry it
into execution with the support of the other companies,
required an amount of capital which it would have been
inexpedient to attempt to raise during a period of mone-
tary embarrassment. The directors, in consequence, had
had no alternative but to suspend all further proceedings
until a more opportune period might arrive.
" At this conjuncture the North Metropolitan Railway
Company, which was incorporated last session to construct
a line of railway from the Edgeware-road to King's-cross
in connection with this company's line, proposed to the
directors to adopt the line of this company as an extension
of the North Metropolitan Railway. The directors, deem-
ing this the most advisable course which could be adopted
to secure the objects for which the company was estab-
lished, have settled the terms of 'an arrangement to unite
the City Terminus Company with the North Metropolitan
Company, which they now submit for the consideration of
the shareholders, as follows
" ' That every scripholder in the City Terminus Com-
pany shall have the option of subscribing for a share of
101. in the extension capital for every share held by him in
the City Terminus Company. Five shillings per share, his
proportion of past expenses, to be credited to him in part
payment of his deposit of twenty shillings on the new share.
" That in the event of the bill not being successful, any
subscriber to the extension capital shall be entitled to re-
ceive back fifteen shillings per share, upon his delivering
up his scrip, and relinquishing to the North-Metropolitan
Railway Company all interest in the scheme of that com-
pany, or of the City Terminus Company.'
" The affairs of the City Terminus Company having
been thus brought to a conclusion, the amounts of the past
expenditure are submitted to the shareholders, showing a
balance of 741. 4s. Bd. remaining in hand, which will be
required to meet a few trifling payments to be made ; and
the shareholders will no doubt be gratified to observe that
by the proposed arrangement they are not only secured
the full benefit of the amount already expended by them,
but are also enabled to persevere in their undertaking
without incurring any further liability in case it should
again fail. The general recognition of the merits of
this company's undertaking, which enables the North Me-
tropolitan Railway Company to pursue it with confidence,
has not been obtained without a much larger outlay than
that borne by the shareholders, to hold them exempt from
all claims beyond the sum of ss. per share, it has been pro-
vided that the additional outlay shall be liquidated by the
North Metropolitan Railway Company, in the event only
of the project being successful, and without the share-
holders personally incurring any liability in that respect.
"Under the proposed arrangement, it is intended to ap-
ply to Parliament in the next session for powers to con-
struct a double line of railway from King's-cross, by
Victoria-street and Smithfield, to the Post-office, in
continuation of the line already sanctioned by Parlia-
ment from King's-cross to the Edgware-road, which it
is also proposed to extend to the Great Western
Railway station, at Paddington, thus forming one continu-
ous line from the large and increasing district of Bayswater
inhabited by so many who frequent the city daily, to the
very centre of London. Commencing with the Great
Western Railway, the line will be capable of an easy
junction at Euston-square with the London and North-
Western Railway, and at King's-cross it will adjoin the
Great Northern Railway ; and will also be capable of being
united by a short junction with the North London Rail-
way, and by means of it also with the London and North-
Western, and the Eastern Counties Railways; thus form-
ing a complete and comprehensive system of inter-railway
communication on the north side of London, and bringing
the whole into connection with the centre of London, at
the Post-office.

" Ample remuneration for the cost of the line will, it is
thought, be derived from the metropolitan passenger
traffic alone ; but the line will be so laid out in regard to
the large area of land now lying vacant in Clerkenwell,
and other available sites for railway purposes, that it may
be employed for goods traffic to any extent which the trade
and commerce of the city of London may require, when-
ever arrangements may be made with the Corporation,
under the sanction of the Board of Trade, for affording
stations, and other accommodation for that purpose.

" Should the corporation think fit to appr'opriate Smith-
field for the purpose of a new meat market, the line will
be of the greatest advantage to that important branch of
trade, by affording railway communication between the

cattle market in course of construction and Smithfield.

" The directors regret that the grandobject of combining
a large and comprehensive plan of street improvement with
railway communication, which the company proposed,
cannot be immediately carried into execution ; but, since
the formation of this company, Parliament has deemed it
expedient to provide that no new railway enterprise shall
be attempted, except under a heavy penalty for its fulfil-
ment ; and it would, in consequence, have been necessary
to make such preliminary arrangements as would have in-
sured a profit to the shareholders on the largo capital
which would have been sunk in land, before the company
could have been committed to the purchase of the requisite
property, by accepting its Act of Incorporation. But the
interests involved were so numerous, complicated, and im-
portant, that it became exceedingly difficult for an inci-
pient company, without the power of entering into or
executing binding contracts, to make the combinations and
arrangements necessary to guarantee success.
"BY the proposed amalgamation, however, the under-
taking will be carried on by a company already incorpo-
rated, which, the directors are satisfied, will be prepared
to enter into equitable arrangements with the governing
body of the Corporation of Loudon, and with a due regard
to the interests of the shareholders, will, if required by the
city of London, carry out any design of improvement for
which they may receive a just equivalent out of the un-
appropriated lands in the possession of that body ; and the
directors therefore recommend to the shareholders to ac-
cept the proposal of the North Metropolitan Railway Com-
pany, which they believe will, at no distant period, secure
for the shareholders a line of railway equally profitable to
the shareholders, and useful to the public."

The CHAIRMAN proceeded to address the meeting, and
congratulated the shareholders upon the result to which
they had arrived. The line of railway of the proposed
amalgamated companies embraced the most valuable
traffic area in the world. When they considered that the
Dublin and Kingstown urban line returned a dividend of
12 per cent., and looked at the traffic of the Blackwall, the
East and West India Dock Junction, the North and South-
Western Junction, and had regard also to the immense
omnibus traffic going along the very line of the proposed
railway, it was impossible to doubt that a route com-
mencing at the Paddington station, guing through
Smithfield, and terminating at the Post-office, con-
structed also at a cost of little more than 200,0001. per
mile, was a secure, and must be a prosperous undertak-
ing. It was important to remember that, by the pro-
posed amalgamation, the shareholders obtained all the
benefit of the act of Parliament secured by the North
Metropolitan Company, were thereby enabled to act
with all the powers of a corporation, and were entirely
exempted from the inconveniences and expense which
would have occurred from their going to Parliament for
an act of their own. The late standing orders, were
they now to go for an independent act, would lock up
the whole of their deposits, whereas, by joining
.the.
North Metropolitan, it is competent to them to with
draw their deposit at any time. He concluded by mov-
ing the adoption of the report.
IF+
Mr. CHARLES PEARSON presented himself to the meet-
ing, with the consciousness of the humiliation of the
failure of his attempts to carry through the greatseheme
of public improvement, which had first induced tifilLtioe
make his appeal to the public for the formation
company. Nevertheless, in a mere pecuniary point of
view he had to congratulate his brother
upon the favourable settlement of their shareholders
taking,
which the directors had accomplished. i
them some confidence in the undertaking,ne to
atnbde mightinformedunfle
dggev
de
that the North Metropolitan was ne
plan, but one which he hime3lf had long since submitted
11 to the Corporation of London. As he considered himself
II bound as a lawyer, to see that no residuum of liabilities
should be left upon himself or liis brother shsroliolders,
he had thought it desirable to suggest the following ad-
dition to the motion of the Chairman, which he now
begged to move :
That this meeting are of opinion
—"
that under the circumstances stated in the report of the
directors, as explained by the Chairman, it is inexpedient
for this company to incur the expense of another applica.
tion to Parliament in the ensuing session, and that
the directors have acted with a due regard to the
interests of the shareholders in the conditional arrange-
ment they have made with the North Metropolitan Rail-
way Company for admitting such of the shareholders of
this company as may desire to take part in this under-
taking to transfer their shares to that company, upon
the distinct understanding and engagement, in the event
of the Bill for extending the line into the City not being