The Sun.
London, England, 1849-05-28 00:00:00

1.-BILLS IN PARLIAMENT.

The company is now in Parliament for three several
Bills, the whole of which have passed the Commons, and
also their first reading in the House of Lords.
These Bills are :-1. The Newcastle and Carlisle

Railway Leasing Bill. 2. The Maryport and Carlisle
Railway Leasing Bill. 3. The Bar Moor Branches,
&c., Bill.
These Bills will be referred to in their order:-1. The
Newcastle and Carlisle Railway Leasing Bill. 2. The
Maryport and Carlisle Railway Leasing Bill. These
two Bills may be conveniently considered together.
It will be in the recollection of the shareholders that
at the last half•yearly meeting, the question of leasing
the Newcastle and Carlisle, and Maryport and Carlisle
Railways, was one of the subjects for consideration.
Mr. Hudson, purporting to act as chairman, and on
behalf of this company, had entered into an agreement,
on the sth July, 1848, that, in case necessary powers
should be obtained under the authority of Parliament,
this company should take a perpetual lease of the New-
castle and Carlisle Railway, on terms of payment, by
this company, of an annual rental of six per cent.
on the share capital of the Newcastle and
Carlisle Company, amounting to 1,550,000/. for three
and a half years from the Ist January, 1848, and seven
per cent. on such share capital from the expiration of that
period during the continuance of such lease ; and that
this company should pay off all existing debts and
liabilities, and take all property of the Newcastle and
Carlisle Company. Mr. Hudson, purporting to act as
chairman, and on behalf of this company, had also
entered into an agreement with the Maryport and Car-
lisle Railway Company, for a perpetual lease of the
latter company's line, from the Ist of October, 1848, on
terms of paying 4 per cent interest on the share capital
of the Maryport and Carlisle Company, amounting to
170,1251., and the payment, by this company, of all the
debts and liabilities of the Maryport and Carlisle Com-
pany, not exceeding in the whole (including the share
capital) the sum of 450,000/. Such interest of 4 per
cent. on the share capital to be increased one per cent., in
the event of this company paying 9 per cent. on its
capital stock, or at the option of this company, to.ps.y off
the shareholders of the Maryport and Carlisle Company
at par; and in such agreement It was stipulated that both
tho lessors and lessees should use their best endeavours
to obtain, ut the expense of the lessees, in the present
session of Parliament, the necessary powers to carry such
agreement into effect, and should, if necessary, renew
-weh powers in any subsequent session or sessions of
Parliament.

Poss, scion of the Newcastle cni Carlisle, and the
Mar) port and Carlisle Railways, was taken under the
agreements, and the lines have since been worked by the
servants of this company, a charge being made for the
same against the Carlisle Railways; but this has 13( en
'lone without any sanction of the shareholders of this
company, and the funds of the Carlisle companies have
not been mixed with the funds of this company. Upon
the directors giving notice of their intention to bring
,uch leases before the last half-yearly meeting, a very
ttrong opinion was expressed by the shareholders
against the terms of agreements which bad been en•
tored into.
The Bills, however, for leasing these railways having
Peen introduced into Parliament, Mr. Hudson sought
and obtained, at that meeting, the sanction of the share-
holders to such Bills being proceeded with, on the under-
standing that the same should be permissive only, arid
not to be exercised until the authority of the share-
holders was first obtained; and Mr. Hudson then stated
that he did not complain at all that the arrangement fell
through, as the shareholders would thus have a longer
time to consider whether they would enter into the ar-
rangement or not, and he would endeavour to bring for-
ward hereafter a scheme which would be perhaps less
objectionable to the shareholders of this company, and
perhaps equally satisfactory to the directors of the Car-
lisle companies.
Your committee have, therefore, directed their atten-
tion to these Bills, with a view to ascertain that the
powers thereby sought to be conferred are permissive
only, and not to be exercised but by the authority of a
general meeting of shareholders. As the Bill originally
stood, three fifths of the Newcastle and Carlisle share-
holders were required to assent, while the assent of a
majcrity only of the shareholders in this company was
required to the lease. Your committee, therefore, re-
quired the wording of the leasing clause to be amended,
before the same passed the third reading in the House
of Commons, so as to render the assent of three-fifthsof
the proprietors of this company necessary to the exercise
of the leasing powers. Alterations to the same effect
have been made in the Maryport and Carlisle Bill.
Your committee have not yet had the opportunity of
inquiring into the policy of this company's leasing these
two lines of railway, either upon the terms contained in
the agreements, or upon any modification thereof, and
they, therefore, refrain from expressing any opinion at
present thereon; but, as the Bills in their amended state
cannot be operative until three-fifths of the shareholders
present at a meeting specially convened for the purpose
shall determine to make them so—and the Bills also

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2.—THE BAR MOOR BReAßnNitic.l
poses:—
&C.,
formation of a short branch from thegmP au
irn-
Berwick line to Bar Moor, in Northumberland. 2. The
formation of a branch from the main line to Alnmouth,
in Northumberland. 3. The formation of a short branch
line to the Newcastle-upon-Tyne quay, in substitution
of a branch previously authorised by Parliament. 4. An
extension of the time for making the branch to Blyth,
and a like extension of time for making the Thirsk and
Malton branch. 5. Power to subscribe not exceeding
150,0001. towards the Sunderland Dock.
Your committee, baring duly considered the four first-
named objects, are of opinion that the powers sought,
or some of them, may be advantageous to the company,
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in Parliament, so
far as those objects are concerned, nor do they suggesty interference
any alterations in the various clauses applicable to such
objects. Your committee have deemed it their duty,
however, to require a material alteration to be made in
the clause of the Bill authorising the subscription to the
Sunderland Dock, before they permitted the Bill to pass
the third reading in the House of Commons. The al-
teration required by your committee being one, tha_ in-
troduction of which, in the House of Lords, would, look.
ing to the standing orders of that House, have been at
least doubtful, your committee have assumed the respon-
sibility, without waiting for the present meeting, of re-
quiring such alteration to be made in the House of Com-
mons, under the circumstances which they now proced to
I bring under the notice of the shareholders.
The Sunderland Dock was projected in the year
1845. As early as the month of March in that year a
scheme for the formation of docks at Sunderland was
commenced by parties connected with opposing
intereste. The prospectus of the present Sunder
land Dock Company was issued on the 13th of
October in that year, with the name of Mr. Hudson as
chairman. The capital was stated in the prospectus to
be 225,000/., but appears to have been afterwards in-
creased to 300,0001.
The first occasion on which the suhject of a subscrip-
tion on the part of this company was brought before the
shareholders, was at a special meeting held on the 16th
January, 1846. when Mr. Hudson gave the following
explanation (vide Yorkshire Gazette of 17th January,
1846) :—" In the scheme which he had to bring before
the shareholders they bad no less than three docks
involved ; another dock was the dock at Sunderland.—
(Applause.) He hoped they would not think him guilty
of a job in that matter.—(Laughter and applause.) If it
were a job he had taken a very large interest in it, and he
would not recommend this company to take part in the
construction of this dock, if be were not perfectly satis-
fied that it would be adYantageous for thew to owstruct