The Sun.
London, England, 1849-07-14 00:00:00

SEREWSBURY AND BIRMINGHAM.

A special meeting of this company was held yesterday,
at the office in Moorgate-street, for the purpose of eunsi-
daring the draught of a Bill now before Parliament; Mr.
WfOrmsbyGore, M.P., in the chair.

. .
The solicitor read the side heads of the Bill, from
which it appeared the object was to abandon the construc-
tion of the two branch lines to Madeley and Coelbrook-
dale, and to substitute the construction of one line to
effect the same object, to reduce the capital of the Stour
Valley line from 300,0001. to 190,0571, to confirm the
legality of the 19,375 preference shares, bearing interest
S per cent. per annum for 10 years and 6 per cent. in
perpetuity afterwards, and to remove the present dis-
tinctions between the A and B shares, so that, after the
passing of the Bill, the capital of the company would
consist of 104,000 shares of 91. 12s. 3d. each, and a
guaranteed stock of 190.0571. guaranteed by the London
and North-Western Company.
The CHAIRMAN moved a resolution to the effect that
the Bill be approved, and the directors be authorizAl to
prosecute the same in the House of Lords.
Mr. BLANDFORD said he was opposed to branch lines
in general, and would be glad of some explanation with
regard to those mentioned in the Bill.
The CHAIRMAN, in reply, stated that their object in
• substituting the construction of one line in piece of two
' lines was to save an outlay of 65,000!. The district
through which the line passed was thickly studded with
iron-works, and the only inconvenience arising from the
proposed deviation, by which they would save the
65,0001., was a delay of about five minutes to the
passengers.
Mr. -BLANDFOISD had no doubt that the directors were
prepared to advance reasons in support of the measures
proposed in the Bill, and the only question was whether
they had adopted the best course.
The CHAIRMAN said they were perfectly justified in
making the deviation.
A long discussion ensued with respect to the pros-
poets of the undertaking, in the course of which it was
stated that 13 miles in length of the line were already
open, end that 16i miles remained to be opened. The
whole line from Shrewsbury to Wolverhatuptou would
be opened by September next, with the exception of the
tunnel, which distance would be performed by omnibuses
until completed.
Me. TEMPLE was sorry to see that their chairman
joined the opposition to the Audit Bill, but he (Mr.
Temple) was of opinion that, after the exposure of Mr.
Hudson and others, the public ought to be protected by
the appointment of some public auditor. He thought
' they ought to view wi:h suspicion the assertion of the
non-exeediency of a public audit, more particularly
looking at the individulas who had taken part in the
demonstration.
The CHAIRMAN said he had been informed that he
had been very strongly attacked in the Times on the
subject of the audit, but as he had not seen the article
he entt!d not reply to it Then. He had been in CJMMU-
nicrition with the principal railway men, who all con-
curred in thinking that it would be an injustice to inter-
fere, as the Audit Bill prop owed, with the internal ahri.
• ninistration of railway companies; and its operations
would be to render directors perfectly useless. Tir-2
measure also contemplated a large impost on rail..vay
companies to pay for the audit, and on those and other
grounds he oppesed it.
Mr. TEMPLE said, if the article in the 7-idles was
correct, all the arguments as to difficulty were obviated,
All, it appears, the Government ask is that a public
auditor should be associated with the company's audi-
tors; and if they investigated the accounts tegether. re
such expense as had beets represented would be the result.
Mr. CHANCE, a director, was in favour of a good audit.
Sir JAMES MALCoLM expressed a similar opinion.
ISlr. I3LANDFORD said he believed it was a Govern-
ment job.
Mr. THORNEYCROFT said that wherever Government
interfered it would be found injurious.
After some further observations the Bill was approved,
and a vote of thanks passed to the chairman.
The meeting then separated.