The Sun.
London, England, 1849-11-30 00:00:00

RAILWAY INTELLIGENCE.
SOUTH STAFFORDSHIRE.
An extraordinary general meeting of this company
was held at Walsall yesterday fur the pureo-e of con-
sidering a proposal for the lease of the line, and, if
deemed ;xpedient, to authorize an application to Par-
liament iu the ensuing session fur the necessary
powers to grant such lease.
The Secretary read the terms of the proposed lease.
The CHAIRMAN, as an individual shareholder, not
as a director, moved the adoption of the proposition.
He believed it a fair offer, and equal to any remune-
ration which could be derived from railway under-
takings during tha next twenty years. The resolu-
tion was to the effect that an application be made to
Parliament to sanction the leasing of the line.
Mr. E. BULLER said the question was a simple
one, and could be as well understood by any share-
holder as by any director. Railway property was
depreciated, and, as the line was not completed, they
had no means of estimating the property they pro-
posed to lease.
Mr. JOHNSON thought the meeting would not sup•
port the proposition unless the names of all the con-
tractors were made known. He (Mr. Johnson) pur-
chased shares at a considerable premium, and he
thought the shareholders would not be content with any
. lease which did not guarantee to the shareholders the
full amount of their expenditure. Now, it appeared
to him that the lease was an extremely absurd one;
for, if it was a good one it would be retained, but, if
it was bad, it would be rejected by the contractors.
He was totally opposed to the granting of the lease.
Mr. T. B. PAYN (of Birmingham), said he also was
an original shareholder, but although opposed to the
lease, he thought the directors had done right in sub-
mitting the proposition to a meeting of the share-
holders. He objected, however, to the constitution
of the present board of directors, thinking as he did,
that the line would not be successful under their pre-
rtnt management.
Mr. HoRNBY, on the part of the London and North-
Western Company, which held 15,000 shares in the
South Staffordshire, declared that the proxies of that
company would not be used. He, as an individual
shareholder, should, however, support the proposition.
Mr. BOOTH, director of the London and North-
Western, entirely concurred in the declaration of Mr.
nornby.
Mr. BEALE (Vice Chairman of the Midland) made
a similar declaration on the part of that company,
which also held' a large stake in the South Stafford-
shire. .He said, that although he should vote as an
individual shareholder, he begged to state that the
Proxies belonging to the Midland would not be used
either one way or the other.
Mr. SCOTT, who held 3,000 proxies on the part of
the Birmingham Canal Company, said, the other
public companies having declined to vote, he also
Would not use the proxies in his possession on the
Part of the canal interest. After arguing against
the lease at some length, he said they had not yet
been favoured with the traffic of the line fur the last
month.-
The CHAIRMAN—It is now on the table. It
amounts to about 8001. for passengers and 2001. for
goods, Goods had been conveyed for only one
Month.
Mr. SCOTT said that the traffic was evidently in-
creasing,
and when the life was opened to Dudley
there was no doubt it would increase. He argued
that at some short time hence they would be able
t
Make more advantageous offers from the great
•-oril Panics.
allr• M‘Leler, the proposed leaseholder, said he
Should be sorry to accept the lease if only fifty share-
holders objected to it.
e The CHAIRMAN said if the majority of the share-
lders accepted Mr. M'Lean's term of lease be was
tec▪ oi
Ilad to fulfil them?,
Ur. R. F. DOUGLAS said the proposition, in his
°Pinion) was very ill timed, and thought no man of
ctftrnon sense would grant a lease. He believed that
i
Would be found in a few years one of the best short
lines in the kingdom ; and he would rather give up
hl° interest and his shares for half-a-dozen years,
toan
sbe a party to the granting of a lease upon such
rm.

.After a few observations from Mr. DTOTT, of
Lichfield, Mr. SCOTT and others,
The CHAIRMAN said, he would interpose but a few
observations before a division. He called their
,attention to the fact, that unless the lease was granted
bqy should have, for the purpose of completing the
e, speedily to make another call.
A. contest then ensued as to the mode in which the
votes should be taken. The opponents of the lease
seat
that the sense of the meeting ought, in the
place, to be taken by a show of hands.
The CHAIRMAN, on the contrary, resolutely main-
leaned that such a course would be mere loss of time,
inasmuch as, whatever might be the number thus
polled in the room, he was compelled, in justice to
absent shareholders and according to the terms of the
'„.,t of Parliament, to receive the proxies tendered.
ihe various shareholders present then proceeded to
tender, their papers.
after the time the votes were being taken, and
the proceeding had lasted for a considerable
Noe, Mr. Scott entered a protest against the voting.
ras scrutineers had been appointed, and, whatever the
belie might be, the whole of the proceedings would
illegal.
h.:lbis objection appeared to take meeting by sur-
prise.
as -lIAIRMAN, who contended that the meeting
anhot dissolved, so far admitted the validity of the
„ntien that scrutineers were immediately appointed
d e voting recommenced.
dir" was then moved that powers be granted to the
Actors to borrow on mortage on bond.
A.
th Pitentivrou objected to the proposition ; he hoped
iiiaet hthe proprietors
would never contract a debt of
Per a nature. He bad much rather that a call of 11.
T,hare was made.
e granting of powers to the directors to borrow
Lein one, was carried by a show of hands, proxies not
d.
ha • SHAREHoLueu observed upon this fact, proxies
,
been demanded in the vote with regard to the,
Ce
iattrnt rary to the expectation of many gentlemen
"teci in the affairs of this and adjoining com-
et' ; the result of the poll with regard to the leasing
follows ine to Messrs. .M'Lean and. others was as
For
the lease
Against it

1,509
2.253

Majority against the lease 744
proßy, WARWICK, AND WORCESTER.a
1104 e'terday the Master in Chancery (Richards), 13:
lted to .4th the wind up this company's ?Haire, proceeded.
Babaee final settlement of the list of contributories
liable 1° a pro rata payment to discharge outstanding
‘i,btlities, and decided that all those original allottees
th4° had paid the deposit and signed the deed, and alll,
deed who had paid the deposit and not signed t
the
former
were to stand upon the list. The number of
tclormer is about 816 ; and of the latter, 4. After
tiVist the thus settled by the Master, no person
-ated thereby is allowed to dispute it without leave
ea the Court of Chancery. A long argument ensued
b- the consideration of the third class of contri-
114tOries
on the list, namely, of those who
s4applied for shares and had them allotted
the
Ifho had
intoneir. paid_
_etshse,s -deposit nor signed
deed, and hich M r : Daniel, Valiance,
°bllrgh, James, and other counsel took part. It
1114: agreed
holder
that the decision in the case of Mr.
of 25 shares, should rule the others
li.l9lromil'aar hpositirons. The prospectus, form of appli-
:lon for shares, and letter of allotment, were put in
..e/idence. It appeared that the form of application
tlvhs,Lodressed to the provisional. committee ; but that
billetter of allotment was signed by the secretary on
„alf of the committee of management, and that the
e4°l4,_it of the shares was to be paid by a certain day,
eta„,° Was not done. The Master decided that the
Vs" should be struck off the list, on the ground that,
tw3r the evidence, there was no privity of contract be-
lizeti the allottee and committee of management.
The
alllnlnles of other allottees upon the list, amounting
to about 190, will also be struck off as not
liable
unless there are special circumstances attending.
fll4lll.3'thof them, in which case they shall have notice of
anther Proceeding.
3Coa,z.
Yes-
,eraa, AND NORTH MIDLAND RAILWAY.—
,1111 adjourned meeting of the above company
Roams eal at
York, at twelve o'clock, in the De Grey,
About Mr. Thompson, of Moat, hall, in the chair.d
4agr-",,seventy gentlemen were present. A long an
eaonpiscussion took place on the question of the
deer4,l°,ll of the report; but, after a poll, the Chairman
11tieteir,e' it to be carried, subject to the decision of r.
validit which was raised on the subject of the
Jouenezi of certain proxies. The meeting was ad-
-BPeoialand the shareholders resolved themselves into
when the Chairman moved that a
assrZetoalriit-eeting,
should be appointed to confer with the di-
Way, ,_ to the purchase of the Hull and Selby Rail-
the osWoich was agreed to ; the committee to report to
hge4reholders at the adjourned meeting of the 21st
tid4Jen eetnber. A resolution that any person not re-
direct in or within seven miles of York might be a
Niajcier if Properly qualified, was also carried. The
meets
oration of audit was put off until the summer
14vuting, on the understanding that the board would
Whielli‘ as much as possible the passing of the Bill, of
eou,,dhe heads have been submitted by the general
hadit,slL of directors, and meantime there wili be no
theil ukre of the accounts. The adjourned meeting was
mitt held, at which Mr. Swann chairman of the corn-
to th,,e,,nif investigation, moved another adjournment
diafir alon -.ebruary meetin Avery lively and warm
took• place mf. the prop.osed. retirement..
,o,"
413 irate from the board, Mr. Meek neclaring it ‘e
W 0111.3 Out to retire. Mr. Ilu.lntrte stated he
W;i1!". retire if Mr. Meek did not retire, and Mr. C.
ose"arns called th,on the committee of investigation to
'"cit lobo •8: as they had done more harm than