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

RAILWAY INTELLIGENCE.
SOUTH S I'AFFORDSHIE.E.
An extraordinary general meeting of this company
was held at Walsall yesterday for the purpose of con-
sidering a proposal for the lease of the line, and, if
deemed expedient, to authorize an application to Par-
liament in the ensuing session for 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 the 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. PATN (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-
sent management.
Mr. HORNRY, 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.
Horaby.
Mr. BEALB (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 for the last
month.
The CHAIRMAN-It is now on the table. It
amounts to about 8001. for passengers and 200/. for
goods. Goods had been conveyed for only one
month.

Mr. SCOTT said that the traffic was evidently in-
creasing, and when the line was opened to Dudley
there was no doubt it would increase. He argued
that at some short time hence they would be able
to make more advantageous offers from the great
corn panies.
Mr. M‘LBArt, the proposed leaseholder, said he
should be sorry to accept the lease if only fifty share-
holders objected to it.
The CHAIRMAN said if the majority of the share-
holders accepted Mr. M'Lean's term of lease he was
bound to fulfil them.:
Mr. R. F. DOUGLAS said the proposition, in his
opinion, was very ill timed, and thought no man of
common sense would grant a lease. lie believed that
1t would be found in a few years one of the best short
lines in the kingdom ; and he would rather give up
his interest and his shares for half-a-dozen years,
than be a party to the granting of a lease upon such
terms.
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
they should have, for the purpose of completing the
line, 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
contended that the sense of the meeting ought, in the
first place, to be taken by a show of hands.
The CHAIRMAN, on the contrary, resolutely main-
tained 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
Act of Parliament, to receive the proxies tendered.
The various shareholders present then proceeded to
tender their papers.
During the time the votes were being taken, and
alter the proceeding had lasted for a considerable
ti,,tne, Mr. Scott entered a protest against the voting.
NU scrutineers had been appointed, and, whatever the
Salle might be, the whole of the proceedings would
biz, illegal.
This objection appeared to take meeting by sur-
Prue.

The CHAIRMAN, who contended that the meeting
/7a3 not dissolved, so far admitted the validity of the
objection that scrutineers were immediately appointed
and the voting recommenced.
It Was then moved that powers be granted to the
directors to borrow on mortage on bond.
that PROPRISTOR objected to the proposition ; he hoped
at the proprietors would never contract a debt ,of
inch a nature. He had much rather that a call of 11.
Per share was made.
The granting of powers to the directors to borrow
bemoney was carried by a show of hands, proxies not
trig demanded.
SELCRIMOLDER observed upon this fact, proxies
"easeng been demanded in the vote with regard to the
'.
Contrary to the expectation of many gentlemen
Interested in the affairs of this and adjoining com-
p ie; the result of the poll with regard to the leasing
followsine to Messrs. M'Lean and others was as
ue
For the lease
Against it

1,509
2,253

Majority against the lease 744

RUGBY, WARWICK, AND WORCESTER.
Yesterday the Master in Chancery (Richards), ap-
Pointed to wind up this company's affairs, proceeded
With the final settlement of the list of contributories
itable to a pro rata payment to discharge outstanding
labilities, and decided that all those original allottees
l't.ho had paid the deposit and signed the deed, and all
(redose who had paid the deposit and not signed the
n, were to stand u the list. The er of
the
former is about 816 p on ;
and of the latter, 4.numb After
'Be list is thus settled by the Master, no person
affected thereby is allowed to dispute it without leave
on
the Court of Chancery. A long argument ensued
the consideration of the third class of contri-
butories on the list, namely, of those who
but
applied for shares and had them allotted
the
who had neither paid the deposit nor signed
.„„wle deed, and in which Messrs. Daniel, Valiance,
'lozburgh, James, and other counsel took part. It
Wag agreed upon that the decision in the case of Mr.
'ilium, a holder of 25 shares, should rule the others
`ll Similar positions. The prospectus, form of appli-
'nation for shares, and letter of allotment, were put in
Rs evidence. It appeared that the form of application
Wagthe addressed to the provisional committee ; but that
Bletter of allotment was signed by the secretary on
ehalf of the committee of management, and that the
Pasit of the shares was to be paid by a certain day,
Whint.h
Was not done. The Master decided that the
name should be struck off the list, on the ground that,
athe evidence, there was no privity of contract be-
Tierl the allottee and committee of management.
T• names of other allottees upon the list, amounting
ab? to about 190, will also be struck off as not
et unless there are special circumstances attending
farther pre rn, in which case they shall have notice of
ceeding.
, Yea),
Lerch NORTH MIDLAND RAILWAY.—Yes-
va 'Y an adjourned meeting of the above company
itos held. at York, at twelve o'clock, in the De Grey,
Abrlta ; Mr. Thompson, of Moat. hall, in the chair.
ti. seventy gentlemen were present. A long and
ticro discussion took place on the question of the
a_eli ion of the report; but, after a poll, the Chairman
'cietleiliter.ed it to be carried, subject to the decision of a
vaiiti.,nn which was raised on the subject of the
journi"Y of certain proxies. The meeting was ad-
a:zeidtt,eaend the shareholders resolved themselves into
Meeting, when the Chairman moved that a
should be appointed to confer with the di•
I.Nveact:irs as to the purchase of the Hull and Selby Rail-
the",,, Which-was agreed to; the committee to report to
or teteareholders at the adjourned meeting of the 21st
Itideoten.nlher. A resolution that any person not re-
direct:ll or within seven miles of York might be a
cUnsir if properly qualified, was also carried. The
tilettiuneration of audit was put off until the summer
filvg, on the understanding that the board would
la.hiet;
~8 much as possible the passing of the Bill, of
tout...the heads have been submitted by the gapdieneral
of directors, and meantime there will be no
then held
of the accounts. The adjourned meeting was
en held
mitts e at which Mr. Swann, chairman of the coin-
te the investigation, moved another adjournment
disc -e ebruary meetine• A very lively
.and warm..
11%,"i0n took lacep on the proposed retirement of
Meek from the board, Mr. Meek declaring it was
11Z141111fidteretire nifotxtio retire. Mr. Rowntree stated he
onr. Meek did not retire, and Mr. C.
elnialleittmellla, Hied the committee of investigation to
'oours, as they had don, more harm than