The Sun.
London, England, 1841-08-14 00:00:00

STAFFORD and RUGBY ICA Lll AY.

On Thursday a general meeting of the Subscribers of
this Company was held at their offices, Bond-street, Man-
chester, to consider and determine whether, and upon what
terms, they should dissolve the Company, and wind up its
affairs. Shortly after twelve o'clock ROBERT GARDNER,
Esq., was called to the
_chair, and opened the proceed-
ings by requesting the Solicitor, Mr. Wheeler, to read
the advertisement convening the meeting.
The CHAIRMAN then observed, that the notice referred
to was sufficiently explanatory of the objects of the meet-
ing, and that it was not necessary for him to make any
observation on the subject, further than that the minds
of the Directors were unchanged as to the utility and
advantage of the line ; but that, in consequence of the
circumstances of the time, and the difficulties under which
commerce was labouring, they thought it desirable not to
proceed 'my further with the undertaking for the present
Mr. WHEELER then read the Report of the Directors
(for which see Advertisement).
Mr. J. BURT moved, that the Report be printed for
distribution, under the sanction• of the Provisional Com-
mittee.
Dr. AsuroN seconded the motion.

A SHAREPOLDER—The Directors recommend, that
the CompanY be not dissolved, but that it continue, and
that no money be expended on the undertaking for the
present—how will that affect the liabilities of Proprie-
tors who wish to withdraw ?

Mr. CHAPPELL—The Report states, that the liabili-
ties of Shareholders will cease, after they receive their
respective dividends out of the unexpended fund,
A SHAREHOLDER—WiII that be according to law ?
Mr. CHAPPELL---Certainly.

Mr. WHEELER—According to the Standing Orders
of Parliament, the liabilities of the undertaking cannot
extend beyond a single Session. . The Shareholders are
obliged, Session by Session, to renew the Parliamentary
undertaking, before the Company be in a condition to go
to Parliament at all, and consequently such renewal is
necessary, before any liability can be incurred by any
Sharehc&ler.
No other Shareholder having any observation to offer,
the motion was put and carried unanimously.
Mr. CHAPPELL then moved, " That it is not expe-
dient to abandon the undertaking ; but, in pursuance of
the recommendation of the Directors, that the unex-
pended funds be distributed among the Shareholders,
and the further prosecution of the undertaking be post-
poned." He thought it was due to the Shan-holders
to state why the Directors recommended them not to
abandon the undertaking. The Company was at the ex-
pense of obtaining plans and surveys ; and, by abandon-
ing the undertaking, any other Company that wished
might take it up, without any such preliminary expense.
There was no responsibility on. any Shareholder,. after
this postponement was agreed to. Before a Skirehol-
der became liable, he must sign another deed, as was ob-
served by Mr. Wheeler. lie (Mr. Chappell) thought
it due to Mr. Edward Tootal to observe, that that
gentleman had redeemed his -pledge. When he un-
dertook the last operations, he said the Company would
not be at a greater expense than about five shillings per
share. He (Mr. Chappell) beliered that was the case.
He knew no one to whom the Company were more in-
debted than Mr. Tootal.—(Cheers.) Mr. Wheeler also
was deserving of thanks, for, the exertions which he
made to carry the Company through its difficulties.
The opposition against which the Company had to con-
tend arose from a quarter that was least suspected of
any intention to impede their efforts. Their defeat arose
principally from the opposition of a Company that in-
tended to carry the Churnet Valley line. That Company
knew, that, if the present undertaking were carried, it
would deprive them for ever of any opportunity of get-
ting that line. That was the cause of the defeat of the
Stafford and Rugby Company. They were defeated;
but, when the residue of the funds was divided among
them, it would be found to be greater than was ex-
pected. For this, the thanks uf the Company were due
to Mr. Tootal.—(Cheers.)
Mr. RICHARD BIRLEY seconded•the resolution, and it
passed nem, dis.
On the motion of the Rev. Mr. Molyneux, seconded
by Mr %Villert, John Hyde and Edward Langworth,
Esqrs., were appointed to audit the accounts.
Mr. TOOTAL said, that from the very warm greeting
given upon the mention of his name by Mr. Chappell he
felt it right to say a few words, and that, however sin-
gular the statements might appear, he was totally unpre-
pared to thank them for the kind manner in which they
had responded to the Chairman's notice of his exertions
on behalf of the Company. He (Mr. Tootal) had not
words in which he could adequately express the feelings
excited in him by such an acknowledgment of his ser-
vices. In consequence of the active part he had taken
in the affairs of the Manchester and Birmingham Exten-
sion, and the Stafford and Rugby Railway Companies,
he had been brought into personal contact with almost
every one of the Shareholders, with many landholders,a
great number of Members of Parliament, and other in-
fluential persons ; and, although the Company were
beaten, and had lost nearly all their money, but not
their honour, still he had the satisfaction of finding that
he had retained the confidence of those parties for whom
he had acted.—(Cheers.)—He would state briefly, but
emphatically, that, had he served himself as well as he
had served the Company, he would have been a richer
man.—(Hear, hear.) Had he served his God
as he had served them, he would have been
a better Christian. He had done his best night
and day, at the expense of considerable trouble
and inconvenience, the neglect of his private affairs,
and his . domestic comforts, to promote the success
of the undertaking. He never for a moment allowed
his own private concerns to occupy his atten-
tion when the affairs of the railway required it. He was
aware that the observations appeared rather egotistical ; it
was the first time he had spoken of his own exertions,
and perhaps it would be the last. He thanked them again
for the confidence they had placed ill him, and expressed
his regret that he was not able, with the assistance of his
brother Directors, to bring matters to a successful issue
in the last campaign. He did not wish to enter into any
detailed account of the difficulties with which they had to
contend ; but some parties had conducted themselves in a
manner, in reference to the undertaking, which re-
flected little credit on them. Those who could say one
thing on Monday, and do another thing on the Wednes-
day following, were unworthy of his support. Such was
the case.. He had stated from first to last that the busi-
ness of the Company was conducted with every regard to
economy ; but gentlemen must be well aware that the 1
expenditure of an undertaking of the kind was not easily
controlled—there were a great many interests to contend
against, which necessarily led to considerable expendi-
ture. However, he was not aware of a single dispute of
of any kind having arisen, with reference to the money
transactions of the Company. He was not aware of any
unpleasant occurrence between any of the parties
along the whole of the intended line, and the parties
connected with the Company ; so . that, although the
operations of the Company might be suspended for a
time, the Company. could again make its appearance
with credit and honour. Whatever Company might
take the line up would find that the Manchester and
Birmingham Extension Railway Company, and the
Stafford and Rugby Railway Company, had not left a
bad name behind them. On looking at the daily papers,
he had found that Sir Robert Peel, on the occasion of
his election at 'l'amworth, in alluding to the defeat of a
line of railway through the district in which his property
is situated, made the following remarks :
"There have been few occasions on which your local
and peculiar interests have been brought under the con-
sideration of Parliament; but, when they have, I have
not permitted either private avocations or public busi-
ness to interfere with my attention to those interests
whichaffeeted your local concerns. I may not have been
successful—l allude now to the measure for the facility
of communication by railways. The combination of
powerful parties with Railway Companies and Canal
Companies; may have defeated the measures which I
thought you were entitled to expect.—(Cheers.) But,
at any rate, it was not my fault. I gave, notwithstand-
ing the pressure of public business, the utmost attention
to them, because I thought the public interest would be
advanced by them, and your local interests also promoted."
Mit Saunders, the Secretary to the Great Western Rail-
way, one of the most able railway servants in the king-
dom, a man justly esteemed •by that Company and the
public, was examined before the Parliamentary. Commit-
tee on 'Railways, and asked a number of questions by
Lord Granville Somerset. The following question and
answer is taken from that examination : •
" Take a case," said Lord Granville Somerset, "which
was.submitted to Parliament this year : a proposition to
unite .a portion of the Grand Junction with a portion of
the London and Birmingham Railway, whereby it was
presumed that a saving of nine or ten miles in distance
might be effected; supposing the railroad to have been
formed, would it not have been in the power of the Grand
Junction and the London and Birmingham Companies to
have- -completely neutralized the accommodation which
that shortening of the distance otherwise might have
afforded to the public ?—I do not think so, said. Mr.
Saunders it is possible that, during a period of hosti-
lity between•parties, they might be blind to their own
interests, and they might act at that moment upon false
views; but I think, if that railway were made, it is so
manifestly the object, and so palpably the duty, of the
London and Birmingham Railway to get all the traffic
they can upon their line, that they would immediately
come to an arrangement which should bring to them that
traffic, and that, when it was brought to them, they would
conduct it in the best possible manner. I think that
branch railways, come from where they may, must be
looked upon as beneficial to the trunk railway. In the
case of the Stafford and Rugby Railway, at the present
moment, it is obvious the London and Birmingham would
rather receive all their traffic from the Grand Junction
at Birmingham, and carry it along the whole line, than
receive it partly at Birmingham, and partly at Rugby ;
but the moment the line was made which left it no longer
' a matter of doubt whether the Manchester, Liverpool,
Wales, Ireland, or Scotland people would go by one line
or by the other, the London and Birmingham Company
would instantly see that they must make arrangement's
to receive the traffic, and conduct it in the best style ; I
cannot conceive that they could take any other course."
He (Mr. Tootal) had stated, in the commencementuf the
undertaking, that the Shareholders would have from 10
to 15 per cent. on their money, if the line was proceeded
with, and his opinion remained unchanged. That opi-
mon was now, it possible, snore disinterested than ever,
as his connexion with the Company was about to cease.
He had embarked his reputation in the matter ; and it
was gratifying to him to know that: the Shareholders and
others interested in it had confidence in him. He
thanked them for their kind consideration at all times,
and concluded by stating, that the amount returnable to
the Stafford and Rugby Shareholders would be about
31. per share, and would be payable in a few days.
Mr. CHAPPELL thought it due to the shareholders to
mention, that the Directors had not received a fraction of
remuneration for their services, beyond travelling ex-
penses.---(Appluse.)
Mr. RAwsosz—Before the meeting breaks up, I wish
to ask a question. Provided a part of this Company
are again formed for the purpose of making a railway,