The Sun.
London, England, 1841-01-15 00:00:00

MORN NG EDI 1 lON.

Blanchester and Birmingham Company had an agreement
to travel over the Grand Junction Line. Some said it
was a good thing, and some that it was a very bad thing.
Be that as it might, this Extension Company had granted
the use of its line to the said Grand Junction Company at
a higher rate by thirty per cent.—(Hear.)—Mr. RAwSON
was very glad of it. That was one of the- things he
wanted to hear. He stood there a little in awe of the
Directors; but not a man present was in better tempei
with the Directors than himself. He would trust them
with untold gold, but he never liked to trust to the judg
silent of others when he could form one for himself. He
bei'evcd that he should assent to the new line, if the Com 2
pany were dissolved; but yet he thought it but fair to let
all the Shareholders have fair play ; and if this Company
were dissolved to-day, those parties who did not wish to go
on, would not be so well dealt by.—Mr. TOOTAL said, Gen-
tlemen were aware that Parliament met on the 26th of this
month, and that the petition for this Act must be presented
within a fortnight after the meeting of Parliament ;
ond, if this were not done, all the previous outlay, time,
and labour, would be worth nothing, and would go for
-nothing. The Company was now in a fit state to apply
to Parliament in all respects. The preliminary proceed.
ings had been taken with the utmost possible care that
eaten could give to them, and with a due regard to ceono-
tr. ; and he felt satisfied that should Parliament inquire
it to the preparations for this application for an Act, the
facts would be very astisfaetory to those out of whose
pockets the expenses carne.—The CHAIRMAN asked if
there was any Gib( r question which any gentleman present
wished to ask of Mr. Tootal.—Mr. WRATISLANY thought
he ued,rstood the position of the Shareholders by this
alteration to be this—that according to the line that went
by Stone, we had the Manchester traffic brought upon our
line. In the varied lire, in addition to that we have the
prospect r f all the Liverpool. North Wales, and Irish
traffic.—Mr. TOOTAL Distinctly SO.—Mr. BRIGHT : And
yet you lose a great many arguments that you had when
You went to Parliament I.st time —Mr. NEwBERY : I beg
your pardon; but is it desirable that we should put argu-
ments in our enemies' mouths?—Mr. BRIGHT: But these
are so palpable that even a child might perceive them.—Mr.
NEWBERY : Then it i 3 surely not worth while to occupy the
time of this meeting with them. If it only rested with the
Shareholders, it would be different, but we shall cover pass
Parliament, if we thus give every advantage to our oppo-
nents as to any weak point we may have. I think this is
the common-sense view of the case.—Mr. RAWSON : Well,
whether we are wrong or not, they certainly are in the
wrong.— A SHAREHOLDER said he did not see why the
meeting could not have some statement of the accounts
and the funds of the Company.—Mr. WHEELER: The
accounts are to be audited before they can be laid before
the Shareholders; and at present the Directors are the
sole creditors of the Company, having found all the money
hitherto required. There is a resolution for the appoint.
ment of auditors to be passed by this meeting. [Mr.
Wheeler read it.) So that in fact the state of the ac-
counts is required to be ascertained by auditors to be ap-
pointed by this meeting.—Mr. BRIGHT : Is it not of sorae
consequence, that any person who votes for the dissolution of
this Company, without intending to become a Shareholder
in the new concern, should know how much the balance
would be that will come to his share?—Mr. TOOTAL :
The probable 'oalance will be somewhere about 31. I
don't apprehend there will be less than 31. ; but of course,
is an affair of this sort, it could not he brought into view
all at once ; for I may mention that the last preparation
for Parliament was only made on the sth of this moreh.—
Mr, WRATISLAW : Then I understand that the deposit was
made to go to Parliament for the former line, and the pre-
sent line, being six miles shorter, would not require so
much capital by 110,000/ ; and, therefore, there is money
enough to complete the line.—Mr. TOOTAL : The varied
line is six miles shorter ; but some portion of the w- rks
from Stafford to Rugeley world be more expensive.—Mr.
WeaTisnaw: I only want to understand it,—whether the
last estimate is sufficient to complete the line.—The
CHAIRMAN and Mr. TOOTAL :--Oh, certainly : quite suf-
fieient,—The resolution for the reception of the Report
was then pat from the chair, and passed nem. dis.
'Mr. G. R. CHAPPELL then moved the second resolution,
'declaring the Company dissolved (which, with the other
resolutions, will be found in our advertising columns). He
said, I do not move this from choice, or from my own dis-
position to dissolve the Company, but from the necessity
which exists at the present moment; that every Share
holder may have his choice, either of retiring from the un-
dertaking, or continuing to be a Shareholder in it. I have
given you my opinion as an individual before; and, if a
Company be establishA from this or any other meeting,
to carry on the concern, I shall feel happy to become a
Shareholder in any new Company. It would grieve me
exceedingly, that an undertaking like this, designed to
bonefit Mtnehe,ter, and belonging to Manchester espe-
cially, should be given up, because of the opposition of
other Companies, who arc not taking the right or the best
way to oppose it. The pecuniary proposition made twelve
moaths ago only provoked our contempt. If that Com-
pany (the London and Birmingham) bad wisely considered
their interest, they would hate offered a sum that might
have been an inducement to the postponement of this
undertaking for three or four years to come. But they
hive now sent a letter which betrays itself to ba of so
thoughtless, imbecile, and childish a character, that we
;must he pretty idiots to regard it. They say they don't
mean to make us the pecuniary offer they riam:e twelve
months ago. Why, we never asked them.—The CHAIR-
MAN : That letter should be read. —Mr. CHAPPELL Yes,
certainly ; I beg that it may be read.—The CHAIRMAN :
This is a letter I received on Saturday last, addressed to
me, by favour of Mr. T. Cooke, and accompanied with a
request that it might be read to the nieetittg :
London and Birmingham Railway,
Euston Station, 7th Jan. 1841.

My Dear Sir,—ln consequence of observations which have
reached me, leading to the inference, that, in the event of the
re-constitution of the Extension Company, the Subscribers to
that prejec ed undertaking might expect a renewal of the
pecuniary offer made last year to that body by the London and
Birminglynn and Midland Counties Companies, will you allow
sue to take the opportunit:, through the medium of our mu-
fled friend, Mr. Cooke, of removing any such impression,
by stating most explicitly, that no such intention exists on the
pat of those Companies?
I will not take up your time and attention by recapitulsting
the reasons which, under the instructions of the Proprietors,
have determined the Directors of the London and Birmingham
Company in continuing to give their most strenuous opposition
to the Extension Line. At the same time, let me assure you,
and the Directors of the Manchester and Crewe Line, of the
earnest desire of the Board to place at your disposal every fa-
cility at the stations, both in London and Birmingham, for
c irrying on the traffic of Manchester upon a footing entirely
independent of any other business, and to renew the offer oi
entering into any arrangements for the working of the line,
which may be deemed conducive to the convenience and ad-
vantageous to the trade of that town.—Believe me to remain,
my clear Sir, yours very favourably,
GEO., CARR GLYN.

nomas Ashton, Esq. &c., &c.
Mr. Cuereree. said, that gentlemen might charge their
memory with the statements made by the London and Bir-
mingham Company twelve months back, and the
.reasons
taey assigned why it would be ruinous to this Company to
pursue the undertaking. 'They then argued,. that a con.
tinuance in the undertaking would be ruinous to us all ;
and then they said :—" We will give you 20,000/. to drop
it." What could be more ridiculous than to offer us
20 000/. to drop a concern that they beliceed would be
ruinous to a rival Company ? Thep here comes a letter—
there not having been the slightest insinuation, as he be-
lieved, tlest any renewal cf the off. r was expected—just as
if some overtures had been made by us to them, to settle
this business before going to Parliament Why, really,
it is children's play. W are not intending to take any
such offer, if it were male. If it pleased the Shareholders
to re-elect the Directors, he for one (though he had no
disposition to increase his business) would serve the
Cempany faithfully and gratuitously ; or, if they thought
fit to reject him, be would willingly retire, but con-
tinuo to be a Shareholder.--Mr. Alderman BROOKS
seconded the resolution, and said, that, from the opposi-
tion manifested, and the quarter Weenie:from, he was satis-
fied that this was a very good line, particularly looking to
the papers and publications circulated against it, and to
the fact that Mr. Ashworth, the agent for two other lines,
WAS active against it. As to the letter from the London
and Birmingham Company, it looked as if they wanted to
make a bargain with us ; and as we did not move, they
did.—(Hear.) They thought it was their turn to move,
and so down came this letter ; but from the proceedings
of this meeting they would find that we were not to be
tickled in that way.—Mr. 11. NEWIIERY said that another
letter had been lately sent from Mr. Burke, the Parlia-
mentary agent to the London and Birmingham Railway
Company, which he should have liked to read to the
meeting, but could not without Mr. Burke's permission,
and that not having been obtained, the Shareholders
were not in full possession of the case; but he did hope
that the London and Birmingham Company would see
it just to themselves and us to publish that letter which
4r. Burke had addressed to the Manchester and Bir-
mingham Company.—Mr. ESKRIGOR said it would appear,
if this Company were now dissolved, that merely the
balance now in hand, after paying all expenses, would
be divided amongst the shareholders pro rata per share.
But the new Company would derive ail the benefit of the
expenditure hitherto made. which was already large;
and they would go to Parliament upon a much better
looting of advantage than those who dissented, left
the concern, and lost their money. Was it proposed
that the new Company should give to the old Company
any part of the money expended, say I/. or 2/. per share,
over and above what appeared to be their due ?—Mr.
NEWRERT : Certainly not.—Mr. JAMES BURT : It appears
to me a most extraordinary thing to suppose, that a Corn-
piny about to be formed to carry on an undertaking should
give a bonus to those who refuse to join it.—Mr. EsK-
RIGOR said, that all the money that the retiring Share-
holders would lose had been expended in surveying,
snaking plans and estimates, and in contesting the line ;
for a great deal of opposition had been bougat off by the
money of the old Shareholders.—(Several DIRECTORS :
s. No, no. ")._Nell, the opposition had been overcome at
any rate, and the money had been spent in overcoming it.
_The CHAIRMAN : But the Company being dissolved
does not deprive the holder of any shares of his option.
Ile has a choice in it, either to go out or to join tho new
Company. It' he can make anything of his shares, he
can either bold them or sell thena_Mr. Esenreoe : But
wII not the new Company derive great advantage from
toe money already expended ?—Mr. TOOTAL : Let me
state distinctly and explicitly, that no money has been
paid for any such purpose as buying off opposition --
ilr. Esti:merle : Very prob:tb!y, money has not been
pail ; but some of our opponents have Lad money's
worth.—Mr. TOOTAL : Certainly not.—Mr. Alderman
Beooas : Perhaps we have agreed to give something, but
nothing has been given.—Mr. Tocerea : No ; nor pro-
mised.—Mr. T. OLLITANT : The question is whether the
'new Company aro going to give the old Company any-
thing for those advantages which they will derive from
the money already expended.—Mr. Toterea Certainly
not. The meeting must be quite aware, that every step
that has been taken by the Directors has been taken not
only with the sanction, but, it may be said, by the orders
of the Shareholders. They have expressed their wishes;
the Directors have only been the instruments, the tools by
which the thrig was worked. Every step, from first to I
last, has been taken with the knowledge, consent, and
sanction of the Shareholders.—Mr. ERRRIGGE : I don't i
- snake anynomplaint as to the expenditure of the monep—

Mr. TOOTAL : So cautious were your Directors, that
neither verbally nor in print did they say one word to
influence a single Shareholder, with respect to the offer of
the London and Birmingham Company. This is shown
by the Report of the proceedings of the meeting at whieh
that offer was laid before the Shareholders.—Mr. Tootal
then read the following extract from the Report of pro-
ceedings at a meeting of the Company held on the 3d
February, 1840 :
" The Chairman said, that, with respect to the offer of the
London and Birmingham Railway Company, perhaps-the most
convenient mode of bringing it fully before the meeting, would
be for some Shareholder to move the adoption or rejection of
the offer. Rawson, Esq., wished to know whether there
would be anything objectionable in the Directors giving the
meeting a more full reason for their not going to Parliament
this Session. Of course he did not require any further ex-
planation, unless the Directors felt that there would be no im-
propriety in giving it.—The Chairman said, he thought that
all the facts material to be known at that meeting were em-
bodied in the Report.—Joseph Birley, Esq., said he would beg
to move, that the offer of the London and Birmingham Com-
pany be declined, and that would perhaps raise a discussion on
the subject.—The motion having been seconded, Mr. Rawson
repeated his question. He had a good opinion of the line, and
he should like the application to Parliament to be prosecuted
with all possible despatch. But no doubt the Directors had
good reason for advising delay; He should at all events like to
know whether the Directors were of opinion that the offer of
the London and Birmingham Company should be rejected ;
because, otherwise, the Shareholders would be acting in the
Clark as to the sentiments of the Directors.—Mr. J. Birley
begged to ask whether it occurred to any one present to move
the acceptance of the offer.—( Hear.) The Chairman, after a
pause, said, that having been called upon on behalf of the Direc-
tors, he begged to state, that they had, without the slightest
hesitation, come to the unanimous resolution that the offer
ought to be declined.—( Loud cheers. )"

So that, until the word was wrung from the Directors, not
an opinion did they express, so desirous were they that the
Shareholders should decide, from the opportunities which
they had for judging (as much as others bad) as to the
course to be pursued. And from first to last the Directors
had carefully abstained from leading the Shareholders ;
leaving them to decide according to their own judgment.
In accordance with the resolutions of the meeting of
Shareholders in February last, the Directors had earried
out all the necessary preparations for Parliament, by the
order of the Shareholders, and of course at their expense ;
yet now one or two gentlemen complained of the hardship
to parties wishing to retire from the Company, and receiv-
ing their rateable proportion of the moneys left. Pray,
would it not be very hard on those who remained, if one-
third or one.half the Shareholders left ? The other half
would be a useless body ; in a position something like the
Leeds and the Liverpool Railway Companies, with refe-
ference to their junction line, The two Companies went
for a mile each ; each without the other was comparatively
valueless; but the two acting together would make
probably an extremely desirable and valuable arrange.
ment. If such a proposition were to go out, the Com-
pany and the undertaking would die a natural death,
and, after paying a bonus to the retiring Shareholders,
the hardship would be on those who wished to go on,
who got no bonus, and lost all their money. They had
all embarked together, and he hoped most of them would
remain together. He certainly held a considerable num-
ber of shares in this undertaking ; he had done from the
first, and should do to the last; and his object now was, to
show the hardship to be rather on those who wish to go on,
if a considerable number of Shareholders went out; for,
by so doing, they would annihilate the undertaking, and
leave the remaining Shareholders with a quantity of blank
paper totally useless ; whereas, if they went on with it to-
gether, they would make the preparations already com-
pleted of considerable value and importance.—Mr. E3x-
hIGOE said he was not one of those who wished to re-
tire from the Company, but rather to go on ; but he
thought that, in justice to those who went out, some-
thing should be paid to them. The Shareholders had
paid for all the estimates, the expenses of going to Peale-
liament, and depositing the plans, &c. Those who re-
mained would derive all the benefit, and he thought in
fairness they should give a part to those who retired.—Mr.
Alderman BROOKS : But suppose we arc upset in Parlia-
ment again, how would it be then ?—Mr. BRIGHT asked if
the law-clerk had not read that the Company should
not have power to go to Parliament again, if 3/. 103.
per share should have been expended, without calling
the Proprietors together to decide the question they
were now met to decide. If, on winding up the accounts,
only 50s. per share were left, then the Company were
bound in honour to pay all those who retired the 31. 10..,
which that dupe guaranteed should not be spent before
that step was taken.—Mr. WHEELER, having again read
the clause (given above), said, that any 20 " Subscribers
to the undertaking" might have taken this step long since
if they had thought fit ; but they did not drink fit, and it
was not incumbent on the Directors to do so if they did
not. The Directors might have proceeded, without ask-
ing any further sanction from the Proprietors ; but they
had come here to. day, and devised this mode of enabling
those Proprietors who were dissatisfied to withdraw from
the Company. If it were not for this object, the Directors
might have called upon the Shareholders to execute an un-
dertaking for the coining Session ; and, if they had refused
to do this, their interest would have been forfeitable by the
Directors. The Directors had ample powers with respect to
the variation of the line; the powers usually given.--'lr.
Waarrseaw dissented from the opinion of Mr. Bright. If any
gentleman wished to retire, he did not see that ho could
i fairly ask for any bonus, because everything that had
, taken place was with the sanction and by the direction
of the Shareholders.—Mr BRIGHT : But you dissolve
1 the Company by a majority.—Mr. WRATISLAW : And a
1 majority in every case must bind.—Mr. BRIGHT: We
lare a Railway Company in this room ; and just imagine
, for a moment that there is another Railway Company on
the other side of the wall, going to take up the line if we
dissolve. If it is decided by a majority to dissolve, I see no
propriety in withholding from those who retire a portion
of the money that has been expended, in order to make a
' present of the advantage to a new Company. It is not any
interest of mine ; I shall not get a farthing either way,
nor any one connected with me. Still I think it but fair to
give at least half of what has been paid up to those parties
who dissent.—Mr. Alderman 13ttooas: Do you mean that
we should pay them money out of funds that do not exist ?
We have fought one battle, and got beaten ; we are going
to fight another, and are we to give a bonus of 31. 10s.
i per share to those that dare not join us ? It is perfectly
1 optional to any Shareholder to stay or go ; anti he can-
not complain if he has his choice. Besides if, as Mr.
Bright says, there is one Company here, and another
Company on the other side the wall, any Shareholder..may
say—" I'll get this bonus of 31. los. and gO out • but I'll
go the day after, and buy shares in the market at less
price."—Mr. CHAPPELL : Will Mr. Bright look at it in
this point of view ? Suppose a number of gentlemen in-
tend to retire, but that Mr. Bright and many others bold
to the New CoMpany, how would he like to give part of
his money as a bonus to those who might be induced by this
very sum to retire? It is buying a man's retirement when
he has a choice either to remain or go out ; and so long as
every Shareholder has a choice, there is no injustice done.
Suppose we pay a bonus to retiring Shareholders, and we
go to Parliament and get thrown on our backs again, who
is there to pay us a bonus? If any gentleman is of opinion
that it is better for him to retire than remain, he has his
choice to go out; I have mine to remain ; and I hope
gentlemen generally will remain, that we may perse-
, vere unanimously. Mr. FARNWORTH : Are we not
wasting our time ? We have paid our money on certain
. terms ; and, unless there is a clause in the deed directing
that parties may pay their money unequally, I for one
should think it exceedingly unjust to pay anything beyond
their equal share of the funds in hand to those who go out,
and my objection alone would be sufficient to prevent the
Directors having the power to do it.—Mr. BRIGHT said
a majority could sell their right to a new Company.—Mr.
WHEELER said a majority could bind the Company within
the two deeds, and no further and no otherwise, and it was
clearly not lawful for any majority, however great, even
supposing there were only one dissentient in the Company,
to bind the Company to anything beyond the scope of the
deeds; and he apprehended, therefore, that any such pay-
ment would be illegal, as it would be for the London and
Birmingham and Midland Counties Companies to have
paid this Company the 20,0001. they offered last year—a
payment which, if it had been made, might have been fol-
lowed in the hands of the parties receiving it, supposing
it to be dissented from by any one Shareholder in either
of those' Companies.—A SHAREHOLDER said that in
breaking up a Company which held considerable pro-
perty, it was the duty of the Directors to sell it, as it
belonged to this Company, and the new Company ought
to pay for it.—Mr. WHEELER said, as to the property in
surveys, plans, &e., it,was quite competent to any body,
if the Extension Line were abandoned, to form a new Corns
pany, and take advantage of the plans which this Company
had deposited. Those plans, &c. were notices to the
public ; and any portion of the public would have a right,
within the purposes of the Standing Orders of the House
of Commons to use those plans and notices if they thought
fit. Therefore, in fact, the Shareholders had nothing to
they arc all published,
.ra_itni.udivia,rn.ybibyteAdgv,y,osimonugay
sell.—[A. Suanenonoza t 0 yes, the estimates.] Why,
cost iou ftu
epua
tpuerry
d ti
have
as
ev nel It
tea hnd
es
mai
r do
f olmr ttt hhh eee,
ap
nr
idn t eprrai
law-clerk as to its being illegal; at least he was sure that
it came within the scope of equity,
togive to dissentient
Shareholders a
portion of the moneyalread
go
to
We as a Company determine to form a new
on (for he believed he should go on) ;
give dissentients anything beyond their
proportion of the
funds in hand, he was certain the Lord Chancellor would
and
ii wey one, expended.
and
refused
set any such decision aside. The Directors ought to
stand as arbitrators between the assentient and dissentient
1
Shareholders, and say what is due to those who go out;
and, if they did so, he was satisfied that some money, be-
yond what was due in law, would come to the parties go-
ing out. —Mr. BURT thought gentlemen were wasting a
vast deal of time. The Company came to a resolution
last year, that certain steps and measures should be adop-
ted ; and it was understood that every Shareholder should
pay his fair proportion to the expenses. That proportion
had been paid ; but it appeared to him quite ridiculous be-
cause some now chose to say, " We will not go on with
the new concern," that they have any claim to have a por-
tion of what had been expended returned to them. Those
who decided to go on might justly say to them, 4, All
the money that has been expended has been by your own
authority and desire; we will give sou a fair share of
what is left, if you choose to retire ; and if you choose
to remain, you will participate in any advantages that
may arise from the undertaking." Really, there is neither
equity, honour, or justice in the demand of persons who
have once given their assent to proceeding with the under-
taking. They have no right to complain of hardship.—
Mr. Rawson said, he had only ccme home on Saturday

night• and he should like to hive time to see a few docu•

survey, they,
ments.—Mr. GEORGE SMITH, of Hume, said, that when
the old Manchester and Leeds Company bad made a
, for 1,8001.--[Mr. WHEELER said they could not do it
disposed of their property to a new Company
IDirectors.]-11e had
i legally, except, under special authority reserved to the
had no doubt iv prepared an amendment, which he
would find a seccnder in Mr. Rawson; he
had not spoken to any one to support it, and he would
move,—" That the Directors be and are hereby em-
powered to open communications with the London and
Birmingham, and other Companies whose interests will
be affected by this railway, with a view to its abandon-
ment ; and, as soon as proposals have beau received, witli' '

a view to enable the Directors to ascertain what opinions
the Shareholders may entertain, a meeting shall be con-
vened to take the same into consideration." He (Mr.-
was a proprietor of 200 shares in this under-
taking, which which cost him, with interest, 1,1001. ; and he was
quite aware, notwithstanding the letter from the London
and Birmingham Company, that an arrangement might be
made by which the Shareholders of this Company might
receive from them 31. 103. per share.—[The CHAIRMAN
—No ; they say they will give us nothing.] He had no
interest in anyadverse line, and had no Railway property,
except in the two lines emanating from that office (the
Extension and the Manchester and Birmingham Lines).--
Mr. RAWSON said, if be were to second the amendment, it
would be with a little addition, Those who intended to
go on with the undertaking would not be acting in a
straightforward way if they did not give a little time to
make inquiry. He really felt quite uncomfortable about
another concern he was in, and would not name. He
need not reiterate the expression of the high estima-
tion in which he held the Directors as upright men ;
but he should like to know a little more before lie
agreed to a dissolution, and he did not feel prepared to
join the new Company till he bad had time to inquire.
lie would propose to add to the amendment, that a Com-
mittee should be appointed to inquire and report to a meet-
ing of the Shareholders in two or three days.—A SHARE-
HOLDER : Is there time for any delay.?—The CHAIRMAN:
Certainly not.—Mr. Rawsme : Then I withdraw (S em
seconding the amendment—The CHAIRMAN : Will any
one second the amendment ; we must dispose of it.—A
SHAREHOLDER (we think Mr. R. C. Sharp): It appears
to me, that the Proprietor has forgotten the letter written
by Mr. Glyn.—Mr. WRATISLAW : At any rate he has for-
gotten the resolution we came to twelve months ago.— Mr.
G. SMITH :INo ; but we are in a different position now to
what we were dim—Mr. E. Towns' : We are in exactly
the same position.—The CHAIRMAN said, there being no
seconder to the amendment, it fell to the ground. He
was about to put the original motion of Mr. Chappell,
for the dissolution of the Company, when Mr. OLLt.
VAST asked if it would not be as well if the sub-
stance of the resolution were put into two separate
resolutions—the first being that the old Company
should be dissolved ; and the second should go to the point
of forming a new Company.—Mr. WHEELER: It is not
intended to form a new Company at this meeting at all.--
Mr. OLLIVANT repeated it would be more regular to have
a resolution simply declaring the Company dissolved, and
then another expressing the opinion of the meeting as to a
new Company being formed.—Mr. WHEELER said if the
resolution were simply a declaration that the Company
was dissolved, then the proceedings of this meeting would
appear to have no reference to a variation in this line;
it would be, in fact, a defunct concern. But now, upon
the face of the resolution, the object is stated to be to
form a new Company. We could not legally form a
new Company at this meeting; therefore we merely say
it is intended to do so, and as that is intended, Iwe re-
solve that the present Company be dissolved.—Mr. Ow-
yawl. thought the notice convening this meeting stated it
was for the purpose of dissolving this Company and form-
ing a new one.—Mr. WHEELER read the advertisement
(given above), and said, that of course the advertisement
was worded as widely as possible, because the Directors
did not know what course this meeting would like to take.
If the meeting had taken a particular turn, it would have
become illegal, and then it would have been necessary to
adjourn for 21 days, and call another 'meeting.—Dr.
LYON asked if the new Company would have any diffi-
culty ;in commencincs the undertaking where the old
Company left off, in Parliament or elsewhere.—Mr.
WHEELER : None, Sir.—A SHAREIDADER : Will the new
Company have as available the valuable arrangement
made with the Grand Junction Company ?—Mr. WHEELER:
Most certainly.—Mr. BRIGHT : Was this step determined
upon at the, last meeting ?.—Mr. WHEELER : Certainly ;
and I have the report here which shows it.—The CHAIR-
MAN then put the motion for the dissolution of the Corn.
pany, which passed with three dissentients.—The CHAIR-
MAN declared that to be the number; and Mr. RAwsoN
said, " Oh, there's many more."—Mr. CHAPPELL:, Then
count them. Another show of hands were taken. and
there were found to be first four, and subsequently fire dis.
scntients, whose names were taken down by Mr. Wheeler,
as follows:—Mr. George Smith, Mr. William Rawson,
Mr. Pierpoint, Mr. Shepherd, and the IZes. R. Durn.
ford, Rector of Middleton.—( Immediately afterwards, it
was intimated that Mr. Shepherd wished to withdraw his
dissent; leaving four dissehticnts.)
Mr. LEO SCHUSTER moved the third resolution (for
which see the Advertisement) appointing Mr. 11,g gins
and Mr. Henry Chadwick auditors of the accounts.—Mr.
WHEELER said that the object of this resolution wr,s, that a
resolution having been now come to, by which the Com-
pany is dissolved, of course unless the powers of the Pro-
visional Directors were continued for the purpcse of wind-
ing up the affairs of the Company, they would be from this
moment functi officio, and unable to wind up its affairs.—
Mr. JOSHUA P. WisruEsto had no objection to second
the motion. He supposed both those gentlemen were
large Shareholders. Mr. TOOTAI.,' Certainly, they are con-
siderable Shareholders.—Mr. BRIGHT: Should there be
some time fixed when the Shareholders shall be called to-
gether to rec Ave their balances ?—Mr. TOOTAL : A circu-
lar will be sent to each Shareholder, with the Report of the
Auditors, as early as possible.—Mr. BRIGHT : What means
will you take to collect the dissentients?—Mr. TooraL : A
circular will be sent to each Shareholder, with a request
that be will communicate to the Directors what his dcsi:e
or intention is. If to take shares in the new Company, he
will apply for them; if to retire, he will say so. A blank
form for each decision will be sent, to be filled up. It is
very desirable for the interests of the Company, that both
those who retire, and those who go on, should give their
answers as early as possible.—Mr. WRATISLAW thought it
very desirable the Shareholders should hold together as
much as possible, in order that they might again be en-
titled to that feeling in Parliament, which was before mani-
fes,ed in their favour. The House of Commous had passed
a resolution, stating, that the Company was exceedingly
ill treated the last time ; and he thought on this account
it was important that as many Shareholders as possible
should enter the new Company.—Mr. OLLIVANT : Of
course, in going to Parliament a second time, the Share-
holders will have to sign a new decd. [Mr. TOOTAL : Of
course.] And I think it was then stated, that the
probable amount deposited might be very likely
31. 10s. per share. In going to Parliament again, we
should have to say that we had paid ten per cent, upon
our deposits. Of course, then, there wouli be 41. 10s.
more to pay per share before we could go, to Parlia-
ment. It was always desirable that these things should
meet with candid explanation, and that there should be no
misunderstanding. Ho did not ask this in any hostility,
but in consequence of a circular-which he had received.
[Mr. NEWBERY—From one of our opponents, no doubt.]
Very likely. At the same time, we should know what
we are doing, and when you touch our pockets. [Mr.
ToorAL—lt is not intended to touch your pockets.] But
how will you get over it?-[Mr. TOOTAL—Where would
you like to have that question answered ?] Mr. OLLI.
VAST—It must be answered, or it will not be satisfactory to
the Shareholders.—Mr, ToOTAL—It shall be, most dis
tinctly ; but don't ask me to cut your throat and my own.
[Mr. Bright having handed the circular alluded to by him,
to Mr. Newbery, that gentleman asked if any man put his
name to it; and it was intimated that it was anonymous.]
Mr. OLLIVANT—Then, of course, I 'understand we shall
not have to pay any more before we go to Parliament?
Mr. WHEELER—NIr. 011ivant is perfectly right as to
the operation of the Standing Orders. But the Directors'
Report has already stated that the existing deposit has not
been appropriated in any way ; and they hope to provide
a course, which it is not expedient to state here, by which
any further payment by the Shareholders will be obviated.
—Mr. OLLIVANT : That makes a great difference, and it
is perfectly satisfactory. I like to understand the thing,
when it is thrown in my face that I shall have to pay 41.
or 41. 10s. per share, before we can go again to Parlia.
meat.—Mr. WHEELER read the concluding paragraph of
the Directors' Report as follows :
" It will, of course, follow, as part of this arrangement, that
the accounts of your Directors (who are the sole creditors of
the Company, no portion of the deposits already paid having
been expended or appropriated) should be audited, and the
sum ascertained, to which, after contributing their quota to the
expenses incurred, the several retiring Shareholders, if such
there be, will be entitled."

Those deposits are still intact ; and the particular mode
by which it is intended that they shall still remain in..
tact, I am sure, Mr. 011ivant will not call upon the Di-
rectors to state here ; but it is intended that they shall
remain in►act till the end of the next Session of Parlia-
mcnt.—Mr. OLLIVANT: Well mind you don't get
thrown overboard by your opponents.—Mr. Tooran :
Oh, they attacked us before.—Mr. Alderman BROOKS
Mr. -011ivant is quite right in asking the question.—
Mr. OLLIVANT: It is a very important matter, and will
weigh considerably with all parties in -signing the new
deed.—The CHAIRMAN said, he would put the resolu-
tion for the appointment of Auditors ?—Mr. C. SMITH :
Auditors ?—Mr. _EIVBERY : Who arc the A ? M N Two of the
very heaviest Proprietors.—The motion then passed
nem. dis. —The CHAIRMAN said, he believed there was
no other business.—Mr. Cuareant. said, it was desir-
able that the returns should be made to the circulars
as early as possible, and Mr. Wheeler was requested to
state the wish of the Directors to that effect in the cir-
culars.—Mr. TOOTAL said, that, probably in the course
of the next day (Tuesday), circulars would be sent to
every registered Shareholder in the Company, every gen-
tleman who had signed the deed.—A SHAREHOLDER asked
how it would be with those who merely held scrip.—Mr.
TOOTAL : There will be an advertisement to them, and
they will be good enough to call at this office, where every
information will be given. Of course we don't know who
are Scripholders, unless they call at the office with their

scrip. -
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thought it would be highly improper for the meeting to
separate without a vote of thanks to Mr. Ashton, for his
conduct in presiding over it. Ho (Mr. Wratislaw) bad
certainly never attended a public meeting in his life, where
the Chairman seemed so disposed to hear everybody and
everything. Every satisfaction had been given by him;
and therefore be begged to propose, that the cordial thanks
of this meeting be given to Mr. Ashton, for his conduct in
the Chair.—Dr. LYON had great pleasure in seconding
the motion.--It passed unanimously, and the meeting then
Lerreinated about a quarter past two o'clock, having occu-
pied upwards of two hours and a half.—Mancliester Guar-
dian.

DISTRESS IN MARYLEBONE.—Wednemday, at
lono o'clock, pursuant to public advertisement, a public
meeting of the parishioners of the extetnivo and opulent
parish of St. Marylebone, took place in the spacious board-
room of the Courthouse, for the purpose Of taking into
consideration the large amount of distress and destitut;;:n
produced amongst the poorer classes by the present incle-
ment weather, and the best mode to be adopted for effec-
tually relieving it, in the parish of St. Marylebone. The
( rest.lt was the collection of about 3001.
We understand that Lord Brabazon, one of the
Members for the county of Dublin, and the Hon. Grantley
Berkeley, one of the Members for the 'Western Division of
Gloucestershire, will move.and second the address 'of the
House of Commons to her Majcaty on the Speech from
the Throne, at the opening pf the ensuing aci,ohm of
Parliament.