The Sun.
London, England, 1847-08-31 00:00:00

FRASER'S MAGAZINE for SEPTEMBER,
Price 2s. 6d., contains
The Girondists, Jacobins, and M. de Lamartine.—A Defence of a
eassical Education.—Juan Moreda, the Slave-Hunter. —Hands and
Gloves.—A visit to the Wine Country of Portugal.— A Batch of Par-
liamentary Barris ers.—The Old Judge • or, Life in a Colony. By the
Author of " Sam Slick, the Clockmaker'." The Keeping-ltoom of an
Inn. No. lII.—La Morgue. By Mrs. D. 4 gilvy —The Orator of
the Shop.—Walter Scott —Has History gained by his writings? The
Merchant of Marseilles.— A Day on the Moors.—The Sanitary
Question.

The advertisement convening the meeting having
been read, the seal of the company was placed to the
register of proprietors, and at the request of the
CHAIRMAN,
Mr. WHATELY (the solicitor) read the following
report :—" Your directors have the satisfaction of re-
porting that the sanction of Parliament, for confirm-
ing the agreement for the sale of this railway to the
Great Western Railway Company has been obtained.
Whilst by this measure the interest of the share-
holders has been secured, the directors are convinced
that the convenience and advantage of the public have
been greatly promoted. The arrangements for ob-
taining possession of the land and property required
for the railway have been carried on with all the
celerity practicable; but they have been greatly re-
tarded by difficulties incidental to dealing with pro-
perty in a populous district, and necessarily, therefore,
of a complicated character. The contracts for the
whole of the line have been let, but the directors
have considered it most prudent to postpone pro-
ceeding with some of them until the land can be
secured on reasonable terms, an object which any
undue precipitation would defeat. The engineer's
report will explain the progress which is being
made upon that portion of the line on which
the contractors are at work. The line from Stour-
bridge to West Bromwich, sought to be obtained by
this company in the last
.session of Parliament, was
lost in the House of Commons; but the opposing
Stour Valley line, promoted by the London and
North-Western Railway Company,was also rejected
by the House of Lords. The Bill for the asiialgatffiir
tion of this company with the Birmingham and Ox-
ford Railway Company was defeated by the organized
opposition of parties in the interest of the London
and North-Western Railway Company. Power has
been obtained to form an additional station in Consti-
tution-hill, Birmingham. To render the line in all
respects efficient for the convenience and accommoda-
tion of the public, the power to lay down the broad
in addition to the narrow gauge appears to be essen-
tial, and the necessity of this is so apparent and im-
perative that its eventual attainment may be calcu-
lated on with the most entire confidence. The au-
ditors have examined the accounts, which are made
up to the 30th of June, and by the annexed state-
ment a balance of 46,6181. 16s. 10d. is shown to the
credit of the company.
The engineer's report states that the progress of
the works has not been great during the last six
months, owing to the difficulty of obtaining land on
the portions of the line where the heaviest works are
situated. When the final arrangements with land-
ewners are completed, the contractors are in a posi-
tion to finish the work rapidly, as they have a great
quantity of bricks and other materials upon the
ground.
From the statement of accounts it appears that the
receipts have been 208,828/. 135., and the expendi-
ture 162,2101. 25., leaving a balance in hand of
46,6181. 164.
The CHAIRMAN said the shareholders had heard
the report read, and he believed that it was necessary
and usual that in moving its adoption the chairman
should make a few observations relative to the posi-
tion of the company, and he was happy to think that
those observations need not be of any length, as, from
the few shareholders who attended, it was clear that
it was not deemed necessary to watch them very
closely—(Hear, hear)—for in another company-inti-
mately connected with that, where it was dmed
necessary by certain parties to watch every mote-
ment the directors made, they could always calculate
upon
.a more numerous attendance.—(Hear, hear,
and laughter.) He was happy to say. that there was
no railway in course of construction whose affairs
were in a more satisfactory state than those of that
company, but there were one or two points on which
he would like to make a few observations. The share-
holders were aware that the Great Western Company
had entered into an arrangement for the purchase of
both that and the Birmingham and Oxford line;
and he need not say how gratified he should have
been if thar, arrangement had been carried out
in its integrity.—(Cries of " Hear, hear.") Cir-
cumstances had, however arisen, by which another
company had succeeded in deferring for a time the
carrying out that agreement.—(Hear, hear.) He
said deferred, because he could not believe that the
proceedings which had been taken would ultimately
amount to a defeat; and he therefore considered that
—it - yaw- only-cleferring for a time _the benefits -ea—i
petted by, and which he had no lit;i2bi would accrue,
both to the public and the shareholders.—(Hear,
hear.) But be might observe, and he wished to be
particularly marked by the shareholders, having had
numerous inquiries on the subject, that the agree-
ment of the Birmingham, Wolverhampton, and
Dudley Company with the Great Western, was en-
tirely distinct from and irrespective of that with the
Birmingham and Oxford Company, and that agree-
ment had been confirmed by two Acts of Parliament,
the one obtained by that company, and the other by
the Great Western Company—(Hear, hear)—and
therefore, irrespective of the other company, the
agreement between the Great Western and the Bir-
mingham, Dudley, and Wolverhampton Company
would be carried out intact.—(Hear, hear.) He
thought it necessary to make that explanation, in
consequence of having received various letters on
the subject. (The Hon. Gentleman here read the
clause of the two Acts in confirmation of his state-
ment.) By their agreement with the Great Western
Company they were to receive 101. 15s. per share from
them on the completion of their line, and in order
that there might be no doubt upon the subject, he
was authorised to say that the Great Western Com-
pany would be prepared to issue coupons for the
301. as., being the 201. paid in and the 101. ss.
from five per cent. being allowed upon the sales made.
and four per cent. upon the portion paid in advance,
such portion coming into the receipt of the five per
cent. as it was called up— (Hear, hear)—and the
coupons being payable upon the completion of the
line. In respect to the quarrel relative to the lines
in that district, it appeared that the London and
North-Western party conceived that the question in
dispute was only with the Great Western, but that
was not the case. That line was originally promoted
by the manufacturing interests of the midland dis-
tricts, and not by the Great Western Company. It
was not until after great solicitation—the trouble
of which nobody knew better than he (the Chairman)
did, having formed one of a committee for establish-
ing the company—that the Great Western Company
consented to have anything to do with them, and it
was then only upon; the principle of keeping out a
third party—(Hear, hear)—for they might depend
upon it that nothing was more fallacious than to
suppose that if the Great Western Company were de-
feated, in or were to recede from proceeding with that
line, that the public would be satisfied. And he could
assure Mr. Glyn and the London and North-Western
Company, that were they to succeed in defeat-
ing—which he did not believe they ultimately would
—the lease of that line to the Great Western Com-
pany, they would be only laying the foundation of
greater ininry to themselves—(Hear, hear)—for it
was quite clear that while the requirements of the
public and the opinions of the Legislature were in
favour of fair and reasonable competition, they could
not prevent a third party entering the field ; and
much as they had spent in protecting what they con-
sidered to be their interests, it would be but trifling
in comparison to what they would be required to. ex-
pend, to prevent the public and the inhabitants of the
district asserting their wants, and raising another
and more powerful party than the Great Western
Company. For this he could assure them—that the
manufacturing interests were resolved to have a com-
peting line, not only to Liverpool, but from the whole
district, north and south, for Southampton as well
as for Liverpool, Scotland, and Ireland. Should not
competing lines be on different gauges, it would be
the better, for he believed that there would never be a
competition that the public would be satisfied with
unless it were so ; and he believed that if a settle-
ment was not come to, that ultimately even Mr. Glyn
would be compelled to acknowledge that the real in-
terests of his company had not been served by the op-
position to the Oxford and Birmingham line. In
conclusion, he begged to move that the report as
read, together with the statement of accounts, be re-
ceived, adopted, and printed for circulation among the
proprietors.—(Hear, hear.) Those who were in
favour of the motion would hold up their hands.
About twenty hands being held up,
The CHAIRMAN put the contrary, and declared the
resolution unanimously carried.
The Earl of DARTMOUTH said that he was sure
they could not separate without giving a vote of
thanks to the Chairman, which he begged to propose.
Lord HATHERTOZi begged to second the motion,
and to express his opinion that the midland and ma-
nufacturing districts would never be satisfied until B
!'air and liberal competition was established. The
Railway Commissioners had addressed a series of
questions to the London and North-Western, alio
rther companies in the district, to elicit their opi-
nions upon the question of a mixture of the gauges,
and that similar questions were to be addressed to
the Great Western Company; but he was anZiOUS to

declare his conviction that the inhabitants of those
districts would never be satisfied with any deeison of
the Railway Commissioners on the subject, or of any
authority other than that to which they were used,
and by which they were legally bound—a Select
Committee of the Houses of Parliament.—(Hear.)
The CHAIRMAN begged to express his acknow-
ledgments for the compliment, which he said was
much heightened by the fact that it was moved and
seconded by two gentlemen distinguished for their
influence in the district and their business habits.
The meeting then separated.

BIRMINGHAM AND OXFORD JUNCTION.

The usual ordinary half-yearly meeting took place
in Dee's Assembly Room, Birmingham, at three
o'clock yesterday afternoon. Mr. W. Matthews pre-
sided upon the occasion ; and amongst others present
were Lord Hatherton, Mr. Spooner, M. P., Mr.
Mozley, Mr. Saunders (Great Western), Mr. Cross-
field, Mr. William Hall, Mr. C. Robinson Kettle,
and other influential shareholders of the Great
Western, the London and North-Western, and the
Birmingham and Oxford Junction Railways. Before
the commencement of the proceedings,
Mr. MozLEY inquired of the Chairman whether he
considered the meeting duly constituted ?
The CHAIRMAN—I conceive so ; and our first duty
is now to attach the seal of the company to the list of
shareholders. _ _ .

Mr. ➢IozLSY objected to the seal being attached.
The opinion of the meeting upon that point ought
first to be taken.

The CHAIRMAN said, acting under legal advice, he
believed he had the power to direct that the seal of
the company should be affixed to the list.
Mr. MozLEr—Previous to the Chairman doing so
it was his duty to put a distinct resolution upon the
subject to the meeting.
The CHAIRMAN—I certainly think I must do so.

Mr. MOZLEY—Not without an order of the meet-
ing. If the Chairman could do it upon his accord
there was no necessity for calling the meeting. He
asked the Chairman at the commencement of the
proceedings whether the meeting was properly con-
stituted, and yet without consulting their opinion the
Chairman now proceeded to attach the seal of the
company without first asking for their authority.
Mr. WHATELY, the solicitor to the company, said
the Chairman was acting in conformity with theft. Act
of Parliament.
Mr. MozLEY did not deny the words of the Act of
Parliament, but the proceeding was not in compliance
with proceedings at similar meetings. Before, there-
, fore, the Chairman attached the seal, he begged leave
to move the following resolution :—" That the seal
now produced not being the seal of the company, the
same be not affixed to the register of the shareholders;
and that such seal having been ordered at the special
general meeting of the company, on the 24th of July
last, to be no further used,:the Chairman and directors
he, and they are hereby ordered, now to deliver the
same into the custody of Mr. Elias Joseph Alozley,
one of the directors of this company."
The motion being seconded,
The CHAIRMAN begged leave to explain the cours,,
he should feel it to be his duty to adopt. lie helievro
they were aware that a suit was now pending—
bill'having been filed on Friday—which would Mil g
all their differences before a court of equity, and the
validity and legality of their agreement for sale to
the Great Western brought to a quick adjustment.
Therefore he felt bound to affix the seal of the com-
pany to the register.
Mr. MOZLEY contended that the non-affixing of
the seal would best effect the legal proceedings now
pending.
The CHAIRMAN said he was extremely desirous to
meet the views of the honourable proprietor, but at
the same time he had no wish to adopt a false step.
He felt that he was placed in a responsible situation,
and he deemed it, therefore, right in all matters of
difficulty, to be guided by competent legal advice.
Under such advice he felt bound to decide that he
could not put Mr. Muzley's resolution.
Mr. MOZLEY—Then I will put it myself.
The CHAIRMAN—Under my firm protest.
Mr. MOZLEY—Of course that we cannot help.
Mr. (to the Chairman)— Go on with busi-
ness.

Mr. MOZLEY then put his resolution, against which
few, if any hands were held up.
Mr. MOZLEY—I have now to state that the motion
is carried, and have to demand that the seal be deli-
vered up to me.
The CHAIRMAN—Then I beg leave to decline to
do so.
Mr. WHATELT then proceeded to read the report
and statement of accounts as follows :-
41-Eanae- she TOport stibeattea, to, the meeting of
shareholders by the directors on the 27th of February
last, their proceedings have been in some degree em-
barrassed by the differences which have arisen be-
tween the directors and a portion of the shareholders.
In consequence of those differences the directors re-
spectfully refrain from any remark on the Parlia-
mentary proceedings of the past session, or on those
of a legal character in which the company is now
involved, and which have been of late so frequently
under discussion. Under these circumstances they
confine themselves, on the present occasion, simply to
the statement of the accounts, which have been ex-
amined and approved by the auditors."
The balance sheet showed the receipts to have been
440,0081. 19s. 3d., and the expenditure 398,5191.,
leaving a balance of 41,4891. 16s. ; but it appeared
in the investigation caused by Mr. Mozley and his
friends, as alluded to in the proceedings, that the
amount actually paid for land during the above pe-
riod was 303,7671. Bs. ld., and the amount actually
paid for law charges was 30,9001. 3s. 10d. ; these dis-
crepancies appeared to have arisen on misstatement in
the previous balance-sheet.
The CHAIRMAN said thit he believed it was the
duty of a chairman, in moving the adoption of a re-
port, to make a few observations as to the situation of
the company. He should have been, under ordinary
circumstances, most happy to do so; but seeing that
legal proceedings had been taken, which must shortly
be brought to a conclusion, he should, as far as pos-
sible, follow the example which the directors had set
in the report, of abstaining from debatable matter,
and would simply move that the report be received.
Mr. SPOONER, M.P., seconded the motion.
The CHAIRMAN was about to put the motion, when
Mr. MOZLEY said that he hoped the Chairman
would not proceed so fast as to preclude him making
any observations.
The CHAIRMAN could assure the Hon. Proprietor
that he had no wish to do so; but he did not think
there would have been any obection to that tnotidn.
Mr. MOZLEY wished to know whether the adop-
tion of the report was meant to include the accounts ?
The CHAIRMAN said that the motion was only for
the reception of the report, the adoption he would
put hereafter. He considered the resolution would
include the accounts.
Mr. MOZLET wished to know how much the line
was likely to exceed the estimate.
The CHAIRMAN said that was a question he could
not answer, as the engineer was not present.
Mr. MOZLEY then asked whether the estimates
were likely to be exceeded.
The CHAIRMAN having given a similar reply to his
previous one,
Mr. MozLEY said that the engineer was the servant
of the company, and ought to have been present to
have given any explanation asked by the shareholders.
He thought it most extraordinary that the Chairman,
who had been connected with the line from the com-
mencement, was not prepared to say what the works
were likely to come to.
thiTekheanCrolnßeMwAaNs
competentsaid that
to
an
at p
sr ewserntth
that
te
question. did no t
com-
pany should s
fixed
a
bere recollected
tedtotand by h
the capitale
e
of t he
engagementcom
to sell the linent
stop to inquiretotheGreatN Western
thewstehrener it was Company—which
good
he would e
or
bad—any excess beyond the 1,000,0001. was to be
paid by the Great Western Company, and the share-
holders could not be rendered liable beyond the capi-
tal. He did not, however, think that more would be
expended than the 1,000,000/., and what they were
entitled to borrow.
Mr. MOZLEY said that the observations were
founded on the assumption that the agreement with
the Great Western Company was good, but it might
so happen that the law might declare
weredeclare
piatidbald,,2oaonld.pheer
thought that the directors,
annum by the company, ought to be prepared to have
given an answer to the question he had put. If the
Great Western are hound to pay all the surplus it
might cost, perhaps lineiofth,oeooi. it wereo to come to
2,500,0001. instead of 1,000
,0001. were bound to raise 1 000'00w0 1 uiadnbde
he
eh e
thought.better
the directors ought to be prepared to"tell them
_e
whe-
ther it was likely to cost one million or two. H
found in the accounts an item of 312,777/. for land,
and he wished to know whether that was all for land
required for the Birmingham and Oxford Company.
He called on the Chairman to answer that question.
They were only authorized to make a line from Fenny
Compton to Birmingham, and he therefor-. asked th,.
Chairman whether they had purchased land beyond
those limits? because, if so, he apprehended it was v.
violation of the Act of Parliament.
The CHAIRMAN thought it hest to ‘tate that, as
bill had been filed in Chancery to which he must give
an answer next week, be must decline altogether an-
sweriag (wagons relatire to the amounts on that