The Sun.
London, England, 1847-08-27 00:00:00

EVENING, AUGUST 27:- 1847

RAILWAY INTELLIGENCE.
MIMING WOLVERH AMPT ON, AND

STOUR VALLEY.
BIRMINGHAM, THURSDAY.—This afternoon the
half-yearly meeting of this company was held at
Dee's Royal Hotel; Mr. Robert Scott in the chair.
The Chairman having called upon Mr. Morgan,
the secretary, that gentleman read the report, which
stated that the directors had to inform the proprietary
that the royal assent was given to the Smethwick
Deviation Bill on the 241
of July last. In that Act
powers were given for the sale or lease of the Bin
mingham, Wolverhampton, and Stour Valley to the
London and North-Western Railway Company, but
a clause was introduced restraining the company from
selling or leasing until it shall have been proved to
the satisfaction of the Commissioners of Railways,
and certified by them under their seal, that half of
the whole amount of the capital authorised to be
raised, exclusive of loans, shall have been actually
paid up and expended. One-half of the capital not
having yet been paid up, the directors were not able
to submit to this meeting the lease which was being
prepared in conformity with the terms of the arrange-
ment confirmed by the proprietors at their second half-
yearly meeting, held on the 19th of February last.
The Bill which the proprietors authorised to be intro-
duced into Parliament in the last session,
for an extension of the line from Oldbury
to Stourbridge, was thrown out by the House
of Lords. The directors continued to en-
tertain the opinion that the interests of the
district intended to be provided for by the line to
Stourbridge and its branches, imperatively require
the construction of such a railway, and under this
conviction they recommended the renewal of the ap-
plication to Parliament for a Bill for that purpose.
The works of the line were proceeding satisfactorily.
The directors were proceeding with the execution of
the Smethwick deviation line and the branch to
Dudley as speedily as possible. In conformity with
the resolutions already passed by the proprietors, the
directors proposed to pay interest on the deposits and
calls at the rate of four per cent. per annum from the
Ist of January, 1846, to the 30th of June last, and
warrants for payment would be shortly issued.
The SECRETARY next read the statement of ac-
counts, from which we find that the receipts have
been 302,0151., and the expenditure 267,1811., leaving
a balance in hand of 34,8341.
The CHAIRMAN said it now became his duty
to move that the report just read be received,
adopted, printed, and circulated amongst the
shareholders ; and as that was the last occasion
on which he should have the honour of presiding
over them, he would venture to offer a few obser-
vations to the meeting. He was about to retire
from the chair for several reasons. The first and
most important was, as their line of railway would
shortly be virtually one and the same with that of the
London and North-Western Company,
who would
have to provide any surplus capital which might
be required to complete the works, he thought that
the chairman of the Stour Valley line ought to be a
director of the London and North-Western. Secondly,
he (the Chairman) found that he was now no longer
at liberty to act freely and independently, and he was
unwilling to assume responsibility when not armed
with corresponding authority. Lastly, his other oc-
cupations and the distance at which he resided from
Birmingham rendered his attention to the duties of
chairman irksome and inconvenient. The report just
read stated the reasons why the lease to the North-
Western Company was not yet completed. By their
Act their capital was fixed at 1,100,0001., and until
half of this sum was paid up and expended the lease
or sale could not be legally effected. The time would
shortly arrive when half of their capital would be
paid up; and when they looked at the cost of land
and property in the neighbourhoods through which
their line went, they might easily imagine that there
would be AO difficulty in spending it. A special
meeting would be called for the purpose of sanction-
ing the completion of the sale. terms of the
lease and sale were already well known ; their divi-
dend was to be the same as the dividend of the
London and North-Western. Now it so happened
that the dividend of that great company had
recently been reduced, and this result, seeing
the
great expense to which the comp y been
—the falling off of traffic in consequence.of the re-
an had b
re-
cent depressed state of commerce, and the new branch
lines not yet in operation--could excite no surprise.
When, however, these branch lines were completed,
he saw no reason to suppose that the dividend would
be permanently at a reduced rate. The Hon. Gen-
tleman proceeded to contend that the principle of
competition, as recently sanctioned by Parliament,
was not for the public good. It was the duty of the
Legislature, in the present state of affairs, to protect
the interests of the shareholders, while at the same
they ensured to the public speedy and safe conveyance
at a reasonable rate. This principle, which had for-
merly been adopted by the Legislature, had recently
been departed from in the case of the London and
North-Western. While that company, continued to
conduct the line as they now did, carrying passengers
and goods at a lower rate than other companies, it was
the duty of Parliament to protect the shareholders.
With respect to their own line, he had only to say
that the works were progressing satisfactorily, and
the warrants for the payment of interest would, as
speedily as possible, be issued to the shareholders.
He concluded by movsng the adoption of the report.
Mr. WILLIAMS wished the chairman to explain as
to half the capital not being paid up.
The CHAIRMAN said the shares were fixed by their
Act at 20/. ; and, accordingly, 101. must be paid be-
fore they could proceed.
Mr. MEREDITH wished to ask whether, if share-
holders paid up the full amount of their shares, they
would be allowed five per cent. interest for their
money ?
The CHAIRMAN said the question had not yet been
brought before the directors ; but he would take care
that it immediately engaged their attention. Such a
course would only affect one-fourth of the capital.
Thanks having been voted to the Chairman, the
meeting then broke up.

GLOUCESTER AND DE
The third ordinary general•
of this company
took place in Gloucester meeting
yesterday.
The CHAIRMAN (Mr. Samuel-• Baker) said. the
Dean Forest Railway now stood
integral part of
the South Wales Railway co an,hey
N FORESI.
were
now in a position to carry the winEoalney•of the traffic
from Hereford and the adjoining country, and all the
passenger traffic from the south of Ireland would pass
over the Dean Forest Railway. It was true two
competing lines were proposed, that would pro-
bably carry some of the traffic coming northward ;
yet those lines, if carried into effect, would have to
cross the river Severn, and that was a great ob-
stacle. All the traffic from London must pass over
their line, and there were no counteracting dis-
advantages. Since the last general meeting of the
Forest of Dean Railway, the South Wales Company
had purchased the Bullo Pill Railway, and access
would be thereby gained to the heart of the Forest.
A satisfactory arrangement had also been effected
with the Severn and Wye Railway. The period for
the extension of the line would be extended, as the
present distressed state of the money market would
not admit of the ready payment of calls. The South
Wales Railway were proceeding very rapidly with
their works.--(Applause.)
The report of the directors, of which the following
are extracts, was then read and adopted :—" The
directors have to report that they
have purchased a
large proportion of the land, and the engineer of the
company has completed his arrangements for the pro-
secution of the works ; the contract has been agreed
to, and the works commenced on the heaviest por-
tions of the line contiguous to Gloucester. Some
delay must necessarily arise in their progress until
the purchases of land shall be completed. The di-
rectors have to congratulate the proprietors on their
success in passing a Bill for the construction of docks
in communication with the Gloucester and Berkeley
Canal, by which important advantages will be con-
ferred upon this company by the improved facilities
which will be afforded in connexion with this line of
railway."
A resolution was also carried, confirming an agree-
ment with the South Wales line relativs to an exten-
sion from Grange to Hagloe, and thanks being voted
to the chairman, the meeting separated.
THE AMBERGATE, NOTTINGHAM, AND
BOSTON, AND EASTERN
e Hall,
Vas in e g
JUNCTION
R AIL WAY.
On Tuesday the usual
h h
eld alf-year
Exchan
th g
ly meetin of tbe
above line of railway:
Nottingham.
The CHAIRMAN W. F. N. Norton) at some
length entered into (~explanations required by the
shareholders.
The statement of accounts appended to the report
mentioned the total receipts to have been 219,2711.,
and the expenditure 101,038/, showing a balance in
hand of 108,233/.
and Mr. B
The CHAIRMAN moved, Bailor. seconded
the adoption of the report.
Mr. GEE censured the conduct of some of the
shareholders ; but his remarks appeared to excite but
little sympathy. He went on to remark that the
termini of the railway were not at the end of their
lines, but at the western and eastern seaports—
(Cheers)—and the scheme ought to be carried out to
the fullest by the directors. The next great fault
alleged was that the directors were all local ; but
.—(Mr. Ingram was under-
that he thought was an advantage rather than a fault.
He thought the charges so little justified by realities
that the parties who had acted upon them ought to
be ashamed of their conduct. Why, he had met one
) Well, he went
of those who blamed the directors for buying canals
at Bingham, and trying to purchase the Grantham
Canal for another railway
arrange.them.—
tsetomodaktoe
adnissoeffnetrffroormitt.his statement.
Srrange matters he
Mr. INGRAM said, if he did not go to Bingham to
did not go to dis