The Sun.
London, England, 1846-01-13 00:00:00

inconvenience was suffered in having to take the co& Is
in the first place to Crewe, and them by the Grand
Junction line to Norwich. One gentleman had offered
0
to guarantee an annual consumption of
,000, if that
work were completed. He also referred tei the great in-
crease on the facility of access to Wales, he the recom.
mendations of the Directors were attended to.
In answer to a question from a Shareholder,
The CHAIRMAN said that the London and Birsaini;.hlat
Board had assented to all the proposals now submi,ltd
to the meeting.
The CHAIRMAN moved a resolution, embodying the*
assent of the shareholders to all the different matters de-
tailed in the notice convening the meeting, observing that
the shareholders of this Company would participate pro
rata in the Shropshire project.
Mr. E. D. DAVENPORT, of Capesthorn, after compli-
menting the chairman on his address, spoke at some
length, and asked whether this Company intended to
oppose a line projected from Birkenhead to Macclesfield.
He was a shareholder in the Manchester and Birming-
ham Company to the extent of some hundreds per an-
num, but he thought that the line from Birkenhead to
Macelesfield would accommodate the public, and he had,
therefore, given his assent to it. It would reduce coals
in price three shillings per ton. He hoped that some
arrangement would be come to with that Company. He
then, at considerable length, complained of the slow tra-
velling upon this line, stating that some of the trains
were generally half an hour behind their time, whilst
others were not unfrequently an hour. This morning
was the first time that he had ever known the train to
arrive in proper time at Alderley. He also complained
that the charge for a passenger to go from Chilford to
Chester was eight shillings, whilst if the party booked
first from Chilford to Crewe, and then from Crewe to
Chester, he would only be charged six shillings. The
mail train had at times been an hour beyond its proper
time, and if the Directors did not take means to ensure
greater regularity, he would not promise not to endea-
vour to make them.
The CHAIRMAN regretted that at times the trains had
not come in at the proper time, and the Directors had
appointed a superintendent, whose duty it was to ascer-
tain and report the cause of the late arrival of the trains,
and from these reports it appeared that the delays had
been caused by the late arrival of the trains from Lon-
don on the Grand Junction line at Crewe. In conse-
quence of the reduction of rates and fares, the increase
of the traffic on this line had increased tremendously.
They had generally a stock of engines on hand, but now
they had none except those at work. They had eleven
new ones ordered, but such was the demand for engines
now, that the makers would not show any favour in the
hi
completion
c uh
ptohneyt
the
ea
London
no radnedr e dß,i r
rnM
irn. Sharpgham
linew i s wished
completion of their orders. With respect to one
ethnegimneto'Ng'
a trial ; but upon its arrival in London, the London and
Birmingham Company laid violent hands upon it
(Laughter)—and said that they should not have it back
again.
Mr. THOMAS COOK seconded the motion of the chair-
man, which, after a few words from Mr. Latham, passed
unanimously.

•
--4fre
•

MANCHESTER AND RUGBY DIRECT, viii MAC-
CLESFIELD.
MANCHESTER, MONDAY, HALF•PAST FOUR.—To-day,
at twelve o'clock, a meeting of the shareholders of this
Company was held at the Albion Hotel, in Manchester,
for the purpose of receiving a statement as to the present
position and prospects of the Macclesfield and Lichfield,
or Churnet and Blythe Junction, in which Company the
shareholders have the option of receiving an equal num-
ber of shares for those held in the above company. The
advertisement, signed by the committee, recommended
the shareholders to delay determining as to the course
which they will individually adopt, until after they had
the opportunity of hearing the explanations and state-
ments which would be submitted to them at the proposed
meeting.
Mr. William Hill, Chairman of the Board of Directors
presided.
Mr. JOSEPH HERON, Town Clerk of Manchester and
one of the solicitors of the Company, then rose and
stated that it would be within the knowledge of every
shareholder that at the last meeting, by the terms of the
report which emanated from the Board of Directors of
the Manchester and Rugby Railway Company, the
shareholders had had the option given to them of receiv-
ing back a sum of 325. per share, with a right to such
further amount as shouid at any subsequent period be
ascertained to be the property of each, or of receiving in
the place of such portion of their deposit back again
scrip of the same amount in the Churnet and Blythe
Railway Company. Since that announcement had been
made, the Directors had conceived that it would be only
just and equitable that every necessary information
which it was in their power to communicate to the share-
holders, should be laid before them, so as to enable them
to decide for themselves which course it would be the
best for them to adopt under all the circumstances
of the case, and so that hereafter there might be no
room left for any shareholder to blame them, whether
he decided to accept his proportion of the deposit, or to
take the scrip proposed in the Churnet and Blythe scheme.
This had led to the convening of that meeting. They
had before them the prospectus of the Churnet and
Blythe scheme, and he therefore felt that he had very
little to do, for he could add nothing to the statements it
contained. They had, therefore, now to decide for them-
selves which of the two courses it would be most advis-
able for them to adopt. As to their own immediate
position, he would state that a full and accurate state-
ment of their affairs was now in course of preparation;
but it was not completed so as to lay before the meeting,
although it was desirable that it should have been done.
The question, however, as to the Churnet and Blythe
admitted of no delay; and consequently the meeting had
beon called at the earliest opportunity in order that tke
shareholders might have the means of deciding for them-
selves what should be their course of action under the
circumstances.
Mr. FAULKNER briefly enumerated the chief merits of
the line. By the construction of 451 miles of new rail-
way they would be enabled to shorten the distance be-
tween London and Manchester, in conjunction with
other lines existing and in progress, from its present
length, to within 177 miles, and the time now occupied
in traversing that route could be reduced from its period
at present occupied to within four hours and a half. The
line had been surveyed with great care and minuteness,
and their surveys were all ready for Parliament. Those
surveys were not to be quarrelled with, and he need
only say that they were executed by Mr. Locke, in
order to show that they could not have been confided to
a better man in the whole kingdom. That gentleman
was so well satisfied with the character of the under-
taking, that he had declared that it must be made, and
had also strongly recommended it to the Directors of
that line with which he was connected immediately in
the district. From circumstances into which, perhaps, it
was not necessary for him to enter, but which had
their origin in an arrangement between the Grand Junc-
tion Company, and the London and Birmingham and
Manchester and Birmingham Company, the Directors of
the Churnet and Blythe Company had not deemed it
expedient to put out such a number of their shares as
would have prevented their being under the necessity of
coming to others to ask for their assistance. The line
was a substantial line, not promoted by parties who en-
gaged in it for merely speculative purposes, but by the
resident landowners and proprietors of the district. In-
deen, he might mention that five-and-twenty miles of the
land which would be required, out of the forty-five
composing the total length of their line, were the
property of promoters of the line, and consequently
the heavy expenditure necessary in the purchase
of land would not be called for, less than one-half the
length only having to be purchased by the Com-
pany. He had alluded to the Grand Junction Company,
An allotment of a certain proportion of the capital had.
been set apart by the committee of the Churnet and
Blythe Company for that Company ; but it had b
spueiriisoedquwenhtelyn rtechealmledonebyy
mthaerhect ommit
j
soussteriatoutshlye
became
The Committee
affected in consequence of the panic.
had,.tshowever,
ldientee.rmitineeadntwohpilreocteheed ußpuognbytheanidntri‘iinasnic.
merits
Company found that though theitlynneddhtautdheyemtpoolnuaennyds
they had not got everything ready for Parliament. They
consequently looked around
and sections of the Churnet and a;ntdh'.Bylyetxhaem,
e r t o incurredwtwith the
h linead wasbeen
that
that
the expenses
h everything
th keptbon ti
downfi
d c,
tt
to the
saylowestthat
ipses wasslh l ae
They had most amount,
desirable and
they u
junction
onot t
to
hesitateeffect.
had made certain propositions, and those proposi-
tionsbeen accepted by the committee of the Churnet
and Blythe Company, and he had no doubt whatever
that they would go to Parliament with every prospect of
suCCQSS.
Mr. FAULKNER, before he sat down, in answer to dif-
ferent shareholders, said he did not know how many
shares in the Churnet and Blythe had been issued; nor
how much of the deposits paid up. The deeds wore out
at the present time, so that though he made the inquiry
before he left town, he could not receive a correct reply.
He might, however, state in general terms, that a fourth
part of the capital of the Churnet and Blythe had been
already paid up, that capital amounting to one million.
Mr. HERON again rose and said they had felt it their
duty to make alt the inquiries which were necessary in
order to secure the interests of the shareholders of the
line. They had asked what w ould be the position of the
shareholders if they were to take Churnet and Blythe
scrip. They found it would be exactly this—the ex-
penses incurred by the Manchester and Rugby Company
had been ascertained to amount to somewhere about
85. 6d. per share. The Churnet and Blythe Company's
shares were 201. shares, with 40s. paid udlpeeic.iisiloeghnsT:treehrehyocldhoemards.
originally been 25/. shares, with 2/. 12s. 6d. paid up ;
but as the committee had not issued their scrip, they
had altered the amount, in order to facilitate the
arrangement. The Rugby shares were 201. shares,
with two guineas paid. The Rugby shareholders had,
consequently, Is. per share on their side, which left the
portion of expenses at the sum of 6s. ficl. per share.
Nuw, the Churnet and Blythe Company undertake to
bear such an amount of the expenses already incurred,
in regard to the Manchester and Rugby, as would bo
equal to 6s. 6d. per share, on all such shares 7s
exceed
the the arrangement, provided that it does no
had chosene to
the sum of 10,000/. Those parties who
sraeyee,hi-ne backsneh
athnenirse,dethpoerseits:
if the
.tahh mightecthat?ha thenpossibility
Now,
ft
tr
there
eorr
this
e) ui
beingnt
sd
eavnedar
ow, would
surplus; what will be done
.wit
be a very proper question,
0,
uh(
couldr)
whole
l e.ie htea xairunpne:s
edino et sistoraainhi
many
iloc :htnn
atwkti
3,1
would
the
titdh Rugby
ebierun j andus
occurring could be centemplated. But such asbeptqlotustei
it: position
of circumstances could never occur. It would require
were not so
beenTs''pt uh'
Com-
pany,
lcaneol t):
ell'atvxlae: rpderneerydseenulcisesliectigi‘sthoesoted.fhlqd thebrreh3C:v ,
.h, eßl:t3eitiol:tdhi
de wouldnc not
tmnp amounton tn
y ha, arise.tdo,_______
...._ , ,
more than between 7,000/. and 8,0001. ..-11 i --.64oabes„:-,..r
Mr. FAULKNER—Not more than between 6,ooo6ndic-ft ri3
7,000/. ? -;-.., .t „:- it:T,.-
Mr. HERON—The plans had been all deposited by'Mr. '.,„,,:, 1'W47,"
Locke, and his name alone was was a guarantee` for -- %it, ---•
,•..*
~.,44....
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