The Sun.
London, England, 1846-05-04 00:00:00

No, 16,730.

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: ONDON AND YORK RAILWAY.
I
By an advertisement in the papers of ThurFday last,
emanating
11%11i-the London. and York Directors, it appears that the rn
Counties Company have offered each London and York shareholder,
:in addition to a bonus of 10s. per share, an Eastern Counties York
_Eatensiom .pare, ranking, when 'lsi. is paid, whe 'Easte
COunties shares, now selling at 241. each ; and that the Directors
We rejected this 'offer without calling the shareholders together.
This Committee, after mature consideration, are at a toss to discover
the soundness of the policy, which can have induced the London and
,• YorlCDirectors 'to refuse this offer. The London and YOrk Direc-
tors charge this Committee with embaarassing their negotiation for'
.anialgamation, and using language so specious, as to lead the share-
holders to think they were acting with the Directors. The Corn-
TM:tee cannot understand how ascertaining the wishes of the share,
holders, and opening a door to negotiation • with the astern
CotintieS CoMpany. can embarfass the Directors ; and they deny
that their language is specious, or calculated to deceive any one.
The London and York directors charge that Mr. Lamert, who acts
ou this committee, is an Eastern Counties shareholder. He was, for
some years, a holder of 1,000 registered shares in this Eastern
Counties annpany. which he sold in November last, and became the
holder of 2,000 London and York shares: and to relieve himself
from the loss which these will entail if the Bill passes, or to convert'
them hat° Eastern Counties stock, which he thinks must attain a high
premium, he became one of the Committee, and participated in its
movement.

This Committee cannot congratulate the Directors on their caleu-
Intl uns, which state that,' 151. Eastern Counties York Extension
share, with lOs. paid on it, is at 30s. premium only of the same value
as a 501. London and York share, with 21. lOs paid on it, and nearly
spent.• If the shareholders will ask and respectable share-broker, he
will ttll them that 4.premium of 30s. per share on a 15/. share 4 equal.
to a premium of exactly 5/. on a 501. share.
Besidg, if an Eastern Counties York Extension share is slow at
Pls. premium, what will the premium he if the London and York op-
position iswithcirawn, ani the best portion of the projected lin. s alone
presented to and passed by the Legislature. Eastern Counties shares,
which now stand a: 241., would, in that event, probably rise to pl. ;
but, taking them at 241., an Eastern Counties-Xork Extension share
is, if the Bill passes, worth 91. premiuth. But this is not all, for the
Londqn and York Directors state they have considerably more than
100,0001., or 11. per share.in hand. •
tio that a party making the proposed exchange might reasonably
expect that whieh is now worth 21. la to yield him in cash, pre-
mium, and bonus, 101. Os. ; besides divestingrhimself of the fearful.
liabdity to calls, 3ithich now hangs over him. Or, more plainly,
thus : . •
•
• A holder of five London and. York shares of '5Ol. each, must pay
up 2371. 10s.,•and have five shares, at a heavy discount, in an mt-
.


A holder of five Eastern Counties York Extension shares, must
pay up 721. 10s., and have five shares, value 1201., in a dividend
paying line.
I.ondon and York shares have, in truth, already doubled their
price, in anticipadon of this amalgation, and if it fail must fall back
to a lower discount than ever.

It only remains for this Committee to direct your attention to the
disclosure now made by the London and York Directors of the policy
which actuates them—a policy which, however specious in appear-
ance, is, in the judgment of this Committee, most distinctly opposed
to your true interest. The Directors say, with the powers of an Act
of Parliament, they would be able to conclude arrangements. But it is
idle to suppose that better terms can be made lacer the Act is ob-
tained, The line must then be made, and nearly ten millions ex-
pended. It is to prevent this disastrous consequence that the
exertions of the Committee have been directed, and they call upon
you with renewed confidence and greater earnestness to aid them
and protect yourselves.

By order of the Committee,
HENRY I'HILLIPPS.
London and York Shareholders' Committee-rooms,
4, Sise-lane, London, May 1, 1846.