The Sun.
London, England, 1848-02-17 00:00:00

THE SUN, LONDON,

,
at n
.SUN OPPICE.

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NORTHERN- CoUNTIE UNION
AIL W A.Y. ( rfitS DAY.)
The ordinary half-yearly meeting and an extra-
ordinary and special meeting of the shareholders of
this company took place to-day at the London Tavern.
Major W. Beresford, M.P., the chairman of the
company, took the chair shortly a!ter twelve o'clock.
The advertisement calling the meeting having been '
read,
The CHAIRMAN called upon the secretary to read
the following report:—
" Your directors have much satisfaction in meeting
the proprietors, and m la) ing before dism a report of '
the operations and of the position of the company, and
especially so at the present moment, when the most in-
accurate and injurious representations are industriously
circulated to the prejudice of the undertaking, and to the
injury of the property of the shareholders. Your direc-
tors are still convinced, as they have been from the
first, of the ample resources of the district, of the im-
portance of the line, and that it will prove fully remu-
nerative to the shareholders.'
"Following the course which your directors intimated
at the last meeting, they have, t. with a view to the con-
venience of the shareholders, incurred as little outlay
as possible. The works have been confined to the
Wath contract, on which the land, with one trifling ex-
ception, has been purchased ; the quantity of earth-
work excavated amounts to 40,000 cubic yards. The
culverts and masonry work are in an advanced state.
" Your directors have had overtures from other in-
fluential companies, one of which was on the part of the
York, Newcastle, and Berwick Railway Company to
lease your line from Bedale to Castle Bolton, a distance
of 15 miles, for twenty-one years, at 5 per cent., or 4 per
cent. and half profits, on condition that the portion of
your line which is in course of construction should be
abandoned; your directors did not consider these terms
ought to be accepted, and they have every reason to look
forward to satisfactory results from continued negotia-
tions with the same or other parties.
" Your directors have unanimously determined on
proceeding to Parliament to ob'ain powers to amend
their Act, and it is hoped that Parliament will thereby
enable them to reduce the capital of the company, and
consequently the shares, from 501. to 30L each, and to
give power to the company to direct on what portion of
the line the capital of the company shall be expended.
The Bill as prepared will be laid before you, and your
directors ask your authority to proceed Kith it.
" Your directors have, in pursuance of the 41st sec-
tion of the before-named Act, given notice to bring
under your consideration the purchase of the Bagger
Leazes Branch Railway, but subsequent arrangements
will render it unnecessary to ask your sanction to this
purchase.
" Your directors consider it would be to your interest
to open that section of your line from Wath by Bedale
to Leyburn, a distance of nineteen miles, sitnultane-
ously with the opening of the Leeds and Thirsk line to
Leeds, and the Great Northern line from Doncaster to
Peterborough, so that the large agricultural produce of
%Vensleydale may be taken to Leeds and the West
Riding, and the excellent lime existing in the district
may be conveyed not only to the country bordering on
your line and that of the Leeds and Thirsk, but also into
Lincolnshire. Should your directors be authori,,ed, as
they desire, to concentrate the funds in the hands of the
company on the works of the Wensleydale line, no call
will be necessary prior to the next ordinary meeting.
" Your directors are able to state, that they are
offered favourable terms for working this portion of the
line, so that it will be needieas to peovide locomotive
power for the present, and a considerable saving will
thus be effected.
" Your directors trust that the line may be open from
Wath to Leyburn in the summer of 1849, and that
this section will of itself pay a profitable dividend upon
its cost. •
"The directors do not contemplate an early execution
of the works beyond Leyburn, as the powers of the Act
of Incorporation allow five year's and a half from this
time to complete the undertaking.
~ Four of your directors go out by rotation at this
‘ tine, viz.:— John Whitwell, Christopher Other,
henry Pease, and Marmaduke Wyvill, Lsga., and are
eligible for re &action.
" Richard Dutton, Esq., also resigns his office of
auditor, and your directors recommend the appointment
of George Broom, Eeq., of 35, Coleman street, Lodon,
in his stead."
The following is the engineers report :--
"Since your last half.yearly meeting I have, in com-
pliance with your instructions, re-surveyed the line from
Barnard Castle to 'f ebay, and the necessary plans, sec -
tions, estimate s, &c., for this deviatic•n were deposited in
November and December last, in compliance with the
standing orders of Parliament.
" By this deviation I estimate there will be a saving
in the expenditure, when the lice is executed, of no less
a sum than 320,000?
"On the line from Barnard Castle to Tebay, as
sanctioned by Parliament, there were four tunnels of an
aggregate length of 5,900 yards, which have all been
avoided. There being only one en the proposed de-
viation, of a length of 500 yards. This has been accom-
plished without materially increasing the total I,ngth of
the line to be made, or the quantity of earthwork. The
amount of masonry and brickwork has been conside-
rably diminished. The gradients on the south-west side
of the Stunemore summit, which on the Parliamentary
line were the worst, have been, I consider, improved.
" On the Wath contract, the works are proceeding
satisfactorily, and those now done by the contractors
are executed in a good, substantial, and workmanlike
manner.

"I have made arrangements with the contractors for
curtailing as much as possible the expenditure upon the
works during the winter, as you instructed me to do, at
your meeting of the 234 of December last. As the
spring advances we shall be prepared to continue satis-
factorily the future progress of the works. About one.
sixth of the tom: quantity of earthwork, a bride e, several
culverts, and about four-and a half miles of fencing have
been completed. I have much satisfaction in being able
to add, that I shall be en:shied to complete this portion
of the line within the Parliamentary estimate, and it can
be opened at any time within a very short perh d.
"'As: line on the Leyburn, Auckland, and Tebay
contracts has been staked out, and the plans, sections,
and dranings for these different contracts I have pre-
pared, and could proceed with them so soon as you may
think it expedient to give me further instructions."
The balance-sheet up to the 27th of January last,
showed a balance in hand of 89,0211. 9i. 3d.
The CHIIIti:AN then rose to move the adoption of the
report. It was with satisfaction that the directors met
the proprietors, notwithstanding they had been threa-
tened with au opposition to the course they had pursued.
He had eo doubt of showing that the directors had &ire
all ihat they could fur their proprietors, and if other
important lines had proposed to buy part of theirs, and
the directors, seeing a fair remuneration, had agreed to
sell it, ho did not sse why pieties w .bid not paid up
their cads had any right to questi,:n the pre-
priety of the con se adapted by the directors. It was
true that ne,ny persons who wished well to the company
had not piie some of tl_( it calls, but the great monetary
pressure that had taken place he believed was the sole'
cause of it, and be was sure if they were not improperly
pressed that they would make good all those calls.—
(Hear, hear.) The worthy and gallant Chairman hav-
ing adverted at some length to the different contracts
that had been entered into by the directors, and de-
fended their conduct in that respect, ex-
pressed a hope that the meeting would adopt
the :report. All that the • dirt eters hurl done was
sane;ioned by the proprietors at thsir last meeting, and
he could not see how, with any degree of fairness or
honesty, the shareholders could repudiate their own
acts. The negotiations that had taken place between
this company and others had been carried on with the
fairest spirit, and he thought all would admit that the
interests of the proprietors of this company had been
taken care of by the directors. To carry out these ne-
gotiations it was necessary to apply to Parliament
for a Bill. In the last session they had been defeated
in their object of repealing that clause in their Bill,
which was called the simultaneous clause. He thought
they had a better chance of success row, and it they
succeeded in obtaining that repeal they would be
enabled to proceed further in the reduction of their
shares. He had no doubt if they expended 300,0001.
g t]
on the construction of the Ha er, Waft, and Leyburn
line they would get a remunerationg of '7l. per cent.,
and it would not cost the proprietors
be more than 30s. per
share, added to which there woeldno necessity to
call upon the shareholders for any more
next general meeting. The board 01. money till the
tfaire
directors had car-
riedtzs; if they
the
on the affairs of the company w
courted inquiry.:4nto all that they had 6,hd
proprietors should think that he (the Chairman)
bad
not acted for the benefit of the proprietors, he was
ready to resign his seat to more worthy hands.
The worthy Chairman concluded by moving the adoption
of the report, and its printing arid circulation amen
the proprietors.
Mr. oases seconded the motion.
Thy CHAIRMAN, in answer to a question from e
a eeare-
bolder, said that the arrears of calls wero about 4,000 L
Mr. CARLISLE congratulated the directors upon the
report they had put forward, and he could assure them
that it had disabused his mind of all the false reports
that had been circulated to the prejudice of the directors.
lie most cordially supported the adoption of the report.
Mr. Jowl BAKER. also supported the report. Ile believei that their line would be a most profitable on ;
but he begged to impress upon the directors the neces-
sity of being most careful in their expenditure.
Mr.,Sams believed it they supported the directors
in their present report they were acting for their
own interest. He trusted that the proprietors would
not be led away by the statements or the circulars
of those who were unknown to them.
Mr. SPACKMAN objected to the report. The Chairman
and the directors appeared to have thrown overboard
altogether the object of the special meeting. He was
the representative of 650 voters, and in addition to that,
he represented between 5,000 and 6,000 shareholders
who had
not paid their calls,e and never would.—(Cheers
and laughter.) Ile belie if the meeting adopted the
report, they would be ruin! themselves, and enabling
the direetors to make turn
Be balieved that upon theuwreheclalls upon their purses.
single town of any importance,, e line there was not a
the greatest folly at the present moment and
he
thought it
ceeding with the line. He eonhideormecelnt to thi..k of pro-
of the Act Was a nefarious transh • 'that the Obtaining
ction
latur upon the aegis-
, _

The.CHAIRMAN called Mr. Spackrnan to order. -He
Could not sit there and hear such statements from any
man.
Mr. &ma wished to know whether Mr. I:,:packraaa had
examined the line and its resources?

Mr. SPACKMAN had examined the map of the line.—
(Great laughter.) Mr. Spackman then, at considerable
length, opposed the report, and moved, as an amend-
ment, that the report should be received and
referred to a committee of seven shareholders, who
repres(nting personally or by proxy not less then
100 shares each, for the purpose of then considering the
same, and that such committee report upon the affairs
of the c..mpany, and ascertain as far as they can how
far the shareholders assent or dissent to the carrying out
or abandoning of part or the whole of the line.
After a long and warm discussion, the seconder of
Mr. Spackman's amendment withdrew his seconding of
it, and it consequently 1111 to the ground.
In the course of the discussion that took place many
of the shareholders present bore the highest testimony
to the conduct of the directors in the course they had
pursued, and many who had entered the room pre-
judiced against them stated that their prejudices had
been entirely removed.
The directors that went out by rotation were re ap.
pointed, and Mr. George Broom was appointed auditor,
in the room of Mr. Dutton.
The meeting was then made special for the purpose of
taking into consideration the draft of the proposed Bill
intended to be promoted in Parliament in the present
session, entitled "A Bill to amend the Northern Coun-
ties Union Railway Acts, and to enable the company to
make certain alterations in the line of their intended
railway."
Resolutions approving the measure were proposed and
carried.
Thanks were voted b the Chairman and directors,
and the meeting broke up.

GREAT WESTERN RAILWAY.
(THIS I)AY.)
The half-yearly general meeting of proprietors was
held at the Paddington Station to day, and was the fullest
in numbers ever known. The business having beenppened
in the usual way,
Mr. C. RUSSELL, M.P., the chairman, said, that thesix
months to which the report refers, had been about the
most calamitous known in the history of England.
Merchants;manufaeturers, agriculturalists, and colonists,
had been crushed, and it was not to be expected that
railways, which depended on the flourishing condition
of the whole country, could escape altogether without
suffering. But the directors had been enabled to maintain
the establishment and operations of this company on
that basis on which it had for so many years prospered.
fully up to every expectation that had been originally
formed of it. During the last half year, the traffic and
the receipts on the great line from this place to Bristol
as well as on the branch lines had exceeded those of
the corresponding half year.—(Hear, hear.) The com-
pany had been enabled to meet all its engagements, to
maintain all its establishments in their full effidency,
and to carry on the works commenced, not as rapidly
as had been contemplated, but steadily, and looking con-
fidently to the return of bettsr tifees.—(Hear, hear.)
The directors had effected all this without having been
obliged to apply to their bankers, or borrowing money
at more than five per cent.—(Bear, hear)—
and they had now a sufficient balance to enable them
to give
the usual dividend of four per cent., if
they were so minded. But he would recommend them
to be contented with 34 for the present, considering the
present situation of the Country. It might be said that
they were now reserving a fund of 41,0001., whereas
heretofore they had been content with te;i;less reserve;
but it was to be remembered that these were not ordi-
nary times. The crisis and the panic hid, indeed,
passed away, but the distress produced by them ree
mained, and it was necessary to maintain the system of
economy and circumspection upon which they had
hitherto proceeded.—(Great applause.) The branch
lines, as yet in progress, would at no very
distant time prove a valuable source of revenue,
and a great support to the main line. In going at
length into the details of this topic, the Honourable
Gentleman took occasion to deny that there was any
truth in the newspaper statement that this company
had several new projects in hand. They, in fact, had
none. They had applied to Parliament for two Bills,
one for a deviation from the Oxford line to accommodate
Leamington, the other to enable them to carry out the
agreement with the Oxford and Birmingham Company.
The Hon. Gentleman having referred to the decision of
the Lord Chancellor in their favour against the dissen-
tient shareholj rs of the Oxford and Birmingham
Company, expressed a hope in consequence of a
prop:idea received from that body, and subsequent
nesotiations, that: the dispute would be peaceably,
amicably, and advantageously adjusted.—(Hear, hear.)
Having dwelt at length upon the necessity of slowness,
caution, and prudence in the progress of their works,
and a constant regard to the commercial circumstances
of the country, and expressing his confidence that out
of the evil they had suffered good would come, he sat
down amidst applause.
Thu report was then road. The principal points were,
that of the entire railway between Gloucester and Chel-
tenham, which was opened October 23d, this ',company
awns 44 miles of the mixed gauge portion, the Midland
Counties having three miles of that part. The Berks
and Hants branch, from Reading to Hunserford, 25
miles. was opened on the 31st of December, for passen-
gers only. But the traffic in goods will be the important
item, and there is already evidence of its existence. The
exact average of the whole halfyear shows 2484 miles
worked by this company in 1847, as contrasted with
244 i in 1846. The nurnber of passengers in 'the lest
halt year increased by 138,119 over the corresponding
half of 184 G ; the increase of goods was 27,821 r., and of
receipts 17.572/. 15s. Bd. ; of the latter 10,6841. were
realised exclusively in the Great Western, and 3,8811.
on :he Cheltenham line. The balance disposable for
dividend was Was 257,31E4. 2 s 33., out of which /a divi-
dend of 3i per cent. was recommended, which would
leave a surplus of 41,791/. 12s. 3d. A dividend of 4 per
cent. would leave upwards of 11,0001., which, in
ordinary times, would be sufficient ; but under the
existing circumstances the directors were of opinion that
the permanent value of the proierty would be ensured
by carrying over the larger balance. This they left to
the proprietors for decision. The report went into a
detail of the state of the works in progress, and referred
with satisfaction to the Lord Chancellos'e decision in
favour of this company in the dispute with a body of
shareholders of the Birmingham and Oxford.
The report of Mr. Brunel, the company's engineer,
described the progress of the works, which it stated to
have been not considerable in the last six months.

In answer to a proprietor, the CIIAIRMAN said that
the paroehial rates on railways were oppressive, that he
had presented a petition to PArliainent on the subject,
and the Government had promised to bring in a Bill to
regulate the whole subject of railway rating.
The reports were ultimately received and adopted
after a desultory and prolonged discussion, in the course
of which some proprietors defended the directors and
the company from certain nemipaper attacks, and ex-
pressed their satisfaction with the state of their affairs
and the conduct of the management.
Lord ABINGER moved, and Mr. LILLINGSTONE se-
conded, that a diyidend of 3} per cent. for the half-year
ending the 31st of December last be paid on the Ist of
March next.

An amendment was moved and seconded, to the effect
that. the usual dividend of 4 per cent. be paid instead or
that prop)sed. The supporters of the amendment
contemted that the surplus of 11,0001 which would
be left after phyment of the larger dividend %%as abun-
dantly sufficient, and that the present proprietors, in-
chiding orphans and widows, whose dividends were
their only dependance, ought to have the full benefit of
the net profit. The supporters of the reduction con-
tended that such a step, and the consequnt increase of
the reserve fund, would improve the property of the
company much more than a higher dividend, because it
would secure the confidence of the public.
On a division the amendment was rejected, and the
proposition of the directors fur the dividend of 33- per
cent.. on the half-year was carried, by a majority of at
least three to One, upon the show of hands.

A poll was &man& d and granted, on the under
stan:ling that it should close at six o'clock, and be
resumed to-morrow at ten o'clock, to finally close at two.
The other business of the meeting will be resumed at
three to morrow, to which hour it was adjourned.

NORTHERN AND EASTERN RAIL-

WAY COMPANY.-(THIS DAY.)

The half-yearly general meeting of the proprietors of
this company was held this afternoon at the Bishupsgate
Station; Richard Paterson, Esq., presided.
The meeting had been called pro forma, in order to
comply with the company's Act of Incorporation, which
stipulates that the half-yearly meetings are to be held
on or before the 21st ot August and 21st of Feb.; but the
half-yearly meetinz of the Eastern Counties Company
being fixt d for the 26th Feb., at which the proprietors
of this company have the privilege of attending,
The CHAIRMAN proposed that the meeting be ad-
journed until the 2d of March, when the directors' report
would be submitted to the shareholders, and a dividend
declared.

Mr. MILLS seconded the resolution, which was unani-
mously carried, and the meeting separated.

TATTERSALL'S-THIS EVENING.
Six O'CLOCK.

LIVERPOOL. STEEPLECHASE.
14 to 1 agst Sir Arthur
15 to 1 agst The Curate
20 to 1 agst The Nigger
25 to 1 agst Aristides
50 to 1 agst The Doctor

METROPOLITAN HANDICAP.
10 to 1 agst Jericho—taken
15 to 1 agst Marquis of Conyngham
20 to 1 agst Rat-trap—taken
CHESTER CUP.
25 to 1 agst Jonathan Wild
25 to 1 agst War Eagle
30 to 1 agst Mr. Osualdeston's two
40 to 1 agst Swiss Boy
40 to 1 agst Queen Mary
DEEM'.
11 to 1 agst Surplice
12 to 1 agst Glendower
16 to 1 agst Springy Jack
30 to 1 agst Loa;:stone
33 to 1 agst Beshorongh
35 to 1 agst Swiss Buy
40 to 1 agst Fern,
5405
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ELECTION COMMITTEES.
(THIS DAY.)
LYME REGIS.
The Select Committee appointed to inquire into the
truth of the allegations contained in Sir Fitzroy Kell)'s
petition, complaining of the return of the sitting Member,
reassembled at two o'c'oult this af:ernoun; Lord Ashley
in the chair.
.L.,Tsl3lll7ißegi.
Daniel Ch, statedannothat ho h
n, collector of the harbour dues at
had a.i Wapi Toted on the

Conservative side, and did so at the last tlection. Ile
remembered speaking to Mr. Wearing, the solicitor, a
few days before the election. Mr. Wearing was
acting for; Mr. Abdy, and at his request ho came
to town just before the election and sought out an
elector named Upjohn. He solicited Upjohn's vote for
Mr Abily, but Upj:ihn refused to vote for Mr. Alarly
enless Mr. Abdy procured him a situation as letter
carrier. He communicated this to Mr. Wearing, and
at that gentleman :a request he wrote to Upjohn, in-
forming him that his wishes would be complied with.
The Committee adjourned at four o'cock till to-
morrow.

KINSALE.
(Continued from our Afternoon Edition.)
I'at Ryan, father of the last witness, proved that he
received 3s. Bd. from the agent of the sitting Member,
cn account of his bill for the chairing.
Several other witnesses were called to prove two or
three other instances of treating, and the Committee
afterwards adjourned till to morrow morning.

IMPERIAL PARLIAMENT.

(THIS EVENING.)

HOUSE OF LORDS.

The LORD CHANCELLOR took his seaton the Wool-
sack at Five o'clock.
THE JEWISH DISABILITIES.

The Duke of RICHMOND presented a petition
from a place in Huntingdonshire in favour of this
Bill ; he said he was at a loss to understand why the
petition had been sent to him for presentation, for
when the Bill came before their Lordships he should
vote against it.

DE—NUNCIATIONS FROM TIIE ALTAR.
The Duke of RICHMOND and Lord EGLIN-
TON presented petitions, the latter one from Kent,
praying their Lordships to pass a measure to prevent
priests denouncing persons from the altar.
SUPERANNUATION FUND.

A NOBLE LORD presented a petition in favour of
a superannuation fund for poor-law officers.

DIPLOMATIC RELATIONS WITH ROME

Lord EGLINf ON gave notice that to-morrow, in
Committee on this Bill, he should move that it
should be illegal for any person in holy orders to act
as Ambassador to this country from the Court of
Rome.