The Sun.
London, England, 1846-01-03 00:00:00

PARIS AND LYONS.

A meeting of the shareholders in the Paris and Lyons
(Ganneron's line), was held yesterday at the London
Tavern, Bishopsgate-street, for the purpose of hearing
the report of the Committee of Management upon the
subject of the amalgamation with other companies for a
similar object which has taken place, and to hear the
statement of the chairman with respect to the allotment
of shares in the amalgamated company.
Mr. F. Mowatt was called to the chair.
The CHAIRMAN, in opening the proceedings, stated
that the meeting was called in consequence of the nego-
tiation which had been for some time pending with respect
to an amalgamation with other companies having been
brought to a conclusion. The Directors of this line (Gan-
neron's) had attained a very advantageous position as re-
garded the possibility cf its success ; but as the period of
adjudication approached, the state of the money and
share markets became such, as to convince the Com-
mittee of Management of the expediency of an amal-
gamation with various other companies which had or-
ganised for the same purpose.—(Hear, hear.) That
amalgamation had at length been effected, after con-
siderable difficulty, with the French Directors, the ma.
jority of whom had a comparatively trivial pecuniary
interest in the Company, and who looked rather to
the position of administrateurs than to the absolute pe-
cuniary stake in the undertaking.—(Hear, hear.) After
a long negotiation they had, however, been brought
within the reach of reason by having placed at their
disposal 3,000 shares, which would be equal_ to about
400 definite shares in the constituted Company. Intthe
amalgamation this Company was placed on the footing
of the most favoured companies ; so that in that respect
the negotiations had been perfectly successful. There
were, it was true, three or four companies which had
obtained more shares in consequence of peculiar cir-
cumstances, but the basis of the negotiations was that
this Company should be placed in the position of the
most favoured companies. The arrangement which they
had succeeded in making was to the effect that for every
ten shares in this (Ganneron's) line they should be
allotted one definite share in the amalgamated Com-
pany.—(Hear, hear.) By this arrangement there would
be a balance of 752 shares of the Company, which it was
proposed to leave at the disposal of the Committee, for
reasons which it was not necessary to state more fully,
unless the shareholders a ished for a more explicit and
detailed account.—(Hear, hear.) The surplus amount
which had been paid would be returned to the share-
holders in the following proportion :—The holder of ten
shares would receive 251. in money, and 5/. would go to-
wards the definite share which was to represent the ten.
Thus, the holder of 100 shares in the Company would
receive 2501., and ten definite shares in the amalgamated
Company, on which 5/. each had been paid.
A SHAREHOLDER wished to know what was to be done
by an individual who held only five shares?
The CHAIRMAN said, that the subject had been con-
sidered by the Committee, and the most expedient course
which appeared to them was for the person so situated to
make an arrangement with some other holders of a frac-
tional part of the amount which would be represented by
one share in the new Company. With respect to the
additional call of 1/., which had been made, it was the
result of the course which had been adopted by their
Freneh colleagues, who represented to them that the
effect of the increased sum would be to place the project
in a better light bt fore the Government, and thus eive
the Company a stronger position. The effect of this was
that this Company was the only Company which was in
a condition singly to go for the adjudication, for they
had done everything to put themselves in the position
which the French Government required.—(Hear.)
A SHAREHOLDER wished to be informed why it was
that this advantageous position was not maintained.
The CHAIRMAN said that the amalgamation was, as
he before stated, deemed expedient in consequence of
the state of the share and money markets. The Com-
pany enjoyed the advantageous position which he re-
ferred to, in consequence of the care which had been
taken to do all that was required by the Government.
Nothing had been omitted by the Committee, who em-
ployed two French engineers, besides Mr. Cubitt, and
four traffic-takers; and thus, in addition to the informa-
tion which related to the engineeriog department, they
were enabled to ascertain to the shilling the extent of the
traffic.—(Hear.) This was rendered the more practica-
ble by the information which was obtained from the col-
lectors of the octroi-duties ; but the aid of the traffic-
takers was required, in order to make out the returns
with perfect accuracy and detail.—(Hear, hear.) In
those items which he had mentioned the Committee
had expended about 4,0001. The amalgamation had now
been perfected.

Mr. SNOW said, that the Compsny were deeply in-
debted to the Committee for the happy conclusion to
which they had brought the negotiations. He was a
large holder in that Company, and he felt very much
pleased with the mode in which the new arrangements
had been effected, and the advantageous position which
had been obtained for Ganneron's line, and he highly ap-
proved of leaving the balance of 782 shares in the hands
of the Directors.—(Hear, hear.) He would now move
that the proceedings of the Committee bo approved of by
the meeting, and that the balance of shares be left in
their hands.

Captain KELLY, as a large shareholder, expressed his
approval of the proceedings. He had never in his life
heard a more clear, straightforward statement on the part
of any Chairman of a Board of Directors than that which
they had just listened to—(Hear, hear)—and he had
great pleasure in seconding the motion.—(Hear.)
Mr. MANSFIELD was desirous to see a more specific
and detailed statement of the accounts, and he would
move as an amendment that the resolution be postponed
until those accounts were furnished.

After some discussion as to the disposal of the balance
of 782 shares,

Mr. WALLY said he was the holder of 1,000 shares in
this Company, and he decidedly approved of leaving the
balange of shares in the hands of the directors. The
care and anxiety, and personal attention which they had
devoted to the affairs of the Company, warranted the
shareholders in leaving those shares in the hands of the
Directors.

After some further eonversation the amendment was
withdrawn.

Mr. WILLTIms then moved as an amendment :
" That the balance of 782 shares be divided amongst
the shareholders generally, instead of being left to the
option of the Directors."

The amendment was lost, and the motion of Mr.
SNOW, to the effect—" That the balance of shares be
left to the management of the Directors," was carried
with only one dissentient.

The CHAIRMAN thanked the shareholders for the ap.
provel which they had expressed of the course the Com-
mittee had adopted, a course which he believed to be
the correct one

LONDON, NEWBURY, AND BATH DIRECT.
SWINDON, FRIDAY EVENING.—A meeting of the mer-
ehants, traders, wharfingers, and others, resident on the
banks of the Kennet and Avon Canal, took place this
afternoon in the large room of the Queen's Hotel, Swin-
don station, for the purpose of considering what steps
should be taken with reference to the supposed intended
conversion of the canal into the London, Newbury, and
Bath Direct.
Mr. Weller was called to
the chair, and
ollfr:tdWard,
l
chairman of the Committee, in the absence
Dundas, Mr. Merriman, the secretary, and Mr. Blac-
kwell, engineer, attended as a deputation on the part of
the Company to offer explanations.
Prior to the business of the meeting, Mr. Blackwell
produced copies of the plans which had been deposited
with the Board of Trade, and explained the mistake
under which the merchants and traders along the banks
of the canal were labouring, that it was the intention of
the Company to convert the canal into a railway, the
object being to preserve the existing navigation, and run
a railway along the banks of the canal.
The CHAIRMAN said the meeting had been convened
for the purpose of enabling the traders and others, hold-
ing property on the banks of the Rennet and Avon Canal,
to express their opinion as to the injury likely to be in-
flicted upon them by the supposed conversion of the canal
into a railway. From the explanation they had just
heard read, it appeared that there was no intention on
the part of the Kennet and Avon Canal Company to de-
stroy the navigation. For his own part, therefore, he
considered the statement most satisfactory. He should,
however, be happy to hear the observations of any of
the gentlemen of the deputation on the subject.
Mr. WARD said, as the Chairman of the Committee
of the London, Newbury, and Bath Direct Railway, and
Kennet and Avon Canal Company, in the absence of
Admiral Dundas, he begged to assure the traders that
in no way did they, by the construction of their railway,
intend to deprive the traders of the advantages of the
existing navigation.
Mr. COWLEY said, the Parliamentary notices of the
Company took power to stop up and alter the course of
the Kennet and Avon Canal. He could not see how that
could be done without injury to the wharfingers and
traders on its banks.

Mr. MERRIMAN explained the necessity which existed
for making the Parliamentary notices as comprehensive
as possible, and said that it was impossible for them to
judge of what was intended to be done until the Bill was
drawn. As soon as that took place, he would take care
the traders on the canal, or any solicitor they might
appoint, should have a copy of it.
Mr. CROWDER, Secretary of the Wilts and Berks
Canal, said he considered the effect of the Kennet and
Avon Canal Company making a railway along its banks
would be to convert themselves into traders. They might
then raise' the tolls of the canal to such a maximum that
the traders would be forced to give up, and then the
goods traffic would by taken by the Company themselves
on to the railway.
Mr. WARD said such a doctrine was absurd, for the
Company would be as much interested in keeping the
traffic on their canal which now existed, as in getting it
on to the railway. Their interest in ly,th were identical.
The CH viamilv for his own part he was satisfied
that the prupustd railway would be rather of advantage
than otherwise to the traders on the canal, and the ques-
tion arose as to whether they should wait until the Bill