The Sun.
London, England, 1846-05-11 00:00:00

IMPORTANT MEETING OF THE
AMBERGATE, NOTTINGHAM AND BOSTON
AND EASTERN JUNCTION RAILWAY, AND
THE GRAND UNION RAILWAY.
(From the Nottinghamshire Guardian.)
A mist important and influential meeting of the share-
holders in the above companies was held this day (Friday),
at the Exchange Rooms, in compliance with the sessional
orders of Parliament, for the purpose of giving their sanction
either for winding up the affairs of the company, or to the
further proceeding with the Bill, which yesterday passed the
Committee of the House of Commons.
Thos. Bishop, Esq., Vice-Chairman of the Ambergate
Company, presided.
The meeting was numerously attended, a majority of the
most influential shareholders being present. The business
was to haze commenced at ten o'clock, but it was found that
it required considerable time to register the scrip, in order
that the votes might be taken by the directors either for or
against the line being proceeded with ; consequently the
chair was not taken till after twelve o'clock. The chairman
having explained to the shareholders that the present meet--
ing was held in consequence cf the sessional order of Parlia-
ment, said he would at once request the solicitor to read the
advertisement calling the meeting in conformity with the Act
of Parliament, the title of the Bill, and also an Act enabling
the company to purchase the Nottingham and Grantham'
Canals. This having been complied with,
The CHAIRMAN said, he would now proceed to make a few
observations relative to the meeting, and move a resolution
thereon, but before proceeding to eo so, he would read a
letter from the Chairman, which was as follows :
" 6, Mansield-street, May 7th, 1846.
" 311" nnert Stn„—My present engagements will unavoid-
ably prevent me from haying the opportunity of being pre-
sent at the meeting of the Ambergate, Nottingham and
Boston, and Eastern Junetio a Shareholders, in Nottingham
to-morrow ; but I have given my proxy, approving to pro-
ceed with the Bill, to our Secretary, and I am sure that the
gentlemen who may attend will be happy to learn that the
Committee of the House of Commons repeatedly expressed
their opinion, that our line is highly necessary, and ought to
be made, and that the evidence given before the Committee,
is such as to give every assurance, that when made com-
plete, it will afford the greatest convenience to the public,
and remuneration to the shareholders—circumstances which
no one can explain to the meeting better than yourself,
and believe me to be, yours. very faithfallta
• n W. -H. NORTON, Chairman.
" Thomas Bishop, Esq., Vice-Chairman."
Considerable applause followed the reading of the above
letter, on the subsiding of which, Mr. Bishop proceeded to
state the cause of the chairman's absence, who was detained
in London on Parliamentary business, connected with the
Bill. He next proceeded to state, that this line of railway
was projected last year, and had the influential support of
those landowners through whose property it passed. It was
no bubble company ; its remunerative character was calml3,
considered and dispassionately weighed. It was not a specu-
lative railway, but one which offered the greatest advan-
tages to the public, and would yield a very handsome remu-
neration to the shareholders. It had not only passed the
ordeal of the standing orders of the House of Commons, but
had advanced another step by the preamble having been
proyel—(Loud cheers.) He (the Chairman) would explain
the line of ceterfry which it passed though commencing at
ergato, passim; throu .h the great coal fields of Not-
tinglisrashire and Derbyshire, taking in its route the
important towns of Nottingham, Grantham, Sleafor.l,
Boston, Spalding, and thence opening a communi-
cation with Lynn, Yarmouth, arid Norwich, and, at
the same time, teuching upon most of the manufacturing
villages of our neighbourhood. lie (the Chairman) firmly
believed that there was no pers in who could not but ac-
knowledge that the inhabitants of Nottingham suffered the
greatest inconvenience for want of proper railway accommo-
dation to the easte-n and westcra part of the kingdom. Just
look wish regard to Manchester; the public have to take a
most circuitous route, the distance being upwards of one
hundret miles. at an expense of twenty-one shillings, and
were upwards of six hours performing the journey, whereas,
by the proposed Ambergate line, there would not only be a
saving of nearly half the expense, but in point of time
nearly three hours would be gained, the distance being
little more than sixty-nine miles. These were no small ad-
vantages offered to the public, besides the gratification they
would experience in haying an opportunity afforded
them cf enjoying the magnificent scenery of the
Pe :!c of Derbyshire, and also with having a direct
communication whit the eastern and western parts of the
kingdom, having Yarmouth on the east, and Liverpool on
the west. If we only Meisel at the east, we should find
it a most fertile district, redundant of agricultural produce,
vielding some of the largest crop; in the kingdom. Then
look again at the west, posseshing, as it does, an extensive
coal field, from which we shall derive an immense traffic.— '
(Loud cheers.) When we were before the Committee of the
House of Commons there was a strong demonstration in
favour of the line, and so satisfied were the members that
the Bill ought to be obtainel, that they did not even con-
sider it requisite to examine one-half of the witnesses whom
we had in attendance. The Chairman was aware there had
been a great number of lines in competition with this; there
had been the Boston, Newark, and Sheffield, but that, with
others, were now no more. Nottingham and Mansfield was
not a competing line, it was to run to a certain point and
not exceed it. We were now left without a single opponent.
The Chairman next, in a clear and lucid manner, proceeded
to explain the remunerative prospects of the Company, pro-
vided they obtained this Bill, and said that, allowing 40 per
cent. for the cost of outlay, there could not be the slightest
doubt but the Company would reap a profit of 71, per cent.
The cost of the line would not exceed 20,000/. per mile,
while other lines would cost between 70,0001. and 80,000/.
The Chairman said he had the pleasing satisfaction of an-
nouncing to the shareholders that the preamble of the Bill,
• was yesterday proved before the Committee of the House of
Commons.—(Enthusiastic cheers.) Terms had also been
made with the Grand Union—(Continued cheers)—wlio had
withdrawn their Bill. The Chairman next proceeded to
state to the shareholders the terms upon which the two
companies had amalgamated, from which it appeared that
the shareholders of the Ambergate line had paid a deposit of
21. 12s. 6d., and the Grand Union had only paid 11. 7s. 6d.,
being a difference of 255., and as an equitable adjustment, the
Grand Union had agreed to allow 4 per cent. interest, until
their paid-up capital reached the same amount a; the Amber-
gate, which the Chairman thought was a satisfactory arrange-
ment to all parties. The Chairman said the dark and omi-
nous cloud of the panic having passed away, it now be-
came a question with the public, which lines were
to proceed. With regard to the Ambergate line, he
was firmly of opinion that it would be to the advan-
tage of the shareholders that it should go forward.—
. (Great cheering.) You have spent your money, said
the Chairman, in surveys. You passed the standing
orders; you have proved the preamble; you have
not a single opponent; the strictest economy has been
practised in the outlay ; and now you are certain of obtaining
your Bill; the directors cannot ncnnmeed you to halt, or
stay prech;lings when you have so nearly arrived at the
goal. The preamble being proved is tantamount to having
obtained the Bill.—(Loud and general cheering.) The
Chairman then explained that the directors proposed, when
the Bill passed, to invest the money in Government securi-
ties, and not to expend it for the present in a portion of the
works. Tees would watch the money market, and not pro-
ceed in a reckless career, in expending the capital of the
sharehold lee They halt at present 300,010/. in hand, and
they thought the spring of next year a very favourable time
to commence. He would also announce to the rnectin,g, that
it was their intention not to make a call until the expiration
of twelve months —( Hear, hear.) He would just now ad-
vert to a rumour which he believed had obtained credence
with a portion of the public, namely, that the Ambergate
line had been sacrificed to the Midlands. " Such,"
said the Chairman, with marked emphasis, "such, gentle-
men, I can assure you. is not the case; the line is your line,
and yours entirely—(Reiterated chcers)—and Mr. Hudson is
our friend by allianee with us."—(Coutinued applause.) The
Chairman, in conclusion, said the directors were now on
their trial, and appealed to the shareholders for their verdict,
and then moved the following resolution :—" That a Bill be
submitted to this meeting for making a railway from or near
Ambergate station on the Midland Railway, through Not-
tingham to Spalding and Boston, with branches therefrom,
and. for enabling the Company to purchase the Nottingham
and Grantham Canals, and the same is hereby approved."
J. WILES, Eeq., of Grantham, in an able, argumentative,
and forcible speech, seconded the motion.
The Rev. Mr. Pool, would ask a few questions before the
motion was put to the meeting. He was rather astoaished
to hear the statement from the Chairman relative to the
friendly alliance of the Midlands. Now, he thought from a
circular that was placed in his hands, that there had been
some trickery with the Midlands, and if we had been so
tricked it should be exposed. The Chairman had said that
the line would pay 74 per cent.; now, he wished to know if
Mr. Hudson bad not asserted that if the Company obtained
their Act to-morrow, that the line would never pay 1 per
cent. He wished also to know how many shares had been
allotted, how many paid up, and how many reserved ? The
Chairman had asked fcr their verdict, which would depend
upon a bold, fair, and upright answer; he should also wish
to have the terms of canal purchases explained, and he should
also like to ascertain the expenses which the Company had j
beea at?
The CHAIRMAN instantly replied to the queries of the pro-
prietor in a businesslike and straightforward manner, and
said the directors were not men to go behind the door; if
they erred, it was an error of judgment. It was impossible
to give an exact account of the expenses, particularlyd. while .
the Bill was in progress, but it certainly idran.opteramshoaurne,t
at the present moment to more thanin9..rorr
and he firmly believed the expenses were within
that amount. With respect to the MidlandeCo
had taken 10.000 shares, upon which they had Company
they
of 5,000 h, aiel as to Mr. [lads-in he had never hear? hint
express a:ay sentiments as to the line. not paying one per
cent. ; he believed he never stated anything. of the kind; on
the contrary, at a meeting at York, he was informed, on
good authority,
by a gernleman who stood high in the rail-
way world, that Mr. Hutl•Fon placed his thumb on the map,
pointing out the route of the Ambergate line, and said in his
emphatic manner, " Here is a line that I will make pay 10
per cent " To the other questions of the kiev. Gentleman,
the Chairman said, the whole of the shares hail been allotted
whatever, and all the shares paid up.
—there was no reserve
Each provisional committeeman hod 100 shares allotted, and
they had bought shares at a premium.
Mr. PERCY then, at the request of the Chairman, explained
the nature of the purchase of the Nottingham and Grantham
Canal, which was—" That the Committee do recommend for
adoption by the general assembly of proprietors, that the
principle of the amalgamation should be by a purchase of the
canal and worles at 2551. per share in cash, or nine shares at
211. each at per, in the a naletemeted railways, at the option
of the canal proprietors, to be signified in writing _to the
railway company, within two months after the opening of
the line of such railway, from Ambergate to Grantham, the ,
canal company continuing the management, and appro-
priating the dividends amongst the canal proprietors, until
such two months shall have elapsed.
The Rtr:. Mr. Poor. ash !d if the Boston, Newark, and
Sheffield ayes not a competing line.
The CHAU:3IIN explained that the Bill was lost.
The Rev. sir. Pool wished to !snow if the Bones, Newark,
and Sheffield Bill could not go again to Parliament on its
merits?
The CRAIRMAN—Certa;nly not.
It was then explained to the meeting that the directors
had taken a held and decisive step by having a second deed e
the opinion of eminent counsel had been taken on the seb-
ject, aria it was found hi,tilv desirable to have a new deed.
The Rev. Geerrem eee'th-
en expressed his satisfaction, and
said he should vote te- the Company proceeding.
Mr. BIRLRY, of Leicester, wished (ry l
tol, the
Birming-
ham, Stamford, earl Bog o;;linewis not a competing etingone.
To that. line he oaserved that the names' cf Mr. Macaulev and
Mr. Ellis were attached, and he thought that the Mil:b. --lads
hail re an under-curnt at work, and this was a
e ompetingline.
The CHAIRMAN explained that the line did go to
Boston, They might give the line a fine title, like t
coaches which had this names of towns painted nn severalthem
and they slid not go within fifty or a hundred miles of the
place.
Taos. Xixoer, Esq., of Nuttal Temple, here said that the
statements of the directors were so business-like and
straightforward, that although he had paid the deposit, but
not sie;ned the deed, he should not have the slightest ob-
jection to de so at any moment.—(Cries of "Hear,
_hear,"
and great applause.)
The allareliolderi present, with ono 491ilar,y exception,