The Sun.
London, England, 1846-09-28 00:00:00

IMPORTANT MEETING OF THE

TAW VALE RAILWAY COMPANY.

REJECTION OF THE AGREEMENT WITH THE
BRISTOL AND EXETER DIRECTORS.

A special general meeting of the registered pro-
prietors of this company took place on Saturday, at the
London Tavern, for the purpose of considering the pro-
priety of adopting or rejecting a provisional agree-
ment, bearing date the sth of the present month,
for the sale of the railway, docks, and works to the
Bristol and Exeter Railway Company. The meeting
was attended by a large and influential number of the
proprietors.
Emanuel Cooper, Esq., took the chair shortly after
one o'clock.
The SECRETARY having read the advertisement calling
the meeting,
The CHAIRMAN observed that their first business was
to lay before the shareholders the report of the directors.
The SECRETARY then read the following report :
" Your directors have much pleasure in being able to
report to the shareholders that the Bill for the Exten-
sion of the;Taw Vale Railway from Barnstaple to Credi-
ton passed both Houses of Parliament, and received the
royal assent on the 7th August last.
The Bill had to compete with the Bideford and Ta-
vistock and the North Devon Companies, both of whom
failed in passing the Committees of the House of Com-
raons on standing orders.
" The North Devon scheme was brought forward by
the Great Western, the Bristol and Exeter, and South
Devon Railway Companies.
" The Bill was strongly opposed by the North Devon
Company both previously and subsequently to their
failure in the House of Commons, and the influence of
its supporters was used against it by petitions, witnesses,
and otherwise, after the Bill had succeeded in passing
both Houses on standing orders. Overtures were made
to your directors by the Parliamentary Committee of the
Bristol and Exeter Company to enter into a provisional
agreement, subject to the passing of the Act, for leasing
or selling the use to them, or for an amalgamation of the
two companies.
These negotiations were broken off, because the
Bristol and Exeter directors declined to use their influ-
ence to have the opposition to the Taw Vale Bill discon-
tinued.

" Some weeks afterwards the negotiations were re-
sumed, when the Bristol and Exeter directors agreed to
use their influence to have .the opposition to this Bill
withdrawn, and their negotiation terminated in a memo-
randum, dated 26th May last, which will be laid before
you subsequent to this memorandum. Your directors
regretted to find that the opposition to this Bill was con-
tinued with much vigour, and that, with some exceptions,
they could not calculate upon the cordial support of the
Bristol and Exeter directors, for although the agreement
was adopted by the Bristol and Exeter board, some of
their most influential members were so wedded to the North
Devon scheme that they, as members of that Committee,
voted for the opposition being continued against the
Taw Vale Bill; and other members of the North Devon
Committee, viewing the conduct of the Bristol and
Exeter directors, in privately arranging with a line which
competed with their own, and which, if successful, they
calculated would prevent their scheme from being car-
ried into effect in a future session of Parliament, as a
breach of faith, were much exasperated, and, conse-
quently, the future opposition was conducted with in-
creased energy and much asperity ; the eflct, there-
fore, of the arrangement with the Bristol and Exeter
Company upon our Parliamentary progress, was, on the
whole, otherwise than favourable ; but your committee
are happy to inform you that, after a protracted opposi-
tionin the Commons Committee on Merits, the Com-
mittee were unanimously of opinion that the preamble of
our Bill was proved. Lord Morpeth, in giving this
opinion, used the following terms:—' The Committee
have come to the decision that the preamble of the Bill
has been proved with reference to its own merits as a
local, independent line.'
"After the Bill had passed. the House of Commons,
your directors considered it expedient to call publ
meetings at several places on the line of the railway,
which were largely attended by the country gentry,
landowners and inhabitants of the districts, and they are
happy to state that resolutions, expressive of a warm in-
terest in the Bill, were unanimously adopted, and peti-
tions to the House of Lords were numerously signel in
its favour.
" There were four petitions against the Bill in the
House of Lords which your directors succeeded in ar-
ranging, and the Bill, therefore, passed through the
House of Lords without opposition.
"Your directors have proceeded to embody, in a more
extendei form, the proposed arrangements with the
Bristol and Exeter Company, the draft of which, dated
the sth instant, signed by some of the Bristol and Exe-
ter directors, and by two members of your Board, will
be laid before you, and, in terms of the advertisement,
submitted for your adoption or rejection.
"Your directors regret that the terms of this draft
agreement, although they are the best they could obtain
after protracted discussions, do not, in their opinion,
carry out either the letter or spirit of the agreement
entered into in May ; the differences are set out in cer-
tain resolutions transmitted to the Bristol and Exeter
Beard, which, with the resolution of that Board, will be
laid before you.
" Your directors, notwithstanding these important
differences in opinion "between the Bristol and Exeter
directors and themselves, did not feel justified in breaking
off the negotiation. The whole fact will be laid before
the shareholders, that their decision may be taken

thereon.
" Your directors have ordered the needful surveys,
preparatory to contract of the line from Barnstaple to
Crediton, to be proceed with. They have also directed
the resurvey of the Bideford branch, which was lost on
standing orders last year, and the survey of a connecting
line of about six miles to South Molton which was in-
cluded in the PA butrliamentary contract,l fur want of
time not finished with last session.
" Your directors have much satisfaction in stating
that the works between Fremington and Barnstaple are
satisfactorily progressing, and that the information they
continue to rLceive, confirms them in the opinion that
the railway and docks will not only be beneficial to the
country but profitable to the shareholders."
The reading of the report was frequently interrupted
by the cheering of the proprietors.
The CHAIRMAN said the report stated the opinion of
the directors, and rendered it unnecessary for him to
say a word with respect to it, further than put it for the
adoption of the meeting ; after which they would pro-
ceed to the more immediate business of the day, namely,
the consideration of the Bristol and Exeter agreement.
Mr. JOHN BROWN, the Deputy-Chairman of the Bristol
and Exeter Company, wished to ask one or two questions
of the chairman before the report was adopted, because,
unless he did so, the report might cause an unfair im-
pression to go abroad with respect to the Bristol and
Exeter Directors, which he was sure was not the wish of
the Taw Vale directors. He wished to know whether
the Bristol and Exeter directors, after they had entered
into the arrangement with the Taw Vale Company, had
not carried out those arrangements with good faith, and
whether they had not assisted the Taw Vale Company,
as much as they could at their interview with Earl
Fortescue, to induce him to withdraw his opposition to
their Bill in Parliament.
The CHAIRMAN said that although the directors of
the Taw Vale Company had the greatest confidence in
Mr. Brown, the Deputy-Chairman of the Bristol and
Exeter Company, they could not shut their eyes to the
coarse that had been pursued by that company towards
the Taw Vale Company. That company had actually
subscribed, or was to subscribe, a large sum to the
North Devon Company ; and at a meeting of that com-
pany, resolutions had been come to to oppose the Taw
Vale Company, in Parliament.—(Hear, hear.) The di-
rectors of the Taw Vale Company had certainly calcu-
lated, that on entering into the agreement with the
Bristol and Exeter Company, they would have received
their active exertions to remove that opposition; but such
had not been the case.—(Hear, hear.) With regard to
the proceedings before Lord Fortescue, the directors of
the Taw Vale Company had waited upon his Lordship,
he being the:only:opponent of their line, and, after a long
interview, and on its being stated to him that the Taw
Vale Company were about to enter into an agreement
with the Bristol and Exeter Company, and that the pro-
bability was that the North Devon line would not be
proceeded with, his Lordship stated, that if he was
satisfied upon that point, he would withdraw his opposi-
tion. It was stated at that meeting that the signature of
the Chairman of the Bristol and Exeter Company could
be obtained,to that effect ; but, upon application being
made to the Bristol and Exeter Company, much hesita-
tion was displayed to assist the Taw Vale Company.—
(Hear, hear.) Other interviews took place with Lord
Fortescue, and upon its being pressed on some of the di-
rectors of the Bristol and Exeter Company, that they
ought to do all in their power to remove all opposition to
the Taw Vale Railway Company, and that if they did
not do so it would be a breach of good faith, Mr. Brown
stated that he would do nothing to compromise his
board ; Mr. Rawson, who was there, observing that that
was not his way of doing business, and that he did not
like it.
Mr. BROWN said that he felt at the time great hesita-
tion as to giving: any pledge on the part of his board,
and he felt the same hesitation then ; but there was no
hesitation shown on the part of the Bristol and Exeter
Company to do all in their power to enable Lord Fur-
tescue to withdraw his oppositior.
Mr. WATsols observed that all communications on the
part of the Bristol and Exeter Company had been con-
ducted in good faith. The Taw Vale proprietors had
been• told that nothing would be done with them till
some decided opinion had been come to with respect to
the North Devon.
Mr. THORNE thought it was apparent from all that
had taken place, that the Bristol and Exeter Company
had determined upon opposing the Taw Vale Bill, after
they had entered into an agreement with that Company.
—(hear, hear.) The great object the Taw Vale Com-
pany had in view, in entering into an agreement ~•;ith
the Bristol and Exeter Company, was that all opposition
to their Bill should be withdrawn ; and he would put it
to the meeting whether the c nduct of the Bristol and
Exeter had not been decidedly the contrary to that
which might have been expected.—(Hear, hear.) Upon
the interview with Lord Fortescue, lie (Mr. Thorne) did
all he could to draw from Mr. Brown an answer to the
question, whether the directors of the Bristol and Exeter
line intended to subscribe to the North Devon, and he
could not get a direct answer from him.—(Hear, hear.)
He thought the Bristol and Exeter directors were very
much in error, and totally forgetful of what they had
{ lone, in stating that they had kept good faith with the
Taw Vale directors.—(hear, hear.)
Mr. FRIPP said that it was quite clear, when the ar-
ngement was entered into with the Taw Vale di-
j a, the Bristol and Exeter directors could not
-4!) A-1411We far the withdrawal of the North Devon Line ; all
do was to answer for the withdrawal of the
Oppositioo of the Taw Vale Company. The directors of
f Bkiefa and Exeter board had done all they
could
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