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

RAILWAY INTELLIGENCE

LEASING OF THE SOUTH WALES TO THE
GREAT WESTERN RAILWAY COMPANY.
The following are the heads of a provisional agree-
ment entered into between the directors of the Great
Western and South Wales Railway Companies, to be
A übmitted to meetings that have been specially convened
for Friday next, for the consideration of their respec-
tive proprietors:-
1. That, subject to confirmation as aforesaid, the
Great Western Railway Company will undertake to
work the line while partially opened, and to pay over to
the credit of the South Wales Railway Company the
net proceeds, after deducting all working expenses, and
interest, and depreciation on stock, &c., employed.
2. The line from Gloucester to Fishguard, and from
Newport to Monmouth, being completed and opened, a
lease in perpetuity is to be made thereof to the Great
We-tern Railway Company, subject as hereinafter men-
tioned, they paying rent five per cent. per annum on the
amount expended (as also hereinafter explained), in •
eluding interest during the progress of the works, as al-
lowed by Act of Parliament, without any division of
profit during the first five years of the lease; but after
the lapse of that period, or so soon afterwards as the
line may make clear profits over and above the amount
which the Great Western Company have guaranteed, or
may have paid to the South Wales Railway Company
for any antecedent period under this lease, they are to
pay-over half the net profits which may accrue during
the remainder of the lease, in addition to the rate of five
per cent. per annum on the money expended.
3. The lease to terminate at the end of ten years (ex-
cept as herein provided) by an amalgamation of the two
companies ; the rate of such amalgamation being fixed
by the actual net earnings of the two lines for the two
preceding years in proportion to their respective share
capital and debt ; but if no profit shall be divisible be-
tween the two companies, the 1 'ase is then to continue
until a profit shall have. been divisible for two years,
when the amalgamation is to be carried out as before
specified, upon the earnings of these two years.
4. The commencement of the lease not to be effected
by the non completion of the Pembroke and Haverford-
west branches, it being understood that the South
Wales Company are to execute those, and include them
in the lease, out of the capital sum or debentures here •
inafter referred to, if sufficient for that purpose.
5. If the line of the Monmouth and Hereford Railway
between Gloucester and Monmouth, belonging to the
Great Western Railway Company shall not be com-
pleted by the time the whole South Wales line between
Gloucester and Fishguard are ready for use, the lease
shall commence from that time, although the portion
between Newport and Monmouth may not be then com-
pleted, upon the express condition that such portion
shall be ready for opening simultaneously with that
between Gloucester and Monmouth.
6. The guarantee of 5 per cent. is to extend over the
expenditure of share capital not exceeding 3,000,0001.,
and the Great Western Company is also to defray inte-
rest upon so much of the additional 1,000,0001. as may
be required to be -raised by debentures for the general
purposes of the company, the said expenditure compris-
ing provision of all necessary works, buildings, stations,
siding., and every other accommodation needful for
carrying on the business of the line, excepting only the
Locomotive plant of engines, carriages, waggons, &c.,
which are to be supplied by the Great Western Railway
Company.
7. The Great Western Company shall have the option
to supply the additional money, holding the debentures,
or to become parties by way of guarantee for the loan,
so as to secure the money at the lowest rate of interest.
8. In order to prevent any disputes or litigation with
respect to the amount of receipts or revenue on the rail-
way,
or with respect to the proper deductions for ex-
penses, &c., an accountant is to be chosen between the
two boards, sworn to keep an accurate account of the
separate receipts and revenue of the South Wales line,
whose declaration shall be final and conclusive; and the
working expenses, interest, and depreciation on stock,
&c., are to be calculated on some fair and equitable basis,
to be determined between the tw.► boards of directors,
and the amount ascertained by arbitration.
9. The consent of the Great Western Company is to
be considered necessary to all alterations or deviations of
the line and branches at present sanctioned by Perila-
•ment, which may requre fresh Parliamentary powers ;
also to the construction of any future extensions or
branches, and to the purchase or lease of railroads,
tramroads, or other public works not at present autho-
rised, excepting the Ballo Pill Railway, which has been
purchased, and is to be included in the lease of the
South Wales line. The amount of expenditure fixed by
the Act on such works or purchases, after being sanc-
tioned by the Great Western Company, is to be added
to the capital already agreed upon, and the interest on
the same to be guaranteed in the like manner by the
Great Western Railway Company.
10. A general arbitration clause is to be introduced
into the agreement between the two companies, for the
purpose of settling all matters of difference between
them, without having resort to any court of law or
equity, excepting to enforce the award of such arbitra-
Con.

11. The agreement and lease, with all usual and no.
cessary covenants, to be prepare,' by some eminent and
impartial conveyancer; and trreases of dispute as to the
true intent• and meaning of the parties, or as to the
equitable adjustment of any point which may not have
been specifically provided for, the same is to be referred
to the absolute and final decision of the Attorney or
Solicitor General for the time being, or of some person to
be appointed by them or one of them. The seals of the two
companies are to be affixed to such deed or deeds, it being
competent to either company to procure the confirma-
tion of the said lease and agreement by Parliamentary
enactment, whenever the occasion may offer.

OPENING OF THE EAS V ANGLIAN, FROM
LYNN TO DOWNHAM AND NARBOROUGII.
No event, for many years, has exceeded in importance
to Lynn and West Norfolk, that of the opening of the
East Anglian Railway, which has just taken place.
To the town of Lynn this event is, in every point of
view, of great importance. Its leading inhabitants have,
by their unanimity, singleness of purpose, and perse-
verance, commenced and partly carried out a direct rail-
way communication to Ely, the midland counties, and
the metropolis ; and also to Dereham, in the heart of the
county, and from thence, by other lines, to the eastern
coast. Lynn, from its advantageous situation, has
always been a commercial town, though the trade of
late years has been chiefly confined to timber, corn, and
coals. A writer of the reign of Richard I. calls Lynn "a
noble city," and "a city of note for its trade and
commerce ;" and it may be a question whether it
was not at one time the second port in England ; and
even now its merchants and traders transact no trifling
amount of business. The customs dues are between
60,000/. and 70,0001. a-year. The trade in coals in 1843
was about 150,000 tons ; in 1844, 197,000 tons ; and in
1845, 302,000 tons ; showing a great and progressive
increase. There has been, also, a considerable increase
in the corn business every year. The Tuesday cattle
market is increasing every month, and there have been
in it 7;000 sheep, 600 beasts, and 1,200 pigs, for sale on
one day. It is the chief market for pigs in the eastern
counties. The increase in this market is in a great mea
sure owing to the reduction of the tolls on sheep to one-
half what they were some years ago. At the two great
sheep and cattle fairs held here, there have been as
many as 15,000 sheep and 2,000 beasts, besides pigs and
horses offered for sale. At present there is not half
room enough in the market-place for stock, and
something must be speedily done to enlarge it. The
opening of two railways from the town in different di-
rk ctions will, as has been already proved, greatly in-
crease the number of dealers and the quantity of stock
every week. In many other respects the new railways
wall be highly beneficial to the port, and the western
division of the county, particularly in supplying coals
to the latter, hitherto very dear in the winter time.
The navigation of the narrow circuitous rivers in the
west is very uncertain, being effected by droughts in
the summer and frosts in the winter. By ensuring
the rapidity of transit both for passengers and goods;
by facilitating the general intercourse and tram of
the csuntry, and by promoting drainage, both rail-
ways will be a very great advantage. When the lines
are completed, merchants in this town will have the best
of communication with six different counties, viz., Nor-
folk, Suffolk, Cambridgeshire, Huntingdonshire, Bed-
fordshire, and Northampton, and there appears to be
every probability that Lynn will again become a great
commercial place. It seems only necessary to make the
harbour more complete, to deepen and widen the chan-
nel, and to erect convenient wharfs, to afford every faci-
lity for a most extensive trade. These improvements
are necessary, in order to ensure to the port the full ad-
vantages of the railways ; for unless large sea-borne
vessels can come up at all times, and land their cargoes
with facility, the natural advantages of the port cannot
be so fully turned to account. At present there is abun-
dant room for harbour improvements, which will no
doubt be made. There is a branch railway from the
harbour already formed. It commences close to the
waterside, and runs along, skirting the south side of the
town, and joining the main line about a mile and a-half
from the station. This branch will be a great advan-
tage in facilitating the unloading of vessels, and the re-
moval of their cargoes. The erection of warehouses
upon the modern improved plan would tend to increase
the railway traffic. New landing places are wanted
and many other harbour accommodations, which rail.

way traffic will speedily render indispensable. The port,
or harbour, it is said, might be rendered capable of ac-
commodating above 1,000 vessels, being about two miles
in length from the Freebrid4e to the North Farm, and if
dredgers were s4.t to work, might be soon made superior
to any along the eastern coast. The. e would then .be a
vast increase in the corn and coal trade of the port. The
railways will not only increase its commerce, but also in-
crease the number of visitors to view the antiquities of
the town, its ruins, churches, chapels, public buildings,
and ancient military defences, which are well worthy of
inspection.