The Sun.
London, England, 1846-11-07 00:00:00

SOUTH WALES RAILWAY.

A special general meeting of the shareholders in this
undertaking was held yesterday afternoon, at the offices
of the company, in West Strand, for the purpose of consi-
dering the propriety of leasing the line to the Great
Western Company.
Mr. Louis Vigurs, the deputy-chairman of the com-
pany, presided.

The report stated that it was proposed to lease the
line for five years, at 5 per cent. on the paid-up capital,
and for five years more, at .S per cent. and half the surplus
profits, with the option of amalgamating with the Great
Western Company after that period.
The heads of the agreement having been read,
Mr. Roacil took exception to several of the clauses,
and complained of their not being so simply worded as to
be intelligible. In the first place, he thought the ad-
vantages of the arrangement preponderated in favour of
the Great Western Company, who, for every 200 shares,
would be entitled to 100 votes, while the shareholders
of the South Wales would only have 38 for the same
number. It would have been more satisfactory to the
shareholders generally had the Great Western Com-
pany liberally proposed to lease the line at 7 or 8 per
cent. rather than offer them a complicated and wordy
agreement, which required the mind of a lawyer to coin
'
prehend.—(Hear hear.) He decidedly objected to the
basis upon which the amalgamation was to take place
at the expiration of ten years, because their line would
only have been in working existence that period, while
the Great Western would have been in operation some
18 or 20 years.—(Hear, hear.)
The CHAIRMAN said he could remove the latter ob-
jection, by simply stating that the directors, after the
agreement had been confirmed, would submit a resolu-
tion to the meeting, authorising them to negotiate for
expunging the clause respecting the amalgamation, and
amending the assignment, by making it a lease in per-
petuity.
independently of the local trade, there
Mr. SMITHhad no doubt but that the line would pay
n per b e
e n a
ifilcbrenough coming from the south of Ireland
wouldt tencent.,
to make up 6of the 9 per cent. Ile thought, therefore,
that the Great Western Company ought to have dealt
more liberally with them.—(llear, hear.)
As the arrangement stood now
Mr. T. WILKINSON thought it would be more for
eight years, calculating the works
their interests to accept a lower rate of interest, with
ebbaeer.flo)re they would participate in the
an early participation in the division of prospective
and in the meyeasnentehriselteatotehfeoyfoptwhinoeitiolmndohntheayvae
p—e
c(
ae
ta ry
e)
sitPotur
r°NlVpofi' would
siud-1313Cpyrlorloi, ufit profits.—(Hear,
asaar:eba,l. ay h,
re said they had duly considered all
to be content withan
tdh,
ueraiweent
sechi ratetdtotehph,myreomotftshpwopenrteoheet
cl classes,
soosfef s interest.—(Bear.)
tat eihrl
the
satsy.
had come to was the
profits
shareholders. They
mthaerskeezattearnsd,
lease in perpetuity, would insure
hadbb
theee i s being g
had
shortlyao arrangement
to the
deal
interest
t de
taaken up by the latter class.
and those who embarked their money in railways for the
purpose of permanent investment. The amendment he
confirming arid approving of the thhaeAdi mentioned,rrsehsaorluesti
obne
nogf'
agree-
ment, was then put from the chair, and carried una-
nimously.
The CHAIRMAN then proposed a second resolution,
empowering the directors to take the necessary steps to
amend the clause relating to the amalgamation, or sub-
stitutingA
PROPRIETOR wished the arrangement to be
amended in another respect, namely, that the surplus
atead. one making the lease a lease in perpetuity in its
profits should be divided immediately on the opening of
the line,
The CHAIRMAN said the Great Western Company had
been asked to make that alteration, but they declined
doing so.
In answer to another question,

The CHAIRMAN said the subject of allowing interest
on calls was now under consideration of the directors.
The works would be all completed within the estimate,
and portions of the line opened in about two years.
The resolution was then put and carried unani-
mously.
Thanks were afterwards voted to the Chairman, and
the meeting terminated.

GREAT WESTERN RAILWAY
COMPANY.
meeting of the Great Western
A special
Railwayeial general
Company
pgaeinviavl as
held, at one o'clock yesterday, at
the Paddington station, for the purpose of considering
the propriety of taking a lease of the South Wales line,
and of afterwards amalgamating the two companies if it
should be deemed expedient.
Mr. C. RUSSELL the chairman of the Company, took
the chair. He said that the present meeting was called
to affirm the arrangement that had been proposed to be
made between the Great Western Railway and the
South Wales Railway Company. When the report of the
meeting at Bristol, in August last, was laid before the
proprietors, he took the opportunity of stating the prin-
ciples which the directors had determined to take for
their guidance with regard to the proposed arrangement.
Lie stated, first, that the construction of the South
Wales Railway, and the charge and responsibility of it
should rest upon its promoters ; secondly, that the line
should be placed in the hands of the South Wales Com-
pany till after a certain period had elapsed ; thirdly,
that in order to facilitate the completion of the line a
certain and fixed value should be given to the shares of
the company; and lastly, that these conditions should
be so arranged as not to impose a large and unreasonable
A long
responsibility on the Great Western Railway Company.
and complicated discussion had taken place on
these propositions, but during the three months
which they had continued the principles which
,
he had now enunciated had been invariably
kept in view, and they would find that they
had been carried out in the heads of agreement entered
into. The charge of completing the line was to be left
in the hands of the South Wales Company, and the
South-Western Company were to have no concern with
it till the main branches were completed from one end
to the other. The benefits to result were to be secured
to the company till the amalgamation with the Great
Western Company took place. The Chairman then
stated the conditions on which the line was to be leased,
which will be found in our report of the proceedings of
the South Wales Company, in another part of
this evening's paper. These terms the directors
hoped were sufficient to enable the South Wales Com-
pony to raise all the money they should require.
The Great Western Company did not purpose the
arrangement as one from which any large profits were
to accrue. Their object was to secure the completion of
the line, and the profits they looked to were from their
own line, in connexion with the South Wales Company.
It was always the policy of the Great Western Company--
to afford all the assistance in their power to the tribtt.

Lary schema I in connexion with their own, but never to
drive hard bargains, and the Bristol and Exeter line
nd the Gitienham liaiiway would bear out the accuracy
of this statement, and it was on a similar footing the pre-
sent agreement was sought to be carried out. It was
with that view the directors submitted the report which
the secretary woula now read to them.
The .z.Ef_7RETARY then read the report, which set forth
the conditions of the proposed arrangement between the
two companies.
The report, on the motion of the CHAIRMAN, seconded
by Mr. HEY wool), was unanimously adopted.
The SECRETARY having read the heads of the agree-
ment,

The CHAIRMAN than moved a resolution empowering
the directors of the Company to carry.them into effect:

A PROPRIETOR seconded the resolution, and would
take the opportunity of asking who were to fix the fares
of the South Wales Company ? When the lease was
made, the power of fixing the fares would follow as a
matter of course ; but till that period he wished to know
who were to fix them?

The CHAIRMAN took it for granted that the South
Wales company would do so. The line was to continue
in their hands till then, and of course they would regu-
late the fares for their own benefit. The Great Western
Company were only to work the line till the lease com-
menced.
After some discussion,

The CHAIRMAN said that the heads of agreement would
be submitted to competent legal advice, and everything
doubtful, or likely to give rise to dispute, obviated.
The resolution was carried unanimously.
The CHAIRMAN then said that since the agreement had
been entered into some of the directors of the South
Wales Company had expressed an opinion that it would be
desirable, instead of amalgamating at the time specified,
to propose the Great Western Company should continue
to guarantee 5 per cent. with half of the surplus profits in
perpetuity. The directors of the Great Western Company
wished, therefore, to have a power to treat with the South
Wales directors, should that modification be insisted upon.
After some discussion a resolution to that effect was
unanimously carried.
A vote of thanks having been given to the Chairman,
the meeting separated.

FRIDAY NIGHT'S GAZETTE.
WHITEHALL, Nov. 4, 1846.
The Queen has been pleased to appoint the Right Hon.
Granville George Earl Granville, the Right Hon. Sir Edward
Ryan, Knt , and Captain Henry Rowland Brandreth,
Royal Engineers, to be three of the Commissioners of
Railways.

WHITEHALL, Nov. 4.
Notice is hereby given, that the Right Honourable Edward
Strutt, the Right Honourable George Earl Granville,
the Right Honourable Sir Edward Ryan, Knight, and
Captain Henry Rowland Brandreth, R.E. appointed by her
Majesty Commissioners of Railways, under the provisions of
the Act 9th and 10th Victoria, cap. 105, will begin to act in
execution of the said Act, on Monday, the 9th of November,
1846 ; also, that the office of the said Commissioners is at
No. 29, Great George-street, Westminster.
DOWNING-STREET, Nov. 5.
The Queen has been pleased to appoint James Simms,
Esq., to he A.:,sistant-Judge of the Supreme Court of Judica•
ture in the island of Newfoundland; and Edward Mortimer
Archibald, Esq., to be her Majesty's Attorney. General for that
island.

Her Majesty has also been pleased to appoint Charles
Douglas Stewart, Esq., to be her Majesty's Solicitor-General
for the island of St. Vincent.

Her Majesty has further been pleased to appoint Richard
Hayward, Esq., to be Colonial Surveyor and Engineer for
Sierra Leone.

WAR-OFFICE, Nov. 6.

7th Dragoon Guards—Nugent Chichester Nagle, Gent., to
be Cornet, by purchase, vice Johnston, who retires, Nov. 6.
2d Dragoons —Brevet Colonel Henry Salwcy, from half-
pay Unattached, to be Lieut.-Colonel, vice John Frederick
Sales Clarke, who exchanges ; Major St. Vincent W.
Ricketts to be Lieutenant-Colonel, by purchase, vice
Salwey, who retires ; Captain Henry Darby Griffith
to be Major, by purchase, vice Ricketts ; Lieutenant
Henry Thomas Coward Smyth Pigott to be Captain,
by purchase, vice Griffith ; Cornet William Wallace
Hozier to be Lieutenant, by purchase, vice Pigott; Ensign
William Cunninghame Bontine, from 15th Foot, to be Cornet,
by purchase, vice Hozier, Nov. 6.
14th Light Dragoons—Cornet William M'Mahon to be
Lieutenant, by purchase, vice Hodson, who retires; Herbert
Edward, Gent., to be Cornet, by purchase, 'vice M'Mahon,
Nov. 6.

15th Regiment of Foot—Ensign Charles William Clayton
East to be Lieutenant, by purchase, vice llatchett, who re-
tires; Samuel James Blencowe, Gent., to be Ensign, by pur-
chase, vice East, Nov. 6.

37th Foot—Assistant-Surgeon James William Fleming,
from the 70th Foot, to be Assistant-Surgeon, Nov. 6.
44th Foot—Ensign George Lethbridge Ottley, to be Lieu-
tenant by purchase, vice Noake, who retires ; William Fletcher,
Gent., to be Ensign, by purchase, vice Ottley; Lieutenant
John Allen Lloyd Philipps to be Adjutant, vice Noake, who
resigns, Nov. 6.
46th Foot—Lieutenant Alexander John Macpherson, from
half-pay Gth Foot, to be Lieutenant, vice Yonge, promoted ;
Ensign John Edward Lyons to be Lieutenant, by purchase,
vice Macpherson, who retires; Charles Somerville M'Alester,
Gent., to be Ensign, by purchase, vice Lyons, Nov. 6.
66th Foot—Brevet Colonel Fielding Browne, from half-
pay Rifle Brigade, to be Major, vice Brevet Lieutenant-
Colonel William Longworth Dames, who exchanges; Cap-
tain Sir William Gordon, Bart., to be Major, by purchase,
vice Browne, who retires ; Lieutenant James hunter Blair
Birch to be Captain, by purchase, vice Sir W. Gordon ;
Ensign Robert Conner, to be Lieutenant, by purchase, vice
Birch, Nov. 6.

70th Foot—Assistant-Surgeon John William Johnston,
M.D., from the Ist West India Regiment, to be Assistant-
Surgeon, vice Fleming, appointed to the 37th Foot, Nov. 6.
88th Foot—Lieutenant Edward John Vesey Brown to be
Captain, by purchase, vice Townshend, who retires; Ensign
Charles O'Donel to be Lieutenant, by purchase, vice Brown ;
John Salmon Bayley, Gent., to be Ensign, by purchase,
vice O'Donel, Nov. 6.
97th Foot—Lieutenant William Murray to be Captain, by
purchase, vice Kinderley, who retires; Ensign Henry George
Woods to be Lieutenant, by purchase, vice Murray; William
Frederick Norman, Gent., to be Ensign, by purchase, vice
Woods, Nov. 6.
Ist West India Regiment—William Sedgwick Saunders,
Gent., to be Assistant-Surgeon, vice Johnston, appointed to
the 70th Foot, Nov. 6.

2d West India Regiment—Edward John Stephens Knap-
man, Gent., to be Ensign, without purchase, vice Strachan,
whose appointment has been cancelled, Nov. 6.
BREVET.—Captain William Holland Lecky Daniel Cuddy,
of the 55th Foot, to be Major in the Army, Nov. 6.
UNArrAcnix D.—Brevet Major George Thomas Parke, from
the Ceylon Rifle Regiment, to be Major, without purchase,
Nov. 6.

MEMORANDU3L—The date of the commission of Lieutenant
Bolton, as Adjutant and Lieutenant in the 31st Foot, is 22d
December, 1845, not 19th December, 1845, as erroneously
stated.

Commission by her Majesty's Commissioners of Lieutenancy
for the City of London.
Regiment of Royal London Militia—Claudius Stephen
Paul Hunter, to be Captain, vice Captain Henry Butterworth,
resigned, Nov. 5.

ADMIRALTY, Nov. 4.
With reference to the announcement which appeared in the
London Gazette of the 3d instant, the name of Captain Fre-
derick Jennings Thomas has been added to the list of Cap-
tains of the Royal Navy who have accepted the rank of Re-
tired Rear-Admiral of her Majesty's Fleet.

ADMIRALTY, Nov. 5.
With reference to the dispatches from Rear-Admiral In-
glefield, C. 8., dated the 9th and 17th of June, 1846, which
appeared in the Gazettes cf the Bth and 22d of September
last, the Board have directed that Commander Francis
William Austen shall be promoted to the rank of Captain,
when he shall have served the required period at sea to qua-
lify him for that rank. The Board have also directed that
David Kamm, gunner, shall be advanced to the Second Class
of Warrant Officers.

WHITEHALL, Nov. 3.
The Lord Chancellor has appointed Edward Lane Swat
man, of Lynn, in thecounty of Norfolk, Gent., to be a Mas-
ter Extraordinary in the High Court of Chancery.