The Sun.
London, England, 1841-03-30 00:00:00

„MbitNiN(i EDITION

.VEST LONDON RA I L-WAY

COMPANY.

oi est Loa?'
telt sPeci general meeting of the Shareholders of the
. Co d"-., Railsysy Company was yesterday held at the
--inpany:s fli
• ressiodin, e cies, 11, Abchurch-lane, for the purpose of
Oatat, e• a reeolution came to at the meeting held in
eoosi :`-' lan, eolative to the isseing of new shares, and of
by : r'ePi,g A proposi isn of ti .e Direct ors to raise 40 000/.
ti -41.,1ng 20,000 defeeed shares of 20/. c ich, at 2/., for
t4e Purfret'e of comp!: tiog see line of rails to the Kensing-
, Z ettetlt!. Ihe meeting was adverti e I to Ore place at
te.:Pfeeeely, but it was considerably after the hour before
1 Directors entered the room. This circumstance
•reated esnsiderable cissatisfaction among the Proprietors
assembled.
hoped,apologisedlard hefere them.
etThie SUMETARY then read the notice convening the
I.:P, and also the report of the Director-, which
state,, that they had endeavoured in various ways to raise
ric ra 'neY in accordance with t'-e test tali:" of the Proprie-
„lon the 7th of October, 1840, but bad found it irapos-
Abi..e to do so under existing ettcumstances. They con-
.; "erel that the best cepse to be pursued would be to
Possible,
eportiaonndotf„Atehyrsir present line into operation as soon
,810,Irt: si g
therefore proposed to lay a single
`,l eof rads from the Grand Junction canal to Kensing-
-011 canal tsesin. To do this a sum of 40,000/. would
present Proprietors
which they propose] to rbisc by the issue of
74tireU 0 new 201. shares, to be divided rateably among the
Proprietors at 2/. Or share ; and if any of' the
rscopricters refused the tar, then the remainder of the
ti_eoPtieters t') have the option of taking them ; and should
nuff__whcle not be disposed of, then the remainder to be
foirl_ed to the public. Such abates to be paid fur in the
tiru!',..g manner :—A first instalment of 104. at the
.rk of the allotment, and other instalments of 10': each
pp, the 15th of July, 12:11 of October, and 16:h of January.
' a -fie Company had entered into an arrangement with the
' • PtinoiPal e. t.. , creditors to let their claims stand over for
^elite months.
Ma Locice wished to know the amount of the claims
fin the Company. He considered it bete rto abandon the
tclf;l_uIll altogether,. or sell it to some other .Company,
14. r.
MB
to swamp it by the issue of the 20,000 shares.
, 'iv. DUNCOE, the solicitor to the Company, rose for
`ne , Purpose of moving resolutions to carry out the recom-
ulendatio
take ,ns of the neport. Something must be dor.e to
the concern out of its present situation. The road
7-1.• pre2ent was unfinished, and consequently useless, and
takas
time something were done to complete it before a long
hi'lle had elapsed, the Proprietors would take back the
h."(l at their own price. He cemidered that by the pro-
r silien of the Directors, the great sources e f traffic would
te touehrd, namely, the Grand Junction Cana and the
,o 4" n'ine•on Canal, and two great sources of profit
uld be opened, The cost of the completion
,a"
the siaele iiie had been estimated at 32,000/.
here wer'e severe' small debts, amounting to about
!r0 00/ , 'ehich it was a sit me to leave unpaid ; but
,iOOO/ would accomplish it all, and the Directors con-
'iolrad that they bAI proposed to the Proprietors the best
"3 ode of rai!ieg; it. The other claims on the Company,
,14„,,c..11-i_ine, the Sonciter's bril and the
.Directors' salaries,
tluestsrl to 9,7731. 11r. Id. These claimants had agreed
'', wart for they; claims, so that the 40,0001. would be en-
.4,,,el:'d to be entirely devoted to purposes st ecified. Tree
5' " Ptcond class of claimantse_whose claims amounted
*1 554/., who bad elso agree] to wait, leaving only
oo '.. 16s. 91. to be prid out of the 40,000/. The only
~c,°.'e, as it struck bins, to raise that met.ey, was that
bpulcii had bassi proposed by the Directors, and which had
as,Z'' aloPtad with success by several other Companies. It
I, ' ja fact, merely making an a4dition to their capi•al
fi °n themselver, as he did not telieve a single scare woull
`fil its way to the public.
'll,
; :dr, WHITS wished to know if the bonds were included
statemert of the del ts.
hise
CHAIRMAN said not, es there were questions de-
fendng between the Kensington Canal Company and the
ailroad Company.
- Mr. WHITE held mortgage bonds to the amount of
' 1.5 /
• rs; We, and protested against those claims being compro-
c"ed by his taking part in the present proceedings. lie
ILtended to move three amendments, for be had never
'Card gentleman faacious representations than those made
:Oho g who had jn-t sat down. The plan
1 Ma he should propose might be carried into effect for
IPIOOO/. It was for a single lice of rails for horse trace
1013 to the Uxbridge road. That would embrace the Grand
br elion Canal and the Birmingham Railway. and might
r earned fete effect entirely on their own grounds. The
W' of a locomotive railway would be enormous. He
um
to is"s PASS orer the point for the present. He was happy
ti,"4a.r that the creditors had consented to grant them
4e• He did not think that anything could be done
. Zith the Great Western Railway until they showed that
er"Pany they were independent of them. Oa the 23d
nary last the Great Western Company had taken up
their rails and placed others of a new construction, which
sweo
td preclu.de any connection wi-h them. They had
ikon away the rails, and merely made a little notch in
wl1!e which they bad laid crown in their place. The plant
Kat,. be proposed would open a communication from the
o7"trgton Wharf wart a populous and increasing dis-
oVeta and would enable. that di t 2
to be sup-
le,tl with coal from the wharf at 25e a ton. He
11
- . ir! no objection whatever to carrying on the works to the
.a..,"sington Canal if they would pay the Canal Proprietora
it that was due to them, and raise the 40,0001., but that
pltl'eil? would nos be able t a -do according to' the plan oft e
na'srtors. The inevitable consequence of adopting the
iteantree tors' suggestions would be that the shares would fall,
Them a very 1 tele time those 2/. shares would be at 10s.
land .land they possessed was daily increasing in value;
. In that neighbourhood Lai been sold for 1,150/. an
ne'rie' raey would sacrifice all the value of their land br
,l'e-ng eshat it was proposed they should do. They had
-o„vell been inforree] what the profit would be when they
atom to work, and the Directors should have laid before
'"‘ the calculations to thaw that the line could be
Workedi.., profitably if er the 40,0001 should have been ex-
- rinseued• They had no information on that subject, and
is-a"inga as he diJ, the enormous cost of locomotive
It`h-ectien, he thought the Proprietors ought not to accede to
e e Plan of the Directors in the absence of this most int-
,,'ettant information. He objected to the whole plan, ex-
-14 in so for as it rev reed to its original character, and
Rave up all continuationr. The great expense would be
allinelitrinuing the road,from the Uxbridge-read to the Ken_
4t CI" Canal; they would have to build two heavy bridges
ui 'in enormoua cost, in Bolsi:ion to other great expenses,
.„: whole of which would bc avoided by his plan of a line
ik,, rails f( r horse traction, and the chearest moving power
la;e", to terminate. at th r Uxbridge Road. They would
tfi''e the 'ride of the new town now in process cf creation
ere, and . 1 •
ul . that would enab:e then to Leep the ball alive
litslme of the insidious cff eta of the Great Western Corr-
to tql, and there wool I Le no difficulty in rai ing 10/. shares
, era, it into effect. He had laid papers before the Corn-
ht I.,ltee showing how this might be effected, which papers
''" not si-c: ben returned to him, and to which he had
tven been denied access. He moved as an amendment, or
stiltitera rear M-. Duccombe'a resolution had not been
.leeo;eled,asl substantive motion, that the trotting be ad-
ot,",tr ed to the'sth of April next, end so on from week to
li.telt3 until t°e propriet us shall Le made fully acquainted
Ith all the circumstances of the case.
Itir• SIIEFIIERD seconded the proposition for adjourn-
hett • lie had not heard Ms. White's plan before, but he
s::fight it well worthy of investigation. The Directors
teel act shown anything like ground sufficient in support of
1 proposition. The cost of locomotive. engines would
aet.etiortnous, and the reccss:ty f.r them would Le done
'ty ai h by adopting Mr. White's plan.
]rays DCNCCMBE did not consider the completion of the
~ke to the Uxbridge-read would be of any advantage.
eemeY sane go on to the Kensington Canal, and that could
tine dote fogless than 40,000/.
t 'tr. WHITE sail that the line could be completed to the
ttl.tti(lFeercad on their own land, and would be a saving
of
~ the line ea far. It would net pr.clude than from con-
itll u
''ing the line when it might be thought advisable, and
- ahcould be worked by horse traction at the rate of ten miles
• ha- 'lt Iv. The cost et. tie bridges alone which they would
si:6 to eren the Uxbridge-road and the Ken-.
gton Canal woul ect between
d be 700/.
11 ;limes to a question from a PROPRIETOR,
bi"Lr• Bproposed DUNG ,!OE stated that the plan by the
a'rettors had been approved of by the er-gineer, Mr.
ePhenson, who had estimated 32 000/. as the outside '
cast of the ceastruction.
1
A pROFRIET. R 2, ke. howl it was propose] to work the
.
Itte when it should be completed.
k i,11,1". I) ' said there was no chance of doing any
oit",--• withiCt°37: it cvaF, or of tha Great Wes ern or any
‘;'"ej C'ompany touching it until it was in a state to be
1°44,1. When that should be the case, they could either
et
e - ennit to some other Company, or, failing that, work it
ves,
asNle• GARDENER characterised the plan of the Directors
o 0" Project for swamping all the old Peel 'actors, who
loeltl not afford to purchase the new shares ; and when the
:48,111u1d be completed they would vrttnt more money to
Wt
i' "e debts, or the line, would be sold to pay them. It
,trthroeiag away money.
laodhe CHAIRMAN said if some plan were not adopted the
mwould he E e.zel by the landowners.
11,"1, rv.• M. Nl`Feeeeen on behalf of the Manchester
k.aolilcrs, supported the'
' Rai desirous of knowing the position they stood in with re-
proposition for delay. He els°
eara , ,
' AL,'" the lased Fsrai Est rte.
fate"• Deecomee said they had always looked to that es-
to
55 a greet source of profit, but they had been unabled
tiacie,"l-Iste their payment of the purchase money, aid
v sto",A ii gal orceeedings taken against them to compel
11(0(1-'1411On of 'the lam. It coedsted of 75 acres of free-
it D,-,:a"d with a frontage throughout to Wood-lane, lead-
%lli
of Wenewood Scrubs to Shepherd's Bush, and was
the
„"1 brick earth. They would be willing to sell it could
id,' gtt their piles ; and, to give ihe Proprietors some
to itsf its-iccre;sed value, the farmer owner bad offered
fis
L tl: the", have what they had used for the railway for
ittg if they would restore him the remainder.
;rfinFtver to Lord KENSINGTON,
theN IC Sllnama stated, on behalf of Mr. Stephenson, that
tha, Illy
caul] be laid down as proposed for 32,0001, but
PreCir- Stephenson gave no opinion whaevcr as to the
il table results of such plan. He comidered that no
it"'ojfit 'meld wise from the c antinuation to the Uxbridge-
at7e • With re gr I to the elteration male by the Great
enablel4ll empan , they had done all that was necessary to
the )' their line.
~ Nlr Ni, ,Cornsany to cross
ees4 ', a ARLAND thorght the Island Farm should be die_
sir.eitt)'Y public competition.
d his resolution as an
4,„,,,., , I:SCOMDE then propowe .
Tr itent to Mr. White's propositen for delay._
Tr_ amendment was seconded by Mr. Alexander._
_t _
out
.'" !solutions a the last meeting were rescinded wi b
,4 CIIV4IO
VII te "•
PM a; `" tesolution for issuing 20,000 new shares being
Ni..
sherry
arnendmete,
seha":l3R. !erre sail he •rould sooner consent to have the line
Iortl"'tood by public auction.
tettli4 Keesieceroe said if such a propoisition were en-
(les, take
he would bring his action of ejectment against the
/ .. A P,;nY directing"'
ultoPiitETon said there was no fear of the shares not
, ~----,
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