The Sun.
London, England, 1848-06-03 00:00:00

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Subsequently resolutions were passed reducing the
number of directors to eighteen, appointing the directors
and auditors for the ensuing year, fixing the salary of
the secretary and auditors, the former at 5001. and the
latter at 501. a year, and one authorising the directors to
borrow on mortgage or on lands, at the rate of a per
cent., a sum not exceeding one third of the capital of the
company.
A vote of thanks was then passed to the Chairman and
directors, and the meeting separated.

BIRMINGHAM AND OXFORD JUNCTION.
The adjourned meeting of this company was held
yestereay at the King's Arms Hotel, Palace-yard, Mr.
Mintz to the chair. The oily business done was the
adjournment of the meeting to the 9th inst., at Dee'd
Royal Hotel, Birmingham, with the intention of a fur-
ther adjournment to the 21st inst.

DERBY, UTTOXETER, AND STAFFORD.
A general meeting of the seriphoiders was held yak-
terdity at the George and Vulture Tavern, Mr. Nash in
the chair.

The report stated that since the last meeting, on the
21st of July, 1846, Mr. Henry's claim against the com-
p....rye was referred to arbitration, and out of a claim of
5,1351. he was awarded 1801., and costs amounting to
1,6451., which were taxed down to 9571. He brought
separate actions against 31
members of the committee,
which increased the costs. The claim of Mr. Higgins
was settled with his assignees ; it was agreed to pay
them 750/.in discharge of bis claim of 3,7741.; each party
to pay his own costs. The claim of Mr. Richardson for
1281. was settled for 891. Including Mr. Wild's claim
for 1,1501., actions had been brought against the com-
pany for 10,1881., which the committee had defended and
settlt d for 1,1451. Mr. Wood had claimed for levelling the
sum of 133/., which was not admitted by the committee.
They offered him 30/. to withdraw his action; he de-
tnanded 1001, which they refused, on the ground that it
might encourage other parties to bring actions against
the company. After the solicitor's bills were taxed, the
committee returned 27,508/. to the shareholders, as the
first instalment of 325. 6d. per share on 16,928 shares,
of which 16,863 had been paid upon; on the remaining
65 shares the 105/. for the first instalment still remains
unpaid. The sum of 6,6711. was available for a further
instalment of Bs. per share. But since the report was
prepared, and the meeting called, Mr. Henry had made
a claim on their solicitors, Messrs. Grey and Illidge, for
the costs of the survey. In this untoward position the
committee were advised that they could not part with
the funds in fairness to the country directors or to them-
selves, as it is possible they might bo liable to their
solicitors should Mr. Henry recover anything against
them;. which they do not apprehend will be the case.
Having a common interest with the shareholders, they
cannot incur a greater liability, especially as they-
have laboured on behalf of the scripholders. This
claim prevented the contemplated division of the funds
at presen
The accounts to the 23d of May showed that 39,5331.
had been received, and 32,1641. expended, including
27,4021. returned to the shareholders, leaving a balance
of 7,3641.; of which it was proposed to reserve 4991. for
liabilities, and 99/. for winding up the affairs of the com-
pany, dividing the rest.
Mr. Collet; complained of the amount of the solici •
tor's bills; he thought they were a great deal too high.
He stated that one of the clerks at the company had
been going about to buy up the shares of the com-
pany at the rate of 3s. 6d. each, and that he had also
endeavoured to borrow money on them. He thought
that a stop ought to be put to such proceedings.
The Secretary, the Chairman, and members of the
committee of management, all declared that it was the
first time they heard of it; they denied having any deal-
ings in shares whatever; they would not countenanoe
such a proceeding.
Mr. GREY, the solicitnr, explained the reason why
the expenses were so much: he had to defend thirty-one
actionsbrought by Mr. Henry against members of the
committee.

After a warm discussion with reference to the ma-
nagement of the company's affairs, a committee was
appointed to investigate them. The meeting then sepa-
rated.

DREADFUL BOILER ACCIDENT IN SMITE STET•
IFORDERIES.—DUDLEY, FRIDAT.--A boiler explosion,
attended with dreadful loss of life, occurred this morning
in this neighbourhood. About half-past six o'clock an
alarming noise, which resembled that of an earthquake,
was heard at a distance. It was soon, however, dis-
covered to have been caused by a frightful explosion of a
boiler belonging to Mr. Jeffries, at the Heart's Hill
Works, Brierly-hill, situated at about one mile from this
town. It appears that the night men in the employment
of the above gentleman were at work, when suddenly
one of the boilers in use burst with a terrific noise,
smashing the brick-work surrounding it, destroying a
great part of the buildings adjacent, and unfortunately
killing all who were near it, and many at a considerable
distance from the place. Owing to the great confusion
prevailing, the number of sufferers has not yet been
ascertained; but up to ten o'clock ten dead bodies had
been found. Others, it is feared, will be found in a
canal which passes near the works. One man who was
proceeding to the works was killed by some pieces of
iron and stone, at a distance of 200 yards from Heart's
Hill. Although the loss of life is very great, a fortunate
circumstance prevented it from being much greater. The
day men, from some cause, were not to come to work
until eight o'clock; had they been assembled, the loss of
life would have been immense. The cause of the explo-
sion is, of course, as yet unknown.
Mr. J. Mackworth Powell had an interview with Earl
Granville yesterday, at the office of the Board of Trade,
to explain his invention for obviating the difficulties of
the break of gauge; and also the carriage of goods from
one railway station to another without any unpacking or
repacking.

%;..:kuoicl odi lo Jqui

bag-4114

ss of the company applicable to the discharge
of its obligations, to the completion of the line,
and to the placing it at the earliest possible
period in a position to make out of its earnings
a legitimate return upon the capital embarked.
The
firnotmentDioisn; in t
o the
.Norwich, aonpuio
line engatreasing:e
Harwich, and hereafter to add as the resources of-ther
first instance,
and from is
t o
Ri
company shall be realised, a second set of rails on the line
to Norwich (earthworks and bridges having in the first
instance been constructed for a double line), and to extend
the station accommodation motile truffle becomes developed.
'ln addition to the lines and branches constituting the
Eastern Union Railway, the directors entered last year
nito a provisional agreement with the Stour Valley
Company for a lease of their line at a guaran-
teed interest of 5 per cent. and a division of
profits bet-iind that amount ; and that agreement
alai confirmed by general meetings of the Eastern
Union and Ipswich and Bury Companies, The
Stour Valley Railway from Z.tutks Tey to Sudbury
and Halstead (twenty miles), is under co ns truction; and
that eolupsny have obtained Parliamentary powers for
pmituanlds has', bheeit7,
raisedt twenty-two t)oertwexopaennddiatohraelti'nemoirlreesd,
the extension of their line to Clare and to Bury St. Ed-
teuttonothcease-
extessiuns. The capital agr, ed to le. gtiaranteedtor the line wider construction it 300,0001; and it is believed that the
earnings to the line will wily cover the ansounCguaranteed.
It was considered by the directors of the Eastern Union
Railway an important protection to the interests of their
company to obtain the control of the Stour Valley line;
and with this view they determined take a share of
the Stour Valley line to the' '
extent of 20,0004, on behalf
of the Eastern Union Railway; and with the same view
subsequently entered, conjointly with the Ipswich and
i3ury
into the agreement for the lease of the
The engineer's report gave a satisfactory account o f
Stour all"nPaey l way .
the progresi of the works.
The statements of. the, accounts showed that the re-
ceipts of the-company; up to the 31st December, 1847,
amounted to 1-,2e2,12 IL us, ltd., and-thi expenditure to
1,244,4861. 10s. 63., leaving a balance of 17,634/. 10s. sd.
The CResamate said he was prepared to admit that
the report was not so satisfactory as he coutd wish; but
looking at the circumstances of the times; which bad
in an extraordinary degree affected all railway
undertakings, even those more firmly established than
this, he thought there was some excuse for the affairs of
the company not being in so favourable a state as might
have been anticipated. The unexampled pecuniary
difficulties that had prevailed had prevented the directors
realising the
The
which they, bad held out to the
proprietors. The line to Norwich had not been com-
pleted, as they expected it would have been by this
time, in consequence of their bring obliged to
postpone the pay meat of calls. With respect to the
question of the payment of interest, he said un-
der the Amalgamation Act the • directors were
empowered to pay interact out of the capital of the com-
pany,:and the railway Committees had fixed the time
for doing se at a period when the line to Norwich might
have been reasonably completed. But not being able to
press the payment of calls, the works had been greatly
retarded, and they now recommend the meeting to allow
the payment of interest to be postponed until the line to
Norwich was opened. If they did not, that portion of
the capital which had been laid out on the works would
lie dormant for some time, and they would be obliged
to raise during the current year the sum of
40,000/., to meet the interest due to the sharehol-
ders. The directors proposed that the proprietors should
raise ;among themselves and their friends the sum of
100,000/. upon bonds for three years, under the com-
pany's borrowing powers, the amount to be applied ex-
clusively to the completion of the Norwich line. Some
doubt bad been entertained as to the legality of that
law}Pthreo ct
erne proceeding,
ig directors and
hl,raa.
dsLttloao tedho, e u
ptvhoa
enl i d
tiothp)e•
nosi
otu'
nbtj the t sae,
inc uh rio
that the holder of any bond might, at the expiration of
)s t eminentbutted
three years, sue the company in his own name, and, in
default of payment, be entitled to judgment and execu-
tion against the stock of the company, or if in London,
might attach the money at itsbankers and in
;
detault of other remedies, apply to the Court of Chan •
eery and get a receiver appointed. In fact, he said he
saw no difficulty in enforcing the payment of the bonds.
The directors themselves had commenced a subscription-.
list to carry out this proposal, which amounted to about
30,000/. out of the 100,000/. which would be required.
The Chairman gave a flattering account of the
prospects of the company, stating that within one year
from the opening of the Ipswich and Bury line, and
within two years of the opening of the Eastern Union
line, the traffic had exceeded that given in the Parlia-
mentary estimate, and concluded by proposing the re-
ception and adoption of the report.
After considerable discussion the report, with the ex-
ception of that part of it which might imply the con-
currence of the meeting in the leasing of the Stour
Valley line, was received and ordered to be entered on
the minutes.