The Sun.
London, England, 1846-08-03 00:00:00

• er7
N DAY 9W

ROYAL POLYTECHNIC INSTITUTION,
A CHENIICAL LECTURE, by Dr. Ryan, Pally, and on
the Evenings of Mondays, Wednesdays, and Fridays. Professor
Bachhollner's LECTURES on NATURAL PHILOSOPHY, with
brilliant experiments, daily. MACINTOSH'S REVOLVING EN-
GINE. COLEMAN'S PATENT LOCOMOTIVE ENGINE for as-
cending and descending Inclined Planes. FA.IIRELL'S ARCM-
MEDIAN RAILWAY. The ATMOSPHERIC RAILWAY, all in
action. HALLETTE'S ATMOSPHERIC RAILWAY VALVE.
The OPAQUE MICROSCOPE. The OXY-HYDROGEN MICROS-
COPE, exhibiting a line Collection of Living Objects. A beautiful
Picture of the CHAPEL in the CONVENT of St. CATHERINE,
near Jerusalem, by Mr. Charles Smith, is one of theSerles of DIS-
SOLVING VIEWS.

Admission, Is.; Schools, Half-price,

EDGINGTON, Marquee, Tent,
4i, Flag, and Rick-cloth Manufacturer, 2, Duke-street, Southwark,
Marquees and Tents with boarded floors, and tastefully lined,
suitable for Royal and noble parties, or fetes of the most extensive
and brilliant character, may be had at the above Establishment.
A Warehouse, 20f, Piccadilly.
Address at full length, Benjamin Edgington, 2, Duke-street,
Southwark. Rick-cloths with poles, &c., complete ; railway truck
covers.

NATIONAL LOAN FUND LIFE ASSUR
ANCE SOCIETY,
26, CORNIIILL LONDON.
Capital £500,000.
Empowered by Act of Parliament.
This Institution embraces important and substantial advantages
with respect to Life Assurances and Deferred Annuities. The assured
has, on all occasions, the power to borrow, without expense or for-
feiture of the Policy, two-thirds of the premiums paid (see Table) ;
also the option of selecting benefits, and the conversion of his in-
terests to meet other conveniences or necessity.
Assurances for terms of years are granted on the lowest possible
rates.

LIVERPOOL, MANCHESTER, AND
NEWCASTLE-UPON-TYNE JUNCTION RAIL-
WAY.

On Saturday, July 25, the first meeting of the pro-
prietors of this company, under the incorporated Act,
was held at the Palatine Hctel, Manchester, Mr. Henry
Houldswortb, of the Manchester and Leeds, in the
chair.

The CHAIRMAN said it was only within the last few
minutes that it hed been intimated to him that it was
the desire of the promoters of the Liverpool, Manches-
ter, and Newcastle Junction that he should occupy the
chair. He regretted that some gentleman more inti-
mately acquainted with the business of the company had
not been selected ; but it was well known that the com-
pany was composed of two parties who had coalesced,
and it was thought best that some one occupying a neu-
tral position should preside, and under these circum-
stances he was requested to take the chair. He con-
gratulated them in the first instance on there meeting
there that day, for the first time, as shareholders in the
Liverpool, Manchester, and Newcastle Junction Railway
Company, under the act of incorporation, which had let en
recently obtained. He believed the meeting was celled
in fulfilment of the great requirements of the General
Railway Act. Matters of great importance were to be
discussed, and he trusted that would be done in all fair-
ness and in a cordial spirit, and that everything
would be done to promote the interest of the company,
and to sustain their character as men of business.
The following report was then read to the meeting:—
" The directors, in presenting their report to the first
general meeting of the shareholders in this undertaking,
have much pleasut e in congratulating them on the success
that has atteneLd the Bill in Parliament, which received
the royal assent on the 26th of June last. Notwith-
standing the opposition which the undertaking had to en-
counter through many of its stages, and the necessity for
passing two Bills for the separate schemes (now united)
the directors believed that the expenses of obtaining the
Act of Incorporation will be found to be far less than
might have been anticipated ; and that, after payment
of all expenses, so large a sum will remain in their
hands, applicable to the purposes of the railway, as to
render any further call upon the shareholders until after
the general meeting in February next wholly unneces-
sary. The directors have entered into certain agree-
ments with the Newcastle and Darlingtou and Great
North of England Railway Companies; end with the East
Lancashire and Manchester and Leeds Railway Compa-
nies, for facilitating the transit of the traffic along these
lines to :nd from the dietrict supplied by this scheme, which
agreements will be submitted to the shareholders for their
approval. By the provisions of the Act of Incorporation the
whole of the present directors retire-from office at this
meeting, but are eligible fur re-election. Amongst
other duties which will devolve upon the shareholders at
this meeting will be the appointment of two auditors,
and the outgoing directors will be prepared to recom-
mend two large shareholders to fill that important office.
The directors regret that the short time that has expired
since the passing of the Act has rendered it impossible
to complete the register of the shares in time to receive
the common seal of the company at this meeting ; the
register, however, will speedily be completed, and the
seal can be affixed at the next ordinary meeting.
" P.S. Since the above report was in print, the
balance-sheets of the original companies have been ex-
changed, from which it appears that the actual cash
payments up to the present time amount to
36,6351. Is. 7d. The directors have not yet been able
to close the accounts of the engineers and the solicitors,
but, estimating the liabilities, as near as can be ascer-
tained, at between 18,0001. and 19,0001., a balance will
be left in their bands of about 120,0001., the whole of
which is at present invested at interest, applicable to the
purposes of the railway ; the directors, therefore, believe
that there will be no necessity for making any future call
for twelve months.
The report was unanimosly approved.
The CHAIRMAN proposed the next resolution, which
appointed Mr. William Henry Brockett and Mr. Charles
Swallow auditors. The remuneration to these gentlemen
was fixed at 201. each per annum.—Mr. William Nicol,
of Liverpool, seconded it.—Carried.
Mr. CRAM, of Newcastle, said, a great number of share-
holders wished to have a further inquiry into the state
of the accounts of both companies before anything fur-
ther was done, to see how the large amount of expendi-
ture had been incurred, and how the large sum paid, in
the shape of deposits, was invested, or otherwise disposed
of. At the request of many gentlemen at a distance he
had made the inquiry that morning, but finding it diffi-
cult to get at the information he thought it but right to
put the matter to the meeting. Many gentlemen pre-
sent, like himself, might be ignorant of the state of the
affairs cf the company, and it would be satisfactory, he
thought, to all interested, if the accounts were investi-
gated, with a vie/4/ to which he moved the adjournment
of the meeting till the 25th October, and the appoint-
ment of a committee of shareholders to investigate the
accounts and share register of both companies, with a
view of ascertaining the precise position of the two
companies, both at the time of the amalgamation and
now, and to report as to the manner in which the funds
are now invested, and the incumbrances, if any. He
thought such an investigation, if satisfactory in its result,
would increase the good feeling of the public towards
the undertaking. Mr. Iledley, of Newcastle-on-Tyne,
seconded the motion.
The CHAIRMAN said if the resolution was proposed
at that stage of the business it would supersede all the
other resolutions which had been placed in his hands,
and as it was of so comprehensive a nature it probably
would be better to take the opinion of the meeting on the
resolution, rather than proceed with the resolution he
had, for, by the adoption of Mr. Cram's motion, ehey
would be put in abeyance.
A SHAREHOLDER suggested that the whole of the re-
solutions the chairman had should be read, as they
might, perhaps, enable the meeting to decide on the
question of Mr. Cram's motion. •
The CHAIRMAN said the first resolution was for the
appointment of the directors, which appointment would
be suspended until a distant day by Mr. Cram's motion.
Mr. YATES had no objection to an investigation on
the part of the original Lancashire and North Yorkshire
Railway. They were prepared to show their balance sheet,
and to produce vouchers for every item of expenditure ;
their funds were not encumbered—they never bad been
encumbered. He mentioned this boldly as a reason why
they should not object to an investigation • on the con-
trary, they thought it a very desirable thing, as each
party had come into partnership with another, and their
accounts were mutually unknown. As to the postpone-
ment of any further proceedings by the meeting, he
thought the directors of both companies would be able
to cart y on the affairs of the companies, in all matters
necessary to be done during the investigation, in the
same manner as they had done hitherto, and both com-
panies would be afforded a very satisfactory opportu-
nity of making more ample explanations than appeared
in the postmipt to the report. He thought they ought
to be well acquainted with each others ac-
counts, and that the shareholders ought to have equal
information, so that they might be able to ascertain the
value of the amalgamation, and if the report were satis-
factory, mutual confidence would arise.
Mr. COKE, of Richmond, spoke in favour of the ap-
pointment of a committee. They would be men inde-
pendent of the gentlemen who had promoted Loth com-
panies, and would return a faithful report, which would
increase public confidence.
Mr. ALLHUSEN said, on behelf of the original Liver-
pool, Manchester, and Newcastle Junction, he begged to
announce that the accounts were in the room. The
shareholders would perceive by the report that
36,6351. Is. 7d. had been expended, and out of that sum
the late Lanchashire and North Yorkshire had spent
21,747/. Bs. 9d., and the Liverpool and Newcastle Junc-
tion 14,8771. 12s. 10d. Their company (the Liverpool,
Manchester, and Newcastle Junction) had had to sur-
vey he thought 102 miles, but they had from the be-
ginning of their undr.rtaking been as economical as pos-
sible, and nothing would give them greater satisfaction
than to submit these accounts to a committee, because
they believed they would get well out of the invest-
gation, and that it could only reflect credit upon them.
They had been careful in getting every director to pay
up the day he got his allotment ; they had also, he be-
lieved, taken up their shares regularly ; he did not at
that moment recollect one who had not. All the money
srauendaldit of the company.
could not, of course,
had been invested, and 73,000/. of it was now in the
Co. of London, in
of 1,1001., was in
EMessrs.uxnhandscdheerqo
tfuhueMera:rebcs
Exchequer-bills,
Barclays
se Baubnamadr
bands
tltdhaasene•
c, t
croßse ets
the
:teal :aye,
have the slightest objection, nay, it would please them
to have a committee of investigation appointed, not only
as to their accounts, but also as to the share register ;
all would be found in so good a state that, among the
many railway schemes which had been passed this
session, none would be found to surpass theirs. But the
iitng, and he hoped the
hd raw it; if he did
adjournment was another question, and to that he must
wnoduelrdt aTtl
object. Unison of management was absolutely neces-
sary
proposert o the
of
the success ofl the n
u
r
u t
not they would have toio go to the vote.
Mr. noon, said,oon, of Liverpool, so far as the funds of
both companies were concerned, it appeared there was a
perfect inclination on the part of the directors to make a
statement of them, and to show how the money had been
expended, and he thought it would not be desirable to
e s o
allow three months to be spent in investigating matters
which the directors were so desirous to lay before the
meeting on the instant. If there was any reason for the
belief that there had been a lavish expenditure, it might
form some reason for having an investigation, but the
business of the committee being simply for the purpose
of obtaining and spreading information which both
parties were prepared to give, he could not see any ad-
vantage in suspending the proceedings for three months.
He hoped the gentleman would withdraw his motion,
and be satisfied in the meantime with what had been
stated.
A SHAREHOLDER. (Mr. Peet, we believe) said after
what had appeared in the London papers, and after what
had been said in the House of Lords by Lord London-
derry, ho thought that they would be wanting in their
duty to themselves if they did not, before proceeding to
the appointment of directors, make this investigation,
which was necessary to remove the grave imputations
contained in those reports and that speech. He hoped
the shareholders would unanimously agree that the com-
mittee ought to be appointed and investigate before the
directors were appointe4. He thought it was a duty
owing to the shareholders and to the directors. It had