The Sun.
London, England, 1848-11-27 00:00:00

GREAT WESTERN.

PADDINGTON STATION, Nov. 23, 1848.—Resolutions
considered at sev( rat conferences held in London, in the
months of September, October, and November, 1848, be-
tween deputations of the London and North-Western,
the Great Western, and the London and South-Western
Companies, in consequence of the unprecedented demand
for additional capital, to be employed in constructing,
simultaneously, many new lines of railway not imme
diately or imperatively required, the prejudicial effect
thereof on the commercial and manufacturing interests
(as affirmed by Committees of both Houses of Parlia-
ment), and the serious depreciation of investments in
railways thus occasioned; with a view to adopt, as well
for the sake of the public as of the proprietors, some
immediate and efficacious measure for counteracting
such results:—

1: That it is in the highest degree important to make
arrangements for uniting the interests of the three corn-
-franies ropresented at this conference, in some manner
calculated hereafter to prevent, so far as they aro con-
cerned, any wasteful expenditure either in unnecessary
schemes or Parliamentary contests, while they may at
the same time be enabled, by maintaining a fairly re-
munerative income, to provide liberally for the safety
and accommodation of the public, by tineans of efficient
establishments under a well-organized system of maliage-
ment.

2. That upon a careful consideration of the means
calculated to attain such important public and private
objects the most effectual plan seems to be that of cre-
ating a permanent and absolute identity of interest
among the shareholders of the three companies, under
the sanction of the Legislature.
3. That as some "months must now elapse before the
Act of Parliament for authorising such union can be ob-

tained and carried into effect, it is essential that an ar-
rangement should be forthwith glade for placing the ex-
penditure of the three companies under control, and for-
facilitating such measures as may seem conducive to the
accommodation and convenience of the public in the use
of stations and the working of lines connected with each
other, so as best to develop traffic, without interruption,
and with due regard to economy. That for these pur-
poses, as well as for deciding any question relating to the
guarantee or
_lease of other lines, or the general policy
of the companies, it is requisite to appoint a joint board
of control, consisting of seven directors of each company,
with all necessary powers—that the quorum shall consist
of not less than three members of each company—that
at all meetings a majority shall bind the minority, and all
absent members, the chairman having at each meeting a
casting vote, and being ch. sen by turns from the several
companies represented.
4. That a Bill shall be introduced into Parliament in

th;n:XTses;iOn for the above purposes, and that the
joint board shall have the charge and control of it, and
shall take such steps as they may .deem proper for ob-
taining the sanction of the Legislature ; but in the event
of at least five of the seven directors, representing either
company, considering any provision inserted, or proposed
to be inserted, in the said Bill, indonsistent with the
principles herein agreed to, or detrimental to the interests.
of their shareholders, it shall he referred to two referees,
one chosen by the directors of the dissentient company,
and the other by the remaining members of the united
board, or to an umpire, previously' to be 'chosen by them
to.determine the matter in dispute. The joint board to
have the power, in case of need, to renew the application.
to Parliament from session to session. •
5. That no new pecuniary engagements, excepting in
discharge of liabilities already existing, or in fulfilment
of present legal objections, shall be incurred by any one
of the three companies, without notice to and consent of
the joint board; but full freedom of action is reserved
by the South-Western Company as to their extension
into Windsor, the Great Western Company protesting
against such reservation, for the reasons stated in the
accompanying declaration (paper A), and reserving their
rights thereupon, the London and South-Western Rail-
way Company adding as their reply to such declaration
the accompau)ing paper B. The joint board shall not
be authorised to override any existing pecuniary engagc-
zuents or liabilities of any one of the contracting com-
panies, or to compel arrangements for the use of sta-
tions, or for the working of connecting lines of railway,
against the protest in writing of five out of the seven
directors representing any one of the companies; it
being, nevertheless, in the power of such directors tv
withdraw such protest upon arrangements being made to
their satisfaction.

6. That nothing in these resolutions shall be under-
stood to debar any one of the three companies, previously
to the passing of the Act, from applying to Parliament
for extension of time respecting any railway, the powers
of making which are about to expire, but so that no addi-
tional liability shall be contracted under such new Act
without the consent of the joint board.
7. That the broad gauge shall be laid and maintained
over the lines for which it has been authorised by Par-
liament, or over any lines in substitution thereof, when-
ever such railways may be constructed; and that no
steps shall be taken, by application to Parliament or
otherwise, for relinquishing or abandoning the use of the
said gauge as respects those lines, subject to the ques-
tion of any existing engagement to the contrary.
8. That iu any united board, to be created under the
Act, each of the companies shall in the first instance-be
equally represented in number, and such first joint boar:d
shall continue in office for a fixed term of five years from
the passing of the Act; and that due provision shall. be
made in the Act for the local administration of the several
railways.. , _

9. In the event of any of the directors, appointed by
either of the three companies, being unable from any
cause to attend any meeting of the joint board; or,
when the Act shall have passed, to attend any meeting
of the first united board, the directors of such company
may nominate another director for the occasion, out of
their own board or committee, to attend such meeting;
and such director shall have the same power at.such
meeting as the director in whose stead ho may be nomi-
natEd would have had.

10. That the functions of the joint board shall con-
tinue during the proceedings in Parliament, and for four
months thereafter, when they shall cease, unless re-
newed by mutual consent.
11. That the principle of the Act to be obtained is for
empowering the three companies, or two of them (not,
being the London and North-Western ,and London and
South-Western Companies), to be united into the com-
pany upon terms to be consented to by general meetings
of the respective proprietors, specially convened for the
purpose; but no amalgamation between two companies
is to be authorised to take place until after the expira-
tion of six months from the passing of the Act.
12. That the general meetings bf the three companies
shall be called for Wednesday, the 13th of December
next, to consider this arrangement, and, if sanctioned, to
approve the draft of the Bill to be submitted to Parliament
as required by the standing orders ; and that in the
meantime the solicitors give the requisite notices and
prepare such Bill.
13. That it be the duty of the chairman of this day,
so scion as the draft Bill is ready, or sooner, if needful,
to convene a meeting of the joint board for its conside-
ration, prior to the general meetings,• the companies
being requested to appoint in the meantime their re-
spective members of such joint board.
London. Nov. 1, 1848. C. A. SAUNDERS, Sec.

DECLARATION OF , THE GREAT WESTERN RAILWAY
COMPANY REFERRED TO IN RESOLUTION No. 5,
DATED OCT. 31, 1848.
The London and South-Western directors having sig-
nified their intention to apply' to Parliament in the next
session for a Bill to extend their railway through the
Home Park into Windsor, and to authorise a separate
station in that town, without submitting it to the deci-
cision of the joint board alfeady resolved upon, that step
is protested against as being at variance with the objects
and principles of the arrangement,occasioning a renewed
contest in Parliament, and involving an expense preju-
dicial to the interest of any united company
Tne Great Western directors having been g w 'lli to
submit every question of their own to the jointl board,n
can only consent to the reservation insisted upon by the
London and South-Western directors, upon the declara-
tiOn that such measure must receive their uncompromis-
ing opposition, if attempted in the next session, as being
injurious, if no union shall be agreed upon, to the Great
Western Company; and, on the other hand, if it shall
take effect, injurious to the united company, inasmuch
as the scheme will render it impracticable to join the
two railways, and will necessitate permanently two dis-
tinct stations, and the maintenance of two separate
establishments in the town of Windsor for the manage-
ment of that traffic.
REPLY OF THE LONDON AND SOUTH-WESTERN RAIL-
WAY COMPANY TO THE PRECEDING DECLARATION
(ALSO REFERRED TO IN THE RESOLUTION No. 5),
DATED IST NOVEMBER, 1848.
01
The London and South-Wes) tern directors, having read
the paper presented by Mr. Russell ate the meeting of
yesterday, feel themselves called upon to affirm—
That they dick at the second meeting of the delegates,
declare their intention to aid in the execution, or to exe •
cute themselves, the extension of the line to Windsor
(say about one mile and a half), and that they cannot
and never will admit that any proposition, entertained or
approved since that time, precludes them from taking
such a course, in respect of the Windsor line, as to them
shall seem fit.
That they do not admit the correctness of the asser-
tion contained in the paper delivered yesterday by the

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Grea fifesia. -.0. ..
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Company) hav .ii-44.-Kn'.-• :.;,,,. ,
of their own '
~-) out, -,
Great Western •
e*a Ftia..._ 6f."ex- „L....,
eluding from the decision of the joint 565. iii 'thi ilithofl 4.
tion of the breadth of gaugo on the lines which may
ultimately be constructed, as they have also the right to
prevent the other two companies from amalgamating to
their exclusion.
On the aubjcct of this amalgamation, Herapath's
Journal says:---
..
" We hear that Mr. Chaplin, the chairman
of the
South-Western Railway, is anything but favourable to
the monster amalgamation, and ha;; ~perily expressed his
determination to oppose it as far as lie can, • lie knows,
he says, the worth of his present line, hut can form no
idea of what its fate would be if •Jinked to others; he
will, therefore, not peril it. We think he shows his good
,arnse by so doing. There is a ruzantir shut the No.-th-
Western Company's debenture holeers intend t 9 have a
meeting., for the purpote. of opposing the amalgamation.
We have talked with £oVerol professional p( riflemen,
who all concur in the views we first prop,,g;ttcti, reiriely,
that the shareholders cannot legal' I i ..y r..t, r ta, s' rarities
of the mot tgagt es, without fitst el-taitiing their co,-, gent,
and, irAeed, the consent of every one."
LONDON AND • NORTH-WESTERN.

The Euston station, which has been recently com-
pleted by Messrs. Braure and Gwyther, of Birmingham,
at a cost of about 150,0001, is situated between Seymour-
street and Whittlebury-street, and comprises an area of
about 2,100 feet in length by .500. feat in breadth. On
either side is a platform; the one on the east side, or
the arrival platfcrin, is 1,100 feet in length and ab .ut 40
feet in width; and the departure platiorm is about
800 feet in length. In this space ca the various lines
there are 60 turn tables, and over 'this are about 760 feet
by 350 feet of glass roofing. There are also 16,000 feet
of drains and sewerage, which have been constructed
under the direction of Mr. M. A. Watkins. Oh the west
side, adjoining Codrington street, a number of coach
factories have been ereet...d, the area occupied by these
being 300 feet by 400 feet. A sceithyi with every con-
venience for the manufacturing of vehicles, is attaeheelp
.In the course of the past week tbe-waste materials which
were not required by, the contractors were sokii and rea-
lised nearly I,oool.—Observer.

BIRKENHEAD, LANCASHIRE, AND CHESHIRE

JUNCTION.

An extraordiriarY meeting of this company was held
on Saturday, at Birkenhead, to take into consideration
the draft of a Bill for powers to abandon part of the
main line and to rednoe the capital; and els.) to consider
the several zaatter.s.refiar,4l memorial from the
shareholders disapproving the reduction of the all.
shares. Mr. Bancroft took the chair.

Ttilii eityt thei"d existing
It was stated that conferences hal;ecently taken place
between the directors and the xepreseutative. of the noe-
-1
agreed t4ost,loleootocllho
non shares of 311. nominal value be cancel], d, and new
shares of 71. be created in lieu thereof. That ia con-
sideration of theewstigreP.Trre7
101. paid on the 311. shares, and of
the loss that may he sustained by the Chestqr and
s7l€;r3ira,sl,ls
viz.:—That
—nd
Birkenhead shareholders by' ,the postpooement of the
works, it shall be understood and agreed that 255. per
share bas been paid on such share. That one new
share shall be allotted to the holder of every 311. sharl
upon which 101. has been paid ; and every holder
who may decline to accept such new share shall be paid
in money 255. per share, and cease to have any furtht•
interest in the concern. That the residue of such new
shares not taken up shall be rateably divided amongst
the holders of the Chester and Birkenhead shares, of
the nominal value of 271. 10s. and 221. That interest at
the rate of 5 per cent. per annum be paid to the Chester
and Birkenhead shareholders until the Chester Junction
line is opened. That application be made to Parliament
for power to revise the capital; to limit the works from
Birkenhead to Warrington or Moore; and to make-u-
-rangements with other companies.
The CHAIRMAN stated that for some time it bad been
obvious that the line could not be made throughout in
its integrity—that was, from Birkenhead to Chester and
from Chester to Stockport. The amount which.would
be required for that purpose was 450,000/. If they
were to call upon those who had paid their five calls, a
capital of only 378,0001. would 1.),i raised; but he telt
assured that not more than from 12,000 to 15,000 shares
would be paid upon. Finding themselves in this posi-
tion, the directors proposed to make the line frail
Chester to Moore, a distance of 15 miles, and no further
at present.

Mr. BROWNE said, that if the proposals were adopted
a valuable property would be created, in %Ilia the
Cheshire Junction shareholders could share.
It was stated that the extension line to the docks had
cost the sum of 300,000/., which had been incurred at the
instance of .the Cheshire Junction Company t that
371,1821. had been paid on the Cheshire Junction
shares, and 303,112 L had been expended; that 93,000/.
had been expended on the works between Chesty'. and
Warrington.

• A twig discussion ensued, in the course of which an
amendment was moved, that the money to be repaid
should be 10i. instead of 255. per share; but it was
eventually withdrawn, and the propositions of the di.
rectors were carried by a large majority; after .which
the meeting, which was numerously attended, separated.

GREAT GRIMSBY AND SH}FFIELD..-.-ThiS railway,
now nearly completed, is expectod to be opened on the
18th of December, by which time the extendon of the
Great Northern Railway from Lincoln to Gainsborough
will be ready to meet it, ai.d thus complete the link
wanting in the railway communication between Lanca-
shire and Lincolnshire on the one hand,- and Lincoln-
shire and Loudon on the other.

I RAILWAY SHARE IVIARKETS;:
LIVERPOOL, Nor. 25.
SrocK EXCHANGE.—The sales are—Birkenhead, Lanca-
shire, and Cheshire (late C. and B.), 27/. 10s. Shapes, 12%
—Lancashire and Yorkshire,* Fifths, 4% dis.—Lozidon and
North• Western, 116% c.—Ditto, 401. Shares (L. and M.),
414 p.—Ditto, New Quarters, I 4 p.—Ditto, Quarters (A and
B), 11. Is. 3d. p.—Midland Stock, 78—Ditto, New 'Halves,
10% dis.—North Staffordshire, 61/2 dis:—Scottish DlOland,
16—Shrewsbury and Chester, 10/. Preference, 13—South-
Eastern and Dover, No. 4, Thirds, 6/. Bs. 9d.—York, New-
castle, and Berwick (N. and B. Extension, No. 2), 31A dis.—
Ditto (G. N. E. Purchase), 138 dis.—Caledonian, Prefer-
ence, 6s. 3d. die.

BIRMINGHAM, Nov. 25.
STOCK EXCHANGE. —There were no transactions on our
Stock Exchange to-day worthy of record. The prices of
London and North- Western varied from 115 to 117--
Birmingham, Wolverhampton, and Dudley, 4 p.— and North
Staffordshires were quoted at 6% dis.
YORK, Nov. 24.

STOCK EXCHANGE.—The business transacted to-day was
as follows : —Eastern Union, Class B. (late I. and B.), G--
Great Northern, 61.85. 6d. c.—York, Newcastle, and Ber-
wick (Extension), No. 1, 12—Ditto, No. 2 (late New Ber-
wicks), 'll34—Ditto (G. N. E. Puichase), 61.65. 3d. G.