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A considerable number of the directors and share-
holders were present ; amongst them we observed—
Lord Hatherton, Charles Russell, Esq., M.P.; E. Bul-
ler, Esq., M.P.; Richard Spooner, Esq, M.P.; W. Mat-
thews, Esq., chairman of the Birmingham, Wolverhamp-
ton, and Dudley Railway Company; I. K. Brunel, Esq.;
C. Saunders, Esq.; and a number of other gentlemen.
Philip Henry duntz, the chairman of the company,
presided.
The advertisement convening the meeting having been
read, and the common seal of the company having been
affixed to the register of proprietors,
Trios. HOLROYD, Esq., the secretary, proceeded to
read the report:—
" The success of the Birmingham, Wolverhampton,
and Dudley Railway Company is an event of the
highest importance to this company, and bringing it
into immediate connexion with the mining and manufac-
turing districts north of Birmingham, cannot fail to be
a most important adjunct to this line. The directors,
therefore, propose an amalgamation, whereby its per-
manent connexion will be secured. To carry out this
most desirable object, the directors propose to take the
authority of the proprietary to enable them to proceed
to Parliament.
" The importance of securing to this company the
principal traffic of the very populous district of South
Staffordshire, and obviating any inconvenience from a
break of gauge, points out the urgency of applying to
Parliament, in the next session, for power to lay down
the broad gauge rails in addition to those of the narrow
gauge, and the directors propose to take the necessary mea-
sures for that purpose; and from all that has transpired,
there is very little doubt that, looking to the public ad-
vantage, it will readily be granted.
" The question of an extension from their present
line is one which has undergone the anxious and at-
tentive consideration of the directors, and pressed upon
them as it has been by the landowners and inhabitants
of the district, they have determined to proceed to Par-
liament for permission to make a line from Warwick to
Stratford, with the view of opening a railway communi-
cation between Warwick and Cheltenham. From Strat-
ford to Chippen Camden the Oxford, Worcester, and
Wolverhampton Railway Company obtained an Act to
make a line last session, and that company will this year
proceed to Parliament for permission to continue that
line to Cheltenham.
" The directors have given the necessary orders for
proceeding with the works with the utmost possible dis-
patch; the greater portion of the line is already marked
out, and the purchases proceeding with.
" The directors have determined, in pursuance of the
power contained in the Act, to allow 4 per cent. on de-
posits, after the sum of 5/. has been paid; and the share-
holders wishing to anticipate their calls will be allowed
the same rate of interest upon all sums paid in advance."
The CHAIRMAN said, in moving the adoption of the
report, he hoped they would allow him to congratulate
them on the position the Company now occupied in com-
parison to its position when the directors last had the
pleasure of meeting the shareholders. There was only
one thing in their past proceedings which he looked upon
with regret. It was, that the Nobleman who had so
worthily filled the office of chairman (Lord Hatherton),
and for whose great services'they were so much indebted,
had found that it would be incompatible with his time and
public duties to continue to hold that office, and that he (the
Chairman) feared he should but inadequately discharge
the duties of the office he had so ably filled. He begged on
his own part to offer his hearty thanks to the Noble Lord,
and he was sure every shareholder would agree with him,
for the great services which he bad rendered to the corn-
pany.—(Cheers.) The meeting was called for various
purposes, and was called in accordance with the Act of
Parliament. The first business which they had to transact
was the appointment of the directors for the ensuing
year, two auditors, and to fix the salary of the secretary.
But these were matters of secondary importance in com-
parison to the proposition which the directors had
called them together to consider with respect to the
finances of the company. He have to state that they had
not been able to obtain all the outstanding accounts ;
but out of the 100,000/. which had been placed in their
hands for the purpose of carrying the undertaking
through the Parliamentary ordeal, 77,0001. remained in
their hands.—(Cheers.) He might safely say, taking
into consideration the outstanding liabilities, that from
255. to 30s. remained out of the deposits of 2/.—(Hear)
—showing that they had practised the utmost economy
in the conduct of their affairs. He now came to one
of the most important matters relative to the company.
It was the question of amalgamation with the Birming-
ham, Wolverhampton, and Dudley Railway. There
were so many, and such important reasons for this
amalgamation, that he considered he should not find the
slightest difficulty in convincing those present, because
it must be obvious that their interests would be promoted
by the adoption of such a course. It was necessary
that no time should be lost in arriving at a decision on
the matter, as the notices for the Act to amalgamate the
companies must be given in the course of a few days.
One of the reasons which influenced the directors in
coming to this decision was, that, by the union of the
two companies, there would be a uniformity of gauge
from London to Wolverhampton through Birmingham,
for no doubt the Legislature next session would sanction
the laying down the broad gauge the whole way from
Oxford to Wolverhampton. The directors were unani-
mous on the subject of amalgamation. He had seen several
notices relative to this in the local and London newspapers,
and stating that they were apparently anxious to bring
about an amalgamation with undue haste. Now this was
a very erroneous doctrine. The directors had no alter-
native. They must either have brought the matter before
the shareholders and obtained their consent, or, in the
event of not having brought the matter before them,
spent money without obtaining their consent in Parlia-
mentary notices ; but they thought the most straight-
forward course to adopt was to call the shareholders
together, to take their opinion upon it, and to proceed
with their approval.—(Hear.)—He wished also to take
notice of another paragraph, which had appeared in all
the London, and many of the provincial papers, stating
that negotiations had been entered into by this company
for the transfer or lease of the line. He begged to state
that there had been no negotiations of any nature what.
soever; he wished most distinctly to state that there had
been no offer from the Great Western Company,
offering either to purchase or to take a lease of
the line, but as the paragraph had been copied
into the Birmingham papers, and as the share-
holders might possibly . think that the directors
were withholding some information from them, he
had thought it right to state how the matter really stood.
However desirable hereafter it might be to form an
he
tt
withera thetie n Great, but,
asWestern,
large
shareholder,i
t wasa m a
deprecated the idea of taking terms at the present mo-
ment, which might in a short time be considerably in-
creased, as the advantages of their line began to be de-
veloped. He had little more to add. They had ob-
tained their Act. They had had to contend with all
those weapons which wealth and interest could array
against them, but, acting upon the sound principles of
right and competition, they had happily succeeded.—
(Hear.) They had had the good fortune to act in unity
whilst their opponents were divided by party interests,
c
and he hoped the unanimity and good feeling which had
their proceedings up to that time would
continue in the future, for, in his estimation, the rail-
way would become one of the most lucrative in Great
Britain.—(Hear, hear.) He concluded by moving the
adoption of the report, and that it be printed and circu-
lated amongst the shareholders.
Mr. MOSELEY' inquired, if they agreed to the
adoption of the report, whether the meeting would
stand pledged to the recommendations it contained.
He, for one, dissented from,its sentiments, more particu-
larly that portion which related to the amalgamation
of the company with the Birmingham, Wolverhampton,
and Dudley.
The CHAIRMAN said if the meeting adopted the report
they would adopt, as a matter of course, the sentiments
it contained.
Mr. MOSELEY inquired if a separate proposition for
the amalgamation would be submitted for the approval
of the meeting.
The CHAIRMAN said each matter would be put se-
parately.
Mr. MOSELEY apprehended that in that case he
should not be precluded from expressing his sentiments
in detail.
The CHAIRMAN said he would not.
le
voe udt,
andthe weorrdde
r‘e‘
da d otpe t e dh,e" a
pn
rdi
nt ht
eedr e pa
no rdt
After a short discussion the Chairman consented to
wa
amongst the shareholders.
lii doing so a
circulatedl
esimply
received, and ordered to be printed and circulated
Mr. BULLER, M.P., proposed the re-election of the
directors mentioned in the report.
it gave him great pleasure as a proprietor, that it was
quite impossible for any of them, in his opinion, to meet
the directors under more favourable circumstances. He
difficulties,
hiaffierylcivahlmat
idee
nsh, t had
dtt onh
oe
teßho
iinnl
It; :Tod
uh
dny
beho abdt ai
moren happilyinsag satisfactory
on r
act
htei
aotnnh
the
hsoeef
statement which had just been read of their labours in
the service of the company. They had heard that 77,0001.
remained out of the 100,0001. which had been placed in
their hands. Considering the difficulties they had to
contend with, against rival and powerful companies, so
waAs s
e seconded
weremotionsth e m oatwi oanr,d
awarding
which
an
n eras a
small an expenditure was almost unexampled. He con-
sidered they deserved the utmost praise.
iMe d°;
e of 1,2001. to the directors, and 201. to each Of the•
auditors (Messrs. Crosthwaite and Alston).
The CHAIRMAN said they had now come to the ques-
onleeireaFrr.
tion of amalgamation. Icle would merely reiuest those