The Sun.
London, England, 1846-03-09 00:00:00

BIRKENHEAD, LANCASHIRE, AND
CHESHIRE JUNCTION RAILWAY.
TO THE SHAREHOLDERS IN THE BIRKINHEAD, LANCA-
SHIRE, AND CHESHIRE JUNCTION RAILWAY.
LIVERPOOL, FEB. 24, 1846.
GENTLEMEN,—As a shareholder in this undertaking. I make no
apology for calling your attention to the following facts, which I
think require your serious consideration. By the engineer's estimate
of the expense of constructing the ave railwa, and the printed
copy of our Parliamentary Contract deposited in the Private Bill
office of the House of Commons, it appears that the estimate is
1,400,0001.; and the following gentlemen are recognised and ap-
proved of by the subscribers as the previsional directors :—namely,
Josepk Bailey, the younger, of Belgrave-square, in the county of
Middlesex, Esq. ; William Potter, Jelin Laird, Marcus Freeman
Brownrigg. and William Laird, all of Birkenhead ; Augustus Rad-
cliffe and William Ballexy, both of Liverpool ; William Wanklyn
and Lot Gardiner, both of Manchester; and Cephas Howard, of
Stockport.
There are various other points connected with this matter to
which I may call your attention on a future occasion. At present I
bog you to examine the following :
Our directors, John Laird, William Laird, William Wanklyn, and
William Potter, executed the deed at the dates and for the sums
following :
John Laird on 28th July last for • • • • • • •• • • 5.81,300
on 4th November last for •• • • 5,000

------ 86,300
William Laird on 28th July last for •• • • ...• 75,000
on 25th September last for.. 5,850
on 22d October last for. • • • • • 50

--- 78,900
William Wanklyn on 29th July last f0r.... 10,500
on Sth August last for .. 51,150
on 18th October last for .. 5,000
--- 66,650
William Potter on II th August last f0r...... 79,950
79,950

311,800
This sum of Three Hundred and Eleven Thousand Eight Hundred
Pounds (considerably more than one-Ilfth of the estimate for the
entire line), Is a pretty fair stake for four individuals to have in this
railway.
How many relatives of these gentlemen, not of the same surnamee
(such as " Mary Macgregor, spinster, Birkenhead but the there
following
may b
amongst the general subscribers, I do not know ;
gen tlemen, a all events, ar some of the nearest relatives of three of
the directors above-named,e and they appear to have executed the
deed as follows :
Macgregor Laird on 25th July last for ••• • • £11,700
on 26th July last for ....... .• . 37,500
on 12th August last for ••• • • ..• 3,000
on 14th Nov. last for •••• . • • 150
Henry Ritchie Laird on 26th July last for

------- 52,350
9,450

James FlibbertWanklyn on 29th July last for 30,000
---

John Bradshaw Wanklrn on 30th July last
on 30th September last for .. •• • 1,850

-- 57,500
Edward Wanklyn ou Gth August last f0r.... 18,750

-:-- 18,760

Total.. ••..• • • • ........ 168,050
Or in other words, four of our directors, and five of the nearest rela-
tives of three of them,have apparently subscribed to this undertaking
the sum of four hundred and seventy-nine thousand, eight hundred
and fifty pounds ; or nearly 40,0001. more than one-third of the esti-
mated cast of the entire line.
This amount represents nine thousand five hundred and ninety-
seven shares, for all of which, I presume, scrip would be delivered at
the time the deed was signed.
Independent of the above, you will find large sums amounting to
upwards of 400,0001. subscribed for by about twenty-five parties,
who appear (judging from their description and address appended to
the deed), to have no peculiar claim, either from local connexion as
large landowners, or the traffic they may be expected to bring upon
the line. I have but little knowledge of these parties, and there-
fore will not at present particularise them.
On reference to the share lists you will find that on the 26th of
July last, the scrip in this line commanded a premium in the market
of 61. be per share. On the 2d of August last, the premium was
61. 2s. 6d. per share.
This is the lowest quotation up to the end of September last. Be-
tween these dates, namely, the 2d of August last and the end of
September last, the average premium was slightly above 101. per
share, or in other words, would have realised on these shares a profit
of 96,080/. at least.
I have seen tho foregoing facts with great alarm. Our Bill will
meet with serious opposition before Parliament. I believe it would
have overcome all ordinary opposition on its own merits, but I cannot
disguise from myself the fact, that when it is found that such an un-
usually large proportion of our capital is subscribed for by so few
individuals, it may be urged by our opponents that the undertaking
has been originated and constructed, not for the advantage of the
public, but for the private interest of those few parties. I feel this
so strongly, that I think an early meeting of our shareholders should
be called, which meeting the directors should be requested to attend,
raid enter into such explanations with respect to the above and other
points, as may satisfy, among ethers, your very obedient servant,
A BROTHER SHAREHOLDER IN THIS RAILWAY.

BIRKENH.EAD, LANCASHIRE, and
CHESHIRE JUNCTION RAILWAY COMPANY.
GENTLEMEN,—An anonymous circular, signed a " Brother Share-
holder in this Railway" (a title, no doubt a: sumsd by one to whom
it does not belong), having Been sent to the shareholders in this line
of railway, containing insinuations implicating the honour and good
fa!th of the provisional directors towards the proprietary, I am in-
structed by the board to express their readiness, upon proper occa-
sions, to afford the proprietors all reasonable information, but at the
same time to protest egainst tire principle of their being called upon
to reply to any anonymous statements. In the present instance,
however, they consider it would he satisfactory to the • proprietors, as
well as to their own feelings, that a short statement of the real facts
of the case should be made known ; and I have, therefore, to inform
the proprietors that, out of the 53,000 shares forming the capital of
2,500,0001, 30,000 shares were appropriated, in a fixed proportion,
to the holders of stock in the original Biraenhead, Manchester, and
Cheshire Junction Railway Company ; 10,400 shares have since been
appropriated to the Chester and Birkenhead and other companies ;
and out of the balance of 9,505 shares, 4,414 have been allotted to
members of the provisional committee, landowners, and others—in
all, 122 individuals ; hut in no case have more than 100 shares been
directly or indirectly allotted to any one, whether director or not.-1
am, Gentlemen, your obedient servant,
E. I'. CHARLEWOOD, Secretary.
To the shareholders of the Birkenhead and Cheshire Junction Rail-

way Company,
25, Abingdon-street, Westminster,

27ih Februari, 1846.

TO TIIE SUAREHOLDERS IN THE
BIRKENHEAD, 1. IN CASH litE, AND
CIIESIIIRE JIJNCTION RAILWAY.
LIVERPOOL, MARCH 2, 1846.
GENTLEMEN' —I have this morning received a circular from Mr. E.
P. Charlewood, our Secretary, elated 27th of February last, purport-
ing to lar a reply to mine of the 24th.
This reply is evasive and unsatisfactory ; it merely informs me that
40,000 out of 50,000 shares in this railway were appropriated to
holders of certain other stock and shares ; and " out of the balance of
9,600 shares, 4,414 have been allotted to members of the provisional
committee, landowners, and others, in all 122 individuals ; bat in no
case have more than 100 shares been, directly or indirectly, allotted
to any one, whether directors or not."
I beg to call your attention especially to the statement that 30,000
shares " were appropriated in a fixed proportion to the holders of
stock in the original Birkenhead, Manchester, and Cheshire Junction
Company." There could be no stock in this Company, as they
bad not obtained their Act, but I presume Mr. Charlewood means
scrip.
Now, on this point I would observe, that many, if not all, of the
Directors of the present Line were Directors of the Birkenhead,
Manchester, and Cheshire Junction Company, and, of course, had
shares in that originally allotted to them ; and, as it appeared a
promising speculation, they no doubt purchased more scrip in the
market; but it would have been more satisfactory to mo if Mr.
Charlewood had explained—
lst. What number of shares in the original Line were in the
first instance allotted to the Directors named in my circular ?
2d. What number of these shares they had purchased in the
market ?
3d. What number of shares were held in reserve in the original
Line ; and whether any, and what number, of these reserved
shares were appropriated by our Directors previous to the
appropriation to them (as holders of stock in the Birkenhead
Manchester, and Cheshire Junction Railway), of shares in the
present Line?
What may be the distinction in Mr. Charlewood's mind between
appropriation and allotment I leave him to explain, if he think
proper, but I do not see how this is any reply to my circular, and my
original allegations remain unanswered, namely :
" That four of our Directors, and five of the nearest relatives of
three of them, have executed the subscription contract, at Narious
dates, for the sum of 479,850/. (see List No. 1) ; and that various
large sums, amounting to upwards of 400,0001., are, in addition, sub-
scribed for by about twenty-five parties, who appear to have no pe-
culiar claim, either from local connexion or from the traffic they may
be expected to bring upon the line. That, at the time these
amounts were subscribed for, the shares commanded In the market
an average premium of 101. per share. That these facts might
give our opponents the opportunity of urging that the undertaking
had been originated and conducted, not for the advantage of the
public, bat for the private interest of comparatively a few indi-
viduals."
This is certainly apparently the case, and I feel that It will seri-
ously damage our undertaking before Parliament.
I will not trouble you fUrther at present, except to call your atten-
tion to the additional subscriptions to the Parliamentary contract, as
shown In List No. 2.

And remain, Gentlemen, your obedient servant,
A BROTHER SITAREROLDER.

LIST No. I.
John Laird on 28th Jnly last for ...... • • • • • • • • S-81,300
on 4th Nov. last for 8.008

86,300
Willl9n Laird on 28th July last for .. ••••.. • • • • 75,000
4n 25th Sept. last for ....... .. •• . 3,850
on 22d Oct. last f0r............. 50

- 78,900
William Wanklyn on 29th July last for .... • ... 10,500
on Bth Aug. last f0r.... • . •b 1,150
on 18th Oct. last for .•• . • 5,000

- G 6,630
William Potter on 11th Ang. last for . • .. • • 79,950
- 79,N 0

311,800

Macgregor Laird on 25th July last for •••• • • • • .£11,700
on 26th July last for .. •••• .. .. 37,500
on 12ta Ang. last for
on 14th Nov. last for •.• • • • • • 150

.--'--• 52,350
9,450

Henry Ritchie Laird on 26th July last f0r......

James lllbbert Wanklyu on 29th July last for .. 30,000

- 30,000
John Bradshaw Wanklyn on 30th July last for.. 55,650
on 30th Sept. last for . • 1,850

- 57,500
Edward Wanklyn on 6th Aug. last for ...... 18,750

--L--- 18,750

T0ta1....

£168,050

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"what mean ye?—Ye beat my people to pieces, and grind the faces
or the poor."—lsaiah, chap. iii, v. 15.
APUBLIC MEETING will be held at IN-
VESTIGATION HALL, CIRCUS-STREET, NEW-ROAD,
on TrEsnsv EVENINo, Mellen 10th, 1843, to receive the Report of the
Deputation to the Vestry of St. Marylebone, en behalf of the un-
employed and destitute poor, and to consider the necessity of esta-
blishing a Poor Man's Guardian Society, to ensure the humane dis •
pensation of parochial relief, and to protect the unemployed poor
against the exercise of harsh or oppressive conduct. Chair taken at
half-past Seven o'clock.
The well wlshers of the plor and the operative classes are re-
quested to evince their sympathy with the object of this meeting, by
a numerous and punctual attendance.