The Sun.
London, England, 1846-09-22 00:00:00

RAILWAY IN

'ELLIGENCE.

SHREWSBURY AND BIRMINGHAM.
SUREWSAURY, SATURDAY EVENING.—Th, fire; general
mee ing of the shareholders was held to-day at the Lon
Hotel, Shrewsbury, Mr. 0. Gore, ALP., in the chair.
There was a full attendance.
Mr. KNoX, the secretary, read the directors' report as
follows:-4t is with much satisfaction that the directors
meet the proprietors for the first time under the provi•
sions of the Act of Incorporation, which obtained the
royal assent on the 3d of August, 1846, after a strenuous
opposition during two sessions of Parliament, on the
part of the promoters of competing schemes. In conse •
quence of the period to which the contest was prolonged
in the last session, and which, if an arrangement had not
been effected, would have prevented the Bills of this and
other companies being introduced into the House of
Lords in sufficient time to comply with the resolutions
of that House, and whereby Shropshire and the South
Staffordshire mining- districts might have been deprived
for ano'her year of the railway accommodation so much
desired, and the shareholders in the several undertakings
put to great additional expense and anxiety, the direc-
tors of this comp any, with the concurrence of other
parties in friendly alliance with them, and with the
sanction of the Committee of the House of Commons,
suggested terms of arrangement by which the ob-
ject of this company, in securing one conti-
nuous and unbroken line of railway ceminunication
between Shrewsbury and Birmingham, and thence to
London, will be obtained. The report then proceeds to
state the terms of arrangement approved of by the Group
Committee. Their substance, so far as the Shrewsbury
and Birmingham Company, as between Wolverhampton
and arnaingnam, the main line prop. sed through Tip-
ton, Oldbury, and Sanethwick, was sanctioned, wish a
branch to Dudley, and will be executed under the sepa-
parate powers of the Act of Incorporation of the " Bir-
mingham, Wolverhampton, and Stour Valley Railway
Company," at the joint expense and for the joint benefit
of the London and North-Western, this company, the
Birmingham Canal, and the public, in four equal parts;
each party being represented on the board of manage-
ment by an equal number of directors, as between
Shrewsbury and Wolverhampton. The following ar-
rangement with the Shrewsbury, Wolverhampton, and
South Staffordshire Junction Company was proposed
and agreed to:—That the line of railway from Shrews-
bury to Wolverhampton, with the branch to Coalbrook-
dale, laid down by the engineers of this company, should
be carried out and executed; that the power should be
retained to make such portion of the line of the other
company as by a sh in diversion out of the Shrewsbury
and Birmingham line near Wolverhampton, might, if
requisite, enable a station to be formed on a lower level
at Wolverhampton, and that the capital, as between
Shrewsbury and Wolverhampton, sh mild be found equally
by both companies and the direction formed, and here-
after continued, of two-thirds elected by the threwsbury
and Birmingham shareholders, and one-third by those of
the Shrewsbury, Wolverhampton, and South Stafford-
shire Company, which terms of amalgamation have been
ratified by the shareholders of the latter company at their
first public meeting. As between Shrewsbury and Wel-
lington, the line is to be formed at the joint expense,
and be the joint property of this company and of
the Shropshire Railway and Canal Company; and the
latter company is also o have power to run over the line
of this company, and to use their station at Wolver-
hampton upon terms eo. be hereafter settled. As . the
Shrewsbury, Wolverhampton, and South Staffordshire
Junction shareholders are interested only as between
Shrewsbury- and Wolverhampton, and not in the share
of this company between Wolverhampton and Birming-
ham, two classes of shares are to be created; the one,
Cass A, for the Shrewsbury' and Birmingham share-
holders, and Class B for those interested only between
Shrewsbury and Wolverhampton. The amalgamation
as to capital which was effected in December last with
the Dudley and M ,deley Company was then made
known by advertisements and circulars to the share-
holders. By the arrangement then made a sum of
110,000/. was transferred to the credit of this company,
and by the terms of the amalgamation a emu of about
25,0001. will have been obtained when the affairs of the
Dudley and Madeley Company are finally wound up,
towards the expenditure previously incurred by this
company. The next topic adverted to in the report was
the capital of the company, which is fixed by the Act at
1,300,0001., divided into 52,000 shares (Class A) of 25/.
each, with power to borrow any sum rot exceeding one-
third of the capital when one-half of the sum has been
paid up. In order to comply with the Act, the present
shares have been reduced in the proportion of fire shares
with 2/. 103. paid on each, to four shares havinc, 31. paid,
the surelus of 2s. per share to be returned with the new
certificates when they are issued. In order to carry out
the amalgamation with the Shrewsbury, Wolves-.
hampton, and South Staffordshire Company, it is
provided by the Act of Incorporation, that it shall
be lawful for the company to reduce the nominal
value of the shares in this company to such
an extent, and to create such number of new
shares of such amount as may be necessary for
ensuring the shareholders of the other company
an equal participation in the capital between Shrews-
bury and Wolverhampton. The directors, therefore,
propose to create 52.000/. shares of the Class B, of the
nominal value of 101. each for the shareholders of the
Shrewsbury, Wolverhampton, and South Staffordshire
Junction Company. When the amalgamation with the
Shrewsbury, Wolverhampton, and South Staffordshire
shall have been completed, the amount of calls on shares
of Class A will be restricted, so that the united capital
will not exceed the total amount authorised to be raised
by the Act. The directors have determined to proceed
with the works with all convenient speed. They hope
to make arrangements, and to obtain possession of the
land between Wellington and Oakengates, and to let the
contract for that portion of the line in the course of the
present year. This forms the heaviest part of the work,
as it includes both tunnels. The other contracts will be
let in sufficient time to have the whole of the works
finished and the line opened contemporaneously through-
out from Shrewsbury to Wolverhampton. The plans
and specifications are also directed to be prepared for
the station at Wolverhampton; and as the directors have
been in possession of a portion of the land for some time,
they expect soon to let this contract, and to commence
the erection of a station sufficiently commodious for the
railways centering in Wolverhampton; and it is hoped
that the superior advantages of the high level will be,'
proved such as to render unnecessary the construction
of any other station. Specifications of the rails and
chains are ready to be sent to various manufacturers,
and the contract for these will be forthwith entered into.
The directors are glad to state that, with the calls which
must be paid upon class B, so as to contribute an equal
amount to the shares of class A to the amalgamated scheme,
there will be funds sufficient to enter into and prosecute
the contracts referred to, without making any call on
the present shareholders, payable within the twelve
months from the passing of the Act. The directors have
had under consideration the question of extensions, or
branches, from the present line. At present they have
only directed their engineer to make the necessary sur-
veys fur an extension of the line from the station at
Wolverhampton to the Grand Junction line at Willen-
hall, thereby effecting a communication from Shropshire
towards Walsall and Lichfield; as the IBirmingharn,
Wolverhampton, and Stour Valley line forms a junction
with the Grand Junction line north of Wolverhampton
both will supply the place of the Showhill and Portobello
branch, not prosecuted through Parliament. The direc-
tors have also in contemplation to extend the Coslbrouk,
dale branch, so as to make it beneficial to the district,
and with which a convenient junction might be made of
she line fr in Dudley to Madeley, which tee directors of
this company feel under a pledge to prosecute in the
next practicable session of Parliament. In the short
period which has elapsed since the passing of the Act it
has been found impossible to collect all the accounts and
adjust their settlement, but an abstract of the receipts
and expenditure has been drawn up. The directors ex-
pected that alter taking credit for the sum received from
the Dudley and Madeley Company, and the proportion
of the expenses incurred by this company, both in the
last and preceding session of Parliament, in re-psct of
that part of the line between Wolverhampton and Bir-
mingham which is to be repaid to this company by the
Birmingham, Wolverhampton, and Stour Valley Com-
pany, the preliminary expenses up to the date of the
Act of incorporation will be less than 10s. per share,
which, considering the severe struggle that has been
carried on since the early part of 1844, and the value of
the undertaking secured, the directors trust will be most
satisfactory to the proprietary. The directors have
taken power in the Act to allow four per cent. on the
deposit and on all future calls. Interest on the deposits
will be paid from the respective elates of registration,
and shareholders wishing to anticipate calls will be al-
lowed interest on all amounts paid in advance. The
shares registered amount to 47,000, and, iu order to
complete the register, the remainder will now be put
into the names of the original allottees. The report
concluded by recommending the appointment of di-
rectors and auditors, and the continuance in office of the
present secretary, Mr. George Knox.
The SECRETARY then proceeded to read an abstract of
receipts and expenditure to August, 1846:—
RECEIPTS.
52,000 shares Class A, amount paid 31.
Return to be made on 68,000 scrip 6,500

At credit of capital account £162,500

EXPENDITURE.
Preliminary expenses as published in report of
October 8, 1845 .
Le3e received from the Dudley and Madt-ley
Cotopany on amalgamation 23,1)S 7

Subsequent expenses of advertising, printing,
rent, office expenses
..
*Solicitors, local and Parnamen,ary agents, and
engineer's account

£6,:A6

1,785

37,731

Expenditure in carrying out the Act £46,373
Paid fur land for station at Wolverhampton 10,0(5
Paid deposit of 22/. per share on 13.875 shares,
or the fourth part of the capitil of the Bir-
mingham, Wolverhampton, and Siour Valley
Company

£85,516

The SECRETARY read the report of the directors pre-
sented at the first general meeting of the Birmingham,
Wolverhampton, and Stour Valley Company, with which
the Shrewsbury and Birmingham had become partly
allied. The report congratulated the shareholders on
the success that had attended their application for
powers to construct a line through the densely popu-
lated and important mineral district of South Stafford-
shire, and stated that the directors, during the progress
of the two Bills which were presented to Parliament,
con•idered it to be for the interest of the compat y to
withdraw, until the ensuing. session of Parliament, the
Bill for that portion of the line between Smethwiek and
Stourport. Every exertion will be made to complete the
line at the earliest possible period. The engineers are