The Sun.
London, England, 1846-01-31 00:00:00

CHEPSTOW FOREST OF DEAN,
'Tol d... Nip GLOUCESTER JUNCTION RAILWAY.
,::.e.:A.,;epcialgeneral meeting of the directors and share-
,s.\lx li4e in this railway was held at the London Tavern, at
V); s.e.-ee---7-...e1 4 , lock yesterday afternoon, for the purpose of considering
tion of the Company, and its chance of success in
ete;. V4ii • ent. A considerable number of shareholders were
",leree' t. E. F. Dayrell, Esq., High Sheriff of Buckingham,
seeesa-4 e/ airman of the board of directors, presided.
a a 6-- he advertisement convening the meeting having been
Mead,
The CHAIRMAx rose and said—Gentlemen, if I have delayed
a little in taking the chair, it was for the purpose of assem-
bling about as large a body of the shareholders as we could
collect together. I must beg your attention to the statement
I am about to make, and to the motives which have induced
the directors to summon you to this meeting. They have
performed their duty to the present moment; they have
complied with all the requisites required of them, and they
are now in the course of performing another duty in calling
you together to receive further confirmation of what they
have done, and to receive suggestions as to the future course
which they ought to adopt. We do not come to
you for the purpose of stating that, after having
expended a portion of your capital, we are not in
a position to comply with all those requisites
which may be required of us ; we have done everything
which could be required of us as directors ; we have lodged
your plans—the money required for the payment of the de-
posits to the Accountant-General is ready, and we are pre-
pared to go into Parliament if you intimate that such is your
wish; but the altered circumstances of the lines—circum-
stances which it was not in the power of the directors to
foresee—have rendered it a paramount duty with them to
take your opinion as to the course which you think it
advisable they should pursue. When the project of this
Company was first submitted to the directors, we
had no notice—no kind of information, that any other party
intended to take the ground which the line was prepared to
traverse, or to occupy the position which the Company does
at present. I. know that the South Wales Company had
been thrown out last year in their endeavour to obtain a
Bill to construct a railway from Chepstow to Hopp Crib;
but we had not the smallest intimation of their intention to
pursue
the matter further, and were strengthened in this
supposition by the fact that the Admiralty had been op-
posed to this project, and that they had been defeated
principally on this account. It was not, however, until
within the last fortnight that their real intentions were
known they were certainly not known to us before this
time. This may at least be some justification for the directors
having entertained your project, and for having taken all
the steps necessary for its submission to the Legislature. It
was impossible for them to foresee that a powerful Company,
like the South Wales, intended to take up a project OR which
they had been previously defeated. It will be unnecessary
for me to describe the course of our line, because
you are no doubt well acquainted with its geographical po-
sition, and that between Chepstow and Gloucester it is a
link in the line of railway between two great Companies—
the Great Western and the South Wales, which have since
ainalgamated. It then became a question with us whether
we should enter into a contest with them, and whether we
should sacrifice the funds in our hands in fighting a contest,
which I cannot but in my conscience believe to be hopeless,
because it is seemly to be supposed that Parliament, after
the declaration of Sir Robert Peel, will permit an inde-
pendent Company to step in between two powerful Companies
in order that it may endeavour to defeat their line from Lon-
don to Pembroke and Liskeard.—(Hear.) I say it is im-
possible to believe that such a proposition will be enter-
tained by Parliament. It may naturally be asked by the
shareholders why the directors had not been in-
formed of this before? To that question I would
reply, that it is only within the
.last fortnight,
when we attempted to open a negotiation with these come
panics that we became aware of their determination to con-
lest the line with us. On remonstrating with them on the
eneeey which they had shown with regard to their project,
they replied, " We are not bound to make a statement of
our intentions tO the public, we are not bound to let all the
world know what we propose to do, and, therefore, have
kept our secret up to the present moment." I think that,
gentlemen, will be a justification, as far as it goes,
for our having adopted a project which it was impossible for
us to foresee would be contested by so powerful a Com-
pany. You are aware of the funds which are at our dis-
posal, of the amount of the deposits, and you are also aware
of the powerful machinery against which we should have to
contend. That machinery has been so powerfully organised
that a contest with us would not cost 500/., whilst it would
swallow up nearly the whole of the deposits you have placed
in our hands, and I therefore ask whether we have not acted
honestly and justly, and whether we have not adopted the
proper step in seeking your advice as to the course which
you think it advisable to pursue ?—(1-lear, hear.) We have
not spent any of your money on an u=eless project
which seemed to have no chance of success. We have
something to show for the portion of the money we have
expended. As I have said, we are in a condition to go to
Parliament, if you think proper, but we must leave the
matter in your hands. I think it would be scarcely ex-
cusable to contest this project, because we are perfectly
aware that these Companies have declared their intention
to give that accommodation to the public which this Cone-
paey was organised to afford. I believe that if our scheme
had not been projected it is possible they never would have
contemplated renewing their application to Parliament.
—(Hear, hear.) I say it is my opinion, that had we not
formed the Chepstow and Forest of Dean Railway, had we
not made the remonstrations we have, the South Wales
party would not have carried out a scheme in
its own integrity. We all know that the
public have, for some time past, bean amused
with a project which is to pass under the Severn.
Th is, however, appeared so impracticable that it did not
create any diffidence in our minds as to the opposition which
its promoters would be enabled to offer to our line With
this difficulty staring us in the face, and the importance of
coming to an immediate decision as to whether we should go
to Parliament, and enter into a contest in which we con-
ceived we should fritter away the funds in our hands,
it occurred to us to endeavour to effect an amalgamation
with the South Wales Company. We accordingly opened a
communication with that Company, and have had several
interviews with the directors ; but at length no amalgama-
tion was effected. I believe they would have been happy to
do so, but it was not in their power, for after investigation
they found they had not a tithe of the shares necessary to
take up our capital. Therefore, after two or three useless meet-
ings, we separated with good feeling on both sides, and with
a full determination not to carry out our project. We then
turned our attention elsewhere, in order to obtain an amal-
gaination which would place you in an equally good posi-
tion with regard to your interests, and with a com-
pany not very distant from the scene of our contem-
plated operations. We entered into communication with
the West Midland, a project as well known to you as to us.
I believe no one will dispute the credibility of that under-
taking—no one will question the respectability of the parties
connected with it, and the large number of influential per-
sons who give it their support. I believe the line is one
which will meet with the approbation of Parliament. They
were not in a condition to give us shares in the
Welsh Midland itself, but they offered us shares
in what I consider the more valuable portion of their
line—l mean in the West Midland and Hereford Junction,
and we entered into an arrangement, oa which it is for you
to decide. The terms of amalgamation between this Com-
pany and ourselves were these—that we should each pay our
expenses up to the present time, and that they should give
us shares in the Welsh Midland Extension for
the remaining portion of our capital—that we
should tointo Parliament together, and with our
machinery well organised. No doubt we should obtain great
advantages by having.their aid in a Parliamentary combat;
for it' we were to go into Parliament separately, I have no
hesitation in saying that a great portion of our funds would
be squandered. It is not proposed to diminish the amount
of) our capital after the payment of the expenses which,
reader the circumstances, you would have to pay,
and which would amount to one-fifth share. They
are not, however, to give us four shares for every five
You uow hold ; they only ask, Puri passe, that each should
pay their expenses up to the time of going to Parliament.
You are to consider whether their shares are not of equal
value to our own. This is the second proposition of the three
which I have to submit to you for the settlement of our affairs.
We have, as directors. conscientiously fulfilled our duties at
the present time. There is, we believe, no spot to be found
upon the proceedings, which we submit to your most search-
ing scrutiny. We are ready to lay ourwhole course ofconduct
,before you, and that you may please yourselves as to the third
nropoeution which is open to the shareholdero namely,
iiaolyiog the scheme and then returning your money,
subject to Ole expenses already incurred. Gentlemen, 1
think that no Observations are required on this point. We
are now met to hear any party who maybe disposed to address
You on any one of those propositions, and we onlyetrust that
whatever may be said will be in good temper. We trust also
that, as your directors have endeavoured to deserve your
ciwtidence, they will be honoured with it to the end.
,Mr. PHELPS wished to know if the directors possessed any
information as to the position and prospects of the other
Compviv, with whom they proposed to amalgamate? Mlle
understood aright, the Welsh Midland was not the Company
they were negotiating with.
The Ctiainatter explained that the Gloucester and Here-
ford Extension, with which they proposed to unite, was
(although coming into Parliament asan independent scheme)
really an offshoot from the trunk line.
The SOLICITOR could cot state what the available capital
of the other Company was, but this he knew, that they had
complied with the provisions of the standing orders.
Mr. PHELPS thought that the directors bad shown a cul-
pable precipitancy in entering into the proposed arrangement,
without having first ascertained the real standing of the
other line. He should, therefore, propose," That the meeting
do not deem it judicious or expedient to consent to the
amalgamation."
Mr. PAYe(E seconded the proposition.
After a few words from Mr. SANDERS, in support of the
resolution,
A SHAREHOLDER asked what the expenses already incurred
might amount to, and what proportion of the deposit would
be likely to be returned?
The CHAIRMAN—From 18,0001. to 14,0001. of expenses are
incurred, and the shareholders will probably receive from
"Se. to 30s. per share.
A Voicz—Let's have it.—(Laughter.)
The CHAIRi%IAN said ho had only now to submit the reso-
lotious to the meeting.
Mr. LEE said he would observe that he knew that no
seas in a better position than they were to go to
company'
but they were not in a position to contend with
Parliament,, He would, therefore, propose that this
am
the Great
Company should be dissolved.
Mr.
,).STltt g .Nior sseaciodniadeedwtahse
orfesoopluinloonn.
that
some time should
r-t -
be afforded thm to decide as to the merits of the line with
, proposed they should amalgamate, before they
which it theresolution of dissolving the Company.
A to
A SHAREHOLDER said he thought, when there was so large
a deduction as one-fifth to be made from the deposits, they
otireht to have a committee to investigate the accounts, and
to -see that the directors
.had done their duty ; not that he
ut the resolution that the Company
wished to cast any aspersion on those gentlemen.
The Oral iota?: teen p
should be di:soivetl, which was unanimously agreed to.
The meeting then separated.

Tllb GUARDIANS OF TUE CITY OF LONDON UNION.
—Alderman Farebrother intends to move at the next Court
of Aldermen, that the Court do memorialise the guardians of
the City of London Union to provide an asylum within the
city for the reception of the destitute and houseless poor, who
are so frequently making application at the office in Cannon-
street for relief. The alderman expects to be supported by
the great majority of the aldermen, and the Lord Mayor has
ep!essell his determination to use every effort to accom-
plish_ns,,.n_. 0
edesirable an object, having had many opportunities
,_
w." g the bad effect of sending the poor helpless
creatures upon a tramp of four miles to Peckham Asylum,
over the eityco,- magistrates have no control whatever.
A mai: named on the lands of Cregg,
in the parigi of Coolin'ea: residing
since in a fit of religious enrithnear"wally, a faw days
his left nand to the posts of s'l!'ias_nlitiailed both his feet and
cifixion of our Saviour. He previously imifAting, the ma-
in the absence of his family, whvi„, were barricaded the door,
lyay in, when they found the Per -ereman obliged to force their
ion —Clare Journal. .4 a
.1,t,„,,t0 of watts.