The Sun.
London, England, 1851-09-06 00:00:00

HEREFORD AND GLOUCESTER.

The half-yearly meeting of this company was held
at Hereford on Thursday afternoon. The chair was
taken by Mr. Booker, M.P. There were also pre-
sent Lord Bateman, Sir T. P. Lewis, Bart., M.P.,
Mr. Wegg-Prosser, M.P., Sir R. Price, Bart.,
M.P., Colonel Clifford, M.P., Mr. Bailey, M P.,
Mr. Brunel, and a numerous assembly of land-
owners.
The report of the directors stated that the entire
cost of the parliamentary proceedings, notwithstand-
ing opposition in both Houses of Parliament, would be
less than 9,000/, which would cover all engineering
expenses, cost of surveying, plans, &c. A considerable
proportion of the land required for the construction
of this railway bad been previously contracted for by
the Great Western Company, for the proposed Mon-
mouth and Hereford Railway. The directors, there-
fore, as soon as the Act passed, entered on a negotia-
tion with the Great Western board in reference to the
purchase of such lands, and they considered it due to
that board to say they were met in a frank and liberal
spirit, and that those negotiations have resulted in an
arrangement by which they will obtain possession of
those lands on very favourable terms. As the con-
struction of the tunnels at the Lea and Ballingham
will mainly govern the period required for the com-
pletion of the whole line, the directors have instructed
the engineer to prepare at once to enter upon them,
and measures have been accordingly adopted to pro-
cure the lands, and to commence these works im-
mediately. The next point which engaged the at-
tention of the directors was the allotment of the
shares remaining to be subscribed to complete the
capital. Arrangements have been made by which
the accomplishment of that object has been
effectually secured. The Great Western directors
having in December last assured this company of their
disposition to co-operate with it as far as their power
admitted, and accompanied that assurance by an offer
to provide the plant necessary for working the line
upon terms based upon a calculation of its actual cost,
the directors have recently given to this subject
much anxious consideration and thought. They have
much pleasure i❑ being able to report that in a few
days they fully expect to complete such a working
arrangement with that company as, first placing your
debenture capital on a footing that will ensure to it
a certain and early currency, will also give the share-
holders a very liberal proportion of the gross re-
ceipts. The whole of the share capital will then have
been provided—the ultimate cost of the rail way and
works, completed and ready for public traffic, will
have been ascertained—its adequacy will be secured
by contracts with such thoroughly-experienced and
responsible parties as Messrs. Peto, Betts, and
Brassey. The shareholders may, therefore, rest as-
sured that the undertaking is launched under a com-
bination of circumstances unusually advantageous,
and such as will afford to the public perfect security
foe its early completion, and to the shareholders a
satisfactory result.
The CHAIRMAN congratulated the shareholders
upon the satisfactory progress the directors had made.
Die opposition they had met with was most unfair,
and intended, though not calculated, to be productive
of the greatest harassment to the directory. Not-
withstanding this opposition the expenses had been
kept within the very low amount of 9,0001. The
chairmen concluded by proposing that the report of
the directors be adopted and printed for circulation,
which was carried unanimously.
The following gentlemen were elected directors :
Sir T. F. Lewis, Sir R. Price, Mr. Wegg-Prosser,
Mr. C. Lewis, Mr. T. W. Booker, Colonel Clifford,
Mr. Vaughan, Mr. Ormerod, Mr. Davies, Mr. Bur-
master, Mr. C. W. Allen, and Mr. E. 0. Partridge.
The company's seal was ordered to be affixed to the
register of shares; a sum of 4001. voted for the ex-
penses of the directors for the year; and a further
sum of 3001. for the secretary's salary.
Votes of thanks were passed to the Parliamentary
Committee and directors ; and Messrs. Landwarne and
_Fowler were appointed auditors.
A rumour being afloat that Mr. Peto had with-
drawn a very large deposit from the company's ca-
pital, the Rev. A. CLIVE asked whether such was the
fact ?

The CHAIRMAN explained that Messrs. Peto,
Brassey, and Betts, the contractors, had agreed to
take considerably over 100,000/. of the expenses of
construction in shares. It was necessary they should
pay in hard cash the deposit on those shares ; and
inasmuch as the company could not be paid in meal
and in malt, when the Parliamentary powers were
obtained the deposit money was of course returned.
The meeting separated with votes of thanks to Mr.
Brunel and to the chairman.

GREAT NORTH OF ENGLAND, CLARENCE,
AND HARTLEPOOL JUNCTION.
Tha annual meeting of this company was held re-
cently at Hartlepool, Mr. W. Green in the chair.
The report stated that 131,0611. was received on
capital account, and 130,775/. expended, leaving a
balance of 2861. The receipts for the half-year
amounted to 1,8751., including a former balance of
286/ ; and the expenses to 904/. ; leaving a balance
of 9711,.; out of which the directors recommended a
dividend on the original shares for the half year end-
ing the 30th of June at the rate of 3 per cent. per
annum, amounting to 6281., leaving a balance of 3431.
to meet the outstanding accounts. The directors
propose to pay off the debt of the company, amounting
to 15,4621. by the issue of 44 per cent. preference
shares.

Resolutions were passed adopting the report, de-
claring a dividend at the rate of 3 per cent. per
annual, re-electing Messrs. Green and Burdon, the
retiring directors, and re-appointing Mr. floggett one
of the auditors.
The meeting then separated.