The Sun.
London, England, 1851-07-15 00:00:00

f - ourtiiTi---,:brition',
SUN OPPICE, Seven o Clock. 1

STAMFORD RACES•

(THIS DAY.)

(BY ELECTRIC TELEGRAPH.)

Handicap Plate.
Brother to Willingham
Datura filly •

Stamford St. Leg Pr..

... 1

Telescope
Cane ~

... 2

GREAT WESTERN RAILWAY.
(TIIIS DAY.)
A special general meeting of the proprietors in this
company was held this afternoon at the Paddington
Station, for the purpose of considering and approving,
iherwise, of an agreement entered into between the
or other
Worcester, and Wolverhampton Railway Coca-
natty of the one part, and the Great Western Railway
Company of the other part, on the 20th instant, for a
lease, on certain terms and conditions, of the undertaking
and works of the former company, from a Junction with
the Oxford and Rugby Line at IVolvercot, near Oxford,
to a Junction with the London and North-Western Rail-
way, near Show-hill, for the period of 999 years.
Charles Russell, Esq., the chairman of the company,
presided.
Mr. C. A. Saunders, the Secretary, having read the
advertisement convening the meeting,
The CHAIR3IAN said—Gentlemen, at the half-yearly
meeting, which was held at Bristol last year, I entered at
some length into the agreement between the Great
Western and the Oxford, Worcester, and Wolverhamp-
ton Railway Companies. I stated that from some papers
which had just then been presented to Parliament by
the Railway Commissioners, it appeared that a very
full case had been laid by the Oxtord, Worcester, and
Wolverhampton Company before an eminent Chancery
barrister, whose decided opinion it was that there was
no agreement subsisting between the two compani"b
which could be enferced in equity, and that opinion has
since been very strongly confirmed by the judgment de-
livered by Lord Cran worth on the occasion of en appli-
cation being made for an injuection to stay an agree-
mentwhich has recently been entered into
Oxford, Worcester, and Wolverhampton andbtehthweeeLrecondon
and North-Western Companies. Bat theugh t were
no legal agreement between the two comdpannaieds,neen
though the agreements which
rendered null and void by the hadeprobceeeedninm:s had
resolu-
tions of the Oxford, Worcester, and Wolverhampton
C..n:wany itself, and not by any act of the Great
Western
Company, we, nevertheless, had the same
reasons for an alliance between thethwoif possible,
companies
which originally actuated us, and which,
bad become still stronger and more coent,
and we expressed to that company our willing.
ness to adopt any scheme for the renewal of the con
nexion which we could feel ourselves justified in sulta
m
lie,TelOg to the proprietors. Several meetings were held
between the directors of the two companies and
several arrangements were proposed between them, but
none of them Iv, re such as we could accept. From
the first it had been attempted to insti-
tute against us a claim that our guarantee to the
Oxford, Worcester, and Wolverhampton was on an un-
limited, and not a limited capital. That claim is con-
trary to tact, as evidenced not only by verbal. but by writ-
ten communications, which passed between the two cern-
psniee Lis contrary to the policy which has been in-
variably adopted by this company, as we never
enter into any arrangements with any other com-
pany which are nut strictly defined. We steadily
and, I hope, succeefully resisted that claim, and I
am sure you will epprove of our having done so.—(Hear)
It was attempted to be proved also to us that we should
raise the rate of guarantee from 4 to 5 per cent.; but as
no substantial reasons were assigeed for this change, ex-
cept the necessities of the Oxford, Worcester, and Wol-
verhampton Company, we dial notehink that, in the po•
sition of our company, we should be justified in proposing
such an alteration to you. It was proposed, also,
that we shonld undertake the lease of the Oxford,
Worcester, and Wolverhampton Company, from Ox-
ford to Stourbridge, at a mileage rent proportionate
to the whole rent of the entire line, but as that
would give to us a most unproductive portion of the line,
and scarcely bring us to the verge of that district from
which we expected to derive the greatest portion of
:raffle. I am sure you will also Miele we were right in
declining that proposal also. It was then proposed that
we should ourselves undertake the completion of the
line from Oxford to Worcester, and leave the Oxford,
Worcester, and Wolverhampton Compares, with the aid
of other northern companies, to complete the portion
from Worcester to Wolverhampton. This again would
only give us the unproductive portion, and hand over
the productive portion to other companies. This also
we thought it would be improper for us to accept. It
has been said by those not acquainted with the
facts of the case, that we throw overboard the
Oxford, Worcester, arid Wolverhampton Company. I
have stated to Sou the leading proposals which were
made to us, and I have done so not for the purpose of
reviving any difference between the two companies, but
for the purpose of our own justification in answer to the
allegations which every day are put f-rth, and also in
order to satisfy your minds that no pro-
pdsals really ever were made to us such
as we could have been justified in enter-
taining. But our opinion also was, that the time
had nut arrived when any egrea merit could be made
with the Oxford, Worcester, and Woiverhanpton Com-
pany. I thought teat the common interests of the two
companies wtre so intimate and so important that Vie
time must arrive when such an agretment would be made
between us; and I conreae I thought also that those
opinions were entertained by persons connected with
the Oxford, Worcester, and Wolverhampton Company.
It was, then, with the greatest surprise that we heard ut
the agreement that was entered into between that Cam-
pan) and the London and North-Western Company.
No such terms as those contained in that agreement
were ever proposed to us, or even hinted to us; but that
agreement having actually been entered into between
tbos- two companies, vve did not think it right to offer any ,
counter proposal, as was suggested to us by many persons.
We 'lid not think it honourable to endeavour to seduce
ono company from an engagement which it hid made
with enetner, whether i; were wise or unwise, legal or
by the offer of higher terms.—(Hear.) We do
think it worse for your interests to enter into a race of
emeeetetien with the North-Wes:ern Company or any
other company to see which should outbid the other in
orter to ()Went possession of any lute of railway.—(Hear.)
Such a course we did nor, think either ju licous or etre-
cluabk—sech a course never has bet n adopted, and suet)
a course never shall be adopted in this compent.—
(Cotrers.) Bur, gentlemen, we entertain a decideu
opinion that the ere, meet which had been entered into
was in o-If lit' gal, atd ee were determined to
bring that question to the test of a court of
law. Is the course of the proceedings it Was
suggested to us, indeed it was urged on us
by counsel, that it would be unreasonable to ask a court
of law to set aside an agreeitirnt with another company
If we were not prepared to give another in substitution
of it ; arid, under these circumstances, we authorised our
couesel, in the event of the egret ment being proved to
be illegal, and in the event of the Court thinking that it
was 11.2. ht so to do, to state that we were
prepared to give folly as good terms to the
Oxford, Worcester ;,,nal Wolverhampton Comp ally
as those of which Worcester,
had' d them. Tue , Vice:
Chancellor (Lord Cr 'Prdig?'rnante,dn
hean injunction
for staying that agreement,d the
question or legality, hel'eent' and
hiisul.Own very decided
xp.ress
opinion that the agreement was illegal. This decision,
for practically it is a decision
pot-time° to us in many was of great im-
as affecting an important- ways'. It was valuable 11
question, which was then
at issue ; it was vadvabsimaisl
affecting many other ques-
tions of the same or a similar
opportunely to show that a ceeracter. It came very
reennaweenrtasi howeverhe large the
promises they Contain, or
whom they proceed, are utterly.t f a
plan, !relit.
actous
they have not the sanction
of. the law, and that
a policy
subtle
and
temporizing, rather than
sound, practical, and far-sighted, though it neg ht
t„eelve others, as welt as rhos.,, who
pursued it, in loi-
gation and expense, beneficial only to the lawyers who
advised it, and iejurious to every other person,
still, as
the inevi,able I', stilt, could not contend against the
enactments „f the law on the principle of public policy,
as it is found ~,,,„itten in the acts arid
Pr,cF.dlngs of the
LeAislature, and mutt it, th end :ea.—(Hear.) It is
too late to think of obstructing lines or systems
of railway, which not only have been sanctioned, but
Which ate almost finished. It is idle to think of ob-
structing alliances which public convenience, local post_
l_tjuas common interests, and actual agreements have
t'e'-ettnitied and it is the pert, I will net say of wisdom
hut of common sense, to shape our measures to meet
the ennthaeu of circumstances, not as they existed in 1844
or 1845, h
ui, as they most inevitably exist in 1852, and
diminishto by rational precautions and prudential ar-
raegeenenta thoseevils whwhich-,,h human power can now
avert, Which every
passing day brings nearer to consum-
metiun, and -whieheve ent will render
more severe and axrer..progessive movern
arrangements be
n,it, ad eel, ‘„iiiieuse, it such
e_tng
set fre the hisondsisiocnf of a court of equity oat.
ft,rd, Worcester,
and Wolvereampttn Ox
'tampons. they intimated to
ui their readiness to elver and
arra, ge:nents which we hate fealty
the negonations
the ot Our rh•gotiations, c"Tdatae y to submit to you us
indispe.o_sahle purvise of the primary aLtl most
and Wolverhampton Company xt.,rd, Worcester,
nt,ce,s,Ary
money
o„mptete watLitro raise the
to render the capital which they h„li"Pa and
spent on it productive. It has
been
e alreedy
that foe this purpose an annual sum of 82,0001. it
rtained
sary,..-0,000/. to pay interest on debentures, and „%coeosi.
to pay
,interest on the preference shares that must be
er,:ated. This saw, therefore, of 82 0001. is team the
on the gross revenues of the Oxford, Wor-
cester, and Wolvernanptoo
Company, even before the
'working ensee,w,d tinder such
pay meta of ex p sout,cl
curtly tbat there esa be little doubt that they will
ha enebted to raise the capital they r, quire on
most advAutzigeous terms. The second cherge on
the gross
races of the company is 60,0001.
v Great Western is to be paid to the Coco-
parry for werking expeeses,
a year, /
so long sie the receipts of
r fad, 001 on 142,000/ is 42
the linera/re 142,00C1. yka •
V.I. anti Wulverhamp-
pet cent., aud the Oxford, Wel e
saved the cost of
VI) Company are, therefore, not only
Pr`tviding themselves with rolling stir:{, but secure the
woiking- of the line on much more reasonable terms
than 0,7 could possibly week it (.)1. themselves. On
taw grolo, earnings reaching from 142,0001. to 200,000/.,
Eh() Great Western isb4o one-third for work' -