The Sun.
London, England, 1851-07-16 00:00:00

THE GREAT EXHIBITION.
The crowds of visitors which the various excursion
trains brought up to town at the end of the week are
beginning to show perceptibly on the numbers at the
Great Exhibition. Yesterday was the most crowded
which the Exhibition has yet experienced, and the
police returns show an increase of at least 10,000
over any former occasion. The following are the num-
bers up to five o'clock:—
There had been admitted—
At 11
12
1
• 2
3
........................ ,
4 ................................. 72,019
5 ................................. 73,446
At this time 14,844 persons had left the building, but
the most crowded period was about four o'clock, when
there were more than 62,000 persons present, and the
mighty stream could scarce find room to flow along, so
choked aad crowded were the various avenues. At the
first opening the temperature was about 65, but it rose
daring the day to 74, at which it stood at four o'clock.
The total number of visitors at the close was 74,122.

GREAT WESTERN RAILWAY.
A special general meeting of the proprietors in this
company was held yesterday afternoon at the Paddington
Station, for the purpose of considering and approving,
or otherwise, of an agreement entered into between the
Oxford, Worcester, and Wolverhampton Railway Com-
pany 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 Wolvercot, 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 CHAIRMAN 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 th© 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 Oxford, Worcester, and
Wolverhampton Company before an eminent C
barrister, whose decided opinion it was that there
companies
wag
no agreement subsisting between the two 901
which could be enforced in equity, iment de-
since been very strongly confirmed by th!3 ju g
and that odpc-niopn has
livered by Lord Cranworth on the occasion of an appli-
cation being made for an injunction to stay an agree-
ment which has recently been entered into between the
Oxford, Worcester, and Wolverhampton and the London
and North-Western Companies. Bat though there were
no legal agreement between the two companies, and
though the agreements which had been made had been
rendered null and void by the proceedings and resolu-
tions of the Oxford, Worcester, and Wolverhampton
Company itself, and not by any act of the Great
Western, Company, we, nevertheless, had the same
reasons for an alliance between the two companies
which originally actuated us, and which, if possible,
had become still stronger and more cogent,
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 sub-
mitting 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 were 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 fact, as evidenced not only by verbal, but by writ-
ten communications, which passed between the two com-
panies. It is 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 not strictly defined. We steadily
and, I hope, succeaefully resisted that claim, and I
am sure you will approve 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 assigned for this change, ex-
cept the necessities of the Oxford, Worcester, and Wol-
verhampton Company, we did not think 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 should 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 moat 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
traffic, I am sure you will also think 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 Company, 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, and Wolverhampton Company. I
have stated to you the leading proposals which were
male to us, and I have done so not for the purpose of
reviving any difference between the two companies, bat
for the purpose of our own justification in answer to the
allegations which every day are put forth, and also in
order to satisfy your minds that no pro-
posals 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 not arrived when any agreement could be made
with the Oxford, Worcester, and Wolverhampton Com-
pany. I thought that the common interests of the two
companies were so intimate sod so important that the
time must arrive when such an agreement would be made
between us; and I confess 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 of
the agreement that was entered into between that com-
pany 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
those two companies, we did not think it right to offer any
counter proposal, as was suggested to us by many persons.
We did not think it honourable to endeavour to seduce
one company from an engagement which it had made
with another, whether it were wise or unwise, legal or
illegal, by the offer of higher terms.--(Hear.) We do
think it worse for your interests to enter into a race of
competition with the North-Western Company or any
other company to see which should outbid the other in
order to obtain possession of any line of railway.—(Hear.)
Such a coarse we did not think either judicous or cre-
ditable—such a course never has been adopted, and such
a course never shall be adopted in this company.—
(Cheers.) Bat, gentlemen, we entertain a decided
opinion that the agreement which had been entered into
was in itself illegal, and we were determined to
bring that question to the test of a court of
law. In 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 agreement with another company
if we were not prepared to give another in substitution
of it ; and, under these circumstances, we authorised our
counsel, in the event of the agreement being proved to
be illegal, and in the event of the Court thinking that it
was right so to do, to state that we were
prepared to give fully as good terms to the
Oxford, Worcester, and Wolverhampton Company,
as those of which we had deprived them. The:Nice-
Chancellor (Lord Cranworth) granted an injunction
for staying that agreement, and though he evaded the
question of legality, he expressed his own very decided
opinion that the agreement was illegal. This decision,
for practically it is a decision, was of great im-
portance to as in many ways. It was valuable
as affecting an important question, which was then
at issue ; it was valuable as affecting' many other ques-
tions of the same or a similar character. It came very
opportunely to show that agreements, however large the
promises they contain, or powerful the party from
whew they proceed, are utterly fallacious if
they have not the sanction of the law, and that
subtle and temporizing,
a policy rather than
sound, practical, s
welland asfarsighted,
who
pursued it, in liti-
gation and
w though it might
involve others, a
expense,, beneficial only to the lawyers who
advised it, and injurious to every other Person, still, as
proceedings of the
the inevitable result, could not contend against the
enactments of the law on the principle of public policy,
as it is found written in the acts and ceedings
Legislature, and must in the end fail.—(Hear,) It is
too late to think of obstructing lines or systems
of railway, which not only have been sanctioned, but
Which are almost finished. Is is idle to think of oh.
structing alliances which public convenience, local posi-
tion, common interests, and actual agreements have
determined ; and it is the part, I will not say of wisdom
but of common
hens© to shape our measures to meet
the condition of
or 1845, but ascircumstances, not as they existed in 1844
they must inevitably exist in 1852, and
to diminish by rational precautions and prudential ar-
rangements those evils whichno human
avert, which every passing
consum-
mation, and whichever.pday brings nearer to consum-
power can now
more severe and more intense, if such arrangements
gessiTe movement will render
not adopted. The decision of a court of equity having
set free the hands of be
the Oxford, Worcester,
and Wolverhampton Company, they
us their readiness to enter into thee-negiontitaimtioantesd; toand
arrangements which we have to-dayhe to submit to you as
the result of our negotiations. T
indispensable purpose of the Oxford,
dary and
Worcester,most
end Wolverhampton Company was to raise the
necessary money to complete their line, and
to render the capital which they have already
spent on it productive. It has been ascertained
that for this purpose an annual sum of 82,0001. is neces-
sary-35,000/. to pay interest on debentures, and 47,000/,
to pay interest on the preference shares that must be
created. This sum, therefore, of 82,000/. is made the
first charge on the gross revenues of the Oxford, Wor-
cester, and Wolverhampton
Company,ie d under e vseunc such sound before
the
se
payment of working expenses, a
curity that there can be little doubt that they will
be enabled to raise the capital they require on
most advantageous terms. The second charge on
the gross revenues of the company is 60,000/.
a year, which is to be paid to the 9
Great
the Western Com-
pany for working expenses, so long as receipts of
•
the line are 142,0001. a year. 60,0001. on 1-1 -,000/ •13 42
Per cent., and the Oxford, Woreester, , d
and Wolverhamp-
I" Company are, therefore, not only gm the cost of