The Sun.
London, England, 1851-04-17 00:00:00

THURSDAY

RAILWAY INTELLIGENCE.
GREAT WESTERN. _

A special general meeting of the shareholders was
held on Tuesday, at the offices, Paddington Station,
for the purpose of approving or otherwise, of an
agreement entered into by this company with the
South Wales Railway Company for a lease, on certain
terms and conditions, of the undertaking and works
of the latter. Mr. Charles Russell occupied the
chair.
The CHAIRMAN, in opening the proceedings, said
the proprietors had been called together once again—
for the last time, he hoped—in order that the directors
might obtain their sanction to a modified agreement
with the South Wales Railway Company, of which
the terms had been already made known to them.
The leading principles of this new arrangement were
substantially the same as those which the proprietors
had approved in November last. Instead of guaran-
teeing the entire profits of the South Wales Com-
pany, and becoming practically the owners of that
«s was the case in November, 1848, they were
to purchase only a portion of these profits, and thus,
instead of becoming sole owners, they were to be
partners, joint owners with the original proprietors.
There were also several modifications and changes,
more especially in reference to the scope and details
of this agreement. There were to be successive
extensions—first to Carmarthen, thence to Haverford-
west, and afterwards to Miltord Haven. They were
at that time to purchase half the entire profits of the
line as far as Swansea; they were now to purchase
only one-third the net profits for the entire line, us
far as Milford Haven. For working and managing
the traffic, and otherwise arranging for the line to
Milford haven, five directors were to be appointed
by each board, to form a joint committee, and thus
would be secured to them (the Great Western) much
local influence and experience. The chairman next
favourably contrasted the present agreement with that
which it superseded, illustrating his argument with
figures from an epitome of the proposal. He urged
that the new scheme was more comprehensive, and
embraced the completion of the entire line through-
out all South Wales ; that by it the Great Western
would be placed in direct communication with two
of the finest harbours in the world—Plymouth by the
Great Western, Milford Haven by the South Wales ;
that finally, it limited their responsibilities, so that at
no time, and under no circumstances, could their lia-
bilities exceed 46,0001. per annum. They never, he
admitted, had looked to obtain any direct profit from
the lease of the South Wales line; the profits of that
line were legitimately the profits of its proprietors.
The gain which the Great Western anticipated was
to be the consequence of the increased traffic on their
own line.
After some further remarks from the CHAIRMAN,
The solicitor read the agreement proposed for the
approval of the proprietors, and
The CHAIRMAN himself moved that it should be
approved, ratified, sanctioned, and confirmed.
The resolution having been seconded, a slight dia
cussion ensued, in which the geographical position of
Milford Haven, and its prospects as a harbour, with
other subjects directly or indirectly affecting the
question at issue, were introduced. Birkenhead,
Great Grimsby, &c., were cited as instances of disap-
pointed hopes analogous to those entertained with re-
gard to Milford Haven
carried.
however .
The motion was, ,
The second special general meeting then com-
menced, and the CHAIRMAN explained that, in corn-
pliance with "the Wharneliffe standing order," he had
to submit to the proprietors a Bill now pending in
Parliament " for enabling arrangements with refer-
ence to the purchase, lease, or other use, by the Great
Western Railway Company, of the -Wilts, Somerset,
and Weymouth Railway ; the Gloucester and Dean
Forest Railway ; and the South Wales Railway, re-
spectively to be effected, and for other purposes," the
principle of which they had already approved. The
proprietors having signified their assent,
Mr. Noanis introduced the subject of railway audit,
and drew from the Chairman an expression of disap-
proval of the Bills of Mr. Locke and of Mr. Stanford
on the subject, but the meeting being special the
question was not gone into.
Thanks were then voted to the Chairman, and the
meeting dispersed.

SOUTH WALES.
A special general meeting of the proprietors of
this company was held on Tuesday at the London
Tavern, Bishopsgate-street, for the purpose of taking
into consideration the proposed arrangement with the
Great Western Company ; and to signify the wishes
of the shareholders with regard to the Bills proposed
to be introduced into the House of Lords.
Mr. TALBOT, M.P., occupied the chair.
The CHAIRMAN, in introducing the subject to the
meeting, said that, before discussing the merits of
the agreement, be ought to state to them that it had
been under the consideration of the directors for
some time, and, with one one exception, had been
agreed to by them. He had stated at the last meet-
ing that he sat no particular difficulty in carrying on
the line to Fishguard, and he had not changed that
opinion ; but he was convinced that it was far pre-
ferable for the interests of the shareholders that they
should take advantage of the present proposal than
that they should go on to Fishguard. He anticipated,
in the first place, an enormous advantage from the
co-operation of the Great Western Company, instead
of leaving to that company the power of abstracting
their traffic from the line. This was in itself so great
an advantage that he was inclined to give up any pri
vate predilection he might have had for any other
course.—(Hear, hear.) his opinion was that by
the proposal now made the shareholders would sooner
obtain the dividend of five per cent. than by any other
course. It was, in fact, merely a question of time,
There was a Bill now before Parliament by which
they hoped to be enabled to connect themselves with
two other lines of railway intersecting their line, and
it would be of the greatest importance to the share-
holders to secure the co-operation of the Great
Western Company to have that Bill passed. They
would, otherwise, in fact, be obliged to abandon the
Bill. In the west, there would be greater difficulties
with regard to the development of the traffic, if they
went on to Fishguard ; instead of which, if they went
on to Haverford west, with the co-operation of the
Great Western, they would open a larger traffic than
could be got by going to Fishguard, and not only a
larger traffic, but also a new class of traffic. They
would open a communication for the American trade
from Milford Haven, and establish a communication
with South Ireland. As to the anticipated reeeipts
on the line, it was known that the receipts upon
the Bristol and Exeter line were 401. per mile per
week; and if the South Wales line only took 351.
per mile per week between Gloucester and Haver-
fordwest, it would be equal to 6,0001. a week, which,
under the proposed agreement, would pay 5 per cent.
dividend. There was another great advantage to
which he would direct their attention. Under the
old agreement the prospect of a dividend was remote ;
whilst under the agreement now proposed a dividend
would immediately accrue to them, even if there
should be no profits on the working of the line; and
if profits should arise on the working the dividend
would proportionably increase. If they did not rea-
lise 3 per cent. in the first year, he could only say that
the Great Western had made a very unfortunate bar-
gain. These considerations induced him to recom-
mend to the meeting to sanction and adopt the agree-
ment which the directors proposed. He should not
consider that he was doing his duty if he did not re-
commend them to do this. But if they determined
to reject the agreement the directors would do their
best to carry out their wishes. He warned them,
however, that if they rejected it they would make a
very wrong, unwise, and prejudicial arrangement,
He concluded by moving a resolution to the effect
that the agreement should be adopted and sanctioned.
Mr. MATHEWS, a director, seconded the motion.
Mr. W. WILLIAMS, M.P., thought that the whole
agreement should have been printed and circulated
amongst the proprietors before they were called upon
to come to any conclusion upon the question. He
disapproved of the proposed arrangement, and had not
in fact, beard a single argument in its favour. He
contended that it was no question whether the new
agreement was better than the old one, for all that
they bad to do was to see that the line should be car-
ried out to Fisbguard, when they should receive a
dividend of five per cent. from the Great Western
Company. The question was, whether they would
take one per cent., with all contingencies, and the
possibility of receiving more at some future time, or
take five per cent. as soon as their line was finished,
in terms of the old agreement..--(liear.)
Mr. GARROW disapproved of the proposed arrange-
ment, and
Mr. TURNER moved, as an amendment upon the
motion, that the agreement should be printed in ex-
-IC7IBO, and circulated amongst the shareholders, with
a view to consideration on a future day.
Mr. FRANKLIN seconded the amendment.
Mr. WALTER delivered protests against the pro-
posed agreement, holding the directors personally
liable for a breach of trust.
Mr. _DUNCAN approved of the amendment. Ile had
no wish to " take in" the Great Western Company,
which he would be sorry to do if he could—
(Laughter)—but he wished to take from them what
was right and just, and as in two months the line
would be open to Gloucester, the real value of the
property would soon be known. *t present the
Great Western had the right to use 6, 00 votes in the
company's affairs, and this agreement would give
them a clear majority, as well as prevent them trom
getting through their financial difficulties as well as
they could.
A PROPRIETOR banded in a protest from the in-
habitants of Fisbguard against the proposed agree-
ment.
Mr. BAKER and another Proprietor briefly sup-
ported the views of the directors.
The CHAIRMAN said that there were very great