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

providing themselves with rolling stock, but secure the
working of the line on much more reasonable terms
than they could possibly work it for themselves. On
the gross earnings reaching from 142,0001. to 200,0001.,
the Great Western is to be one-third for work-
ing expenses, and the Oxford, Worcester, and
Wolverhampton two-thirds for themselves; so that when
the revenue amounts to that sum we agree to work the
line for 33 per cent.—again a very great advantage to
them. If the line produces only 142,0001. the interest
of the Great Western is secure, but I think a more
reasonable way, indeed a more business-like way,
is to look at this agreement under the circumstances
which we think most probably will occur. Looking at
railways of nearly the same length—take, for example,
the Bristol and Exeter Company—is it unreasonable to
expect that a line like the Oxford,Worcester, and Wolver-
hampton, 90 miles in length, and running through such a
district as that from Worcester to Wolverhampton, can
yield a less sum than 4,0001. a week? Assuming that
proves the state of the gross revenue, the following will
be the effect of the arrangement which is now made.
If the receipts amount to 208,000/. a-year, they will
be thus applied:—
Debenture interest
Other preference claims

... £35,000
... 47,000

... .£82,000

First Charge ...
Working Expenses.
Up to 142,0001. gross receipts ... £60,000
Between 142 and 200,0001., one-third 19,334
Ahoy° 200,000/., one-half ... ... 4,000

83,334

Dividend to original shareholders—
Two-thirds of the excess between
142,0001. and 200,0001.... 38,666
One-half of the excess above
200,000/...................... 4,000
---

42,666

£2OB 000
This 42,6661. ioriginalper
scheanrLehonnldle,4rss.o,olo,l,
the share capital
is the result which I think it reasonable to expect
very
the nearly
3
from the arrangement into which we have now en-
tered. The advantage to the Oxford, Worcester, and
Wolverhampton Company may be briefly summed up
thus,—that it enables them to raise the funds neces-
sary for the completion of their line, that it
insures their getting that money on reasonable terms,
that it saves them the cost of renewing the rolling stock,
that it insures the working of the line on meat more
advantageous terms than they could themselves
possibly work it, and gives to the original
shareholders every reasonable expectation of a moderate
dividend for the money which they have invested. To the
Great Western Company the advantages are, that we
reduce the expenses of our line a little more by
working their lino on the terms I have men-
tioned. that we shall bring a considerable addition
of traffic over our main trunk line, and that we shall have
given to us, in common with all the other original share-
holders, a reasonable expectation of deriving some
return for the 180,0004 which we have invested in
the Oxford, Worcester, and Wolverhampton Com-
pany. These are the direct pecuniary advan-
tages which we shall derive from this agreement.
There are other important advantages if we regard the
arrangement as a distinct arrangement.—(Hear.) I
believe that in every point of view the arrangement
is desirable both to the Oxford, Worcester, and
Wolverhampton and the Great Western Companies, and
we (the directors) have the fullest confidence, therefore,
in submitting it for your adoption.— (Cheers.)
The epitome of the agreement, as already published
in The Sun, was then read to the meeting.
The CHAIRMAN then moved that it be received,
adopted, ratified, and confirmed.
After a very brief discussion the motion was unani-
mously agreed to, and the meeting immediately after-
wards separated.

OXFORD, WORCESTER, AND
WOLVERHAMPTON RAILWAY.
An extraordinary general meeting of the shareholders
of this company was held yesterday at the London
Tavern, for the purpose of considering an agreement for
a lease to the Great Western Railway Company of the
line from Oxford, through Wolverhampton, to the Lon-
don and North-Western Railway, near Show-hill, for
the term of 999 years. Captain Rushout took the chair.
The CHAIRMAN opened the proceedings by apologis-
ing to the shareholders for appearing before them in his
present position, which he said was caused by the seces-
sion of the late chairman. The present object of the
meeting was to sanction an agreemenc with the Great
Western Railway, negotiations for which had been
commenced in consequence of the late judgment of Lord
Cranwortb, in the case of " Beman v. Rufford," that the
former agreement entered into with the London and
North-Western Railway could not be legally carried
out. The agreement now proposed with the Great
Western would be equally beneficial to this company,
and at the time of the hearing of the cause to which he
had alluded, Mr. Bethell, the counsel for the Great
Western, had professed the readiness of the company to
use all their endeavours to carry out a fair understand-
ing. The agreement which was now laid before the
shareholders would, ho thought, completely carry out
the objects with which the company had first been
formed. The Hon. Gentleman concluded by moving
that the directors of the company be empowered to
carry out the agreement, of which we subjoin an ab•
street;--
"The Oxford, Worcester, and Wolverhampton Company
agree to complete their undertaking between Wolvercot
(near Oxfo d) and a junction with the London and Nortu-
Western Railway, near Wolverhampton, in a substantial
manner, with a doubie line of broad gauge railway, and ad-
ditional rails as prescribed by Act of Parliament; and to
lease it when completed, with the requisite stations, side
' lines and other accommodations, to the Great Western Rail
way Company, for 999 years; the latter providing all the
necessary locomotive stock, &c., to work the said line.
"The Great Western Company covenant to pay 85,0001.
, per annum to liquidate the debenture interest of the lessors,
which sum is to be reserved to the Great Western Company
as the first charge on the revenues of the railway. They are
further to transfer to the Oxford, Worcester, and Wolver-
hampton Company, out of the gross receipts as defined in the
agreement, a sum not exceeding 47,000/. per annum, to de-
fray preference dividends, and other liabilities of the lessors.
"The annual sum of 60,0001. (subject to a contingent and
proportionate reduction when 82,0001. shall not be required
for the foregoing purposes out of the revenues of the line) is
to be the next charge on the gross receipts, to defray the
working expenses, rates, and taxes of the line which are
undertaken by the Great Western Railway Company, sub-
ject to such reimbursement.

" The excess of all receipts up to 200,000/. per annum is
to be divided in the proportion of two-thirds to the Oxford,
Worcester, and Wolverhampton Company, in respect of their
capital, and one-third to the Great Western Company, in
respect of working expenses; and all receipts beyond
200,0001. per annum to be divided in equal moieties between
the two companies.
" Provision is made by clauses for insuring the proper
traffic to the line, and developing it; as well as for an equal
mileage distribution of rates, &c., for through traffic passing
over both railways, and for working any portion of the line,
if partially opened, before the completion of the undertaking.
" The Stratford Canal, the Stourbridge Extension Canal,
_ _

and the Moreton Tramway, are to be worked by the Great
Western Company, and the revenues thereof first appropriated
to discharge interest upon certain liabilities in respect of them,
the balance belonging to the Great Western Company, to de-
fray working expenses, &c.
" Accounts are to be kept in proper form, and to be open to
inspection by the directors and officers of the Oxford, Wor-
cester, and Wolverhampton Company. Recourse is to be
had, in all cases of difference, to arbitration, under clauses
inserted in the agreement, and an extended agreement is pro-
vided for, with powers to the two boards to give full effect
to it."
A SHAREHOLDER suggested that the correspondence
between the London and North-Western Railway Com-
pany, and the Oxford, Worcester, and Wolverhampton
Railway Company, on the subject of the late agreement,
should be read.
Mr. THOMAS, in seconding the adoption of the reso-
lution, said that no such correspondence had taken
place. Both parties, on hearing the judgment of Lord
Cranworth, had resolved to consider the agreement as
void. The directors of this company, therefore, felt
themselves bound to listen to the overtures of
the Great Western Railway Company ; and
though on its first appearance the agreement was
not so beneficial as might have been wished, as a larger
sum would now have to be earned before the original
shareholders came in for any benefit, yet in its ultimate
results he had no doubt it would be even more advanta-
geous. The London and North-Western certainly had
renewed their offer, but the solicitor of this company ad-
vised the directors that it could not legally be carried
out, and the shareholders would see that it these nego-
tiations had been renewed ;they would have had to en-
counter, perhaps, another Chancery suit, and certainly a
strong Parliamentary opposition.
In answer to a question from Alderman THOMPSON,
M.P.,
Mr. PARSON, the solicitor, said that it must be evident
that if a narrow gauge line were laid down between Ox-
ford and Worcester, as well as the broad gauge, the
Great Western could not be expected to lay down a
single gauge between Worcester and Wolverhampton.
Mr. Alderman THOMPSON objected to being handed
over to the Great Western Railway bound hand and
foot. The most advantageous course would be to CORl-
plate their own road without any arrangement with
i'llY other company whatever. To deprive them-
selves of the narrow gauge between Oxford
and Worcester would be a most suicidal
act, more particularly now that projects had just
been set on foot for making railways from Hereford to
Shrewsbury and from Hereford to Worcester on the
narrow gauge line. He should oppose to the utmost the
confirmation of this agreement. The lion. Alderman
concluded by moving
of a committee as an amendment the appointment
five
it
oa
ny shareholders to
agreement
consider
whatever,the
and
that expe-
diencymr.
the
B oli meeting fentering
lTrof
sec n
adjournonded h
t teo
amendment. this day month.
Mr. LAWRENCE said the whole point was whether
the present agreement was as beneficial as that formerly
concluded by the London and North-Western Railway.
In his opinion they were now blindly surrendering up
the most valuable portion of their property, and enabling
the Great Western to dam up from this company the
immense traffic which was preparing for them in South
Wales. The fact was that the two greatest
companies in the country were bidding for
their favour, and he thought time ought to be
given to the shareholders to consider which offered the
greatest advantages. He trusted that they would not
exclude themselves by a rash and hasty vote to-day ever
from reconsidering the matter. Before sitting down he
wished to ask the Chairman whether the Solicitor-Ge-
neral had not devised the draft of an agreement, which
m mightr. bpeAfßo
Br
OmNesd
explained
lha
Si
not ;de London and North-Western
Railway, legal and binding ?
trhsta t
clause, sueh
been drawn up by the
Soli-
citor-General. The very
Western Railway solicitor of the London
Company,and North-
western and submitted to the Sll
the necessity of the company going to Parliament for on
an
however, agreement
entailed ad