The Sun.
London, England, 1851-02-28 00:00:00

THE SUN,

V-rb it t'
k 14‘-

SUN OFFICE, Seven o' Clock.

HOUSE OF COMMONS.

Six o'CLocx.

Lord JOHN RUSSELL entered the House of Com-
mons at half-past four o'clock. As he walked up the
lobby he was the object of much attention. He
held in his left hand an official box, and led by his
right a child in a Scotch cap and dress, one of his own
children, whom he took into the House with him.
He took his seat in his usual place,
and rose to a crowded House and over-crowded gal-
lery at ten minutes past five. He explained all the
circumstances of the last week, which will be found
in our Parliamentary report, and announced that no
final arrangements would be made till the Duke of
WELLINGTON had been consulted. A long debate
seems probable.

OXFORD, WORCESTER, AND
WOLVERHAMPTON RAILWAY.
(THIS DAY.)

The usual half-yearly general meeting of the pro•
prietors of the Oxford, Worcester, and Wolverhampton
Railway was held this afternoon at the London Tavern;
the Right Hon. Lord Dudley and Ward i❑ the chair.
The advertisement convening the meeting having been
read, the common seal of the company was affixed to the
register of shareholders, and the report of the directors
submitted to the meeting as follows:
The report made to the proprietors on the occasion of the
special meeting of the 14th January last, communicated the
state of the undertaking at that date.
Immediately after the 14th ult., your directors offered to
the proprietors the proportions of the new shares to which
they were entitled.
The result was, that of the entire number of 56,666 shares,
31,803 were applied for within the period limited by the re-
solution of the special meeting, and were allotted accordingly,
but this number was subsequently reduced at the request of
the allottees by 412 shares, leaving ... 31,391 shares allotted
Of which the deposit was not paid on 2,302 shares

Balance ... 29,089
Allotted 22d February upon late appli-
cations and allotments on which the
deposit was not paid within the pre-
scribed time ... ... 1,63)

Total ... ... 30,728
On the 29th ult. Messrs. Peto and Betts, and Messrs
Tredwells, applied for new shares, in accordance with the
understanding previously subsisting, in the following pro-
portions. Messrs. Peto and Betts offered, if their tender to
make the line between Oxford and Worcester were accepted,
to take 10,(100 shares; and if their tender to make the line
north of Tipton were accepted, to take other 10,000 shares.
M?ssrs. Tredwells offered, if their tender to complete the line
between Worcester and Tipton were accepted, to take 10,000
shares.

Your directors thought it desirable that these offers should
be accepted, so far as the same related to the construction of
the line between Oxford and Tipton, and they thereupon ac-
cepted the samo for 20,000 shares, so that with the 30,728
shares taken by shareholders, 50,723 new shares have been
allotted.

At this juncture your directors considered it expedient to
appoint a committee to negotiate with other railway compa-
nies, and they authorised this committee to consult with Mr.
Peto. The result was that Mr. Peto intimated the willing-
ness of the London and North-Western and the Midland
:Railway Companies to- make an arrangement with this com-
pany, and requested authority to confer with them thereon,
which having been given by the committee, an arrangement
• of which the following is the substance was concluded :
The lino between Oxford and Tipton to be coinpletedt
early as possible, the narrow gauge being laid down the
whole way as a double line from Tipton to Moreton-in-the
Marsh or Daylestord, and as a single line from one of these
places to Oxford ; to be made a double line, however, when
the traffic requires it.
The lice to be worked for twenty-one years by the North-
Western and Midland Companies, the rates per mile being
uniform on all the three lines, on the following terms:—
" The gross receipts from all sources to be carried to a
common fund, out of which the following charges are to be
paid in the order stated.
" Ist. 53,000/. per annum to the Oxford, Worcester, and
Wolverhampton Company to provide for debentures and pre-
ference shares, or such less or greater sum, not exceeding
60,0001., as may from year to year be sufficient within such
limit to provide for such charges.
"ad. 53,0001. to be taken by the London and North-Wes-
tern and Midland Companies for working expenses, wear and
tear, &c,_ . _

" 3d. The balance of gross receipts (the excess, if any,
above 106,0001.) to be divided in the proportions of 2-3ds to
the Oxford, Worcester, and Wolverhampton Company, and
1-3 d to the London and North-Western and Midland Com-
panies, until the gross receipts reach 150,0001. per annum,
from which point all receipts in excess of 150,0001. shall be
equally divided between the Oxford, Worcester, and Wol-
verhampton Company and the London and North-Western
and Midland Companies.* Equal mileage rates to be al-
lowed to Oxford, Worcester, and Wolverhampton account
for all traffic passing over lines of Oxford, Worcester, and
Wolverhampton, and of London and North-Western or Mid-
land Companies.
By the arrangement it is provided that, so soon as any
portion of the line is ready for working, Mr. Glyn is to fix
the terms, as between the company on whose line the same
abuts and this company, on which the same is to be worked
until the whole be completed.

There is divided
To 0. W. & To L. & W. N.
•Under this when W. Co. & Midland Co.
earnings are ... £106,000 £53,000a £53,000
Ditto ... 151,000 83,000 68,000
Ditto .. 201,000 108,000' 93,000
[a. Should more than 53,000/. be required to pay interest
and debentures, the excess within the limit of 60,0001. als•
to be paid to the Oxford, Worcester and Wolverhampton
Company.]
To carry out this arrangement Messrs. Peto and Betts
and Messrs Tredwells have placed the 20,000 shares allotted
to them at the disposal of the board ; and, as 5,000 remained
nnallotted, the amount of new shares at the disposal of the
board amounts to 25,938.
These shares your directors intend issuing under the ar-
rangement with the London and North-Western and the
Midland Companies, in such manner as to carry interest at
a bout 4 per cent.
This effected, the annual fixed preference charge on the
undertaking will be as follows :

Annual Charge.
say £750,000 £30,000

Debentures ...
Six par cent. preference stock-
-31,000 shares 310,000 18,000"
Four per cent. do. 25,030 shares 250,000 10,000

£1,310,000 £58,600

Your directors believe that a saving of upwards of 60,0001.
will be effected in the cost of the line between Moreton-in-
the-Marsh or Daylesford and Oxford, by making it a single
, line only; if so, the above charge will be reduced to about
56,0001.
The proprietors will observe that by this arrangement
the interest on the debentures of the company, as well as the
annual charge for the new shares, is made practically secure,
' inasmuch as these payments are to be provided for out of
the gross receipts previous to the London and North-Western
and Midland Railway Companies taking the cost of working
the line as limited, and that the result of this advantage will
be that the debentures of the company will be issuable at a
moderate rate of interest.
They will also observe that a fair return to the ordinary
shareholders will, in all probability, arise at an early
period
after the opening of the line.
Your directors are of opinion that this is an arrangement
advantageous to this company, securing the proprietors
against the liability of having to raise capital for the work-
ing the line ; leaving them the power of making the line
from Tipton to Wolverhampton if the probable traffic thereon
should make such outlay prudent, and opening a large traffic
from Cheltenham, Tewkesbury, and Gloucester and the sur-
rounding country—a traffic never before contemplated as
likely to be brought upon this company's line.
It is the intention of your directors to press forward the
completion of the part of the line between Worcester and
St, arbridgs with the branch to Stoke works, that an imme-
diate revenue may be derived therefrom.
The directors retiring are Messrs. Tyndale and Jesse],
both of, whom are eligible, and offer themselves for re-
election.
One of the auditors also retires at this meeting, but is re-
eligible, and offers himself for election.
f he directors have taken the steps necessary to enable this
meeting to confi -in the forfeiture of 1,494 shares, and will
submit a resolution for that purpose.
• • The holders of this stock are entitled to pay 151. per
share, and if this option be extensively used, and the line
from Tipton to Wolverhampton be not made, your directors
will not require to issue so large an amount of debentures;
but the effect on the undertaking generally will be to in-
crease the charge on the amount so paid from 4 to 5 per
cent. and it may affect the above financial scheme to the ex-
:tent of 1,550/, a year, or 1 per cent. on 155,00 j/.
The CHAIRMAN then proceeded to address the
m,___eeting• and he said he might as well distinctly state at
once that he entirely dissented to the arrangement re-
!oust:flawed in the report. It was rather anomalous
for him to be in direct opposition to the rest of the
board; but SO it was, and if the meeting declined to
sanction the course which he had chalked out for him-
self, of endeavouring to keep this company in an inde-
pendent positieu, he should be prepared to give up the
offioe of chairman.--(llear hear.) He was told
when he was dist solicited to join the company
that it wee proposed to carry
itout as
a thoroughly indepeud,,
undertaking.
Had
~it
not been so, nothing would have induc ed him
accept the Chairmanship, but the
moment he took office,to
f
he saw at once that a struggle had
commenced
thetwoe;rtehaet
board for transferring the line to one o
company's of the kingdom, by the
and now they saw
hear.)
report that one of them had. triumph,d•—(llear
The meeting should remember that beyond
the pro-
. prietors of this line, there was the general public to be
considered,i
dosing that in sane-
one
re not to
Parliamentw as n not s sorry
e
ig thi s and
undertaking, h e
lose sight of that po •
—(le fir, hear.) The1)°br le had
setsffered much from the monopolising policy of. the London
-and North-Western Company, and now itappeared
.to him, that it was doomed to suffer still more through
the same influence.—(Hear hear.) He was for retain-
ing tbia lice independent of every other company, but
• the board of 'directors were Of posed to him, and they had
• incaution ly, hastily, and indecently made an agreement
• -with the London.and North-Western Company, which
.he was advised by high legal authority could not be
• maintained, and which could only be carried out through
the instrumentality of the Legislature.—(Hear, hear.)
Be sid,s that, such an agreement would provoke the un-
• ,compromising opposition of the Great Western
,Company, end he was afraid it would con-
- -tire Vet line in a state of insecurity and
'set 1. public against it much more than ever.—(Hear.)
'7.l:tie' agreement was introduced to him about a fort-
- Vikht ago quite unexpectedly, and
he therefore obtained
thew days' grace to look carefully into it. In the mean
time, 1 e was surprised to see it
,announced‘ at the Lon-
don 610 North-Western Railway meeting that a traffic

arrangement had been made with this company, while
on going down to the solicitor's office he found that an-
nouncement was correct, for an arrangement of that sort
had been secured without the sanction of one por- .
tion of the proprietary body.—(clear, hear.) It
was said that the arrangement would produce two
and a half per cent. for the original shareholders,
but he very mach doubted whether it would yield a
penny piece, for the London and North-Western and the
Midland were the natural enemies of this company, and
the meeting might depend upon it this proposed arrange-
ment would sink them deeper into adversity.—(Hear,
hear.) But it was his opinion the Great Westerm Com-
pany had it in their power to successfuly resist this
agreement, and while he saw that the object of the Lon-
don and North-Western and the Midland was to stifle
the vitality of this line, and reduce it to a mere local
branch, he really was not sorry that such a power did
rest with the Great Western Company. The only
hope for this line was to remain independent of all other
companies, and he was quite ready to carry, out such a
policy; but ho must decline accepting the proposed
agreement, and therefore if it were adopted to-day, it
was his determination to resign the chairmanship.
Mr. RUFFORD, M.P., was sorry that he felt called upon,
as a director, to reply to the speech of his Lordship.—
(Hear.) He need not remind the meeting of the manner
in which they had been abandoned by the Great Western
Company, and their refusal to render them any assist-
ance in their adversity; but he might have been inclined
to pass over that, had they not gone further and taken
steps to carry on a vigilant opposition with this line.—
(Hear, hear.) Need he remind the meeting that the
Great Western Company had entered into an alliance
with the Shrewsbury and Birmingham, and the Shrews-
bury and Wolverhampton Compare( s, so as to be in a posi-
tion to swamp the Oxford and Worcester Company, with
ene Oxford and Birmingham line?—(Hear, hear.) What,
then, could they do but accept an offer which would
place them in a position to resist with some degree of
success this formidable opposition?—(Hear, hear.) The
arrangement was the best and fairest they could possibly
obtain.—(Hear, hear.) It had been negotiated by Mr.
S. M. Pew, a man eminent in his sphere, of high cha-
racter and position, and of transcendant abilities, which
he had not scrupled to use for the benefit
of this company ; and he (Mr. Rufford) was perfectly
satisfied that the name of that gentleman would remain
untarnished by the arrangement he had so advantae
geoisly concluded on the part of this company.—(Hear,
hear.) He concluded by moving the adoption of the re-
port.—(Hear, hear.)
Mr. COWHAN thanked the directors for the arrange-
ment they had made with the London and North-Western
Company.—(Hear.) The Great Western Company had
behaved with the greatest ingratitude towards that com-
pany.—(Hear.) They stuck to it honourably and fairly
till the Oxford and Birmingham line came into the field,
and then tney threw over thin Oxford and Worcester line,
and now they were going to tots the shareholders of the
Oxford and Worcester Railway for the sake of bolstering
up the Birmingham and Oxford and the Oxford
end Rugby lines—(Hear)—and he really did think
it high time those members of the Great
Western board who had seats on this directory
were kicked out.—(Hear, hear.) Since they
had been so gr ally treated and whfully neglected by the
Great Western Company he was not sorry that the
directors had thought fit: to make friends in the north;
and he had much pleasure in seconding the motion fur
the adoption of the report.—(Hear.)
Alderman laottiesoer, M.P., gave full credit to the
Noble Lord in the chair for being actuated by a desire
to promote the welfare of the public and this company, and
he therefore regretted to be obliged to differ with his
Lordship; but he really did think the arrangement
referred to in the report would be highly conducive to
the interest of the company.—(Hear, hear.) The Great
Western Company had behaved towards this railway
most shamefully. They had hitherto neglected to at-
tend their meetings, at least those members of the Great
Western board who sat on the direction had,- but no
sooner did they hear of this proposed arrangement than
they filled up three vacancies which they had allowed
to continue for a long time, and hoped by that means,
no doubt, to swamp the best interests of this concern.—
(Hear, hear.) For his part he warmly approved of the
arrangement, and since the Great Western Company had
forsaken them, and had broken and annulled their con-
tract with 'his company, the directors bad a right to
enter into it. It was nonsense to toll him that the Great
Western Company would resist the arrangement on the
ground of its illeeality, because it was their bad faith
which had:brought it abeut, 'and neither the Legislature
r or any other tribunal would listen to the complaints of
that quarter.—(Hear, bear.)
Mr. PETo, M.P., in rising on the present occasion to
cd tress a few words to the meeting, said in doing
so he was actuated only by a deep sense of the respon-
sibility that rested upon him. and the importance
of the duty he had undertaken.—(Hear.) He was at the
same time suffering from a feeling of pain and ember-
rasment, which he hoped would entitle him to some slight
indulgence on the part of the shaaeholders.—(Hear,
hear.) When he was applied to by their board of di-
rectors to undertake the negotiation of the company with
the Midland and the London and North-Western Com-
pany, he would only consent to do so upon the distinct
ondorstandinp• that he possessed the confidence of the
board of directers in that negotiation.—(Hear; hear.) He
believed he might refer to every event in his past life
challenge any individual to point to one single circum-
stance which could for one moment lead any person to
doubt that whatever might have been his antecedents up
to the present moment, at least there existed nobody
in the country who was more distinguished for honesty
of purpose and integrity of action.—(Hear, hear.) Ile
was neither a partizan of the broad or the narrow
gauge. He saw there the Chairman of the Birming-
ham and Oxford line, and that gentleman knew that in
connection with his firm he had the honour of executing
the works on that line. lie executed their own works,
and, therefore, he was not more favourable to the one
gauge than the other ; but:when he was called upon,
either by this or any other company, to render them a
service, it was his aim always to render it with perfeet
independence and a sincere desire to benefit that
party for whom he might be acting.—(Loud cheers.)
Now he saw Mr. Glynn and Mr. Ellis on this matter,
and, after extended discussion the arrangement
was made, based upon the principles which were ex-
plained in the report, and if he could give any further
explanation about it he should be extremely happy to do
so.—(Hear, hear.) He merely rose then, however, to
put the meeting in possession of all that had occurred
during the progress of the negotiation, for so far as he
was concerned he had nothing whatever to conceal.—
(Hear.) On the first board-day after the arrangement
was come to, he was sent for and told that some
hesitation had arisen on the part of some of the board
to affixing the common seal to the agreement which he
had made on the part of the company, and he was
then introduced to his Lordship the chairman, who told
him that he required three days to consider the matter,
as he was, comparatively speaking, unacquainted with
railway affairs. (Hear, hear.) This was as-
sented to, but at the expiration of the three
days his Lordship decided that before he could
consent to the arrangement it would be neces-
sary that some terms should be some to between
his Lordship's legal advisers and those of the
London and North-Western and Midland Company,
and accordingly Mr. Bsndbow. jun., and Mr. S. Carter, of
Birmingham met on behalf of nis Lordship and the two
companies to discuss the subject.—(Hear, hear.) Mr.
BendbuN, jun., said his Lordship required three things
to be done before he would undertake to assent to the
agreement.
The CH '„IRHAN—I never said that.
Mr. PETO said, perhaps his Lordship would allow him
to state the facts, and teen his Lordship could reply to
them afterwards.—(Hear, hear.) 'fbo three things in
point which Mr. Benbow, jun., had specified were these.
First, that his Lordship's minerals should be carried
over the London and North-Western and the Midland
lines at the same prices that were charged
to the most favoured parties in connexion with those two
companies. This was assented to. Secondly, that his
Lordship should have a seat on the board of the London
and North-Western Company, Mr. Carter replied to
this that, under the new arrangements, the election to
vacant seats rested entirely with the proprietors, but Mr.
Glyn would undertake to recommend his Lordship to
the proprietors, as a person whom i; was desirable,
owing to his position and iefluence to have on the'board,
and therefore No. 2 might be considered as having been
also assented to.—(Hear, hear.) The third was that
500 of the preference shares of this company
should be immediately apportioned to his Lord-
ship.—(Hear, hear.) The committee told Mr.
Benbow, jun., that if he had any regard
for continuing his Lordship's reputation for strict ho-
nour and integrity, he would at once recommend his
Lordship to withdraw that request,—(Cheers)—and the
appointmeet was deferred until the following morn-
ing, when the request was agein repeated
by Mr. Bendbow, junior, and most unqualifiedly
refused by Mr. Carter, on the part of the London and
North-Western and the Midland Companies.—(Cheers.)
Upon that arose his Lordship's dissent to this arrange-
ment.—(Hear, hear.) He felt bound to make this
statement; it was painful to him to do so; but at the same
time he owed it to his own sense of honour and integrity
to keep nothing back from the proprietors.—(Cheers.)
He had nothing to conceal, and he defied any body to
say he had done or said anyihing wrong in the course
of the negociation.—(Hear,
officeear.) of gta
Heshnoeuludealstoorthe
state
that
hwhenin g e
accepted
to call upon Mr. Tredwell, his
firstthing
he
id
was
partner in the contract, and ask him to give up the
10,000 shares which had been allotted to him. Mr.
Tredwell said, " Mr. Peto, if you will give up yours
I will give up
mine;" and that, of course, he imme-
diately assented to this, the 20,000 shares allotted to
Mr. Tredwell and himself were returned, while the 5,000
which were to have been placed at the disposal of the
Stock Exchange were retained in hand, and none of the
preference shares had therefore been allotted to any one
Out original proprietors.—(Cheers.) All that he had now
stated could be confirmed by Mr. Glyn, Mr. Ellis, Mr.
Benbow, or the own solicitor, and again repeating that
he was prepared to give any and every information
about the agreement that could be reasonably asked of
him, ho would sit down, strongly recommending them,
as a commercial man, to give the agreement their un-
q talified assent.—(Cheers.)
The
u s,
ion Calik
personal
a atN A s
na iudt,u aes, MheriePltetiot
nheacdesgsaivryentothemdais-
ke
some observations in reply. When he first became a
member of the board he made two distinct statements,
one to the board and the other to thetilt;
first, that he was perfectly ind'ffoetrheanvt.ae to whether they
oono share,but becauseni gwjaosi nte:ethl
leading
com-
panyd
haitusplec°urlal.he
allotteads
mineral proprietor in South Staffordshire, and rae irneg
sented a large portion of the proprietary in that district;
and secondly, that he wows! never consent to any ar-
rangement with the London and North-Western. Au to
the 5,000 shares, he had merely offered to take them in
erder to help the company out of their difficulties, and met
with the view of throwing them into the market and