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

THE GREAT EXHIBITION. 1 providing themselves with rolling stock, but secure the
of the line on much more reasoable terms
rn
Th 3 crowds of visitors which the various exeursion "1"4
' than they could possibly work it tor thes Ives. Oa
trains brought up to town a: the end of the week are 1
, the gross earnings reaching from 142,0001. to 200 0001.,
beginning to show uerceptibly on the numbers at the
1 the Great Western is to be one-third for werk-
Great 'Exhibition. Yesterday was the most crowded
Which the Exhibition has yet experienced. and the \ incl.. expenses, and the Oxford, Worcester, and
Wolverhampton two-thirds for themselves; so that when
police returns show an increase of at least 10,000
- the revenue amounts to that sum we agree to work the
over any former occasion. The following are the num
line for 33 per cent.—again a very great advantage to
bars up to five o'clock:— them. If the line produces only 142,0001. the interest
There had been admitted—
At 11
43,199 reasonable way, indeed a more business-like way,
12
is to look at this agreement under the circumstances
1 •. 64
58,492
which we think most probably will occur. Looking at
2 ....
3
.................... 69.273
4 ................................. 72,019 the Bristol and Exeter C imp ►iny—is it unreasonable to
expect that% line like the Oxferd.Worcester, and Wolver-
-5 ................................. 73,446
ham too 90 miles in leneth, and running through such a
At this time 14,844 persous had left the building, but
district as that from Worcester to Welverhsnipton, can
the most crowded period was about four o'clock, when
field a less sum than 4,000/ a week? Assuming that
there 'were more thin 62 000 persons present, and the y
mighty stream could seem) find room to lbw along, so proves the state of the gross revenuo, the following will
choked and crowded were the various avenues. At the be the effect of the arrangement which is now made.
first opening the temp-rtsure was about 65, but it rose If the receipts amount to 208,0001. a-year, they will
during the day to 74, at which it stood at four o'clock be thuentuie is applinterested:—
Ttie total number of visitors at the close was 74,122. Deb •••
......---- Other preference claims

First Charge £82,000
Working Expensei.
Up to 142,0001 gross receirra ... £60,003
Between 142 and 200 0001, one-third 19 334
Above 200,0001., one-half ..• 4,000
•••
83,334

••• ••• ... £35,000
••• 47,000 •••

GREAT WESTERN RAILWAY.
A special general ineteing of the proprietors in this
company was held yesterday afternoon at the Paddington
Ststion, for the purpose of consi4.,ring and approving,
or otherwise, of an agreement entered into between the
Oxford, Werces er, and Wolverhampton Railway Com-
patty of the one part, and the Great Western Beltway
company of the other part, on the 20th instant, for a
lease, on certain terms and conditions, of the undertaking
and eorks of the termer 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 enters i at
some length into the agreement between the Greet
Western and the Oxford, Worcester, 'and Wolverhamp-
ton Railway Companies. I stated that from some papers
which bad just then been presented to Parliament by
the R,silway Cammiasioners, it appeared that a very
full case had been laid by the Oxford, Worcester, and
Wolverhampton Cerapany before an eminent
Chancery
barrister, whose decided opinion it was thatutuhmer
al:l.es
a w
Ito agreement subsisting between the two
opinion has
which could be enforced in equity, and
that
since bean very strongly confirmed by the judgmentan de-
livered by Lord Cranwurth on the occasion of
appli-
cation being made for an injuection to stay an agree-
meat' which has recently been entered into between the
Oxford, Worcester, and Wolverhton and the London
a
and North-Western Coneetinies* list though there were
no legal agreement between
the two companies, and
though the agreements which had been made had been
rendered null and void
tious of the Oxford, Whoyrctehseterip,oceedine and resolu-
and Wolverhampton
Company "se"' and
notb"nevertheless, act of the Great
Western. Company, we, _ 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 aelept any scheme for the renewal of the con-
nexion which we could feel ourselves justified in sub-
mitting to toe 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 tc factos evidenced not may by verbal, but by writ-
tenteammunications, which passed between the two com-
PiniO4 Ii; is cmitrery to the policy which has been in-
variably edopted by this company, as we never
enter into any arrangements with anv other com-
pany which are not strictly defined. - We steadily
and, I hope, successfully resisted that claim, and I
am sure you wiU approveof our having done so.—(Elear.)
It was attempted to be proved also to us that we shuttle
raise the rate of guarantee from 4 to 5 per cent.; but as
no substantial rtasons were assigned for this change, ex-
cept the necessities of the Oxford, Worcester, and Wol-
verhampton Company, we 44 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,
Woroeiter, and Wolverhampton Cumeany, from Os-
ford to Stourbridge, at a mileage rent proportionate
to the whole rent of the entire line, but as that
would give to us a must unproductive portion of the line,
and scarcely bring us to the verge of that district from
which we exptcai 1 to derive the greatest portion of
traffic, I am sure you will also think we were right in
declining tnist proposal also. It was then proposed that
we should ourselves undertake the coaipletkou 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 unproducave portion, - and hat d over
the productive portion to other companies. Tni, also
we thought it would be improper for tie to accept. It
has been. said by those not acquainted with the
facts of the rate, that we throw overboard the
-Oxford, Worcester, and Wolverhampton Company. I
have rated to 3 ou the leadeig proposals which were
trevie to ua and I have done so riot tor the purpuce of
reviving any difference aeteeee the two comport s, but
for the purpose of our o su j übti flew ion in answer to the
alteeatious which every day are put flab, and also its
order to satisfy your minds that no pro-
posals really ever were made to us such
as we c•iuld have been juetifiel in enter-
taining. But our opinion also was, that the time
had not arrived when any egret-meta could be made
with the Oxford, Worcester, and Wolverhampton Corn-
peny. I thought that the common interests of the two
companies were so intimate and so important that the
time must arrive when such an sgresment would be made
betweeu us; and I confess I thought also that those
opinions were entertained by persons connected with
the thrord, Worcester, and Wolverhampton Company.
I. was, then, with the greatest aurpris • Viet we heard ut
the aer •em- of that was entered into between that c .m-'
piny and the Lemon and North-Western Company.
leT , suce terms as th..se ceutained in that 'eve, in nt
were ever proposed t, us, or even hintt d to us; but that
agreement having actually bi'eii entered into between
those two co,.p,stoes, we did riot think it right to ffer any
counter proposal, as was suggested to ea by tasty persons.
We did net think it heneurehle to etitleavour to seduce
one compeey from an engagement which it hed made
with meatier, whether it were wise or unwise, legal ter
illegal, by the atnr of higher terms.—(H=ear.) We do
think it worse fur your interests to enter into a race of
competition with the North-WE-keen, Company or any
other company to see which should outbid the other in
ordetatoobtaisi possession of any line of rail way.—(Elesa)
Such a course we did nut think either ju aceus or cre-
ditable—such a course uever has betn adoptea, and SUi,h
a course uever shall be adopted in this company.—
(Ceeers.) Bet, gentlemen, we entertain a decided
opinion that the agreement which had been entered into
wee in itself illegal, and we were determined to
bring the; 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
it we were net prepared; ,
to give another in substitution
of it ; and, under these circumstances, we authorised our
counsel, in the event of the agreement twine proved to
be illegal, and in the eveat of the Court thinking that it
was light so to do, to state that we were
prepared to give fully as sgood terms to the
Oxford, Worcester, tune. Wolverhampton CompanY,
as those of which we lied deprived them. The Vice-
Chancellor (I.ord Cranworth) granted an injunction
for staying that agreement, anti though he evaded the
question of 'Eva),
he expressed his own very-decided
opinion that the agreement was illegal. This decision,
for practically it is a decision,
was of great im-
portsoce to us in many ways.
It was valuable
as affecting. an important question,
which was then
at issue ; it
was valuable:us adeeang many other ques-
tions of the same or a similar cearacter. It cans, very
opportunely to show that agreements, however large the
promises they contain, or powerful the party from
whom they proceed, are utterly fallacious if
they have pot the .sanction of the law, and that
a policy subtle and temporizing, rather than
sound, practical, and far-sighted, though it might
involve others, as well as ih,,sg, who pursued it, in liti-
gation and expense, beneficial only te the lawyers who
"vis"l it. and injurious to every other person, sell, as
the it. able result,3vi,could not contend against the
enactment" the'l sw on the principle of public policy,
as
il; it f`'uad written in the acts and proceedings of the
Legielatute, and t. in tb • end fail.--(Hear.) , It is
too late to tainarpon
of l obstructing lines or systems
of railway, which not t only have been sanctioned, but
which are almost finished. Intve's idle to think of ob-
structing alliances akal- "a • • I • local posi-
tion, public convenience,
tion, common ietereste, d I agreements have
determined e andit ie the an
aettis
a--
of wisdom
but uf common P 021 Se, to pBr, I will not say
ee to meet
ehe condition of circumstances,
our mealur
in 1844
et 1845, but as they
mist
inevitably
as they existed 2
and
to elimihish by rational precautions exist in 185' ,r..
range gip n t s truce evils which no
humans and prudential a w
aver, which every passing day brin• power can no
nearer to consum-
wake, and whichever .progessive movement
more sev •
er I and mare intense, if Koch arrangements be
not
aa ,pasS,..-The decision of a ceurt of eel • a a •
Sea free the handle of the Oxford, equity
eying
and Wolverhampton CompanSa they intim
itreccies ter,
'heir readiness to enter into the negetiati to
Us s ells and
arrangements have to-day to s •
which we. . , submit to you as
the resailt of our negotiatio.ne. Tee p.rirn.ey arts
meet
purpose of this Ox-usti W
itidiep•—sanie p
• 1 orceenr,
and Virolverhempto
nCompany was to raise the
to complete their lin
necessary m'ineY , e, and
to render the capital which they
._ have
. already
it producav-.
product iv-. It has been ascertained
spent on
cnnal stun of 82,000/. IA items-
taut for '4l'i PurPt-35° an 3 d oenturea, and 47,000/.
35 0014. to pay interest on e
SlSfy-• f
the preference, shares that meet he
te py Suteatat on . ,
' • of 82,000 e is ma e. the
thereerre,
or ate 3. This same
first charge on the grim, rev° lues of the Oxford, Were
,
•
setter,
and
VV‘iilernmiic"" 11"wlj
under retch soiled se-
)i even before the
payment of working
exp,uises, acid en.
Cavity that there can be little drub, that they will
be eeeeted to raise the capital they require on
Charge on
nrlt exivantstrl ous terms. The secend . •
i 6.0 000/,
the greid rev cues of the comptey -a ,_,,
Western Com-
a year, Which is to be paid to the Great .
Ws pkivr w,,lttknz .x enter so long as the recetets of
~.__:tlaa filaill'Ssii. 142,a0pa a year. 600001. on 142,000/. is 42
I, lte•t atAt.; WA tail Oxford, Worecutev, and Wolverhatnp-
'—' 10$ eiliPlol.ll at es therefore, not only tarred the cosi of

Dividend to original shareholdprs—
Two-thirds of the excess between.
142.0001. and 200,000L.............38,666
One-half of the exces* above
200,000/...... .............. ........ 4 000
42.666

£2OB 000
This nearly 3 per cent. on 1.450 000/.,
the share cspt
•tilvoefry the original shareholders. This
42 6661
which I think it reasonable to expectitsromthe ebthrw tt
arrangement into which
en-
tered. The advantage to the Oxford. Worcester, and
u we have now
Wolverhampton Company may be briefly summed up
ihus,—that it enables them to raise the funds neces-
sary for the completion of their line, that i,
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 amen more
advanta4eous 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 exonst s of our line a little more by
working their line 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 oth r original shun -
holders, a reasonable expectation of deriving some
return for the 180,0001. 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 —(Rear.) 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 fulls-st 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 alien 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
WOLVERIIAMP i ON 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 Grt at Western Railway Company of the
line from Oxford, through Wolverhampton, to the Lou-
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 ap :logic
ing to the shareholders for appearing before them in hi•
present position, which he said was caused by the seces-
sion of the late chairman. The present objict of the
meeting was to saucticn an agreeffienc with the Grew
Western Railway, negotiations for tv, ich had been
commenced in consequi-nce of the late judgment of Lord
Cranworth, in the case of `' B-man v. Rutiord," . that the
former agreement entered into with the Lindon ono
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 hear►eg of the cause to which he
had alluded, Mr. Bothell, the counsel fir the Gres
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 th,
shareholders would, he thought, completely carry out
the obj,,cts with which the company bad first beet.
formed. The Hon Gentleman concluded by movie g
that the directors of the company be empowered to
carry out the agreement, of which we subjoin au ab

..trac
The Oxford, Worcester, and Wolverhampton Company
agree to complete their undertaking between Wolvercot
(near Otto d) and a junction with the London and Nona-
Western Railway, near Wolverhampton, in a substantial
Manner, with a double 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, skit
lines, and other accommalations to the Great Western Ra
way Company, for 999 years; the 4
latter providing all the '
necessary locomotive stock, &c., to work the said line.
" The Great Weste n Company covenant to pay 5,000/.
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 trawler to the Oxford, Worcester, and Wolver-
hampton Company, out of the gross receipts as defined in the
agreement, a sum not exceeding 47,400/. per annum, to de-
fray preference d vidends. and other liabilities of the lessors.
" The annual sum of 60,000/. (subject to a contingent and
proportionate reduction when 82,')001. shall not be requireo
for the foregoing purposes out of the revenues of the line) i,
to be the next charge on the gross receipts, to defray the
working exoens s, rates, and taxes of the line which are
undertaken by the Great Western Railway Company, sub-
j,ct to such reimbursement.
"The e:;c-ss of all r ceipts up to 203,000/. per arnum
to be divit ea in the prop ,ri ion of two-t hints to the 0 <ford,
Worcester, arid Wolverhampton Company, in respect of their
capital, and ore-third to the Great Western Company, in
respect of working expenses; and all receipts be)on
200,001. 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 throm..b traffic passing
over both railways, and for working any portion of the line,
if partially openel, before the completion 01 the uneertaking.
" 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 appropriate,l
to discharge interest upon certain liabilities in respect of them,
the balance belonging to the Great Western Cumpauy, to de-
fray working expenses, &c.
" Accounts are to be kept in proper form, and to be open to
iespeution by the directors and officers of the Oxford, %Vor-
ceater, 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 Lueedon ano North-Western Railway Com •
piny, and the Word, Worcester, and Wolverhampton
Railway Compauy, on the subject of the late agreement,
should be read.
Mr. Themes, in seconding the adoption of the reso
!Litton, said that no such correspondence had taker,
place. Both 'parties, on hearing the judgment of Lord
Crauworth, 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 be had no doubt it would be even more reivanta•
geou'. 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 Lou' question from Alderman THOMPSON,
Mr. PARSON, the solicitor, said that it must ba evident
that it a nitre ow 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 gang., between Worcester and Wolverhampton.
Mr. alderman THOMPSON obj.cted to being handed
over to the Great Western Railway bound hand and
foot. Thu most advantageous course would be to com-
plete their own road without any arrangement with
any 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 prejects had just
been set on lout for melting
Shrewsbury and railways from Hereford to
from Hereford to Worcester on the
narrow gauge line. He should oppose to the utmost the
c)efirmadoo of this agreement. The Hon. Alderman
concluded by moving as an amendment the appointment
of entering into any agreement whatever, and
that the meeting adjourn to this thy month.
doife a
nc eymuniltee of five shareholders to consider she tape-
Mr. BRATT seconded the amendment.
Mr. .L.a.WfteleCE said the whole point was whether
tett presentud, by h
egire:tner4t WAS us beetficial as that formerly
London etas N rth-Western Railway.
lii his ()pillion they were now blindly Surrendering up'
f li
this
he Great
Westernwhich to
was dain
pr
most valuable portion of their property, and enabling
tfur them in South
the
immense
Wales. The feet was that. the two greatest
companies in the country were bidding for
up
parfirnog in
this
someway
their favour, and he thought time Ought to be
given to the shareholders to c,msider *blob offered the
(.1-7.s:tele& themselves by a mill and hasty
n-stost advautages, He trusted that they woulls net
m eteensiderreg tea matter. Before sitting down he
wished to ask the Chubeeee whether
In;ght be formed wiitt the Lio
neva' had not devised the draft
that such
tldo of aa an agreement,
dat ..gve:4:tebemu oath-Westerndtt t:oywr-heG:ceehr
Hallway, legel and h.tallog?
Mr. PAesuN-s explained
hWefelistderrnawßiaiulPwah; Uteri p Solicitorzn e d subatte‘dretoe mtf(i.
of the nn
nndaogn and North-
eitor-Generel. very that clause, however, erenttaSib;elidd"
re silt entailed
an ,
the necessity of the company going to Parlaa.

THE SUN,