The Sun.
London, England, 1851-07-15 00:00:00

ing expenses, and the Oxford, Worcester, and
Wolverhampton two thirds for themselves; so that when
the revenue amounts to that sum we ukree to work the
line for 33 per cenr.—again a very great advantage to
them. It the line produces only 142,0001. the nterest
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 tha❑ 4,000/. 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 ..• ••• ••• ... .£35,000
Other preference claims ... ... 47,000

First Charge 482,000
Working Expenses.
Up to 142,0001. gross reeeirs ... £60,000
Between 142 and 200.0001., one-third 19,334
Above 200,0001., one-half 4,000
83,334

Dividend to original shareholders—
Two-thirds of the excess between
142,0004 and 200,0001.............
38,666
One-half of the excess above
200,0001 '''''''''
4,000
42,666

£208.000
This 42 666/ is very nearly 3 per cent. on 1.450,0001.,
the share capital of the original shareholders..
This
into
oinkw ihtichreaw%Lahh3lvee tohowexpect
arrangementfirsomthethrpesutwhich I i
en-
tered. The advantage to the Oxford, Worcester, and
Wolverhampton Company may be brit fly 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,
hat it saves them the cost of renewing the rolling stock,
that it insures the working of the line on mucn 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 exi,enses 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 other original share-
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
!ages 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 separawd.

OXFORD, WORCESTER, AND
OLVERII AMP I ON RAILWAY.
( [BIS DAY.)
An extraordinary general meeting of the shareholders
of this company was held this morning at the London
Tavern, for the purpose of considering an agreement for
a lease to the Great Western Railway Company of the
line from Ox•ord, through Wolverhampton, to the Lon-
don and North-Western Railway, near Show-hill, fur
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 sancticn an agreemenc with the Great
Western Railway, negotiations for wnich had been
commenced ►n consequence of the late judgment ot Lord
Cranworth, in the case of " Beman v. Rutford," that the
tormer 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, he thought, completely carry out
the objects with which the company had first been
formed. The LI in. Gentleman concluded by moving
that the directors ot the company be empowered to
carry out the agreement, of which we subjoin au ab-
stract:—

" The Oxford, Worcester, and Wolverhampton Company I,
agree to complete their undertakino. between Wolvercot
(near Oxto d) and a junction with the London and Nortn-
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, side
lines, and other accommiclations, 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 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 transfer to the Oxford, Worcester, and Wolver-
hampton Company, out of the gross receipts as defined in the
agreement, a sum not exceeding 47,0001. per annum, to de-
fray preference d,vidends, 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 200,0001. 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
.200,00 1. 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 web as for an equal
mileage distribution of rates, &c., fur through traffic passing
over both railways, and tor working any portion of the line,
if partially opened, before the completion of the undertaking.
" The Stratford Canal, the Stuurbridge 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 we! king expenses, &c.

•-• Accounts are to toe kept in proper form, and to be open to
inspection by the directors and (dicers of the Oxford, ‘Vor-
cester. and ‘Volvertianipton Comptoy. Recourse is to be
had, in all cases of ditierenee, to arbitration, under elduses
inserted in the agreement, and an extended agreement is pro-
vided Mr, with powers to the two boards to give full effect
to it."

A SHAtterioLDEB. suggested that the correspondence
between ate London anti forth-Western Railway Cum.
rainy, and the Oxford, Worcester, and Wolverhampton
Rl:thee:), Company, on the subject of the late agreement,
shothd be reed.
Mr. Tdemes, in seconding the adoption of the reso-
lution, said that no such correspondence had taken
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 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
struig Parliamentary opposition.
In answer to a question iromeAlderman Tuomesoze,
M. P.,
Mr. PARSON, the solicitor, said that it must be evident
alit it a nen ow gunge 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 of jected to being heeded
over to the Great Western hallway bound baud and
foot. The 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 moat suicidal
ant, more particularly now that projects had just
been act on loot fur making railways from Hereford to
Stirewbbery and from Hereford to Worcester on the
confirmation nary Li
~w gauge line. e should oppose to the utmost the
of this agreement. The Hon. Alderman
concluded by moving as- an amendment the appointment
i of a committee of five shareholders to consider ,he expe-
-1 diem') ef entering into any agreement whatever, and
that tee meeting
idu,ua the amendment.
this day month.
Mr. BRATT se
con
eam
endment.
Mr. LAWRENCE saidthe
whole point was whether
the present egr,emeet was 0,8 beneficial as that formerly
concluded by the London aid Nerth-Western Railway.
In his opinion they were now blindly surrendering up
the moat valuable portion of their property, and enabling
the Great Western to dam up from this company the
immense traffic which was preparing fur them in South
Wales. 'The fact was that the two greatest
companies in the country were bidding for
their favour, and he thought time eh.,h,
I& to be
given to the shareholders to consider which offered the
greatest advantages. Be trusted that they would nut
exclude themselves by a rash and hasty vote to-day ever
from reconsidering the matter. Before bitting down he
wi,hed to ask the Chairman whether the Solicitor-Ge.
nerat had nut cl,vieed the draft of an agreement, which
niiget be termed With the London and North- Western
Railway, leic..l and bind A.
Mr. PARSONS ex 1
been draw n up by
stueo that such an agreement had
Westernitait.uy
uuthoeeolicitor of the London and North-
citor-Generai. The iP4nY' and submitted
to the Soli-
the necessity of the verycom first clause, however, entailed
Pee going to Parliament fur an
Act, and it was this cous•d
eratton which had induced the
directors to turn to the Great Western Company.
former Mr. TOWNLEY objected to the
Preaent agreements, and
contracted them with former
agleerwmts proposed by

the Great Western Railway, by which a 4 per cent.
dividend was guaraotPed to the 6 harPholders of this
company. He was astonished that the directors had
been so short-sighted. He should certainly euppurt the
amendment.

Major COURT suggested that the original agreement
alluded to by the Hon. Gentleman who bad just sat down
should be reverti-d to at once. Ever since that agree-
ment had been abandoned the company had been going
wrong.
Mr. COHEN contrasted the advantages which this
company would derive from the two companies who
were candidates for their alliance. If they agreed with
the London and North-Western Company, from the re-
ceipts of 110,000/. this company would reeeive 29,3841.,
and the London and North-Western 14,3601.. or a divi-
dend of 2 per cent., and all excess to be divided equally
between the two. From an agreement with the Great
Western Railway, from a receipt of 100,0001. this com-
pany would only get about 21. I Is. 6d. per cent. Again,
the agreement with the London and North-Western Rail-
way would save the expenditure of 300,0001. and
be able to borrow money on the credit of that railway
at 4 per cent., and also to borrow money on the Great
Western Railway. If the worst came to the worst they
could work their own line—(Hear, hear)—and he was
sure that with the increased advantages of the present
day they could do it with a much higher dividend than
many other railway companies.

Air. PARSONS defended the agreement on the ground
that it was more advantageous than the former agree-
ment with the London and North-Western Railway, and
that in fact there was no other path loft open for this
company. The one distinguishing element in the last
agreement was certainty, whereas in the other there was
an uncertainty, both of expenditure and receipts. This
last agreement, also, could be carried out immediately
without any further experience. The London and
North Western were not in a position to deal with them.
Fhe traffic of this company was a London traffic, and in
his opinion the Gr..at Western Railway was the most
advantageous line to carry on their traffic to London.
Mr. Sergeant GASELEE commented on the anomaly
of the solicitor of the company making harangues iu fa-
vour of a sehtme which he would receive the piy of the
company to carry out in another place. Unfortu-
nately, on the last occasion, he had just the same advo-
cacy in favour of the London and N.trth-Western Ra.l-
- Company. It, however, he had such confidence in
his case, what objection could there be to wait and al-
low every body else to satisfy themselves that the ad-
vantages were as great as had been represented. He,
for one, could not forget the breach of faith which the
Great Western Railway bad once been guilty of. He
would rather subscribe fur a Bill against the Great
Western, than favour them in the least. He would,
however, not enter into the relative advantages of the
two schemes, but entreat them to consent to the amend-
ment for a delay, to give time for consideration.
After a cons►derable altercatian the original resolution
was withdrawn, and the amendment agreed to.
Mr. Uzelli, Mr. Lawrence, Mr. Walker, Mr. Bratt,
Mr. Caple, and Mr. H. Grisewood were appointed to
form the Committee of It:quiry.
The meeting then separated, after a vote of thanks to
the Chairman.

THE LONDON GAZETTE.
(THIS EVENING.)

ST. JAMES'S PALACE, JULY 15, 1851.

The Queen has been pleased to appoint Jane, Mar-
chioness of Ely, to be one of the Ladies of the Bedchsm-
b.•r in Ordinary to her Majesty, in the room of Emma,
Lady Portman, resign“l.
Si. JAMES'S PALACE, JULY 15.

The Queen has been pleat,ed to appotut Emma, Lady
Portman, to be Extra Lady of the Bedchamber to her
ulajeaty.
WHITEHALL, JULY 9.

The QuPen has been pleased to appoint Edward
Francis Maitland, E-q., Advocate, to be 6herifl of the
,hire or sheriffdom of Argyll, in the room of Rubert
Bruce, E.g., deceased.
WHITEHALL, JULY 11.

The Qieen has been pleased to nominate and appoint
Charles Hominy, Esq., to be Clerk of she Crown in
Chancery, in the room of Charles Edward, Earl of
Cottenhano, resigned.
WHITEHALL, JULY 12.

The Queen has been pleased to direct letters patent
to bo passed under the Great Seal granting the dignity
of a Baronet of the United Kingdom of Great Britain
and Ireland unto the Right Honourable John Musgrove,
of Spddlaurst, in the county of Kent, and of Russell-
,quare, in the county of Middlesex, Lurd Mayor of the
city of London, and the heirs male of his body lawfully
begotten.
WHITEHALL, JULY 14.

The Queen has been pleased to grant unto the Rev.
Arthur Yenrhyn Stanley, M.A., the place and dignity of
a Canon of the metropolitical church of Canterbury,
void by the death of the Rev. Frederick Vernon Lock-
wood.

Commission by the Lord Warden of the Stannaries.
The Royal Cornwall and Devon Miners Regiment—
William Graham Vivian, Gent.. to be Second Lieutenant,
BANKRUPTS.

William Alley, may ket gardener, Hanwell, July 23
and Angust 28, at twelve, at the Court of Bankruptcy.
Canna'', ofs.•ial assignee, Birchin-lane ; Poole and
Gamleo, Gray's-inn-square; Rtches and Woodbridge,
Uxbridge. . . . . .

Henry George Ilirrison, wheelwright, King's-road,
Eloxton Old Town, July 22, at eh-vo-n, and August 23
at halt-pa,t one, at the Court of Babloup'ey. Statuat Id.
• tlicial a‘ognee; May mid Sweetland, Qui-en-1 quure,
tsbomoury.

Robert l/avid Nlerc,r, silk merchant, Church-passaLe
Bishopsgato-street Without, July 9. at one, and Aug.
30, at eiew n. Nicholson, official assignee, Basitighall-
stret Brider and Collins, King Will,am-street.
Thomas Ward, coal merchant, Stoke Prior, Worces-
tershire, Aug. 2 and 23, at twelve, at the Birmingham
District Court. Christie, official assignee, Birmingham;
Chaplin, Richards, and Stubbin, Birmingham.
Thomas Elsou Williams, wine merchant, Exeter, July
25, at one, and Aug, 26, at eleven, at the Exeter Dis-
trict Court. Ilirtzd, cfficial assignee, Exeter; Wilde,
Rees, Humphry, and ilde, Queen-street,
Cheapside, Lludnn; Jones, Exeter.

Jatuts Te.:ce and Thomas Peate, drapers, Oswestry,
July 30 and August 20, at twelve, at the Birmingham
District Court. Whitmore, official assignee, Birthing-
ham; Sale, Worthington, and Shipman, Manchester;
Motteratn, Knight, and Emmt t, Birmingham.
Benjamin Baylis, woolstapler, Gloucester, July 28 and
Aug. 25, at eleven, at the Bristol District Court. Acra•
man, official assignee, Bristol; Lovegrove, Gloucester;
Abbot and Lucas, Bristol.

Kichard Bugden, irontounder, Llanhilleth, Monmouth-
shire, July 29, and Aug. 26, at eleven, at the Bristol
l)i4triel Court. Miller, official as,ignt e, Bristol; Bevan,
Bristol. •

lt,chard Willing, miller, Ashburton, Devoiv.hire, July
24, at one, and August 20, at eleven, at the Exett,s Dis-
trict Court. Hernatnat.n, official assignee, Exeter;
Geare, Mountford, and Geare, Exet-r; Stogdon, Exeter.
John Bibby, dr.-Ter, Llatirhaiade-yn-Morhnatit. Den-
bighshire, July 28 and Aug. 18, at rleven, at the Liver-
pool District Court. Morgan, official assignee, Liver-
pool; Royle. Llantyllin; Evans and Son, Liverpool.
Isaac Wakefield, tea dealer, Liverpool. July 28. and
Aug. 18, at eleven, at the Liverpool District Cictirt.
Morgan, official assignee, Liverpool; Evans and Son,
Liverpool.
Hilton Kay, Robert Kay, and William Kay, cotton
spinners, Hey wood, Lancashire, July 25 and Aug. 15, at
twelve, at the Manchester District Court. Minket, zie,
official assignee, Manchester; Worthington and Earle,
Manchester.

Samuel Joule and John Joule, ribbon manufacturers,
Macclesfield. July 30 and Aug. 20, at twelve, at the
Manchester District Court. Pott, official assignee, Man-
chester; Parrott, Colville, and May, Macclesfield.

IMPERIAL PARLLUMENT.

(THIS EVENIN G.)

HOUSE OF LORDS.

The LORD CHANCELLOR took his seat upon the Wool.
sack at Five o'clock.

GUNPOWDER STOWAGE (LIVERPOOL) BILL.

Earl GRANVILLE moved that this Bill be'referred
to a Selo et Committee.

Lord REDESDALE presented a petition from the
proprietors of property on the banks of the Mersey,
pray►ng to be beard by counsel against the Bill.
The motion was agreed to.
PE [IONS.

The E irl of ST. GERNIANS,—in presenting several
petitions against the Ecensiastical Titles Assumption
Bill, took (;cession to recommend to the attention of the
Government a pqmphtet, written by Mr. Eneas Mac-
donnell, on this subject. The Noble Earl also presented
several petitions prityieg for the preservation of the
Cry stal Palace.
Lord WODELIOUSE presented petitions from the
Cape of Good Hope in favour of a Constitutional Go-
vernment.
ST ALBAN'S BRIBERY BILL.

Lord BEAUMONT postponed the motion for the
Committee on this Bffl.
THE CAPE OF GOOD HOPE.

The Earl 0T13411-ifYrOseto move, according to no-
tice, that the papers laid before this House during
the present and the lest session of Parlia-
ment relating to the settlement of a constitution
for the Cape of Good Hope should be referred to a
Select Committee. He had beard with great regret
that it was the into-ntion of her Majesty's Government
to oppose this motion. He could assure them that
he brought forward this motion in no spirit
either of personal or of party hostility to the Govern-
ment. He had nu wish to add to the embarrassments of
the Noble Earl opposite at the bead of
the Colonial•oilice ; his object was rather to
relieve those embarrassments, and to endeavour to miti-
gate the force of those elements of, he was afraid he must
call it, disaffection, at present existing in that colony.
The colony was what was commonly called a Crown
colony. It had been acquired by conquApst, and its insti-
tutions were wh liy granted by the Crown, but the
Crown, havir,, once granted those institutions, had not
the power of withdrawing them.—(Hear, hear.)
Mnliy of their Lordships, perhaps, were not
aware of the exact history of the colony, and there
fore he should have to go at some lent4th into the
history of the different proposals which had been made
for cunt erring a representative Government on thecolouy.
( fhe Noble Earl then shortly related the history ot
the eulogy in 1842.) In the year 1842, when he
held the office of Cubmial Secretary, a petition had been
presented to him from the colony on the subject
ot conferring representative institutions on the colony.
He had, in reply to that petition, written a dispatch,
in which he pointed out the difficulties which stood
in the wsy of complying with the requests of that