The Sun.
London, England, 1851-02-13 00:00:00

6 4113 AFibtettO
4 Igam
{4O ki

SUN OFFICE, Seven o' Clock.

GREAT WESTERN RAILWAY.
(THIS DAY.)

The usual half-yearly general meeting of the proprie-
tors of the Great Western Railway was held this after-
noon, at the Paddington Station; Mr. Charles Russell,
chairman of the board of directors, in the chair. The
meeting was made special for the purpose of considering
the propriety of converting the 171. shares, on which all
oalls have been made into consolidated stock, and also for
the purpose of authorising the directors to take leases of
the works belonging to the Gloucester and Dean Forest
Railway on certain terms which had already been condi-
tionally entered into. The meeting was further made
special for determining upon the propriety or other-
wise of building an hotel, with refreshment rooms
dormitories, stables and other conveniences, near to the
Paddington station. The chair was taken, and the pro-
ceedings of the day commenced at half-past one o'clock,
just half-an-hour later than on previous occasions; but
long before that time the shed or workshop in which the
meeting was held was partially filled with proprietors.
The attendance, however, was by no means so numerous
as on former occasions.
The advertisement convening the meeting having been
rend by Mr. Sanders, the secretary, the. common seal
of the company was affixed to the register of proprietors.
The CHAIRMAN then proceeded to review the opera-
tions of the company during the past half-year.
He said, in the last few months the directors
had been occupied in materially considering the
relations which subsisted between the Great Western
Company and its neighbours, and though they
had not accomplished all that they originally anticipated,
they yet obtained enough to promote the future prosperity
of all parties.—(Hear, hear.) The proprietors would
remember that at the last meeting a resolution was
passed, authorising the directors to negofiate with the
South Wales Company, with a view to a lease or amal-
gamation. He was sorry to say that the offers of the
directors had been rejected by a small majority of the
South Wales proprietors, and the arrangement had,
therefore, fallen through. The directors, however, were
not prepared to make any advance in the pecuniary terms
they had offered to the South Wales Company, for
the terms were agreed upon only after due
and proper deliberation, and they were the only terms
that, could be safely adopted so as to secure the interest
of both sides.—(Cheers.) Some time ago the directors
entered into a conditional arrangement for leasing the
Gloucester and Dean Forest Railway. They guaran-
teed a certain return upon a capital of 425,0001; but a
portion of the line had passed into the hands of the
South Wales Railway Company, and by that step the
capital of the tributary had been reduced to 292,0001.
Tice first arrangement, the meeting would remember, was
for a specifi-d amount of interest with half the surplus pro-
fits over the gross amount of that interest. Now it bad
been recently discovered that the system of guarantee-
lug half the surplus profits was highly objectionable, and
therefore, at the request of the Gloucester and Forest
of Dean Company, the directors had consented to mo-
dify these terms.—(Hear, hear.) They had made a
substitute of adding half per cent. to the original gua-
rantee in lieu of half the surplus profits, making an ab-
solute guarantee of 4f per cent. for the f'.•st five years
of the lease, while at the expiration of that period the
surplus profits were to be taken as equal to one per
cent., and the absolute guarantee would thence-
forth be 5 per cent. on a limited extent of
Gloucester and Dean Forest share capital, namely,
254,000/.—(Hear, hear.) In addition to this guarantee,
there would still be required 10,000/. to complete the
works of the line, but there would be no difficulty in the
way of raising that further capital.—(Hear, hear.) The
Gloucester and Dean Forest had consented to assist an
undertaking known as the Ross and Hereford Railway,
which would be a great feeder to the former line, and
the directors of the Great Western had consented, on the
completion of the Ross and Hereford Railway, to extend
the guarantee on the 254,000/. to five and a half per
cent.—(l.le-q., hear.) The directors bad made arrange-
ments with the Shrewsbury and Wolverhampton Com-
pany for conveying traffic through to the north. He
need not remark that this arrangement was not come to
till all attempts at amicable negotiation had failed with
the London and North-Western Railway. These nego-
tiations were not broken off unt'l every hope of a satis-
factory result being at length obtained had entirely va-
nished, for the terms which were demanded by the Lon-
don and North-Western were to extravagant that they
could only have been acceded to at a loss to this com-
pany.—(llear; hear.) In confirmation of this it was
only necessary for him to mention, that the cost of
independent stations at Birmingham, and inde-
pendent lines beyond" that town, would not
exceed, if indeed it did not fall short, of the expenditure
which the terms proposed by the London and North-
Western Company would have necessitated.—(Hear,
hear.) The interest of the company had therefore not
been damaged to any serious extent by the suspension of
the negotiations, inasmuch as, though the agreements
made with the Shrewsbury and Birmingham and
Shrewsbury and Wolverhampton Companies in no way
increased the liabilities of the company, it would never-
theless considerably improve its traffic.—(Hear, hear.)
The directors were most anxious to be at peace
with their neighbour, but they could not receive
that peace at a sacrifice of their own interests.—(Hear,
hear.) They had done nothing that could at all assume
the aspect of an aggressive policy, since the same lines
they were about to co-operate with were just as much
open to the London and North-Western traffic, and the
Great-Western Company could, therefore, only get that
amount of increased traffic which legitimately belonged
to thew.—(Hear, hear.) Passing from the subject of
these negotiations to the immediate operations of the
Great-Western Railway itself, be thought the results
of the past half-year were highly satisfactory. The re-
turns from th-:goods traffic had been within 2001. of that
of the last half of the year 1849, and prima facie it
would almost seem that this description of their traffic
was stationary; but when he took into consideration the
severe competition they had this year had to contend
with by the ()peeing of new railways, there was reason
to conclude that the goods traffic was still on the in-
crease.—(Hear, hear.) The passenger traffic exhibited
an increase of 23,0001., of which 10,0001. was produced
by pleasure traffic; a circumstance which clearly indi-
cated that the development of railway traffic had as yet
far from reached its limits—(Hear)—and which should
fill them with hope for the future.—(Hear, hear.) In
this state of things he thought no one could find fault
either with the results of their traffic operations or with
the favourable appearance of the accounts, and he would
therefore detain them no longer on this branch of his
subject, but with the permisiion of the shareholders

would take a glance at the prospects of the aiming year.
—(Hear, hear.) Before it closed the directors expected
to be in a position to open both the South Wales Lire
and the Northern Line, which of course would
ma erially augment the traffic in 1852, while
for the present year he thought the meeting
would agree with him that the Grt at Exhibi-
tion would bring them more traffic than they could con-
veniently manage, at least it might he supposed so at
first sight, but the engineer and superintendents of the
line were making such extensive preparations at all the
stations that it would be almost impossible for them to
be taken by surprise.—(Hear, hear.) The future, there-
fere, was full of hops and promise, so much so, indeed,
that it would be perceived from the language of the
report, that additional sheds were already required,
while the due accommodation of the public would
imposed upon them the duty of building an hotel near to
the Paddington station.—(Cheers.) But these were mat-
ters which would have to be fully referred to when they
came to the special business of the day ; and thanking
the meeting for the attention they had given him, he
would resume his seat by requesting Mr. Sanders to
read the report of the directors,—( Hear, hear.)
Mr. SANDERS then read the report which stated—
" The directors have to report, for the information of the
proprietors, that during the last half-year openings have
taken place of the Oxford and Rugby line to Banbury, a
distance cf twenty-four miles beyond Oxford; and of the
Wilts and Somerset line to Frome, six miles beyond
Westbury. The traffic is carried over both those railways
at present by means of a single line of rails, but the
works have been constructed for a doable railway.
The accounts of revenue comprise the receipts and
expenditure in respect of those lines since their
openings successively, on the 2d September and 7th October,
as well as those of the other railways worked during the six
months on account of this company. They do not include
the South %Vales revenue, the proceeds of which are sepa-
rately accounted for, as belonging to that company. The
-. general result of the accounts can scarcely fail to prove sa-
tisfactory to the proprietors, for they show increased receipts
and dimished expenditure, with a larger disposable balance,
after every charge has been defrayed out of revenue,
and after providisg for the interest due to the
31st December last, on the fixed 4i per cent. stock, which
has a preferential claim on the disposable receipts of the
company, the directors have no hesitation in recommending
that a dividend should be declared on the consolidated
stock and shares, at the rate of four per cent per annum,
to be payable to the
proprietors on the Ist of March,
which will leave a balance of 49,6601. 123. 9d. to be carried
forward. With respect to the prospective revenue of the
company, the directors have to announce the completion
of an important agreement for the interchange of traffic
with the Shrewsbury and Birmingham, and Shrewsbury
anci Chester Railway Companies, who must be regarded
as the natural allies and feeders
of your Birmingham and
Wolverhampton lines, from which they will derive equal
benefit in return, by obtaining the tra
c whichthe Great
Western lines can command in the south of England to be
conveyed to all places in the north or north-west, to which
those companies have access. The agreement was sealed by
the three companies on the 10th January, after a careful
purposes
only of its provisions, limited to traffic
only fur which the Legislature had conferred full powers
on the respective boards of management. It may
bs proper to mention on this occasion, that be-
fhre your directors consented to communicate with
the directors of the Shrewsbury Companies respecting any
agreement, all hopes had been abandoned of obtaining an,
equitable arrangement with the London and North-Western
Railway Company for a common station in. Birmingham, or
thr the use of railways to be constructed jointly between Bir-
mingham and Wolverhstnpton, or for that in the town of
Leamington, and that the negotiations between the two
hoards had terminated. The directors think it essential to
esroceed expeditiously in completing and opening the line to
.Biriningham, and they have already given orders accordingly.
The approachingcompletion of the Gloucester and Dean
Forest Railway at the Lime when the South Wales line will
probably be opened throughout, from the junction at Grange
Court to Chepstow, renders it advisable to take this oppor-
tunity of submitting for confirmation the original agreement
for a lease of it, together with a supplemental and more de-
fined agreement, introducing some modification in the
terms and conditiuns, to which your directors recommend
that the assent of the special general meeting should be also
given- In the original deed it was provided that 4 per cent.
with half of the profits should be secured to the share-
holders of thestiloucester and Dean Forest Railway, upon the
capital they ,wer,e_authorised to raise, which amounted alto-
gether to 4-25;0=i as explained in, the financial statement
published in Ig4B. The modification introduced into the
supplernemt,al agreement, fixes the rent to be paid at 4i per

cent. on 254,0001. of share capital for five years, anti at 5 per
cent. per annum after that period, leaving it in the hands of
this company to control any expenditure which may be
needful beyond that amount, which is estimated not to ex-
ceed 12,0001., for making a quay-wall and finishing the dock
branch at Gloucester. This company are only to defray the
interest which may be payable en such additional capital,
and the money will be raised for it under the powers of the
Gloucester and Dean Forest Act, by mortgage of their under-
taking. It is however provided in the agreement that the
Gloucester and Dean Forest Company shall be entitled to re-
ceive 5 per cent. upon.the said share capital, as soon as a line
shall be finished from the terminus at Grange Court to
Hereford, for which they have engaged to subscribe 25,0001.
if authorised by Parliament to do so. By these covenants
your directors have effectually protected the interests
of this company, as they believe, against threatened
litigation, and they have secured not only the
possession of the short link between the South Wales
Railway and Gloucester, but have obtained the best guarantee
for the completion of a continuous railway to Ross and Here-
ford, without being called upon to furnish additional capital
for it. The necessity-of providing station accommodation in
London, without further delay, for the additional trade from
Birmingham and the north, as well as from Wales (to
which reference has been made in former reports), has, in
consequence of these agreements, been pressed very much
upon the attention of the board, who consider that the time
has arrived when a commencement must be made in the
construction of more permanent buildings, fitted for the
great increase of business which must flow over your railway
after the completion of the lines in active progress. It has
been maturely considered whether any temporary additions to
the present buildings at Paddington could have been usefully
made, so as to postpone the construction of a permanent
station ; but every inquiry has proved that such expenditure
would neither secure the main objects in view, nor be con-
sistent with economy. It is proposed that a new merchandize
building should be forthwith commenced, in order to be avail-
able for additional traffic, while the present goods' shed is kept
up for the existing and more urgent purposes of the trade ; and
it is recommended that a passenger departure shed, with
offices, platforms, &c., and proper approaches:to it, be made
on the ground beyond the present goods station, act as to in-
terfere in the least possible degree with the conveniences es-
sential to the traffic of the line. These partial commence-
ments of the permanent station are estimated to cost 50,000/.,
and may be considered as quite indispensable to enable the
company to proceed with the business for which they have
undertaken to provide. More carriages and waggons will
also be required, and the directors recommend that a further
vote should be taken at this meeting, to authorise an outlay
of 25,000/. for that purpose."
The CHAIRMAN then moved the adoption of the re-
, port, and confirmation of the accounts.
i Mr. UPCROTT wished to know before that resolution
, was put, if any negotiations were pending with the Lon-
' don and North-Western Railway for a traffic arrange-
ment with regard to the Buckinghamshire lines?
The CHAIRMAN replied in the negative. All that was
' now pending between the two companies related to the
' dispute with the Shrewsbury and Wolverhamptom Com-
pany. The directors had offered their mediation for the
settlement of the dispute.—(Hear, hear.)
Mr. DE WINTON gave it as his opinion that the sys-
tem of guaranteeing dividends was highly objectionable;
it had proved the curse of this as well as other large
companies, and be should be glad to see it speedily
abandoned.—(Hear, hear.)
Major GODFREY thought the South Wales proprietors
' were highly to blame for not having adopted the terms
that were offered to them.—(Hear, hear.) The directors,
who belonged to both boards, , bad displayed more mo-
desty than prudence in abstaining from voting on the
occasion when the agreement was negatived, since no
one could dispute that the arrangement which was pro-
posed would have been for the mutual advantage of both
companies.—(Hear, hear.)
The CHAIRMAN said it was perfectly true that the
directors had abstained from voting, and it was equally
true that they had a legal right to do so ; but they had
fe:: that the agreement was a question which rested
solely with the proprietors, and therefore it was that the
directors had abstained from voting.—(Hear, hear.)
Mr.NoniU felt that some apology was due to the
meeting for the delay which bad taken place in the
completion of the Birmingham and Oxford line. It was
of vital importance that the Northern line should be
brought into active operation -as soon as possible; and
he, therefore, recommended the directors to push on the
works as fast as possible.—(Hear, hear.) That line
would open up a direct commnication between Liverpool
and Manchester, Southampton and Dover, as well as
place the north in easy access to the west.—(Hear.)
He highly approved of the state of the accounts, which
he really believed were strictly correct, and went
amply into detail; but he should be glad if in future
the able accountant who assisted in their preparation
would affix his certificate to them, staking his reputation
for their accuracy.—(Hear, bear.) Ile wished that
course to be pursued to silence cavillers out of doors,
and he hoped this suggestion would not be lost sight of.
—(Hear, hear.) He was glad to see that the directors
did not think it beneath their notice to refer to the
project of establishing a steam communication between
Plymouth and the east, for that scheme would be of
great service, and he trusted it would be supported by
the company.—(Hear.)
The Rev. Mr. NICHOLSON blamed the directors for
having abstained from voting on the South Wales ques-
tion. No doubt if the original agreement for a lease of a
line,to Fieguard could be enforced, the South Wales pro-
prietors were right in rejecting the proposal, but he did
not believe tbat it could be legally maintained, and it
was therefore foolish in them to negative the propssal
of this companp—(Hear, hear.) Now with regard to
the lines in the north, he should be glad to know if any
arrangement had b•.en made, or if not, was one contem-
plated, for working the traffic between Chester and Bir-
kenhead ? He was rejoiced to hear that an arrangement
of that sort had been concluded with the Srewsbury and
Birmingham and Shrewsbury and Wolverhampton, but
he was still sadly afraid that the London and North-
Western Company would overreach them in the same
manner that they had attempted to do in the case of the
Birmingham and Oxford line.—(Hear, hear.) Now, to
avert such an evil as that. had the directors taken steps
to secure a lease of these lines, so as to prevent the LOU-
don and North-Western Coopany coming into the
market and purchasing up shares to give them a prepon-
derating influence in the meetings of the two companies?

The CHAIRMAN said neither they nor any other com-
pany could lease either line, as there was no legislative
power for doing so.
The Rev. Mr. NICHOLSON—Yes, but it may be sought
for.

The CHAIRMAN did not believe that it would, nor did
he expect that the London and North Western Com-
pany would profit by the Rev. Gentleman's suggestion
about purchasing sharee.—(Hear.)
The Rev. Mr. NICHOLSON—I protest against that pro-
ceeding, it is not fair; I made no suggestion.
The CHAIRMAN said the course which the London
and North-Western Company pursued with refer-
ence to the Birmingham and Oxford lino did not meet
with so much success as to induce them to try
the experiment again. (Hear, hear, and cheers.)
The directors felt, huwever, that they were dealing with
honourable men, who would be above any such rni-
nceuvre, and the proprietors need, therefore, be under
no apprehensio❑ that these lines would slip through
the hands of this company.—(Hear, hear.)
Mr. DH WINTON would be glad to know if the direc-
tors bad any objection to appoint a committee, selected
from their own and the proprietors' body, to re-open
the negotiation with the South Wales Company, with
a view to a modified agreement.—(Hear, hear.) The
present state of things was highly injurious to both com-
panies, for an impression was abroad that the company
was bound to pay the South Wales 200,000/. per annum
under the original agreement, and the consequence was,
the shares of the Great Western were kept below par.
The CHAIRMAN said the directors would be most
happy to meet the South Wales Company for the pur-
pose of earrying into effect any amicable arrangements;
but they thought, under all the circumstances of the
case, the first overtures ought to come from the South
Wales Company.—(Hear, hear.) If any modification
could be proposed in the way of managing the South
Wales line, the directors were quite ready to carry out
any details of that sort, but the directors must nevertheless
be allowed to adhere to the determination he had men-

tioned in his opening address, namely, that they would
make no advance in the pecuniary terms that had been
proposed to the South Wales Company.—(Hear.)
Mr. DELOITTS, the accountant, adverting to what had
fallen from Mr. Norris, said he was quite ready to ap-
pend his certificate to the accounts if the shareholders
wished it, but he thought he had already pledged his
reputation for the accuracy of the account3.—(llear.)
After some further discussion the resolution for the
adoption of the report was put and carried unanimou3ly.
A dividend after the rate of 4i per cent. was then
declared on the paid-up capital of the company, payable
on the Ist of March next, and a resolution agreed to
forfeiting a number of shares whosa holders were de-
faulters in the calls.

The retiring directors were then re-elected, and the
ordinary business of the half-ysarly meeting closed
with a vete of thanks to the auditors.

Mr. , HUNT presented a memorial from Bath, praying
the directors to suspend all unnecessary traffic on
Sundays, and moved a resolution requesting the directors
to comply with the prayer of the memorialists.
Mr. Moan's hopad the meeting would pause before
it adopted such a resolution. Nothing had produced so
much good, ao much sobriety, so much morality amongst
the working classes of the metropolis as the facilities which
railways afforded them for enjoying the fresh air
of the country, and so far from curtailing the Sunday
excursion accommodation the directors ought to be
called upon to increase it.—(Hear, hear.)
The motion met with considerable opposition, and it
was ultimately negatived by a large majority, only eight
hands being held up m its favour.
A SHAREHOLDER would be glad to know, before they
went into the business of the special meeting, if the di-
rectors had considered the expediency of granting season
tickets.
The CHAIRMAN said they bad, and the conclusion they
had arrived at was that it was not expedient.

SPECIAL MEETING.
speTeihael
msbeaerteh
ingol,dwerhs then
enthe following resolved t hpeamr
as eglrvae it.to a
paragraph
in t
he
directors' report was read and considered:—
the
A special notice has Leen given to consider h pro-
priety of authorising the directors to appropriate a por-
tion of the company's property at Pacling'on
for an
hotel, and other pi...mites adjoining to the station, and
to arrange for procuring such hotel to bo built and lea,,ed
under proper covenants, upon the guarantee or security
of the company. This accomamd..ticn is much needed
by the public, in proof of which it may be stated that
an offer has been already made by an experienced ma-
nager of such business, to take the lease, paying a very
remunerative return for any money which may be ex-
pended, with adequate security for the performance of
his engagements. The directors are satisfied that, not
only will the company derive an accession of traffic
from passengers who may be induced to travel
on their railway, in consequence of the conve-
nience of a good hotel at the London terminus,
the want of which might influence them to select some
other line, but that the rent of the premise., besides de.
fraying all interest on the capital, will enable thus

gradually to repay the principal without loss to the
company. If the proprietors concur in the expediency
of such a measure, under a resolution which will be
submitted to the meeting, it is intended to apply for
leave to introduce clauses into a Bill now before
Parliament for the purpose of carrying it into effect.
The directors recommena that the 171. shares should be
converted into consolidated stock on the Ist July next,
by which time it is probable that the calls will have been
paid up in full; and they think it will be for the interest
of the company to pass a resolution authorising in like
manner the conversion of the Great Western Windsor
shares of 201. each into the same consolidated stock, not
exceeding 130,0001, as and when the amount of each
share may be paid up in full."
Resolutions were passed in conformity with these re-
commendations, and the new agreement, referred to by
the chairman in his opening address, was read and
confirmed. This closed the business of the special
meeting.

, A vote of thanks was then passed to the Chairman,
who briefly acknowledged the compliment, and the pro-
ceedings of the meeting, which were protracted to a late
hour, terminated.

EASTERN COUNTIES RAILWAY
(THIS DAY.)

A special general meeting of the shareholders of this
company was held this afternoon, at the London Tavern,
Bishopsgate-street, " to consider, and if approved, to au-
thorize the directors to carry into full Effect two several
agreements with the Norfolk, and Eastern Union Rail-
way Companies respectively, for the permanent working
by this company of their railways in conjunction with
those of the Norfolk and the Eastern Union Railway
Companies, upon terms and conditions, subject to stipu-
lations and agreements, which will be laid before the
meeting."
Long before the hour of meeting, one o'clock, the
large room of the tavern was densely crowded with pro-
prietors, and the greatest excitement appeared to prevail.
Joseph Glynn, Esq., the deputy chairman of the com-
pany, presided.
fitJ. P. RONEY, Esq., the secretary, having read the ad-
vertisement convening the meeting, then read the heads
of the proposed agreements, which appeared in The Sun
on the Ist instant.
In reply to a SHAREHOLDER,
The Solicitor of the Company, Mr. MAYNARD, stated
that the agreement for carrying out the above heads
was not yet in a form to receive the seal of the company,
but it could be prepared immediately after the reso-
lutions which were to be submitted to the meeting to-
day were passed.
The 01Am:we, after expressing his regret at the
cause which led to the resignation of Mr. Betts, the
late chairman, and claiming the indulgence of the
meeting while he explained the object for which
it had been called, this being the first occasion on
which he had presided over a meeting of the company,
proceeded to observe that it had been thought best
by the three companies the; a special general meeting
of the Eastern Counties Company should be called, in
order that they might not be trammelled by the dif-
ferent questions weich came before them at the half-
yearly meetings. The question to be discussed today
was of a very grave and important character, and he hoped
it would be considered calmly and dispassionately.—
(Hear, hear.) He would allude, iu the first instance,
to the origin of the agreement between the three com-
panies. They were all aware that an agreement was
made to work the Eastern Union Railway in concert
for a given length of time. That agreement had certainly
not been satisfactory, and they received a notice for its
termination from the Eastern Union Company; but though
that agreement was unsatisfactory in itself, there had be'n
a great and good result from it, showing what could be
done, if the working of the lines could be permanently
united, for the public good.—(Hear, hear.) The agree-
ment with the Norfolk line expired in 1845. Besides
the unsatisfactory state of things with the Eastern Union,
which now existed, the directors apprehended a Parlia-
mentary contest in the ensuing session, because notices
had been published by that company of their intention
to ask for powers to run over the Eastern Counties line;
and they would have to contest such application, and,
if possible, prevent it.—(Hear.) Now, the policy of
uniting the three lines had been strongly impressed on
his mind ever since he became connected with the
company, not only with those, but also all
the other lines in the East Anglian district.
They had all one mutual interest, and if the traffic east-
ward of Norwich were better developed, all parties would
be benefited. That was his fixed and deliberate opi-
nion. The Eastern Union were about forming a junction,
which was nearly completed, with the Norwich Railway
at a hamlet named Trowice, in the neighbourhood of Nur-
wich . When the railways were thus united the junction
would form one system of communication from London
to the pricipal station of the Norwich Company, and a
communication from London to the east and west, by
Colchester, Yarmouth, Dereham, and the midland dis-
tricts of England. Taking, therefore, into considera-
tion that they had a kind of "hollow truce" with the East-
ern Union, and that the agents of the Eastern Counties
and the Eastern Union were trying to get as much traffic
on their respective lines, and bring as much into their
' respective coffers as they could, they must lament these
circumstances, and all be desirous of preventing such
injurious competition. (Cries of " Hear, hear.")
Being then on the eve of a Parliamentary
contest, he thought it right -to open a communication
with Mr. Cobbold, the chairman of the Eastern Union,
and Mr. Bignold. They all agreed it was a sad thing
going on spending unprofitably the monay of their share-
holders, and they thought it would be advisable to come
to an understanding, whereby might be set aside the Par-
liamentary contest, all hostile proceedings done away with,
and a harmonious working of the lines entered upon for the
good of all. The result of these communications was that
a number of deputies from the three companies was ap-
pointed to confer upon and discuss the matter. Four
gentlemen from this company were appointed to meet
three from the other two companies. The basis on
which they came to an understanding was as follows.
They ascertained that the gross earnings of the
three companies for the last twelve months, taking
those of the Eastern Union from the opening to Norwich,
amounted to 935,0001. Now they felt that it any
union was effects 1, they had only one locomotive

establishment instead of three ; the working expenses
might be reduced to forty-five per cent. on the gross earn-
ings. They assumed the gross earnings in thtir
calculations to be only 900,0001., though they did
not anticipto that they would ever be so small.
The guarantees of the Eastern Counties amounted at
present to 246,0001. a year; the guarantees of the Nor-
folk Company would not exceed 60,0001.; the Eastern
Union had been ascertained at 70,000/. It was agreed
that these two latter sums, 60,0001. and 70,0001,
should be the maximum of the guarantees;
but with respect to the Eastern Counties Com-
pany, it was arranged that it should purchase the
rolling stock of the Eastern Union, and other things
which he could not now detail, and that there should be
allowedafurtber margin of 20,0001. a year, making the

sum which the Eastern Counties guarantees amount to
266,0001. Supposing, therefore, the gross earning in
1845 to be 495,0001., and the total guarantees of
the three companies to be 376,0001., there would
be a surplus of 119,000/. a year. Now, after considerable
discussion, it was arranged that the Eastern Counties
should take 6-8, the Eastern Union and the Norfolk
k. This would make a total of 120,0001., being 90,0001.
to the Eastern Counties, and 30,0001. to the
other two companies. The number of miles
belonging to the Eastern Counties proper was
228, the Eastern Union 95, the Norfolk 94. The total
amount of consolidated stock was 8,193,0001., of which
the Eastern Counties bad 5,886,0001., Eastern Union
1,310,0001, and the Norfolk 997,0001. Therefore it
would be seen that the division of one-eighth to the
Eastern Counties was a fair and equitable arrange-
ment under the circumstances. If this plan was car-
ried out the earnings would be better, the expenses
less, and peace would exist between the rival companies.
At present he had proxies placed in his hands in &your
of the proposition amounting to 11,670 votes and 496
votes had been sent in too late, making a total 01
12,166 votes.—(Oh, oh, and cheers.) Further votes
had been lodged in the name of independent
shareholders, making an aggregate of 1,445 votes.
After alluding to other circumstances, the chairman
concluded by moving the resolution for the confirma-

Lion of the agreement entered into by the three corn

panies.
Mr. GEICII proposed an amendment to the effect
that the meeting should be adjourned to the 25th o'
March, to enable proprietors , to consider th-
terms of the amalgamation. Ho felt no hostility
towards the directors, believing they were entitled to
his thanks for the policy they had pursued, but they
ought to be careful ere they sanctioned an arrangememt
which might possibly result in injury to the company.
It was not right that so important an agreement should
be discussed at one meeting with such imperfect
information before them.—(Cheers.) This agreement

would probably last till every man in the room wa,
removed from the world, and therefore the necessity of

caution became apparent.—(Cheers.) There was
beside fifteen millions of money involved in thin
amalgamation. He hoped the motion for an
tyljournment would be carried.—(Hear.) He was quits
aware of the necessity of making concessions on all
sides, but supposing they had Bd. to divide, they shouLi
see that they got their proper share of the money.—
(Laughter.) The Eastern Counties Company had lately
had an unfortunate notoriety, and they should do every-
thing in their power to satisfy the public that the
management would now be freed from those evils which

had hitherto attached to it. He did not think that and
blame was to Le attributed to the directors, the officers,
or, indeed, to anybody else.—(Groans and laughter.)
The Hon.
.Gentleman concluded by putting his amend•
ment to the meeting.
Mr. Box agreed with Mr. Geach, that sufficient
data had not been placed before the meeting to enable
it to farm an opinion on the subject under consideration.
He therefore cordially supported the amendment, and
suggested the propriety of appointing a committee of
shareholder.; to &islet the directors in completing the
terms of the agreement.—(Cheers.)
Mr. CHRISTIE entirely concurred in the sentiment ex-
pressed by Mr. Box. A bargain cut many ways, a.di it
might happen that the Eastern Counties Company were
the sufferers in the present instance.—(Cheers.) lie
thought the appointment of a committee would be satis-
factory
viewsbteh.en2.—th(ear.
hear.) Isn
should be ought
H
to all parties.—(Hear, hear.)
Mr. BROWN, of Glasgow, said it required no ingenuity
to see that by a union of the lines they would be more
prosperou than under
possi b
le
thep
opresentthe proposed arrangementcarried out, it
being both fair and equitable; and no beneficial result
could arise, but rather an injury, from adjourning the
meeting before it was determined.—(Cheers, and cries
of " No, no," and uproar.)
Mr. HoWBE supported the amendment. Although
their property had been much wasted by strife and diB.

sension, still they should not be frightened to defer de-
termining the question before the meeting until they
were supplied with the necessary information.
Mr. E. MILES also supported the amendment.
Mr. ADAMS said every one agreed as to the desirabi-
lity of an amalgamation, for if the present opposition was
to be carried on between London and Norwich, the
affairs of the whole three companies would be involved
in one common ruin; but the proprietors should not rush
into an arrangement until they had the terms of
it before them.—(Hear, hear.) There could not
be a more false test by which to judge of the equity of
the arrangement than that adopted by the chairman.
Mr. Sergeant GAZELEE observed, that if he had
ever thought proxies ought to be abolished, as
being injurious to the independence of railway companies,
the declaration of the chairman had satisfied his mind
completely.—(Loud cheers.) He stated that 12 000
proxies had been received by the company, and they
were from persons, it should be recollected, who could
have no possible means of judging of the terms t f
the amalgamation.—(Cheers.) For himself, he would
not consent to the agreement without ample time for
consideration, and he hoped that the proprietors would
be unanimous in assenting to the proposition for an
adjournment —(Cheere.)
The CHAIRMAN said he might settle the Honourable
and Learned Gentleman's doubts by answering, that it
was not the intention of the directors to use the proxies
on the question of adjournment.—(Loud cheers )
After some further discussion, carried on amidst much
uproar, an amendment was passed by a large majority,
adjourning the meeting until the 18th of March, arid
appointing a committee to confer with the directors ore
the subject of the agreement.

Wbea our reporter loft the proprietors were nomi-
nating the members of the committee, and discussing
other topics.

NORFOLK RAILWAY COMPANY.
(THIS DAY.)
A meeting of the shareholders of this company was
held to-day, at the Gnildhall-chambers, Basinghall-
street, for the purpose of considering an agreement for
consolidation to be made with the Eastern Counties
and Eastern Union Railway Companies; Major Tyndal
in the chair.
The agreement having been read to the following
effect:—
" Ist. The Eastern Counties Railway Company to under-
take the working of all the lines of railway belonging to the
three companies.
" 2d. The Eastern Counties Railway Company to take at
a valuation all the rolling stock belonging to the Eastern
Union Railway Company; and also to take the rolling
stock belonging to the Norfolk Railway Company, at the
va'uation already made thereof by Mr. R. Stephenson.
"3d. After repayment to the Eastern Counties Railway
Company of all the expenses of working and maintaining the
several lines, the surplus to be first applied in payment of the
interest on the debentures and dividends on preference stock
issued by the several companies; it being, however, stipu-
lated that under this head the Eastern Counties Railway
Company shall not receive more than 266,0004 the Norfolk
Company more than 60,0004 and the Eastern Union Com-
pany more than 70,0001.
" 4th. The divisible surplus to have the benefit of any re-
duction in the rate of interest payable upon the debentures
of the several companies.
" sth. The residue of the surplus retraining after payment
of the interest and dividends on the debentures and prefe-
rence stocks, to be divided as follows:
The Eastern Counties Railway Company
to receive -Bths
The Norfolk Company ••• -Bth.
The Eastern Union Company ...... -Bth.
"6th, The Norfolk and Eastern Union Railway Companies
each to select one of their directors, who shall qualify to be a
director of the Eastern Counties Railway Company's Board,
and for whom vacancies will be made..
- "7th. Each of those companies to have an office at the
Bishopsgate station of the Eastern Counties Railway Com-
pany, and to be allowed each 500/. per annum for the ex-
penses of their directions and their office staffs, the same to
form part of the working expenses.
" Bth. The agreement now existing between the Eastern
Counties Railway Company and the Norfolk Railway Com-
pany to be cancelled.
" 9th. The branch line from Manningtree to Harwich to
be made as soon as possible on the joint responsibility of the
three companies.
" 10th. The agreement to be made for fifty years, from the
sth of January, 1851.
"11th. Application to be madeto Parliament for an Act of
Amalgamation of the three companies upon the preceding
basis at some convenient period.
" 12th. The above arrangements to be subject to confirma-
tion by the shareholders of each of the three companies, for
which purpose a special general meeting is to be called for the
13th February.
The CHAIRMAN then submitted the following resolu-
tion to the reeeting:—" That the terms of the agree-
ment now read be adopted, provided a similar resolution
be this day passed by the Eastern Counties Railway
Company and the Eastern Union Railway Company re-
spectively. That in the event of such resolution being
passed by the other companies, the directors
of this be, and they are hereby authorised and
empowered to carry the terms of the agreement into el-
feet, and to enter into and execute, under the company's
seal, such deeds or instruments as counsel may advise to
be necessary for the purpose."
Mr. PETO, M.P., seconded the motion.
Major COURT said there were three points on which
he wished for information; one was why the rolling
stock which bad been handed over to the East-
ern Counties Railway Company had not been
valued, why the sums to be paid as interest on
the debenture and preference stock were fixed
in the respective proportions set forth in the agreement,
and also why the residue surplus was to be divided into
eighths. He thought sufficient information had not
been issued to the directors on that point, and he should
therefore move an amendment that the confirmation of
the agreement be postponed until some further informa-
tion be furnished to the shareholders.
Mr. PETO, M.P., said that there could be no difficulty
iu replying to the Gallant Major. With regard to the
rolling stock, the Gallant Major would find, if he looked
to the last report, that a valuation of the rolling stock
had been matte by Mr. Robert Stephenson at the time
when it was handed over, and that since the award of
that gentleman had been made, Mr. Marbury, on the
part of the Eastern Counties, and himself (Mr.
Peto) bad been engaged in considering that award,
and it was only in the course of last week that they had
come to a conclusion. The next matter of which the
Gallant Major complained was, why the amount to be
divided, the debentures and preference stacks, had been
put at such high sums as they were? to this he could only
say that they meant these sums to be such as should
cover all the interest of the debentures and preference
stock, and in calculating this it was absolutely necessary
to take a margin 'large enough in Cale of all being
covered. With regard to the surplus being divided into
eighths, the proprietors would see that by this plan it did
not matter to them what might be the capital of other
companies. The principle on which it had been ar-
ranged was the amount of capital whieh each brought to
bear: the Eastern Counties brought nearly
6,000.000 L, the Eastern Union 1,300,000/., and
the Norfolk Railway nearly 1,000,0004 A ques-
tion had been asked as to whether the Harwich
branch was covered by this agreement, and he must tell
them that it was not. They all felt that when these
three companies were consolidated this branch would be
of the greatest importance. The Eastern Union had
not executed that branch, and he thought wisely, for at
best it would only have carried the traffic over about

four or five miles of their line and then delivered
it to the Eastern Counties. The mode in which

this branch could be executed would not require
any expenditure of capital, as the contractor who had
undertaken it was willing to take the tolls in payment
for his work. He had always said that no dividend at
all approaching that which the proprietors had a right
to expect, until the whole Eastern district should be
consolidated. They never would bring down the
working expenses of the line to such a sum
as would leave them a fair dividend until

they were united. Last year the three com-
panies had received in traffic 930,0001., and the
Great Northern could not by any chance take away
from them more than 30,000/. If then their line was
worked! at the expense which it ought to be, they
would be reduced to at least 45 per cent. of the gross
receipts; and they could at once see that this would bring
them a much larger dividend than had been paid for
some years. This was not a question of how
much each company should got more than another,
but it was whether they should take advantage of au
opportunity bywhich,with judicious management at head-
quarters, they might effect a reduction of at least
100,0001. per annum.—(Hear, hear.) He could not be-
lieve that a large concern like the Eastern Counties,
capable of earning a million a year, would long con-
tinue in its present state. The truth was they had
a divided board there, and where that was the case,
however great might be the talents and energy of the
gentlemen composing it, there was no security left
against mismanagement. Again, they must take care
to have proper men in the directorship—men of high
standing, who could not afford to have a spot cast upon
their characters—who would act in the affairs of a rail-
way as they would in their own private concerns. If
they had men like these, and paid them
well for their services, so as to enable them
to devote their whole time, energy, and knowledge
to the railway, then they would have it well managed.
—(Hear.) The Bri"hton Railway Company was an
example of this, and their having a man like Mr. Laing
at the head of their management,
was the reason why
Brighton Railway stock approached nearer to the price
of Consols than any other in the market.—(Hear, hear.)
Ho believed that this arrangement was one
calculated to benefit all the three companies,
if they went into it without mutual jealousy,
and a determination to carry it out for the joint benefit
of all. It was not one which could be called "sharp
practice" and a " hard bargain," for he had observed
that such agreements as these never benefited either
party, and he would infinitely rather let the Norfolk
Railway remain as it was, and throw the agreement into
the fire, than go inio it without a principle of mu-
reeky and joint interest.—(Hear, hear, and cheers.)
But even supposing this agreement were not carried out
with these two companies, the Norfolk Railway Com-
pany would net be in a condition of despair; the
Northern Railway Company would be very glad to offer
them equally as good conoitions, and therefore, as a
large proprietor in the company, and one who had

never ;old a share, be did 'not care one farthing
whether thi3 agreement were carried out or not.
Still, as he believed it to be a just and equitable One,

which would be for the mutual benefit of the three corn-

parries, and which would ultimately bring the greatest
amount into the pockets of the shareholders, he might
say that he hovel it would. It was fur the interest of
this company to be in alliance with the Eastern
Counties and with the Eastern Union. Ile hoped,
then, that they would all go into it heartily atd
jointly, with confidence in their directors. They had no

secrets to keep from them, and he was sure that nothing
would at any time occur which could sully the fair fitme
of any of the directors.--(Great cheering.)

Major 'CouRT said that after the able explanation
which bsd been given by Mr. Pao, he should not persist
in put!ii lg his amendment.
lifter a short discussion the anuendmunt was with-
drawn.

In re ply to a question from a SHAREHOLDER,
Mr. :PET° explained that tho two directors of the
Norloill; and Eastern Union Railway Company would
sit at the Eastern Counties Railway Board, to watch the
interests of their several companies. The proportion
wet quite fair, end was settled on the ratio of the
un guaranteed stock belonging to each coospany.
The original rsvolution vies then put, and carried
o aanimously, amid loud cheering.
The meeting then separated after a vote of thanks to
';he Chairman.

EASTERN UNION RAILWAY.
(THIS DAY.)
A general meeting of the Eastern Union Railway
I Company was held to-day at Radley's Hotel; Johu
Shriveller Cobham, E: q., in the chair.
The CHAIRMAN said that the shareholders had been
'called together to consider the terms of agreement at
-,present in operation between the Eastern Union Railway
Company and the Eastern Counties Company, and w he-
Aker an amalgamation should be formed with that com-
pany or not. Having reed the heads of the new agree-
ment, he said that the shareholders were aware that the
object of the directors in entering into this
agreement was to reduce their expenses, and con-
sequently improve the income of the company. It
was very evident that nothing was to be locked for out of
the E astern Company, and it was therefore plain that if
any loos were sustained at all it must be suffered by the
Eastern Union Company. The arrangement had been
made iu the expectation that the working expenses
would b e reduced. That expectation bad been disap-
pointed, but he did hope that by an alteration
of their • present arrangements they would save
1,0001. a week, or 50,0001. a year. Indeed, if all the
advantag es were obtained which the directors expected
not less ;ban 100,0001. a year would accrue for the pay-
ment of the dividends; and while they were obtaining
these advantages for themselves, the public would be
better served. With these observations, he would call
upon the secretary to read the pith of the agreement.
The SECRETARY then read a❑ abstract of the agree-
ment, by which it appeared that the Eastern Coun-
ties Company were to insure to the Easiern Union
Company 70,0001., end purchase all the rolling stock
of the company ; the Eastern Counties were to
receive, six-eighths of the gross receipts, the
Norfolk Company one-eighth, and the Eastern Union
Compa ay one-eighth—that 5001 a year was to be ap-
propriated for the payment of the direction of the Nor-
folk Company, and a similar sum for the payment of
the direction of the Eastern Unio❑ Company; the
latter company agreeing to sell the whole of their sur-
plus lands.
To a question from a SHAREHOLDER,
The CHAIRMAN replied, that the amount of guarantee
given for preference shares was, in fact, 256,000/, but
the Eastern Company took a margin of 10,0001., so tbot
virtually it amounted to 266,0001.

To Mr. Jocelyn, Mr. Taylor, and other shareholders,
The CHAIRMAN replied that the depreciation of the
rolling stock was amply provided for by the terms of the
agreement, which was to last for 50 years from Jan. 5,
1851, each company taking its own proportion of profit
and loss. The Eastern Counties Company, in their
amalgamation with the Northern and Eastern, had
agreed to allow that one-third of the members of the board
of direction should represent the Northern and Eastern
shareholders. The number of the directors had been
reduced from 18 to 12, and four of the members of that
board were shareholders of the Northern and Eastern
Counties Company,
Mr. lIUSKETT conceived that as he understood there
was, in the event of an amalgamation with the Eastern
Counties Company, to be only one director from the
Eastern Union Company, he certainly could not fairly
advocate the claims of this company.
The CHAIRMAN replied, that the amount of gua-
ranteed receipts for the payment of interest of
debentures or other liabilities was 266,0001. ;
the amount guaranteed for the Norfolk Company
was 60,0001., and that for the Eastern Union Com-
pany, 70,0001., being in strict accordance with the
amounts of capital of the different companies. The un-
guaranteed amount of the stock of the Eastern Counties
Company was 6,000,000/. ; of the Norfolk Company,
1,000,0001. ; and of the Eastern Union Company,
1,000,000/. The gross receipts on the Eastern Union
line for the last year were 111,0001., the gross receipts
being about fifty per cent. of that amount.
To a member, the CHAIRMAN replied, that in the event
of there being any deficiency in the receipts to meet the
several claims upon the respective companies, each was
to bear its own proportion of the loss.
Mr. STURGE said that he had carefully considered the
accounts which had been issued, and he believed them to
be very correct. From these accounts it appeared
that the whole of the amount necessary for paying
the interest of debentures, and the dividends of
the preference shares, would be 60,0001. a-year,
so that there would be a balance of 10,0001. a-year
for the general purposes of the company. As
for the working stock there was no doubt but that the
Eastern Counties Company would for their own sake
keep that in working order. The only point that re-
mained in any doubt was the payment of the out debts of
this company. The Eastern Counties Company were to
purchase the whole of the present stock, which would
give a fund for the payment of the outstanding liabilities
the company, amounting, as ho understood, to
300,000/.

After several other remarks by Mr. CAYLEY, M.P.,
and other gentlemen, all bearing on the points previously
mooted, a resolution was put, the effect of which was,
that in the event of the Eastern Counties Company and
the Norfolk Company coming to a similar decision, the
directors of this company should be empowered, under
proper legal advice, to enter into an amalgamation with
those companies. It was curled unanimously, and
thanks having been given to the chairman and directors,
the meeting was dissolied.

TATTERSALL'S-THIS EVENING
Six O'CLOCK.

LIVERPOOL STEEPLECHASE.
7 t) 1 agst Vain H..pe
10 to 1 agst Abd-el-Fader
10 to 1 agst Sir John
13 to 1 agst Pt ter Simple
20 to 1 agat Rescue
LIVERPOOL SPRING CUP.
5 to 1 agst Doubt
5 to 1 agst Panope
7 to 1 sgst Idle Boy
9 to 1 agst Caurire
CHRSTER CUP.
17 to 1 agsl Rhesus
20 to 1 agat The Flying Gout
20 to 1 agst The Italian
30 to 1 agst Wallflower
40 to 1 agst Strap
50 to 1 agst Backbiter
66 to 1 apt Caurire
66 to 1 agst Sir Richard
66 to 1 agst Prior of Lanercost

PUBLIC WOOL SALES.
(THIS EVENING.)
The series of wool sales at the Hall of Commerce com-
menced this evening, and there was a fair attendance of
buyers, several foreigners being present. The quantity
of colonial to be offered is about 16,000 bales, including
8,000 of Sydney, 2,000 of Port Philip, 2,000 of Van
Diemen's Land, 3,000 of Cape, and 1,000 of Adelaide.
The sale this evening comprised 1,302 bales. Aus-
tralian, 759 bales, sold for clears sheeps at Is. 3d. to
Is. 9d. for samples from Sydney, 100. to Is. 3id. fir
locks and pieces, Is. Oid. to Is. lid. for lambs, Is. 90.
for prime clothing, ls. Bid. for first clothing, Is. sd. for
hand-washed, Is. 4d. fur skin, and Is. 6d. to 26.1 d. for two
lots of very superior scoured. Port Philip, 171 bales, went
at ls. sid. to Is. 7d. for scoured, Is. 3id. to Is. 7d. for
lambs, Is. sd. to ls. 9d. for clean sheeps, and Is. 2d. to
Is. 4d. for broken. Cape of Good Hope, 287 bales,
went at 7id. for greasy, Is. lid. to Is. 6d. for scoured.
Van Diemen's Land, 85 bales, realised Is. sid. to Is,
Bd. for clean sheeps, and Is. 7d. to ls. l Od. for lambs,
and Is. 4id. to IN. 9id. for scoured.
These prices are considered to be much the same as at
the last series. We give the sales to the close this
evening.

COMMON PLEAS.—(THIS DAY.)
Sittings at Guildhall, before the LORD CHILFJUSTICE and a
Common Jury.)
SEDUCTION,—BLACKWELL V. TAYLOR.
This was an action brought by the plaintiff, a carpenter
and builder at Rochester, against the defendant, a captain in
the Royal Marines, for seduction of the plaintiff's daughter.
The defendant pleaded not guilty, and leave and licence.
Mr. Sergeant Wilkins appeared for the plaintiff; and Mr.
Hurnfrey for the defendant.
Mary Anne Blackwell, the plaintiff; a very pretty looking
girl, deposed that she first saw the defendant at Rochester
Cathedral in the month of September, 1849, when he
entered into conversation with her. She saw him
afterwards on several occasions, when he urged her
to make appointments to meet him ; which, to get
rid of the annoyance, she did, but did not keep. In the
month of October she went with a former acquaintance, a
girl named Jane Colville, to Chatham Church, where they
met the defenpant and a Lieutenant Hunt ; and after some
conversation, the defendant urged her to accompany him to
the barracks, as he had something of importance to tell her.
He had before said he would ask her father for permission to
marry her; they all four went together, and came away from
the barracks together when he urged her and Jane Colville
to come and dine with him and Lieutenant Hunt on the fol-
lowing Wedne,day. Cn that day she Ras persuaded by
Jane Colville to go. Whilst there Lieutenant Hunt asked
Colville to go with him to his room to see some pictures,
and witness wanted to accompany them, but the defendant
pulled her back and locked the door and behaved very rude.
She threatened to scream out, when the defendant said it
was of no use if she did, as no one would come to
her help. He then pushed her into his bed-
room, and forcibly obtained possession of her person, and
afterwards told her not to mention if, as he would marry
her. After this, the intimacy was frequently repeated, and
ultimately she gave birth fo a child ; when she told
the defendant she was in the family-way, the defendant
said he was delighted to hear it, and frequently made pre-
sents to her of rings and brooches, and also a lock of his
hair, and wrote frequent letters in which he
addressed her as ,g my dear Polly." Shortly before
her confinement she asked him to fulfil his promise of
marriage, when he replied, " Nonsense, you was not such a
fool as to believe I meant ft; never mind, you will be Mrs.
Taylor as much as ever," and he had provided everything
for her confinement; but that turned out not to be the fact,
and all he sent her was 4/.
The witness was severely cross-examined as to her inti-
macy with other ()facers, which she positively denied.