The Sun.
London, England, 1851-04-28 00:00:00

MONDAY

EVENING,

APRIL 28, 1851.

SHREWSBURY AND BIRMINGHAM.

Mr. R. Score., the chairman of the Committee of
Shareholders appointed on the 12th of February last to
reopen negotiations with the London and North-
Western Company, has eddreesed a letter to the share-
holders in reference to ttie arrangement proposed by the
Great Western Company ior leasing the line, in which
he states that, upon a careful ieveetieation, that com-
mittee found that, from Vise opening • f the line, the affairs
had been so mismanaged that the proprietors could have
little hope of a diver: nd except tbrought a frieudly ar-
rangement with the London and North- Western Com.
parry, and the withdrawal of that reckless competition
which involved a heavy loss upon great part of their
traffic. On the 12th of March the proprietors approved
of the proceedings of the committee, acrd of the arrange-
ment then submitted for consideration. At their subse-
quent meetings they confirmed that arrangement by very
large majorities. After having thus, by rE peated reso-
lutions, entered into and finally and formally concluded
an agreement, they are now asked by Mr. Gore and his
party to rescind their resolutions, forfeit their pledges,
and break a solemn compact entered into in obedience to
their orders, and confirmed by them in general assembly,
after the fullest discussion, and notwithstanding the most
virulent and unjustifiable opposition recorded in railway
annals. Before coming to any determination in refer-
ence to the resolutions so lately passed, he requests
their serious consideration of the terms offered by the
Great Western Company. For the first four years the
terms offered under both arrangements are nearly equal
though there will he a balance of 1 per cella in favour
of the London and North-Western agreement if the
trial year be postponed to the fifth year. He states
that the minimum capital of the three companies which
it is proposed to unite by the contemplated amalgation
with the Great Western, amounts to 19,992,700/e
with an annual charge of 859,9501., including 4 per
cent. on the ordinary capital, me preference charges
of each couspant, and the interest on loans ; the
Shrewsbury and Birmingham capite.l being 1 156,7001.,
annual charge 51,8851; the Shrewsbury and Chester,
capital 1,421,0001., annual charge 65,840/ ; and the Great
Western capital 17,415,0001., with an annual charge of
742,2251.; showite7 that to pay a dividend of 41. per cent.
on the ordinary share capital of the amalg-in .ted com-
panies, it will require a ne't receipt of 859 9501. p,r
annum; or, ihclus!ve of working expanses, a traffic of
1.456.0001. per annum. The Shrewsbury and Chester
and Shrewsbury and Birmingham companies have not
hitherto earned any divide, d on their orriinary share
capital, and the Greet Western dizidend is but at the
rate of 4 per cent. on 8 072.0001.,E qual to only 323 0001.
per annum., notwithstanding that the revenue of bat
company is now relieved by charging interest to capital
to the amount of at lea,t 1.50,0001. per annum. Before
the Great Western can unite tnemselves to the line, they
must raise upwards of three millions of :man to pay
for and complete the lines from Oxford, vi 4 Birmingham,
to Wolverhampton, besides their other liabilities And
to all these engagements the Shrewsbury and Birming-
ham line and capital will be pledged under the proposed
amalgamation; so that, from being the line with
the smallest debt, they would become the line with
the largest debt, compared with the capital, in the
kingdom. After adverting to the effect of a reduction
of fares on the Great Western Railway as a con-
sideration for obtaining their Birmingham and Stafferd-
shire lines, he states that if the proposed amalgamation
be carried it must lead to a competition, at greatly re-
duced rates, not only from Birmingham to Liverpool,
but also throughout the whole of the Great Western
district; that the Shrewsbury and Birmingham and the
Chester companies have had ample experienee of the no
profit and no dividend attending traffic obtained by such
means. The London and North-Western Company have
gone through their difficulties, have capitalised their en-
gagements, and are prepared for the contest with funds
in hand and a considerable surplus. Looking to the fate
of the Oxford, Worcester, and Wolverhampton share-
holders under their agreement with the Great Western
Company, and to the anxiety of that company to rid
themselves of the burdens between Oxford and Birming-
ham, it behoved theta to pause before they placed their
property in a similar position. He begs them to reflect,
whether they will prefer uncertainties and dangers, with
no dividend until the year 1852, to a clear and fixed
dividend of 3,3 i, and 4 per cent., commencing immedi-
ately, and payable for 21 years, after which period they
will have a valuable and unencumbered property, and
states that the proposed agreement with the London and
North-Western Company is drawn under the advice of
eminent counsel, and in their opinion it will be un-
doubtedly valid and binding upon all parties.

RAILWAY SHARE MARKETS.
BRISTOL, APRIL 26.

STOCK ExcuArros.—The share market was very flat to-
day, and prices luwer. The transactions were as follow:
Great Western, buyers 873/1, sellers, 8314—Ditto, New 171.
Shares, buyers 23/4, sellers, 2% dis.—Midland Stock, buyers
63, sellers 634—South-Eastern and Dover, buyers 27;4,
sellers 27%.
LIVERPOOL, APRIL 26.
STOCK EXCHANGE.—The share market was very dull to-
day, and prices had a downward tendency. The transac-
tions were as follow :—Aberdeen, 147/g Caledonian, 15—
East Lancashire, 17—Lancashire and Yorkshire, 6214—
Ditto, Fifths, 6 11-16 dis.—Ditto, 201. F Shares, 11, die.—
Lancaster and Carlisle, Thirds, 1034 p. London and North-
Western, New Quarters, 51% p.—Manchester, Sheffield, and
Lincolnshire, 3;31/2—Midland, 6314—Ditto, Halves, 1344 die.
—North British, 10—North Staflbrdshire, dis. - South-
Eastern and Dover, 27 '‘,—Great Southern and Western, 42:%.

MANCHESTER, APRIL 26.
&roc': EXCTIAXGR.—The market has been very inanimate
to-day, and prices have receded in all descriptions of shares
except London and North-Westerns. Buyers continue to
hold back, notwithstanding that sellers are numerous. The
transactions were as follow :—Ambergate, East Lan-
cashire, 171,4—Lancashire and:Yorkshire 6255/,', Ditto (West
Riding), 5 5-16 - London and North-Western, 129—Man-
chester Sheffield, and Lincolnshire, New 6/. Preference, 9-16 p.
North British, 10 1-16—South-Eastern and Dover, 27N
Wharfdales, 425. dis.
BIRMINGHAM, APRIL 26.
STOOK Eatc FlANGE.—Birmingham and Stour Valley and
Shrewsbury and Birmingham shares have been chiefly looked
after. Among the closing prices this afternoon were—
London end North-Western, 130 Coventry and Nuneaton,
2141 p.—Manchester, Sheffield, and Lincolnshire, bu) ers, 3;
—Midland ( Bristol and Birmingham), sellers, '321,t —North
Staffordshire,64g—Shrewsbury and Birmingham (A), sellers
4 dis.—Ditto B), 31. 3s. 9d. dis.—Shropshire Union, 23
dis.—South Staffordshire, 2% dis.—York, Newcastle, and
Berwick, sellers, 2214.

MIDDLESEX HOSPITAL.—CaptaID the Hen. Francis
Maude, R.N., has signified his consent to preside over the
106th Anniversary Festival of this valuable and long-esta-
blished institution. The list of vice-presidents put forward
in aid of the object includes the names of his Royal Highness
the Duke of Cambridge, and their Graces of Bedford, Port-
land' Wellington,sutherland.

When made up in From what
PLACES. General Post-orlice port dis- When
due.
London. prAched.
America (by Brit. pkt.)N,May 2 .. .. Liverpool .. May 6
America (by U.S. pkt.) NI April 29 .. .. Liverpool . April 27
America (by U.S. pkt.) MlMay 7 .. Southampt.
Africa (West coast).. Nll4th of the month iPlyraouth May 3
Alexandria* • • ...... Nl9th & 30th of mo. Dover .. April 28
Belgium • . .. •. NI Daily Dover .. Daily
Brazil .. . .. M j9th of the month iSouthampt. May 12
Buenos Ayres •• .. 319th of the month 'Southampt. May 12
California(viaClutgrcs)Mll7th of month Southampt. May 5
Capo of Good Hope 3,7114 th of month Plymouth • • May 3
Constantinople* .. • • N 7th 17th 27th of mo,Dover April 30
Central America .. M2d & 17th of mon. (Southampt. May 20
Channel Isles • • .. N Mon., Wed., & Fri. Southampt. Ta. Th•S a
Chili . 31117th of the month Southampt. May 5
France .. 31 &N,Twice daily .. Dover • • Twieedally
Greece* • • .. N,7th 17th 27th of mo Dover • • April 30
Hamburgh N,Tuosday & Friday London .. Tues. Sat.
Holland .. .. 31 Wednes. & Satur. Loudon .. Mes.Thrr
Honduras . N 17th of the month Southampt. May 20
Ireland .. 31 & N Twice daily .. .. Holyhead .• I wicedaily
India (via Southamp.) M 20th of the month Scuthampt. Slay 23
India (via3larseilles) N 7th& 24th ofmonth Dover • • May 1
Mediterranean (via
Southampton) .. 31,20 th of the month Southampt.
28
Mediterranean (via
Marseilles) N 7th& 24th ofmonth Dover
92dthoofftthheemmooltthh.n.ils,Stuththaamaipptt..
jultlasyy bl 2
May I
Mexico
Madeira
}
701,17th,19th,'47th
Malta* .. .• & 30th of month Dover April 28
Naples* N sth 15th 25th of mo Dover Ma
• .N 'sth 15th 25th °film Dover Y 2
Papal States* ..
reninsuw.. M 7th 17th 27th of rno Southampt. Slay 26
▪ 17th of the month ;Southampt. May 5
Tuscany* . • • • N sth 1 th2sthofmo Do‘
West Indies M 17th of the month iSoutehranep.t. May 220
West Indies (except
Havanna & Nassau) M2d of the month ../Southarupt , May 5
* The mails to those countries thus marked (*) are couveyeel bs
French musket v,s Marseilles

Cia.troarma.—ltalls to and from Californil
au'e now davatehed and due by every Ameri(

la, via the United States
ican packet.

SHIP N E WS.
LIVERPOOL, APRIL 96.—Tht4 Loostank, from Piaco,
atri,e(l at Callao; the 01,i1a, hetice, ha, arrived at
JAmaica; the 1.4,,dy Anti. hence, has a-rtved at Nasliitt.
27. Arrived—lram, from Cuba; Liberty, from Lisbon;
Fleisa, from Stettin; FraLziska, from Dantzie. Off the
port, the barque A. R. Falai!. Sailed—Alcyon, for
Caen; Hannah, for BiAyrout; Navigator, for Hayti; Re-
liance, for Naples; Argo, for St. Pctersburgb; Male.bar,
for Calcutta.
GRAVESEND, APRIL W.N.W., light,
moderate.
Arrived—William Acleers Sir.glpo-c ; Atn,
from Dunkirk; American Eagle, from New York;
litz, from Hudson's Bay; Tartar, from the Mauritius;
Abeille and Beata, from raipol; Roo, from Daukirk;