The Sun.
London, England, 1860-02-16 00:00:00

SEVERN VALLEY.

The half-yearly meeting of this company was
held yesterday at the offices, Victoria-street, West-
minster, Col. J. C. W. Forester, M.P. in the chair.
Mr. C. E. REED, the secretary, read the report,
which stated that the progress made by the con-
tractors with the works was satisfactory, and the
directors expressed a belief that the line would be
opened in the summer of 1861. During the autumn
of last year the Oxford, Worcester, and Wolver-
hampton Railway Company suggested the propriety
of an arrangement with this company of a more en-
during nature than that now existing, and in conse-
quence the directors consented to the introduction into
Parliament of a bill to carry out that object. The
directors had now under consideration an offer
from the Oxford, Worcester, and Wolverhampton
Companyforthat purpose. In 1859 certain gentle-
men connected with Tenbury carried successfully
through Parliament a bill for the construction of a
railway from the Wofferton station of the Shrews-
bury and Hereford Railway to Tenbury, and the
line thus sanctioned was now being constructed.
The same parties, aided by gentlemen resident be-
tween Bewdley and Tenbury, bad this year sub-
witted to Parliament a bill for a railway from the
Tenbury station to the Severn Valley Company's
line near Bewdley. The subscription to this new
undertaking was very considerable, and was taken
almost entirely by the residents in the district. The
option of dividing the company's shares into A's
and B's, which the proprietors sanctioned at their
last ordinary meeting, had not been generally ac-
cepted. The number of shares divided was 1,233
only. It was possible that this option might still
be desired by others of the proprietary, and the di-
rectors therefore suggested that the period within
which the option might be exercised should be ex-
tended. The report of Mr. J. Fowler, the engineer,
stated that the contractors were in possession of
land for upwards of 341 miles in length of the line,
and notwithstanding the long continuance of wet
weather, which had caused numerous slips of the
ground and otherwise retarded the works, no time
had been lost which could be avoided. The heaviest
works being between Hartlebury and Bridgenorth,
incessant efforts bad been made to urge them for-
ward as fast as possible, and upwards of 9 miles
were already fenne3 for the permanent way. Be-
tween Bridgenorth and Shrewsbury the earthworks
were of a lighter character ; but the larger cuttings
had been proceeded with,and considerable progress
had been made. The permanent way was laid and
ballasted for five miles, and large quantities of rails,
sleepers, and fastenings were on the ground or in
course of delivery. The Much IVenlock line would
be proceeded with, so as to be opened simultane-
ou-ly with the company's main line to Shrewsbury.
The capital account to the 31st December showed
that £229,225 had been received, and £226,223 ex-
pended, leaving a balance of £3,002.
The CLEAIRMAN having moved the adoption of
the report,

Sir T. lir. txxiswroN, M.P., said the shareholders
at the other end of the line were anxious to know
the object •-of the Amalgamation Bill. They were
all in the dark as to the terms the Oxford, Wor-
cester, and Wolverhampton Company proposed to
give them for the lease of their line. Some of the
shareholders thought they should try the working
arrangement first before leasing the line.
Mr. J. PARSON, a director, stated that negotia-
tions between the two companies were now pending
respecting the new terms, The existing arrange-
ment was, that the Oxford Company were to work

and itaintain the line for 50 per cent. of the re•
ceipts, and, in addition to the other 50 per cent.,
they were to give them 10 per cant. of the receipts
of traffic from the Severn Valley line passing over
the Oxford, Worcester, and Wolverhampton line.
The suggestion was now that the Oxford Company
should hand over to the Severn Valley Company 55
per cent. of the receipts on their line, keeping the
45 per cent. to pay for working, maintaining, and
renewing the Severn Valley line for the extended
period under the proposed lease. Another sugges-
tion was that the Severn Valley debentures should
be taken at 4 per cent., being the average amount
paid by the Oxford and Wolverhampton Company.
Mr. Brassey had the power to take them at 5
per cent. per annum. The Oxford Company
were to undertake the transfer and other business
of the Severn Valley Company. These were the
material points under discussion. The traffic would
be worked under the direction of a joint committee
over the shortest route. They had already ex-
pended £263,000, and it was expected that the cost
of the land would not exceed the estimate.
Mr. W. REED, a director, explained that it was
right Ow should have some additional advantage
for leasing their line for the long term of 999 years.
Resolutions were passed adopting the report, re-
electing Mr. J. Parson and Mr. Chowne, the retir-
ing directors; and also Mr. W. Phillips, the retir-
ing auditor.
The meeting thex separated.