The Sun.
London, England, 1869-12-04 00:00:00

THE NORTH EASTERN RAILWAY.

Yesterday the adjourned meeting of the share-
holders of the North Elstern Railway Company, to
consider the proposed causjli latiiu of the various
stocks of the company, was held at York. Mr.
11. S. Thomson, the chairman of the company,
presided.
The CHAIRMAN said, since the previous meeting
on the subject which had called them together, the
directors bad received a great number of letters
from shareholders, and one general tone per-
vaded the whole of those letters. They first
stated that, in the views of the writers, conso-
lidation would be a very good thing ; that they
highly approved of it and of the scheme in general
the directors had proposed ; but they were of opi-
nion that their particular section had been hardly
treated, and that they had not got as good
terms as they were entitled to. (Laughter.) A
considerable number of shareholders had expressed
dissatisfaction with the terms given to the Leeds
section. (Hear, hear.) The shareholders belong-
ing to the Leeds section had done so, but he sub-
mitted it would be to the benefit of the various
sections of shareholders to adopt the scheme of the
directors.

Dr. FROBISHER, of Leeds, expressed his convic-
tion that the time for consolidating the stocks of
the various sections of the company had not yet
arrived. The North Eastern was in a transition
state. It had only just got clear of the mania
which had existed with respect to branch lines,
and they had arrived at the period when all
railway boards wished to abandon branch lines.
He thought the North Eastern undertaking was a
very fine vessel, and that with such prosperous
gales, as they had lately met with it would become
the finest property in the kingdom, and he thought
a time was approaching when the consolidation of
the stocks would produce better terms for each sec-
tion, and be more honourable to each. (Laughter.)
He thought the Carlisle and Darlington sections
ought to be very well satisfied, and he thought the
York section was fairly dealt with, but with respect
to the Leeds section the most flagrant injustice had
been done. Whilst the directors performed an act
of grace to the Malton and Driffiald shareholders,
who expected none, he hoped they would perform
an act of justice to the Leeds shareholders by giving
them better terms.

Mr. GARNETT, of 0 tley, contended that the
Leeds shareholders would be iosers by the proposed
terms, and he moved that a few Leeds share-
holders be appointed a committee to confer with
the board, and endeavour to carry out an arrange-
ment fair and equitable to all the sections.
The motion was not seconded.
Several shareholders spoke in favour of the pro-
posed scheme, and
The CHAIRMAN stated thal; the proposal must
as a whole be either accepted or rejected. He
quoted statistics to show that the Leeds share-
holders had been very fairly dealt with. He also
pointed out many encouraging features in con-
nection with the company. In reference to
the reduction of passenger fares, he said some
years ago a pledge had been given to reduce
the fares. The alteration was begun, but fall-
ing on adverse times it was postponed. Being now
again prosperous, he felt that the alteration could
not longer be delayed, and they were making
calculations to begin the reduction on the Ist of
January next.

Mr. GARNLTT, of Utley, moved that the Proposi-
tion of the directors be accepted.
Dr. GREGSON, of Newcastle, seconded the
motion, which was carried with only one dis-
sentient.
A vote of thanks to the chairman terminated
the meeting.

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