The Sun.
London, England, 1867-05-30 00:00:00

MIDLAND.

A Wharncliffe meeting of this company was held
yesterday at Derby ; Mr. W. E. Hutchinson in the
chair. In consequence of the agitation which has
been going on in the course of the last month the
proceedings excited unusual interest, and the attend-
ance of shareholders was so large that an adjourn-
ment from the Railway Station to the Corn Ex-
change, in the town, was indispensable.
The CHAIRMAN said it had unfortunately hap-
pened that two of the bills intended to be brought
forward at this meeting were not ready, in conse-
sequence of a delay in the Parliamentary proceed-
ings ; he alluded to the Additional Powers Bill, and
the Glasgow and South- Western Amalgamation
Bill, lie then entered into explanations in refer-
ence to each line. The leasing clause in the
Tewkesbury and Malvern line would be withdrawn,
in order that any additional outlay might be avoided.
The bill relating to the Midland and South-Wes-
tern Junction Line was not ready, but it was a
very important project ; it would afford immense
facilities to this company for the interchange of
goods and mineral traffic. They were already under
obligations in connection with it to pay 51 per cent.
on the share capital, and 5 per cent. on the bor-
rowed-money. It was proposed that this should be
a perpetual 5 per cent. hereafter, so that by a pro-
posed arrangement there would be a saving to the
company of one-half per cent. ; and the
amount of additional capital to be laid
out would be reduced from £170,000 to
£70,000. Another of their schemes was to make,
in conjunction with the Loadonand North-Western
Railway, a line from Huddersfield to llalfax, &c.
That would be a ialtiable adjunct to the Midland,
but, in deference to the strong opinions expressed by.
tile shareholdersagainst any further outlay of money
that bill would be withdrawn. A fourth project con-
templated was for incorporating the Cheshire lines,
committal; in order to secure a better administra-
tion of affairs, and to make twoshortbranches. The
proposed additional capital was only £31,000, ex-
clusive of the borrowing powers ; but that part of
the bill authorising an additional outlay of capital
would be abandoned. (Applause.) A fifth bill in-
volved management with the Great Northern Com-
pany, and the raising of such additional capital for
improving the station at Lynn, which was in a dis-
graceful state; but the matter might stand over for
another year or two, so that clauses in the bill for
an increase of capital would be withdrawn. (Re-
newed applause.) The only other bill to which he
need direct attention was the construction of a little
line, two or three miles in length, to connect some
mills and works with the Midland system ; the
owners of the mills would make these lines at their
own expense, so that all the 3lidlaild Company would
have to do would be to work it. He then alluded, at
cor.siderable length, to the proposal to amalgamate
with the Glasgo.v and South-Western Company,
which had given rise to opposition on the part of the
shareholders and the public; he justified on every
ground the course proposed by the board ; as to the
terms (he said) that at the last half-yearly meeting
it was proposed they should be equal, but the Scotch
company had since proposed that in the event of at
. any t itne the div idend on the amalgamated lines being
less than 4 per cent., that if the traffic on the Glas-
gow andSouth-Wetern exceeded that amount, that
company should have a lien on it up to 4 per cent. ;
the aliered terms in that respect hhd been accepted.
Ile next entered into a very long historic. l resume
for the purpose of justifying the project for the
Settle and Carlisle Railway, which some now thought
ought to 123 abandoned. (Cries of " No.") lie took
it for granted they were not disposed to give up
that their share of the Scottish traffic, and he hoped