The Sun.
London, England, 1858-09-15 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, SEPTEMBER 16, 1858.

AILYrA Y INTELLIGENCE,

GEELONG AND MELBOURNE.
A meeting of English shareholders in this com-
pany was held yesterday at the office of Messrs.
Goodwin and Co.,Lancaster-place, Waterloo-bridge,
to consider the report and accounts of the directors,
and to determine on some course of co-operation with
the directors for the furtherance of their common
interests—Mr. Alderman Salomons in the chair.
The CHAIRMAN stated that it was by the desire
of the committee of shareholders that he had taken
the chair on that occasion. Before they entered on
the business of the day he thought it as well to al-
lude to the position of the company. In 1853 a line
from Geelong to Melbourne was projected for the
purpose of increasing facilities to the harbour of
Port Philip, and it was from that line that all others
to the interior were to emanate. When the line was
about to be constructed the Melbourne and Mount
Alexander Railway was projected, and it was ar-
ranged that the Geelong and Melbourne Railway
should be made from Geelong to Williamstown, and
that the Melbourne and Mount Alexander Company.
should make the portion of the line between Mel-
bourne and Williamstown. This was done with a
view to economise labour and capital, and it was not
an uncommon thing for a railway company to make
one portion of a line and another company to make
another portion. The Melbourne and Mount Alex-
ander Company, however, were unable to fulfil their
engagements, and the line fell into the hands of the
Government. The line from Geelong to Williams-
town was completed last year, but Government had
not yet finished the line from Williamstown to Mel-
bourne as the representatives of the Mount Alexan-
der Company. It was still in an incomplete state,
but it was stated that the line from Melbourne to

Williamstown would be completed in Nov. next ;
but the directors of their company said it would not
be ready for opening until next year. It was in con-
sequence • of the connecting line, seven miles in
length, from Williamstown to Melbourne, not being
completed by the Government that their difficulties
had originated. If that had been completed the
communication would have been continuous between
Melbourne and Geelong instead of being broken off
at Williamstown, where there was no convenience
for goods traffic, and consequently the revenue of
the line had fallen considerably short of what it
would have been had the remaining portion of the
line been completed to Melbourne. Under these
circumstances the receipts did not do much more
than pay the working expenses. It was true the
Government had guaranteed them 5 per cent. per
annum on their share capital for a certain number
of years, so that on entering into the undertaking
they felt sure,that if they were not rewarded with
the large traffic between Melbourne and Geelong,
at all events they would have been safe in having
5 per cent. on their capital. Owing to the delay
and slackness on the part of the Government in
completing their portion of the line the net traffic
was not sufficient to pay the interest on the borrowed
money. Negotiations with Government had been
entered into by the directors in Nov. or Dec. last,
for the sale and transfer of the line, and they had
been so far brought to a successful issue • but the
arrangement had never been completely d;aughted,
but was agreed to as far as an understanding could
have settled it. When they had arrived at that
point the Government was changed, and the illness
of one of the principal men had tended still further
to delay a final settlement with the authorities. In
the meantime the debts of the company had in-
creased and brought the directors into sonic diffi-
culty. They could not allow less time than five
months for sending out their consent to the terms
and the acceptance of them by the Government.
They
.had stated that they. were inclined to sell
their interest in the railway to the Government of
Victoria for six per cent. debentures at par, and he
thought it a very moderate sum, the Government
assuming the other liabilities of the company. That
was the arrangement with the late Government.
The question was, what course was best to pursue
—whether to renew negotiations, to try some new
scheme, or to wait and see the issue of the under-
taking. He had read all the correspondence that
had taken place between the directors and the Go-
vernment, and he thought some of the objections
taken by the new Government were reasonable to
men of business. A demand by the directors of
£50,000 for loss of traffic from the non-completion
of the line, to Melbourne was looked upon as an
addition to the terms agreed upon in December
last, and required some explanation. He had seen
nothing in the documents on the part of the Go-
vernment that any one could find fault
,with except
thoir trying to rim a hard bargain with the com-
pany. There was nothing that could be construed
as affecting the honour of the Victoria Government.
He thought that some of their objections were fair
and could be met ; but until they knew what the
Government would do they could not do more at
present than express their opinions on what had
been done. The committee had acted in accordance
with the desire of the shareholders, and had helped
Mr. Cooke in carrying out their views. He (the
chairman) had written to gentlemen in the colony
connected with the Government, with a view to
forward a settlement of their affairs and prevent
unnecessary haggling. He had the fullest con-
fidence in the Government of Victoria, and
when they, saw that the line was offered to
them at prime cost he was quite sure they would
agree to the terms. The committee had drawn
up some resolutions, which he would submit for
the approval of the shareholders ; they had been
agreed to by Mr. Potter and himself, and, he be-
lieved, by other members of the committee. He
then read two very long resolutions for the ap-
proval of the meeting. The first expressed every
desire on the part of the English shareholders to
acknowledge the efforts of their fellow-shareholders
upon the colonial registrar, and to co-operate with
them in restorinc, the undertaking to a condition
of prosperity ; and stated that it would be impos-
sible to obtain from the general body of the share-
holders a pro rata subscription of additional capital
without a legal and satisfactory guarantee, inas-
much as the existing capital was taken up for trust
purposes on the faith of the Government guarantee.
The second resolution related to the terms offered
for the sale and transfer of the land.
After some observations, the first resolution was
carried unanimously.
Mr. DYNE proposed the second resolution, which
related to the sale of the line for 6 per cent. deben-
ture bonds, having 26 years to run, in lieu of the
scrip which was' guaranteed 5 per cent. by the
Government. It explained that since the terms
had been announced shares had been sold and
bought on the faith of the Victoria Government
carrying out the arrangement with the company as
agreed upon between the directors and the members
of the late Government.
Mr. CHILDERS, a member of the late Government,
at the request of the chairman, entered into some
explanations with reference to the sale of the line
to tke Government, and in doing so showed that
the directors in the colony had not taken proper
measures to satisfy the new Government as to their
power and authority to treat with them for the sale
and transfer of the line. Resolutions had been passed
at meetings in Melbourne, but were not confirmed at
subsequent meetings. A demand for £50,000 had been ,
made as damages to the traffic on account of the
line to Melbourne not being opened for traffic, and
also'an additional claim of £20,000 had been made
on the Government. On all those occasions the
Government were not allowed sufficient time to
reply to the director,,,, and it was necessary to have
more than three days to consider an important
question. He thought the directors had not con-
ducted the matter as men of business would ; and it
was well known in the colony that one or two
directors were opposed to the sale of the line.
The CHAIRMAN said they were much obliged to
Mr. Childers for the useful information he had given
them, having but recently arrived from the colony.
The Government had a right to complain that they
had not received the assent of the English share-
holders. With regard to some observations that
had been made as to the advantage of exchanging
their 5 per cent. guarantee for Victoria Govern-
ment debentures of 5 per cent. having 25 years to
run, it was right to mention that the lines to the
interior recently contracted for by the Government
were to cost from £30,000 to £40,000 a mile, while
the Geelong and Melbourne line, with liabilities to
the Ist January last, would not exceed £20,000 a-
mile, besides having a large quantity of,unoccupied
land near the line and station of Geelong, which
would become very vahiable. They were giving
up a line that would pnibably produce from 10 to
15 per cent., when completed to Melbourne, for
bonds of 6 per cent. The advantage appeared, there-
fore, to be on the side of the Government.
The' second resolution, subject to some modifica-
tions, was then carried unanimously.
A discussion then ensued on a proposal by the
directors at the late meeting in Melbourne to appro-
priate the interest guaranteed to the shareholders
by the Government to the payment of the interest
due on the bonds of the company. It was shown
that the directors had no power to appropriate the
guaranteed interest of 5 per cent. to that purpose,
and a resolution- was passed on the part of the
English shareholders protesting against such an
appropriation of their rights.
The committee was re-appointed, and Mr. Cooke,
aon s or a
presiding N.ot
the company's agent in England, was requested to
e
co-operate with the committee. After other formal
resolutions,ion of
concludedthank
thanks to
thAel.i p..roAcledeedninngasn
s.

committee then resolved that a surveyor should at
once be employed to survey the route of the pro-
posed line, prepare plans, and make an estimate of
the cost of construction. The sub-committee ap-
pointed to collect subscriptions to defray prelimi-
nary expenses were requested to continue their
labours.

together, . and the subsequent rebound would
test the weakest coupling. In my opinion if the
guard Er th-eliintier-part of the train had applied
his break there.would have been no accident.
The inquest was adjourned at half-past 7 o'clock
until Thursday next.

THE CATASTROPHE AT THE SURREY
MUSIC HALL, SHEFFIELD.

There were 3,000 to 4,000 persons in -Ulf hall,
and Madame Marietta was singing, when a pistol
was fired in one of the galleries. There was a cry
of alarm ; the vocalists ran shrieking from the
stage ; and the audience rushed panic-stricken to
the staircase. Mr. Youdan, the proprietor, came
on the stage, and succeeded in quieting the audience,
who gradually returned to their scats. The per-
formance was about to recommence, when an alarm
of fire was raised, causing a terrific rush" to the
staircase, climbing down the pillars into the pit,
and across the stage. All escaped safe from the
pit, boxes, and upper gallery. In rushing from the
lower gallery, one young man fell ; others fell over
him, and the staircase was blocked up. Three
young men and one young woman were taken up
dead, and two others were severely ,injured.
Another man was killed by jumping from a window.
In the fright women were seen dropping children
into the street, and themselves jumping after.
Upon inquiry at the Infirmary, we learn that the
two men taken there, and who are both suffering
from contusion of the brain, have recovered sensi-
bility, and are likely to live. Neither of them,
however, is yet in a state to give any particulars as
to Vow they received injury.. One of them is
Thomas Harrison, aged 20, grinder, Allan-street;
the other is Thorpe Harrison, aged 16, butcher's
assistant, South-street, Park.
The following is a complete list of the persons
killed, and lying at the Surrey Music Hall :—John
Wrigley, Attercliffe-road ; Thomas Morton, aged
18 years, krinder, Spring Wood, Hampden View ;
Philip Childs, grinder, aged 17, Broad-lane ; Al-
fred Day, grinder, Fitzwilliam-street ; Ellen Staley,
Gaol-street, Sheffield-moor.—Manchester Examiner
of yesterday.