The Sun.
London, England, 1867-06-05 00:00:00

MIDLAND.

Yesterday an adjourned IN'harncliffe meeting of
this company was held at Derby ; Mr. W. E. Hut-
chinson in the chair. The principal object was to
obtain the sanction of the shareholders to the bill
for the amalgamation of the Glasgow and South-
Western Railway with this company.
The CHAIRMAN said the first bill the provisions of
which he had to bring under their notice was one
for enabling the Midland Railway Company to con-
struct new railways and works, &c. He had pro-
mised them at the last meeting that the amount of
new capital should be reduced to as narrow a limit
as possible. The proposed new, capital had been
reduced from £170,000 to £75,000, and the new
borrowing powers had been cut down from
£56,000 to £25,000, so that really the new capital
was about £lOO,OOO, instead of £226,000. The new
outlay was for the purchase of additional land, the
construction of small branches, chiefly mineral, &e.,
and it enabled them to lease the Midland and South-
Western Junction line, &c. The bill for leasing the
Tewkesbury and Malvern line had been abandoned.
There was also a clause in the bill enabling the
company to provide a superannuation fund for the
principal officers of the company. He explained
that this clause was similar to that the pro-
visions of which were already in operation on
the London and North-Western and other railway
companies. He moved a tormal resolution, approv-
ing the bill authorising these " additional powers."
Mr. PRICE, M.P., seconded the resolution, which
was carried, on a show of h :nds, with all but four
or five dissentients. Ultimately these were with-
drawn, and the motion was carried unanimously.
The CHAIRMAN said the next bill he had to sub-
mit was for the amalgamation of the Glasgow and
South-Western line with this company. (Applause.)
Having so recently explained the reasons which had
induced the directors to submit this matter for their
consideration, there was necessity for again entering
into it at length. One of the clauses of the bill pro-
vided that if the amalgamation took place the title
of the company should henceforth be known as the
Midland and Scottish Railway Company. The
number of the directors, now 15, would be raised to
20, five members being added from the Glasgow
and South-Western Board, but power would be
taken to again reduce the number to 15 if that
should be thought advisable. A committee of
management would be appointed in Glasgow ; this
would be composed of men possessing great influ-
ence, and who would have interest enough to get
traffic for long distances sent over their lines south
of Carlisle. He explained that under the amalga-
mation the dividend of the two companies would be
of equal amount, except that in the event of the divi-
dend on the amalgamated lines falling below 4 per
cent. ; if the earnings of the Glasgow and South-
Western exceeded it, that p trt of the undertaking
was to have a Hen on it up t) that amount, but that
lien was in no respect whatever a guarantee as ha l
been said, and practically this company hal conceded
nothing in that tuatter. With rezpeet to the capital
of the Glasgow and South-Western Company it
would not exceed £7,800,000, of which £1,700,000
had been borrowed at a little over 4 per cent. Great
advantages could not fail to result from the proposed
amalgamation. The more the amalgamation had been
canvassed, the more favour it had received. Many
shareholders once opposed had now sent in their adhe-
sion to the board, and he entreated the proprietary
to put this, the top stone, on the edifice which had
been built up at so much cost. With respect to
the construction of the Settle and Carlisle line they
were willing to take as great an extension of time
as Parliament would grant ; but in law, in honour,
and in self-interest they were bound to construct it.
(Applause.)
Mr. Browne, the secretary, having read the heads
of the bill, ,

The CHAIRMAN moved the formal resolution ap-
proving the bill for the amalgamation of the Wag-
gon- and South-Western with the Midland Company.
Mr. PRICE, M.P., seconded the resolution.
Mr. GEE, of Nottingham, supported the amalga-
mation.

A long and animated discussion ensued, in which
'Mr. Sheppard, Mr. Brooks (representing the Man-
chester Shareholders' Association), Dr. O'Brien, Dr.
Ilall, Mr. Gainsford, Mr. Garnett, and other share-
holders took part.

The CHAIR3ILN replied at some length.
A SHAREHOLDER moved the adjournment of the
meeting until Thursday, the 13th inst.
A scene of much excitement ensued.

Mr. aut-rEn, the co:npany's solicitor, having
been appealed to, said the motion for an adjourn-
►nent might be put ; and, this having been done, it
was carried by au immense majority.
The meeting then adjourned till the 13th, when,
in all probability, the vote on the question of amal-
gamation with the Scotch line will be taken.