The Sun.
London, England, 1866-06-07 00:00:00

Railway and Other Companies.

LONDON AND NORTH-WESTERN.
The adjourned Wharncliffe meeting of this com-
pany was held yesterday at Euston station ; Mr. R.
Moon in the chair.
Mr. Reay, the secretary, having read the notice of
adjournment,
The CHAIRMAN said the first bill he had to submit
was for making a railway from the Merthyr, Tre-
degar, and Abergavenny Railway, near the Bryn-
mawr station thereof to Blaenavon.
The Solicitor read the heads of the bill, which
authorised the London and North-Western Railway
Company to subscribe £25,000 for making a branch
to the ironworks and to enter into working and
traffic arrangements.
A formal resolution approving the bill was car-
ried unanimously.
The CHAIRMAN moved a formal resolution ap-
proving a bill for authorising arrangements between
the North-Western and C harin g- cross Rail way Com-
pany, and the London and North-Western Railway
Company, and the South-Eastern Railway Com-
pany, and for other purposes.
Mr. BROWN-WESTHEAD seconded the motion.
The Solicitor read the heads of the bill, which
conferred powers of working and using the line
w hen completed on the London and North-Western
and on the South-Eastern Railway Companies, and
it provided that if, in any year, there should be a
deficiency in the net receipts, the two latter compa-
nies should subscribe a sufficient sum to make up
the net receipts to £40,000 ; and in case there
should be any further deficiency it must be made up
by the London and North-Western Railway Com-
pany.
The CHAIRMAN said it was very desirable that
there should be a railway communication between
the London and North-Western system of lines
and those of the South-Eastern Railway Company.
They believed that it would be of great importance
to both companies. They guaranteed between them
that the net receipts should be £40,000 a year, and
it appeared that other parties would be willing to
find the money for the construction of the line.
Looking at the traffic on metropolitan lines it was
probable the railway would pay its own way and be '
a SUM'S&

The Solicitor, ix reply to questions by Mr. C.
BELL, stated that there were no other agreements
between the companies than those mentioned in the
bill. The share capital authorised was £990,000,
and the borrowing powers were £330,000. The two
companies were to subscribe sums not exceeding
£20,000, each to make up the guarantee of £40,000
a year. There was no engineering difficulty in the
construction of the line, and it was believed that
the estimates for lands and works were sufficient.
The Secretary read the agreement between thh.
e
two companies, from which it appeared that
shares of the new company were to be offered in
the
first instance to the shareholders, of the South-
Eastern and London and N orth-IN extern Railway

Companies.
A formal resolution approving the bill was car-
ried unanimously.
The meeting was then made special, to consider
the propriety of raising £1,118,000 by the issue of
ordinary stock in the company to that amount rate-
able among the shareholders. The new capital was
required for the purpose of carrying out the powers
of acts passed in 1865—viz., £BO,OOO for the Lon-
don and North-Western (additional powers, Eng-
land) Act, 1865; £lOO,OOO for the London and
North-Western (additional powers, Wales) Act,
1865 ; .100,000 for the Leeds New Station Act,
1865 ; £BO,OOO for the Lancashire Union Railway
Act, 1865 ; £B,OOO for the Preston and Wyre Rail-
way Act, 1865; and £30,000 for the Wrexham
and Minera Railway Act, 1865.
The CHAIRMAN said there had been some mis-
apprehension kr respect to the issue of the stock.
The shareholders have the option of paying
up the money on the 30th inst. or any time between
that date and the Ist of August. A circular would
be issued to the shareholders on the 14th inst. stat-
ing the terms. The concern was in first-rate con-
dition, and there was nothing whatever to affect the
value of their stock. The fires that had recently
taken place at Liverpool were fully covered by the
insurance fund, and the directors would take care
that the new capital should be expended on produc-
tive works that would yield as good a dividend as
they were now paying. lie concluded by moving a
formal resolution authorising the directors to raise
11,118,000, as they might deem most expedient for
the interests of the company.
Mr. BROWN-WESTITEAD seconded the motion,
which, after a short discussion, was unanimously
carried, and the proceedings terminated.