The Sun.
London, England, 1850-11-29 00:00:00

THE SUN, LONDON, FRIDAY EVENING, NOVEMBER 29, 1850.

12,18

355

10,813

1,886

10,049

16,447

38,375

29,789

20,715
2,815

14,820

28,346
36,621

8,858

6,375
16,685
79,209

10,479

- .
6,767

4,898

5,199

8,48

1,275

JOINT-STOCK BANKS.
Bank of Westmoreland, Kendal
Barnsley Banking Company, Barnsley
Bradford Banking Company, Bradford 48,552
Bilston District Banking Company, Wolver-
hampton
Bank of Whitehaven, Whitehaven
Bradford Commercial Banking Company, Brad-
ford . 20,221
Burton, Uttoxeter, and Staffordshire Union
Banking Company, Burton-upon-Trent
Chesterfield and North Derbyshire Banking
Company, Chesterfield
Cumberland Union Banking Company, Work-
ington
Cheltenham and Gloucestershire Banking Com-
pany, Cheltenham
Coventry and Warwickshire Banking Company
Coventry . 19,256
Coventry Union Banking Company, Coventry.. 10,330
County of Gloucester Banking Company, Chel-
tenham ...
Carlisle and Cumberland Banking Company
Carlisle
Carlisle City and District Bank, Carlisle 21,061
Dudley and West Bromwich Banking Company,
Dudley
Derby and Derbyshire Banking Company, Derby 16,502
Darlington District Joint-Stock Banking Com-
pany, Darlington 16,438
• _, 41 - . .

9,394

East of England Bank, Norwich
Gloucestershire Banking Company, Gloucester 130,816
Halifax Joint-Stock Bank, Halifax
Huddersfield Banking Company, Huddersfield 37,810
Hull Banking Company, Hull . 23,725
Halifax Commercial Banking Company, Ha-
lifax
Halifax and Huddersfield Union Banking Com-
pany, Halifax
Helston Banking Company, Helston 1,372
Herefordshire Banking Company, Hereford 21,780
Knaresborough and Claro Banking Company,
Knaresborough .
Kingsbridge Joint-Stock Bank, Kingsbridge
Lancaster Banking Company, Lancaster . 53,490
Leeds Banking Company, Leeds
Leicestershire Banking Company, Leicester
Lincoln and Lindsey Banking Company, Lincoln 47,532
Leamington Priors and Warwickshire Banking
Company, Leamington Priors
Ludlow and Tenbury Bank, Ludlow 9,618
Moore and Robinson's Nottinghamshire Bank-
ing Company, Nottingham... 31,138
Nottingham and Nottinghamshire Banking
Company, Nottingham
Newcastle, Shields, and Sunderland Union Joint-
Stock Banking Company, Newcastle 1,270
Natioaal Provincial Bank of England, Birming-
ham, Head-office, 112, Bishopsgate-street,
London
North Wilts Banking Company, Melksham ..... 42,929
Northamptonshire Union Bank, Northampton., 60,446
Northamptonshire Banking Company, North-
ampton
19,520
North and South Wales Bank, Liverpool 28,480
Pares's Leicestershire Banking Company, Lei-
cester
41,045
Saddleworth Banking Compan, Saddleworth 2,563
Sheffield Banking Company, 5heffie1d........... 35,001
Stamford, Spalding, and Boston Banking Corn-
pany, Stamford. 51,484
Stuckey's Banking Company, Bristol Somerset-
shire Bank, and Somersetshire Bank, Lang-
port 279,800
Shropshire Banking Company, Shiffnall
Stourbridge and Kidderminster Banking Com-
pany, Stourbridge
Sheffield and Hallamshire Banking Company,
Sheffield
Sheffield and Rotherham Joint-Stock Banking
Company, Sh..niold
Swaledale and Wensleydale Banking Company,
Richmond ...
Storey and Thomas's Banking Company
Shaftesbury
Sheffield and Retferd Bank, Sheffield
Wolverhampton and Staffordshire Banking Com -
pany, Wolverhampton 33,689
Wakefield and Barnsley Union Bank, Wakefield 13,140
Whitehaven Joint-Stock Banking Comp tny,
Whitehaven
Warwick and Letanir.lgton Banking Company,
Warwick
West of Englane, and South %Vales District 26,432
Bank. Bristol . .....
................
74,914
Wilts and Dorset Banking Company, Salisbury 68,407
West Riding Union Banking Company, Uud-
dersfield " ........... ......... 32,239
Whitchurch and Ellesmere Banking Company,
Whitchurch .
Worcester City and County Banking Cmpany,
Worcester , ..
......... 5,062
York Union Banking Company,
Lee Y0rk..........,
89,436
. 69,443
York City and County Rankin '' Company, York
Yorkshire Banking Company, ........... 119,739
P. DEANS, Registrar of Bank Rhm,.
Inland Revenue, SoniersHouse, Nov. 23, 1840.

9,862

Average Amount.
Pease s Old Bank, Hull, the Hull Old Bank and
Beverley Bank, Hull—Pease and Co 40,273
Penzanec Bank, Penzance—Batten and Co 11,17'
Pezerborough Bank and Oundle Bank. Peter-
borough—MPrs. Yorke
Peterborough Bank, Peterborough—Simpson
and White
Pemorokeshire Bank, Haverfordwest—J. and
W. Walters
Penzance Union Bank, Falmouth Bank, and
Truro Bank, Penzance—Rickets, Enthoven.

.... 6 57 6

and Co
Reading Bank, Reading—Simonds and Co 24,990
Reading Bank, Reading—Stephens,Blandy, and
Co 26,202
Richmond Bank, Richmond—Maxwell and Co 4,851
Ringwood and Poole Bank, and Town and
County of Poole Bank, Ringwood. Ledgard
and Sons
Rochdale Bank, Rochdale—Clement, Royds,
and Co 5,310
Rochester, Chatham, and Strood Bank Roches-
ter—Day and Nicholson 6,929
Royston Bank, Royston—Fordham and Sons... 8,691
Rugby Bank, Rugby—Butlin and Son 10,335
Rye Bank, Rye—Pomfret and Co.
Reigate and Darking Bank, and Reigate, Croy-
don, and Darking Bank, Reigate—Nash and
Co ..
Ross Old Bank, Herefordshire, Ross—Pritchard
and Allaway
Saffron Walden and North Essex Bank, Saffron
Walden—Messrs. Gibson
Salop Bank, Shrewsbury—Burton, Lloyd, and
Co
Scarborough Old Bank, Scarborough—Woodall
and Co. 24,125
Shrewsbury Old Bank, and Shrewsbury and
Ludlow Bank, Shrewsbury—Rocke, Eytons,
and Co . 32,212
Sittingbourne and Milton Bank, Sittingbourne
—Valiance and Son
Southampton Town and County Bank, South-
ampton—Maddison and Pearce 11,012
Southwell Bank, Southwell—Wylde and Co.
Salisbury Bank, Salisbury—Messrs. Brodie
Shaftesbury Bank, Shaftesbury— Brodie and
King
Southampton and Hampshire Bank, Sonthamp-
ton—Atherly and Fall . 3,111
Stone Bank, Stone—W. Moore 1,348
Stourbridge Bank, Stourbridge —Rufford,
Wragg, and Co
Stafford Old Bank, Stafford—Stevenson and Co 10,728
Stamford and Rutland Bank, Stamford—Eaton,
Cayley, and Co.
Stourbridge Old Bank, Stourbridge—Bate and
Robins
Shrewsbury and Welshpool Bank, Shrewsbury
—Beck, Downward, and Co.
St. Alban's and Herts Bank, St. Alban's—Gib-

10,879

2,976

son and Stuart
Taunton Bank, Taunton—Messrs. Badcock 21,815
Tavistock Bank, Tavistock—Gill, Rundle, and
Co 9,73
Thornbury Bank, Thornbury—Rolph, Yates, and
Parslow
Tiverton and Devonshire Bank, Tiverton—Duns-
ford and Barne ......
Thrapston and Kettering Bank, Northampton-
shire, Thrapston—Yorke and Eland 10,060
Tring Bank and Chesham Bank, Tring—But-
cher and Son
Towcester Old Bank, Towcester—J. and S
Percival
Union Bank, Cornwall, Helston—Vivian and
Co.
Uxbridge Old Bank, Uxbridge—Hull, Smith,
and Co.
Wallingford Bank, Wallingford—Allnatt &Co 6,790
Warwick and Warwickshire Bank, Warwick—
Greenway and Co.
Wellington Somerset Bauk, Wellington—Fox
Brothers
West Riding Bank, Wakefield, and Pontefract
Bank, Wakefield—Leatham, Tew, and Co.
Whitby Old Bank, Whitby—Simpson, Chap-
man, and Co 12,910
Winchester, Airesford, and Alton Bank, Win-
chester—Bulpett and Co.
Winchester and Hampshire Bank, Winchester
—Wickham and Co
Weymouth Old Bank and Dorchester Bang,
Weymouth—Elliott and Pearse
Wirkes worth and Ashbourne Derbyshire Bank,
Wirkesworth—Arkwright and Co.
Wisbech and Lincolnshire Bank, Wisbech—
Gurney and Co. ...
WiveliscGmbe Bank, Wiveliscombe—P. and. W
Hancock .. . 7,297
Wolverhampton Bank, Wolverhampton—Good•
ricke and Holy oake.
Worcester Bank, Worcester—Farley, Lavender,
and Co.
Worcester Old Bank and Tewkesbury Old Bank,
Worcester—Berwick, Lechmere, and Co 72,485
Worcestershire Bank, Kidderminster—Farley
and Turner
Walsall Old Bank, Walsall—CharlesFoster and
Sons ...
Warminster and Wiltshire Bank, Warminster—
Everett and Co.
Wolverhampton Bank, Wolverhampton—
Messrs. Fryer
Yarmouth and Suffolk Bank, and Haleswortla
and Suffolk Bank, Yarmouth—Gurney,
Birkbeck, and Co.
Yarmouth, Norfolk, and Suffolk Bank, Great
Yarmouth—Sir E. K. Lacon, Bart., and Co 9,927
Yeovil Old Bank, Yeovil—E. and J. Batten
York Bank. York—Swann, Clough. and Co 40,780

6,139

7,579

ITALY.

OPENING OF THE SARDINIAN CHAMBERS.
THE SPEECH FROM THE THRONE.

The Chambers of Turin were opened on the 23J,
by the King in person. His Majesty read the fol-
lowing speech :
" Signori Senatori, Signori Deputati,—On the open-
ing of the late session I addressed to you words of
cmfidance and hope. Your acts have sully justified
them, and I feel the greatest satisfaction in acknow-
ledging the fact on this solemn occasion. The edi-
fice of our institutions is already rising on the
groundwork laid by my august father, and receiving
daily strength from the wisdom and prudence of my Par-
liament and the confiding tranquillity of the peole of the
state. Organizing a state on the basis of that degree
of liberty which solely rests upon just laws, impar-
tially applied and universally obeyed, has at all
times been considered an undertaking most worthy
of human virtue. Let us continue this great
work, and let the Italian soil give the noble
example of a people who, surrounded on all sides by
destruction, had the courage and wisdom to construct.
For this purpose we must above all strive to introduce
order in our finances. The increasing prosperity of the
country offers us the most efficacious means for that pur-
pose, and the tried readiness of the Piedmontese people
to make sacrifices called for by circumstances will render
the task still easier.

" Let me particularly call your attention to the laws
which my Ministers w►ll propose to you with that view,
as also to those which relate to the improvement of the
various civil as well as military administrations. I
trust that the commercial treaties, lately concluded, or
shortly to be so, with some nations, and the changes
which will be introduced in the economical laws, will
give our commerce greater extension and an increase of
profit.

" The friendly and pacific relations between my Go-
vernment and foreign States have not suffered any
variation. The efforts of my Government have not
succeeded hitherto in overcoming the difficulties which
have arisen with the Court of Rome, in consequence
of certain laws which the powers of the State
could not refuse to introduce in the new political and
Legal organization of the country. The rule of our con-
duct has constantly been the respect we all profess for
the Holy Sae, in conjunction with a firm resolution to
uphold the inaependence of our legislation. Faithful to
our duties, and persevering in the exercise of our rights,
wo hope that time and the happy influence of religion
and civilization, will enable us to establish that harmony
which is one of the first wants of the social state.
" The Princes of my family have !sought no other
riches save the esteem and the love of the people ; yon
have undertaken to prove that their conduct was not so
much a noble abnegation as a just and well-merited
confidence. This new proof of your confidence, added to
the ecmplete and unanimous devotedness which has en-
abled you to support the weight of a long session, is, in
my eyes, a certain pledge of the good understanding
existing between the powers of the State. Strong, be-
cause united, we shall traverse without obstacles the
serious difficulties of the present period, and attain that
tutelar and honourable stability which can only result
fro❑a the confidence of the people, founded on the good
faith of the Sovereign and the probity of the Govern-
ment."

This speech was received with loud cheers from
the Chambers and the public who had been admitted.
The passage relating to the affair of Rome was parti-
cularly applauded. The Minister of the Interior then
declared the session of 1851 to be opened. On leav-
ing the Parliament, the King reviewed the National
Guard of Turin.

GREAT WESTERN RAILWAY.

SPECIAL GENERAL MEETING.

A special general meeting of the proprietors of the
Great Western Railway Company was held at the com-
pany's offices, at the Paddington Station, at one o'clock
s!erday, for the purpose of considering and, if approved
oe, authorising and sanctioning, and confirming, and di-
recting the corporate seal of the company to be affixed
to an agreement for a lease from the South Wales Rail-
way Company to this company of the due of railway
between Grange-court and Swansea, with the line to the
shipping port at Swansea, and the Bulb Pill Railway and
the Line of Junction of the same with the South Wales
Railway, which agreement had been prepared upon terms
and conditions conditionally arranged and settled between
the directors of both companies; and also for the purpose
cf considering and, if approved of, authorising and sanc-
tioning, and confirming, and directing the corporate seal
of the company to be affixed to deeds of mutual release
between the two companies, whereby the heads of agree-
ment between the two companies, dated 21st of October,
1846, and all other agreements and arrangements what-
ever between the two companies are determined and put
an end to, and which deeds of release have also been
prepared.
CHARLES RUSSELL, Esq., the Chairman of the Com-
pany, presided.
Mr. SAUNDERS, the Secretary, at his request, having
read the advertisement calling the meeting,
The CHAIRMAN said the directors had convened the
meeting to-day for the purpose of considering, and if
they should approve it, of adopting the agreement into
which the directors of the Great Western Railway Com-
pany had entered with the directors of the South Wales
Railway Company, which they hoped would have the
effect of placing the relations between the two companies
on a more friendly and settled footing than they had
been for the last two or three years.—(Hear, hear.)
The heads of the agreement had been for
ume days in the hands of the proprietors. He had no
doubt they had made themselves fully acquainted with
their contents; and it would only be necessary for him
to draw their attention to a few of its leading conditions.
The principles of that agreement were the same as those
which the directors of the Great Western Railway had
always maintained ought to form the basis of the pre-
sent agreement between the Great Western and the
South Wales Railway Company. Those principles
were first that the Great Western Railway should
work the South
.Wales line at its actual cost,
without seeking any benefit whatever for
themselves for so working it. The next was, that
after providing for the working expenses, all the sur-
plus profits should be regarded as the property of the
Soath Wales Company ; and thirdly, that the directors
of the Great Western should give them such a gua-
rantee as should afford to them a certain fixed annual
income, to enable them to raise whatever capital they
might require, on the most advantageous terms at which
it could be procured in the market. Those were the
principles which had governed the directors in the pro-
posal made by the Great Western Railway Company to
the South Wales Railway Company. The directors of
the Great Western, on their part, admitted that these
were just and equitable conditions; and he did not
think the directors of the South Wales Company
could reasonably object to them, since, whilst they
left to the directors of the South Wales the
whole benefit of their own line, they gave to them
many other advantages and facilities, and the Great
Western Company obtained nothing but that benefit
which would result from a friendly and uniform work-
ing of the two lines in immediate connexion with each
other. The difficulty, however, did not consist so much
in determining on the principles as in fixing on the details,
by which effect could be given to those principles in a
manner which would be satisfactory to both parties. That
object the directors of the Great Western had attempted
to accomplish in the present egreement. The means
were somewhat new, but practica men would see that
they were practicable; and if so, they would unquestion-
ably assist the Great Western Company in surmounting
very considerable difficulties. The mode by which the
working expenses were to bo calculated was fully set
forth in the 6th article of the agreement, which had been
distributed among the proprietors. The meetingwould ob-
serve they were to be taken not at their actual cost under the
superintendence of a common accountant, as was the case
with the present agreement, but they were to be pro-
vided for by a fixed certain proportion of the fare of every
passenger, and of all the charges on every description of
merchandise, such proportion to be determined by arbitra-
tion, and to be subject to revision at periods of rive years.
The advantage to the Great Western Company in this
mcdo of arrangement was considered to consist in this—
that every period of five years, at all events, they should
themselves retain whatever benefit might result from
economy or from improved modes of management. It
provided to them, therefore, motives to economy, and to
adopt such improved modes of management. The ad-
vantage to the South Wales Company was sup-
posed to consist in this, that the arrangement
holds out inducements to the Great Westerm
to increase the traffic by every means in their
power (Rear, hear) inasmuch as their own
remuneration over the working expenses would depend
on the increase of such traffic. Those were the advan-
tages which were supposed would result from this mode
of calculating the working expenses. The difficulty
would be in determining such proportions in a wanner
which should be sufficient for the Great Western Com-
pany and just to the South Wales Company.—
((:ear, hear.) There was a certain degree
of intricacy which attached to the plan and
of danger that it might (lead to litigation. The Great
Western Comprny had been induced to acquiesce in it
from a desire that they would obtain the confidence of
the South Wales Company, that the Great Western
Company would work the line bond fide for the benefit
of the South Wales Company, as well as for their
own. But there was a provision in that agree-
ment by which the Great Western were to allow the
South Wales Company to :adopt any other mode
whenever the other two companies should consider
it desirable to do so. The working expenses and other
charges having been amply provided for in the manner
he had described, the profits were to be regarded as the
property of the South Wales Company. But instead of
the directors of the Great Western Company guaran-
tosing, as they did under the old arrangement, that those
profits should always amount to a specific burn, the Great
Western Company were to purchase one-half of those
profits for the specific amounts which were stated in the
first article of the'agreeirent, and the other half of those
profits, were to be taken by the South Wales Company.
lie believed that that principle would work advanta-
geously to both parties. It would define and
limit th risk—and some risk there must always
be in every commercial undertaking—to so incon-
siderable an extent as to occasion no pressure to either
party; and it would not only give a fixed annual income
to the South %Vales Company,and adequate to meet all their
wants, but a full participation in whateverimprovement
might hereafter take place, as they ail hoped it would take
place, in the South Wales hap when its traffic should be
fully developed, and the reseureee of the company should
be brought into action. Nor did he think that any ob-
jection could be taken to the amounts specified in the
first article, by which effect was to be given to that prin-
ciple. The Great Western purchased half of the South
Wales profits at a sum exceeding 31,0001., on the assump-

1611

tion that in the first year the total aura would amount to
about 63,0001.; and they (the Great Western) purchased
one-half of those profits, at the expiration of ten years,
at a sum exceeding 51.000/., on the assumption
that the whole profits would then amount to at
least 103,0001. Now, looking at the present traffic of
the South Wales line, he admitted that in the
earlier years of this agreement, the Great Western
Company would, perhaps, be losers; but they
were looking to the permanent advantages of the agree-
ment; and taking the extreme sum of 63,0001. in the
first year, and 103,000/. at the expiration of ten years,
the profits which the Great Western Company assumed
did not really materially differ from the amounts which
were suggested by the South \Vales directors themselves
in the proposal made to the Great Western Com-
pany in the month of May last, nor was there
much greater difference than might take place in the
views between the parties who were to lease and the
parties to whom the line was to be leased. But beyond
the immediate advantages of the agreement, they must
not overlook the great advantages, as he believed, to both
parties, which would result frem setting at rest all those
and other difficulties, whether legal or pecuniary, with
which unquestionably the old agreement was eaabarassed.
—(Hear, hear.) That agreement was made in very dif-
ferent times, and adopted under very different circum-
stances. It had been subjected to various changes and
conditions. It was admitted by all parties that it was
not desirable, at present at least, to complete the line as
it was originally proposed to do; and the Great Western
directors were quite aware of the language which wee
held out of doors. That language of course reached
their ears, and it was probably intended that it should,
reach them. The extreme advocates of the South Wales
said, " Stand on your extreme rights; wait till your
line is open to Swansea; if it passes, well and good; if it
does not, then proceed on to Fisguard and Monmouth,
at whatever cost; stake everything on the cast of a die,
and see if you .cannot enforce the agreement with
the Great Western Railway Company." The ex-
treme partisans of the Great Western also said,
" Let us stand on the completion of the covenants
contained in our agreement, and in the event of the non-
fulfilment of those covenants let us exact the penalties
in our favour." Now, the directors of either company
had not thought it wise or prudent to take the counsel of
such advisers. They deprecated such feelings and such
opinions. They knew that the course they were obliged
to take was full of difficulty and full of danger.
They knew that the legal evil which might result
from following such advice was an endless and costly
litigation between parties who were bound together by
a local position, and still more closely bound by a common
interest. They knew that the pecuniary evils that might
result from such a course was the issue of a large
amount of preference shares, which always over-
whelmed the interest of the original shareholders, in
which, let the meeting remember, they had a large
common stake with the original shareholders of the
South Wales Company. The Great Western Railway
Company had never raised a single question as to what
covenant was or was not, or what covenant could or
could not be fulfilled by the South Wales Company, but
he could not think it could be held either reasonable or
equitable that the South Wales Company should say
that they would hasten, or postpone, or abandon, or
proceed with the South Wales line in
such a mode and at such a time as might
suit their interest or convenience. The Great Western
Company could not think tiny such doctrine could be
held before any legal tribunal in this country; but they
were extremely desirous to avoid the consequences which
he had indicated; and it Iv as to avoid such evils
that the Great Western Company had at
last formed an agreement, almost with the unanimous
consent of both parties, which they believed was celcu-
lated to meet the exigencies of the present time, and to '
protect the rights and interests of both companies. Such
was tke agreement which they presented to the meeting
to day. They did not offer it in the hope of ensuring
the shareholders any large pecuniary profits in the first
instance; on the contrary, he had prepared them for a
loss at first ; but they offered it as a middle
course bet veen the two companies, with a view of get-
ting rid of some difficulties, and as a just, a reasonable,
and an equitable agreement; and they were satisfied that
no agreement which was not just and equitable, which
was not reasonable and practicable, could not by possi-
bility be carried into effect by either party.
Mr. KNAPP, the solicitor to the company, then ex-
plained the chief provisions of the lease, which was taken
as read.

The CHAIRMAN then proposed the following resolu-
tion:—" That the agreement for a lease from the South
Wales Railway Company between Grange-court and
Swansea with the line to the shipping port at Swansea
and the Bullo Pill Railway, and the line of junction of
the same with the South Wales Railway, and which
agreement includes a clause of mutual release between
the two companies, whereby the heads of agreement
between the two companies, dated the 21st
of October, 1846, end all other agreements
and arrangements whatever between the two companies
are determined and put a❑ end to, and which agreement
includes also a provision of annulling the same agree-
ment and release unless a counterpart thereof be executed
by the South Wales Railway Company, and delivered to
the chairman or secretary of this company on or before
the 31st December, 1850, and which agreement has been
now read and submitted to this meeting, be and is
hereby approved, authorised, sanctioned, and confirmed."

Mr: PARRY BE WINTON seconded' the resolution.
The shares of the South Wales Railway were at a dis-
count of 50 per cent. If they were to continue their
line, to say nothing of paying a dividend, how
were they to borrow money for the purpose? They
must have recourse to the resources of an unfinished
railway, and they would be obliged to raise money on
most ruinous terms. That being so, he thought the
present arrangement the very best that could be
devised fur the South Wales Railway Company, under
existing circumstances.
The resolution was then put and carried unanimously.
Mr. C. TAGARD deprecated the very great advantages
which were given to the South Wales Company under
the present proposal, and moved that the thing should
be put an end to.
The CHAIRMAN reminded the Hon. Gentleman that
the lease had been agreed to, and now only waited
the seal of the company being affixed to it.
The amendment was not seconded, and therefore it
fell to the ground.
The seal of the company was then affixed to the lease,
and the meeting separated.

SOUTH WALES RAILWAY.

An extraordinary general meeting of the shareholders
of the South Wales Railway Company took place yester-
day, at the London Tavern, for the purpose of consider-
ing and, if approved of, authorising and sanctioning and
confirming, and directing the corporate seal of the com-
pany to be affixed to an agreement for a lease from the
South Wales Railway Company to the Great Western
Railway Company of the line of railway between Grange
Court and Swansea, with the line to the shipping port
at Swansea, and the Bullo Pill Railway, and tho line of
junction of the same with the South Wales Railway,
which agreement has been already prepared upon terms
aad conditions conditionally arranged and settled between
the directors o; both companies, and will be read and sub-
mitted to the meeting. And also for the purpose of
considering, and if approved of, authorising and sanc-
tioning and confirming, and directing the corporate seal
of the company to be affixed to deeds of mutual release
between the two companies, whereby the heads of
agreement between the two companies dated 21st Oc-
tober, 1846, and all other agreements and arrangements
whatever between the two companies are determined
end put an end to, which deeds of release will also be
read and submitted to the meeting.
The Hon. C. R. M. Talbot, the chairman of the
company, took the chair shortly after one o'clock, when
the usual preliminaries having been gone through,
Trio SECRETARY read the following report:—
" In submitting to you the agreement for a lease of a
portion of the South Wales Railway undertaking to the
Great Western Railway Company, of which the heads,
embracing considerable detail, and agreed upon between
the respective boards, have been printed and circulated
amongst the proprietors, the directors were desirous of
leaving the proprietots entirely free and uninfluenced by
any arguments of their own to judge for themselves of
the expediency or inexpediency of accepting the terms
therein provided. They consider that the proprietors
are already possessed of sufficient data to enable them
to judge of the difficulties of their position, and of the
eligibility or ineligibility of the measure now before
them. In meeting the proprietors assembled expressly
for the purpose of deliberating amongst themselves,
the directors think it right, with the view of assisting
them in their judgment, and to clear away misconcep-
tions as to the position of the company, and also to ex-
plain the circumstances which led them to attempt an
arrangement at this particular period, and to submit to
the proprietors for their approval the terms which are
no .v before them, to state precisely these circumstances:
—With respect to the period, your directors must remind
you that it is now more than five years since the com-
pany was originally incorporated. In the following
year the entire line was authorised. At this period the
company was independent, and the whole of the capital
had been subscribed upon the merits of the undertaking
itself. Shortly after this, in October, 1846, the heads of
agreement for completing the line, and leasing it when
so completed to the Great Western Railway Company,
was entered into and ratified by the proprietors of the two
companies. The amount then estimated as requisite
was four millions. Upon the faith of the guarantee so
secured investments were made in other lines, which it
is estimated will involve an addition to the expenditure
of about 175,000/., upon which the Great Western Rail-
way Company were to have paid interest. Rather more
than fiur years have cow elapsed. Any delay in the
progress of the works which may have occurred up to
the present time has unavoidably arisen from the pecu-
liar difficulties of the times and measures of prudence in
the rare of expenditure have been adopted for the benefit
of the Great Western Railway Company as large
shareholders in common with yourselves, and with
the fall concurrence of that company sitting at }our
foard. To any such postponement of the comp-
letion cf the whole undertaking, therefore, the
Great Western Railway Company cannot have nor have
they ever mentioned any ground of disappointment.
The proprietors ere aware that in the last session
powers were obtained to raise by the issue of preference
shares any deficiency in our capital. With these powers
it might be urged by the Great Western Railway Corn.
nany, that w e are in a position to proceed at once to
complete the entire line. To raise upwards of 1,000,0001.
of money required for this purpose on advantageous
terms, it would be desirable to go before the public with
to eceoperation and assistance of otir lessees, and the
renewed as.surance that' their guarantee was available
as securityntof the parties about to insiest thekrathy4e.
In somber matter it is also desirable to act in coneeit"
with the Great Western Railwey Company. We have
given notices for an application to Parliament for
pewers to effect certain improvements in the line, several.
essential means of communication with the existing
pN. • '

shipping ports, and with some new docks likely to be
very beneficial to the traffic of tho lire, and to perfect
our arrangements in the Forest of Dean. These several
works, though net essential to the completion of the
lease, are of great importance to the value of the line
itsalf, and should the undertaking ever revert to the pro-
prietors of the South Wales Company, and their revenue
be dependent upon the receipts of the line, the failure to
obtain these powers at the present time, and even the
uncertainty of our proceeding without some of them
during the next six months, may inflict a serious and per-
manent injury upon the company. The Great Western
Railway Company may allege that under the heads of
agreement, their consent is necessary to these proceed-
ings. This consent was applied for under very similar
circumstances in the last session of Parliament, but was
refused, the Great Western Railway Company declining
to assign any reason for such refusal : we are shortly
approaching the time when this consent will again be ap-
plied for. These are the principal circumstances which
render it inexpedient to postpone a decision as to our
future course. There are three positions, in one of which
the company may now be placed. We may now proceed
at once to take the necessary steps to enable us to com-
plete the line to Fishguard. To accomplish this object,
it would be necessary to raise a sufficient amount by pre-
ference shares to enable us to issue the remainder of our
debentures (660,0001.), the residue of the capital must
then be raised by preference shares. The rate of in-
terest at which this money could be obtained would de-
pend very materially upon the course which the Great
Western Company might take. Th 9 character of the
works, the mode of proceeding, and the expenditure in-
volved in carry ing out this portion of the undertaking may
be seriously affected by the relations which may exist be-
tween us and our lessees. A large portion of such expen-
diture may be employed unprofitably to both companies;
much of it would be needless, and so far wasted. We
cannot conceive the possibility of any just grounds for
doubting that we should ensure the due performance of
the terms and conditions of the lease. We have done, and
wo no doubt should continue to do, everything that we
can ascertain to be requisite on our part. But it might
be difficult, and would certainly be costly, completely to
provide against the risk of litigation if an unwilling lessee
conceives, however erroneously, that he has grounds of
objection. The alternative embraces the other two posi-
tions: the company, by agreement or otherwise, may be
left in the independent possession of its own line, and
may derive its revenue from the development of the
traffic which may fairly be expected upon it. The
attainment of this position, however, would be attended
with uncertainty, and the revenue must materially de-
pend upon the terms on which traffic may be inter-
changed with the Great Western Railway, whatever
traffic might result from other sources. The question,
therefore, arises, whether the revenue may not be con-
siderably increased, and a greater certainty secured, by
an arrangement with the Great Western Railway Com-
pany, which would ensure their working the line with
the greatest economy which their plant and resources
would enable them to do, and in the most advantageous
manner, with their interest embarked with yours in
producing the largest possible returns. This is the third
position, and with a view to accomplish which the ar-
rengement now laid before you has been devised.
lii all previous attempts that have been made, in
consequence of the resolution of the proprietors of
the 19th December, 1849, the only principle suggested
by either party was that of leasing the undertaking, and
the revenue to be derived from it, to the Great Western
Railway Company, for a fixed rental, with the surplus
profits. An insuperable difficulty always arose in
agreeing upon this fixed rental. The Great Western
Railway Company, assuming these surplus profits to be
a valuable part of the consideration, while your directors
felt, that inasmuch as the Great Western Railway Com-
pany would have but a limited interest in creating or
augmenting these surplus profits, the fixed rental W 43
the main part of the consideration on which they could
depend. At the period at which, for the reasons before
stated, it became necessary to decide definitively upon
the course to be pursued in the future conduct of your
affairs, a plan was suggested to both companies which
appeared capable of avoiding the difficulties which had
previously arisen. This plan consists in leasing the work-
ing of the line to the Great Western Railway Company,
upon terms to be settled from time to time by an arbi- '
trator, who should fix a fair scale of tolls adapted to the
varying circumstances of traffic, by which would be as-
signed to an account kept fur the purpose the whole of
the net profits which could be earned upon the line by
a company posoessing the means of working it in the
most economical and advantageous manner—the half of
these net profits being sold to the same company for a
fixed annual payment. By this arrangement, the amount
of the net profits may be fairly and correctly determined
by an impartial tribunal. It becomes deeply the interest of
the party working the line to render these profits as large
as possible, and even if the fixed rental should prove less
than the half of such profits, the difference, unless very
great, would probably be more than covered by the gene-
ral increase which such a mode of working, and the
economy effected by it, ought to produce. The prin-
ciple of this plan was unanimously approved of by your
directors, and negotiations were entered upon by mutual
consent of the two boards. The fixed rental is to be
subject to an increase to be settled by arbitration conse-
quent upon any additional traffic which may be
derived from an extension of the line to Caer-
marthen, and it will be open to this company to
obtain a further increase by arrangement with
the Great Western Railway Company, before they ex-
pend any money on the line beyond Caermarthen.
These extensions to Caermarthen and westward may be
constructed at considerably less cost by adoption of
single lines, and otherwise, and may be proceeded with
by more cautious steps than would be possible under the
existing agreement. The results of this negotiation are
now before the proprietors, and they must take upon
themselves the responsibility of adopting or rejecting
them, and in the latter case of determining the course
which the directors are to pursue."
The CmAntates, at the conclusion of the reading of
the report, rose to defend the course he had pursued, in
opposition to all his brother directors—(Hear, hear)—
and he stood in the anomalous position of having to
propose a motion against which he intended to vote.—
(Hear, hear.) The proprietors ought to recollect that,
if they adopted the course proposed, they would be en-
tering into a new agreement, and giving up an old one—
(Hear, hear)—which he could never consent to without
sufficient remuneration.—(Hear, hear.) He contended
that if the agreement proposed was adopted by the pro-
proprietors of this company they would be giving an ad-
vantage to the Great Western Railway Company, not
the Great Western Railway giving an advantage to them.
—(Hear, hear.) The Hon. Chairman, after going at
some length into the proposed agreement, and contrast-
ing the benefits the company already had under the ex-
isting one, observed that it had been said they could not
raise money to complete their line to Fishguard.
He contended that they could; but that was only his in-
dividual opinion. Many persons had said that they
would rather enter into the agreement with the Great
Western Railway Company, because it would ensure
them a certc.in:3,per cent. instead of a contingent 5 per
cent. lie doubted very much whether the agreement
would give them a certain 3 per cent., for it must be ap-
parent that it was not very easy to bind the gentle-
men concocted with the Great Western Company.
If he was sure the agreement would bind
them ho should hive no objection to it,
with the exception of the point of consideration. Consi-
dering the situation in which he stood, he had tendered
his resignation to the directors—(Cries of " No, no")—
but they had requested him to preside to-day, and in
consequence of that request he had done so. If the proprie-
tors consented to adopt the agreement, he should at once
bow to their decision—(Hear, hear)—having stated his
objections; to it. The Hun. Chairman having regretted
dissenting with his ,brother directors, sat down amid
much and long-continued cheering.
Mr. Marrucws, at some length, proposed a resolution
to the effect that the agreement should be adopted,
Mr. MORTIMER seconded the resolution.
Mr. STEPHEN LEWIS said it had been stated that the
chairman was the only person at the board who objected
to the agreement proposed. He had always objected to
it; and having done so, he placed his seat in the hands of
the proprietors.—(Hear, hear.)
lir. CHAPMAN was delighted at the speech of the
chairman, believing that if they entered into the pro-
posed agreement it would be one of the tamest sur-
render of their rights that had ever been witnessed on
the part of any company, added to which, if the deed
was once executed, the proprietors must remem-
ber they would part with their property for ever.
—(Hear, hear, and cheers.) He hoped the expression
of the meeting to-day would settle the question at once
and for ever of the intention of the company to go to
Fishguard, and to make the Great Western Company
perform the provisions of the agreement that already
existed. It had been said that the company could not
aratissuochthaen!
was afraid of was the
means to Fishguard. hguarhatFihsed. He laughed
proprietors becoming traitors to themselves.—(Hear.)
He should oppose the agreement to the last.
Mr. MAcetAucHTEN, a director, defended the agree-
ment.

Mr. DUNCAN, as a lawyer, contended that what was
asked could not be done at such a meeting as this,
or any other general meeting. Ile contended that unless
the consent of every proprietor was obtained the meet-
ing could not annul the lease that at present existed with
the Great Western Company. It was impossible as long
as a single proprietor objected for the directors, or
any one, to tear the seals of the Great Western

and the present company from the lease that
at present existed.—(hear, hear.) The Hon. Gentle-
man concluded by moving as an amendment a resolution
to the effect—" That it was incompetent to the com-

puny to annul the lease that at present existed with the
Great Western Company."
Mr. Moxort seconded the amendment.
The CHAIRMAN said that counsel's opinion bad been
taken, and that opinion was, that the meeting was com-
petent to do what was asked. Perhaps, under the cir-
cumstances, it would be better to take the opinion of
the meeting upon the original resolution.
Mr. DUNCAN had no objection to the adoption of such
a course, but he begged to inform the directors that
there were proprietors who would hold the directors
personally liable if they adopted the course now pro-
posed, and allowed the seals of the Great Western and
the present company to be torn from the existing lease.
Mr. WILLIAMS, M.P., said he was astonished at the
deputy-chairman telling them that the Great Western
Company would oppose the enforcement of the old
agreement. He believed that Mr. Brunel had pledged
his professional reputation that the undertaking could be
completed to Fishgusrd for :3,935,000L no then en-,
tared into a long statistical statement, showing that, .
according :to. the propoied agreement, they would get'
fdr the firi,t year, and by notenteritig into it,
th 6 company would,-avoid netking certain tratiph
14.i'fitonmaelieke&sheei to stand bythefr-old agreethent„.
and Considering the sum already ekpeoded" oti the line
west of Swansea, and a large sum they would have to
parfor land whether 'they made the line or not, and
.if
they stopped at Swansea they would jaave wore on, the

whole than 450,0001. by the non-completion of the lice
to Fishguard.

Alta some observations from Mr. Baker, Sergeant
G9zdee, end Mr, Matthews,
Major COURT withdrew his amendment.

Mr. NASH handed in a protest against the legality of
the meeting, or of any resolution which they might
come to.

The CHAIRMAN then put the resolution, and on a show
of hands a large majority appeared against it.
A poll was then demanded, and considerable confusion
ensued; some parties complaining that proxies had been
sent out, while others complained that they had not re-
ceived any.

It was stated that the Great Western Company would
not vote on the question. The meeting was then ad-
journed, and after a delay of about two hours and a-half
the result of the poll was declared to be as follows:

_
Shares. Votes.
For the motion—Present ... 826 243
Proxies ... 3,915 1,334

Total ... 4,741 1,577

Against the motion—Present... 4,519 1,310
Proxies... 1,973 343

Total ... 6,492 1,653
Majority against the motion ... 1,752 76
The result of the poll was received with loud cheers;
and after a very complimentary vote of thanks to the
Chairman the meeting separated.