The Sun.
London, England, 1850-03-27 00:00:00

RAILWAY INTELLIGENCE.

YORK, NEWCASTLE; AND BERWICK.
A special meeting of this corepany was held yes
terday at York ; Mr. G. Leeman in the chair. The
objects were to discuss the merits of two Bills, and
for enabling the company to complete the purchase of
the Great North of England Railway, and to effect
alterations in certain branch lines • also to consider
the position of the Great North of England Purchase
shareholders. There was a tolerably large number
of proprietors present.
The late Secretary (Mr. C. Close) having read the
advertisement calling the meeting,
The CHAIRMAN introduced Captain O'Brien, the
new secretary, and then proceeded with the business
of the day. He said the subjects that were to be dis-
cussed were of great magnitude, and in order to
come to a right decision upon these subjects he asked
their attention whilst he placed before them the
whole position of the company. This company pos-
sessed nearly 300 miles of railway, the greater pro-
portion of which had been constructed by the ordi-
nary capital of the company. The company had
leased the Hartlepool line, and also the Great
North of England ; the latter at a rent of 149,0001.
a year ; and they were under an engagement
to purchase that line on the Ist of July, 1850, at
the sum of 3,547,5001. This was an engagement in
which the whole company was concerned, and not
any particular section. In 1846 the shareholders
were called together, and a plan was then laid down
by which the payment of that sum should be made
to participate in the stock then proposed to be created
for the purpose. At that time the plan was con-
sidered to be advantageous, and looking at the value
which the stock then bore, no man could deny it was
an advantage. Accordingly, the shareholders took
up that stock, having attached to it a guaranteed di-
vidend of 6 per cent. until the Ist of July, 1850.
Immediately after October, 1846, the directors com-
menced purchasing up the shares of the Great North
of England Purchase. There was no direct authority
to pursue that course, but it was perfectly well
known that the directors were proceeding to the pur-
chase of those shares at the prices at which they were
then selling in the market, the difference between
that price and the par value being the profit which
was expected to be realised by the company. In
order to enable the directors to perform their duty,
they made calls to the extent of 81., which they had
applied to the purchase of these shares, and to other
purposes the construction of the ordinary works
of the company, and another portion was applied
to the payment of the 6 per cent. guaranteed to
the holders of the purchase shares. In 1847 a
gloom came over commercial affairs, and no call was
made ; 12348 came, and there was a continuance of the
gloom, and there was an unwillingness in the direc-
tors and shareholders bo any call being made. On the
arrival of 1849 they all knew what burst upon the
railway world, and, in the midst of such suspicions
and revelations as were engendered and brought out,
it was not likely any calls would be made. Then the
present board came into office on the 25th
of October last, and he wished the shareholders to
remember the position in which the Great North of
England matter stood, and for this reason—that with-
in the last few days he had received letters question-
izig the validity of the agreement between this com-
pany and the Great North of Ungland. When the
present directors came into office the policy of the
company in respect of that purchase was decided
upon ; and in support of this he quoted from the re-
ports of the committee of investigation to show that that
committee had recommended a certain line of conduct, '
which had been adopted by the shareholders. The
principle laid down by the committee, and adopted by
the shareholders, was this—that the purchase shares
now bearing interest should take dividend with the
general stock, and the guarantee of six per cent.
should cease after July Ist, 1850. When these mat-
ters were brought forward not a whisper was heard
against the recommendations of the committee. He
then stated the terms which were ultimately arranged
between the Great North of England and this corn-
pang, viz., that three-tenths of the purchase money
shall be paid on the Ist of July, 1853 ; four-tenths
on the Ist of July,
1855 ; and the remaining three-
tenths on the let of July, 1856. When these terms
were made known to the shareholders still not a
whisper was heard against them, and the first inti-
mation that was given to the directors was a meeting
held in London, which was convened by a gentleman
of the name of Douglass. That gentleman was pre-
sent to-day, and as he was present he would tell the
meeting when Mr. Douglass became a shareholder—
it was on the 4th of February.—(Sharne.) Ile did
not understand how it was that men who had become
shareholders so recently could be so patriotic as they
wished the shareholders to suppose they were.—
(Shame.) If Mr. Douglass had been an original
shareholder, then he would have been justified in
doing his utmost to support his interests ; but to be-
come a shareholder so recently, and now to be sowing
the seeds of discord as he had done, he could not un-
derstand. Mr. Holland of Liverpool, also was
mixed up in this opposition, but he was not a holder
until November last. _

Mr. HOLLAND—I have held for years in this com-
pany.—(Hear.)
The CHAIRMAN said, he was now quoting from
the books, and they showed that since November Mr.
Holland had purchased 696 shares, and that only a
few days ago he had transferred 420 shares, at ss. a
share consideration, to a gentleman named Cood.—
(Shame !) He then went on to observe that, as
the result of what had been mooted in London and
elsewhere, the directors had come to the conclusion
that they would best meet the requirements of the
purchase holders by proposing that they should pay
a call of 11. on the Ist of July in this year; 11. ss. on
the Ist of July, 1852 ; and 11. ss. on the Ist of Ja-
nuary, 1853. This, however, was rejected; and he
would leave it to the opposition to say what were the
terms which they did wish the company to accede to.
He would ask, could any directors have met the pur-
chase-holders in a more liberal spirit than they had
done ?—(Hear, hear.) Be concluded by moving a
resolution to the effect that the 81. already paid up be
made consolidated stock, and that interest at the rate
of 4 per cent. be paid on so much of the remaining
171 as shall be called up.—(Applause.)
Mr. DouGLAss then addressed the meeting, ob-
serving he never did anything of which he was
ashamed in his life. He would ask Mr. Close if he
was not a shareholder before the time specified by
the chairman ?
Mr. CLOSE said, Mr. Douglass was a shareholder
previous to that time, and in different classes of shares.
Mr. Douciisssa then proceeded to defend his con-
duct in reference to the part which he had taken on
the proposal made by the directors. lie urged that
the company ought to borrow money to enable them
to carry out this purchase.
The CHAIRMAN said they had no powers to
borrow.--(Hear, hear.)
Mr. HoLLAND also answered the chairman, and said
that when the proposition respecting the passing of
the Great North cf England Purchase Bill should be
proposed he should move that it be not entertained.
Mr. TuoairsoN, of Moat-hall, spoke in favour of
the motion.
Mr. SCOTT also replied to the chairman's state-
ments ; and
Mr. WYLIE, an auditor, followed, suggesting that
a middle course should be taken by deferring the call
of July and January next until 1852.
Mr. Mans, another of the auditors, moved as an
amendment,
" That interest at 4 per cent. bo paid until the lot of

Mr. HoLLAND then demanded a poll.
Scrutineers were appointed, and the shareholders
proceeded to poll.
After an ineffectual attempt to get Alr. Holland to
withdraw his demand,
The CHAIRMAN said that the directors held double
the number of proxies that Mr. Holland or any other
gentleman did.
The next motion was for authorizing the directors
' to proceed with a Bill enabling the company to alter
the levels of a branch line, and other objects of a
similar nature.—Carried.
Mr. MAUD then moved a resolution to the effect
that, at the option of the Great North of England
Purchase shareholders, they receive back on the Ist
of July, 1852, as much of the money as they may
have paid in advance of calls.
The resolution was lost, only a few bands being
held up in its favour.
The CHAIRMAN then proposed a resolution, em-
bodying the sentiments contained in the close of his
speech, relative to the calls to be made on the Great
North of England Purchase shareholders; which was
carried almost unanimously.
The adjourned half-yearly meeting was then held,
when Mr. Plows and Mr. Alderman Hodgson were
re-elected directors. Messrs. Wylie and Maud were
re-elected auditors, and it was resolved that their
yearly salary be raised to 1201. each.
A vote of thanks was passed to Mr. Love for his
able services as a director, and another to Mr. Close
for his attention to the duties of his office since the
present board took office.
The special meeting then resumed, and the result
of the poll was stated to be as follows ;—Personal
votes and proxies for the 8i11,20,001 ; ditto against it,
7,935.
The proceedings then closed at a quarter past nine.