The Sun.
London, England, 1845-10-27 00:00:00

LIVERPOOL SRARE MARKET.

(From the Circular of Wills and Co., Stuck and Sha.trebrokers,
Liverpool.).

An agreement has just been between the Direc-
tors of the London and Birmingham and Grand Junction
Companies, whereby every NM paid up capital of the
Grand Junction and Liverpoul andMancbester Cumpauies

is to be considered as 1201. paid up capit-il in the
amalgamated Grand Junction and London and Birmingham
Companies. The Grand Junction Company has also the
privilege of creating new quarter shares, which are to par-
ticipate in the above arrangement. The effect of this an-
nouncement on our Stock Exchange was to raise the shares
in the Grand Junction Company from 2401. to 260/., and in
the Liverpool and Manchester Company from 212/. to 220/,
and to depress, rather than increase, the value of the shares
in the London and Birmingham Company. It remains to
be seen whether the London and Birmingham Proprietors
will sanction an arrangement which has manifestly had the
effect of depreciating the market value of their property.
Such a union of interests we have always strenuously advo-
cated, and trust that it will be satisfactorily carried out, in a
fair and honourable way. Under all circumstances it will
prove a serious blow to most of the new schemes, projected
for the purpose of supplying direct communication between
London and Liverpool. The Oxford, Worcester, and Wol-
verhampton shares, which were previously greatly reduced
in value OA ing partly to the call of 10/. per share, have been
still further affected by this combination of these powerful
companies, and those shares which three meats since were
quoted at 20/. are barely saleable to-day at 9/.
The immense amount of business which has been doing
for the last few mouths in the shares of embryo railway
companies, has at length, as might have been expected, in-
volved in considerable difficulties the great body of specu-
lators. The reaction came at last more suddenly, and more
violently, than was anticipated even by the most cautious,
and indeed there does not appear to be any really adequate
cause for the present extraordinary panic.
The corn harvest has been generally secured in fair con-
dition,—the injury said to be sustained by the potato crop is,
we have every reason to believe, greatly exaggerated,---the
commerce of the country is in a most flourishing condition—
and we are at peace with all the world: with so many ele-
ments of prosperity abounding, the improvement of the solid
resources of the nation, notwithstanding these temporary
checks to its progress. must go on with accelerated impulse.
There is, therefore, no just cause of permanent alarm. The
evils which have arisen from inordinate speculation in rail-
way shares will speedily effect their own remedy, and the
business of the Stock-Exchange be placed henceforth on a
more secure basis than ever.

The frightful losses which have been incurred during the
last fortnight, will prove a useful lesson to all ; and the
check which has been given to mere bubble projects, will
eventually benefit not only the old companies, but those also
which have already obtained their Acts, together with such
legitimate schemes of railway extension, as are really called
for by the necessities of the public.
We are persuaded that the panic has nearly exhausted
itself, and that it will pass away entirely, without inflicting
any irremediable injury on the community at large.
As to the benefits to be conferred upon the country by the
gradual formation of railways, there can be but one opinion;
and we repeat what we have so frequently asserted, that
there will be no lack of means for the construction of such

lines as shall be sanctioned by the Legislature.
Our own decided conviction is that the present is the time
to buy, and not to sell—and we have always advised our
friends to buy during a panic, and—unless purchases are
nude purely for investment—when prices are rapidly ad-
vancing, to realise, without waiting for the highest point.

THE RAILWAY SHARE MARKET•

TO THE EDITOR OF THE SUN.

Sra,--I think that during the present temporary panic in the
Railway share Market, it would be wise for Directors in all pro-
jected lines, where the shares are not yet issued, to withhold their
allotments for a time, certainly till this depression is over.
By issuing Ames in Hew lines now it will not only cause still
greater and more alarming depression in already existing railroads,
but throw discredit and disrepute on really good schemes that may
advantageously be brought out at a later period; indeed parties who
have applied for sheres in the present state of affairs, and respect-
able and responstie parties too, will not be found to pay the deposits.
Let timid speculators who hold scrip hold a little longer, and
not force the markets, and all will yet be well.
At the same, i do not hold out hopes that we shall sec so high
premiums again as we have done hitherto, but a more healthy state
will exist In the market, and bubble lines will, as they should, be
at a fair discount.

I inclose my card, and should you consider my remarks worthy
of your notice, you will confer a great obligation on me by in•
serting the same in your invaluable paper, of which I am, Sir,
,yours, very respectfully,

Oct. 25, 1845.

A CONSTANT READER.

TFIE MAILS.—SOUTHAMPTON, OCTOBER 26.—The
Oriental Company's steam-packet the Pacha, Captain Burney,
arrived In docks yesterday at 4 o'clock P.M., and landed the
Gibraltar, Peninsular, and other mails, but which were nit for-
warded to London until the 2 A.M. train this morning, while had
the mails been sent up by a special train they would have been
enabled to have left London for the north, &c., by the last night
mails from London. The Pacha left Gibraltar the 17th instant;
Cadiz, 18th; Lisbon, 20th; Operto, 21st; Vigo, 22d; Corunna,
22d. She has 26 passengers, a full cargo of fruit, and five oxen.
The Royal Tar, Captain Evans, will leave this port to-morrow for
Oibralutr, &c., with the Peninsular and other mails.

FATAL ACCIDENT.—On Sunday morning an acci-
dent occurred on the Croydon Atmospheric Railway, which has
unfortunately been attended with the loss of life. It appears that
between twelve and one o'clock in the morning a train of ballast
waggons, propelled by a locomotive engine, was employed in re-
moving loose earth from one part of the line to the other, and
when the engineer had proceeded nearly to Sydenham he felt a cud.
den shock as if the engine had run over something. As soon as
he had deposited his loads of ballast he returned to the spot to
ascerta'n the cause, and then discovered the body of a man lying
across the rails in such a position, that if he had not observed
him in time and reversed the engine the wheels must inevi-
tably have gone over his head. The poor fellow was in a
shocking mutilated state, and covered with blood, which flowed
profusely from his back and right leg. He was alive, but
quite insensible. With the assistance of the stoker the engineer
placed him upon the engine, and conveyed him without loss
of time to the terminus at London-bridge, and from thence to Guy's
Hospital. Mr. Hood, the house surgeon, was promptly in attend.
ance, and, upon examination, it was found that his right leg and
foot were completely smashed, and that his back had been severely
lacerated by the buffer of the engine, and he died in about an hour
after his admission to the hospital. His name is at present unknown.
He was dressed in the garb of a labourer, and apparently about 38
years of age. His face was rather disfigured by his nose having
been previously broken, and he wore a green shade over his left
eye. It is not known how he came upon the railway, but it is
supposed he had either strayed, or had trespassed to make a short
cut to Sydenham, and that hearing the approach of an engine he
had got on to the atmospheric line of rail, thinking that no train
ran thereon at night, and that he would be safe. His precaution,
however, was the means of his death. This was the second time
only that the ballastarain had run on that line at night.
THE MARYLEBONE VESTRY AND THE REGENT'S
CANAL—At a meeting of the Marylebone vestry on Friday, a
letter was read which had been received from the secretary to the
new railway company formed for the purpose of converting the
Regent's Canal into a railway, requesting from the vestry permis.
lion to inspect the books of the parish, in order that the railway
company might obtain such information as would be necessary to
enable them to comply with the standing orders of the Houses of
Parliament. Several members of the vestry spoke in very indig-
nant terms against the request contained in this letter. Every
member of the vestry could have free access to the books if it were
required, but they did not understand why any such information
should be given to mere strangers. A motion was then made
that the request should be refused, which was carried unani-
rater,
DIRECT LONDON AND EXETER. RAILWAY (WITII
EXTENSION neneArrica TO EALMOUTR).--The above meeting pro-
posed to be held at Andover, this day, has been unavoidably post-
ittmert for a few days.
VISIT CIF THE DUKE OF WELLINGTON TO BRIGH-
TON AND NEWHATEN.-The Duke of Wellington arrived in
Brighton on Thursday afternoon at four o'clock, by the railway train
which leaves London at two. His Grace Immediately proceeded c
to the Bristol Hotel, where he dined and slept, and the following
Morning left at nine o'clock for Newhaven. His Grace rode in a
carrigge, but was followed by saddle-horses, for the purpo.f of in.
'petting portions of the coest between this town and Newh:ven,
which was the purpose of his visit. After having taken cop:I-
-lance of Newhaven, and its capabilities of being made to afford
protection for armed steamers, the Duke returned at half-past
twelve, and remained there until half.past two. He then went
out on horseback, attended by a domestic ; rode down the Marine.
parade, along the Steyne and Grand Parade to the north, and it
was generally expected that his grace would proceed to the Cavalry
Barracks. However he did not, but returned to his hotel, and remained
there last night. Preparations were made at the Battery in expsc.
tation that his grace would inpect It yesterday; but it is under-
stood that his visit is reserved for this morning. His grace will
leave Brighton this afternoon by the railway train which leaves at
a quarter before two, and will proceed to Dover. These visits of
his grace to the southern ccast are, to say the least of them, very
significant, and public attention is now fully aroused to the nature
of our position in case a war should break out, which—depending,
As matters in France do, upon the frail tenure of an old man's life—
nearer than any of us expect.—Brightom Herald of Saturday
ON THE BODY OF THE J.ATE Mxt. 80-.
?Ma AT OUL2TO,t, NEAR THE WOODLESFORO STATION.-The
death of Mr. Boteler, which occurred on Thursday morning at
bra root eight o'clock, thr.;:v a gloom over the ppuleus neigh-
bOttrhoods of Doncaster, ue.,;;;.. and other towns which the
Flrcle of friends. Immo-
laiined gentleman had a large
diately ad the fatal event taking ;;!ace an express was
ieht tit Mr. Bell, the secretary of the Midland Railway, who lost
no" :MI6 it apprising General Daley of the melancholy fiat.
Thomas Wheetlee.she engine-driver at the time of the fatal ac-
cident, who had en t'Vedoesday last appeared before the magic.
bates at Sheffield to answer the charge of negligence, but is.
charged on bail, was forthwith brought from Leeds by a special
train to Derby, and underwent a long namination in the hostel-
room in the presence of some of the Directors. Notice :at.;
tomb,
eiedlately given to the Coroner, who directed the
in%
murga.
• • no nide, afternoon. Sir Isaac Morley and Jame _
of the directors of the company, accompanied
• Ac., proceeded to Woodlesford by special
troyd,
Upon the jury being impannek'd,
their talicitor, witness.—
courted public inquiry, and he
train to attend at tier ln•Jue.,
Sir Isaac Morley said the :40:"1'2",u-la -ow the least light on the
'd they should be
had instructed every servant wn:'
court, a.-
transaction to attend the Coronet :4
eaom, reseedicss of the
a • 1 to view the
brought from the remotest port of the kitte
'no, had re.
expense. After this the Coronor and jury pro,—
body of the late lamented gentlemen. After the J.
turned from the painful task, the Coroner said the most see..
investigation would be gone into, and for that purpose, to effort,
time for the necessary witnesses, he should adjourn the inquest
until Monday morning at nine o'clock. Sir Isaac Morley replied
that the railway Company were only anxious to afford the utmost
facilities, for which purpose every witness, and even the profes-
sional gentlemen, should be sent down free of expense. The re.
mains of the unfortunate gentleman will be removed to the family
vault, In Kent, for interment; The funeral, we are Informed, will
be at the expense of the railway Company, who will, en all points
omit the wishes of the family.
_ _ _

RA IL WA Y INTELLIGENCE.

NEW SCHEMES.

The following new projects were brought before the public
last week :

. _ .
OXFORD AND SLOUGH. —A line thirty-four miles in length
between the above termini, intended to complete a direct
communication between the whole of South Wales, Here-
ford, Gloucester, Cheltenham, Witney, and Oxford. Capital,
650,0001., in 20/. shares. Mr. John Galloway is the engineer.
MANCHESTER, HEBDEN, AND KEIGIILEY JUNOTION.—A
line commencing virtually at Manchester, but actually at a
junction with the Leeds and Manchester, at Hebden-bridge,
and proceeding thence up the valley of that name towards
the north-east, and by a tunnel through Cock-hill into the
Haworth valley, and thence to Keighlev, joining there the
Leeds and Bradford Extension, with a branch to Oakwoith,
from near Keighley. Capital, 350,0001., in 17,500 shares.
Mr. llawkshaw is the constiltingengineer..
BELGIUM AND CONTINENTAL DIRECT TRUNK.—A line
to commence at Termonde, on the Scheldt, communicating
northwards with Terneuse, and proceeding southwards to
Assche, Hall, Nivelles, Goselles, and Gilley, and joining the
State Railway about half-way between Mont igny and Chat elet,
and terminating at Vireux, the frontier town of France.
The length of the line is 84 French leagues, and it is de •
signed as the first of a series of railways direct to the mouth
of the Adriatic Sea. Capital, 1,200,0001., in 60,000 sbaras.

RUGBY? SWINDON, AND WEYMOUTH DIRECT JUNCTION.—
A Ihie, intended to commence at Rugby, traversing the line
of the Rugby and Oxford Railway as far as Banbury, thence
proceeding along the line of the projected East and West of
England Railway to Chipping Norton, to the contemplated
junction of the proposed Cheltenham and Oxford Railway
with the Oxford, Worcester, and Wolverhampton line, thence
taking a southerly course through or near Burford, Lechlade,
and Heyworth, to unite with the Great Western at Swindon ;
then along that line to Chippenham, whence, by means of a
branch to Troubridge, it will unite with the Wilts, Somer-
set, and Weymouth Railway. The capital is 700,0001., in
35,000 shares of 20!. each.
Dunux AND ANTRIM.—A line to run by the east side of
Lough Neagh, and is intended as a junction line to embrace
all the traffic and carriage of passengers between Dublin and
any other place north of Lurgan, and situate on the east
side of Lough Neagh, including Aghalee, Ballinderry,
Glenavy, Crumlin, Antrim, Randalstown, Ballymena, and
Bally money. Capital, 200,000/., in 8,000 shares. Sir John
Macneil is the engineer.
LONDON AND NORTHAMPTON DIRECT ATMOSPHERIC.—
From a "preliminary announcement" we gather that this
scheme proposes principally to make use of the common
roads, the railway being screened from the sight of the horses.
The amount of capital is not named, but the shares are to be
20/: each.

GREAT WATERFORD, KILKENNY, LONGFORD, AND SLIGO.
—A line about eighty miles in length. The capital is
1,000,0001., in 251. shares. Sir John Macneil is consulting
engineer.
BRIDGNORTII, MADELET, SHIFFNALI, AND LIVERPOOL
DlRECT.—Capital 300,0001., in 201. shares. Mr. S. Clegg is
the engineer in chief, and Mr. R. Ebbles acting engineer.
CA RNWALT AND WEST LINTON.—A line intended to form
a junction between the Caledonian, Calcdoian Extension, and
North British Railways. The capital is 160,000/., in 20/.
shares. Mr. Leslie of Dundee is engineer.
GLASGOW HARBOUR MINERAL—A line from the Clyde
to the various railways having termini in Glasgow. Capital
150,000/, in 20/. shares.
STRATHSAY AND BREADALBANE EXTENSION —A line
eight miles in length, from the Inverness and Perth Railway
to Aberfelily. The capital is 120,000/., in 251. shares.
ROYAL GRAND JuNcriox.—Another line from Reigate to
Slough. The capital is 600,000/, in 201. shares. Mr. Ras-
trick is engineer in chief; and Mr. Bazalgette acting en-
gineer.
BERWICKSHIRE CENTRAL JUNCTION.—A line from the
Edinburgh and Hawick Railway to Kelso, to join the Cale- '
donian Extension and Newcastle and Berwick. The capital
is 350,000/., in 25/. shares. Messrs. R. Stevenson and Son
are the engineers.
NEWCASTLE-UPON-TYNE, EDINBURGH, AND DIRECT GLAS-
cow JuNcrtos.—This is a fusion of the North Tvne and
Newcastle-upon-Tyne, Hawick, Edinburgh, and tilasgow
Junction schemes. A new prospectus is about to appear.
MALTON AND DRIFFIELD.—A line designed to form a link
of communication between the North and East Ridings of the
county of York, by uniting Mahon and Driffield, commencing
at the town of Mahon, by a junction with the proposed Thirsk
and Malton, and immediately crossing the I ork and Scar-
' borough line, running in a direct course to Driffield, a distance
of about twenty miles, joining there the proposed Hull and
Bridlington Railway, and the line to Pocklington and Selby.
Caital, 400,0001, in 20,000 shares of 20/. each.
LIONCASTER, WAKEFIELD, AND BRADFORD.--A line in-
tended to commence at Doncaster, by a junction with some
of the projected lines from London to I ork and Leeds, and
with the proposed Manchester, Huddersfield, and Great
Grimsby Direct, and Hull, Sheffield, and North Midland
Railways. It will then proceed in a direct line to Oakenshaw,
near Wakefield, where it will be connected with the Midland
Railway, the Wakefield, Pontefract, and Goole, and the ex-
tension of the Leeds and Dewsbury, and Wakefield and
Bradford Railways. The length of the line is fifteen miles.
Capital, 380,0001., in 15,000 shares of 201. each. Engineer,
Mr. Billington.
NEW LONDON AND BIRMINGHAM, VIA NORTHAMPTON
AND WARWICK.— A line intended to commence at " a con-
venient point in the northern part of the metropolis," and
proceed by way of St. Albans, Redburn, Dunstable, Woburn,
Newport hignell, to Northampton, where it will join the
London and Birmingham Extension Railway, and proceed
by Daventry, Leamington, and Warwick, and by the rail-
way intended to be made along the line of the Warwick and
Birmingham Canal to Birmingham, and by means of the
railway from Northampton to Warwick. Capital 1,400,0001.,
in 70,000 shares.

DIRECT LONDON AND MANCHESTER RAILWAY.

On Saturday the arrangement for the union and amalga-
mation of the two companies formed for making a direct
railroad between London and Manchester was signed by
John Dillon, Esq., the Chairman of the Direct London and
Manchester Railway, and Colonel Leicester Stanhope, the
Chairman of the Direct Independent London and Man-
chester Railway.

The arrangement recites that the two companies shall be
united into one when the Bill shall have passed.
That the Direct London and Manchester Railway shall
alone apply to Parliament for the Act.
That the two companies shall have an equal number of
Directors.
That the Chairman of the Direct Company, John Dillon,
Esq., shall be the chairman of the 24 directors; and that
Andrew Caldecott, Esq., and the Hon. Colonel Leicester
Stanhope, shall be the deputy chairmen.
That the object of the agreement ard the parties to it shall
be the making a direct line of railway from London to Man-
chester, as economically as possible, to carry goods and pas-
sengers at the cheapest possible remunerating tariff, with the
greatest possible expedition consistently with safety; and
that the interests of the trade between London and eanches-
ter, and the promises made to the public by each Company,
shall be the guiding principles of the Directors.
That Messrs. Ashurst and Son, Messrs. Ludlow, Son, and
Torr, and John Owens, Esq., shall be the solicitors.
That J. U. Rastrick and George Remington, Esqs,, shall
be the joint engineers.

BIRMINGHAM AND GRAND JUNCTION RAILWAYS.
A considerable sensation was caused on Saturday in Liver-
pool by the intelligence of the amalgamation of the London
and Birmingham Railway Company with that of the Grand
Junction, a measure which involves important and valuable
consequences to the Proprietors, and will, it is expected,
lead to results very advantageous to the public. On a calcu-
lation of the respective interests of the parties, it appeared,
that while the London and Birmingham line yielded the
full dividend of ten per cent., the Grand Junction was in a
condition to pay twelve per cent., so that the equalisation
of the two properties for equal dividends ha future required
that the Grand Junction shares should be " written up"
twenty pounds per share ; and it was, therefore, agreed,
that new shares of twenty pounds each should be created,
free of cost, to be added to the original shares, and the
whole formed into common stock, entitled to common divi-
dends from the Ist of October instant. It has been deter-
mined, also, we understand, that on the London and Bir-
mingham line the Company will now commence being their
own carriers, and that a considerable reduction will at once
be made in the charges for the conveyance both of goods
and passengers, so as to render the calculations upon which
any project of competing lines may be besed extremely un-
promising. By arrangements in progress the consolidated Com-
pany will proceed to establish what has long been considered a
desideratum, a complete system of trunk line from London to
Glasgow (via the Carlisle and the Caledonian) ; and from Lo-
ndon to Holyhead, and across Ireland ; and they have decided to
encourage in every way the formations into such trunk lines of
the most direct lines aubserving the trade of the country
It is felt that these gigantic operations will "be a heavy.
blow and great discouragement" to many of the projects re-
cently afloat, while they give stability to many schemes of
undoubted utility.—Liverpool Mercury.