The Sun.
London, England, 1845-09-11 00:00:00

RAILWAY INTELLIGENCE.

GRAND JUNCTION.
LIVERPOOL, WEDNESDAY.—The Proprietors in this Com-
pany held a special general meeting to-day, for the purpose
of determining as to raising, and the mode of raising, the
- further capital authorised to be raised by the Act for the
2% construction of the Trent Valley Railway, to make orders
- and directions in relation to the new shares to be created in
pursuance of the powers of the Amalgamation Act, and also
- to consolidate the paid-up shares of the Company into capital
- stock, and on other special affairs.
The meeting was most numerously attended. Mr. Charles
- Laurence presided.
The following report was read by Mr. Boovsi :
_
" The Directors are happy to announce to the Proprietors
--
the successful issue of their application to Parliament for an
- Act to consolidate the Bolton and Leigh, Liverpool and
- Manchester, and Grand Junction Railways. In the pro-
= gross of the Bill through Parliament, the Directors had to
contend against the opposition of sundry railway companies
and commercial bodies ; the alleged ground of objection
- being, that the amalgamated companies would become so
- powerful in their combined arrangements, that it would be
- difficult for minor interests to contend against them. Par-
liament, however, having sanctioned your application, it
2
u 74 remains for the amalgamated company to prove to their
131 A
former opponents that any increased efficiency or influence
which they may possess will be used, not alone in the
- furtherance of their immediate interests, but in the promo-
- tion of the public accommodation. The Directors are happy
- on the present occasion to refer to their published advertise-
- ments, announcing a reduction of fares, with improved
arrangements, both on the Birmingham, and on the Liver-
_
- pool and Manchester lines. And they refer to these in-
. - creased facilities of transit as an earnest of their desire to
- combine, with a due attention to the interests of the Pro-
_
prictors, a corresponding regard to the convenience and
satisfaction of the public. With respect to the traffic of
the present half-year, the Directors are glad to report a
- considerable increase upon that of 1844, and the experience
- of each month establishes the desirableness of that ex-
- tended accommodation in stations and approaches at
- this end of the line, for which the authority of Par-
liament has now been obtained, and which the Directors
- are preparing to carry immediately into effect. In the Amal-
gamation Act power has been obtained to convert the whole
- of the paid up shares into capital stock. The facility which
- such a measure will give to the purchase of railway stock,
- without reference to the machinery of shares or half shares,
- is so obvious an advantage, that the Directors rely on the
- sanction of the Proprietors to the resolution which they will
- propose for carrying this provision of the Act into immediate
04 operation. They intend still further to recommend Grand
- Junction stock to the favour of the public, by abrilishing all
- charges on the registering of transfers, or on the issue or en-
dorsement of certificates. After the 30th instant, this busi-
ness will be transacted at the secretary's office, without cost
- to purchasers, though certainly involving some additional
expense to the Company. The Directors have further to an-
- pounce, that, with permission of the Proprietors, they propose
- for the future to discontinue the payment of intermediate
- quarterly dividends. This operation has entailed consider-
- able pecuniary loss on the Company, while the preparations
- requisite for the issue quarterly of so many dividend war-
- rants, and the unavoidable closing of the transfer-office,
- during the operation in the middle of each half-year, has
_ proved a serious interruption to business. The Directors do
- not regret having given to the measure a fair trial, but. they
- have come to the conclusion that the general objections
- which they have briefly stated, are not compensated for by
- any adequate advantage to individual Proprietors. The
Shareholders in the late Grand Junction Company are aware
- of the intention of the Directors (as announced in their
- report of the Ist of August) to obtain authority in the
- Amalgamation Act for the issue of new quarter shares, to
57,1 be allotted in the proportion of one new quarter to the holder
of each 100/. Grand Junction share, or of shares amounting
- in the aggregate to 100/. This provision of the Act the
- Directors propose to carry into effect by the immediate issue
• - of 251. shares, upon which dividends will be payable in the
• - same ratio as on original shares, less five per cent. interest
• - on the amount not paid up. The calls on these shares
will be made by such instalments, and at such periods,
as the Directors may judge expedient. In the published
report for the half year ending 30th of June last, it appeared
- - that there was a• surplus balance, or reserved fund, belong
- ing to the Grand Junction, proper, of 64,006/. Bs. 10d.;
- and the Liverpool and Manchester Proprietors will recollect
that there was a surplus in that concern, over and above
paying the half-year's dividend, of 10,4681. This latter sum
- - it is proposed to carry to the surplus fund of the Amal-
- - gamated Company, and in addition to it, the sum of
- 19.147/. from the surplus balance of the Grand Junction,
LLIA priper, as above stated •, these sums being proportionate
to the respective capitals of the two concerns, and con-
_ _
- - stituting a surplus balance of 29,615/. to the credit of the
- - Amalgamated Company. By this arrangement, the suns of
- - 19,147/. must be deducted from the Grand Junction surplus
*- balance, as stated above, 64,008/., deduct 19,1471., leays
314 ing 44,8611. applicable as a bonus to the Shareholders of
the Grand Junction, proper. The Directors propose to
_ - the holders of the 22,033 Grand Junction shares a bonus
- - of 2/. per share, equalling 44,066/., and to the holders of
- - the 22,033 eighth shares, which must be considered
at present as five per cent. stock, compared with the re-
mainder at ten per cent., they propose to allow a bonus of
—1/. per cent. on the 5/. paid up, or Is. for each one-eighth
- - share, or 1,101/. 135.. making together 45,167/. 135., leaving
- - the small balance of 306/. 13s. to the debit of profit and loss
- - account. It is proper also to mention that the contingent
- claim to a residue of back interest on the Liverpool and Man-
_
chester old shares must be considered now to cease and de-
_
termine ; as, from this time forward, there will be but one
- common fund applicable to the purposes and for the benefit of
- - the Proprietors indiscriminately of the Amalgamated Grand
- - Junction Company."
A series of resolutions, founded upon the recommendations
-
in the report were moved seriatim by the Chairman, and car-
_
- ried unanimously.
- - On the motion of the Chairman it was also resolved that
- in future the dividends be paid half-yearly.
- The CHAIRMAN announced that the new church at Crewe
509
was ready for presentation, and it has necessarily to provide
for the maintenance of the minister. On the motion of Mr.
- - Casson, the Directors were empowered to endow the church
- - with a sum sufficient to secure the consecration, and to pay
- a further sum annually to the minister, so that hie income
be not less than 2001. per annum.
A committee was appointed to obtain a portrait of Mr.
7% - John Moss, the late chairman, as a mark of the Proprietors'
81% sense of his services.

BIRMINGHAM, WOLVERHAMPTON, AND STOUR

VALLEY.

On Tuesday a meeting of the inhabitants was held at
Halesowen, in Worcestershire, in favour of this line, Mr.
John ➢ieredith in the chair. The meeting was influentially
attended.

Mr. Scar; M.P., one of the deputation, stated that the
line was brought forward purely for local purposes, and in
order that the line might pass through those districts where
the inhabitants stood most in need of railway accommoda-
tion. The great object they had in view of coming to that
district was to enable them to open a new mining district of
immense resources. It was intended to unite the line with
the Oxford, Worcester, and Wolverhampton, and Grand
Junction lines, but without detracting, unfairly, from the
traffic of either. It was intended to start the line from
Birmingham to Smethwick, from thence to Oldbury, and to
Wolverhampton, and a branch would start and pass
through the hill above the valley in which they were then
assembled. It was Intended to bring the line as near that
ancient town as the' ground would permit, and to pass
through the vale of Stour on to Stourport. In Halesoweri
there was a large mineral district unwPought and inclosed
within the surrounding bills, over which it was impossible
to cut a canal. They were also aware of the peculiar charac-
ter of the river Stour, and that there were more works ad-
joining it than any other river in the kingdom. The line
would pass at or as nearHalesowen aswas praticable, and the
engineering difficulties, if any existed, might be overcome by
atmospheric agency. Three-fourths of Halesoweu goods went
to Birmingham, and an immense proportion of their pas-
sengers also went to the same town ; very few, indeed, went
to Worcester: therefore they would have a decided advan-
tage by having such an immediate communication with Bir-
mingham. They would also be enabled to get directly into
the north by means of various branches, and thereby forward
their goods to many parts of the kingdom to which at present
they had not access. At Kidderminster they would join the
Welsh Midland lines. The South Wales country was very little
known at present, very few persons were aware of its great im-
portance, or the benefits to be derived from a communication
with the Welsh vales. It would be of vast importance to the iron-
masters in the distrid of Halesowen if they could get their
mixtures from Wales. Indeed, they could not conceive the
great advantages that would arise to them from the pro-
posed railway. It would bring them into the great railway
system, the full advantage of which it was intended they
should derive from the company with whom the present

149.611