The Sun.
London, England, 1845-11-08 00:00:00

TnE SUN, LONDON, SATURDAY EVE NL NCB,, NOV EMBE R, 8, 1845.

London and Birmingham and the Manchester and Birmingham for
an amalgamation ; and, if carried, of course It would be included in
the arrangement with this Company.
The PROPRIETOR—Is the capital included in your report ?

Mr. Swirr—No.
The same Proprietor asked whether the London and firming.
ham were to become their own carriers ?
Mr. Swirr—That is a question of detail which the Directors of
the amalgamated Company will deal with.
Mr. MELLY moved a vote of thanks to the Chairman, Mr. Ro-
therham, and the Directors, for their admirable conduct in this im-
portant business.

Mr. G. MAXWELL seconded the motion, and it was carried
amidst very great applause.
Mr. RITSON) after some complimentary observations upon the
talents of Mr. Locke, the Engineer, moved that it be an instruction
to the Directors to bring before the next meeting the subject of a
fitting testimonial to that gentleman for his long and valuable ser-
vices as engineer.

Mr. LEWIN MOZLEY seconded the motion, and it was carried
unanimously. He then moved the thanks of the Proprietors to
Messrs. Swift (the law clerk), Booth, and Huish, for their eminent
services.

Mr. LarraToN seconded the motion, and it was carried unani.
mously.

Mr: SWIFT and Mr. Boom severally returned thanks; and

Captai■ Hulett, in his address in reply to the vote, stated the
fact that the receipts of "the Great London and Liverpool Rail-
way, for the last eighteen weeks, exceeded the receipts of the
corresponding eighteen weeks last year, by upwards of 100,0001."
_(Cheers).
The meeting, which occupied three quarters of an hour, then
separated.

BRISTOL and EXETER RAILWAY.
REJECTION of the PROPOSITION of SALE.
Yesterday a most numerous meeting of the proprietors of the
Bristol and Exeter line was held at the White Lion, Bristol, for the
purpose of hearing the terms upon which the Directors proposed to
sell the line to the Great Western Company, when the term of
their lease should expire, which would take place in three years
hence.

Mr. J. Gibbs having taken the chair, the Secretary read the
terms upon which it was proposed to sell the line, which were, that
the Bristol and Exeter Company sell and dispose of all their pro.
perty, tights, privileges, and interest whatsoever, whether in that
line, or any line or project promoted or supported by them in con-
nexion with the said line, and also all the assets, shares, or other
effects belonging to them, or held in trust for them, with the
Great Western Company, in consideration of the following pay-
ments :—The Great Western Company are to pay, from Ist of
January next, by half-yearly payments 5 per cent. per annum on
the sums called up on the said shares, amounting to 1,080,0001.
They are also to defray the concurrent interest upon all
debts or liabilities of the Bristol and Exeter Coin.
pany, commencing from the same date, and to defray all
liabilities which may nut be covered by the calls to be made on
the proprietors in respect of the capital still uncalled. That
calls shall be nada on the 100/. shares, so as to pay up the
450,0001. outstanding, at times to be fixed by the Great Western
Company, at intervals of not less than six months between each
call of 10!. per share ; and when such calls shall be made, 5 per
cent. shall be allowed thereon; but the whole shall be called by
January, 1849. In like manner calls shall be made on the third
shares as may be required by the Great Western Company, with
intervals of not less than six months between each, but the whole
shall be called by January, 1852. That the Great Western Com-
pany shall have full power to create debentures to the extent of
one-third of the Bristol and Exeter Company, in case they shall be
required to do so. That after the Ist of January, 1849, the Great
Western Company shall pay, by way of rent charge, a sum equal to
6 per cent. on the capital of 2,000,0001., if the whole is paid up,
or on so much as may have been paid up ; and subsequently will
pay 6 per cent. on the remaining sums as they are called up, sub-
ject to the following proviso, via.:—ln the event of any competing
line, on the narrow gauge, being granted between Exeter and
London, whether to join the South-Western or otherwise, in op.
position to the Great Western Company, in such case
the rate of rentcharge is to be reduced to bi per
cent. This agreement is to be considered final on both Com.
panics, subject only to the confirmation of general
meetings of proprietors; but if any difference arises in the con-
struction of this agreement, it shall be referred to Mr. Brunel for
adjustment.— (Laughter and sneers.) When the above was read,
a supplemental agreement followed, which was to the effect that the
third shares were to be put upon an equality with the whole shares.
The CHAIRMAN then rose and said—lt now becomes my duty to
enter upon those explanations which are necessary to justify my
colleagues and myself in concluding the arrangements we now
submit to your consideration, the conditions of which, with one
exception, to which I shall have occasion hereafter to allude, we
are unanimously of opinion are fair and equitable. We are sorry
and surprised it was not considered satisfactory by many of the
shareholders; but we think we have great reason to complain of
the treatment we have received by those who have procured proxies
to use at this meeting. The Chairman then went into a long
statement, which contained in effect nothing more than that which
is stated in the proposed terms of sale. In the conclusion of his
speech, he received a good deal of interruption, in consequence of
the mention of the name of Mr. Brunel as the third party to be
called in. When he had concluded,
Mr. SILLERRNT followed, in a very long speech, in which he en-
deavoured to explain and defend the course pursued by the
Directors.
Mr. BRITTAN opposed the proposition in a long statistical speech,
intended to show from the gradual receipts of the Bristol and
Exeter, the ineligibility of the terms proposed by the Great
Western. He said, in the case of the Bristol and Exeter Rail-
way, in addition to the ordinary development of traffic, we shall
have in a few months the advantages of the opening of the line
from Exeter to Plymouth, of which we have the authority, if any
be requisite, of our own Directors, for anticipating a considerable
increase of traffic to our line; and taking this into account, we
may, I think, without being guilty of extravagance, calculate on
our third year's traffic exceeding the first in much the same pro.
portion as we have seen to take place on the Birmingham line.
This Bill gives us an addition of 57,833!., but taking it at 57,0001.
only, we have a regular gross traffic of 237,000/. ; deduct for
working expenses 40 per cent., 94,8001., leaves 143,200/. ; deduct
5 per cent. on 117,9761. borrowed capital, say 1,0001., or 45,8981.,
this leaves 97,302/. applicable to a dividend of nearly 101. per cent.
on 1,000,0001., about the present amount of paid-up capital. But
to this add 5 per cent, on say 500,000/., ultimately to be called
up, but upon which interest is charged above 22,9494, still leaves
a net income of 120,2511, applicable to a dividend of about
8 per cent. on 1,500,0001. In this calculation it will be seen
that I have confined myself to the new line, and have not taken
into account either the capital or the returns of the branch lines, for
which Acts were obtained in the last session ; but, as according to
the estimate of the Directors, these branch lines will pay a divi.
dend of 6 per cent. on the expenditure, and as they will bring
on the main line an accession of traffic for which I have not taken
credit, and as moreover I have not taken credit for the profit to
accrue from the considerable capital held by our Company in the
South Devon and Falmouth line, I think that, taking everything
into consideratton, the dividend upon the above increased capital
of 2,000,000/. will be found not below the result that I have
arrived at in the calculation with reference to the original capital
of 1,500,000/.
Several others followed; amongst them Mr. Fripp for, and Mr.
Whatelev and others against, the proposed items of sale; and at
five o'clock, Mr. Divorr, M.P. for Exeter, made a short speech, In
which he recommended that no hasty conclusion should be arrived
at; and the result was, after several other propositions had been
made to the effect that a committee should be appointed to ascer-
tain if better terms could not be had, and that no division should
be come to, the meeting divided, when there appeared 20 for and
an immense show of hands against the proposition.
A vote of thanks was proposed to the Directors, but the meeting
separated without lts being either put or carried.

CONVERSION OF THE WEY AND

ARUN CANAL.

GUILDFORD, FaIDAY.—A special general meeting of the Pro.
prietors of the Vey (and Arun Canal was held this day in the
Guildhall, to take into consideration the expediency of making a
sale of the canal for the purposes of a railway. Mr. John Napper,
of Iford, Sussex, was called to the chair.
The CHAIRMAN said the object of meeting was to consider a pro-
position
Company the Brighton Junction Railway
purchase
ebethene
canal.made b
The particulars of the offer were as follow:
" The Railway Company to purchase the canal at the rate of 351.
per share on the whole number of shares, and to stand in the same
wtobipchurchha
position with regard to the property as the Proprietors of the canal
now stand.

" That the Railway Company should pay, on the execution of
the contract, into the hands of the Messrs. Haydon, in the name of
the Chairman of the two Companies, the sum of 2,0001. by way of
deposit, one-half of such sum to be forfeited in the event of the
petition for the Bill not being presented seven days at least prior
to the last day appointed by the House of Commons for receiving
private Bills in the next session.
" That the purchase include only that part of the canal between
Stonebridge..wharf and Newbridge, and the property on the line,
to-
getherlnnginowtinththtehecreservoir,nmpany situate
at Guildford.
and not any portion of the property be-
" That articles of agreement be drawn up and exchanged be.
tween the two Companies on or before the 30th of November
irritant."
Wyndham was opposed to the sale,
amendment, further consideration of the
Mr. NEWLAND moved the adoption of the report,
andMrad. Avlnueasttiteadi:
measure.
isnaidanColonel

Captain DEVEREUX also thought the proposed sale would be
detrimental to the interests of the proprietors, and intimated that
he should oppose the scheme.
After a long and desultory conversation, the original motion wee
put from the chair, for which 239 votes were received.
The amendment was then put, and carried by a majority of 11.

NORTH KENT and DIRECT DOVER

(VIGNOLES' LINE.)
ROCHESTER, FRIDAY.—A meeting, convened by the mayor in
compliance with a requisition signed by upwards of 500 of the
principal freeholders, burgesses, and other inhabitants of the cite
of Rochester, was held to-day at the Guildhall.
The chair was taken by E. Buck. Esq., the Mayor, at 12
o'clock ; and there were present the Rev. G. Davis, J. Nightin-
gale, Esq., Alderman Manclerk, Jas. Smith, Esq., E. Wickham,
Esq., N. Nicholson, Esq., and other gentlemen in the commission
of the peace for the city and county.
The proeeedings were opened by the MAYOR, who stated that
he had felt great pleasure in complying with the requisition he
had received. The object in view was the benefit of the city of
Rochester and Its nnighbourhood.
Captain BAKER moved the first resolution, to the effect that a
direct line of railway communication between London, through
Rochester, Canterbury, and Dover, was essential to the interests of
Rochester, and would tend to the public convenience.
Alderman MANCLERK seconded the resolution, which was car.
ried unanimously,

Mr. Vic/Nous, the engineer, said that, twenty years ago, when
engaged in laying out the Liverpool and Manchester line, he had
felt the importance of providing railway accommodation in Kent—
whiesrenamtiavneycoeunt:ltiey
—eeralongitheeuliirnieesoifn thethe
way, which ten or fifteen
old Dover road. There
years ago would have been thought insurmountable, but owing to
the improvements in science they were no longer formidable,
bAusttehaserye,waansdietmo
some change
overcomein comparativelyatthelineu
neawproposed from trifling expense.
the plan brought forward last year, he would shortly explain the
course which, according to the present
plan, the line would take.
It would commence in London, as near the centre of the metro-
polis as it was possible for money to bring it. From London it
would proceed parallel with the present line of the Dover road,
taking all the principal towns in North Kent in its progress. It
would pass through Blackheath, Charlton, Bexley.heath, Crayford,
Dartford, Strood, Rochester, and from thence to Milton, Sitting.
borne, Faversham, Canterbury, and so on to Dover. This was the
course of the direct line; but in addition there would be various
branches constructed for providing the utmost facilities of comm..
nication to several other populous towns and districts lying eff the
main line. The line would pass into Rochester by means of a new
bridge, which would form one common crossing over the Medway
for railway and all other traffic. The principle of this bridge
had been approved of by the Admiralty, and also by the wardens
of Rochester.bridge. It would form a great improvement to
the town, improve the water-way, and give greater facilities for na-
vigating the river.—(Hear, hear.) A convenient station would be
provided for Rochester between the Guildhall and the Custom.
house. After leaving Rochester, the line would take the same
course as proposed last year. It would pass in front of the quays
at Chatham fifteen feet above their level, leaving a large space be-
tween it and the wharfs, thus securing full accommodation to those
who held rights of quayage. He explained this because it had been
said the company had changed their plan in such a way as would
injure Chatham, and to show that, as far as Chatham was con-
cerned, the plan of last year was improved upon rather than dete-
riorated. They proposed not only to have a direct communication
with London, but with the west-end of the town, by means either of
Nunierford or Waterloo bridge, and en to Cbaring-crom In order