The Sun.
London, England, 1844-01-02 00:00:00

UNION WITH THE HULL AND SELBY COMPANY.

The CHAIRMAN said they now came to the question
of their union with the Hull and Selby Company.
That proposition originated with a gentleman, a share-
holder in both Companies, residing in Hull, and well
qualified, not only from his commercial knowledge, and
his great opportunities for forming a correct opinion
upon the advantages of such a union, but who was also
calculated to influence both parties in bringing forward
such a matter. When it was ascertained that there was
no indisposition on the part of either party to entertain
this matter, a meeting took place, and it was resolved
that such steps should be taken as would be most likely
to terminate in the speedy accomplishment of that ob-

ject. The terms of that Union were then entered into
and some difficulty was experienced in deciding what
would be the best mode of union. Three different
ways were proposed. The first was to amalgamate the
two Companies by incorporating all their stock and capi-
tal in one body ; the second was that the Manchester
and Leeds Company should lease the Hull and Selby
line at a fixed rental ; and the third, which was the pro •
posal which was ultimately adopted, was, that a union
or partnership of the two Companies should be formed
—in fact, to constitute out of the two Boards of Direc-
tors a Managing Board, to manage the joint concerns
and business of the Companies ; and the first resolution
that we came to in out. preliminary arrangements was,
that from the Ist of January, 1844, the Manchester and
Leeds Railway, and the Hull and Selby Railway should be
worked under one management,for the mutual ad vantage S.
both companies. That principal was subsequently adopted
The agreement proposes that the Manchester and Leeds
Company should lease to a new firm, and that the Hull
and Selby Company should also lease to a new firm, their
respective lines of railway, and that that new firm should
consist of a Board of Directors constituted of the whole
of the Manchester and Leeds Directors, and of two Di-
rectors from the Hull and Selby Company, and that that
Board should conduct the business of the Joint Com-
pany, using the lines, the stations, and all their engines,
and in fact, conducting the whole business; but that as
it respects capital each Company shall remain as it is
now—a distinct individual capital; and that these two
Companies shall share in the net receipts of the asso-
ciated Company or firm in certain proportions which
have been fixed upon, namely, 16;j- per cent. of the net
proceeds, to be paid to the Hull and Selby Company,
and the balance, amounting to 831 per cent. to the
Manchester and Leeds Company ; that all future capital,
including the capital required fin. the completion of the
Hunts's-bank station, and the Halifax branch, should
be provided by the two Companies, in the proportion
of their shares in this associated Company, so that in
fact each Company remains distinct for all purposes
with respect to capital ; and the associated Company
works the traffic, pays'all expenses, manages the whole
of the business, and at the end of each half year pays the
dividends to each Company in the proportions already
named.
Mr. JELLICORSE then read the agreement, of which
the above is a sort of abstract.
The proposition and plan were agreed to, the utmost
confidence being expressed by the meeting in the
arrangements made by the Directors. Some other re-
solutions were agreed to, arising out of the above
argument.
CHANGE OF THE NAME OF THE HUNT'S-BANK STATION.
The CHAIRMAN said that a Proprietor had forwarded
a proposition, in which he suggested that the new station
at Hunt's bank should be called " The Victoria Station,"
on account of its proximity to the Victoria Bridge. If
there was any feeling in the meeting to christen the
station by any more popular name than that by which it
was now designated, now was the time.
Mr. PEASE remarked that it certainly was a very
grand station, and ought to be crowned with majesty.
J. WOOLLAM, Esq., Boroughreeve of Manchester,
thought that the name of " Hunt's-bank," as applied to
this station, was exceedingly undefined. It was true
that it was -an ancient name with reference to Man-
chester, but he did not think it was an appropriate name
for this station. He eoriliaLly agreed with the sugges-
tion of t'he Hon. Proprietor thiit the name should be
changed to " Victoria Station."
Mr. SIMPSON seconded the resolution.
The CHAIRMAN then put the resolution to the meeting,
observing, that he would suggest that this change should
be made with the sanction of the Liverpool Company.
The resolution was then passed, with the amendment
suggested by the Chairman.
Till: -01i1 Dr'';:;

The CHAIRMAN then remarked that they had now
completed the business of the meeting. He did not know
whether any of the proprietors expected that he should

to

give them any statement as to the half-year's profit—
(Hear, hear)—but he might observe, that in addition
the 10,0001. which they had divided as profits, the last
half-year they had 3,0001. more; so that at present they
had a fair -prospect of dividing 13,0001. in March next,
or an increase of the profits of nearly one per cent.
Mr. Entwistle having taken the Chair,
Mr. ROBERTS proposed, and Mr. SimPsox seconded, a
vote of thanks to the Chairman, which was carried, and
the meeting separated.