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

GRAND JUNCTION RAILWAY.

LIVERPOOL, FRIDAY, FOUR P.M.—The important question of
the amalgamation of the Graud Junction and the London and
Birmingham Railways, for which an agreement had been entered
into between the respective Directors,:was considered this day at a
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meeting, specially convened, of proprietors in the Grand Junction
Company. The attendance was exceedingly numerous. Mr.
Charles Lawrence presided.
The SECRETARY then read the following report :—" The Direc.

tors have convened the present meeting to recommend the adop.
tion of an agreement of amalgamation which has been concluded
by the London and Birmingham and Grand Junction Boards, sub.
ject to approval and confirmation by the proprietors of each Corn.
pany respectively. In settling the terms of this important com.
pact, the Directors have been anxious that a fair 'estimate
should be made of the position and capabilities of each con-
cern ; and they have considered it desirable that, due regard be.
ing had to the circumstances of each Company in respect of
expenditure, revenue, engagements, and share capital, a balance
should be struck, and an adjustment definitely made, in
order that hereafter the two Companies may be subject to
the same liabilities, and receive the same rate of dividend,
out of one common fund. The Directors of the two boards
have accordingly taken into account the expenditure, re-
venue, share capital, and other circumstances of the respective
Companies; and for the requisite and final adjustment between
the two concerns, they have agreed, subject to confirmation by
the proprietors, that the capital of the London and Birmingham
Company shall be taken at 8,653,7501., and the capital of the
Grand Junction at 5,788,5601.; and that for the purpose of this
adjustment of the respective capitals, the Grand Junction Com-
parry shall issue coupons of consolidated stock, to be considered
as paid up capital, to each of the Grand Junction shareholders,
after the rate of 301. new stock for every 1001. of present Grand
Junction stock, and for the Grand Junction shares (whether paid
up or not) in the same proportion ; such issue of stock to be en.
titled from the Ist of October last to dividends, and all other pri-
vileges n-teable with the whole amalgamated stock of shares.
The receipts of the two Companies to form a common fund from
the Ist of July last. The Directors have given their best
consideration to the terms of this agreement. Being based
on the actual position of the two concerns, the data are prin.
cipally to be found in a careful consideration and estimate of
the published reports and statements of accounts of the
two Companies; and the Directors confidently rely that the
step which they have taken on behalf of the Proprietors will meet
with their prompt and cordial concurrence. In regard to the ma-
nagement of the amalgamated concern, it is agreed, that for the
first five years there shall be one united board meeting, monthly,
or as may be found expedient, and consisting of members selected,
in the first instance, from the present direction of each Company,
in the proportion of eight London and Birmingham Directors to
six Grand Junction. The united beard to discuss and settle all
matters of general policy. The London and Birmingham line
proper being worked, as respects all details, under a Committee,
sitting in London, composed of twenty.four London and Binning.
ham Directors ; and the Grand Junction line proper being worked,
as respects all details, under a committee, sitting in Liverpool, and
composed of eighteen Grand Junction Directors, or sub-committees
of either respectively. The Directors have only further to observe
that, while they consider they have reason to congratulate the
Proprietors on the establishment of permanent peace and union
with the London and Birmingham Company, by which the re.
sources of an undivided and continuous line will be secured, they
have additional satisfaction in expressing their assurance, that they
shall be enabled thereby to effect such completeness of arrangement
and of appointments, and to afford such moderate rates and fares, as
will give ample satisfaction to the public,,,

The CHAIRMAN said—Your Directors do take it for granted that
it is sound policy to consolidate these two great lines, and if you,
our Proprietors, agree in that principle, our object has been only
to settle the terms. Our course has been quite clear on this ques-
tion. We had to protect your interests, and, at the same time, to
make no demand which we could not satisfactorily substantiate.—
(Cheers.) I trust we have succeeded in these measures, and at
the London meeting, to be held this day, for submitting the same
agreement to the London Proprietors, we rely with confidence that,
if any surprise should escape the holders of London stock at the
high value put on our shares, that their Chairman will satisfy
them of the correctness and fairness of our proceedings, in the
same manner that Mr. Glyn, their Chairman, was satisfied by my
able coadjutor, Mr. Itotherain„ who stated our case so clearly and
satisfactorily. The only other important matter is the management.
The usual practice of immediately forming a joint board would,
perhaps, not work well, and the Directors recommend what I
conceive most judicious, and if, after a limited time and expe-
rience, another system is found necessary, the Proprietors will take
care it is attended to.

Mr. Swirr here read the formal resolutions, which were a mere
echo of the report, and proposed them seriatim. The first, which
affirmed the amalgamation, was carried unanimously, amidst the
loudest cheers.

Mr. MaLLY said it appeared they proposed to go in with a divi.
sion of the profits, just as the amalgamation had been completed.
Was it not necessary to have an Act of Parliament to sanction the
amalgamation ? Was there no doubt of the amalgamation being
completed ?

Mr. Swirr—We do not apprehend any doubt. The importance
of beginning at once to divide the profits was so apparent, that the
Directors thought the doubt of carrying the amalgamation hardly
worth considering.
The CHAIRMAN—They followed the same course in the Mid.
lands Company. They gave notice of their intention to divide
the funds, and then to go to Parliament to make it law. The
capital seems large, but it takes in all liabities, and no further
capital is to be raised by either party than what is included in this.
A PROPRIETOR asked if the quarter shares, announced some time
time ago, were to be withheld ?

_ , _ ...... .
The CtiAtamAN—By no means. They are included in the gene-
ral management. They are now ready for issuing.
Air. SWIFT—And in the same way the holders of quarter share I
are entitled to their proportion of the new 20/. shares.
A PROPRIETOR asked if anything was to be done in relation to
the amalgamation of the London and Birmingham with the Man.
cheater and Birmingham ?
Mr, Swirr replied there was a negotiation pending between the