The Sun.
London, England, 1845-02-13 00:00:00

'tj 1.4 -I'7 i N..

1

ONCE

LONDON AND i ;NUN

a cerres:sonding addition will be resisised in the sum to be
divided on the profits oldie next elisaing half-years. Thus,
if the present position of railway interests were not of itself a
powerful inducement for reserve in the division of profits, the
circumstance to which the Directors have adverted would
afford a sufficient motive. With reference to the pro-
posed reduction of rates, the Directors are engaged in
carrying out arrangements with the several lines in con-
nexion with the London and Birmingham, for the division
of their respective rates, on an cqiial mileage principle. Re-
ferring to the various lines in progress, or projected, which
the Compaany are interested in ; namely :—Acts obtained-
1. "Warwick and Leamington ; 2. Northampton and Peter.
borough ; 3. Lancaster and Carlisle; 4. Chester and Holy-
head. Acts to be applied for-5. Tring, Worcester and
Dudley, and Rugby and Oxford ; 6. Trent Valley ; 7. Bed-
ford and Bletchley ; 8. Dunstable and Leighton ; the
Directors are enabled to report that the Warwick and
Leamington line was opened on the 9th of December, and
thas the traffic, short as the experience of the working of
the line has been, more than equals their expectation. The
advanced state of the works upon the Northampton and
_Peterborough line, bids fair to justify the anticipations of the
Directors that it will be opened in the spring, six months
before the period assigned fbr its completion by the engineer;
and it will be satisfactory to the Proprietors to learn that,
whilst the cost has fallen short of the estimate, there is no
reason to doubt but that the traffic will be found to equal it.
The reports of the progress making in the Lancaster and
Carlisle line, and its prospects, continue to be in every
respect satisfactory. The negotiations connected with the
Chester and Holyhead line, which were pending at the date
of the last meeting. terminated in the acceptance of an
offer from the Treasury to pay 30,0001 per annum for
the performance of the Post-office service, and official
information has been received that the works of the Holy-
head harbour will be immediately commenced. The Board
of Trade have announced their intention to report in
favour of the Tring, Worcester, and Dudley, and Rugby
and Oxford line, and against the rival projects. Thus
sanctioned by the Government Board, and strongly advo-
cated by parties representing the great manufacturing
and mineral interests of the district, who decidedly
prefer the lines promoted by this Company, the Bill will be
presented to Parliament under the most favourable auspices.
The Directors having agreed to lease in perpetuity a line
from Dunstable to Leighton Buzzard, at an annual rent of
4/. per cent. per annum on the capital of 50,000/., and an
equal division of profits, the sanction of the Proprietors to
the arrangement will be required. With the view of obtain-
ing the most direct line between London and Manchester,
overtures have been made simultaneously to this Company
by the Directors of the Manchester and Birmingham, the
Trent Valley, and the Churnet Valley Companies, for such
an amalgamation of the interests of all parties as might best
effect this object, and, at the same time, most completely
secure the uninterupted and economical working of the traffic
between Manchester and London. The Directors of this
Company felt themselves bound to give their most careful
consideration to proposals of so important a nature, and
being satisfied of the great public benefit to be derived
from their adoption, and persuaded also that it is the interest
of this Company to give every possible facilityfor the accom-
dation of so great a traffic, they accepted (subject to the sanc-
tion of the Board of Trade) the proposals of the three Com-
panies before-named, which in effect are as follows :
I. Manchester and Birmingliam.—That at the end of
three years, the Manchester and Birmingham Company
shall be amalgamated with the London and Birmingham
Company at the relative values of the stock of each Com-
pany on a given day, 6th February instant, antecedent to
the proposals, the London and Birmingham Company
guaranteeing to the Manchester and Birmingham Company
a dividend of 5 per cent. (with half the surplus profits) for
three years from the present time_ 2. Churnet Valley.—That
this line, at the end of five 3-ears from its opening (or
sooner after its opening if the promoters require it) shall be
amalgamated with the London and Birmingham Company,
on fair and equitable terms, regard being had to the respec-
tive capitals of the two Companies, and their relative divi-
dends. 3. Trent Valley.—That this line, when made, shall
be taken on a lease in perpetuity by the London and Bir-
mingham Company, who shall guarantee to the Trent
Valley Company a rent equivalent, pro rata, to the divi-
dend that the London and Birmingham Company shall
pay to their own Proprietors. It is proposed that any ques-
tion as to the details of these arrangements, and the mode
of carrying them into effect, shall be left to the Board of
Trade, or to arbitrators to be Appointed by them. In con-
sidering the large extension of the present undertaking,
and with a view of obviating objections which have been
raised, the Directors have come under arrangements with
the Board of Trade, which, if carried into effect with the
liberal spirit which may be reasonably expected, will prove
as effective for the protection and consolidating the true
interests of the Company, as for the advantage of the public.
The Directors, having
,thus stated the terms of the pro-
posals, feel it their duty to recommend their adoption by the
Proprietors. After maturely considering the practicability
of carrying minerals and goods in large quantities and at low
rates, the Directors are satisfied that it can be done without
detriment to the Company, mid to the great advantage
of the community, especially in the districts through
which the new lines will pass. In this view they hsve or-
dered a supply of powerful engines, adequate to the perform-
ance of the work, and an increased stock of waggons. They
have also contracted, in furtherance of their objet t, for the
purchase, of the West London Branch Railway, which they
propose to extend to the Thames, and to afford thereby in-
creased facilities in water carriage, for produce conveyed by
railway. The purchase money is 60,0001., and a further out-
lay of .65,0001. will be required to effect a communication with
the river. For this purchase the sanction of the meeting will
their irecctoolrisealgituivz report
Jones,tll retirement,
and
ll ln
o.'efellalk.iltrb.l:Rio'feobert Benson, tun., to fill the vacancy.
efbriecielicr
tilemigeoi
lIAIRMAN then proposed, seconded by Mr. Ledsam,
the Deputy-Chairman, that a dividend at the rate of 10 per
cent. per annum be declared, which was put and carried
unanimously.
This was followed up by a resolution authorising the amal-
gamation of the Manchester and Birmingham, the Trent
Valley, and the Churnet Valley Companies, with the London
and Birmingham, on the conditions specified in the report.
Mr. CASSON, of Liverpool, in a speech of considerable
length, urged the postponement of the resolution. A sub-
ject of such importance, involving the interests of nearly
fifteen millions of capital, should not be precipitately dealt
with. Time and the necessary data should be given. The
Churnet Valley scheme was at present unappreciable. Nots
withstanding the flattering statements that had been made
by the Chairman, with the exception of the more harmo-
nious and economical working that would result from the
amalgamation of the various lines, he doubted, in the
absence of further information, the policy of the proposed
arrangement, and moved an amendment to the effect that
the consideration of the subject be postponed for a fortnight.
Mr. HovEs, though unwilling to second a resolution ap-
parently hostile to the Directors, concurred with the pre-
vious speaker in thinking that full explanation should be
given.

Yesterday the twenty-third half-yearly meeting of the Pro-
prietors of this Company was held at the Euston Station.
Mr. George Carr Glyn, Chairman of the Board of Directors,
presided. Amongst the Directors present were :—Mr. Led-
sam, Deputy-Chairman ; Captain Moorsom, R.N., Manag-
ing Director of the Chester and Holyhead ; Mr. Ross
Mangles, M.P. ; Mr. Boothby, Director of the South
'Western -; Mr. Cropper, of Liverpool ; Mr. Hodgson' ; Mr.
Rathbone, Chairman of the Nerth Union ; Messrs. Cooke,
Walker, Prevost, Young, Smith, and Saltmarshe ; Mr.
Robert Stephenson, engineer ; Mr. Bidder, engineer ; Mr.
Bruyere, superintendent. The attendance of Proprietars was
very numerous
Mr. CREED, the Secretary, having read the notice con-
vening the meeting,
The CHAIRMAN rose and said, that the last half-year,
as would be seen by the account, had presented very
favourable features. Ile would net analyse that state-
ment, nor stop to consider the position of the Company
as regarded the lines at present before the public,
he meant the projected railways to York. As re-
garded these, he would rather leave them in the state in
which they at present stood, never having seen any answer
to the statement put forward by his hon. friend, Mr. Hudson,
respecting those lines at the last meeting of the Midland
Counties Railway. He left that unanswered statement to
occupy the attention of the Proprietors. All that he would
say was, that if by any chance any cue of those lines should
eventually be carried, the Directors bad the power of assur-
ing„ the Proprietors that the very small quantity of traffic
that would be abstracted front the Birmingham line would
be amply compensated by the new source of traffic that
would be developed in connexion with the Birmingham line.
—(Applause.) Since the last meeting several important-al-
terations had been made in their internal system and work-
ing. It had been the object of his colleagues and himself to
carry out whenever they should have fixed the dividend upon
a proper basis—namely, that of 10 per cent. return—to look
forward to their being enabled to make a reduction in their
various rates and charges. They had already, as regarded
the passenger traffic, carried out some reductions, but he
should be very sorry were it thought that those were the
only reductions that they were to make on that head,
though at the same time they were not disposed to
carry eut their operations too rapidly or too prema-
turely on that point. They now contemplated
making a considerable reduction and alteration in
the rates on their goods traffic, and had already an-
nounced publicly that they were ready to carry coals upon
the line at a reduced charge of one penny per ton per mile.
They had also announced to the iron toasters that they were
ready to carry their material for a penny farthing per ton
per mile, the Company finding waggons for their use. In
other branches of the goods traffic they had likewise already
made considerable reductions; but they contemplated a still
more important step, that of carrying out, with the concur-
rence of the other companies with whom they worked in
concert,' a mileage system rate. He meant by that, a fixed
rate between particular places between London and any
other portion of the country, the cost per mile to be divided
equally between the different companies. He was sure there
was not a single Proprietor present who would not rejoice in
this, if the sacrifice they were called on to make should,
particularly in the case of the Grand Junction, be the means
of an amicable settlement with them. They had already
considerably extended the buildings for the use of the car-
riers at Camden-town, but did not think that file accom-
modation was at all sufficient for the mass of traffic which
they hoped ere long to bring upon the line, and they-
thought that a favourable opportunity was afforded for
relieving themselves from that mass of traffic by accepting
the proposal made to them by the West London Rail-
way Company, by means of which they would get a ready
access to the river Thames, a point of very great importance,
as connected with that heavy traffic in minerals and iron,
besides giving increased accommodation to the general
business of the carriers. He said nothing about the pas-
senger traffic on the line; he was afraid of doing it. They
had already had recerded in the facetious pages of one of the
periodicals of the day such an account of that traffic, as would
render it superfluous on his part to make any observations

on it. He hoped that whensit passed into other hands the

line would beinore successful than it had been in the hands
of their predecessors. 'When they reflected on the population
to which the line led, which was, in point of fact, larger than
the population of many a town, for which many a Bill in
Parliament had been applied for, he thought that with pro-
per management they would be able to make something out
of it, though he would• not promise a great deal under the
head "passenger traffic." They had also taken measures in
consequence of this to increase their locomotive power. Since
they last met, the Board of Trade had commenced its very
important functions in connection with the railway interests,
and as far as the Directors could at present discern from the
nature of the decisions given, they could not complain that
existing interests, whenever they had shown the same dis-
position to accommodate the country as new projects, had
not been duly secured.—(Applause.) It was probable that
the parties in whose hands these decisions rested, might,
in consequence c.f these inquiries, have arrived at the
conviction that although competition was a very plausible
theory when carried out in some cases, yet that .it
did not quite apply to the system of railway
arrangements. They, therefore, fancied that when there was
only one traffic to be found, if it would not quite answer the
public purpose to have that traffic competed for by two com-
panies, and by two separate capitals, either competition must
go to the extent of causing great deterioration in the work-
ing of the companies, or they must arrive at the other con-
clusion of keeping up a very high rate of toll and fare on
both lines. The Directors had, therefore, consilered that,
situated as railways were in this country, the best course
that could be chalked out for the public and the Proprietors
was, a well-regulated monopoly. He was inclined to think
that after some time the opinion which the Directors had

tended to in conducting the proceedings of that court for
some years past might become more acceptable to other rail-
way companies than hitherto it had been=namely, that it is
the interest of railway companies themselves, and to the interest
of their Proprietors, to place themselves under the control,
superintendence, and revision of a public Board, responsible
to Government, the Parliament, and the public.—(Loud ap-
plause.) That was the feeling entertained by the Directors ;
upon that they had acted, and upon that they thought would
be based the future interests of the Company.—(Renewed
applause.) The lines which more immediately concerned
the Company, with reference to the decisions of the Board of
Trade, were those of the London and Worcester and South
Straffurdshire Railway, the Churnet Valley, the Trent Val-
ley, and the Shrewsbury, though not directly interested in
it.. The first line they called by its new name; but it was, in
point of fact, the line to which the Proprietors had given their
sanction at the last special meeting, under the title of the
Tring, Worcester, and Wolverhampton line. It had, as
they were aware, received the sanction of the Board of
Trail... Rival lines to those which they now proposed
were supported and advocated by the Great Western Rail-
way Company, and it became a question, in point of fact,
between the two gauge-, between the broad gauge and the
narrow guage, as to which the country should be supplied
with. He would not enter into the merits of that particular
question, but the consideration which has created a great
deal of interest in the north of England was, as to which
Company should take possession of the district. They felt,
and justly felt,.that if the wide guage was brought up to
Wolverhampton and Rugby, a very serious and detri-
mental influence would be exercised on their traffic ; and
without pretending to go into the reasons of the Board
of Trade for the decision they had given, setting aside
the idea the Directors entertained that the line they
offered to the public was superior in many respects as
regarded the mining interests of those districts, and su-
perior to that which their rivals offered, they arrived at the
conclusion that, from the wording of the decision, the
narrow gauge was preferred to the broad gauge. But
they made no remarks on the extraordinary circumstance
of the Great Western Company trying to establish them-
selves in South Staffordshire, since it seemed to the Directors
of the London and Birmingham to be a little out of their
legitimate district, according to the common tracings of the
map.—(Applause.) The Shrewsbury, Wolverhampton and
Dudley, and Birmingham line was entirely out of their
hands ; now, as far as any immediate connexion of gua-
rantee went. The other lines to which he should allude
were the Churnet Valley and Trent Valley lines, which
had just received the sanction of the Board of Trade. At
the last meeting they had given the strongest possible deci-
sion in favour of the former line.—(Applause.) But the Di-
rectors, in the interval, thought it their duty, considering
the interests of the Birmingham Company, to pause and
wait the decision of the Board of Trade ; and now, that it
had been given, the Directors considered that the time for
action with regard to the Chumet Valley had arrived. The
ground upon which that line appeared' to be advocated at
the last meeting was, the fact of it being a direct line of
communication between Manchester and London. The

Directors had ventnrcd to enter on a more extended
field of action, thinking the time had come when
it was advisable that Manchester and London should

be put in direct relation with each other. There
had been proposals made to them by the Manchester and
Birmingham Railway, and after a little consideration
they had connected these proposals with those that had
been made to them by the Trent and Churnet Companies;
and resolutions would be proposed for the amalgamation of
two of those lines, and the perpetual leasing of the other. The
terms had been settled between the three parties on good and
fair understanding, and he hoped the arrangement would
have a tendency of placing the property of the London and
Birmingham and the three other undertakings on the firmest
possible footing. Instead of there being four lines, under
separate Boards, the management would be conducted by one
il?nrd of Directors. He would not go into details, though he
had before him, but would rather put it to the vote on
of its being a fair bargain between the par-
the broad gro::!ttl
ties, and as ealcuirlted to consolidate the position, and in-
crease the influence of the lines between Manchester and
London, by placing the great manufacturing capital of Great
Britain in connexion, by means of a continuous line, with the

The CHAIRMAN did so. The terms as stated in the report
were clear and succinct. The Rae, at the end of five years
from its opening, was to be amalgamated with the London
and Birmingham, on fair and equitable terms, regard being
had to the respective capitals of the two Companies, and their
relative dividends. An agreement had been drawn up by
the Churnet Valley Company, entering into details, but with-
out the sanction of that Company, he thought he would not
be justified in having it read.
Mr. BASSET thought it would be injudicious to enter into
details, and looked upon the agreement as salutary and satis-
factory. The Proprietors should repose continued confidence
in the Directors, in so far as this matter was concerned, and
with that view he concluded by seconding the original motion.
Mr. WILLIAMS thought it was useless to prolong discus-
sion connected with the details of the measure, after the
satisfactory statement made by the Chairman. It would be
imprudent to divulge the specific agreement. There should
be no hesitation in passing the resolution, when it was consi-
dered, that not only the Grand Junction, but other great
Companies, had entered into similar amalgamations.
The CHAIRMAN, after stating that the Directors had no
shares in the Churnet Valley line, proposed the next resolu-
tion, approving of the arrangement for leasing the West
London line, which was carried.
The next resolution was for the construction of a branch

line from Dunstable to the London and Birmingham, at
Leighton Buzzard. It was offered to them to rent at four per
'cent., with an equal division of surplus profits. The traffic
case was a satisfactory one, and the line six miles in length,
and the capital 50,0001. It would confer on the district the

greatest possible advantage, more particularly with respect
to the price of coal, which was inordinately high.
It was then moved by Mr. WILLIAMS, seconded by Mr.
PARSONS, and carried unanimously, "That the Directors of
the London and Birmingham be allowed to become mem•
bers of the Provisional Committee of the Churnet Valley, so
that the working expenses and other matters might be fairly
ascertained."

The retiring Directors, Messrs. Boothby, Cooke, Garnett,
Saltmarshe, and. Walker, were then re-elected.
Mr. Urcnovr proposed that a petition be presented to the
Legislature for a remission of the rates on railways as con-
nected with the poor's-rate. The Great Western and other

Companies had come to a resolution to do so in the present
session of Parliament; and he thought the success of the
measure would be in a great degree advanced by the co-ope-
ration of the London and Birmingham.
. _ •

The CHAIRMAN seconded this, intimated the desire of
the Directors to co-operate with the other Companies, al-
though the exaction alluded to did not fall oppressively
on the Birmingham as on other lines. lie believed that the

subject had been under the consideration of the Board of
Trade, but that no definite measure had been adopted.
Colonel ALcocx congratulated the Proprietors on the un-
interrupted prosperity of the Company's affairs, and eulogised
the conduct of the Chairman and Directors for having pro-
moted the great establishment at Wolverton for the officers
and servants connected with the Company, and which com-
bined everything that was necessary for their moral, social,

metropolis of the empire.
Mr. CREED, the Secretary, then read the Directors' report,
which stated that the revenue for the half-year ending on
the 31st of December last, amounts, according to the state-
ments laid before the Proprietors, to 456,447/., of which
450,479/. is derived from the ordinary traffic, and 5,9681. from
interests on the employment of cash balances, and from rents.
The charges amount to 182,5431., of which 96,413/. is the
portion which immediately attaches to the working of the
traffic, and 86,130/. is for parish rates, Government duty,
fund for depreciation of stock, rent of the Aylesbury line,
and interest on loans. The ordinary traffic exceeds the
amount in the corresponding half-year of 1843 by 18,122/.
The charge for working it is less by 2731., making the com-
parative rate of half yearly charge to receipt as 21/. Bs. Id.
per cent. in 1844, to 221. 7s. 3d. in 1843. The net proceeds,
273,904/., added to the surplus of the preceding half-year,
15,937/., leave a clear profit of 289,841/., and on this amount
the Directors recommend that a dividend of 5/. be again de-
clared on every 100/. of the Company's capital stock, leav-
ing a rest of 47,093/. to the credit of the current half year.
Although this excess might, under ordinary circumstances,
have justified an increase of dividend, the Directors will
briefly state the motives which determine them not to re-
commend it on the present occasion, and they have no
doubt that the Proprietors will concur in their views. The
receipts in the second half of every year being invariably
more than in the first half, a proportionate allowance must
be made for the difference. Reductions were made in the
Company's rates on the Ist of October last, as the Pro-
prietors are aware, which, for the passenger traffic only, were
equal to 114 per cent. on the receipts, and a large increase
of business (as apparent from the statements appended to
the account) was the result. Now, although the extent
to which this increased traffic may compensate decreased
rates, must for a time be problematical, the Directors, judg-
ing by what they had already ascertained, will probably be
induced to make further reductions, for the two- fold object of
securing the existing traffic, and of giving that extension to
it which charges, modified with a consistent regard to public
requirements and railway resources, are calculated to pro-
mote. But as the necessary tendency of every change of this
nature is to diminish, in the outset, the amount of earnings,
the Directors feel that without a sufficient reserve of profits to
compensate a possible defalcation of income, they might in-
cur the risk of lowering the present rate of dividend. and of
thereby depreciating the credit of their stock. They may
also observe, that loans whlp ycere raised on the security of
the 32/. shares, to the amount of 576,0004 will fall due in
July and January next, and must be provided for by calls of
8/., and 6/., at corresponding periods,—and that, as the Corn.
pang will then cease to deduct interest at 5 per cent. from
dividends :an the portion of the shares thus to be called for,

and religious welfare. A church had been erected there
capable of containing 900 persons, of which the Rev. George
Weight was the pastor. The Proprietors had contributed
towards its erection the munificent sum of 2,500/. The

establishment could not be better described than in thewords

authorising and empowering the Directors to adopt mea-
sures in refere.:nce thereto, by the creation of new shares or
otherwise ; for considering the expediency of and deter-
mining upon a junction with the contemplated Colchester
Port and Junction Railway, in the parish of Ardleigh, in the
county of Essex; and for authorising and empowering the
Directors to subscribe towards its formation."
The report stated that nothing has occurred to induce the
Directors to doubt the full completion of the line within the
time specified. On the contrary, the highly respectable con-
tractors have promised very great vigour the moment the
season opens for more active operations. It then proceeded
as follows :—" The land in all parts of the line, where the
works are heaviest, is in possession of the Company. You
were promised, on this occasion, the statement of accounts
should embrace the final settlement of all the costs of your
act, but, in this one respect, your Directors, although great
progress has been made in settling them, require further time.
They have some small payments yet unadjusted, but the ag-
gregate of the whole will not exceed the sum named in De-
cember last. Mr. Robert Garrod, and Mr. James Allen Ran-
some, who were named by you in December last, are re-
eligible. It was a subject of great congratulation to your
Board, and must have been so among yourselves, that the
lines to Norwich and to Bury St. Edmund's, intended to join
yours at Ipswich, should alone, of all thoso projected in
Suffolk or East Norfolk, have obtained the approval of the
Board of Trade. A traffic, already ascertained to be amply
remunerative, must by these extensions be greatly increased ;
and it may be confidently predicted that few lines in Great
Britain can command greater advantages than the Eastern
Union Line, both as possessed of present resources, and pro-
tected against future interference."
The total receipts by calls, &c. had amounted to 37,850/.,
the total payments to 16,287/., leaving a balance in hand of
21,543/.
The report was received and adopted, and the retiring Di-
rectors re-elected. Resolutions were also passed empower-
ing the Directors to proceed in conformity with the proposi-
tions contained in the report.

of their Chairman, Mr. Glyn, which were to the following
effect :—"We were obliged by various circumstances to col-
lect at Wolverton a population from nearly every part of the
kingdom, who of course settled there, without any local at-
tachments, but who are now, I believe, as orderly a set of
inhabitants as can be pointed out. Their attendance at the
places of worship and the schools is most satisfactory; the in-
habitants themselves have established a reading-room, and
they have their benefit societies, and their clubs, and we
have a lending library there, which supplies, not only Wol-
verton, but several other stations on the road, with instruc-
tive and useful information." The Gallant Colonel concluded
by moving that Mr. Glyn should sit for his portrait, to be
placed in some conspicuous part of the establishment, as a
testimonial of the esteem and respect entertained towards
him by the Proprietors.
Colonel NoacLIFFE seconded this, and suggested the adop-
tion of a less perishable testimonial in the shape of a bust or
statue.

The suggestion was unanimously adopted, and a subscrip-
tion list immediately opened.
The CHAtitmax expressed his acknowledgments, and inti-
mated that the deed of the London, 'Worcester, and South
Staffordshire line
.was ready for signature. In reply to a
letter he had received from a Proprietor at Bath, he would
take that opportunity of stating that no resolution whatever
had passed the court with reference to the creation of stock
in the Chester and Holyhead, Lancaster and Carlisle, and
Trent VallPy Companies. It was in contemplation at a
future period to increase the number of the Directors, which
would not be beyond 24.

Mr. PARSONS adverted to the new arrangement, which ho
considered would be highly advantageous, not only to the
Proprietors, but to the public, of carrying coals on the Bir-
mingham line at a penny per ton per mile. It would be
found that the coals from Leicester and Derby were equal, if
not superior, to the Newcastle coal.
Thanks wkre then voted to the Chairman, and the meeting
separated.

THE SUN, LONDON, THURSDAY EVENING,_ FEBRUARY -13,

•
now be bought. Some overtures have been exchanged be-
tween the Great North of England Company and the Leeds
and Thirsk Company, with a view to effect an amicable
arrangement ; but the engineering difficulties of the Leeds
and Thirsk projected Railway presented so great an
obstacle, that your Directors did not deem it consistent
with the interests of the Shareholders of the Great North of
England Company to identify them with works of so ex-
traordinaryace to Leeds could
haracter,moreespbeeciamllaydeasbythayn exbteelaiesvioend
thata
better
line
of their proposed branches from Knaresborough, in the di-
rection of Spoffiirth and Wetherby ; and they are happy to
announce to the Shareholders that their engineer has
surveyed a line, shorter in distance, much less expensive
in construction, and capable of completion in less time
than that selected by the Leeds and Thirsk Company. Your
Directors have, in connexion with the Stockton and Dar-
lington Railway Company, proposed to enter into a joint
guarantee of five per cent. on the capital required for the
construction of about eight miles of railway, from Middles-
borough to the favourite sea-bathing place of Redcar. The
amount of capital required is 36,000/., and the terms of the
guarantee are for twenty-one years.
The CHAIRMAN, in his address, which was principally a
paraphrase of the report, stated that the value of the Com •
pany's property in the stock market gave the best indica-
tion of the efficiency with which their affairs had been con-
ducted. Whilst declaring an enlarged dividend, the Di-
rectors were enabled to make a considerable increase to
the amount of the reserved fund, to meet contingencies,
though he hoped he might not be understood to mean any
diminution in future returns, but on the contrary that,
looking to the probable increase of traffic, especially in
coal and lime, and the reduction in the rate of
interest, there was no reason for supposing that
there would hereafter be any defalcation. There had been
a great increase in the tonnage of coal upon the line.
The cost of the proposed branch to Redcar would be
36,000/., and the line would secure a large traffic in coal,
passengers, and goods. After dwelling on the history of
what had taken place with respect to the proposed branch to
Leeds, surveys for which had been made by Mr. Joseph
Stephenson, who stated that a sum of 600,000/. might be
saved by the construction of a branch vid Spofforth and
Wetherby, which he recommended in preference to the
outlay upon the line proposed by the Leeds and Thirsk Com•
pany, the Chairman stated that the Directors had come to
the conclusion to ask for powers to construct the line. The
lines northward were identical with the interests of the
Great North of England, because they joined part of the
main trunk which was to connect the metropolis with Scot-
land, whereas the lines south of York had interests totally
distinct. As soon as the Churnet Valley line, by which 23
miles would be saved between Manchester and London, was
made, and as soon as the Caledonian line was completed, it
would be a very near race, indeed, in point of distance be-
tween their rivals on the western part of the island and that
side of the country which would be the nearest line to Scot-
land. Unless one of the direct lines from London to York
was made, it would be found that the western side would
have the whip-hand of them, and they would no longer have
a full development of the resources of their property by rea-
son of the other being the immediate route to Scotland. The
Chairman concluded amidst applause, by moving that the
report be adopted.
The Hon. J. C. DUNDAS took a retrospective view of the
past circumstances of the Company, and argued that the
Shareholders might confidently look forward to their under-
taking increasing in a still greater ratio.
Mr. SHIELDS proposed an amendment, to the effect that
it would be for the interest of the Great North of England
either to amalgamate with the Newcastle and Darlington
on terms of perfect equality, or to lease the Great North of
England to some Company of undoubted stability, at 10 per
cent. This was seconded by Mr. Hewson.
A long discussion, in which Mr. Sams, Mr. Oxley, Mr.
Plews, Mr. Shields, Mr. Hewson, Mr. Oldfield, Mr. Baxter,
Dr. Eddowes, and others joined, ensued on this subject. Ul-
timately the Chairman put the amendment, when only nine
hands were held up in favour of it.
Several other resolutions were then proposed and carried,
declaring a dividend of six per cent. per annum, clear of in-
come-tax, and authorising Directors to take the necessary
steps for obtaining the sanction of Parliament to their pro-
jected branches. Powers were also granted to raise an ad-
ditional capital of 500,0004, by the creation of 15,000 new
shares, of 331. 6s. Bd. each, to meet the expenses of the new
lines, and the Directors were empowered to enter into a joint
guarantee with the Stockton and Darlington Railway Com-
pany, and the Middleborough and Redcar Company.
On the motion of Colonel ARDEN a vote of thanks was
given to the Chairman, after which the meeting separated.

FACTORY CONVICTIONS AT KENDAL.—At the Town
Hall, Kendal, on Saturday last, Messrs. Whitwell and
Co., woollen manufacturers of that town, appeared be-
fore the magistrates, to answer the charge of Mr.
Ewings, for an infringement of the Factories Regulation
Act, in employing in their mill six children, without ob-
taining the certificate of school attendance required by
the Act. Three of the children, it appeared, had occa-
sionally attended the school of a female who could not
write, but who got her son to make out a paper for her,
purporting to be a certificate of attendance. For another
of the children, no certificate whatever had been obtained,
and two others had not attended school for the full time
required by the Act. After going fully into the eircum •
stances of the case, the magistrates decided to inflict a
penalty of thirty shillings and costs for each of the six
children illegally employed. Mr. Wilson, on behalf of
the bench, stated that there had been, to say the least
of it, gross neglect on the part of Messrs. Whitwell and
Co. in not observing, with greater attention, the provi-
sions of the law. George Long, foreman in the employ
of Messrs. John Ireland and Co., woollen manufacturers,
of Low Mills, near this town, was also summoned by Mr.
Ewings, for employing a child contrary to the strict
orders of his employers, without obtaining the necessary
certificate of attendance at school, as required by the
Act. He was fined 11 and costs.—Manchester Guardian.
Ma. COBDEN'S MOTION FOR A COMMITTER.—Mr.
Cobden has intimate i his intention of moving for a Select
Committee to inquire into the alleged distress of the
farmers and the farm-labourers, should he not be antici-
pated by those gentlemen who designate themselves re-
presentatives of the agricultural interest. All our readers
may not understand the nature of a Select Committee; it
usually consists of ten or twelve gentlemen, who assemble
to examine witnesses during the day, when the
house is not sitting, so that their special labours
do not interfere with the progress of public business.
Indeed, a Select ,Committee is rarely refused to
any parties who can make out a plausible case of griev-
ance or distress. A Select Committee was granted to
those who complained that their spaniels and lapdogs
were stolen ; to those who were aggrieved by smoky
chimneys ; to the gamblers on the turf ; and to the
writers of dramatic pieces. Nothing could be more
reasonable than to ask, on the part of the farmers and
farm-labourers, that their alleged distress, which has
formed the staple of so many lugubrious orations
at the Protection Societies, should be thoroughly in-
vestigated by a Select Committee, so as to
ascertain its nature and extent, the causes in
which it has originated, and the remedies
proper to be applied. Mr. Stafford O'Brien, the Chair-
man of the Publication Committee of the Protection
Society—rather indiscreetly—as suggested by Sir Robert
Peel—at once assented to the propriety of the measure;
but the more wary members of his party cautiously held
back. Mr. Cobden has done good service by applying
such a decisive test to the professions of sympathy for
the alleged distress of the farmers and farm-labourers,
so liberally made by the Dukes of Richmond and Buck-
ingham, and their nominees and associates in the Com-
mons House of Parliament. If these gentlemen be-
lieved what they said, they must eagerly embrace the
opportunity of establishing their case before a Par-
liamentary Committee; but, if they oppose inquiry, and
refuse all investigation, no man can resist the inference
that they have no confidence in their own statements, but
feel conscious of practising a delusion on the credulity
of the country, and especially on those classes for whose
interests they affect to be most deeply concerned.— The
League.

[ADVERTISEMENT.] ASTHMA, SHORTNESS OF
BREATH, COUGHS AND COLDS.—A TRULY SURPRISIN3
CASE!—The Rev. David Williams, the resident Wes-
leyan Minister at Beaumaris, in the Island of Anglesey,
states in a letter, dated the 14th January, 1845, that " he
recommended Holloway's Pills to a poor man of the
name of Hugh Davies, who, at the time, was almost
unable to walk for want of breath ; that he had only
taken them a few days when he appeared quite another
man, his breath was easy and natural, and he was in-
creasng daily in strength." These wonderful pills will
cure any cough, cold, or asthma. Sold at Professor
Holloway's Establishment 244, Strand (where advice
may be had gratis), and by almost all respectable ven-
dors of medicine throug!kout the civilised world
THE STRIKES AT BURY.—The factory operatives
at Messrs. Calrow and Co.'s mill, who turned out last
week, resumed their work on Monday morning. The
power-loom weavers at Somerset Mill, Elton, who
turned out about six weeks ago, still remain out. The
power-loom fustian weavers at Messrs. Walker and
Lomax's mill, Bury, are also still out. The millwrights,
moulders, machine-makers, &c., at Messrs. Simpson,
Bland, and Co.'s, and also at Messrs. Walker and Co.'s,
continue out, nor does there appear any likelihood of
an arrangment being made at present.—Manchester
Guardian.

FACTORY CONVICTIONS AT BACUP. —On Friday
last, at Bacup, before James Whittaker and George
°rancid, Escp., Mr. James Ashworth, of Acre Mill, was
convicted in a penalty of 21, with costs, for not having
proper registers of his workers, according to the Fac-
tories' Act. Mr. Edward Lord, of Lee Mill, was also
fined 21. and costs for the like offence, with 1/. and costs,
for not having proper school vouchers. Mr. James Lord,
of Meadows Mill, was fined 2/. and costs, for not send-
ing a notice of an accident which happened in his mill
to the certifying surgeon.—Manchester Guardian.
THE LAW OF DEBTOR AND CREDITOR.—The ope-
ration of the new Act (passed in the last session of Parlia-
ment) that originated with Lord Brougham, is thus described
in a letter addressed to the Inspector of Prisons for the
northern and eastern district, from Liverpool, and which
letter is included in the Ninth Report on Prisons, just pre-
sented to Parliament by her Majesty's command. The writer
says, speaking of information given him by some prisoners
in the borough gaol—" These are people who must, from
their situations, have extensive knowledge of the habits of
the working classes, and I have every reason to think they
have given a very fair account of what they knew. Ido not
think the system of giving credit for provisions has ever been
so general as it has been assumed to be by some, and that
credit has scarcely ever been given, except to a trifling ex-
tent, to parties who were not housekeepers and possessed of
goods. From further inquiries which I have made in the ton,
bv
I believe that assignments or other modes of settlement e;
tween debtors and their creditors, without going to law, have
become much more general than formerly amongstthemildiedle
class of traders. Upon the whole, I conscientiously believe
that
t
that though the new Act will doubtless lead to a sin actaiet,
gree of caution, on the part of shopkeepers,
when it is givingecessary and
it will not
dprtehvaetnittcwreidllitwboeriknga given when
good in checking the
proper, an
improvident habits (which a
weagt,oheamruoiunatofofmmaniyaerhn;
andthi
imprisonment this
town), and in preventing
moral contamination incident toin a debtors,
gaol.llama's, keepers of spunging-houses, and other in-
terested persons will, of course, endeavour to excite opposi-
tion, and to create an impression that the new Act will be
injurious to the working man and small dealer, but I am
satisfied this notion is altogether fallacious." Such are some
of the more striking passages from this letter, showing the
results of the new Act abolishing imprisonment in
for sums under 20/,
TM?! U 4414. MortwiNGT(ric—We regret to state
this venerable nobleman is daily growing weaker, and little
or no hope is now entertained of has recovery.