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

THE SUN, LONDON, SATURDA EVENJNG, NOVEMBER 8; 1845.

The CHAIRMA.N then proposed are solution, agreeably to the
terms of the report, with respect to the Grand Junction line.
In doing so, he thought it right to say that the point on
which the Proprietors had a tight to ask some ex-
planation was the reason why, on the amalgamation,
the Directors had accceded to ttre increase of stock of the
Grand Junction. The reason was, that the property of the
Grand Junction line was of the value of a 21. dividend over
the London and Birmingham line; or, in other words, the
Grand Junction was in a situation to show larger property,
upon which they might pay 12 instead of 10 per cent.
Mr. WILLIAMS wished to know whether the proposed
amalgamation with the Grand Junction Company included
the previous amalgamation that had taken place?
The CHAIRMAN said that it included all.

Mr. WiLunms was also desirous of knowing whether a
meeting of the Proprietors of the Grand Junction Company
was now taking place at Liverpool, and also one of the Bir-
mingham and Manchester Company.
_

The CHAIRMAN said that the meeting of the tirmingham
and Manchester Company had already taken place, and he
was in hopes a meeting was now taking place of the Grand
Junction at Liverpool, at which similar resolutions, to those
proposed at the present meeting, would be agreed to.
The resolution was then put to the meeting, and declared
to be carried unanimously.
The CHAIRMAN then proposed another resolution, by
which the Proprietors gave authority to the Directors to
apply to Parliament for powers to carry the pro-
posed amalgamations into effect. In proposing this re-
solution, the worthy Chairman stated, that if it
should turn out there was any technical mistake with re-
spect to notice, each Company was pledged to the other to
apply in a future session for the powers required.
The resolution was carried unanimously.
Mr. ELIAS MOSELEY, of Liverpool, then moved a vote
of thanks to the Chairman and Directors, which was seconded
by Mr. Williams. and carried unanimously.
The CHAIRMAN, in retuning thanks, assured the I'roprie-
tors that neither himself nor the Directors would relax in
their endeavours for the interest of the Proprietors or the
convenience of the public. They were now preparing to
enlarge the station in Euston-square, and were endeavour-
ing to obtain an entrance into the heart of the City,
in which he had no doubt they would be suc-
cessful ; added to this, he had been informed by
an influential individual, that it was determined to have a
railway from the City to the West India Docks, and should
such be the case, he need not say how much that Company
would be benefited thereby. In conclusion, he begged to
thank the Proprietors for their confidence in the Directors
and himself, and ventured to hope that what they were now
doing arid proposed to do, would be adequate to the wants of
the public.
The meeting then broke up.

GREAT WESTERN RAILWAY
COMPANY—SPECIAL MEETING.
A special General Meeting of the Proprietors of the Great
Western Railway was held yesterday, at the station, Padding-
ton, for the purpose of taking into consideration the terms of
an agreement entered into with the Directors of the Bristol
and Exeter Company for the leasing of the latter hue, arid
also fur the pur,
Pae.r.9l.koif ;Exteler irarilLar /MOB:" ksq.;
M.P., presided.
The SECRETARY having read the advertisement convening
the meeting,
The CHAIRMAN rose and said, that the purposes for which
the Directors had thought fit to convene the meeting had
been fully stated in the advertisement which had been just
read. The terms of the agreement with the Bristol and
Exeter Company had already been published by the Di-
rectors of that railway, and they were in consequence known
to all present. They had, however, been included in the re-
port of the Directors of the Great Western, which would
afterwards be read by their Secretary, and those present must
necessarily be fully acquainted with them. The circumstances
which led to that agreement could be very briefly related.
In the rage for extended railway communication several
projects were started for the purpose of making a more direct
and central line to Exeter and the West of England. The
course was open to them (the Great Western) to resist those
lines in Parliament. They might contend that a direct
communication was afforded by the Bristol and Exeter line
and the other new lines along the coast, and they might
show that no direct traffic could exist to support
a third line. They would have been assisted
in this opposition by the report which had
last year emanated from the Board of Trade.
But it appeared to them that this course would have been a
very hazardous one, and that it would look as if they ne-
glected the requirements of the public or the wants of the
district. The project of a more central and direct
communication had taken firm hold of the public
mind, and the claims of Falmouth, Plymouth, and the other
ports of the west, recommended that they should endeavour to
supply the want in question. The South-Western Company,
bad undertaken to complete a line for the purpose of afford-
ing accommodation to those parts. The South-Western, it
was true, did not, as a body, collectively directly support
such a line, but the leading proprietors of that company, at
a public meeting, denounced the agreement which was
made by the Great Western Company, and it had
been ostentatiously put forth, that the solicitors and en-
gineers were embarked in that line; and some of the pro-
prietors stated also that, although the Directors might feel
themselves bound by that agreement, still they (the proprie•
tors) were at liberty to come forward in spite of it, to lend
their aid to the adverse line. It seemed to them, therefore, that
the only security and defence which they in that case pos-
sessed was the somewhat hazardous result of a Parliamentary
investigation. They thought, therefore, that the wisest and
the best course was for themselves to take the more direct
line to Exeter and the west—(Hear, hear)—by
an amalgamation of interests with that Company.
They thought it also fair to consult them, and to offer a par-
ticipation in the scheme. They met and discussed the ques-
tion ; but before the discussion closed, it was intimated by the
Directors of the Bristol and Exeter that they thought
there were some preliminary matters that ought to pre-
cede the question they were then met to discuss.
They asked what were to be the permanent relations
that were to subsist between themselves and the Great
Western Company?, What were to be those relations at the
the termination of the lease ? 'Was that lease to cease, or to
be renewed, and, if renewed, in what form, or on what terms ?
They (the Directors of the Great Western) were not very
desirous to agitate this question. They thought
it would be more judicious to postpone the
consideration of this question to a further period, when the
result of the present changes would be known, and when
they might be able more correetly to estimate and know from
experience what was the real value of the Bristol and
Exeter line. They were, however, bound with that
Company, and could not shrink from the risk
to which they might be exposed. The meeting
was convened for the purposes of business; the parties came
to it with a really bona fide intention to enter into some ar-
rangement. The Directors of the Bristol and Exeter pro-
posed to them, as the basis of the agreement, a
perpetual rent charge. That was agreed to, and
the discussion turned chiefly on the terms of the
rent charge. Those terms had been for a long time
before the public, and those present were therefore aware
that some portion of the proprietors of the Bristol and Exe-
ter Railway had objected to them; but he could not help
thinking that their opposition had arisen from not suffi-
ciently comprehending the principle on which the
agreement was based, or from not having taken time to exa-
mine their own actual position. The rent which they had
engaged to pay to the Bristol and Exeter Company
had enabled the Directors to give to their share-
holders a dividend of 4 per cent. By this
agreement they could give at once 5 per cent.,
which would be for the three and a half years of the lease
one per cent. additional. At the expiration of the lease, by
the terms of the agreement, they would be called on
to pay them a dividend of 6 per cent. Tire payment of
this dividend rested on very speculative and con-
jectural grounds as to the degree of traffic and the
other resources of the line. There could be no
doubt that the North Devon and the lines now projected
would pour some considerable traffic on to this railway, but,
again, they must recollect that the Bristol and Exeter trans-
ferred to them a great liability for the construction of their
line, and if a central line were made there would be little
question that a portion of traffic would be withdrawn from
the Bristol and Exeter, perhaps more than that which
might be expected from the new lines. Under one contin-
gency they used to pay 53/4 per cent. instead of 6/.;
but he trusted that was a contingency not likely to arise.
It had been assumed that a difference of one quarter
per cent. would cover any loss likely to arise
from the making of the central line, but the
reason why this per tentage had been retained was a very
different one. They were aware that they were giving the
Bristol and Exeter Company a certain dividend, and they
retained this quarter per cent. as a security that the pro-
prietors of that Company would join the ranks of their
opponents. This meeting had been made special
for the purpose of obtaining the consent of the
shareholders to certain new lines, in addition to the Bristol
and Exeter. The Chairman then recapitulated the outlines
of the new schemes, which are fully detailed in the report of
the Directors. The level of the line, as far as Yeovil, had
been examined by Mr. Brunel, and he reported that the
country might be deemed an advantageous one for the pur-
poses of a railway. The Chairman concluded by calling upon
the secretary to read the report,
Mr. SAUNDERS then read the report, as follows :
" The directors have found it necessary to convene the present
special nseeting for the purposes referred to in two notices,—the
one being to consider arid decide upon a conditional agreement for
the permanent tenure of the Bristol and Exeter Railway, and for
the purchase of the property of that Company,—the other, to de.
termine what lines should be brought before Parliament in the next
session for improving the general railway communication of any
towns, or district of country, lying to the south of the Great West.
ern Railway, in connexion with the traffic of this line.
" The arrangement with the Bristol and Exeter Railway Com-
pany is recorded in two agreements, dated 11th October and
6th instant, which are appendedto this report, and will be sub-
mitted for confirmation.
" It is right to premise that this measure has not been proposed
at this time from any desire of -your directors to obtain by antici-
pation a renewal of the lease, which will only expire in 1849.
" It would have been in many respects more satisfactory if the
question could have been left open for future adjustment, when
the circumstances affecting the permanent value of the Bristol and
Exeter Railway could have been better known and appreciated; but
after having candidly stated to the directors of the Bristol and
Exeter Railway their opinion of the necessity of forming a shorter
line between Exeter and London, a measure which did not admit of
being longer deltrred, they felt it due, in the relative position of the
two companies, to endeavour to effect some equitable settlement with
that company before they entered upon any active measures for
promoting the direct line to Exeter.
"It will be seen that the first agreement has been modified, in
one respect, by the supplemental agreement of the 6th instant, en-
tered into at the request of the directors of the Bristol and Exeter
Railway Company, in order to equalize the calls on their different
shares. If confirmed by the general meetings of the two com-
panies, application will be made to Parliament in the next session
to carry the provisions into effect.
" The directors are strongly impressed with the advantages
which are likely to be secured both to the Great Western Rail-
way Company and to the public, by an active effort to promote, in
the approaching session of Parliament, two portions of new line,—
which will contribute, with the Great Western and the Wilts, So-
merset, and Weymouth lines, to form one direct railway between
the metropolis and Exeter, as the best access to the south-western
ports in the English channel :
" Ist. By a prolongation of the Reeks and Hants Railway from
Hungerford to Westbury—about 35 miles—with branches
to Marlborough and Devizes.
" 2d. By a railway from the Wilts, Somerset, and Weymouth
line, at Yeovil, to Exeter—about 51 miles—with a connect-
ing line from Bridport to Axminster, and a branch to Sid-
mouth.
" The distance from London to Yeovil by the first-mentioned
line will only be 126 miles ; of which 91 are constructed or autho-
rised to be made for other purposes. The directors recommend
that the prolongation of the Berke and Hants Railway shall be ap-
plied for in the same manner as was adopted in the cage of the Bill
or the incorporation of that Company.
" With regard to the other portion of line, the directors think
it will be best accomplished by the formation of a separate Corn.
parry, similar in all respects to the Wilts, Somerset, and Weymouth
Railway Company; and upon the same stipulation of a guarantee
for the lease of the line when made.
"The directors have the pleasure to state that they have al.
ready obtained to promise of the most influential local support to
that measure; and they cannot mtert4in a doubt of 8a cemfleto
-; f

success, if authority be pgiven at this meeting to proceed vigorously
with it.

" The pledge exacted In the Wilts, Somerset, and Weymouth
Railway Bill, that an improved communication should be given
from that railway towards the cities of Bath and Bristol, has led
to- the adoption of a short line (about seven miles) between Brad-
ford and Bathampton, there to join the Great Western Railway;
and this, if sanctioned by Parliamentary enactment, will be con-
structed by the Wilts, Somerset, and Weymouth Company, to be
worked by this company under the lease.

" A branch line of about I I miles is recommended to be made
from the Great Western Railway, at Tiverton, to the Somerset-
shire collieries in the districts between Timsbury and Radstock,
which the directors consider to be very important. It will afford
the means of conveying over the main line a very large quantity
of coal which is extensively used for consumption throughout the
country, and some passenger traffic will be obtained to increase the
advantages of the new branch.

"The attention of the Board has been long given to the question
of affording to a very populous district within a few miles of Lon-
don the advantages of railway connexion with this company.
Looking to such accession of traffic even over only a short distance
of the main line, as being extremely valuable for the purpose of
assisting hereafter the extension of this railway further into Lon-
don, the directors think that no time should be lost in promoting
it with that view.

" The line referred to would unite with the Great Western
Railway at Ealing, and would pass through or near to Breutford,
Isleworth, Twickenham, Hounslow, and Staines. The country is
very level, and the earth work would not be heavy, but the character
of the property is, in many portions, valuable. The population ofthe
district is, however, much more than proportionally great, and the
Directors believe it will be very remunerative. The great saving of
expense in bringing such a lire to join this railway at Ealing,
instead of attempting to obtain a separate entrance into the west-
end of London, must be an obvious public advantage, and the
Directors do Lot hesitate to recommend the measure for your
adoption. " C. RUSSELL, Chairman."
The CHAIRMAN, in moving the adoption of the report, said
that if any gentleman wished to make any observations, that
was the time to do so.
Mr. Mullins said, before the motion was put, he should
be glad to hear the Chairman give a sketch of the liabi-
lities of the Bristol and Exeter Company.
The CHAIRMAN said the liabilities would amount to about
2,500,0001., but it must be remembered that, with the liabi-
lities, they took the shares and interest in various new
schemes, to which the Bristol and Exeter Company were
entitled to.

Mr. Monnis suggested that all their future half-yearly re-
ports should contain a statement of the number of shares, and
the company in which they had an interest. He had heard it
stated that the Great Western Company held about one-half
of the shares in the Oxford, Worcester, and Wolverhampton
line, but he thought this must be a mistake.
The CHAIRMAN was understood to say it was. lie pro-
mised that the suggestion of the Hon. Proprietor should
receive every attention.
Mr. Monfus asked whether there was any prospect of
their entering into an arrangemant with the Kennet and
Avon Canal Company ? He understood that the Proprietors
of that undertaking were anxious for an arrangemeHt„ and
were favourable to tlip_a"... „ „,„
Mr. PHILIP HAYWARD protested that the Kennet and
Avon Canal Company had no vested rights in the district, as
some Hon .Proprietors assumed they had, and grew somewhat
warm in his comments upon the Directors for leaving out
Devizes, Bridgewater, the Vale of Pewsey, and Salisbury Plain,
in their scheme, for making a direct Exeter line.
Mr. MAJOR COURT remarked, that the dividend they were
to pay to the Bristol and Exeter Company was to be
5% per cent., iu the event of any competing line
on the narrow gauge between London and Exeter being
carried. Now he could see no reason why the same proviso
should not be made in the event of a similar line being
carried on the broad gauge. They were, independently of
this contingency, to pay six per cent., but their own dividend
might fall below that sum, and it was only just to consider
that the Bristol and Exeter might fall too.
Mr. WILLIAms,M.P., was understood to ask what were, the
receipts of the Bristol and Exeter, or upon what data they
had calculated the 61. per cent.?
The CHAIRMAN was sure the meeting would see the neces-
sity for his not answering the question. It might have the
effect of creating dissensions at another place, where, he
hoped, the question they were then considering was being
disposed of.

Mr. S3IITII said he should be glad to hear some information
upon the probable cost of the proposed extensions.
The CIIAIII3I4N said the capital of the Yeovil and Exeter
Company would be about 125,0001. They calculated that
the line from Hungerford would cost from 500,0001. to
600,0001., and the other extensions would cost about 15,0001.
per mile. The Radstock branch would probably cost 10,0001.
per mile.

Mr. SMITH asked if any effort had been made to come to
terms with any of the competing lines. There was, for in-
stance, the Yeovil and Dorchester and the Direct Western,
which they might advantageously come to some arrange-
ment with.

The Claim:wart replied that the only competing line
which would be embraced in the new company was a line
running to Bridport. They did not deem it expedient or
advisable to arrange with any other line.
Mr. ATHERSTONE wished to know whether the main line
to Exeter would embrace the important towns of Devizes,
Trowbridge„ &c.?
The CHAmmAN replied, that as they acted upon the prin-
ciple that the line would be a direct one, they could not con-
sistently include the towns mentioned by the Hon. Proprietor.
Besides, there were engineering difficulties in the way. Those
towns, however, would be accommodated with branches.
Mr. ATHERSTONE and Mr. BERNAL, M.P., pointed out
to the meeting that there were competing schemes in the
field, which proposed to overcome these engineering diffi-
culties, and place the towns named upon a main line. These
lines were supported by those towns, and they therefore
urged upon the Direction the necessity for taking this matter
into their serious consideration.

Mr. SAUNDERS, the Secretary:of the Company, replied, that
all these matters had been duly and carefully considered, and
the result arrived at was to have nothing to do with any of
the competing projects. An impression had gone abroad that
the Great Western Company was connected with one parti-
cular competing project, because the name of the secretary to
that project was Sanders. Now he begged to state that
that gentleman was not related to himself, nor had the
Great Western any connexion with the line in question.
After some further discussion the resolution was put from
the chair and carried unanimously.

• -
The agreement for the leasing of the Bristol and Exeter
line was then confirmed, and the Directors having been
authorised to take whatever steps they might deem expe-
dient and necessary for carrying a Direct London and Exeter
line, a vote of thanks was passed to the Chairman, and the
meeting separated.

London and Birmingham and thnichester and Birmingham for
an amalgamation ; and, if carriedkmrse it would be included in
the arrangement.with this Comma
The Paoeaicroa—ls the capitcluded in your report ?
Mr. SWIFT—No.
The same Proprietor asked %her the London and Birming-
ham were to become their own ens ?
Mr. SWIFT—That is a questionletail which the Directors of
the amalgamated Company will dwith.

Mr. MELLY moved a viiteoltk—sto the Chairman, Mr. 'do-
therham, and the Directors, tor thadmirable conduct in this im-
portant business.

Mr. G. MAXWELL seconded motion, and it wa3 carried
amidst very great applause.

Mr. RIMON, after Mme comrntary observations upon the
talents of Mr. Locke, the Enginednoved that it be an instruction
to the Directors to taring before tnext meeting the subject of a
fitting testimonial to that gentleinfor his long and valuable ser-
vices as engineer,

Mr. LEWIN MOZLEY seconded: motion, and it was carried
unanimously. He then moved tthanks of the Proprietors to
Messrs. Swift (the law clerk), 800 and Huish, for their eminent
services.

Mr. LANoTorr seconded the mon, and it was carried unani.
mously.

Mr. Swirr and Mr. BOOTH sevAy returned thanks ; and
Captaim Mutsu, in his address reply to the vote, stated the
fact that tire receipts of " the Gil London and Liverpool Rail-
way, for the last eighteen weeksexceeded the receipts of the
corresponding eighteen weeks last ar, by upwards of 100,0001."
—(chee rs).

The meeting, which occupied ree quarters of an hour, then
separated.

BRISTOL and EXITER RAILWAY

REJECTION of the PR'POSITION of SALE.
Yesterday a most numerous neting of the proprietors of the
Bristol and Exeter line was held ache White Lion, Bristol, for the
purpose of bearing the terms upotwhich the Directors proposed to
sell the line to the Great Wester Company, when the term of
their lease should expire, which ould take place in three years
hence.

Mr. J. Gibbs having taken the chair, the Secretary read the
terms upon which it was proposed sell the line, which were, that
the Bristol and Exeter Company ea and dispose of all their pro.
perty, rights, privileges, and interst whatsoever, whether in thst
line, or any line or project promotel or supported by them in con-
nexion with the said line, and alsoall the assets, shares, or other
effects belonging to them, or het( in trust for them, with the
Great Western Company, in conideration of the following pay-
ments :.—The Great Western Conpany are to pay, from Ist of
January next, by half-yearly payments 5 per cent. per annum on
the sums called op on the said shires, amounting to 1,080,0001.
They are also to defray the concurrent interest upon all
debts or liabilities of the Bristol and Exeter Com-
pany, commencing from the lame date, and to defray all
liabilities which may not be covered by the calls to be made on
the proprietors in respect of the capital still uncalled. That
calla shall be made on the 100/. shares, so as to pay up the
450,0001. outstanding, at times to beiLlcCOLihtei4lntetVili
F.5149411n ere ill Owed 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 rent charge is to be reduced to 64 per
cent. This agreement is to be considered final on both Corn.
panies, 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
asijustment.— (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. SILLERENT followed, in a very long speech, in which he en-
deavoured to explain and defend the course pursued by the
Directors.

Mr. BarrraN 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 57,8331., 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 143,2001. ; deduct
5 per cent, on 117,9764 borrowed capital, say 1,0001., or 45,898/.,
this leaves 97,3021. 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 500,0001., 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 consideration, the dividend upon the above increased capital
of 2,000,0004 will be found not below the result that I have
arrived at in the calculation with reference to the original capital
of 1,500,0001.

Several others followed; amongst them Mr. Fripp for, and Mr.
Whateley and others against, the proposes' items of sale; and at
five o'clock, Mr. DtvErr, 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 its being either put or carried.

CONVERSION OF THE WEY AND
ARUN CANAL.
GUILDFORD, FRIDAY.—A special general meeting of the Pro-
prietors of the Wey :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 CnAtaxAs said the object of meeting was to consider a pro-
poaition which had been made by the Brighton Junction Railway
Company to purchase the canal.
The particulars of the offer were as follow;_

The Railway Company to purcbase;hecanal at the rate of 351.
per share on the whole number of shares, and to stand in the same
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 2,000/. 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.

eawnbdr ind
ogte
" That the purchase include only that part of the canal between
and the property on the line, to-
gS
et ot
hn
ee rwi
with
he-t
any portion of the property be-
longing to the Company situate at Guildford.
"That articles of agreement be drawn up and exchanged be.
tween the two Companies on or before the 30th of November
instant." wh
the arf
reservoir,and

Mr:NEWLAND moved the adoption of the report.
Mr. Muititav said Colonel Wyndham was opposed to the sale,
and advocated, in an amendment, further consideration of the
measure.

ohpe Proposed sale would be
proprietors and intimated that
areslsotsteltfouthgehtprt
detrimental
Captain DtEe v
tntiaeir ui
interests
e
he should oppose the scheme.

After a long and desultory conversation, the original motion was
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, FIUDAY.—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 city
of Rochester, was held to-day at the Guildhall.
The chair was taken by E. Buck, E.g., the Mayor, at I:2
o'clock;
sq, a.ndAltdlseerinreawnerliapnrceiseernkt,
Jas.
Smith, Esq., E. Wickham,
Rev. G. Davis, J. Nightin-
gale,
Esq., N. Nicholson, Esq., and other gentlemen in the commissionof the peace for the city and county.
The proeeedings were opened by the MAYOR, who stated that
he had felt great pleasure its 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.
tied unanimously.
Mr. VIGNOLES, the engineer, said that, twenty years ago, when
engaged in laying out the Liverpool and Manchester line, h e had
felt the importance of providing railway accommodation in Kent—
his native county—along the line of the old Dover.road. There
were many engineeringdifficulties in the way, which ten or fifteen
the improvements
s tcome
years ago would have been thought insurmountable, but owing to
h was n
now proposed from
but easy, and to be overcome at comparatively a trilling expense.
As e
there
e clnhansgceientnce
thteheylinweereasno longer formidable,
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 commu.
nica tion to several other populous towns and districts lying off the
main line. The hue 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 cop.
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
liungerferd or Waterloo bridge,
and (tub Charing.crose. In order

to secure their entrance into the city of London at the mostcentral and
convenient spot,the company had purchased of the directors,subject to
the consent of the Proprietors, Southwark.bridge. There was no
doubt that the purchase wouldbe ratified by the Proprietors of the
bridge on Tuesday next, and the North Kent line would thus have
secured the best entrance into the heart of the cityof London. Ro-
chester would, by the plan now proposed, become the centre of anew
system of railway communication. A branch line would proceed
from Rochester westward to Maidstone, and this would form the
readiest and cheapest means of communication to the people of
Maidstone, and that part of the country, not only with London but
with Rochester and Chatham. A branch was proposed also to Sheer:,
ness, the connexion being made at Milton. There was one other short
branch, but the main line would go on to Canterbury, passing by
the south side of the town, the station being as proposed last year.
Proceeding still along by the line of the old Dover-road, the line
would arrive at Dover close to St. James's church, and terminate
as near as possible to the shore. There would be also a branch
from Canterbury to Deal, and another from Deal to Dover.
Another line would probably be carried from Faversham to Mar-
gate, and a line to Herne Bay and to Sarr, and then the line of
coast communication would be completed round the coast of
Thanet and the Kentish coast. The scheme proposed would occa-
sion an outlay of three or four millions, but the money was ready,
the plans were prepared, and he had no doubt they world carry
the Bill in Parliament. The line was laid out with the greatest
attention to local and public interests, and he hoped it would meet
with the approbation of the meeting.—(Hear.)
After some conversation, _ _

J. SMITH, Esq., moved that petitions to both Houses of Par-
liament, founded upon the previous resolutions, be prepared, and
signed by the Mayor, on behalf of the meeting.
The resolution was agreed to, and the meeting broke up.

. MARKET INTELLIGENCE.
(From the London New Price Current of Nov. 7.)
SUGAR.—To-day there was a strong desire manifested to
purchase British Plantation Sugar, the business transacted
was extensive in every description, and for all purposes;
the advanced rates previously established were fully sup-
ported, making the rise for the week is to 2s per cwt., and
some of the brokers have scarcely any Sugar remaining for
sale. _ _ .

REFINED.—The home trade have come forward with
increased freedom this week, and the market-has been nearly
cleared of refined goods at advanced rates, making the rise
during the last two weeks is 6d to 2s per cwt. The town
and country trade are desirous to get well stocked with all
descriptions on account of the falling off there is in the quan-
tity being produced, the large' consumption there is still go-
ing on, and refined being cheap in comparison with raw
Sugar; the difference between standard Lumps and fine
yellow West India being only 8s per cwt.
Mnunmus.—There has been an increased desire mani-
fested to purchase every description for grocery and re-
fining purposes this 'week. Although the market has been
more liberally supplied, still an advance on previous
rates of is 6d has taken place; indeed, in some
eases the rise has amounted to 2s per cwt. Privately several
parcels have been disposed of, indeed, the whole of the Mau-
ritius on offer has been cleared off the market; still there
are several town and country orders unexecuted.
EAST INDIA.—This afternoon Bengal Sugar was in excel-
lent request privately, and 1,345 bags at auction soldat stiff
rates, viz., fine strong yellow Dobah kind at 60s, good 56s Gd,
middling Mauritius 'kind 53s 6d, damp 53s 6d to 56s 6d,
washed 52s 6d to 55. s 6d. Sugar drainage damaged 49s 6d
to 52s per cwt.
FOREIGN.—To-day there was rather more inquiry after
Foreign Sugar, and full rates are paid. The private sales
for the week are 150 chests of Bahia at 27s for white, and
22s per cwt for brown.
MoLAssEs.—This afternoon 300 puncheons 10 hhds of
Barbadoes Molasses at auction were taken in at 23s to 23s 6d
per cwt for middling new, being above the value, but the
chief part has since been sold.
COFFEE.—This afternoon Mocha Coffee was in good de-
mand—and 120 bales at public sale were sold at stiff rates,
viz., fine yellow cleanish garbled at 68s 6d to 70s, good 65s
to 67s Gd, good mid 64s 6d to 65s 6d. Ceylon is sought after,
but advanced rates being asked, checked business, and 1,282
bags at public sale were only in part sold at a rise on former
rates of 6d per Cwt—good ordinary pale fetching 49s to
49s 6d, rather ragged 48s to 48s 6d, real good ordinary
50s 6d, fine ordinary yellow 52s to 56s 6d, fine ordinary pale
Plantation 65s to 65s 6d, :pea-berry 64s to 655, Triage 325.
Of Malabar 556 bags at auction taken in at 40s for good
ordinary green. Ot West India 56 cases were brought for-
ward, and fetched former prices.
SPICES.—This afternoon at public sale 317 bags of white
Pepper were sold at the full value, viz.—middling quality at
4p. to sd. Of Nutmegs 11 cases were only partly disposed of
at easier rates. Penang good brown went at 6s 9d, middling
6s. small 6s .6(l____umurav ...9..5.24u..Ri-asT-smati 5s '6a to 55.9 d,
very low 3s 6d, wormy 2s sd, broken Is 9d. 41 cases in the
shell went at is 9d.- 1 case of Mace, mid 4s, 40 bales 40 bags
Java Cinamon were taken, low bad flavour at Is, very low 9d.
Of Cloves 6 bags and pockets were offered, and a part only
sold, and dark Bourbon at 10d. Cassia Lignea is less
wanted, and 264 cases at public sale were taken in at stiff
, rates ; middling 21b bundles at 655, low middling 62s 6d to
635, good ordinary coarse 60s, mouldy 60s per cwt. Of
Pimento 80 bags were bought in at 4d per lb for midding
dull. Of Malabar Ginger 68 cases and 1,380 casks were
offered and sold at 22s to 27s per cwt.
TEA.—Public sales are declared for Tuesday ; the quantity
advertised at present is 15,200 packages. There has been
less inclination manifested to purchase black, but holders are
reluctant to take lower rates. In Congou only a limited
business has been transacted in any kind this week,
but in the value little variation has taken place.
Pouchong is held for 5d to 10d for low to good quality, but
there has not been much business transacted. Hyson has
met with a dull sale, and prices keep low. Twankay is not
offered on lower terms, but there has been little doing.
Although prices rule low for Imperial and Gunpowder, still
few buyers are to be met with.

FRUIT.—Of new Zante or Cephalonia Currants none have
arrived here at present, but of Petras there is a good supply,
second quality at 495, best at 50s, and part of a cargo
changed hands at 48s. Of Valencia Raisins the ar-
rivals have been large this week, some much
heated and out of condition, of which prompt sales
must be made, and these are not worth more than 38s; the
fine sorts 40s. Of new Muscatels there is but a small sup-
ply, and for which rather high prices are obtained. Of New
Turkey pulled Figs fine
_quality is more sought after.
Rum, BRANDY AND HOLLANDS.—There has been a lively
demand for Leedward Island Rum this week, and a further
advance in prices of Id to 2d per gallon has taken place : in-
deed nearly the whole on show has been cleared off the

market ; in all 400 puns have been sold at 2s ld to 2s 2d per
gallon proof strength. Jamaica is held with firmness, but there
has not been much doing for home consumption or exporta-
tion ; the quantity on show is but moderate. Demerara is
held with firmness, and a fair demand has been experienced.
Calcutta is wanted, but the stiff rates insisted upon
checks business. A further diminution has taken place in
the stock of all sorts. Rum is still cheaper than it was last
season at this time. In Brandy there has been less business
doing, and the rates taken are rather under those previously
quoted. Geneva is held with firmness, and is wanted for ex-
portation at 2s 2d to 2s 4d: fine for home consumption is
fetching 2s 7d to 2s 10d.

Ons.:--For Linseed Oil prices have given way, in consequence
of the largeness of the quantity there is being produced.
Rapeseed Oil is much in request and brings stiff rates, the
supply. being small. For Palm prices continue to go down,
31s 6p to 32s being taken for fine and 27s to 31s for low
to good quality. Cocoa-nut is much wanted Holders of Olives
are more willing to real izeSeal Oil bas been pulchased cautionly
although a further decline in prices has been submitted to.
There are ready sellers of Cod at 28110 s to 294 but few pur-
chasers. Although prices rule very low for Southern, still
the demand does not improve, and only small parcels have
been disposed of. Holders of Sperm are inclined to sell, ne-
vertheless a good demand has been experienced privately.
The value of African Ground Nut Oil is 401. to 461,, and
American Lard Oil 421. to 441. per tun.
TALLOW.—The demand has been extensive for Russian
on the spot this week, and the rates paid exhibit an ad-
vance on those previously quoted of 3d to 6d per cwt. For
delivery a good deal has been done at improved rates. Mer-
chants manifest much firmness, and the trade are inclined to
keep up full stocks on account of the large consumption that
is going on. Home made Tallow has met with eager pur-
chasers at 41s 6d to 42s per cwt nett cash. For all other
kinds the demand has been good,and stiffer rates have been
given.

TESTIMONIAL TO MR. ANDREW KINLOCH, THE
FIRST POWER-LOOM WEAVER.—On Wednesday evening last ac-
cording to arrangement, Mr. Andrew Kinloch, the old power..loom

weaver, was entertained to supper in Mrs. Marshall's, Trongate,
by the masters, managers, tenters, and dressers connected with the
power-loom manufactories in and around Glasgow. The object of
the meeting was to do honour to Mr. Kinlock, who first fitted up
a power-loom in Gallowgate.street, Glasgow, in the year 1793, and
to present him with a sum of money, by which his latter days may
be made more comfortable. Mr. John M'Bryde, of Nursery Mills,
Hutchesentown, occupied the chair, supported right and left by
Mr. Kinloch, Mr. Walter Hutcheson (one of the first apprentices
of the guest of the evening), Commissioner W. C. Pattison:; Mr.
Alexander, merchant and Mr. Sym, manager. Mr. Thomas Rich-
mond discharged the duties of croupier, and was supported by Mr.
James Aitken, of Cook.street factory; Mr. Daniel M`Nab, ma-
nager, Hill-street; Mr. Gilmour, jun., and Mr. John Watson,
manager, St. Rollox. The company amounted to about
100 persons. After the withdrawal of the cloth the
Chairmain gave in succession the usual loyal toasts. He then
came to the toast of the evening, "The health of Mr. Andrew
Kinloch, and success to the power-loom," in which he referred to
the claims of Mr. Kinloch upon the good feeling and sympathy of
all who had profited by the power.loom. He spoke of Andrew's
years, of his ingenuity as a mechanic, of his virtuous, sober, and
moral character as a man, and concluded a very judicious address
by presenting the old power-loom weaver with a beautiful and in-
geniously-formed wooden snuff-box, containing upwards of forty
sovereigns. While he did so he intimated that the gift did not
include all the money which had been subscribed by the power.
loom masters of Glasgow, on behalf of the testimonial, but that an
opportunity would he given to those who had put down their
names, and to those who had not done so, to add their mite towards
the improvement of the circumstances of the venerable and re.
spected old power.loom weaver. Mr. Kinlech made 'a few obser-
vations in reply, in which he cordially thanked the company for
their unexpected kindness and attention to him—Glasgow Herald.
THE WINE TRADE.—The Lords Commissioners of

her Majesty's Treasury having been pleased by their order to
direct a remission of duty in all future cases of deficiency of wine
deposited in the bonded warehouses and vaults, in which it should
satisfactorily appear that the same has arisen from natural causes,
as is now allowed in cases of deficiency of brandy, the same has
been communicated to the collectors and comptrollers at the seve-
ral outports of the kingdom, for their information and government,
and also that of all parties interested, and with directions to the
former to make the allowance in question without application being
specially made to the Board in those cases in which the deficiency
beyond the recently augmented scale sanctioned in the general
order of April last, shall not exceed 2 per cent. on the ullage con-
tents of each cask, observing that they are first to satisfy them.
selves that the deficiency has arisen from natural causes, and that
no abstraction or improper interference has taken place, and that
a written application be made to them by the parties in each case.
[ADVERTISEMENT.]—The Atrapilatory, or Liquid
Hair Dye, the only dye that really answers for all colours, and
does not require re-doing, but as the hair grows, as it never
fades or acquires that unnatural red or purple tint common to
all other dies. Ross and Sons can, with the greatest confidence,
recommend the above dye as infallible, if done at their esta-
blishment ; and ladies and gentlemen requiring it are re-
quested to bring a friend or servant with them to see how it is
used, which will enable them to do it afterwards without the
chance of failure. Several private apartments devoted en-
tirely to the above purpose, and some of their establishment
having used it, she effect produced can be at once seen. They
think it necessary to add, that by attending strictly to the in-
structions given with each bottle of dye,numerous persons have
succeeded equally well without coming to them. Address
Ross and Sons, 119 and 120, Bishopsgate-street, the celebrated
Perruquiers, Perfumers, Hair-cutters, and Hair-dyers. N.B.
Parties attended at their own residences, whatever the
distance.

[ADVERTISEMENT.] —DEFECTIVE SIGHT AND
HEARING RELIEVED, Instruments and Spectacles sent into the
country by post, 39, Albemarle-street, Piccadilly, Newly-In-
vented Spectacles, Powerful Telescopes, Opera Glasses, Micro-
scopes, &c.—Patronized by his Majesty the King of Hanover,
her Grace the Dowager Duchess of Bedford, their Graces the
Archbishops of Canterbury, York, and Dublin, the Dukes of
Devonshire, Norfolk, Argyle, Marlborough, and Manchester,
Bishops of Exeter, Lincoln, Cork, Elphin and Kildare.
Messrs. S. and B. Solomons, Oculists and Opticians,
have invented Spectacle Lenses upon a new construc-
tion. Immediately they are placed before imper-
fect vision, either by day or candlelight, that
mist and dullness which appear before the eyes is at once
removed, and every object becomes clear and distinct, so that
the most aged defective sight becomes bright and brilliant,
and is brought. to its youthful, natural, and original state. Also
the most Powerful Achromatic Telescopes, Opera Glasses,
Microscopes, Invisible and all kinds of Acoustic Instruments
for relief of extreme deafness. Caution—Messrs. S. and B.
Solomons, Opticians, are not in any way connected with a
person of the same name in their immediate neighbourhood;
ner in any part of the country. To prevent mistakes be
cautious, and observe—Only to lie had at 39, Albemarle-street,
Piccadill ,opposite the York Hotel.

- -
[ADVERTISEMENT.]--A CURE FOR ALL BILIOUS
COMPLAINTS BY HOLLOWAY'S PILLS.—A destructive blue pill
composed of calomel, taken at night, and followed by a drastic
black draught the next morning, seems to be the favourite re-
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only effectually cure himself, but will also feel himself younger
and better in health than for years before. To be had at pro-
fessor Holloway's establishment, 244, Strand, London, and of
all medicine venders throughout the civilized world.
A fire broke out on Wednesday morning in the
stables of the Bell Inn, at Thetford, which wore entirely con-
sumed, as well as thirteen horses and eight seta of liarnese,
the property of Mr, liotert Edwards.