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

success, if authority be given 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 giien
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 11 miles is recommended to be made
from the Great Western Railway, at Tiverton, to the Somerset-
shire collieries in the districts between Timsbury and l{adstock,
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 Breotford,
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 of the
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 line 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 CRAM!" 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. MORRIS 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. Moinus 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. He pro-
mised that the suggestion of the Hon. Proprietor should
receive every attention.
Mr. Mourns 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 arrangement, and
were favourable to the Great Western Company.
The CIIAIRMAN replied that none had been made.
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
534 per cent., in 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. SMITH said he should be glad to hear some information
upon the probable cost of the proposed extensions.
The CHAIRMAN said the capital of the Yeovil and Exeter
Company would be about 125,0001. They calculated that
the line from Ilungerford 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. Satins 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 CIIMRMAN 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 CHAIRMAN 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-
i 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.

GRAND JUNCTION RAILWAY.
LIVERPOOL, FRIDAY, FOUR P.M.—The important question of
the amalgamation of the Graud Junction and the London and
Birmingham Railways, for which an agreement had been entered
into between the respective Directors,:was considered this day at a
meeting, specially convened, of proprietors in the Grand Junction
Company. The attendance was exceedingly numerous. Mr.
Charles Lawrence presided.
The SECRETARY then read the following report :—" The Direc.
tors have convened the present meeting to recommend the adop-
tion of an agreement of amalgamation which has been concluded
by the London and Birmingham and Grand Junction Boards, sub-
ject to approval and confirmation by the proprietors of each Com-
pany respectively. In settling the terms of this important corn.
pact, the Directors have been anxious that a fair estimate
should be made of the position and capabilities of each con-
cern ; and they have considered it desirable that, due regard be.
ing had to the circumstances of each Company in respect of
expenditure, revenue, engagements, and share capital, a balance
should be struck, and an adjustment definitely made, in
order that hereafter the two Companies may be subject to
the same liabilities, and receive the same rate of dividend,
out of one common fund. The Directors of the two boards
have accordingly taken into account the expenditure, re.
venue, share capital, and other circumstances of the respective
Companies; and for the requisite and final adjustment between
the two concerns, they have agreed, subject to confirmation by
the proprietors, that the capital of the London and Birmingham
Company shall be taken at 8,653,7501., and the capital of the
Grand Junction at 5,788,5601.; and that for the purpose of this
adjustment of the respective capitals, the Grand Junction Com.
party shall Issue coupons of consolidated stock, to be considered
as paid up capital, to each of the Grand Junction shareholders,
after the rate of 301. new stock for every 1001. of present Grand
Junction stock, and for the Grand Junction shares (whether paid
up or not) in the same proportion ; such issue of stock to be en-
titled from the Ist of October last to dividends, and all other pri-
vileges rAteable with the whole amalgamated stock of shares.
The receipts of the two Companies to form a common fund from
the Ist of July last. The Directors have given their best
consideration to the terms of this agreement. Being based
on the actual position of the two concerns, the data are prin.
cipally to be found in a careful consideration and estimate of
the published reports and statements of accounts of the
two Companies; and the Directors confidently rely that the
step which they have taken on behalf of the Proprietors will meet
with their prompt and cordial concurrence. In regard to the ma.
nagement of the amalgamated concern, it is agreed, that for the
first five years there shall be one united beard meeting, monthly,
or as may be found expedient, and consisting of members selected,
in the first instance, from the present direction of each Company,
in the proportion of eight London and Birmingham Directors to
six Grand Junction. The united beard to discuss and settle all
matters of general policy. The London and Birmingham line
proper being worked, as respects all details, under a Committee,
sitting in London, composed of twenty.four London and Birming-
ham Directors ; and the Grand Junction line proper being worked,
as respects all details, under a committee, sitting in Liverpool, and
composed of eighteen Grand Junctibn Directors, or sub.committees
of either respectively. The Directorshave only further to observe
that, while they consider they have reason to congratulate the
Proprietors on the establishment of permanent peace and union
with the London and Birmingham Company, by which the re-
sources of an undivided and continuous line will be secured, they
have additional satisfaction in expressing their assurance, that they
shall be enabled thereby to effect such completeness of arrangement
and or appointments, and to afford such moderate rates and fares, as
will give ample satisfaction to the public."
The CHAIRMAN said—Your Directors do take it for granted that
it is sound policy to consolidate these two great lines, and if you,
our Proprietors, agree in that principle, our object has been only
to settle the terms. Our course has been quite clear on this ques-
tion. We had to protect your interests, and, at the same time, to
make no demand which we could not satisfactorily substantiate.—
(Cheers.) I trust we have succeeded in these measures, and at
the London meeting, to be held this day, for submitting the same
agreement to the London Proprietors, we rely with confidence that,
it any surprise should escape the holders of London stock at the
high value put on our shares, that their Chairman will satisfy
them of the correctness and fairness of our proceedings, in the
same manner that Mr. Glyn, their Chairman, was satisfied by my
able coadjutor, Mr. Rotheram, who stated our case so clearly and
satisfactorily. The only other important matter is the management.
The usual practice of Immediately forming a joint board would,
perhaps, not work well, and the Directors recommend what I
conceive most judicious, and if, after a limited time and expe-
rience, another system is found necessary, the Proprietors will take
care it is attended to.
Mr. Swirr here read the formal resolutions, which were a mere
echo of the report, and proposed them seriatim. The first, which
affirmed the amalgamation, was carried unanimously, amidst the
loudest cheers.
Mr. MELLY said it appeared they proposed to go in with a divi-
sion of the profits, just as the amalgamation had been completed.
Was it not necessary to have an Act of Parliament to sanction the
amalgamation ? Was there no doubt of the amalgamation being
completed ?
Mr. Swier—We do not apprehend any doubt. The importance
of beginning at once to divide the profits was so apparent, that the
Directors thought the doubt of carrying the amalgamation hardly
worth considering.
The CHAtexast—They followed the same course in the Mid.
lands Company. They gave notice of their intention to divide
the funds, and then to go to Parliament to make it law. The
capital seems large, but it takes in all liabities, and no further
capital is to be raised by either party than what is included in this.
A PROPRIETOR asked if the quarter shares, announced sometime
time ago, were to be withheld ?
The CHAIRMAN—By no means. They are included in the gene-
ral management. They are now ready for issuing.
Mr. Swtyr—And in the same way the holders of quarter shares
are entitled to their proportion of the new 201. shares.
A PROPRIETOR asked if anything was to be done in relation to
the amalgamation of the London and Birmingham with the Man-
chester and Birmingham ?
Mr. Sinn replied there was a negotiation pending between the