The Sun.
London, England, 1845-11-07 00:00:00

Mbittion

SUN OFFICE, Seven o' Clock.

LONDON AND BIRMINGHAM
RAILWAY COMPANY.
SPECIAL MEETING OF PROPRIETORS (THIS DAY)
The CHAIR.MAN (in continuation from our Afternoon Edi-
tion) said—With regard to the carrying of goods, it ,was,
their intention to allow private parties to carry on the line,
but if complaints should be made that carriers abused that
privilege, then the directors would he prepared to enter upon
that department, and would take care that the public, were
properly accommodated. In carrying out the amalgamation
between the two companies considerable difficulties, had
arisen; but he believed that what had been agreed
on was, generally speaking, the best that could have
been done under the circumstances of the company.
He would now address himself with regard to
other companies having a relation to these two.
There was the North Staffordshire line, a scheme that was
not like many of the ephemeral projects before the public,
but one that would command a large local traffic, and which
was supported by great local interests. In respect to that
scheme, stipulations had been entered into which were mu-
tually satisfactory to all the negotiating parties; and a pro-
posal to the shareholders of that Company had been made
that would prove important to their interests, and which he
had no doubt would be accepted by them at the general
meeting of that body, to which it was to be submitted.
Then with resaect to another project, the Birmingham Canal
one, the arrangements with that Company would remain
exactly as they were before. That Company would go for-
ward in connection with the Shrewsbury, Wolverhampton
and Birmingham Railway Company as previous to
the amalgamation. Next respecting the Sheep-
shire Union Railway, arrangements were in pro-
gress for an alliance with that Company, which would
secure to them the London and Birmingham line, the
whole valley of the Severn from 'Worcester to Cxewe. With
regard to the Shrewsbury and Birmingham Company, they
would stand in precisely the same position as prior to the
present arrangement; and as it respected the opposing Com-
pany, supported by the Grand Junction Company, a pro-
position for an amalgamation of the two had been
proeo3ed. An offer had been made .to them by which a
beneficial interest in the present scheme,- under a properly
defined arrangement, would be secured to their Shareholders,
The result of this general arrangement would be peace be-
tween all interests, and the carrying out of a plan that
would secure a mutual and lasting advantage to all partied
concerned. Though it was not usual to submit
,a report
at a special meeting, the present business was considered
SO important that one had been drawn up, Which
would be submitted, embodying the principal . featires of
the amalgamation. After that had been read,he would be
prepared to go into the details on which it was founded,
should it be desired of him, or to afford any explanation that
might be required. There was one other point beforohe had
done. The capital accounts of both. Companies were
about to close ; they would, however, be opened GREAT WESTERN.. RAILWAY
again in 'a short ' time. He was not prepared at COMPANY.—(THIS DAY.)
present to say more than this ; but he hoped shortly that a ' SPECIAL MEETING. ' . .
small distribution of stock would have to be made to the pro. A special General Meeting of the Proprietors of the Great
prietors consequent on that close. It would not, in all pro- Western Railwaf was-held this day, at the station, Paddieg-
bability, be very much, but as soon aseit was ready for dis- ton, for the purpose of taking into consideration the terms of
tribution he would take care that every Proprietor was an agreement entered into with the Directors of the Bristol
apprised of it by circular. The Hon. Chairman concluded
and Exeter Company for the, leasing of the lattei line, and
his address amidst considerable applause.
also for the purpose of determirring upon a plan'for making a
The SECRETARY then read the following report :-- direct railway from• London to Exeter.` Chitties Batten, Esq.,
e The Directors, in pursuance of the notice which they eop,, presided. • ' -
have given `Of the'presenE meeting, have to recommend the- - • .The'SeeaterießYlia4ritig read the advertisement convening
adoption by the Proprietors of an agreement of amalgama- the meeting,
tion, which has been concluded by the London and Birming- The CHAIRMAN rose and said, that the purposes for which
ham and Grand Junction Boards, subject to the approval and the Directors had thought tit to convene the meeting
ng had
confirmation by the Proprietors of each Company respectively been fully stv.ted in the advertisement which had beenjust
—the object to both parties being that the amalgamated read. The terms of the agreement with the Bristol and
Companies should be subject to all liabilities in common, and Exeter Company had already
been
receive the same rate of dividend cut of one common fund. rectors of that railway, and r
e published by the Di-
The relative circumstances of each Company in respect of ex-to all present. They had, however, e been in
consequencene included in thekho
known
penditure, revenue, income, and share capital, were fully con- port of the Directors of the Great Wesitern, which -would
sidered, and a balance was definitively struck by which the afterwards be read by their Secretary, and those present must
adjustment was regulated. In virtue of this adjustment, the necessarily be fully acquainted with them. The circumstances
London and Birmingham capital is taken at 8,653,7501.,and the which led to that agreement could be very briefly related.
Grand Junction at 5,788,560/., making together a consolidated In the rage for extended railway communication several
fund of 14,442,316/., and for the future dividends of the projects were started for the purpose ofemaking a more direct
amalgamated companies are to be calculated, and for -06 and central line to Exeter and the West of England. The
purpose the receipts are, from and after Ist July last, to con- course was open to them (the Great Western) to resist those
atitute one common fund. In regard to the management lines in Parliament. They might contend that a direct
of our amalgamated concern, it is mutually agreed communication was afforded by the Bristol and Exeter line
that for the first five years there shall be held one and the other new lines along the coast, and they might
mutual board, whose meetings shall be held monthly, show that no direct traffic could exist to support
or as may be found convenient, to consist of mem- a third line. They would have been assisted
bers selected in the first instance from the present in this opposition by the report which bad
direction of each Company, in the proportion of eight London last year emanated from the Board of Trade.
and Birmingham Directors to six Grand Junction—the But it appeared to them that this course would have been a
united board to discuss and settle all matters of general very hazardous one, and that it would look as if they ne-
policy. The London and Birmingham line proper being glected the requirements of the public or the wants of the
worked in respect of all details, under a committee sitting iu district. The project of a more central and direct
London, composed of twenty. four Directors, and the Grand communication had taken firm hold of the public
Junction line , proper being worked as respects all details mind, and the claims of Falmouth, Plymouth, and the other
under a committee sitting in Liverpool, and com- ports of the west, recommended that they should endeavour to
posed of eighteeen Grand Junction Directors, or supply the want in question. The South-Western Company
sub-committees of either respectively. Considering had undertaken to complete a line for the purpose of afford-
the great and obvious importance to both parties ing accommodation to those parts. The South-Western, it
of an arrangement which gives a common interest to lines was true, did not, as a body, collectively directly suppt
so circumstanced as the London and Birmingham, and Grand such a line, but the leading proprietors of that c ompany,t
Junction Railways, the Directors think it unnecessary to do a public meeting, denounced the agreement which. was
more on the present occasion than refer to the obvious be- made by the Great Western Company, and it had
nefits which must be derived from a combination of the re- been ostentatiously put forth, that the solicitors and en-
sources of the two Companies under one common management, gineers were embarked in that line ; and some of the pro-
and the increased means which will be therebyafforded of pro- prietors stated also that, although . the Directors might feel
viding for the convenience of the public, and of adopting such themselves bound by that agreement, still they (the proprie•
moderate rates and fares as will be felt to be satisfactory to tors) were at liberty to come forward in spite of it, to lend
them. The Directors have further to recommend the adop- their aid to the adverse line. It seemed to them,therefore, that
tion by the: Proprietors of an alteration, agreed to on the the only security and defence which they in that case ' poet-
I6th of September, in the agreement of the amalgamation sensed was the somewhat hazardous result of a Parliamentary
between the London and Birmingham and the Manchester investigation. They thought, therefore, that the wisest and
and Birmingham Companies, which was approved of at a the best course was for themselves to take the more direct
former meeting. The terms of those alterations are, that the line to Exeter and the west—(Hear, hear)—by
capital of the Manchester and Birmingham Company shall an amalgamation of interests with that Company.
be taken at 2,800,0001., 700,000/. of which is not to be They thought it also fair to consult them, and to offer a par-
entitled to any dividend before Ist February, 1849, but may ticipation in the scheme. They met and discussed the ques-
be capitalised at any time. The power of the Manchester tion ; but before the discussion closed, it was intimated by the
and Birmingham Company under the Acts to raise an addi- Directors of the Bristol and Exeter that they thought
tional capital are not to be exercised without the consent of there were some preliminary matters that ought to pre-
the London and Birmingham Company. The London and cede the question they were then met to discuss.
Birmingham Company are to guarantee to the Manchester They asked what were to be the permanent relations
and Birmingham Company a dividend of 8 per cent. from that were to subsist between themselves and the Great
Ist February to the 31st July, 1846, on their paid-up capital Western Company? What were to be those relations at the
of 1,440,000/. From that date to the Ist February, 1847, at the termination of the lease? Was that lease to cease, or to
the rate of 9 per cent. per annum on the portion paid up of be renewed, and, if renewed, in what form, or on what terms?
the capital of 1,800,0001. from the 31st July, 1847, at the same They (the Directors of the Great Western) were not very
rate, and the portion paid up of the capital of 2,100,0001., desirous to agitate this question. They thought
and from and after Ist July, 1848, a dividend on the same ea- it would be more judicious to po.tpone the
pital at a late equal to what may be paid out of the united consideration of this question to a further period, when the
property of both companies to the London and Birmingham result of the present changes would be known, and when
Proprietary. On the Ist of February, 1849, the capital of they might be able more correctly to estimate and know from
700,0001. will be placed on the same footing as the capital of exrerience what was the real value of the Bristol and
the 2,100,000/, making the total capital of 2,800,000/. . Exeter line. They were, however, bound with that
" The Directors have only to observe., in conclusion, that Company, and could not shrink from the risk
the arrangement with the Manchester and Birmingham Com- to which they might be exposed. The meeting
pany, now submitted for confirmation, is simply a modi- was convened for the purposes of business; the parties came
fication of terms which they thought it f.n. the interest of the .to it with a really bone fide intention to enter into sorne.ar-
London and Birmingham Company to agree to." rangement. The Directors of the Bristol and Exeter pro-
The CHAIRMAN—IS it your pleasure, gentlemen, that the posed to them, as the basis of - the agreement, a
report now read be adopted? I beg to propose a resolution perpetual rent charge. That was agreed to, end
to that effect, and also that it be printed and circulated among the discussion turned chiefly on the terms of the
the shareholders. rent charge. Those terms had been for a long time
The resolution having been seconded, was unanimously before the public, and those present were therefbre aware
carried. that some portion of the proprietors of the Bristol and Exe-
The CHAIRMAN—I have now to propose to you a resolution ter Railway had objected to them ; but he could not help
to the effect that the Birmingham and Manchester thinking that their opposition had . arisen from not suffi-
Companies be considered as one, and be amalgamated as ciently comprehending the principle on which the
to capital and in all otherrespecte. Hon. Proprietors would see agreement was based, or from not having taken time to exa-
that that resolution pre 4erved their interests to the full extent, mine their on-n actual position. The rent which they had
the capital of 2,800,000/. being united with their own. They engaged to pay to the Bristol and Exeter
,Company
would also perceive, from the circumstance that interest was had enabled the Directors to give to their share-
to be paid in September, in that point also a due regard was had holders a dividend of 4 per cent. By this
not only to the interests of the Company, but to strict equity. agreement they could give at . once 5 per cent.,
The advantages which they would derive from this amalga- which would be for the three and a half years of the lease
illation were almost self-evident, because the real capital of one per cent. additional. At the expiration of' the lease, by
the Birmingham and-Manchester Company had not been fully the terms of the agreement, they would be called on
estimated, as the increase in their profits of late had been to pay them a dividend of 6 per cent. The payment .of
very considerable. If any Honourable Proprietor should. this _dividend rested on very speculative , and con-
desire him to enter into the details he was perfectly jecturel grounds as to the degree of traffic rued the
ready to do so, as they were in the room at other resources of the line. There . could be . no
the present moment, in the statement to which allusion had doubt that the North Devon and the lines now projected
already been made. These would convince any one who would pour some considerable traffic on to this railway, but,
should hear them, or take the trouble of perwing them, that again, they must recollect that the Bristol and Exet eitrans-
if any excess of advantage were on either side it was on the ferred to them a great liability for the construction of their
London and Birmingham Company in this agreement merely. line, and if a central line were made there would 'be little
He confessed that there were other considerations alsOthat in- question that a portion of traffic would be withdrat en from
d need them (the Directc re of the London and Birmingham COm- the Bristol and Exeter, perhaps more than that. -which
pany to enter upon that agreement amongst the most prominent might be expected from the new lines. Under_ one cg,ntin-
of which was a desire to prevent the Birmingham and Man- gency they used to pay 53/4 per .eent. instead of ' 6/. ;
chester line falling into rival hands. He would conclude by but he trusted that was a contingency not likely to arise.
proposing the resolution which he had already submitted
.to It had been assumed that a difference of one qi uarter
them. per cent. would cover any loss likely to - arise
Mr. Eerrwester.,.M.P., said that it was already known among from the making of the central line, but • the
the shareholders that he was not altogether satisfied with reason why this per centage bad been retained was I a very
the arrangement that had been made; but he had :now, to - different one. They were aware that . they were giving the
state that he had been canvassing for proxies to give effect to Bristol and Exeter Company a certain dividend, tau 1 they
his views. He considered that the accounts to which the Hon. retained this quarter per cent. as a security that tee e Pro-
Chairman had referred should be laidbefore the meeting, before prietors of that Company would join the ranks off their
they were called on to agree to the terms which this resolution opponents. This meeting had , been made special
embodied. There was one difficulty which strongly_epre • for the purpose of obtaining the consent .sof' the
vented his entering into the views of the Directors. What shareholders to certain new lines, in addition to the I Bristol
he alluded to was, the compact that had been entered into and EXeter. The Chairman then recapitulated the outlines
as to the leasing of the line within twelve months. of the new schemes, which are fully detailed in the rt port of
He conceived that the Directors of the Birmingham and the Directors. The lerel of the line, as far as Yeom 11, had
Manchester line, did not act with the great wisdom they con- been examined by Mr. Brunel, and he reported t shat the
ceived they had done in entering into this agreement, or that country might be deemed an advantageous one for the pur-
indeed either party had made so advantageous a bargain as poses of a railway. The Chairman concluded by. calli eig upon
it appeared was thtegeneral impression they had :done. For the secretary to read tha report,
instance, they knew that new lines would detract Mr. SAUNDERS then read the reporteasfoelows e-s. . --
from them as .much as they would get by their aural- e The directors have found it necessary to cotorene este present
gamation. The consequence was, in' fact, that they would spelial meeting for the. purposes referred to in tvo note' vs,--the
have.to pay eight or 'nine per cent. in conjunction with the one being to consider and decide upon a conditional ailrel _meat for
Grand Junction, .'. He did not conceive that the Birming- the permanent tenure of the Bristol and Exeter Raketwale , and for
ham and Manchester should be considered in exactly the thepurehase of 'the property of that Cornpany,,--a1e..00, ies, to de.
same light as the other two companies, and receive as large termine what lines should be brought before Parham:l%W t n the next
a proportion of. the benefits pecuniary as well as otherwise. session for improving the general railway communl'eXtl oft of any
With these.views he should not hesitate to express his dis- towns, or district of country, Wog to the south of the (1 reatWest.
West-
satisfaction at the decision of the Directors. Perhaps the era Railway, in connexion- with the tragic of thisfine. . :' . '
views, they had taken were wise, and in the main j)oints. ' " The arrangement with the Bristol and Exeter 10 alwaY Com-
unobjectionable, hut while
ealetaatienethev were ienorant of the figures pany is recorded in two agreements, dated I Ith, .
.)ctober and
upon which their
Were based, lie could' not con- 6th instant, which are appendedto this report, and 'trill be sat). ceivo. that -it should occasion
dbareholders, Should, not evince uch
unqualified rise s e
approvalthat individual i vo ifd
theua l miffed for confirmation.
arrangement. The bar" It is-eight to premise that this measure his not' bee. a proposed
frustrate the views of rival 'was, in fact,' made chiefly to at this time from any desire of your directois to obtain by antici.
companies, but strange to say patin a renewal of the lease, which.will only expire In I 849.
this . was not the ground
called to express their approval which they were "'
,It would have been in, many respects more sitisfica , !Ty, if the
. .
that -- it was asserted would be orfealit. The
isedi
was
egnaliyn .qiiestion could have been left open for future adiustro e.nt, when
what the depression- in their funds would' b so that in theCircunistances atfecting the permanent value-of the E istol and
fact here there were no such:evident profitsaloatonce'
obtained AS the '
repot would lead, them lo imagine. Under t 'Exeter Railway could have been better known and appreci a fed, but
after having candidly stated to the directors of the Ist" dot and
stances, he begged td' sae-, that he consideredh' " eireenri- ;Exeq. Railway their opinion of the necessity of forminge shorter
betters if time were' afforded them to investigate
these-wo be line between Exeter and.London,' a measure which did nor; - aezat of
. the
and to arrive at A just conclusion, figures,' being longer deferred, they felt it due, in the relative poaitio 'not
'with
'The CHAIRMAN ear Ihe certainly was aware of the op* ' , two companies, to endeavour to effect some equitable settlerai 'III
~ y
entertained by the hoe. member whose presence amon - ‘hR5ll". that company before they entered upon any *active mean eees re
gat thein
wai always so agreeable, though he differed with them- oh promotng, the direct line to Exeter.
mod! fled In
the present ()cession He was not, however, aware that he' .' It will be seen that.tbe first agreement bas been .
it, en-
had gone to the lengths which he himself bad stated, namel one respect, by the supplemental agreement of the 6th hu& ..,
in canvaseing for proxies. However, he would meet the- teredintp at the request of the directors of the Bristol, and 1 ‘',ieter
Hon. Gentleman, and he trusted that before the
meeting Railway Cohn in order to equalize the cans on their din 'ere"
was over that the non. Gentleman would be convinced that - sher.es. .If
,confirmed by the general meetings of the two t Inn"
the position he had taken in reference to this subject ?ars, application will be made to Parliament in the, next sea On
was not justified, and that he would alter the
his to
,-.aelye _ provisions into effect.
views. "He should recollect what were the exact eireum-, whielh'haredliirkecetors are strongly impressed with the advantai Tee
Stinces. The Directors of the Manchester and Birminehano gompany alyndttoo be secured both to the Great Western Rs, lie
the public; by ln
Co-npany had no doubt been hurried in firming the decielon * :waythe approaching „won
ofr an active efforb to promote, i.. _
they had arrived at, by the knowledge of the opposing lines which Will contribute, with the Great two portions of new line,.
that were coming into existence. In fact, he had no hesita- • merset, and Weymouth liner, to -form Great Western and the Wilts, Se -
tion in stating that all the advantages were on the side Of, : the metropolis and Exeter, as the orm one direct railway betweei. '
the London and Birmingham Company. The agreement: 'ports in the English channel: best access to the e°iniutb.westerti,
with the Birmingham and Manchester line, respecting the " Ist. By a prolongation of the " - ' ' •
perks Indite ' • •
nte..Railway from
6* per cent. which- they were to receive, was based upon a Hungerford to Westbu abo
ut Si milea--with branches'
calculation of the rate of traffic in Ju1y,1835. Now, they , to Marlborough and raises . • , . • . '
had .
lint thirty miles of their line in operation, and they - ' , e 2d. By a railway from the Wilts, Somerset, and:We
calculated the cost at 34/, could be nothing Trace%
fairer than that at - per mile. There , t line, at Yeovil, to Exeter—about 51 nilles•—With a connect.
c culetion, and if gentlemen would consider ' , ing•
fora =omen , line from Bridpert" to Axminster, ind a branch to Sid:" •t, they would see that there was an increase Mouth.
in the profits of ler
did not deny that per cent. on every third mile. He " The distance from London to Yeovil by the first-mentioned
by a desire to prevent the
line
been actuated strop 1
g-Y line will only be 126 miles ;of which 91 are constructed or auttio-
bands of those who were hostilleetin question falling into tme rised to be made for other purposes. The directors recommend
influenced them in that vert,en_aotthem, and the reasons that
that the prolongation of the Berke and Hants Railway shall be ap. 4.
otad
pmibiy
be
conceived! 1... were the strongest that plied for in the same manner as was adopted in the cue If the DM
II 110 trusted/ therefore, that •
Qr the thcorposation of 4* Coyorisb. - - - • :- '
P

Mr. WILLIAMS 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 Birmingham
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 fur 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 usammously.
Mr. ELIAS MOSELEY, of LiverpOol, then moved -a vote
of thanks to the Chairman and Directors, which wasteconded
by Mr. Williams. and carried unanimously. •
The CHAIRMAN, in returning thanks, assured the prairie,
tors that neither himself nor the Directors would relax in
their endeavours for the interest of the proprrietors or the
conienience. 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 . sue,
Cessful ; added to this, he had •been informed by
an influential individua',!that Ft was determined to have a
railway from the City to•the West, India Docks, and' should.
such be the case, he need not say_IIIM 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 ar.d proposed to do, would be adequate to the wants of
the public. ,
The meeting then broke up.