The Sun.
London, England, 1845-10-30 00:00:00

THE SUN, LONDON, THURSDAY EVENING, OCTOBER 30, 1845.

This proposition would meet this inequality, and -your stock
being' rated at 14/. 16z., when the line is completed, by pay-
ing 11. 45., you will be reckoned at 20/. per share in the united,
companies. Thus it is evident that your stock will advance
while the London ands York line will be in a position to de-
rive great benefit. The company is better without this line.
Our scheme is a little longer. It takes in Lincolnshire and
Doncaster. It is, I repeat, a little lotig: than its competitor;
but we must measure railways by time, and not by dis-ance.
if you take the line between Grantham and London—and
it is evident that we niu-4 dwell on the time which it will
take to construct, as a matter of far greater importance—for
it was a position which no sophistry ceuld subvert, that the
line which took the least time to form must be the preferable
line. The line we propose to construct has no
tunnelling, with the exception of three-quarters of a mile.
The London and York has long gauges of one in a hundred.
If gentlemen will sit down calmly and consider the question,
there can be no doubt, at least I entertain the hope that
there will be no difference of opinion on the matter
we 'fire now discussing. We must then perceive
how deeply our interests are affected, when there has
already been expended no less than 4,000,0001. of money,
and this mighta, if matters were not wisely transacted, lead
to a considerable further outlay in a most unfortunate
speculation. I hope the London and York Company will feel
that this is the wisest course, namely, to acquiesce
in the view he had taken, and that nothing
but ruin can result from the continuance of the contest in
which unfortunately we have already been engaged. They
will have another line from London to York, entirely
divested of the difficulties that encumber the present
line, and affording the advantages that were required,
and which, they must be satisfied their own line did
not offer. It will cause the remodelling of the whole of this
scheme. According to my propositioe, considerable advan-
tages will be conferred on the people of Cambridge and
Lincoln, and that is, that a million, instead of a million and
a half, should be appropriated to that line, or, in other
words, that they should have two shares in the
new' creation for every three in the existing
company. By this arrangement the proportion
which the Eastern Counties' Railway would receive would be
less, but in the course of time we shall get as faints proportion
as any other company. Another benefit that will result from
this will be, that we shall put our stock in a position that will
render us unassailable, for we shall be enabled to obtain a com-
munication with thenorth of England. The public will thusbe
considerably benefited. I have now brought before you the
whole of the scheme which, as the organ of your Directory,
it devolved upon me to submit to your consideration. In
doing so we have been actuated by a desire to discharge, to
the utmost, our duty, and to render ourselves, in the
position which we occupy, as acceptable as possible
to you and the public.—(Hear, hear,) No person
could have witnessed the state in which railway property
was placed, subject to all the unfortunate circumstances with
which they were familiar, without the deepest anxiety.
When they recollected the variety of schemes, the multitude
of projects that were brought forward, in which figured the
names of persons who hitherto bad never been associated with
railways, all who were really honest in their speculations must
be glad that a period had arrived when these rash undertakings
had experienced a check. I, for one, am rejoiced to see
this, . no matter whether it results from the agency
of the press generally, from the admonitions of the
Times, or from any cause whatever.—(Hear, hear.)
No, gentlemen, I am surprised, deeply surprised, how people
could subscribe to them. You see the names of Right Hon.
Gentlemen and Aldermen—(Hear, and laughter)—lending
their names to schemes with which they have no earthly
connexion, and in which they can hare no personal interest.
No, they have really no connexion with the district through
which the line is intended to pass. Nor were they in
fact known personally to any: of the local authorities, or to
any of the landholders who may be supposed to have some
immediate interest in the scheme—(Hear)—and yet you see
their names blazing firth in advertisements relating to
schemes running through various localities, and proposed for
accommodating, forsooth, various interests, and various dis-
tricts, and sometimes half a dozen in one day.—(Hear, and
a laugh.) No, gentlemen, I do not know what
these gentlemen can be thinking of, for it can neither reflect
honour on their names, nor credit on their judgments ; and I
for one, Gentlemen, shall ever strenuously and stoutly de-
nounce the system as pernicious and unjust.—(Hear, hear.)
I will never lend my name to a scheme, or schemes,
which I have not fairly and legitimately inquired into,
or which I believe will not eventually prove a
public advantage and of public utility, and which will not in
the end fairly and adequately benefit the shareholders, who
may be disposed to embark their capital in promoting the
the scheme or schemes.—(hear, hear.) I bold in the highest
contempt all who lend their names to these fictitious
projects ; for by lending their names to them they
induced men of standing and respectability to apply for
shares; and what is the result? Why, ruin follows. It is
gambling in its worst possible shape. It may be that it can-
not affect the monetary system of this country, because
the money is merely passing from one hand to another, but
you must remember that it will ruin the little, and in all pro-
bability exalt the great. I say, therefore, those who are playing
at this game of railway scheming ought to be cautious—the
public ought to be cautious. It is perfectly marvellous the
letters which I have received from all parts of the country
allotting me shares, or applying for shares; but I make it an
invariable practice of putting them one and all in the
fire.—(Hear, hear.) And at the same time I am
constantly and continually receiving applications, asking me
to lend nay name to such undertakings as those I have just
denounced. Yes, the number is perfectly astonishing to me
even, and I sometimes say to some of them " You must
think me mad to fancy I would lend you my name for
such a purpose."—(Cheers.) Gentlemen, I have now
brought before you everything which appears to me
likely to effect your interest, and having made these few
observations, allow me again to repeat that your undertaking
bids fair to become a sound railway property, and I am sure
it will sooner or later become a sure and safe medium for in-
vestment.. And here let me remark, what a great advantage to
the country it is that property of this description should exist,
in which parties can with safety invest their money, and be
content with receiving some three or four per cent. upon their
capital.—(Applause.) Well, then, is it not of,national impor-
tance that such property should be protected by
the Legislature from the hands of unjust and
worthless invaders ?—(Cries oft " Hear, hear.") Be-
fore I sit down, give me leave to mention that I had the
pleasure of going down your line, and I hope to have the
pleasure of spending another day or two upon it. The result
of this inspection justifies my stating, that on the com-
pletion of the change we are making, we shall be
enabled to work the traffic as well as any line
in England.—(Applause.) It only wants a little resolution
to enable us to accomplish this. That resolution we are
prepared to give, and I confidently hope you will ere a few
days are passed, be enabled yourselves to perceive a change.—
(Hear, hear.) I am fortunate inhaving obtained the aieistance
and co-operation of such gentlemen as my friend Mr. Wadding-
ton, for it enables me more properly and more effectually to
work the line ; and I am also under the greatest possible obliga-
tions to the whole of your Directors for the friendly and
kind manner in which they have received the proposition
which I have the honour now to submit to you. It has, I
may add, their entire and cordial approbation. Gentlemen,
the resolution having been read to you, it is now before the
meeting; but before it is put,"l shall have great pleasure in
answering any questions. or given any information which any
shareholder may require, and be most happy to hear any ob-
servations which any gentleman may think proper to address
to the meeting. The matter is now in your own hands.
An Hopi. PROPRIETOR—WiII you allow me, Mr. Chair
man, to ask what troportion of the new capital will be at the
disposal of the Eastern Counties proprietory.
The Own-stale—Certainly. 1,120,420/. 600,000/. is reserved
for various purposes. 200,0007. will be at the disposal of the York
and North Midland, 1,500,000/. of the Cambridge and Lincoln,
and 944,244/e of the Northern and Eastern. I may as well
mention that there are extensions of the Eastern Counties
which will have to be brought before you at a future
meeting.
Mr. Sinew participated, he believed, in what must be the
general and unanimous approbation of the meeting, of the
large and liberal schemes which the Chairman hai laid
before them. He was quite sure, whether they looked
at the national importance of the schemes, or involving
the public interest and convenience, or the benefit they
were likely to confer upon the shareholders in the Eastern
Counties Railway, that they must meet with general and
universal support. The propositions which the Chairman had
laid before the meeting were of so clear and distinct a character
as hardly to require explanation ; but there was one question
in connexion with them which he should be happy to have
ennounced, and which he was certain the meeting
would be glad to hear. It was with regard to the
proportion of shares which would be distributed
amongst the Eastern Counties Company. The Chairman had
mentioned the number of shares they were to have, supposing
the London and York Company did participate in the
scheme. Now supposing they did not, which he hardly
thought would be the case, what was the proportion they
would be entitled to?
The CHAIRMAN—Perhaps the simplest way to put it, will
be to say 10s. for every 201. capital.—(Criea of " No, no,"
from three or four of the Directors.) Well, then, the capital
of the Eastern Counties Company is 2,820,0001. ; you have
1,400,000/. to divide amongst 2,820,000/.
In reply to several gentlemen, shareholders in the London
and York Line, the CUAIRMAX remarked that this is a great
and important question. You receive, he said, 201. stock by
paying le 4s. If you get 20!. instead of 20/. shares, it will
surely be better than taking new 20/. shares.—(Cheers.)
The amended resolution says that so many shares shall be
divided so and so. If the shareholders of the London and York
are not satisfied they may revert to the old resolution which
is that 420,000 shares be divided amongst them. The Bill
cannot be in Parliament before February, and no money will
required to be paid till January.
D. W. HARVEY, Esq., rose in the body of the meeting,
and said, that as he had on more than one occasion taken
what might appear to many an inconvenient part against
the old government, he seized this occasion to ex-
press his admiration of the new dynasty, and in the
warmest terms to approve of the judicious manner
in which the Chairman had formed the new Cabinet. That
he would merely throw out one word as to the enor-
had wielded in harmonizing an
prietors. Though you may not get 10 pee. cent. 0 a
do chat which will realise your pamanient interut. ae nfro-
lin'i-m-u'ensle"'n'iarss,llea compound of materials which - had
f always been to him an object of reverence.
dividend, you may at least secure. a fair return for the
($e would. just call the law coalition the government of all
inveltmeatp you 1114Y4 made.—(Crier of ° Heart hear. )

the talents. Now, as to what our case might have
been—we were at an advanced stage of the dis-
ease—far gone in a decline. At the eleventh
hour we coiled is a skilful, a judicious physician;
on examining the patient he had found him chargeable with
wide and 10,,5e habits, awl that to these was tc he traced
the foundation of the disease, but that the medical gme
tleman is convinced the patient may yet recover himself.
He must describe to them the position of their Chairman.
He stands with a flag of peace in the one hand and a bag of
wealth in the other. He is prepared, judiciously prepared,
bef ,re entering into the contest fur fighting over again the war
of the [louse of York. He has seen the ground, and is con-
vinced, before entering on it, that it will yield him a certain
advantage. Such harmony has he now procured,
that we have one common object, a common
stock, and a common interest. It matters little
what shares be given, because, if we receive no advance,
wei have an enormvus return of wealth. Now, along the
North-Eastern Company's Grand Trunk line the whole
traffic will pass. If he might say any thing
in his position, their own Directors have not been
forgetful of their interests, and their position will be better in
the House of Commons. If the London and York agree,
then there will be a division of 4,000,000'. in shares.
'The Cambridge and Lincoln Company are interested
in this consideration. He might possibly have proceeded
to show how their own Directors had appreciated their own
interest, and understood when the occasion made for them-
selves.—(The Chairman remarked here, that they had
not known anything of the scheme, till it bad
been developed by himself at the Board.) Mr.
Harvey proceeded to say that that only confirmed what he
said that when anything good was laid before them they were
too wise' to refuse. (Mr. Hudson here said they had at first
objected to the scheme.) Mr. Harvey proceeded to
congratulate the directors and the meeting on the very
favourable position in which they were now likely to be placed.

stroyed, but that the water way should be preserved, and a railway ,
also made. Mr. Walker's ideas on this subject will be beet under-
stood by the following extract from his report, vie. :—' In saying
that the width of your property is sufficient for two lines of rail.
way, I have not had reference to the continuing of the canal nevi.
gation ; but I ought to add, that if it be thought on the whole ex-
pedient to continue the navigation, you have, by rough walling the
sides of the canal, sufficient width generally for two lines of
broad
.gati,e, and a better canal than the `present. inasmuch
as there is less friCtion in a *ailed Canal than with sloping
sides. I cannot help considering that your coming before the
public with the canal and railway is very important, both in ob-
viating ebjectious that may he made to the conversion of your canal
into a railway by other canal companies, or by canal carriers, or
by the owners of warehouses and other property, and by being
practically useful afterwards; for canals may not always remain at
their present discount, and there must be a reluctance at resolving
to destroy the substantial locks, aqueducts, and other works, which
within forty years have cost a million of money.'
" Tte Select Sub-Committee have carefully considered the rea.
sons given by the consulting engineer, and have, after much consi-
deration, unanimously come to the decision of recommending yet
to adopt his suggestions as to the preservation of the canal, the ex-
pease of which, Mr. Walker assures us, will not exceed the sum of
600,0001., authorised to be raised by the former meeting of Pro-
prietors.
" Your Committee have ascertained that, without any very large
additional expense, the curves and gradients incident to pursuing
strictly the line of the canal may be improved, and have instructed
the engineer so to amend the line that the sharpest curve shall not
be less than thirty chains, nor the steepest gradient more than one
in eighty, whilst the distance between the termini will be also
shortened.
" The Select Sub-Committee beg further to report, that through.
out the line the undertaking has been well received, and that at a
very large meeting of the inhabitants of Devises, held on the flth
instant, a resolution was passed to the eff..ct, that the project
of this company would be highly beneficial to that important town.
" Your 3elect Sub-Committee beg further to state that they have
had propositions from several new companies for an amalgamation
of iaterests, or for the conditional purchase of the canal, but it has
not appeared to your Committee desirable to make such arrange-
ments.
" Your Committee deem it right to mention that,'as precautionary
measures, instructions have been given for the surveys of lines of
railway far eastern mid western extension.
" Your Committee have the pleasure to inform you that the sur.
veys are in such a satisfactory state of forwardness, and such an
amount of deposits, already in the hands of the bankers, as will en.
able your Committee to comply with the standing orders of Puna.
went.

He had formerly been a grumbler, but he had now great
pleasure in tendering his cordial allegiance to the new autho-
rity.— (Cheers.)
The CHAIRMAN announced that there was no other busi-
ness before the meeting, but he would make an observation in
reference to something which had fallen from Mr. Har-
vey, on the subject of the Northern and Eastern shares.
Now, he thought it was a most unfortunate thing that they
should know anything about Northern and Eastern. He
wanted to see the Companies one, and with one Directory.—
( Cheers.) He hoped he should never more hear of
Northern andt Eastern interests as distinct from those
of the Company generally. They were an uniteeticompany •
The effect of the proposed arrangement would be to make
them part and parcel of the Eastern Counties' Company.—
(Cheers) There would be no more division of interests. He
would state, that when he first made his proposition, they
had strongly contested the principles he had laid down, but,
for the sake of peace, and to promote the general interests of
the Company, they had given their consent to his scheme.—
[Here Mr. Ward, M.P , made some communication to the
lion. Chairman, who, after a pause of a few seconds, conti-
nued ]—His Hon. Friend, Mr. Ward, had reminded him that
the Northern and Eastern had 5 per cent. guaranteed to them.
He was quite aware of that ; but whenever they paid more
the Northern and Eastern would participate with them as a
matter of course ; and so sure was he that they would pay
more, that he did not look upon this guarantee of
5 per cent. as a matter of any great consequence.—
(Cheers.) He was sure they would pay a great deal
more than that.—(Cheers,)
Mr. Scorr said, that as he had taken a prominent
and active part in those proceedings of the Corn-
pany which had led to the invitation to Mr. Hudson,
he felt le lund now to call upon them to express their
thanks to that gehtleman.—(Cheers.) Nothing could have
given them greater satisfaction than to see the chair occupied
as it bad been that day.—.(Cheers.) When times were dark
with them and they had little peospect of benefiting them-
selves, they had appealed to Mr. Hudson, and he had
satisfactorily responded to their call, and nothing had afforded
the Company so much satisfaction as to see their prospects
represented and their interests protected by Mr. Hudson.—
(Loud chcers.) He was the pilot under whose guidance
they were to weather the storm. He -it was who opened
to them a brilliant prospect for the future by his manner
of reconciling conflicting interests under his able manage-
ment, and they would be enabled to pay a satisfactory divi-
dend, and to emerge from their difficulties.—(Cheers). The
best guarantee they could have for this was, the expe-
rience which they bad had of Mr. Hudson's success
on other railways. (Cheers.) He was certain that
Mr. Hudson would do all that man could do. They
could desire no man to do more; and he was sure they would
receive no less —(Cheers.) The railway public had reposed
the most unbounded confidence in M. Hudson, and that
confidence had never been disappointed. When Mr. Hud-
son had been first asked to join the Eastern Counties'
Company, he had declined, but when he saw the requisi-
tion of the shareholders, and was aware of the num-
ber of names attached to it, and of the large
amount of property represented by those names, he at
once responded to the appeal, and in doing so he had
agreed to forego every personal consideration.—(Lond
cheers.) For this they ought to thank him.—(Cries of
"We do thank him.") He would not detain them
longer, but would at once move that the thanks of the
meeting be presented to George Hudson, Esq., M.P., their
chairman.—(Cheers.)
Mr. RUFF seconded the motion. The Shareholders ought
to feel grateful for the readiness with which Mr. Hudson
had undertaken the arduous duty imposed upon him. For
dmself he could only say that he was highly gratified at
he result. _

" Your Committee cannot conclude this report without congratu-
lating the proprietors on the position of their undertaking."
Resolutions were then moved and carried for the adoption of the
recommendations of the report, and themeeting broke up.

Mr. CROSBT put the resolution, which was carried amid
enthusiastic cheering.
A gentleman in the gallery rose to move an amendment,
but was put down by the cries of "too late," &c., from all
parts of the room.
Mr. HUDSON then rose, amid renewed cheering, and said—
Gentlemen, I am sorry that I am so unworthy of the kind
expressions used towards me by Mr. Scott, and so feelingly
responded to by the unanimous voice of the meet-
ing.—(Great cheering.) I can assure you that I
am deeply sensible of the compliment you have
paid me. It is quite true that when _first re-
quested to act with this Company, I did hesitate, for
I felt that I was about to undertake an important
task; and I knew that my time was very limited
already, that I wag nearly overwhelmed with busi-
ness ; but then I felt, also, that I had no right,
after the expression of your wishes delivered to me through
Mr. Scott and his colleagues, to hesitate any longer. I felt
that I had no right to consult my own ease, when the inter-
ests of so many persons were at stake, and when they
thought that I could render them assistance.—(Cheers.)
We may now flatter ourselves that we are going on emootly,
but it is necessary that we all exert ourselves in carrying out
this great measure ; and if we are successful, as we
ought to be, for by this time the delirium that
was at first felt by some of the Lq;islature
is nearly exploded, and I have no doubt that we shall re-
ceive full justice from that portion of the Legislature, which
induced a certain Noble Lord to say, " Thank God that we
have a House of Peers."—(Laughter.) I say I have no doubt
that we shall carry our Bill, and that by the House of Lords the
London and York will be rejected.—(Cbeers.) It has been
said by some Hon. Members, and the principle has in a few
cases been acted upon, that it is no matter whether a line of
railway pays its promoters or not, if it is required
by the district which it is intended to benefit.
I say that this is a fallacy; there can exist no doubt that
it would be a great national evil to have a line existing which
would not benefit its shareholders. I have already said
that there was no fixed principle to guide the Parliamen-
tary Committees in the last se,,sion, so that this
opinion was acted on in some cases, but we are progressing I
hope towards improvement.—(Cheers.) But if they still act
on the same principle, then I say let them give us our Bill
and wi:l soon make it a productive one.—(Great cheering.
I again thank you, and I hope that we
may meet again with the same feelings of unani-
mity, and it shall be my study, as it is my duty, on all
occasions to look after your interests, as by so doing I am
also forwarding the public good. Mr. Hudson sat down amid
oud cheering,
The meeting then separated.

RAILWAY INTELLIGENCE

LONDON, NEWBURY, AND BATH DIRECT (KENNET
AND AVON COMPANY).
Swint:on, TURSDLY.—A meeting of the proprietors of the Rennet
and Avon Canal Company and projected London, Newbury, and
Bath Direct Railway, took place this afternoon, at the Queen's
Hotel, Swindon station of the Great Western Railway, pursuant I.
requisition, for the purpose of receiving, considering, and deter-
mining the course to be taken with regard to a report intended to
be laid before them as to the propriety of adopting the suggestibn
of Mr. Walker, the engineer, to construct the proposed London,
Newbury, and Bath Direct Railway, so
_as to maintain the naviga-
tion, and to take such steps with regard to the present position of
the undertaking as should seem desirable.
T. R. WARD, Esq., in the absence of Admiral Dundas, M.P,.
the Chairman of the Company, was called on to preside. He said
the subject they bad met to consider was one of the greatest interest
to the western counties, and he sincerely regretted the absence of
their excellent Chairman, Admiral Dundas, who was compelled to
leave England for the Continent, owing to the serious illness of
Mrs. Dundas. The purposes for which they had assembled were
to consider the report of a committee on the suggestion of Mr.
Walker, the engineer, with reference to the construction cf the
London. Newbury, and Bath Direct Railway, and at the same time
to preserve the navigation of the Kennet and Avon Canal. As
the report contained the principal topics which would have to be
discussed, it would be unnecessary for him to offer any comments
upon the subject.
Mr. Mgaatuan then read the following report :
" The Select Sub-Committee appointed by the Committee of Ma.
nagement of the affairs and business of the Company of Proprie-
tors of the Rennet and Avon Canal Navigation, at the meeting at
Marlborough, on the 15th of July last, beg to report to the pro-
proprietors at large—.
" That since the special meeting of the proprietors, which was
held at Reading, on the 26th of August last, your Committee
have been snaking arrangements to apply to Parliament in the en-
suing session for powers to carry into effect the instructions of that
meeting. With this view, the Committee have offered to the pro-
prietors of shares in the Kennet and Avon Canal two new shares
of 151. each in respect of every old share, and the Committee have
the gratification of stating that this option has in almost all cases
been accepted. Your Committee have also by the issue of such
shares as were declined by the proprietary, and by means of the
small number which remained at the disposal of your Committee,
after allowing two shares for each one uld Kennet and Avon share,
raised a capital sufficient for the pus poses contemplated.
" Your Committee beg further to report that Mr. James Walker,
the consulting engineer of the Company, has made a report, in
which he recommends that the line of the canal should not be do.