The Sun.
London, England, 1845-09-11 00:00:00

RAILWAY INTELLIGENCE.

GRAND JUNCTION.
LIVERPOOL, WEDNESDAY.—The Proprietors in this Corn
pany held a special general meeting to-day, for the purpose
of determining as to raising. and the mode of raising, the
further capital authorised to be raised by the Act for the
construction of the Trent Valley Railway, to make orders
and directions in relation to the new shares to be created in
pursuance of the powers of the Amalgamation Act, and also
to consolidate the paid-up shares of the Company into capital
stock, and on other special affairs.
The meeting was most numerously attended. Mr. Charles
Laurence presided.
The following report was read by Mr. Boone :
" The Directors are happy to announce to the Proprietors
the successful issue of their application to Parliament for an
Act to consolidate the Bolton and Leigh, Liverpool and
Manchester, and Grand Junction Railways. In the pro-
gress of the Bill through Parliament, the Directors had to
contend against the opposition of sundry railway companies
and commercial bodies ; the alleged ground of objection
being, that the amalgamated companies would become so
powerful in their combined arrangements, that it would be
difficult for minor interests to contend
.against them. Par-
liament, however, having sanctioned your application, it
remains for. the amalgamated company to prove to their
former opponents that any increased efficiency or influence
which they may. possess will be used; not alone in the
furtherance of their immediate interests, but in the promo-
tion of the public accommodation. The Directors are happy
on the present occasion to refer to their published advertise-
ments, announcing a reduction of fares, with improved
arrangements, both on the Birmingham, and on the Liver-
pool and Manchester lines. And they refer to these in-
creased facilities of transit as an earnest of their desire to
combine, with a due attention to the interests of the Pro-
prietors, a corresponding regard to the convenience and
satisfaction of the public. With respect to the traffic of
the present half-year, the Directors are glad to report a
considerable increase upon that (41844, and the experience
of each month establishes the desirableness of that ex-
tended accommodation in stations and approaches at
this end of the line, for which the authority of Par-
liament has ncav been obtained, and which the Directors
are preparing to carry immediately into effect. In the Amal-
gamation Act power has been obtained to convert the whole
of the paid up shares into capital stock. The facility which
such a measure will give to the purchase of railway stock,
without reference to the machinery of shares or half shares,
is so obvious an advantage, that the Directors rely on the
sanction of the Proprietors to the resolution which they will
propose for carrying this provision of the Act into immediate
operation. They intend still further to recommend Grand
Junction stock to the favour of the public, by abolishing all
charges on the registering of transfers, or on the issue or en-
dorsement of certificates. After the 30th instant, this busi-
ness will be transacted at the secretary's office, without cost
to purchasers, though certainly involving some additional
expense to the Company. The Directors have further to an-
nounce, that, with permission of the Proprietors, they propose
for the future to discontinue the payment of intermediate
quarterly dividends. This operation has entailed consider-
able pecuniary loss on the Company, while the preparations
requisite fur the issue quarterly of so many dividend war-
rants, and the unavoidable closing of the transfer-office,
during the operation in the middle of each half-year, has
proved a serious interruption to business. The Directors do
not regret having given to the measure a fair trial, but they
have come to the conclusion that the general objections
which they have briefly stated, are not compensated for by
any adequate advantage to individual Proprietors. The
Shareholders in the late Grand Junction Company are aware
of the intention of the Directors (as announced in their
report of the Ist of August) to obtain authority in the
Amalgamation Act for the issue of new quarter shares, to
be allotted in the proportion of one new quarter to the holder
of each 100/. Grand Junction share, or of shares amounting
in the aggregate to 100/. This provision of tke Act the
Directors propose to carry into effect by the immediate issue
of 25/. shares, upon which dividends will be payable in the
same ratio as on original shares, less five per cent. interest
on the amount not paid up. The calls on these shares
will be made by such instalments, and at such periods,
as the Directors may judge expedient. In the published
report for the half year ending 30th of June last, it appeared
that there was a surplus balance, or reserved fund, belong
ing to the Grand Junction, proper, of 64,008/. Bs. 10d.;
and the Liverpool and Manchester Proirietors will recollect
that there was a surplus in that c,•imern, over and above
paying the half-year's dividend, of 10,4681. This latter som
it is proposed to carry to the surplus fund of the Amal-
gamated Company, and in addition to it, the sum of
19.1471. from the surplus balance of the Grand Junction,
proper, as above stated ; these sums being proportionate
to the respective capitas of the two concerns, and con-
stituting a surplus balance of
_29,615/. to the credit of the
Amalgamated Company. By this arrangement, the sum of
19,147/. must be deducted from the Grand Junction surplus
balance, as stated above, 64,0081., deduct 19,147/., leav
ing 44,8611. applicable as a bonus to the Shareholders of
the Grand Junction, proper. The Directors propose to
the holders of the 22,033 Grand Junction shares a bonus
of 2/. per share equalling 44,066/., and to the holders of
the 22,033 eighthl shares, which must be considered
at present as live per cent. stock, compared with the re-
mainder at ten per cent., they propose to allow a bonus of
1/. per cent. on the 5!. paid up, or ls. for each one eighth
share, or 1,101/. 135.. making together 45,167/..135:, leaviag
the small balance of 3061. 13s. to the debit of profit and loss
account. It is proper also to mention that the contingent
claim to a residue of back interest on the Liverpool and Man-
chester old shares must be considered now to cease and de-
termine ; as, from this time forward, there will be but one
common fund applicable to the purposes and fur the benefit of
the Proprietors indiscriminately of the Amalgamated Grand
Junction Company."
A series of resolutions, founded Upon-the recommendations
in the report were moved seriatim by the Chairman, and car-
ried unanimously.
On the motion of the Chairman it was also resolved that
in future the dividends be paid half-yearly.
The CHAIRMAN announced•that the new church at Crewe
was ready for presentation, and it has necessarily to provide
for the maintenance of the minister. On the motion of Mr.
Casson, the Directors were empowered to endow the church
with a sum sufficient to secure the consecration, and to pay
a further sum annually to the minister, so that his income
be not lees than 2001. per annum.
A committee was appointed to obtain a portrait. of Mr.
John Moss, the late chairman, as a mark of the -Proprietors'
sense of his services.

BIRMINGHAM, WOLVERHAMPTON, AND STOUR

VALLEY.

On Tuesday- a meeting of the inhabitants was held at
Halesowen, in Worcestershire, in favour of this line, Mr.
John Meredith in the chair. The meeting was influentially
attended.

Mr. Score, M.P., one of the deputation, stated that the
line was brought forward purely for local purposes, and in
order that the line might pass through those districts where
the inhabitants stood most in need of railway accommoda-
tion. The great object they had in view of coming to that
district was to enable them to open a new mining district of
immense resources. It was intended to unite the line with
the Oxford, Worcester, and Wolverhampton, and Grand
Junction lines, but without detracting, unfairly, from the
traffic of either. It was intended to start the line from
Birmingham to Smethwick, from thence to Oldbury, and to
Wolverhampton, and a branch would start and pass
through the hill above the valley in which they were then
assembled. It was intended to bring the line as near that
ancient town as the ground would permit, and to pass
through the vale of Stour on to Stourport. In Halesowen
there was a large mineral district unwrought and inclosed
within the surrounding hills, over which it was impossible
to cut a canal. They were also aware of the peculiar charac-
ter of the river Stour, am; that there were more works ad-
joining it than any other river in the kingdom. The line
would pass at or aenearHalesowen aswas praticable, and the
engineering difficulties, if any existed, might be overcome by
atmospheric agency. Three-fourths of Halesowen goods went
to Birmingham, and an immense proportion of their pas-
sengers also went to the same town ; very few, indeed, went
to Worcester: therefbre they would have a decided advan-
tage by having such an immediate communication with !lir-
mingham. Tiiey would also be enabled to get directly into
the north by means of various branches, and thereby forward
their goods to many parts of the kingdom to which at present
they had not access. At Kidderminster they would join the
Welsh Midland lines. The South "Wales country was very little
known at present, very few persons were aware of i t s great im-
portance, or the benefits to be derived from a communication
with the Welsh vales. It would be ofvastimportarice to the iron-
mastersin the district of Halesowen. if they could get their
mixtures from Wales. Indeed, they could not conceive the
great advantages that would arise to them from the pro-
posed railway. It would bring them into the great railway
system, the full advantage of which it was intended they
should derive from the company wiVi whom the present