The Sun.
London, England, 1845-09-12 00:00:00

DIRECT NORTHERN RAILWAY, from
LONDON to YORK.
_____

At a MEETING of PROPRIETORS, held this day at the London
Tavern, Bishopsgate-street, pursuant to public advertisement, the
following Reports were submitted for adoption :
DIRECTORS' REPORT.

The Directors have called the Shareholders together for the pur-
pose of submitting to them a statement of their affairs, and of con-
sulting them as to their future proceedings.
The Board of Trade having recommended the adoption of a line of
railway from London to York, composed of the Northern and Eastern
line to Cambridge, improved by the new terminus proposed by the
Tottenham and Farringdon-street Extension, and of the Cambridge
and Lincoln line, and the northern portion of the Direct Northern
from Lincoln to York, the Directors, in the exercise of the discre-
Iron which the Shareholder* se unreservedly vested in them at the
meeting of 14th February last, resolved to submit to Parliament so
much only of their line as was comprised in the scheme recommended
by the Board of Trade, under the impression that the decision of that
Board would be supported by the Legislature. They accordingly did
so, but certain objections to .the engineering and engraving depart-
ments having been taken, it was decided that the standing orders of
the House of Commons had not been complied with, and, consequently,
the scheme could only be considered in Committee as a project.
The result was that, after a coldest of unexampled duration, the
Committee of the House of Commons negatived the combination re-
commended by the Board of Trade, and reported in favour of what
at that time was the shortest, and the only continous and inde-
pendent line from London to York before them. The Bill for this
purpose passed the House of Commons, but was arrested in its pro-
gress in the House of Lords, by preliminary objections to the sub-
scription contract on which it was based, which were not finally dis-
posed of when Parliament Was prorogued. The position this scheme
may assume next session will depend upon the view the parties pro-
moting it may take of the objections proved to exist, or which it is
known can be established against them. But your Directors are ad-
vised, that even should; the promoters of that scheme take the risk
of continuing their proceedings in Parliament on their present foot-
ing, they will, practically speaking, have no advantage when their
scheme is brought into competition with one which at the period
when the Committee of the House of Commons reported had not
been considered by them. _ _ _

Impressed with these views, And holding it to be now settled, be-
yond doubt, that a new line from Lyndon to York will be sanctioned,
irrespective of existing routes, and being convinced that the scheme
of the London and York does not satisfy the main conditions which
ought to attach to such a line, as a communication of great national
importance, your Director.; instructed Mr. John Miller, the distin-
guished engineer of the North British Railway (to whom they have
now committed the entire charge of the engineering department) to
examine.the country between London and York, and to report to
them his opinion, with a view to future proceedings. That gentle-
man's report will Ye read to the Meeting, and the Shareholders will
perceive that he is decidedly of opinion that the scheme of a direct
line from London to York, formed by one Company, should be ad-
hered to, improving it only by a further approach, where practi-
cable, to the most direct and shortest line that circumstances will
admit of.

In this opinion the Directors most heartily concur, and they pro-
pose acting upon it, by carrying out the system of railway therein
recommended.

To the North British, the Great North of England, and the other
lines which form the eastern route to Scotland, the formation of the
shortest line from London to York is of vital Importance, and the
Directors think themselves justified in anticipating that the scheme
recommended by Mr. Miller will receive the cordial support and co-
operaton of these Companies, as well as of the population generally
of the north-eastern portion of Great Britain.
In Mr. Miller's hands the Directors are confident that they will be
enabled to submit to Parliament a main line, which shall be at least
ten miles shorter than that proposed by the London and York, and
which, combined with the necessary branches, will give a greater
amount of local accommodation.

The through traffic Is every day becoming more important, and It
will be recollected that in the report of the Board of Trade it was
stated that "should Parliament be of opinion that the construction
of the most direct line between London and York ought to be con-
sidered as a paramount object, the integral scheme of the Direct
Northern would deserve a preference. It reduces the distance to
176% miles, being 42 miles shorter than by the existing route, and
9% shorter than by the proposed London and York line."
The Directors have used their best endeavours to have all the out-
standing accounts of the Company examined and settled; but the
progress they have made, although considerable, has not permitted
them to submit these accounts in detail to this meeting. The Direc-
tors are, however, enabled to state that the gross amount of ex-
penses incurred will be about thirty shillings per share, and, conse-
quently, to such Shareholders as may desire to withdraw from the
further prosecution of the undertaking, there will remain the sum of
say from 17s. to IL per share on their original deposits of 2/. 10s. per
share to be returned.
Having maturely considered all the circumstances of the case, the
Directors have come to thd determination that the original project
of an integral line from the metropolis to York on the direct prin-
nple, and under one management, ought to be resumed and proceeded
within the ensuing session of Parliament.
For this purpose the Directors propose that the required capital of
4,000,0001. shall be divided into 160,000 shares of 251. each, those
shareholders who may desire to continue their interest in the under-
taking being entitled, with the sanction of the Directors, to exchange
their strip certificates of 501. each for two new shares of 251. each,
on paying up such further sum per share as, with the remainder of
the former deposit, will make up 10 percent. upon the capital now
required to be deposited by the standing orders of the House of
Lords. As to any shares that may remain at the disposal of the Di-
rectors, after carrying out this arrangement, they will consider a pre-
ference to be due to approved holders of the present scrip.