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

Mr. HUDSON again rose and said—Now, Gentlemen, if you
will allow me, I will make some few observations upon the
reesolution which has just been read to you by Mr. Duncan, and
first, with respect to the Northern and Eastern Counties' Rail-
way Company. It was quite clear that we could not go to
Parliament with the extension of this scheme with such an
agreement as had formerly existed with the rival company.
I therefore submitted the plan which is now contained in this
resolution to the Directors of that Company, and they in the
most handsome manner recommended its adoption to the
shareholders on the terms now proposed. They are to
receive two 20/. shares for each 50/. share in the
Northern and Eastern. These gentlemen have been waiting,
for some time to come into this nice snug third, and they have
never yet been able to obtain it. It was stated that the
Eastern Counties gentlemen had been receiving, by the issue
of new shares, a large premium on the original stock. That
-15a-n-g—trar-casK•-"ft-Was necessary to give
cation for the abandonment of that agreement. It
was most important that that agreement should
be abrogated, because you may remember that it was
one of the greatest objections last session, that this tract
of country was not under one mangement. But
we can go to Parliament with the Northern and Eastern as
an entire and uncontrolled scheme from London to York.

That is the reason why I wished to conclude terms with the
London and York, and I must say that I was met in the
most handsome and liberal spirit by those gentlemen.—
(Cheers.) It was in contemplation by the York and North
Midland Company to make a line from Doncaster to Lincoln
at a valuation of about 200,0001. We, gave that up to you,
but still we have a right to claim in return the amount of
stock. There was another Company that we thought had
some claim upon us—l refer to the Midland Counties; but on
further examination we find that they have no claim, as we do
not engross any part of their line.—(Cheers.) To this measure
I think Parliament, after a careful and unprejudiced consi-
deration, cannot object. lam aware that the London and
York have got a step in advance of us, but we all know that
the Committee which decided in the House was a divided
one, and the value of their opinion may be estimated when
we hear the reason assigned by one gentleman in his place
in the House of Commons for his vote was, that one indivi.
dual was in possession of 600 miles of country.—(Great
laughter). Was this a proper reason for any man to
assign ? If there ever was a futile reason this was
one. I hope to see some sound principle laid down
by the Legislature for the guidance of members of
Committees. When we consider that they are to adjudge
upon millions of property, millions invested at great hazard,
property which contributes to the good of the country, as
well as of the individual shareholder—is it right, I say,
that this property is to be trifled with and wasted because
one individual is entrusted by others with the management of
so many miles of railway. But Gentlemen, what does
the country get by the passing of this measure? It involves
only an outlay of four millions of money, and gives larger
accommodation than the London and York. By the passing
of our Bill, however, you protect four millions and a half
already expended, and you save the expenditure of six mil-
lions, besides hundreds of persons from ruin, who might
be silly enough to invest their capital in the London and York.
They would thus secure all that was valuable in the district,
between York and London. It will secure the traffic north
and south of a most important town, Cambridge. On the
other hand the London and York line passes through many
little towns. I will not call them little towns, but they are,
at all events, towns that are already well supplied with inde-
pendent branch lines. The traffic of such towns as Newark,
which the London and York proposed to accommodate, is
very small, north and south. This traffic is with the west,
which are the great consuming districts. I have
now explained my views on that part of the resolution just
read, relating to this branch of our present meeting. Never-
theless, though such a proposition may be considered an ar-
rangement as should not be agreed to by an old established
company like:the Eastern Counties, yet it is one which, in my
opinion, will best serve your interests, and secure to you
future advantages. It is a proposition that should be taken
up by you with the best spirit. It is one which I commend
to the adoption of the Directors of the London and York
Railway Company. It was received in evidence
that that line will require at least si millions for its construe-
tion—(Hear, hear)—and taking the present price of work
and material, I am quite sure it will require at least 10i mil-
lions. The Directors have had their Subscription Deed
signed for five millions, which was only equal to half the
completion of the line. What I propose is, that the 501.
shares shall be reduced to 20/. shares, and the shareholders
be allowed to come and take 201. shares in the extension.
If the Directors are so pledged to press forward their
scheme, then your next course is to look to the shareholders
themselves—(Hear, hear)—to those who have embarked
capital without the least chance of its realis-
ing them any benefit. Offer to them the olive
branch—the boon—and leave them to act for themselves.
As far as the Directors are concerned, it may not be so easy
to arrange with them, as some one of them may be desirous
they should take the line through Bedford, while another may
want them to go by Doncaster. Let the shareholders
of the London and York ponder well over the
arrangement I propose, and not attempt to carry out an un-
dertaking which was not backed with with a single esta-
blished line in the kingdom, and the directory of which did
not contain a single gentleman of experience in
railway affairs. I would not have proposed those
terms did I not think it would be for your benefit
as shareholders, and also for that of the country at large.
You must take the proposition on the broad principle, and
though you are shareholders of an old established line, you
must consider that on the alliance and terms pro
you will be sure to get as much divide po
nd
as the circumstances of the country will allow.—(llear, bear.)
By taking a liberal and wise view of the question you will
do that which will realise your permament interests as proa
-
prietors. Though you may not get 10 per cent. of
dividend, you may at least secure a fair return for the
investments you have made.—(Cries of " Hear, hear.")

T iis prop ,sit;on would meet this inequality. aid your stock
being: rated at 14/. 165., when the line is completed; ley pay-
ing 1/. 45., ysit will be reckoned at 20/. per sharp in the united,
companles. Thus it is evident tliet your stock will advance
while the London and York line will be in a poatim to de-
rive great benefit. The company is better w•ithout this line.
Our scheme is a little longer. It takes in Lincolnshire and
Doncaster. It is, I repeat, a little longer than its competitor;
but we must measure railways by time, and not by Ctiwance.
If you take the line between Grantham and London—and
it is evident that we must 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 could 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 'are now discussing. Ws must then perceive
how deeply our interests are affected, when there has
already been expended no less than 4,000,000/. of money,
and this might,] 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 iu
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 proposition, 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 fair a 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 the north 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 had 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
Ti nzes, 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 have 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 forth 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 hold 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
spustautlyland_continuallyreceiviagimplications, asking me
to lend my name to suchunlaikings 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 s
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 of " 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 assistance
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 Hox. PROPRIETOR—WiII you allow me, Mr. Chair-
man, to ask what proportion of the new capital will be at the
disposal of the Eastern Counties proprietory.
The CnAutrunii—Certainly. 1,120,4201. 600,0001. is reserved
for various purposes. 200,000/. will be at the disposal of the York
and North Midland, 1,500,0001. of the Cambridge and Lincoln,
and 944,2441- 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. SHAW participated, he believed, in what must be the
general and unanimous approbation of the meeting, of the
large and liberal schemes which the Chairman had 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 Cm:ulnas—Perhaps the simplest way to put it, will
be to say 10s. for every 201. capital.—(Cries 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
1,400,0001. to divide amongst 2,820,0001.
In reply to several gentlemen, shareholders in the London
and York Line, the CHAIRMAN remarked that this is a great
and important question. You receive, he said, 201. stock by
paying 11.45. If you get 301. instead of 201. 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 ot 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-
mous power he had wielded in harmonizing an
immense mass, a compound of materials which had
always been to him an object of reverer.ce.
He would just call the new coalition the government of all