The Sun.
London, England, 1845-02-01 00:00:00

RAILWAY INTELLIGENCE,

BRISTOL AND GLOUCESTER.
BRISTOL, THURSDAY EVENING.—A special general
meeting of the Shareholders of this Company was held
this afternoon, at the White Lion Hotel, Bristol. for the
purpose of taking into consideration the union of the
Birmingham and Gloucester and Bristol and Gloucester
Railways, and to empower the Directors to take shares
in the proposed Plymouth and Fahnouth Railway.
The CHAIRMAN, in opening the proceedings, said that
at the meeting of the Birmingham and Gloucester, held
the day before, the resolutions approving of the amal-
gamation of the two Companies had been passed unani-
mously.
The SECRETARY then read the report, which stated
that the proposed amalgamation had been adopted from
a conviction that isolated Companies, in comparison
with allied bodies, would seldom be in a position to
negotiate on equal terms with their more powerful
neighbours. It, therefore, behoved the smaller Com-
panies to form a timely union with their natural allies,
always provided they could do so on fair terms. The
present position of the capital of the Company was as
follows:—The entire capital expenditure is expected to
be about 700,000 L Seren thousand five hundred and
thirty-nine shares have been created, on which 241,1701.
has been paid, and the further sum of 165,000 L has been
raised on debentures, which exhausts the Parliamentary
power of issuing such securities, and the remainder
(raised on loan notes) must be met, as these notes fall
due, by the payment of calls on the existing
shares, and by the calls on new shares, to be
created. The proprietors also exercise the power, when
they see fit, of substituting share capital for their deben-
tures, and of thus covering their whole expenditure by
money paid upon shares. After a number of modes of
uniting the two Companies had been discussed, and at-
tempted, it was considered by both the boards that no
method would be so simple and satistisfactory as that the
amounts to be raised on the shares or stock of each
Company should be determined, and that the relative
amount being fixed, the separate interests of the two
Companies should forthwith be merged into those of one
united Company. The report then went on to propose
the method lately pursued by several Com-
panies of issuing stock in lieu of shares, and con-
cluded by recommending the proprietors to unite in
conjunction with the Great Western, Bristol and Exeter,
and South Devon, in promoting the proposed line from
Plymouth to Falmouth.
The CHAIRMAN then said, that in addition to
the amalgamation of the Company with the Bit.,
mingham and Gloucester, the Directors thought
it would be highly advantageous to promote the forma-
tion of the Plymouth line. They had seen the decision
of the Board of Trade in favour of that line and there-
fore there could be but little doubt of its being carried
into effect. He then proposed the first resolution, which
proposed to empower the Directors to subscribe 500
shares of 501. each towards the Plymouth and Fal-
mouth line.
Mr. 11. 0. WILLS seconded the resolution.
Mr. SOMERS HAuroup wished to know what advan-
tages the Bristol and Gloucester Company was likely to
derive from a subscription of 250,0001. to the Plymouth
and Falmouth Railway, as proposed by the resolution?
The CHAIRMAN said the Directors could not at present
define what would be the profits, as that remained to be
seen ; but if they wanted a precedent they might look to
the South Devon Railway, to which they had subscribed,
and which he was sure no one now regretted, as the
shares were at a fair premium. The Great Western and
the Bristol and Exeter Companies had both subscribed
to the undertaking.
Mr. SHAPLAND was certain that it would be highly
advantageous to join in the formation of the Plymouth
and Falmouth Railway, as it would be the completing
link from the north to Falmouth; and as Falmouth
would no doubt be the packet station, it would be of the
greatest advantage to them to connect the north with it.
The South Devon Company had subscribed 100,000 L
towards it. The Birmingham and Gloucester Company,
agreed in the view the Directors had taken as to a sub-
scription for 500 shares.
The CHAIRMAN, in reply to Mr. Aiken, explained that
the Directors were satisfied, both with regard to the cost
of the construction per mile, and to the increase of traffic
on the proposed line, and that it would be very remune-
rative when Fahneuth became the packet station.
The resolution then passed unanimously.
The CHAIRMAN then proposed the second resolution,
having reference to the amalgamation of the two Com-
panies, which was seconded by Mr. JosE.
The CHAIRMAN, in reply to the Bey. Mr. Taylor, who
wished to know if they were to participate in tht exten-
sion of the Birmingham and Gloucester line to Wolver-
hampton? said certainly as to the traffic, but not as to
the capital stock.
A PROPRIETOR maintained that the terms of the amal-
gamation were most favourable to the Birmingham and
Gloucester Company, which had not been paying a divi-
dend of 3 per cent.
The CHAIRMAN replied, that the Birmingham and
Gloucester proprietors at their meeting had contended
that the Bristol and Gloucester Company had the best
part of the bargain.

A long discussion ensued as to the subject of the wide
and narrow guage, and it was stated that in all proba-
bility the railway from Birmingham to Gloucester would
be altered from the narrow to the wide guage, to make it
uniform with the Great Western and the Bristol and
Gloucester, Bristol and Exeter, and so on to Falmouth,
and probably to the Land's-end, all of which were con-
structed on the principle of the wide guage. It was also
stated that the contemplated South Wales line was to be
on the wide guage system.
The resolution then passed unanimously.
The CHAIRMAN then proposed the third resolution,
which was seconded by Mr. HILL, and carried unani-
mously, to the effect that the Shareholders be allowed
one month from this day to exercise the option of ac-
cepting or rejecting the new stock, and that any stock
not accepted be allotted as the Directors may determine.
AGREEMENT BETWEEN THE BRISTOL AND GLOUCES-
TER, AND BIRMINGHAM AND GLOUCESTER.—The fol-
lowing are the heads of the agreement entered into be-
tween the Directors for the amalgamation of these two
lines, which have long laboured under various disad-
vantages, particularly in the goods- and passenger de-
partment, owing to the want of uniformity in the ma-
nagement, and a consentaneous working of the traffic.
As a remedial measure, the ratification of the treaty will
be read with interest:—" 1. That the Bristol and Glou-
cester and the Birmingham and Gloucester shall be
united into one company, under the title of The Bristol
and Birmingham Railway Company,' and that an Act of
Parliament shall be applied for at the earliest possible
period to carry into effect such union, and to grant the
necessary powers in connection therewith 2. That
until the proposed Act is obtained, the affairs of the united
Company shall be administered by a Biard of Ma-
nagement, to be selected by the respective Boards from
among themselves, such Board to consist of fifteen
members, seven of whom shall be chosen from the
Bristol and Gloucester Board, and the other seven from
the Birmingham and
Gloucester Board, but the chair-
man shall be appointed by the members chosen by the
Birmingham and Gloucester Board. 3. That after the
passing of the Act a Board shall be elected by the Pro-
prietors of the united Company, at a period to be named
in the Act, and that such Board shall consist of a number
not exceeding fourteen. 4. That the stock of the united
Company shall consist of 1,800,0001., of which the sum
of 1,142,1251. will belong to the Shareholders of the
Birmingham and Gloucester Company, and the sum of
657,875/. shall be allotted (subject to the following con-
ditions) to the Shareholders ~f the Bristol trill Gloucester
Railway Company. 5. That each Shareholder of the
latter Compan:t shall have the option (such option to
be declared within one month a.ter notice given, and

not later than the 31st July, 1845) of taking his propor-
tion of such allotment • and in case he decline to do so,
he shall have 501. stock in the United Company given
him in exchange for each share he may possess in the
Bristol and Gloucester Company, and shall receive divi-
dends on the whole of such stock, and shall pay interest
at 41 per cent. on such part of it as shall remain unpaid.
6. That the Bristol and Gloucester Shareholders who
shall accept the above-mentioned allotment shall not be
called upon to pay any portion of their unpaid capital
until the Ist of January. 1847, when they shad pay one-
tenth of snch unpaid capital every six mouths until the
whole is paid up ; but they shall have the option of pay-
ing the whole or any part thereof, not less than one-tenth
of the whole, at any earlier:period (a. periods. 7. That any
stock that may be declined by the Bristol and Gloucester
shareholderssholl be divided among any other shareholders
in that Company who may he will,ng to accept the same,
provided such Shareholders shall have paid, or at the
time of taking such stock shall pay, not less than 20 per
cent. thereon. 8. That in case the Shareholders of the
Bristol and Gloucester Company shall not accept stock
Bu7nsiless the Board appointed
, the portion unappro-
ptoritahteed fullaha shall
la mn
not
tu nt
be ocreated
,
under the Act shall think fit to do so for joint purposes,
9. That all dividends shall be made on the entire stock,
whether paid or not, and that four-and-a-half per cent.
per annum shall be charged to the holders of stock on
all sums not paid up. 10. That all assets, liabilities,
contracts, and agreements of each Company, shall be
taken by the united Company. 11. That from the Ist
day of January instant, until the passing of the Act, the
revenue shall belong to the united Company, and shall be
divided on the stock which Shall be created previous to the
dividend being declared. 12. That whether the Act of
Parliament be obtained or not, the foregoing agreement
shall be considered as binding from the Ist day of
January instant. 13. That the present agreement shall
form the basis of the Act of Parliament ; and if any
doubt or difference of opinion shall arise between the
solicitors as to the true interpretation hereof, or as to the
manner of carrying out the same in the provisions of
the said Bill, the same shall be sulaßitted to some bar-
rister, to be agreed upon between them, whose decision
shall be final. '

GRAVESEND AND ROCHESTER.—The opening of this
line, now definitively fixed, will form an important link
in the chain of railway communication between the metro-
polis and the south-eastern coast. It has been constructed
at the instance of the Proprietors of the Thames and
Medway Canal, who, conceiving that the days of canal
transit were numbered, resolved on converting, at a com-
paratively small cost, their property into a railway along
the banks of the canal, retaining at the same time the
latter for traffic in goods. The line has been constructed
by Mr. Rastrick, the engineer, within the space of less
than twelve months. It is now, we understand, consoli-
dated, and in good working order. The fares have bean
fixed at ls. fur the first, and Bd. for the second-class, be-
tween Gravesend and Rochester, including fare by steamer
between Rochester and Chatham.
principal bankers, merchants, and MEMORIAL TO THE
memorial of the BOARD FROM LIVERPOOL.—A
.affected by the amal•
trades-
men, is now in course of signature. at Liverpool, ad•
dressed to the Board of Trvie, in behalf of the general
ginattneraetsitosnoofft the townline
sanidll piotrst,yi.
:isin.ty,
which
Companies
they complain now possess the. entire monopoly of rail-
way traffic in and out of
.Liver.pool. The memorialists
state, that great inconvenience is acknowledged to have
been experienced by there being only one termi,no at

Liverpool, and that most insufficient, and one railway
ontlet from it, emerging by moans of a tunnel of one
mile and a quarter in length. They have reason to ap-
prehend from the recent meetings, that a general amal-
gamation is contemplated of the Liverpool and Manches-
ter, Grand Junction, North Union, Preston and Lan-
caster, and Lancaster and Carlisle, and the memorialists
consider it to be their duty to submit their belief that the
interests of Liverpool, and the numerous travellers ar-
riving at and embarking from its port, and passing
through the town, require the most direct railway com-
munication that can be provided. Separate lines and
independent termini, they conceive, must insure to Li-
verpool a great stream of traffic, north and south, and
give a guarantee against detention fr nn accidental cir-
cumstances and trains conveying traffic to other destina-
tions ; and they trust that the Board of Trade will not
sanction any amalgamation or railway scheme which
does not secure to Liverpool, either north or south, direct
lines of communication, separate entrances, and distinct
termini.

NEWCASTLE AND BERWICIL—HUDSON'S LINE.-At
the annual dinner of the Newcastle Chamber of Com-
merce, on Monday last, Mr. llodgson Hinde, M.P.,
adverted to the proposed Newcastle and Berwick
(Hudson's) line, and congratulated the inhabitants of
Newcastle on the decision of the Board of Trade in its
favour. He hoped the day was not far distant when
Newcastle would enjoy the full facilities of railway com-
munication, and have their mails accelerated to the
utmost—that they would have railways spreading their
net works on all sides—and that sound schemes would
receive the Government support. The recent decision
of the Board of Trade formed materials for congratula-
tion. They had acted, he believed, on the principle of
giving preference to the old lines, where they could be
conveniently extended so as to afford the same amount
of advantage as the formation of actually new
lines. The true principle on which the Board
of Trade had grounded their decision, was the
taking into consideration not the mere exten-
sion of a line, but the gradients of it, and
thus measuring the distance, not merely by miles, but
by hours. He believed that the remaining decisions of
the Board would be satisfactory, not only to the public,
but to parties locally interested. The President, in pro-
posing the health of Mr. Hudson, the Chairman of the
Midland Railways, passed a lengthenedf eulogy on the
enterprise and success of that gentleman in his promo-
tion of railway communication in the north. Mr. Hud-
son, in returning thanks, observed that the praise be-
stowed upon him by the President was as much due to
the Messrs. Stephenson, the engineers, as to himself;
they having been associated with him in all his labours.
During the whole period of his connexion with railways
he had never forgotten the great principle of railway
management, viz., that of conducting the undertakings,
not only for the benefit of the Shareholders, but of the
public. He hoped the time that had been referred to for
opening the line between Newcastle and Berwick would
be realised,'and that the opening would not be deferred,
should Parliament grant the Bill. He trusted that on the
18th of June, 18%6, the members of the Chamber of
Commerce would dine with the Directors of the New-
castle and Berwick Railway to celebrate the opening of
the line. An advertisement would be issued in a few
days to show that they were prepared to undertake some
risk, and which would almost be tantamount to anticipating
that the decision of Parliament would be in accordance
with that of the Board of Trade. The statement that
had gone abroad, to the effect that there was a likeli-
hood of the non-fulfilment of the project, was erroneous.
The Directors would, with the most judicious care—with
an anxiety to make the work as magnificent and beauti-
ful as possible, worthy alike of Newcastle and the name
of Stephenson—proceed in the accomplishment of their
purpose. He had always maintained that, so long as a
railway wa; remunerative, it would be well manag.ll,
and that, so long as it was well managed, it would be
remunerative ; but let it became unproductive, and the
Shareholders became careless as to the management, the
Directors got disgusted, and the railway became a public
nuisance.