The Sun.
London, England, 1845-10-31 00:00:00

This proposition would meet this inequality, and your stock
being rated at 14/. 165., when the line is completed, by pay-
ing 11. 45., you will be reckoned at 201. per share in the united,
companies. Thus it is evident that your stock will advance
while the London and 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 longer than its competitor;
but we must measure railways by time, and not by distance.
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 gradients 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. 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 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 I have taken, and that nothing
but ruin can result from the continuance of the contest in
which unfortunately INT have already been engaged. They
will have another lu.. 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 rail:
render us unassailable, for we shall be enabled to obtain a com-
munication with thenorth of England. The public will thus be
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, heart) 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
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 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 tames 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 tte
fire.—( Hear, bear.) And at the same time I am
constantly and continually receiving applications, asking me
to lend my 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 affect 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 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 aro 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 in having obtained theas:istance
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, I shall have great pleasure in
answering any questions or giving 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 HON. 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 proprietor}.
The Citantatals-Xertainly. 1,120,420/. 600,000/. is reserved
for various purposes. 200,000/. will be at the disposal of the York
and North Midland, 1,500,000/. of the Cambridge and Lincoln,
and 044,244/- 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. lle 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
answered, 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 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 20/. capital.—(Crios of " No, no,"
from three or four of the Directors.) "%VOL: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 CHAIRMAN remarked that this is a great
and important question. You receive, he said, 201. stock by
paying 11.4 a. If you get 301. instead of 201. shares, it will
surely be better than taking new 201. shares.—(Cheers.)
The amended re►olution 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-
mous power he had wielded in harmonizing an
immense mass, a compound of materials which had
always been to him an object of reverence.
He would just call the new coalition the government of all

the talents. Now, as to what our ease might have
been—we were at an advanced stage of the dis-
ease—far gone in a decline. At the eleventh
hour we called in :a skilful, a judicious physician ;
on examining the patient he had found him chargeable with
will and loose habits, and that to these was to be traced
the foundation of the disease, but that the medical gen •
tleixian is convinced the patient may yet recover himself.
He must describe to them the position of their Chairman.
Hestands with a flag of peace in the one hand and a bank of
wealth in the other. He is prepared, judiciously prepared,
before entering into the contest for fighting over again the war
of the House 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 kave one common object, a common
stock, and a common interest. It matters little
what shares be given, because, if we receive no advance,
we have an enormous 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
fergetful 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 4,500,000/. in shares.
fhe Cambridge and Lincoln Company are interested
in this consideration. Ile might possibly have proceeded
to show how their own Directors bad 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 had
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.
He had formerly been a grumbler, but he had now great
pleasure in tendering his cordial allegiance to the new autho-
rity.— (Cheers.) The resolution was then agreed to.
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. Her-

vey, on the subject of the Northern and Eastem shares.

Now, ho 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 and Eastern interests as distinct from those
of the Company generally. They were an united:company,
The effect of the proposed arrangement would be to snake
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
lied strongly contested the principles he had laid down, but,
for the sake of peace, and to promote the general interests of

the Company, they bad given their consent to his scheme.—
:Here Mr. Ward, M.P , made some communication to the
Elon. 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 consequeroce.—
(Cheers.) He was sure they would pay a great deal
more than that.—(Cheers.)

Mr. Scorr said, that as he bta taken a prominent
and active part in those proceedings of the Com-
pany which had led to the invitation to Mr. Hudson
he felt bound now to call upon them to express their
thanks to that gentleman.—(Cheers.) Nothing could have
given them greater satisfaction than to see the chair occupied.
as it had been that day.—(Cheers.) When times were dark
with them and they had little prospect 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 prospecta
represented and their interests protected by Mr. Hudson.--
(Loud cheers.) He was the pilot under whose guiftanc•
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 had 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 ho was sure they would
receive no less —(Cheers.) The railway public had reposed
the most unbounded confidence in Mr. 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.—(Loud
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
himself he could only say that he was highly gratified at
the result.

Mr. CROSBY 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. Hunsort 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 ♦oic• 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 1 knew that my time was very limited
already, that I was 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 bad 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 smoothly,
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 Legislature
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.—(Cheers.) 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 le 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 session, 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 we will soon make it a productive one.—(Great cheer-
ing.) 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 ata
also forwarding the public good. Mr. Hudson sat down amid
loud cheering.
The meeting then separated.

Earl de Grey has sold his valuable estate of Brace-
well, in the West Riding of Yorkshire, together with the advowsok
&c., and comprising from 1,200 to 1,300 acres, to Mr. Robert Hop.
wood, jun., of Blackburn,

SOUTH WARWICKSHIRE ELECTION.—We are now
enabled to announce that the writ for the election of a repre.
sentative, as successor of the late lamented Sir John Moe,
daunt, arrived at the office of the Sheriff yesterday after-
noon. Of course, therefore, the usual proclamation will be
made, and the nomination of a candidate or candidates will
follow in a few days. Up to the present hour there is not a
whisper of any other candidate than Lord Brooke, and we
confidently expect that not the slightest attempt will be
made to oppose that justly. respected young nobleman, who
will consequently be returned without the least symptom of
public excitement. His Lordship has not yet returned from ho
foreign excursion.— Warwick Advertiser of Saturday.
ACCIDENT IN A COAL-PIT.—On Thursday last, a
sung lady, who with a party of friends had been down the
Aaft, visiting the'coal mines of the Duke of Bucclauch, was
caught by one of the chains, while in the act of ascending
the pit, by which several bones of one of her arms were
broken, she narrowly escaping with her life. Dr. 3efferits„
having reduced the fractured bones, the lady was enabled to
proceed to Edinburgh that night.—Caledsnian Mercury.
The plan of attaching a " lady's carriage " No
every train has been adopted on the London and Brighton
Railway, as it is, we believe, on most others. We would
suggest that a " smokers' carriage" should likewise be pro-
vided, for it is impossible to prevent the practice, and it
would be better to give way a little to it, than to have the
majority of passengers, as at present, subjected to annoyance
and danger by those who choose to indulge their love of
smoking, in spite of all risks: and thi!t the number is not
few, anybody who travels by the railway must know...,
Brighton Herald.
DUNSTER CASTLE.-.--We are requested to state
that Mr. Celburn, of Great Marlborough-street, has this day
,sh which
also
Attractive
just
u canst n
published
w 3 fb aen badtbh
ve
published "Dunster Castle," an Historical Romance of the
.eolilsbo:81-1tr 1821 v.
has Great Rebellion,. by F. J. Hewlett, M.A., late of Worcester
College,itnh geOpLxoifiboarri
popular
ri ienisi.e 3wlvinroo.lNse,
following;
Mrs. Trollope, 3 vols.-3. Love, a Tale of Venice, by Horace
Smith, Smith, Esq., Author of " Brambletve House," &c., 3 vols.-
4. The Story of a Royal Favourite, by Mrs. Gore, 3 vols.-
5. The Master Passion, by T. C. Grattan, Esq., Author of
"The Heiress of Bruges,"*&c., 3 vols.-6. The White Slave
and the Russian Prince, by the Author of "ileYelations. of
Russia," 3 vols.—and 7. Count Konigsmark, an Ifistoncid
Romance, by Captain Frederick Chamier, R.N., 3 vols.