The Sun.
London, England, 1845-09-08 00:00:00

EXETER, SEP✓r. 5.

STOCK EXCHANGE.—The sales are—Exeter and Crediton,
9—Exeter, Yeovil, and Dorchester, % p.—North Devon, 2
p.—Exeter, Topsham, and Exmouth (Daw's line), 14 p.—
Ditto ( Head's), p.—South Devon, 313/4—South Wales,
53/4—Eastern Counties, 203/4.

RAILWAY INTELLIGENCE.

NORTH BRITISH.

On Wednesday the half-yearly general meeting of the pro-
prietors was held at the Royal Hotel, Edinburgh ; Mr. John
Learmonth in the chair.

The report, after referring to the sanction given to the di-
rectors at a previous meeting, to form certain branches, and to
extend the line from Berwick to Carlisle, stated that the direc-
tors would use every means in their power to obtain an Act
next session authorising the execution of these works ; and if,
as they hoped, they should be able to arrange with the land-
owners through whose property the extension from Hawick to
Carlisle was proposed to be carried, and the shareholders sanc-
tioned their doing s s, they would proceed with the works upon
that line simultaneously with those upon their branch from
Edinburgh to Hawick, in anticipation of, and before actually
getting their Act. Since last half•yearly meeting, in February,
the works upon the main line had been proceeded with in a very
satisfactory manner. A large portion of the permanent way
was already laid, and there was not any reasonable ground
for doubting that the whole line would be completed and
opened by the time originally proposed, via., May next.
The engines and carriages were in a state of considerable
forwardness, and several of them would soon be ready for
being delivered. The other parts of the plant were also being
got ready. The plans of the principal stations had been pre-
pared, and contracts were about to be made for executing
them. The settlements with landowners had been nearly
completed, there being but a very few cases now finally to
arrange. Upon the whole, the arrangements had been satis-
factory, the exceptions being very limited in number. A con-
siderable amount of loans had been got at a moderate rate of
interest, for five years and upwards. The arrears upon the
calls were small, and they had been considerably reduced since
the date of the balance at 31st July. The call recently made
had been well paid, and a good many payments had been made
in advance. The future calls would require to be made as
quickly as the provisions of the Act of Parliament would admit,
in order to meet the demands consequent on the rapid progress
of the works. The Edinburgh and Hawick and Dalkeith Acts
have now obtained the royal assent ; the stock of these com-
panies had been transferred to this company, and was in course
of being issued to the parties entitled to it. The alteration
on the weeks of the Dalkeith line and branches would be pro-
ceeded with immediately on possession of them being got.
This would be done early in October. The two
first contracts on the Hawick branch, being the
heaviest work, had been advertised, and the contracts
would be made on 10th September. The others would
follow as quickly as possible. A considerable portion of the
land upon that branch had already been purchased at fair prices,
and immediate measures would be taken for acquiring the re-
mainder, with the ♦ies of pushing forward the works with
every possible dispatch. The land already acquired, and that
which had yet to be bought, would be sufficient to admit of a
double line of rails being laid ; and, as authorised by the Share-
holders, the line would be laid as a double one at once. The
curves would alto be improved, so as to render this a first-class
line. After noticing the motion submitted by Mr. Blackadder,
to the effect, that there should be no trams nor traffic of any
kind on this railway on the Sabbath-day, the report said, that
while the Directors deprecated the discussion of this question,
they thought it right to state to the Shareholders that they had
no intention •f running any more trains on Sundays than they
should consider absolutely necessary for the accommodation of
the public upon that day, and they hoped to be able to arrange
th, m so as to give as little offence as possible to the feelings of
any party.
The report of Mr. Miller, the Company's engineer, after
describing the contract sections of the line, stated that the
whole of the works were in such an advanced state that
the greater portion of the contracts might be concluded this
year, and all of them within the period specified in the con-
tracts.
After an amendment, to put an end to Sunday travelling,had
been lost, the report was accordingly carried.

MANCHESTER AND BIRMINGHAM.

MANCHESTER, FRIDAY.— A meeting of this Company was
held this day at the Company's station with reference to the '
amalgamation of the line with the London and Birmingham
Company. The meeting was an extremely crowded one.
Previous to the general meeting a preliminary one was held
at the Albion Hotel, which was very numerously attended, and
at which Mr. Whittaker presided, when the report of the
Directors having been read, the meeting unanimously agreed
to a resolution to this effect :—" That the Shareholders should
NOT adopt the recommendation of the Directors regarding
the proposed amalgamation." The meeting then adjourned
to the railway station, where Mr. Westhead took the chair,
and ultimately to the Corn Exchange, for want of sufficient
9-
,„ room.
_7' The Secretary read the report, of which the following is an
_ extract;-
-
" From the accounts as rendered it will be seen that a large
increase has taken place in the amount received for the convey-
= ance of passangers and goods compared with the corresponding
half-year in 1844 ;
half-year ending July 31, 1844 .... £38,488 9 4.. £14,304 12 0
PP July 31, 1845 .... 43,970 18 3.. 22,428 13 8

£5,482 811 £8,124 3 8
Total increase .• • • £13,606 12s. 7d.

The number of passengers booked at all the stations on this
line, as per tabular statement annexed, shows that in the half-
years ending July 31, 1844, 441,082, and July 31, 1845,
578,297 persons travelled upon the railway, exhibiting an in-
crease of 137,215 passengers. This large accession of passen-
gers, &c., together with the reductions which have taken place
in fares and rates, will necessarily occasion an increase in the
working expenses of the line. From the statement submitted
to the Proprietors in the form hitherto adopted by the Com-
pany, it would appear that there remains the sums of
17,7511. 15s. W., available for the purpose of dividend,
asc. The Directors feel it their duty to state that the
practice pursued by other large companies of reserving an-
nually a sum in order to provide for the unavoidable de-
preciation of the working stock of the concern, has not pre.
vailed hitherto in this Company, and the Directors would
respectfully submit, that the line to Crewe having now been
opened for three years, the present is the proper time for the
introduction of the principle. The original cost of engines,
carriages, waggons, tools, &c., and the subsequent outlay to the
31st of July, 1845, in this branch of the expenditure, amounts
to 111,3531. lOs. Bd., and it is proposed that a sum of
2,751/. 10s. Bsi. shall be carried to account of a " depreciation
fund," being at the rate of five per cent. per annum. The
sum of 4,4501. 25., being the amount at present in dispute be-
. tween this company and the Grand Junction Company, will
not be available for the dividend until the question is settled.
The above sums of 2,753/. 10s. Bd. and 4,4591. 2s. being de-
ducted from 37,7511. 15s. 6d., there will remain to be divided
30,518/. 2s. 10d. which, on the capital stock called up, will
afford a dividend of 2/. 4s. '2 d. for the half-year upon each
. 1001. paid up, or upon each,
- 401. share a dividend of •••-••••• • • • • • £0 17 6 per share, less
- Quarter share 41. paid............ i, 0 1 9
come-tax.
- Quarter sh are it V. paid May, 1,1345.. 0 0 s'.
The Directors have to report that in the present session of
- Parliament, the Manchester South Junction and Altrincham
Railway Bill, and the Ashton and Guide Bridge Branch Rail-
: way Bill, have received the sanction of the Legislature, and
_ measures have been adopted to carry on the works immediately.
- The branch line to Poynton was opened for the conveyance of
- coals on the 9th of June, and the traffic is proceeding satisfac-
torily. Stations in Alanchester, Stockport, and other places
- on the line have been established, and there is every reason to
_ expect a large amount of income from this source. It is conti-
_ dently expected that the line to Macclesfield will be opened
- shortly, the contractor having been urged to the utmost to fulfil
- his engagement with the Company. The long-continued wet
weather has had an injurious effect in retarding the operations ,•
- bat the resident engineer states, that the line will be completed
and opened for the conveyance of passengers, &c., early in Oc-
tober next.
The CHAIRMAN, in addressing the meeting, said he and his
- co-Directors, in the discharge of their duty, had deemed it
-
_ advisable to recommend to the Shareholders a course in refer-
ence to their line, and that of the London and Birmingham
- Company, to which he understood exception would be taken
- by some, and that steps had been taken, by the issue of proxies
- and other means, to procure a strong objection to the remainder.
- He had also heard that it had been reported abroad that the
- Directors had endeavoured to reduce their dividend to the mi-
nimum, with a view to inducing the Proprietors to believe that
- it would be exceedingly advantageous to them to accede to the
- terms on which the amalgamation was proposed. lie begged,
-- in reply to that, to say that the account the Directors had laid
_ before the meeting was a most honest, and just, and fair art-
count. After some further remarks, the Chairman read some
- passages from a statement which he said had been put f .rward
in the public papers, and signed " Sale and Wortl.ing-
- ton," which he conceived tended to put a wrong construe-
-3 tion upon the acts of the Directors, and he commented in
2 1,
strong language upon it. He also read extracts from a apeech.
_ made by Mr. Glynn, in order to show that it was not cont sin
- plated by the London and Birmingham Company to make any
- bargain prejudicial to the interests of this Company. Having
spoken at great length in defence of the Direcesrs'r,etcobinemfierns-t
- dation, he concluded by moving that the accoui
adopted,' and the meeting could afterwards consider she report.
In answer to a question from Mr. Sale, he said the only inti-
mation which he had had of any intention to oppose 'he pro-
- position for an amalgamation, was on the 3d of September, in
- the shape of a notice signed " Sale and Worthington," to the
effect that they would apply for an injunction to restrain the
London and Birmingham Company from paying the sum pro-
posed to be taken fur the amalgamation, viz., 18,0001.
A very warm and protracted discussion ensued.
The CHAIRMAN said, receiving the report did not bind them
to receive the proposed 18,000/. from the London arid Bir-
mingham Company.
Mr. THONIASON addressed the meeting at considerable
length, and concluded by proposing an amendment, to the
effect that the Shareholders should not adopt the report, or
take any step towards effecting an amalgamation on the terms