The Sun.
London, England, 1845-12-19 00:00:00

titril Xbition

SUN OFFICE, Seven o'Clock.

THE

NEIV MINISTRY.

The death of Lord WHARNCLIFFE, which was an-
nounced in our early Edition, opens the door to Par-
liament for Lord MORPETH, and enables the new
Ministry to boast among its members the represen-
tative for the West Riding of Yorkshire
The Cabinet arrangements remain secret.

It is reported, but we hardly believe it, that Mr.
AUSTIN will be the new Solicitor-General. Mr.
AUSTIN is a man of transcendant power, and of great
wealth, but what has he ever done for the Liberal
party ?

Absurd rumours have been afloat in the Courts of
Law as to Lord CorrENnAm refusing the seals, and
the appointment of Lord DEN MAN as Chancellor, with
Sir THOMAS WILDE for Chief Justice. We notice
them only to contradict them.

(FROM A CORRESPONDENT.)
A Privy Council will shortly be held: at Windsor
Castle, at which the new Ministers will be sworn
into office and receive their several seals from the
QUEEN. At present, however, nothing positive is
known as to the day of the Council.
The:members of Sir ROBERT, PEEL'S Administra-
tion will also attend at Windsor Castle on the same
occasion, for the purpose of delivering their seals of
office.

This morning the usual daily meeting of Lord
LANSDOWNE and the other leading political supporters
of Lord Joan RusanLL took place at his Lordship's
private residence in Chesham-place, Belgrave-square.
The meeting broke up at three o'clock.

GREAT LEEDS AND LONDON
RAILWAY.—(THIS DAY.)
A meeting of the shareholders of this Company was
held to-day, at one o'clock, at the George and Vulture
Tavern, Cornhill, to consider and determine what course
it was expedient to pursue under existing circumstances.
On entering the room each person was presented with a
printed 'circular, signed " one of yourselves," calling on
them, instead of dissolving the Company and receiving
back their deposits, minus expenses, to amalgamate with
the London and Nottingham Railway, a line that pro-
posed to supply the district of country for which the
present scheme had been projected, and which had suc-
ceeded in depositing its plans and sections, and had every
prospect of obtaining an Act in the ensuing] session of
Parliament.
The CHAIRMAN (Mr. Riddell) opened the business by
stating that the present meeting of the shareholders
had been called by the Provisional Directors, to lay
before them a statement of their present position ; and he
was sorry that they had not been convened under
more favourable circumstances. Still, the Committee of
Management had considered it to be their duty to
give an account of how they stood. He would now call
on the Secretary to read the report prepared, after which
he would be open to make any further remarks, or give
any explanation that might be deemed necessary.
The SECRETARY then read the report, which was:in sub-
stance to the following effect :—lt set out with stating that
at the first meeting of the Company, held on the 7th of
October last, the solicitor had stated that the survey of
the line would be completed in good time to comply with
the standing orders of Parliament. The whole number
of shares in the Company was advertised at 100,000,
which application had been made to at least the extent of
500,000.- The committee issued the letters of allotment
immediately after the applications were made, but before
the deposits were paid the panic came ; the consequence
of which, was that only 12,000 shares were paid on,
realising 30,0004, and representing a capital of 300,0004,
On the 14th of October the Committee were led to be-
lieve that the survey of the portion of the line south of
Chesterfield would be at least half, if not the whole
line; but finding early in November that Mr. Higgins
was not in so forward a state as was expected, Mr. Mil-
ford was employed to finish the northern portion. It
was the llth of November before the first sheet was re-
ceived from the engineer; and on inquiry, finding that
the plans and sections could not be got ready by the
30th, or, if ready, in a most imperfect state, it was
deemed best not to proceed further, but to call
together the shareholders, to take their advice
as to what course it was best to pursue. An
amalgamation of the present Company had been pre-
posed with the London and Nottingham Company, which
would be brought under their consideration that day,
The financial position stood thus :—A great many claims
had been made upon the Company for payments, which
were overcharged and unwarrantable, especially the
engineering and advertising bills. The principal items
charged against the Company were, for advertising 3,3951;
engineering near to 10,0004 ; solicitors, 2,2001.; making,
with the smaller sums, a total in round numbers
of 18,0001. • The Committee bad objected most
strongly to the engineers' and advertising bills, and
on remonstrating with Mr. Higgins and Mr. Milford
the former agreed to accept in full payment 3,5004,
and the latter 6501., thus reducing their claim upwards
of 5,0001. The advertising account had not yet been
settled, but the Committee entirely repudiated the
charges which were therein made. Upwards of 10,5001.
had been settled, leaving a balance due of 7,561/. As,
however, the engineers had given up so much of their
claim, and as it was probable that the advertising ac-
count would be much reduced, it was believed
that the whole expenses would be reduced
under 10,000/. The Committee had considered three
courses which the Shareholders might pursue:-Ist, to
hang back till smother session of Parliament, and with
correct plans and sections seek for an Act; 2d, toamalga-
mate with the London and Nottingham; or, 3d, to dissolve
the Company, and return the deposits to the Share-
holders. minus expenses. The Committee were opposed
to the first course in the present state of the railway
market ; the second they recommend to the careful
consideration of the Shareholders; and, with regard to
the third, they recommend a dissolution at the earliest
period practicable, in which the meeting would have to
consider what steps it would be necessary to take
regarding the settling of claims and the returning of
deposits.
The report being finished,
The CHAIRMAN said he was now ready to answer any
question. With regard to the advertisement account,
ho begged leave to state that the agent et first had put
in a bill for 1,043/., which at the time of delivery was
objected to by the Committee as preposterously incorrect,
since which another bill had been received for 2,200/.
A SHAREHOLDER wished to know what the amount
was received in deposits ?
The CHAIRMAN-29,6201. Bs. The expenses on the
other hand had been generally set down with the addi-
tional claim of the advertising agent, at 18,0441, but he
had no doubt the deductions would bring it down to one
half.

Another SHAREHOLDER—Have the Provisional Direc-
tors paid up ?
The CHAIRMAN answered that they had not. With
respect to the Board of Management, he might say that
no shares were originally allotted to them. All the
shares were allotted to the public, with the understanding
that should they not all be taken up by the public, they
should be taken up by the Committee; if otherwise, then
they were to purchase in the market.
Mr. WHEELOW—HOW many of the Provisional Di-
rectors have paid up?
The CHAIRMAN—Twenty-four of them have paid.
Mr. WHEELOW stated that the original number of
shares which it was agreed should be allotted to ear,a
Provisional Director was 150 ; now in the case (4 the
party he represented 20 more than that number iad been
allotted, 170 in all and paid.
The CHAIRMAN replied that the extra number had
been sent in mistake.
Mr. WHEELOW—Then the money ought to be re-
turned. He wished to know how many shores the Com-
mittee of Management had taken up;?
The CHAIRMAN.—We took as many shares as quali-
fied us to act, two shares each; but we had none allotted
us. I can only say that .1 hold 6CO shares in the Com-
Pany, but none of us it.; the Committee ever received any
allotment whatever.
A SHAREHOLDER remarked, that the Chairman had
stated that in the event of the public failing to take up
the shares, the Committee would take up those that
weree ?left. He wished to know if they would do so
n

The CHAIRMAN.--We were only at liberty to do so if
we thought fit.
A SHAREHOLDER contrasted the conduct of the Com-
mittee of Management of the Direct Manchester with
the present. In that Company only 200 shares had
been returned, and the Managing Committee had had
from 300 to 500 shares allotted to each of them ; it
was quite a different system here.
The CHAIRMAN said that the Committee had acted
from the very best intentions in the course they had
taken. R was furtherconsidered that when it was fonnd
that the Great Leeds and London could not go forward,
and when there was a probability of an amalgamation with
the London and Nottingham, that the Committee should
secure themselves, as in the.event of an amalgamation they
would have to qualify themselves, by taking up a num-
ber of shares in that concern.
After some further discussion on this point, the CHAIR-
MAN directed attention jto the; amalgamation question,
explaining that that Company was willing for the union.
Some time ago the Deputy-Chairman of that Company in-
timated to him, that if the Great Leeds and London would
abandon the incurring of any further expense, that he
had no doubt the amalgamation would be acceded to ;
the terms which were named being, that the Directors
should have 100 shares in the new company, and the
shareholders 20 each. They had, in consequence of
this, stopped all further proceedings; and after reducing
all expenses to the lowest point, he had no doubt they
would be able to return 355. per share to the share-
holders, providing the Company was dissolved.
A SHAREHOLDER called the attention of the meeting
back to the deposits. He thought none of the claims
ought to be paid, or the money parted with, till all the
Provisional Directors had paid up ; and if they did not
pay, proceedings ought to be taken against them.
The CHAIRMAN said if they adopted that course they
would be obliged to file bills in Chancery against them