The Sun.
London, England, 1845-11-27 00:00:00

borough Members and the nominees of the Lords cannot
keep a Government in existence for a session. If one-
fifth of the grown-up population of your town register
there is no fear of a contest in this county. You should
take up this question as one of life and death to your-
selves and to the trade of Sheffield ; and if you do es
Halifax, Huddersfield, and Leeds are prepared to do, and
if the small towns will follow your example, as they ine-
vitably will do, your voice—as it was formerly the signal
of the downfal of the Whigs—will speak with a voice of
thunder in favour of free-trade, when you choose to take
on yourselves the exercise of the franchise.—(Cheers.
Dr. THOMPSON, in moving the first resolution, said
that he appeared on that occasion before the meeting as
a member of the Anti Corn-law League, a body repudiating
all political partizanship—(Hear, hear)—and whose object
was to promote the comfort, the happiness, and well
being of the people generally. They heard much of the
anticipated famine ; and no famine could occur without
being accompanied by a pestilence.—(Hear.) Pestilence
was not only engendered by want of food, but by the
supply being of a deteriorated quality. Such, then,
was the prospect at present before the country.--
(Hear.) Dr. Thompson concluded by proposing
the following resolutions—" That this meeting re-
joices" at the immense progress which free-trade opi-
nions have made throughout the United Kingdom,
and especially at the fact that upwards of 2,000
free-traders have been added to the West Riding list
of voters during the present year ; and pledges itself to
the most active exertions to procure a large addition to
that number on the next year's registration, being fully
convinced that the friends of free trade have the power
of making such additions to the number of freeholders
in the West Riding, as to render it hopeless for any can-
didate to come forward on other than entire free-trade
principles."

The resolution was seconded by Mr. E. Vicerts, and
was carried with acclamation.

Air. W. FISHER proposed the next resolution, which
was to the effect, that a Registration Committee should
be appointed, to consist of the present Committee of th©
Free Trade Association, with power to add to their
numbers.

The resolution was carried unanimously.
On the motion of Alderman HooLE, seconded by Al-
derman TURTON, thanks were voted to Mr. R. Cobden,
NIX., and Mr. J. Bright, UP., for their unceasing exer-
tions to promote the cause of free trade ; after which the
meeting separated.

NORTHERN AND EASTERN
RAILWAY.

The meeting of the Proprietors of this Company, ad-
journed from the 12th, was held yesterday, at the Station,
Shoreditch, at 12 o'clock, to consider the proposition for
uniting the interests of the two companies submitted to
them by the Eastern Counties Company. It. W. Ken-
nard, Esq., the chairman of the previous meeting, again
presided.
The advertisement calling the meeting having been
read,
The CHAIRMAN proceeded to address the Proprietors.
He regretted that Mr. Paterson, the Chairman of the
Board of Directors, was again unable to attend through
indisposition, being still confined a prisoner to his house.
As the present was an adjourned meeting it would not
be necessary for him to go over the ground he had tra-
versed on the last occasion. He would first correct a
misunderstanding into which some of the Proprietors
had then fallen about dealing with the divisible fund.
The proposed dealing with that fund did not in the
slightest degree affect the guarantees made by the Eas-
tern Counties Company. It had nothing whatever
to do with those guarantees, but they would
remain precisely as they were before. Since
the previous meeting a full account of what then
took place had been sent to every Proprietor ;
and also the Directors had given the fullest attention to
all the objections which were urged on that occasion.
In doing so they had found great difficulty arise as
to how they should deal with those who had invested
trust money in the concern, and the time intervening
had been employed in devising a remedy. Happily, an
alternative had been obtained from the Eastern Counties
Company, which would be found in the resolution that had
been circulated among the Proprietors as they came into
the room, and which would be submitted to them that
day. The resolution gave them all that was necessary.
It proposed an increase of six per cent. from five per
cent., as at present guaranteed, as an equivalent for
giving up the divisible fund. Whether, however, they
took the five per cent., and their chance of the divisible
fund, or six per cent. without, they would still possess the
right to have new shares allotted them in proportion for
every share now held. They would also possess the right to
share rateably of all profits that might accrue, after the
per centage guaranteed the Northern and Eastern Coun-
ties Company, with a similar rate of dividend to that
which the Eastern Counties Company had been paid—that
was, after the Eastern Counties Company had received
five per cent. on their capital, and the Northern and
Eastern their guaranteed per centage as per resolution,
the profits would be equally divided pro rota.
Though the advantages on these terms at pre-
sent were considerable, in the event of the com-
bined Company reaching York, the benefits would be
much greater. At present the rivalry of opposing lines
affected the prices of all their shares, and kept the
Northern and Eastern Counties at 191, though that was
still a considerable advance upon their original cost. But,
supposing they were successful in their application to
Parliament, and obtained their Bill, then would
the premiums at present paid on the London
and York, the Cambridge and Lincoln, and other
competing lines, merge into their stock. So far
this would show them the benefit of taking up the new
stock. The resolution that would be submitted to the
meeting contained another agreeable alteration from the
former proposition. It provided that, whether the Bill
was obtained or not, the agreement respecting the gua-
ranteed interest should stand good. Whether an Act of
the Legislature was got or otherwise, the agreement was
to be permanent. There was another point to which he
would refer, regarding the capital stock. This stock
was in all respects to be considered partnership stock
if a Bill was obtained. Another alteration would be
found in the 7th section of the resolution, that in the
event of the Eastern Counties Company being unsuc-
cessful in their application to Parliament, all money paid
as deposits would be returned. The Eastern Counties
Company took upon themselves all responsibility on
that account. The secretary would now read the reso-
lution to the meeting.
The following is the resolution which was then sub-
mitted :
" 1. That the amalgamation agreement between the two
Companies shall, as from the lst July next, be changed, to
the effect that the net profits shall be divided rateably over
all share capitals of both Companies, subject, however, to the
preferences or guarantees after mentioned.
2. The new capital of 4,500,0001. to receive 4 per cent.
per annum in the usual manner, while the new lines are
under construction; and when the same have" opened for
traffic, such capital shall commence taking its rateable share
of net profits.
" 3. Proprietors of Northern and Eastern shares agreeing
to accept the allotment of two new shares of 201. each in the
new capital of 4,500,0001. to be raised by the said Eastern
Counties Railway Company, for each share of 50/. of the
Northern and Eastern capital, shall have the same allotted
to them.
"4. That the share capital of the Northern and Eastern
Company, held by the Proprietors last mentioned, shall be
entitled to receive in perpetuity their present guaranteed 5
per cent.
" 5. That Proprietors of Northern and Eastern shares de-
clining to take the said allotment of two new shares of 201.
each in the New Extension capital of the Eastern Counties
Company of 4,500,0001., about to be created, for each 501. of
Northern and Eastern capital, shall, as from the let July
next, receive 6 per cent. per annum as a guaranteed interest
or rent, and shall, after all the remaining capital shall have
received 6 per cent., be entitled to share rateably in the sur-
plus net profits for an additional dividend.
" 6. That all Northern and Eastern Shareholders, receiving
only 5 per cent. per annum as a guaranteed interest, shall,
along with the Eastern Counties Shareholders, he entitled to
a rateable division of all new extension shares to be created
after the date hereof.
" 7. That in the event of Acts of Parliament for the exten-
sions not being obtained, the deposits on the New Extension
shares of 4,500,000/. shall be returned without deduction, but
without interest."
The CHAIRMAN said he bad another remark to make
which he had forgotten. The quarter-shares were still to
receive six per cent. ; and when the term provided for
was expired the six per cent. would be still paid on
them. Still, the holders of the quarter-shares would
be required to make their election respecting the new
stock at the same time as the other Proprietors.
A PROPRIETOR wished to know if the shares referred
to would be entitled to six per cent. in perpetuity.?
The CHAIRMAN—Yes, if they make their election to
take six per cant. in lieu of the new shares.
The resolution was then formally moved by Mr.
DUNCAN, and seconded by Mr. UILEY.
Mr. LEEI said the third section ofthseha e
resolution
o theolution
made reference only to the allotment of the
d to know
wNhoernthethrneseanedewEaahsaterrens
would
at the same time as the
ootimlibaenyalloit'teedw?
The CHAlRMANintimated
ishe
stock to the other Companies interested.
Mr. LEVI then read the first section, and said that,
according
to that condition, the new shares
would have to be allotted to the Northern and
Eastern Companies at the rate of 141. 65.,
whereas they were worth at present ISt or 191. Sup-
posing
the shares were to go to a discount, would they
still be allowed their deposits buck?
The CHAIRMAN—Yes, but without interest.
A PROPRIETOR wished to know the amount of deposit
that would be required to be paid on the new shares ?
Mr. WARD said he believed 21. 10s.
Mr. GURDEN inquired if the third section of the re-
solution only applied to the present proposed extension ?
Mr. WARD answered, only to that. It had nothing t•
do with extensions hereafter.
Mr. Llivs, though he considered the terms an im-
provement on the previous ones, was not prepared to fall
in with them. He had somo time ago bought 100 shares
at a considerable premium. On these shares, taking that
premium into account, he was not receiving five per
cent. Still he was desirous of remaining as he was. Ile
bought the shares as an investment for the benefit of his
family, and not as a speculation. He had consulted his
family on the present question, and they did not seem
desirous of running a tilt with the London and York,
and:paying up deposits. They were not disposed to !F
n
into a race of rivalry with that Company to please Mr.
Hudson.
The CHAIRMAN—It is not to please Dir. Hudson. The
wish y
agreement is to be with the Eastern Coutnotiebse personal,
Company.
Mr. LEVI said he did not
still he could not avoid it on that that occasion. The
extension project
Counties
till
had never heard of .this
the
it that that Company not hit
Mr. Hudson came into
Company. How was had Eastern
pro-
perty, and when Norfolk and Suffolk were fully opened
on it before? His only Fish was to protect their pro-
up to them, be had no doubt they would be in a far
better position than running to York to suit Mr. Hud-
son. He had invested in the Company that his family
might have 4, reversionary interest in it, and therefore,
as one, he could not consent to the resolution.