The Sun.
London, England, 1845-12-18 00:00:00

THE MANCHESTER AND SOUTH

AMPTON RAILWAY.

One of the most energetically urged projects of the
late railway mania season, was the line purporting
to be from Manchester to Southampton. Five and six
pounds premium were freely given; and when Mr.
Hudson joined the directory, and had 25,000 shares
allotted to him, it was thought to be without
limit to the value of its shares, and was to carry
all before it. The impracticability of getting over the
Cotteswold hills was overlooked, and plans and sections
wore deposited with full confidence of success, and yetcir-
culars are now issued abandoning the line from Swindon
to Cheltenham, and disconnecting altogether Manchester
and Southampton. The shareholders are now asked to
sign a new deed, and agree to new stipulations; but if they
possess the caution which the times require, they will
not be so easily caught, but will insist on the return of
their money. The Isle of Wight Railway (also aban-
doned) and the Manchester and Southampton own one
parentage.

RUGBY, DERBY, AND MANCHES

TER RAILWAY.

A meeting of the Shareholders of this undertaking took
place yesterday at the London Tavern, for the purpose
of receiving a report from the Committee of Manage •
ment, and deciding upon the steps it would be advisable
to adopt with reference to the prosecution of the under-
taking in the next session of Parliament, or otherwise.
MATTHEW PIERPOINT,'Esq., Chairman of the COM-
mittee of Management, took the chair, shortly after
twelve o'clock.

Among the Directors present, besides the chairman,
we noticed Mr. Fox, of Melbourne; Mr. Moss, the late
Mayor of Derby; Mr. Bridgett, Mr. Pilcher, Mr. Jude-
wick, Mr. Wheatcroft, of Buckland Hollow ; Mr. Sey-
mour, Mr. Fry, Mr. Smith, and Mr. Peel, of Manchester.
After a short discussion, it was determined by a show
of hands, that Mr. Brewer, the late solicitor of the Com-
pany, not being a shareholder, could not be present, and
address the meeting.
Mr. HUMPHREYS, of the firm of Humphreys and Co.,
Chancery-lane, solicitors, read the report of the Com-
mittee of Management, from which it appeared that the
concern, as proposed by the original promoters, was a
complete failure; that the Committee had changed their
late solicitor, Mr. Brewer, and. that the line as pro-
posed by their engineer would cost 50,0002 a mile,
it being full of engineering difficulties. The Committee,
therefore, advised the dissolution of the Company, the
winding up of the accounts as quickly as possible, and
the dividing the remaining assets amongst the Pro-
prietors. It appeared also that all the Provisional
Committee had taken one hundred shares, and, with the

exception of five, had paid up the deposits upon them.
It appeared also from the report, that 35,820 shares
had been allotted, that the deposits bad been paid on
30,600 shares, producing 80,3251.; that out of that
anribunt 7,000/. had been paid to Mr. Blount, the engi-
,neer, and 5,9111. to Mr. Brewer, the late solicitor of the
concern; that the Company had at interest, at Messrs.
Masterman's, 20,0001., and at the London and Westmin-
ster Bank at interest 40,0001., and 4,3401. not at interest;
that Mr. Blount claimed a further sum of 6,0001, and

Mr. Brewer had sent in bills for professional charges
amounting together to 9,6381., there being a balance still
due to him of 3,747/. 15s. 3d.
The following resolutions were then unanimously
agreed to :
"That the report of the Managing Committee be adopted,
and that they be authorised and empowered to carry out
the views and suggestions embodied in their report with
reference to the claims of Mr. Brewer and Mr. Blount on

the Company, and the claim of the Company on the
promoters. And also with reference to the winding up
of the affairs of the Company in such way as they shall
deem most expedient and conducive to the interests of
the shareholders, under proper legal advice.
" That the Managing Committee he also requested and
empowered to make an immediate -return to the share-
holders of 11. 10s. per share, and to use the utmost dili-
gence in settling all outstanding claims on the Com-
pany, so as to insure the earliest possible division
amongst the shareholders of the balance which may re-
main on their hands.

" That the meeting cannot separate without recording
heir entire confidence in the Managing Committee, and

their grateful sense of the service rendered to the Corn-
pany by that body, and particularly for the prompt and
decisive steps they have taken relative to the meeting,
and the full and explicit statement of the present posi-
tion of the Company which they have made to the share-
holders."

Mr. BLOUNT said that he had nothing to fear from
what had taken place. He had vouchers showing that
he had expended 6,7671. 4s. 7d. for the Company. He
denied that he made any further claim on them, and he
demanded a copy of Mr. Hawksworth's report, in order
that he might answer it in print.
The CHAIRMAN said that he should certainly have it,
and every facility should be given him to get himself out
of (to say the least of it) a difficulty, for he felt bound to
say that through the course he had pursued the present
Company was tripped up by the heels.
Mr. HOLT, a barrister, defended the course pursued by
Mr. Brewer, and asserted that he was as honourable a man
as ever lived. He thought, if personal statements were
to be made against him, he ought in justice to have been
permitted to be present.
The CHAIRMAN, in the course of the meeting, stated
that the iron hand of the Committee of Management
would be put upon all the outstanding accounts, and he
was in hopes that, besides the 11. 105., the shareholders
would receive ss. or 7s. on each share in addition.

Mr. HUMPHREYS, in answer to a question from a Pro-
prietor, stated that preliminary expenses were included
in Mr. Brewer's account, and also 3,0001. fur adver-
tising.
The CHAIRMAN said that at the time when the 15,000
shares were set apart for the promoters of the
undertaking, there were no less than 400,000 applica-
tions for shares, and had not the Committee
of Management been waterlogged with keeping
them, the Proprietary would have been in a very dif-
ferent situation to what they were at present.
A Pnornwroß inquired when the 11. 10s. would be
returned to the Proprietors ?
The CHAIRMAN said in a fortnight from that time.
A vote of thanks having been carried to the Chairman,
the meeting separated.

GREAT MANCHESTER, RUGBY,
AND SOUTHAMPTON RAILWAY.
Yesterday a meeting of the Shareholders of this Com-
pany was held at their office, 1, Royal Exchange-build-
ings, to consider the present position of the Company,
and the steps necessary to be taken in consequence thereof.
Mr. Prole was unanimously called to the chair.
The usual formalities having been gone through,
The CHAIRMAN briefly addressed the meeting. He
said the Committee of Management had thought that it
was expedient, seeing they were not in a position to go
to Parliament this session, to call a meeting together,
and explain to the shareholders exactly how they stood.
An address issued by the Managing Committee to
the shareholders would be read, which would
give an explanation of the way the engineer had
acted, and the reasons why the plans and -sections
bad not been deposited in time. It would
be for them, after that was done, to decide what steps it
would be necessary to take with Mr. Giles, the engineer.
That gentleman had not only failed in getting ready the
plans of the present Company, but he had also failed
with many other companies who had engaged him. The
Secretary would now read the address in question.
The SECRETARY then read the document alluded
to by the Chairman, which in substance set forth
that, up to the sth of November, the Com-
mittee of Management felt confident that the
plans, secticns, and references would be ready for deposit
with the Clerks of the Peace and at the Board of Trade.
They had been led to this conclusion on the strongest
and repeated assurances, both verbal and written, of their
engineer, Mr. Giles. On the 20th of November it was,
however, found that the deposit of the plans, &c., could
not be made. The Committee discovered that they had
been deceived ; learning from the most able engineers
who were called in to advise, that no exertion, with the
most competent staff, could enable the deposits to be
made by the time required. It was then agreed to give
up the prosecution of the scheme this year, and to
endeavour to get the shareholders who bad not paid up
their deposits to advance on each share the sum of 25.,
so as to pay off all liabilities.
Mr. MooRE, one of the Managing Committee, then
gave the following statement of the Company's affairs :
The number of shares originally stated was 150,000.
Of these upwards of 134,000 were issued, the Committee
of Management reserving for the members of the
Provisional Committee 7,000, and for the local
agents 1,000, making a total of 143,000 ; thus
leaving 7,000 more for parties along the line, or for
appropriation in case of any amalgamation that might
be found advisable. At first it was considered that a
greater number of shares should be reserved, as it was
held desirable to have a local committee at Manchester,
with five or six members of the Committee of Manage•
ment at the principal points along the line—especially
at Macclesfield and Southampton, and for these it was
held necessary to reserve some shares. This view, how-
ever, was not carried out, and the allotment of 134,000
shares was made. The money received on shares
stood thus :—Two guineas each, the full deposit,
had been paid on 4,490 shares, yielding 9,429 L
There had been received 10s. each on 1,515 shares,
producing 7571. 10s. ; and after it had been de-
cided not to go on, there had been received, at 2s.
per share, on 5,280 shares, the sum of 5291.—making
in all, 10,7051. 10s. Mr. Moore then went at length into
the history of the Company. He stated that the
letters of allotment were -issued on the Ist of
November, just about the time the sudden
change took place in the railway market.
It was intimated in the letters that the allottees would
have till the 7th of November to pay up their deposits.
In the interim the Committee of Management received
several applications to allow more time, and, in conse-
quence, it was thought prudent to issue circulars,
giving parties the option of paying 10s. per share then;
the remaining 11. 12s. to be paid up on the 15th of
January, or to pay the two guineas in full. It was then
fully believed that the Bill would go to Parliament the
present session. Up till the 20th of November it was
firmly considered by the Managing Committee that
they would be ready with all the plans and
sections. The circular, giving the option referred to,
was issued on the Bth of November, and at that
time Mr. Giles was pressed on to state whether he would
be ready in time, and was offered, in case he could
not manage himself, to be found any assistance he ,