The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1846-08-25 00:00:00

Aug. 25, 1816.

LONDON AND NORTH-WESTERN RAILWAY.
THE Public is requested to take Notice, that on and
after the Ist September, the Second-class Carriages run-
ning with the 6 a.m. up train from Liverpool, and 6 15 from
Manchester to Birmingham and London, will be removed from
that train and attached to the 9 15 a.m. train from Liverpool

fquitalade agreement would have been to divide any increased
income in an equal per centage betwixt the two parties, and of
course to raise the price of each of the respective stocks by the
same amount. Now, mark the result. Had this Amalgama-
tion Bill passed, the next day the ~elOO stock in the canal would
have been worth .eISO, or about 45 per cent. more than before
the bargain was contemplated ; while the railway shares, had
. .

and 9 40 from Manchester; and that on and after the same
date the Fares of the First-class Passengers by the latter train
will be red" ed a, follows :
Iletweer Londo I and Liverpool
Lond m and Manchester
and intermewae stations in proportion.
Notice is also given, that, on and after the same date, the
Various Short Fares on the Liverpool and Manchester branch
will be reduced

the iiiiri;warifeCCinsi;iik being. raised (as they should
have been by the arrangement, if a just one) 45 per cent.,
would actually have been lowered by 6 or 8 per cent.—making
a difference in the comparative value of the railway and canal
stock,. before and after the arrangement, of more than 50 per
cent. in favour of the canal.
We have some doubt whether human folly was ever carried
to a greater extent than when these Directors calculated upon
the consent of the shareowners to such an arrangement ; but

from 455. 6d. to 37s
from 425. 6d. to 358

(By order)
Euston Station, August 20, 1840.

MARK HUISH

then, they never did calcalate upon the shareowners generally
assenting to the bargain. No ! It will be seen from the cir-
cular that it was to a few special friends that they trusted to
accomplish that object. Well, but, it will be said, the share-
holders have thrown the Bill out, and there is an end of the
matter. By no means. These Directors are bound, by a point
of honour, to carry out this arrangement; they are not to be
obstructed in their course by such trifling obstacles as a
solemn decision of the two Houses of Parliament, or the want
of consent of the partners—the shareowners. No; after the
large sums of the shareholders' money which the Directors
have spent in Parliament in prosecuting the Bills, the unfor-
tunate shareholders having, at the same time, spent a large
sum of their own money in opposing them in Parliament, they
are again called upon to spend large sums to arrest these ex-
traordinary Directors in their extraordinary doings.
Truly there is much to be done in railway legislation, before
railway property is safe. But we shall have no faith in law or
in equity if these men cannot be constrained, by the one or
the other, to pay the whole of the expenses incurred on both
sides, both in and out of Parliament ; and if we mistake not
the character of the men of Manchester, they will teach these
directors a lesson that will not speedily be forgotten by railway
boards at large.

LONDON AND NORTH-WESTERN RAILWAY

COMPANY.
NOTICE of CALL ex GRAND JUNCTION £25 SHARES.
NOTICE IS HEREBY GIVEN, that the Directors,
in execution of the Acts of Parliament relating to the said
Company, have, pursuant to the provisions thereof, made a
CALL of FIVE POUNDS in respect of each of the £25 Shares
which were created by the Grand Junction Railway ComAiny
on the 10th day of September, 1845, and have ordered that such
Call be paid to one of the undermentioned Bankers, namely :
London Messrs. Glyn, Halifax, and Co.;
Birmingham .The Birmingham Banking Company, or,
Messrs. Molliet and Son ;
Messrs. Moss and Co; or
The Bank of Liverpool ;
Manchester Sir Benj. Heywood and Co. ; or,
The Manchester and Salford Bank,
on or before the 15th day of September next. And the several
Proprietors of such Shares are required to pay such Call
accordingly

Liverpool

EDINBURGH AND GLASGOW RAILWAY.
THE DIRECTORS AND THE SHAREHOLDERS.
(From the Scottish Railway Gazette.)
THERE has been for some time, amongst a large
and influential body of the Shareholders of the Edinburgh,
and Glasgow Railway Company, a growing feeling of disatisfac-
tion with the conduct and policy pursued by the present Direc-
tors, which has at length burst forth into open reprobation of
their proceedings and arrangements. We must honestly con-
fess that we do not wonder at this result. The Directors—or at
NTOTICE IS HEREBY GIVEN, that the Act for all events a decided majority of them—appear to have hitherto
11 Incorporating this Company having received the Royal proceeded as if they had no common interest with their con-
Assent, all Persons holding Scrip Certificates for Shares in t stituency. They have not hesitated to attempt what the latter
Company, are requested to transmit the same to the Secretary regard as the almost total sacrifice of their property—not only
for Registration, at the Company's Office, No. 6, Lord-street, without consulting them, but in the teeth of their most deter-
Liverpool, on or before MONDAY, the 7th day of September, mined reclamations. This has been their general course: in-
with their Names, Professions, and Residences distinctly dividual directors have acted not less unworthily. One gen-

GEO. CARR GLYN, Chairman.
CHAS. LAWRENCE, Deputy Chairman
RICHARD CREED, secretaries
HENRY BOOTH,
Ruston Station, London, August 20, 1846.

By order,

LIVERPOOL, ORMSKIRK, AND PRESTON
RAILWAY.
• REGISTRATION OF SHARES.

written, in order th.at the same may he correctly entered in the
itegistr of the Company.
All Shares not claimed by the actual holders of Scrip Certifi-
cates, on or before the said 7th day of September, will be Re-
gistered as the Property of the Persons who signed the Sub-
scription Contract, dated 4th November, 1845.
Forms of Letters claiming to be registered, may be had at
the Office of the Company.
T es* 4,11. a ri frit.

tleman in the direction, lint a very small sharetiolder, openly
appeared at a public meeting and avowed objects diametrically
opposed to the pecuniary interests of the Company. It is im-
possible, of course, to repose confidence in a body constituted
of such materials. Besides, it is felt that the line has never
been properly managed; that, after many years' struggling, it
has been made to yield a dividend of only .e 6 per cent., instead
of at least .'Bif not .WlO per cent., being undoubtedly one of

Scrip may be sent without risk in Registered Letters, ana tor
a greater security, the parties sending may. write across the
face of each Certificate, "Forwarded for Registration."

tk pest undertakings in the country, if its natural resources
were fully developed and called into play. They have allowed
rivals and competitors to start up on every side; and when the

tificatei under-the seal

tli: Company

By order,
WILLIAM FEILDEN, Chairman
JAMES J. GRAHAM, Secretary

tit the most seasonable inoment, have 'de:ayed arrangements
till the enemy was at their gates and upon them. They have
not sought to improve their own line, by multiplying short
branches and local feeders, of which it stands so much in need,
and which would prove intinitely:productive—all which, too,
would have been within their immediate control and command

Liverpool, 21st August, 1846.

LIVERPOOL, MANCHESITR, AND NEWCAS-

—but, indulging in a wide monopolising and speculative spirit,
they have played with the property of the Shareholders to such
an extent, that they hardly knew the amount of their liabilities

TLE-UPON-TYNE JUNCTION RAILWAY
COMPANY,
(Late Liverpool, Manchester, and Newcastle-upon-Tyne
Junction and Lancashire and North Yorkshire Railway

as the public is concerned? it cannot be 'concealed that they
have brought the company into general odium, by a system of
narrow, short-sighted, injurious, and expensive parsimony,
which has led to snore evil and mischiefs than they are ever
likely to counteract or redeem. In saying these things; we do
not express our own individual opinions simply, but rather re-
echo the universal sentiments of the Shareholders, whose snag-

Companies, now amalgamated.)
THE Register of Shares in this undertaking being
now nearly completed, all holders of Scrip who have not
yet forwarded the same for Registration are requested to do so
without delay, as the Share Register will be absolutely closed
on the first day of October next, after which time all Shares
not transmitted for that purpose will be registered in the names
of the original Allottees.

nificent property they have trifled with—we shall not say with
any bad or corrupt intention, but certainly with a degree of
judicial blindness unparalleled in the history of railway man-
agement.

It is requested that the Scrip in the original Liverpool, Man-
chester, and Newcastle-upon-Tyne Junction Railway Company
may be forwarded to the Secretary, at 22, Parliament-street,
London; and the Scrip in the original Lancashire and North
Yorkshire Railway Company to the Secretary, at 31, Princess-
street, Manchester, who will send an acknowledgment for the
same.

-For some years we were led to suppose, by the silence of the
shareholders, that they fully approved of the system pursued by
the directors ; and, of course, so long as
_they remained

quiescent, no other party had a right to interfere on their be-
half. About twelve months ago, however, we were led to per-
ceive that they were neither ignorant nor unobservant of the
conduct of the directors, and its injurious effects,—" a change
had come o'er the spirit of their dream," and a deputation of
the English shareholders arrived in Scotland with the express
object of enforcing a thorough change of the system and the
personnel of the direction. That deputation went over the
whole details of the concern, and they were fully satisfied that
nothing but "a clean sweep" would restore matters to a

The Certificates under the Common Seal of the Company
will be ready for delivery in a short time, of which due notice
will be given to the Shareholders.

By order,
(Si
gned,) THOS. ROBERT WILSON FRANCE, Chairman
W. K. INGRAM, } Secretaries.
C. MOORE WILSON,

August 11th, 1846,

healthy state. They were inclucea, nowever, rrom tne pacinc
and repentant spirit displayed by the directors, to anticipate
that some slight change would be sufficient in the meantime ;
and, accordingly, they merely insisted on three English gentle.
men being adopted into the direction. Last spring this change
was made, but it seems to have brought no impr?sment,.--at

least the shareholders conceive that since that perioM they have
had still more reason to complain of and condemn the system
which has been pursued—and the total disregard of their rights
and interests as proprietors of the railway.
The principal charge against the directors brought by the
shareholders—all others being naturally looked upon as quite
secondary—relates to their attempt to complete an amlgama-
tion of the railway with the Forth and Clyde and Union Canals
on equal terms. We need. scarcely go over the history of the
• V- - ,ls ;—it is enougl,

contest between the railway and canal. _ ,n to state
that, after vainly endeavouring to protract the war of compe-
tition, the canal proprietors found their property scarcely
worth preserving—the Forth and Clyde yielding about
four per cent., and the Union nil. All this time the
returns of the railway were rapidly rising, particularly from
the passenger traffic. Indeed, it is one of the proofs of their
imbecile management of the railway that the directors (lid not

long ago succeed in keeping down the canals, either by ami-
cable arrangements, or by properly conducted competition.
But, be this as it may, it turns out that just when the prospects
of the canals were at their very lowest, the directors of the
railway suddenly receive them with open arms—taking them
into partnership, not on equal terms simply, but actually con-
verting the capital of the canals, paying .t. 4 per cent (rapidly
tumbling down) into capital of the railway, paying Lii per
cent.—and likely to pay ,e 7 per cent., (even under gross mis-
management)—thus literally presenting to the Canal Compa-
nies a bonus of .t-50 per cent. for allowing their property to be
preserved, instead of being destroyed altogether ;—a result
which the natural progress of the railway would have brought
about in no long time. The canals, too, were to participate in
all new shares issued by the railway company ; and here a
great injustice—something like robbery—was attempted on
the holders of the half-shares, by reducing them to £lO shares,
although bought and sold in the market at £l5 premium. On
this point there can be but one opinion ; and it is truly matter
of astonishment to us that such an attempt, involving a breach
of contract, should have ever been dreamt of by men in their
senses. These various arrangements, we are assured by the
Manchester and Liverpool shareholders, were adopted at a
meeting without due intimation—proxies for which were sur-
reptitiously obtained by the directors. Of this latter allegation
we can say nothing; we cannot allow ourselves to give it any

Credit, however distinctly asserted ; for lye believe the dire

tors to be perfectly honourable men, and we have no desire to
prejudice them in the estimation of the public. But this mat-
ter must assuredly be explained ; and till the opportunity of
doing so occurs, we shall content ourselves with merely allud-
ing to this grave accusation.

Now, although there can be hardly any doubt that the amal-
gamation with the canals was altogether inequitable as regards
the railway, it must be remembered, in justice to the directqrs,
we are bound from our impartial position, to statethe fact—that
the terms were dictated by certain arbitrators chosen by the res-
pective parties, and thus far a part of the responsibility is shifted
to the shoulders of the latter. But it is fairly considered that
the direct

,rs had the power, whic, ,ney must and ought to have
exercised, to declare on what principles the reference should

equally fall upon them as if 'they had arranged the details.
This question, however, does not affect the interest at stake—
the plain fact being that, however brought about, an arrange

. -
to be deprived of a great portion of the property which their
capital and enterprise had acquired for them, after years of
hazard, anxiety, and labour.
The directors, however, might have even now been enabled
to satisfy the shareholders to some extent. The amalgamation

having lieen defeated by the efforts of the shareholder-s, the di-
rectors might have honourably abandoned the attempt to carry
the obnoxious scheme, seeing that they were not supported by

shareholders. Such conduct certainly is indefensible ; and we
are not surprised that it should be resented by the shareholders
as a measure fatally inimical to their interests. The latter have
lied several meetings in Liverpool and Manchester, and they
seem resolved to take effectual means to prevent the alienation
of their property, and to place it upon a better footing for the
future. In our present number will be found a lengthened re-
port of one of these meetings, the proceedings at which, we un-
derstand, virtually represent the views and wishes of at least
four-fifths of the proprietary. The questions at issue
will be decided at the meeting about to be held in Glasgow ;
and we need not, therefore, recommend the subject to the im-

mediate and earnest consideration of all the shareholders.
The conduct of the Edinburgh and Glasgow Directors
towards the Caledonian by all contiguous Lines is forcibly
stated in the following memorandum, which we have received
from authority.

The Scottish Central and Caledonian Railway Companies
were formed, and issued their prospectuses, in the spring of
1844, nearly simultaneously; and the Edinburgh and Glasgow
Board •of Directors commenced the most inveterate hostility
and opposition to both from the very announcement of the

The projectors of the Caledonian, however, previous to the
issuing of their prospectus, made a direct oiler to the Edim
burgh and Glasgow Board to strike off from their scheme their
Edinburgh Branch, and to rest satisfied with taking the Cab
donian -traffic direct north on to the Edinburgh and GI
Line at. °I-near. Castle Car

_ o that all traffic of the Cale'do-
n from, or to. Edinburgh and Glasgow, would have to pass
along the Edinburgh and Glasgow Railway for a distance of
about twenty miles. Both parties were then in London, and
this intimation was conveyed to the Edinburgh and Glasgow

Board by by Mr. Theodore lfathbone, of Liverpool, then a Direc-
tor of that Company, but the offer was indignantly rejected by
them, though the only stipulation was a withdrawal of oppo-

Both the Scottish Central and the Caledonian Companies
went to Parliament in 1845, and obtained their bills in spite of
the most protracted and costly opposition by the Edinburgh
and Glasgow Board before both Houses of Parliament.

In the summer of 1845 the Caledonian Company applied to
the Edinburgh and Glasgow Board, without success, to be al-
lowed to connect their Line near its entrance int. dinburgh
by a short Bratich, so as to enable their traffic to pass down
the Extension of the Edinburgh and Glasgow Line, through
the Princes-street Gardens, to the terminus of the Leith and
Granton Railway ; and to be allowed rates, somewhat less than
their six-mile clause, for that distance. The Caledonian Com-
pany, failing in this, projected their Independent Branch to
Granton.

The Edinburgh and Glasgow Directors, during the summe
of 1845, held the argument that theirs was an East and We
traffic, and should not be interfered with by any other Com
pany. In this the Caledonian Company acquiesced, stipulatin
for the same terms for their traffie from the North and South
but the former soon became aggressors, and seduced fror
their connexion with the Caledonian Company, by the offer
high guarantees, the Wishaw ana Coultness Company and th
Scottish Central Company, both of which are North and Sout
•

he Caled

but they

th opposi