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11 a im;• y It ?^ trUfL^tU…

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11 a im;• y It ?^ trUfL^tU £ ASPECT OF THE WEEK.—The position of affairs in the Railway world has been very quiet this week. Arrange- ments continue to be m :de for winding up severalof the defeated companies, and the projectors endeavour to collect money sufficient for the liquidation of expenses, not. only by persuasion and entreaty, but also by threat. The Great Manchc-ter, Rugby, and Southampton Com- pany promise to expose, by advertisement, the names of those parties declining to pay 2s. per share, but it is un- derstood that even this menace has had little or no effect upon the recreant allottees. We noticed the fact last week that the Royal North of Spain Company had com- menced preliminaries, returning part of the deposits received on their allotments, and now we hear that two or three other foreign companies will follow the example. It is very possible that little in the shape of railway news of interest will occur till the meeting of pailiament. The Brighton and Croydon Railway Companies are, after the display of the late hostilities, settling their differences amicably, and in the course of a few days it is expected the arrangements for final amalgamation will be completed. GHEAT EASTERN AND WESTERN RAILWAY—We un- derstand that amended plans and sections of this railway were on Tuesday last deposited at our Clerk of the Peace's offices: we presume therefore that the projectors of this railway contemplate proceeding with their bill during the next session, if they can pass the standing orders com- mittee. We mentioned in our paperof the 20th ult. that the plaits and sections had not been deposited within the time prescribed by the standing orders ot the house of co m m 0 t1 S, Some idea of the immense amount of employment affurdcd (by railway business) to attorneys' clerks and writers, and the demand for them, may be funned from the fact, that during the last fourteen uays a provincial attor- ney had in his employ in London 113 writers, some of whom he had to fee very highly; and so eagerly were they fnughtatu-r, that if he ehan.c-d to turn his back ten minutes, he was sure to had several oi his clerks bribed to go elsewhere. — Morning Chronicle- Menu DEFAULTING DIRECTORS.—The Chairman of the Great Leeds and London Railway stated at a special meeting held on Friday week, that UJ2 of the provisional committee had applied for shares by letter, but that out of that number only 24 had paid the deposits! As a specimen of the wide scope which engineers leave them- selves, the two gentlemen employed on this line, whose claims amounted to nearly £ lO,OOl), had consented to knock off £5000 (!) The advertising expenses were £ :t'39o, and were disputed. CAMBRIAN AND GRAND JUNCTION RAILWAY COMPANY, CONNECTING SOUTII WALES WITH LIVERPOOL, MAN- CHESTER, &c. —We learn that this company have made a re-deposit of their plans and sections with the board of trade and clerks of the peace of the respective counties, andintendprosecuting the undertaking withvigor. GREAT WESTERN RAILWAY. OU the 1st of January the paper tickets which used to be received by passengers on paying their fares were exciianged for small cards. Each station has a supply of cards numbered consecu- tively, and filled up for any other station on the line, and all that is required on delivery to the passenger will be to addtothedatc. This is llone by a very novel machine, about tha size of a narrow quart cup, which is fastened to the counter. The caul is introuueed info an opening in the front, and, by a very slight pressure, receives the date. We understand the plan to be the invention oi a Quaker gentleman in the North of England. DUFFRYN LLYNVI AND PORTH CAWL RAILWAY. Ou Tuesday last, the 30th of Dosceniber, 18 45, a spe- cial general meeting of the proprietors in this company was held at the Wyndham Arms Inn, Bridgend, for the purpose of considering a proposition made, or to be made, by the Committee of Management of the GLAMORGAN CENTRAL MINERAL RAILWAY COMPANY, for the conver- sion of the shares of the Dufrryn Liynvi and Porth Cawl Railway Company into the shares of the Glamorgan Central Mineral Railway Company, and for finally agree- ing to terms for such conversion; and also to authorize certain parties to subscribe for shares in the Glamorgan Central Mineral Railway Company in behalf of the Duffryn Llynvi and Porth Cawl liaihvay Company." Sir DIGBY MACKWORTII, Bart., in the chair. We also observed present —Sir Robert Price, Bart., M.P. the Rev. Robert Knight; M. p. Smith, Esq.; Wm. Jones, Esq.; I-lampton, Esq.; James Brown, Esq.; — Gale. Esq. J. H. Allen, Esq., &c. &o. After the meeting had been formally opened, the Chairman said that two propositions would be laid before the meeting for consideration and with the permission of the gentlemen present he would take leave to submit the second proposition first, as it was one which he thought would be at once disposed of without discussion, and thereby allow more time for the consideration of the first proposition, which was a most important one. The second proposition-which wouid be submitted first- would merely be to authorize certain parties to subscribe for shares in the Glamorgan Central Mineral Railway- Company on behalf of the Dulfryn Dynvi and Porth Cawl Railway Company; and the object in view was simply this—that in case the amount of deposits required by the standing orders of parliament should not be pai.l in time, the deficiency should be paid by certain parties on behalf of the company, and who should, by the company, be borne harmless. Those parties, whoevei the meeting might select, would have to pay the deposits on one hnndrec1 shares, IUlIl be borne harmless by the cornpauy. It was merely a precautional measure, which the com- pany were recommended to take by their professional adviser, and which wasrendered necessary by the back- wardness of parties, who had applied for shares, in paying the deposits thereon. Sir Robert Price said it was not by any means an unllsllal course. The Rev. Robert Knight gave thechairmantonndcr- 8tand that he hau (pdte rnislIudersloo¡1 the object of the resolution. It appeared to him, now, to be putting ra- ther extnonliuary powers into till: hands of individuals. Several gentleman interposed, aad s,1iù that it was necessary to take the course recommended by the com- pany's legal adviser, in order to guard against the possi- bility of failure in the next session of parliament. The bill would not pass unless the deposits were fully made, us required by the standing orders of parliament. The Rev. Robert Knight said that put the matter in a very different light, He had always hitherto heard that the number of applications for shares was much greater thaa required. Sir Robert Price observed that there were a greater number of shares applied for than could be issued, but many, after having shares allotted to them, had not paid their deposits. This was a bona jide concern, not one merely got up for the purpose of speculation. He did not think that the deficiency would ultimately afFect them at all but in the present disturbed state of the money- market, it was quite impossible to say how matters would turnout. It wouid not do to issue shares for some mouths. But to guard against delay, and the conse- quences of fluctuations inthe money market, the com- mittee thought it would be well for the company to guarantee a certain sum, and with that view to allow certain person, to subscribe as trustees, and who would be borne harmless by the company. The (.'hairman.—As soon as the net passes the money will be returned instantly. Itistheontymodewchave of obviating the difficulty which presents itself by the deficiency in the amount of deposits. I think it will be best that Sir Robert Price and other members of the, committee should be authorised to subscribe, and be borne harmless by the company. 1 lire Itev. Robert Knight thought that, to some degree, the committee were not going on in a straightforward manner in endeavouring to form this newcomp.ury. He was not willing to use hard words; but he was so taken by surprise by this proposition — The Chairman (we believe) said, let us drop the pro- position as it is opposed. Th Rev. Robert Knight said,—Sooner than oppose it I will lcavc thereon. 1 will irot be a party to anything that looks like a job; and this does look like a job. (Cries of Oh.' ) Sir Robert Price: Can anything be so monstrous1? (Hear, hear.) All that is asked for is, that money be paid by gentlemen on behalf of the company, ill order to secure the passing of the Act of Parliament, which may, possibly, otherwise be endangered and no more being asked for—no more being said, up jumps Mr. Knight and says it looks like a job. (Hear.) The Hrv. Robert Knight Sir Robert Price, pardon me. I am one of the old Porth Caw) Railway Company, and I consider that a great deal of jobbing has been car- ried on in the management of that company and I can foresee a great deal of jobbing in this new company. (Disapprobation.) Mr. Allen If this is a job, who is to be benefitted by by it, Mr. Knight 'I It is to be carried for and on behalf of the company generally. The-Rev. Robert Knight: When I came here I was told that the proposition which would first be submitted to the meeting was one whidl wouid pass unopposed, or something to that effect; when the fact is, that certain gentlemen of this company are to purchase shares are to be saved harmless by the company in doing so. Sir Robert Price: What has been. proposed for the meeting's approval is actually done every day, I assure you. (Hear.) The Rev. Robert Knight I am not aware that such things are done every day, and therefore put it down to my ignorance. Sir Robert Price thought the opposition offered by Mr. Knight most monstrous and uncalled for. The Rev. Robert Knight In the first place, is not the course you propose to pursue a deception upon the public, namely-that a certain number of shares are represented as taken, when in point of fact the committee are selling shares,—when the committee are instructing persons to pay the deposits for shares, and then hold those persons harmless i tdonot understand it at all. Sir Robert Price: Then you cannot understand plain English. It is impossible you can understand it in that case. The Chairman thought Mr. Knight had not the most distinct idea of the proposition, or of the object in view. Severalgenttemenwished to know who were the par- ties to be benefitted by the job which was to be perpe- trated. Sir Robert Price wished to know also. The meeting seemed to be anxious to know, The Rev. Robert Knight did not say it was a Job of Sir Digby Mackworth's or a job of Sir Robert Pr ice s but lie did say it was attempting to get by indirect or improper means what they ought to get by director proper means. The Chairman said that a certain number of shares had been issued in what was conceived to be a just dis- tribution among those who applied for them; but when the deposits came to be paid, certain of those persons did not find it convenient to pay them. This proposition was now made to prevent the company sustaining a loss of about f 4,000-the loss of all the expenses which had been incurred in preparing for Parliament. (Hear.) That was the real state of the case. Other companies, he believed, did the same. Sir Robert Price said that Mr. Knight was one of those who had not taken shares after applying for them and now he came to the meeting and threw obstructions in the company's way, while they were merely endeavouring to make up that deficiency which, to some extent, might be attributed to him. The meeting were only endeavour, in t to obviate a difficulty which he himself had assisted in forming. The Rev. Robert Knight certainly had applied for shares in the Glamorgan Central Railway Company, but being dissatisfied with the manner in which their affairs were conducted when he saw that the management of the concern was taken away from the hands of respecta- ble parties residing in the neighbourhood, and given to gentlemen residing in Bath, and other distant places, who had no interest in the iieighbourhood-wlio liid never been over the road—who had possibly never even crossed the Severn—who never had a share in any raii. road before—he (Mr. Knight) considered himself not very handsomely treated by the committee, and, therefore, had declined to take the shares for which he had applied. (Hear, hear.) This conversation was continued for some time longer with increasing animation on the partof Sir Robert Price and the Rev. Robert Knight. Sir Robert and several other gentlemen contended that the proposition read to the meeting, by the chairman, was one of an ordinary kind, and regretted that Mr. Knight should offer such opposi- tion to the proceeding. Mr. Knight, while he adhered to his original opinion of the proposition, disclaimed having used the word "job" in a personal sense to the chairman or Sir Robert Price. He did not think the committee were proceeding in a plain straight-forward way. He did not like to be attacked. He was never attacked at any meeting, except at the Porth Cawl Railway meetings, and why should he be attacked there! He could kick as well as any other person if they would not leave him alone. Sir Robert Price Yes, you always begin kicking. (Laughter.) It was then carried unanimously" That Sir Robert Price, Mr. Buckland, Mr. Smith, Mr. Jones, and Mr. Rusher, be empowered to subscribe on behalf of the Duffryn Llynvi and Porth Cawl Railway Company, if requisite, for shares in the new company, not exceeding two thousand in the whole, fot which this company will bear them harmless." The Rev. Robert Knight observed to the chairman that he had not Toted either for or against the proposition. The Chairman then said that as there were two or three gentlemen present who were not intimately acquainted with the affairs of the company, it would be necessary for him to go a little into detail in introducing the next proposition. He then gave a clear history of the Duffryn Llynvi and Porth Cawl Railway company [with which we need not trouble our readers]—the amount of capital raised -how raised—and the causes which induced them to form the new company. Subsequent to the formation of the new company [the Glamorgan Central Mineral Railway company] several meetings had been held, at which members of both companies were present, and at which terms were suggested, by virtue of which the old company's shares might be purchased by the new com- pany and in order to prepare these terms, a committee consisting of four gentlemen was appointed, namely- on behalf of the old company, Sir Robert Price and Mr. Buckland, and on behalf of the new company, Mr. Coffin and another gentleman, whose name we did not distinctly hear thc chairman mention. Those gentlemen met and agreed upon the following terms, which the chairman read to the meeting in order that they might be approved of and adopted, or disapproved of and consequently re- jected. It was recommended that £ 2'20 stock in the new company should be given for every £100 share in the old company and that quarter shares in the old company should be Inid for in a simibr proportion. Besides the old company having considerable assets—the greater part consisting of unpaid calls on quarter shares-it was agreed by the committee to recommend that the old company should pay to the new company the sum of 1:15,000. The committee of the new company was to be formed of an equal number of Old and New proprietors. The Chairman said that the committee of the Porth Cawl Railway company, after considering the matter, thought Uie award rather unfavourable to the old company. Certain of the shares had been unsettled for but still there were parties whose claims to those shares were considered perfectly just. Several suc- ceeding sentences we did not hear distinctly, but we understood the chairman to say, that the Old Committee had agreed to this amended proposition, namely—The proprietors of shares in the Old Company to receive JE220 stock in the New Company in lieu of £ 100 old stock; and the Old Company to pay to the Now Company the sum ot £ 14,000 in cash on the Act of Parliament being passed. This recommendation divided itself into two points for consideration by the meeting. They had first to consider whether L220 New Stock was sufficient for each old share under all the ciicumstances of the case and whe- ther they would hand over to the New Company the sum of £ 14,000. He would first give the meeting an account how the £ li,000 was in the Old Company's hands. By their Act of Parliament the company were empowered to raise the sum of £ 100,000 for the purpose of forming the road. The company did actually procure the sum of £HD,DGI, out of which was to be deducted the sum of £(j,7;3\), being part of the quarter shares not paid up, and which sum the; company therefore held, and it formed part of the £ 14,OJO which was to be handed over. Besides which sum the company had a considerable quantity of rails, bought at DI per ton, but now saleable at £ 12-difference in favour of the old company £ 3 per ton. The old company had advanced £ 3,800 towards preparing for Parliament, surveys, &c., which sum would -tis,) foriii )f* t!ie ;LI t,OOL). The next point was one which would probably occasion a difference of opinion between the New and Old Companies. Since tlie pro- posed union between the companies the old company had gone to considerable expense in improving the line, and the question was how much or what proportion of that expense should be considered as forming part of the £ 14,000. That would be a point for the meeting to propose and settle distinctly. He believed there was quite sulhcient in the old company's hands to meet the payment of £ 14,000, but they must take care how or in what mode they handed it over. It was to be paid in cash, but certain things should be allowed as cash pay- ments" before the old company could consent to it. (Hear.) Let the meeting first consider whether the J6220 New Stock was sufficient payment for £ 100 Old Stock. A Proprietor thought it was hardly sufficient, as the old shares were now paying 12 per cent. The Rev. Robert Knight observed, that upon former occasions the committee had recommended dividends to be declared (and their recommendation was acted upon by a general meeting) when the real state of the com- pany's affairs would not warrant any such declaration. Their road was out of repair; and they were repairing it with borrowed money—ho.v then could they declare a dividend ? Certainly by doing that with borrowed money which ought to be done with the money paid as "dividends" to the shareholders a committee mi^ht at any time declare a dividend in whatever state the com- 'Ito the com- pany's affairs might be. Mr. Allen thought that the shares were worth more than the New Company offered for them. Mi-. Hampton observed, that taking the payment of £ 14,000 to be made by the Old Company to the New, the offer made for the sld shares did not exceed £ 193 per- share or thereabouts. The Rev. Robert Knight Am ] to understand that the payment for the old shares is to be £ 220 in New Stock, and no! £ 220 in money 1 The Chairman said the payment was to be in New Stock. Sir Robert Price, Mr; Alien, Mr. Jones, Mr. Smith, and Mr. Hampton then engaged in a conversation upon the subject of the payment by the new company for the old company's shares. The general opinion seemell to be that £ 220 stock was too low, especially as it was con- ditional—namely, receiving in return £ 14,000 in cash. Ultimately, the first part of the proposition was formally put to the meeting by the chairman, and carried unani- mously—namely, "that the old shares should be disposed of for £ 220 new stock." The Chairman said the meeting then came to the con- sideration of the most important part—the payment of the £ 14,000. He then read a proposition which he had prepared after due consideration, and which had reference to the mode in which that sum should be paid, and which was to the following effect:—That the old company do hand oyer to the new company the sum of £ 14,00J out of their existing; assets, on the following terms That all sums advanced by the old company to the new company, on account of preliminary surveys, and all matters con- nected with the application to parliament for the new act; likewise all sums expended by the old company in new works at Port Talbot, or in enlarging and repairing the road since October 31st, 1845, shall be considered as being part of the £ 14,000. That the new rails shall be sold by the old company, and that the sum realized by the sale shall be handed over to the new com- pany, and be considered as being part payment of the 1:14,000. That new works at the Port not exceeding £ 2000 in the whole, and likewise on the great curves— especially at Tondu-(llot exceeding £ 2000) shall be ex- pended by the direction and under the superintendence of the new company's engineer, and the amount so ex- pended shall also be taken as part payment of the £ 14,000. After reading the proposition which he had prepared, the Chairman said he bad Mr. Scott Russell's opinion to the effect that the new company, as well as the old, would be benefitted by expending upon the road and the port the sums above named. Having proceeded to this extent, the chairman then read a statement which shewed how the JE14,000 was to be made up, namely: — Cash due on Quarter Shares £ G759 Advanced to New Company towards procuring New Act of Parliament, Surveys, &e. 3800 Difference in price of Iron, (before ex- plained as amounting to 1:3 per ton) 1275 Paidfur New Raits 1830 Capital expended since Oct. 31st, 1845 1422 Total. £ 15,08G Tile Chairman said the road was not supposed to be taken by the new company in a good state of repair, but in its present state. The'new company took the whole of the old company's liabilities. The Rev. Robert Knight thought the bargain which Sir Robert Price and Mr. Buckland had made on behalf of the old company a very good one. Sir Robeit Price and one or two others did not think the bargain sU9li a iery goptf pne; however they were j satisfied. They would prefer having £ 225 new stock fo the old shares, as they (the old shares) were fully worth it; but they were satisfied fo take £220. The old share were realising 9 per cent. if the old line were continutd i istead of a return of 9 per cent., it would probably yield 15, 16, or even 17 per cent. It was, however, very natural that people who had iron to get down the line would not like it to remain in its present state. Mr Hampton had no doubt but that the income would be very much increased. The ReY. Robert Knight said they should consider the circumstances under which the dividend of 9 per cent. had been declared. The road was totally out of repair- was repaired with borrowed funds; and therefore the company were not justified in declaring a dividend of 9 per cent. ai long as they repaired the road with borrowed money. He thought the bargain made by Sir Robert Price and Mr. Buckland a very good one. and the com- pany were muchJLndebted to those gentlemen. He (Mr. Knight) would be ready to abide by it. The Chairman said. that if the new company did not agree to the terms, matters in dispute would be arranged by taking the award of an arbitrator. The proposition was then formally moved by Mr. Gale, seconded by Mr. Allen, and carried unanimously. A vote of thanks to the Chairman for his able, intelli- gent, and impartial presidency, was then carried by accla- mation, after which the meeting separated. [After the business of the special general meeting had been concluded, a proposition of rather an important nature was agreed to by a majority of the meeting, and which had reference to an allotment of New Quarter Shares," which was made about the 2nd of June last. In our next number we will further advert to the subject, as we think it is a matter which may prove a source of con- siderable dissatisfaction to the non-trading proprietors in the Old Company, who are, we understand, gentlemen largely interested in the prosperity of the district gene- rally. No OTHER REPORTER WAS PRESENT.]

MERTHYR AND NEIGHBOURHOOD.

MERTHYR POLICE COURT,

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