Record

D3580 - Longsdon family of Little Longstone - [14th-20th Cent]
- C - Correspondence

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Archive Reference / Library Class No.	D3580/C/666
Title	Printed report of Committee appointed [etc]
Date	11 Jul 1854
Description	Reciting object of appointment of Committee and of Mr Longsdon - a director of Midland Railway and who had much experience in American Railways. From Mr Longsdon's report just received: - whilst objections to Erie and Ontario purchase in some respects exaggerated - question which might have deserved consideration if Great Western's complete and paying large and steady dividend, under existing circumstances impolitic to entertain idea of any Amalgamations or Extensions involving increase of Capital. Mr Longsdon used proxies to negative Agreement which is consequently at an end. Committee having discharged duties entrusted to them by checking policy of extensions and amalgamations, restoring amicable relations with leading representatives of Grand Trunk Company and placing proxies of English Shareholders in hands of gentleman of character and experience who has taken his seat at the Board in Canada - only remains for Committee to resign functions which cannot be carried further without assuming control over management of Company and consequent responsibility which it is impossible for them to undertake. Committee think it right to bring to shareholders notice Mr Longsdon's report on financial position. According to American extract by Mr Benedict, Chief Engineer, cost was £1.611.473 currency - needed to complete here. Last August Managing Director reported completion of Sawnia Line £200,000 currency and futher £300,000 currency meantime in all £500,000 currency and £400,000 stating will complete be second to none on American continent. Further ..... for rolling stocks. English shareholders raised £300,000 currency. It appears from Mr Longsdon's report that a much larger sum required to pay off existing liabilities, ballast and complete Line, build stations and provide rolling stock - in all circa 6700,000 pounds. Mr Longsdon urged to investigate rigidly causes of action, ascertain how far it admits being reduced or postponed prospects of traffic such as render property great value and promise - largest item (£400.000 currency) over Mr Clerks estimate is for rolling stock for immense traffic anticipated. Traffic at present limited solely by want of sufficient rolling stock and by construction of a suspension bridge over Niagara River (expected to be finished in few months) - expects traffic when these drawbacks overcome to mount immediately to average per week - suffice to pay a handsome dividend even on enlarged cost.
Level	file
Repository	Derbyshire Record Office
Archive Creator	Longsdon family of Little Longstone

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