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Archive Reference / Library Class No.D3580/C/679
TitleLaing to William Longsdon
Date8 Feb 1855
DescriptionAnswered 5 March. Writer has had frequent meetings with Mr Smith and Mr Gell lately in their Great Western affairs which are he trusts beginning to look little brighter - writer's impression is that Line will still cost more money than anticipated in last Report but that Traffic will be very large. Believes they shall have compelled to death a good deal of the Line shortly and that in the end they will perhaps have capital of £4,500,000 currency and traffic of £12,000 a week.
Overtures lately from some of Grand Trunk parties to lease them - outcome uncertain. Main question in any arrangement will be Security - only possible basis if they have full security of their own property in addition to any claim against them - ie keep and work their own line and are their own receivers having a claim against them for any deficiency in their net earnings to pay stipulated rent. On this footing and with clear security a Lease at 7 or 8% would be acceptable to great majority of shareholders. Doubt anything until Grand Trust further advanced.
In any reconstruction of Board which must follow Longsdon's return to England wishes he would consider possibility of introducing Sir A Mcnab or Mr Hincks (if they would accept) with a paid Vice President named by them and power to an English Board similar to that in Grant Trunk Act.
As long as war lasts impossible to raise money here and they shall be dependent on Canadian Government for large advances of capital they shall undoubtedly require. Shall also stand in great need of parliamentary influences and popularity to resist proposals sure to be made for competing lines on North and South of them.
Combination writer admits to would on whole give them most strength and security which degree of direct influence given to English Directors would ensure better control in management than hither to prevailed - only obstacles are unfortunate political and private disputations between Mr Harris and Buchanan on one hand and Sir A Mcnab and his party on other which have done them so much mischief.
Has been looking into Hamilton and Toronto matters here and has sent Longsdon a long memorandum clearly explaining their news. Most desirable any questions should be settled promptly so that Contract may be executed and no difficulties arise in carrying it out and handing the line over to the Great Western as soon as completed.
In confidence, little doubt that in only unsettled questions such as Mr Wytte's liability to complete the line from the junction with Hamilton they have no case at law and should if matter pushed to extremities. Most desirable to settle all these points before they become more complicated by a fair compromise which Mr Wyttes who is a very liberal man to deal with is quite disposed to make.
If difficulty in settling matters with his agent Mr Street refer settlement here as thinks Mr Smith, Gell and self can make better terms with Mr Wyttes who is principal than any agent acting for him could be induced to concede. Any hitch would not only hurt shareholders but also check improvement beginning to take place in Canadian Railway prospect. Question also with Mr Wyttes about a purchase of 1000 ton of rails. If their engineer Mr Reid really wrote letter shown to them with Mr Brydges' authority of course a bargain is a bargain and they cannot repudiate because it may have been an unwise one. If not as well to know that rails fairly taken at £2. 10s standing a ton cheaper, since that date. On other hand Wyttes has agreed to take shares in payment which are at 20% discount and if they carry off the bargain about the rails they cannot force him to take shares. Did their representatives make an offer which was accepted before it was withdrawn or in reasonable time? If so they must stick to it.
Have at last with great difficulty reconstituted a minority. Things here look very glowering.
Levelfile
RepositoryDerbyshire Record Office
Archive CreatorLongsdon family of Little Longstone
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