Thu 15 Mar 1877
Mr Croome's letter on the Stonehouse and Nailsworth Co’s judgement debt read.
A letter from Mr Kearsey read advising the committee upon Mr Croome’s letter. The question was discussed. Mr E C Little and Mr C H Hooper should name the sum to be paid by Mr Spain for the purchase of the principal and interest on the terms of Mr Croome’s letter.
Mr Beard and Mr J T Stanton reported that they had inspected the Toll House at Eastington and that Mr Beard attended the meeting of the Road Trustees and purchased the same for £20. Clear possession for 1 November 1877.
William Davies, captain of the barge Endeavour, ran his barge into the bottom gates of the Whitminster Lock without using his strap. Fined 10s or the full penalty will be enforced.
Clerk reported that of late, damage to the works had been done through the boats being worked with two men only, contrary to Company Byelaws. Ordered that some bills be printed and posted up along the line of the canal.
Committee Meeting held at Wallbridge on Thursday the 15^th day of March 1877 @ 3,o,clock pm
Present. Mr G H A Beard, Chairman, Mr J T Stanton, Major Fisher, Mr E C Little, Mr J T Fisher, Mr S Phipps, Mr T Marling
Stonehouse and Nailsworth Railway Co. judgement debt.
A letter was read from Mr. Croome to the following effect (viz)
Cainscross nr. Stroud
13^th March 1877
D^r Sir,
I am obliged by the copy of the Resolution passed at your adjourned Committee Meeting on the 22^nd ult. in reference to Mr Spain’s matter. The question as to the ultimate amount to be paid is of less importance than the basis upon which it is calculated and received. Either the Judgement Creditors rank according to the date of their Judgements, or they rank according to the priority in which they take proceedings and get a charge on the Income of the Company. If the former be the law our proceedings have been wrong, if the latter be the case, and at least three Counsel have positively advised that it is so, whilst I have not heard of one who affirms the contrary, it is equally clear that the present proceedings of the Company cannot and ought not to succeed against Mr Spain, and that we are legally entitled to take priority in being paid. We have done to the Canal Company exactly what they proposed doing to us, neither more nor less, namely obtained the priority. If this would have been right in the Canal Company, it cannot have been wrong in us, but having obtained this priority, my proposal was to do for the Canal Company by way of concession what they certainly would not have done for us, if in our position of advantage. Having suggested what I thought fair in settlement of the matter I do not quite see the way to name any other sum to be paid than what I have already indicated; and I would therefore rather say this, that it be left to Mr Little and Mr C H Hooper to fix what we shall pay for the purchase of the Canal Company’s debt and interest. I can hardly understand how under the circumstances they say it should be the full amount, but will go to that extent if they think it right.
It appears hard that Mr Spain’s costs should fall on him, as I am satisfied he would have to receive from the Canal Company if the action were tried out, but with the view of making every possible concession, I am willing that the parties should pay their own costs.
If your committee assent to these terms, I should propose that a resolution to sell to Mr Spain at the sum Mr Little and Mr Hooper fix and on the terms indicated as to costs be passed by your Committee on Thursday next, subject to the ratification of the next ordinary general meeting on the 26^th April, and that further time be given to Mr Spain to file his next affidavit, till a week after this general meeting so that matters remain "in status quo" in case the resolution being not ratified, but that the resolution being read at that General Meeting and confirmed in the usual manner, the purchase shall be carried out.
This proposal is made without prejudice to Mr Spain’s position if not accepted.
Yours Truly
Thos M. Croome
Mr. Snape
Canal Office.
A letter was also read from Mr Kearsey advising the Committee upon Mr Croome’s letter. The question was discussed and it was proposed by Mr J T Stanton and seconded by Mr Thos Marling, that the following resolution be passed (viz):
Resolved that Mr E C Little and Mr C H Hooper should name the sum to be paid by Mr Spain for the purchase of the principal and interest on the terms of Mr Croome’s letter and that those gentlemen be empowered to name an umpire if they disagree and that it be recommended to the next ordinary General meeting to accept the sum named by Mr Little and Mr Hooper or their umpire on the aforesaid terms, and that time be given to Mr Spain to file his next affidavit as suggested by Mr Croome's letter.
Mr Beard and Mr J T Stanton reported that they had inspected the Toll House at Eastington (offered by the Cainscross Turnpike Road Trust to the Co. for £50) and that Mr Beard attended the Meeting of the Road Trustees and purchased the same for £20. The Clerk was directed to see Mr. Kearsey and ask him to prepare the necessary documents for the transfer. The purchase to be completed by the 1^st day of August next, and clear possession to be given on the 1^st day of November 1877.
The Clerk reported that W^m Davies, Captain of the barge "Endeavour", ran his barge into the bottom gates of the Whitminster Lock, without using his strap. Ordered that he pay a fine of 10/- (without prejudice) or the full penalty be enforced.
The Clerk reported that of late, damage to the works had been done through the boats being worked with two men only, contrary to Co's Bye Law.
Ordered that some bills be printed and posted up along the line of the Canal.
Ordered that the General Half Yearly Meeting be held on Thursday the 26^th day of April next at 4,o,clock pm.
Cheques drawn
W^m James Snape: 37..10..0
M. N. Peyton: 10..8..0
Stroud Journal: 12..12..0
Hill & Sons: 10..6..0
Vick & Co: 10..15..8
Harper Brothers: 7..9.5
W W Kearsey :7..10..0
[Total] £97..1..1
