Reference: PRO 173/1 pages 1 to 11.
Date: 20th September 1864
Venue: 4 Old Palace Yard, Westminster.
Present: William Rusell, Raymond Barker, Mr Talbot, Michael Hicks-Beach, Mr Ferguson, Mr Lidell, Mr Leech & Mr Newmarch.
The East Gloucestershire Railway Bill was passed by parliament and gained Royal Assent on the 29th July 1864. Two meetings were held previous to this, but no minutes were recorded.
Mr Liddell should approached the Midland Railway with a view to obtaining there assistance in "...making the East Gloucestershire Railway". The Midland Board recommended to subscribe to £100,000 of preference stock in the EGR, but only if the £300,000 public subscription can be raised. In return, the Midland will work the EGR in return for 50% of the gross receipts. They also wanted running powers over the Witney-Oxford line (i.e. The Witney Railway).
The Board agreed to the above, and Mr Liddell and Mr Leech to meet with the Midland "...with a view of settling the agreement.".
Company funding:
| Share capital | £600,000 (50% preference, 50% deferred) |
| Borrowing powers | £200,000 |
At this date the company had £57,000 from local subscriptions out of the £600,000 available. The contractors of the line will also be required to subsribe to 50% more stock than they have already agreed to take.
Four directors are to be nominated by the contractors and other subsribers. The whole £600,000 to be subscribed before commencement of the works. As soon as £300,000 has been subscribed, the contractors will subscribe the remaining £300,000 as deferred stock. The £200,000 borrowing allowence can then be exercised.
Terms on the contract for building:
A £48,000 deposit paid by Mr Liddell to be returned.
The Directors agreed to encourage further local subscriptions. They will canvas the towns of Gloucester and Cheltenham.
The following were elected to the Board: G Talbot, George Cavendish Taylor, James Ferguson & Henry Ackers.
Charles Liddell appointed engineer.
Johnston Ferguson, Leech & Newmarch appointed solicitors.
G King & William Bagshar appointed auditors.
George Broom appointed secretary.
Date: 22nd September 1864
Venue: The Plough Hotel, Cheltenham
Present: William Russell, Raymond Barker, Mr Talbot, Michael Hicks-Beach.
A canvasing committee was formed, consisting of The Chair, Vice-Chair, Mr Talbot and Mr Akers.
Mr Akers, Mr Liddell, Mr Richard, Mr Newmarch & Mr Trump now present.
Mr Russell elected Chairman.
Mr Barker elected Vice-Chairman.
Convasing committee to meet tommorrow morning at 10:30pm to arrange a meeting with the Cheltenham Town Committee for canvasing of subscriptions.
It was agreed that it would be desirable to begin negotiations with the Witney Railway. Letter to be send suggesting amalgamation and to suggest a joint meeting of the two companies boards.
Date: 5th November 1864
Venue: The Great Western Hotel, Swindon.
Present: William Russell, Raymond Barker, Mr Talbot, Michael Hicks-Beach, Capt Farquhar, Mt Taylor, Mr Akers, Mr Liddell, Mr Farquhar (sic) & Mr Newmarch.
Account with the Union Bank overdrawn to £200.0.1. Advertising charges due to the sum of £324.2.0. Settlement of these debts deferred.
The canvas of Cheltenham was sussessful to the tune of £83,5000. The canvas committee expected this to rise to over £100,000.
Earl Dacer and George Jenkinson to subscrive to £500 each.
A rumour spread around Cheltenham that the loop line was to be abandoned. The Railway's solicitors to be instructed to write to local papers contradicting the rumour.
Newmarch reported difficulties in drawing up the deed with the contractors. However, this has been resolved and the new contract is ready for the seal of the Company.
The Chairman then informed the board of the substance of the reply received from the Witney Railway in answer to the letter of the 23rd
A call on the shareholders for further money postponed.