ent ▁branch ▁was ▁heard ▁in ▁direct ▁competition ▁with ▁the ▁White h aven ▁J unction ' s ▁Bill ▁to ▁le ase ▁the ▁C & W ; ▁the ▁W J R ' s ▁Bill ▁( opp osed ▁by ▁both ▁the ▁M & CR ▁and ▁the ▁W C & ER ▁as ▁an ▁obvious ▁attempt ▁to ▁block ▁traffic ▁between ▁them ) ▁was ▁rejected , ▁but ▁the ▁M & CR ' s ▁Der w ent ▁branch ▁was ▁author ised ▁on ▁ 1 9 ▁June ▁ 1 8 6 5 . ▁ ▁The ▁White h aven ▁J unction ▁Railway ▁then ▁accepted ▁an ▁offer ▁from ▁the ▁L N WR ▁to ▁be ▁le ased ▁for ▁a ▁guaranteed ▁ 1 0 % ▁divid end : ▁the ▁White h aven ▁and ▁F urn ess ▁J unction ▁Railway ▁was ▁similarly ▁le ased ▁by ▁the ▁F urn ess ▁Railway ▁at ▁a ▁guaranteed ▁divid end ▁of ▁ 8 %. ▁The ▁L N WR ▁then ▁offered ▁to ▁le ase ▁the ▁C & W ▁for ▁a ▁guaranteed ▁divid end ▁of ▁ 7 % ▁increasing ▁at ▁ 1 % ▁per ▁year ▁to ▁ 1 0 % ▁from ▁January ▁ 1 8 7 0 ▁on wards . ▁The ▁offer ▁was ▁accepted ▁by ▁the ▁share hold ers , ▁and ▁( the ▁L N WR ▁( un like ▁the ▁W J R ) ▁grant ing ▁the ▁Mary port ▁and ▁Carl is le ▁running ▁powers ▁from ▁Br igh am ▁to ▁C ock erm outh ▁and ▁to ▁Mar ron ▁J unction , ▁) ▁ ▁and ▁reaching ▁agreement ▁with ▁the ▁W C & ER ▁on