The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1867-07-23 00:00:00

company, bet at the following merlin they found
entered on the report a sum of £4,000 for shares in the
Branham sompany, and at the next meeting the whole
sharp of £12,000 was Nada He believed they never
had • balance-sheet venerate from the Somerset and
Dena Oeerpany. In connection with that Diernham
company they had several 'hams enticed OD the
aseeunte for extension of worbs—for Cilastoubery
Navigation and the higher harbotir ASH, and up to
Anita 1861, £7,662 ; arid during the lita three half
years it had amounted to 'n,466, making with the £12,000
In lane ever £34,000. The quake was did these
nets belong to them or to the Bertha! Tidal Harlem I
Company f He must say that than wee mush need for
the accoante to be premed more fully and easier to be
undentood—(hear, hear, and sheen). The next point
So while be wished to all attention was the charge for
interest and oommindons. The first charge was made
In February 1862, £3,300, and every half year there
was L 0 addition made. These shams in July, 1865,
anointed to £72,605. In subsequent reports to that
time this Amp had been left out, but the total amount
Was £114951. That was for interest and eommiesions
for raising money. In the last report there appeared
• debit for short brans of MUM, and tOD debentures
Of £566,T30, making a total of £461,763, and the in-
terest of this at 5 per ant. would he about £25.000.
He attended the last half yearly meeting of the Directors
in London; Mr. Rogers, Mr. Bat, and other share-
holders meant were there, sod several questions were
pet to the Chairman reareeill thit_Parli•meotral and
lags' expenses, which will put at E 2.800. There was
• slight difference between the chairman and the
solicitor to the company is to these charges, and alto-
gather the \DEMO was far from satisfactory, but it
was admitted that a line of only 130 miles had eovt no
las a sum than £1,206,522, and he warn afraid all the
head was not yet paid tor—(bear, hear). The next
sub** to which he wished to call their attention was
the rolling stook. They had always been led to con.
eider that the rolling stock was theirs. The engineer,
la isle report oilfired to the half-yharly statement, galls
it "your rolling stook." It is entered solacing "purchased
sad delivered,. but on putting the question whether
It wee their property or not, the answer was that we
lad le pay for a sertain number of years a sum of
matey to those who furnished it, and then it would be
ours. Mr. Bastard then proceeded to read several en-
tracte from the Engineer's report, in which he writes
of the engines as purchased by the Company, and as
delivered to the Company, and paid that Nom these
reports they had • right to conclude that the rolling
stook waa aerially theirs aura not Urea, and It became
a question whether their directors had done their duty
by them in allowing it to been dated. He then pro-
eeeded to sum up the reasons why he considered an in-
vestigation ought to take place lat. From the enormous
eat of the line as compared with the original estimate.
2e4. Tb• expenditure of capital in connection with the
Burnham Tidal Harbour Company, and the extension of
works without • arrespondieg increase of receipts.
3rd. The enormous Interest on oommisidoe paid by the
Company, and for arliamentuy and legal proceeding., the
very Wysselarlefigiviso to the prinelpal °Seers of the line,
and the almost bankrupt state of the tom pony. He then
mated that the chief reason the promoters of the
investigation bad in View was connected with a very
painful subject which he wished to advert to, in as
dalleate • way a possible. Most of those present were
aware of the extent to which some most highly
reepeetable gentlemen of the neighbourhood had been
oorineeted with the railway as guarantors, and the sad
loes whielt they had sustained, and he was sure be spoke
the sentiments of those, who with bin had oiled that
meeting, when he said It was chiefiy with the hope of
relieving them that the present meeting was ogled.—
(hear hear, and cheers). In point of fact the affair
looked like bankruptcy, and two gentlemen whom he
had consulted, men well versed in all that related to
railway management, gave it at their opinion that the
eompany wax in • very I embarreaned, though not
hopelesaly embarrassed condition. The Chairmen
concluded his remarks by alluding to the announcement
of the half yearly meeting in London on the 25th., and
stated that be entered • protest at the lest meeting
against Its being held no far away. It certainly seemed
very armee that the ludf-yearly meeting which last
year was held at the latter part of August, should this
year be held a month earlier—(hear, hear). After a few
a few further remarks on the general question the
chairman called upon Mr. Rogers, of Poole, to move the
first natation.

Mr. Rogers than read the resoleition :—"That it is the
*n.on of this meeting of shareholders that an invesliga•
lion into the affairs of the Somerset end Dorset
Railway Company is become highly necessary." After
remarking on the very clear mod comprehessive
manner in which the chairman had brought the subject
before the meeting, Mr. Rogers proceeded to say that at
the last half yearly meeting of the Directors, he with
others very earnestly pressed upon the chairman the
dasireability ot the shareholders having the report earlier,
so that they might halm the opportunity before the
meetingof examining the accounts. Mr. Waring then
himself that the accounts should be in the
tt.:7,1 the shareholders • week before such meeting.
Mel having received • copy and not hearing of any
one who had, he (Kr. Rogers) wrote to Mr. Reed, the
I secretary, about it, and resolved an that morning a
reply to the effect that Mr. Reed was away from home.
Under these circumstances it would be gaits impossible
for the reports to be in the hand of the shareholders
before Monday. With rennet to the meeting toeing
salted so early, the whole affair looked vary much like
• trick. Those who called it knew very well that
between that day and Thareday there would not be
time to get proxies to attend— (hear, hear). Without
touching on those points which had been set before
them by the Chairman, be (Mr. Rogers) would specially
direct attention to the enormous amount charged for par.
Ilementary expenses (02,8514 He considered the sumac
enormous that he pressed the chairman for an explana-
tion, and was tad by him that the greater part was
incurred in relation to the Bristol and North Somerset
lines, and paid long before the appointment of a receiver
by the Court of Chancery lond before he was • director.
ettlie raw the same sum again charged he felt it his
duty to make further Inquires and wrote to the shoirmaa
another letter, when he reeeired}repetition of hio former
reply. He obeyed the letter to • few friends and they
agreed wyth bhu that there must be some mistake that
alum of £2,100 was put into the accounts as unpaid
when the chairman said it was paid long before.
What oculd the auditors be about to pass such scoounta?
In • third letter Mr. Waring re•iterated his statement.
In answer to a further latter, the Chairman said,
amongst other things, that the loss occasioned by the
Cherbourg boat to 31st December last is £11,484 4a. Ildl
That in addition to the Burnham Tidal Harbour waa •
very pretty sum indeed. Farther the salaries
amounted to £2,300, which had to be paid out of • line
having an Mame of only 020.000. II appeared, how.
ever, that the directors bad the subject of modifications
In the staff and their salaries under consideration. He
essocluded by urging the neeemoity of an investigation.
Mr. R. Fowler expressed his opinion that it was lin-
postage to plain the affairs of the company on a
satisfactory footing, and entered into an explanation
of the figure. on the balance sheets.
Mr. C. Kitson urged them lobe casinos in what they
were doing, 61 be considered they bad every reason to
have confidence in the Directors, to whom at had two-
thirds of the property belonged. He moved es an
amendment " That this meeting hereby records its full
confidence in the present Board of Directors, of the
Somerset and Dorset Railway Company, and sonsiders
the appointment of • committee of investigation us.
necessary." At • later stage of the meeting—the words
"till alter the half yearly meeting on Thursday next,"
were added.

one of the late Directors, seconded the
amendment, as one of the principal shareholders and
representing others to the amount of £lOO,OOO. With
regard to their connection with the Burnham Tidal
Harbour he held that it was to the railway company
II not a.direct en indirect profit in inareased.traffie.....

Mr. Miller, of Brlstol,'-a-a an original scare Colder,
objected to an investigttion because it would involve
an expense. He enteied into some explanatioce with
regard to the rolling-stook, which he considered their
own, although the whole of the payments were not
made. In reply to Mr. Rigby, be aeksowladged that
four of the engines had been taken posesesion of by
d d 10, but he added tiny should enter an
atr an
co compel them to give them up.
Mr. W. C. nudism did not oonsider that the question
of the desirability of an investigation rested with the
large shareholders alone but that the lesser proprietors
had • perfect right to propose such a course if they
thought lit.
Mr. J. Hussey, of Marnbull, inquired if the resolution
reflected on the present Board of Director,?
The Chairman: Not at all.

Mr. Ritson onestioned whetheri committee of in-
mtigation would be legally effective without it was
appointed at a luill•yearly meeting.
Mr. Rogers replied that the resolution proposed
simply milled attention to the fact that in their opinion
an investigation into the affairs of the company was
necessary. Re Inquired U it was not true that two of
the officials of the line were appointed receivers?
Mr. Miller, the Reeretary, Mr. Read, and Mr. Ifarwood
have been appointed receives', and it is the general
plan sdopttd
The amendments was then pot when eight hands
were held up for ii; the original proposition was sub-
mitted, and 29 voted for it. Uwe' therefore declared
carried.

C. Bart (Witchampton) then prosed
That Thoium Florio& 'Bastard, Robert Fowler, Vim.
Cole Finclism, Thomas Mom Park, Francis Minuet'
Rogers, John Mitchell, Robert Rogers, and Norge
Stoneham Team be • committee, with power to
add to their number, for conferring with the Board
of Director., and furthering an toreetigation int*
the affairs of the Company by such 0/14111 as they may
deem most sdvisable."
Mr. S. Davies (Bhuadford) seconded the proposition,
and it was oarrisd..

WC ii—nOhana proposed 'That the Board of
Directors baring, notwithstanding the protest wade at
6,ss balf-ysarly meeting of shareholders, again rolled
a meeting in London, the Committee be requested to
attend the meeting in London on the 26th July instant,
and more an adjournment for one month, to Blandford
or some other place on the line of the railway."
Mr. J. Mitchell, baring seconded the proposition, it
was tarried unanimously. and the meeting then broke up,