The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1859-02-15 00:00:00

%aiLtuaEntrlligence.

LONDON AND tid 11,71.1 WESTEILN.

The half-yearly meeting of this company ISM held
rhurolay, at the Waterloo station, Lambeth ; Mr.
Caatleinan in the chair.
Mr. L Umiak, the secretary, read the notice conven-
ing the meeting and the tea of the last ordinary
general and special meetings' of the company, which
were confirmed.
The report, was taken as read.
The Chairman, in nioviug the adoption of the report
and 'statement of account., said lie thought they showed
a s•atisfactory state of affairs. He thought it due to
their late worthy chairman relative to his retirement
from the chair to allude to the ability with which he bail
for so long a time conductial their affairs. His great
knowledge of railway matter* had been of great service
to the board. The tact he haul exercise,' on difficult
occasions, and the uufform good temper with which he
had presided at their meetings were well know'. to the
proprietore. Although his health would not permit him
Is. retain the chair, yet they had the benefit of his advice
at the board. The directors had placest on record their
extreme regret at his retirement, together with their
acknowledgment of his valuable services, and lie
chairman' thought it would be a graceful act on the part
of the eliarehoblers if they would put something on
record respecting their appreciation of Mr. Chaplin's
long and faithful services to the company. (Cheers.)
With respect to the dividend they Were about
to declare lie thought it teas eatiefactory. lii
the first half of I ssi7 they had earned and
declared a dividend of 4.72 is. (id. per cent., and for the
I second half of Iffrai they declared a dividend of £2 19.. lid.,
I making t.:.5 per cent. for the year. In the first half of
ISM they earned and afterwards declared a dividend of
I, per cent., 'Mowing a deficiency of ns. as coni•
pared with, the corresponding half of ltti7, Isitt in the
second half of ISIS they bad mule up that deficiency by a
divideuil of £2 his. 61. per cent.. making 45 for the year.
Were it not for the depression of trade, he believed that
their dividend would have been about 6 per cent. for the
I past year. He thought the progress the traffic bad
made since the close of the half-year showed the sound-
ness of their undertaking. In the first five weeks of the
present year the traffic had increased above £5.01.10, or
rather more than £l,OOO a week. The Exeter line
would be opened for traffic in the course of the year,
when the draught on their funds for the interest on the
debentures issued for its construction would cease, at
I least to some extent. He might mention that the
Southaiupton Dock Company, at the other end of their
line, had recently laid out £40,000 in the improvement
of their ducks, with a view to accommodate a much
larger amount of traffic than ever they had done pre-
viously. He then called attention to the 4 per cent. 1
debenture stock of the codpany, as being a sound inveat-
, Recut, and one which, if better known, he thought would
Lie more extensively taken up by the shareholders and
I the public. The next 'natter alluded to in the report
was the relation of the Company. He was glad to tell
the ahareholdere that within the last few days the Brigh-
ton C peaty had expreseed their readiness to open ne-
gotiation* with respect to the matters in dispute, and he
could assure the shareholders they were quite es ready
to meet them, and conclude an arrangement consistent
with the interests of the company. An 'arrangement had
been made with the Eausisau end Leatherhead Company,
which would be submitted for the approval of another ,
meeting to be convened for the purpose, when the direc-
tors would lay before the shareholders a plan for the ab-
-1 sorption of that scheme with their undertaking. The
1 steps which lied been taken by the directors in this mat-
' ter were purely of a defensive character. Having the
means in hand to protect their interest they bad no
wish in any way to annoy or aggressively attack the
Brighton Company. The trains to and from Weymouth
had been facilitated in passing over the Dorcheater line
by the completion of the double line, and the working
expenses on it had also been reduced. The Northern
junct: had been completed, by means of which they
had effected • wiring oi time between Weymouth and
London, and performed the distance in half an hour less
than the Great Western. By a further arrangement at
Ly gton and other places they would be able to save
a quarter of an hour more, lie then drew attention to
the Bills promoted in Parliament by the company
which, if *auctioned, would enable them to form wore
convenient junct. at Kew and Barnes, and a branch
Instil Twickenham to Kingston. 'Pierre were several
schemes before Parliament for lines to occupy the ground ; 1
but lie thought they would be defeated by the sanction
of their line, which would not only accointriodate the
district, bat prove remunerative for the outlay. Ile had
on a filmier occasion called the attention of the proprie-
tors to the necessity of combinat ig railway share-
holders, with a view to protect their property from coin-
peting schemes and injurious legislation. All that was
necessary was the oloption of a fair and legitimate course
and tim bring their influence to bear in the proper quar-
ter. Competing lines were easily got up. In the first
instance a great excitement WAS produced in the district
to be invaded, then the engineer and solicitor commenced
operations, and if outficient money could be collected the 1
bill would be obtained, it would oaiii appear to be the
interest of a neighbouring company to buy up the
scheme, and the ..... ney then obtained would be taken
and tiled somewhere else for ler purposes. If lines
were required fur a district they should be made by
existing companies, and his firm conviction was that if
the present mode 14 dealing with railway property
was continued for a few years longer railway property
would be hardly worth holding.
A diareholder seconded the motion, and hoped the
5,060 ahareholdens in the company would express,' Dwir
deep regret at the retirement of their late chairman
and friend, Mr. Chaplin.
After house debate, on the motion of the Chairman, a
formal resolution adopting the report and accounts, and
expresein • the regret of the proprietors at the retire-
ment of Mr. Chaplin from the chair, and voting loan
their cordial thanks' for past services, was passed unani-
mously.
A dividend at the rate of 51 per cent, per annum was
then declared fur the lialf-yeer ending the :11st of
December lost. .

The retiring directors, Mr. Castleman, Captain C. E.
Mangles, M.P., Mr. Mortimer, and Mr. P. W Snell,
were unanimously re-elected.
On the motion of Mr. Tite, seconded by Mr. Puncher,
for raising the allowance to the directors for their ser-
vices from L'2,OIKI to CIO* a year, a long discussion
ensued, in the course of which an amendment was moved
by Mr. seconded by Mr. Clarksom. to the effect
that the allowance he raised to 1:4,0(el a year,
It appeared the directors, 13 in number, were unani•
mouldy of opinion that the allowance should be MOW
a year, as the capital, length of line and work but con-
derably increased since ISM, when £l,OOO a year was
I voted for their services.
Ou the amendment being put it was rejected by a
large majority, and the motion voting Wein r 3,000 a
year was carried.
The proceedings concluded with • vote of thanks to
the Chairman.
, The half-yearly meeting of the Mouth-Western Steam-
' packet Company was then held, Mr. 11. Lacy in the chair,
and • dividend at the rate of 5 per cent. per annum
wax declared for the half-year ending the 31st of Decon-
ber last.

THE Derr ON RAILWATs.—It apprears from a return
juft issued, that in the year ending 3lg March, the
duty on railways was 2346,611.
GKPATWItaiTSKX.—TIia disposable balance of the
accounts of this company to the 31st December last
°is
£146,400 and the dividend 2 per cent per annum will