The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1859-07-26 00:00:00

nailtnag IntrUignue.

SALLSBURY AND, YEOVIL

The half-yearly meeting a this company was held on
Mmiday at tho MEW, Leadenhall-street; Mr. H. 1).
Seymour. M.P., in the chair.
Mr. Notuan, the secretary, read the report, which
Itu already appeared.
The Chairman, in moving the adoption of the report,
said that since the mat meeting • portion of the line
22i miles in length had been opened for traffic, and he
was happy to Ray that the traffic for the short time the
line had been in operation was satisfactory.
Mr. J. Chapman, deputy-chairman, seconded the
motion.

U. Butt said the. line was looked upon with peat
favour by the inhabitants of the district through which
it passed. Shares were held, from one to TA by pc.rsons
in the locality, and it would no doubt be gratifying to
them to know that the affairs of the company were pro-
gressing satidactorily. He was quite sure that on the
Opening of the line throughout the local traffic would
be trebled, and, of course, be independent of the through
traffic.

The report was then unanimously adopted.
The meeting was then made special to consider the
propriety of leasing the undertaking to the London and
South-Western Railway Company.
The secretary read the special report, which stated
that under the agreement the South-Western Company
had the option of purchasing the railway either for
.P. 567,000 or for the amount actually expended on it,
with 4 per cent. interest and 10 per cent, bonus added
thereon, while by the Act of Parliament referred to, the
proportion of the gross earnings of the railway falling to
this oompany, and lasing 57i per cent., must be comniuted
within A/ years from the opening of the line throughout
into a fixed yearly payment, or failing an agreement
between the two companies, that sum must be settled
by arbitration. The option of purchase still remained
to the South-Western Company, and, although the
shareholders were bound within 20 years to convey that
undertaking to that company for a fixed annual rent,
the amount thereof must be determined by mutual
agreement, and only in the event of no such agreement
being come to at the end of that period was the sum
to be fixed by arbitration. It was evident, therefore,
that for 20 years the shareholders could not be damaged,
nor the terms of the old agreement varied without
their own consent, while, at the end of the time, when
the rent must be wailed compulsorily, the trail° would
be thoroughly developed, and the sum to be awarded
must, in all likelihood, be much higher than it would
be at present. The directors had consequently no
hesitation in recommending the lease for the approval
of the shareholders.

The Chairman explained the object of the special
meeting, which wait to confirm the proposition for leas-
ing the line to the London and South-Western Railway
Company. 57i per cent, of the gross receipts would be
available for interest on the money expended. The pro-
bability was that before the end of the 20 years the,'
would know the ultimate value of their property, and if
any difference should ariu, the Board of Trude would
have power to decide the amount. No doubt great per-
sonal efforts and personal sacrifices had been made to
provide the (ands for the completion of the line. They
had to thank the South-Western Company for the
assistance they had given them. He trusted the result
would be satisfactory to both, and he Gould assure the
proprietors that the directors had obtained the best
terms they could. He concluded by moving a formal
resolution approving the lease.
Mr. J. Chapman seconded the motion, and in doing
so could corroborate the statement of the chairman
respecting the assistance which had been given them by
the South-Western Company. They had not only acted
impartially towards thew, but fairly and liberally.
There wee one thing which he believed would add to
their emus, and that was a determination of both
boards to work in harmony. . .

Mr. Butt thought the agreement wu exceedingly just
and equitable. He trusted that it would not only be
profitable to them, but also to the Idouth•Western
Company. (Hear, hear.) He wished to know, in case
of a second line being required, whether the company
would have to provide it out of the proposed purchase-
money?
Mr. Neiman stated that the cost of a second line of
rails when required would be paid for, in addition to
the proposed summit for the single line. The di pointed
purchase-money of .067,000, included the bonus of 10
per cent.
. . . . .

In reply to a question, it wu stated that an alteration
had been wade in the line so u to obtain a better
entrance into the town of Sherborne.

A formal resolution approving the lease of the line
to the South-Weateni Company was carried unani•
mously.

The :proceedings concluded with votes of thanks to
the chaimmu and directors for their attention to the
interests of the company, and also to the directors of the
South-Western Company for their cordial co-operation
in carrying out the undertaking.

TRAFFIC RECZIPTB.—The traffic returns of railways
in the United Kingdom for the week ending July 18
amounted to 2.519,481), and for the corresponding week
of 1838 to £487,740, showing an increase of £31,740.
The gross receipts of the eight railways having their
termini in the metropolis amounted to £236,139, and for
the corresponding period of Last year to 2213,046,
showing an increase of £11,191. The increase on the
Eastern Counties Railway amounted to £l,Oll ; on the
Great Northern to Did ; on the Great Western to
£6,723; on the London and North-Western to £2,975;
on the London and Blackwell to £l5l ; on the London,
Brighton. and South Coast to £301; on the London and
South-Western to £73 and on the South-Eastern to
£9lB ; total, £12,194. The receipts on the other lines in
the United Kingdom amounted to £293,311, and for the
corresponding week of last year to £273,796, showing
an increase of £19,546, which, added to the increase on
the metropolitan lines, makes the total increase £31,740
as compared with the corresponding week of 1868.