The Express.
London, England, 1852-08-19 00:00:00

NORTH DEVON AN!) DOCH RAILWAY.

The ordinary halt-yearly meeting of proprietors of
this company was held yesterday at the London Tavern,
Mr. SHARLAND, chairman of the company, presiding.
The report stated that the directors have the gratification
of assuring the proprietors that the progress made both in
obtaining the land, and in execution of the works, has been
of the most satisfactory kind, and that the energy displayed
by Mr. Brassey leaves no room to doubt,that the line will be
ready for traffic by the end of next year. During the put
six months upwards of 53,000!. has been paid on shares,
making a total capital paid up of 233,006!., or more than
half the entire capital of the company u reduced by the
act of last year, viz., 441,4001. This enables the com-
pany at once to exercise its borrowing powers to the
extent of 147,1001., being the authorised amount. The
directors has. purchased sufficient rail• and chaits for the
completion of the entire line, 351 miles. The whole of
these rails and chairs are paid fur under the arrangement
with tte South Western Company, and are now in course
delivery. The greater part of the land required is alsopur-
chased, paid for, and either in the hands of the contractor,
or ready for him to enter upon. The directors reiterate
their conviction that the line will be completed and opened
for working by the end of next year, or somewhat earlier;
as soon as this takes place, the proprietors will be entitled
to the guaranteed net income of 12,0001. per annum, with
the moiety of any access of earning., after payment of
working and other expenses. This income of 12,0001. is
guaranteed by Mr. Steamy for seven years after the open-
, mg of the line, and is equal to about 2t per cent. on the
whole cost of construction. The capital account, to the 30th
of June, shows that 233,6491. bad been received, and
214,3031. expended, including 38,6921. daring the half-year,
leaving a balance of 19.3461.
The CHAIUMAN eongratulsted the meetinfr on the report
that had been read, and on the hope they might now enter-
tain that they wore getting out of the mire, and should be
able to carry their project successfully to a completion.
Their borrowing powers would now come into operation,
and they would be able to complete the extension from
Crediton to the Docks. The arrears, although still heavy,
had been much reduced, and by borrowing money on moot-
gags they would avoid the necessity of pressing on the
shareholders. He should move that the report be printed
and circulated.

i4i:f,atin;wked whether they intended to proceed u
far as Bideford ?

The Custanan—Ultimately ; but the funds do not per-
mit of the extension immediately.
Mr. Futrit thought the extension should be expedited as
much u possible. It would be of the greatest advantage
to the town of Bideford, the iuhabitante of which town
were ready to give their warmest co operation. H• him-
self was prepared to take shares to the amount of 5001.
pear, hear.) Mr. Ogilvie, Mr. Braseey's superintendent,
had been over the ground, and had been quite astonished at
the facilities it offered.

The CHAIRMAN admitted that the Bideford branch
would be " the best cod of the stick," but under their con-
tract deed they had no power to raise money for that line.
If the local reridenta were so anxious to have the line, let
them sign a contract deed, and get all the landowners to
consent, and the directors would go to work at once. Other-
wise they could not go to parliament with a reasonable hope
of success.

Mr. Trra concurred in the desirableness of carrying on
the line to Bideford. A deputation was then in London to
confer with the directors, and a committee would be
appointed for the purpose on the part of the latter. No
doubt the general body of landowners were favourable, bat
one or two obstinate men might obstruct all their efforts.
It should also be remembered that when the bill passed the
Admiralty attached a hard condition, namely, that an em-
bankment should be made along the river side, at an ex-
pense of 15,0001. This, and the possible resistance of one ex
two obstinate landowners, were two difficulties to which
the local interests must bring their attention, and which
mast be dealt with before they could hope for a line to
Bideford. At present the company had no funds for the
PU20811:
ear. Farr' suggested a public meeting at Bideford, to
which a deputation from the board might be accredited.
Mr. CUARTZII (from Bideford) promised the warm eo-
, operation of the townspeople in the extension project. He
complained, also, of the ia.ufficient accommodation of the
Fringingliam dock'.
Resolutions, adopting the report and appointing a depu-
tation to Bideford, wore then passed; also one empowering
the directors to borrow 147,0001., after which the proase&-
ings terminated.