The Express.
London, England, 1849-08-28 00:00:00

WILTS, SOMERSET, AND WEYMOUTH.

Yesterday the half-yearly ordinary general meeting of the
proprietor. of this company was held at the White Lion
Hotel, Bath Sir J. W. Ass DRY, vice•chairman of the com-
pany, presided. The attendance of proprietor was far from
numerous.

The directors' report steted that in consequence of the de
pression to which all railway property hu been lately sub-
jected, the directors had thought it advisable to reduce the
present expenditure an the line to the lowest rsaible
The works between Westbury and Frome were being prate
cuted without intermission, but on all other parts they had
been checked or temporarily suspended. This has been done
with the advice and concurrence of the Great Western Nail
way Company,who, says the report, have urged upon the board
the propriety of disoastinumg every expenditure, excepting
that which might be required for finishing the line—first to
Fromm, nest to the collieries, and afterwards to Warminster.
The directors had thought it right to bring to the notice of
the Great Western board that the time wee approaching
when some arrangement should be made as to to the mode
in which, under the altered condition of railway prospects,
the agreements between the two companies were to be
carried into effect. This question had been mentioned in the
report made by the Great %Vestern directon to their proprie-
tors and pending the consideration it would receive from that
company, the directors of the Wilts, Somerset, and Wey-
mouth Company state that they would not at present enter
further into the matter, but would be ready to receive from
them and attentively consider any proposal that might be
made on the basis there indicated. No arrangement, how-
ever, could he concluded without being brought before a
special meeting of the shareholders of this company, with
whom, rather than with the directors, after full considera-
tion the deeision must rest. The report concluded by
observing that the shareholder would remember that there
were a number of shares, the calls on which the registered
owners had, from various misfortunes, become unable to dis-
charge, and which it was the inter.tion of the board to take
the first opportunity of declaring forfeited. These shares,
494 in number, and on which 3,2701. had been paid, had
nos been forfeited, and a special meeting would be sum-
moned, according to the provisions of the act of parliament,
to confirm the f.,rfeiture. The whole of the remaining
arrears on the company's shares, would, is due course of
time, be recovered. _

The engineer's report stated that the works upon the
southern portion of the line, in the neighbourhood of
Weymouth and Dorchester, had advanced very slowly
during the put half-yeu,—nevertheleas, the heaviest
portion and the most important works had been
brought nearly to a state of completion. The tunnel between
Weymouth and Dorcnester was, with the exception of the
tunnel fronts and entrance lengths, all but finieht d, end a
few weeks would suffice for its entire completion, with these
exceptions. North of Dorchester, the Frampton contract
was also far advanced, the covered way at Frampton finished,
and the short tunnel at Poundbury, and the viadulta and
bridges in the adjoining valley, are amongst theprincipal works
remaining. Thence to Yeovil and U Frome nothing
had been done but what was absolutely necessary to complete
the covered way at Holywell, which had been commenced,
and some of the road bridges and culverts which could not be
left unfinished. Similar ne.easary works was all that had
been dose between Salisbury end Warminster. Upon the
Devises branch the works had been totally suspended. Be-
tween Warminster and Westbury some progress bad been
made, but principally upon that portion of the contract
which affected the completion of the extension from West-
bury to Frome. The principal works executed during the
past half year had been upon this extension, and the line to
Frome was now rapidly advancing. About 80,000 yards of
earthwork had been executed during the last three months;
the masonry of the several bridges was in a forward state,
and the work proceeding satisfactorily.
- -

The general statement of receipts and payments to the 30th
Jane, 1849, showed the amount received on calls and pay-
ments in advance of calls up to that date, to have been
1,150,0751. ; by loan account, 32,5001. ; and, on account of
interest payable by the Great Western Railway Company,
in respect of the line opened to Westbury, for the hall-year
ending 31st December, 1849, 2,5641.8 x. ; making the total
receipts 1,185,1391. 13s. The expenditure has amounted to
1,168,3331. 15s. 4d. ; leaving a balance in the hands of the
c impany's bankers of 18,8051. 12s. Bd.
- - - - - -

fhe C H AIRMAN moved that the report be adopted, which
haTitlN been unanimously agreed to, the proceedings ter-
minated with a vote of thanks to the chairman.

SOUTH DEVON.

The report upon the affairs of this company, by Thomu
Rennie Hutton, E q., official assigns* of Bristol, together
with comprehensive accounts prepared by that gentleman,
and to be presented at the forthcoming meeting, has been
Baud. - . . .

It states that up to the 30th June last, 1,957,843/. had
been received on capital account, including 474,9861. on loan
at an average interest of 41 per cent. per annum; the ex-
penditure to the same date 1,927,6851., including 29,2501
expended on shares in other companies; leaving an appar. nt
balance of 30,1581. The outlay on account of the atmos-
pheric apparatus is stated to be 398,2431., and the receipts
for the sale of the atmospheric materials amounted to
42,6661 , leaving a balance against this account of 355,5771.,
and a liability of 21,2001. The liabilities of the company
for land and works for the 'upended breaches to Devespart
and Torquay amount to 124.8001. The account for
the heftiest ending the 30. h of June skews that 41,2.55/.
had heen received, and 26,78.51. expended, leaving a profit of
14,4701., of which 10,8311. is absorbed for interest on deben-
tures, leaving a balance of 3,6381. for the shareholders.
Besides the debenture debt of 474,9661. (which it is pro-
posed to pay off by the creation of a new stock, to change
places with the debenture debt bearing interest at 5 per
ant. per annum in perpetuity), there is a sum due by the
company of about 104' NU • of which there is due to the
holders of preference share: for interest at 5 per cent. per
annum, up to the 30th of June, 1849, the sum of 27,3031.
The remainder, or balance, is due for land purchases and to
contractor', 77,2591. The last-mentioned item for liabilities,
say the sum of 77,2591., he conceives to be the grand dif-
ficulty which embarrasses the present position of the com-
pany, inasmuch ea these amounts are due and pressing.
The total loss upon the atmospheric experiment, after
deducting the estimated amount to be realised from
the sale of the materials on hand, appears to be about
351,0001., which =must, added to the subscriptions to other
lines abandoned, the debt due to the South Devon Railway
Company from Mr. Charles Stevens, and the arrears of calls
on shares not recoverable, making together an aggregate loss
of upwards of 406,0001. out of a capitol of 1,500,0001., it a
proportion of more than one-fourth of such amount. The
South Devon Railway proprietors, while they justly com-
plain of the non.productivenem of their capital, should not
lose sight of the fact that this is not to be attributed altogether
to the want of resources of the line itsel', but in a gnat mea-
SOTO to a very large proportion of their capital being irre-
trievably sunk. The receipts upon traffic account have shown,
since the opening of the line into Plymouth, a considerable
augmentation, and there is a fair tight to anticipate that they
will continue to do so.

PARLIAXENTAST AND LEGAL CHAILGEB.—Under the
above head will be found in the balance-sheet a sum of
71,1391 , composed of the following items :--B,liciton and
parliamentary agents, 36 9261. ; parliamentary surveys,
9.4601. ; subscriptions to abandoned lines, 16,9511. ; Mr.
Chadwick, bonus for subscribing for 1,000 shares, and the
non-acceptance by the directors of his tender for a contract on
the permanent way, 2,4501. ; Mr. Charles Stevens, as bonus
on his giving his promissory note for the deposit on 600
shares, 2501. ; proprietors of projected lines, 3,3601. ; travel-
ling expenses, 2,742/. In addition to the parliamentary ex-
pease., a sum of 36,0391. 19s. 2d. has been incurred in con-
veyancing and for general law business ; of this amount
2,8551. has been paid for stamps, and 2,5601. for agency charges
and other disbursements, leaving a sum of 30,6241. for legal
expenses. Wils regard to the system of amounts he states that
the hooks of tha company are very far from being clear
and intelligible, and recommends that as entire new set of
batiks be framed. To illustrate the necessity for this step,
in the purchase of land and compensation, amounting to the
sum of 225,0171., there are no accounts opened in the ledger
for each purchase separately, but all is entered to the land
and compensation account, so that it would be impossible
for any stranger to ascertain what was the amount paid to A
or B, for land purchased of him. After entering at some
length on the duties of auditors, he states that there has
been no instance of such gross mismangement as has per-
rich d the direction of many other railway companies, but
that much money would have been saved, and the position
of the company very different from what it now is, had the
operation of a stringent audit been always in force. From
the enormous losses of the company, the property demands,
in future, a most prudent and systematic management, to
make them eventually some return for their capital.