The Express.
London, England, 1850-08-29 00:00:00

THE SOUTH DEVON.

The half-yearly meeting of the proprietors in this
osapaay woe held at Plyeoutle, oa Tuesday, at two o'clock.
T. WOOLCOII3I, Esq., eltairaaa of direaton. is the
After the real of the oompeay had been affixed is the register
of the sbarekolders, and the report had been received r
read,

The CHAIRMAN said he was perry that he could sot
lay before them a more flattering amount of their affairs
The traffic. certainly, had not increased to the entail which
they had coped for, and anticipated; and he attributed the
fact. in great measure, to the length of time which was at all
times netmeary, in the event of a reduction of fares, to bring
up the menus to the amount at which it stood, before such
redactions tack place. It was stated is the report, that
the raising of their fares, in the fleet isstasso, wee set
is the opinion of the director, a very judieieus pro-
aiding ; aria he believed that all experience proved
the truth of that remark ; he mast also repeat his markt•
tion, that it would take some farther time before the %raffia
of the lino increased to the extent to which he hoped it ulti-
mately would imam, is con sequence of the reduction
made. He should say that one of the greatest difficulties
with which this company had hitherto had to contend, had
arises from the inefficiency of their locomotive power • but,
woile he said this, it mast be understood that, so far from
bawls' any pond for oonsplaint molest the Great Western
RillEompasty, they were, Is reality, under the greatest
oto that eompasy, by which they had been kindly
f with locomotive power. With respect to the
capital amottat of the tympany, the directors were doing
everything ?agreeing to ng it to a termination.
They were their meets as rapidly as they
were able, sad were paying their debt 11111 fast al
their mem would allow them. They had been
obia, eonsequense of the unfavounble rush
oft application they had made to parliament, to approp.i
ate to the unhinge of some of their mare pressing liabilities
mosey which belonged strictly to a parka of their share-
holders He treated that the money so takes would always
be regarded as a debt due to time sharekoldem, for
he believed that it was altogether to the plain sad hoses%
policy whisk they had hitherto pursued that they were
indebted its the peon whisk they Yttd ha hitherto flea

"the holders of debenture" of the company. If they
t sueseeded In obtalaleg parliamentary pones to capitalist
f their debt they shoed do it 'reknit', sad go tit
plate the eompway Is a peelion of credit, and siseareillel
:ol g
f advantage" Wish it geed sot at must enjoy. He
should allude vu, slightly—and may for the purpose of
declaring that the direction had had nothing to do
with them—to certain paragraphs which bad got Into
the newspepen—anseseetag, It a semboMcial form,
ea intention on the pet of the direeters of deeding
with the half shone. He weld only say that the dime on
were soottiair:ties, titbit directly or indirectly, to these
rumours, er he believed were calculated to do a great
deal of , Minim they might lead to the belief that
they had bad will* Mesidoeution. GM. plan or other of
deportee beta an entered into with one slam
of these sharetekbee, cans efispriviag that class of them
rights to which they were justly entitled. He wee not
Impend to esy that ansagement might not be made of a
hamielal character between the two dusts of the share-
holders, but as fat as the divulgers were concerned, it
use only be made upon the principle of giving a fair
equivalent for the engagement entered into by the com-
pany at the time the half shares wire issued. Navies
made a few remarks on the adman's. alluded to in the
report, resulting from the recent redactions of the snap
detlee—and suggested that the thareholdin wool l greatly
assist the company by nese on themselves some part of
the debenture debt, the hoe. chairman assedd by
stating that the direetors were anzions that the amounts
should fore ish all the information which the shareholders
geed pomade desire.
Mr. PRANCE wended the resolution.
Mr. C. STEVENS, of London, moved an amenment in
the following terms :
" That the directors of the South Devon Company, hav-
ing been saved with a notice duly signed, ritual:lg them
forthwith to call an extraordinary general :Bowleg of the
shareholders of the sold eompary, for the following objects
or purposes; that I. to say, for the purpose of considering
and determining whether any, and what measures shall be
adop'ed, with a view to the reduction of the working, and
other expenses of the undertaking, improving the traffic: and
us thereof, establishigg and maintaining the credit of
He company, end otherwise improving the conduct and
management of to affairs ; and whether it Is expedient that
the provisions of the company's sot of taeorporation, in refe-
rencia to the mode of appointment, the number and order
of rotation of directory, the right of voting, the audit of
accounts, the power of leering and sale ; and whether
any other provisions should be altered or enlarged;
rad whether application should be made to parliament
for the purpose; and whether it is expedient that
all or any of the matters aforesaid, should be referred to a
committee of shareholders to inquire into and report thereon,
and, if so determined, to appoint sack committee, with
lull power to all for and require the production of, and to
examine, inspect, and take copies of all books, accounts, and
papers of the company, and to employ accountants, and
other assistants, end with all other necessary or proper
annual, and generally for the purpose of considering the
state and condition of the company and its affairs, and
adopting such 01•411n1111 In regard thereto as the meeting
shall deem fit, That this meeting be now adjourned mail
Wedaesday, 9th October next, at 2 o'clock In the afternoon,
to meet again at that hour, on that day, at the Royal Hotel,
at Plymouth."
Hewes prepared to make a statement in support of the views
expressed in that resolution ; bet, as the extraordinary meet-
ing must shortly take place, he thought it better to reserve
his remarks to that period.
Mr. MOULD seconded the amendment.
Mr. W. FOX was of opinion that the adoption of any
such course as that proposed by Mr. Stevens would be very
damaging to the interests of the company—se indeed would
any course the tendency of which waste lemon the confidence
tithe shareholders in the directors.
After a short conversation the amendment was put. Three
heads were held up for it, and four against, and the resolu-
tion was put and ear. led.
The CHAIRMAN announced that be had received a
requisition from Mr. C. Stevens for the call of an extraordi-
nary g I meeting. That requisition would have the
attention of the directors. The meeting then terminated.
The d,recton, in the report received, as read
at the above meeting, state that the traffic of the six
months ending June 30 seems to have been affected
by the 'deem circumstances of the preceding au-
tumn for a longer period than might have been antici-
pant. A made examination of the returns led to the con-
clusion that the increase of fares and reduction of trains had
operated injuriously, and therefore the directors considered
it necessary to effect a reduction of tares, even at some
risk of a sacrifice during the time which would be nqui
site for the full operation of the measure, but the reduc-
tion his only been in operation from April last. The fol-
lowing table shows the number and mileage of pas,
&smears who have travelled en the line during the whole
six months ;

Nike Average
!meager& Trave.
First Class 30,413 .., 617,397 l/ed
...Distance.
21.26 C6,6Amou nt.
99 4 10
Sneed Clam
Third Llaes 67,663 ... 1,323,613 22314 3,686 10 6

236,447 4,352,212 111.22 £23,905 2 2
The amount of the goods traffic has slowly but perceptibly '
increased, and the parcels trade has advanced to an extent
that has compensated for the great reductions of charge '
which were made in February last. The reduction of work-
Mg charges which has been effected Du counterbalanced the
dimioution of traffic. The profit on the half-year, amounting '
to 20,9311. 17s. 104., rather exceeds that of the last half-year.
Tao directors are endeavouring to effect an arrangement
with a responsible and very eligible party for the supply of
locomotive power. The matractor is to incur the wnole
outlay net:emery to provide a stock of powerful and efficient
' engines, similar to the best of those recently brought on the
tins by the Great Western Railway Company. It is hoped
that the arrangement may be brought into fall operation
during the ',smog of next year. The directors regret to
report that the Poet-oft:et authorities have again thought
fit to subject the company to the renewed expense and incon-
venience consequent on another arbitration to settle the
compensation fur the conveyance of mails. Under the pre-
sent state of the law, every company is bioind for three years
by the result of an arbitration,: but the Postmaster-General
is able to demand a fresh inquiry u often as he plume.
Until the result of the renewed inquiry shall be known, the
weekly statements of traffic win, in accordance with
the usual practice, return the same amount for
mail services as that awarded under the last arbitration.
The sggregete amount of profits that bee now been carried
to the general revenue &cement is 55,6631. le. 3d. Of this
sum 3.5,0001. have been transferred as a loan to capital, and
alter debiting the half-year's debenture interest due is
January liar, the balance has been reserved to meet that
which became payable on the 16th of July. It ie a matter of
much regret to the directors that the rejection of the bill
submitted to parliament in the last session has made it in-
cumbent on them to continue the appropriation of the our-plus earnings of the company in aid of the capital, for the
discharge of liabilities to contractors and others, incurred in
the completion of the line. If this bill had passed, provision
would have been made for meeting alt the liabilities of the
company, and a fund available for dividend to the holders of
half shares would have been liberated. Unuer existing cir-
cumstances the amount due en the half shares remains as an
exclusive liability on re , and is stated in a separate
account, and the directors rely en the concurrence of the
shareholders in the continuance of such arrangements as are
required for maintaining the credit of the company, and con-
trauting to its ultimata security. On the subject of the de-
binture debt, the directors are glad to report the judicious
forbearance which has continued to be shown by the holders
of over-due enmities. The directors are using every effort
to effect renewals en the Trost advantageous terms for the
company which the circumstances of the ease will admit of.
The directors hope that the great reduction of duties on
mortgages for small sums and transfers, under the New
Stamp Act, may materially aid the company. The duty on
mortgages, after the 6th of October, will not exceed one-
eighth per sent., while any amount of debentures up to
1,4001. may be transferred on payment of a like duty, and
larger sums will require only a 355. stamp. The company
will, consequently, be enabled to grant debentures for smaller
amounts, which will also be readily and more cheaply trans-
ferable than those which have hitherto been issued, and will
form a more convenient and eligible security in every re-
spect. The directors will not lose sight of the object which
has been so repeatedly and distinctly approved by the pro-
prietors, of creating a psrmaaeat stock having the same
priorities as to payment of interest as the debentures which it
would replace ; and they will be prepared in due parse
again to submit to the proprietors measures for the purpose
of capitalising the debt, and will seek their authority for
applying to parliament for such powers as circumstances
shall render necessary. In conclusion, the directors have to
state that they are still proceeding to realise the gusts of the
company applicable to the discharge of the capital account
debt ; but the distressed state of the iron market has ren-
dered then averse to forcing sales, and some time must
slams before the whole of the assets can be converted. The
amount remaining in sneer upon shine hu been consi-
derably reduced. Some few shares, on which there wee no
prosport of recovering anything, have been forfeited, and the
directors will submit such forfeiture for confirmation at the
present meeting.
The revenue amount for the haltyear ending the 30th of
June showed an expenditure - for locomotive power,
9.7991. Ifse. Id. ; for maintenance of works, pleat, &et,
4,6921 161.91. ; for direction and 'stabil/liana, 5,4811 14s. ;
parcels deli very, 2441. 9.. 44. ; stores, 2291. 10. Id. ; adver-
tising, printing, end stationery, 4881. 17a. 2d. • station and
office charges, 1,1891. 16s. 84. ; stamps, commission, and law
charges, 8091 12a. ; rates end taxes, 1.1921 le. 104 ; pours,
ment duty, 1,1201 7s. 7d. ; Total, 26,2481. lie. 61d. On
the receipt side the amount received for Watt wee-for pas-
etagere, 29,9051 2s. 2d.; for :mile, horses, carriages, par.
cels, Ash, goods, and live Mack, 17,0491. 13s. 74d. ' • fee the
electric telegraph, 241. 7e. Bd, ; for mileage of carriages,
1471. Os. 84. • for registration fees and interest, 1071. ss. sd. ;
leaviag a balance of profit oa the half-year ending 30th of
June, 1860, to be carried to the general account, of
20,9841. 17e. 10d.