The Sun.
London, England, 1855-08-10 00:00:00

LONDON

ANI) SOUTH-WESTERN

RAIL WAY-(THIS DA L)

Tie half-yearly meeting of this company was held this
afternoon at the company's offices, Waterloo-road Sta-
tion ; Mr. CHAPLAIN, M.P., in the chair.
The report and statement of accounts, which has
already appeared in Me Sun, were taken as read.

The CHAIRMAN said the state of the traffic of
the line for the half-year was such as was characteristic
of progress, and the expenditure had been conducted
with a due regard to economy. On the whole the direc-
tors flattered themselves the meeting would deem the
report satisfactory, and that it would bear a favouable
comparison with all the railway reports that would be
issued this season in this country. He moved the recep-
tion and adoption of the report and statement of
accounts.

Mr. SNow seconded the motion.
Mr. WOOD complained that the directors had not
published a balance•sheet, as they were bound to do, by
the terms of the act of Parliament.

Mr. DOTES (auditor) said he and his brother auditor
had gone carefully through the accounts, and that the
statement submitted to the shareholders contained a
balance-sheet.

Mr. WOOD having made some general remarks t•
show that the information he required was not given by
the statement of accounts furnished,
The CHAIRMAN said the hon. proprietor was in error
as to the balance-sheet. The directors had furnished
everything required. If the bon. proprietor would call
at the offices every information he required would be
given him on the points to which he had alluded. The
company had embarked 62,722/. in the Exeter and
Crediton Railway, and 117,5051. in the "IN-orth Devon
Railway. The latter had not been long worked,
but he had no doubt they would by and bye have a
good dividend for the outlay. The Exeter and Crediton
was in an early stage of its arrangements with the North
Devon Railway Company, who worked over the former.
The returns of tho Exeter and Crediton Railway for last
week were 221. per mile, which was a large sum for that
part of the country ; and he had no doubt that ulti-
mately they would have a satisfactory dividend.
Mr. MILLS called the attention of the meeting to the
necessity of the directors being requested to give the
shareholders at least 14 days' notice of the day of meet-
ing, for deciding on which of the two lines to Exeter,
the Coast or Central, should be constructed, and he
wished to add it as a rider to the report.
The CHAIRMAN said the subject had been referred to
& committee of seven gentlemen, and assured the meet-
ing nothing should be done without the knowledge and
consent of the shareholders, and that they should have
14 days' notice of the meeting.
Mr. DICKENSON thought the meeting for considering
so important a subject ought not to be called now so
many persons were out of town, but after the long vaca-
tion. He considered they should have 21 days' notice
of the holding of the meeting.
Mr. HUTCHINGS appealed to Mr. Mills not to press
his suggestion, because he thought it would be a pity
to alter the report, especially as the chairman had pro-
mised the meeting no undue advantage should be taken
of the shareholders.

Mr. MILLS said, under the circumstances, he would
not press it, and it was accordingly withdrawn.
Mr. HEREPATH was much pleased to find that although
they ran over 1,000 miles more than formerly the work-
ing expenses were actually less. (Hear.) He did not
like what he saw in the accounts—a suspense account
—which was sure to fall ultimately into the wrong ac-
count. (Hear.) He saw two sums of 11,0001. and 7,0001.
stated there he should like to see put to revenue ac-
count.

Tio CHAIRMAN said the money had been expended
similar to the 42,0001. which was voted at a previous
meeting to capital, but the directors did not feel justi-
fied in placing the sum named to capital, without a
direct vote of the shareholders.

Mr. HEREPATH said if the money had been spent to
make the line perfect, and should have been taken from
capital, he would be satisfied if it were put to capital.

The CHAIRMAN said this line had always been under-
stocked with plant in comparison with other railways.
Mr. lIEREPATH said he was one of the party who
went on a trial trip on this line when coal was used in-
stead of coke, and that the experiment was satisfactory.
In reply to a question from Mr. Hadley,

The CHAIRMAN said that the North and South Junc-
tion was the only guarantee this company had. At pre-
sent that company had not declared a dividend, but hehad
received a letter from the secretary stating the earnings
for the half-year had been 1,7501., being 6001. over this
company's guarantee.

Mr. UZIELLI said that Mr. Hadley was mistaken as
to the appreciation of the extension by the public.
Since it had been decided they were to carry out the
Western Extension,their stock had risen 4 and 5 per cent.
The 366,5001. mentioned by the above gentleman was
only borrowed for a temporary purpose at 3 per cent.,
when other companies were borrowing money at 4 and
5 per cent. That sum had been paid off, and since then
borrowed again at 4 per cent. for three years.
_

Mr. WOODS said as there had been a large failure lately
in the banking world, he suggested the propriety of the
directors transferring their account from their present
bankers to the Bank of England, and invest the balance
in Exchequer bills. _ _

Mr. UZIELLI said that their present bankers paid
them 24 per cent. for the balance they held in hand,
and he thought it would be unwise in them to move
from their present bankers, whom the directors con-
sidered safe. The Board never had borrowed
any money, but should they require it, they might
have a temporary advance without any diffi-
culty, which would not be the case if they went
to fresh bankers. The balance now was but 150,0001.,
which would be drawn in a few days, with which to pay
the dividend. If they banked at the Bank of England
they would get no interest, and speculating in Exchequer
bills was not always profitable. He thought the com-
pany's banking at the Bank of England would be a loss
of 4,0001. per annum to them.
The subject then dropped, and the Chairman put the
motion for the reception of the report, which was car-
ried unanimously.
Power was given the directors to pay 5001.—the
lawyer charges before the committee of the House of
Lords—on behalf of the dissentient shareholders.
Thanks were voted to the Chairman, who, in return-
ing thanks, highly complimented the exertions of Mr.
Scott, the traffic manager.
The meeting then separated.

BOW-STREET.-(TIII DAY.)

THE LATE EXTENSIVE ROBBERY OF WATCHES.

This morning a respectably-attired man, who gave the
name of Letw, was placed at the bar charged with having
a watch in his possession which formed part of a large
amount of property which was stolen from the house of
No. 1, Cecil-street, Strand, on Monday last.
G. Wilder, an assistant to Mr. Brown, a pawnbroker,
residing in Ryder's-court, Leicester-square, having been
sworn, stated that the prisoner came into the shop yes-
terday afternoon and offered the watch in pledge. He
had, earlier in the day, received a printed bill, stating
that a robbery of watches bad taken place at No. 1,
Cecil street, Strand, and on examining the watch, upon
which he requested the loan of 41., he discovered that it
was made by the person who bad been robbed, a Mr.
Milleret, and on further examination he found the
number corresponded with that of one of the stolen
watches. He then asked him where he got the watch
from, and he stated that it had been given to him to sell
by his brotherin-law. A policeman was called in, and
he was given into custody.
Mr. G. Milleret stated that he was a watch manufac-
turer, at Geneva, but at present residing at No. 1,
Cecil-street, Strand, On Monday last he cleared a case

of watches at the custom-house, and having bad them
safely d. posited in lids portmanteau, in his sleeping apart-
ment, he left the house for about an hour and a bait On
re tarn, I,ocios• eccwiion to write a note, he went to
his bed room ior the writing materials, and then dis-
covered the apartment in the greatest disorder. On
elimination of the portmanteau he found that the
whole of the property, which consisted of 83 gold watches,.
a gold curb chain, a gold snuff-box, and a silk purse con-
taining about 01. 10s.—French money--had been ab-
stracted. The property he valued at about 3001. The
watch produced was part of the property.
Police Constable 321 A. stated that he took prisoner
into custody yesterday at Mr. Brown's shop in Ryder's-
court, and that lie (prisoner) told him that he had re-
ceived the watch from a Mr. Benjamin, who resided in
a street in the neghbourh'ood of Holborn. He said Ben-
jamin gave him the watch in his back parlour, and told
him to sell it, and that all the money he got over 41. he
might have for his trouble. He had been to the place
mentioned by the prisoner, but Mr. Benjamin was not
at home.

On being asked by Mr. Henry, the magistrate, to
account for the possession of the watch, the prisoner
repeated the statement he had made to the police con-
stable. He said he resided at 22, Justin-street, West-
minster-road, and was a tailor out of employ.
Mr. Henry—What is Benjamin's other name ?

Prisoner----I don't know his "Christian" name.
Mr. Henry—You don't mean to tell me you don't
know your brother-in-law's name ?

Prisoner—l only know him by the name of Benjamin.

Mr. Henry—Well, we must have Benjamin, and I
will give you time to produce him. I shall remand you
for a week.

Prisoner—Will your worship admit me to bail?
Mr. Henry—Certainly not. Your statement is too
unsatisfactory.
The prisoner was then removed from the bar.