The Sun.
London, England, 1855-04-30 00:00:00

LONDON AND SOUTH-WESTERN
.RAIL.WAY-

On Saturday n special general meeting of the proprie-
tors of the London- and South-Western Railway was
held at the Waterloo-bridge Station, for the purpose of
considering and determining upon the course to be pur-
sued by the company with reference to the bill now
before Parliament for amending the company's acts, and
with regard to the pledge that was given on behalf of
the company, before the Devon and Dorset Railway
Committee, in the session of 1853. There was a nume-
rous attendance.

Mr. W. J. CHAPLIN, M.P., the chairman, said the
occasion of this meeting was a difference between Par-
liament and the company about that pledge, which bad
never been fulfilled. He knew there were differences
of opinion among the proprietors as to the authority on
which that pledge was given, and as to whether the
Committee of the House of Commons were justified in
accepting it ; but it was no a• too late to discuss those
questions, and all they had to do was to find the best
mode of extricating themselves from the dilemma.
When he, ou the Bth February last, introduced the bill
now pending on behalf of the company, a marked hos-
tility was shown by some members of the House of Com-
mons. He defended the conduct of the company as well
as he could, but with very little effect. A wish was indi-
cated that he should take the opinion of the proprietors
as to what could be done; and on the 15th Feb. the com-
pany had a meeting, but there was very little inclination
then to advance in fulfilment of this pledge. On the Bth
March the debate on the second reading of the bill was
resumed; and he (the Chairman), not having anything to
propose on behalf of the company, yet ventured to vindi-
cate its cause. He told the House of Commons that
among the shareholders ageneral feeling of regret existed
at this pledge having been given, which they were un-
able to fulfil. When the pledge was given the company's
stock stood at 90, in May, 1853 ; but in Nov., 1853, it
had sunk to 74 ; and it would be exceedingly difficult,
therefore, to raise money upon it ; the directors could
not, therefore, lay before the company any plan of raising
the capital of 750,000/. which would have been required
to perform the stipulated work. Notwithstanding this,
the directors would have been willing to subscribe the
deed, and become personally responsible to Parliament,
and would have trusted to Providence for the means of
raising the money at some future period: but the majority
of the shareholders was against them. The directors had
done all they could, to perform the pledge, but it was impos-
sible; and as there were 4,000 shareholders, with 64,000
votes, the fate of any proposition made by them to the
company must be uncertain. After describing the fluc-
tuations of the company's stock, he (the chairman) told
the House of Commons that the shareholders, having
taken the matter into their own hands, had altered their
opinion as to the policy of any extension line ; and he
then implored, as it were upon his knees, pardon for
their having broken the pledge. He submitted also that
the district to be traversed by that line was much altered
in its character ; for, as to the portion between Dor-
chester and Exeter, there was already a bill before the
house for a line to Bridport ; and an act had been ob-
tained for the tributary branch between Exeter and Ex-
mouth. The central line, which he (Mr. Chaplin) had
been most desirous to carry out, had been occupied,
from Salisbury to Yeovil, by another company, but the
South-Western Company had entered into an amicable
arrangement to support it, with which view their Basing- -
stoke and Andover line bad been carried on, for thirty
miles, to Salisbury. The South-Western Company had
thus endeavoured to do justice to the Government and
the putilic. Such were the representations he (the
chairman) made to the House of Commons. But when
the bill went into committee on the 24th April, find-
ing in 'it no proposal to redeem the pledge, the com-
mittee cleared the room, and quickly came to a resolu-
tion which showed the animus that prevailed : "That,
in the absence of any satisfactory proposal being made
Upon this point, the committee will, in the event of the
preamble of the bill being proved, insert a clause binding
the South-Western Company to carry out fully the terms
of that pledge, on pain of the company's dividends being
stopped ; and that, if the bill should be abandoned, they
will bring the subject before the House. of Commons, to
be dealt with as the circumstances may require." The
directors were also pretty well informed of the inten-
tions of the other House of Parliament, which would
support the same view. Next Thursday was named for
the next meeting of the committee, and they were open
to receive proposals from this company for a modification
of the pledge it had given. Now he (the chairman)
thought, knowing the sentiments of the committee, it
was becoming that the company should make some ar-
rangement. There had been a great deal of moneyspent
on the west of England, and it would be inconsistent for
the company now, when it was almost forced to go on with
it, and when every difficulty would be removed and all
the expenses of getting a bill would be reduced, to refuse
completing this work, by which the honour and charac-
ter of the company might be saved. In 1852 lie brought
a measure before the House of Commons to complete
the line from Salisbury to the west of England, when 8
of the 13 directors were in favour of the measure, which
they considered to be sound and salutary. He thought
so still, but the shareholders having thought otherwise
the measure was defeated, and he (Mr. Chaplin) there-
upon retired from the chair. Afterwards the Hon. Mr.
Scott, who succeeded him in the chair, seeing the coun-
try about to be occupied by another company, proposed
an alternative scheme along the coast ; but that was also
defeated, and Mr. Scott, with the same feeling as had
actuated himself, retired, and he (Mr. Chaplin) resumed
the chair. He felt strongly, however, that the wishes
of the shareholders were against any poliCy of exten-
sion ; and he, with his colleague?, bed carefully ab-
stained from it ever since. But the company woo new
in such a position that the question Inuit be encoun-
t« red. The committee had kindly left a door open to
the company, and• would not inflict upon it a precise
compliance with the pledge, involving a very heavy ex-
pense. The course which the directors now recom-
mended was, "that -Ere bill now pending be not, in its
present stage withdrawn, but that the cJinpany should
obtain from the committee the option of redeeming the
engagement by bringing in a bill for authorising the
construction, in as long a period as Parliament uould
sanction, of a railway in extension of the narrow gauge
line, from Yeovil or front Dorchester, at the option of
the company, to Exeter ; and either on their own ac-
count solely, or in conjunction with any other company
or party." The directors asked for power to meet the
committee, and make the best arrangement they could.
They would be careful to avoid any unnecessary outlay,
and hoped to obtain, in consideration of the unfortunate
circumstances of the times, an enlarged time. The war
would not, he trusted, last for ever ; and it might be
advantageous to the company if times improved to have
undertaken this matter with such facilities for its execu-
tion.
The directors meant to avoid, if they could, any
issue of preference shares ; they would ask for power to
treat with other parties to make a part or the whole
of this line ; and their friend, Mr. TJztelli, had thrown
out an idea of some loan from the Government,
which was the more reasonable in such a case, where
the work was really forced upon the company. He (the
chairman) talked seriously about it with Mr. Disraeli,
when Chancellor of the Exchequer ; and although he
could not flatter himself that the company would get it
now, the times being more difficult, yet they might at
least ask for it. The finances of the company were in a
regular and advantageous state ; they bad kept within
compasi, and not run riot in borrowing, like other rail-
ways. He did not see, therefore, why the standing orders
should not be relaxed in their case, and the company en-
abled to borrow the money upon debenture, as it might
be required. At this moment they were offered money at
4 per cent., and bad refused it at 4i only yesterday. If,
therefore, money could be gradually obtained at a cheap
rate, he hoped the difficulty might be got over, without
Icalling on the shareholders to make any sacrifices, and in
a manner satisfactory to all. It was the duty of the di-
rectors, however painful, honestly to declare their feeling
upon this subject, in which they were, with one excep-
tion (Mr. Serjt. Gaselee),lquite unanimous. They proposed
what was, in their opinion, the right thing to do: But
if the shareholders should determine to do nothing, upon
them, and not upon the directors, must the responsi-
bility lie.
Mr. TITS, after referring to the contests between this
company and the Great Western Company for the west-
ern country, warned the shareholders not to be persuaded
to adopt the line from Dorchester to Exeter Lit would
he a much better thing to take the line from Yeovil to
Exeter. He should be infinitely better pleased if they
could take neither ; but there was a contract solemnly
made, which the company could not repudiate. They had
put their hand to the bill, and must not, let it be dis-
honoured •, fot what principle, except that of keeping
faith with our engagements, made England so great
amongst the nations of the world ? It might be suggested
to evade the present difficulty by withdrawing the bill now
before the House of • Commons ; but would that restore
their lost character ? And they would have to go to
Parliament again, he believed soon, to sanction one of
the largest and most advantageous alliances that could
be conceived. (Cries of no, no.) He declared it,," Yes,
yea ;" the gentleman who clamoured knew nothing about
it ; he asked them would not an alliance between the
South-Western Company, the South Eastern, and the
t
Brighton Railway Company, with a common interest
and common objects, common rates and a co?mmont_a
ter-
minus, be an object worth thinking about . and h
t
perhaps very soon.
go to
was hat
,they would
Ihfasvoe, towghaottowarsatrialioamuesnet
offor, and
perhaps very soon. If so, what was the use of with-
? lle believed
Parliament theabgialiln ii,o
andw , whenwoula tbhee yr
nweto haveuwlidth
the
sameto
de-
mand for the fulfilment of their pledgeo
oily
applied,
the expenditure of 750,0001., if r
with the honest a
d• t 'et
owners and others, and
in the is q
who required railway accommodationtriely well. The di-
without any plundering exactions madePP
aid
tohfe land-
sh oserectois should not have their
make the best bargain they
to the committee and
might be made to
from this diffi-
culty pay
eX
handseu
and unavailing to raise a
~tshhewhen Government and the
proposedutions aofretsholoutninonni,-
cou ld,i afourd
it extricatew a. 9 i
fools
r
cry of " no surrender
c“oTuhriatiti t hire er
resolutions
the directors will subject the companyb
IN%i;tevriengagactonnestidthereendl.
umsta,nces of the company, and haviw.,
to no greater obligations than they find to be absolutely
confidencernittee and
tlciai'rte
necessary, this meeting delegates to the directors full
power to act in this matter on the camP4nY's behalf as
• they may consider necessary and expedient."
The CHAIRMAN expressed his approbation of the reso-
lutmiorn:
manAdNaocracEesp, .
te4ipt..,
seconded the resolution, and ad-
vised the company not to imitate the ridiculous perti-
nacity of Mr. Pickwick, who, after
having solemnly
, protested that he would never pay one farthing of the
• damages in the suit against him,
s, the courtshim,is , found himself obliged
to wink at their layhnent
1 law being too strong for by of
. given for value received, thelaim. .committee
pledge had been
h)
tohrowoonat mithtteeedrnioaltBsw3
eboemteif
persuaded therebyi