The Sun.
London, England, 1855-02-16 00:00:00

LONDON, FRIDAY EVENING, FEBRUARY 16 1855.

RAILWAY INTELLIGENCE.

GREAT WESTERN.
The thirty-ninth half-yearly general meeting of the Great
Western Rahway Company was held at ON Paddington sta-
tion yesterday. There was a large attendance of shareholders.
The chair was taken by Mr. Charles Russell, the chairman
of the company,
The usual formal proceedings having been gone through,
The CIIAIIMAN said it would have been observed from the

accounts that it was not proposed to declare a dividend larger
than that which was paid during the last, half-year. The
company had suffered in' its revenue from the war and the
high price of provisions and other necessaries of life, which
had diminished railway travelling and trade, so that the re-
ceipts for the last half-year only very slightly exceeded the
receipts of the last half-year of 1853. At the same time
there had been made against the revenue several very heavy
charges, which were wholly of a temporary and transient
nature. Amongst these charges was 27,400/, for defi-
ciency, arising from the amalgamation with the Shrewsbury
lines, ordered by a resolution passed at the last meeting
to be charged against the revenue of the half-year in which it
occurred. During the present year such an improve-
ment had taken place in • the tra is on these lines, that,
there was good reason to hope that this deficiency would
shortly entirely disappear. Another charge was the loss of
4,2301., resulting from the union with the South Wales Rail-
way. Another charge, amounting to 7,7501., arose from the
reduction made by.a very stringent award in the armunera:
tion for the mail service on which the directors had calculated.
Only one instalment of the claim remain to be settled, and
this charge would, he hoped, soon be obliterated. These
charges against the revenue of the half-year -amounted alto-
gether to 17,0001. ; but the directors had the satisfaction of
knowing that they were in process of certain, rapid, and early
extinction. The interest ut on the cost of construction of the
Birmingham and Oxford Railway, and of the Birmingham,
Wolverhampton, and Dudley Railway, had, from the dates of
their opening, been charged against revenue altogether. On
these lines there was yet no goods traffic, and the passenger
traffic could not be completely developed until this company
bad obtained a certain and continuous communication with
the north. By the completion of the latter of these railways,
and the amalgamation with the Shrewsbury companies, much
progress had been made towards the completion of this com-
munication. For its further promotion the directors were
negotiating an arrangement with the Birkenhead line,
which would be submitted to the proprietors of this railway
at a special meeting, to be held for the purpose in March
next. The difficulties which had occurred in connection with
the Wilts, Somerset, , and Weymouth Railway, with which
the old proprietors were ill familiar, and similar difficulties
in the north, had greatly increased the cost both of the
northern railways belonging to this company, and of that
line, and had imposed upon this company the necessity of
taking powers for the raising of additional capital. Had it
been a matter of choice, this was not the time which the di-
rectors would have chosen for such an operation; but it was
a matter of necessity, and they had no option. Although it
was neces:ary to take power for the whole amount at once,
it did not follow that the stock would all be issued at the
same time. The directors would issue it in such amounts,
and at such times, as should be most advantageous. The sum
proposed to he raised would enable them not only to complete
the Wilts, Somerset, and Weymouth Railway, but also to
lay down a mixed gauge between Oxford and Basingstoke,
which they were under Parliamentary obligations to do to
complete the Paddington station, and to increase, as
it was absolutely necessary they should increase, their
station accommodation on the line to Bristol, and as far north
as Wolverhampton. With the completion of the Wilts, So-
merset, and Weymouth Railway, they would- have finished
all the works to which they were ',pledged, and haVe got
through all those difficulties with which they had been
struggling for the last eight or ten years. They'should have
secured their territorial position, done much to protect their
western traffic, created a new traffic in the north, and have
opened communication with the ports of Southampton, Wey-
mouth, Plymouth, Falmouth, Bristol, Liverpool, Milford
Haven, and Birkenhead. He (the Chairman) had 'always
been of opinion, and had always expressed that opinion, that
the time when they opened their northern lines and the
Wilts, bomerset, and Weymouth lines would be a time of
trial. They were now suffering from that pressure, and must
for some time continue under it ; but when they had passed
this difficult period, was it being too sanguine to hope
that they would then derive a large accession of traffic
from these sources I Within the last few weeks the
directors had been engaged in remodelling their traffic ar-
rangements. They had secured the services of a very able
and experienced traffic manager, Mr. Newcombe, who had
entered upon the management of the northern district with
the amplest possible powers. They had made similar ar-
rangements in regard to the metropolitan and western dis-
tricts, and he hoped that they had thus provided the means
of a vigorous and energetic administration of the goods traffic.
The most promising circumstance was the friendly relations
which had recently ben established between the London and
North-Western Company and this one. (Applause.) The
object of the arrangement which had been made was simply
to provide that the charges of both companies should be mo-
derate and reasonable, but remunerative, and that a stop
should be put to the spirit of reckless competition, which
ruined shareholders, and was, he believed, prejudicial to the
interests of the public, by rendering it impossible that com-
panies which were rash enough to act upon such a principle
should conduct their lines with efficiency or safety. To these
principals the directors of the company could have no hesita-
tion in giving their; adhesion, because on them they had
always endeavoured to act. They never retaliated-upon the
South-Eastern for obtaining, by means of extravagantly low
charges, some of their traffic from Reading, nor had they at
points where they had come into collision with the London and
North-Western endeavoured to divert traffic from the lines
of that company by extremely low rates. (Hear, hear.)
There never was a time at which they would not have entered
into au arrangement with the London and North-Western
Company upon these terms. The arrangement which had
been made between the two companies was in his opinion cal-
culated, if carried out in a judicious and considerate manner,
to prove not only advantageous to the great body of railway
proprietors, but also consistent with the soundest principles
of commercial economy, and conducive to the attainment of
most just and most rational objects of public policy.
The SECRETARY read the report, of which the following are
the essential parts :—" An analysis of the traffic manifests an
unusual stagnation during the last few months in railway
business of every description, the income from each section of
those railways which have been long opened for public use
proving in 1854 to be nearly identical in amount with that of
the corresponding half-year in 1853. During the half-year,
29 additional miles of railway had been completed ; and
although the time has been short, and the disadvantages
great under which they have been opened 'for traffic, there
are satisfactory indications of prospective benefits from them.
The Wycombe Railway, of 9] miles, was opened on the
let August for the conveyance both of passengers and
goods. The Radstoke branch, of 8 miles, was Opened,
I for the transmission of coals only, on the 14th Novem-
_ _

ber ; the Birmingham, Wolverhampton, and Dudley
Railway, of • 04 miles, from Birmingham to Priestfield, and
the railway of 14 miles beyond Wolverhampton to the junc-
tion with the Shrewsbury line, were opened for passengers on
the same day. It is already known to many of those inte-
rested in the prosperity of the Shrewsbury lines, and with
much satisfaction, that the ruinous annihilation of all profits
in respect of those railways, so long existing, has terminated
since those undertakings have become the property of the
Great Western Company, by mutual agreement with the
London and North-Western Railway Company; and that
the competition for traffic is for the future to bo carried on
at moderate but remunerative rates -the only method, as
your directors have always represented, which, in their opi-
nion, is calculated to insure both to the public and the pro-
prietors the substantial benefits of a fair and enduring rivalry
between'two independent systems. It will be perceived from
the accounts thht, as anticipated under the circumstances so
fully explained at the last meeting, your revenue is still en-
cumbered with a heavy loss for those undertakings. In or-
der 'to secure the economical and harmonious transaction of
business over every portion'of those continuous lines, it has
been deemed expedient to undertake the working and man-
agement of the Birkenhead lines, extending in ,one direction
from Chester to Birkenhead, a distance of 16 miles, and in
the other direction to Walton, near Warrington, a distance
of 17 miles towards Manchester. The principles upon which
that arrangement has been based are to secure to the Birken-
head lines all the traffic which shall pass over your rail-
ways, and to give to them the entire profit from every
source of their revenue.; the Great Western Company
being satisfied to undertake the expenses of conveying and
managing the traffic, at a very low percentage, in order to
prevent interruption to their business by want of uniformity,
of system, or by obstructive misunderstandings and disputes.
The Birkenhead Company are to have secured to them a
minimum amount of gross receipts, with a definite increase
as already explained in the circular; and the Great Western-
Company are to have tho optiOn within five years of taking
the lines on a perpetual lease at a fixed annual rental. The
directors recommend this arrangement for the sanction and
approval of the special general meeting. The lease of the
Cornwall Railway conjointly to the Great Western, Bristol and
Exeter, and South Devon Companies, under the powers of an
existing act of Parliament, has been suggested as the best
means which can be afforded to that company for raising
money to insure the completion of their undertaking, and
primarily of that portion of it between Plymouth and Truro.
It will be remembered that a mandamus from the Court
of Queen's Bench rendered the completion of a railway be.
tween Bradford and Bathampton obligatory upon the
company, and that legal proceedings, having a similar ob-
ject in respect of other lines, were only suspended upon an
undertaking from this company to apply to Parliament
for extending their power to raise additional capital, and for
a prolonged time to construct other portions of the Wilts,
Somerset, and Weymouth Railway. Resolutions of the
proprietors, from time to time, confirmed those proceedings ;
and the act to raise the additional capital and extend the
period for making the lines (which was submitted specially
for approval at a meeting of the company) received the royal
assent during the last session. The time has now arrived
when the exercise of those powers must take place. The cir-
cular with the accounts has described the position and extent
of the additional lines of railway which will be thereby
brought into operation, and it may be mentioned that the
moneys to be raised by this creation of shares, together with
the balance in the hands of the company, will enable the di-
rectors to complete all the expenditure to which the proprie-
tors are pledged, by Parliamentary enactment, for new lines
or Works connected therewith. The repayment of advances
already, made from capital, in respect of the Wilts, Somerset,
and Weymouth Railway, by means of the said creation, will
s laying
Oxford
Basing-
stoke, r
cover the further cost of the Paddington station, which is
estimated atthlesou,aomoow gaugel., a
swell
between a s o f
sidings of
and will complete the various improvements and ac-
commodations contemplated on every portion of the Great
Western lines as now opened up to Wolverhampton. The
only other' augmentation to be made by the vote of proprie-
tors, will be for additional locomotive stock, needful for
the new lines referred to, as well as for an increasing demand
of plant over the Great Western and South Wales Railways.
Theso requirements` fir new rolling stock will not be less
than the sum of 150,0001. over and above the sum which
has been expended, and which already shows an excess of
nearly 106,000/. over previous votes. Under the provisions
of the Amalgamation Act, 1854, six directors were added to
the Great Western Board ; one of that number being nomi-
nated by Sir Watkin Williams Wynn, Bart., M.P., of his
own right, in virtue of a priviege conferred upon him by the
Shrewsbury and Chester Act, the other five being selected by
the two Shrewsbury boards, and the whole number now con-
sists of 18 directors. The retirement of fiVe directors of the
united board takes place at the present half-yearly meeting,
when Mr. A. K. Baker, Capt. Bulkeley, Mr. J. W. Miles,
Mr. Henry Siumonas, and Mr. John William have annynneed

their intention to stand for election. In consequence of Mr.
Haswell's retirement, Sir Watkin Williams Wynn has exer-
cised his privilege of appointing himself to be a director of
the company. It is the ptovince of the proprietors to settle
and determine what shall be the remuneration for the united
board of management ; and also to fix the proper allowance
to the auditors fel. undertaking the examination of the ac-
counts of the Shrewsbm7 and Birmingham and Shrewsbury
and Chester Railways."

The CuenotAN moved the reception, adoption, and circula-
tion of the report, which was seconded by another member
of the board,

Major COURT objected to the adoption of the report, be-
cause it had not been circulated, and , the directors sought
to raise additional capital to the an:cunt of 250,0001. The
assignment of war and cholera as reasons for the smal;ness of
the dividend wcs all humbug. The net revenue for 1854 had
exceeded that of 18.',3 by 65,0001., hut this bad been cap-
tured by the Shrewsbury and South Wales line. They had
declared diVidends at the rate of 3 per cent., but had only
earned 21. 16s. The bans for which the company would
have to pay soon had been called for by a profuse and lavish
expenditure, (Applause.) There was not one scheme which
had been originated by the directors of this company which
had not reslilted in a loss. (Applause.) During 18;4 the
company bad expended 1,600,0001., from which they had re-
ceived not a sixpence of profit, and from the greater portion
of which they would never obtain any. In regard to the
Wilts," Somerset, and Weymouth Railway, be complained
that the directors had never laidliefore the shareholders the
agreement with that company, nor any information -on the
inflect. Had they done so, he believed much of the loss
upon that 'head might have been Raved. It was originally
said that the line would cost one million, but it had really
cost three millions.

The SECRETARY explained that the agreement with the
Wilts and Somerset Company had been repeatedly submitted
to the shareholders of this company ; and, also that the line
would not cost so much as the honourable proprietor had
represented.
Major COURT said that his error arose, fiima, want of infor-
mation.

The SyrnwrAny read ft pnragraph of the circular which ac-
companied the accounts to show that necessary information
had been given to the shareholders..

Major &nay moved, as an amendment upon the original
motion, that the report should only bo received.
Mr. C. MARSH seconded the amendment, and recommended
that the direct, ra should have the assistance of a committee
of shareholders in settling the arrangement with the Birken-
head Company. He also inquired what was the rent now
paid for the hotel; and gave notice that at a future meet-
ing he should propose a resolution providing that of the
retiring directors one should be ineligible for re-election with-
in five years.
The SECRETARY said that the rent of the hotel for the first
year was 1,0001., for the second, 2,9001. ; for the third and
fourth, 3.00 q, ; and for future years, 3,5001., which would
be V per cent, on the cost. . ,

. _
Mr. H. FINER complained that the company was paying too
large an interest upon its mortgages and debentures. If the
recklessness of the directors in taking new lines continued,
there would soon be no dividend at all. He protested against
taking any new lines, or the perseverance in a Course which
had reduced the dividend to its present small amount.
The SECRETARY/Said that attention had always been paid to
boiTowing money at the lowest possible rate.
Mr. L. DAvis •advocated the proposed capitalisation of a
portion of the debt, as it would thus be allocated to proprie-
tors of this company, and not to strangers. The traffic of the
South Wales Railway was increasing, and he believed that at
a future time that would be a highly remunerative line.
Great improvement was going on in the revenue of the Shrews-
bury lines, and he believed that the receipts from those lines
would, in the future, be still further increased. Looking at
all the circumstances connected with the position of this com-
pany, ho believed that their affairs were now at the worst,
and that they would go on progressively improving. It was
too late now to cavil at undertakings which were the result
of proceedings adopted years ago ; and ho understood that
the money now proposed to be raised was part of it (600,0001.)
to repay an old debt, and the remainder to complete *the
works as far north as Wolverhampton. -
The SECRETARY said that this was so ; and added that no
new works, except such as would be paid for out of the sum
now called for, were contemplated within the district south of
Wolverhampton.
Mr. AVERY said that no good reason had been advanced to
induce the meeting to decline to adopt the report. The "la-
vish expenditure" which had been objected to against the
direction had arisen out of undertakings all of which had
been sanctioned by resolutions of the shareholders. Much
of the expenditure had been occasioned not by the reckless-
ness of the direction, but by the Parliamentarygposition of the
company, and its being obliged to execute all the undertak-
ings for which it had obtained powers. It was essential to the
future prcsperity of the company that they should strengthen
the hands of the directors to carry out the lines now in course"
of construction—(No, no, no, and interruption)--and to de-
velope their traffic upon them.
The Hon. C. L. BUTLER attributed the unfortunate state of
the company's affairs to the incompetence of the direction, and
announced his intention of moving a resolution pledging the
meeting not to sanction the making of a new line, the lease of
an existing line, or the increase of the capital, until the rail-
way was in a position to pay a dividend of 5 per cent. At
the same time he said that he did not object to the increase
of capital proposed in' the present report.
After a little further discussion,
' "

The CHAIRMAN urged that, as most of the information, and I
that of the most important character, contained in the ro-
pOit nod been paovlOUßly 511 iTvi
by the accounts or other documents, there was no need to
have circulated the report prior to the day of meeting. In
reply to the observations of Major Court, lie defended the
board from the charge of having been guilty of reckless
extravagance." What was the position of the company with
regard to the four undertakings which would have imposed
the heaviest burdens upon them In respect to the Oxford
and Worcester Company, they had strenuously refused to ac-
cept liabilities which it was never intended they should
undertake, and the consequence was they had no ar-
rangement at all with that company. With the South Wales
they had a modified agreement, from which it seemed pro-
bable that they would reap a profit. With respect to the
Wilts, Somerset, and Weymouth, and the- northern lines,
they were yet in a position to speak only of the cost, and had
not yet experienced the benefits to be drawn from them.
Since they embarked in those schemes in the years 1846 and
1847 the directors had entered into no undertaking except
the amalgamation with the Shrewsbury companies. The
directors had given their most strenuous exertions to the in-
terests of this company. They had never sought their own
benefit from it, but had made that which was right the rule
of their conduct. If the shareholders were not satisfied with
them, he knew one, and he believed there were many others,
who would be exceedingly happy to resign his trust into their
hands.
Major Couwr disclaimed having intended to impute any
want of honesty either to the chairmatt or the directors.
In reply to a question,
The CHAIRMAN said that at their last meeting the proprie-
tors voted a sum of 175,00J1. towards the Metropolitan Rail-
way. If that railway were completed this would, he be-
lieved, be one of the best investments which this company
had ever made.
The question having been put, the amendment was nega-
tived, and the resolution was adopted by a largo majority.
A dividend at the rate of 6 per cent. per annum was de-

dared.
The retiring directors were unanimously re-elected; and
Mr. John Williams was elected a director in place of Mr.
(Disapprobation.)
James Haswell.
The CHAIRMAN then moved that, in consideration of the in-
creased duties which had been cast upon the'auditors since
they accepted office, the allowance to them should be in-
the directors, expressed un-
creased from 1001. to 15d1. per annum each.
The resolution was seconded, and unanimously agreed to.
Mr. L. Dells moved thi increase of the allowance of the
, and suggested that
NdviirTlelinietgnocrsenssAufrontmrsrle,:ecinOivOe/ihstoeolpa3ra,goreotooalfi.i
increase
the amount to be voted should be only 1,800/.
This suggestion was received with a general expression of
satisfaction, q,nd the sum mentioned was unanimously Voted.
The Hon. O. L. BUTLER then moved the resolution of which
ihte
whaasd
ageooivenndendo.
The CHAIRMAN expressed a fear that the resolution, astice at an earlier stage of the proceedings, and
worded, might injure the property of tho company ; and save=
ral proprietors urged its withdrawal, on the ground that it
might
deffoeici tag! this meeting could
Mr. BUTLER declined to withdraw the resolution ; and after
nwootubl di
nbde
some discussion, an amendment, moved by Mr. Dews, that it
should not be put, was agreed to.
fpurotudremotnivese, oafndnomgi
On the motion of the CHAIRMAN, the sums mentioned in the
report were voted for the completion of the Paddington
station and the supply of rolling stock.
The meeting was then made special, when
The CHAIRMAN moved a resolution authorising the raising of
additional capital.to an amount not esooeding 1,325,0001. in
shares, which was seconded and agreed to. '
The CHAIRMAN moved another resolution, authorising the
directors to conclude, in conjunction with the South Devon
and Bristol and Exeter companies, a lease of the Cornwall
Railway. He explained that the object of this arrangement
was to enable the Cornwall Company to float their dehen.
tures,-without which they could not completetheir lino. The
completion of this was of considerable importance to this com-
pany. According to the terms of the proposed arrangement,
the associated 'companies were to work the Cornwall line, the
first receipts of which were to be applied to pay the interest
upon the debentures. The second charge upon the receipts
would be the repayment of the working expenses, and until
the companies working the line had been reimbursed the
money advanced for these no dividends would be paid upon
any shares. The amount of liabilityto be incurred by the
Great-Western as to the interest of debentures- and working
expenses was
two-ninths of the capital ; and there was no
probability that it could sustain any loss.
After a short conversation, the resolution was agreed to,
and the meeting, after voting thanks to the chairman and
directors, adjourned to Thursday, the let March, for the pm,
pose of considering the proposed arrangement with the Bir-
kenhead Railway.

new office,
the LONDON AND SOUTH-WESTERN.
re-eligible, offered themselves
The half-yearly general meeting, of the proprietors Of this
Waterloo
-bridge
raetceitykee
thcoemreppaondy'sfor
pre-
ceding half-year, to declare a dividend, to transact the gene-
ral business of the company, and to fill up vacancies in the
direction occasioned by the retirement, under the provisions
of the act, of Mr. W. J. Chaplin, M.F., and the Hon. Ralph
Heneage Dutton, who, being
for re-election.
The chair was taken at one o'clock by Mr. Chaplin, 3/I.p.
The minutes of the preceding meeting having been read and
confirmed, the report was taken as read.
The CHAIRMAN then rose, and said that their neighbours,
the Brighton Company, usually met on an earlier day than
the South-Western Company, and the chairman of the former
company had remarked that by their earlier meeting they
usually set the key by which other meetings were attuned.
That gentleman had certainly given a most dolorous tone to
his last meeting, by stating that the shares of the company
had fallen from 108 to 98. Now, he wished to impress upon
the shareholders present that they were perfectly justified in
taking a more cheerful tone, and instead of playing the dead
march in Saul, they might almost sing, " 0 be jnyfur—
(laughter)--for they were about to receive a clear and honest
5 per cent., and to take their place amongst the first-class
railways. (Cheers.) When the receipts for the half-year
ending Dec., 1854, exceeded those of the corresponding half-
year in 1852 by 56,6001., and when, in fact, there were no
encampments, naval reviewsi or other attmtione to acceunt

for that increase, he thought no one could doubt that the
increased income had arisen from legitimate traffic, and that
the affairs of the company were in a satisfactory position.
Although the receipts had increased so considerably the addi-
tional expenditure, notwithstanding the high price of many
articles, had not exceeded 5,4701. The Goal traffic on the line
was most encouraging, as would -be apparent from the fact
that of the 56,000 tons of goods carried 36,000 tons consisted
of coal. (Hear.) Some persons might imagine that the in-
crease in the receipts of the company was accounted for by'
the war. The company certainly had derived some advant.ve
from military movements and the. conveyance of huts ; but,
he believed if we had• been at peace the traffic would have
increased to a considerably larger extent. The requirements
of the Government had materially interfered with the con-
tracts at S,.uthamptou, and deprived the company of a great
deal of mail communication and merchandise. In fact, there
had been a positive decreatie in the traffic, so far as South-
ampton was concerned, and therefore it was quite clear that
the increase which he had mentioned had taken place gene-
rally over the whole line. (Hear.) • One of the items in the
report was a sum paid to the steam-packet department for the
purpose of keeping up the stock, and, in addition to that, it
had been found necessary to order a new packet to afford the
necessary facilities for parties wishing to visit 'the Paris Ex-
hibition, and he believed the shareholders would not object to
the payment of 2,5001, for that 'purpose. (Hear.) At the
last meeting it would be recollected that he promised to give
a more Octailed account of the requirements for the plant, but
he found it exceedingly difficult to foym a comparison with any
othersline on that subject. One line was found to be working
200 or 300 miles of its own, and 100 miles with another com-
pany, from which they did not derive any revenue. Other
lines had the work done for them, and the arrangements
were so complicated that scarcely any comparison could be
drawn from their proceedings. But he found that the South-
'Western Company, iu proportion to its revenue, had under-
charged in every instance with the exception of the Bristol
and Exeter line, which was a trifle lower, on account of the
facilities afforded that line by the Great Western Company.
Now, with respect to the capital account. Inst2o.d of tie
directors telling the shareholders that they would close the
capital account, they would engage that in any matter re-
quiring any considerable increase of revenue, nothing should
be charged to capital without the previous vote and sanction
of the proprietors. (Cheers.) In each case a proper esti-
mate should be submitted to them, and they should have full
Control over the matter. (Hear.) He would now call their
attention to the North Devon line, better known as the Taw
Vale line. Thu South-Western Company had been told that
. _

if they subscribed to the extent of 30,0001., they would be
asked for no more money on that account. - The line had been
completed, and was now at work, and producing a revenue
in which the. South-Western Company would participate next
week, but, like many other railways, the Taw Vale was defi-
cient in funds, and they now required an additinall c ill of
21. 10s. per share on the 7,080 shares held by the South-
Western Company. He did not see how they could resist the
Call ; iu fact, they would not be iu a position to claim a share
in the dividend without such payment ; and, therefore, he
trusted the shareholders would at once consent to pay up the
call, which was to be a final one, and then the shares would be
paid up in full. (Hear, hear.) The next subject to which he
wished to call the attention of the meeting was a bill which
had recently been introduced into the House of Commona,
the reasons for which he was about to explain. A line was
required from the Crystal Palace to the west end, and a bill
was passed during the last session for the construction of a
line from a new station in Victoria-street, and also from a
station at Battersea-bridge. The Brighton Company had as-
sociated itself with that enterprise. The scheme •had not pro-
ceeded with the vigour at first contemplated. Some discus-
sion had taken place, and it was thought that if the Brighton
Company were so desirous of adopting that line, and re-
quired a west-end termini, the South-Western Company
and the Dover and continental traffic required' the same
convenience. It was clear that a west-end terminus was
essential- to the success of the Crystal Palace. Now, the
South-Western Company had a large piece of, land unoccu-
pied, and they had always considered that it would be neces-
sary for further improvements ; and if the Brighton Com-
pany and the South-Eastern Company could make the Water-
loo terminus a terminus for the west-end traffic, it 'would be
most desirable to do so. It would give the South-Western
Company 4i miles of additional traffic over their own line,
.and must be much cheaper than the construction of a new
line from Clapham to Victoria-street and Battersea-bridge.
(Hear.) The South-Eastern Company were now competing
with the South-Western for traffic to Guildford, Godahning,
Farnborough, and some other places. Now, if that company
and the Brighton Company would consent to land their pas-
sengers at the Waterloo terminus, it would be absurd to com-
pete for the traffic lodged at that terminus ; and the South-,
Western directors, considering that such a project, if carried
out, would be beneficial to the shareholders of the company,
had thought it desirable to apply to Parliament for a permis-
sive bill. He could not say that the project would terminate
satisfactorily, but the directors wished to be in a position to
entertain it ; and intended before going further to take the
opinion of the shareholders as to any agreement which they
might be able to effect with the other companies. Under
these circumstances ho trusted they would excuse the direc-
tors for having gone to Parliament without their previous
sanction. (Hoar.) Now, with respect to the Salisbury and
, Basingstoke line, the bill introduced contained fifty-eight
sections, fifty-six of which related to the internal improve-
ments of the company, and were intended to place it in a
more satisfactory position. These were matters which did not
concern the public generally. Now, with respect to the com-
pletion of the line into Salisbury, the directors had agreed
to go from their terminus to a place called, Fisherton. They
rr rriirod t.. totaa‘Aauov
Yeovil and Salisbury, and they had been unexpectedly met
by an opposition in Parliament by certain parties accusing
the South-Western Company of a broach of faith, and a want
of that honourable conduct which ought to bo pursued by a
company. Having had charge of the bill, he was expected
to lay the matter before the shareholders, and to ascertain
their wishes, iu order that they might acquit themselves
honourably before the House of Commons. Those gentlemen
who had been conspicuous in opposing the bill, had stated
that they did not wish to oppose its progress, but they wished
it to be postponed for a month, iu order that the matter
might be considered and the result reported to them. The
chairman concluded by moving the adoption of the report.
A PROPRIETOR complained that on certain portions of the
line there were a great number of unnecessary trains, and
suggested the propriety of running a less number at more
convenient times as a means of saving expense.

Mr. PUNCHER, after expressing in- strong terms his disk).
proval of the recent decision of the House of Commons, said
he trusted the chairman would state his sentiments with re-
ference to the Dorchester extension.

The CHAIRMAN said that he had fully expressed his opinion
during the discussion in the House of Commons, and read to
the meeting a report of his speech on that occasion.
Mr. PUNCHER complained of the amount paid to the au-
ditors-3001., whilst the auditors to the North-Western and
Great Western Companies were paid only 1001. He wished to

knew whether the auditors had examined the items included
n the sum of 7621. for petty disbursements, and also whether
they had looked into the account for the 40,000 letter stamps.
Mr. elms said the auditors certainly had not ascertained
exactly the number of postage stamps used. If they had
entered into such an examination as that, their time would
have been so fully occupied that they would have been unable
to attend to any other matter. Every item of the petty dis-.
bursements had been fully examined. With respect to the
amount paid to the auditors of the other companies, to which
allusion had been made, they were more honorary auditors'
than anything else, and the accounts were made up by other
parties. The texpenses incurred in making up and auditing
such accounts was more than 1,2001. (Hear.)
Mr. Ambrose considered that certain members of the House
of Commons had taken a most unconstitutional course in
opposing the bill now before Parliament. very bill ought
to be judged per se on its own merits, and the course which
the house had adopted amounted almost to a denial of jus-
tice. (Hear.) For the purpose of strengthening the hands
of the directors, he had drawn up the following resolutions,
which he would now submit to the shareholders for their
adoption :
" That the shareholders of the South-Western Railivay
Company have learnt with great surprise that certain mem-
bers of the House of Commons have obstfucted the second
reading of the bill now before the house relating solely to the
internal affairs of the company, on the ground that the share-
holders had refused' to adopt a pledge made by the Hon.
Francis Scott, M.P., late chairman of tho company, to a
committee.

" That the shareholders consider that their late chairman,
when he gave the pledge in question, ought to have stated
to the committee that the opinions of the shareholders were
greatly divided upon the subject, and that he could only give
the pledge required of him subject to the decision of the
shareholders at large, to be ascertaiped at a meeting under
the Wharncliffe order.

" That the shareholders highly approve of the speech
of Mr. W. J. Chaplin, M.P., their present chairman, on
the motion for the second reading of the hill in question,
in which he stated that the objections of the shareholders
against extensions had increased fivefold since 1853.
" That the shareholders conceive it to be the duty of
_ _

the Legislature to decide upon the merits of each bill per
se as presented to them, and that they ought to consider
that shareholders are a fluctuating and ever-changing body,
and that it is unjust to visit upon the proprietors of 1855
any supposed errors committed by those of 1853.
" That the meeting considers that the conduct of those
members of Parliament vsbo are trying to force upon this
company an enormow2ls, expensive line, against the opi-
nion of a great majority, already declared in the mode
pointed out by the law, to be most unconstitutional, and
the shareholders hereby express their firm determination
to adhere strictly to their non-extension policy, even at
the risk of having the bill now before Parliament rejected."
Mr. PUNCHER seconded the resolutions. •
The CHAIRMAN intimated that the resolutions could not be
entertained until the report should be disposed of.
Mr. HELPS said he was a total stranger to the provisions
of the bill which had been referred to by the chairman, and
ho thought the shareholders ought to have been consulted
before its introduction into Parliament.
The CHAIRMAN observed that the discussion with the
Brighton Company had taken place within the last three
weeks, and there had not been time to call the shareholders
together. The object of the directors had been to get the
bill into the House of Commons without loss of time.
Mr. CASTLEMAINE inquired if the passing of the Salisbury
and Andover Bill was absolutely essential to the completion
of the line ?
Mr. BIRCUAM (the solicitor to the company) did not exactly
know whether he ought to answer such a question. The di-
rectors deemed it desirable to go to Parliament ; but be could
not say that the bill was an absolute r ecessity. There were
certain lands near Salisbury which the company required, but
which they had not a compulsory power to take, and it was
thought expedient to pass an act for the purpose of obtaining
that power. At present the company had not pewer to get
this land to enable them to keep their engagement and open
the line in August, 1856, There were landowners in the way,
and the difficulty, perhaps, might be got over in the shape of
a fine, for these lands must be obtained. (Hear, hear.)
A PROPRIETOR expressed a hope that the South-Eastern
Company would be. parties to the arrangement under the per-
missive bill to which the chairman had alluded.
The •Citeinmes said he should be very glad indeed if that
were to be the case. (Hear, hear.)
The report was then adopted.
A dividend at the rate of 5 per cent. per annum, clear of
income-tax, was then declared, payable on and after the 26th
of February next. •
A resolution was passed authorising the directors to pay
the call of 2/. 10s. to the North Devon Company.
The retiring directors and auditor were re-elected.
The CHAIRMAN then read the resolutions which had been
Proposed by Mr. Ashmore, the first of which had been modi-
fied by the itution of the word " opposed" for I I 01).