The Sun.
London, England, 1852-09-25 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN THE
WESTERN EXTENSIONS.
A special general meeting was held yesterday, at
Nine Elms, for the purpose of receiving a report from
the associated committee of directors and shareholders,
appointed at the special general meeting on the 17th of
August, as to the terms obtained from the promoters of
the Central Extension Line from Salisbury to Exeter,
and for deciding in reference thereto, as to the meeting
should seem fit. Mr. Chaplin, M.P., in the chair.
The SECRETARY read the following reports, one from
the associated committee of directors and shareholders,
and the other from the board of directors:—
" At a meeting of the directors of the London and
South-Western Railway Company and associated share-
holders, at the York-road offices, on Thursday, Sept. 16,
1852, under resolution of special general meeting of Au-
gust 17, 1852, Mr. Chaplin, M.P., in the chair,
" The minutes of the associated committee, at their
meeting on the 25th August, were read, approved, and
ordered to be signed by the chairman; and the following
report was agreed to, as that to be made by the aaecei.
ated committee to the special general meeting, called for
the 24th inst.

" Report of the associated committee of directors and
shareholders appointed under the resolution passed at
the special general meeting, on the proposal as to the
Western extensions of this line, held on the 17th of
August, 1852, viz.:—.

" That this meeting is of opinion, that it is very
important to the interests of this company, and the
security of its property, that the original design of a new
extension line from Salisbury to Exeter should be car-
ried out without delay, if reasonable terms can be arrived
at with the landowners, who have offered to co-operate
with this company, for the purpose of making the line
in question.
" That this meeting accordingly resolves that the
question shall go back to the directors with the follow-
ing shareholders:—Mr. Beaver, Mr. Simpson, Mr. Ma-
lins, Mr. Hall, Mr. Ashmore, Mr. Tite, and Mr. Snell, to
consult upon it and to report to a special general meet-
ing to be held in September, if other and less onerous
terms to this company than those referred to in the pre-
sent report can be arranged, and that a continuous com-
munication between Bridport and Axminster form part
of the subject to be discussed and reported upon by the
directors and forementioned shareholders.'

" The associated committee, in pursuance of this reso-
lution, put itself into communication with Mr. Locke,
M.P., as the representative of the landowners and other
parties who were prepared to co-operate with this com-
pany, by subscribing in equal portions with this com-
pany, 550,0001., being half the amount of 1,100,0004 the
estimated cost of the proposed central extension line
from Salisbury to Exeter. The committee has to re-
port—
" That the modifications of the terms set forth in the
directors' report to the special general meeting of the
17th of August, which the committee find will be
agreed to by the parties represented by Mr. Locke,
isnubrseeferzriendcebtyo
M.P., are
"
I.the
p
the South-Western Company stand, That the South-
Western iTd he
nadt oifnt hpe ar
a gr
portionßh the th e
cwa poirtdasl
Company shall then take 4 per cent.;' and that
these words are to be substituted for the words '3i per
cent.'

p r
e"m2i.o
n2T hi at t
ntoo
Cpaasrea
tgor aepxhc
ese
db be dpdeerde e the
n t. 7 words, ' the
of the 17th ult., as follows;_
"The proposals as to
1. That the South
stand, in lieu of those
_wv;_te:er_emtesrnof
Ccoo•mopeparnaytisohnowpilrlotvhiudes
ct forthssoesptcro 0,3:d1. inth thee
other
t hd directors' cht
half.
lr
fs: report
one-half of the capital
parties, and the public ); the landowners, local
en s e
and worked by the
Salisbury and
~ 2. The new line to be stoic:
London and South-Western Railwayed
rate of 50 per cent. on the gross receipts,
" 3. That after paying the workeirs;
Company,
xp
the gross takings of the line between out
tthoef
Exeter
the same the inde
sopenurcde 4 per con hhares balls receive preferentially
from
"4. That the portion of the capital subscribed
South-Western Company shall then take 4 by the
per cent., and
the overplus shall be equally divided.
" 5. The South-Western Company to have the power
to purchase the shares of the independent company a
any time after seven years from the opening of the line,t
at such a premium as regarding the traffic may be fair
and as the proprietors of the South-Western Company
in general meeting assembled may agree to, in no case,
however, exceeding 10 per cent.
" These are the only modifications of the terms the
associated committee has been able to obtain.
"The approval or rejection of these terms will, accord-
ingly, now have to be determined by the proprietors to-
day in general meeting assembled.
" Signed by order of the committee of the members of
the board of directors and the shareholders associated
with the board, under resolution of the special general
meeting of the 17th August, 1852.
" WYNDHAM HARDING,
Secretary of the London and South-Western
1 Railway Company.

" Sept. 16, 1852."
"Note.—Proposals, as they appeared in the Directors'
Report of 9th August, 1852, presented to the Special
General Meeting, on the 17th August, 1852.
" ' 1. That the South-Western Company shall pro-
vide one-half of the capital (550,000), the landowners,
local parties, and the public to provide the other half.
" 2. The new line to be stocked and worked by the
London and South-Western Railway Company, at the
rate of 50 per cent. on the gross receipts.
" 3. That after paying working expenses out of the
gross takings of the line between Salisbury and Exeter,
the independent shares shall receive preferentially from
the some source 4 per cent.
" 4. That the portion of the capital subscribed by
the South-Western Company shall then take 3i per cent.
from the same source, and the overplus shall be equally
divided.
" ' The South-Western Company to have the power
to purchase the shares of the independent company at
any time after seven years from the opening of the line,
at such a premium as, regarding the traffic, may he fair,
and as the proprietors of the South-Western Company,
in general meeting assembled, may agree to.
" The following is the report of the directors:—
" The board of directors, in submitting to the special
general meeting the joint report, which is the result of
the interviews which hare taken place between the
directors sad the shareholders associated with them,
under the minutes passed at the last meeting, on
the
Centralin t h the
opinion
Extension
17th ult., thinks it right to express briefly the opinion
of the board on the contents and subjects of that report,
follows:—That,line
from Salisbury to Exeter, on such modifiedthe
terms of
directors,whichis a
the e p
co-operation with a body of independent subscribers
(finding half the capital) as those set forth
in the
report of the associated committee, may, with advan-
tage to the interests of the proprietors of the London
and South-Western Railway Company,
upon, special care being taken that, . be proceeded
out the arrangements with any bodyin
the carrying_n
subscribers to the proposed new line of independe
provi-
sion to protect the interests of the Soev.ehr-yjersoreerrnel-
pany be inserted. The board his furthera. to state that
since the last meeting, is order to see if unnecessary ex-
penditure might not be avoided in the district west of
Salisbury and Dorchester, in which railway communica-
tion is at present, in some respects incomplete, and in
other respects altogether unprovided, an interview of a
chosen number (on either side) of the directors of the
two companies has taken place on this point, so im-
portant to both companies. The result of this interview
WaS
merely to establish that the directors of the Great
Western Railway ComPs"Y did not consider themselves
in a positioi, to arrest the progress of their works, which
will connect in a continuous line, Weymouth (by way of
Yeovil and Prow )
t, , with London, which line is entitled
the Wilts, Somerse
and Weymouth, or portions thereof.
The inevitable effect of completing such
fa line will be to
deduct a large portion
_of thennrevehnoerno
pester
line, now
obtained at the SelisohwunrsY
which D.__ h stations,
will be served by the
from the district and t
Wilts, Somerset, and Weymouth line, if completed. The
*ha elders must, therefore, ore,either take on themselves
-,e-Lelisponsibility of hazarding this amount of revenue,
or now
authorise their directors to take the necessary
steps for carrying out the proposed central line."'
The CHAIRMAN said he would simply observe to the
shareholders that they had heard in a very brief and
concise form the result of the deliberations of the com-
mittee, or what he would term the associated or mixed
association of shareholders and directors; and they had
also heard the reception which the board of directors
had given to that report, and their sentiments respect-
ing the document. The tendency of all their delibera-
tions was towards progress in the scheme that had been
submitted for consideration. In that tendency he
board
would concurred; and for himself he felt the
would on this occasion have the support of the share-
holders in favour of the decision at which the committee
had arrived.—(Hear, hear, and No, no.) The share-
holders were so well acquainted with all the details
the question to be discussed, and the arguments of
against the proposed measure—and he had also for and
taken the
liberty of addressing a circular to
_them in reference
to to it—that he scarcely felt •
ed in repeating
the facts connected with the subjeet.—(Hear,
hear.) He would just say he trusted that in
the discussion of this important matter, gentlemen
would endeavour to avoid those personalities which had
on previous (=salons been indulged in.--(lleart hear.)
He made the rewark, because in the protracted meetings
they had had respecting the question before them, some
rumours and doubts had been spread and expressed as
to the sentiments and motives of himself and his col-
leagues with respect to the support they bad given to
the proposed extension frog Salisbury to Exeter.—
(Hear, hear.)
It had been said t'v some—indeed it had
been stated in the press—that his c,.nduct in this unfor-
tunate affair had been influenced to some extent by his
position as representative of Salisbury.—(Hear, hear.)
Now, it was well known to the officers of the company
that his scheme had been before the public since 1836—.
that was long before he had the honour of being repre-
sentative of that city. He had become more warmly
connected with the scheme after a course of years,
though the shareholders had, in that room, rejected a
n to Parliament for o
further applicatio p were to carry
their line forward. Since then, times and circum-
stances bad become more favourable to the prosecution
of the measure; finances, he might add, had become
more favourable, and they found the scheme again
before them. Still his: position was precisely the same
at Salisbury, and it had not been altered one way or the
other in the least degree. Aud ho must give the people
of Salisbury this tribute of praise—that they were, as a
body of men, far too highrninded, and far too honour-
able—(llear, hear, and laughter)—to entertain the ides
of selling their birthright for a mess of pottage in the
shape of a railway.—(Hear and laughter.) He felt it
due to the people of ;Salisbury and himself, to say this
much, for he begged to observe: that they never men.

tl6: e.d the subject tc him. When he found that the 1
prt not wee thrown over by the shareholders on a
former occasion, he felt the sacrifice would be very
great to the company. He saw the loss that would 1
ensue to theeharcholders would be of so vital a character
that he considered it pis interest to sell out of this concern i
about 20,000 t, which he enaoirked in tle stock of the
G reetWesseen C ,meany, in order to follow that district of
country which he sew passing away from the South-
Western ComPenY;
and when he told the meeting that
he held 20,000/. in the Great Western Company and
. ISO,OOOI. of paid-up capital in the South-Western Com-
'patty, he was sure they would see how little desirous
he could be to plunge the latter into vexatious contests
and expensive warfare. He thought they would do him
th justice to say, that he must wish for harmony with
ele r neighbours the Great Western and Bristol and
E ter Companies,—(Hear, hear.) He should just
eine tion that he had on two or three occasions had in-
terviews with the chairman of the Bristol and Exeter
Company in reference to the joint interests of the two
ee epanies in the Crediton line, of the board of which he
(7 s Chaplin) was a member representing South-
' stern interests, and he had said to that gentleman
lt, if he could—sieving his own interests as chairman of
tt. Bristol and Exeter—suggest at any time any desir-
mode of bringing about a beneficial arrangement
ae full accommodation and public requirements of
vest of England district beyond Dorchester and Sa-
ary; that which would accommodate the puhlic and
.riallv serve Bristol and Exeter, Great Western, and
toh-Western interests—that he (Mr. Chaplin) would
Le sappy to hear from him. He had made the offer two
01 'bre() times, but had never been able to get from
hies any encouragement or hope. He had also
mentioned this matter, without prejudice to South-
Weatern interests, to parties closely connected with the
Geeet Western Company, but he had never seen, in the
most remote degree, anything to encourage him to feel
tie they could arrive at a satisfactory adjustment of
the question. Well, then, when he saw oa the one
hand tYee vast benefit that would accrue to the South-
Ys'etneern Company from the completion of the proposed
line, and the great injury that would result from its non-
es7..spletion, he felt that they ought to lose no time—to
l'st slip no opportunity to step into the field and show
their determination to carry it out forthwith.—(dear,
hoar.) And in sending round to them his circular, he
had, in order that they might give their calm consider-
ation
to the question, and come prepared to give a de-
liberate
vote upon it, touched on come data, and he
hoped that the data would convince them of the intrin-
sic merit of the scheme. He would say to them, tnat as
merchants they could not confine their notions too pre-
cisely to figures, when dealing with a matter of this
character.—(Hear, hear.) In questions of this magni-
tude, they were not to ask whether the line to be
constructed would pay per se, they must regard the
measure proposed in reference to the geograPi
nature of the country, and also in reference to the trafficof
it would throw upon their main line, and the amountli
ear ,
protection it would afford to the ProprtY
hear.) He hoped the shareholders would look to the
general and protective policy from which the proposed
scheme had emanated, and that the wisdom of that po-
licy would be recognised by them, and influence their
decision on the occasion. He trusted that the company
would in this matter occupy a strong position, and he
believed this to be a most opportune moment to embark
in the undertaking. The
project could now be promo-
ted under favourable circumstances, and he hoped that
the sharedolders would, by their firmness, which he be-
lieved they would that .day display, arrive at a most
satisfactory conclusion either for peace or war.
Ar. HERA.PATH--- Are the Board unanimous on this
subject. ?
The CHAIRMAN—NO, I should say certainly not.
tr. LeEnterettrs—Are they much divided ?
The CHAIRMAN said the directors were not all in
7z:could, but he would venture to state most confidently
that nine out of thirteen were in favour of the extension
of the west of Salisbury.
A PROPRIETOR—What were the numbers for and
against it in the associated committee of directors and
shareholders?—(Loud cries of " Hear, hear," followed
by shouts of " don't name," and " no, no," " yes, yes.")
The CHAIRMAN—I move that the report of the direc-
tors be read.
A PROPRIETOR—I have heard that the report was
carried by a majority of one.—(Hear, hear, and cries of
"Sit down," and confusion.)
The CHAIRMAN—What report do you allude to?
A PROPRIETOR—The report of the associated, or, as
You have called it, mixed number of directors and share-
insiders.
Another PROPRIETOR—You are in error. It was the
director?! report that was carried by a majority of one.
The CHAIRMAN—There was a majority, and it is not
custoraary to:go into details in these matters.
M.:r. HERAPATH—You have stated what the majority
in the board of directors is; why not state the majority
in reference to the opinions of the joint committee of
directors and shareholders?—(Hear, hear.)
The CHAIRMAN—I have no objection to do so.—(Oh,
oh, and Hear, hear.) There are members of the com-
mittee present who can state the fact. The Chairman
bete read two motions, one for the reception of the re-
ports of the committee of shareholders and directors, and
of the board of directors, and another for referring those
dosuments to the directors, who were to be authorised
to take such steps and make such arrangements consis-
tent with the terms of the reports, as to the board might
be deemed expedient to carry out the proposed scheme
of railway extension in the west of England.
Mr. HELPS protested against the two motions being
Put together, and was about to speak againA the first
Mo'don—via, to adopt two reports, when he was met
by loud cites of " sit down," and great clamour.
:venal attempts were made to carry the motion with-
out discussion, hut :',lr. Helps persisted in being heard,
and after much further interruption he obtained a
hearing, and said his objection to the adoption of
th . documents wan that in the report upon which
the joint committee of aharenolders and directors
wets granted, it was stated that if the central scheme was
approved of, !he airectora would oe prepared, at a special
geeeral meeting to be htli in September, to lay before
the proprietors the arrangements under which the entire
capital to be contributed by the company towards the
object could be most easily raised,—(Hear.) He wanted
to Itnow how the capital was to be raised.
'lr. Sergeant GAZELEE (one of the new members of
tb. , board) said the board would be prepared to state all
this after the motion for referring the question to them
wat? Passed.—(Cries of " Hear, hear," and " Oh, oh.")
bee
HELPS thought the information should he given
ts-hho,re the question of referring the whole motion to the
,st ctors was discutsed.
.rrhe CHAIRMAN—I think that before you talk of
I`li
to
ugthe capital to carry out a project you should first
agree
A carry out the project itself,
PRIETOR—NO; let Ds know the cost first. It is
usualPao before we decide upon carrying out expensive
to .ha to settle, as
,a preliminary step, their probable
c. -,—(Hear, hear.)
Here some further confas len ensued, and it was stated
that the first motion, et,
erietdhat for the reception of the
two reports, had been ear
Thno e mots
second on for referring the,
e% reports to the directors
tew ed.
. Ir. MORTIMER (one of the new directors) thought it
milt in justice to himself, and in duty to those who
s'3pported him while he was a candidate for a seat at the
board, to tell them he dissented
He r °Zs tenet ed reportuet
only ender
consideration.—(Hear, hear.) a
from the report itself, but
to almost every article in it.—
(Hear, hear.) He dissented from the accuracy of the
figures and statements made, and also from the policy
which moved the majority of the directors who had
brought the report before them.—(Hear.) As
to the
majority which they had heard were against the measure
—he alluded to the majority at the board of direction._
he thought the shareholders were, in consequence
of what had fallen from the Chairman,
hear.)
some misapprehension respecting it.—(Hear,h,
tea r . )
h
The Chairman had stated that, reckoning those
directors absent, there was a majority in favour of. th
proposed scheme. Now, he (Mr. Mortimer) maintained
that this was not the way to state the case, inasmuch as
the directors attending the meetings of the board had
had laid before them information which the absent di-
rectors had not been put in possession of. There had been
two boards specially summoned to take this subject into
consideration, and make out their report. Every direc-
tor bad been summoned, but at one meeting there were
eight present and at the other nine.—(Hear, hear.) At
t;:tts board meeting of eight the division was four and
four, and the chairman carried the question by his cast-
ingi. vote—that was by voting twice.—(Loud cries of
aLetart hear," and " Oh, oh.") At the board meeting
n',..."1n0t the division was four and four, and the chairman
gl
aearried the question by his single vote.—(Loud
take f "Hear, hear.") He thought it objectionable to
Into consideration the votes or opinions of the ab-
seil+ director • !wants
on s? inasmuch as they had not heard the argu-
tije matter, which the board had come to their decision in
I
he cornpae—(,Ehlt ar, hear.) The chairman had spoken of 1
pro
cosed eateiZing its strength in carrying on the
Mertimer) thonthut ti°l the west of England, but he (Mr.
possible weaknela int
tej were exhibiting the utmost
if, ufortunasely a e matter.—(Hear, hear.) Now
atteoe to go on with majoritythe of the shareholders should
to spend their money teeeell4eme, they must be prepared
into active hostility withY,l7 they would have to enter
(Hear, hear)—he alluded to the powerful companies—
Great Western Companies. zu!Eloristol and Exeter and
an Act—supposing they got °next:lases of obtaining
agreed upon, bat there were no grooneclild probably be 1
ehareholders that it would be so. for telling the
'were to recollect that the company would shareholders
itself against rival schemes.—(Hear.)
All
.ere
,t 1 o defend
provided for, and if they had a gauge war 'utile was un-
must fall upon their own shoulders.—(aear expense
They must also bear in mind that the amonntitearr.)
quired to be raised for the proposed extension to the
!est was 1,500,000/.—(Hear, hear.),The case was this
they were called on to guarantee out of the first net
esa_rtnings of the South-Western lines 4 per cent. on
i,OOO/.—
i;" I (Hear, hear)—they were to find amen.
Exeter;
550,000/. more for the line from Salisbury to
there Was be found fur
a sum of 250,000/. to .
the completionand
nearly 150,0001,
of the line from Basingstoke to Salisbury,
(Bear, hear,) Now for
plant for working these lines.—
of business—as
if it
let them look at the matter as men
possession of the it were their own, and that they had
able, circuras proposed line under the most favour-
able h )
had obtained the Act, that the -eari—suppote tht hey-
and no rival lice to compete works had been completed
They would then have, for anwith them for the traffic.
line expenditure of 1,500,000/.
, Itia single. of 90 miles running up and down hill for
llot together—in some places
with
...4 ,—tte compete with the broad 4 a gradient of 1 in
ea4ge what this would be with eauage. They might
might say that he certainly should single line, and he
tintsel£—(Hear, and laughter.) not like to work it
would, all the way from Basinestoltsides, this line
i _es4 Competition with their own line to Yeov.il, be in
et.l.,N, ue fro B (..v . ,
~,,....
...,..
it
would,
t 4
equal
~..._ would be the
iplutries
'') • Y 's, """ Po mile, be the
et..
4,:/----R„,-".„.91
a