The Sun.
London, England, 1852-10-27 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.
A special general meeting of the proprietors of the
London and South-Western Railway was held yesterday
at the London Tavern; Mr. Chaplin, M.P., Chairman of
the Board of Directors, in the chair.
The advertisement convening the meeting having been
read by Mr. Windhsru Harding, the Secretary,
The CHAIRMAN said he must confess that, in cense-
gnaw of certain remarks made by the press, as well as
by individual shareholders, he felt in a somewhat awk-
ward position, because it was the duty of the chairman
to observe a strict impartiality in presiding over such an
assemblage, but he could not belong to that section of the
directors who determined to lay the proposed project
be!ore the meeting, without having courage sufficient to
advocate its propriety ; and he was, moreover, anxious to
make a few brief observations in order that he might not
he accused of advoc sting a measure of which he did not
himself approve. (Hear.) They now met for the third
time, with the view of obtaining a clear and distinct ex-
pression of the opinion entertained by the great body
of shareholders on this important question, viz., whether
they should endeavour to secure that important district
of the West of England between Salisbury and Dorches•
ter, or passively relinquish it, and hazard its loss to them
for all time to come. (Hear.) The meeting had been
called in the centre of the city of London, expressly for
the purpose of facilitating the attendance of shareholders,
for they wouhi be surprised when he told them that, at
the last meeting on the 24th of September, there were
only 278 shareholders represented, including those per-
sonally present and those who appeared by proxy, out of
a body of nearly 40,000 proprietors. That, he thought,
would be a sufficient justification for the directors fixing
the meeting at that place, in order to gather a more full
and powerful expression of opinion. Most of the share-
holders were probably aware of tho remarks contained
in a circular which he had taken the liberty of address-
ing to them. It was with great reluctance he intruded
himself upon their notice in such a manner ; but when
he saw that a great misconception existed as to the nature
of the guarantee or preference dividend, he felt very
anxious to remove all doubt on the subject. But there
was another reason why he was so desirous to address
the meeting. Ho had seen an advertisement inviting the
shareholders to a meeting at Morley's Hotel, with the
object of opposing the contemplated project, and be
could well understand that an effort had been made to
concentrate the opposition of those who differed from
the directors. It would, however, astonish the share-
holders to learn that the secretary of that movement
was not a proprietor at the time the meeting was held
on the lath of October, but that ho subsequently got
transferred to him five preference sharts, worth 401. of
paid-up capital. He, therefore, had re t that interest in
the fluctuating dividend which would justify him in
taking such a position. (Hear.) He (the Chairman)
believed he was also right in saying, that the most
n
o respectable solicitor who took the chair at that meeting,
had shares in the undertaking, and was not entitled

(E[Teahre.)
e
either to speak or vote at the meetings of the company.
tor, but
au&lnatAN a
GENTLEMANnerefintimated that ho was not a solid-
aid the Inner Temple.
The
question was Mr. he
believed the gentleman in
, manore immediate Snell,par of Eaton-place. Adverting to
-g' hen begged that the of
the meeting, the Chair-
dispassionately consider ettroprietors would calmly and
the 24th of September, waste question ; and not, as on
the interchange of personalitiesthree out of five hours in
' (Cheers.) It was likely that and recriminations.
made in reference to certain interviews
remarks would be
tary of the Great Western Railway,
with the secre-
sions made by him; but that had nothing
Some expres-
with the subject now under discussion.ng whatever to do
should confine themselves simply to considllear.) They
they should secure to the South-Western
nring whether
Cofair portion of the West of England trade. Fie a
that, first of all, the point of guarantee was ebelled
clearly un-
derstood.
A SHAREHOLDER—What is the guarantee? Explain
it. (Hear, hear.)
The CHAIRMAN—He trusted the guarantee would be
understood as being solely dependent on the revenue
arising out of the West of Englandenterprize, namely, the
line between Salisbury and Exeter—and as being con_
fined to the independent shareholders.
A SHAREHOLDER—The net revenue.
The CHAIRMAN—Yes, the net revenue, after paying
all working expenses. Much stress had been put on the
statement that the proposed line had been concocted for
the benefit of the landowners in the district, but ho
hoped any impression of that kind would be removed,
as it was inconsistent with the real facts. The land-
owners, who were not a numerous body, were willing to
make a sacrifice of their land and to co-operate with the
South-Western Company, in order to promote the een•
struction of a line through a district which was left al-
together unaccommodated, and which, according to the
plans proposed by other companies, was not likely to
be accommodated. The railways projected by those
companies were not direct lines to London, and left the
district much in the same position as it occupied already;
and it was, therefare, unfair to attribute ileProPor