The Sun.
London, England, 1852-08-18 00:00:00

-

,y _
.‘% d

, .
ee'l'commonly made use of in that speen. He was not there
is engineer to the line. He was there simply in his ca-
paci a a proprietor; and until he knew more of the
loose assertions of Mr. Herapath and of other gentlemen
ho would certainly prefer to take for granted the deli-
lea to and responsible statements made by the directors
_241...)1
he report now presented to him.—(Hear, hear.) Mr.
Herapath had said that the working expenses of the
Dorchester line were 80 per cent.; bat they had heard
from Mr. Reed that they were under 50 per cent.; and
they surely ought to receive such statements as the
truth unless they were prepared to prove them false.—
(Hear, hear, and Question.) He claimed the right to
assert what he felt to be the fact. Now was the time or
never. If they did not make the railway now, it would
never be left to them to decide again.—(Hear, and a
Voice—So much the better.) Satisfied he was that a
railway through the district would be made, whether
this company made it or not.—(Oh.) But it was asked
why the landed proprietors did not make the line them-
-1 selves.—(Hear.) The reason was this. They thought
that if they made the line to Salisbury they would put
29,0001. per annum into the pockets of this company—
(oh)—and that therefore, if they constructed the rail-
way for their own benefit, they would also make it
for the benefit of the South-Westerns.—(oh, oh.)
They asked for a four per cent. dividend upon
the traffic over the line, because that traffic
would give the South-Westerns 29,0004 a year upon
their main line; so that while they (the landowners) re-
ceived the 4 per cent., they would he giving this com-
pany more than 5 per cent. upon the capital they had
subscribed.—(oh! oh!) There were authorities quite as
good as Mr. Herapath's. (Mr. Locke proceeded to quote a
pastime in favour of the central scheme.) From what
authority did they think he haother than Mr. Herapath himself.—(Loud laughter.) It
had read that extract? No
was from Herapath's Railway Journal of the 29th of
January, 1847.—(Loud laughter.)
Mr. HERAPATH wished it to be understood that he
was the proprietor and not the editor of Herapath's
Journal. There were many things in it that he never
saw.—(Laughter.)
Mr. LocHE, in resuming, proceeded to combat the fear
which gentlemen had professed for the competition that
might follow. Surely the shortness of the central line
was the best reason in the world why the Great Western
should wish to keep up their fares. Personally he should
be satisfied with either line; and one or the other they
would have. It was said that the Great Western did not
wish to move; but they had made up their minds to ad-
vance. They Were advancing.—(Cheers and cries of
"It is not true.") He would tell them that it was true.
A agent, authorised by both the companies, had been
g,—(Cries of " Name) He
inn
wouldth ri districtmention
tchaen
name aes ln
of Mr. Dawson.—(Hear, hear.)
Mr. DICKENSON said there had been an attempt last
year, which had failed, because the country gentlemen,
from whom so much was expected, would do nothing.
The Great Western would do nothing unless the central
scheme was persevered in.
Mr. Locnn persisted in his statement; and
Captain MOORSOM said it was perfectly true. The
fact was well known, and he could cunfirm it.
Mr. LocKE was astonished to have heard the contra-
diction' as the circumstance was well known in the dis-
trict. He believed that the time was now or never, un-
less the South-Westerns were prepared to imperil their
eight or nine millions.—(Hear, hear.) Unless they ex-
erted themselves, the time would come when they would
have the broad gauge to Southampton, and then their
vast capital would most materially suffer.—(Cries of
"Oh !") Gentlemen might fancy they knew better than
other people; but
adopt be e
thebelieved,plan upon
they
their nine millions.—(Loud cheers.)
Mr. HELPS, as a member of the committee, which had
afew
reported last year, wished to say whoiaskl conscience,eopa rdi se
that if they did not
words. Doubt-
less his opinion would not carry much weight, - either
mentally or on the score of experience; but in one re•
bisect it ought to carry even more than that of the Hon.
Member for Honiton. It was
(Hear.) The Hon. Gentleman
avowed that
principally interested as a landowner; vand tedh that be was
not sly that he (Mr. Locke) wished to consnolight his
in-
terests at the expense of the company's, yet he had
milted that which ought to make his advocacy receivedad-
with distrust.—(Hear.) The Hon. Gentleman said,
" Now or never." Why he said so last year. It was
his constant threat—the burden of his song.—(Cheers.)
Mr. LOCKE—I did not mean it as a threat.
Mr. HELPS—The burden of the Hon. Gentleman's
speech was that the line would be made, and if not by
this company, by another. Be it so. Why did not the
others make it now?—(Hear, hear.) But the apathy
of the landowners was perfectly notorious.—(Hear,
hear.) They had talked of the contingent advantages
which the company would derive; bat that cat both
ways. Had not this company a metropolitan station
and a greater mileage; besides which, had not the agri-
culturists got their land to sell?—(Cheers.) If they
only got half what had been made for land, it would
more than counterbalance any advantage to the company.
Mr. Loenn.said that three-fourths of the landowners
had agreed to take the agricultural price for the land,
and a great majority would take it in shares.—(Hear.)
Mr. HELPS said that was very vague; for if the land
was near a road, they would say, "Oh, here is a
frontage; this is building land."—(Cheers.) He (Mr.
Helps) was sick of these vaticinations of gentlemen
upon boards—they never seemed to place any bounds to
their imagination. They had heard of Mitcham—" the
town and suburbs of Mitcham." Why, he bad lately
been there, and he was quite surprised to find what a
desolate spot it really was.—(Laughter.) On the as-
sumption that the company was certain to succeed tho
calculation was disastrous. But what if it did not?—
(Hear, hear.) What if they went to Parliament to con-
test en opposition provoked by themselves, and failed in
it?—((fear, hear.) In this, as in all preceding similar
schemes of extensions, the proprietors were led away by
their attention being diverted from dividend. All this
was mistaken policy. Tneir business was to cultivate
,he opportunities they had got, and to risk nothing. An
ancient maxim was, " Spartan: nactus es, bane orna;"
but the maxim of the directors of the South-Western
was the very opposite, and,
as their dividend showed,
with the worst results.—(Hear, hear.) He hoped that
the proposition would be met on this occasion with a di-
rect negative.
Mr. DICKENSON begged to apologise for the hasty con-
tradiction he had given to Mr. Locke—(Hear;Shear)—
but he had offered that contradiction in consequence of
having
received assurances from the highest authority in
the Great Western that they did not intend to take any
proceedings they could avoid south of their present line.
Mr. REED (a director) said that he did not perceive
the justice of the taunt thrown out, that the directors
were not acting like men of business, in abstaining to
describe the process to which they would resort for the
purpose of raising the capital required. To do so would
be absurd, since every thing would depend, when the
time came, upon the state of the money market; and
therefore, as a man of business, he stood godfather to
that error, as some gentlemen supposed it to be. Gentle-
men had spoken as if the directors had pledged them-
selves to adopt the extension. They had not determined
on it at all; they were only determined on getting at all
the facts of the case, laying all those facts before the
proprietors, and throwing te e whole responsibility
on the proprietors.—(liear, hear.) 'There were two in-
terests in that room; and it could not be proved
that the directors hod ever undertaken an extension for
their own advantage. In this case the directors were
showing that they were alive to the interests of the pro•
perty. 'They saw their property endangered, their re-
venue jeopardised—the ve, y marrow of the line attacked
—and under such circumstances they were only energe-
tically doing their duty by standing on their guard, and
preparing for defence._(llexr, hear.) Doubts had been
thrown on the probability of getting the work done for
the amount named; but the contractors were responsible
t
men, and the South-Western line had been workeds:u
altogether by contracts.—(Hear, bear.) It.ewtaaseiee,ii
gested that Parliament would cot down '
I; their
had not
they went for this extension. But Parliament would
the po eer against their consent, and,Peare ete
deg that their
not desire such an • unjust reductioonm
ske a" moderate
existing fares enabled them onlyottee. Guarantee was
dividend. Then, as to the guall:t.....(Hear,_ bear.) No
an uncomfortable word, no don
erased hardly on many
doubt the system of guarantees:
ee
i ptions, the South-
railways; but, with triflinrgef
guarantees.—
(A Pro-
Western had steered, cit'eam, then.") If that was a
prietor, " Don't beginte board of directors, for the
merit it belonged tentsed the system. They didn't
board bad never FLV,.. no guarantee at all: and the
propose it now
lye
50
• considered in the City? It was
test was—would
all dvideed.—(Laughter.) If no profit
only P
a - referenti cent., would not be payable; but if there
arose that 4 per
. the extension itself, then it would
refit- on instead of to the :south
should bee to ~,,, jancowners
.ar,prietary. He did not argue the advantage
- es— n ' re
-on from the possibility or probability of it
of the exteren
fitable. He might admit that it would •
being
loss itseto lf
thep ro
whole company. But, apart from all
l
be a
other arguments, he maintained that the extension
they was
necessary to secure to them that which already pos-
oesese--(Elear, hear.)
Mr. DICKENSON here suggested that, as it was near
six o'clock, the meeting should be adjourned. —(Cries --series of
" Yes, yes, adjourn.)
Mr. /SWIMS supported the proposition of the direc-
tors, and asked the Chairman, as the point was of im-
portance in the consideration of the general question.
what was the position of the Basingstoke and Salisbury?
The CHAIRMAN had received that morning a letter
from Mr. Coles, the Member for Andover and chairman
of the company formed to connect the line from Basing-
stoke to Salisbury, upon this subject, in which • he said
that it was the intention of the to carry out the
line in its integrity, but that, as they did not wish to in-
terfere with the South-Western, they were ready to
enter into an arrangement. Should no arrangement be
speedily made, it was their intention to apply to Par-
liament next session for powers. This intimation (said
the Chairman) left the South-Western in a dilemma;
and unless the directors got authority from the pro-
prietors, they could not very well act effectually. This,however, was only one among many reasons for coming
to an early decision on the subject.
All
couldbe
again, was, that if the South-Western
shareholders
thought that a country ninety miles long, and, at points
they were
fifty miles broad, was going to be let„ alone,decide whether
greatly mistaken. They had only
they would take it or let others take to
it, for the purpose
of injuring them. He did nortoss fact that they were
b the parties to whom bey this in the way of a
threat. But he took the b
d
systematically repudiated 9 have been a
referred. He had hoped there would
th s
i ion; but if the ro-
some-
thing like unanimity ontime
foreccas discussion an
priadopurn-
etors wanted more
to.—(No,
agreed and
Yea.).
me would perhaps be
been opposed to the central
Mr. HUTCHINS
r what he had new heard he was con-
scheme, but ate
must ro d Still did not
p cee onwards. he
vinced that they
lin had
and . a most decided objection
to
like the terms,
and preferential shares.—(Cheers.)
guarantees ld
The Clan s% gAN suggested that if the meeting wen
e desirabilitymight
0 f making the line, they
agree to the