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

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commonly made use of in filet room. Re was t there
as eilgineerythe line. He was th,ro simplr in his ca-
-1 parity as a proprietoo; and until he knew lore of the
!oche astertions of Mr. Hemp:Ala end of other gentlemen
ho would certainly prefer to trite for greuted the itch-
,)Lrate and respoesible statements mane by ills eirsctors
in the repsx t now presented to him.—(Rear, hear.) Mr..
Herapath hod said that the working expenses of the
Doreeester line were 80 per cent.; bat they had heard
from Mr. Reed that they were under 50 per cent.; end
they surely ought to receive such statements as the
truth unless they were prepared to prove them false.—
(Hear, hear, and Question.) lie 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
r,Pver be left to them to decide again.--(Hear, and a
Voice—So much the better.) Satisfied lie was that a
reilway 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-
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—
(0a)—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 29,0001. a year upon
their main line; so that while they (the landowners) re-
ceived the 4 per cent., they would be 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. B.erapath'S. (Mr. Locke proceeded to quote a
passage in favour of the central scheme.) From what
authority did they think head read that extract? No
other than Mr. lierapath himself.—(Loud laughter.) It
was from Herapath's Railwayte Journal of the 29th of
January, 1847.—(Loud laug.)
Mr. HERAPATH wished it to be understood that ho
was the proprietor and not the editor of Herapath's
Journal. There were many things in it that he never
saw.—(Laughter.)
Mr. LOOM, in resuming, proceeded to combat the fear
which gentlemen bad 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 be 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.
Ansgerate authorised by both the compartifss, hod been
in the district canvassing,—
(Cries of 4 Namen He
would mention the name of Mr. Dawson.—(Hear, hear."
Mr. DICKENSON said there had been an attempt last
year, which had failed, because the country geutlemen,
trom whom so much was expected, would do nothing.
The Great Western would do nothing unless the central
scheme was persevered in.
Mr. LOCKE persisted in his statement; and
Captain Mnoesom said it was perfectly true. The
fact was well known, and he could confirm 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
" Ohl") Gentlemen might fancy they knew better than
other people; but ho believed, upon his conscience,
that
isi r. n
if theyioEnLmr.s
didil
,li
onnost.
_ adopt(L millions.—(Loud
uthe e
.theyphleaent,s)
their
as a member of the committee, which bad
reported last year, wished to say a few words. Doubt-
less his opinion would not carry much weight,
either
mentally or on the score of experience; but in one re ,
sport it ought to carry even more than that of the Hon.
Member for tioniton.ltwas perfectlyh disinterested.—
(Hear.) The Hon. Gentleman
principally interested as a landownad
er; avowed that he was
not sly that he (Mr. Locke) wished and though be did
tos et consulthe
ahnsaid,
hiealdt Wag
eev
in-
terests at the expense of the company's,
ad-
mitted that which ought to make hisaCivyo y
with distrust.—(Hear.) The Hon. Genctalcem received
" Now or never." Why he said so last year.
his constant threat—the burden of his song.—(Cheira.e
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 th
others make it now?—(Hear, hear.) But the apathy
of the landowners was perfectly notorious.—(Hear,
hear.) They had talked of the continent advantages
which the company would derive; bet that cut both
ways. Had not this company a metropolitan station
and a greater mileage; besides which, bad 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. LOCKE slid that three-fourths of the landowners
had agreed to take the agricultural price for the land,
and a great majority would take it in isbares.—(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 bad 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 the
eatcalation was disastrous. But what if it did not?—
(Hear, hear.) What if they went to Parliament to con-
test an opposition provoked by themselves, and failed in
it ?—(Rear, hear.) lia this, as in all preceding similar
~chetnes of extensions, the proprietors were led away by
their attention being diverted troin dividend. All this
was mistaken policy. Toeir business was to cultivate
be opportunities they had got, and to risk nothing. An
ancient maxim was, e Sportam cactus es, hone orna;"
but the maxim of the du eaters of the South-Western
was the very opposi,e, and, as their dividend showed,
with the worst results.—(Hear, hear.) He hoped that
tte proposition would bo met on this occasion with a di-
rect negative.
Mr. DicKENsorr begged to apologise for the hasty con-
tradiction he had given to Mr. Locke—(Hear, hear)—
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 bad 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 tee case, laying all those facts before the
proprietors, and throwing; ties whole responsibility
on the proprietors.—(;year, hears) There were two in-
terests in that room; and it could not be proved
that the directors had ever undertaken an extension for
their own a(fvent-
, ge. In this case the. directors a ere
showing thet they were alive to the interests of the pro-
perty. 'Rey araw their property endangered, their re-
verie, jeopardiead—the very marrow of the line attacked
—and u:rder such circumstances they were only everage-
tically doing their duty by standing on their adsorde.
~,,u
preparing for deft nee.—(llear, hear.) Doubts hdodnee
tux
thrown on the probability of getting the work
=sib!"
the emir :tit named; but the contractors were
wreosrPked out
nien, and the South- Western line had bee It
was sug.
alteeether by coutracts.—(lltsr, bear.)
their
gested Ilia Parliatneut would cut downparint had not
their tariff, if
they
went
for
this
extension.
13°813C1 Parliament would.
the power against their conseendh.coa,
i eeeing that their
not desire such an unjust r
nlyuc to melte a moderate
existing fares enabled tbem
dividend. Then, as to the
dg°ounabrst.n_te(eH.
caGru, ajar:an:7 was
an uncomfortable
rrd'rtfnteea pressed hardly on many
doubt the system 0,
with gutarifling exceptions, the South-
reilways; but, d clear of guarantees.—(A Pro-
Western hod steered 'suit ,en 3,
then.") If that was a
pricier, btohaerdeyofstedmir.ectoTrsh,eyfodridtnh,et
wsheeads no guarantee at all: and the
propo
,ees would it be so considered
meritbcir
ll'ltrdhooilepgsottdeed.—(Laughter.) If no profit
in the City? It was
weltdsi..lo:_t_ai,liennloonewnn:g.teuieric4l.
on'Yse-es`ref4erpear cent. would not be payable; but if there
i:brycruid- I:: profits on the extension itself, then it would
be payable to the landowners instead of to the South-
Western proprietary. He did not argue the advantage
of the extension from the possibility or probability of it
itself profitable. He might admit that it would
i)inbeeagloss to the whole company. But, apart from all
other arguments, he maintained that the extension was
necessary to secure to them that which they already
sessed.—(Hear, hear.)
Mr. DICKENSON here suggested that, as it was near
six o'clock, the mieetng should be adjourned.—(Cries of
" Yes,mt. my Ea adjourn.lNs
supported
the
opatrsotpthhoeesitpgiooeinnnetorfawltahqseuoedfsitriieom::
tpoorrst,ananced
ians asked theconsideration Chairman,
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 Bating-
stoke to Salisbury, upon this sueject' in which he said
that it was the intention of the company to carry out the
line in its integrity, but that, as they did at 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
liument next session for powers. This intimation (said
the Chairman) left the South-Western in a dilemma;
and unless the directors got authority from thehpro-
ptoriett;rts,a,rthlyey could not very well act effectually. This,
however, was only one among
I thought thatdaeceishi: maWny
shareholders
rF.lsiote could stagy
nicety miles long, and, st poiuta
11.1:cer -tobe let alone, tney were
"IrP, was, that if the South-
gcna.; only to decide whether
' fifty miles broad, w-ss
Thcl seees take it, for the purpose
gteetly mistaken.
they would take it or let o • ,
He did not sey this in the way -of' a
of iiijurieg them.
d b th , art'
diate y e p les to whom he
ped there would have been some-
threat. But he took the broad tact that they were
systemeticelly repu
referred. He ht,ilf,ltron,
this
occasion;
thing like UARril time for
,_ .
tut if the pro.
anted more time OiFCIIASIO:l en adjourn-
s be agreed to.—(No, and Yes.)
country
ntroyn the sub jnre
'he central
Pmr'isaaent;r°.wrgllonlidaciallehsaP had heen opposed to ,
testae but after shat he had now heard he was con
se , di.ci not
senced that they must proceed onwards. Still be
like the terms, and he had a moat decided objection to
guarantees and preferential ehares.—(Cheers.)
The CHAIRMAN sugge‘eed that if the meeting would
agree to the desirability of making the line, they might