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

18, 1852.
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the compositions made to parties who had soffored from
accidents on their rails. He did Dot object to fair ex-
Pen'es in that evai ; but there was no doubt that weir,
improper attempts were, in some cases, wade to extort
from th,e,e'iPacy, and actions of course had occa-
aoritiany to °ensue:ailed. It was not always easy to prove
'rho was and csho was nut is sufferer by an accident
to a train ; and when he mentioned that in one case the
panics alleging that they had been injured refused to
see the medical man sent to them by the company, the
proprietors could imagine in what hands the directors
sometimes found theinselvas. On the whole the law
charges were fair and moderate. The solicitors' bilks
were all carried to the taxing mister in the Court of
Exchequer, which trac one
guarantee for fairnesa ; a d
besides this tl:e company LOW if
ho a law agent, f
ho might call him so, to relieve the solicitor as to Par-
liamentary business„ 60 that, all was done that could be
done to neutratiso heavy -.i.Nnands of this kind. In
conclusion, the Hon. Chairiedin stated that the direc-
tors were on the most friendly footing with the
Brighton Comploy, and were. carrying out all the ar-
rangements, for the common traffic, made with that
company.
• f
In answer to a qtreatidn from Mr. EDWARDS as to Mr.
Scott's (the new manager's) qualifications,
Mr. W. HA.RDING Ole secretary) stilted that Mr.
Scott had been employed by the principal lines of Scot-
land, by the Edinburgh and Glasgow, by the North
British (of whichle was the sole goods manager), and
by the Edinburgh, Perth, acid Dundee. All these com-
panies spoke in the highest possible terms of Mr. Scott.
Mr. EDWARDS protested against the directors not
taking a manager from among their own old officers.--:
(Uear, hear.) lie alto protested against the system 01
the directors going security for their own officers. They
ought to take the Guarantee Society.—(Hear.)
The CHAIRMAN—YOU may be sure I'll never go secu-
rity again.—(Laughter.) la
a answer to questions as to
the security which.thail ueen -given by Mr. Ford, it was
explained' -tharit bad consisted of a bond for 4001. given
by a lady, which she would pay, and of bills of c-x-
-chang© endorsed by good pafties for 1,0001., a portion
of which was being recovered, and also of a moiety of a
lease.

A PROPRIETOR—Whet Lecurity does Mr. Scott give?
The CHAIRMAN—For 1,0001 on the Guarantee So.

112m.m—The rule now is
secu-
rity of the Guarantee Society.
A PROPRIETOR—What is the total amount of StOViCo
def,tications? ; to take only the

The CHAInMAW—The total amount is only 2,9201,
and against that is to be set what will be recovered from
the sureties, and what may yet be accounted for on ex-
planatiop.

Mr. Sergeant GASELEE thought that what had oc
curred indicated that a lax system prevailed in the ma
nageteent of the company.—(llksar, hear.)
Mr. HELPS addressed the meeting on the paragraph in
the report relating to the election of directors. He begged
it to be understood that he was not placing his own
name in oppmition to Mr. Sergeant Gaselee or to Mr.
Mortimer, but that he was acting in entire concurrence
with them. He was only a candidate on the supposition
that there was a third vacancy. The paragraph to which
ho alluded was the following:—" In pursuance of the
promise given by the chairman at the adjourned half-
yearly general meeting of the 25th February last, two
vacancies at the board were announced on the 6th June,
which vacancies the shareholders will have to fill up at
the present meeting. The two vacancies were caused,
first, by the retirement of Mr. Aikin, a man of great com-
mercial experience and ability, who has been for twelve
years a most efficient director of this company; and, se-
condly, by the lamented death of General Reid, M.P.,
a largo shareholder, most assiduous in the duties he
assumed when he was elected a director, and endeared
both to his colleagues and the staff of the railway, by
the kind interest ho took in all that concerned the just
treatment of the servants, and the hoeourable conduct of
the company's affairs. Since the period of the an-
nouncement of these two vacancies, the directors regret
to state that the Right lion. the Earl of Morley, the
able vice-chairman of the Board of Directors, has found
it necessary to relinquish his seat, iu consequence of the
circumstances, in regard to the extension of this line
westward, which were the avowed reason of his having
joined this board in 1846, being in his opinion changed."
Now, they would all remember the circumstances under
which the premise was given that the vacancies in the
direction should be placed at the disposal of the pro-
prietors tat large. It was to be something in the way of
a compromise, or, at least, of a concession, to the 900
proprietors who had complained that they found it
impossible to obtain any share in the management
of their affairs. It was to be an act of grace—
something more than the law would have compelled
the directors to do. The Hon. Gentleman who
had made the promise on the part of the directors (Mr.
Smith), said that two of the board would retire abso-
lutely—that they would resign and not offer themselves
for re election; and that the vacancies so caused would
be placed at the disposal of the shareholders. Now,
had that promise been performed? He would not any
to the Imter, fur he should be the last man in the world
to hold any one to the more letter of his promise. But
had it been kept in the spirit?—(Hear.)
The CHAzultAN—Mr. Aikin retired for the very
purpose.
Mr. Harass was aware of that. He would not deny
that there had been a partial performance; but a par
to draw the attention of the company, and,
was not the whole; and it was this to which he wished
and, if
of the public; he did think that this was a question_
of social morality not unworthy of the attention of the
British press.--(Cheers.) Had the directors substan-
tially performed their undertaking? lie maintained
that they had not; for the vacancy caused by the death
of General Reid was one that was entirely out of
their power to fill up. It was true that in the ori-i
vacancies caused by death, resignation, or the like, was
placed in the hands of the board; but necessary,
rY
ginal Act the power to fill up the occasiona
Act that was repealed, and the power was conferred on
the shareholders at large, to be exercised by them at a
time prescribed by law, namely, at the first half-yearly
the act of the directors, but by
or special general meeting held afterwards—that was,
in the present Caae, at this very meeting- -(dear,
hear.)t
by
This seat bad thus been placed at their disposal, notsyv
in a subsequent
then could the board take credit for it as a part
Perform-
ance of their promise?—(Hear hear.) If there vansoati y
dispute upon the ; no.nt, it ought to be decided,
so not
the board, but by the shareholders, for it
was
ele-
mentary a principle of morality, that the interpretationwh
of a practice should rest, not with the party brie that
but to whom, it was made, that he was snip
of it._
the directors should require to be
"mine the
(lane, hear.) Mr. Helps then preceaded to criticise,ss -
Earl of ALI
1 passage relating to the resignation of the
twhich
he date a w
the act of the law.
IliA, a! 1.410 AnritO Onnl,er;fttiotl as 1.9 t • .._ ,
... Lilt.) men received, be concluded by urging uPrlaele"d'
, ,or in acme other
meeting either to insist upon having another sea. placed
at their diapossl
matter lnto tbblk Oan tiab& .
air. l es state-
Mit. SVITIS adriSittn the i,ru:is of ail. AP
body of
Meat of what he (Hr. Smith) had promised tof Bar,to a
the shareholders at the last meeting,
in
(ice e'roen 'of new
wish they had expressed to have an in•e.". k
;.,1 but fiE that
blood, il' it .thae teianed,_ lute. the .05t": me Aeop of
manner taking the
tiie.iten!a of ihetii eo4lci is.d.6 ritl6ipate..va
as
an
of
' eneral Reid, who was then as likely to lideocease, /one
them. By the Gallant General's lamented mode another,
vacancy Was treated, 'and tiady
St:rely that was a substantial ftilfilniehnatclnfamt
a h tiottisti ithich
Mr. Sergeant .Graawama regrettea.
think that they had
rho hoard had to men for he did not tin heir Pi•othise:
was evident, for
sully carried out their promise. This
how long could General Reid a perieetly iihttia-
tion?—(A leash;) It was, itoweve",hat they deter-
terial to him (the Learned Sergeant)
iniself for re•elec-
use the pro kips
mined to do-, as hb did pet iatend;
to
o°® way or too
which had htten. ehtrustea to him, either Mended the pro-
, oiher.—(Hear, hear.) Still he recomwa
a hands, and he
prietora to take the matter into theirie-aen
a g With the scat
should give his sihglet•ote tot their a
iti abate way.—(Hear, hear.)
see who had been da-
m bIAIRN really did nettle edard, They had
Maged by them nise taket
bY• that they should have
giVen the shareholders a promisedireators. That ()nor-
offerh
an opportunity of electing tric)td they *ould be content
tunity they hads and he hop
rd to be reduced, which
titb. ir, If they *antes the bseer...._
sa ) the directors would
*as a very popular idea—(lleac)
°eclat) elect, a new Merits-
not object; but if they deterintni ,
ddo their best to matte
ber, ho was sure the hoard won
(Laughter.) With re-
him comfortable and Happy
mena he had that Morning
spent to Lord Morley'a !Tare
his
Lordship intimated that
received a letter, in which
confirmed by the ill health
his determination had been been ,a
mamma. His (the
under which he had sines
meeting was that they should
chairman's) advice to the niNobju Earl at present. Let
not elect a substitute for the
set
110 W the " ne* blood'
them wait a little a
s edate,ides, there *ei:e eeetal
worked.—(Laughter.) '-'
anies settling at Southamp-
large steam navigation comp
there was also the
dock company. It might
ton, and
mercantile man might be found to
represent these at the
their
happen that a good
brocissa who waitid be able to unite
and and adven
mutual interests.--(hear, hear.)
t()
At the same time it
was proper to assure them that at
present they had no sacs a colleague in their thind's eye,
ohson items in the accont
After a few explanatio w
t. . _ crew
asked as he length of credit
A PuorrtiEtolt.
given to the carriers?
The CIIAIRMAti—'
Wheti- the security is good we allow
three months.
Another PROPRIETOR
then drew attention to the fol-
ta—
lowing paragraph in the reP
" A responsible pa
rty, locally interested in the town
bas offered to snake a branch
from the station of the company at Wimbledon to Mit-
cham, a distance of two miles,. ori_a perfect level, with-
out any interposing cutting, embankment, or obstruction,
on a guaranteed rent from this company of 1,600/. per
the rate of 5 per oncomputed
annum, being at .. .. cent.
cost. This branch will be capable of being joined with
a branch which the Brighton Company have agreed to
make from Croydon to Mitcham, on certain conditions,
with the same party who has made the offer in question
to this company. The directors, seeing the very attrac-
tive nature of the building property between Croydon
and Winsbleden, recommend the proprietors to nut laorise
them to take up the project at any time during the next
year, when it may appear expedient to do so, and mu-
tually satisfactory terms among all parties op be Br.

additional letx expenditure it uo rile ofthe
capital term
tso Ptri°wP company,°Bed'
ranged.
orrioubtedly of local can •populous ne,igh-
heurhood, and a productive in
a
reader to the main line.'
Mr. lIERAPATH COLIC irreedte with the Hon. Gentleman
in thinking 5 per eett u involve dno
t.O very high. When they consi-
dered that their debentures
was
perfectly
monstrous, resnwere only at 3i per cent., it
should like to knew who
the gentleman referred o west)?
The CHAIRMAN said there. had
been a line proposed
from Wimbledon to Wandsworth and Croydon, by a se-
parate party. This was looked at by several parties, and
amongst others by Mr. George
Bidder, who happened to
have is large property at Mitcham.—(Hear, and a laugh.)
Mr. LIERAPATH—We know he is a good calculator.
The CHAIRMAN—The scheme also
board. At this time the Crystal Psame before the
lapis, and the desirability of taking it to Kivi e ..
was
or to onthe
some
other part of their own domains, was under " sidera-
tion; but these plans were superseded by the Brighton
Railway, and so all chance was lost of the
South-
Western making any arrangement. Nevertheless,
the
ling being in the direction of the Crystal Palace, the
question still remained whether some satisfactory terms
could not be come to with the South-Eastern, that might
still make it worth the attention of this board to enter-
tain the project. At all events, it ought to be recol-
lected that if nothing substantial came from the South-
Eastern which might make it worth the while of this
company, nothing would be donein the matter.-(Hear.)
A PROPRIETOR suggested that it would be best to
strike the passage out of the report.
Another PROPRIETOR thought that if they were to
make the line at all, they ought to make it themselves,
and borrow the money at ai per cent.
A Votcs—How can you, if your capital account is to
be closed?—(Hear.)
Mr. HER/PATH moved that the paragraph be ex-
punged from the report. He had also been informed
that a report had been made by ?dr. Peter Clarke upon
the working of the Nine Elms station, and that ho had
pointed out how 1,8001. a year might be saved. was
that correct? Again, it was stated that the secretary had
given, evidence before a Parliamentary Committee upon
the Woking Cemetery scheme without the sanction of the
board. He holdlike to know whether that rumour
was true?
The CHAIRMAN said, that although the Woking
scheme was a new one, it was so like a former plan
which node been maturely considered by the board, that
it had not rquired so much examination. Their secre-
tar had been instructed to meet the parties when they
came to the York-road office, and also to give evidence
before the Parliamentary Committee. He could assure
the lion. G:mtleraan that the company were pledged to
nothing—that they were not pledged to give up any
land, or to any sort of condition or agreement by which
would not be fairly remunerated. They had agreed
they weu
that a train should be run daily, and that for all other
tmatters they should be paid at their own discretion. He
could assure the Hon. Gentleman that the board were not
anything from which he would wish them to
bound to
depart.--Gear.)
Mr. IiERA.PATLI still pressed his motion respecting
the Mitcham line, and expressed a fear lest they should
be Bidder-iced altogether.—(A laugh.)
Mr. UPCROFT seconded the motion.
Mr. MALINS said that by the terms proposed they
would avoid all Parliamentary expenses, and that it was
a very chew. bargain.--(0h.) He had had some expe-
rience in a similar case, in which the proprietors ad
been made top d-Y after the rate of more than 10,0001 an
aere.—(Hear, hear.)
The CHAIRMAN thought that gentleman ought to be
satisfied with his promise that the directors would do
nothing with the line until they again met the proprie-
tary.—(Hear. hear.)
Mr. DICKENSON condemned the idea of this line as
altogether ridiculous. The new Crystal Palace would
excite at first, very likely, a popular furore; and to meet
the rush a line was already in existence which would
reap all the advantage. But by that time the South-
Western's branch was ready that furore would be over;
and there would be no traffic.—(Hear, hear.)
Mr. LOCKE, M.P., thought it was an error in the di-
rectors to meet this point at all in the report, since the
paragraph led to nothing.—(Hear, hear.) Were the
question as to this proposed line really before the meet-
ing, ho would certainly say that the terms were too
high.—(Hear, hear.) Bat as no sanction was asked, and
as nothing was proposed, the amendment was unneces-
sary, and further discussion of the subject would be
waste of time.
Mr. ADDISON differed entirely from Mr. Locke. If he
knew anything of the customs of corporations, he was
sure of this, that to agree to the report, this paragraph
included, would be to give the directors authority to
undertake this new line.—(Hear, hear.) He objected
completely to the proposed guarantee. Guarantees had
been the ruin of railways.—(Hear, hear.)
The CHAIRMAN said, that as tho wish of the meeting
appeared to be that the paragraphs in question should be
struck out, the directors would have no objection.
The objectionable paragraphs were agreed to be
erased, and the report was then unanimously received
and adopted.
After some discussion on a resolution of an unimpor-
tant and unanimously-condemned character, proposed by
Captain Moorsom, a resolution was carried declaring a
dividend at the rate of 31 per cent. per annum, payable
on and after the lst September.
A conversation having again arisen respecting Mr.
Stovin and the system pursued by the company as to
sureties for their officers,
Mr. SASNSMURY asked whether the solicitors of the
company were of opinion that the surety provided by
the Guarantee Society was preferable to individual
sureties? (Mr. Sainsbury referred to a case in which
the Guarantee Society had attempted to evade payment,
and had been defeated by the verdict of a jury.)
The CHAIRMAN observed that they had been exceed.
ingly pleased with the Guarantee Society'sway of doing
business. Its
inquiries
as to the parties were most
rigid, and the company had never
had any difficulty in
the settlements with it, and they vh d had several.
The SOLICITOR said the matter (I been brought be-
fore his notice very soonafter the had
establishment
of the
Guarantee Society. He must
confess
s s that hevs
very much
ueh
preferred the simple form of bond taken by the
company
from two sureties,—(Hear.) At the same time ho was
not prepared to say that the guarantee policy was un-
safe. Of course, as he had drawn up the old form
of the bond, he was rather prejudiced in its favour,
and
there were certainly a good many provisos in the
policy. But the policy
secure that he ought to advise the company to refuse it.
—(Hear, hear.) One objection to the old bonds was,
that they required the assistance of a lawyer, which en-
tailed upon Wewhich
clerks an expense they could ill
afford, and from which the policy was free. It was a
desire on the part of the board to avoid the necessity of
professional advice, that the society's guarantee, was
adopted in preference to others.—(Hear, hear.)
The resoli:!intl Cleaving the dividend was then
agreed to.
Mr. Dill then proposed, and Mr. liiitErt seconded.
thei teer Sef?ednt Ctaselea be elected a director, Carried
almost untithonsiet'g
A PROPRIETOR proposed Z. gtttchins, but that gen-
tleman withdrew from the contest. As Chore were only
tiro vacant/lee to be declared, he did not wish to t etteet
eltVe7,‘ with th tioartatd Etereerint or with Mr. Mortimer,
who had Polled eel '", ri / l' 6the last occasion.
c... a_ga number on
Mr. BAKER and Mr. IlinfoYeeern proposed and se-
conded Mr. Charles Smith Mortimer, Wheal eteetion in
like manner was carried all but unanimously.
A PROPRIETOrt asked whether Mr. Mortimer would
work harriidniodsly rin the other directors with re-
spect to the Central lieliWay?—aeaughter.)
Another PROPRIETOR observed that eh the last occa-
sion Mr. Mortimer had given a sort of prorkii:je• ant if
elected he Would withdraw from the Stock Exchange.
Worfld be now fulfil his promise?—(Hear, hear.)
Mr. IteetErt, in the absence of Mr. Mortimer, would
explain the matter. A man might ft al a barrister and
yet withdraw from practice, and so in like rdatter a man
might retire from the purchase and sale of shares, duel
yet continue to 1)8 d r ember of the Stock Exchange.
'-Mr. Mortimer justly considered his membership a high
honouf, and ftora that he would not retire, but ho would
give up all hueineee in aleares.—(Hear.)
Sir RAYMOND JARVIS, oho was on the list of candi-
dates, retired.
Mr. FlEteeet thought the proprietors were boned, if
they did not Wish to fie disfranchised, to deal with the
third seat; but rs he was in favour of a reduction in the
number cf &treaters, he could not consistently offer him.
self as a candidate. If, however, the shareholders, in
order to assert their rights, chose to elect a third dim.
tor, ke r. tea perfectly willing to servo them, and, if
elected, he would serve them faithfully, and, if he
pos.
Sibly could, well.---(Hear,, hear.) it was not his inters.
ilea Le ortido eitqar Mr. Sergeant Gaseleo or Mr,
Mortimer.—(Hear, uede,:i
The CHAIRMAN—Then it is ni) :.i.lltf to desiare those
gentlemen duly elected.—(Cheers.)
e
Mr. bergeant GAsrLEE, in returning thanks for the
honour which had been done him, alluded to the abuse,
he meant to say the opposition—(A laugh)—he had re-
delved fl'Oth Mr, Fite, and from a certai • n periodical
which had attacked him week after week when he was
abroad, and could not know of it. He hoped the latter
would new take come other subject who was not quite
so stale.—(laughter.)
Mr. TIrE expressed the high opinion he entertained
for Mr. Sergeant Gaselee, although ho had often fin
ed
opposed to him. lie was quite sure that the Learned
Sergeant, now that he was on the other side of the table,
would think the same as the board.—(L
_ aughter.?_efring
Mr. HELts insinuated that the board were 'V
the third seat for some person they hol n-iag i for the
The CHAIRMAN said they,were only kneetpithe
slightest
shareholders. They had not at pre,set, f,ioa of them
idea of a candidate, and Mr. nelPh9ear.P)
was not a very liberal one.--(Hear, ~,a Mr. Sergeant
The meeting was made
his seat at the table amidst fooor
Helps demanded a cheer , sPecwilileh was raised, took
Gaselee, in obedience to a
callesiderable applause. Mr.
the first shareholders'
e but it was respoisded to
member that over sat some hisses.
with cries of " Oh," and
ed for the special meeting was
[The report prepay
taken as read.] ought the meeting would give the
thought
The CHAIR3I
AT4't for at least one thing, and that was
directors full credit
y held to their promise not to do
for having faithfil - indirectly with '
respect to now works
anything directly or

without having their concurrence. The question for
their consideration on the present oCea3i"A was, the ex-
pediency of making a new line from Bosiugstolie through
Salisbury to Exeter ; and when they were teld that in
the district from Salisbury to Exeter, which was 89
miles long, and in
same places more than 53 wide, there
was no direct railway communication with Lender), they
would readily imagine the anxiety which was felt by the
inhabitants fes to
_the fate of the proposition. The popu-
lation was daily decreasing-, arid the agriculturiits were
suffering greatly for the want of such a cominunication,
so that they might well suppose that both the landed
proprietors and those engaged in trade and commerce
took the liveliest interest in the scheme. The company
bed determined on it former oecaeion to adopt this very
line, which they all knew was legitimately- their own. it
was legitimately their own district, inasmuch as they
had obtained an Act of Parliament to naske the rail-
way; but from adverse cirewnetances it had been post-
poned. In the first place they had to contend with the
absence of money, and a panic in the commercial world.
They had seen the first houses falling, and the most re-
spectable merchants ruined. They had also had a famine
in the country, plague and pestilence At home, and revo-
lution ahroad—ail of which had tended to render the
completion of the plan they hid contemplated impos-
sible. The value of the scheme was proved by the Steps
which had been taken by their competitors. who had a
line already from London to Bristol and Exeter, and
who had
positively given their board power to fake the
preliminary
steps to make a railway from Dorchester
to Exeter. When they reflected that the line they pro-
posedPanY was only
e was 197 miles long, whereas the plan of this
that the preferenceought
manicto.as
Tt w,
hho
oeuel
population
oulpseeua l leave
et i o
—(Hear, bear.) A " t '
o be given to the central line.
171, they would no longer doubt
there would be n- gain, if they even took the coast lice,
no security for their traffic, because no
would
of the. eouutry to go to the
Great Western lintea,vaan
ad
n wouldh ay e
therefore
mrl es top :57 veevletto
tget ttheo
they would onlylargego north; so that, by that plan,
they would content to be passive, they would
and their property no stin" of money expends,
here. If
but also that which they might
But it did not stop
might fairly expect to ob-
tain,was the most powerful
not only lose that which th
proposed argumentr ,ey already had. And this
cost(lf e all; ,10hoe
,aoro. )01 , The that they could two.—
was precisely
( H
ca thea'l railway,
same whichp lan wouldwhie only
was
beento ha
modeveeostto2t,h2esoiioioteOhta—m
lin,
er, hear.) Objection bad
, on the ground that the
money was proposed to be spent through the agency of
the engineer. But there wasa certainty
con-
tract system which would reducet abouthirlialo rho
wereytoawouldk
t no
o hwawveh theatwt
he
line formed for
givenfto, riclsoo,opoeorl.e, amount.eenn td. ,
ift
fhf
tethyheey South-Western
were to work it
they were likelytl
to have to divide amongst the shareholde r
hear.) Another great advantage which the.po—( esed
ar'
scheme would confer on them would be the traffic which
it would bring upon their lino to London. If the Dor-
chester line, which was 63 miles long, and produced
53,270/. a year, gave the main line 35,3251, the central
railway, producing 90,000/, a week, would give them
63.0001.—(Hear, hear.) In conclusion, he thought that
they could not have more favourable terms offered them,
and be trusted that they would encourage the directors
to make the line.—(Hear, hear.)
An Hon. PROPRIETOR would venture to suggest an
arrangement that might be less objectionable than that
contemplated by the directors; that the company should
make the line themselves, with their own money, and
that the landowners who were calling for it should gua-
rantee them a minimum interest of 3i per cent. on the
outlay.—(Great laughter.)
Mr. DreKENsoel was surprised that this matter should
have been brought on at all at this meming, seeing that
it had been so fully discussed on the last occasion. He
had the same amount of property exactly in the Great
Western which he had in the South-Western; and as his
interests were equally balanced, his opinion against this
proposed extension might be regarded as tolerably im-
partial. The Chairman had spoken as if the South-
Western was acting on the defensive in such as exten-
sion, but he (Mr. Dickenson) knew as a fact that the
Great Western had no desire whatever to enrage in any
fresh line to reach Exeter.—(Hear, hear.) The question
for the proprietors in the South-Western was a very
simple one: Were they prepared to go into the forma-
tion of a new line upwards of 100 miles in length?—for
it was not merely from Salisbury to Exeter, but, in
fact, from Andover to Exeter.—(Hear, hear.) It was
great folly in the directors to rely upon a body
of landowners. No doubt they wanted the line, but
they wanted to make money by it; and from
what he (Mr. Dickenson) knew of country gentlemen,
he was sure that the lords and squires in this case would
get the uttermost farthing they could for their land.—
(Hear.) If those lords and gentlemen were in earnest,
they could go into the money market and get all: the
necessary money they wanted on their own responsi-
bility. But it was a very different thing to get the
South-Western into the speculation, pledged, too, to
work the line, and to hand to those individuals the first
profits, if profits there should be, of which he entertained
great doubts, for, of coarse, if thus challenged, the Great
Western would at once take up an opposition.—(Hear,
hear.) Let the line be made by an independent com-
pany, and he would have no objection; and then let the
two companies (Great Western and South-Western)
take their chance. What was the South-Western to do?
It would have to carry on the competition by lowering
the rate of fares from Exeter to London, and that would
lead to a reduction for all passengers on from Salisbury
and intermediately from Andover, for it would not do to
have different rates.—(Hear, hear.) As he saw the
thing, this company was to be nt all the risk, and was
not to have the first benefit.—(Hear, hoar.) He regarded
the calculation of the directors that the work could be
done for 1,100,0001. as a chimera; for there never was a
railway contract
oppose the project to the last,
(Hear, hear.) He wouldyet which had not been exceeded.—
and even to Parliament.
The CHAIRMAN
contractors were of undoubten
hre
4 sponsibility and rept-
refore this enormous
reminded Mr. Dickenson that the
cations And there would be, t 0 _, . .
B—that8—that the company
ict i tol) had no shares in the
Mr. EAGLESFIELD (of ....r.s .
awdovualndt
knowage aboutexsco
exactly
theits ulinadbeiri tf
roved of this ex-
how they were to raise the
tension. He did not see
the class A; and if
be
capital. The landowners were to
Great Western, but he utterly disapproved
es or they would, of
to give a second set of gu,aran.
' A ' h.! h
snares. rein, t 9
there was to be a class B the Sotueth-Western would have
course, nower get rid of tee
eto e paid on
hay' b '
line was
.be
the capita 'would
isnateurdestthwauttildinteres. be so
much deducted from the dividend of the proprietary of
(Hear, hear.) Ho wanted the
the f.'e)eth-Western.—
liubgormroadwee'd
South-Western to stick to what they had got, and to
make the most of that. The property had been damaged
greatly by these proposals of the directors.--(Hear.)
The Crum:am; put the hoe. proprietor right as to the
payment•
of interest. Half the capital would be raised by
the district; and there could be no interest payable du.
rine the construction of the line.—(Hear, hear.)
• , Mr. UPCROFT prophesied that this extension would
lead to a new battle of the ganges.—(Hear, hear.)
Captain MooRSOM delivered a d
long lecture, which he
demonstrated isei.oiduin artan ripen a map pinne up to
awindow-blind, upon the coast scheme
by proposing scheme which he
,t .., .
'1" ht forward last year:
He concluded
ous
a resonlPV.ort to the effect that the directors be requested
to make arfanlvnents with the venanoters of the coast
line, by which, under certain restrietione„ they might, at
an outlay not exceeding' 200,000/., secure a continuous
filo- orqm Dorchester to Exeter.
A corifsed discussion taking plate here, several
pro-
prietors asked, " What is the question?" and •
it was un-
expectedly found that ""o question had been pnt from the
board, and that consequently Oaptain Moorsom's Dropo-
dticr was to be regarded strictly :se a substantive m'c•O:en.
Mr• IIik.RDING, the secretary, wtto called on by the
Chairman td reed the resolutions re arced by the direc-
tors. They were at!— P P
"That the directors e wet dri b h - sed and requested to con-
clude an arrangement with the promoters of the Centre/
Lin eel. Railway Extension from Salisbury to or
Whist
upon the fiasie of the terms mentioned in the repeal ttili:
day submitted to at, special general meeting
sad °otber
proprietors, and to terei and to concur with gtjeinent
parties in taking, all such measures as in tt? eirde before
may be necessary for bringing th,e metro ""
Parliament in the ensuing session.rma
~ to covour with
" That the directors be also authoris
h fo ation of 5 line
any otna parties in
Prumatiag Ldaeentral line near Ax-
from Bridport to joie the prover
• 3ef-sion by this company
rainster, to the extent': of P SUbSCF re.
, ~,r the day of Se
not exceeding 50,0001."
rarooneu '" eose of receivin g
" That a meeting be !li ~ or the purr
tembet next, at one o'clooloj, ate directors on the ar-
and considerin a repel!
the
capital to be eon-
rangements forges sing tee s'
towards the before-mentioned
tributed by this company all such ste:pe in relation
and for authr in the west generally, as may
lines, e ons e
thereto, or to exte,°-adineable•
°elution
be considered . was then formally put, and die"
The first
taken on that.
cession
,W49,11,pS made an angry attack on the policy
Mr. fr the directors, and concluded by suggesting
pnrsil,e- ?Ain Moorsom should modify his proposal into
that `-'aP.-
the appointment of a committee of 24 to in-
a motion
for
yestigate the whole subject of the western extension.
Captain MOORSOM could not adopt that suggestion. A.
committee had already sat, and had reported in favour '
of the extension; and he thought they couldn't go on
for over with committees while an enemy was at their
very doors.
Mr. HADLEY also spoke against the proposed line as
objectionable in every particular.
Mr. lIERAPATH spoke to the same effect. He could
find no reliable data for the statements of the report. If
they went into this mad scheme they could only expect
to involve themselves in interminable hostilities with the
Great Western and the Bristol and Exeter.—(Hear.)
Mr. LocKE stood in a peculiar position in ,
regard to
the South-Western Company on this question, and be
desired to offer a few explanations. There was no
doubt that the landowners in the district would be bene-
fited by and had an interest in the contemplated exten-
sion, and he confessed candidly for his own part, posses-
sing as he did landed property in
that direction, that
he looked mainly to his own interest in this mat-
ter.—(Great laughter,) Having made this admis-
sion, he hoped he would for the future
escape those accusations as to motives which were too