The Sun.
London, England, 1864-03-02 00:00:00

RAILWAY INTELLIGENCE,

lIAMMEIt SMITH AND CITY.
The half-yearly meeting of this company was held on
Monday at the London Tavern—Mr. J. Parson in the chair.
'I he re fort was taken as read.
The CHAIRMAN said he had taken the chair on that occa •
sion at the request of his colleagues, but intended to resign
at the conclusion of the business. He then explained the
various paragraphs in the runt. The permanent working
agreement with the Groat Western Company would be for
10 years, and would commence from the opening of the line
in July or August next. The great difficulty in respect of
forming the junctions with the Great Western had been to
accommodate the suburban traffic without interfering with
the long and express traffic on that company's main line.
The Hammersmith Company was to pay £25,000 towards
the expense of constructing these junctions by the Great
Western, and a rental of £6OO a year. He thought it a ju-
dicious arrangement for both companies. Then there was a
&faulty to be overcome in respect to working the trains
from the Hammersmith line to the Metropolitan line so that
they should be enabled to run without delay at the junction
into the heart of the city. The liabilities of the company
were estimated at £90,000. The net cost of the land for rail-
way would be £72,000, the estimated cost of the land by the
contractor was £16,500, to be paid for partly in shares and
partly in debentures, equivalent to £lO,OOO in cash. The
land for the railway had cost £BO,OOO, which was double the
estimate. The contractor had paid £15,000 to be relieved
from the land portion of his contract, and the company had
to pay £25,000, including £4,210 for the portion of the T
bet estate, making together the extra £lO,OOO. Tho com-
pany had a bill in Parliament for an extension from llam-
mersmith to Richmond. They now proposed to raise £60,000
on preference shares ; but Mr. Rummens, who had taken
17,000 out of the 18,000 shares of the capital of the com-
pany, had power to object to raising money on preference
shares before the opening of the line, lest it should damage
his interests in any way. Mr. Blake had resigned his seat
at the board, and he (the chairman) would also resign.
Mr. SURGEY seconded the motion for the adoption of the
report, and it wrs carried.
The directors were authorised to consolidate the 18,000
ordinary £lO shares into stock, Hr. G. C. Taylor was elected
a director in the room of Mr. Brake, and Mr. G. C. Taylor
was elected auditor.
The meeting was then made special for the purpose of
raising £60,000 by the issue of 5 per cent, preference shares,
with a view to pay off the debts of the company ; but as
Mr. Rummens, the contractor, objected b give his assent
for two months, no resolution on the subject could be

adopted.
Mr. J. Parson then resigned his seat at the board, and
loft the chair.
A special meeting, convened by a requisition from the
shareholders, was then held, and Mr. T. Eyre Foakes, a
director, was called to the chair.
A long discussion ensued regarding the proceedings in the
recent case of " Parson v. Surgey," in which Mr. Parson,
Mr. Surgey, Colonel Ward, Mr. W. A. Wilkinson, Mr.
Foakes, and other proprietors, took part, freely expressing
their views on the subject of the recent trial as affecting the
interests of the company.
On the motion of Mr. M. S. TATHAM; seconded by Mr.
A. 0. WirxixsoN, the following resolution was adopted :
"That the shareholders retain the opinion expressed in the
resolution passed at a former meeting, and cannot allow
Messrs. Parson and Blake to retire without recording their
entire concurrence in the comments of the Lord Chief Justice
on the impropriety of directors speculating in land through
which their railway is intended to pass."
On the motion of Mr. G. SCLATER-BOOTH, M.P., se-
conded by Mr. T. CURTIS, the following resolution was
unanimously passed:—
" That this meeting desires very cordially to thank Mr.
Surgey for his unremitting attention to the interests of the
company, and to assure him that in defending on public
grounds the action recently brought against him, he has
rendered essential service not only to this company but to
the public at large."
It was:understood that the directors at their first meeting
would elect Colonel Ward to the vacant seat at the board.
The proceedings concluded with a vote of thanks to the
chairman.

CRYSTAL PALACE AND SOUTH LONDON JUNC.

TION.

Thl half-yearly meeting of this company was held on
Wednesday, at the Victoria Station, Westminster; Sir C,
P. Roney in the chair.

The Secretary, Mr. Johnson, read the report, an abstract
of which has appeared in The Sun.

The CHAIRMAN-, in moving the adoption of the report,
said that by the energy of the contractors in carrying on
the works, and of the surveyor in obtaining the necessary
lands, the progress since August had been considerable.
There were two tunnels, the " Crescent Wood" tunnel, 370
yards long, and the " Paxton" tunnel, 440 yards leng, and
in August last 41 yards had been completed of each of these
tunnels, They now had 190 yards finished of the smaller
one, and 223 yards of the larger tunnel. Unless some un-
foreseen accident occurred, both n ould be completed in about
seven months, The heaviest work on the line was the great
excavations which had to be made in the immediate vicinity
of the company's station at the Crystal Palace. Of 411,000
cubic yards of excavation through the whole line, 200,000
had to be made in this cutting. Of the 411,000 cubic yards
of eArtlass ork, 1,350 yards had been completed, There had
been expended on account of property and works during
the past six months £339,344, making the total expenditure
£177,951. He concluded by moving the adoption of the
report. _ _

Sir C. 11. Rica seconded the motion, which was carried

nein. COT S.

On the motion of Mr. 1tr,13:3, the retiring directors, Sir
C. P. Roney and Sir C. Rich, were rd •elected, as was also
Mr. Banks, the retiring auditor.
A vote of thanks to the chairman and directors closed
the proceedings.