The Sun.
London, England, 1863-02-13 00:00:00

LONDON AND SOUTH-WESTERN.

The hall-yearly meeting of this company was held yester-
day at the Waterloo-station, Captain Mangles in the chair.
Mr. CLARKE, the secretary, read the minutes of the last
half-yearly and subsequent special meetings, which were
confirmed. The report, an abstract of which has appeared
in The ,N un, was taken as read.

The CHAIRMAN, in moving the adoption of the report,
said it would not be necessary for him to detain them
for any great length of time in stating the few observa-
tions he had to make. In the first place, he was glad to
say they were no longer at war, that at least hostilities
had ceased, if they were not at peace with all the world.
No doubt the shareholders were entitled to all the divi-
dend earned from the working of the half-year, but he
was sorry to say the directors had great temptations to be
popular by squeezing out as much as they could to give a
good dividend. There was another course more praise-
worthy, which required a little consideration, but was not
so popular as giving large increases of dividend. Taking
advantage of the increase in their revenue during the past
half-year from exceptional causes, the directors thought it
right to pay off any exceptional expenses that occurred in
that half-year. They thought it was the proper time to
write off the whole of the expenses attending the unfortu-
nate accident at Wimbledon, and to add £lO,OOO to the re-
newal account. It might be satisfactory to state that all
claims on account of accidents had been paid, and they were
now without any charge against them on that account. He
thought that the shareholders would agree with him that it
was the proper course. He believed the increasing take
in the receipts of the current half-year justified them in
looking forward to a brighter future. With regard to the
state and position of the company, he mentioned that the
dividends for the past eight years, from 1855 to 1862 both
inclu'sive, had been at the late of 5 per cent. per annum,
and taking 24 years back, from the opening of the railway,
the dividends averaged 1.4 ss. lid. per cent. per annum. He
hoped that Providence would preserve them from such
accidents as that at Wimbledon in future, and that
they would not again be visited with those pains and
penalties under which they had all smarted. He travelled
very often on the line, and he thought the attention of the
officers to their duties was a great safeguard, and if their
trains were not so last as others, he was sure their
line was a safe one for passengers; and it was no doubt
their interest that it should be so. He then adverted to
items in the capital account, and stated that they had ex-
pended during the past half. year £371,741 on that account.
This was carefully expended in improving the value of their
property, and in adding to the facilities for conducting the
traffic. They had constructed additional sidings, work-
shops, and other useful buildings for carrying on the busi-
ness of the company. They had expended on the original
line £62,422, of which £50,856 was for new works and
£6,000 for land ; £36,961 in doubling the Southampton and
Dorchester line ; £4,209 in completing works on the Yeovil
and Exeter Railway. They had also expended £2,467 in
completing works on the Topsham Extension, and £2,756
on the Exeter Junction, for extending the narrow gauge to
St. David's station, so as to enable them to run through to
the Crediton line and so on to Bideford. They had expended
£15,025 in laying down an additional line on the North
Devon railway for narrow gauge carriages; and also £3,606
on the Bideford Extension for a similar object. They had
expended£3l,E9o for a new line toKingston-bridge; £2,506
for doubling a portion of the Yeovil and Exeter; £4,284
on the Petersfield and Midhurst ; £6,988 for the purchase
of shares in the Andover and Redbridge; and £22,040 for
shares in the Petersfield and Midhuist Railway. They had
paid £5,669 for calls and interest on shares in the West
London Extension, which would be soon open for traffic,
£22,464 f. r additional working stock to work an ad-
ditional length of railway, and £117,000 to purchase the
steampacket property. Those and other items, after deduc-
tion of £30,632 for land sold, left a net expenditure on
capital account of £344,732 during the past half-year. There
was an item of £2,613 that had been charged to capital
out of £14,000 for Parliamentary expenses. That was
nothing that need alarm them. It was expended in op-
posing other companies, to protect the property of the share-
holders. The locomotive department was conducted ina
most satisfactory manner, as they would perceive when he
told them that the additional expenditure of working the
traffic) during the past half-year only amounted to 20 per
cent. of the additional earnings derived from increased
traffic. The additional receipts amounted to 4100,00
during the past half-year. They had made a reduction of
£13,000 in the renewal of permanent way account, and he
might mention that the renewals were carried on with great
care by Mr. Strapp, the engineer. The laying down of the
additional line for the formation of the narrow gauge on
the North Devon and Bideford lines had been considerably
delayed by the state of the weather. The instructions of
the directors had been to carry on that work with the
greatest expedition, and when it was completed they
would be able to run their trains through from
London to Barnstaple and Bideford. They had given notice
to the Board of Trade that the line was ready for inspection,
and they might therefore conclude that this work was near
completion. With regard to doubling the Salisbury and
Yeovil line, they were taking measures to increase the exer-
tions in that respect, so that they would soon have the
whole of the long line from London to Bideford doubled
throughout. The report informed them that the directors
had settled amicable arrangements with the Great Western
Railway Crimpany, and he took that opportunity of saying
an
that the South-Western were the last to go
htaodwba:e,n and
they would be the last to break the peace thantt
they
could ;
stored. They had made the best arranngteemde
but they had
they did not get exactly what theyyeiwopaing
and promoting
agreed to assist each other
it was to bee me
traffic. As to the Andover
-r :de sildt:rdub. dge
With regard to the
Ringwood and Christchurch
l. line of eight miles in length,
the Bishop's Waltham ine of four miles in length, and the
Sidmouth line, they had agreed to work them for 45 per
cent. of the receipts, subject to the approval of the share-
holders.
They had a bill before Parliament for the amal-
gamation of the New Devon and Bideford Railways, in ac-
cordance
with the terms sanctioned by the proprietors of '
both companies. The directors regretted that several
schemes most injurious to the shareholders' property were
promoted in Parliament this session, and it would be the
duty of the directors to watch and oppose them in every
way they could. Two of these schemes had already expired
on standing orders.

The Hon. R. H. DUTTON, M.P., seconded the motion for
the adoption of the report.
Mr. HELPS objected on principle to the item of £2,013
expended in opposing other companies in Parliament being
charged to capital. lie contended that it should be placed
against revenue.

The CHAIRMAN said they had already charged £2,000 for
Parliamentary expenses to revenue, and it would be unfair
to charge the whole expenses of defending their property
in Parliament against revenue.
_ _ _ _

Mr. MiciaLL expressed great satisfaction that amicable
relations with the Great Western Complus), had been esta-
blished. He wished to know the expense of tho last contest
in Parliament for competing schemes between them and the

Great Western Company. He congratulated the directors
on being able to declare a dividend of more than 5 per cent.,
and the stock of the company was at par. He thought it
only` fair and just to admit that this result was due to the
care and exertions of the directors. (Hear, hear.) He ob-
jected to the purchase and leasing of the small lines men-
tioned in the report. He thought such a course only en-
couraged company-mongers, and that the better course
would be to let them alone. Some of the little lines were
proposed to be worked for 45 per cent. of the receipts while
thair own lines cost them on the average 44 per cent. for
wozking. [The Chairman-40 per cent.] He hoped they
would in future abstain from purchasing new lines, for as
fast as they bought them other new schemes would be
brought forward.

•
Lord BURY said he agreed with the last speaker as to
absorbing small lines, and thought the best policy would be
to let them alone.
Mr• HELPS moved as an amendment that the item of
£2,613 for opposing other companies, now charged in the
capital account, be transferred to the revenue account of the
past half-year.

Mr. GEISLER seconded the amendment.
The CHAIRMAN stated that the directors were as much
opposed to the extension policy as the shareholders could
be. If they were on the other side of the table they would
see things in a different light. They had to consider which
was the worst of two evils, and act accordingly. If they had
taken up the Andover line at once they would probably not
have had the expensive contest with the Great Western last
session. The London, Chatham, and Dover were project-
ing schemes to Aldershott, Brighton, and other places, sad
those would have to be opposed: If the company were to
stand still they would soon find their property invaded on
all sides by competing schemes.

Mr. HUTCHINS (the chairman of the Finance Committee)
explained that the practice of the company had been to
charge all the cost of opposing bills to capital, but now they
divided the cost between capital and revenue.
Mr. TIT; M.P., thought it very unfair to charge the
whole expense of defending the property in Parliament to
currant revenue, for the benefit of future shareholders. The
late contest, which was very expensive, would probably
secure the property of the company at Southampton for
years, and he thought it would be very hard on the present
shareholders to pay the £20,000 out of revenue.
_ _

Mr. CA.STLEMAN explained that they had got bettP:r terms
from the Great Western by the contest than Coe South-
Western had offered them at the commencement. With
regard to competing schemes, each case must be decided on
its own merits. It was not so easy to determine on a gene-
ral policy as some people supposed ; the directors could only
do their best to protect the property of the shareholders
when it was attacked in Parliament.

A long discussion ensued, in the course of which it was
stated that the cost of the recent contest in Parliament be-
tween the South-Western and Great Western Companies
amounted to about £25,000 each.

The amendment was rejected, and the report of the direc-
tors was unanimously adopted. A dividend at the rate of G
per cent. per annum for the past half-year was declared,
subject to income tax, payable on the 20th inst. The retir-
ing directors—Captain Johnston, Mr. C. S. Mortimer, and
Mr. W. P. Snell—were re-elected, and also Mr, J. Ash-
mot e, the retiring auditor. The directors were authorised b
make working arrangements with the Ringwood and
Bournemouth, the Sidmouth, and the Bishop's Waltham
Railway Companies, and also with the Andover and Red-
bridge and the Southampton and Netley Railway Com-
panies.

On the motion of Mr. TITE, the proceedings concluded
with a vote of thanks to the chairman and directors.

VALE OF NEATH.
The directors of this company have agreed N 'recommen
to their proprietors, at the half-yearly meeting, the decla-
ration of a dividend at the rate of 3i per cent. per annum
for the half-year ending the 31st of December, 1862, being
an increase of per cent. as compared with the correspond •
ing year of `lB5l.
••••••

HORSHAM AND GUILDFORD.
The half-yearly meeting of this company was held yes-
terday at the Brighton Terminus at London-bridge—Mr.
Scott in the chair.

The report stated that the accounts showed a receipt of
£16,000, and £12,500 on account of the first call, together
£28,500. The balance in hand was £3,693. The works had
proceeded but slowly during the past winter, bUt on the.re-
turn of fine weather greattr energy might be expected, and
it was hoped that the line would be completed within the
period specified in the contract.

The report was adopted, and a vote of thanks to the
chairman closed the proceedings.

GREAT NORTHERN AND WESTERN OF
IRELAND.

Yesterday the half-yearly meeting of this company was
held at the offices, Duke-street, Westminster, the Earl of
Lucan in the chair. The report, an abstract of which has
appeared in 2hc Sun, was taken as read.

Upon the motion of the CHAIRMAN, the report and ac •
counts were received and adopted, and a dividend at the
rate of 2 per cent. per annum declared. •

A resolution was then passed authorizing the payment of
£2.00 per annum to the directors.

--Seine-di6cus-sum tUen took place as {o the irregularity of
the arrival of the trains, in the course of which
Mr. FOWLER, the engineer, thought the line was not
properly managed, Lut with a due attention to the manage..
went of the railway he believed a dividend of 5 per eent.
might be obtained.

A vote of thanks to the chairman closed the proceedings.

RAILWAY BILLS.
Yesterday, before the Examiners of the House of Com-
mons, Messrs. Smith and Frere, the following Railway Bills
complied with the standing orders of Parliament:—Charing
Cross, for regulating the capital and debenture debt of the
company, and for authorizing an amalgamation with the
South-Eastern Railway, and for power to raise an additional
capital of £700,000; Tottenham and Hampstead Junction,
for a branch to Highgate, and other additional lines, and to
raise a further sum of £67,000 ; East Gloucestershire, to
enlarge the time limited for obtaining extension of the line
to Cheltenham ; Holbeach North Junction, for an extension
hem the Norwich and Spalding at Holbeach to the Great
Northern at Algarkirk, and raise £60,000; Inverness and
Perth Junction and Perth and Dunkeld, to amalgamate the
two companies ; Athenry and Ennis Junction, for abandon-
ment and extension of time; Bishop's Waltham, for lease
to London and South-Western and for additional capital.
The non-compliances in some respects only included the
Morayshire Railway and the Beckenham, Lewes, and
Brighton Railway. The projects withdrawn comprised the
Londonderry and Lough S wiLly Railway and the Fulham
and Hammersmith Railway.

MARKETS—This Day.

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