The Sun.
London, England, 1865-03-02 00:00:00

Mr. Walford, the secretary, read the report, an abstract I
of which has appeared in The Sun.
The CHAIR3fAN, in moving its adoption, said they had
been fortunate in renewing their debentures during a period
of pecuniary difficulty. There had been an increase in the
teaffic, but not so great as could be wished. When the line
was first projected he thought it would have been a through
line, but the South-Eastern and Great Western appeared
to have come to a good understanding with the South-
Western that it was not to be so. The traffic at present
was principally local, but when the South-Western went
to Ludgate-hill and brought the traffic on to the Staines
and Wokingham, they would then have a through traffic,
as well as from the traffic to.be derived from the Sunning-
dale and Cambridgetown and Chertsey .lines. Their pro-
spects, though not brilliant, were improving.
Mr. DAVIS seconded the adoption of the report, which
was carried unanimously.

A dividend of 5 per cent. per annum on the preference
shares, and 14 per cent. on the ordinary shares was then
declared. _ _

Mr. R. Davis and Mr. C. Wilkin were re-elected direc-
tors, and Mr. J. George auditor.
Mr. ()BENHAM inquired whether any treaty was going on
with the South-Western.

The CHAIRMAN said a proposition by letter, emanating
from some of the larger shareholders, had been made to the
South-Western, who, in their reply, would not admit they
had not worked the line well, but stated that they were
open to an overture. The proposition was 75 per cent. of
South-Western stock for 100 per cent. of Staines and
Woking, or 32 per cent.
Mr. S. GARRARD was of opinion that, looking at future
prospects, less than this should not be taken. No offer
had emanated from the South-Western.

Thanks were then given to the chairman and directors,
and the meeting separated.

SOUTH DEVON.

The half-yearly meeting of this company was held at
Exeter on Tuesday—Mr. T. Woolcome in the chair.
The report, an abstract of which has appeared in The
Sun, was taken as read.

' Mr. J. DAW protested, at the opening of the meeting,
against the register of shares being sealed without the con-
currence of the meeting. He also demanded to look at the
transfer book, asserting that certain transfers had lately
been made for the purpose of concocting votes.
The CHAIRMAN replied that sealing the register was merely
a ministerial act, and that in refusing to allow the transfer
book to be inspected he was acting under the advice of Mr,
J. H. Lloyd, who had advised him that a shareholder bad
no right to ask for these transfers.
Mr. H. S. Elias, who was a candidate for the office of
director in opposition to the retiring director, Mr. J. Brown,
complained that ho had not been allowed to make copies or
extracts of the holdings of shareholders.
The CHAIRMAN replied that all the directors were bound
to give was the shareholders' address list. He then gave s
history of the company for the last 14 years, and contended
that the directors during that time had been actuated by but
one object and desire—viz., to obtain the largest possible
, dividend for the proprietors. This he thought was borne
out by the fact that, while at that date they were almost in
a state of bankruptcy, they were now in a position to de-
clare a dividend at the rate of 31per cent. per annum. He
defended the board against the charges of mismanagement
made by the Exeter committee, and observed that the no-
mination of Mr. Ellis as director in the room of Mr. Brown,
at a time when it was so desirable that the utmost unani-
mity should prevail at the board, was, in his opinion, a step
taken with the view of passing a vote of want of confidence
in the South Devon Board.

Mr. BROWN seconded the adoption of the report, and
stated that the £300,000 raised for the purchase of locomo-
tives and for other works had been expended. If the oppo-
sition to him had been of a personal character he should
have withdrawn; but he had been told by so many gentle-
men that it was not personal to him in the least, but directed
against the management of the directorate generally, that
he felt bound to accept the contest on the issue raised.
Mr. J. DAW contended that the directors had spent vast
sums of money, and thought it very strange that they should
claim credit for having brought the company out of the
Slough of Despond after having placed it there. He urged
on the meeting the importance of introducing new blood
into the direction, especially as important negotiations were
now in progress.
The report was adopted by a large majority, and the di-
vidend at the rate of 31 per cent. per annum was declared.
The re-election of Mr. Brown was moved by Dr. Coox.-
WORTHY, and seconded by Mr. C. TROTTER. Mr. CHAPLIN
proposed, and Mr. WESCOMB seconded the election of Mr.
Ellis.
The show of hands was declared to be in favour of Mr.
Brown, and a poll was demanded on Mr. Ellis's behalf.
At 9 o'clock the result of the poll was announced by the
CHAIRMAN as follows :—Mr. Brown,, personal and proxies,
7,173; Mr. Ellis, ditto, 5,507—majority for Mr. Brown,
1,666.
Mr. Brown was, therefore, declared re-elected ; Mr. Hen-
derson and Mr. Millman were elected auditors ; and the
meeting separated with a vote of thanks to the chairman.