The Sun.
London, England, 1865-08-26 00:00:00

RAILWAY INTELLIGENCE.

SOUTH DEVON.
The half-yearly meeting of this company was held
on Thursday at Plymouth ; Mr. T. Woollcombe in

he chair.

The report, au abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN congratulated the proprietors on
the improved state of their affairs. The dividend
had increased from 13s. per cent. per annum in the
corresponding half-year of 1862 to £2 2s. 6d. per
cent. per annum in 1865. The whole year's average
1861-2 was but £1 Os. 3d. per cent., while 1864-5

was £2 13s. 9d. per cent. per annum. The increase
had arisen from increased receipts and decreased
working expenses and fixed charges, and also by the
saving of half per cent. on the preference stock,
which henceforward would receive 4 instead of 5
per cent. interest. The working charges were now
reduced from 55.76 to 53.10 per cent. He looked to
a considerable saving also from the purchase of the
locomotive stock, the contract for the supply of which
would terminate in July next. It was essential that
the South Devon Company should possess locomo-
tive stock, as they were now a third part owners of
the West Cornwall Railway, and had a considerable

interest in the Cornwall Railway, and there was

no company in so favourable a position for working

those lines as the South Devon. The traffic
on the Dartmouth line was increasing, and also
on the Tavistock line, with which a permanent ar-

rangement had been made since the last meeting.
_ .

The Tavistock shareh3lders had converted their
stock into annuities of the South Devon at three-

and-a-half per cent., with the option of conver-
sion into South Devon stock at par, of which option
about £26,000 had been already exercised. The
amount paid to the company under the old arrange-
ment was £8,807, for the future it would be £9,407,
a difference against the South Devon Company of
£6OO, which they would soon overtake. The ma-
naging committee of the West Cornwall—two
members from each of the boards of the associated
Great Western, Bristol and Exeter, and South Devon
Companies—had already seen their way to a saving
of £l,OOO a year. The West Cornwall had a traffic
of £27 to £3O a mile per week, which was much in

excess of the traffic on the Cornwall line. The
South Devon line ran in the line of population and
trade ; competition would do them little harm, for
it would only be a small part of the through traffic
they would have to share with the narrow-gauge
lines. He had agreed to give the narrow-gauge
access to Plymouth ; but for that they would pay a
toll. Any capital outlay for accommodating the
narrow-gauge would yield them an ample return.
He asked for authority to raise new capital to the
amount of £360,000, but only to issue at present
£250,000, of which the locomotive purchase would
require £130,000; doubling portions of line, im-
proving stations, and other works, £70,000 ; and
purchase of rolling stock, £50,000. They had to
make a new line at Exeter, to improve the line
through Teignmouth, and they ought to double the
line as much as possible in the following order :-
1. Starcross to Dawlish ; 2. the Torquay line; and
3, out of Plymouth as far as possible. One
very satisfactory result of the doubling of the
line between Newton Junction and Teignmouth
be that after September 1 they would much acce-
rate the goods traffic. Goods leaving Paddington
at night would be run express and be delivered at
Plymouth between 2 and 3 o'clock next day. He
concluded by moving the adoption of the report and
the declaration of a dividend at the rate of £2 2s. Gd.
per annum for the past half-year.
Mr. WESTCOMBE said the locomotives contract
amounted to 18d. per train mile, while the cost on
the Bristol and Exeter had been 9id. only. He
thought if the Exeter company could work at 9id.
per train mile, the South Devon ought to work at
Dd. If that had been so, the dividend would have
been 31 per cent.
The CHAIRMAN said that every shareholder of any
standing knew all about the locomotive contract.
He would not care if the contract was at an end
next Monday morning. Every shilling of the Corn-
wall loss would be recovered in time.
An amendment for a committee of inquiry having
been rejected, the motion for the adoption of the
report was carried unanimously.
The CHAIRMAN moved a formal resolution autho-
rising the creation of additional capital to the amount
of £360,000 in 36,000 shares of £lO each, having a
fixed guaranteed dividend of 5 per cent. per annum
for seven years, and hereafter at 4i per cent. per
annum in perpetuity, but with the option, after
March, 1873, of exchanging for ordinary South
Devon stock at par, and to issue at once 25,000
shares, to be offered rateably among the shareholders.
After some observations by Mr. H. T. Ellis and
the rejection of another amendment, the original
motion was unanimously carried.
Votes of thanks to the chairman and officials for
their excellent management on the occasion of the
Royal Show closed the proceedings.

SEVENOAKS, MAIDSTONE, AND TUNBRIDGE.'
The half-yearly meeting of this company was held
yesterday at the Victoria station ; Lord Sondes in
the chair.

The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said the position of the company was satis-
factory. The line from Sevenoaks to Maidstone
was in course of construction, and in a short time it
would be completed, and when finished it would be
an advantage to the company.
Sir C. RONEY seconded the motion for the adop-
tion of the report, and it was carried. Thanks were
voted to the chairman, and the proceedings termi-
nated.
LEEDS, BRADFORD, AND HALIFAX JUNCTION.
The last general meeting of this company was
held at Bradford yesterday ; Mr. E. Akroyd, M.P.,
in the chair.

The CHAIRMAN, in moving the adoption of the re-
port (an abstract of which appeared in 7he Sun),
stated that while the shareholders had benefited pe-
cuniarily the public also had received considerable
benefit in the development of the coal and other
traffic of the adjoining districts. The amalgamation
with the Great Northern Company brought them
into direct communication with Lincolnshire, which
produced, the cereals which were required in the po-
pulous districts of Leeds, Bradford, and Halifax. A
minimum dividend of 6 per cent. per annum was
secured to the company in perpetuity.
The report was unanimously adopted.
A dividend at the rate of 6 per cent. per annum
on the stock and share capital was then declared.
rrhe proceedings concluded with thanks to the
chairman and directors.

HEREFORD, lIAY, AND BRECON.
The half yearly general meeting of this company
was held yesterday at the offices, Bank-buildings,
Lothbury ; Mr. Banks in the chair.

The report, an abstract of which has appeared in
2 he Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said the company was now amalgamated
with the Brecon and Merthyrßailway, and the terms
were a fixed dividend of sper cent. per annum. This
amalgamation, he thought, would be advantageous
to both companies.
The report was adopted, and the proceedings
terminated with thanks to the chairman.

BRECON AND MERTHYR TYDFIL.
The half year meeting of this company was held
yesterday at the office, Bank-buildings, Lothbury
Mr. Banks in the chair.
The report, an abstract of which has appeared in
2 he Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the