The Sun.
London, England, 1865-01-20 00:00:00

Knocker, to be Inspecting Commander inthe Coast-
guard ; Lieut. F. C. W. Liardet to the Royal Ade-
laide ; Lieut. William M. Moger and Lieut. George
M. Comber to the Megmra ; Lieut. J. F. G. Grant
to the Victory; George G. Boys, midshipman, to the
Pylades ; Dr. C. C. Wimberley, assist.-surg., to the
Euryalus, additional; and Charles M. F. Torr, clerk
(supernumerary), to the Royal Adelaide.

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.
A special general meeting of this company was
held yesterday at the Waterloo Station, Lambeth,
for the purpose of considering a proposal for the amal-
gamation of the Exeter and Exmouth and the
Thames Valley Railway undertakings with the un-
dertaking of the London and South-Western Railway
Company ; and also for considering arrangements
for the use in perpetuity of portions of the London,
Chatham, and Dover Railway Company's Metro-
politan lines and City undertaking. Capt. Mangles,
the chairman, presided.
Mr. Clarke, the secretary, having read the notice
convening the meeting,
The special report was taken as read.
The CHAIRMAN said as the report was so full and
explicit it would not be necessary for him to detain
them for any considerable time. The first matter
that they had to consider and approve was the pro-
posal for the amalgamation of the Exeter and Ex-
mouth Railway with the London and South-West-
ern undertaking. The Exeter and Exmouth Rail-
mouth was 104 miles in length, one-half of which,
from Exeter to Topsham, belonged to them, and the
other half from Topsham to Exmouth, belonged to
to an independent company. It was intended that
that this portion of the line should be amalgamated
with their undertaking. The directors proposed
that the ordinary shares of the independent com-
pany, £36,800, should be represented by £18,400
4 per cent. South-Western Preference Stock, or
the same amount of ordinary stock—the £27,000 5
per cent. preference stock of the Exeter and Ex-
mouth Company should be represented by £27,000
41 per cent. preference stock in the South-Western
Company, which would be exchanged for the for-
mer company's 5 per cent. stock, and the debenture
debt of £16,000 would become part of the debenture
debt of the South-Western Company. The traffic
of the Exeter and Exmouth line was worked by the
South-Western Company in 1861, and in 1862 the
gross receipts amounted to £B,9l7—in 1863 to
£9,63s—and in 1864 to £9,850: They would per-
ceive that there was a general increase of traffic
from the commencement, as on other railways. This
would leave a very small loss, and prevent the
necessity of keeping separate accounts. The ar-
rangement would not come into operation until
January, 1866, when it was expected there would
be no loss, and in future years a considerable
gain. The next proposal was for amalgamating
the Thames Valley Railway With their undertak-
ing. This line was originally proposed to run from
the Great Western and Brentford line to the
company's Kingston line at Shepperton. It was pro-
jected as a hostile line when they were at war with
the Great Western Company with the view of get-
ting the broad guage to run into their system. The
line was now cut off between Brentford and Twick-
enham, and only existed as a line from Twickenham
to Shepperton, seven miles in length. There was
now a line projected from Shepperton to Wey-
bridge, but it was understood that would not be
proceeded with, if the amalgamation of this line
,00k place. The line passed through building land,

and the traffic would improve. They had agreed to
pay the company £4,650 a year for the line, and the
capital was £llO,OOO ; but they proposed to give the
Thames Valley Company £100,910 of South-Wes-;
tern stock, one half in ordinary and the other half
in 41 per cent. preference stock. This would in-
volve no additional money payment for taking the
line into their own hands. The third and last pro-

position he had to submit was for authorising ar
rangements with the London, Chatham, and Dover
Railway Company for the use in perpetuity of their
lines between the Clapham, Long Hedge, and
and Knight's-hill junctions and. the Ludgate-hill
station, as specified in the special report, and shown
on the map in the room. The directors did not
authorize him to say that it was a onesided bargain
and all in their favour, for no such bargain could
work well. He believed it was an equitable and
convenient arrangement for both companies. It
would open up a large district of London to the
South-Western Company. At the same time it was
right to state that the directors did not think this
was a final measure, although they considered it a
beneficial arrangement. The money to be paid was
£316,000 for the perpetual use of the lines of the
Dover and Chatham Company, for which they would
have to allow £11,060 a year, or 31 per cent. ; and
as they would have to raise the money at 41 per
cent., it would represent a loss or payment of about
£3,000 a year for the use of those lines. They
were advised by competent persons that the
suburban traffic would be very considerable over
those lines. It was an arrangement so moderate and
equitable that it must result in advantage to both
companies. Those arrangements would develope a
large amount of suburban traffic to and from the
beautiful districts served by their system. He con-
cluded by quoting from Herapath's Journal the fol-
lowing paragraph in reference to this subject :
" The South-Western will find that within a circle
of about 25 miles from the City, in their district,
their entrance into the heart of the City by means
of the Chatham will have the effect of gradually de-
veloping a large additional residential traffic." There
were so many advantages in being enabled to carry
their traffic beyond the Ludgate station to the Me-
tropolitan and Northern railways, that it was unne-
cessary for him at present to advert to them.
On the motion of the CHAIRMAN, seconded by
Mr. TITE, M.P., a formal resolution, approving the
amalgamation of the Eastern and Exmouth under-
taking with that of the South-Western Company,
was carried unanimously.
The CHAIRMAN then moved a formal resolution,
approving the agreement for the amalgamation of
the Thames Valley Railway with that of the South-
Western Railway Company.
Mr. CASTLEMAN seconded the motion, and it was
carried unanimously.
The CHAIRMAN moved a formal resolution autho-
rising the directors to take the necessary steps for
completing the arrangements with the London.
Chatham, and Dover Raiiway Company.
Count EYRE seconded the motion.
A short discussion ensued, in the course of which
Mr. TITE asked for some explanation as to what
prospect the company had of making an arrange-
ment with the South-Eastern Company for going
into the Cannon-street station.
eraCtHioAnlßslolAnaNe staiimd
ne e
gmoat
itat et
iro n
sh a
were
e benre epe nud
nd
ge
considerationr
and it would therefore not be wise to say much
about it at present. No one knew more about it
than he did, as he (the chairman) went every day
into the city.
Mr. TITE was perfectly satisfied, and
The motion was unanimously adopted.
A vote of thanks to the chairman and directors
concluded the proceedings.