The Sun.
London, England, 1862-02-22 00:00:00

LONDON AND SOUTH-WESTERN

RAIL WAY

HALF-YEARLY MEETING.--THIS DAY.
The ordinal, half-yearly meeting of directors and share-
holders took place to-day at the Waterloo Terminus,
Captain MANGLES, chairman of the Board of Directors,
presided.

The report, which has already appeared in The Sun, hav-
ing been taken as read,
The CHAIRMAN rose to move its adoption. He proceeded
to explain the different items of expenditure in the capital
account in every instance; the work executed, or in course
of being completed, being for the improving, making
good defects, and enlarging the buildings belonging to the
company. With respect to the loans that had
been raised, and for which 6 per cent. had had to be paid,
he had great pleasure in informing the meeting that they
had succeeded in getting those loans renewed at 4 per cent.
The shareholders might rest assured that the greatest at-
tention was paid to finance, as the committee appointed to
manage that branch invariably borrowed when money was
dear only for short periods, and for long wheal it was cheap.
It was a source of gratification that the gross earnings of
the company for the half-year exceeded those of the corre-
sponding period of 1860 by £39,242. With reference to the
paragraph in the report which referred to the doubling of
the line between Wimborne and Dorchester, he had to in-
form the shareholders that about 10 miles were ready
for the reception of the permanent rails, and the re-
maining 15 miles were in a very forward state. The
works on the Exeter junction had been completed, and the
narrow gauge rails had been laid down on the Exeter and
Crediton line, so that there was now an unbroken connec-
tion from London and all parts of the South-Western Rail-
way to Crediton, and the directors confidently expected
that the greatest advantage would accrue from the arrange-
ment. The company had three bills before Parliament, by
the first of which the company proposed to raise £500,000
for steam and other expenses at Nine Elms and other places,
and improving of the station at Vauxhall and at Southamp-
ton. By the second, which was to authorise the making a
junction with the Andover and Redbridge Railway it was
proposed to raise £120,000; and by the third, which
was for extending the South-Western through North
Somersetshire, and by the Radstock coal fields to Bristol,
£750,000 was the sum proposed to be raised. With respect
to the difference that had arisen between themselves and
the Great Western, he could assure the meeting that the
directors of the South-Western were men of peace, and they
had done everything in their power to prevent a rupture of
peaceful relations. It had been said that they (the South-
Western) were the persons declaring war, but he thought
that when one railway unceremoniously invaded the pro•
vinces of another, it was a declaration of war to all intents
and purposes. This the Great Western had done. The
South-Western had done everything to meet the views of
the Great Western in a peaceable way. They had offered
to take their traffic from Basingstoke to Southampton
at a mileage rate, the Great Western fixing their own
amount of fare for the through journey. The had also
offered the Great Western the privilege of having a " tout-
ing shop," or office for the securing of passengers at South-
ampton, and they had also proposed that in the event of
any differences arising between the two companies they be
settled by the Board of Trade, or by the arbitration of some
competent persons but all was of no avail. The directors
of the South-Western had felt that to have gone further
than the terms proposed would have been to neglect the
interest of their shareholders. (Hear, hear.) Their great
desire
peace, and in order to show their desire
was ought the terms offered to the Great
sincere, was
h
Western were sufficient to meet the cravings of the
most hungry traffic-seeker in the world. (Hear, hear.) He
did not wish in any remarks that he had made to make any
attack on the chairman of the Great Western, but he could
not but look with regret at the prospect of a cessation of
friendly relations which had existed for so long. The hon.
gentleman concluded by moving the reception of the report.
Count EYRE seconded the resolution.

After some discussion, the report was agreed to.
The retiring directors having been ze-elected, the proceed-
ings terminated.

GREAT NORTHERN RAILWA F.

HALF-YEARLY MEETING.—THIS DAY.
The half-yearly meeting of the proprietors of this com-
pany was held this morning at the King's Cross Station, to
receive the report of die directors, and on the general busi-
ness of the company. Edmund Denison, Esq., the chair-
man of the directors, presided.

The report, with the accounts, having been taken as read,
The CHAIRMAN, in moving the adoption of the report, said
he was always of opinion that it was advisable to call the
attention of the shareholders to the manner in which the
capital was dealt with. It ought, on the part of the pro-
prietors, to be most zealcusly watched, and prevent that
which had been done in other companies—applying capital
to purposes which ought to be charged to revenue, and in
so far as the directors could they always pursuel that
course, but in the account submitted to them they would
find a sum of £46,000 had been added to the capital stock.
But he ought to explain that was done for the purpose of
increasing their rolling stock to meet the requirements of
their increased traffic, and which no doubt would be muck
greater during the approaching Great Exhibition, and he
did not think that the auditor was to blame, or that the
shareholders ought to complain that the sum had been so
placed, instead of placing it to revenue. It would also be
seen that their outlay had been larger than usual. It
amounted to £129,584 16e,; but tho principal part of
that (£51,361) arose from the subscription to the Ger-
sten and Liverpool line, which he felt satisfied
would be of great benefit to the company. Having
made some general observations in reference to the various
points in the report, he said he theught they would con-
sider it satisfactory their total net revenue was £409,427
19s. 11d. as compared with 1860, which was £354,151 Bs.
5d., being an increase of £55,276 53. Sd., and the balance
available for a dividend £186,296 13s. Bd., which enabled
them to declare a dividend on the original stock at the rate
of £7 15s. per cent., or £3 17s. 6d. for the half-year. B
stock £3 per cent. for the half-year, and A stock £4 15s.
per cent. for the half-year. The balance, after payment of
the dividends, would be £423 Bs. 2d. He then moved the
adoption of the report.

Mr. VALENTINE KNIGHT said, before the motion was
put he begged to say he was of opinion, that until they closed
their capital stock for three years they would never go on
correctly. He found that £16,000 had been placed to capital
instead of being put to revenue, and he considered that it
was a very great question if they should gain £46,000 in-
crease of traffic by the Great Exhibition. He also com-
plained of the directors interfering so much with every bill
that came before Parliament, their law costs were enor-
mous, and in many instances unnecessary.
Mr. MARRIOTT also complained of the constant increase
of their law costs. He also asked several questions relative
to the increased expenditure for sheets.
Mr. HUGHES said the two previous speakers had stolen
his thunder, he meant with leference to their law and par-
liamentary lists ; he had always advocated some alteration
in the mode in which their law proceedings were conducted.
Speaking, in round numbers, they had expended two mil-
lions of money since the formation of the company. Their
business would be better carried on by the appointment of
a law clerk at a salary. He had no objection to their soli-
citors; let them act as law clerks and take a salary.
Mr. HOWARD made some remarks with regard to the
Manchester and Sheffield Company having stolen a march
upon them.

The CHAIRMAN, in answering the several questions with
regard to the law expenses, said that had been fully dis-
cussed in a committee of the directors, and it was found
that no better course could bo adopted, their great law ex-
penses arose from the rules laid down by Parliament rela-
tive to private bills.
Tho report was then adopted, and the dividends recom-
mended, £3 17fr. Gd. for the half-year on the Original Stock,
£3 per cent. on the B Stock, and £4 15s. for the A Stock
for the half-year. being the balance after payment of the
6 per cent. per annum to the B Stock guaranteed by A
Stock, declared.

Mr. Geo. Walker, Mr. Chas. Wilson Faber, and Mr.
Edward Christopher Egerton, M.P., the three direct)rs
who go out by rotation, were re-elected.
The proceedings shortly afterwards terminated.