The Sun.
London, England, 1862-08-15 00:00:00

8 10
8 7d

LO:tlrDfjjv AND SOUTH WESTERN RAIL-

WAY COMPANY.

A portion of t'le followm' g appeared in our impression of
yesterday e riming :
The adjuarned general half-yearly meeting of thepro-
prietors ). this company was held to-day at the offices,
Waterloo Station.
Capt ain MANGLES, Chairman of the board of directors,
presieled.
T'ne report, which has already appeared in The Sun, hay-
ing , been taken as received,
The CHAIRMAN said the explanations given at such
le egth in the report rendered it altogether unnecessary that
t should detain them for any considerable time. All he
proposed to do was to explain certain items in the
accounts, and also in the event of its being con-
sidered necessary to give any explanation that
might be required, as to the different subjects dealt with in
the report. Before, however, he did so he thought, as
the authorised mouthpiece of the directors, he might say
it was a matter of pleasure to them, and he thought it
would be a satisfaction to the shareholders to know that
there had been an increase of receipts this half-year, and
comparing that with the amount received during the
same period of 1861, there was an increase in favour
of the half-year just closed of £3l,ooo—(hear, hear)---
and during the six weeks that have elapsed of the
present half-year the excess had continued, for on
making comparison with the same period of 1861, there
was an increase in favour of the present of no
less than £27000, which was at the rate of £4500 per,week.
He was sure the shareholders would not expect that that
increase of income could be secured without an addition to
their charges and expenses. (Hear, hear.) He could not
leave that portion of his duty without expressing the high
estimation in which the directors held the exertions of
their able and talented traffic manager, Mr. Archibald
Scott. Early an-I late he was to be found at his post, and
it was a matter of surprise how that gentleman was en-
abled to get through such an immensity of work—(hear,
hear)—but while he had to notice the labours of Mr.
Scott, he thought the shareholders would also agree that
the other officers of the company had all done their duty to
admiration, when the increase of their expenditure was so
small as compared with their increased income. (Hear,
hear.) The chairman then proceeded to give a detailed
explanation of the half-yearly accounts to June 30, 1861,
which showed that the net revenue for that period, after
deducting interest on loans and all other preferential
charges, amounted to £143,362 lls. 5d., and adding to that
sum the surplus of December of 1861 of !£l,Oll 10s. 91.,
gave a balance available for dividend of £144,274 2s, 2d.,
from which sum the directors recommended that a dividend
be declared at the rate of 4 per cent. per annum, pay-
able on the 26th instant. After providing for the
dividend, there would be a sum of £252 19s. Bd. The re-
laying of portions of the permanent way had been continued
during the past half year, both on the main and branch
lines. The former portion had been completed, and £lO,OOO
had been charged to revenue on that account. The work
of doubling the Southampton and Dorchester line was pro-
ceeding as rapidly as was possible. Out of the 60 miles to
be accomplished 35 miles had been completed, leaving 25
miles still to be done. The large buildings at present in
Progress at Nine Elms, when completed, would enable
about three-fourths more work to be turned out from
both the locomotive and carriage departments than before
the improvements were commenced. The directors, and all
persons connected with railways, had great reason, he
thought, to complain of the law with respect to that descrip-
tion of property. With respect to the late unfortunate
accident near Wimbledon, after 14 days of the most search-
ing investigation before a coroner and jury, a verdict of
accidental death was returned in the case of the late Dr.
Baly, which he thought was tantamount to an acquittal
of the company from blame, yet in another investigation
with which they were all, no doubt, acquainted, namely,
Ford's case, which was tried in the Court of Common Pleas,
a penalty hod been inflicted on them as heavj as if they
had pleaded guilty to an indictment charging them with
gross negligence. The company, wishing to avoid law as
much as possible, had effected compromises in other cases,
which he thought, under all the circumstances, would be
considered highly favourable to the company, (Hear,
hear.) The lamented death of Mr. Errington, their con-
sulting engineer, was a source of profound regret to the
directors. With respect to their difference with the Great
Western, on the part of the directors he was desired to say
most emphatically there was on their part the greatest desire
for the re-establishment of amicable relations, relations
it must in justice be said, the South Western were not the
first to disturb, The same feeling he also said was desired
on their part with respect to the Andover and Redbridge
Company. The South Western board had been ,the first
since the recent contest to express its readiness for peace,
and he sincerely hoped those feelings would be reciprocated
by the Great Western Company, He concluded by mov-
ing the adoption of the report.
The motion having been seconded,
Mr. HELPS referred to the position of the sister of the
late Dr. Baly, and moved that £l,OOO be presented to her
by the company.

The CHAIRMAN said he did not suppose that the hon.
proprietor wished to move that as an amendment to the
adoption of the report. It could be put as a substantive
motion after the report was agreed to.
This eourse was adopted, and the report was agreed to
unanimously.

Mr. HELPS then brought forward his motion relative to
Dr. Baly's sister.
Mr. MITCHELL thought that the lady had no legal claim
upon the company, but that she had a strong moral one.
Sergeant GAZELEE opposed the proposition on the ground
that it would be a heavy tax on the company, whilst indi-
vidually it would not be so hardly felt. The holder of the
share would not feel much the loss of his proportion to the
contribution of £l,OOO out of the funds of the company,
but the person who had £30,000 invested in the
ooncern would feel the effect of the tax, and that too most
heavily. If, as had been stated, Dr. Baly during the last
few years of his life had been in the receipt of an income of
£3,000 per annum, he ought to have had the ordinary fore-
sight to insure his life for his sister's benefit. If the person
killed had been John Snooks instead of the physician
to the Queen, the directors might have given
a small contribution if asked for it, but most certainly it
would not have been a large sum. He objected to the pro-
position mainly on the ground that it would place the
Company in such a situation that it would never be able
to tell its position with anything like exactness. He should
therefore move, as an amendment, that a subscription be
opened, and that thoso who liked might be invited to con-
tribute to it.
Mr. HUTCHINGS, a director, said he should put his name
down for £5.

Mr. HELPS said he had no wish to carry his motion by
a bare majority, and therefore, under the circumstances,
he would withdraw his proposition.
The motion was then withdrawn in favour of the sub-
scription moved by Mr. Sergeant Gazelee.
A resolution for the conversion of £1,000,000 debenture
debt of the company into the 4 per cent. preference deben-
ture stock, was agreed to unanimously.
After the transaction of some formal business the pro-
CE edings terminated.