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

love money—Confederate money even at 45 for one
—better than life itself. We must sustain our Govern-
ment. To the President we should turn with con-
fidence and trust, not as a man infallible—that
wonder which has never been seen in the history
of the world—but as a man who has been chosen
by ourselves, endowed by the Almighty with some
sterling qualities at least, as a man whom we have
chosen as helmsman while the tempest is rolling
high, and when a single mistake may clash us to
pieces. Woe to the crew which rises at such a
perilous hour to do what they think ought to be
done in the very crisis of fate. To Congress I would
say, tax heavily, and feed and clothe the soldiers
who stand between us and subjugation, though the
teeth of the people chatter with starvation. This
answer of Lincoln has freed us from submissionists.
There are some who have weak knees or enervated
spinal columns, but this-answer is a specific for their
diseases. There in not a member of Congress who
cannot now go back and say to his people, " I took
some of your horses, and negroes, and provisions,
in fact I took half you had, but I took it to keep
Lincoln from getting the whole of it." The people
not in the army have their sacred duty. They
should be cheerful, hopeful, and cease complain-
ing. One would think from their complaints
that they had been in the trenches eating corn bread,
and sometimes without that, instead of taking their
soup and fish at home.

Railway and other Companies.

STAINES, WOSENGHAM, AND WOKING.

The half-yearly meeting of this company was held on
Tuesday at the offices, Broad, Sanctuary, Westminster ;
Mr. J. Garrard in the chair.

Mr. Walford, the secretary, read the report, an abstract
of which has appeared in The Sun.
The CHAIRMAN, 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 1 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. OXENFLAitt 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, op3-} 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. Dam protested, at the opening of the meeting,
against the register of sharesbeing 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 had
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 he 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 a
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. Cook-
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
CHAIRSIA:N as follows :—Mr. Brown, personal and proxies,
7,173 ; Mr. Ellis, ditto, s,so7—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.

HAMMERSMITH AND CITY.

The half-yearly meeting was held on Tuesday at the
offices, Bedford-street, Strand.

The report, an abstract of which has appeared in The
Sun, was taken as read.

The CHAIRMAN, in moving the adoption of the report,
stated that it was intended to call another meeting for the
purpose of authorizing the transfer of the line to the Great
Western and Metropolitan Companies, who guaranteed the
shareholders a dividend which would eventually reach
per cent. per annum, commencing at 5 per cent.
The report was adopted.
The CHAIRMAN then moved a resolution empowering the
directors to treat with the Great Western Company.
Mr. SURGEY seconded the motion, which was carried.
The retiring directors, Mr. Ogilvy and Mr. Williams, and
the retiring auditor were re-elected.

METROPOLITAN AND ST. JOHN'S-WOOD.
The half-yearly meeting was held on Tuesday at the
offices, Duke-street, Westminister—Mr. Austin presidin.
The Secretary having read the notice convening the

meeting,

The CHAIRMAN, in reply to questions, said the wholo of
the shares had not yet been subscribed for.

VALE OF NEATH.

The CKAIRMAN said as the prospectus of the company
had been so recently issued, the directors had no report,
but they trusted at their next meeting to announce that they
had made considerable progress with the line. Arrangements
had been made with the Metropolitan for working the line
at 50 per cent. of the receipts. Some fault had been found
with the arrangement, but it must be borne in mind that the
Metropolitan would have to work the traffic on a single line,
and with gradients worse than their own, as well as to find
the working stock and the interest on the capital for it, and
all this would be a considerable drawback to the 50 per cent.
they were to receive. It had been objected that they had
only a single line and a tunnel only wide enough for it, but
if it was not sufficient for the traffic it could be increased.
When they considered the great population of the district
of St. John's-wood, together with the neighbourhoods of
Hampstead, Kilburn, and Edgware, which would all contri-
bute, they would then form an idea of the prospects of the
traffic. The directors were in treaty with the Metropolitan
Railway relative to further arrangements.
Mr. LUCAS then moved that the chairman be re-elected a
director, and that a. sum of £BOO a year bo voted to the
directors, the chairman to receive .f.. 300, and the other
directors £125 each.
Considerable discussion ensued, and ultimately the vote
was passed.

The half-yearly meeting of this company Was held on
Tuesday at the Great Western Hotel, Paddington ; Mr. N.
E. Vaughan in the chair.
The Secretary having read the advertisement convening

the meeting,
The CHAIRMAN said that the proprietors were doubtless
aware of the provisional arrangements which had been
entered into with the Great Western Company, and which
were intended to conclude in an amalgamation. He believed
the amount which would be guaranteed to tho shareholders