The Sun.
London, England, 1853-10-20 00:00:00

GENTLEMEN,
I have to announce that the Special General Meeting of th Pro-
prietors, with reference to the Dorchester and Exeter Extension
Line, will be held at No. 34, York-road, Lambeth, at 12 o'clock, on
Tue,alay, the 15th November.
'Under existing cirminstances in the money market, it appears to
my 1-leagues aria myself premature at the present moment to sub-
Mit any scheme for raising the capital necessary for the projected
line ; but prior to the date of the meeting a further communication
Wel he made to yo r, and, as it is important that the sense of the
Proprieto s should be represented at the meeting as fully us possible,
Proxies wet be sent in sufficient time to enable them to be returned,
signed, to lie used at the meeting. end I trot that you will give
3 our dispassion to attention, and then, arid in the interval, appre-
eCiatine your own position and that of your i iirectors, you will not
ee induced by solicitations. from whatever quarter, to engage in
Measures which may tend to further embarrassment.
Recent events of a public netere render desirable a brief recapilu-
iatien of the position of the Company, and a statement of the c urse
Which the Directors eon-icier the me), one open for them to pursue.
The Director: would not nave urged on the Proprietors the exten-
sion from Dorchester to Exeter during the present adverse state of
th;, money market but for the peculiar circumstances of the case.
At the epecial General electing in el ay last the report of the Di-
rectors concluded a full ex demotion with the following paragraphs:
" The proprietors have first to determine healer the liae from
Dorchester to Exeter shall be corearueted or not.
" Assum inr, this to he determined in the affirmative, they have
then to choose wheitii.r they will execute the line themselves, or aid
other parties to do so.
'' The Directers do not hesitate to recommend the former course,
and that this Company shoelil themselves raise the necessary capi-
tal, and seek the necessary posers. fie' that purpose.
" If lire Prop toms :Wept the other ciiurse, and refuse to retrieve
the position of the Company by enereetie opposition to the Devon
and Dorset line, and, by a Bell-considered and honest pledge, to
compl te, in the event of its rejection. a proper line of ceminunica-
tion between Dorchester and Exeter by way of Bridport, Ax-
Minster, arid I ioniton, the Directors have no hesitation in stating
their delibe-ate conviction, that a vital injury 'Alit be inflicted on
the interests of this Contently.
" Flavin., thus explicitly and deliberately expressed their convic-
tions, the Directors have only further to remind the l'roprietors that
the a test opportunity for action has arrived, and that the decision
and the responsibility henceforth must rest with Themselves.
The meeting, after discussion of the matter resolved, by an over-
Whelming majority
" That, in the opinion of this meeting, the interests of this Com-
Piny are de, ply concerned in procuring the rejection of the Devon
sad Dorset Ra away Bill, now pending ie Parliament, and in extend-
ing thereafrer this Company's railway from Dorchester, by Bridport
and exminster, to Exeter.
"That the Directors be accordingly authorised and requested to
Pledge this Company to apply to Parliament at the eerie st period,
for Powers to construct such lust-mentioned line, and to put such
Powers into execution, so as to give the oistrict in question the ac-
cormidation which such extensions will afford, with the least possible
delay.
"That in the opinion of the meeting, the interests of this Company-
Will be best promoted by the a iquisition of such powers, and by the
raising of the necessary capital by this Compan" and not by inde-
pendent parties ; and the Directors are hereby authorised and re-
questid to take all meaeires appearibg to them expedient for the
fertherance of these objects."
th 14,011 the authority of these resolutions the Directors acted, gave
•
lee •ed pledge, and procures the rejection or the Devon and
Dorset Line.
The Co.iiiiiittee of the House of Commons rejected the broad gauge
line eepreeeiv on this ground, as will appear item the toliowine ex-
tract from their Report :
" Your Committee would, however, have hesitated to reject the
bill before them, had it not been proved in eviderce that the Pro-
prietors in the Loedon and South-Western R dlway Company. at a
recent pnbl!c meeting, earl authorised and requested their :erectors
to pledge th it Company to apply to Perearaent at the earnest period
for powers to construct an extension of their railway from Dorche,
ter to Exeter ; and, had the commatee not received from the same
Company, through their chairman (air. Scott, a member of this
house) a clear and distinct assurance, in his evel- lice, and in a
letter subsequently given in, that in the next session of Parliament
that Company will introit ce and use their be-t endeavours to ob-
tain an act for authorising such exten-ion of their railway on the.
„narrow gauge— such ex ensie n to be of an effieleat character, and to
comprise a double line of way.
lohnugsen obligation
esouth-Western Railway Company cam, under the
tr
gallon to apply to Parliament next session, to supply to
the district the accommodation of which it had been by their instru-
mentality deprived.
Previous to the Half-yearly Meeting in August last, the Directors'
Report informed the Proprietors that the pledge in question had been
Firen—that the Devon and Dorset Line had, on the strength of that
Pledge, been re jetted; that meeting thereupon, with scarcely a dis-
sentient voice,
" Resolved —That this meeting fulls, sanctions and adopts the
Nedze given by the Board to bring before Parliament, in the next
session, a bill for constructing: an extension of this Company's
ZRailways from Dorchester to Exeter, and for making the eou hemp-
bit; and Dorchester Railway a double line throughout ; and the
tithe
are hereby authorised and requested to take from time to
; all such measures as may appear to them most exeedient for
the Company to carry these pledges into practical effect ;"
eh". YOU adopted and ratified a second time the pledge you had
authorised to be given, and incurred the strongest and most binding.
4,0ral obligation.
_ Renresentations have been made, with a view to persuade you to
reatnineliate this pie ige, on two grounds :—First, that this was a per-
en‘i Pledge, and not one given by the Proprietors, and that as a
in ?oration of which the individuals are liable to change, they are
tZund in autumn by their obligations in spring ; and, secondly,
ttb°the assent of the shareholders was obtained under false pre-
`eleces or a misrepresentation of tects. :
of
l• The first ground of objection, which involves the repudiation
'fee solemn engagement, is one which cannot be admitted : no more
semeieffin engagement can be given, than a pledge from a Corporation
r arliament. in exchange for a concession, the value of which has
'seal already received.
I Would ask you to reflect, for a moment, how utterly defenceless
_ 0
uld be the position of the Company before Parliament, on any
insure occasion, should measures detrimental to our interests be pro-
posed by active and powerful enemies. A deliberate repudiation of
the solemn pledge which hiss been given, would justly close the ears
?!. a Como ittee against the representations of those upon whose
Promises and pledges no reliance can be placed.
11. As to the second charge, the Directors distinctly deny the
assertion that there has been any concealment or misrepresentation
Whatever.
The material facts alleged to have been misrepresented, relate to—
I. The capital of the Southampton and'Dorchester Line.
11. The earnings.
111. The profit receipts.
I. The capital was stated to be 752,0001. It is so.
11. The earnings were stated to be 56,1291. They are so.
111. The profit receipts were stated to be 28,064/., or 50 per cent.
They are SO,
The working expenses have been charged at 50 per cent., and this
Was the price at which Mr. Peto offered to work the line, finding
plant. materials, &c.
The entirety of the Company's lines are worked at a tort of 45 per
tent. If we applied the same ratio to the Dorchester line, it wou d
!still leave 5 per cent, on its earnings, or 2,8001. as the sum applicable
to the interest on plant.
the Directors, hinvever, desirous of using nothing open to objec
d not adopt this matio, but made use of the actual figures ap-
thee' ble to this line, as conveying the mostttotdline, accurate information in
TrCO
Tission of any figure for rolling stock in the Report of 2nd
tee!! Noe, is the in ccuracy on which a charge of in srepresenta-
t"l!! has neen attempted. Th ,t ch "me we distinctly repel ; but lest
tide yainbeguity should have rested on the subject, I, as Chairman at
I,ineeting of tie 19th el ay, 1853, specifically explained the facts.
1)1,6_ was open to those who have impugned the accuracy of the
Lectors, to have consulted, before doing so, the books of the Corn-
be J. which are the only documents from which such a charge cou d
established.
have to assure you that the existing circumstances of the money
Zoarket have created the greatest anxiety in the Board as to the
safe and economical mode of fulfilling your engagement : and
tions,ellestion still continues to engage their moat anxious considers-

".4.
Dille Directors court the fullest inquiry and investigation on all
; and, In conclusion, hive only to add the expression of their
ebeniolt. that if, ate a well-considered plede, a Company be at
„..,rtY to repudiate ar bargain. the benefit of which it has obtained,
a"
c.O. incur the od urn of having misled Parliament and deceivel the
,"117. a suicidal act will have been committed, an I an example
T. Which will go far to put an end to any trust being hereafterplaced
Public companies.

I have the honour to remain,
Your faithful and obedient servant,
FRANCIS SCOTT, Chairman.