The Sun.
London, England, 1854-07-24 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND SOUTE-WESTERN.

A special general meeting of the proprietors of this
railway was held on Saturday morning in the Assembly-
rooms, York-road, Lambeth, to consider the Salisbury,
and Yeovil Railway Bill. The attendance of share-
holders was pretty numerous. MT. Chaplin, the chair-
man of the company, was in the chair.
The SECRETARY read a report, narrating the circum-
stances attending the progress of the Salisbury and Yeo-
vil Railway Bill through the House of Commons, and
the proceedings taken in regard to it by the directors
of this company, and containing the following statement
as to the agreement proposed to be made between the
two companies :

"The arrangement, which it is prope9ed that this
company shall make with the new company, on their
obtaining their act without the objectionaLle running
powers against which the company petitioned, is to
make them an allowance in respect of all traffic brought
by their line on to the South-Western line at Salis-
bury, provided such traffic be brought from a point on
the Salisbury and Yeovil line, distant ten miles at least
beyond, or west of Salisbury, and, also, that such
traffic be conveyed the whole distance over the com-
pany'', line to London, or within ten miles of London.
It is proposed that such allowance shall be 25 per cant.
on the gross receipts by this company from such traffic,
not in any year to exceed 5,000/. And that it shall
cease altogether on the new company's gross traffic, on
their own line, reaching 40,000/. during the time it is
a single line ; or 45,000/. if the new line be made a
double line ; and the term of such arrangement is limited
to ten years, in conformity with the provisions of the
act."

The SOLICITOR read the clauses of the Salisbury and
Yeovil Railway Bill affecting this company. These
clauses empowered the Salisbury and Yeovil and Lon-
don and South-Western Railway Companies to enter
into arrangements fur various purposes, and to renew
such arrangements upon their expiration.
The CLIAIIMAN WaS sure that the intelligence of the meet-
ing would show them that the construction of the Salis-
bury and Yeovil Railway, joining this line at Salisbury,
multi increase the revenue of this railway, and the result
would be attained without any cost to this company.
He moved a resolution expressing the approval of the
meeting of the Salisbury and Yeovil Railway Bill, sub-
ject to amendments. He also read, at the request of
the meeting, a second resolution, expressing approval of
the terms of agreement recommended in the report.
A PROPRIETOR seconded the resolution.

Mr. SNELL objected that the Salisbury and Yeovil
Company was not one of such substance as would war-
rant this company in entering into close partnership with
it. To a great extent that company was a fictitious one,
and its shareholders sham shareholders and dummies.
In confirmation of this assertion he referred to the report
of the committee of the House of Commons, and the
evidence adduced before that committee. [These refer-
ences excited a great deal of opposition, and for a short
time much disorder prevailed.] Several persons who
had subscribed as shareholders of the Salisbury and
Yeovil Company had stated before the committee that
they had an agreement with the solicitor of the company
that they should not be responsible. The capital of the
company was short of what would be required to make
the line, and the company would therefore require ex-
traneous assistance. He doubled whether this line
would bring-as much traffic upon the Scuth-Western
line as was supposed, and at the same time he re-
minded the meeting that the proposed line would compete
with three branches of this railway. That unsupplied
districts should be supplied with railway commu-
nication was very desirable, but it ought not to be
done at the cost of existing railways. It was
urged that this undertaking was of national importance.
If that were so, then go to the national exchequer.
This company had led the railway world in opposition
to extensions, and if they had remained firm to that prin.
ciple, the Government must come forward to provide
railways for the unsupplied districts. He concluded by
moving an amendment disapproving of the clauses, and .
instructing the directors to oppose any clauses conferring
running powers upon the Salisbury and Yeovil Railway
Company.
The amendment was seconded by Mr. Woo").
Mr. CASTLEMAINE supported the original resolution,
and contended that the solvency or insolvency of the
Salisbury and Yeovil Company had nothing to do with
the question under discussion, because if that company
fell through, the proposed arrangement would fall through
too. By that arrangement the income of this company
could not suffer, because it was only asked to pay to the
Salisbury and Yeovil Railway a' certain portion of a cer-
tain new revenue which that railway was to bring to
this.
Mr. :MORTIMER recalled the attention of the meeting
from the proposed agreement to the first resolution ap•
proving of the clauses. He recommended the meeting
to adopt these clauses, and warned them that if they did
not do so it was probable that more objectionable clauses
would be inserted in the bill.
Mr. HERAPATH also supported the clauses and the
proposed agreement.
Mr. TITS hoped that the meeting would agree to these
clauses, which were the price of peace, and recommended
Mr. Snell to withdraw his amendment. This company
was in bad odour with Parliament. If there was an in-
clination in Parliament to be harsh towards any com-
pany, that feeling was entertained towards this one ; and
if these clauses were rejected, the bill would be passed
with clauses most perilous to this company. Before
concluding, Mr. Tite referred to a rumour that the Great
`Westin u fought its battles in that room—(cheer4)—and
paid the expense of the contests. In answer to catego-
rical questions, Mr. Snell contradicted both these insi-
nuations.

gergeant GASELEE appealed to Mr. Snell not to use
proxies which he had obtained upon a representation
that the agreement might be sanctioned by a bare ma-
jority, now that a provision had been inserted requiring
the sanction of three-fifths of the shareholders to such
an agrement. It did not signify to the South-Western
Company whether or not the Salisbury and Yeovil were
a good company. He was convinced that the company
could suffer no injury from these permissive clauses, and
warned the meeting that if they rejected these clauses,
Parliament would probably give the Salisbury and
Yeovil Railway Company much more objectionable
powers.
Mr. PUNCHER recommended Mr. Snell to withdraw
his amendment.
Mr. SNELL said that lie should himself vote against
the clauses, but he felt that, under the circumstances, he
should not be justified in using the proxies which he had
obtained. After communicating with the seconder of
his amendment, he consented to withdraw it, and not to
oppose the motion.
The original resolution was then put, and agreed to
with only one dissentient.
The CHAIRMAN then moved the second resolution,
approving of the agreement set forth in the report.
After some rather irregular discussion,
Mr. PUNCHER desired that the agreement should be
printed and circulated before the shareholders were
called upon to decide upon its rejection or acceptance.
(No, no.)
Mr. SNELL, thinking that it was not necessary to con-
sider the terms of the agreement, which had not been
accepted by the Salisbury and Yeovil Railway Company
at present, moved the adjournment of the meeting for a
fortnight.

The CEIAIRIIAN explained that, unless the Salisbury
and Yeovil Company had some security for what they
were to receive from the company, they would not be
satisfied with the clause which the meeting had just
approved.
Mr. TrrE urged the immediate confirmation of the
agreement.
sergeant GAMLEN recommended the meeting to sanc-
tion the agreement, as the least onerous which they
could make.
Mr. LOCKE informed the shareholders that he did not
approve of the terms of the agreement.
Mr. SNELL withdrew the motion for adjournment.
The resolution was put and agreed to.
After a vote of thanks to the Chairman, the proceed-
ings terminated, having lasted three hours.

LONDON,
BRIGHTON, AND SOUTH COAST.
The report of the directors to be presented at the
ensuing half-yearly meeting states that the capital ac-
count for the half-year ending 30th June, shows that the
amount of capital raised to the 30th June, 1854, is
7,439,6151., consisting of mortgage debt, 1,786,385/. ;
preference
capital, 1,037,5961. ; consolidated stock,
4,615,634/.
; total, 7,439,6151. The total amount ex-
pended during the half-year has been 95,158/. of which
65,2421. has been expended on the fourth line and the
Crystal Palace branch, and on the London-bridge
terminus ; 12,515 on additional rolling stock ; and
15,170/. on works rendered necessary to provide for
the safety and convenience of the general traffic, which
is so rapidly
increasing. The act authorising an increase
of the capital of the company to 7,800,000/. having
received the royal assent, a special meeting of the pro-
tpiroinetsowrsewreasphaessldedr
etrllaipeo2wlesrtiJnguntehleastd,iraetotwohrsichtoresroailsue-
-252,000/. by the creation of a new 5 per cent. stock, to
be offered rateably among the proprietors, and
107,970/. by mortgage. These resolutions have been
acted upon, and the directors anticipate no difficulty
in raising the amount of capital which is at present
required. The gross revenue for the half year
has been 318,6937., showing an increase of 46,748/.
over the corresponding half-year of 1853, which,
it may be observed, was 23,136/. in excess of the cur.
responding half-year of 1852. The increase of the pas-
senger traffic of the line amounts to 36,269/., a consider-
able portion of which arises from the Crystal Palace
traffic, and from the great development of traffic on the
Croydon and Epsom line, caused indirectly by the con-
struction of the Crystal Palace. The goods traffic shows
an increase of 10,588/. over the amount for, the corres-
ponding half-year of 1853.
The details of the expenditure for the half-year are
fully given in the usual comparison with the preceding
and the corresponding half-year, which shows that in
the half-year ending the 20th of June, 1853, the total
traffic receipts, excluding cartage, were 265,143/. ; the
expenses, including 6,6961. for cartage, were 125,364/.
In the next half-year the traffic receipts, including cart-
age, were 353,9271. ; the expenses, including 8,328/. for
cartage, 148,3411. ; and in the last half-year the traffic
receipts, also excluding cartage, were 307,366/. ; the ex-
penses, including cartage, 147,3341.
The principal causes of increased expenditure arise
from the great amount of work done, which has been
even in a higher ratio than the increase of receipts, most
of the additional traffic having been carried at low
rates ; and, also, from the general rise in the price of
coals, iron, and all articles which enter largely into the
consumption of a railway company.
only reii.Lins for the directors to cor.w...,t.fiate pr:,•
prietors on the general prosperity of the company, and
more especially on the very favourable results, which may
be eonaidered as already realised, from the 'policy Qf aiding