The Sun.
London, England, 1853-11-16 00:00:00

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"Note.—This
include any sum
)flained to the MP.
tality of the
" The different
and the staternee May
net
earnings is thus summarily and fully accounted for, - and
the soundness of the former satisfactorily established, .even
to the including in the outlay of a sum sufficient to pro-
vide an adequate rolling stock for the traffic of the branch. —We remain, sir, your most obedient servants,
" UILTER, L, and Co."
" To L. Crombie, SecretaryQ of the donLo and
South-Western Railway Company."
The CHAIRMAN then moved " That the report be re-
ceived,and adopted, and referred back to the directors
with authority to carry it into effect." ,
Mr. IIIBBERT seconded Vie motion.
Mr. MORTIMER then addressed the meeting. He said
' that when he joined the board 12 months ago, certs an
statements were put before him of the past expeudit' ire
upon every individual line, of the earnings, of the c ost
of the plant, &c. In May last, when it was proposed to
extend the line from Dorchester to Exeter, certain slate-
meets of receipts and expenditure were laid hefor e the
boar.], showing the receipts of the Dorchester line to be
56,1291. and the expenditure 28,0001., nr in round 'lum-
bers 50 per cent. He carefully compared those figures
with the half-yearly accounts, and found there were at,
least ten different items which were not charged. Those
items (which he enumerated in considerable detail)
amounted to at least 10,0001., and to that assertion he
would pledge his reputation. (Cheers.) If he had been
favoured with an interview with Messrs. Quitter and
Ball, he had no doubt he could have convinced them of
the accuracy of the view which he had taken, but he
had never received any communication from the board
on the subject. (Cries of Shame, shame.) He had
joined the board in a minority, and should most likely
continue in that position.
A SHAREHOLDER—We'II support you if you'll stand
by the proprietors. (Cheers and laughter.)
Mr. MORTIMER believed that the depreciation of the
line had been caused by the construction of branches.
But of all the branches he believed the Dorchester to he
the best, for it had saved the Southampton traffic, and
in his opisaion the traffic on that line was not yet half
developed. The chairman had alluded to an assertion
made by him (Mr. Mortimer) in May last, that he would
offer no further opposition to the scheme. He admitted
that he had made that assertion. When the shareholders
abandoned him on the question of extension ho consi-
dered it his duty to bow to their decision, and he should
not have said anything more on the subject, had they
not seen their error and appointed a committee. (Hear,
hear.) He had always objected to the pledge, and con-
sidered that the minority had the right gives them by
the Wharncliffe clause, which gave power to one-fourth
to refuse their concurrence to any new lines. Shortly
after the pledge was given, the committee of the House
of Commons got an admission from the counsel that the
company would make a double line, and the chairman
ratified that pledge. Now, all that the proprietors had
sanctioned was a single line from Dorchester to Exeter,
at a cost not exceeding 700,000/. It was said that the, pledge had been ratified at the last meeting, and he
was convinced that not one of the proprietors in a
thousand knew that any such vote was to be taken.
(Cheers.) The meeting ought to have been made special
for the consideration of that point. (Cheers.) That
pledge, having been made to the House of Commons,
must be taken for what is worth. And he must remind
the proprietors that there were most frightful expenses
with which they were unacquainted. (Hear, hear.) He
believed that some 276,0001. had been scored up for
western extension expenses. (Hear.) He was quite cer-
tain that the line could not be run at the cost of 23,0001.
a year. (Hear, hear.) Since the accounts had been
gone into, the directors had found out some way of re•
modelling them, and had increased the 56,1291. to
58,0001., and reduced every item of expenditure. He
trusted they were right, but had no means of ascertain.
ing the fact. (Hear, hear.)
The CHAIRMAN declared that the board had never
altered its figures at all. (Hear, hear.)
Mr. W. HENDERSON, on the part of the committee of
shareholders, then rose to move the following amend-
ment :—" That this meeting declines to authorise the
directors to undertake any liability for raising the
capital to construct the extension of railway between
Dorchester and Exeter, being of opinion that it would
be impolitic and unremunerative, especially under the
present unlooked-for state of public affairs, and involving
serious injustice to the large body of shareholders indi-
vidually protesting against the measure ; and further
that this meeting is not bound to adopt the deviation
proposed by the directors from the terms of the pledge
given to a committee of the House of Commons. He
trusted that a final decision would now be come to on
this question. The amendment was founded on the
principle of opposition to extensions, which had lowered
shares from premiums to discounts, and high dividends
to low ones. (Hear, hear.) When this line had fallen
from 1701. to 751., in consequence of extensions, he did
not see what confidence could be placed in the course
taken by the directors. (Hear, hear.) The great ques-
tion for consideration was whether this line would be
remunerative or not.
A SHAREHOLDER—Whether we shall keep our word
ior not. (Hear, hear.)
Mr. HENDERSON said he would come to that point
presently. lie would first take the question of popula-
tion. Tho population between Southampton and Dor-
chester was 92,800, whereas between Dorchester and
Exeter, the population was only 55,700, and in three
towns the,population had actually fallen off. If pert-
lation was a test of the value of the line, the case of the
chairman must fall to the ground. (Cheers.) Then
with respect to the cost. 'The original estimate was
630,0001., and it was said that in no case should it ex-
ceed 700,0001., but now a considerable ttddition had
been made to that sum. The money requisite for the
line could not be obtained at less than 5 per cent., and
the annual charge for interest wonld not be less than
35,0001. According to the figures of the directors, they
could not get more than 3 per cent: in return, and
would, therefore, lose to the extent of 11,0001. a year.
lie did not consider that there was any probability of
raising the necessary amount for less than 5 per cent.,
and was of opinion that the interest would in a short
time be 8 per cent. (Hear.) Ho now canto to it users
important matter. The directors, considering that the
line between Southampton and Dorchester and South-
ampton could pay 31 per cent., had conic to the con-
clusion that the other line would pay the same. He
wished to know how the money was to be raised for
making the Dorchester line ?
The CHAIRMAN said it would be taken out of the
general funds.
Mr. HesuensoN resumed—lt appeared to him that
part of the amount had been raised by debentures, and
therefore impugned the accuaracy of the statement of'
the directors that the line would pay 31 per cent. (Hear.)
With regard to the accounts, Mr. Foyle said they were
all so intermingled that it would take months to go
through every item. A great deal had been said about
the pledge which had been given, and that the other line
would not have been thrown out but for that pledge.
Now, he wished to warn the meeting againstpersever-
big in the course which had hitherto been pursued, and
contended that the spirit of the contract had been so
altered that Parliament would not insist on its being
adhered to. (Hear.) The directors had themselves de-
viated from the pledge, because they had promised to
make a double line, and now proposed a single one.
Mr. PUNCHARD seconded the amendment.
Mr. Tier Seymer rose, but was interrupted by loud
cries of " order," several gentlemen persisting that Mr.
Punchard was in possession of the meeting.
The CHAIRMAN said if Mr. Ker Seymer would give
way, of course Mr. Punchard would be in possession.
(Oh, oh, and great confusion.)
Mr. PUNCHARD declared that he had eaten a hearty
breakfast, and would not give way if he detained the
meeting till to-morrow morning. (Cheers and laughter.)
He had been a shareholder for some years, and bad wit-
nessed such a course of proceeding, on the part of the
directors, that he had opposed every step which they
had taken. (Cheers and laughter.) He protested against
the construction of lines for the purpose of putting
money into the pockets of solicitors and engineers.
(Great interruption.) The extension of the line to Exe-
ter had been brought about by threats. (Hear.) The
sooner the chairman put his threat of resignation into
execution the better; and he must iie allowed to say
that he looked upon the whole board as a nest of scor-
pions. (Cheers and laughter.)
Mr. KER SETMEK said the coast line between Dor-
chester and Exeter was almost identical with that pro-
moted by the Great Western Company and their allies.
The second reading of the bill of that company was
passed, and but for the opposition which it received from
the South-Western Company, it would have received
the sanction of
the legislature. That line would neces-
sarily have been constructed on the broad guage, which
was more expensive to make and work, and was so laid
down that it would not have afforded the greatest amount
of accommodation to time local traffic of the district.
The
project of the South -Western Company would
afford great local accommodation, and deserved support
on that account ; and considering the tendency of the
population to visit the southern watering places, he felt
prove remunerative. "
quite confident that it would
was bound to d••
(bear.) In his opinion the company
here to time pledge which had been given to Parliament.
If they did not adhere to that pledge, they could never
again appear before a committee with, credit. (Cheers,
and cries of "oh, oh.") The
did not want to appear before perhaps might say they
Parliament. (Cheers.)
But they would be obliged to eappear there when other
persons brought forwawrdithlinaeschtrieffaecetdingi theierteinrterests ;
per if they did appear
con
sequence of repudiating their engagements, but littlen
at-
tention would be paid to their representations. (Cheers,
and oh, oh.) The honourable and learned gentleman,
after replying to various attacks which had been made
upon the directors, and commenting on the course taken
by the minority at the board, concluded by recom-
mending the line to the shareholders as one intrinsically
right, remunerative in itself, greatly protective of the
company's existing lines, and certain to add largely to
their earnings. (Hear.)
Mr. DicesNsoN, a proprietor to a small extent hi
Great Western preference stock, but a much larger
holder of South-Western stock, said that the Great
Western extensions had nearly all proved great losses to
that company, and, with the exception of the South-
ampton and Dorchester extension, about which he con-
sidered there was a doubt, all the branches and exten-
sions of the South-Western line bad proved equally a
loss to this company. He thought it was a most happy
thing for the Great Western Company that they lost
their Devon and Dorset bill last year, and they ought
to thank the South-Western Company for having op.
posed them. Extensions bad proved equally disastrous
to the London and North-Western Company. Re did
not consider the shareholders of this company were
bound to carry out the plec!ge 019 by the gonad, but

I PRICE SD.

a body, but vitally important to the directors—namely,
the trustworthiness, or untrustworthiness of those to
whom the interests of the shareholders had been en-
trusted. (Hear, hear.) After a full disoussion of the
matter in May, the meeting resolved, " That the inte-
rests of the company are deeply concerned in procuring
,the rejection of the Devon and Dorset Railway Bill,
now pending in Parliament, and in extending thereafter
this company's railway from Dorchester, by Bridport
and Axminster to Exeter. That the directors be ac-
cordingly authorised and requested to pledge this com-
pany to apply to Parliament at the earliest period for
powers to construct such last-mentioned line, and to'put
such powers into execution, so as to give the district in
question the accommodation which such extension will
afford, with the least possible delay." That pledge was
er
tspcughtrari,
eo-
ctaacceitoteien,a;
pledge.
proceeding.
ghioel ani.
vindeis
efribt
te,ughetaaien‘n,
Ileds,
ha
did
I die
eboonout
cul
edtg hoe
txi
given by the directors—(hear, hear)—and the price was
in
d
the rejection of the Devon and Dorset bill. (Hear.) A
(M
It
evidence
cae mos most
before unworthy
tiie m
committee ode
,he
hs
exactly
ryers.
apSso tei bt
wast yp e".
a tittle further. At
was called in, and told the committee he was entitled to
go to the extent to which he had gone, and he did not
know that he could go much further. He
was then
told that the bill might be lost ; and he did what he
thought consistent with the wishes and honour and in-
terests of the proprietors. (Cheers and hisses.) He
mentioned the matter to the board, and the board una-
nimously approved of what he had done, andthanked
him for it. (Hear, hear.) These facts were fully stated
to the meeting in August, and that meeting, with
scarcely a dissentient voice, resolved—" That this meet:
ing fully sanctions and adopts the pledge given by the
board to bring before Parliament, in the next session, a
bill for constructing an extension of this company's
railways from Dorchester to Exeter, and for making the
Southampton and Dorchester Railway a double line
throughout ; and the directors are hereby authorised
and requested to take from time to time all such mea-
sures as may appear to them most expedient for
enabling the company to carry these pledges into prac-
tical effect." (Hear, hear.) Now, he wished to know
how that could be called "the policy of the board,"
when the proprietors themselves had sanctioned that
policy ? So long as that policy was acted upon—in
May and August—the shares maintained their po-
sition ; and it was not until September that any fall took
place. He had communicated with the chairman of the
committee on the subject of the proceedings which had
taken place, and that gentleman said the company was
in a difficult position, and he did not see how he could
give it any help ; and an hon. member connected with
one of the dockyards said, "If you do not complete
your pledge, I suppose the Great Western Company
will proceed, and Parliament will take up their line."
(Hear, hear.) The events which had taken place had
created the greatest anxiety in the minds of the directors,
and they regretted exceedingly that their position had
been so materially damaged. If the shareholders em-
ployed any persons on an honourable mission, they
must employ honourable men—if they employed any
persons on matters of trust, they must employ those
who were trustworthy--if they expected persons to
believe those who were so employed, they must show
their own confidence in the parties—if they desired
to be released from an engagement, they must admit the
obligation of that engagement, for it was ridiculous to
ask to be released from an engagement which they did
not consider obligatory, (Hear, hear.) He had stated
the position of the company in August last, On the
31st of that mouth a statement was issued to the effect
that the directors were working the company and not
directing it—that they had concealed important facts—
that they had misstated important figures in their ac-
counts ; but at the same time proposing that the gen•
tlemen who had been guilty 'of these misdeeds should be
employed in a negotiation with other parties, in order
to release the proprietors from the engagements into
which those false statements had led them. And this
proposition Wai made at the time the proprietors had
paralyzed the efforts of the directors, and prevented
them from doing what they might have been able to
do with greater effect. (Hear, hear.) [The lion. chair-
man then proceeded at considerable length to com-
ment upon the various letters which have been recently
published, and entered into a refutation of the state-
ments put forth by the committee of which Mr. Snell
was the chairman.] He then referred to the assertion
that the directors were not so united as they had been
represented to be. Now, Mr. Uzielli bad written very
strongly in favour of the views of the directors ; Mr.
Reed and Colonel Henderson approved of the course
which they had taken ; and Mr. :Mortimer had stated
that they should receive nu further opposition from
him. (Hear, hear.) He did not see how that state-
ment could be reconciled with what had since taken
place, (Hear, hear, and hisses.) He had not the least
doubt that the depreciation of the stock—which had
gone down 14?. 'from the date of Mr. Snell's circular,
making a difference of about 1,000,000.:. in the capital
of the company—had taken place mainly in consequence
of the obloquy and slanders which had been circulated.
(No, no, and great uproar.) He would withdraw the
words, and say, in consequence of the unjust representa-
tions which had been put forth affecting the characters
of the directors. (Hear, hear.) A great deal had been
said about the depreciation caused by the branch lines,
and statements had been made shewing that the Dor-
chester line would pay only 1i per cent. ; but the cal-
culation was based on a wrong foundation, and was
altogether illusory. He felt quite confident that, after
full examination, the accounts of the directors would be
found correct, and afford ample data for the construc-
tion of the line: (Hear, hear.) He trusted the two
matters before the meeting would be kept quite distinct
—the project of the shareholders and the character of
the directors. He would suggest the propriety of leav-
ing the matter to the decision of some person on whose
name the breath of slander could not rest—to some such
man as Mr. Pemberton Leigh, or Mr. Stuart Wortley,
or Mr. Spencer Walpole—and should feel quite satisfied
with that decision, whatever it might be. (Cheers and
hisses.)

LONDON AND NORTH-WESTERN AND
NORCH STAFFORDS'iIIItE RAIL PAY COMPANIES.
(TRAFFI ) ARRANGEMENTS.)
It is intended to apply to PArliamQnt in the next ses-ion for a bill
making provision, or enab!int the London and North-Western and
North Staffordshire Railway Companies to enter into contracts fbr
the more speedy and convenient interchange of the traffick (whether
of pa,sengers, animals, minerals, or goods) c•rnmon to the under-
takings r'f both companies; and for the conveyance and accommo-
dation of such traflick along the railways, navigations, and canals,
and at the stations and wharves of the other company; and also for
the collection and apportionment of the tolls, rates, and charges
arising out of such conveyance and accommodation as aforesaid :
It is intended by the bill to enable the London and North-Western
Railway Company to maintain and work the undertaking of the
North Staffordshire Railway Company upon conditions to he spe-
ciOed in the bill, or to be agreed on by the companies and to confirm
any existing traffiek arrangements between the companies, and to
enable the companies to enter from time to time into contracts
touching any of the matters aforesaid :
It is also intended to take powers by the bill to alter certain of the
tolls, rates, and duties now payable to the North Staffordshire Rail-
way Company; and for the purposes aforesaid to amend, extend, and
whore need is, repeal certain of the provisions of an act parsed in the
session of Parliament held in the ninth and tenth years of the reign
of her present Majesty, intituled, An act to consolidate the Lon •
don and Birmingham, Grand Junction, and Manchester and Bir-
mingham Railway Companies ;" and alai) 0, the foilowing acts (local
and personal) and of any other acts relating to the London and
North-Western Railway Company, namely, 8 & 9 Vic. caps. 36, 37,
43, 105,111,112, 121, 156, and 198 ; 9 Vic. cap. 67 ; 9 & 10 Vic. caps.
80, 82, 152, 182, 192, 193, 231, 232, 233, 244, 244, 259, 261,
26 269, 300, 309, 322, 323, 324, 328, 331. 359, 361, 369,
380, and 396; 10 & II Vie. cans. 73, 107. 114, 118, 120, 121, 132,
139, 15'1, 161, 178, 181, 228. 236, 270, '278, and 294 ; I f & 12 Vie.
caps 58, 60, and 130; 12 & 13 Vie. cap. 74; 13 & 14 Vic. cap, 36 ;
14 Vic. cap. 24 ; 14 & 15 Vte. cap. 94 ; 15 Vic. cans. 98 and 105 ;
and 16 & 17 Vic. caps. 97, 1 tO, '57, 160, 161, 205, 216, and 222 ;
and a'so of the following acts, and of any other acts relating to the
North Staffordshire Railway Company, namely, I Will. 4, cap. 55
9 & 10 Vic. cap. 85; In & 11 Vie. cap. 1u8; 11 & 12 Vic. caps. 66
and 83 ; and 13 & 14 Vic cap. 55 :
Printed copies of the bill will be deposited in the Private Bill-office
of the House of Commons befve the first day of January, one thou-
sand eight hundred and fifty-foal'.
Dated this 10th day of November, 1853.
DURO FIF.LL and PARSON,
S CARTER, Westminster.
SWIFT and WAGSrAFF.