The Sun.
London, England, 1854-08-11 00:00:00

the proceedings in Parliament with respect to bills likely
to affect them. They had done so, and he had now to re-
port that the Salisbury and Yeovil Bill had received the
Royal assent, and he believe I the line must prove of ad-
vantage to their company. The Burks and Hants line, •
promoted by the Great Western Company, showed that it
was determined to complete the Frome line of the Wilts
and Somerset Railway ; and, as he believed that the Great
Western Company had but two years to complete it, as
after that time they could not pay dividends on their
stock until it was completed, there could he no doubt the
line would be made; anti the directors of this company,
had taken every precaution for the protection of its in-
terests. It had been amicably arranged that the Great
Western Company was to give them a narrow gauge line
to Dorchester ; and he trusted the coast line to Weymouth
would still retain a large portion of its traffic, as it was the
nearest route to the metropolis. Parliament had also in-
troduced a clause into one of the Great Western arrange-
ment bills, binding them to make a narrow gauge line to
Basingstoke ; showing that the Legislature were still
favourable to the extension of the principle of competition.
It now only remained to the directors to protect the in-
terests of the shareholders, and endeavour to give the
utmost accommodation, so as to render it impossible for
their traffic to be taken from them. For purposes of eco-
nomy they had been using coal in its raw state in come of
their engines, and a large fire had occurred between An-
dover and Winchester, for the consequences of which it
had been endeavoured to render them liable. The amount
involved was about 3,0001., which no doubt the assurance-
office would have been glad to fix on the railway company;
but some lads working on the farm had confessed to having
set fire to the straw, and she company wore therefore re-
ieved of all anxiety on that score. Iu addition to what
he had stated relative to the rolling stock and plant, he
alight state that, since 1849; there had beeu an increase in
the extent of their liees—to Alton, 9 miles ; to Andover,
:8 miles ; and to Salisbury, 18 miles. They also worked
:he North and South Junction line from Brentford to Wil-
lesden, making a total addition to their line of 49 miles
which, taking the cast of plant at 2,0001. a-mile, would of
itself revire an expenditure of 98,0001. ; so that it would
be seen that the increase in their stock had been in a great
measure necessitated by the increased length of their line.
Ele concluded by moving that the report be received and
adopted.
Mr. HADLEY expressed an entire want of confidence in
the chairman, who, he said, bad always shown himself
ready to support any extension at. the expense of the
shareholder's. (Cries of " No, no !") He objected to all
guarantees, and wished to know what had been the loss on
the North and South Junction line, of which he saw no
mention in the report, though he maintained it ought to
be given?
The CHAIRMAN said, he had made no allusion to the
North anti South Junction line, because he had told them
on the 27th of July that they would suffer no loss from the
guarantee.
Mr. BASS said, the paragraph in the report which stated
that 0,000/. had been expended on locomotive stock since
1819 was erroneous, and ought to have been omitted, the
whole amount so expended being 97,102/.
Some explanations ensued, by which it was shown that
the whole amount expended had been correctly set forth.
The value of the locomotive stock had been fixed in 1819
at 570 0301. Since that time 48,090'. had been carried to
capital on the same account, and there was now a further
charge of 21,0001., which had been placed to the suspense
account.
After some further discussion, in the course of which it
was stated that the company had power to raise a further
sum of 796,7911., the report was adopted.
A dividend, at the rate of 4 per cent. per annum for the
half-year, was then declared.
Mr. SAINSBURY then proposed that Mr. B. Willcox,
11. P., one of the managing directors of the Peninsular and
Oriental Steam Navigation Company, be elected a director
of this company, iu the place of Sir W. Heathcote, M.P.,
resigned.
Captain ROCHE seconded the motion.
Mr. WooDs then proposed Mr. Snell as a candidate, the
other three gentlemen who originally offered themselves
for the office having retired from the contest.
Mr. PUNCHER seconded the nomination.

----- The candidates having declined to address the meeting,
a show of hands was taken, and declared to be in favour of
Ar. Snell.

Mr. SAINSBURY demanded a poll.
Mc SNELL appealed to Mr. Willcox not to give the share-
holders the trouble of going to the poll, 1,360 proxies hav-
ing been lodged in his (Mr. Snell's) name, and 604 for Mr.
Willcox. He could not say how the amount of stock
!night be divided, but it was clear a large majority of the
shareholders was in his favour.

NEWPORT, ABERGAVENNY, AND HEREFORD.
The half-yearly meeting of this company was held yes-
terday at the London Tavern, the Hon. W. E. Fitzmaurice
in the chair. _ _

The CHATIVfAN, in moving the adoption of the report,
explained that some differences had arisen respecting the
t:zreement entered into with the London and North-
Western Company for working the traffic, and the latter
lad given them notice to terminate the agreement, leaving
to the Abergavenuy Company the appointment of the time
when the agreement should terminate. He (the chairman)
raving failed in obtaining the appointment of a joint com-
nittee, which ho considered was essential to the develop-
ment of the traffic, and having received a notice from Lord
Chandos for the termination of the agreement between the
two companies, be bad determined, backed by every mem-
ber of the board, to lay the matter before the shareholders.
.3y concluding the agreement they would be placed in an
independent position, and would be at liberty to make
:nub traffic and other arrangements as would develope
the resources of the line.
Mr. BROWN, a director, in reply to a question, stated
that ho considered the position of the company very satis-
factory, and it only required the completion of the Taff
Vale extension and other lines to bring a very large traffic
on the railway.
The report was then adopted.
A discussion ensued, in the course of which several
shareholders expressed an opinion in favour of having the
line in their own hands. They had no wish to quarrel with
the London and North-Western, and hoped the latter
would settle the matters of account between them in a
fair and equitable manner.
A resolution was passed expressing an opinion that it
was desirable to terminate the agreement with the Lon-
don and North-Western Company, and requesting the
rectors to make the necessary arrangements for working
the traffic. This resolution was afterwards modified, so
as to leave the matter in the hands of the directors.
A vote of thanks to the chairman and directors con-
cluded the proceedings.

EAST INDIAN.

The half-yearly meeting of this company was held yes-
terday at the London Tavern, Mr. R. W. Crawford in the
chair.
The report, an abstract of which appeared in The Sun
of yesterday, was submitted.
The CHAIRMAN, in moving the adoption of the report,
said they had raised the sum of 1,000,b00/. on debentures,
which would bear interest at the rate of 4 per cent. per
annum, and be convertible at any time during their cur-
rency into shares. The payment of these debentures and
the interest thereon was guaranteed by the East India
Company, and was to he repayable at the expiration of
three or five years. If these debentures remained out at
the end of five years the East India Company would be
Come holders of stock in the railway, so that the arrange-
ment could not be considered to affect prejudicially the
financial position of the company. The progress of the
works in India was perfectly satisfactory, and, in fact,
they were being pu hed ou to an extent that could hardly
have been hoped for. They were under contract with the
East India Company to complete the line to Delhi in seven
years; but the directors saw no reason why it should not
be finished much within that period. They believed that
the line to a distance of 41 miles beyond Calcutta was
opened on the 15th of last month, and that it would be
finished to a distance of 121 beyond Calcutta at the end of
the year. Calcutta would then be connected with the
colleries at Burd wan, and they might very reasonably
expect to carry a large amount of coal, as there w?.s an
enormous demand for it at Calcutta. As far as their ad-
vices enabled them to judge, the line would be opened to
Rajmahal in 185 C), which would give them an immense
traffic to the central valley of the Ganges
The report was then unanimously adopted.
concluded the pro-
ceedings.
Ayote of thanks to the chairman

LONDON AND NORTH-WESTERN.
A deputation from the engine-drivers and firemen of this
company waited by appointment on the locomotive com-
mittee of the Board of Directors at Euston station on Wed-
nesday, for the purpose of presenting a memorial on the
subject of the contract system awl other matters in dispute.
Adudral Moorsom was in the chair.
After hearing the statements of the men, the following
resolution was adopted by the directors on the subject : -
" Resolved unanimously—That the complaints of the
enginemen as to the long hours of working, as to the mode
of carrying out the contract system, and as to the alleged
unfair treatment by the company's officers, shall receive
the fullest and immediate consideration of the directors,
with a view of remedying any substantial grievance and
satisfying all reasonable claims."