The Sun.
London, England, 1849-08-30 00:00:00

The CHAIRMAN, in moving the adoption of the
report, adverted to the circumstances which had led
to the retirement of Mr. Russell, and then went on to
admit that he disapproved of the policy which had
hitherto been pursued by this company. He did not,
imputed
blame wish it to be understood that he
blame to the directors. No doubt they had acted as
they thought best for the interest of the shareholders ;
but really he did find fault with the manner in which
they had made advances to other lines.—(Hear, bear.)
With regard to their future operations, he did nut
think they would be justified in extending the line
beyond Swansea—(Hear, hear)—at least for the pre-
sent. Ultimately it might be extended to Fishguard,
but only under the circumstances that it could be
proved to their interest to do so; or that the Great
Western would not carry their guarantee into effect
until the line had reached Fishguard.—(Hear,
hear.) Looking at their prospects, as far as
traffic was concerned, he did not anticipate
much difficulty would stand in the way of raising the
necessary capital to extend the line to Fishguard, and
for his part, believing as he did that their traffic re-
turns would be equal to those of the Bristol and
Exeter, he would recommend that the extension
should be made as soon as the state of the money
market would admit of it.—(Hear, hear.) He
concluded by observing that his attention had
been directed to the pamphlet published by Mr.
Duncan, the solicitor of the Eastern Counties line, on
the subject of this railway. In this pamphlet certain
charges were made against the directors, and the only
answer which he could make to them was, that if the
shareholders were dissatisfied let them appoint a com-
mittee of investigation.—(Hear, hear.) But that ad
mission must be taken with this reservation, that
before such a committee some gentleman should be
selected to determine what the matters were that
should be investigated.—(Hear, hear.)
Viscount VILLIERS seconded the motion for the
adoption of the report.
Mr. MACNAGRTEN recommended that any addi-
tional capital should be raised by the issue of pre-
ferential shares.

Major COURT objected to the issue of preferential
shares, and observed that as Mr. Russell had resigned
because he felt that the time had arrived when the
interest of the two companies had become somewhat
antagonistic, it would be nothing more than an act of
decency if the other Great Western directors would
also resign.—(Hear, hear.)
Mr. DUNCAN disapproved altogether of the report.
Money could not be raised in the manner it proposed ;
and as it was quite evident the Great Western Com-
pany wanted to get rid of the guarantee of 5 per
cent., the best thing they could do was to appoint
a committee of investigation, to ascertain the best
mode of arriving at this point, which would place
them in a situation of testing the power and willing-
ness of the Great Western to pay the guarantee. He,
therefore, moved an amendment to that effect.
After considerable discussion, the amendment was
put to the vote and carried.
The committee was then nominated; after which
the report was adopted, and a resolution passed autho
rising the forfeiture of the shares referred to in the
report. Thanks were then voted to the chairman,
and the meeting broke up after a very lengthened
sitting.

DIRECT LONDON AND PORTS-
, MOUTH RAILWAY.—(THIS DAY.)
The seventh half-yearly ordinary meeting of the
shareholders of this company was adyertised to take
place to day at the London Tavern, for the purpose
of receiving the report of the directors, and to transact
the other business of the company. There not being
a syfficient number of shareholders present to consti-
tute a meeting at the hour appointed, the meeting was
adjourned sine die.
The following report was intended to be submitted
to the meeting had it been formed :
" The proprietors will have learnt with regret that th,,
construction of the line between Epsom and Leatherhead,
which is desired by the inhabitants of Lestherhead and
its vicinity, by the landowners, and by every member of
the company, with the single exception as the directors
believe or Mr. Cohen, has been for the peesent stopped
by the injunction of the Master of the Rolls.
" The directors have bcen unable to bring their motion
for a reversal of that order to a hearing, by reason of the
lamented illness of the Lord Chancellor. The appeal
therefore necessarily stands over until November.
" Not content with the obstruction thus thrown in the
way of the company. Mr. Cohen subsequently presented
a petition under the Joint Stock Companies Winding-up
Acts for the dissolution of the company, the hearing of
which, however, stands over until November; but as, by
an Act passed at the end of the last session, incorporated
railway companies are expressly declared not to be
within the provisions of the Winding-up Acts, this peti-
tion may be considered as disposed ot; and must conse-
quently be dismissed.
"In addition to these vexatious proceedings, Mr.
David Salomons, the Chairman of the Reading, Guild-
ford, and Reigate Railway Company. and the near con-
nexion, as your directors are informed, of Mr. Cohen,
has recently placed a bill on the files of the Court of
Chancery against this company, conjointly with the
London, Brighton, and South Coast Railway Company,
praying so far as this company is concerned, that the
toll agreement entered into with the Brighton Company,
with respect to the Epsom and Leatherhead line, may be
declared illegal. I . ..._

"However embarrassing these proceedings may tem-
porarily prove, your directors believe, that beyond delay
and legal expenditure, they will not affect the course
which would otherwise have been adopted, because your
directors, having been advised that the company could
neither abandon their railway, nor wind up its concerns,
nor reduce their capital and line within the desired limits,
without express Parliamentary sanction, had already
anticipated the necessity of some further application to the
Legislature; indeed in this view of the case it would
appear to the directors, that the course pursued by
Messrs. Cohen and Salomona would rather prove bene-
ficial than otherwise to the company, inasmuch as it
affords a convincing proof that some Legislative inter-
ference is expedient, either to relieve the company en-
tirely from its obligations, or to enable it to carry out
such portion of the undertaking as may be found desir-
able, without further delay from captious objections.
" tinder the very peculiar circumstances in which the
company is placed, it is not advisable to enter upon these
questions at length, but the directors feel confident that
with the support of the proprietors, they will be enabled
to defeat the object of their opponents, so that ultimately
some portion of the great labour which has been be-
stowed, and expense incurred, in the prosecution of this
undertaking, will be pro taut° rendered available to the
convenience of the public, and to the profit of the Ports-
mouth proprietors.

" This financial position of the company is not mate-
rially altered since the last half-yearly account was sub-
mitted to the proprietors. It will be seen that the balance
in hand is 26,4011. 17s. 4d., to this should be added the
calls due, and the value of certain surplu3 lands pur-
chased, and which under any circumstances will have
to be resold ; these together may, bo reckoned at about
20,0001., which added to the former sum would amount
in round figures, say to 47,0001., which was the fund
purposed to be expended in the construction of the line
betweentEpsom and Leatherhead. The proprietors will,
however, bear in mind that the funds at the command of
the company will be materially affected by the arranga-
went with reference to the line between Epsom and
Leatherhead, because upon that question will depend in
a great measure the value of the outstanding calls; and
the proprietors will also remember that the money in
hand is subject to claims under contracts entered into for
the purchase of lands, which it is believed will absorb
the greater portion."

A—most irregular discussion took place, no meeting
having been formed, which ended in no practical
result.

The SOLICITOR of the company stated that if the
arrangement that was proposed was carried out, the
probability would be that there would be a return of

21. 10s. a share; if it was not, the shareholders would
probably have nothing.

CHARING-CROSS BRIDGE.
(THIS DAY.)
The half-yearly meeting of this company was held
this afternoon at the offices, Villiers-street, Strand,
Mr. Coles Child in the chair.