The Sun.
London, England, 1849-08-29 00:00:00

TAW VALE RAIL WAY AND DOCK

The usual half•yearly general meeting of the pro-
prietors of this company was held yesterday at the
London Tavern, Mr. John Sharland, chairman of the
board of directors, in the chair.
The following was the report :
" Your directors have forwarded the financial state-
ment for the past half-year to each proprietor, and have
confined their operations since the last meeting to en-
forcing calls and paying off various claims on the com-
pany; having suspended the construction of works in
March last, with the exception of such as they were
compelled to? roceed with.
" Your directors regret the decision of the Commis-
sioners of Railways, in opposition to the all but unani-
mous prayer of the shareholders, and of almost every
landowner and occupier on the line, as to the gauge, has
operated so ruinously on the shareholders, that many
hare transferred their intere,ts, and others cannot be
induced to pay the calls; your directors, however, are
not without hope that Parliament may yet relieve them,
by sanctioning a change of gauge at no very distant
period, particularly as the Bristol and Exeter Railway
Company, who, before the Commissioners of Railways,
and the Parliamentary Committee, expressed their
readiness to take the line, have now declined to do so
on any terms.
"Your directors are under the painful necessity of
submitting for your confirmation the forfeiture of 4,640
shares, upon which calls are in arrear, the required
notices of the forfeiture of which have been given to the
respective proprietors; a resolution for such purpose
wilt be submitted to you. _ _ _

" The directors submit to the consideration of the
shareholders, the following plan for re-issuing these
forfeited shares; also a statement, showing the present
position, and future prospects of the company ; these,
with other matters, they intend to submit, with the ap-
proval of this meeting, for confirmation, to the share-
holders, at an extraordinary meeting to be convened for
the purpose.
" Ist. That the forfeited shares be re-issued, as 201.
scrip preference shares, with credit for 41. as a deposit
paid thereon, bearing interest or preference dividend at
the rate of 51. per cent. per annum, in perpetuity, and
shall be issued to the proprietors of Taw Vale Railway
and Dcck shares, rateably to the number of shares held
by each proprietor, who stands registered in the com-
pany's books on the day fixed for such extraordinary
meeting, and who shall on or before that day have paid
81. on each share.
"2d. That the holders of these 20/. scrip preference
shares shall have the privilege of paying all or any pore
tion of the calls in advance, receiving interest thereon
from the Ist of the mouth next following the day of pay-
ment of such advance; and, until the 30th December,
1852, shall have the option of chiming to be registered
as either proprietors of Taw Vale Railway and Dock
shares, or stock; or, as proprietors of 5 per cent. per-
petual preference shares.

" That the following bo the conditions on which the
preference shares shall be issued, viz.—lst. That a call of
31., making 71. per share paid, be paid within one mouth
after the issue; and unless paid by the date named, the
letter of allotment to become cancelkd, and the scrip
shares represented thereby be immediately otherwise
disposed of at the discretion of the directors. That a
second call of 31. per share be made payable three
months after the first call. A third call of 3/. per share
be made payable three months after the second call. A
fourth call of 31. per share be made payable three
months after the third 'call. A fifth call of 31. per
share be made payable three months after the fourth call;
and a sixth and final call of IL per share be made payable
three months after the fifth call. The interest to com-
mence on the whole amount of 201., the Ist of the next
month after the third call is paid.
" 2d. That if any one of the last five calls be not
paid on or before the day specified, all interest from that
day shall cease; and if unpaid for one month with in-
terest, the scrip shares and all previous payments
thereon shall, without further notice, become absolutely
forfeited.

" 3d. That the said preference scrip shares issued in
lieu of the said forfeited shares, together with such
additional preference scrip shares as may be issued in
lieu of 201. shares hereafter forfeited, shall be the only
shares having a primary preference dividend.
" 4th. The directors propose that only 2/. per share
more shall be called on the existing 201. shares, making
in all 101. paid, until the money to be raised by the pre.
ference scrip shares and the borrowing powers of the
company shall be tested.
" sth. The directors propose that the existing 20/.
shares, on which 81. has been paid or may be paid on or
before the said extraordinary meeting, shall continue to
receive interest from the day of such meeting, until the
lino is opened from Crediton to Barnstaple, after which
they shall take all surplus income, after payment of the
preference shareholders.

" Your directors annex to this report a statement of
the position of your affairs, and submit also for your
consideration a statement showing, that by a deviation
of your present Parliamentary line, by which you will
avoid 1,400 yards of tunnelling, your line from Crediton
to Barnstaple can be finished by the means proposed,
for 100,0001. less than the Parliamentary estimate, viz.
for 447,8211., instead of 548,0001., and have a surplus of
40,5791. to meet interest and contingencies."
The CHAIRMAN, in answer to questions put by a
proprietor, said he had much difficulty in addressing
the meeting on the subject of the report, as the do-
cument had been altered since it had been agreed to
and printed. The report in the hands of the proprie-
tors had been aggreed to on that day week by a very
small board ; but to. day the board had been more
numerously attended, and it was thought by a majo-
rity of the directors present that they had better not
put that report forward; but that it would tend to
advance the interests of the company to leave out the
portions alluded to and lased the additional paragraph
just read. There were, the Chairman said, gentle-
men present who would no doubt explain why the
document had been altered. He certainly felt himself
in rather a difficult position, as he had taken a prin-
cipal part in drawing up the original report, because
he thought the propositions set forth would promote
the interests of the company; but the mrtjority of the

directors were of a different opinion.- He felt 1
convinced the Taw Vale Railway would be a
paying concern, and he would state his reasons
for thus thinking. In the session of 1844
the North Devon line was brought forward.
It was thirty-two miles in length, and was to go
through the very same district of country that would
be traversed by the Taw Vale. The capital to he
raised for it was 400,0001. Proper parties were em-
ployed to take the traffic, and they proved before a
Committee of the House of Commons that the gross
receipts for passengers and merchandise would amount
to 44,0001. per annum.
A PROPRIETOR said he believed that fact was never
proved.
The CHAIRMAN said he was not saying that it was,
he was referring to the evidence given before a Com-
mittee of the House of Commons. Taking the work-
ing expenses at 40 per cent., namely 17,6001., the net
profit on the traffic would be 26,4001. When they
went for their extension they made it 31 miles long
—that was a mile shorter than the other, and they
did this by a projected tunnel. It was now thought
right that the tunnel should be avoided, and the
intention was to make it of the original extent-32
miles. Mr. Pare 's estimate of the traffic of the line
was 42,4801. Now, taking the working expenses at
40 per cent., namely, 16,992/., the net profit would
be 25,4901. They were at that time contemplating
an arrangement with the Bristol and Exeter Company,
between whom and themselves, if the arrangement had
been effected, the surplus of 3,570/. would have been
divided. He had recently been over the district
through which this line would pass, and with every
inch of which he (the Chairman) was intimately
ie was accompanied by a gentleman,
alsocci te
aicnciudawith the neighbourhood, who was
also satisfied that the calculations which he (the
lu
a
Chairman) was about to give of the estimated taffic
of the line was perfectly correct. They made out
intedl
that the passengers, goods, and mineral traffic would
produce 40,4051. per annum, and the rents of the
sheds and the dock dues would produce a further
sum of 1,0001. per annum, giving a gross revenue of
41,4051. Allowing forty-two per cent. for working
expenses on 17,1991., and paying the interest on the
182,6001, borrowed capital, the preference shares and
the sum required to open the line, there would be a
surplus of 1,4361. The estimated traffic of 221. per
mile per week was a very moderate estimate. He
found from the railway returns that the Bristol and
Exeter cost 32,0001. per mile and earned 561. per
, -mile per week; the Eastern- Counties cost 39,0001.
per mile and earned 551 per mile per week ; and the
Great Northern, 126 miles of which were open, had
cost 33,0001., and took 201. per mile par week, hut the
Great Northern had not yet the advantage of the
through traffic. The Great Western had cost 47,0001.
per mile, and its receipts were 821. per mile per week.
The Lancashire and Yorkshire had cost 45,0001., and
its receipts were 981. per mile per week. The Hon.
Gentleman gave the cost per mile and the receipt per
mile per week of the following railways as follows :
Cost Receipt
per mile. per mile.
London and North Western £42,000 .. £ll2
London and Brighton
Midland ... 31,000 ... 57
South-Eastern .... 50,000 ... 72
South Devon .... .• 35,000 .. 39
York and Newcastle ..... 21,000 .. 53
York and North Midland .. 17,000 .. 43
And the Taff Vale Railway, which most nearly
resembled this railway in the character of its length,
had cost 20,5001., and the traffic produced 41/. per
mile per week. Now, the cost of the Taw Vale
would be, for the 35 miles which they proposed to
open, 12,795/ per mile, including docks, &c. The
town population along the Taff Vale Railway, was
55,000, and its length 38 miles. The receipts
per mile per week were 411., or 41,9201. per
annum. The company paid four per cent,
on some portion of their preference capital,
and five per cent upon another part; yet they divided
Si. 7s. 6d. percent. on the original shares. Now, the
Taw Vale town population was 91,000 ; the traffic in
coal, lime, and culin, &c., was estimated to be con-
siderable, and he firmly believed there was no line
in the kingdom that would show a lower cost per
mile, or pay a better dividend. The Hon. Gentle-
man then proceeded to move the adoption of the re-
port as altered.
Mr. J. WILKINSON (solicitor) inquired the names
of the directors who were present when the original
report was agreed to.
The CHAIRMAN said himself, Colonel Henderson,
Mr. Wilton, Mr. Tite, and Mr. Uzielli.
Mr. J. 'WILKINSON wished also to know the names
of the directors present when it was altered.
The CHAIRMAN said himself, Mr. Chaplin, Mr.
Townsend, Mr. Wilton, Mr. Woolmer, the Hon. Mr.
Scott, and Colonel Henderson.
Eventually, after much noisy discussion, the mo-
` tion, for the adoption of the report, was adjourned
, for further consideration, and thanks having been
, voted to the Chairman, the meeting terminated.

CENTRAL CRIMINAL COURT.
OLD COURT.
(Before the RECORDER.)
Thomas Povey, 36, labourer, was indicted for
stealing a quantity of silk tabaret, valued at 131., the
property of the Eastern Counties Railway; and Sa.
muel Jones, 49, Joseph Lucas, 43, and James Thomp-
son, 39—the three last-mentioned persons surrender-
ing to take their trial—were indicted for feloniously
receiving the property in quebtion, knowing it to have
been stolen.

Mr. Ballantine and Mr. Cockerell conducted the
prosecution ; Mr. M‘Mabon appeared for Povey ; and
Messrs. Prendergast, Payne and Metcalfe defended
the receivers.

It appeared in evidence that on the 2d of June a
parcel of goods, among which was the piece of ta-
beret in question, was dispatched by the Eastern
Counties Railway from Braintree, addressed to
Messrs. Warlter and Co., Wilson-street, Finsbury
The train arrived in due course at the Shoreditch
station on Sunday morning, the Sd of June, and it
was moved off the main line and remained there until
the following morning, when, upon the train being
unloaded, it was discovered that Messrs. Warlter's
parcel had been opened, and the piece of tabaret
stolen therefrom. The prisoner Povey was employed
upon the railway, and therefore had an opportunity of
taking the property, but there was no distinct evidence
when or how it was removed. In consequence of
inquiries, however, that were made by Inspector
Shackell, who is engaged now in the service of the
company, the whole of the prisoners were apprehended,
and by his subsequent exertions the circumstances
connected with the rubbery were discovered.
Sergeant TEARLE deposed that on the 29th of June
he went, with Mr. Shackell, to Vie shop of Messrs.
Hampton and Co., in Leicester-square, and inquired
of the shopman what was the price of the piece of
tabaret which he saw in the window. The shopman
replied that it walOs. 9d. per yard, and he added that
it was "very char at that price. He saw a gentle-
man in the shop, and informed him that the tabaret
had been stolen, and he then inquired how they be-
came possessed of it, and he was informed that they
had purchased it of a person named Jones. Upon
receiving this information he took the prisoner Jones
into custody, and inquired of him if he had sold any
tabaret lately in Leicester-square, and he replied that
he had, but said he had forgotten the price he received
for it. He then told him that the article had been
stolen, and asked him where he got it from, and he
referred him to Lucas, whom he accordingly took into
custody, and upon his questioning him regarding the
stolen property, he said he had got it from Thompson,
the fourth prisoner, and on his being taken into cus-
tody he said that Povey had brought the article to his
house to sell, and that knowing nothing of the value
of such things he had applied to Lucas and Jones.
Povey was then taken into custody, and on his being
informed that he was charged with stealing the tabaret
he admitted that he had taken it to Thompson to sell,
but said that it had been given to him by a man
named Bolton, who was also employed upon the
railway.
Shackell confirmed the evidence given by Teakle,
and also produced a bill of parcels given by Messrs.
Hampton and Co., to Jones, by which it appeared
that they had given ls. 3d. a yard for the article,
which was valued by the manufacturer at ss. per
yard.
George Bolton, the person referred to in the evi-
dence of Teakle;deposed that there was no truth in
the statement made by Povey, that he had given him
the tabaret.
Mr. W. Hampton was next called—He deposed
that he carried on business as an upholsterer in
Leicester-square, and that he purchased the article
produced of the prisoner Jones. The number of
yards appeared by the bill of parcels to be 384, but
the actual quantity was 40 yards.
The RECORDER asked why the exact quantity
was not stated ? Mr. Hampton replied, that a por-
quantitytion of the tabaret was stained, and that was not in-
cluded.
The RECORDER inquired what price he gave for it ?
Mr. Hampton said 15d. per yard.
The RECORDER—Then was it " very cheap" at
3s. 9d. ?—The witness said he was not in the way
when that price was asked. He should have sold it
much cheaper.
The RECORDER—What was your price ? Witness
—We did not agree to sell it.
winTdhoewßfor
ecrnlElit,i—tnThenwwe put all our goods in thehat did you put it in the
window.

Mr. BALLANTINE—And I suppose the shopmen
have instructions to say that everything is cheap ?
The RECORDER—At the rate this article was
bought, this ought to be the cheapest shop in London.
Mr. Hampton said, he would not give a farthing
more than he did for such an article.
The RzcoßDEß—What did you give ? Mr. Hamp-
ton--Igave 2/. Bs.
Mr. BALLurrin-.—Not quite 15. Did you not