The Sun.
London, England, 1847-08-07 00:00:00

AUGUST 7, 1847.

company), the Taw Vale Railway, and its adjuncts, will
furnish a complete connexion between North Devon and
the national gauge system at Exeter.
" It is not the intention of the directors on the present
occasion to enter upon the measures which it may be
necessary for the company to promote in Parliament
next session, further than to ask for the confidence of
the proprietors, and their sanction to such preliminary
steps as the cirectors may think it expedient to take
before submitting to a future meeting definitive and ma-
tured plans.
" With respect to the capital intended to be raised
under the reiulutions of the special general meeting held
in November last, the proprietors are probably aware,
that through the suspension of some of the company's
Bills, the directors have failed to acquire powers to create
so large an amount as was then contemplated
" The sums authorised to be raised in shares by the
company's Acts of the present session, are
For Subscription towards and purchase of the
Windsor Lines £Boo,ooo
„ The Andover and Southampton Line 300,000
„ The Widening of the Main Line aud.En-
largement of the York-road Station 150,000
„ Furthur Subscription towards the Southamp-
ton and Dorchester and Branches
„ The New Works connected with the

Portsmouth and Fareham Line
~ Subscription towards the Exeter awl Ex-
mouth Railway
The Sutton Harbour Itnproveinent (Ply-
mouth)-

Total £1,775,200

"In consequence of this limitation of the capital to
about one third of the sum intended in November last.
the directors propose the issue of third•sheres instead
of integral shares of 501. and 401., and as Par:iament has
prohibited the payment of interest out of the new capital.
Ihe die, ctors recommend the followine• plan, which will
give the holders of the new stock, at least a just equiva-
lent for the proposed modification of the terms of their
subscription, and will be, under the ciretinastances, the
most convenient for the present shareholders, vi z.:—
" That there shall be immediately created such a
number' of -thirds of a 50!: share as shall be sufficien.k to
rive each holder of a 501. scrip certificate the option et
taking one such third, and each holder of five 40/. scrip
certificates the option of taking four such thirds.
"That the deposits already paid shall be treated as so
much paid up on t►_e third shares, and that the remainder
of each third shall be called up iu seven eayirents of 11.
13s. 4d. each, at intervals or three months, the first of
such payments to be muds on the 30th September next,
and the last on the 30th M,rch, 1849.
" That dividend on such thirds shall accrue from the
14 July, 1848, upon the amount which shall have been
then pail in respect of calls thereupon, and upon all
sums paid subsequently to that day from the time of
their respective payments, rateably with the other divi-
dend bearittg shares in the company ; but no interest
shall be payable in respect of any sum paid on calls pre-
viously to the Ist July, 1848, but payments in advance
of calls, if tendered shall be received, and interest at 51.
per cent. per annum allowed.
" Should the proprietors adopt this recommendation
of the directors, the ready acquiescence of the scrip•
holders may be confidently anticipated.
" The attention of the directors has been called by
various holders of 401. shares to the inconvenience
arising from the existence of this description of share,
and the directors have therefore determined, in framing
the above terms, to avoid anything whi.•h might
hereafter increace their number ; but the holders
of the 40/. scrip may rely that every facility
will be eff aided them in the conversion of their scrip,
should the terms above suggested to the preprieters be
sanctioned a' d acted upon. and as regards the existing
401. shares, the difficulty felt by the holders of them will
be removed by the conversion of all toe fully paid up
shares in the company into transferable stock in the
course of the present autumn, and by adoring the same
process as regards all the other shares so soon as full
payment shall have been made upon them.
" In conclusion, the directors feel called upon, after a
mature review and consideration of all the circumstances
affectiee the present position and future prospects of the
South Western Company, to express a very decided opi-
nion that its affairs were nese r at any former period in a
ct,ndition so promising; and they feel confident that time,
and perseverance in the course which the proprietors
have commenced with so much spirit. are alone neces•
vary to prove the correctness of this opinion."
The following is an abstract of the accounts :

CAPITAL ACCOUNT.

Amount expended to the 31st Decem-

S. d.

ber, 1846

~ 2,634,825 14 2

Since paid : -X s. d.
Laud and Compen,-4ation 292 16 0
Redemption Land Tax 4,000 0 0

4,292 I G 0

2,639,118 10 2

NEW LINES 1844 TO 1847.
Receipts on
Eighth Shares, 1844 226.612 15 0
New Shures, 1845 ... 1,211.468 10 0
Tenth.; Shares, 1846 449,968 0 0
New Shares, 1846 ... 493,568 0 0
Debenture Bonds ... 943,300 0- 0

LINES OPENED.

PaymPnts:—
Richmond Railway—Purchase or ... 349,555 11 6
Guildford Junction Ratiway—Pur-

79,066 17 11

chase of
Bishopstoke and Salisbury Railway—
Construction of
Southampton and Dorchester Railway
—Payments on Shares ; Extra
Works and Loans ... 568,027 10 4
LINES CONSTRUCTING.

248,555 4 7

Metropolitan Extension to Hungerford
and Waterlo Bridges ... ... 469,939 16 2
Metropolitan Extension to London
Bridge
••• ••• ••• •••
Hans: ton Court Branch
Weybridge and Chertsey Branch
Guildford Extension, and Portsmouth
and Fareham Line ...
Farnham and Alton ...
Basingstoke and Salisbury ...
Andover and Southampton ...
Epsom Line
Cornwall, Devon, and Central Line
Sutton Harbour ••• •••
Exeter and Exmouth
Taw Vale Railway
Bodwin arid Wadebridge
Battersea widening
Windsor lines I
Portsmouth extension
...
Andover and Southampton I
...
Salisbury and Yeovil
...
Blandtord a-rd Bruton ...
Exeter, Yeovil, & Dorchester
Cornwall and Devon Central
arid Plymouth ...
Southampton & Dorchester,
branches J
New Sarth-Western Steam Is',
Company •
Western Lines—principally in contri-
bution towards expenses of the Lon-
don, Yeovil, and Cornwall and Devon
Central Lines, 1845, 1846; arrange-
ments with the scrip holders therein,
and on account of expenses, 1846 and
1847 ...
Surveying engineering, &c.

8 860 14 0
2.182 17 5
14,597 3 10

144,310 19 2
41,022 14 1
36,816 18 8
8,187 13 11
12.333 0 7
3,000 0 0
5,748 15 0
3.871 10 0
78,220 4 7
27,000 0 0

Deposits
Standg. 534,037 5 0
Orders.

avigation
12,000 0 0

... 98,910 14
... 3,197,013 15

Balaricb -

... 127,921 9

REVENUE ACCOUNT TO JUNE 30, 1647.
Ca.

192,432 17 0

- Da.
Maintenance of way ... ... ... 15,746 17 10
Locomotive department ••• ... 27,037 7 0
Carriage department ... 7,254 18 6
Charges on general traffic ... ... 30,102 4' 0
Rates and taxer and Government duty 12,393 4 2
Debenture bond interest and Gosport
share interest

12,954 5 9

105,488 17 3

people visited the pictures in the course of' the year, and,
besides, the trade of the locality was considerable. The
Guildford line had now a double line of rails,
and- the traffic of that district had increased, and was
increasing. The lines between Guildford and
Godalming were heavy, • but they were in a very
forward state, and they might anticipate that the traffic
to the coat by that route would ba considerable. The
Hon. Gentleman then referred to the other lime: men-
tioned in the report. At all the station,. wish the 'ex•
ception of the Andover road, the traffic had greatly
increased. The traffinof -the docks at southampton had
also materially increased ; 63 pleket,. departed from the
port in the course of a month. The distant3e, between
Havreand Southampton had recently been accomplished
by one of their boats in six hairs and e quarter, .and
163 packets passed between the .port and the isle or
Wight in the course of a month. The Dorchester line had
just been re opened, and the mail train ran along ityester,
day. The people of Salisbury had testified their reTect
for him in electing him as their Member, and he hoped
they would appreciate the kindness, especially as he had;
polled more votes than any person did on uny former
occasion.—(Cheers.) The line which had reeently
passed the House of Commons—between _Exeter- and
Salisbury—would bring them a vast accession.of traffic
from the west. They proposed to erect laige,worka at
Salisbury, which would be a most convenient point fin-
the Exeter as well as the old line. • They had not derived.
a vast sum from the parent line during this year, owing
to the reduction of fares, but they had ' tt,e elements of
prosperity in the whole dis riet, especially as, it wits in-
creasing. He believed that their new line would yield a
dividend of seven per cent.
Mr. SimesoN seconded the adoption of the report.
Mr. SMITH required an explanation of the item 4,164 i.
for " sundry petty disbursements."
The CHAIRMAN said the expenses extended over a,
period o- three years, and related to the various new.
lines. To other questions he stated that 240,0001. was.
paid on the fifty shares-50,0001. or one• filth remained
unpaid. The time was only three weeks past, and it
would not be well to allow the num.'s of their friends td
be exposed for the. gratification of any shareholder.
rhe meeting, he was sure, would agree with
(Cheers.) The traffic from the.west of England would,
rte believed.; be satisfactory. The tariff .in tho nets
..
Bill was more than they were now taking.—(Cheeri ) -
Mr. Sergeant GAZELEE entered his protest 'against
the name of one share defaulter not being made known
—they ought to know who paid, and who did not pay
their calls. Mi. Strutt's Bill would have obviated this,
and if he wanted an urgum tit in favour of that Bill he
should find it in the geberal opposition of all railway
companies to it.—(Applause.) It he had bean the
Member for Salisbury he should not have opposed it.
He gave the directors credit for not adopting the plait of
other companies, and not increasing the fares as soon as
Parham, nt rose. They wanted no argument to show

that the Windsor line was a most important true. The
Central Devon had been thrown out by the Standing
Orders. He wished to know whether this was caused by
the Honourable: Member for Honiton (Mr. LMcke,
the engineer), and whether he Intend° t to Imitate

the example. of Mr. Stephenson, the engineer of
the Manchester and S..uth4rnpton, who had off-red
to carry the line through the Standing Orders at his
own expense.—(Hear, hear.) Ho wished to suggest
that there should be a refreshment room on the line, or
that one should be carried along with the trains.—
(Laughter )
The CHAIRMAN repeated that the 50,0001. was but a.
small amount ; money was scarce, and three weeks had
butelapsed since the time of payment, and that parties paid
5 per cent. interest. The Waterloo-bridge line would
be opened in July, 1848, and the London-bridge one as
soon aft, r as p .ssible. They had bought the shares
held by the public in the Dorchester line, subject to the
approval of the meetirg. They had fe;t it their duty to
give Mr. Cockburn a dinner at Richmond for his exer-
ti,ms.—(Cheers.)._

Mr. Licsn, Sf.P., explained that he had employed
most able men to survey the Cornwall line. But tine or
two parties c• uld be blamed, and the errors ferretted
out by Mr. Brun.-1 were only such as: had been
passed by other Committees without objection. It the
directors wished it he would carry the line through the
Standing Orders —(No, no)—hut would 500/ com-
pensate him fir guaranteeing 10,0000—(Hear, hear.)
They should recollect that this was but one of eight
lines which the company had 13,,f0re Parliament la-4
session. He was not the engineer of the Southampton
and Dorchester, and was not therefore responsible tor
the tunnel. He had never charged the company for any-
thing but for his own :ervices. He never made a profit
out of any one he employed. It was too much to ex-
pect him to be responsible for the acts of those who
were employed by the company.—(Dear, hear.)
In reply to two questions, the CHAIII.3IAN replied that
the Wads and Forests had not expressed any desire to
alto r the station determined upon by agreement at
Windsor. It was true the Great Western in-
tended to reduce their fares, but he did not think
they were entering into a ruinous competition with that
line. Even with the contemplated reduction of their
fares, he believed that they should be enabled to pay 71.

per cent.
The GENTLEMAN who elicited these replies said,
the Great Western would no doubt next year
get their line to Windsor ; and by the lines
they had obtained they would be 4-nabl.l to cros the
rivvr to join their line, to get to Ilungerford and also
to London-brit7ge.--(Cries of "No, no.") The gentle.
man admitted that he Has a broad gauge proprietor, but
he held a greater stike in narrow gauge lines. He
doubted much whether the to the west would be
productive.
The CHAIRMAN said they had 230 miles of railway,
and 21,0004 a mile share capital, and surely they could
compete with the Great %Vestern. They certainly would
tike a con4derable portion of the traffic of the Gaut
Western b. tween Exeter and Lot-don.

Mr. BIRCHAM explain. d that the Great Western had
not yet reduci d their tares, and it was competent for any
one to sae them fur the difference mentioned in their
Act. Bat the fares os the two companies would ulti-
mately he :dike.
The CHAIRMAN stated, in reply to another question
that the receipts of the Richmond line for the last six

months amounted to 9,4721. Three quarters of the
Windsor line belonged to them, and they had money to
buy the other quarter.
Mr. CHADWICK, deputy chairman of the Staines
line, stated, in reply to the gentleman above referred
to, that the Great Western could only come to Vauxhall-
bridge. The cotetracts of the Staines ling had been taken
at 8,000/. a mile. including bridges; and surer- at such a
rate they could defy competition, for he defied the Great
Western to get to Waterloo bridge under 1,000,0001.;
but if the Great Western did carry on the line to Water-
loo-bridge, they would take two churches, besides im-
portant works, and interfering with Lambeth Palace.
The CHAIRMAN said the Great Western line to Bat-
tersea would bring them a great accession of traffic.
The report was then receive d unsnieleously, and a
dividend of 11. 17s. 61. per share was declare d, and also
a resolution to pay 11. per share to the lr Iders of the
consolidated eighths.
A resolution was then proposed empowering the
directors to purchase 9,000 shares in the Dorchester
line.
The CHAIRMAN stated that they proposed to buy
these shares, with some tenth shams, which had not been
issued, and the market premium would be the value given
for those shares.
The resolution was agreed to:
A resolution was next proposed for purchasing the
Windsor, Staines, and South-Western line, at a pre-
mium of 4/. _ _ _

OWEN considered the proposition a job, and
one which would merely benefit the hulders of th
18,000 shares.

The CHAIRMAN said the directors had no objection to
wait for a short time to see what the line would produce,
hut they were so confident o; the importance of th- line
that they had no doubt on the matter. They simply
wished to have the option of doing so.
Mr. Sergeant GAZELEE moved that the agreement be
entered into; which was seconded by Mr. H. vs.
Mr. BIRCUA.M said the directors simply wished the-
sharehold, rs to confirm an agreem: nt into which the
had entered with the Windsor line. The purchase ache
line was quite optional.
Mr. TITE, as one of the shareholders in the Windsor
line, hoped the South-Western would not exercise their
option, as he believed, instead of being worth a premium
He
of 41, it would be worth many 41. premiums. ~u(1
great difficulty in preventing the shareholders from with.
drawing from the agreement.
corroborated li r .rj A
e.'shareholder in the South-
Western,Mr. LocKE, M.P., as a large
ders not to ~s a
1 o day in
urged the shareholders theAi•P statementthe nh aoifrmmarn.
Tof
e:the Windsor line,
had ventured to offer an opinion
character.
.Tittimis
ownasoteheatkrtsitrstimofetihiee
discussion. six hands were 'Ad up.
and the remainder in support of con-
After considerableagree
of an engineering
company not ag
The other resolutions mentioned in the report, those
nforrnit
ihneg
with respect to the Andover Canal and the Manchester
and Southampton Railway, for the construction of the
amendment,the conttrriacci -. • -- .
works of the Windsor and other lines, obtained during
the last session, for completing arrangements made with
the Exeter and Yeovil, Taw Vale, and other line:, were
agreed
To
theiran amendment, that
shouldueh
notno allowedhands
taos c tahreryy ,
manage,
mpa i y h
thatavin
cothoueutle(alony arratigemneghtthsaesy m
with nes west of Exeter, but
only two hands were held up in favour of it.
voSteonmfe
thanksminor businesshitvina been i
h avnagwhaeredned to the
and a
the chairman
and directors,
.the meeting separated shortly before five
o'clock.

r„as CONTINENTAL COMMUNICATION. The South;
-11 tern and Continental Steam Packet Company s
steam- ship the Queen of the Belgians left Foikettom
for
Boulogne at six, A.M., yesterday ; the Prince Ernest
arrived at Folkestone froai B-nl-gue at 8 '2O. A.M., with
65 p3SSenaciss, and again letr F lkestone fir Bou'ogne
4 30. P.M., with 75 nassenv,rs ; the Queen of the Bel•
gians arrived at F:akestone Iran Boulogne at 7 7. P.M.,
with 28 passerg,r; ; the Princess Clementine left
Rainsvate for Ostend at 7, A sr., with 84 pass i.gers ;
and the Queen of the French arrived at Ramsgato from
Qateuti it 1.04 rah with 41 paagen4ers.