The Sun.
London, England, 1847-01-26 00:00:00

READING,

GUILDFGRD, AND

_
REIGATE COMPANY.
A general meeting of this company was held yesterday at
the London Tavern, at one o'clock. Salomons, Esq., in
the chair.

The CHAIIIINAIt stated, that the object of the meeting was
to decide upon the course to be pursued with respect to the
negotiation now pendingwith the South-Eastern Railway Com-
pany. The latter company some time since made a proposi-
tion to purchase the right to make the Reading, Guildford, and
Reigate Company, giving a rental of five and half per cent.
on the capital of 600,000/. Much correspondence had arisen
upon this proposition, the chief object of which was to secure
for the South 'Eastern Company the right to operate on the
ground south of Dorking. This proposition was met by the
Reading, Guildford, and Reigate Company by a series of
resolutions, the object of which was to obtain 41,i per cents,
rental and equal profits afterwards—this to be commuted into
a perpetual rent of 51,E per cent. on all the capital expended
when the line is completed. The meeting had to decide
whether the company should persist in their own demands or
allow the proposal of the South-Eastern Company to rule the
deed of agreement.
Mr. SMALL explained that the company's proposition, if
accepted by the South-Eastern, would act unfairly, inasmuch
as it would probably give as much as 8 per cent. to those
who had bought their shares at a discount.
Mr. MawnEaT said that he would rather take a small but
certain return from a valid company, like the South-Eastern
Company, than endeavour to obt.in 41,4 per cent , and profits
beside,when the profits might never be realised. They ought
to keep faith with the South-Eastern Company.
The CHAIRMAN said that the directors haa endeavoured
to keep good faith with the South-Eastern Board, although
other offers were open to them.
A conversation ensued, in which Mr. Mangles, the chair-
man, and Mr. 11l awhert took part, the object of which was to
show that the directors had been guilty of no negligence in
not having sooner brought the negotiation to a conclu-
sion. Mr. Mangles observed that the cession of the line
between Dorking and Reigate would greatly impair the
value of the line, for it was intended by the South-Western
Company to construct a line from London-bridge, to run on
the Reading, Guildford, and Reigate line by Wokingham to
Reading, and thus make it the chief route of communication
to the west of England for the goods and passengers who
would come to London-bridge.
Mr. KNIGHT thought that the better plan would be to take
the offer of the South-Eastern Company.
The CHAIRMAN stated that it was owing to the inatten-
tion of the South-Eastern Company, in the first instance,
that the negotiation had not been sooner concluded. The
Reading, Guildford, and Reigate Company stood in the pecu-
liar position of having the whole of their 40,000 shares re-
gistered without compulsion in a single instance.
Mr. BLAKE thought that the proposition of the directors
ought to be accepted or declined by the South-Eastern Com-
pany, within a certaiu time, and that this should be put as
an ultimatum.

The CHAIRMAN stated that all the directors desired was
the confidence of the shareholders, and they would carry out
the resolution satisfactorily. After some further conversa-
tion, he put it to the meeting, and while the show of hands
was being taken
Mr. MARBERT rose to move an amendment; which, after
much dispute, was put to the meeting and lost.
Tue original resolution, that the directors be empowered
to act upon their own resolutions, was then carried, and the
meeting separated.