The Sun.
London, England, 1847-02-26 00:00:00

DIRECT LONDON AND PORTS,

MOUTH RAILWAY.

The usual half-yearly general meeting of the proprietors
of the Direct London and Portsmouth Railway was held yes-
at the London Tavern, in Bishopsgate-street ; Mr. W. A.
Wilkinson, Chairman of the Board of Directors, in the chair.
The report stated, that since the last meeting of the pro
prietors, the line had been re-surveyed and the necessary
plans prepared for serving the notices required for obtaining
possession of the land over nearly the whole distance. These
notices were now being served over a portion of the
line, and the directors hoped soon to be in posses-
sion of the land between Dorking and Gomshall,
where the railway was to be used by the Reading,
Guildford, and Reigate Railway Company. A short Bill
authorising a few amendments of the line, and a road ap-
proach to the proposed station at Dorking, had been prepared
and submitted to Parliament, principally with a view of im-
proving the junctions at Epsom with the Croydon and Ep •
som line, and at Havant with the Portsmouth Extension of the
Brighton and Chichester line. The Bill for securing the amal-
gamation with the London, Brighton, and South Coast Com-
pany, upon terms agreed upon by the respective proprietaries,
had been read a second time, and would shortly be in Com-
mittee. In accordance with the arrangement with the
London, Brighton, and South Coast Railway- Company, the
remainder of the shares to complete the capital for this
undertaking had been subscribed for. A vacancy had
occurred in the direction, which had been filled up by the
appointment of John Meeson Parsons, Esq., one of the
auditors. The receipts amounted to 108,4641. 153. Id., and
the expenditure to 53,788/. 4s. 3d., leaving a balance of
54,676/. 10a. 10d. in hand.
The CHAIRMAN, in moving the adoption of the report, con-
tradicted a rumour which had gone abroad that the line was
not to be made. The rumour, no doubt, had arisen from the
fact of there being a Bill before Parliament which, it w;:s
supposed, was for enabling the South-Western Coinpany to
work over the line from Dorking to Portsmouth, but that pro -
vision had been withdrawn.
A PROPRIETOrt wished to know what the terms were that
had been agreed upon between this company and the South-
Western.

The CHAIRMAN replied that no terms whatever had been
come to, but the London, Brighton, and South Coast Com-
pany had come to terms with the South-Western.
A PitorniF:Toit hoped that, whatever arrangement might
be come to with the South-Western, the shareholders of the
Portsmouth Direct would have a voice in it.

The CHAIRMAN replied that when the Amalgamation Bill
was passed the Portsmouth Railway would become a
Brighton line, and as the shareholders in the Portsmouth
Company would then be Brighton proprietors, of curse they
would have a voice in everything that could be done. The
Reading, Guildford, and Reigate had power to work over a
portion of the line, but that company was seeking to annul
that power. The proceeding, however, would be strenuously
opposed by this company.
A PPOPAIETOR wished to know when another call would
be made.

The CHAIRMAN replied not just yet. Ample notice would
be given when one was to be made.

The report was adopted, and the meeting separated with
the customary vote of thanks to the chairman.

READING, GUILDFORD, AND
REIGATE RAILWAY.
The half-yearly general meeting of the shareholders in
his company, was held yesterday, at the London Tavern ;
David Salainone, Esq., president, in the chair.
The CHAIRMAN said, it was with great pleasure he had to
submit to the shareholders at their first half-yearly meeting
the report of their directors, which would inform them that
an arrangement had been entered into with the South.
Eastern Company for leasing their line.—(Hear.)
The Sacaa.vrity then read the report, which stated the
terms of the arrangement that had been made with the
South-Eastern Company, and which were to the effect that
two directors of that company should be added to the board
of the Reading, GuiLiford, and Reigate Railway Company;
that the latter company should raise 600,000/. as their cap:-
tal, in 40,000 shares of 151. each, guaranteed at five and a
half per cent. from the day that the agreement should be
signed by the South. Eastern Company, who in the interim
were to pay four and a half per cent. The report then
stated that arrangements had been entered into with Mr.
Robert Stephenson to act as their engineer, and that the
directors had found it necessary, in consequence of
the change in their position with respect to the London and
Portsmouth Railway Company, to amend their Act in cer-
tain particulars.
A statement of the accounts was then read by the Secre-
tary, from which it appeared that the expenditure of the
company was 41,466/. ss. 5d., and their present capital
121,7081. 18a.
The CHAIRMAN said, that comment on the report must
necessarily be short as it was sufficient to explain to the
meeting all that it was necessary for them to know, namely,
that their property was safe, and that the requirements of
the Act of Parliament had been complied with. The direc-
tors had taken those precautions that would secure the in-
terests of the company in an efficient manner. He trusted
that the arrangement would also prove satisfactory to
the company with which they were associated. When there
line was first opened, the directors had some, doubts as to
whether it was a line calculated to inspire confidence; but
there could be no doubt at the present time that it was one
of the most important lines in the country. They thought,
however, that they were best consulting the interests of the
company by coucluding those arrangements with the
taarkYen example, and not to refer to past debates or to
place at former meetings; but he trusted
South-17:astern Company. It would be well to follow Par-
hear.) With
these t‘Pli'aharati parliamentary
they would t
interestsg i give th eef directorsthe
company,eredia s
t fora
theydesiredid
not
to
promote
the
observations
a rhreanwgoeuml
d h
e nt
beg s . --t(o Hear,move
the adoption
of the report. There was one point in connexion with
that report with which they should be acquainted. By the
terms of the arrangement two directors were to be added to
their company. He was sorry that a pressure of business
prevented the South-Eastern Company from naming these
e s few hurry
on t
gentlemen, but he could understand from Mr. Small that Mr.
Pritchard and Mr. Gregory were the parties who had been
selected, and he hoped that the meeting would elect these
gentlemen.
The CiIAIRUAN, in reply to some questions as to the terms
of the agreement, said that he regretted there was not a
printed report, which would have prevented these categorical
questions, but he could assure the meeting that every inte-
rest was satisfied. They would get 5% per cent., which
was far beyond the ordinary interest at present. As to
the South-Eastern Company, they had another important
point
the south ; and there could be no doubt that they would re-
ceive compensation far beyond 5% per cent. from the union
with these coinpanies. An expense beyond the sum stated
in the report would be defrayed by the South-Eastern Com-
pany. He could assure the Hon. Proprietors that they need
not go to Parliament for the purpose of sanctioning the agree-
ment.
The report was then adopted.
Messrs. Gregory and Pritchard were elected directors, and
Mr. Small was re-elected.
The CHAIRMAN said—With regard to their secretary, his
salary at the last meeting had been fixed at 300/. per annum,
a sum that was far below the value of his services in a situa-
tion that required so much efficiency. He would therefore
wish to ask the meeting to place in the hands of the board
the power of increasing it to 4001. per annum. lie did not
wish to fix a higher sum, as the question would have to come
before the other company.
A motion to that effect Was unanimously agreed to.
Mr. CAPPER moved a vote of thanks to tke Chairman
and the other directors, for the zeal and efficiency with
which they had discharged their duties.
The motion was carried
said ‘ unanimously. ,
The CitaxustA in returning thanks,
f rat! corona;
x,
opus." He trusted that as the barometer of their affairs
rose they would give equal satisfaction.
The meeting then separated.

VALE OF NEATH RAILWAY.
The half-yoarly meeting of the shareholders of this corn-
leer
pony was heldyesterday at the offices, 449,West Strand, Lord
Villiers in the chair.
The SECRETARY read the following report :
"The directors have much satisfaction in submitting to
' the proprietors a statement of their proceedings to the present
time, together with an account of receipts and expenditure,
to the 31st of December last.
"In accordance with the powers given to the directors at
the last meeting of proprietors, a Bill has been brought into
Parliament to authorise the construction of a second Branch
veofsetclulereßd
to join the South Wales Railway to the westha
Neat!' ; also a Branch to the Rhygos Collieries and to
Aberdare,
" The directors are also happy to state that they have en-
tered into an agreement with the directors of the South
Walee Railway Company, by which they
use of the line from the town of Neath to the port of Neat?'
and Briton Ferry, and that a Bill is now before Parliament
for the purpose of authorising the construction of this branch.
" The proprietors were informed at their last meeting, that
negotiations were in progress for the purpose of disposing of
the shares at that time unsubscribed for. Your directors '
have much pleasure in stating that the directors of the South
Wales Railway Company have consented to take these shares ;
the deposit has been paid upon them, and the whole of the
capital is now subscribed for.
" The other negotiations, which, as the proprietors are
aware, have been commenced with the directors of the South
Wales Railway Company, have led to no result."
The CHAIRNIAN moved the adoption of the report, and
then put the resolution to the meeting, which was passed
unanimously.
A resolution was then moved by the Chairman, autho-
rising the payment of interest at five per cent. on all pay-
ments made in anticipation of calls.—Carried.
GriffithretTirhineg Cieawt
directorsne il iEls. movedq2.t, . a
ntßhar
Bruce,
ncr
.ee
,-Telli:eoseqi
Thomas,
ao;
sn,D(a) f%,
Esq.,i the David
j e
I%,ifollowings F, s 1 . ,
which was
carried.

Mr. Starling Benson, retiring auditor, w as then re-appointed
and the meeting adjourned.

ENFIELD AND EDMONTON RAIL-

WAY.

A special general meeting of the shareholders of this corn-
pany was held yesterday at the London Tavern, Bishopsgate-
street, for the purpose of considering certain proposals, made
by the Eastern Counties Company, to purchase cr to work
the line.

The notice calling the meeting having been read,
Captain OwEx, the chairman, said, that on the last occa-
sion on which they had met there he had mentioned to the
shareholders some correspondence which bad taken place
with reference to the purchase or working of this line. A
proposition had been made by the Eastern Counties Com-
pany to work the present railway, and an inquiry made
by this company as to the working expenvs of the
Eastern Counties line. The answer was that their work-
ing expenses were estimated at 414 per cent. The question
for the shareholders was simply as to whether the line
should be worked by them or purchased. Their interests
ought to be joined, for nothing could take place for the be-
nefit of their own line which would not benefit the Eastern
Counties Railway.
A Shareholder inquired what was the bone of contention
between the two lines?

Mr. LERCH, at the request of the Chairman, said that the
difficulty was in the price of the land. The difference of the
estimates and the claims made was 3,0001., and that was a
very serious difference. There was no contention with the
Eastern Counties Railway Company itself.
A Shareholder said that the question was, whether they
should have an independent line, or merge their line in the
Eastern Counties Railway ?
The CHAIRMAN said that that was the real question.
Mr. WADDINGTON said that the Eastern Counties Com-
pany had in a very kindly spirit offered either to take this line,
to work it at their own rate of mileage or to supply them with
engines, &c., at the usual price.
The CHAIRMAN said that these propositions were the only
ones the shareholders had to consider. The Enfield and Ed-
monton line would of course regulate their fares according to
the rate adopted by the Eastern Counties Company, as it
would not do to let them both work the line and regulate the
fares.

Mr. WADDINGTON said that the Eastern Counties Company
only desired to deal as fairly as possible with the Enfield and
Edmonton Railway.
Some considerable discussion ensued here as to the rate of
fares, which resulted in the adjournment of the meeting, in
order to make a proposition to the Eastern Counties Railway
Company.

CORK AND WATERFORD RAIL-

WAY.

The first annual meeting of the proprietors in the Cork
and Waterford Railway was held yesterday at the Louden
Tavern, for the transaction of general business ; Thomas
Wyse, Esq., M.P., in the chair.
After the advertisement calling the meeting had been
read, the Secretary proceeded to read the repot, of which
the following is a condensation

" This ACt authorises the making of a railway from the
borough or city of Cork, in the county of the same city, to
the borough or city of Waterfcrd, in the county of the same
city, with branches from and out of the said railway to
Fermoy, in the county of Cork, and to Tramore, in the
county of Waterford.
. _

- -
" In obtaining the above Act there were at first two op-
posing companies, viz.:—The Cork and Youghal, and the
Waterford and Tramore Railways, increasing materially the
difficulties which were presented by the various alterations
and requirements during the session of the several standing
orders of both Houses of Parliament. After a lengthened
negotiation one of them, the Cork and Youghal Company,
the most influential and important, was amalgamated with
this company; and the amalgamation received the approval
of the shareholders, at a meeting held for that purpose at
the Hall of Commerce, on the Ist February, 1846.
" The other, the Waterford and Tramore, after an un-
usually protracted opposition, was successfully resisted,
though at a considerable cost ; and hence, together with
other causes, the serious and heavy outlay which it was
absolutely necessary to incur to secure the very existence of
the company,
"Memorials were forwarded, after the passing of the Act,
from the baronies of Imokilly and Barrymore, in the county
of Cork, to Government, urging upon it the important advan-
tages that this railway would afford to that portion of Ire-
land. The barony of Barrymore includes Midleton, and
extends to Fermov, which, in addition to its being a central
position for all inland produce, is one of the principal military
depots in Ireland ; and the barony of Imokilly extends
from Midleton to Youghal, the importance of which it is
unnecessary to dwell on.

" In consequence of the foregoing memorials your chair•
man had an interview with Lord John Russell, and your
secretary, with the consent of the Treasury, was sent over to
Ireland to communicate with the Board of Works, in accord-
ance with instructions forwarded by Government, and to en-
deavour to make such arrangements as might enable the
works to be proceeded with on terms equally advantageous
to the landowners and shareholders, at the same time affords
ing sufficient security for the repayment of any advances of
public money.
" Your directors regret to state that, notwithstanding the
evidence which those memorials bore of the dispssition of the
landowners to lend the most liberal co-operation, together
with the consent of the rate payers to presentments from the
aforesaid baronies, as well as from the baronies of Gaultier
and Middle-third, after mature consideration and having
consulted with your engineer, your directors were compelled
to abandon the project of strengthening their resources
through the medium of the baronial presentments, in conse-
quence of the terms under which advances would be made,
not affording adequate facilities.
"Under these circumstances, and taking into considera-
tion the present state of Ireland, and of railway property in
general, your directors are of opinion, that one of two
courses should be recommended for adoption to the share-
holders, to make a call of 1/. per share in this year, and
another call of 10s. per share, to be paid in 1848, and to
proceed to the construction of a small portion of your rail-
way, viz.—from Waterford to Tramore, a distance of or
about seven miles, which by ensuring a fair dividend to
those shareholders who paid up their calls would enable
you, after it was finished, to commence a portion at the
Cork end, viz.—from Cork to Midleton, and so to go on
constructing, by degrees, those portions of the line which are
likely to afford the most certain and speedy return.
" The other alternative is, that of everything remaining
in abeyance until your next half-yearly meeting in August,
no expenses being incurred excepting such as may lie ac-
tually necessary, and by which time the views of the Legis-
lature relative to Irish railways will be known ; this latter
course is the one recommended by your directors, and the
directors of the Great Western and South Wales Railway
Companies coincide therei:s.
" They would, in conclusion, state, that they recommend
that interest be paid upon the deposits at the rate of 4 per
cent. per annum from the passing of the Act of Parliament."

FINANCIAL ACCOITN T.
To expenditure
&lane-
.. 19,675 0 11

.£75,378 10 0

By receipts ... £73,378 10 0
The CHAIRMAN said that the company had now heard the
report read, and he begged to move that it be received and
circulated among the shareholders.
Mr. EMERY seconded the resolution.
Mr. FIELD wished to know whether the South Wales and
Great Western Railway Companies had registered for the
shares which they held in the Cork and Waterford Railway
Company.
The CHAIRMAN said that they had.
Mr. FIELD wished also to know whether the recommenda-
tion that interest at 4 per cent. be granted, should refer to
only to such deposits as were properly paid up ?
The CHAlRMAN—Certainly.
The report was then agreed to.
Mr. FIELD moved, and Mr. GAnteurr seconded, a resolu-
tion re-electing the fifteen directors who were, by the Act,
obliged to retire.
GARRETT moved, and Mr. FIELD seconded, a resolu-
tion granting the directors a sum of 8001. as a remuneration
for their services for the year after the passing of the Act.
These resolutions were carried unanimously.

.......
Mr. Edward Charles Buxton, of Abchurcti-lane, and Mr.
Thomas Bates, of Al!sop-terrace, New-road, were elected
auditors, with a salary of ten guineas each.
Mr. LAYAkII was appointed secretary, with a salary of
6001. per annum.
After some discussion as to the propriety of granting 5001.
to the directors for past services, which these gentlemen did
not desire, and which was not, therefore, embodied into a re-
solution, thanks were Toted to the Chairman, and the meeting
broke up.