The Sun.
London, England, 1847-08-11 00:00:00

REIGATE.

The second half-yearly meeting of this company
was held yesterday, at one o'clock, at the offices of the
company, 2, Royal Exchange-buildings; D. Salo-
mons, E:Fq., in the chair.

The advertisement convening the meeting having
been read, and the seal of the company affixed to the
register of proprietors,
The SECRETARY proceeded to read the report,
which stated that the directors were gratified to
state that the agreement between this company and
the South-Eastern Company, for the lease of the line
upon the terms sanctioned by the shareholders, re-
ceived the seals of both the companies on the 11 th
of May, from which date a dividend of 54- per cent.
in perpetuity had been guaranteed by the South-
Eastern. The contracts for the execution of the
works between Reading and Farnborough, and Rei •
gate and Dorking, had been let, and the
works on these portions of the line are now
proceeding... The Bill introduced into Parliament
authorising a deviation of the line at Ash, and the
imthediate construction of it; and a Bill authorising a
deviation between Goomhal and Dorking was car-
ried through both Houses of Parliament, and had re-
ceived the Royal Assent. Steps would be taken to
ensure the construction and completion of the line
within the shortest practicable time. The di-
rectors congratulated the proprietors and them-
selves on the great punctuality with which
the calls had been paid. 51. per cer. t.
interest would be charged upon all calls in arrer.r.
A call of 21. 10s. was due on the sth inst., and vk ;,s
now in the course of payment. The receipts were
157,7661. 17s. 9d., and the expenditure 39,121'.
17s. 2d., leaving a balance of 118,6451. Os. 7d.
The CHAIRMAN congratulated the shareholders en
the satisfactory condition of the undertaking. At
former meetings different opinions existed with respect
to the delay caused in carrying out the agreement
with the South-Eastern. These differences had now
no existence, as the arrangements had been com-
pleted, and they were now on perfect terms of amity
with that company, and the delay complained of
solely arose from an anxious desire, on the part of
both companies, to leave nothing open which might
hereafter cause any dispute.—(Cheers.) Every diffi-
culty had been overcome, and a community of feeling
existed between them. The South-Eastern, the
chairman of which (Mr. Maggregor) was present,
might congratulate itself on the advantageous
nature of the contract into which they had entered,
because he believed it would yield them an ample
return. By this line the narrow gauge would be car-
ried into the Great Western at Reading, and in the
course of a year and a half they would be in a con-
dition to carry the traffic not merely of the midland
counties, but of the western counties, from the Great
Western at Reading to London-bridge, and with
advantage to the public and profit to the lessees of
the line. They had gone to Parliament for the
purpose of obtaining powers to disengage themselves
from the contract into which they had entered with

the Portsmouth Company, as well as for the purpose
of obtaining power to deviate their line in several

places. He should not have alluded to this if they
had not been charged with want of faith; but the
charge had been investigated by both branches of the
Legislature, and they stood acquitted ; and it was
unlikely that the House of Lords, which was one of
the greatest guardians of honour, and examined wit-
nesses on oath before them, would have come to such a
verdict if there had been any ground for such a charge.
The contract to which he alluded was this :—This
company entered into an agreement with the Direct
Portsmouth, that when they got A Bill to connect the
lines that they (the Reading and Reigate) should
run a certain distance on the line—namely, five miles,
on condition that they paid them toll for seven miles.
The Direct Portsmouth directors, entertaining the
opinion that the Brighton and Dover lines had en-
tered into a compact for the purpose of strangling
their company, imposed a condition on the Reading
and Reigate, to the effect that they should not purchase
any land for eighteen months, they agreeing to
complete their line in three years. Of course they
had nothing to object to, provided they constructed
their line to Portsmouth. They gave the usual notice,
and the charge was at once made against them. Still
they refused to retrograde, and they offered to make
their line, and to pay them for the use of the five
miles at the rate of seven, whenever they should
make their line. They refused those terms,
and an expensive contest had been the result,
in the course of which they were acquitted of the
charge of breach of faith by both Houses of Parlia-
ment. In opposition to the construction of another
line to Portsmouth, he might cite the speech of the
chairman of the South-Eastern on Satarday last, in
which he pointed out the folly of a third line to
Portsmouth being made. He was happy to say that
they had a continuous line from Dorking to Reading,
but if the Direct Portsmouth should be made, they
were under an agreement to give it up to them. He
did not, however, think that the Direct Portsmouth
for
would be constructed. They had
offe"the bound
the protection of the interests
engagement. share-
holders,Con-
to enter into this
Con-
tracts had been entered into for those parts
anthde
line with respect to which there no dpies
be considered one of the
he trusted that by the. end of .the year 1849 their
line, which could not fail to
greatest cross lines in connexion with the south,
would be completed..—(Cheers.) Suchw as the good
repute in which the company and the directors were
held, that 75,000/. of the 100,0001. due on calla on
the sth had been paid.—(Cheers.) He assured the
shareholders that the directors would leave nothing
undone to promote the interests of the shareholders,
and concluded by proposing the adoption of the report;
Mr. MAGGREGOR (the Chairman of the South-
Eastern Company) seconded the motion. He assured
them that legal and other matters preventedhad the
earlier completion of the agreement, by which they
were to receive, in perpetuity, from the South-
Eastern 51- per cent. They were to receive 4 per
cent. during the progress of the works, subsequently,
41, and ultimately, and in perpetuity, 51 per cent.
—an arrangement so important, and altogether so diffi-
cult, that time was necessarily required to consum-
mate it ; but the banns had been published and the
marriage solemnized at last—(Laughter)—and, as in
actual married life, the greatest good feeling sub-
sisted between them.—(Laughter.) No doubt the
fact of an alliance with a company which had capital
paid up to the amount of 6,000,0001. had contributed
in some degree to_ the alacrity With which the calls
had been paid. He looked forward confidently to the
time when the South-Eastern would be enabled to
Pay the s;k per cent. with profit to the shareholders,
besides giving the public the advantage of complete
railway otilmuni.:.ati,ii by IllulttlS Of the Sonth:
Lustein, wao the great line to the coat
the south. 600,0001. would have to be found by this
company and the rest by the South-Eastern.
In reply to several questions,