The Sun.
London, England, 1846-10-21 00:00:00

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EXITER, YEOVIL, AND DOR-
CHESTER RAILWAY.—(THIS DAY.)
A general meeting of the shareholders in this Com-
pany was held, at one o'clock this day, at the London
Tavern, to receive a report of the past proceedings of
the directors and of the financial affairs of the Company;
to determine on the propriety or otherwise of continuing
the application to Parliament for the Bill next session;
and for the purpose of considering and approving any
augmentation of the capital of the Company, and any
visitation from, or addition to, the agreement with the
London and South-Western Railway Company. E.
Woolmer, Esq., occupied the chair. At the appointed
hour but a small number of shareholders'were present.
Mr. CLENCH, the secretary, having, shortly after one
o'clock, read the advertisement, convening the rueetit.g,
Mr. WALEY took an objection in limine to any further
proceedings, as the advertisement simply specified one, and
all without the addition of the word " precisely," and
that any man of business would consider that the meet-
ing was called at one for two o'clock." He attributed
the extreme paucity'of shareholders to this alone. No
doubt in such a concern as that a great number would
attend either personally or by their representatives—in
fact, many bad (stated so to him. He was anxious to
take the sense of the meeting on the subject.
The CHAIRMAN could only say that the paucity of
attendande could not be attributed to the directors, as
they had given more publicity to the announcement than
they were requires to do. They were only required to
publish it in the London Gazette, and he believed in two
or three of the London newspapers, but so anxious were
they to receive a full attendance of shareholders, that
they had even advertised during the present week in
each of the newspapers. He was told by the gentlemen
of the press present that meetings were invariably com
menced in London at the hour for which they were
advertised.
Mr. WALEY thought the advertisement was calculated
to mislead the shareholders.
Mr. CASH did not agree with the Hon. Shareholder.
In his estimation, one o'clock was mentioned.—(Hear,
hear.) It did, however, occur to him that the advertise-
ments were very few indeed. This morning he was very
anxious to know where the meeting was to be held, and
thinking he might be too late, not being able to obtain a
copy of the advertisement, he came there an hour ago.
Some publicity should have been given to it.
The CHAIRMAN explained that it was inserted in ten
London newspapers —in the Times, Chronicle, Sun,
and the weekly railway papers. It was also inserted in
the Manchester and Exeter papers. They were anxious
to have a full meeting, and therefore they inserted the
advertisement in the papers of yesterday.
Mr. WALEY repeated that it was the intention of a
very large number of shareholders to have been present
whom he did not •see. He therefore begged to
move that the meeting be adjourned for a week. He
had been connected with commercial matters all
his life, and that experience justified him in stating that
in order to obtain a meeting at a certain hour the word
" precisely " must be added to the hour for which it
might be called.
A SHAREHOLDER thought that their number would re-
ceive but a small accession if they waited until two
o'clock—certainly not more than half a dozen; be hoped
they would at once proceed with the business as it was
probable the meeting would in the ordinary course be
an adjourned one.
The CHAIRMAN was anxious to promote unanimity if
ossible. The directors had but one object in view.
Mr. WALEY moved the adjournment of the meeting
until two o'clock.
Mr. Low seconded it.
Mr. SNOW said the presence of the gentlemen of the
press, wire were well versed in these matters, showed
that they considered the meeting was called for one
o'clock. It would be most unjust to adjourn until
two o'clock to please a few, because the time of those
who wished the business at once proceeded with would
be wasted.
Mr. GooDwlte moved that they should at once pro-
ceed with the business, which was seconded and carried.
The business was then proceeded with.
The CHAIRMAN said—Gentlemen, in meeting you
here to-day I regret that I cannot congratulate
you on the molt of our application to Par-
liament, which we certainly expected would have
succeeded even at the latest moment. Throughout a
long and tedious investigation, rarely equalled in railway
legislation, we had to contest every inch of the line
against the most determined resistance on the part of a
powerful company, who, reckless of expense, spared no
means to defeat the Exeter, Yeovil, and Dorchester line,
and those in connexion with it, who were desirous to
effect a direct communication between Exeter and
London. It is, however, satisfactory for me to state that
notwithstanding the opposition with which we had to
contend, that we did succeed in passing the Bill
through the House of Commons—(Cheers)—and even
up to that point when the decision of the Lords'
Committee was given, which may be characterised cer-
tainly as being the most extraordinary ever given—
(Hear, hear)—and also unexpected by all parties, who
were completely taken by surprise; they were most san-
' guine of success. It is gratifying for me to know that
that adverse decision did not arise out of any failure
on the part of those persons to whom the promotion
of the Bill was entrusted; the whole of the evidence,
whether with reference to the feeling in Exeter or in the
districts traversed by the line, in its favour was most
conclusive, and indeed was not shaken by the severest
cross-examination to which the witnesses were subjected.
Neither was there any error or negligence proved in the
fulfilment of those preliminary duties and particulars
which are required to be proved before the Standing
Orders' Committee of the House of Commons; and there-
fore the directors may take credit for having done all in
their power to promote the interests of the shareholders by
allowing nothing to remain undone which could promote
the successful passing of the Bill through Parliament.—
(Hear, hear.) Having stated my regret at what I trust
will prove only a temporary defeat, it is
now my more pleasing duty to state the
auspicious prospects which I think await this
undertaking. Lord Beaumont, as the chairman
of the Committee of the House of Lords on the Bill, in
presenting the report of that Committee, pledged him-
self, in the name of that Committee, to accord a favour-
able decision to their Bill when again presented
to them, and therefore I hope this time next
year our Bill will be the law of the land,
and in fact in the course of construction.—(lfear.) I have
great pleasure in informing yon that the directors of the
London and South-Western Company have met
us in the mcst fair and liberal spirit, but that powerful
body have prepared a most comprehensive and grand
scheme, extending from London-bridge to Plymouth. The
Exeter and Yeovil line will form a portion of that scheme,
but it has been arranged with them that we are to be
an independent line, and, in order still more to enhance
its value to the shareholders, they have agreed to gua-
rantee that the shareholders shall be secured from any
further expenses whatever with respect to the last or
the ensuing session, beyond the deposit of 2/. 155., or
that the second deposit of 2/. 10s. will remain intact and
whole.—(Cheers.) There is another advantage which
has been offered to us. An additional capital will be
required for branches, and it has been proposed that
the shareholders shall have a -rateable proportion,
and in case of failure, which we do not anticipate, but
in case of failure only, los, will be deducted from the
2/. 10s. 6d., or 25/. shares. Some of the shareholders
have intimated to the directors that it would be very de-
sirable that the 50/. shares should be divided into 251.
shares.—(Hear, hear.) If it should be the pleasure of
the shareholders to recommend this course, if we have
not done so in the report, we should be happy to carry it
into execution. I believe there are no other points be-
yond those I have stated and what are con-
tained in the report. You are aware that
five and a half per cent has been guaranteed
on our capital by that wealthy company, the South.
Western. But it would be useless for me to reiterate
what must be well known to every one else. There is
only one further remark I wish to make, and it is this,
that the very severe and unprecedented opposition which
we met with in contesting this Bill in Parliament has
involved a large amount of outlay, which under other cir-
cumstances would have been unnecessary; but I can
confidently assure you that' no expenses have been in-
curred save those rendered absolutely necessary. The
secretary will now read the report to you, after which I
shall be happy to give you every information in my
power.
The SECRETARY then read the report, which stated
that the directors were happy to say that preliminary
arrangements bad t been made with the London and
South-Western Company, which have only been con-
eluded within a few days, and which they trust will re-
ceive your approbation. It will be in your recollection
thet this scheme was proposed in compliance with the
expression of public opinion of the inhabitants of
Exeter, and of the populous towns situated on the
direct line of communication between that city and
London, who concurred in declaring that the construc-
tion of railway communication between London and
Exeter, by Salisbury and Yeovil, was an under-
taking of great national and local importance, and
supported this view by petitions to the Legislature. At
the time of the projection of this scheme there was no
avowed, or the least apparent, intention on the part of
any existing company to supply the required accommo-
dation, nor was it until the subscription of your capital
(the tinge for which, by the terms of the prospectus, ex-
tended over a considerable period) had placed beyond all
doubt the prosecution of the undertaking, that the
Great Western Railway Company asserted their claims
to the whole traffic between Exeter and London, and the
occupation of the entire district south-west of Yeovil.
latest
support of these pretensions, that company, at the t
possible period, projected a rival scheme, called The
Exeter Great Western, from Yeovil to Exeter, 'lmping
nearly parallel with your own, and by a new lino roin
H : ungerford to Westbury, and the Wilts Somerset, and
el of the
Weymouth Railway. At theo
elms cement
the Hungerford
proceedings in the House of cm
and Westbury Extension was rejectedwn on standing orders,
but the Committee of the House determined finally on
considering the question us an integral sch'-me of rail-
way accommodation between Exeter and London,
and, after a full and elaborate investigation
into the merits of the competing lines,
and the pretensions of the respective companies to the
traffic of the district, the Committee declared in your
favour, and rejected the Exeter Great Western. In the
course of the proceedings, however, the Committee re-
fused to sanction the branch from Wayford to West
!Milton on account of residential injury, which, it was
thought could on a re-survey be avoided. In the House
of Lords, the Bill was fully supported by the same indis-
putable testimony, as to its merits, as in the Com-
mons, which justified your Committee in entertaining the
most sanguine anticipation of ultimate success, but their
Lordships' Committee, whilst they recorded as their
opinion, that a direct line of railway from Exeter to
Salisbury through Yeovil was desirable, decided that the