The Sun.
London, England, 1848-11-11 00:00:00

RAIL WAY INTELLIGENCE.
LONDON AND SOUTH-WESTERN.

It appears from the financial statement just issued by
the directors that, in order to relieve the proprietors as
much as possible from the pressure of calls, they have
determined to suspend works which would require more
than a year to complete, among which are the Basing-
stoke and Salisbury, and the Farnham and Alton lines,
arid to confine their outlay to the completion of lines
which can be brought into profitable operation in the
spring and summer of 1849. The company are autho-
rised to raise 9,952,796/. by shares and loans. The total
amount of shares issued is 6,948,846/., of which 6,105,373/.
has been received ; and the amount received on loan is
stated to be 1,714,8501.; total amount received by the
company, 7,820,2231., leaving still to be received
2,132,5731. The total sum expended to the 21st of Oct.
1848, in land, works, plant, &e., is 7,326,2621.; and
the length of line open fur traffic 215 miles. They
expect to bring into profitable operation in the spring
and summer of 1849, twenty-two miles of railway, viz.,
branch to Farnham, ten miles; to Godalming, four; to
Windsor, one and a half; and to Hampton-court, two;
and loop from Brentford to Hounslow, five miles. To
complete these, to pay interest on unproductive capital,
and to clear off all outstanding liabilities, it will require
a further sum of 745,441/. The capital entitled to divi-
dend for the current half-year ending the 31st of De-
cember next will be 3,838,260/., being an addition over
the share capital entitled to dividend on the 30th of Juno
last of 1,303,2001. The directors have no doubt that a
dividend of five per cent. on the above sum may be de-
clared, besides the seven per cent. interest on the scrip
shares. Assuming the traffic to average 11,936/. per
week for the year, after the twenty-two miles mentioned
are opened, and deducting working expenses of forty per
cent., interest on scrip and loans, they estimate that the
net balance will allow of a four per cent. dividend on the
share capital, amounting to 6,471,703/. Looking to the
prospective advantages likely to arise from increased
traffic, they expect the undertaking will ultimately pay
a dividend of six per cent. per annum.

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of an agreement entered into by the directors with the
Scottish Central and Dundee, Perth, and Aberdeen
Companies, admitting the Edinburgh and Glasgow Com-
pany as a party to the arrangements. Mr. J. J.
Hope
Johnstone was in the chair.
The CHAIRMAN said, that at present their arrange-
ments for carrying goods and minerals were in a very
imperfect state, and, for the want of sufficient locomotive
power, they were obliged to decline undertaking the con-
veyance of all that presented itself, although they were
making every effort to remedy the evil. The traffic in pas-
sengers was satisfactory. They were placed in a difficult
position in coming before them to sanction guarantees,
because it required time to develope the traffic; their line
being only open a short time, their traffic appeared to
disadvantage, and by no means indicated the capabilities
of the line. He had ascertained that a traffie of 11,0001.
per week would enable them to pay their guarantees and
5 per cent. on the share capital of the company. He
thought their prospects were of an encouraging nature,
and be hoped they would have an ample return for the
money invested. Having adverted to the advantages of
the guaranteed lines in securing traffic to the trunk line
of the Caledonian, he stated that traffic arrangements had
r
been entered into with the Edinburgh and Glasgow
yesterdayls leasingai dnA con-
sider
Company on fair and equitable terms to both parties.
The traffic on the Scottish Midland was chiefly agricul-
tural, and, when developed, he was satisfied it would cover
their engagements. With regard to the constitution of
the direction, they would be glad to afford the English
shareholders an opportunity of being represented at their
board; one of their body had placed a vacancy at their
disposal, and when there were other vacancies they
would endeavour to fill them up by selecting men of
business habits from amongst the English shareholders;
but he did not agree with the opinion which had been
expressed by some of the shareholders, that one-half the
directors should be resident in England. There were a
great many details which required the constant attention
of the directors on the spot. They would he happy to
hold their future meetings in London, Liverpool, or
elsewhere, whichever place might happen to be most
convenient to the great body of the shareholders. rie
concluded by moving a resolution to the effect that the
directors be authorised to enter into an arrangement
with the directors of the Edinburgh and Glasgow Com-
pany conferring on the latter a joint interest in leasing
and working the Scottish Central and the Dundee, Perth,
and Aberdeen Railways.
Mr. ABBOTT said he represented four or five parties
who held 1,000 original shares; he thought that the
shareholders should have more time given them for the
consideration of the resolution; and moved an amend-
ment to the effect, that the question regarding the now
guaranteed lines be referred to a committee of share-
holders, and that the further consideration of the report
circulated amongst the proprietors be postponed to a
future meeting, at which the report of the committee
would be presented.
Mr. BOWDEN seconded the amendment.
The Right Hon. F. MAME said the proposition indi-
cated nothing more nor less than a want of confidence
in the directors.—(" No, no.") At considerable length
he defended the acts of the Board, and maintained that
the exertions of the directors had been always directed
to promote the best interests of the company.
Mr. CAMPBELL thought that a guarantee of three or
four per cent. was quite as much as they ought to under-
take in these times.

After some observations from various other share-
holders,

The amendment was put and negatived, the show of
hands being in favour of the original motion. A poll
was demanded and scrutineers appointed.
When all the votes had been taken, the CHAIRMAN
proceeded to dispose of the remaining resolution, which
was to
.authorise the directors of this company, along
with the directors of the Edinburgh and Glasgow, to
enter into an arrangement for leasing and working the
Scottish Midland Railway.
The CHAIRMAN put the resolution, which was seconded
by Mr. HINDE.
The motion having been put, there appeared, includ-
in,g the directors, 53 in favour of it, and 47 against it.
A poll was demanded, and the result was in favour of
the directors, but, owing to a dispute with regard to some
of the votes, the exact number was not given.

YORK, NEWCASTLE, AND BERWICK.
The York, Newcastle, and Berwick Railway Company
have given the usual notice required by Parliament of
their intention to apply during the ensuing session for
an Act giving the company power to construct a branch
railway from the Beal station, near Berwick, to Bar-
moor, a distance of about eight miles, through a rich
agricultural district, abounding in the higher regions
with lime and other mineral produce; and likewise a
branch from a point of the main line near Lesbury to
Alnmouth, a small port on the coast of Northumberland,
whence the principal portion of the agricultural produce
of the district is shipped for distant markets. It is in-
tended to take power in ,the same Act to construct a
branch from a point on the main line a little west of
Argyle-street to the Quay at Newcastle, and to abandon
a project of the same kind for which power was ob-
tained by the Newcastle and Shields Rsi;vray Company
in 1845, previous to its amalgamation with the York,
Newcastle, and Berwick. It is aho proposed to apply
for an extension of the time for constructing the Blyth
branch, and part of the Thirsk and Alalton branch; for
power to alter, vary, or increase the tolls authorised to
be taken by the Newcastle and Berwick Act of 1845;
to subscribe towards the construction of the Sunder-
land Docks, and to hold shares in that undertaking;
Lail to raise additional capital for these several pur-
poses.

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ttAILWAY SHARE MARKETS.
BRISTOL, Nov. 10.
STOCK EXCHANGE.—The market was dull and inactive,
and the business closed at the following quotations :—Eastern
Ccunties, 6 per cent., 1/2 p. —Great Western, Quarters,
314 dis,

LIVERPOOL, Nov. 10.
arocK EXCHANGIL—The share market has been steady
to. day, and prices rather better. The sales ere—Caledonian,
1914—Ditto, Preference, dis.—Lancashire and Yorkshire
(late Manchester and Birmingham), Fifths. dis.—
Ditto (late West Riding Union), Fifths, VA dis.—London
and North, Western, 1181/, c.—Ditto, New Quarters,
Midland; Stock, 831,4—Ditto, New Halves, 9% dis.—North