The Sun.
London, England, 1846-05-04 00:00:00

£296,708 11 9

£68,536 8 11

BALANCES—
Parliamentary deposit £220,610 0 0
Bankers, &c .. 7,562 210

228,172 2 10

£296,708 H 9
" The above balance-sheet shows the actual expenditure
up to the present time, but there are, of course, a variety of
accounts still outstanding. On the whole, however, the com-
mittee estimate that the total expenses of the Company, ex-
clusive of the purchase of the Bodmin and Wadebndge Rail-
way, will not exceed ten shillings per share, which, consi-
dering the magnitude of the undertaking, the short time al-
lowed for completing the survey and preliminary proceed-
ings, the distance of the locality adding much to the expense
of many of their proceedings, and contrasting with the
amount of expenditure in other similar cases, may be
safely appealed to as a proof that the funds of the Company
have been applied by the committee with a due regard to
economy.
" Secondly, as regards the engagements and legal liabili-
ties of the Company; as has been already stated, an engage-
ment has been concluded with the Bodmin and Wadebridge
Railway Company for the purchase of their railway; also an
ab engagementenndd e:deaaapl
pgwlai
eimtahat
etehnienr Se o
the
Parliament t h lxeenstt eor nf foraC on a
nmApcAat
entby,
eftie.
nor prosecutegt
wota
my.eaer
swig,
Of course, this latter engagement is without prejudice to the
right of the proprietors to withdraw from the
undertaking,
by declining to execute anew subscription contract before the
next session of Parliament, as is required by the standing
orders. But subject to this, the committee are advised that
it constitutes a valid obligation in law, as it was undoubtedly
intended to do by all parties at the time, to prosecute the ap-
plication to Parliament for the present or next session, or
until a decision is obtained upon the merits.
" Under these circumstances the committee feel that it
is very desirable that some arrangement should be at once
made, with the concurrence and support of the shareholders,
by which the circumstances of-the case may be best met, and
the interest of the shareholders most effectually protected.
While on the one hand it is neither desirable nor practi-
cable at once to abandon the whole undertaking under the
influence of a panic, on the other hand the shareholders
have a right to expect that the large amount of deposit-
money should not be locked up uselessly, and that they
should be placed in a position in which they can see their
remaining liability reduced to a definite amount and a defi-
nite period ; accordingly, they are prepared to recommend
the following arrangement :
" 1. That the sum of thirty shillings per share be immedi-
ately returned to each shareholder.
" 2. That each shareholder shall hereafter have the option either of retaining his shares in the undertaking, upon com-
pleting the requisite deposit and signing the new subscription
contract, or of withdrawing altogether from it.
"3. That in the latter event he shall be entitled to receive
such further balance per share as may be remaining when
the accounts are finally closed.
"4. That in the meantime the expenditure be limited to
opposing the competing lines before Parliament this session,
and to such objects as are necessary in order to keep the pro-
ject alive, and to enable it to be presented to Parliament in the
next session, if then thought desirable.
"5. That the event of the Company prosecuting the
Cornwall and Devon Central Railway, it shall be a condition
that such Company shall take the Bodmin and Wadebridge
Railway at the price paid for it as above, so as to allow the
purchase money of 35,000/. to be added to the ultimate
balance for distribution among the retiring shareholders.
" G. That in the event of this arrangement being approved
of, each shareholder shall receive thirty shillings per share
as soon as the transfer of the deposit money from the name
of the Accountant-General can be effected, upon delivering
up scrip, and receiving in return a certificate, stating his
right under :the arrangement to an option of renewing his
shares, and to a rateable share of the ultimate balance re-
maining for distribution.
" The advantages of this arrangement are obvious ; in the
first place, the shareholders will at once receive back by far
the greater part of the available balance in hand ; by any
different course all the delay and expellee of litigation and
of official proceedings would be incurred, which in the pre-
sent case would be greatly aggravated owing to the legal
difficulties arising out of the relations with other companies.
" In the next place all further liability of the shareholders
would be strictly limited to the small balance per share re-
maining unappropriated, and could not be renewed or ex-
tended except by the voluntary act of the shareholder him-
self in electing to retake shares and sign a fresh subscrip-
tion contract, and finally, the engagements of the company
would be honourably fulfilled, the footing which it has at-
tained in the district would be preserved, and the option of
going to Parliament next session with an almost certain
prospect of success would be secured.
" Upon this point the committee entertain the strongest
opinion that it would be impolitic to sacrifice precipitately
the advantages which have been already secured. Nothing
has occurred to shake their confidence in the intrinsic merits
of the scheme; on the contrary, it is apparent to them that
the line is one of those great national trunk lines which must
inevitably become, at no distant period, a valuable property
to those by whom it is constructed. They cannot but recol-
lect that the London and Birmingham, Grand Junction, the
Manchester and Leeds, the London and South-Western, and,
in fact, most of the great lines which have since proove.,:!
so highly remunerative, were at one time exposed
Tsihmeilarpanic,
arrangementan dwiwtherteheonsotuhteh-nwveesotfernbeingnia3d, abandoned.
hazardous, and to secure
capital
interest on
appears to the committeeeint
any
rye ne
event
tt the e
return enterpriseon t much Company
capital
invested beyond the ordinary rate of
with the South-
lines to Exeter, in connexion
Cornwall and Devon Central
under these circumstances, they cannot but feiVestliteartnifßatihl
i f
way, should be sanctioned, the
expense
keepenthe question open until next year,
additionalandex
will be sufficient to
ib
by a precipitate resolution adopted
we
oumidusbte
unwise
ee
when
vaaluvaciyble
sligphrotp ert
of the rival projects is
once
The state
opposition to the Cornwall Coast and West
thata
siftigacttazoi
juc
to
a foreclose
peo oi
Cornwall line will, in all probability, insure their rejection
or postponement, and the expenditure
sauteh,
already incurred by
this Company will, to a great extent, be :available for
another session ; before that period, however, it will be better
seen what are the prospects of the money market, and what is
the result of the contest for the lines to the east of Exeter,
and the shareholders will then be in a position deliberately
to decide on the policy of continuing or finally abandoning
the undertaking. Meanwhile the committee appeal to the
shareholders generally to continue to them that cordial and
unanimous support which has been extended on former occa-
sions in carrying out the proposed arrangement, by which,
as they believe, a greater amount of immediate relief will be
given to the shareholders than by any other way of proceed-
ing, while at the same time their engagements with other
parties will be respected, and the ultimate interests of the un-
derAking saved from premature and unnecessary sacrifice."

• Ist.—Old South Western Stock, or Stock A, being the
capital which the South Western Company have already
called up, or may have power to call up on shares.
"21—South Western Extension Stock, or Stock B, being
the capital required to complete the Extension scheme from
Basingstoke to the Land's End.
"The South Western Company to subscribe one-fourth of
such extension capital, and the rest to be provided by the
new companies.
" When completed the net earnings of the whole scheme,
including the present South Western Railway, to be thrown
into one fund, and applied in paying dividends on the Old
and Extension Stocks, in the proportion of 8b to 41, or of
17-26ths to 9-26ths, until the dividend on the Old Stock
should amount to 10 per cent., after which all further sur-
plus to be divided equally.
"The basis of the arrangement was therefore a sort of
partnership between the Old South Western Stock and the
Extension Stock, in which the old stock, in consideration of
its existing advantages, was, in the first instance, to obtain a
higher proportionate rate of dividend.
"As the traffic of the existing South Western Railway
yields at present a dividend at the rate of 10 per cent. on the
actual paid-up capital, with a prospect of corresponding in-
crease upon the further outlay of capital on authorised
branches or extensions, an arrangement upon this basis ap-
peared clearly equitable.
"It was stipulated that the mortgage debt of the South
Western Company, amounting to 680,0001., should not be
capitalized, and also that in the event of the new lines to the
westward of Basingstoke ever yielding from their own re-
sources a dividend equal to that now earned on the old South
Western line, all distinction between the two stocks should
for ever cease.
"As regal ds the immediate interests of the Cornwall and
Devon Company, it was considered by the committee that
the effect of the arrangement was very similar to that of a
guarantee of four-and-a-half-per cent. with half-profits ;
their dividend could not fall below this amount without
the earnings of the existing South Western Line being
brought in aid of the dividend on the extension capital, in the
proportion of nearly two to one, to the dividend on the old
South Western stock ; in other words, the dividend on the
new stock could not fal to three-and-a-half per cent. without
bringing down the dividend on the old South Western
paid-up capital from ten per cent, its present amount, to six-
and-a-half per cent. This result appeared so unlikely, as
to afford an ample guarantee for all practical purposes,
that the minimum dividend of the new stock could
not by any possibility fall below four-and-a-half or five per
cent. On the other hand, looking at the vast accession of
traffic which would be brought over nearly 50 miles of the
South Western Railway, in addition to its present traffic, by
the continuation of lines from Exeter and Falmouth, joining
it at Basingstoke, it seemed highly probable that this portion
of the line would yield greatly increased profits, in which,
under the arrangement in question, the Cornwall and Devon
Central Company would participate.
" On the whole, after the most mature and anxious consi-
deration, the committee are satisfied that the arrangement
was one fair in principle and advantageous to both parties,
while it was calculated to give additional confidence and sta-
bility to the new undertakings, by pledging the revenue and
resources of the South-Western Company to the carrying
out of the integral scheme, upon the success of which the
prospects of the Cornwall and Devon Central Company
mainly depended.
" Although one of the new companies, videlicet, the
Exeter, Yeovil, and Dorchester, agreed to take a fixed rent
of five-and-a-half per cent., which was secured to them ac-
cordingly, the committee of the Cornwall and Devon Central
as well as the committee of the London, Salisbury, and
Yeovil Companies considered the arrangement already de-
scribed for a participation of profits, as more desirable.
" The above is the general outline of the arrangement,
which also contained several other stipulations highly ad_
vantageous for the Cornwall and Devon Central Company,
" Moreover it was provided, that in the event of the failure
of any of the lines between Basingstoke and Exeter, so as to
interrupt the continuity of the trunk line to Falmouth, either
the Cornwall and Devon or the South Western Company
should be at liberty to cancel the agreement; but, on the
other hand, in the event of the lines being sanctioned between
Basingstoke and Exeter, and the Cornwaland Devon Central
Railway Company failing to obtainan
Act within the time
specified, that the shareholders in the Cornwall and Devon
Company should still have the power of having their capital
taken in as South-Western Extension Stock at the first time
when capital was required for the construction off her .- .
extensions or works of the said amalgamated Com ani i liDvErinsEstENT.l
" The committee feel satisfied that every shareholderPes. he
Triple Hair Brush. One stroke of this is equal
and one even-
beneficial who
will carefully examine for himself the details of the
One
.INVENT:OO IX;
2.e effect of one penetrating,
No. 8,7 s.
meat, will arrive at the conclusion that it wasedeciadna " 6d The Double Anti-
beneficial for the Cornwall and Devon Central Railwayy 6d ; No. 9,9 s. 6d. ;
cut brush ; to be had in Lyre b i.eii small-tooth N.. 7., combs,o_6 L
Company, and that the committee would have been justlyand thoroughly cleans and po-
liable to the charge of having neglected the interests f the nail, no
o pressure being required,h part of the time of any other me-
Pressure Nail Brush, whNicnclooes not divide the quick from the
i2s. .
undertaking, if they had allowed the opportunity to pass ofNo. 2,2 s. 6d. ; No. 3,3 s.
concluding it, thod; price in bone, No. 9 9
6d • No. 4, 59. ; and of all sizes and prices in ivory. The
fishes the nails in a tenth
"The nature of the arrangement thus concluded being of a New' Tooth-pick Brush, which entirely enters between the in-
permanent character, and involving an amalgamation with terstices of the closest teeth ; marks, full-sized brushes, No.
_le.
any existing railway company rendered it indispensable to hard ; No. 2,tless hard ; No. 3, middling ; No. 4, soft. li'h-
introduce a provision that it should be binding on all parties
for such a period as might be sufficient to test fairly the dozen
in
nranoted never
narrow brushes, No. 5, hard ; No. 6, less hard; Nob.
.7; . mid-
decision
sling; No. 8, soft, at Is. each, or 10s. per
decision of Parliament upon the merits of the proposed
n h,"br between the
integral scheme from London to the Land's End.
to come out. The Medium Shavinbg ..,
2s. each, or 218.3er dozen in ivory, the hatiirs
selection of the
"The South Western Company could not have been ex- usual badger hair and bristle krush,ski::ng
in es
variety of sizes,
strongest hair only from the badger
The above articles are the inventions
pected to enter into an engagement which would fall to the
both in bone and ivory. The
120,
Bishopagate-street, London,
ground, in the event of any one:out of the three or four B
being postponed for a session owing to any of the. numerous of Ross and Sons, 119
casualties to which all Bills are sabject in their passage
the other hand, would it have against. any one imitating t heal will be proceeded
EXTRA-
through Parliament; nor, on
ies that the South and, being protected,, pLLs
been at all desirable for the New Companies
11°1"711EY.—Edward White, residing at 45, CleMerlVB-11111e,
AND OINTMENT.—AN
ORDINARY vl7
n in-door patient at King's College Hospital for an
Western Company should be set free from all its obligations
Strand, was a
d a wound nine inches long in th 4, thigh, an on the game
in such an event. The committee had express power,.. under s
could neither bend his knee nor put his foot to the ground.
- limb' Be hospital n
the subscribers' agreement to prosecute their appliciation to abscess
-n° r-""" •• nothing more could
Parliament not only in the next but in any subsequentissea- - remained in the five months in bed, when ho was in-
fick scheme pro- conned that not ng be done for him ;" he was then
now, to the
easvetornisbehnetztdoifnevbiesrylvoene,
Sold by
sion, as is usually the case when a bond
carried to his home, and commenced using the above invaluable
d letter of the
posed; and accordingly, in concluding the. arrangement for
accordance with
two years, they acted strictly within the spirit an
cured, and can walk as well aa
medicines. He is
deed in question. They also acted strictlyin
.11 the ar- all retailers of medicine, and at Professor Hollowar Es *
s tablishment.
deed, in entering into a
the spirit and letter of that
.a
h have been men- 244, Strand, London.
rangements with other companies which
d• ' that the provisional BRISTOL SUGAR MARKET, MAY I.—About 300 hhds.
tioned, it being expressly provide .
have
fa
power to enter of West India Sugar have been disposed of since our last, and
committee shall be at liberty and
references to arbitration, ar- prices have advanced from Is. 3d. to 2s. per cwt. A large
into any bargains, contracts, _
lan downers, railway or canal business has also been done in Mauritius and Bengals, at
rangements or agreements withr°ten
or proprietors of othe better prices. The refined market has been cleared of goods,
companies, corporations,
tpa
schemes or undertakings whic at an advance of 2s. 3d. per cwt.—Bristol Mercury.
similar existing or compiLl advisable,
for facilitating the ob Deputations were sent off on Saturday evening from the
may in their judgment of Parliament, and for the accom- Colonial-office, for the Governor of Malta, and also for the
taining of an Act or Acts
plishment of the aforesaid
communication, railway comm • ' 1-. on, or any
Lord High commissioner of the lonian island

Cr.
By Cash paid for engineering expenses and
surveys
13,823 6 9
Ditto London Solicitors
Ditto Country solicitors and agents 4,000 0 0
Ditto Parliamentary agents and expenses
of
witnesses ............... 809 Ditto Preliminary expenses, including bank-
4,
13 10
ers commission, office furniture,
and miscellaneous expen allotment . 1,111 -15 11
Ditto brokers' commission on
of shares ................................. 3,313 2 6
Ditto for advertising, printing books, sta-
tionery, &c. ............. .......... ... 1,574 1 I 10
Ditto for rent, salaries, and office expenses 1,212 2 3
4 kitto .for travelling expenses of deputations
to London, Exeter, and in tbe
county of Cornwall, and expenses
of provisional committee .. ........ 1,691 15 10
Ditto for Bodmin and Wadebridge Railway 35,000 0 0