The Sun.
London, England, 1848-08-29 00:00:00

WILTS, SOMERSET. AND WEYMOUTH
RAILWAY.

The half-yearly meeting of this company was held
yesterday at Bath; Mr. Walter Long, M.l'., in the chair.
The CHAIRMAN said, the works had so far advanced
as to enable the directors to open the line to Westbury
and Bradford on Tuesday next, September 5. The works
had necessarily proceeded slowly on account of the bad
state of the money market.
The report stated that the part of the line between the
Great Western Railway and the town of Westbury
will be opened to the public on Tuesday, the 6th of
September. By the terms of the agreement with the
Great Western Railway Company, each successive per •
Lion of the line, so soon as it is completed, is to be trans-
ferred to that company and to be worked by them. The
directors regret that, owing to toe depressed condition
of railway property generally, they have not been able to
avail themselves, to any naaterial extent, of the company's
powers of borrowing. They have, therefore, continued
the prosecution of the works and the purchase of the
land with less rapidity than would have been desirable
under other circumstances. But the heavier works are
making a steady progress, so that the company will be
in a position to take full advantage of the first favourable
opportunity that may arise from carrying on the forma-
tion of the railway on a more extended scale.
The report of Mr. Brunel, the engineer, stated that
the portion between Thingley and Westbury has been
completed, and will be ready for opening in a few days.
On the Devizes branch the works, although not actually
stopped, have been delayed by the difficulty in obtaining
possession of the land at the Devizes end. The Brad-
ford branch before the end of the year may be opened.
Between Bradford and Bath some of the heaviest
works, particularly the aqueduct at the crossing of the
canal at Avon Cliff, have been completed. From West-
bury to Frome the work is proceeding as fast as posses-
sion of the land permits. Between Westbury and Salis-
bury a considerable amount of work has been executed.
From Promo southwards towards Yeovil nothing has yet
been done. Between Yeovil and Dorchester not much
progress has been made. In the neighbourhood of Dor-
chester, and thence to Weymouth, where the works are
heavy, they have been progressing steadily.
The accounts to the 30th June showed that 936,910/.
had been received, and 871,5831. expended, leaving a
balance of 65,326/. in hand.

On the motion of the CHAIRMAN, the report was
adopted.
The CHAIRMAN, in answer to a question, stated that
when tho Great Western Company paid a higher divi-
dend than 8 per cent. they (the Wilts, Somerset, and
Weymouth) would receive a bonus of 1 or lf per cent.
Mr. HEDGES—Then, our rent will still be 4 per cent.
The CHAlRMAN—Certainly._ _ _

A SHAREHOLDER complained of the excessive amount
paid for engineering and law expenses, and hoped the
directors would look to that subject.
Sir J. AWDRY, deputy chairman, said, when the line
was commenced there was great difficulty in procuring
competent persons, and therefore they had to pay very
high for their services, but every means had been taken
to reduce the expenditure.
Mr. HEDGES wished to know what length of line would
be opened on the sth of September?
The CHAlRMAN—Thirteen miles.
Mr. HEDGES—This does not show a very encouraging
account—only 13 miles ready for opening, and 401. paid
up, and I presume expended, out of 501. shares.
The Rev. T. SPENCER said, that was of very little con-
sequence, for they had a guarantee from the Great
Western Company to pay 4 per cent. on the cost of con-
structing the line whatever that amount might be. Their
capital was in fact a 4 per cent. stock on 501. shares, but
which, from some cause or the other, could now be bought
for 331.

Sir J. AWDRY—It is a 4 per cent. stock, with the
chance of a bonus.

A vote of thanks to the Chairman closed the pro-
ceedings.

WINDSOR, STAINES, AND SOUTH-WESTERN.
The half-yearly meeting of the proprietors of this
railway was held on Saturday, at the Nine Elms Station,
Mr. 11. C. Lacy in the chair.
The SECRETARY (Mr. G. W. Horn) read the follow-
ing report:— _ _

1-‘ The directors have the satisfaction of reporting to
the proprietors the completion of the main line between
Richmond and Datehet, which was opened for public
traffic on the 22d day of August instant. To effect the
completion of this portion of the railway within a twelve-
month of the passing of the Act of Incorporation great
exertions were made, and it is a sourze of much disap-
pointment to your directors that a sinking of the foun-
dations of a portion of the viaduct in Kew Park, and cir-
cumstances connected with the possession of land over
which they had no control, prevented their succeeding in
the object they had in view. The works for the bridge
across the Thames at Barnes for the Loop Line are com-
menced, and great progress has been made in the pur-
chase of land for that portion of the railway, which will
be completed for traffic with all due expedition. The
proceedings in Parliament—though they have resulted in
the rejection of the application made by this company for
powers to extend their line to Slough, and in the affirma-
tion of the competing line of the Great Western—can-
not be regarded as unsatisfactory to the interests of this
company, inasmuch as the directors were induced to
withdraw their opposition to the Great Western Bill in
the House of Lords, upon being assured that, in the
event of that Bill passing, her Majesty would most
graciously concede to this company an extension of their
line from Black Potts, across the Home Park into the
portions
withns of the
town of Windsor. The directors have summoned a
special meeting of the proprietors for the purpose of
considering terms, as embodied in a memorandum of
such pie
agreement, which (subject to their approbation) they
have entered into with the London and South-Western
Company, view
lineto
at the e a presentre
and
may h
profitable
e available u o f
for traffic previous to the completion of the entire
works. This arrangement does not, however, in any
manner affect that part of the existing agreement which
gives an option to the London and South-Western
Company to purchase the shares at 41. premium per
share. The terms which the directors have made are
as before intimated, temporary (for one year), and are
in their judgment very favourable to the proprietors,
being 5/. per cent. per annum, payable half-yearly, on
the amount of the paid-up capital; the first payment
falling due on the 22d of February next. A statement
of receipts and expenditure to the 31st of July, 1848. as
examined and certified by the auditors, is appended."
From the statement of accounts, it appeared that the
receipts in the shape of capital up to the 31st of July,
amounted to 392,3421. 13s. id., while the expenditure up
to the same period was 373,751/. Bs. Bd.
The CHAIRMAN moved, in the usual form, the adoption
of the report.
In reply to a question as to the meaning of the words
" calls in advance," in the auditors' report,
The CHAIRMAN stated that the intention was, that
proprietors who paid calls in advance would receive in-
terest. He further observed, that the company enjoyed
a great advantage in the privilege of carrying the line
across the Home Park to Windsor. The line might,
without an Act of Parliament' he carried into Windsor;
but the sanction of Parliament would be necessary to
enable the company to levy tolls for the use of the line
near that town.

Mr: ONsLow said, that when the proprietors last met
in that room they were told that upon 71. 10s. per share
being paid up the shares would be bought up, under an
agreement with the South-Western Company. It now
appeared that the payment of interest was to be delayed
for a year.
The CHAIRMAN admitted that he had held out hopes
that the arrangement mentioned would be carried
into t ffect. He had never thought, however, that 71. 10s.
per share would suffice for the completion of the works.
Dr. LONGSTAFP complained that on the faith of what
had fallen from Mr. Chaplin, the chairman of the South-
Western Company, several gentlemen had been induced
to hold their shares and pay the cost upon them.
Mr. CHAPLIN, M.P.. said that what he:had stated was
merely that the South-Western Company had the op-
tion of purchasing the shares. There was an inclination
to purchase because the shares were depressed in the
market.

A PROPRIETOR having remarked that shares had been
sold by directors to the South• Western Company, at a
premium of 31., several members of the board declared
that they had not from the first parted with a single
share.
Mr. ONsLow had been induced to retain possession of
his shares by the South-Western Company, who would
purchase them at a premium of 41.
The CHAIRMAN observed, that the South-Western
Company had been willing to purchase at the period
referred to; they would, in fact, have done so, had not
the law required that half the capital should be paid up,
and the works in a state of forwardness before any ar-
rangement for purchase was carried out.
After some further discussion in refertnce to purchas-
ing end premiums.
Mr. LOCKE observed that the best way for the pro-
prietors to get out of their present dilemma was to call
upon the directors to force on the South-Western direc-
tors the giving a premium of 41. as soon as practicable.
The report having been adopted,
The CHAIRMAN moved—" That this meeting requests
the directors to take such steps in reference to, and to