The Sun.
London, England, 1846-08-31 00:00:00

port as favourably of them as of the_Richmend line.— 1
(Applause.) The Hampton Court branch must become
a very productive source to the metropolitan trade, and
there would necessarily be an amply remunerating
traffic. The Chcrtsey and Weybridge lines would also
contribute in an eminent degree to the prosperity of the
Company. The Alton and Farnham line.would also be
a highly remunerative line. The next point on which
he wished to say a few words was their future policy.
He flattered himself—indeed, he felt confident—that it
was the anxious wish of the proprietors, that their di-
rectors should evince the greatest desire at all times to
remain if possible on friendly terms with'the lines east
and west of them.—(Hear, hear.) But he regretted to
say that so far that principle had signally failed, whether
it arose from a low state of morality in the railway
world—(Hear, hear, and laughter)—or from business,
or from the interference of third parties, he knew not.
This remark applied particularly to gentlemen interested
in the Yeovil district; for when the proprietors of this
company contemplated repose, a third party stepped in
and projected another line for that locality; and the di-
rectors, notwithstanding their desire to maintain peace.
did not sure, ed in obtaining their rights peaceably. He
would retest, therefore, that that principle hal failed,
and he felt that there was now no way open to them for
the future; but to occupy in a spirited manner the whole
of those districts with which they contemplated interfering,
and which were nt present unprovided with railway ac-
commodation. They had certainly got a line secured to
Salisbury, but tnon what principle they had lost the
remaining tract of country to Exeter it was difficult for
his cellengues and himself to comprehend. They had
supplied a direct line to Sherburne, under the sanction or
wishes of Government, (which had endeavoured as far
as possible to promote the most direct lines), but in
doing so they interf, red slightly.witlt:the park of a cer-
tain nobleman (Lord Dighy). They were, therefore,
compelled to instruct theinengineer, Mr. Locke, to devise
an alternative line which would afford finite as ample ac-
commodation to the people of Sheiborne as could be
desired. The worthy chairman of the Committee of
the House of Commons (Mr. Beckett Denison, he be-
lieved) took the trouble of going down peteonally to
inspect Lord Digby's park, and the result was that he
decided in his opinion this company should not be driven
to the use of any alternative tine. The House of Com-
mons, therefore, gave them their Bill, having previously
inserted a clam e in the .Bill 'to prevent' them
from wantonly sporting with Lord
•Digby's property.
Now it so happened that in the House of Peers this line
was at once- thrown out, and Wing had the alternative
line stopped in the House of Common's they had no
relief, and lost their Bill. He had confidently antiei
pated that Mr. Locke would have been present at this
meeting, but he had found that. morning that that gen-
tleman had gone to Exeter for the purpose of surveying
the whole of the line as well as examining the whole of
the district between Exeter and Cornwall and Plymouth,
in order to lay the result before a meeting of the pro-
prietors at the earliest possible moment. The plans
which he would lay before them would no doubt be of
the most comprehensive character, and such as to ensure
the approbation of the Legislature; they would afford
a complete and comprehensive mode' of communication
on the narrow gauge.—(Applause.) The Chairman
then said that he hoped the meeting would excuse him
if in passing he took occasion, in justice to himself and
brother directors, to say a few words with respect to
some reports which had gone forth to the public to the
effect that they had betrayed the proprietors' interests
with respect to the country lying west of Salisbury.
(He then proceeded at great length to show
that they had acted in strict conformity with
the rules of justice and good faith in all matters af-
fecting the interests of the proprietors, and he challenged
any one to come forward and prove that he had in any
instance failed to fulfil to the very letter any agreement
or engagement which he had entered into with any
other company. His defence of the conduct of his co-
adjutors in office elicited loud applause from the nume-
rous body of proprietors present.) With respect to the
Portsmouth' line of the rival company the chairman re-
marked, that every one must acknowledge that it was a
very had line—(Hear,, hear)—that the country through
which it passed was very thinly populated—([tear, hear)
—that it had very bad gradients—(Hear, hear)—that it
was a most extensive line and not a very direct one ; and
he felt confident that this Company would be able to
compete with them most successfully.—(Applause.)
This Company had a line to Godalming, which was six
miles nearer to London than that of their rival. They
had also removed the difficulties which unfortunately
existed with the landowners in Sussex, and with the
permission of the proprietors the directors of this Com-
pany would be able to show the public to their complete
satisfaction that they offered the best accommodation to
that district.—(Cheers.) He thought it would be as
well to say a word with regard to the attnospheric line,
because he presumed that many of them had read the
railway journals, in which they would see that after
all that had been said about atmospheric power,
the locomotive was to be the one that would be adopted,
and this Company had therefore been deluded or choused
out of the line.—(Hear, hear.) With respect to the
Richmond Railway, he need not trouble them. The di-
rectors had much satisfaction in announcing lo the
shareholders the selection which they had made, or in
fact he should rather say the honour which had been
conferred upon them, by the two distinguished indivi-
duals (Earl Morley and the Hon.W. F. Scott, M.P.), who
had consented to fill the vacant directorS' seats.
(Cheers.) He trusted that the proprietors would duly
appreciate the arrangement which had been made for
the election of those individuals, and that they would
unanimously approve of it.—(Cheers.) As he was not
aware of any other subject on which it was necessary for
him to trouble them, he would conclude by moving—
" That the repert be ,adopted. anti printed and circulated
amongst the proprict, T B."—(Cheers.)
Mr. REED having seconded the resolution, it was
eventually carried unanimously, after a very lengthy de-
sultory conversation.
It was then moved and agreed to that a dividend of
375. 6t1., subject to income-tax, be declared for the half
year, ending June 30 last. It was also proposed and
agreed to that the directors be, and they are hereby,
authorised and requested to take all such preliminary
steps, and make all Such arrangemnts with other com-
panies and parties as shall appear to them necessary or
expedient for attaining powers to enable this Company,
either alone or jointly with such other csmpanies or
parties, to form such extension and branch lines of rail-
way as to the directors shall seem conducive to the
interests of the company..
The fourth resolution, which was agreed to, was that
the Right Honourable the Earl of Morley be, and he is
hereby, elected a director of this Company.
The fifth resolution was to the effect that the Hon.
F. Scott, El., M.P., be, and he is hereby, elected a
director of the Company. This was also unanimously
agreed to.
Lord MORLEY and F. SCOTT, Esq., M P., returned
thanks for the honour conferred upon them.
Mr. CURRIE then moved that the allowance to the
directors be increased from 1,0001. a year to 2,0001.
Mr. Sergeant GAZELEE moved as an amendment, that
the allowances should be 1,5001. per annum.
After some discussion upon the subject of whether it
was or was not necessary to give notice of such a course
of proceeding,
Mr. Sergeant GAZELEE withdrew his amendment.
Mr. TAMLIN then moved that the subject be taken into
consideration this day six months.
The amendment having been put it was negatived by
a corsiderable majority, and the original resolution was
carried.
Mr. AITKEN said that he hoped, in consequence of the
resolution having been objected to by some of the pro-
prietors, the directors would not accept of the proposed
accession to their allowance.
The business of the general meeting having then been
brought to a conclusion, the meeting was made special,
and the following resolution was proposed :
" That this meeting approves and sanctions the pur-
chase of the Richmond Railway, and the other property
and effects of the Richmond Railway CoMpany, on the
terms specified in the minute of the court of directors,
held on the 28th of August instant, and produced and
read at this meeting, and the directors are hereby
authorised to complete the said purchase, and to do all
proper acts for effecting that purpose, and also to make
arrangements and take such steps for providing and pay-
ing, or transferring the stock, shares, and money necessary
to be provided and paid or transferred on completion of
the purchase as they shall find needful or expedient,
with powers for the directors on the part of the com-
pany to make or consent to such modifications in the de-
tails of the terms of purchase, as reported to this meet-
ing, as they shall consider expedient.
Mr. Sergeant GAZELEN wished to know how it was
that the proprietors were in give 66 per cent. for one-
third of their profits, the present Company had already
two-thirds of their profits ?
The CHAIRM'AN explained that whatever proportion
Was left to the Richmond Railway was no matter to this
cempany, provided that portion was worth the price
offered for it:
Mr. sergeant GAZELEE wished to know if they had
made the agreement on the traffic of the last three or
four weeks, which had been during the best month of
the year. He thought that it would be better to let the
Richmond Company have the benefit of the winter
season, and then make terms with them.
The CHAIRMAN said that in his opinion the traffic on
the line would be very considerable, and although the
traffic had been during the best month of the year, still
there were other advantages to be looked for to make up
for that, which were the opening of the line to Water-
loo and London Bridges, and also the carriage of goods
and agricultural produce, which were not as yet carried
on the line.
r'erleP:elYnt had
nbeoetnbeen carried out pro-
of their line, and in consequence of
In answer to a question put by a e9hl.arperheolliditelmr,
The CHAIRMAN said that the oriental offer made to
prooptrtiethwerisr
tight to demaed 101. for their shares.
tvsthhhila"uriPet:streogh; large hh:ea, Bid),l3ll3::l;iiligf traffic upon that lie the
the additional one pound, especially
huTattil'olentdbtineecgtbotrsidt
questionid toici,t think it worth while to stand out
as by the present alteration in the standing ord, rs of
the House there would be, less time than before to make
arrangements for the extensions of lines beyond Rich-
mond, and they thought it best at once to conclude the
arrangement.
Mr. CHADWICK. the chairman of the Richmond Corn
pany, said that the offer on the part of the Richmond
Company was perfectly bone fide, and the directors a ere
quite prepared to baud over the line on the terms me n-
xt
Wednelday, the 26th of
tic'TTnehh(eet inirleetelurreteis,stoiluuattijo:n.:lt:hve:nseotillnneinrismousl respectingagreed to.
°Ants. Helps and other the purchase
of the Guildthrd Extension and Portsmouth and Fare
ham Railway on the terms proposed at a late general
meetinguAgfutset.r
so thatffe w
words company,t,rom
pro-
prietors,
This resolution was also unanimously agreed to.
In answer to a question put by a shareholder, it was