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

£68,536 $ 11

225,172 2 10

£296,708 11 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 Wadebridge 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
aenngatliedemeanptpwlicitahtiothnetSoo pathei Western Railway Company for the purchase of their railway; also an
Parliament for an Act, f
in Company tortwo
prosecute
byears,
and to amalgamate in the event of an Act being obtained.
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 irom 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 tin 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 IN adebridge
Railway at the price paid for it as above, so as to allow the
purchase money of 35,0001. to be added to the ultimate
balance for distribution among the retiring Abareholders.
" 6. 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 expo-nce of litigation and
of official proceedings would be incurred, which m 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,
vand,
in fact, most of the great lines which havee sincerotoe::
so highly remunerative, were at oneof timeexposed
abandoned.
similar panic, and were on the eve of
Company
a.
The arrangement with the `ouch-Western
much leas
committee to render the enterprise
appears to the
hazardous, and to secure in return on the capital
any event a
ra of interest on cal ;
invested beyond the ordintr y
t cannot p but feel that ifit ta
he
under these circumstances,
lines to Exeter, in connexion with the South-Western Rail-
way, should be sanctioned, the Cornwall and Devon Central
line must become a valuable property; and that
IC would be unwise when a very slight additional expense
will be sufficient to keep the question open until next year,
to foreclose it at once by a precipitate resolution adopted
at a period of panic. The state of the rival projects is
such, that a slight opposition to the Cornwall Coast and West
Cornwall line will, in all probability, insure their rejection
or postponement, and the expenditure 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
ci
occa-
sions in carrying out the proposed arrangement, by
will bet
which,
as they believe, a greater amount of reliefimmediateeof
given to the shareholders than by, any otherwa
with other
proceed-
ing, while at the same time their engagements
ts of the
parties will be respected, and the ultimateteres
unnecessary sacrificeun-
."
der,aking saved from premature and

viz.—
" 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.
" 2d.— 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 8i to 44, 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 630,0001., 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 regards 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 fall 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.
a Altbough. 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
vantageous
itfer the Cornwall and Devon
Central
Company.a
Moreover
cl-
was provided, that in the event of the failure
of any of the lines between Basingstolki e and Exeter, so as to
interrupt the continuity of the trunk
n: to Falmouth, either
the Cornwall and Devon or the Sout Western Company
should be at liberty to cancel the agreement; but, on the
sanctioned between
other hand, in the event of the lines being
Basingstoke and Exeter, and the Cornwall an
and c
lDevon Central
Railway Company failing to obtain an
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 of further i- . --
extensions or or works of the said amalgamated Companies.
—The Triple Hair Brush. One stroke of this is equal to the
" The committee feel satisfied—BnussEs.—NEW INVENTIONS.
that every shareholder who will carefully examine for himself the details of the arrange- effect i DVERTISEMENT.]
sizes,-tooth combs, 7111%11
oo.nesetve77.
ment, will arrive at thecut brush ; to be .
of one penetrating,
conclusion that it was decidedly
beneficial for the four sizes, seimzeals
Cornwall and Devon Central Railway ' ' '
Nail Brush, which does not divide the quick from the
6d •• No 9,9 s. 6d. ; No. 10, Ili. 6d. The Double Anti-
Company, and that the committee would have been justly Pressure
liable to the charge of having neglectedthe interests of the nail, no pressure being required,thoroughly
and cleans and po-
undertaking, if they had allowed
•
the opportunity to pass of lishes the nails in a tenth part of the time of any. ilther_ite-
thod; price in bone, No. 1,2 s. ; No. 2,2 s. 6d. , No. at.._'
concluding it.
6d. ; No. 4, ss. ; and of all sizes and prices in ivory.,
.147
"The nature of the arrangement thus concluded being of a
New Tooth-pick Brush, which entirely enters between 140.11,
permanent character, and involving an amalgamation with
terstices of this closest teeth ; marks, full-sised brushes,
any existing railway company rendered it indispensable to
introduce a provision that it should be binding on all parties
narrow brushes, No. 5, hard •
, No. 60 dozen in bone; and
hard ; No. 2, less hard ; No. 3, middling ; No No.ef7t-,
mid-
for for such a period as might be sufficient to test fairly the
cluin No. B,soft, hair warranted never
decision of Parliament upon the merits of the proposed
2s, each, 21s. per dozen in theiv,?ry,.
Brush,
or
The Medium Shaving between the
integral scheme from London to the Land's End.
to come out. at Is. each, or We- Pe!
e bristle brush, being a selection of the
"The South Western Company could not have been exe- usual badger hair
pected to enter into an engagement which would fall to t
The above articles are the inventions
lyvefonrrdoym.the badger skin, in a variety of sizes,
ground, in the event of any one:out of the three or fourßihils both root e anti
Sons, 119 and 120, Bishopsgate-street, London,
being postponed for a session owing to any of the numerous of Ross and
strongei on
casualties to which all Bills are subject in their passage and, being protected, any one imitating them will be proceeded
through Parliament; nor, on the other hand, would it have against.
' PILLS AND OINT ' MEN T.—AN EXTRA-
been at all desirable for the New Companies that the South
its obligations ORDINAZT CEME.—Edward White, residing at 45, Clement's-lane,
Western Company should be set free from all
itsulkneneninOrut
was an in-door patient at Kin "
in such an event. The committee had express power, under strand.
HoLLowsv s
d . g s College Hospital for an
nt ses- limb. He
the subscribers' agreement to prosecute their appliciation to abscess in tchoLu'itdhingehi,thaenrdboanawho
inches
his long
foot t ono
theth esa
ground.me
Parliament not only in the next but in any subseque.
He remained in the hospital five months inp
bed, when he was En-
scheme is pro-
sion as is usually the case when a bond fide
arrangement for formed that " nothing more could be done for him ;" he was then
posed ; and accordingly,. in concluding the•ritaannd letter of the tcnarriel to his home, and commenced using the above Inval u a b e
with cured, and two years, they acted strictly within the spirit
accordance d Ile is now, to the astonishment of every one, soundly
deed in question. They also acted strictly i
into all the ar- all
retailers cafn walk as well as ever he could in his life. Sold by
the spirit and letter of that deed,entering
in
hich have been men- 244,
strand,o
Lmonticine, and at Professor Holloway's Establishment,
rangements with other companies
' that the provisional BRISTOL SUGARn* m
TOL —ARKET, MAY I.—About 300 hhds.
tinned, it being expressly provided:
d have full power to enter of West I •
India Sugar have been disposed of since our last, and
committee shall be at liberty an
references to arbitration, ar-prices have cwt. A large
advanced from Is. 3d. to 2 .
"s' perand Ben gals, at
into any bargains, contracts,_
with landowners, railway or canal
business has also been done in Mauritius g ,
rangements or agreements
promoters or proprietors' of othe better prices. The refined market has been cleared of goods,
componies, corporations,
similar existing or competing schemes or undertakings whit at an advance of 2s. 3d. per cwt.—Bristol Mercury.
may in their judgment be advisable, for facilitating the ob Deputations were sent off on Saturday evening from fin
taming of an Act or Acts of Parliament, and for the accom- Colonial-office, for the Governor of Malta, and also for the
plishment of the aforesaid railway communigition, or any Lord iligh Commissioner of the lonian islands.