The Sun.
London, England, 1846-10-21 00:00:00

Bills for accomplishing these objeets should not be pro-
ceeded with in their then existing state, but, in present-
ing the report to the House of Lords, the chairman,
Lord Beaumont, said, " With reference to the question
of competition, there is no doubt that wholesome com-
potion is very desirable between these lines, and I have
no doubt that Parliament next year will see the neces-
sity, provided the Company come forward with an
improved Bill, of conceding their lines to theth." A re-
commendation of such importance, and from such au-
thority, coupled with the unanimous decision of the
House of Commons, is, in the opinion of your coin-
e, entitled to much weight, and justifies your com-
mittee in recommending the amended scheme to he
proceeded with in the ensuing session. In presenting
the account of receipts and expenditure,_ your committee
are desirous of Observing that nearly the same expenses
have necessarily attended the prosecution of the design as
if it had been actually carried, as it was not until it had
arrived at its last stage that the Bill was rejected.
The rt (.4 ipts, it appeared, were 109,142/. 10a., and the
expt n.liture— legal expenses, 30,0321.; engineering and
surveying, 10,6631. 15s. ; Pkirliamentary expenses,
10,2061, &c., altogether 57,2741. 6s. Bd. Balance,
51,868/. 3s. 4d. With this amount your committee have
directed their attention as the basis on which. to found
such arrangement with the London and South-
Western Company as may prove satisfactory. The
proposal therefore is, that the London and South-
Western Compaey do guarantee that the expenses of
the last and next session .shall not exceed the first
deposit of 21: 15s. per share upon each of the existing
shares of the company, each shareholder making up the
first deposit of 555. to 105 s. In other words, that taking
the 11s. 6d. per share which remains to be divided, the
London and South- Western Company will guarantee you
against any future liability, in case of failure, and in the
event of success all the expenses will be carried forward
againit the concern, and you will be entitled to receive the
5i per cent, thereon, according to the original agreem ,nt
with that company. In order to carry out the scheme
with the efficiency recommended in the House of Lords,
a survey of the country between Bridport and Dorches-
ter has beeti made ; and if the line recommended as the
result of the survey be proceeded with as a part of this
undertaking, an increase of capital to the amount of
500,0001. will be necessary, and of this new capital it is
proposed that the London and South-Western Company
shall take 1-4th part, and the present shareholders to have
the option each of taking his rateable proportion, the same
to rank like the old capital if the Bill be obtained, and
to be subject only to a reduction of 10s. 6d. per 25/.
for expenses if the Bill be lost, and upon this new ca-
pital a deposit of 12s. 6d. pe'r share is to be paid, so
that no further call on the original 501. shares beyond
5/. 53. per share will be made until the Act be ob-
tained, and a deposit not exceeding 2/. 12s. 6d. per 251.
share will be required on the new shares. The sum of
I Is. 6d, per share will be returned to those shareholders
who wish to retire, and those shareholders who wish
to continue, must execute fresh Parliamentary deeds,
of the time and place for which notice will be given to
all the shareholders. Your committee are further en-
couraged in recommending the renewal of the applica-
tion to Parliament next session, by continued assurances
of support from the landowners manufacturers, and the
inhabitants generally of the district immediately in-
terested, and refer with extreme satisfaction to public
meetings which have been held at Exeter, Honiton, and
other places, at which an earnestness of feeling was dis-
played, unequalled in the progress of the railway system.
The CHAIRMAN moved the adoption of the report.
Mr. LETT seconded the motion.
A SHAREHOLDER said, by the report it appeared that
the South-Western were to allow them 5i per cent.
He might be mistaken, but he thought it was to be 6 per
cent.

The CHAIRMAN said, 5i per cent. was the original
guarantee.
Dr. SNOW highly complimented the directors on the
zeal' and.untiring energy which they had displayed in the
service of the Company, and sincerely regretted that
their labour had not been crowned with the success

they deserved. A meeting at Exeter had lately taken
place, 'which gave them great encouragement to
proceed, inasmuch as a requisition in favour
of the line was signed by 6,000 persons.—(Hear.) Ha
understood, also, that the feeling along the course of the
line was more sanguine as to the ultimate success of the
undertaking than last year. He thought they ought
to congratulate themselves on having had 5f
per cent. guaranteed to them by. the South-
Western ; it had kept their shares at a fair rate in the
market. There was nothing in the report to which he
could object; he should therefore support it, and hoped
to meet the directors next year to congratulate them on
the passing of their Bill and the laying of the foundation-
stone of so desirable a railway.—(Cheers.)
The report was carried unanimously by acclamation.
A SHAREHOLDER inquired what would be the relative
positions of those who had paid their 21. 103. and those
who had not yet done so ?;
Mr. Lorr—They ought to pay interest.
The , CHAIRMAN said the directors had given their
attention to the subject, but the interest would amount
to so small a sum—not more that 4d. a share—that they

thought the exaction of interest hardly worth while.
They must of course pay up before they signed the new
deed.

Some discussion then ensued with respect to dividing
the 501. into two shares of 251. each, a motion recom-

mending the directors to do so (the chairmain having
stated that he and the directors were in favour of such a
plan) was proposed by Mr. GOODWIN, seconded by Mr.
STUTLEY, and carried. _ . .

Mr. PEASE inquired if the company had any inte-
rest in promoting a line below Exeter?
The CHAIRMAN said they had not, but the South-
Western had.

Mr. PEASE was glad to hear it. Before they sepa-
rated he could not help expressing the regret which, be
felt, in common with others, that large sums of money
should be spent in contests with other companies, and he
only mentioned it now in orderlto suggest to the directors,
that if there was a chance of preventing expense by
entering into negotiations with other companies, they
would do well to do so, in order to avoid an enormous
waste of money in a Parliamentary contest.
Mr. FIELD said they should not be treating the Chair-
man and directors in a becoming spirit if they separated
without expressing their deep sense of the services they
had rendered to the company. Their defeat was a
source of very great regret, but he was sure no blame
could be attributed to the directors—it was the:: mis-
fortune, and not their fault ; but the arrangement
which they had made with the South-Western Com-
pany, in the present position of railway affairs, must be
very gratifying. Knowing the assiduity they had shown
in bringing about that arrangement, he considered that
for that and their other toil they deserved their best
thanks. He begged to propose a motion to that
effect.—(Cheers.)
The motion was carried unanimously.
The CHAIRMAN returned thanks for himself and his
brother directors. It, was very gratifying to find that
their labours had met with the approbation of the share-
holders. Ile hoped, as his friend opposite had said, that
they might meet again under better ampices next year,
and have to announce the success of their renewed ap-
plication to Parliament.—(Hear.)
The meeting then separated.