The Sun.
London, England, 1851-12-17 00:00:00

EVENING,

receipts. The distance from London to Exeter by
the Great Western Railway, on the completion of
about 25 miles of new line, would be about 174 miles,
and by Hungerford to Frome the distance would be
176 miles, so that there would be a difference of about
four miles between the proposed route to Exeter and
that of the Great Western Company. It was intended
to make the new line a single one, while they
would have to contend with a broad gauge double
line, worked cheaply, and a great speed. It was not
likely that they could compete successfully with the
Great Western Company, and in doing so they would
run the risk of reducing their dividend. He feared
that unless the independent shareholders acted with
firmness and energy the directors, the engineers, so-
licitors, agents, and officials would be too much for
the shareholders, and lead them into a serious and
unproductive expenditure.
Mr. REED, a director, said that the scheme did not
emanate from the directors of this company, but at
the same time he thought it would tend to the advan-
tage of the company if it were constructed. It was a
direct line, and would be the best to accommodate the
public.—(Hear, hear.) That was one reason why
the directors recommended it. He would ask them
what would become of their western traffic if they
rejected the present opportunity of securing the cen-
tral line ? There were broad gauge lines to Basing-
stoke, to Salisbury, and other places in the district,
and there was every probability, unless they secured
what they could, that they would lose some of their
traffic by competing lines. He warned them of their
danger in listening to the advocates of rival interests.
He had no fear whatever that the 50 per cent. of
working expenses would be exceeded, and that the
line, if constructed, would be a great advantage to the
company.
Captain Moonsoat said he attended there that day
in the double capacity of a shareholder and the repre-
sentative of a personal friend. He had listened at-
tentively for figures with regard to the traffic of the
district proposed to be traversed by the new line, and
he had heard none mentioned. He begged to ask his
old friend, Mr. Reed, if he knew what the western
traffic would amount to ? If he did not know he
would tell him that it was less than 6001. per mile
per annum. From the best information he (Captain
Moorsom) could obtain, the traffic between Exeter
and London was not more than what he had men-
tioned. He could tell them that the whole of the
local traffic between Salisbury and Exeter was not
worth so much as 4001. per mile per annum. The
question they bad to determine was, what were they
going to purchase, and what they were to pay for it ?
It was the moiety of the traffic between London and
Exeter. He would be able to show that it was not
worth much, and for that purpose he proceeded to
describe on a map the nature of the traffic. That
between Salisbury, Yeovil, and Exeter was not
worth more than 5001. per mile per annum. The
traffic between Basingstoke was about 5001. per mile
per annum. The traffic between Salisbury and
Yeovil at present came down almost entirely to
the South-Western Railway. (Mr. Read—No,
no.) The Bristol and Exeter would carry
nearly the whole of the Yeovil and Exeter traffic ;
they had a line nearly made from Exeter to Yeovil.
He would ask them, as reasonable men, what they
would get of the London and Exeter traffic by the
central line ? and he maintained that it was not worth
purchasing at any price. lie then proceeded to show
the advantages of the coast line from Dorchester to
Exeter, and contended that it would bring 4001. per
mile per annum to the line at Dorchester, and would
pass more or less over 141 miles of the South-Wes-
tern Railway. They would have 4001. per mile
over forty-eight miles of railway, 1501. per mile over
141 miles, 2501. per mile over sixty miles, and 501. per
mile over eighty-seven miles. They would receive
about 35,000/. a year. He would ask them was it
worth their while to expend 400,0001. on the Basing-
stoke line for the small traffic they would have ?
The central line, if constructed, would take away
some of the Dorchester traffic, and thus their income
would be reduced. He contended that the working
stock, to work the traffic on 126 miles between
Basingstoke and Exeter, would cost 180.001.
A PROPRIETOR was fully aware of the locality
from Basingstoke to Salisbury, and was satisfied it
would never pay. He could very well understand
the desire of the landowners for railway communica-
tion, it was for the purpose of getting the company
to pay large poor-rates of about 20 per cent., with
the view to reduce the rates on themselves. He could
assure them that in the agricultural districts it was a
matter of great consequence to get a railway to con-
vey produce along the line at a low rate which would
not pay, and to reduce the taxation of the district.
Mr. KAY said he represented the Manchester share.
holders, and he was exceedingly desirous to support
the directors on that occasion, but from the threat
held out by Mr. Locke of other parties making the
line he was inclined to hold back, and not budge one
foot further. When the Great Western takes up the
line it would be time enough for them to act on the
defensive. As to the cost of the plant for working
the proposed new line he believed, according to the
rule of three, it would be 189,000/.; they had 242
miles of railway, and their plant had cost 569,0004
Instead of the Basingstoke line and working stock
costing 500,0001., as estimated, he believed they
would cost nearer 800,0001. He thought the propo-
sition of Mr. Castleman was a reasonable one, and he
was entitled to great credit for proposing it, as they
could not suffer from information on the subject be-
fore them.

Mr. LOCKE explained with regard to the intima-
tion from him, referred to by Mr. Kay, that he was
only stating his connexion with landowners, and he
could assure them that he had acted with the land-
owners as a landowner himself, and in doing so he
had stated his opinion on the subject.
Mr. DicKENsoN thought they should not bind
at 50 per cent., as they
m
doing. In his opinion
the most blissful state for it railway company was to
have nothing to do with new
thiaginhstesluveffser to
some work
loss tlie
by hne
so
projects. Every great
line in the kingdom was brought down by project
after project. There was the greatest danger of
litigation. He hoped the project would not be enter-
tained.
director, defended the course recom-
mended by the board, and endeavoured to show that
on the new line, would be very small
Mr. SMITII,
ht a line of 90 miles in length
good deal of traffic upon it, and that it
advantageH
to the company.
it
oh
de
eleods
.s , ao ntyto u
would
dd
bheavuena
Mr. HEILArATU would not inflict upon them at
that late hour of the day
a speech, but he would put a
question of great importance to the directors and to
Mr. Locke. The question he put to the directors was
statem ,
ent of
whether the Captain Moorsom wa; true
or not, that the existing through London and Exeter
traffic amounted to only 500/.
or 6001. per mile per
annum ?
N said, the. directors had no means of
knowing The C
the amount of
Mr. HERAPATH said it appeared they were working
in the dark as to the. proposition of the new Exeter
line. But if they did not know he could tell them that
he was informed upon good authority that the Bristol
and Exeter Company now hand over to the Great
Western Company not more than about 5001. worth of
gross traffic per mile per annum passing through from
Exeter to London. That was the whole of the through
traffic, and, that being the case, he would put a ques-
tion to Mr. Locke, as the originator of the proposi-
tion, whether there was a line in England which was
adequately worked for less than 5001. per mile per
annum ?If he could work for 4001. a-year he would
then have but 1001. per mile per annum for profit,
which, of course, was totally inadequate to pay a re-
munerative dividend. In justice to the shareholders,
and also to the directors, he thought the directors
ought to allow of the appointment of a committee.
Captain CURRIE was decidedly of opinion the beat
course was to adopt the central line.
Dlr. MORTIMER Stated that he represented several
proprietors in the company holding a quarter of a
million of stock in the company, and that it was pos-
sible for them to work the new line at a loss, particu-
larly if they abstracted any of the traffic from the
Dorchester line. He feared, from a reduction of
fares in consequence of competition, they might risk
the loss of from 60,0001. to 70,000/. a year.
Mr. LOCKE said,lin reply to a question, that it was
very difficult to say what the London and Exeter
through traffic amounted to. He had no doubt the
Great Western could tell. The Dorchester line had
a traffic of 850/. per mile, and he thought it was rea-
sonable to expect that the central line would have as
much or more. It was not so much the amount of
traffic per mile as the cost of construction.
Mr. HERAPA.TII said, that Mr. Locke had not an-
swered his question
any line in England being
with respect to his knowledge of
worked for less than 6001.
per mile per annum.
Mr. LOCKE could not say as to an English line,
but he believed the Scottish Midland was worked for
less.

After some further observations, the amendment for
the appointment of a committee of shareholders was
put and carried.—(Cheers.) A poll was demanded,
but the Chairman decided against it.
A long discussion ensued on the proposal to name
the committee, in the course of which
Mr. LOCKE proposed that all those shareholders
who had spoken on the question of the committee
should not be members of it.

Mr. BRASSEY seconded the motion, which was not
put to the meeting.
It was agreed, after a long contest, that the mem •
hers of the committee should hold the same number
of shares as would be sufficient to qualify them as
directors ; and the following gentlemen were ap-
pointed to constitute the committee, viz.:—Mr. Cas-
tleman, Mr. Help, Mr. Sergeant Gaselee, Mr. Mor-
timer, Mr. Hutchinson, Mr. Crowley, Mr. Blunt, and
Mr. East.

A cordial vote of thanks was passed to the Chair-
man for his honourable conduct in the chair.
The meeting was adjourned to lgesday uext.