The Sun.
London, England, 1851-08-23 00:00:00

DIRECT LONDON AND PORTSMOUTH.

The half-yearly meeting of this company was held
yesterday at the London Tavern, Mr. W. A. Wilkin-
son in the chair.

Mr. YOUNG, the secretary, read the report, which
stated that since the last meeting the directors have
had an interview with the Commissioners of Railways
touching those amendments in the Railways Amend-
ment Act of 1850 which they considered necessary
to render that Act available for the purposes for which
it was intended, without however, the directors regret
to say, any satisfactory result. In the meantime two
decisions have been given adverse to the company on
the construction of Parliamentary agreements, which,
in effect, have decided that the company shall pur-
chase at an extravagant price land for a line of rail-
way which is not to be made, and shall also pay
enormous compensation for damage which can never
be occasioned. Against these decisions the directors
have determined to appeal. These proceedings form
an additional difficulty in the dissolution of the company
under the provisions of the general Act. The directors
intend immediately to advertise for sale by tender
of the 3,516 shares which have been forfeited, and
upon which the holders have not made the arrange-
ment contemplated in the last report. In the accept-
ance of these tenders preference will be given to share-
holders, and so soon as the sale shall have been ef-
fected steps will be taken to recover the balance due
to the company. The accounts to the 30th of June
showed that 143,9661. had been received, and 119,9181.
expended, leaving a balance of 24,0471.
The CHAIRMAN, in moving the adoption of the re-
port, said he had nothing to add to it. They would
perceive from the account that they had received
3,8681. during the half-year, 3,5001. of which was the
result of a compromise in respect of 6,710 shares,
and they had expended 1,732/,, of which 1,5511. was
for land at Epsom. The directors found great diffi-
culty in prooceeding under the Railways Abandon-
ment Act, and the Railway Commissioners had given
them no hope to go on under its provisions. The law
proceedings against the company hal the effect of
causing considerable delay in winding up the affairs
of the company.
Mr. BURCHELL, the solicitor to the company,
explained, in reply to a question, that two
decisions were given against the company :
one was in the Court of Exchequer, before three
judges ;:aone of them (the Chief Baron) being in
favour of the company, but the other judges were of a
different opinion ; consequently the judgment was
given against the company. They were, however,
strongly advised by eminent counsel to appeal to a
court of error. It was the opinion of an eminent
conveyancer, that the payment of the claim was con-
tingent on the taking of the land, and as the com-
pany had not taken the land and did not require it
they were therefore not bound to pay the claim of
the landowner. The other case was that of Mr.
Webb, who had filed a bill against the company to
compel them to complete the purchase of certain
lands, and the Vice-Chancellor had decided in his
favour. The company were advised to appeal against
those decisions.

In reply to questions it was stated that the assets
would at present realise about 27,0001., that there
were 21,270 shares in the company. The two claims
against the company amounted to 8,0001., and if they
were established the company would have the land,
which they could sell, of course at some loss. They
were compelled to purchess the land, they could
afterwards offer to sell it to the present owner, and if
he refused to purchase it at a price to be decided on
they would then be at liberty to sell the land to any
other person.
Resolutions were passed adopting the report, and
re-electing the retiring directors, tienrs. B. Baines,
J. Whisken, C. S. Crowley, and E. Crowley, and also
the retiring auditor, Mr. 11. Lacy.
A vote of thanks to the chairman and directors
terminated the proceedings.