The Sun.
London, England, 1851-02-28 00:00:00

of some return upon the capital invested in shares in that
ueeeetaleieg, aOd premotee the formation of the Taw
Vale Raiiway by an inuependeot company, whereby the
nosh of Devon Will be supplied with raileay accommo- '
detion in immediate connexion with your main line.
Your directors here received memorials from
several parties, calliag upon this company to
proceed with the construction of the Durston
and Yeovil branch ; and though it ii not at present
easy to foretel the exact period when such a step
may be absolutely necessary, yet it cannot be denied that
there are various elements in the question which point
to an early decision, or at least to the desirableness of
your directors being authorised to ascertain with preci-
sion what the construction of the remaining thirteen
miles would cost. The magnitude of the sum already
expended, and the certainty that by incurring a com-
paratively moderate outlay it may be made in some de-
gree productive, would, even if there were no other sub-
stantial reasons, render this subject deserving of your
most serious consideration; and if you concur in these
views, your directors would suggest the propriety of
your passing a resolution expressive of your approval of
their taking measures for completing this branch, when-
ever the interests of the compary may require it. The
balances now in the bankers' hands, which, including
the amount received for deposits and anticipations on
account of Perpetual Four per Cent. Preference Shares,
amount to 78,633/. 89. 4d., will be required for paying
off the loan notes falling due on the 21st of March,Jor
discharging other liabilities, and to provide for the divi-
dend. The greater part of this sum is bearing interest.
The arrears on all shares. including those belonging to
this company, and the forfeited shares, are now reduced
to about 25,9001., nearly 10,000/. having been paid up
since August lest; and there is reason to expect that
a further considerable reduction will shortly take place."
The CHAIRMAN, in moving the adoption of the report,
said he had been frequently called upon to address the
shareholders of that company, but he had never addressed
them with greater pleasure than upon that occasion.
They had never on any previous half-year seen so large
an amount of return, and although a considerable por-
tion of am', sum he must acknowledge was derived from
the meeting of the Royal Agrieultural Society of last
year, still the receipts were very satisfactory, and he
might also affirm that the prospects of the future were
moat gratifying. Probably some objections might be
raised as to the reserve fund which the directors pro-
posed to set aside. For his own part he thought the
sum extremely moderate, for, in tact, there existed no
necessity for a reserve fund at all.—(Bear, hear.) The
directors would be too happy to give the proprietors a
dividend of a little higher rate, but it would be absurd
in any body of gentlemen to do so, if by proposing such
a resolution they endangered the welfare of a large
company. In reference tc the dividend, he was of the
same opinion as Mr. Glyn, of the London and North-
Western Company, that a reserve of adequate amount
was the best security of an average dividend being main-
tained. After some further observations the chairman
moved the usual formal resolution adopting the report
and accounts.

The resolution having been seconded,
Major GODFREY, in a speech of some length, moved
an amendment to the effect that a dividend of 21. instead
of 11. 15s. be declared, his avowed object being to abolish
the reserve fund.

Mr. LUXMORE seconded the amendment, which was
put, and lost by a large majority; and
The original resolution was carried almost unani-
mously.
In answer to questions,
The CHAIRMAN said that the estimated expense of
completing the Yeovil and Dorchester line was about
100,0001. In explanation of that paragraph in the re-
port which refers to the payment of the loan-notes and
debentures, and other liabilities of the company, the
Chairman stated that fur this purpose a sum of 60,0001.
represented by 16,000 shares, would be issued, of which
he was at liberty to state that 21,0001. had been already
paid.
The resolutions authorising these arrangements were
then put and carried, and the meeting was then made
special, and a resolution for the purpose of securing Par-
liamentary sanction to the financial arrangements deter-
mined upon by the recent special meeting was put and
carried unanimously.
A rote of thanks to the Chairman and directors closed
the business of the day.