The Sun.
London, England, 1856-01-04 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.

The following report has been issued by the directors :
" At the last half-yearly meeting of the proprietors it
was announced that the obligation imposed on the company
by the act of last session, to extend this railway to Exeter,
was under the consideration of the directors, and that so
soon as they had been enabled to come to a conclusion on
this most important matter they would summon a special
meeting of the shareholders, to whom they would pre-
viously report which of the two lines to Exeter they re-
commend for adoption, with their reasons for such recom-
oudation.
" The directors accordingly now propose to explain their
views on this important question.
" The first conclusion at which they arrived was, that
the company Being under direct obligation to act, the
matter for decision is limited to the manner of action.
" The important point of deciding on the route to he
adopted being entirely dependent on the resolution of the
proprietors, the directors have therefore caused all the ne-
cessary preliminaries for proceeding to Parliament in the
next session to be fulfilled in such a manner as to enable
the board to adopt and act upon the selection, as to route,
on which the proprietors may decide.
"In considering the manner in which the company can
least disadvantageously fulfil the obligation thrown upon
it by Parliament, the directors have been but little in-
fluenced by the previous discussions of the subject, on ac-
count of the dissimilarity in the circumstances in which
both the company and the district are now placed.
"In 1851 for instance, when the construction—in
alliance with a separate company—of a line from Salisbury
by Yeovil to Exeter was so much considered, and the pro-
longation of the coast line from Dorchester to Exeter was
submitted by another company as a counter Oroject, the
determination of the proprietors proceeded, not so much on
the distinctive character of the lines proposed, as of the
particular terms and circumstances then attending each.
At that time, also, this company's works had been sus-
pended between Basingstoke and Salisbury, and it was
considered by a large proportion of the shareholders that
the part between Andover and Salisbury was in reality
abandoned ; whilst in the coast district not only had the
intended Great Western branch to Bridport been aban-
doned, but an opinion was stronglycurrent that their Wilts
and Somerset line would never reach Dorchester and Wey-
mouth. It was also a main feature in the arguments of
those who supported the coast line, that if that line were
made the central scheme would be for ever given up.
" In 1853 the meeting which gave an approval of a Dor-
chester and Exeter extension may be said to hive been ac-
tuated solely by the expediency of defeating the then pro-
posed Devon and Dorset line; and the meeting which, et
a later period of the same year, stayed its progress, acted
upon the desire of avoiding extensions altogether. At
neither meeting was it the question whether a western ex-
tension would be better made by Yeovil or by Dorchester.

" The question now to be entertained is not in the shape
of a comparison between a voluntary extension westward
from Salisbury, and one from Dorchester, but which will
be least onerous to the company—a compulsory extension
from 'Yeovil or from Dorchester; and this must be met on
the existing circumstances, the features of which will be
found to differ in many most essential points from those
of 1851 and 1553.

" The chief of these differences are—
" 1. That this company has now completed and opened
the line to Andover, and in a few months will have ex-
tended it to Salisbury.
" 2. An act has been passed enabling a separate com-
pany, known as the Salisbury and. Yeovil Company, to
O eitinue the narrow-gauge system to Yeovil.
".3. Bridport, the only important place between Dor-
chester and Axminster on the coal line, is found to be
once more occupied by a broad-gauge railway, authorised
in 1855, and
4. No doubt remains as to the early completion of the
Wilts and Somerset line to Dorchester and Weymouth.
" In order that this important questim might be con-
sidered and decided with the utmost deliberation, the
board, in August last, appointed a committee for the special
purpose of thoroughly investigating it, and they have every
reason to believe, not only on the account of the time which
the committee devoted to it, but of the information they
obtained, that this duty has been carefully performed.
" The committee advised (and the board discussed the
matter and arrived at the same conclusion) that if the ex-
tension were to be made from Dorchester, it should be by
a new line throughout ; that any saving of expense by
adopting and running over a part of the sanctioned broad
gauge lines, necessarily in adverse hands, would be far out-
weighed by the obstacles which might be expected in the
conduct of the traffic ; that we should, in fact, bring traffic
to these lines which would otherwise run over our own ;
that the distance was greater, and that the necessary mix-
ture of gauge was on many accounts, irrespective of this
district, inconsistent with the interests of this company.
" They, therefore, proceeded to a comparison between a
Yeovil and Exeter line, and a new line from Dorchester to
Exeter throughout.
" In looking at the subject in this light it was felt that
the Yeovil and Exeter line could not be considered apart
from the state of things between Salisbury and Yeovil,
and could not bo adopted without adequate security that
the latter railway would in fact be made, and would be
worked under proper relations with the South-Western
Company. Before, however, entering into any iegairy as
to the prospects of the Salisbury and Yeovil line, it seemed
necessary to decide whether, assuming that line to be
made, an extension from thence or from Dorchester was
entitled to the preference.

" The first pOint in this part of the inquiry was to ae•
certain and consider the relative distances by the two lines
from the important towns on the South• Western system.
The following table shows the result :

Son th•

Porte•

Miles. London. arnpton. rn
Exeter to Dorchester 58 198 k 119 i 146}
Exeter to Yeovil 5O 171. 117 133,}

Difference in favour of
Central line . 8 27 2. 13
"The next point was as to the cost of completing each
line as a single railway, with proper passing places, sta-
tions, Sze., and with tunnels, bridges, and land sufficient
for a double railway.
" This was ascertained, first, by reference to Mr. Erring-
ton, the company's consulting engineer, nail afterwards by
submitting the plan and section of each line to 15compe‘,ent
contractors, seven of whom sent in tenders for the work. It
will be satisfactory to the proprietors to know that these
measures have fully confirmed the estimate which the en-
gineer gave as to the cost of either of Puch extensions.
The board could no,v, were the company in a position, and
desirous to do so, contract for the execution of the Yeovil
and Exeter line (as above) at somewhat under 000,0:;0i.;
or of the Dorchester and Exeter line (as ebovia) at some-
what under 700,0001. The two lines are identical for 30
miles—that is to say, from a point somewhat east of Ax•
minster to Exeter—and the difference of cost is due to the
greater length and heavier works on the line between Dor-
chester and Axminster. On the last-named line, also,
there are no less than eight miles of a gradient of 1 in SO,
whilst on the Yeovil and Axminster line there are less
than three miles of that gradient, and this must be mate-
rial consideration in the expense of the working.
"The next point was as to the traffic of the t vo lines.
As regards the merely local traffic on either line there
would appear to be no difference in character between the
districts which are not common to both lines, viz , those
east of Axminster. But as regards your interests there is
this material difference, that, whereas the Yeovil line will
have the entire traffic of the district which it traverses,
the Dorchester line has for more than half its distance a
competing line, which, from the character of the Brelport
trade, will draw the greater portion of the traffic from the
only place of importance between Axminster and Dor-
chester, and will also compete for a share of the local traffic
of the district. As regards the London traffic, it does not
appear probable that a line by Dorchester could share in
the London traffic of the Exeter district, but a line by
Yeovil (each trip by which, between London and Exeter,
would, in mere haulage, cost above 12 per cent. less than
each such trip by Dorchester) may bo confidently expected
to carry a fair proportion of such traffic. As regards the
effects upon the traffic of your existing lines of railway of
each of the projected extensions, the Dorchester (60 miles)
would receive the benefit of all the traffic coming from the
west of that place, and this would materially increase its
reseipts. By the Yeovil route a very largo addition would
be made to the traffic of your Salisbury and Basingstoke
line (38 miles), and your Salisbury and Bishopstok; line
(22 miles). But the most material consideration respect-
ing the traffic of the two lines is, which of them is least
liable to invasion by other lines; for, if it is onerous
to make either line, it would be doubly so, after making
one of them, to find the expected traffic withdrawn by
some more direct or preferable competitor.
"At this point it became requisite to consider the con-
dition of the Salisbury and Yeovil Company, and it ap-
peared, after full inquiry, that the present state of the sub-
scription list, and other circumstances, rendered it highly
probable that that line would be made, even if the com-
pany went from Dorchester to Exeter. The table of die-
Sauces shows that the effect of this would be to divert the
whole of the traffic from our line at Axminster, and to
prevent any of it from being carried by our Dorchester
line, whilst the abstraction of the Bridport district by the
broad gauge branch would render the outlay on the sec-
tion from Axminister to Dorchester (nearly 303,0001.) an
absolute loss.
"On the other hand, if the Yeovil line were made, and
if the Bridport branch should be pushed on to Axminster
t4' join us (which does not seem probable, as there is no
country to support it by its local traffic), it could not be
productive of any itekory to the Exeter and Yeovil line.
" Upon these, 3114 the like considerations, neither the
committee nor the board would have had difficulty in de-
termining that to construct the new line from Yeovil would
be the wiser course, if the entire line east of Yeovil were
the property, or to an adequate degree older the control,
of this company, and if it were certain that the works
would be completed, at least as zoo' as the company's
Exeter extension.
" In order to obtain satisfaction on these points,e n
rnunications were opened with the directors of the ca m•
Salis-
bury and Yeovil Company, and the committal, upon inves-
tigation,-
became satisfied that the Salisbury and Yeovil
Railway would, without assistance from this company, be
sooner or later made ; that with such assistance as this
company might prudently be advised to give, the line would
be executed early ' • and that whilst the selection of the
company's line to Exeter was yet unsettled, an arrange-
ment might be made for securing to this company all need-
ful control over the Salisbury and Yeovil line, with other
ad vantages.
"The committee proceeded therefore to negotiate with
the Salisbury and Yeovil Company, and arrived provision-
ally at the terms to be presently stated. They then re-
ported to the board that in their opinion the line from
Yeovil was the best to be recommended to the proprietors.
" 1 Because of the relative distances from important
'places on your system.
2. Because the traffic was now without competition,
and Would be hereafter less open to invasion.
" 3- V•ecaeee it was also the less expensive, and the
better in an engineering point of view; and
" 4. On account of the great increase of traffic which
would be secured ermanently to your Salisbury and
Basingstoke and SalFsbury and Bishopsteke lines.
" They also recommended to the board to approve of
the terms they had (*Ane to with the Salisbury and Yeovil
Company.
" The board Laving fully considered their commitee's
report adopted it, and
now unanimously recommend to
the proprietors to sanction their proceeding to Parliament
to obtain an act for making
theline
Yeovil to Exeter,
and to authorise them to enter i
Salisbury and Yeovil Compa an from
agreement with the
kg terms : on the basis of the follow-
" ABSTRACT of TERMS proposed 10 b
Salisbury and Yeovil Co
agreed on with the
" 1. The Salisbury and Yeovil lin°mpany.
the narrow gauge as a single line, e tth o be completed on
passing places, &c., and all bridge,wel proper stations,
; the
wuLnels, and land for
a double line, by let July, LSD
le to be done to
the satisfaction of the principal engineer ella
company in the construction of their Exeterpeleo3tred
.by this
of this company's ext:nussi!ounn.
" 2. Upon the oponing
line

to Yeovil, this company's rebate of 25 per cent. on the
Salisbury and Yeovil London traffic to cease.
" 3. The Salisbury and Yeovil line to be maintained
and worked exclusively in perpetuity by this company,
with such trains, at such speeds, and such charges, as they
think fit, the proceeds to be accounted for to the Salisbury
and Yeovil Company-
" 4. The South-Western Company to be paid for main-
tenance and working cost prices (including interest on ca-
pital invested on rolling stock), such cost prices to bo set-
tled by arbitration.
" 5. The South-Western Company to subscribe 104,000/.
towards the Salisbury and Yeovil Company's share capital,
with the yearly option of having a 4 par cent. preference
dividend, or the same dividend rateably with the other
proprietors in the Salisbury and Yeovil Company. The
South-Western Company to pay nothing on these shares
until 150,000 g. has been paid up to the other Salisbury
and Yeovil shares, an spent on that line ; and the Salis-
bury and Yeovil Company having the option for twelve
months of finding this share capital elsewhere.
"6. The South-Western Company to nominate two di-
rectors to sit at the Salisbury and Yeovil board.
"7. The South-Western Company to have the option of
claiming a lease of the Salisbury and Yeovil line for 1,000
years, on terms analogous to the above working arrange-
ment.

"8. The South-Western Company to have the option,
for three years after the opening of the Salisbury and
Yeovil Railway, of claiming an absolute transfer of it to
them, on paying off that company's share capital with 4
per cent. interest and 10 per cent. bonus, and adopting or
paying off that company's debenture debt.
"9. The Salisbury and Yeovil Company being, under
their act of incorporation, bound to double their entire
line, on the traffic reaching 40,0001. for three consecutive
years, are, at their own expense, to double any part which
the South-Western Company may desire, not exceeding the
proportion of four miles for every five miles which the
South-Western Company may think fit to make doable on
their Exeter extension line.

" 10. The South-Western Company to make their Exe-
ter extension line by way of Yeovil.
11. The whole arrangement conditional on the accept-
ance of the shareholders in each company, and if accepted
by both sets of shareholders to be submitted forthwith for
the sanction of Parliament.

"The directors believe that these terms will give this
company every control over the Salisbury and Yeovil line
necessary for working the traffic of their own lines, and
will, to every needful and proper extent, enable them to
use it as if it were their own, without the risk of embark-
ing a large capital in it, and that the amount to be
subscribed may be so advanced with every security from
loss or further involvment.
" If, therefore, the extension from Yeovil be considered
intrinsically the better, the board apprehend that the
terms ospable of being made as to the line east of Yeovil
are sufficiently advantageous toremove any objection
arising from the company not being the actual owners of
that line.
" There are other points for consideration, but the di-
rectors think they have sufficiently explained those of the
first importance. They have taken a comprehensive view,
having regard to the permanent interests of the company
rather than any mere expedient for the moment ; and they
trust that the proprietors will accord with them in opinion
that the sound policy of the company is to adopt the
Yeovil route, and to avail themselves of the arrangement
witk the Salisbury and Yeovil Company now offered and
recommended to their approval.
The directors have not lost sight of the difficulties that
may arise in working so great a length of single line, nor
that, if the traffic should hereafter require it, some portions
of the Basingstoke and Salisbury, and Yeovil and Exeter
lines will require to be doubled.
"A carefully-prepared plan is appended, showing the
whole of the present South-Western system, and the ad-
jacent districts referred to in this report, with the distances
marked upon it, which the proprietors will find useful in
considering the subject.
"The directors think it right to add that a memorial,
most respectably signed, accompanied by a plan, was laid
before them, advocating a line between Exeter and Axmin-
ster considerably to the south of that which they now
recommend ; but the nature of the country involved—as
was, indeed, shown by the plan of the parties proposing it
—a much mere expensive line, and one involving far more
severe gradients and works, without any corresponding
advantages to make its adoption desirable.
" By order. L. CROMBIE, Secretary.
" Waterloo-bridge Station, Dec. 27, 1855,"