The Sun.
London, England, 1860-02-09 00:00:00

44*
.

LONDON AND SOUTH-TVESTE.RN

RAIL TEA E

HALF-YEARLY MEETING-THIS DAY.

The ordinary half-yearly meeting of the share-
holders in this company was held this day, at the
offices of the company at the Waterloo Station.
The chair was occupied by Mr. Mangles, chair-
man of the board of directors.
The usual routine business having been trans•
acted, and the directors' half-yearly report, which
has already appeared in 71,e Sun, having been
taken as read,
The CHAIRMAN, in moving its adoption, said,
with an increased dividend experience had shown
that there was no difficulty in the directors of such
a company in carrying a meeting with them. This
company, he was happy to say, was not an excep-
tion to that rule, and if the shareholders would
listen to him for a short time he would prove to
them that the prospects of the South-Western Rail-

way were good, and the property of the share-

holders were safe. The hon. gentleman then pro-
ceeded to touch upon the financial position of
the company, and remarked that as the com-

petition with the Brighton Company bad ceased,
the directors had fair reason to anticipate that the
year 1860 would show a large increase over that of
1859. He had great satisfaction in stating the
` satisfactory progress of peaceful arrangements with
the Bristol and Exeter and the South Devon lines,
and it was but due on his part to state that through
the negotiations the directors of the South Western
had been met in a most fair and honourable man-
ner, and had the pleasure to state that the plans with
those companies had been agreed upon. While he
was on that point he was anxious that the
public and the Great Western Railway might
be informed, through the press, that the
directors of the South-Western were ready at any
moment to enter into peaceful arrangements with
them for an interehange of traffic. The present
year bids fair to be most prosperous for the com-
pany, for, comparing the receipts for the first five
weeks with those of the corresponding weeks of
1859—after deducting the expenses—show an in-
crease of £l,OOO per week. (Hear, hear.) The
attention of the directors having been called to
the additional wear and tear of the line, in
consequence of the increased traffic, they have
resolved at once to relay all such parts of the
line were necessary with additional sleepers and
fish-joint rails. The repairs to the rolling stock
had been fully maintained during the past year at
the expense of revenue, and much of the older por-
tion of it has been converted from first to second
or'third-class carriages, the result had proved the
wisdom of the step. The heavy works at Gilling-
ham tunnel had delayed the further opening of the
Shrewsbury and Yeovil line to Yeovil,. but the di-
rectors now confidently expect that the line would
be opened throughout in the month of April next.
The traffic over that part of the line already finished
was perfectly satisfactory, and he felt that it would
be still more remunerative. Before he would resume
his seat he would just allude to the Government
duty, rates, and taxes on railway property, which
were gradually increasing. He thought it a great
hardship and injustice that railway property should
be subjected to such unjust demands; and if those
gentlemen present, who happened to be members
of Parliament, would turn their attention and give a
serious thought to those increasing demands on rail-
way property, with a view to ascertain whether they
could not be stopped or greatly reduced, they would
render a great service to all holders of railway
property. Notwithstanding the slightly diminished
dividend he thought on the whole their position
was satisfactory, and that the company stood in a
good and wholesome position. (Hear, hear.)
The motion of the chairman having been seconded
a desultory discussion followed.
Mr. A SHCRAFT moved an amendment to the efect,
that the meeting do not approve of that part of the
report relating to the narrow guage on the Exeter,
and Crediton and Bideford Railway.
Mr. PUNCHER expressed his dissent to many
subjects mentioned in the report.
Mr. TITE, M.P., said he had taken great pains
to prevent the expenditure on the Direct Ports-
mouth and Exeter Railway, but ho was not sup-
ported, and hence the failure with the proprietors.
The hon. gentleman then proceeded to explain that
it arose from no difficulty on the part of the directors
that their dividends were less than they ought to be.
It arose entirely from the opposition and rivalry
that had taken place. As chairman of the North
Devon Railway, he contended that the con-
duct of the directors was entirely free from
the aspersions that had been made against them.
Their adoption of the narrow gunge was a wise
one, and he thought they had exercised a sound
judginent, and although he' should have been
delighted to have received a larger dividend,
he must express his satisfaction that, under the
difficulties the directors had to contend with,
they should have been enabled to declare a
dividend of 5 per cent. He defended the direotors
in all their proceedings, and urged that they ought
to be freed from attacks that had been made
upon them. He had great pleasure in support-
ing the report of the directors. (Hear, hear.)
A SHAREIIOLDER hoped the directors would
pause before they commenced operations at the foot
of Kingston bridge. The station at Hampton
Wick, he contended, answered all purposes.
This report, after a lengthened discussion, was
carried.

Resolutions for the payment of the dividend
mentioned in the report and the election of re-
tiring directors were then agreed to, and the
meeting separated.

LAW INTELLIGENCE.—(This Day.)

COURT. OF CIIANCERY.
(Before the Lords Justices.)
BAILEY V. CASS.-APPEAL MOTION.

This was an appeal from an order of Vice-Chancellor Sir
John Stuart, directing the appellant to produce the writings
admitted to be in her possession, and deposit them with the
clerk-registrar within seven days in terms of the order.

Their lordships declined to disturb or alter the order, with
costs.

Lord Justice Knight Bruce observed that if the clerk
registrar would receive them after the expiry of the seven
days a fresh order would not be necessary. Counsel agreed
to do nothing for a week.

Lord Justice Knight Bruce—We give no direction or
directions that will prevent the lady to apply to have them
restored after they have been deposited.

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Evans.)
IX Itl3 BILDWIN-TILE MOHNING HERALD.

To-day was appointed for a dividend meeting under the
estate of Mr. E. Baldwin, formerly proprietor of the Kern-
ing Herald newspaper. The debts proved amount to
£BO,OOO. A dividend of 2s. in the pound has already been
paid. The present dividend will be twopence.

IN RE DEVIDSON, PFAIIL, AND CO.

The bankrupts had carried on business in Cammomile-
street, City, as foreign and fancy merchants. An applica-
tion was now made for enlarged protection, the examination
having been adjourned to anable the accountants, Messrs.
Robinson, Nichols, and Co., of Old Jowry Chambers, to
complete the accounts. The delay has been occasioned
through the differences between the parties. Protection
was granted, and it was stated that the balance sheet would
be filed in the course of next week.

THE CATTLE TRADE. SALISBURY, Feb. 7.—
Beasts were in increased supply to-day, and there was a fair
proportion if good qualities; but a clearance was not effected
until nearly the close of the market. Late rates, however,
were fully maintained, best oxen realising lie. 6d. to 12s. 6d.,
and heifers 10s. to lls. per acme. Sheep were rather short
and sold at the extreme prices of last market—beat Down
mutton, 84d. per lb.
THE ALPAC kS.—We have been informed that the
Colonial Government of Sydney have remitted to Messrs.
Graham, Tobias, and Co., of London, the first produce of
Mr. Ledger's flock of alpacas, with instructions to gather
opinions from merchants, manufacturers, and other con-
sumers as to the comparative value of this new and im-
portant product of the colony with that from Peru and Bo-
livia. Samples will also be sent to Manchester, Leeds,
Bradford, and other towns.
REPRESENTATION OF GREAT YARMOUTH.
Rumours have obtained publicity of a compromise in the re-
presentation of this borough, so as to avoid the necessity of
troubling the select committee to be chosen on the 21st ins
to determine the petition presented against the return of the
present Conservative sitting members, Sir Henry Stracey
and Sir Edmund Lacon. The terms of compromise are re-
g
ported to be as follows :—Sir E. Lacon to to Mr.
E. W. Watkin, of Manchester, one of the defeated Ray
dyLiberal
candidates, and Sir H. Stracey to continue in undisturbed
possession of the second seat till a dissolution, when ho is to
retire in favour of Sir Edmund, and try' his fortune at Nor-
wich. The tactics of Yarmouth politicians are generally,
however, of so determined and obstinate a character that it
is not very probable that such arraDgemouts as these could
bo carried through successfully,