The Sun.
London, England, 1860-08-09 00:00:00

LONDON' AND SOU2H WESTERN
RAILWAY.

HALF-YEARLY MEETING THIS DAY.

The ordinary half-yearly meeting of the shareholders
of this undertaking was held at the Waterloo station this
day—Captain Mangles, chairman of the Board of Directors,
presiding.

The Secretary (L. Crombie, 'Esq.) having read the mi-
nutes of the previous meeting, and the report (which has
already appeared in The Sun) having been taken as read,
The CHAIRMAN rose to move its reception and adop-
tion, and said the directors felt great gratification in
meeting the directors on the present occasion, because
their affairs were far more auspicious than they
were in February last, they being enabled to de-
clare 'a dividend equal to that at the corresponding period
of last year. (Hear, hear.) He felt satisfied that tits whole
of the shareholders would agree with him that, in looking
to the vast extensions that were going on, they had made
a good fight in holding on their own. (Cheers.)
Since their last half-yearly meeting a charge
had been made against the directors of the South-
Western Railway of breach of faith, but he would not de-
tain the meeting more than by just making a passing allu-
sion to the subject. It had been said "in another place"
—(hear, hear, and laughter)—that they had been guilty of a
breach of faith with the public in not carrying out their en-
gagement, but at that moment they had carried out their
engagement by making a line which was much better than
the coast one. It had been approved of by the most
eminent naval and military authorities, and the charge
made against the company of a breach of engage-
ment was therefore untrue, ungenerous, and unjust. (Hear,
hear.) The company was much indebted to two noble lords
who had cone forward and done that which was not very
fashionable at that time, namely, defend a railway. (Hear,
hear.) It was now considered fair for any person to attack
and depreciate railway property, and therefore when they
found two noble lords adopting the rare course of defending
and vindicating the directors from the charges made, he
thought such honourable exceptions were worthy of their
deepest thanks. (Hear, hear.) In the last half-yearly
rejig the directors expressed a hope that the
arrangements then conditionally made with the Bris-
tol and Exeter Railway Company, for the construction
and working of a joint station at Yeovil where the
two systems meet, would receive the sanction of the pro-
prietors and Parliament. The proprietors at that meeting
accorded their approval; Parliament has since confirmed
the transaction, and arrangements were now in progress for
erecting the joint station. The extension line from Yeovil
to Exeter was opened throughout for traffic on the 19th
July. The line and works had been most substantially
constructed throughout, and reflected great credit on the en-
gineer of the line and the contractor, who had had a severe
season to deal with while completing them. The directors
anticipated a large increase of traffic to the old main lines of
the company from the rich and populous district through
which the extension line passes, and the local traffic will no
doubt be oonsiderable. The Chairman then called atten-
tion to the last paragraph of the report which referred to
the invasive schemes that had been attempted on their lines,
and he congratulated the meeting that none of them
had received the sanction of Parliament. Whatever differ-
ences there might have been with respect to the past he
thought their future prospects were as favotirable as they as
reasonable men could expect. (Hear, hear.) If any share-
holder wished any question answered which was touched
upon in the report he should have very great pleasure in
answering them. He concluded with the usual motion that
the report be adopted.
Mr. LACY seconded the motion.

Mr. EDWARDS complained of the loss sustained by the
company with the steam-packet company, and expressed a
hope that the directors would most seriously consider the
matter.

The resolution was then put to the meeting and carried
unanimously.
The CHAIRMAN then moved that the dividend for the
half year be at the rate pf 4 per cent. per annum, and that
the same be payable on the 25th of August.
Count EYRE seconded the motion, which was carried
unanimously.

The CHAlRmAN'then moved a resolution to the effect that
the directors be empowered to create and dispose of such
share capital as shall have been authorised by ParHamel.*
and as shall remain>mdisposed of.
Mr. HUTCIIINS seconded the motion.

Mr. MALINs hoped that the rival] y on this and the
Great Western Railway on the Exeter line would not lead
to a cutting down of fares.

Mr. TaTE, M.P., entirely agreed with the opinions of the
last speaker, and expressed a hope that he would use his
influence in the House of Commons to prevent the adop-
tion of all sorts of useless schemes, the capital for which
must be in the moon. (Hear, hear, and laughter.)
Mr. MALINC thought it was a most objectionable thing to
leave a committee of the House of Commons to decide upon
the advisability or unadvisability of certain lines being con-
structed. The members composing those committees were
frequently quite unaccustomed to business, and who lost
sight of the vast capital invested, and the rights of the
proprietors, and only looked to see how the public could be
carried quickest and cheapest.
Serjeant GAZALEE concurred in the remarks of the last
speaker, and condemned committees of the House of Com-
mons as being totally incompetent to deal with railway
matters. .ers

The motion was then carried unanimously.
In reply to a Proprietor,

Mr. CASTLEMAIN said it was not true, in any particular,
that the company had refused to make the doable line from
Dorchester to Southampton. The fact was the company had
agreed on their receipts amounting to a certain sum, and on a
requisition from the Board of Trade being made to them that
it was desirable such a line should be made, to carry out the
engagement, but the Board of Trade had not yet called upon
them to make the line, therefore there had been no refusal
on their part to do so. The fact was, the whole affair had
been got up entirely for certain party purposes.
Mr. Trim moved a vote of thanks to the chairman, which
was enthusiastically agreed to, and the proceedings termi-
nated.