The Sun.
London, England, 1858-08-31 00:00:00

STAINES, WOKING, AND WOKINGHANI.

The• half-yearly and an extraordinary meeting of this
company was held at the London Tavern yesterday—Mr.
James Garrard in the chair. The report said :—" Your
directors have the satisfaction of iaforming yOu that the
works on your portion of the narrow gauge junction line at
Reading have been completed for opening ; and that notice
has been given to the Board of Trade that it -will be opened
for public traffic on the Ist September next. The Great
Western Railway Company have also made that portion of
the line which they were authorised to construct under the
provisions of the Reading Railways Junction Act, 1857.'
Thus the long desired continuous narrow gauge communica-
tion between the north-west of England and the south of
the Thames (rid Reading) now exists, and your directors
trust that they are not too sanguine in anticipating highly
beneficial results therefrom. 'Your diregtors also are happy
to be.able to state that the compettiion at low fares for the
London and Reading traffic has et length been terminated.
An alreernent •has been entered into for a period of three
years, by which equal and remunerative rates are to be
charged by all the companies, both for passengers and
goods, the receipts being apportioned between the com-
panics on the best estimate which could be formed of
the existing traffic. Your directors have every reason to
believe that this agreement will be advantageous. With
reference to the general traffic during the past half-year,
your directors report that a steady and continuous increase
both from passengers and goods has taken place :

The total receipts far the half-year to the 30th
June last amount to . .. £8,764 13:10
Those for the corresponding period of 1857
amounted to 7,2!0 16 2

Showing an increase on the half-year of 1858 £1,414 17 8
or nearly 20 per cent.—ti rate of increase on which your
directors think you will look with gratification, especially
when you consider the diminution which has taken place in
the receipts, over a similar period, of almost every railway
company in the kingdom. After deducting interest on
debentures, working, and all other expenses, the balance to
the credit of revenue for the half-year is £Bll 25., making
a total balance to revenue of £2,750 18s. 9d. A portion of
this sum having however been employed on account of
capital, and the toll due to the SouthrEastern for the nse
of the line between Reading and Vokingham not having

yet been settled, your directors recommend that the amount
should be carried on to the next half-yearly account.
" At the conclusion of the ordinary meeting an extraordi-
nary .meeting will be held, for the following purposes,
viz.:--' To sanction, if thought fit by three-fifths at least
of the votes of the shareholders of the said company present,
either personally or by proxy, at such extraordinary meet-
ing, a lease proposed to be granted to and taken by the
London and South-Western Railway Company, of so much
of the undertaking of the Staines, Wokingbam, and Wokinrr
Railway Company as has been or is being constructed.' It
is proposed to grant to the London and South-Western
Railway a lease of your line, including your portion of the
Reading Junction line, for 42 years from the 25th day of
March last: the lessees to work and maintain the line, and
to pay Government duty, parish rated, and all outgoings
appertaining to the proper working and maintaining of the
line, and to pay, by way of rent to your company, 50 per
cent. of the gross receipts, guaranteeing that the amount
banded over to your company shall never be less than suffi-
cient to pay the interest (at a rate not exceeding sper cent.
per annum) on £140,000, the amount of your debenture
and preferential share capital as now proposed to be raised.
Your directors feel confident that this lease will fie the
means of placing your property on a firm and satisfactory
footing, and they mustEunbesitatingly recommend, it for
your approval:' And alsot-,--'To authorise, if thought fit,
the directors of the Staines, Wokingham, and Woking' Mill-
way Company,, to cancel or accept surrenders of certain
shares in the said company upon such terms and conditions
as may be authorised by such extraordinary meeting;'` and
To authorise, if thought fit, the directors of the said com-
pany to create and issue new shares in the undertaking of
the said company, and to attach, with the consent of three-
fifths at least of the votes of the shareholders present, per-
sonally or by proxy at such extraordinary meeting, to such
new shares or any shares already created but not issued,
any such preference, privileges, and restrictions as are
authorised by the "Staines, Woklagbam, and Woking
Railway Act, 1858."' The works on the main line
are now so nearly completed that a tolerably accurate
idea can be formed as to the total cost of their con-

Mr. 110LROYD (the secretary), at the request of tlee Choir.
man, then proceeded to reply to the questions put by Mr.
Hartridge. He was surprised, he said, to hear the 13011.
proprietor express himself in the manner in which he bad
done with regard to the affairs of the East Kent Railway
Company, because they did bear se remarkable a similarity
to certain remarks which were made to the committee of the
House of Commons by the solicitor of the South-Eastern
Company, and by the witnesses of that company throughout.
(Cheers.) They were told that by the Western, Extension
they were going to ruin themselves, and yet the South-
Eastern had expended thousands of pounds to prevent the
East Kent obtaining their act. The directors knew three
years ago, by the expenses of their line from Strood to Can-
terbury, that it could never be economically worked so long
as they depended upon the South-Eastern. Last session the
South-Eastern brought witnesses to prove that the clauses
In the East Kent act were sufficient to work the traffic effi-
ciently, but no sooner was this bill obtained than the South-
Ea -tern afforded conclusive evidence of the fact that if the
act had not been procured the East Kent property would have
been totally ruined. That such was the truth they had learned
by bitter experience. (Cheers.) Mr. Starling might rest satis-
fied that every exertion would be used Incomplete the line as
speedily as possible, and his friend, Mr. Rees, might also be
assured that the formation of the line they were about to
commence would be the strongest possible rid towards the
completion of the line to Dover. The proprietors, who had
furnished a large portion of the money fer the former
object, would be interested in, and would lend their es•
sistance towards, the accomplishment of the latter.
(Cheers.) As to the Dover traffic it had been put for-
ward that the continental business was not sufficient
for two companies, and that the South-Eastern Com-
pany could not lower their fares. He believed that that
traffic had never properly been developed. The South-Eastern
obtained a certain revenue, from it by charging high fares,
and they would not rito the risk of attempting fairly to
develop it for the benefit ofthlepUblic at large. He believed
it to be of the greateet public importance nate he continental
traffic should be completely developed by 'the:Dover route.
(Loud cheerS.)- When the Eait Kent line should be made,
not only would there be enough for both cotnpenies, but if
proper arrangements were come to the South-Eastern would
be in a far better position with reference to their continen-
tal traffic than that which they at present occupied. (Loud
cheers.) When they considered the numbers of persons who
went by Dieppe and by way of Havre, that they would
only take those routes, notwithstanding the high rates
and the circuity of the route ; and when it was remembered
that fairly to develop traffic the route must be direct and
the fares low, they might readily conceive what an impetus
would be given to the continental traffic by the completion
of the East Kent line to Dover. Their property, when
complete, would be one of the best in England. (Cheers.)
Anybody who looked at the little map forwarded with
the report, and marked the places which the line
touched, remembering the large traffic to those places,
and that the East Kent was the shortest route to them,
could not fail to see that, when completed, it would be im-
possible for the South-Eastern to compete with them.
(Cheers.). The East Kent had no heavy burdens iu the form
of unpaying lines to weigh them down—they possessed a
magnificent traffic, they topped that traffic at every point,
and the South-Eastern would be compelled to make such
arrangements es would conduce to the advantage of the East
Kent, or they would be utterly ruined. Such was.the pros-
pect before them. The South-Eastern were pursuing a policy
ruinous to themselves. Because they were fearful of the con-
sequences of their having refused, like far-seeing men, to
enter into fair and proper arrangements, or to behave in such
a manner as would have enabled the East Kent to study
the interests of the public, they were now endeavouring
to crush the East Kent by every means in their power, fair
and unfair. But they would not succeed. (Loud applause.)
The directors were determined to carry out the work before --
them, and their efforts had been and would continue to be 2,500 shares. £51,,000
such that success must attend them. (Cheers.) In reply ,
to Mr. Hartridge as to the placing of the capital, that
and the interest on them, as already ex'phined to
gentleman ought 'to be satisfied with the statement of the holders,,-
e These shares will be offered pro rata te the existirg share-
if thought fit,
directors that the capital was well placed. you, will be guaranteed in accordance with flee proposed
y company,
Mr. HARTRIDGE.—The adoption of that report binds the under the provisions of the Staines, Woking ham aptd Woking
lease by the London and South-WesternsNsrok Roahilwa
exceeding proprietors without their knowing exactly for what. You Railway Act, 1858. And also 'To authorise,
mortgage or
have not answered my question as to who will bear it, if the directors of the said company to borrow on
£13,000,
there should be a loss on making the extension.
The SECRETARY—I do not see how there can be a loss- under the powers of the Reading Railways Junction Act,
bond an additional sum of money, not
Mr. HARTEIDGE—SOPPOSing anything should prevent 1857.' Under the provisions of this act you have the ower
the contractors from making it, it will fall on the company of borrowing money to the extent of £13,000 byp the
to make it. issue of debentures in Addition to the debentures autho-
The SECRETARY—It would not be completed, It would rised to be issued by the original Act of Incorporation
fall on the new shareholders, of course, _ of the company. Your directors propose to take your 1
Mr.:MAGNue had the misfortune to differ from Nlr. authority for potting in force this power should they find is,
Hartridge upon mo't of his paints, hut ha agreed with that necessary or advisable, hut not so as that the amount of (I,* .
gentleman that the main line was the meet valuable por,ton benture dtbt, together with the amount paid up on a, do
of the property of the company. preference '
Attires, shall at any time exceed the amount,' the
The resolution proposing that, the report he .received , interest and dividends on which are to be guaranteed be
and adopted was then put tg the meeting, and carried y
~caltion and Seuth R -Western ailway, Company e.' i .
the
unanimously. £140,000. In conclusion, your directors beg to see
.:e
that
The meeting was then made special, and the following they adhere to tLe views they have always expreAF
hinges t t
resolutions were adopted : untie
the soundnese and future success of the t o
eta' lt
" Ist. That in pursuance of 'visi of
the powers and pre .. -r Q., would he difficult since the commencement ,of
1! ailwa.vs to
the East Kent Railway (Westerts Extensicat) Act, 1558,' lied a series cf years less conducive to the, wel
e ~,.,,,."' of an
the sum of £303,000 shall be raised by the creation mid issue eeterpri.,e of this nature than the five lee
,t.i.s •.
,which have
of 30,000 new shares of £lO each to he called ' East Kent elapsed since the incorporation of the comrany. r;l'ls e directors
Railway Western Extension shares,' and that 15,000 of such trust that the turning point has nose eeriivede,
new share; shall be crated and issued as ' pref.,rred hale H M
The CHAIRMAN said her belies
:e')A that
shares; and the remaining 15,000 as ' deferred half slttres,' a few words might
'
within the meaning of that act, and of ' the East Kent Ittll- ha expected . from him, thou,
~t the report wris so full that
way (Extension to Dover) Amendment Act, 18 ,
,82 , there was little left for farm to say. The fir et paragraph
"2d. That the board of directors may front time to time in the report spoke of t' 1 • of
etc completion the lent
determine the times at which, and the peres us to homrow gauge
t junction to Readine, Tuns ,
such last mentioned sbares shall respectively he issued, ana . e• company had alevays looked
may determine and fix the amounts and timee of payment of upon that junce_on as most important to the line, they
the calls thereon." never havitsee
e expected it to pay from the merestletcal traffic.
"3d. That the rate at which interest or di'. blend shall be The lint. le.o '
uld have bee a opened on Saturday, bt r t for a defect
appointed to and paid upon such ' preferred halt shares' •n a Ise''
limn of the Great Western Conopany, le =tit was vir-
i( estern half shares A) under the previsions of ' the lesst -
Kent Railway ( Western Extension) Act, 1858,' shall he
.tv'ally open,and there waaaeompletecomtrunie a tion from the
£6 per cent. per annum upon the amount for the time being', I seuth-weal to the north-west—from Bilker t)lend to the
paid up on such `preferred half sl4trEs' reqn.ctively, town; 1 Waterloo station. Their bill fz.r the junction had been op-
payable out of the di v izible plc fits si the Western Ext•;os
..On posea Its tit by the Great WeAcrti and South-: Eastern Coin-

structihn. The capital account is submitted tu you.
You will perceive, ou referring to the debtor sine of ti-,,e
account, that a sum has been received from call's on shrdes
from debentures issued, and from sundries, of £3'6,334
18s. 2d., that temporary advances have betn. 'made by bank-
ers to the extent of £25,000, that there is owing to sundry
creditors £23,456 7s. 9d., and that the sum of £1,524 33.8 d.
has been borrowed from the revenue account, these three
last sums amounting to £49,980 11s. 5d., and making a
total of moneys received and liabilities of 386,315 9s. 7d.
On the other side are the 'various accounts by which this
sum of £386,315 9s. 7;1. is disposed of. Since these accounts
were made up, debentures to the extent of £4,775 (tempo-
rarily paid off at the close of the half-year) have been re-
issued, whereby the debenture debt of the company has been
increased by thratninount, and £5,000 have been repaid to
the bankers, yeducing the amount owing to them to
£20,000. To meet the present liabilities of the company,
it is proposed to -accept surrenders of 2,245 shares, and
to convert them into shares having a preference of dividend
to the extent of £5 per cent. per annum. These 2,245
shares, at £2O per share, would yield a sum of £44,900,
which, together with £490, due for arrears on calls (recove-
rablein the usual way), will meet these liabilities. addi-
tion to the liabilities above enumerated, a sum of about
£5,000 will be required for the purposes of the Reading
junction ; it is therefore proposed that as many of the shares
authorised to be issued at the half-yearly meeting on the 17th
August, 1857, under the powers of the ' Reading "Railways
Junction Act, 1857,' as will be required, shalt also be issued
as £5 per cent. preference shares. The total amount of
preference shares for which your sanction will be asked is
therefore as follows, viz. :
On account of original capital, 2,245 shares of £2O
each
.£44,000
255
On account of Reading Junction, shares of £2O

5,100

each