The Sun.
London, England, 1867-02-28 00:00:00

SALISBURY AND YEOVIL.

The half-yearly meeting of this company was held
yesterday at the office, Leadenhall-street ; Mr. J.
Chapman in the chair.
Mr. H. Notman, the secretary, having read the
minutes of the last meeting, which were confirmed,
the report, an abstract of which has appeared in
The Sun, was taken as read.

The CHAIRMAN, in moving the adoption of the re-
port, said they would observe that the amount car-
ried forward after paying the dividend at the rate
of 7 per cent. per annum was only £74, but there
was also a sum of £3,508 carried forward from the
preceding half-year's accounts. They would have
carried more than the £74 from the accounts of the
past half-year if it were not for a charge against
interest account of £760, the balance on Lord Pem-
broke's interest account. They had always adopted
the principle of charging interest on unproductive
capital to revenue. There were certain sums in pro-
gress of settlement with the South-Western Com-
pany which would amount to £3,100, and he hoped
they would consider the result of their working very
s:itisfactory. The progress of their traffic receipts,
as shown in the report, had been most gratifying
frjrn the commencement. Ile then referred to the
Lill now before Parliament, promoted by the Lou-
don and South-Western in conjunction with the
Great Western, the Bristol and Exeter, and the
South Devon Railway Companies, which he con-
sidered was a treaty of peace between these com-
panies. It was called the quadruple alliance for the
establishment of peaceful relations between the four
.companies. Their company and the South-Western
Company, as narrow-gauge lines, would benefit by
it. That arrangement would prevent ruckLsscoin-
' petition, which had ruined a great; deal of railway
property, and lie thought that every effort in the
way proposed must tend more or less to benefit rail-
way property and increase the facilitii.s to the public
for travelling. It was intended to promote the in-
terchange of traffic between the narrow and brow

gauge lines, and vice versa, with through booking
and equal fares and rates. They were now in a
very fortunate position, for, while other companies
had to regret some falling off in the dividend for
the past half-year, the Salisbury and Yeovil Com-
pany had an increase in their dividend and ought to
be thankful.

Resolutions were passed adopting the report, de-
claring the usual dividends on the 5 per cent. pre-
ference shares, and a dividend at the rate of 7 per
cent. per annum on the ordinary shares of the com-
pany for the past half-year, payable on the Ist of
March. The retiring directors, Sir W. C. Medlycott
and Mr. Wagstaff, were re-elected, and also Mr.
Bell, the retiring auditor.

The proceedings concluded with a vote of thanks
the chairman.

DEVON AND SOMERSET.

The half-yearly meeting of this company was held
on Tuesday at Taunton ; Mr. J. A. Locke presided.
The report stated that the unsatisfactory condi-
tion of the company and the stoppage of their works
arose out of circumstances attendant on the financial
crisis of last year, but negotiations were pending
with the Bristol and Exeter Railway Company to
undertake the line, and a bill to sanction this step
had already been read a second time. The litigation
in connection with the Ilfracombe line still continued,
and a bill to relieve them was in progress.
On the motion for the adoption of the report,
_ . _

Mr. M'MILLAN, the former secretary, complained
that the statement of accounts and report had not
been issued prior to the meeting. He denied that
the financial crisis had anything to do with their
present position. They had entered into an ar-
rangement with the South-Western, by which they
were bound to raise half the capital necessitated by
the Ilfracombe line, and had become involved in
legal difficulties by refusing to complete the contract.

He did not believe the Bristol and Exeter would
enter into the proposed arrangements without a heavy
pecuniary sacrifice being made, and he protested
against the shareholders having to make this good.
After an angry discussion, the report was eventu-
ally adopted.