The Sun.
London, England, 1867-05-17 00:00:00

SOUTH-EASTERN.

A special general meeting of this company was
held yesterday at the London-bridge Terminus for
authorising the directors to create and issue new
:hares or stock and debenture-stock in lieu of de-
bentures, and borrowing on mortgage ; Mr. E.
Watkin, M.P., in the chair.

The CITAIRMAN said that when he was inducer] to
take the chair he stated that his efforts would be
directed, first of all to establish peace and union
among themselves, and peace, if possible, with their
neighbours. Then to close the capital account of the
company and open for public traffic the whole of the
railways in course of construction. The directors
had received in favour of the course they were pur-
suing 1,723 proxies, representing £4,159,000 stock,
and as to peace abroad they would have laid before
them the heads of agreement which had been entered
into with the Brighton Company. The amount re-
quired to complete the variousunfinished works was
estimated at £98,000, and the remaining contingent
outlay on branch lines was £782,500, but looking at
the present financial state of the country he would
advise going to Parliament next session for the
abandonment of some of those works.
The Hon. J. BYNG seconded resolutions for the
creation and issue of new shares, and for the issue
of debenture stock in lieu of debentures, which were
carried unanimously.
111 r. EBORALL, the general manager, then read
the heads of agreernentwith the Brighton Company,
which were as follows :—" That there shall be a
fusion and amalgamation of the two companies on
the basis of their respective values in accordance with
the North-Eastern principle, by agreement between
the two companies, and in case of difference to be
settled by arbitration. In addition to every other
matter the value of thepresent metropolitanstations
of the two companies, the present state of the per-
manent way and rolling stock, and the present state
of repairs of all other stations, works, and buildings
were to be considered; secondly, debts, engagements,
and liabilities of each company was to be borne by
the respective companies ; thirdly, that in case of
difference the question of the respective values of
the two companies were to be referred to Mr. T. E
Harrison and Mr. J. H. Lloyd to settle on behalf
of both companies ; fourthly, that the award of the
referees should not be binding on either company
until approved by a majority of proprietors of each
company ; fifthly, that an application be made by
both companies to Parliament in the present or
succeeding session of Parliament to authorise the
fusion and amalgamation of the two companies ;
sixthly, that
ttwhahticihnthtehetwmoecaonmptime, and pending such
be
fusion, there should a division of traffic at all
proportion as might be agreeadn•jue;ocnombeptewteed in
enthseumch;
also that all avoidable capital outlay should be at
once suspended, and power be sought to abandon
all new lines and branches which could in good
faith and with due regard to the public interest be
abandoned ; also traffic arrangements with the view
to the economical working of the two undertakings
and affording every facility to the public by an
interchange of traffic ; and, further, that the
London and South-Western Railway Company be
invited to unite with the two companies either on
the basis above referred to, or in some other
arrangement for effecting permanently cordial co-
operation for mutual benefit ; and when so united
to consider how far they could aid in working and
developing the traffic of the London, Chatham, and
Dover Company with mutual advantage."

The meeting was then formally adjourned for a
month.

LONDON AND NORT 11-WES rERN AND MIDLAND.

A long correspondence between these companies
has just been issued; respecting an allegation that
the Act for making the line from Settle to Carlisle
was applied for by the Midland Company-in conse-
quence of the London and North-Western Com-
pany having refused to concede the necessary faci-
litiesen:hg for the use of their Lancaster and Carlisle line.
This allegation is met by the Loudon and North-
Western Company, who state that three alternate
and Carlisle
to
Lancaster become propositions were made by them
bwitohmte occupiers
wosf
inducing
Companyeoetiation went off solely in
line;join
consequence 1- b
l y
u with
t h ti
tte Midlandm o
oat them
the
thedland Company's refusal to
submit to arbitration any difference that mightarise
about rates to be charged upon competitive traffic
to and from Carlisle.

LONDON a
soPegsaateneesryw ary a s
pal generalOUT il
meeting
for
the Consideration of the
WmESeeTtEinitgN'
Ytof this
held at the Waterloo Station, to con-
siderei‘noioam certain bills now before Parliament; Captain
Aelsic
iD S
having read the notice
convening the meeting,
The CHAIRMAN said that although this was
Clark presidede, the.
Mr.secretary,
accounts, he thought the proprietors would
:no no a t
h debenturesaan d
balanceit:
17
like to hear the position of the company.
The net revenue of the half-year had
£95,440 ; the preference dividends amounted
which a dividend of 4i per cent.
to £90,810 ;
been £379
£43 742 leaving of
,58,300.;:thoeintepres,ortts
to £174,762, leaving
ibwrali7sd6g,e9,
paid,rents,Bs oamountingu t
of
a balance
of £2,223. Thus the shareholders would see that
the dividend paid was honestly earned. With re-
spect to the company's bill, which he had to submit,
it was for authorising the company to make new
works, to make divers arrangements with other rail-
way companies, and for defining and regulating the
capital and debt of the company, and of which the
short title was " South Western Railway (General)
Act, 1867." The bill proposed to enable the company
to make extensions at Wimbledon and Merton, to
divert a public road at Wimbledon, to alter the line
and levels of part of the railway authorised by the '
company's act, 1865, to abandon the line authorised
by the Kingston Further Extension Act, 1865, to
enter into arrangements with other companies, to
give this company the right to exercise the powers
given to the London, Chatham, and Dover Com-
pany, to form a line No. 7, which the London,
Chatham, and Dover had not made, and which
ought to have been completed in 1866. The whole
of the extensions authorised by the bill amounted to
37 miles of line and £8.00,000 of capital. lie was
glad to say that the Ilfracombe Railway, which was
an extension of 13 miles, was not authorised. lie
assured the proprietors that the directors were not
in favour of extensions, but these extensions were
forced upon the directors. Instead of blaming di-
rectors a greater amount of blame ought to be
attached to the Parliamentary committees. People
talked about the uncertainty of the law ; but the
uncertainty of the law was as nothing to the un-
certainty of the decisions of Parliamentary com-
mittees on railway bills. The directors got nothing
from extensions save trouble and the displeasure of
the proprietors. lie was glad that the Devon and
Somerset bill had been withdrawn,
and concluded
by congratulating the shareholders upon the fact
that the traffic during the last three weeks of fine
weather
Varioushaqd
I:
ehso:ornn Ban
were
increase
asked, of
the corresponding period of last year.
and
500 a day over
The CHAIRMAN explained that the first line which
the bill was proposed to authorise was between
Kingston and Wimbledon, and
was known as
" Garth's line," a landowner of the district. The
estimate was £50,000, but the bill proposed to give
the directors power to raise £66,000 for the purposes
of the line.

A long discussion•ensued on several questions, in
the course of which attacks were made upon exten-
sions generally.

Mr. PADDON, amid loud and general cheers, calledupon the director to abandon
these proposed ex-