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

SOUTII-EASTERN.

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

The CTIAIRMAN said that when he was induced 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.
Mr. EBORALL, the general manager, then read
the heads of agreement with 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 :kbitration. In addition to every other
matter thd'valUe of thepresent metropolitan stations
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
eompanies ; 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 in the meantime, and pending such
fusion, there should be a division of traffic at all
points at which the two companies competed, in such
proportion as might be agreed upon between them ;
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-WESTERN 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-
lities for the use of their Lancaster and Carlisle line.
This allegation is met by the London and North-
Western Company, who state that three alternate
propositions were made by them with the view of
inducing the Midland Company to become occupiers
jointly with them of the Lancaster and Carlisle
line; but that the negotiation went off solely i❑
consequence of the Midland Company's refusal to
submit to arbitration any difference that might arLe
about rates to be charged upon competitive traffic
to and from Carlisle.

Lrthought
t ce position
Portsmouthsr
ie
st
ito theu o n
0 f
proprietors would
the company.
The net revenue of
debenturesand R wased-
n-WESTERN.
Yes
a special general ,ineeting of this
company was held at the Waterloo Station, to con-
7. AND SOu
siderteday
certainONDbills now before Parliament ; Captain
Mangles presided.
Mr. Clarke, the secretary, having read the notice
convening the meeting,
p
The CIIAIII3IAN said that although this was
not a meeting for the consideration of . the
accounts,
he
hear
h
like to
the half-year had
been £379,530 ; in
£95;440 ; the preference dividends amounted
to £90,810 .;
the
bridge, rents, &c., to £43,742, leaving a balance of
£176,985, out of which a dividend of 4i- per cent.
was paid, amounting to £174,762, leaving 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 £BOO,OOO of capital. He was
glad to say that the Ilfracombe Railway, which was
an extension of 13 miles, was not authorised. He
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 CQIII-
- 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 concluchd
by congratulating; the shareholders upon the file:
that the traffic during the last three weeks of fine
weather had shown an increase of £5OO a day over
the corresponding period of last year.
Various questions were asked, and

Kingston and Wimbledon, and
The CHAIItNIAN explained that the first line which
was known as
the bill was proposed to authorise was between
" Garth's line," a landowner of the district. The
estimate was £5OOOO, 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,
the course of which attacks were made upon exten-
sions generally.
Mr. PADDON, amid loud and general cheers, called
upon the directors to abandon these proposed ex-