The Sun.
London, England, 1858-08-19 00:00:00

LYMINGTON.

On Thursday the half-yearly meeting of this company
was held at Lymington. The chair having been taken by Mr.
A. Mew, the Secretary (Mr. E. H. Moore) read the follow-
ing report :
" The directors beg to present the half-yearly report and
statement of accounts. At the general annual meeting,
held on the 22d day of January last, your directors had to
express their disappointment, contrary to their expecta-
tions, at being unable to report the opening of the line.
Happily, in this respect, their present position is far different,
for it is now their pleasing duty, not only to have to con-
gratulate the shareholders on the line having been opened
during the past month both for passengers and goods
t affic, but that it is now in work under very gratifying
circumstances. In looking to the statement of accounts
the shareholders will perceive that there is a balance
due to the bankers on the half-year of £384 7s. 4d.,
which has arisen in consequence of a portion of
the calls not having been paid up. Some of these, how-
ever, have since been realised, and your directors hope very
shortly to obtain the payment of the remainder. It will be
in the remembrance of the shareholders that the capital of
the company was originally £21,000, with power to raise
£7,000 on the debentures of the company, and, in the event
of purchasing the Lymington-bridge, to raise £5,000 in new I
shares. This event having happened, your directors will
have to propose to the sharehelders at their half-yearly
general meeting, to be held on the 10th instant, that the
sum of £5,000 shall be raised by the creation of new :hares,
to be apportioned according to the order of the meeting, and
to be considered as part of the general capital of the com-
pany, and your directors would beg to impress upon
the shareholders the deairablenes of these shares being
taken up rateably amongst the►nselves, which would add
about one-fourth to the shares -already held by them respec-
tively. ---YouredireCtors venture to recommend this course as
the means of obtaining, at an early period, the amount
required, and as affording the shareholders every prospect
of a fair return for it. With this additional sum, and by the
sale of the land not required for the purposes of the railroad,
your directors confidently hope to be able not only to com-
plete the bridge now in progress, but also the undertaking
generally. In conclusion, the directors cannot hut con-
gratulate the shareholders on the present aspect of the
affairs of the company, affording, as it does, the fairest
prospect of the consummation of all that was desired and
expected from the undertaking."
The CHAIRMAN then rose, and after expressing his regret
at the disappointment, felt equally by the directors and the
public, at the delay which had taken place in the opening
of the railway, went on to say that, like the checkered scenes
of life, brighter prospects were now opening before them.
The railroad had at length been opened, and, as far as be
could learn, it had opened under more cheerful auspices
and had met with more success than had been antici•
gated even by its most sanguine friends. Adverting to
the sums paid for improving the approaches to the railway
—namely, £l,OOO for Miss Beckwith's field, which would
afford most eligible sites for building on, and £5,000 for the
Bridge property, the worthy chairman said he entertained
no doubt that they would ultimately amply repay the
cost. The tolls at present received at the bridge amounted
to no less titan £2.50 a-year ; and when, by the new bridge
to be erected, heavy vehicles and goods could avail them-
selves of that mode of passage, there could be no doubt that
tl►e annual receipts wculd amount to £3OO per annum.

Again, if the new bridge, with flood-gates, were to cost

£l,OOO, 70 acres of fine meadow land would be thus re-
covered to cultivation, and afford an ample recompense fur
the money to be expended. After a few further remarks on
the expenses yet to be incurred in the erection of a fitting
station, accommodation for goods traffic, &c., the chair-
man concluded by moving that the report be received and

adopted.
Mr. G. F. ST. BARBE, after congratulating the meeting
on the very favourable circumstances attendant on the
eprning of their new railway, seconded the motion, which
was carried unanimously.
The CHAIRMAN then called the attention of the meeting
to a graver subject—the necessh of procuring money to
carry forward the works necessary llsomplete the railway
works spoken of in the report. The w money expended,
including the £5,000 still required to be raised, would
amount to £3,000, the interest on which, at 5 per cent.,
would not exceed £1,600 a-yea* and, judging from pre-
sent appearances, the traffic on the first week of opening
havii,g been doubled is four weeks, he entertained no doubt
that the undertaking would eventually pay 4 if not 5 per
cent., with the prospect of an increase upon that amount.
The new railway was very popular in the Isle of Wight, and
would become more so as it proved itself more and more a
cause of prosperity to our neighbours on the other side of
the Solent ; and even in Lymington its influence was not
unfelt, since our lodgings were numb fuller than they had
been. He begged, in conclusion, to propose that the meet-
ing would consent to the creation of £5OO new shares of DO

each.
Mr. G. F. ST. BAuBE stated that they had been favoured
with a visit from the chairman, directors, and the whole
staff of the South-Western Company, who had expressed an
opinion that the extent of traffic had been occasioned by an
ebullition of feeling consequent upon the opening of the
railway; but he bed convinced them, upon the testimony
of Mr. Hodder, that excursionists had nothing to do with
it, but that the traffic was legitimate. Judging from the
present receipts, the passenger traffic alone amounted to
on a-year ; adding to this one-half, as the amount of the
goods traffic; the whole would be 11,260 a-year. Then the
bridge would bring in £3OO annually, and thus altogether
the reiecity woutd, he Ilioug'it,
The CHAIRMAN having stated the money to be indierlt-
sable to make the thing complete, the proposition foe the
creation of 500 new Do shares was an-reed to unanimemly.
A good deal of discussion then took place as to the merle
of disposing of the new shares, when, on the motion of the
Rev. A. J. BRINE, seconded by Mr. FREEMAN, it was
resolved that if the whole of them were not taken by the
shareholders, they should be disposed of by the directors,
subject to the approval of a general meeting.
A great number of shares were at once disposed of in the
room.

Thanks having been voted to the chairman, directors, and
other officers for their exertions, the meeting separated.