The Sun.
London, England, 1858-08-26 00:00:00

SOUTH DEVON.

The half-yearly meeting of this company was held at Ply-
mouth on Tuesday—Mr. Woolcombe in the chair.
The CHAIRMAN said that, considering the whole state
of commercial affairs, he thought they had no reason for
apprehension or discontent. There was scarcely any fairer
way of testing the progress of a company than by comparing
the amounts divided year after year in corresponding half-
years on consolidated stock. This had been done with the
following results :—ln 1849-50 there was no dividend ; in
1851 the available sum amounted is £4,854, in 1854 to
£5,486, in 1855 to £5,486, in 1856 to £6,983, in 1852 to
£3,990, in 1853 to £3,990, in 1857 to £12,277, and in 1858
to £7,347. The year 1837 was altogether exceptional, as
there were extraordinary receipts from the agricultural
meeting at Newton, and as there was also an accumulation
for "rest." But, comparing 1858 with 1856, they could see
that there was a very decided increase, £7,347 as against
£6,983. Another excellent test of progress was whether the
sums added to capital account had increased or diminished
the amount of profits. In many of the larger companies the
progress had been from larger to smaller dividends; they
had progressed from no dividend at all to a small one, which
-they hoped to increase. In 1856 the interest on prefer-
ence shares was £18,375; in the present year it was
£21,354; thus they had added more than £3,000 to
the interest on their preference shares, and at the same
time increased their ordinary dividends. The gross
amount received per train mile run on the Great Northern
was 4s. 2d. • en the Midland, 4s. Bd.; on the London
and South-Western, 59. 2d.; on the South Wales, 6s. 3d.;
on the .Manchester, Stafford, and Lincolnshire, Os. 5d.;
on the Bristol and Exeter, 75. Id.; on the Great Western,
7s. 3d.; on the South Devon, 7s. 4d. To get that large
amount per mile, it was clear their officers had so
arranged the trains that they might be well filled. Un-
fortunately large dividends did not depend wholly on this,
but en the amount of preference charges which must be
paid before a dividend was declared. Much had been said
lately on competition between railways, and he believed that
even there they had felt the effects of it. It was a question
most interesting to shareholders, and called for active inter-
ference. A mistaken course had been pursued, treaties and
contrivances, more or less ingenious, had been tried, and an
attempt at protection had been made, which he thought was
wrong in principle. In railway matters, as in evertbing
else, free trade was the only sound principle, and all such
attempts, however ingenious, must end unsatisfactorily.
They should trust entirely to the free course of commercial
enterprise. Railway companies were bound to receive
traffic without preference from whatever sources. They
must, he thought, obtain an accession of traffic from the
Tavisteck, and especially from the Cornwall Railway. Sixty
or seventy miles in extension of their line must bring them
traffic. After some further observations, he concluded by
moving the adoption of the report.
Mr. D. DERRY seconded the resolution, which was car-
ri,‘ld unanimously.
Vie CHAIRMAN having moved, and Mr. Dn RRy seconded
a reso lation for a dividend of 1 per cent. per annum, which
was cacricd with similar unanimity, the meeting separated.