The Sun.
London, England, 1866-03-05 00:00:00

~~~

three or four months in most yew. If they per-
sisted in building workshops upon it, they should
also provide graveyards for their men.
The CHAIRMAN said that having looked carefully
into the subject of the necessity foe:carriage shops,
he did not think the company would find it neces-
sary to go to any expense—wliatevdr in building
shops for some time to come. This subject would
be somewhat affected by the question of the gauge
on the railways. (Hear.)
Col. LINDSAY, M.P., then withdrew his amend-
ment.

Mr. WITHERS hoped nothing would be done in
this matter without the special sanction of the
shareholders.

Mr. TAYLOR felt sure it would be a long time be-
fore the sanction of the shareholders would be ob-
tained to such extravagances as building workshop
on Cripley-meadow. He thought it was impossible
for gentlemen on the board to fulfil their duties
properly, considering that they represented in the
aggregate the interests of 122 companies, and that
one member of the Board represented 18 companies.
He knew if the chairman could give his time to the
company it must result in advantage to the share-
holders. He hoped the shareholders would resist
any further increase of capital, as they were spend-
ing like £l,OOO a week in Parliamentary and law
expenses.

Mr. ADAMS was glad the present chairman had
commenced by making no promises. The present
dividend was, with one exception, the smallest
they had ever received in the second half of the
year. They had a most excellent staff of officers,
and it was not their fault that the dividends were
small. With 195 bills in Parliament affecting their
interests, he thought the best thing would be to but-
ton up their pockets and allow no expenditure for
any purpose whatever. The extension policy had
been tried for 31 years and failed; now let them try
for only five years the opposite policy and see if it
would succeed. They had now 1,280 miles of rail-
way, and he thought they should endeavour to get
their share of the Irish traffic by opening steam com-
munication between Milford Haven and the south of
Ireland. He believed, if the chairman devoted his
talents to the increase of the net profits, the share-
holders would before long get a dividend that would
repay them for the long time they had waited.
Mr. GILES said that the narrow gauge was daily
becoming more necessary at various places, and un-
til it was carried out where required he believed
they would be liable to attack. He hoped the board
would not overlook the vast importance of making
a satisfactory communication with South Wales for
the development of the coal traffic over their lines,
of which they all knew the importance.
Mr. WITHERS said, when he first heard of the 2
per cent. dividend, he asked what had become of the
increased traffic, but he found that the revenue ac-
count had been most unusually and exceptionally
charged. He did not object to it, but he did nol wish
it to go forth that their accounts did not stand well.
There was £25,000 for accidents, £24,000 for the
Shrewsbury lines, and £20,000 on the Vale of Neath
account charged against revenue that were excep-
tional, making together £70,000, which did not be-
long to the revenue of the half-year. They had car-
ried over a balance of £12,000, making together
£82,000, which under ordinary circumstances would
have gone into their pockets, and have given them,
with the proposed dividend, 2 per cent. for the half-
year.

Mr. HAAPER, one of the auditors, remarked that
the statement of Mr. Withers as to the revenue
was fair and just. He could assure the proprietors
that the accounts had been fully and fairly charged,
and were it not for certain exceptional charges,
the dividend would have been close upon 24
per cent. This statement was confirmed by Mr.
Child, another auditor.

The CHAIRMAN said, with regard to the accounts,
that a more honest or legitimate statement of ac-
counts was never put before any body of share-
sholders. He had had many years' experience of
the details of railway accounts, and if anything was
to be said about the present accounts, it was that
they dealt rather hardly with the shareholders. For
a period of 27 years the company had been very free
from accident until the last few years, and he hoped
that freedom from accident would return. Every
s Tc au uppoLtunivj
the question of the workshops, which would depend
a great deal on the decision that might be come to
with reference to the narrow gauge.
The report of the directors and the statement of
accounts were unanimously adopted.
The CHAIRMAN then moved that a dividend at
the rate of £2 per cent. per annum be declared on
the Great Western Consolidated stock; a dividend
at the rate of 18s. 6d. per cent. per annum on the
West Midland (Oxford) stock ; a dividend at the
rate of 17s. 6d. per cent. per annum on the West
Midland (Newport) stock ; and at the rate of £3 ss.
per cent. per annum on the South Wales Consoli-
dated stock for the half-year ending the 31st of
January last, carrying forward a balance of
£12,886.
Mr. A. C. WOOD seconded the motion, which was
carried unanimously.
The CHAIRMAN said the next business was the
re-election of the directors. He would commence
by proposing the re-election of Capt. Bulkeley.
After some observations by Mr. J. Adams, Mr.
J. Parson, Mr. Withers, and Mr. A. C. Wood, who
explained that Mr. Gooch had been appointed a
director by Sir Watkin W. Wynn kindly exercising
that right at the request of directors and proprie-
tors,

The following retiring directors, Capt. Bulkeley,
Mr. E. Leeming, Mr. C. R. M. Talbot, M.P., and
the Hon. G. Ponsonby, were unanimously re-
elected.

On the motion for the re-election of Mr. E. W.
Watkin, M.P.,

Mr. ADAMS said he would oppose it ; but on a
show of hands he was re-elected almost unani-
mously, only Mr. Adams dissenting. Mr. C. A.
Wood was then unanimously re-elected ; and Mx.
Daniel Gooch, M.P., seconded by Mr. Williams,
was unanimously elected a director of the company
amid loud cheers.

The CHAIRMAN, in returning thanks for the kind
manner in which the meeting had elected him, said
the only drawback was that of displacing Mr.
Williams, who had been a most efficient member of
the Board, but he was very happy to say the com-
pany would retain his valuable services on the local
committee at Chester. (Cheers.)
Ot
thanks
a thenks to motion
Mr. ofWilliams r. J .
for
his Parson,p past
tcosrataiel
services
of
the company was adopted unanimoly.
and a Bill
The meeting was then
e made
on special,the Great Westarn
Company in relation to
for conferring certain
Pom
powers
theircownanuns and fordertakin other
sahnedr
the undertakings of other companies,
purposes, was unanimously approved.
A resolution was passed, authorising the direc-
tors, in conjunction with those of the Bristol and
Exeter and South Devon Companies, to raise
£86,000 on 5 per cent. preference shares, for the
purposes of the West Cornwall Railway, and place
it in the hands of the joint committee.
Another special meeting was also held, and agree-
ments with the Bala and Dolgelly and the Corwen
and Bala Railway Companies for working the lines
at 52i per cent. of the receipts in the former case,
and 60 per cent. in the latter, with rebate arrange-
ments to secure the deficiency up to 4 per cent.,
were confirmed.
The next resolution agreed to was to subscribe
£15,000 to the Corwen and Bala insteadof w
the rebate formerly agreed upon.
lanAd adjoiningresolutionthaeuthcoomrispianngy,tshsetarteiolenasaet ofß ircmertinagin-
thoam;
and
dthteheßpirrmocineegdhianmg
silcoontecll.uCd°endiP:in'th waasvaogtrec'eoid
thanks to the chairman and directors.

---
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