The Sun.
London, England, 1859-02-12 00:00:00

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PRICE 4D. STAMPED, SP.

did not see much on which ho need comment. He stated
in Aiigust last that the competition with the South-
Eastern and South-Western Companies had been put an
end to. The traffic to points in common had been
worked in an amicable spirit, and he had no doubt that by
the construction of the junction between the lines at Read-
ing the identity of interest would be kept up. They
were also aware that the competition in the north—a cause
of so much• regret to the railway world—had also been put
an end to. It must be well known to them that railway
companies were liable to abuse for everything that happened
-with respect .to their proceedings, but he must say he
thought the Great Western Company were entitled to
some credit for the course they had taken during that com-
petition. (Hear, hear.) They had been obliged to lower
rates, but throughout the contest they always stated that,
as they had been obliged to follow in the lowering of rates,
they would be very ready to follow in raising them to re-
munerative amounts. They had arranged on amicable terms
for accession to the London and North-Western station at
Manchester—an access which they had long desired to have.
It had been impossible for them, being six miles from Man-
chester, to carry much traffic to that town, but he knew,
from the appearance of things, that a share of that im-
portant traffic would come over the Great Western line.
After some further observations, he concluded by moving
the adoption of the report and accounts, which was put and
carried unanimously.
The CHAIRMAN having moved the declaration of the
dividend of 2 per cent. per annum,
Mr. TEAKLE moved, as an amendment, that the dividend
to be declared be at the rate of 3 per cent, per annum,
which would absorb £123,539 2s. 9d and leave a balance
of £22,672 lls.
The amendment being seconded,
Major Coma suggested that the dividend should be at
the rate of 21 per cent. per annum.
Mr. WITHERS supported the same view.
After some further discussion the first amendment was
put and negatived.
Mr. WITHERS then moved that the dividend be at the
rate of 24 per cent. per annum.
. The moticn having been seconded,
The CHAIRMAN said, though the directors were still in
favour of the 2 per cent, dividend, if it was the wish of the
proprietors to pay 2k they would not further oppose it.
There was no danger in such a course beyond that of re-
ducing their future dividends.
The motion was then put and carried by a large majority.
The CHAIRMAN then moved that the report of the special
committee of the directors be received and adopted, and
that the capital of the Great Western system be fixed at
£23,420,000, and of the two Shrewsbury lines at £3,287,300,
subject to the conditions and regulations laid down in the
special report and in the report of the board.
The motion was carried unanimously.
A vote of thanks to the Chairman was then passed by
acclamation.
The CHAIRMAN, in acknowledging the compliment,
stated that so long as he enjoyed the confidence of his
brother directors and the proprietors, it would afford him
great pleasure to remain at the Board, and use his utmost
endeavours to promote the beat interests of the company,
The meeting then separated.

TRAFFIC RETURNS FOR THE WEEK.