The Sun.
London, England, 1866-08-17 00:00:00

Western and South-Western Comp the
Hounslow and Metropolitan Bill was passed. He
must say that the Great Western did their best in
the matter, and even refused to have powers for
working it, and he was glad to say they were on the
best terms with them : instead of quarrelling they
were desirous of developing the traffic on each
other's lines. The South-Western Company was pre-
pared to act with every neighbouring company on
that principle. Arrangements were being made
with the broad gauge lines beyond Exeter for al-
lowing the South-Western Company to run on the
narrow gauge to Falmouth on a fair and equitable
footing. He trusted and hoped that the effect of
the panic would be to crush the spirit of competi-
tion originated by hungry men in various districts
for desolating railway property ; and that, at
least, the railway companies might have a few
years of peace to develope the traffic on their
lines and improve the accommodation for the pub-
lic. There would soon be an end of these injurious
schemes, if established companies would resolutely
and honestly have nothing to do with them. So long
as the present system of contractors' competing lines
were tolerated railways would be a perilous pro-
perty to hold. If a line be really wanted let the
established companies in the district make them.
He would be happy to answer any questions, and
concluded by moving the adoption of the report.
Mr. WRIGHT thought the proprietors should in-
sist upon having no further extensions. Several
years ago the proprietors elected new directors on
the Board for the express purpose of adopting a non-
extension policy. But they had not adhered to it.
There was also one of their directors on the board
of finance company which were eating into the vitals
of railway companies, and he thought that should
not be tolerated. He wished to know what amount
the company had now to expend on the new lines
that were authorised by Parliament.
The CHAIRMAN said £997,000.

Mr. WRIGHT thought this very disheartening.

After some further observations, and cries of
" Question," the report was adopted unanimously.
A dividend at the rate of 4 per cent. per annum
on the ordinary steck of the company, for the half-
year ending the 30th June last, was declared pay-
able on the Ist September.
The directors were authorised to create and dis-
pose of a further amount of share capital authorised
by the company's (Works and Capital) Act, 1858,
on such terms and conditions as they might deem
expedient for the purpose of acquiring shares in
the Salisbury and Yeovil Railway Company. Also
for the creation and disposal of the further amount
of share capital authorised by Acts passed in 1865
and 1866.

A long discussion ensued in respect of a proposal
for rescinding a resolution passed at a general
meeting of the company in 1847 against allowing
free tickets over the line to shareholders attending
meetings of the company. The proposition was
objected to by several shareholders, the motion was
withdrawn, and notice given that it would be
brought forward at the next ordinary meeting of
the company.
A SHAREHOLDER hoped the directors would in
future hold the meetings of the company in some
more suitable place, as it was impossible to hear one•-
tenth of what was said.

The CHAIRMAN assured the proprietor that the
suggestion should be attended to.

Mr. WRIGHT moved a resolution to the effect that
the South-Western Railway Company required rest,
and that no further extension be proceeded with.

Mr. VILLEBOISNET said he understood the direc-
tors were very much opposed to branch and exten-
sion lines, and theiefore there was no occasion to
propose it.
Mr. NORTON said that all the extension lines had
been sanctioned at meetings of shareholders.
Mr. SNELL, a director, was opposed to extensions
as much as possible, but there were cases in which
it was prudent and necessary for a company to take
the lesser of two evils.

The CHAIRMAN contended that every extension
line had been forced upon the company; they had
to defend the property intrusted to them from in-
vasion ; and it was evident from the nature of
things that such a resolution could not be adopted
in this country by any railway company. There
were 5,000 shareholders in the company, and there
were not 100 cf them present in the room.
The proceedings concluded with a vote of thanks
to the chairman and directors.