The Sun.
London, England, 1859-04-18 00:00:00

South-Western, the directors calculated that the
shareholders would get a return upon their money
of £3 12s. per cent., whilst if they broke off their
arrangements with the South-Western Company
they would either have to purchase working stock
at a cost of £50,000, or rent it at a price probably
exceeding the interest on that sum, and to build a
separate station at Portsmouth, at a cost of L'30,000,
whilst they had no direct communication with Lon-
don excepting over the line of the South-Western
Company, who might so arrange their fares or throw
other obstacles in their way as to prevent their
earning any income for two or three years. He
implored them not to place their line in any such
jeopardy; and concluded by moving that the bill
be approved.

Mr. BONFIAM-CARTER seconded the motion.

Mr. LOCKE ridiculed any idea of the South-
-Western Company throwing over the agreement
if this bill was not approved, and contended that as
good terms had not been obtained for the
line as might have been. He was astonished
to hear the chairman of their own company
depreciate their line to the extent he had done, and
threatened that should the South-Western Company
not come to fair terms with them, they could easily
retaliate by supporting a Petersfield and Southamp-
ton line to tap the traffic. He aid those with whom
he had acted had made a proposition to the direc-
tors of the South Western Company for better terms
than had been obtained by the directors of this
line, but no reply had been received, the directors
of the South Western no doubt waiting to see what
would be the result of this meeting; and therefore,
instead of waiting till the period when it would
require two-fifths of the capital represented to nega-
tive the arrangement, he preferred to take advan-
tage of the power then in the hands of the share-
holders, when one-fourth of the capital could do so.
His proposition to the South Western Company
was that it should adopt the debenture debt of this
company, at a sum not exceeding £135,000, and
that it should give to the shareholders of this com-
pany 31 per cent. per annum, from the 15th of
January, 1859, to the Ist January, 1861, and 4 per
cent. in perpepuity from that time ; or an alter-
native of working the traffic at 45 per cent. on the
receipts, with the option to the South Western
Company of amalgamating on equal terms, say £lOO
for £lOO. He would move that the bill now before
the meeting be not approved unless within one
month the terms proposed be accepted by the
South Western Company.
Mr. SALOMONS seconded the amendment.

After some discussion a chow of hands was
taken, when there appeared for the amendment,
16 ; against it, 18.
A poll was then demanded, when there appeared
for the amendment :
Present, 15 shareholders, representing stock.. £65,140
Proxies, 30 ditto ditto 33,180

Total, 45
Against the amendment :
Present, 14 shareholders, representing stock.. £32,000
Proxies, 79 ditto ditto .. 78,500

£98,320

Total, 93

£110,500

Mr. Locke's amendment was therefore declared
lost by a majority of 48 shareholders and £16,180
stock ; but whereas £208,820 stock was represented
at the meeting, it required £156,615 to approve the
bill ; and the amount voting for such approval be-
ing less than was required by £58,393, the bill was
not approved.
In reply to questions, Mr. ROY (the solicitor)
stated that he should report to the House of Lords
exactly what had taken place; and should the
South-Western Company consent to the proposed
terms, no doubt the bill would be considered to be
approved without another meeting.