The Sun.
London, England, 1857-02-13 00:00:00

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.
The hR-yearly ordinary meeting of the shareholders
in ttris•tindertaking was held this afternoon, at the
Waterloo Station, Waterloo-road ; Mr. W. J. Chaplin,
M.P., in the chair. •

1 The repOrt and statement of accounts, which have
already appeared in The Sun, were taken as read.
;The ellAilliiAN Congratulated the meeting on the agree-
able -change. of figures relative •to the dividend since
June 30, 1850. Then be bad to propose a dividend of
3 per _cent., and now 3, making 6 per cent, on the
year. The passenger traffic was very satisfactory, and
out of 76 stations only 6 bad experienced any diminution
of receipts, and that only to: the aggregate amount
of 166/. ,He then referred to the amicable state of feel-
- ing existing with this and the other railways except the
South-Eastern Railway, respecting their branch from
Reigate to Reading. The returns showed that the traffic
on the line would be satisfactory, whether in peace or
war, and congratulated the shareholders on their work-
ing expenses being as low as that of any company. He
called attention to the present mode of assessing rail-
ways to local rates, and said that those rates amounted
to about 10 per cent. on the profits, which, with
7 per cent. income tax, and a Emil of 8,5001. paid:
in stamps her transfers, Svc., ' made a deduction
from the profits of 27 per cent. The hon. gentleman
then called attention to the ten schemes of railways
before' Parliament likely to affect this company.
He had much pleasure-- in informing them that
the Great Western Railway Company had nothing
to do with the Southampton and Salisbury scheme.
lie made that statement on a communication made
by Lord Barrington, the chairman of the South!
Western Railway Company, to some of the Directors
of this line.: He concluded by moving the adoption of
the report. (Hear, hear.)
Mr. TIT); M.P., seconded the motion, and said that
he regretted they were again compelled to fight the
battle of the gauges, and considered that the opposition
should be entrusted confidently to the directors.
They bad arrived at a time of prosperity when some-
thing might be done to benefit- the porters and
railway guards by increasing their income.
He thought they should begin at the top,
for the directors were not properly paid, and descend in
the scale, increasing each of their officers' and servants'
salaries. They only gave the porters 16s. a week, and
took from them every other Sunday. Their wages were
reduced ls. in 1848, and as the times had changed, to
the prejudice of the poor man, at least the ls. should be
restored. (Hear, hear.) .

Mr. ASHMORE called the attention of the meeting to
the large sums paid for law charges. For the last tbrc•
and a half years the company had paid—in Dec., 1853,,
the sum of 25,7411. ; in 1854, 10,6251. ; in 1855, 6,9631.;
and in the last half-year, 7,0751. He would rather give
the solicitor 1,5001. a-year, and allow him to practise,
than pay him according to the present mode. (Hear.)
He woul,l move a resolution, after the adoption of, the
report, to the above effect, the salary to include every-
thing except charges out of pocket and Parliamentary
agencies, Mr. Bircham to pay his own clerks out of that
sum.

Mr. Sergeant GAZELEE said that the servants were
now receiving adequate salaries; he had lately been
gradually increasing their salaries. The porters com-
menced with 165., and advanced yearly, with clothes in
addition, and as a proof of the porters being well paid
the directors were pestered out of their lives for applica-
tions to fill such situations, and woe betide the director
who belonged to a borough. (Laughter.),
Mr. PUNOHAftD said that with the exception of the
dividend there was nothing in the report for congratu-
lation. This report, he thought, would have a serious
effect on the market. He asked to be informed what
was the actual liability of the company to capital.
Mr. CLOSE (Auditor) said that the accounts showed
it, with the exception of 9,0001.
Mr. PUNCRARD said that the accounts did not show
the actual amount of the capital by 200,0001.
Mr. HOYES (auditor) said that Mr. Punchard was in
error, and nothing could be put forward more plain than
the capital account in the statements of accounts. The
auditors would have much pleasure in going through the
account with any shareholder. The capital account
was exceedingly clear; and the books were kept with
perfect accuracy.

Mr. Uzinuatxplained that a discrepancy appeared to
exist in the capital account of 6540001., owing to tt•
abandonment of certain land and lines that had caused
their power to call up capital to lapse.
Mr, EDWARDS called attention to several items in the
accounts, which were satisfactorily answered by the
chairman and other directors,

Mr. HERAPATH said that he had made application to
Mr. Morgan, the accountant, for certain information in
the account., and that gentleman readily gave him all
that he rcquir, d. He considered that the capital ac-
count shoal,' be closed, unless what was added
gave a remuneration in the shape of additional
income. The chairman on a former occasion
pressed him to examine the books, and satisfy himself
as to the accuracy of the accounts, and he (\lr. Hera-
path) had done so. (Hear.) The Steam Packet Com-
pany appeared to have given a profit of 5,0001. to the
Railway Gm-lip:my. The dividend had been increased
by degrees, and in a satisfactory manner. The working
expenses fur the past year were nearly 50 per oent.,
larger than it ought to be.
The CHAIRMAN explained that much of it arose from
the expense of working the Wokingham and Staines
Railway.

Mr. idEIIAPATII asked who was constructing the Exe-
ter Extension, and if the work was tendered for? He
also asked if tiio company was working amicably with
the Great Western Railway Company I
The CiIAIRMAN said that eight or nine contractors had
tendered for the work. The contract was taken by one
contractor, Mr. Taylor. The company were working
amicably with the Great Western Railway Company,
and they derived much traffic north and south from
that anrcable feeling.
. . . .

Mr. HERAPATH said that on the whole he was much
satisfied with the report and accounts.
After some further discussion the report was received
and adopted, and a dividend was declared for the half-
year at the rate of 61. 10s. per annum.
Mr. ASHMORE'S resolution relative to the future pay-
ment of the solicitor was put to the meeting.
Mr. EDWARDS made some remarks in support of the
resolution.
Toe CHAIRMAN said that an inquiry had been made by
the directors relative to the law charges. By the direc-
tion of the sharehol lers, the directors had on a former
occision given the solicitor a salary, but they found they
were paying too dear for it, for most of the law
business was in connection with Parliamentary
business ; and therefore it was that the salary was
abolished, and the old mode restored, Mr. Bircham hav-
ing readily fallen in with the view of the directors, as he
always hai where it was for the benefit of the company.
He had no doubt Mr. Bircham would go back to a salary
again if it were the wish of the company. The hon.
chairman concluded by eulogising the abilities of tiro
solicitor, and t xpressed an opinion that were they t•
lose him there would be great difficulty in finding a suc-
cessor. (Hear.)