The Sun.
London, England, 1857-02-12 00:00:00

MEETING THIS DAY.

The half-yearly ordinary meeting of the shareholders
in this undertaking was held this afternoon, at the
Waterloo Station, Waterloo-road. Mr. W. J. Chaplin,
M.P., in the chair.

The report and statement of accounts, which have
already appeared in The Sun, were taken as read.

The CHAIRMAN congratulated the meeting on the agree-
able change of figures relative to the dividend since
June 30, 1850. Then he had to propose a dividend of
3 per cent., and now 3, making 6 per cent. on the
year. Tho passenger traffic was very satisfactory, and
out of 76 stations only 6 had 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 ceLt, income tax, and a sum of 8,5001. paid
in stamps for transfers, &c., 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.
He made that statemhnt 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. TITE, 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 had 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 dirctors were not properly paid, and descend in
the scele, increasing each of their officers' and servants'
salaries. They only gave the porters 16..4. a week, and
took from them every other Sunday. Their wages were
reduced Is. in 1848, and as the times had changed, to
the prejudice of the poor man, at least the is. shculd be
restored. (Hear, bear.)

Mr. ASHMORE called the attention of the meeting to
the large sums paid for law charges. For the last three
and a half years the company had paid—in Dec., 1853
the sum of 25,7411. ; in 1854, 10,625/. ; in 1855, 6,9631.;
and In the last half-year, 7,0751. He would rather give
the solicitor 11,500/. a-year, and allow him to practise,
than pay him according to the present mode. (hear.)
He would 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 GA.ZZLEE said that the servants were
now receiving adequate salaries ; he had lately been
gradually increasing
their salaries. The porters conr

Mr. iIERAPATH asked who was constructing the Eire
ter Extension, and if the woil was tendered for ? lie
also asked if the company was working amicably with
the Great Western Railway Company ?
TheICHAIRms.N 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 amicable 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 rats of 6Z. 108. 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.

The CHAIRMAN said that an inquiry bad been made by

the directors relative to the law charges. By the direc-
tion of the sharehol lers, the directors had on a former
oecision 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. Biroharn hay-
ing readily fallen in with the view of the directors, as he
always had 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 eu4ogiaing the abilities of the
solicitor, and expressed an opinion that were they to
lose him there would be great difficulty in finding a suc-
cessor. (Hear.)
Mr. BIRCHAM addressed the meeting, stating that he
had never advised during the time he had been their
solicitor any proceedings with a view to increase his
charges on the company. The directors had always
done their bent to obtain cheap law. He had no objec-
tion to the directors finding a successor if they had no
confidence in him, and as regarded the resolution he
should decline continuing the office at a salary of 1,500/,
a-year, because it would not pay his expenses for con-
ducting the business, leaving no remuneration for his
time and trouble in superintending it.
Mr. Sergeant GAMER (a director) considered 1,5001.
a year, with the privileges mentioned in Mr. Ashmore's
resolution, sufficient for their solicitor, and . who should
give them the whole of his time and attention. He ob-
jected to their solicitors being allowed to practice. He
had inquired of the best solicitors' firms in Parliament-
street, and they had informed him that their partners
would be glad to take the situation at 2,0001. a year.
He said the time was come for the shareholders to pre-
vent lawyers from taking the money out of their pockets.
Mr. CASTLIMAIN (director) eulogised the abilities of
Mr. Bircham, who bad always given the directors ad-
vice to the advantage of the shareholders. He recom-
mended the meeting not to look at this matter merely as
one of cheap law, because talent was not to be had cheap,
and he advocated paying their solicitor on a scale of
fixed charges. As a professional man, be said that three-

fourths of the proposed sum wool,' be absorbed in ofNce

cl'arges in conducting their business, and it was not
likely a talented man would undertake their business
for the small remaining sum. He advised them to
have economic law but not cheap law, and again
urged the payment of their solicitor by a fixed scale of
carges. If they left the matter to a committee of direc-
tors be had no doubt they would be able to amicably
arrange the matter. It would take a solicitor three
years to learn the busines.
After some further discussion, an amendment was
proposed by Mr. SNow, and sec.inded by Mr. ROLLS, re-
ferring the subject back to the directors for decision,
which was carried by a large majority.
The retiring directors, Mr. H. C. Lacy and Lieut.-
Col. J. Luard, were re-elected, and the meeting shortly
after terminated.

LAW INTELLIGENCE.—(This Day.)

BANKRUPTCY COURT.
(Before Mr. Commissioner Fonblanque.)

IN RE WEBB.

Adjournment sine die without protection. This bank-
rupt was described as of Poda wood, timber merchant,
and to-lay was appointed for his last wrnination, which
had been adjourned in consequence of the accounts being
unsatisfactory.

Mr. Bagley, for the assignees, opposed the banksept's
passing. He said that the first balance-sheet was so
unsatisfactory that the bankrupt was ordered to file an
amended balance-Jbeet, together with an account of
certain bill transactions of a very suspicious nature.
An amended balance-sheet had been filed, but the two
accounts were so greatly at variance that no dependence
could be placed on either, but the bankrupt had not kept
any books to enable the assignees to investigate them, and
as there was no estates they were unwilling to incur any
further expense ; the bankrupt had not furnished any
account of the bills. There was also another very suspici-
ous circumstance; the bankrupt alleged that he had made
a settlement on his wife, but the solicitor who was
the attesting witness had since died, and his son and the
managing clerk denied that it had ever been drawn in
their office, and both believed that the signature was not
that of the deceased. Under the circumstances he (11r.
Bagley) applied for an adjournment sine die.
The Bankrupt persisted that the signature was genuine.
His Honour said that any other accounts would be
mere moonshine. Ho should therefore adjourn the case
sine die without protection.