The Sun.
London, England, 1850-08-29 00:00:00

SOUTH DEVON.

Pi:mourn, Atm. 27.—The ordinary half yearly
mf eiing of this company was held at the Royal Hotel,
Plymouth, this afternoon ; Mr. Thomas Woolcombe,
the chairman of the board of directors, presiding.
Amongst the directors present were Sir A. Buller, David
Derry, J. W. Buller (chairman of the Bristol and
Exeter), Ralph Cole, Mr. Morgan, F. P. Barlow, and
Hr. Beal, Mr. W. Cain, secretary, and Mr. C. C. Whit-
ford. There was also a full attendance of shareholders.

On the motion of the CHAIRMAN the notice for con-
vening the meeting was read by the secretary, and the
seal was. attached to the register of shareholders.
The report, which bad been previously circulated
amongst the shareholders, was then taken as read.
The CHAIRMAN, after some lengthened observations
upon the state and prospects of the undertaking, moved
that the report be received and adopted.
Mr. W. PRANCE having seconded the motion,
Mr. C. STEVENS then rose, and said he had a resolu-
tion to the effect, that an extraordinary general meeting
should be called on Wednesday five weeks, for the pur-
pose of considering and determining whether any and
what measures should be adopted for the reduction of
the expenditure, impro►ing the working establishment,
and maintaining the credit of the company, and for gene-
ral purposes. He then proceeded to state that, as re-
garded the forfeiture of shares. the shareholders of the
company ought not to forfeit people's property without
due cinsideration. They could not tell what circum-
stances of monetary pressure prevented them from pay-
ing, and he therefore begged them not to forfeit their
shares without it was by request. He then referred to
the Bristol and Gloucester Railway, which was indebted
to the South Devon Railway Company in the sum of
10,00014 sad in the month of April, 1847, notwith-
standing the shareholders of the South Devon paid 40
per cent., the Bristol and Gloucester Railway bad not
paid ono farthing. He contended, with regard to the
contract for locomotive engines, that the shareholders
had a right, every one, of reading and perusing the con-
ditions and provisions of that contract. He believed the
whole of their 6 per cent. bonds to be illegal, and com-
plained of the sum of 6,4004 having been spent in law
charges. He submitted his amendment for the purpose
of calling an extraordinary meeting, so that these things
should be inquired into.
Mr. Mourn seconded the motion.

Mr: W. Fox expressed regret that another meeting
should be called, and a committee appointed to inquire
into the affairs of the company, as it would be the means
of bringing discredit upon the company, and perhaps do
them a deal of mischief. With regard to the Bristol
and Gloucester Railway, they had paid part of the
money, but its being withheld from them proved a
benefit to the company, for they had paid live and six per
cent. interest, whereas it tho money had been in the
bank they would have bad but two or three per cent.
He complained that the traffic in goods was not more;
but he could tell them, without mentioning names, that
parties were i❑ London who contracted with miters at
Exeter for goods to be sent there, and instead of the
goods being sent on the South Devon line, they were
conveyed by van here. If a steamer was on the point of
sailing from London to Plymouth, goods were shipped
on board her, and the railway was thus cheated. lie
trusted that the company would come to an arrangement
with the opposing shareholders, otherwise they would
never be able to get on well.

Mr. D. DERRY, one of the directors, explained that,
with regard to the forfeited shares, the greater number
of the owners had requested them to be forfeited, and as
far the others, they were dead. lie defended the can-
dnct of the directors, and stated that they were trying
to renew the debenture bonds again; and with regard to
the law expenses, he thought those gentlemen who corn-
plained of them were doing that which would involve
them in greater costs.
Mr. T. STEVENS was of opinion that an arrangement
ought to be effected previous to another session of Par-
liament arriving.
Mr. S. DERRY thought it would be unwise to enter
into a contract for a long period, inasmuch as some
power might spring up in the course of ten years which
would be less expensive.
The CHAIRYAN said they should have a contract with
the power of relinquishing it to a certain extent, but
parties lending money knew full well the value of it,
and, therefore, they could not expect to have it all their
own way.
Mr. BAYLY asked a question relative to the branch to
Sutton Pool, on which _

The CYAIRMAN replied that they could not go into
detail on that matter. The shareholders might rest sa-
tisfied that the directors had provided such a sum as
would be considered amply sufficient to discharge the
engagements they had made.
Mr. BAIL; after stating that he held very little in-
terest in the company, spoke in favour of the amend-
ment, and concluded by saying that he should propose
to lay before the next meeting of the company a state-
ment of operations, including idle, profligate, and waste-
ful expenditure, which he believed would surprise aed
astonish the shareholders of the company.

The CHAIRMAN then asked if there was any other
gentleman who wished to speak on the motion, and as
there were none, the questions were put, when there
appeared—
For the amendment ••• ••• ••• • • 2
Against it ... ... 41
In favour of the original resolution ... 32
Against it ••• ••• ••• ••• ••• 2
_

The original motion was then declared carried.
Mr. STEVENS essayed to speak, but
The CHAIRMAN would not allow him to be heard.
Mr. STEVENS persisted in claiming to be heard, on
the grounds that they were partners in a mercantile
company. He was not, however, allowed to speak.
The CHAIRMAN then proposed the forfeiture of the
shares, which was seconded by
Dr. DERRY, who said he wished his were being put
to the vote as well.

Mr. STEVENS again spoke about having an extraordi-
nary general meeting, observing that if the directors
refused to call one, they would themselves, as he had
a sufficient number of shareholders' names on the re-
quisition.
Mr. W. MoonE knew that the directors had the per-
fect control of the company, and it was a mere matter
of form for the shareholders to come there.

The CHAIRMAN, after the last remarks, said the di-
rectors had the interest of the company in view as much
as the shareholders themselves. They had no interest
in laying out the money in law charges; but if they
were to lay down in the dirt they would neither
have law nor justice. The directors were as deeply
alive to the misery and mischief which would ho in-
volved by any litigious proceeding as any shareholder
could be.