The Sun.
London, England, 1850-10-23 00:00:00

RAILWAY SHARE MARKETS.

BRISTOL, Ocr. 22.
STOCK EXCHANGE.-The share market vvag very active
to-day, and sales were easily effected at a slight i,-nprove-
meat. The following were the closing prices :—Great Western,
72' —Midland, 44 IA—London and North-Western, 1155,i.

LIVE POOL, OcT. 22.
STCCZ EXCTIANGE.—The market has been steady to-day,
chiefly in consegence of the buying of London stock, but we
close heavy and declining. The transactions were as follow :
Lancashire and Yorkshire, Consolidated, 41:Yi Ditto,
Fifths, 71/3 dis.—London an.] North-Western, I.lB:lA—Ditto,
New Quarters, 2% p.—Ditto, Fifths, 31/2 p.—Ditto, Quar-
ters (C), 2 5-16 p.—Midland, Halves, 21 dis.—South-Eastern
and Dover, 2011 —York, Newcastle, and Berwick (G. N. E.
Purcime), 3 13-16 dis.—York and North Midland, 2[34—
Birkenhead, Lancashire, and Cheshire (late C. and B). 221.
Shares, 814 dis. Chester and Holyhead, Preference, gua-
ranteed 5,4 per cent., LWA—Great Northern,l4 VI —Lancaster
and Preston, 19,4 p. Ditto, New 41. 3s. 41 Shares,
5 13-16—Liverpool, Crosby, and Southport, 2A dis.
BIRMINGHAM, OCT. 22.
STOCK :EXCHANC4E.—TiI C share market was firm to-day,
and a fair amount of business done. The transactions were
as follow:—Birmingham, Wolverhampton, and Stour Val-
ley, 101/x—Shrewsbury and Birmingham (B.), 6'4:; dis.—
Ditto, Preference, 91. 18s. 9d.—South Staffordshire, 3% dis.
YORK, OCT. 21.
STOCK EXCHANGE.—The transactions to-day were as fol-
low :—North British, Preference, 6 per cent., 4% —York and
North Midland, 24.

RAILWAY INTELLIGENCE.
LONDON AND SOUTH-WESTERN.
The report of the directors to be submitted at the
special meeting on Friday states that the directors,
having resolved that they would not commence the
execution of any of the works which the company
had acquired powers to make, nor resume operations
on the branches on which expenditure had been sus-
pended, without previously submitting the propriety
of doing so to a special meeting of the shareholders,
the present meeting was called, in order to remind the
proprietors of the company's position in respect of
their powers, and of obtaining their sanction to such
a limited expenditure only as appeared not merely
prudent in itself, but also the wisest course with re-
ference to the expenditure already incurred. The
only undertakings on which the directors are prepared
to recommend further outlay are the Farnham and.
Alton branch and the Taw Vale Railway. The for-
mer, as regards the portion between Guildford and
Farnham, has been already completed and opened.
The works on the remaining portion of the
line, namely, between Farnham and Alton,
when they were suspended in 1848, were
verging also towards completion. On examina-
tion of the works, and the company's relations
with the contractor, landowners, and other persons,
it has been found that if the uncompleted portion of
the line were abandoned the company would have to
pay a considerable further sum in procuring settle-
ments with the contractor and landowners, in addition
to the 49,090/. expended to the 30th of June last.
The directors have endeavoured to ascertain the lowest
amount at which these works may be completed for a
single line of railway, and it appears that by an out-
lay only exceeding by about 30,000/. the amount
which must be paid if the works are finally aban-
doned, the nine miles of railway between Farnham
and Alton may be completed and. opened for traffic
with a single line of railway. As it is thus within
the power of the company to obtain nine additional
miles of railway at a cost of 3,500/. per mile, and
which may be worked with but little addition to the
rolling stock now engaged in working the line be-
tween Guildford and Farnham, the directors are of
opinion that these works should be resumed as soon
as satisfactory arrangements shall have been made with
the contractor and landowners. in the Taw Vale
district the directors recommend the acquiescence and
co-operation of this company in a scheme for the com-
pletion of that line which has be en proposed by the
directors of the Taw Vale Railway, and unanimously
sanctioned by their proprietors. The expenditure and
liabilities of this company in respect of the Taw Vale
Rail Way amount to 70,000/. ; that is to say, the
company are hollers of 7,080 shares of 201. each in
Faw Vale stock, in respect of which the above amount
has been paid. The directors fear that the ‘N hole of
this sum will be lost to the company unless some mea-
sures,, necessarily involving further expenditure, are
resorted to; but they believe that by the proposed
plan, which will involve a further payment on their
shareslby this company of 30,0001. (to be made, not
in money, but in surplus rails), the company's past
expenditure will be retrieved. The Taw Vale Com-
pany have power to construct a railway from the ter-
minus of the Exeter and Crediton Railway at Cre •
diton to the north coast of Devon, at Barnstaple aed
Bideford. They have executed, and are ready to
open for traffic; nine miles of the northern part of
their line, upon which they have expended about
170,000/. ; but, unless the intervening portion be-
tween their completed railway and the lines and
country south of it be finished, there seems no chance
of working any part with remuneration. Under these
circumstances, the directors of the Taw Vale Com-
pany have entered into a conditional engagement with
a most responsible contractor, who is not only to
finish the railway, but to provide rolling stock, and
work and maintain the line for a period of seven
years from its opening, paying a fixed rent of 12,0001.
a year. This will enable the Taw Vale Company to
pay 4i per cent. on the borrowed capital, and two per
cent. on the whole of its share capital. The lessee is
also to pay the company half the surplus profits be-
yond the fixed rent. The directors consider the pro-
posal deserving this company's cordial support, as it
secures a return of 2 per cent. on the total advances of
this company, or 6 per cent. on that which they are
now called on to make in surplus rails. The com-
pletion of the line will also be of material advantage
to this company, in giving increased value to their
property in the Exeter and Crediton Railway, over
which the bulk of the Taw Vale traffic will pass. The
directors do not recommend the proprietors to make
any further expenditure. The company's powers for
the compulsory acquisition of land on the Basingstoke
and Salisbury, and the Salisbury and Yeovil lines
expire in the ensuing summer, and the directors feel,
that whilst the commencement of any of these works
is at present not practicable, so also any proposal
merely to extend the company's powers would be
distasteful to the general body of the proprietors, who
are anxious to see the capital expenditure closed. As
regards the Exeter, Yeovil, and Dorchester and the
Exeter and Exmouth lines, the powers of con-
struction reside in separate companies; this com-
pany being shareholders only. With both those
companies agreements of lease have been entered
into, un?er the sanction of general meetings ; hut no
leases have been executed. 'The Railways Abandon.
tnent Act of last session enables the shareholders in
these companies to accomplish their dissolution with-
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