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

• AP, N 9 AUGUST 29, 1850.

Another ground of apparent increase was to be accounted
for by the charges for repairs of rolling stock, which
the directors were determined to keep up in the
highest state of efficiency.' There was also a large item
for law r xpenses, which was taken at an estimate
of 1,0001. Of this sure only 2501. had been incurred
during the 'art half-year, the remaining 750/. being ar-
rears of former half-years, including the charged con-
nected with same expensive appeal cases on rates. The
arbitration with Mr. Crawshey was still in suspense.
With regard to the suit against Mr. Hudson. it was
making progress in Chancery, and the question ha I been
put why the directors rh )ul,l not accept a certain sum
down, or refer the case to arbitration. He had no hesi-
tation in saying that as long as they considered the di-
rectors able to manage their affairs, they ought to allow
this matt rto remain in their hands. This was a demand
for restitution, and not a case for arbitration. Ile had
formed a strong opinion of whet ought to be revired
from Mr. Hudson, and would not consent to take less.
With respect to the claims against two other of the late
directors (Mr. Davies and Mr. Richardson) tha directors
had made a conditional arrangement, receiving from
them half the premiums which the shires were worth on
the day that they were appropriated to then. An item
on land purchases of 3.4431. 18s. 61. hat been paid for
interest, on the completion of conveyances, which sum
in most companies was placed to capital account, but
they thought it better to carry it at once to revenue.
With reference to the Electric Telegraph Company, ne-
gotiations were going on; and he trusted that arrange-
, ments would be effected, giving to this company a fair
remuneration for the capital which they bad laid out in
telegraph works. The arrangement with the Air and
Calder Company was a bringing together of parties who
had looked on each other as natural enemies. He hoped
that this arrangement, whilst it secured a fair rate of
toll, would not prevent that healthy competition which
was essential for the protection of the public. With re-
ference to the affairs of the company generally, al-
though they were not met
.under prosperous drown-
stances, they had much better prospects than existed six
months since, and he hoped that the various changes
and reforms which were being affected would tend to in-
creased receipts and decreased expenditure. He then
moved the adoption of the report, which was agreed to
unanimously.
Mr. RAMSEY then moved that counsel's opinion be
taken with a view to legal proceedings against Mr. Hud-
son and the late directors, and such officials as had been
instrumental in falsifying the accounts of the company;
but the motion was negatived nearly unanimously.
The CHAIRMAN moved the adoption of a resolution
declaring a dividend of 51. per cent. without deduction
for income-tax; which was agreed to.
The CHAIRMAN observed that last week their receipts
were 10,6181., being the highest amount (with one ex-
ception) that the company had ever received.
The CHAIRMAN proposed a resolution, agreeing to
accept 1,2501, from Mr. James Richardson, and 1,0001.
from Mr. Davies, in respect of shares received by
them as directors and subscribers to the Whitby
Building Company, such arrangement not in any way
to prejudice the claims of the company against them
in respect of any other liabilities as directors of this com

puny, either solely or in conjunction with other directors.
The resolution was carried.

Mr. ItAstsEY enumerated some defalcations which had
occurred from time to time, and asked if bonds had been
taken from the clerks? •

The CHAIRMAN—They bad in all new appointments,
and in the case of old servants such was being done.
Mr. BULL moved a vote of thanks to the chairman and
directors, and in doing so, stated that he had, the last
two eh) s, gone over the main parts of the line and found
everything in a most satisfactory state.
The vote was seconded, and carried unanimously. ,

SOUTH DEVON.
PIAMOCTII, AUG. 27.—The ordinary half yearly
e ing of this company was held at the Royal Hotel,
PI) mouth, this afternoon ; Mr. Thomas Woolcombe,
the chairman of the board of directors, presiding.
Amongst the directors present wore Sir A. Buller, David
Derry, J. W. Buller (chairman of the Bristol and
Exeter), Ralph Cole, Mr. Morgan, F. P. Barlow. and
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 tor con-
verting the meeting was read by the secretary, and the
seal was attached to the register of shareholders.
The report, which bad bet n 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-
-

'ion to the effect, that an extraordinary general meeting
,hould be called on Wednesday five weeki, for the pur-
pose cf coniidaing and determining whether any and
what measures should be a•lopted for the reduction of
the expenditure, improving the working establishment,
and maintaining the credit of the company, and far gene-
ral purposes. He then proceeded to state th•tt, as re-
garded the forfeiture of, shares the shareholders of the
company aught not to forfeit re Tie's property without
due c msideration. They could not tell what circum-
stances of monetary pressure prevented them from pay-
ing, and he therefore begged them not to forfeit !heir
shares without it was by reque,t. He then referred to
the Bristol and Glouoestt r Railway, which was indebted
to the South Deron Railway Company in the sum of
10,0001.; and in the month of April, 1847, notwith-
standing the shareholders of the South Devon paid 40
par cent., the Bristol and Gloucester Railway had not
paid one farthing. He contended, with regard to the
contract (or 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 6,4001. 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. MOULD seconded the motion.

Mr. W. Fox expressed regret that another meeting
should be called, and a committee appointed to ir.quire
into the affairs of the company, es it would bo the means
of bringing discrcdic 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 five and six per
cent, interest, whereas if the 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 in London who contracted with o la!rs 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
'ailing from London to Plymouth, goods were shipped
on board her, and tte railway was thus cheated. He
trusted that the company would come to an arrangement
with the opposing shareholders, otherwise they would
never be able to get on welt.

Mr. D. DEBIT, 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
f,►r the others, they were dead. lie defended the c
jn-
duct of the directors, and statad that they were trying
to renew the debenture bonds again; and with regard to
the law expenses, he thought those gentlemen who com-
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
rower might spring up in the course of ten years which
would be less expensive.
The CHAIRMAN 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 hare it all their
own way.

Mr. BAYLY asked a question relative to the branch to
Sutton Pool, on which
The CHAIRMAN replied that they could not go into
detail on that matter. Tbo 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. BAYLY, 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 propese
to lay before the next meeting of the company a state-
ment of operations, including idle, profligate, sod waste-
ful expenditure, which ho believed would surprise sad
astonish the shareholders of the company.
The CHAIRMAN then asked if there was any other
g ntleman who wished to speak on the motion, and as
there were none, the questions were put, when there
appeared—
For the amendment ...
Against it ... ..•
In favour of the original resolution
Against it ... ---
The original motion was then declared carried.
Mr. STETEks 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 CHAIRDIAN then proposed the firfeiture of the
shares, which was seconded by
Dr. DERRY, who said he wished his were being put
to the vote as well.
Mr. STEVENS a4stin spoke about having an extraordi-
nary general meeting, observing that if the directors
refused to cell one, they would themselves, as be had
a sufficient number of aa:-eholders' names on the re-
quisition.
Mr. W. MOORE 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 Cuantmax, 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 he in-
volved by any litigious proceeding as any shareholder
could be.

... 32

Mr. STEVENS again wished to speak, but was pre-
vented by
The CHAIRMAN, who said he should feel it his duty to
conduct the proceedings in a regular way as long as he
was in t,:e chair. Mr. Stevens having spoken before,
e could not again hear him.
Mr. BATLY again remarked on what he had to say at
the next mot ting; and the question was then put by the
chairman and immediately carried.
The meeting then sep -.rated.

YORK, NEWCASTLE, AND BERWICK.
The report of the directors, to be submit•ed to the
proprietors on Tuesday next. states that the receipts :or
the half year ending the 30th of June amounted to
351.886 L, and foe the corresponding period in 1849 to
323,954/. Niarly the whole of this it:crease has been
I produeel during the list quarter. The working ex-
penses for the half•year ending the 30th of June amounted
to 135"31., and for the corresponding period in 1849 to
132,1891. The charges against revenue other than
working expenses amounted in the former period to
151,610 L, arid in the latter period to 118,9121. The
amount of debenture capital has been increased since the
30th of June, 1849, to the extent of 215,0004 entailing
a corresponding additional burden fur interest. In toe
former half-year there was a large sum for interest
charged to capital account for unproductive works, and
during the present half-year there is no such charge in
the accounts.

The directors propose to carry to capital the sum of
35,4021., the balance stpearing on the Great North of
England purchate account; but a sum of upwards of
10,000/. arising from unpaid dividends on and calls re-
ceived in respect of shares which will have to be for-
feited, will then be carried to the credit of that account
• in reduction of that sum. Since• the last half-yearly
meeting the directors have received a further sum of
10,000/., making 50,000/. of the amount agreed to be
paid by Mr. _ Hudson in settlement of the claims of the
company upon him; but the sum due from him in re-
specs of thd Sunderland Dock has not yet been paid, al-
though the directors.had expected when they made the
arrangement with him that the whole amount would
have . been received before this time, and have used
their utmost exertions to obtain payment, but
without effect. The directory, however, hold
securities for the amount. The net divisible balance
out of the proper earnings of the half-year
amounts to .62,212/, which, added to the net ba•
lance, 1,5001, from the last account, increases the
amount to 63,7131, out of which the directors
propose to pay a dividend at the rate of 2f per cent. per
annum, leaving a balauce of 2,2891. to be carried to the
next account. The purchase debentures to be delivered
to the Great North of England Railway share-
holders are in active preparation, and the purchase will
be completed in October next. On tie Ist of July, 1853,
796,5711 will be payable; on the Ist of January, 1855,
1,062,095/. will be payable; and 796,6711. on the Ist of
July, 1856, unless other ise agreed upon by those en-
titled to these, The Sunderland Dock was opened on
the 20th of June, and must lead to an'important increase
of coal traffic on the Durham and Sunderland branch
railway of this company. The directors have taken steps
to close the capital account. The amount expended on
capital account to the 30th June amounts to 6,667,5071.;
due to the corporation of Newcastle,• 15,0001.; estimate
of works to complete the railway, 131,6221.; Great North
of England purchase, 3,732,902/. ; total, 10,547,0311.
The capital account will be closed by a sum of
10,550,0001.

NORFOLK.
It appears from the statement Of receipts and expendi-
ture on capital account for the half year ending 30th of
June, that 53,0751. had been received, including 10 6004
temporary,
.loan, and 37,5001. on account of rolling stock
or stores transferred to the Eastern Counties Company,
and 50,1471. expended, including 49 000/. mortgage bonds
paid off, leaving a balance of 2,9271. The Lowestoft
Railway and Harbour account shows that 344,673/. bad
been received on capital account, and 346,216/. expended,
leaving a balance against the company of 1,542/. The
re►enue account fur the half-year ending the 4th of July
states that 5,495/. had been received, including 2,8581.
from the harbour, and 2,084/. from the railway, and
3,8461. expended, leaving the baiting,' of profit 1,6481.