The Sun.
London, England, 1850-09-27 00:00:00

4,173

RAILWA Y INTELLIGENCE,
SOUTH DEVON.

Mr. G. HARPER seconded the amendment.
Mr. GELL, of Plymouth, said he believed that the
board could give good reasons for its conduct, and
trusted that they would come forward and give those
reason'. He trusted that several items of expense
would be wanting in the next year's accounts. He
was an advocate fur the reduction of fares, and he
believed that the experiment was worth trying. The
expense of the permanent way was also much too
large in his opinion. He did not wish to see Mr.
Stevens's motion adopted, nor yet thrown aside also-
gether. But it was quite true that some effqrt was
made to retrieve the present condition of the company,
by increasing its traffic, and reducing the cost of ma-
nagement.

The CHAIRMAN said that the committee to inquire,
and the committee to confer, were, in fact., identical,
and he should treat them as such in his observa-
tions. lie had not sought the position he then occu-
pied, and he would not only be willing but glad to
surrender its arduous duties at the call of the share-
holders. During the period in which he and his col-
leagues had held office, the working expenses de-
creased steadily every half .year, with a corresponding
increase in the receipts of the line. The permanent-
way contract would effect a considerable saving on
the present rates—the difference between the rate
per mile they paid to the contractor, and the rate per
mile of the Great Western, as to the increased charge
fir the maintenance of the permanent way. This
charge was always greater in. new lines than in old
ones, and he was afraid that they would for a short
time increase, although that would soon be followed
by a permanent diminution. He believed that rail-
way companies would make the largest amount of
profit at the lowest rate of fares. lie thought that
the change should not, however, be sudden. If they
had confidence in the directors let them that day avow
it ; and if they had not, let them not have a committee
of investigation, but have a new set of directors alto-
gether.

Mr. Fox then moved a vote of confidence in the
directors.

It was objected thst this resolution could not be
put until the others were disposed of.
After some discussion Mr. AIILMAN withdrew his
amendment, and Mr. Noßats seconded Mr. Fox's
resolution, observing that he should afterwards pro-
pose that it be referred to the directors to ascertain
some means of adjusting the varying interests of the
holders of original and preference shares, and to admit
both to immediate participation in the profits of the
company,

Mr. BAILEY, a shareholder, then rose amidst cries
of "Question." Up9n his announcement that he
would be heard, and had a long speech to make, the
patience of the meeting, which had ia,,ted already five
hours, gave way, and although it was announced that
a special train would run to Plymouth after the
London mail had passed, the room was half emptied.
Mr. Bailey, with a resolution which would have done
honour to a better cause, maintained his ground, and
had his speech all to himself. The shareholders re-
monstrated loudly against Mr. B dley's pertinacity,
finding that, in spite of all interruption, he still con
firmed. About fifty gentlemen declared that they
would return in three- quarters of an hour, and vote
when he had done. Mr. Bail-y, after more than an
hour's perseverance, gave up his point, but in conse-
quence of many shareholders having actually left to
dine, it was deemed necessary to keep the poll open
until nine o'clock.

The result was that Mr. Stevens's motion was lost;
,hat of Mr. Fox, for a vote of confidence in the direc-
,ors, being carried.
The meeting then thanked the Chairman for his
mpartial conduct, and separated.

OXFORD, WORCESTER, AND
WOLVERHAMPTON RAILWAY.
The completion of the branch line of this railway,
bringing the city of Worcester into immediate cona-
munication with the Midland (Bristol and Birming-
ham) Railway, has since the last half-yearly meeting
of the company been so rapidly forwarded as to be
ready for the inspection of the Government surveyor,
and accordingly yesterday the inhabitants of Wor-
cester were astonished by the appearance within the
suburbs of that city of a locomotive engine and ten-
der, the first that has ever been seen in the locality.
The Government inspector was Captain Cealton. At-
tended by officers of the Midland Railway Company,
this gentleman started from the Spetchley station of
the Bristol and Birmingham line, for the purpose of
inspecting the branch line of the Oxford, Worcester,
and Wolverhampton Railway, from Abbott's-wood
(shout two miles and a half from Spetchley station)
to Worcester. The junction at Abbott's-wood had
been completed some days previously, and one set of
rails had also been laid down throughout the line from
Abbott's-wood to Worcester, the other line being
nearly complete. The distance is four miles, and the
first part of the line runs through an easy country.
As it approaches Worcester, however, there are two
or three heavy cuttings and embankments, and Wor-
cester lying in a hollow on the banks of the Severn,
surrounded on all sides by rising ground, the line
does not run into the city, but passes through the
suburb; along a rising ground on the east, a short
tunnel having to be passed through north of the Wor-
cester station. The branch up to the station, however,
is at present only to be opened, so that the tunnel
(which has been completed for two years at least)
will not be required for present use. 'The opening of
haveimpo importance the whole of the loop line from Abbott's-wood through
Worcester to Stoke would have greatly enhanced the
renderedof thethe
comp.;
no tolp e ndy ol
liable
en
tgo,
a tabcuetrasitnhigsuwaroaunld.
tee given to the Severn I
mpros ement Commission, that
intention has been abandoned until a larger portion of
the north end of the line can be
opened, so as to
bring a remunerative traffic upon the line. The pre-
sent branch is leased to the Midland Company at a
certain fixed rent with surplus profits. The line at
Present is constructed on the narrow gauge, but when
the main line is opened broad gauge rails will be
added. Horizontal sleepers are used as upon the
Great Western Railway. The station at Worcester
is nearly completed, and the branch here will now in
a very short time be opened for public traffic. The
• tor made a careful survey of the line, and gavea
inspector
favourable opinion of its construction. There cin be
no douht about the stability of the works, which have
already stood the test of time. This opening will
confer a great boon on the trade of Worcester by
-abo-
lishing the long-abused nuisance of a four mile om.
nibna drive from Wotoeeter to Spetchley. At 4414

EXETER, WEDNESDAY, S; 25.—A special ge-
neral meeting of the shareholders of this company was
held yesterday afternoon at the New Londo❑ Inn, in
this city, Mr. Wuolcombe in the chair; in pursuance
of a requisition, signed by 22 shareholders, represent-
ing between 1,600 and 1,700 shares, and Mr. C. Ste-
vens, whose name appeared at the head of the list,
had signified his intention of moving a resolution re-
quiring the appointment cf a committee to inquire
into the affairs of the company.
Mr. STEVENS then proposed the following resolu-
tion :—" That a committee, to consist of three per-
sons, proprietors in the South Devon Railway Com-
pany, be appointed fur the purpose of considering
whether any and whet measures ought to be adopted,
with a view to the reduction of the working expenses
of the undertaking, improving the traffic and revenue
thereof, establishing and maintaining the credit of the
company, and otherwise improving the conduct and ma-
nagement of its affairs. Also, whether it be expedient
that the provisions in the zompany 's Act of incorpora-
tion, in reference to the appointment, the number, and
order of rotation of directors, the right of voting the
audit of accounts, the powers of sale and leasing, and
other provisions should be altered or enlarged, and
also to report their opinion on the expediency of an
application to Parliament fur these purposes, the com-
mittee to have full powers to call for, and require the
production of, and to examine, inspect, and take
copies of all books, accounts, and papers of the com-
pany, and to employ accountants and other assistants
and with all other necessary and proper power. The
committee to report also on the state and condition of
the company and its affairs ; and that it be a direc-
tion to such committee to state the names of the per-
sons who have been deprived of any pecuniary advan-
tage by reason of all or any of their calls having
been from time to time unpaid, and the sums of money
which they have lost thereby, with a view to the re-
turning them the same. His object, he said, was
simply an inquiry into certain facts which had ap-
peared to the requisionists to require investigation.
He represented in that meeting 111 persons, pro-
prietors of more than 1,600 shares, and the claim
which he made on their part for an inquiry ought not
to be denied by the directors. He would refer to
one subject touched upon in the requisition, viz., the
hire of locomotive trains. Was it not fitting
that the contract for a matter of such importance
should be submitted to the shareholders for their ap-
proval ? He would also refer to the present state of
the credit of the company. That it was bad, was not
to be disputed, but what was the reason ofits beingso,
with a revenue larger than their debenture debts ? He
had no hesitation in ascribing it to the mismanage-
ment of -the directors. Mr. Stevens then proceeded
to vindicate his own conduct in reference to the pre-
ference shares, the validity of which he had disputed,
and to answer a circular issued by the directors, ex-
planatory of their own conduct in the transaction.
The reasons he had given would show the necessity of
placing more power in the hands of the shareholders,
and in order to do so he entreated their support to the
resolution he had proposed.
Captain EDWARD JENNINGS, R N., seconded the
resolution.
Mr. MILNER moved as an amendment—" That a
committee of shareholders be appointed to confer with
the directors." A committee of investigation was
frequently a committee of hostility, and the appoint-
ment of a committee of the shareholders to confer with
the directors, would meet the view of the larger body
of those interested.