The Sun.
London, England, 1845-11-08 00:00:00

agreement they could give at once 5 per cent.,
which would be for the three and a half years of the lease
one per cent. additional. the expiration of the lease, by
the terms of the agreement; -they would be called .on
to pay them a dividend of 6 pe: cent. The payment of
this dividend rested on Very wenlative and con-
jectur:d grounds as to the degiee of traffic and the
other resources of the line. There could be _no
.doubt that the North Devon and the lines now projected
would pour some considerable-traffic on :o this railway, but,
again; they-must recollect that the Bristo: and Exeter trans-
ferred to them a great liability for the construction of their
line, and if a central Hie were made there would be little
question that a portion of traffic would be w.;thdrawn from
the Bristol and Exeter, perhaps more than that which
might be expected front the new lines. Under one contin-
gency they used to pay h3/4 per cent. instead of 6/.;
but he trusted that was a contingency not likely to arise.
It had been assumed that a difference of one quarter
per cent. wou'.d cover any loss likely to arise
from the making of the central line, but the
reason why this per tentage had teen retained was a very
different one. They were aware that they were giving the
Bristol and Exeter Company a certain dividend, and they
retained this quarter per cent. as a security that the pri-
prietors of that Company would join the ranks of their
opponents. This meeting had been made special
for the purpose of obtaining the consent of the
shareholders to certain new line., in addition to the Bristol
and Exeter. The Chairman then recapitulated the outlines
of the new schemes, which are fully detailed in the report of
the Directors. The level of the line, as far as Yeovil, lu.d
been examined by Mr. Brunel, and he reported that the
country might be deemed an advantageous one for the pur-
poses of a railway. The Chairman concluded by -calling upon
the secretary to read the report,
Mr. SAUNDERS then read the report, as follows
" The directors have found it necessary to convene the present
special meeting for the purposes referred to ui two notices,—the
one being to consider and decide upon a conditional agreement for-
the pet manent tenure of the Bristol and Exeter Railway, and for
the purchase of the property of that Company,—the other, to de.
termine what lines should be brought before Parliament in the next
session for improving the general railway communication of any
towns, or district of country, lying to the south of the Great West.
ern Railway, in connexion with the traffic of this line.

" The arrangement with the Bristol and Exeter Railway Com-
pany is recorded in two agreements, dated 11th October and
6th instant, which are appandedto this report, and will be sub-
mitted for confirmation.

" It is right to premise that this measure has not been proposed
at this time from any desire of your directors to obtain by antici.
potion a renewal of the lease, which will only expire in 1849.
" It would have been in many respects more satisfactory if the
question could have been left open for future adjustment, when
the circumstances affecting the permanent value of the Bristol and
Exeter Railway could have been better known and appreciated; but
after having candidly stated to the directors of the Bristol and
Exeter Railway their opinion of the necessity of forming a shorter
Hue between Exeter and London, a measure which did not admit of
being longer deferred, they felt it due, in the relative position of the
two companies, to endeavour to effect some equitable settlement with
that company before they entered upon any active measures for
promoting the direct line to Exeter.
" It will be seen that the first agreement has been modified, in
one respect, by the supplemental agreement of the 6th instant, en-
tered into at the request of the directors of the Bristol and Exeter
Railway Company, in order to equalize the calls on their different
shares. If confirmed by the general meetings of the two com-
panies, application will be made to Parliament in the next session
to carry the provisions into effect.
" The directors are strongly impressed with the advantages
which are likely to be secured both to the Great Western Rail-
way Company and to the public, by an active effort to promote, in
the approaching session of Parliament, two portions of new line,—
which will contribute, with the Great Western and the Wilts, So.
merset, and Weymouth lines, to form one direct railway between
the metropolis and Exeter, as the best access to the south-western
ports in the Eng:ish channel
Ist. By a prolongation of the Berks and Hants Railway from
Hungerford to Westbury—about 35 miles—with branches
to Marlborough and Devizes.
" 2d. By a railway from the Wilts, Somerset, and Weymouth
line, at Yeovil, to Exeter—about 51 miles—with a connect.
ing line from Bridport to Axminster, and a branch to Sid-
mouth.

" The distance from London to Yeovil by the first-mentioned
line willonly be 126 miles; of which 91 are constructed or autho-
rised to be made for other purposes. The directors recommend
that the prolongation of the Berks and Hants Railway shall be ap-
plied far in the same manner as was adopted in the case of the Bill
or the incorporation of that Company.

" With regard to the other portion of line, the directors think
it will be beet accomplished by the formation of a separate Com.
pany, similar in all respects to the Wilts, Somerset, and Weymouth
Railway Company; and upon the same stipulation► of a guarantee
for the lease of the line when made.

" The directors have the pleasure to state that they have al-
ready obtained the promise of the moat influential local support to
that measure; and they cannot entertain a doubt of its complete
success, if authority be given at this meeting to proceed vigorously
with it.

" The pledge exacted in the Wilts, Somerset, and Weymouth
Railway Bill, that an improved communication should be given
from that railway towards the cities of Bath and Bristol, has led
to the adoption of a short line (about seven miles) between Brad.
ford and Bathampton, there to join the Great Western Railway;
and this, if sanctioned by Parliamentary enactment, will be con-
structed by the Wilts, Somerset, and Weymouth Company, to be
worked by this company under the lease.

" A branch line of about 11 miles is recommended to be made
from the Great Western Railway, at Tiverton, to the Somerset-
shire collieries in the districts between Timsbury and Hadstock,
which the directors consider to be very important. It will afford
the means of conveying over the main line a very large quantity
of coal which is extensively used for consumption throughout the
country, and some passenger traffic will be obtained to,increase the
advantages of the new branch.
"The attention of the Board has been long given to the question
of affording to a very populous district within a few miles of Lon-
don the advantages of railway connexion with this company.
Lookit.g to such accession of traffic even over only a short distance
of the main line, as being extremely valuable for the purpose of
assisting hereafter the extension of this railway further into Lon-
don, the directors think that no time should be lost in promoting
it with that view.
The line referred to would unite with the Great Western
Railway at Ealing. and would. pass through or near to Breutford,
I.leworth, Twickenham. Hounslow. and Staines. The country Is
very level, and the earth work would not be heavy, but the character
of the property is, in many portions, valuable. The population ofthe
district is, however, much more than proportionally gteat, and the
Directors believe it will be very remunerative. The great saving of
expense in bringing such a lire to join this railway at Ealing,
instead of attempting to obtain a separate entrance into the west-
end of London, must be an obvious public advantage, and the
Directors do Lot hesitate to recommend the measure for your
adoption. " C. RUSSELL, Chairman."
• The CHAIRMAN, in moving the adoption of the report, said
that if any gentleman wished to make any observations, that
was the time to do so.

Mr. MORRIS said, before the motion was put, he should
be glad to hear the Chairman give a sketch of the liabi-
lities of the Bristol and Exeter Company.
The CHAIRMAN said the liabilities would amount to about
2,500,0001., but it must be remembered that, with the liabi-
lities, they took the shares and interest in various new
scheme's, to which the Bristol and Exeter Company were
entitled to.

..
Mr. Monms suggested that all their future half-yearly re-
ports should contain a statement of the number of shares, and
the company in which they had an interest. He had heard it
stated that the Great Western Company held about one-half
of the shares in the Oxford, Worcester, and Wolverhampton
line, but he thought this must be a mistake.
The CHAIRMAN was understood to say it was. He pro-
Mised that the suggestion of the Hon. Proprietor should
receive every attention.
Mr. MORRIS asked whether there was any prospect of
their entering into an arrangernant with the Kennet and
Avon Canal Company ? He understood that the Proprietors
of that undertaking were anxious for an arrangement, and
were favourable to the Great Western Company.
The CHAIRMAN replied that none had been made.
Mr. PHILIP HAYWARD protested that the Kennet and
Avon Canal Company had no vested rights in the district, as
some Hon .Proprietors assumed they had, and grew"somewhat
warm in his comments upon the Directors for leaving out
Devizes, Bridgewater, the Vale of Pewsey, and Salisbury Plain,
in their scheme, for making a direct Exeter line.
Mr. MAJOR COURT remarked, that the dividend they were
to pay to the Bristol and Exeter Company was to be
53% per cent., in the event of any competing line
on the narrow gauge between London and Exeter being
carried. Now he could see no reason why the same proviso
should not be made in the event of a similar line being
carried on the broad gauge. They were, independently of
this contingency, to pay six per cent., but their own dividend
might fall belew that sum, and it was only just to consider
that the Bristol and Exeter might fall too.
Mr. WILLIAMS,M.P., was understood to ask what were the
receipts of the Bristol and Exeter, or upon what data they
had calculated the 61. per cent.?
The CHAIRMAN was sure the meeting would see the neces-
sity for his not answering the question. It might have the
effect of creating dissensions at another place, where, he
hoped, the question they were then considering was being
disposed of.
Mr: SMITH said he should be glad to hear some information
upon the probable cost of the proposed extensions.
The CHAIRMAN said the capital of the Yeovil and Exeter
• Company .would be about 125,0001. They calculated that
the line from Hungerford would cost from 500,0001. to
600,0004 and the other extensions would cost about 15,0001.
per mile.. The Radstock branch would probably cost 10,000/.
per mile.
• Mr. SMITH asked if any effort had been made to come to
terms with any of the competing lines. There was, for in-
stance, the 'Yeovil and Dorchester and the Direct Western,
which they might advantageously come to some arrange-
ment with.
The CHAIRMAN replied that the only competing line
which would be embraced in the new company was a line
running to Bridport. They did 'not deem it expedient or
advisable to arrange with any other line.
Mr. ATHERSTONR wished to know whether the main line
to Exeter would embrace the important towns of Devizes,
Trowbridge„ &c.?
The CHAIRMAN replied, that as they acted upon the prin-
ciple that the line would be a direct one, they could not con-
sist' ntly include the towns mentioned by the Hon. Proprietor.
Besides, there were engineering difficulties in the way. Those
towns, however, would be accommodated with branches.
erßeEcßoNmApeting schemes in the
M.P., pointed out
to Btfiri
e. AmTeneteing othat
andthe
reMlrv.
field, which proposed to overcome these engineering diffi-
culties, and place the towns named upon a main line. These
lines were supported by those towns, and they therefore
urged upon the Direction the necessity for taking this matter
into their serious consideration.
Mr. SAUNDERS, the Secretary:of the Company, replied, that
all these matters had been duly and carefully considered, and
the result arrived at was to have nothing to do with any of
the competing projects. An impression hail gone abroad that
the Great Western Company was connected with one parti-
cular competing project, because the name of the secretary to
that project was Sanders. Now he beggt dto state that
that gentleman was not related to himself, nor had the
Great Western any connexion with the line in question.
After seine further discussion the resolution wai put from
the chair and carried unanimously.
The agreement for the leasing of the Bristol and Exeter
line was then confirmed, and the Directors having been
authorised to take whatever steps they might deem expe-
dient and necessary for carrying a Direct London and Exeter
line, a vote of thanks was passed to the Chairman, and the
meeting separated.

GREAT WESTERN BENGAL
RAILWAY,

A general meeting of the shareholders of this Company was
held yesterday morning at the London Tavern, for the pur-
pose of obtaining the ratification and confirmation of the
powers to be given to the representatives and agents of the
Company in India; Major Morse Cooper in the chair.
We observed among those present the following- Directors:
—Hon. Captain Gore, John Grant, Esq. ; W. P. Andrew,
Esc. ; Mr. Alderman Hoop_er, W. F. Fitzwilliam, Esq.;
Mawr Waller, and Captain Hitehinc
The CHAIRMAN, before proceeding to business, would only
mention, as to the affairs of the Company, that they are in the
most desirable condition. It might seem to some of you that
we are doing nothing, but with a company like this the local
Council can alone do anything to favour our objects. Till