The Sun.
London, England, 1845-11-14 00:00:00

RAILWAY INTELLIGENCE.

SOUTII DEVON.

PLYMOUTH, TUESDAY.—An extraordinary general meet-
ing of the shareholders of the South Devon Railway, pur-
suant to the Act of Incorporation, was held at the Royal
Hotel. The meeting was fully attended. Mr. Thomas Gill,
M.P., the Chairman of the Board of Directors, presided. The
Secretary, Mr. Carr, having read the advertisement calling
the meeting, which said that the object of the meeting was
to consider and determine on the expediency of contributing
Hinds towards the construction of an intended railway from
Exmouth towards Exeter, to join the South Devon Railway
at or near the Countess Wear-bridge; to consider and deter-
mine on the expediency of agreeing to such alterations and
extensions of the intended railway from Launceston to
Tavistock, as may be adopted by the Launceston and South
Devon Company, in consequence of the projected formation
of the North Devon Railway, and of a branch in extension
of the Cornwall Railway to Launceston; and to consider and
determine the expediency of increasing the amount of sub-
scription to the Launceston and South Devon Railway ; to
empower the directors fully to carry out the several objects
aforesaid, and to raise an additional capital for the above
purposes ; and also to authorise the directors to borrow the
amount authorised by the Act of Incorporation, to be bor-
rowed by the company on mortgage or bond, as the same
shall be required from time to time for the purposes of the,
company, in the manner prescribed by the said Act.
The eHAIIMAN then said, when the directors last had the
pleasure of meeting the shareholders, several plans had been
announced to them, which the directors had recommended to
their attention and approval, and which they had been
pleased to approve of, and to pass resolutions with a view of
carrying the schemes out. It was hardly necessary for him
to refer to these plans specifically; but he would state that
the first was in reference to the Cornwall line, with a view of
extending and- improving which a sum not exceeding
200,000/. was voted in aid of the undertaking. For the North
Devon Railway, the directors were authorised to contribute
375,000/. The Torbay plan had been then, as it was now, not
sufficiently advanCed to put the meeting in possession of the
actual estimate the directors had been authorised to carry
out: and as regarded the Ashburton and Newton Railway,
the shareholders had been pleased to empower the directors
to expend such a sum as, in their opinion, they might think
expedient. To carry out this last-named scheme, the di-
rectors had thought it their duty to contribute 20,0001.
There were other schemes in contemplation, but the di-
rectors were not in a position to bring theist forward. This
had led to the calling of the present special meeting. The
first proposition of the directors was to ask the approval of
the meeting in order to enable them to contribute a sum of
money for the construction of a railway from Exmouth to
Exeter, which would go over three or four miles of the
South Devon line. It would join the South Devon Rail-
way at or near the Countess Wear-bridge, and then take
the course from Topsham to Exeter. It had been the opinion
of the directors that they would be consulting the interests of
the proprietors in assisting in the formation of this line to the
extent of 15,0001. The second scheme was that of the
Launceston and South Devon; the necessity to adopt certain
alterations and extensions having arisen in consequence- of
the projected formation of the North Devon Railway, to
which they had already contributed 375,000/. It was in-
tended to take the course from Okehampton to Launceston.
It had been thought expedient on the part of the engineer,
and that opinion had been confirmed by the directors, that
the line originally to have been carried from Tavistock to
Launceston should take a different direction, to meet the
views of the North Devon Railway, thereby effecting a direct
and central line. The new arrangement would have the effect
of lengthening the line some three or four miles, which would
of course be attended with increased expense, but there were
corresponding advantages, inasmuch as the traffic would be
brought from the northern and central parts of Cornwall, and
the northern and central parts of Devon as well. This ex-
tension of the line would cause the necessity for an increase
in the amount of contribution, and therefore the directors,
though not in. a position to state_ the actual amount the line
would require. believed that a sum of money varying from
150,0001. to 200,0001. would be requisite to carry it out. At
least at the present moment they considered it expedient to
ask the meeting to sanction the directors contributing a sum
not exceeding two-thirds of the estimate. For the purpose of
putting the meeting more fully in possession of thewhole of
the object for which the present meeting had been convened, he
would state that there was one other circumstance in refer-
ence to the schemes brought before them—namely, the direc-
tors called upon the proprietors to sanction the directors
borrowing an amount of money necessary to pay the required
deposits. in the present state of their affairs it seemed to the
directors by far the more prudent and legitimate course to
borrow the money, as they were empowered to do by Act of
Parliament with their approval, than to have recourse to the
issue of whole or half-shares—a circumstance which he be-
lieved, even if it were not deprecated at the present moment,
would be deeply regretted hereafter, because, strictly speak-
ing, they were not in a position to issue shares until they
obtained their Act of Incorporation, and the object of bor-
rowing money was to be enabled to pay the deposits neces-
sary before going to Parliament. The proposition which the
directors submitted was, to enable them to borrow, if they
felt it expedient to do so, money to the extent permitted by
the Act of Parliament—namely, 366,5001. They had been
prevented doing this before, because the amount of money
to be raised by calls had not reached the limit which the
Act prescribed to enable them to borrow money on deben-
tures, or mortgages, or bonds. This limit involved the
raising of one-half the capital, and the last call made put
them in that position. This proposition, if agreed to by the
shareholders, would have the effect of protecting them from
calls for some time to come. He thought this plan of very
great advantage, both upon the ground of the terms upon
which the money could be obtained, and the more prudent
and legitimate plan which it presented for paying the requi-
site deposits in respect of the new schemes which the share-
holders hid sanctioned. The first resolution which the direc-
tors recommended the meeting to adopt, authorised the direc-
tors to contribute 15,000/. towards the construction of an
intended railway from Exmouth towards Exeter, to join the
South Devon Railway, at or near the Countess Wear-bridge.
Mr. T. W. Fox strongly recommended that new shares
should be issued to meet these new schemes. That course
had been adopted in a great many other lines with which he
was connected, and he thought it a very proper and judicious
one.

This suggestion led to considerable discussion, the CHAIR-
MAN remarking that it would almost amount to dishonesty
to issue half-shares till the Acts of Parliament had been ob-
tained for the making of those lines which alone rendered it
necessary that they should borrow at all.
Mr. S. DERBY saw no difference between their issuing
new half-shares, and new companies requiring payment of
deposits before their Acts were obtained; but, in reply,
It was stated that there was a great difference, because
people, it was said, would buy into the South Devon Com-
pany, and pay larger premiums on the half-shares, thinking,
at the same time, that they would enjoy all the advantages
that they would be entitled to if they had been original
shareholders. The feeling of the meeting was clearly against
th, plan of issuing half-shares for the present, and the reso-
lution proposed by the Chairman was carried unanimously.
The next resolution relative to the Launceston and South
Devon line was then proposed from the Chair, upon which a
discussion arose, in which Messrs. Fripp, Whiteford, Wool-
combe, and others joined, as to the advantage of the altera-
tions- now proposed, by which the line will be carried round
three or four miles further, by way of Lydford, instead of
through Milton Abbot, and thence to Tavistock, as was at
first intended. This is done in order to connect it with the
North Devon line, and with the Cornwall line, by which a
central course will be given, via Crediton, on from Exeter
through Cornwall, on the broad gauge.
The resolution having passed, the directors were next
empowered to borrow the sums required for the purposes now
agreed to.
Some questions were then asked of the Chairman as to the
progress of the works on the coast, and that gentleman
stated that they were most satisfactory, and that there were
no engineering difficulties, nor any other difficulties but what
would be got over in regular course of working. The state-
ments about difficulties had been got up by interested parties
who were opposed to them. There were now about eight
miles' length of pipe ready, and seven miles of permanent
way. The only difficulty was that they could not get the
pipe cast fast enough, although they had three foundries
regularly at work, and would employ more if they could
get them.
In reply to questions from Mr. PRANCE,
The CHAIRMAN stated that there was no truth in the state.•
ment that lately went the round of the papers, relative to an
improved and more direct line being also constructed by this
company. The Hon. Gentleman declined, however, to state
when any part of the line would, in his opinion, be ready
for opening.