LONDON AND SOUTH-WESTERN.
The half-yearly meeting of this company was held on Thursday last, at the Waterloo Station, Mr. W. J. Chaplin in the chair.
Mr. L. Crombie, the Secretary, read the minutes of the last ordinary and special meetings, which were confirmed, The report was taken as read.
The CHAIRMAN, in moving the adoption of the report, said he would be as brief as possible. With regard to the part of it relating to the dividend, he was sorry it was not more satisfactory. They had progressed during the past five years in their dividends, but the present one showed a retrogression, and, although it was not a bad dividend, it was distasteful to receive less than they might have expected. In the corresponding period of 1856 the gross receipts had been considerably increased by the naval review and the Government traffic, These two items amounted to £36,500, and as the half-year ending the 30th of June last showed a deficiency of 21,000 as compared with the corresponding period, it was clear that an increase must have taken place in their ordinary traffic to the extent of the difference between those two sums. If any proof of that were required it would be found that the Government duty on the conveyance of passengers amounted to a larger sum in the past half year than in the same period of 1856, when the gross traffic was 21,000 more. That was explained by no duty being chargeable on the conveyance of Government troops. The ordinary traffic of the line was positively on the increase, although the gross receipts appeared less. It was, however, somewhat discouraging to work against such a year as 1856 of extraordinary traffic. In July, 1856, they received £8,276 for Government troops, so that there appeared to be a falling off in their gross receipts in July, 1857; and although other months in the half-year might be effected in that way to some extent, yet on the whole he expected a satisfactory result from the traffic of the current half year, (hear, hear). As to their position otherwise, they had passed through Parliament during the present session unscathed. They had been saved the expense of constructing the proposed line from Romsey to Redbridge, which they had been compelled to bring forward in self-defence against the broad guage project. They had been favoured in other respects, and their interests had been protected. On the eastern side of their boundary they were in friendly relations with the Brighton Company, mutually facilitating and exchanging their traffic; but he might mention that it was a matter of regret with the directors to see the South Coast Company sanctioning lines across Mid Sussex, which would probably take their traffic from Petworth and Petersfield, which now came upon their line. The Portsmouth line from Havant to Godalming would accommodate a large portion of that country. With regard to the line near London, projected from Wimbledon to Epsom, and promoted by other parties, it was a line the company attempted to carry some years ago, but had failed to obtain powers to make it. Being in friendly relations with the Brighton Company they did not wish to see it promoted, and with that view they opposed the Bill both in the House ot Commons and House of Lords; but, as it became obvious that it would be carried, they thought it right to form some arrangements with the promoters, so as to obtain some power over it. Looking at the Wimbledon and Epsom project, together with the Portsmouth line from Havant to Godalming, and another line also sanctioned from Leatherhead to Epsom, and considering that the line might be worked inimically to the company, the board entered into an agreement with the promoters to get the control of the Wimbledon and Epsom line. They also saw that the line could not be worked safely as a single line, especially at certain periods of the year when the traffic would be heavy; they therefore stipulated that it should be a double line, and as this would involve more expense than was contemplated by the promoters, they agreed, on the part of the South Western Company, to subscribe for 1,500 shares in the new company, on condition of having two directors to represent them at the board of the new company, and he hoped the arrangement would meet their approval. Their locomotive superintendent had reported their rolling stock and permanent way as being in good working order. He would be happy to answer any questions, and concluded by moving the adoption of the report.
Mr. J. THEOBALD seconded the motion.
Mr. HERAPATH was extremely sorry to see that the board were about to entertain a project for making a line from Wimbledon to Epsom. He held a much larger amount of stock in the South-Western than he did in the Brighton Company, and he feared that by encouraging that new line they were opening the door to a great deal of discord. He wished to know how the line to Petworth would affect them?
The CHAIRMAN stated that they had Petworth traffic now brought on their line at Godalming.
Mr. HEREPATH said there was nothing more injurious to railway companies than competing schemes. He believed that the Brighton Company considered that the South-Western had interfered with their district by going to Epsom. He hoped the shareholders would oppose measures of that kind, for in 19 out 20 those schemes were promoted for professional purposes by contractors and engineers (hear, hear).
Mr. TITE, M.P., said he was old enough to remember how the South-Western Company lost the line to Epsom. It was in consequence of the atmospheric scheme being promoted by the Brighton or Croydon parties, then in opposition to them, that they managed to defeat the Bill for a line from Wimbledon to Epsom but the failure of the atmospheric scheme put at end to all the supposed advantages the public were to derive from it. He agreed with Mr. Herapath that an end should be put to strife between companies, and trusted that the good sense of railway companies would prevail, that they would rest on their oars, and avoid all attempts at invasion; he was quite sure the company had no choice in the matter of the Epsom line; they had no alternative but make the best of it. He had no doubt the line would pay. With regard to the dividend, he was perfectly satisfied that the gradual increase of the traffic would soon bring it up the point it attained last year.
The report was then unanimously adopted, and a dividend at the rate of 4¾ per cent, per annum was declared for the past half-year, payable on the 20th inst.
The solicitor then read the heads of agreements with the Salisbury and Yeovil Railway Company: with the London and Brighton and Wimbledon and Croydon Railway Companies, for the joint leasing and working of the latter line; also with the Salisbury and Markethouse Railway Company.
Resolutions approving these agreements were unanimously adopted. An agreement to lease the Wimbledon and Epsom line, and to subscribe for and hold not exceeding 2,000 shares in the company was adopted.
On the motion of Mr. MORTIMER, it was agreed to set aside £2,400 a-year, towards a fire insurance fund, the former amount being only £1,200 a-year which was not sufficient.
The proceedings concluded with a vote of thanks to the chairman and directors.