PORTSMOUTH
The adjourned half-yearly meeting of this Company was held on Thursday, May 14, at the offices, 28, Great George-street:
Mr. MANGLES in the chair.
Mr. HORNE, the secretary, read the report of the Directors. It stated ‟that the cutting at Haslemere is still the measure of the time for the completion of the line, and there are about one-fourth of its contents still to be removed. The contractor has been enabled to make more rapid progress with this cutting since he has been able to place a locomotive engine on the line, which has now been the case for about three months past; a second locomotive engine has within the last few days been placed upon the works. Satisfactory progress is being made with the only two other heavy works upon the line remaining to be completed, namely, the cuttings at Witley and on Liss-common. The construction of the line is also being pushed at all material points, the contractor being at work at between twenty and thirty different places. The whole may be completed by the end of the present year; and the Drectors are able to add, that from arrangements made with the contractors, that result may, in the absence of unforeseen contingencies, be relied upon. Almost the whole of the land for the line has been purchased and paid for. For the future, therefore, the resources of the Company will be mainly applicable to payments to the contractors. The Directors will ask for power, at the special meeting which will follow the ordinary meeting, to issue debentures to the amount authorised by the Company’s acts, namely, £133,000. The funds to be derived from this source will, with the other available means of the Company, be more than sufficient to complete the whole of the Company’s undertaking. The Company’s bill now before Parliament will form the subject of consideration by the Shareholders at a special meeting to be hereafter convened for the purpose, under the standing orders of the House of Lords. The Shareholders are aware of the anxiety of the Directors to render their property productive at the earliest possible period, but the line cannot be opened to the south of Haslemere until the cutting is completed. The refusal of the Directors of the London and South Western Railway Company to work the five miles of line between Godalming and Witley has deterred the Directors from pushing on the works between those places to completion; but they are so far advanced that that part of the line may be opened at a very short notice. The Company have now, therefore, the choice of two alternatives, either to complete the Shalford extension, and thus connect the line with the Reading, Guildford, and Reigate Railway, belonging to the South Eastern Company, or to arrange terms with the South Western Company to work the line when it is completed to Petersfield or Havant. The Directors are able to state their belief that nothing will interfere to prevent the completion of the line to Havant at as early a period as its completion to Petersfield can be accomplished; and that the whole line may be finished by the end of the present year. If, therefore, satisfactory arrangements are not speedily made with the South Western Company, it will be necessary shortly to commence the works on the Shalford extension, so as to have it completed at the end of the year, simultaneously with the rest of the line. The Directors have to congratulate the Shareholders upon the improvement which has taken place in the financial position of the Company since the last meeting. The arrears due at that date have since been reduced by the sum of £68,085, and proper measures have been taken for the recovery of the remainder. Notice of forfeiture has been given, in pursuance of the resolution of the Shareholders at their last meeting, and the forfeiture of the shares of those parties who have not paid up to £10 per share stands for confirmation at the present meeting. The Directors are happy to state that they have found parties willing to take up the whole of the unissued shares, namely, 1,658, and a portion of the forfeited shares, as £5 per cent. preference shares, redeemable at par within two years. The Directors and some of their friends have agreed to take up the remainder of the forfeited shares as ordinary shares, without loss to the Company; but in this case Shareholders applying to the Secretary within a month from this date may obtain their rateable proportion. The Directors thought it right to give the holders of the forfeited shares another chance of redeeming them; and they have been informed by circular that it is still in their power to do so before they are reissued to the parties who are prepared to take them; which option will remain open for one month from this date. The bill which has been introduced into Parliament contains provisions which will enable the Company to carry out the above financial arrangements. The power to create preference shares will be limited to £50,000, to be raised on the above terms. When these financial arrangements, which your Directors have been enabled to effect, have been carried out, and, as they trust, to bring the undertaking to a successful issue. Henry Lacy, Esq., one of the auditors, who retires according to the provisions of the Company’s act of incorporation, offers himself for re-election.”
The report of Messrs. Locke and Errington, the engineers, stated that ‟the excavation now completed on the Buriton district amount to 108,000 cubic yards; on the Liphook district, 112,000 cubic yards; Haslemere, Witley, and Godalming, 667,000 cubic yards. More than one-half of the earthwork therefore on the whole line has been removed, twenty-two bridges are already built, and nine are now building. Ten miles of permanent way have been laid, and materials are on the ground for laying seven more. Upwards of 1,100 men and 150 horses are at present employed on the works. Haslemere cutting is still the most important work on the line; but, as only 100,000 cubic yards now remain to be moved at both ends, it is evident that, with due exertion on the part of the contractor, the works may be finished by the end of the year, so as to open the line early next year.”
The statement of receipts and expenditure up to the 28th February, 1857 showed that £222,052 4s. 5d. had been received, and £210,870 7s. 8d. expended, leaving a balance of £11,181 16s. 9d.
The CHAIRMAN then moved the adoption of the report and statement of accounts. He stated that the Directors and their friends held a large proportion of the capital of the Company, and consequently that their interests and duties coincided, and were consequently in accordance with the interests of the Shareholders. From the present position of the Company, it might happen that it would not be desirable for the interests of the Company to answer all the questions that might be asked; but so far as they could do so without injury, they would.
Mr. MOWATT and other Shareholders asked various questions, in reply to which, it was stated that it was not intended to retain any of the clauses in the bill now before Parliament which might involve opposition. They wished to carry it through the present short session as am unopposed bill. The powers for making new lines would be struck out of the bill, not because they had any doubt of their expediency, but to avoid the expenses of opposition. The bill would merely authorise the financial arrangements for completing the undertaking, and would be submitted in due course in compliance with the Wharncliffe standing order. With regard to the re-issue of the forfeited shares as ordinary shares of the Company, it was intended to appropriate the sums already paid on the forfeited shares as a kind of discount, so that those who took them would have to pay the difference between that sum and the nominal amount of the shares. By this means the Company would get the whole of the capital paid up.
Resolutions were passed adopting the report, confirming the forfeiture of certain shares, and authorising the Directors to raise £133,000 on debentures.
The retiring auditor was re-elected, and the proceedings concluded with vote of thanks to the Chairman and Directors.