PORTSMOUTH RAILWAY MEETING.
The half-yearly meeting of this company was held on Monday at the office, Great George-street, Westminster, Mr. R. D. Mangles, M.P. in the chair. Mr. Horne, the secretary, read the minutes of the last meeting, which were confirmed. The report stated that the progress of the works had, under all the circumstances of the case been satisfactory to the directors—
The works now extend almost continuously from the junction with the London and South-Western Railway at Godalming to Haslemere. Ground has been recently broken also beyond that town, and arrangements for a considerable length of land at Liss are nearly completed, which will enable the contractor to commence the works in that neighbourhood. It is expected that the first section of the line from Godalming to Witley will be ready for traffic next autumn, and that an arrangement for the working of the traffic conducive to the public interests and satisfactory to the shareholders will have been made by that time with one of the existing railway companies. The directors remind the share-holders that ever since the incorporation of tbe company in 1853 circumstances highly adverse to the construction of a new railway have been in operation. There was now, however, a prospect of a favourable change, and the directors were prepared to avail themselves of it in order to press forward the works to as speedy a completion as the extent of improvement in the money-market would justly warrant. The directors wish it to be understood that their opinions in respect to the intrinsic character of the undertaking remain unchanged; and its completion alone is needed to demonstrate its usefulness to the Government, and to a large population hitherto insufficiently supplied with railway accommodation, or altogether without it, as well as its value to the shareholders. The report of Messrs Locke and Errington, the Engineers, states that at Buriton the tunnel, 480 yards in length, through the chalk, is now finished except the faces. At Haslemere some hindrance has occurred from slips in the embankment, but now the work Is proceeding more rapidly. Considerable progress has been made at Witley. Seven bridges and the requisite culverts for the embankments have been built. Upwards of 500 men and fifty-seven horses are now employed upon the works. The capital account to the 23rd of March showed that £108,789 had been received and £101,954 expended, leaving a balance of £6835.
The Chairman congratulated the shareholders on the recent announcement of peace, and hoped, among other in-estimable benefits, they would find the money-market in a more easy position, so as to enable them to raise the requisite capital to push forward the works with vigour, and to come earlier into dividends —
They were at present in negotiation for terms of arrangement with other companies for working the line. They had power to form junctions with the South-Eastern line at Shalford, and with the South-Western at Godalming, and they hoped to make terms with one or both of those companies which would be satisfactory to the shareholders and useful to the public and the Government. It was desirable the proprietors should refrain from asking indiscreet questions on the subject, and he thought they had very much better leave the matter entirely in the hands of the directors.
Mr. SOLOMON thought they should endeavour to open the line in the first instance from Havant to Petersfield.
Mr. BEST was of opinion that it was the interest of the South-Western Company to work the line.
The CHAIRMAN explained that they had considered every point, and that by an arrangement with the South-Western Company they might form such a junction with the South-Eastern line as would save them an outlay of £20,000.
The report was unanimously adopted, Mr. E. Robins was re-elected a director, and the allowance to the auditors was reduced from £50 to £25 each per annum.
Mr. SOLOMON expressed himself satisfied with the proceedings of the directors, and stated that he had full confidence in them. He concluded by moving a cordial vote of thanks to the chairman and doctors for their able management of the company’s affairs, which was carried unanimously.
The CHAIRMAN, in acknowledging the compliment, wished it to be understood that he had not taken the chair as chairman to the company; he merely performed the duties for the present, as he was anxious to give tbem all the assistance he could, but his other avocations would not admit of his being chairman of the company. The directors had very difficult and anxious duties to perform, and they required the frank and hearty support of the proprietors to enable them to carry out the undertaking, in which they were all deeply interested.
The meeting then separated.