277.-SALISBURY AND YEOVIL. Incorporated by 17 and 18 Vic., cap. 215 (1854), to construct a single line from the South Western, at Salisbury, to the junction at Yeovil of the Great Western and Bristol and Exeter. Length of main line, 40 miles, and branch to join the Wilts Somerset and Weymouth, 3 furlongs. Capital, 400,000l. in shares of 201. each. Borrowing powers, 133,3331. The line has since been doubled throughout its length. By 18 Vic., cap. 62 (June 15th, 1855), a deviation of 6 miles was authorised between Semley in Wilts and Gillingham in Dorset. Powers to purchase this land expire in two years, and deviation to be completed within three years. By 20 and 21 Vic., cap. 121 (10th August, 1857), the company is authorised to make certain deviations, which are to be completed within two years. The arrangement with the South Western is also legalised by this Act, as also authority to the latter to guarantee the Salisbury and Yeovil debentures to the extent of 133,000l. By 21 and 22 Vic., cap. 67 (28th June, 1858), an extension of two years for completion of work was conceded. Under same Act the South Western took a lease of the undertaking, to work and maintain it for 423 per cent. of traffic receipts. Opened to Gillingham (22 miles) on 1st May, 1859; to Sherborne (12 miles) on the 7th May, 1860; and to Yeovil (5 miles), 1st June, 1860. By 23 and 24 Vic., cap. 124 (3rd July, 1860), certain deviations were authorised. and the Bristol and Exeter permitted to lay down the mixed gauge at Yeovil. Forfeited shares were also allowed to be cancelled and the company authorised to create and issue others instead, at a preference not exceeding 5 per cent. Additional capital in shares were likewise sanctioned to the extent of 150,000l., which may be raised at 5 per cent. preference, and further loans, amounting to 49,5001. South Western may guarantee interest on Salisbury and Yeovil mortgages, and also 4 per cent. on the capital raised by Act of 1854. By 27 and 28 Vic., cap. 88 (23rd June, 1864), the company was authorised to acquire additional lands, and raise new capital to the extent of 150,0001. in shares and 49,900. on loan. Power was also given in the Act for the South Western to provide the whole of this amount. By 29 and 30 Vic.. cap. 204 (16th July, 1866), the company was authorised to form a connection with the Somerset and Dorset, and also to acquire additional lands at Templecombe. Length, mile. Opened 7th March, 1870. Arrangements with South Western and Somerset and Dorset. REVENUE. The receipts for the half-year ending 31st December amounted to 43,5321., and for the same period of 1868 to 41,6977., showing an increase of 1,8351. The earnings for the year 1869 amounted to 79,391, and for 1868 to 75,9341., showing an increase of 3,4871 The balance available for dividend, including 1,8901. from preceding half-year, amounted to 20.7641., from which was deducted 6,1877, for the usual dividends on the 5 per cent. preference shares, and 11,435. for dividend on the ordinary stock, at the rate of 7 per cent. per annum, leaving a balance of 3,1421. The receipts for the half-year ending 30th June amounted to 34,1941., and for the same period of 1869 to 35,8591., showing a decrease of 1,6661. The earnings for the year ending 30th June amounted to 77.7251., or 371. 78. 4d. per mile per week and for the year ending 30th June, 1869, to 77,5561.. or 371. 58. 9d. per mile per week, showing an increase of 1691. After deducting working expenses, passenger duty, and other charges, there remained a balance of 16,620. from which was deducted 6,1871, for dividends at 5 per cent. per annum on the preference capital, and 8935. for dividend at the rate of 5 per cent. per annum on the ordinary capital, leaving a balance of 1,448. CAPITAL. This account showed that 802,0851. had been expended, leaving a balance against the company of 10,6317. The particulars of come and expenditure were given as follow: SEATON AND BEER-SEVENOAKS, MAIDSTONE, AND TUNBRIDGE. 265 The statement of stock and share capital created shows the proportion received to have been as under: Description. Act of 1854, 17 and 18 Vic., cap. 215 Ordinary share capital, consisting of 20,000 shares of 201. each Act of 1860, 23 and 24 Vic., cap. 124 Preference share capital, consisting of 7,500 shares of 201 each, entitled to a preferential dividend of 5 per cent. Act of 1864, 27 and 28 Vic., cap. 88 Preference share capital, consisting of 7.500 shares of 201 each, entitled to a preferential dividend of 5 per cent... No. of Directors.-Maximum, 9; minimum, 6; quorum, 3. Qualification, 10 shares, DIRECTORS: Chairman-JOHN CHAPMAN, Esq., 2, Leadenhall Street, E.C. Captain Charles E. Mangles, Poyle Park, H. Danby Seymour, Esq., Knoyle, Wilts. Thomas Pain, Esq., Basingstoke. OFFICERS.-Sec., Henry W. Notman; Eng, James G. Fraser, 9, Great Queen Street, Westminster, S. W.; Auditors, Isaiah Butt. Haverstock Hill, N.W., and John Williams Bell, Gillingham; Solicitors, Townsend, Lee, and Housemar, 3, Prince's Street, Westminster, S. W., and J. Brend Batten, 32, Great George Street, Westminster, S.W. Offices-2, Leadenhall Street, E.C. 278.-SEATON AND BEER. Incorporated by 26 and 27 Vic., cap. 118 (13th July, 1863), to construct a line from the Colyton station of the South Western to Seaton. Length, 4 miles. Capital, 36,0001, in 101. ordinary shares: 12,000l. on loan. Opened 16th March, 1865. Arrangements with South Western, which works the line at 45 per cent. Additional capital to that authorised by Parliament has been raised under certificate from Board of Trade, to the extent of 12,000l. in 5 per cent. preference, and 4,000l. on loan. The net revenue is sufficient to pay the interest on the mortgage debt. CAPITAL.-The expenditure on this account to 30th June, 1870, amounted to 63,0907., the receipts (which left a balance in band of 1601.) having been as under: No. of Directors-5; minimum, 3; quorum, 3. Qualification, 2001. DIRECTORS: Chairman-Sir WALTER CALVERLEY TREVELYAN, Bart., Nettlecomb, Somerset, and Wallington, Northumberland. Deputy-Chairman-GEORGE EVANS, Esq., Seaton, Axminster. William Dommett, Esq., Chard. John Latoysonere Scarbrough, Esq., Coly JamesBabbage, Esq., Nettlecomb, Taunton. House, Colyton, Devon. OFFICERS.-Sec., C. E. Rowcliffe, Stogumber, Taunton; Eng, W. R. Galbraith, Victoria Street, Westminster, S. W.; Solicitors, Radcliffe, Davies, and Cator, 20, Craven Street, Strand, E.C.; Auditor, G. W. Mitchell. 279.-SEVENOAKS, MAIDSTONE, AND TUNBRIDGE. Incorporated by 22 and 23 Vic., cap. 45 (1st August, 1859), from Sutton at Hove, on the London Chatham and Dover, to Sevenoaks. Length, 8 miles. Capital, 120,0001. in 201. shares; loans, 40,000l. Five miles opened 2nd June, 1862. By 25 and 26 Vic., cap. 166 (17th July, 1862), the company obtained power to double the line to Sevenoaks, and to construct a line to Maidstone Length, 24 miles. Capital, 825,000%. in 10. shares at 6 per cent. preference, and 271,0001, on loan. The name of the company was thereupon changed from Sevenoaks as above. 266 SEVENOAKS, MAIDSTONE, AND TUNBRIDGE-SEVERN VALLET By 28 and 29 Vic., cap. 199 (29th June, 1865), an extension of time for 15 months was conceded for the purchase of certain lands. By 30 and 31 Vic., cap. 184 (12th August, 1867), the company obtained an extension of time for the completion of works till 12th August, 1870. By arrangement the Sevenoaks is to make the extension to Maidstone, and the South Eastern to Tunbridge, but the former is to form a junction at Sevenoaks with the latter line, and the South Eastern to book passengers and goods over the Sevenoaks between Hastings, Tunbridge Wells, and Tunbridge, and the stations of the London Chatham and Dover at the City and West End. By 27 and 28 Vic., cap. 129 (30th June, 1864), the several capitals of the Sevenoaks were consolidated. and a sale or lease to the Chatham authorised. New capital, 100,000. in shares and 33,0001. on loan. By 33 and 34 Vic., cap. 98 (4th July, 1870), several deviations were allowed, and an extension of time for their completion of works till July, 1875, other works to be finished by 1873. Capital reduced from 825,000l. to 300,000l., and the borrowing powers in proportion. DIRECTORS: Sir P. H. Dyke, Bart., Lullingstone Castle, Farningham. Lieut-Colonel Evelyn, 34, Onslow Gardens, West Brompton, S.W. T. R. Crampton, Esq., 12, Great George William Blackmore, Esq., Founder's Court, OFFICERS.-Sec., Gerrard Johnson; Eng., F. T. Turner; Solicitors, Haywards and Co.; Bankers, Union Bank of London. Offices-2, Great Winchester Street Buildings, E.C. 280.-SEVERN VALLEY. Incorporated by Act 17 Vic, cap. 227 (20th August, 1853), for a line from near Hartlebury station, on Oxford Worcester and Wolverhampton, to Shrewsbury; also for a railway or tramway, Benthall to Madeley, supplying Stourport, Bewdley. Coalbrookdale, &c. Main line, 404 miles; branch, mile; total, 40 miles. By 18 and 19 Vic.. cap. 183 (July 30th, 1855), the company was empowered to reduce its capital to 480,0002, in 201, shares, with power to borrow 160,000l. Power to use part of the Shrewsbury and Hereford, also the Shrewsbury station and the Wellington and Severn Junction to afford facilities for transmission of traffic. By 19 and 20 Vic., cap. 111 (21st July, 1856), certain deviations were permitted, and the period for compulsory purchase of land in relation thereto extended for two years. By same Act an option was given to convert shares into halves, the first of which to guarantee dividend to the second. By 21 and 22 Vic., cap. 135 (23rd July, 1858), an extension of time for three years was obtained. By 23 Vic., cap. 128 (14th June, 1860), the Severn Valley was leased to the West Midland, per agreement (ratified 1st November, 1860), for 999 years. By 24 and 25 Vic., cap. 212 (1st August, 1861), the Severn Valley and its lessees were authorised to construct a short line in the parish of Kidderminster, by which to form a junction with the West Midland. New capital, 60,000l. in shares at 5 per cent., and 20,000, on loan. Opened 1st February, 1862. By 25 and 26 Vic., cap. 182 (29th July, 1862), it is provided that the rent shall be as follows: the preference shareholders to receive their dividend at the rate of 41 per cent. from 30th June, constantly, the ordinary shareholders until 31st December, 1863, at the rate of 31. per cent., for the following year 31. 10s., and for the years 1865, 1866, and 1867 at 4 per cent., and thenceforth at the rate of 41. 10s. for the remainder of the term. On 31st December, 1871 (or carlier if required), the Great Western to purchase the Severn Valley, paying to the holders the amount they shall have paid for their shares. By 27 and 28 Vic., cap. 151 (30th June, 1864), the company was authorised to execute several new works, and to raise additional capital to the extent of 120,0001, in shares and 40,000l. on loan; arrangements in respect thereof with Great Western. In operation, 39 miles. CAPITAL. This account consists of 360,3401. in ordinary stock, 119,6607. first 4} preference, and 90,000l. second ditto, of which 28,1007. remains unissued. The expenditure. including subscription of 7,500l. to Tenbury and Bewdley, amounts to 677,4331., the receipts having been as under : No. of Directors-7; minimum, 5; quorum, 3. Qualification, 50 shares. SEVERN VALLEY-SEVERN AND WYE. DIRECTORS: Chairman-JOHN PARSON, Esq., Bitton, Teignmouth, Devon. John Alfred Chowne, Esq., 153, West- | W. C. King, Esq., Bracknell, Berks. 267 OFFICERS.-Sec., Robert Hicks, 4, Victoria Street, Westminster, S.W; Auditors, C. L. Christian and W. Phillips; Law Clerk, George T. Porter, 4, Victoria Street, Westminster, S.W.: Eng., John Fowler, 2, Queen's Square Place, Westminster, S.W.; Surveyors, Fuller and Withall, 21, Parliament Street, Westminster, S. W.; Bankers, Imperial Bank, Westminster, S.W., and Pritchards and Co., Bridgnorth. Offices-Victoria Street, Westminster, S.W. 281.-SEVERN AND WYE. By 49 Geo. III, cap. 159 (1809), the Lydney and Lydbrook was incorporated and empowered to make a "railway" from Lydbrook (Wye) to Lower Forge, Newerne, Lydney, and "other railways" in the Forest of Dean, Gloucestershire. Extended by 50 Geo. III., cap. 215 (1810), and name changed to the above: and further powers by 51 and 54 Geo. III., and 3 Geo. IV. (1822). An Act of 1853 recites, that the company are also possessed of various tramways, a harbour and canal, and are desirous to improve the same, supply motive power and become carriers. Additional tramway authorised, 3 miles. By 33 Vic., cap. 16 (12th May, 1870), the company was authorised to extend the line to the Ross and Monmouth, near the River Wye. Length, 5 miles. New capital, 34,0001, in shares, and 12,000l. on loan. REVENUE. The receipts for the half-year ending 30th September were 11,068., and the expenditure 5,2911. After deduction of fixed and preference charges a dividend at the rate of 31. 4s. per cent. was declared on ordinary stock. CAPITAL. The original capital consists of 3,762 shares of 501. each, authorised and created under the powers granted by the several Acts, viz.:-49 Geo. III., cap. 159, and subsequent Acts. The new capital authorised by the Act of 1853, consists of 1,500 shares of 201, each. To these shares a guarantee rate of interest at 4 per cent. per annum was attached, also a participation in surplus profits. Under the provisions of the Railway Companies' Powers Act, 1864, a certificate was granted by the Board of Trade in April, 1868, enabling the company to raise, for the purpose of their undertaking, a further sum of 38,0001, in shares, and one-third of that sum on mortgage. Also enabling them to commute the 1853 shares for shares of equal nominal amount at the fixed rate of 4 per cent. per annum, the shares so commuted retaining their priority of dividend. This commutation has been generally accepted by the holders of the 1853 shares. At a special assembly of proprietors, held at Lydney on the 12th November, 1868, a resolution was unanimously passed to create 20,0007. (part of the aforesaid sum of 38,000l., and to issue the same in preference shares of 107. each, entitled to a preferential dividend at the rate of 5 per cent. per annum. Also at a special assembly of proprietors held at Lydney on the 25th November, 1869, a resolution was unanimously passed to create 18,000., being the remaining portion of the said sum of 38,000l., to be issued in preference shares of 10. each. These shares have been offered to the proprietors and the public at the rate of 5 per cent. per annum, and are in course of distribution. Under the powers of the Act of 1853. the company have issued debenture bonds to the amount of 43,1871., bearing interest partly at 4 per cent. and the remainder at 5 per cent. per annum. The expenditure to 30th September, 1870, amounted to 203,8217., the receipts (which left a balance in hand of 13,7631.) having been as follow: Shares and stock Loans... Provision made for new works out of income From South Wales towards new works under agreement of October, 1847 DIRECTORS: £146.853 43,187 12,544 15,000 £217,585 Chairman-JOHN GRAHAM CLARKE, Esq., J.P., The Manor House, Frocester, near Stonehouse. Deputy-Chairman-RICHARD WILLIAM GILES, Esq., Clifton. Timothy Sampson Powell, Esq., Charlton, | John Longman, Esq., Melcombe Villas, Filton, near Bristol. John Jenner Mogg, Esq., West Park, Thomas Allaway, Esq., J.P., Lydney. Bristol. Alfred William Hooper, Esq., Clevedon, John Hewitt, Esq., Kingsdown Parade, OFFICERS.-Sec., George Baker Keeling, Lydney, Gloucestershire; Eng.. George William Keeling, Lydney, Gloucestershire: Treasurer, Timothy Sampson Powell, Charlton, Filton, near Bristol; Solicitors, Wintle and Maule, Newnham; Bankers, Gloucestershire Banking Company, Lydney, Gloucestershire. Offices-Lydney, Gloucestershire. 282.-SHREWSBURY AND HEREFORD. Incorporated by 9 and 10 Vic., cap. 325 (3rd August, 1846), for a line commencing at Hereford (in conjunction with the Newport Abergavenny and Hereford), and terminating at the joint station at Shrewsbury. 51 miles double line. An Act was obtained in 1854 (13 and 14 Vic.. cap. 26), reconstructing the share capital. It is provided therein that the original 40,000 shares of 201, each, reduced by forfeiture to 29,710, shall be hereinafter considered as 29,710 shares of 101. each, on which the 51. then called, if paid, should be credited. In addition to the above 29,710 original shares the forfeited (4,943), the unissued (5,201), and the unclaimed (146) shares under 1st Act-10,292 shares were re-created, and a further creation of 5,000 shares was sanctioned; thus 15,209 new shares were authorised to be issued and distributed, in the first instance, among the original holders, at 11. discount, or 91. per share, and entitled to the same privileges as the original shares. By 19 and 20 Vic., cap. 47 (23rd June, 1856), the company was enabled to raise a further additional capital beyond that sanctioned in 1850, of 300,000l., namely 225,000l., by the creation of shares at 5 per cent. preference, and 75,000l. by borrowing on mortgage of bonds. The Act also contains a power to convert any borrowed money into a fixed and irredeemable stock, at any rate not exceeding 4 per cent. By 25 and 26 Vic., cap. 198 (29th July, 1862), the Shrewsbury and Hereford was leased to the London and North Western and Great Western at 6. per cent. on consolidated stock, and on so much of the ordinary share capital as shall from time to time be called up. The same Act authorised the Shrewsbury and Hereford or the London and North Western to subscribe 30,000l. to the Knighton or Central Wales. By an Act passed In the session of 1870 this undertaking is vested in the London and North Western and Great Western, subject to the payment of the interest on the consolidated stock, and 101. shares now fully paid up at 6 per cent., and on the preference stock at 4 per cent., and debentures and other debts. The registration business is conducted by Mr. P. M. Ward, Great Western Station, Paddington. 283,-SHROPSHIRE UNION. This company is an amalgamation of railways and canals, with a view originally of Converting the latter into the former. This object it was found impracticable to carry out, especially after an arrangement had been entered into with L. and N. W., which was itself invalid until sanctioned by Parliament. The supervening difficulties were got rid of by 17 and 18 Vic., cap. 179 (July 24th, 1854), which may be regarded as the incorporating of the company. Length of railway, 29 miles. Opened June, 1849. By lease to the London and North Western, under the powers of the Shropshire Union Leasing Act, 10 and 11 Vic.. cap. 121 (1847), the proprietors of Shropshire Union stock are secured half London and North Western dividend in perpetuity, with all profits above that rate up to 6 per cent. A supplemental agreement between the two companies of even date with the lease (25th March, 1847), as confirmed by Parliament, authorising the two companies to agree upon a composition in lieu of the surplus profits to which the Shropshire Union is entitled, over and above the half London and North Western dividend, and also empowering individual Shropshire Union shareholders to exchange their Shropshire Union stock into stock of the London and North Western, at the rate of 501. London and North Western for 1001. Shropshire Union stock. Under this agreement a "lease capital account" has been raised, in which both companies are interested, and to which the proceeds of all carrying stock. &c., sold. are to be carried-and the unappropriated balance to the credit of this account to the 30th June, 1866, amounted to 61,0321. 78. 6d. The dividend declared for the half-year ending 31st December, 1869, was 17. 15s., and for the June half-year, 17. 15s., being 34 per cent. for the year. The accounts are made up to 30th June and 31st December, and the statutory meetings are held in March and September in each year. Stock coupons are required to accompany transfer deeds. Registration fee, 2s. 6d. each deed, Transfer books close 14 clear days before the meeting. |