Thu 26 Apr 1877
General Half Yearly Meeting. Tonnage since 1 October 1876 £1584 19s 10d. After wages, etc, profit £689 7s 8d. Dividend of £3 7s 6d declared.
Mr Frederick Sturge appointed auditor at a salary of £10 10s pa.
Mr Croome had offered to purchase on behalf of Mr Henry Spain the judgement debt and interest owing to this Company by the Stonehouse and Nailsworth Railway Company at such a sum as Mr Little and Mr C H Hooper should fix. The said judgement debt and interest to be sold to Henry Spain, he paying the full debt of £1060 and simple interest at 4% from the date of the judgement.
At a General Half yearly Meeting of the Proprietors of the Stroudwater Navigation held at Wallbridge on Thursday the 26^th day of April 1877 @ 4,o,clock pm
G H A Beard Chairman.
The minutes of the Committee since that last General assembly were read, approved and confirmed.
[1] It appears that the sum of £1584..19..10 has been received from the 1^st day of October 1876 to the 1^st day of April 1877, and a balance brought forward from last Half year (after payment of Dividend) of £95..16..7 making a total of £1680..16..5 of which sum £991..8..9 has been applied towards the payment of wages, disbursements, etc, and there remains in the hands of the Treasurer £689..7..8 available for dividend.
Ordered that a dividend of £3..7..6 on each share be declared payable on the 1^st day of May next free of Income Tax.
Resolved that the following Gentlemen form the Committee for the year next following or until another Committee shall be appointed:
Mr G H A Beard, Mr T Marling, Major Fisher, Mr J T Stanton, Mr S Phipps, Mr C H Hooper, Mr J T Fisher, Mr E C Little, Mr T M Croome, Mr W J Stanton, Mr W W Kearsey.
[3] Proposed by Major Fisher and seconded by Mr T Marling that Mr Frederick Sturge be appointed Auditor at a Salary of £10..10..0 per annum.
[45] Mr Croome having by letter dated 13^th March 1877 offered on behalf o Mr Henry Spain to purchase the judgement debt and interest owing to this Company by the Stonehouse and Nailsworth Railway Company at such sum as Mr Little and Mr C H Hooper should fix and these Gentlemen having decided that the full amount of debt and interest should be paid, Resolved that the Resolution on the subject of the Committee Meeting of the 21^st September last & confirmed at the last General Meeting be and the same is hereby rescinded and Resolved further that the said judgement debt and interest be sold to the said Henry Spain he paying the full amount of such judgement debt namely £1060 and simple interest @ 4 per cent on such sum of £1060 from the date of such judgement up to the date of actual payment of the purchase money, deducting proper Income tax from such Interest if the Stonehouse and Nailsworth Railway Company are entitled to deduct it the assignment to be prepared at the expense of the purchaser and perused and executed at the cost of the vendors and not to contain any quantity of title except covenants that the vendors have not done any act to affect their right to convey of and for further assurances each of the parties to the recent proceeding by this Company against the Stonehouse & Nailsworth Railway Company and Mr Spain to pay their own costs and any other costs already incurred or paid by them respectively neither party having a claim on the other in respect of costs. The said Henry Spain and Mr Croome to indemnify this Company against any claim by the Stonehouse & Nailsworth Railway Company for costs as Defendants in the said proceedings.
The sale and purchase to be completed at the next Committee Meeting and the said proceedings to be forthwith entirely stayed in all details to carry out the arrangement to be approved by Mr Kearsey.
