The Express.
London, England, 1862-08-15 00:00:00

STOCKTON AND DARLINGTON.

The half-yearly general meeting of this company
was held on Wednesday, in the company's office, Northaate,
Darlington ; Mr. HENRY PEASE in the chair.
The CHAIRMAN said that, while the directors had come
to the conclusion to declare a dividend of 7} per cent., they
would have had more pleasure in declaring a larger dividend;
but, taking all the circumstances into consideration, it was
gratifying to them to declare 71 per cent. They would
observe that reference was made to the course of trade, and
the view the directors had taken of it. The income
of the company had much increased, and the
traffic had been larger than at any previous
time, yet thou circumstances to which he had
referred req wired on the part of the directors a degree
of energy, caution, and be might say spirit, which be be-
lieved they bad shown for the benefit of the district at
some cost. That cost, they would see in the same paragraph,
wee • sum of 8,0001, arising from discount allowed on trade
especially the traffic in the iron trade, which they all knew
was the staple of the district. In doing this they were fol-
lowing out the policy which this company had always acted
upon, which was to see that those works were as far as
possible maintained in times of difficulty, in order that
they might be sustained and in order that the com-
pany might participate in their prosperity when-
ever time enabled them to do so. He found from
the returns that the value of exports of iron over
sea for the first six mouths in 1861 leaving out the hun-
dreds, was 127,0001. ; and in 1862, 206,0001. ; the value of
iron exported from the Tees was 78,0001. Something had
been said in that room with regard to the probable effects
of the improved trade tariff with France ; he had therefore
before him a return of their trade with France, from which
he found that the value of the exports from lifiddlesbro' to
France in the first six months of 1861 was 15,7421., and in
the same period of 1862 it was 48,9141. They would have
no
chacce, however, of laying the foundation or even prose-
cuting this trade unless they bad given that seasonable en-
couragement to the trade of the district, and gentlemen were
aware that it is the more important that they &mid cultivate
this trade when they knew that the America° trade was almost
nil. Those who had had the opportunity of visiting the
different iron works of that district would have been in-
formed that they were gradually establishing a position on
the continent of Europe which, in all probability, nothing
could effectually assail.
Mr. Rotor THOMPSON seconded the motion, which was
unanimously agreed to.

RECIFE AND SAO FRANCISCO (PERNAMBUCO).

An extraordinary general meeting of the share-
holders of this company was held at the London Tavern,
yesterday, for the purpose of taking the sense of the share-
holders as to the ezpediency of suspending the payment of
the half-yetis interest due on the 31st instant, The meet-
ing was numerously attended. Mr. R. BENBO/11 presided.
The CuLill LS said before proceeding to the regular
business of the meeting it would not be amiss if be laid
before them a little information respecting the progress of
the works. Three sections of the railway were opened, but
the fourth was not yet completed. With regard to
the fourth he read the engineer's report, which en-
tered into details; and he said the result was
that they expected the whole line would be opes
early in the autumn, and completely finished a
little later. With regard to the cost of the whole under-
taking, of course it was impossible to speak with certainty
when they had an action pending with the late contractor,
but he believed that 1,800,0001. would be sufficient. It was
unfortunate for them that they had not been able to construct
the line for the prescribed sum, and that it had been six
years and a half in constructing, instead of three as origi-
nally contemplated. But it had been constructed for
about the same cost per mile as the other two Brazilian lines,
which had had the benefit of their experience. He was
sorry he could say nothing positive as to the extension of
the guarantee to the whole of the capital expended.
There had been two commissions of inquiry, one at
Pernambuco and one in London. The London commission
had made its report, which had gone out to Brazil, but the
Pernambuco one had somehow been delayed, and in con-
sequence of the non-receipt of that report, the government
had not taken their case in hand at aL The directors had
Dot received a copy of the London report, but their agent
at Pernambuco had, and had sent them a digest of it.
The Chairman then read the digest, which stated that the
commissioners gave certain items which they considered
could not be accepted as expenditure on account of
construction, amounting to 105,2611., the kerns including
payments for interest. With regard to the payments for
interest, the objection was a little singular, seeing that the
prospectus of the company stated that interest would be
paid during construction, and that the Brazilian government
had itself taken the interest on the 13,500 shares it held in
the undertaking. The Chairman then referred to some
statements which had appeared in the Journal of Commerce
at Rio, purporting to be written by the London correspon-
dent of that journal, reflecting injuriously on the conduct of
the directors. He emphatically denied the charges made,
and in return charged the writer with endeavouring to
make out his case by false figures. There being
some reason to believe that the writer was connected
with the Brazilian legation in London, be wrote to the
Brazilian minister on the subject, and his excellency had
replied, disclaiming on behalf of himself and the legation
any complicity with the writer. Coming to the proper
bulginess of the meeting, the propriety of paying the divi-
dend, he said, the directors, seeing that the imperial com-
missioners objected to their paying the interest, they
thought it better on the whole not to continue the payment.
ME. MAUDE moved that no sum be paid for interest ex-
cept each sum as had been paid by the Brazilian government
in respect of that part of the line which was open.
Mr. Jzzvag seconded the motion. He denied that they
bad any right to the interest or to the extension of the
guarantee, and advocated their going to the Brazilian
government very humbly to ask that these claims might be
conceded.

Mr. WILD considered that the Brazilian government had
acknowledged their right to receive interest by itself having
received interest under similar circumstances. lf the share-
holders dad not insist on having the interest, it was an ad-
mission on their part that they were not entitled to it.
Mr. VALPT agreed with the board that they should not
continue to pay interest out of capital. He went with them
to the full as to the justice of their claims ou the Brazilian
government.

Mr. Evaiss moved uan amendment that the knterert be
. . .

• After some further discumioo, in which there appeared to
be a strong feeling that the shareholders were entitled both
to the interest during the whole period of construction, and
to an extension of the guarantee, though on the latter
point several of them expressed a willingness to come to
some compromise, the original motion was withdrawn and
the amendment was carried with one dissentient, and a vote
of thanks to the chairman closed the proceedings.