The Express.
London, England, 1855-09-29 00:00:00

BBLOIAN BASTERN JUNCTION RAILWAY.

A special general meeting of the shareholders of
thie company, convened by the directors, was held rater-
day at the London Tavern, to maim the report of a dope-
tatioa of too directors, appointed by the board to Innipeat the
works on their completion, preparatory to the sif
the line throughout ; and to consider a pro anii 10
the board to take tie lies from the emapany co lease. 11r.
Baron prosithd in the absence of Sir F. flesh's, the chair-
man of the company, who was too unwell to attend.
The following report was read by Mr. W. 0. Buthrraua,l
the Secretary :
" The directors mast express the gratification they feel
in sanonacing that the whole of the line from Manage to
Court fit. Billions, inclusively belonging to this company,
is now opened for trolls, as well as that portion from Court
St. Etienne to Waves which has been ted at the
joint expense of this company and the Cherlemi and Louvain
Company, so that the through traffic. between Manage sad
Wain is now completely eatablished. The whole of the
dopeatieuelee of the line are completed also, with the estop-
the of the mafioso on the 4,h eution, which are to be our
Routh majoiatlo with she Carierai and LouvahrOdiapeap,
'and of which the plans have beers submitted foe
approval to 1. Regis. goverameat. The gourmand gas.
realm has satiessively come into operational the completion
of the diet three metiois reepeletively, and will shortly come
into fuss oa the 4th section aloo. The oustemplated just,
tics with the Oust Luxembourg at Ottignies has bean
and • provisional arrangement concluded, which
is hkeig to secure • considerable amount of traffic towards
Brussels A junction has bun effected with the State Line
at Manage, and pessimism has been given by the govern-
meat to cross the State Line oa the level, so as to enable
this company to effect • direct commansation with the
Moos sad Manage line also. The MI awarded by arbitra-
tion in the ease of Mr. Sophisms amounts, exclusive of
interest and law charges, to 6,0001. • a considerable por-
tion of which has already been liquidated. The litigation
with the family of the Count de lionthesoli, in referents, to
the mortgage held by this company, haa virtaallyterminated,
and out of 21,0001. the Mouton have already received
14.0001. A further payment haa eabitequvatly bees made
and inmost will be paid on the sums is armor. It soca be!
same evident after Use opening of the line that the *listing
rolling week was utterly taatleithate to meet the waste of
the °oil:pithy, and the directors therefore made such
an thermos to it as was ausseary to enable the traffic
to he developed, which has now met 29,0001.,
and when the existiog costreets am completed
will represent a eons emending 46,0001. sterling.
Subsequently to the receipt of the trefilo manegot's report,
the Messrs. Waring having made an oBer to take the line of
this company on laws for a period of you., the dimness
felt it to be their daty to lug no time in sonsavnicatiag to
you the details of the proposals they have made. Their
proposals are as —Terra of lease to be for 21
years, and the dividend payable oa the whole share capital
—3 per cent. for the first two peen, 311 per cont for the fol-
ionise five yeas, 4 per cent. for the succeeding finless',
and q per cent. for the remainder of the teem, and to allow
6001. per annum for tea years for camases of adninietra-
tion. Lassie to have power to determine lease at the end
of twelve yeas, by giving twelve months' nodes of their
lateation to do so. '1 he alternative to be submitted to you
toe your consideration is, whether it is better to try
the foetuses of this undertaking and abide the issue, the
present prospect* being not only very satisfactory and en-
couraging, but which, taking into consideration the in-
creasing traffic of the Belgian lines generally, offers the
eventual prospect of a high reimineratioa—or to mare at
ones *moderate interest oa the capital embarked, rather
than incur the chances of the competition naturally Incident
to • railway situated as yours is."
Mr. J. D. BLOAT (a director)-1 think there is an
omission in that report which it is desirable should be sup•
plied, and that is, that the outractore propose to provide
stems sad sinking fund es the loan eapital.
The ClalltatAll—CM mane the interest is to be that of
everything, it to • dear dividend.
Mr. Baal—But that Is sot stated.
The eagiasee's report Mt to the state of the wake wee
then read.
Mr. MAITILIDOII MOTO& Sad Mr. 41.1111 TAOS ett.
goaded, a reedisien 'towhee's. • committee of five shore-
holders so male with the diegginos the advisithilig of
oeneptAg the offerto 18104 Ike •e, which was put and
carded unanimously.
Mr. T. Hope, Mr. Le Meet, Mr. Westhorp, Mr. Anal-
tag!, gad Mr. Crsdoek were nominated as the committee.
Mr. La Many—l presume that the terms of the lease
embrace the whole of the capital ?
Mr. Baaae—lt is distinctly so stated.
Mr. La MlST—dad of coarse we shall have nothing to
do with any further 'Meadow—thou will toss matters
affecting the legume entirely. There are poi U which I
think ought to be cleared up before we go into the question
at all. If • certain additional number of wa.gons should
be required to carry on the trate, ears must be taken that
that is not a question of disagreement hereafter.
A SiIIittSHOLDIS asked if the whole 61. per share would
be called cep ?
Mr. ItILD replied that there was a circumstance which
might render it desirable that a further portion uf the remain•
fog pound per share at least should be called up. Tae quar-
ries had been alluded to in the report, and if the amaaeting
breach were made to these causes, it might butane the
interest of the company to purchase them, as under the
immanent they would be enabled to do at a fixed prin.
That was one reason for cal:Sag up more capital; the demand
for the intension of the plant was smother. It was probable
therefore that it might become summary to call up the whale
of the 61. per share.
A PiteraliTea—Bat you cannot call up more than the
61. a share.
The CHAIRMAN—No, that is the limit of the shares.
Mr. Ls Ilitax suggested that the shareholders ought to
know, before entertaining the proposition for the lease,
whether they or the lessees were to make the juuetien with
the quarries, and also whether the lames would be content
with having the line headed over to them its its present state,
or whether a farther ezpeoditure of capital would be re-
quired. The print stated that some part of the tan
shillings per share would probably be necessary.
Mr. Balm! replied that it was quit* clear that the con-
tractors contemplated the ceiling up the whole et the capital,
and that was what, in fat, they proposed to gnarantoo the
interest upon.
Mr. La MSZT—But was the capital yet to he called up to
be applied to the eatensioa of the working stock, or making
the junction with the quarries ?
A Paorantroa suggested that these were questions which
would be considered by the committee.
It was then arranged that the committee should confer
with the directors forthwith, sad the meeting was adjourned
to that day week to receive their report.