The Express.
London, England, 1849-11-14 00:00:00

RAILWAY MEETING.

PROPOSED STOPPAGE OF TRAFFIC.
SAMBRE AND MEUSE.
A special meeting of shareholders was held yesterday,. at
the offices, 61, tdoorgateestreet, for the purpose of considering
what steps ehoold be taken towards improving the prospects
of the company ; Mr. W. P. Rectum:on in the chair. There
was a tolerably good attendees' of shareholders, but there
were only two director present, ineluding the chairman.
The CHAIRMAN stated, in opeoieg the proceediuge,
that the directors had no report prepared for the occasion.
It unfortunately happened that several gentlemen who had
originally embarked in the direction had left it. Many of
them had been promoted to edam which rendered it impos-
sible for them to attend to the business of the company,
whiLt others had retired through certain differences which
had arisen at a public meeting, and a large number had left
is cousequence of differences with him (the chairman) in
matters of economy which he had thought necessary. He
did not attach say Mune to those gentlemen ; but their
seceseion from the direction bad left him the sole exponent
of the acts of the company. He could not, however, com-
plain in any respect, because he had received the assistance
of several gentlemen, some of whom bad been r leaned by the
proprietors, and others had volunteered their services
at a enisequent period. He was wrong to say
that the condition of the co npany was such that
he had now no assistance to depend upon except that of
Mr. Sheward. These circumstances rendered his position
one of extreme difficulty, but he would endeavour to dis-
charge the duties entrusted to him in a manner satisfactory
to the prom ietoes. He might take this opportunity of stating
that before this railway was commenced every care was taken
to ascertain what the traffic was likely to be. Information
was obtained front Mr. —, who was employed to collect
facts fur the Belgian government, and • gentleman inter-
ested in the strife of the °employ had remained in Belgium
several mouths for the purpose of ascertaining the probable
advantages of the line, and he bad confirmed the report
originally received. The Information furnished by tb•
gentlemen to whom he alluded was collected, not as
it was in England under ordinary circumstances, but
was drived from important documents which bad
been procured in the various districts through which
the lino Lad to passe The Undertaking wee considered
a good one lei ProOlt who resided in the country, and some
end it wo"..et be 'the best line in Belgium ; whilst many
persons bad congratulated them upon haying secured it. In
short, the opinions of all were in favour of the scheme, and
there were none against it. Thera was every reason to
justify them in expecting a large amount of remuneration.
The point next to be considered wet the convention, and in
order that this might be properly carried out, great care and
attention was paid to the tolls. Under that convention, the
tolls allowed them were much higher than the tulle of the
government, on account of the difficult works they had un-
dertaken. At length they applied to the Minister of Public
Works for permission to work the line, and he
(the chairman) was exceedingly surprised and an-
noyed at the treatment they then received, when
he contrasted it with the kindness and blandness
they had experienced in the first instance. lie counselled
the board not to open the line under them circumstances,
but the majority of the board differed from him, and the
reasons they assigned for doing so were so cogent that he
yielded to their opinion without any regret. The convention
was to continue fur 12 months, and to be determined by a
notice of 6 months. The railway had now been in existence
11 months, and the receipts had amounted to 1701. per week,
whilst the expenditure averaged 2101. —that was to say, if
reduced to the lowest possible sum—hut up to the pre sent
time there had been a much greater loss than them calcula-
tions pointed out. The company was dreads 60,0001. in
debt, and they were adding to that amount every week.
Under these circumstances Mr. Sheward had given notice to
the Belgian government that at the expiration of the 12
months they should eau, to act upon the tariff which bad
been fore. el upon thou. This determination on their put
bad led to a great deal of resentment on the p art of the
minister of public works. But this they could not help ;
they had been disappointed in the tariff, and the result of the
uedertalking was in every respect very different from what
they had anticipated; they had therefore no option but to
give notice that they would diecentioue to work the line
unless the government shill place them in a more favourable
;aortic)... Then came the question, what were they to du
for the time to come 1 Trade in Belgium was in a very de-
pressed state, and he saw no prospect of immediate impose-
meet, nor was he in a situation to prophecy whether any
improvement was likely to take place. The rim @don for
them to deide to-day was, whether they should entirely
stop the traffic on the line, or whether they should
prated with it. He believed that the opinion of the
Belgian government, as felt and exproied by the minister
of public worts, was most unfavourable to their interests.
There had been—to say the least of it—a want or considera-
tion towards them on the part of that government which
was most disheartening; and he could not help hoping that
further reflection would induce them to alter the opinion
now entertained. The Belgian government ought to re-
member that the English natito had made great efforts to
improve their condition: when the country was oppressed
by famine, England had coutzibuted largely towards their
relief. Another consideration might fairly be put forward,
viz , the fact of the difference between tae present state tf
Belgium and its condition at the time the railway was pro-
jected. Its manufactures were now completely parelysed,
)and the state of the counte; oak each as to render tt:
Prospects of the company extremely diteouraging. .11.7
therefore thought the meet desirable course they could
adopt would be to impress upon the Belgian government
that thereseould be an entire rearrangement of their con-
nexion, Led that it should be put upon is lair and equitable
footing. It wan with a view of determining this question
that the trued,' bad been celled ; but really the firm ire.
portsnt point to be considered was whether they should go
on with the bee or whether they should abandon it. He
would, therefore, suggest theta proposition should be agreed
to authonsieg Mr. Sheward (who had lately tete rned from
B algium, anal was well acquainted with the affairs of the
company), to close the line unless the government should
meet them on equitable terms.
Atter some slight discussion as to the present liabilities of
the company,
Mr. SHE WARD mid that if he consulted his own con-
science he should follow the crowd and tender his resigna-
tion as a diteetor ; but after the confidence they had been
phased to ensue in him, he should be doing them an in-
justice if he did not continue in his present position so lung
as they expressed themselves satisfied with his conduct.
Having been resident in Belgium since the establish-
ment of the line, he was enabled to give them some in-
formation upon the eulject which had called them
together to day. The Belgian government acknowledged
the right of the company to maintain the tariff ; but they
oetieve
had placed them in such a position that they could not wore
the line. Ho was happy, however, to say that, from the
general outcry which had taken place in the country, he
thought the government must give way. Since the- last
meeting of the company the monthly expenditure on, the
line had been reduced from 19,000 francs to 10,000 francs,
but they ea!
.e.
tea.that the 40,0001. which ts".. ..-eg.eneer Lad asked for
would not be ell required by the positive opening of the
line; and he thought he ought not to take more then 20,0001.
in the first instance, and wait for the remainder until they
saw what the trade was likely to amount to. The cones
quence of the ;arrangement they had ultimately agreed
to was, that they were left without a shilling in their
pockets. They had been occupied since February last in
negotiating with the contractors with the view to the settle-
mint; of their account—an agreement was drawn up beet was
igned in consequence of a gentleman named Bid.
dington having refused to give up a claim which he had
upon the company for services. The cempany had made an
advance of nearly 24,0001. to the contractors, and as security
for that debt they had taken the shares of the contractors,
together with a mortgage on the iron works and a mortgage
on the coal works. They ought to have raid back 60,000
francs per month, but they were not in a condition to pay
that amount in a twelvemonth. The Iron trade of Belgian'
was in seen • state of stagnation at this moment, that what
in more prosperous times might be worth 100,0001. would not
now fetch 10,0001. If they (the shareholder) should be of opi-
nion that their affairs ought not to be thrown to the winds,
it was absolutely necessary that they should came to the as-
siatance of the directors, and give them that power which a
diminished board did net possum.
PROPRIETOR inquired whether it was probable
that if en offer were made to the Belgian goveinment, they
would take the line off their hands ?
The CHAIRMAN replied, that the proper plan would be
to authorise Mr. Sheward to tell the government that if
they did not come to terms more favourable to the interests
of the company, they would be compelled to abandon it.
The following resolution was premised:
" 'rutin the present position ofthe affairs of the company
it is inexpedient to continue the working of the line wises
some new arrangements be made with the Belgian govern.
meat leading to a reasonable conclusion that it wid be
worked at a prat!"
A SHAREHOLDER said the company had spent
600,0001 , and were in debt to a very large amount. Was
it in keeping with the character of Englishmen that they
should throw their peon/sty to the winds without making
some effort to secure it ? He should therefore have great
pleasure in seconding the resolution.
The motion having been put, was carried unanimously;
and the following resolutions were alto adopted.
" That the notice given by the directors of their intention
to class the line be confirmed."
" That • committee of shareholder be formed for the
purpose of assisting the directors in negotiating with the
Belgian government, with a view to further arrangements
more favourable to the company."
A vote of thanks was then passed to the chairman, and
the meet

aids separated.

EAST AND WEST INDIA DOCKS AND NORTE WESTERN
yt'hsanl line lying
lyteing
dßaeriMsewnittrinJcfourcrthreouto.—nnaTlitierone woefrthbe nocofmewpaner
between the Lea Cat Canal and Blackwell, and the difference
between the highest and lowest tender was no less than
16,0001.
CALEDONIAN, AND EDINBURGH AND GLABOOW LINES,—
The Caledonian Mercury states that various conferences have
been bold between a deputation of the Edinburgh and O.
gow Directors acd the Committee of Investigation lately ap-
pointed by the shareholders of the Caledonian Railway, with
a view to the amalgamation of these companies. The result
is that the above parties have agreed that an amalgamation
ion fair terms would be mutually beneficial. In the meantime,
' and to Ivey matters open it has been @greed to give the ne-
cessary parliamentary notices for a bill to sanction the amal-
gamation. But of course when the terms of the amalga-
mation are farther matured the shareholders of both comps-
nie must be respectively convened to give their opinion en
the expediency of this amalgamation, which we need not say
if eventually carried out, of which there is a strong probabi-
lity, will be an important era in our Scottish railway annals.