The Express.
London, England, 1853-12-15 00:00:00

GREAT LUXE,VBOURO .RAILWAY.

Yesterday the usual meeting in Londe.: nrepars- I EQUITY COURTS.—YESTERDAY.
tory to the ordinary general meeting of this coin, „id serumVIC...CMANCELII L 0 UNIULAY.
Brussels, which will take ,'lace on the 17th inst., w.:* . tewENNAI. r BORNS—WAY O. EA.ll* —STA rent or moue.
at the London Tavern. Sir Wx. Maosee, the president,
is the chair. ,oty at I
The directors, in their report, stated that they had re-
cently concluded en important treaty with the Peril and
Strasbourg Itsilway, by which their own line was to be ex-
tended 7 miles from Arlon to Aubaege, on the French
frontier, end which would lm accompanied by a prolongation
of the Strasbourg Railway from Thioaville to Aubance.
Their line would thus become an integral part of the great
European railway from the North Sea to the Mediterranean.
The directors had also determined the basis of mutual
arrangements for the tariff and service of both the lines.
The Societe Generale du Credit Mobilier having also con-
sented to become the Paris Bankers of the company, would
open the French market freely to their shares. Negutiatious
entered into with the concessionaires of two Belgian lines,
called the Grand Junction, warranted the expectation that
the company would obtain from them the transfer of a con-
cession they had obtained from the &Iglu ;puma:tat of
two lines from Matinee to Leaden, and from Groenen-
deel to Nivelles, passing by Waterloo. These two
lines, the length of which, together, wou:d be
about 50 miles, would become branches of their own
line, and would secure to it considerable traffic.
The coustruction of these two lines would be cutupleted in
the space of two years, at an outlay of 640,0001.
(16,000,000frs.), whilst the return expected would exceed
1,880,. (12,00010 the kilometre, and would give an ample
revenue upon the capital employed. The directors pro-
posed to reduce their four dames of shares to une uniform
type. They proposed that 4,000,000 fr. (160,000 e) should he
raised by obligations or bonds of 1001 r. (41.) each, bearing
en interest of 5 per cent., to be reimbursed in the course of
75 years, at 125 fr. each, by yearly drawings. This would
enable them to present an equitable compensation to the
holders of the privileged shares; and a further but limited
issue of obligations would enable them to meet all the ex-
penses of their undertaking chain; the year 1854. The
principal conditions they proposed to attach to the conver-
sion of the trireme stocks were, that the 60,000 paid up 101.
ha:f shares should be ,:changed for 60,000 201. shares, 101.
paid, with a remote liability to further calls to the extent
lof 101. That the 0,000 six per cent. guaranteed half-shares,
upon which 51. have been paid, should ho converted into
half that number of ordinary shares of 201. each, liable to
further calls to the extent of 101. Each one of the new
shares to be entitled to a beau in the shape of a 4/. paid up
obligation, bearing interest at 5 per cent., and reimbursable
at 51. The quarter preference shares on the Brussels and
N31121.1T section to receive one new share, subject to a le/.
call for five quarters, anti one obligation for six quarters,
and the canal quarter shares to be converted into 2.01.
eharea, at the rate of three such share. (also liable to the 101.
each) for ten of the old quarter shares. Finally, the directors
stated that they had received proposals for the purchase of
their surplus lands at Brussels from a projected company,
consisting of parties interested in their undertaking, and
whose principal aim was to facilitate the carrying into
effect the tombinetions devised by the direction. 'These
Pr"..",,osals secured to the Luxembourg Company. contiderable
?tell: • and stipulations had been giv;ng to the
sharel:olc;e rs the right to take art in the forteatiou of the
new
company:: Cip.ital. to be employed upon this lane', and
upon certain di5t,....-ts in the neighbourhood of our line
abounding in valuable qe.mTies.
The CHAIRMAN congratulated the meeting that the
directors had been at length enabled to surmount the diffi-
culties which had beset theta at the commencement of their
operations, and had succeeded in completing ;temente
which must tend largely to the benefit of the company, and,
as he believed, ensure the permanent value of the property.
The financial scheme Imposed might seem intricate, but a
very slight consideration would show that it was founded
upon equitable principles, and with a due regard to the
rights of all classes of the shareholders. What the privi-
leged shareholders were called upsn to surrender was a
matter of smelt importance as compared with what they
would receive in exchange; for be was quite sure he was
speaking within compass when he said that by consentiag
to the proposed arrangement they would be exchanging a
security of six per cent. for one that would yield
them eight, ten, or even more per cent. (Hear,
hear.) He could not, perhaps, better satisfy the meeting
upon this point than by informing them of the increased
importance which the province of Luxembourg had ac
toiled. Sine* the Great Luxembourg Company had become
a fact, and the railway was in progress, capital had found
its way to that province to an unprecedented extent. Com-
panies had been formed and were in operation for the
purchase of large tracts of forest and other lands. The
opening of quarries and the working of limestone, end
other speculations, were likewise in progress, which must
ensure a traffic from this mice aloue sufficient to pay at
least 5 per cent. upon the whole of the capital. He had
in hit hand the prospectus of one of these new companies,
showing that that one alone would bring to the line traffic
sufficient to pay S per cent. on 600,0001. of capital ; that
was, they would bring to the line 380,000 tons to be carried
upwards of 40 miles, which would produce 30,0001. a-year ;
and be knew also of another company—an English com-
pany—that had recently signed an arrangement for a pur-
chase of forest in Luxembourg to the extent of b twee&
600,0001. and 800,0001. The quantity of limestone which
would be worked, now that it was certain means would
be afforded for transporting the lime, and the extent of
land which would be brought under cultivation in conse-
quence of the facilities which the railway would give,
were almost incalculable. When the company was
first started it was thought by Mr. Meaterman that
merely as a bridge connecting Brussels with Germany, it
would pay, but beyond the through traffic they would have
a most valuable and remunerative local traffic, and there
could be no doubt, therefore, that their returns would be
sufficient to emus to the proprietors a very large dividend.
(Cheers.) The obligations or bonds which it was proposed
to issue, he was confident would speedily become a favourite
stook with the public. Already the contractors had applied
to the boars, stating their wish to take those obligations to
• very large extent in payment of the amounts due to them.
lie was happy to say that the works on the line were pro-
ceeding with all possible despatch. There were now 8,000
men employed upon them, which number, as soon as the
weather would permit, would be increased to 10,000 or
12,000, and by next spring he had no doubt they would be
enabled to open the line to Namur. Already the station
. _ .
- adv. -

Ratv intelligence.

--~--

suitdeed washy
wh i4t
is inshtitmteuAtieNd-to.3u r d'il° otemrliiiruteeatphe
nowva lidity of
deceased,a
give
asp
an.,,
which deed wasannuitycharitableforimpeached arcs a
onnnithxie ground
nwith
goon
wa,..hin the scope of the statute of mortsnain.
esases sufficiently appear from his Honour's
wee.' the counsel for the
Tarksibfacbetsingof
the
judgment.
Mr. g treason, a C.;
ilk:.
sCir..;
Buxton, Mr.
ca.c.; ; are, W. D. Lewis, Mr. Ilislop
Bd,iligsrhaNwv,.
various parties in the cause.
The Vice-Chancellor, in delivering julhaent, said, that
this was a bill to set aside a deed by which .5 certain an-
nuity, charged upon real property, was granted to
trustees for charitable uses, and the ground for
relief was that the deed was in violation of this-statute
of mortmain—the 9 Geo. 11. c. 3G. The deed in question
was dared the 26th January, 11339, and was made between
Thomas Gwennap, since deceased, of the first
part, the &readout, Jabez Burns, and • Mr.
Makins of the second part, and J. King and
It. Eccles of the third part; the parties of the second part
being trustees. By the dead Gwennap granted to Burns
and his co-trustee an annuity of 951. per annum, charge-
able on certain leasehold messuages belonging to Gwennap,
to endure for a period of 99 years, professedly to commence
at the time of the execution of the deed. Gwennap also,
by the same instrument, demised to the trustees the lease-
hold premises in question, upon trust to secure the pay-
ment of the annuity. The trusts upon which Burns and
his co•trustee were to hold the annuity were these : as to
101. upon trust to apply that rum in ease tho salary of the
minister of Boon Chapel fell below 1302., to the increase
of such salary; but if such salary exceeded that amount,
then in trust to apply the 4111. to the diminution of the
debt upon the chapel ; as to 301., further part of the said
annuity, in trust to pay that sum to th • ti %Wear, for the
time being, of the society for relieving the poor of the eon-
grigatim of Beton Chapel, provided the society. raised 301.
from other sources; as to 51, further part, in tried. for
Enos Chapel Sunday School ; as to life, further part, in
trust for the General Wrist. Hume Mission; and as to
101., remainder of such annuity, in trust to pay
it at Christmas time to such of the deserving
poor of the congregation of Enon Chapel, as
the trustee, might think fit. Afterwards, about 1843,
tslakins ceased to be a trustee, and East was appointed in
his place. Now, on the face of this deed of 1839, there ap-
peared no °Nettie'. All the requisitions of the Statute of
Mortmain were apparently complied with. The gift was
made by a " deed indented ;" it was " sealed and deli-
vered in the presence of two credible witn,vea," more than
12 months—in fact, about 11 years—before the death of the
donor, and It was duly enrolled " within six calendar
months" after its execution. In addition to the, the terms
the instrument were made to take effect " immediately
upon tub execution thereof," and there was no power of re-
eocation " fur the benefit of the donor" or " ally person
clams tine under Dim,"
there w u as
on this the deed that the payment of the annuity was not
parties td cv er
amongst, Mate thata
re be ;ewe red upon during the life of Owermap, and that,
enit.hoerPlualunileiffrs%sihreriu
gromd, the deed ought to be set aside.
Now, he
in declaring 1„.. opinian that, if .CUC,I 114
meat or design canted among the, kWh.' when
f.ote Vice-Chantellor) had
..no hesitation
the deed was executed :nd that design was acquieieed in
and understood by them, it was not ncce-s,ry that it
should be apparent on the thee of the dyed, to bring it
within the 9 Geo. 11., c. 36 ; but that, in such a care, a
semi of equity would regard the transaction as fraudulent,
and make void the deed. But the onus of proving such an.
maderstandieg or design rested of course upon the plain-
tiffs, who alleged that it existed. They relied in support of
their allegation, upon various facts which would be con-
sidered in their order. It ought to be mentioned, how-
ever, that Gwennap lived until the year 1830, and that the
hill was brought by parties claiming under his will. The
first fact brought forward by the plaintiffs in support of
their contention was, that when the formality of enrolment
had been duly completed by the conveyancer who prepared
the deed, instead of that deed being given up to Burns and
his co-trustee, it was ds livered to the custody of Gwennap,
the grantor himself, and so remaiucd in his custody for
many years. Now, if that fart stood by itself alone, it
might beef much weight. but when the position of Gwennap
in regard to the chapel is considetad, and the close
connection in which he stood to it and its ins:itutions, the
fact of the retention of the deeds did Hot carry with it that
weight to which, at first, it seemed enti:led ; nevertheless,
it was not without its significance, when taken in connexion
with other parts of the case. But • far more important cir-
cumstance was this, although Gwennap, the grantor, lived
more than eleven years after the date of the deed, he never
paid one farthing of the annuity thereby secured, nor was
any attempt ever made to enforce the payment. To contro-
vert the very strong inference which this fact was likely to
create, it was insisted by the defendants that although the
annuity itself was not paid, yet Gwennap, who, before the
date of the deed, had been a liberal contributor to the
chapel and its charities, continued to be so down to the date
of his death, and that his vo.untary contributions in each year
were at least equal to what he would have been compelled
to pay if the agreement had been enforced against him. This
was to be found in the deposition of Dr. Barns, the trustee.
He (the Vice-Chancellor) had looked very carefully over
the depositions in this respect, and it certainly appeared
that the statement that the grantor's voluntary gifts
amounted to 961. a year rested rather in conjecture than
upon the actual knowledge of the deponents. But even
admitting the fact, it was clear beyond doubt that the 951. a
year was only made up by including in it all Mr. Owennap's
private charities, and it was still more clear, that of the
various charities mentioned in the deed, scarcely one of
them received the amount which they would have received
had that instrument been legitimately acted upon. As an
butanes of this, the statement of Dr. Burns re' 'at be taken,