The Express.
London, England, 1853-12-14 00:00:00

WEST FLANDERS RAILWAY.

Yesterday the sixteenth half-yearly meeting of the
proprieton was held at the offices of the company, No. 61,
Moorgatsesteeet ; Mr. W. P. lticsanne in the chair.
The SECRZTARY (Mr. Chubb) read the report of the
directors which stated that there had been a gradual,
although slow, advance of the traffic from the cammence-
, meat of 1848 to the present time. The half-year which ended
June, 1848, gave 5,8181.45. 11d. • the present one produced
7,8761. 51. Bd.; while the expenditure had remained nearly
the same. The whole line from Courtrai to Poperinghe was
expected to be ready to De opened for traffic by the first
day of next year. The number of paseengen carried on
the new line was very encouraging, and would no doubt
increase considerably. The receipts of the half-year, end-
ing 30th June last, had amounted to 9,41141. 10s. lld., the
expenditure to 6,9791.6.. 6d ; of the former 7,8761. 5s 2d.
was to be attributed to the old line, and of the latter 5,123/.,
leaving a balance which, added to the last balance, would
enable the directors to declare a dividend of 2e. a share,
and carry over a balance of 6.51. 16s. 2d. to the new account.
To the report of the directors was appended one of the
directeur-gerant, which contained a statement of the pro-
ceedings with regard to the Diinv, Thielt, and Ingel-
munster line. The following is the substance of it :
" Under date of the 29th of April last, tbeminister of public
works informed us that a company was prepared to con-
struct the lino from Fumes to Dixmude and to Lichter-
velde, under a guarantee of 4 per cent. upon a capital of
5,000,000 f., and reqxesting us to state if we were disposed
to compete for the construction of the said line. On the
6:h of May the minister was informed that we declined this
offer, but that we were disposed to render every assistance
to the parties offering to construct the line. Subsequently
these parties, under the firm of De Pariente and Co., ob-
tained the provisional grant for the construction of a line
from Fumes via Dixmude, not to Lichtervelde, but to
fouler', and applied to us to give up our line from Deynxe
via Thielt to Ingelmunster, which they were disposed to
take to Roulen, so as to make a direct line from Fumes
via Dixmude to Roulers, and thence vies Thielt to Devise.
By the agreement we have entered into we give up part ofeur
guarantee of 400,000 f. (16,0001.) per annum, proportionate
to the length of the section from Device via Tnielt to
logelmunster; and the only difficulty now offering to the
execution of the agreement is the obtaining the approval of
the minister, or rather of the le iislature, to the division
of the guarantee, 240,0001. of net revenue per annum being
affected to the line from Courtrai to Ypres and Poperinghe,
and 160,000 f. to that from Devise via Thielt to Roulette
It being equally advantageous to all parties that the divi-
sion of the guarantee should be granted, there is hardly a
doubt of its taking plus."
The CHAIRMAN said the holding of the meeting had
been delayed for some time, in order that as much infor-
mation as possible might be laid before the proprietors,
particularly with regard to the arrangement with M. de
Patients; while smelter advantage which had arisen from
the delay was, that the directors were now in a position
to announce that it was hardly possible that the line from
Courtrai to Poperinghe should not be read' to be opened
on the first day of the approaching year. fhe guarantee
world commence from the time when the traffic commenced.
They had hoped that the guarantee on the part of the Bel-
gian government would by this time have been settled.
The accounts, however, having been sent in, the govern-
ment had thought it necessary to appoint a commis.
sion to inquire into them, but they had assu,ed the
directors that the whole matter ehouldj be settled as
speedily u possible. As regarded the negotiations
with M. de Pariente everything had gone on most satis-
factorily, and the proprietors were to be asked to sanction
what had been done at a special meeting. With respect to
the traffic, it would be found that there was a small in-
crease on the corresponding six months of last year ; and
it was satisfactory to observe that there bad been a gradual
though small increase from the commencement to the pre-
sent time. The increase in the last six months amounted
to 650/. Nine miles of new line having been opened in
January, it appeared that nearly half the passengers who
travelled over that distance also went over the thirty-
two miles of the old line. He should abstain from
entering into any speculations with respect to the
future traffic. He would only observe that their
own officials, and all persoas who had any considerable
acquaintance with that part of the country had formed the
most favourable opinion as to the result. The directors
had given an account of the Interest on the preference
shares up to the 30th of Jun*. What they nude by the
advantage of exchange and soon, paid the whole claim in
respect of the preference shares. Since June they had
had a much larger capital to pay interest upon, and the
additional capital had been hitherto unfruitful in conse-
quence of the line from Courtrai to Poperingbe not having
been opened. From the Ist of January would come into
operation the guarantee of 10,0001. a year. Had the con-
tractor done his duty the new line would have been opened
by the Ist of Nov. He (the chairman) mut confess that the
weather was in the first instance very much against him.
When, however, be came to the deep cutting at Zillebeke,
his courage failed him, sad he ran away. He was after-
wards brought back, but he found himself quite unequal to
the task and aban.loned it. Further, during the progress
of the works, Mr. Chantrell met with a serious accident,
which for a time entirely deprived the company of his ser-
vices. As regarded the Chancery suit in which be (the
Chairman) was personally concerned, he would merely refer
to the very concise declaration made by the Master of the
Rolls in giving judgment, namely, that the suit failed in
every respect and mast be dismissed with costs. If he
were to dilate on that decision for half au hour he could add
nothing to it. (Cheers.)
In reply to a question from Mr. HERALPATH,

The CHAIRMAN stated that the line from Courtrai to
Poperinghe would be made for 35,0001., or about 4,0001.
per mile.

The report was then adopted, and a resolution passed
declaring a dividend of 2s. per share.
The meeting was then made special, and resolution/
were passed confirming an agreement made by the directors
with bleurs. de Pulsate and Co. for the transfer of that
portion of the line which lies between Deysze and the
main line.

The meeting terminated with a Tote of thanks to the
chairman.,