The Express.
London, England, 1866-09-28 00:00:00

MAU.RITIUS LAND CREDIT AND AGENCY
COMPANY (LIMITED).-(THIS DAY.)

The third ordinary general meeting of the morn-
ben of this company was held to-day at their offices, 23,
Fenchurch-street ; Major-General H. P. Bum:4 in the
The report, which waa taken as read,stated the net profit
for the year ending June 30 last at 4,1011. 13a. 10cL, or up-
wards of 16 per cent. on the paid-up capital. The interim
dividend of five per oent. declared in February haying ab-
sorbed 1,2501., and • sum of 6001, baying been set
rude out of the profits of the year to be added to the
reserve fund, there remained a balance of 2,3511. 13s. 10d.
which the directors recommended should be appropriated
es follows:-1,2501. to the payment (free of tnoome tax)
of a dividend of 2s, per share, making sv:th the interim
dividend 10 per cent, for the year, and 1,000/. to the
reduction of preliminary expenses, leaving 1011. 133. 10d.
to be carried to the next account. The propt:eton
would have thus received 20 per cent by way
of dividend since the formation of the corn-
Deny, whilst the preliminaty expenses would have
been reduced by upwards of 2,2001. end 1,0001. ; art
side as a reserve fund to meet contingencies —a moat antis-
factory result, when it was borne in mind that the earliest
investment of the company in Maritins, dated from July
pm. The mortgage investment during the year showed
en increase of only 20,4811. 13s. 4d., the state of the money
market during the greater pal:, of the year not
having permitted the company to hot row to any
extent with • view to re-invest in Mauritius. _

The CHAIRMAN moved the adoption of the report, end in
doing so courstulatedthe shareholders upon them/ lath-
WWI position the company had attained. During a very
toying year at home and abroad thei.• investments
bad all proved unexceptionable, and not only had
they paid all they owed on the 30th of June, but
they tad received exerything due to them up to
that data No further call would be made ter the present,
the company preferring to cant on their business esfar as
possible with borrowed money, and as their basinest was
confined to advances upon real property of the &et order,
it was so free from risk that there was no cause for
any apprehension on the part of the shareholders. They
allowed 7 pee cent. for payment of calls in advance, and
many shareholders had taken advantage of the arrange-
ment. The capital, however, was very small for the ex-
tent of their business, and for his own part he should be
glad to see it doubled, which would be the belt and surest
mode of raising the market value of their shares.
The report was adopted, the dividend was declared pay-
able on and after the 13th of October, and the eustomali
compliment to the chairman and directors closed the pro-
ceedings.

LONDON. CHATHAM, AND DOVER RAILWAY.

MEETING OF DEBENTURE HOLDERS.-(THIS DAY.)

A numerously attended meeting of th;debenture
holders of this railway, convened by a committ -e appointed
at a preliminary meeting held on the 19th instant, wee held
at the London Tavern this day ; Mr. B. HODOSON occu-
pied the chair.
The CHAIM/LH, in opening the proceedings, said the
present meeting was convened in no hostile sp.rit to the
company. Towards the end of the half-year the deben-
ture holders found themselves h a novel position. They
found themselves in possession of the line, but without the
orp r4sation which is usual in railway compar=es. The
debentures represented a debt of 4,492,0001., the average
holding not being 5001. for each debenture holder. Ats",ust
this there was a share capital of 12 millions and a half,
but one-sixth of this was held in few hands, one Larson
holding 1,073,000 f., another 590,000/., and another 70,000/.
Airead7 a report had been circulated In mone-
tary circles that the debenture holders were to be
offered a 4 per cent. stock, end 10 41 the ordinary stock
of Shia company. Da-ing the last session of parliament an
attempt was made to put another mil ion of stock
over the heads of the debenture holders, which
would have been equal to a fu...her charge of
50,000/. a year, but this had been defeated by Lord Hales-
dale. The holders of the ordnary stock did not come
before them as having paid 20e. in the pound, for a great
portion of the stock was issued at an enormous dscornt,
the 1,500,0001. issued in 1854 being issued at a discount
of no less than 8M the rebate on the Issue being no less
than 1,306,500/. Shareholders who had obtained their stock
en such terms were not entitled to much consideration. At
present the debenture holders were praoticallytheowners of
the Fne, but they could not carry on the business of the
company in the ordinary way that shareholders did. In
order to protect the rights and intereate of the debenture
holders he moved that n committee he appointed, consisting
of Messrs. Pell, Harrison, J. Broomhall, Price, and Hodg-
e=
Mr. WADI seconded.

[The meeting was proceeding when orr report left].

SCINDE RAILWAY.-(THIS DAY.)

This aftet.loon the twenty-first half-yearly
general meeting of proprietors of the Sende Railway
(Indus Steam Floti'la, Ponjaub, and Delhi Railway) Com-
pany was held at the London Tavern, Mr. W. P. AN-
DREW presiding.
The report, of which an abstract has already appeared in
the Expreu, was taken ris read.
Theemaistaian said the first accounts which were re-
ceived of the accident to the Sc"sde Railway were very
mach exaggerated. A telegram just received stated that
the line was open throughout, and that other railways had
suffered more from the unprecedented rain. The averar,e
rain fall of London in a year fell in Seinde in twelve
hours. The accident to the two vessels of the flotilla
arose from snags in the bed of the river, and could not
bare been avoided, but this event afforded
additional reason for the substitution of a railway for the
steam boats. In both these cases the conduct of the offi-
cers of the company was deserving of all praise. He had
good ground for concluding that the delay in the
construction of the missiurg link of railway from
Lame to Mooltan would be of vet), ghost duration. The
line from Lahore to Peshawur was a very difficult
work, hot it was a nece, airy one, as it would connect
Delhi with the sea, and enable the strength of the army
to be materially reduced. Before the expiration of the
year Messrs. Brassey, the contractors, would have
51 miles of the Delhi Railway in working ' order,
which was most creditable, considering the dis-
tance of the work hum the sea, end it was expected
that thirty miles more wor'il be opened in the course of
the spring. The directors looked forward with confi-
dence to the whole 310 aril-s beinrr finished before the ex-
piration of the contracted time of three years. A most in-
correct and absurd statement had appeared in the Indian
papers that Messrs. Brassey obt.Oned the contract by par-
Yamentary influence. The fact was that they offered to
do the work at a cheaper ra'ee than any one else, having
adequate resources. He concluded by moving the adoption
al the report.
Sir H. MADDOCK seconded the motion.
A SHAREHHIDER asked whether it was trae that the
harbour of Kurrach-e wa- siltin. up so rapidly, as to gain
upon the efforts of the contractors in cicuing it.
The CHAIRMAN said only one half of Mr. Walker's plan
had been adopted, and the old gap had b-...en filling up, but
at the same time a new gap was bung formed is a central
position.

lifr.irirrtx and several other shareholders expressed the
opinion that if the Peahairur line were taken up the
mintsl should be quice distinct from that of this company.
After some further discussion the report was adopted,
and the resolutions were passed for increasing the capital.

SWEARING IN OF THF. SHERIFFS.--(THI8 DAY.)—
This morning Mr. Alderman Waterlow and Mr. Francis
Lycett, the newly elected sheriffs of London and Mid-
dlesex, were sworn in at the Guildhall before the Lord
Mayor, aldermen, and other members of the coi,xoration.
AldennanWaterlow wesattended bv Mr. DeputyDeJersey,
his under sheriff, and the Rev. Allen T. Edwards, M.A.,
incumbent of St. Philip's, Lambeth. his chaplain. Mr.
Lycett was attended by Mr. Charles Crossley, his under-
sheriff, and the Rev. G. T. Perks, a Wesleyan minister.
whom he has appointed as his chaplain. The first official
duty of the new sheriffs will be to preside at the election
of a Lord Mayor, which will take place to-morrow.
THE INUNDATIONS IN FRANCE.—Accounts from
Never, of the 26th state that no diminution in the rise of
the Loire has yet taken place. At 6in the evening the
waters bad attained the height of 22 feet, and according
to the news received from the upper part of the river,
they were not expected to have reached their maximum.
The old emhankment on the left side had been carried
away for a distance of 80 yards, and the valley of the
Loire was submerged iu some places to a depth of 20
feet. The streets of Nevers were filled with cattle
and carta laden with furniture from the localities
evacuated by the inhabitants ; the number of persons who
have taken refuge there amounts already to more than 600.
The workMg of the forges at Fourchambault bad to be
irespended The communication on the railway between
Severs and Saincaize—the point of junction of the lines to
Spurges, Moulins, and St. Germain des Foss Us—were sus-
pended, the permanent way being very seriously menaced
M several places. On the Allier a suspension bridge at
ehazenil hail been swept away. Considerable damage
bad been done at Moulins, and at Gicn a pm Jen
of the town was under water. The Loire at Digoin
bad attained the same height as in 1846, that is,
ZI feet. At Sens there was three feet of water in the
streets, and many of the old houses hail been evacuated.
The country for a mile around Joigny was submerged.
The rise of the Tarn may be considered to have termi-
nated. The Dordogne has mimed some damage in the de-
-I,drtment of the Correze. The Garonne exceeded 23
feet daring the night of the 2.lth, and continued rising,
and the circulation was interrupted on several points
in the Lot-et-Garonne. No accident bad, however,
recurred, and the rain ceased on the morning
of the 26th. The Rhine and Gard are still rising,
but accounts from Savoy are more favourable, and no
farther damage is feared. The railway between St. Jean-
de-Maurienne and St. Michel will however require consi-
derable repairs, and the former place will for a time again
become the extreme point of the traffic and the starting
place for the diligences over Mount Cenis. The telegraph
u still interrupted between those two towns. The Em-
peror. on hearing of the above mentioned disasters, for-
%Med through the Minister of the Interior a first amis.
411ce to the localities which have most suffered.
The formation of the sea defences at Worthing,
ilk Sussex, has commenced.