The Sun.
London, England, 1864-11-01 00:00:00

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would see they had not fully earned the ad interim divi-
dend in July of lls per share, or at the rate of 2i per cent.
There was a balance of £3,033 to the debit of the account,
of which £1,200 was for income tax, which they ought to
have deducted rateably from the dividend warrants,
so that the actual deficiency on the half-year end.
ing June 30 was £1,825, or about 53 per share. If they
had paid lOs 7d per share instead of 1 Is the dividend would
have been at the rate of 5.3 per cent, for the year instead of
51 per cent. The prospects of the ensuing half-year were
not much more favourable than the last. Ho hoped that
tho economy which Mr Clay had recommended would be of
permanent advantage. He had reduced the number of per-
sons employed on the line from 462 to 305—(hear)—and
had also:euggested very judicious measures as to the distri-
bution of eteres,w hich would lead to some diminution of ex-
penditure ; but that could not take effect at once to the full
extent, because they had engagements to the end of the year
with English workmen. On the other hand, the expense
of maintaining the way would be increased by the substitu-
tion of new sleepers in the place of the decayed sleepers.
The decay had been more rapid than was anticipated. The
dividend for the year he estimated would be about £5 Ga
per cent. (Hear.) With respect to their traffic, there were
clearances of land in the neighbourhood of the railway,
which indicated that agriculture was extending on land ad-
joining or near the railway. They were also succeeding
slowly in diverting the traffic from its original channels.
The planters were so wedded to the old routes that it was
only with the greatest difficulty that any of them could be
prevailed upon to give up those routes. At three places on
their line some very wealthy gentlemen were about forming
business connections with the railway. The places were
Alagoinhas, Matta, and at a place near Bahia. Those
gentlemen were going to build warehouses, and had asked
the company to find the rails and requisite materials for
sidings to those warehouses, and they would find the labour.
He thought, on the whole, that their prospects were good
and favourable. _

.
Mr T. M. WEGUELIN, M.P., seconded the motion for the
adoption of the report.,
A long discussion ensued, in which Mr L. Cooke, Mr
G. Simpson, Mr C. Nicholson, Captain Gossett, Mr Goez,
and other shareholders took part, expressing considerable
dissatisfaction with the present position of the company,
the smallness of the traffic, and the disproportion of the
receipts to the working expenses, whereby the guaranteed
dividend paid by the Brazilian Government was reduced to
something like the rate of 5} per cent. per annum, instead
of being at the rate of 7 per cent. per annum,
The CHAIRMAN defended the directors, contending that
they had done everything they had promised; they had
constructed the railway for a specified sum and had not ex-
ceeded the estimated cost. It was stated that the sleepers
had decayed more rapidly than was expected and the re-
newal of them formed a large item against revenue. The
maintenance of the way and works would, owing to the na-
ture of the climate and soil, be costly for some years to

come.

The report was adopted.
On the motion of Mr NICHOLSON, seconded by Mr Gorz,
resolutions were unanimously passed to the effect, that a
committee of shareholders bo appointed to confer with the
directors on the present position and future prospects of the
undertaking, and propose such measures in conjunction with
the Board as might seem to them desirable in the interests
of the shareholders, and to report their opinions to a future
meeting of the company, and that the committee consist of
Messrs Holloway, G. Simpson, Goez, Morgan, and C.
Nicholson.

The proceedings concluded with a vote of thanks to the
chairman and directors.

COPIAPO EXTENSION.

The half-yearly meeting of this company (the Pabellon
and Chanareillo, under the law of Chili) was held on Friday
at the offices, 2, New Broad-street--Mr Holland in the

chair.

----- -
The report stated that there had been an expenditure on
the capital account, up to the 30th June last, of £200,463,
being an increase of £379. The traffic account for the year
ending the same date showed receipts to the amount of
£16,240, against the sum of £13,090 for the previous year.
The balance to the profit and loss account was now £7,463,
being an increase during the year of £3,406, a:ter paying
£1,498 interest on debentures, bonds, and loans.
The CHAIRMAN moved the adoption of the report, which
he said showed a satisfactory increase in the receipts of
nearly £3,200 ; and, deduc' ing the increased cost of working,
there had been a positive result of V.,200 better than the
previous year. The increase in the traffic of the line since
the opening in 1859 had been slow, but it had been steady,
and the reports received from, the manager led to the belief
that the increase would continue. The manager in Chili I
informed the directors that a-company whose property was
connected with this line proposed to form a new line to
mineral districts eastward, and if that were done a great
advantage would accrue to this company, as the extension
would open, it was reported, a new channel of permanent
income and benefit. The report presented was an encou-
raging one. There was a positive profit of £7,400, which
ought to be in the pockets of the shareholders, and that it was
not was owing to peculiar circumstances. The share capital
of the company was but little over £76,000, while the ex-
penditure had exceeded that amount, and though the direo •
tors had authority to issue debentures to the amount of
£20,000, there remained bonds to the amount of £7,000 yet
to be issued to make up that sum. The profits had there-
fore been used in the place of the unissued debenture bonds,
and as soon as the money could he replaced with that from
the debenture bends, the earnings would be at the disposal
of the proprietors. He concluded by moving the adoption
of the report.
Mr FLETCHER seconded the motion.
Mr SURGEY expressed an opinion that the unissued
debentures might have been taken up if they had been
brought to the public notice, considering that they bore 7
per cent interest, and were well secured.
After some conversation, the report was approved, and
the direction was advised to press the debentures upon the
public as aeon as the money market became easier.
A vote of thanks to the directors concluded the pro•
oeedings.

S PAPE r.

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papers were of authcaatio, and att4t4sH
evidence.
The Crown Prosecutor said
'4"t44".
M. Horn, the chief president in _ -
Messrs Brachvogel, Holthoff, and El . ,•otead sac et
the reading of the papers, they being copies
.of papers of
whose authenticity there was nu proof.
The Crown Prosecutor said he would not press the read-
ing of the papers.
The examination of M. Maciejewki was then resumed,
and after some evidence of slight importance had been
taken the further hearing of the case was postponed.
Herr Lewald proposed that certain witnesses should 'ito
called who heard M. Szcziniecki say, in February, 186,
that he considered any attempt at insurrection against
Prussia absurd and impossible, and that he would never
take part in such an attempt.
The Court reserved its decision.

On the 19th M. illeszynski was examined. Ile admitted
having purchased and forwarded arms for the insurgents,
but denied having had any hostile intention towardsPrue,ia.
Messrs. Z sblocki and Cz tpski, accused of having sent
carts full of arms to the frontier, acknowledged that they
did se, but said that they did not know what was in the
carts which they found on their estates.
M. Leon de Martwell was next examined. He asserted
that the papers found upon him, which were stated to be
lost, must be in the possession of the police. The transla-
tions put in by the prosecution were quite incorrect, and
did not at all agree with the originals.
The Crown Prosecutor (indignantly)—Surely you do
not mean to state that Prussian employes have forged any
documents ?

Herr Elven—l have repeatedly onted to prove that the
police en2ploye's in Posen, from the president 'to the lowest
policeman, have forged documents, but I have never been
allowed to prove this.
The President—l think we may now leave this subject.

Dr Niegolewski—Not at all. Documents may at any
moment bo produced which proved that the Posen police
have presented to the Court a forged proclamation as a real
one.

The matter then dropped,
After some further evidence had been taken in the case
of M. de Martwell, who denied having taken any part in the
insurrection, the Court liberated M, Zablocki till the Ist
November, but refused to liberate M. Cz ipski.

The proceedings on the 20th began with the examination
of M. J. Rohr, the next of the accused on the list.
M. Rohr deposed as follows—ln 1816 I left Berlin and
proceeded to Lithuania to prepare an insurrection there. I
was arrested and severely examined during two years, at the
end of which time I was sentonced by a military tribunal to
16 years' hard labour in Siberia. The Czar altered the sen-

tence, ordering me first to receive 1,000 blows with a stick,
and if I survived, to work for 12 years in the mines of Sibe.
rift. I survived the torture, and the general in command
was disgraced by the Czar because I had not died under it.
I was then sent in chains to Tobolsk, whence I proceeded on
foot with a company of malefactors to Siberia. My journey
lasted more than 11 months. There I remained seven or
eight years, and was pardoned after the treaty of Paris,
since which I worked in the office of Makowski and Co., at
Dantzic.

After some unimportant evidence, Herr Elven proposed
that the accused be liberated, paying at the same time a
high tribute to his patriotism and the courage with which
he bore his almost unexampled sufferings.
F. W. Johannson, merchant, of Konigsberg, was next
called. He said he had never sold arms to the Poles, and
that ho wished he could have given them more assistance
than he did.
After a sharp discussion regarding the manner in which
the prosecution conducted their case, in the course of which
the president admitted that it was not quite clear that the
prosecution were right, the Court liberated Mr. Johannson
temporarily, but refused to liberate M. Rohr, alter which it
adjourned to the 22d.

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