The Sun.
London, England, 1864-10-26 00:00:00

_

THE SUN, LONDON, WEDNESDAY EVENING, OCTOBER 26, 1864.

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RAILWAY INTELLIGENCE.

WEST FLANDERS.

The half-yearly meeting of this company was held yester-
day at the London Tavern; Mr R. T. Frere in the chair.
The CHAIRMAN explained that Captain Greig, owing to
ill-health, had retired from the chair, and his colleagues had
unanimously appointed him (Mr Frere) to take that position
which had been so ably filled by his predecessor.
Mr SMITH, the secretary, having read the notice con-
vening the meeting, the report, an abstract of which has
appeared in The Sun, was taken as read.

The CHAIRMAN, in moving the adoption of the report,
said that ho trusted they would consider it on the whole, as
the directors did, satisfactory. They had had an increase
in the receipts, and also in the expenses. If they would
refer to the report they would find the chief items of in-
creased expense under the head of permanent way and the
repair of engines, and also in respect of new trains. On the
whole, he thought their prospects were promising. They
were enabled to pay 4s. per share dividend, carrying over a
balance of £609. The recent investigation of the accounts
had led to no serious discovery of further loss. They knew
that with the sum of £1,665 remaining to be written off
there might be certain shares issued beyond the statutable
number which they would have to purchase and cancel•
The estimates for the proposed new lines had been referred
to the company's engineer, and whatever might be the sum
necessary to pay for their construction would be raised on
the company's bonds. The Societe d'Exploitation had un-
dertaken to be responsible for the payment of the West
Flanders dividends. The eonventkn between the company
and the Tubize Company had lmien signed in September,
and would come into operation on the Ist of January next,
when they would hand over their line. They had every
reason to hope that it would not be a bad bargain for that
company, and on the whole it would be a good'one for the
West Flanders Company. The definitive shares would be
issued in exchange for the existing shares, and would be
numbered from 1 to 26,757, instead of from 1 to 40,000, as
at present, so that in future they would be enabled to know
what shares were out.

Mr E. V. RICHABDS seconded the motion for the adop-
tion of the report.

Mr HERAPATII would prefer to have the surplus in hand
applied at once to pay off the loss occasioned by Mr Chubb ;
and were it not for that loss he believed the dividend would
now have been 4s Gd per share, The charge of 2s Gd per
share in fature for registration was excessive on individual
shareholders, although it was understood that it would be
paid to the company.

The CHAIRMAN said that some slight alterations would
have to be made in the statutes, and they would have that
charge altered. No doubt 61 per share would pay for the
Belgian stamp and all expenses of transfer.
Mr HERAPA.TH remarked that the increase in the re-
ceipts of the past half year was £2,000, or about 2s per
share, but the increase of expenses was £1,661, or 64 per
cent., while the usual increase of expenses for increased
traffic was about 25 per cent. The increase in cost of the
permanent way showed it had not been well attended to.
Mr BLOUNT, a director, explained that prior to handing
over the line to the leasing company they were obliged to
expend a certain sum on the permanent way and stations.
A long discussion then ensued on the question of increas-
ing the amount paid up on the ordinary shares from £8 15s
to £l2 3s, by adding to each the rateable sum paid on for-
feited shares (X 90,000) to the amount actually paid (£8 15a
each) on the authorised number of shares. The importance
of the question arose from the circumstance that the 51 per
cent. preference shares were entitled to participate rateably
in the distribution of any surplus profits that might remain
after paying the full interest on loans and preference shares,
and 5 per cent. per annum on the ordinary shares. It was
contended by Mr Herapath that 5 per cent. on £3 15s was
the full amount that could be claimed for each of the ordi •
nary shares before dividing any surplus profits rateably
with the preference shares. It was stated that two Belgian
advocates and Mr Lloyd, of the English Bar, had given it
as their opinion that the ordinary shareholders could claim
5 per cent, on the £l2 3s per share before any rateable
division of surplus profits could be made.
Mr S. HERAPATH suggested that the question should be
decided by a friendly suit before a competent tribunal.

Mr GOEZ and other shareholders concurred in that view.

➢Tr RICHARDS explained that the directors had no bias
ono way or the other ; that they wished to have the ques-
tion settled legally and justly between the ordinary and
prefertnced shareholders. He thought it would have to be
decided in Belgium, according to the statutes.

Resolutions were passed adopting the report, approvinlg
aucuU per ?SULU I) pa) ,
te-electing Mr A. Greig and Mr R. Till, the retiring direc-
tors ; and a vote of thanks to the chairman and directors
concluded the proceedings.

cause the Government were in all respects party to the pro-
ceedings by having placed one of their own Ministers on
the board, and by subsequently granting 50 per cent, more
to the other railways than they did to the Pernambuco, On
the reassembling of Chambers in the spring they would me-
morialize Government, and they had no doubt that this long
protracted question would be settled. The directors hoped
that the insufficient state of the rolling stock would soon
be considered by the Imperial Government. Although the
traffic receipts were not large, they covered the working
expenses, and if the line was extended to the harbour it
would be a very slight burden on the Government finances.
It was satisfactory to know that Captain de Medeiros, the
consulting engineer of the Brazilian Government, after
careful investigation, had rec ,mmended the extension
of the guaranteed capital of the company by the sum of
£485,648.

Mr W. H. DICXSQN seconded the adoption of the report,
which was agreed to.

A vote of thanks to the chairman, directors, and officers
closed the proceedings.

SOUTH LEICESTERSHIRE.

The half-yearly meeting of this companywas held yester-
day at the Euston Station; the Heil. Major Yoraer in the
chair.

The Secretary read the report, which stated that the sum
of £4,543 would be received from the London and North-
Western Railway company for the working during the
half-year ending June 30, a result which enabled them to
recommend the proprietors to declare a dividend of 41 per
cent. per annum, less income-tax, on the share capital, and
to pay the interest on loans.

The CHAIRMAN moved the adoption of the report, and
remarked that the dividend was a larger one than the com-
pany was entitled to under its agreement with the London
and North-Western, but the directors had represented to
the lessees that the goods traffic had not been developed to
the extent to which it might have been, and this having
been fairly considered by the lessees, a compensation had
been allowed to the company, in which resulted the larger
dividend now recommended.

Mr SATILL seconded the motion, which was agreed to
neon. con.

The CHAIRMAN then moved the adoption of a 41 per
cent. dividend, and said that arrangements would be made
for obviating the awkwardness of having the revenue and
capital accounts made up to different dates, as at present.
The motion was seconded and carried, and a vote of
thanks to the chairman terminated the proceedings.