The Sun.
London, England, 1864-10-13 00:00:00

RAILWAY INTELLIGENCE.

SAMBRE AND MEUSE.
The half-yearly meeting of this company was held yes-
terday at the cfllce, Bloorgate-street ; Mr G. Sheward in
the chair.
Mr Snellgrove, the secretary, having read the notice
convening the meeting, the report, an abstract of which has
appeared in the ;Fun, was taken as read.
The CHAIRMAN, in moving the adoption of the report,
raid he had very little to say on the working of the railway
for the last six months, as no change in it had Wien place.
They had now a fixed income from the leasing companies,and
neither an addition to the traffic nor a diminution of expenses
could alter their position until after the years 1864 and 1865,
when the terms of the agreement would entitle them to a
certain proportion cf the net prcfi s over and above the
£lO,OOO a year. Under ihe agreement their position could
never be worse than it was at present, but it might be
greatly improved. They could not be called upon for an
increase of capital except for the completion of two or three
stations as permanent structures, and a certain portion of
the cost of the Charleroi station, whenever the Government
might determine on reconstructing it as a permanent station.
This would not re quire much capital, and as the company
had a certain number of shares in hand they coull dispose of
them at cl thus raise the requisite funds without callingupon
the shareholders for any further contribution. They wculd
not have to pay for renewal or repairs, and their capital ac-
count might be considered as closed. He had received several
letters from shareholders. Some complained that the weekly
traffic returns of the amalgamated companies for the corres-
ponding weeks of last year were not published so as to enable
them to form a comparison with the weekly returns of this
year. The reason they were not published was the difficulty
of giving them correctly; Vie Antwerp and Rotterdam
week for the corresponding period ended on Thursday the
Sambre and Meuse on Saturday, and the Est-Belge was
made up once a month. He did not think the publication
for the weeks of last year could do much good, as they would
necessarily to some extent be erroneous. An addition had
since been made to the Antwerp and Rotterdam system,
Other shareholders complained of the low price of the shares
as compared with those of the West Flanders, but he could
not explain it, as one was as good as the other. He had also
been asked as to the amount of increase in the dividend
they might expect after January, 1866. He did net like to
venture an opinion as to what the amount of the increase
would be, but he believed they would have an increase. As
to himself, he should feel disappointed if he did not receive
ultimately 5 per cent. instead of the vanimuer of 2 per cent
aow guaranteed to them by the amalgamated companies ;
but he could not then give them any figures in support of
his ultimate expectation of the 5 per cent. He supposed there
would be no objection to removing the office in Belgium
from Jardinet to Brussels, as the directors would not trench
upon the dividend, but would confine their office expenses
to the amount allowed for that purpose by the amalgamated
company. There was no difficulty with the Government in
respect of the amalgamation, but they had refused to release
the Sambre and Meuse Company from ar, y of its engagements
with the Government. They would have to submit the ac-
counts as usual to the Government authorities as if they had
not been leased to the other company. They would also
have to meet the shareholders every half-year to declare a
dividend. Since the amalgamated company had taken pos-
session of their line the Government had endeavoured to
make a further reduction in the tariff. The directors would
endeavour to make the dividends payable in future on the
Ist of March and Ist of September In each year, but that
welled depend on obtaining an earlier settlement of accounts
with the Government. _ .

Mr WILLIAMSON seconded the motion for the adoption
of the report and statement of accounts.
Mr AUSTEN, a director, explained that the company
would receive every three months £lO,OOO from the amalga-
mated companies before they paid any interest or dividend
to their bond or share holders.

In reply to:questions it was stated that the Government
was acting most unfairly towards the English railway com•
panies in Belgium ; that there were at present 160 projects
for new railways in Belgium, and it was fully expected that
at least halt the money would be got from England. The
State lines had been made with money borrowed at 3 per
cent., they had realised 6 per cent., and a large portion of
the money having been repaid, the Government had reduced
the tariff on all the lines considerably, and now wanted to
compel the companies to make further reductions for the
benefit of the country. There was now a through lino from
Antwerp to Basle, but the Government would not let the
company's waggons go through over the State line, and they
were now fighting to attain that object.
Resolutions were passed adopting the report, approving

the dividend of 4s. per £2O share for the past half -year, re•
electing Mr Harrison and Mr Sheward, the retiring direc•
tors, and author ising the removal of the dice from Jardinel
to Brussels. The proceedings concluded with a vote o,
thanks to the chairman and directors.

WELLAND.
Yesterday a special meeting of this company was held at
the offices, Tokenhouse-yard, Lothbury.
The C]LURMAN said that at the last general meeting it
was decided to apply for an Act to raise the proposed
£50,000 in preference bonds for the purpose of building
propellers and placing the line in a completely efficient
state. The directors were indebted to certain individual
bondholders, who felt confident in the ultimate success of
the undertaking, for having taken the initiative, not only
in providing propellers for the season, but in relieving the
company from the pressure of creditors in Canada. In ad-
dition to this they had advanced £12,000, which, with a
portion of the second mortgage bonds remaining available,
and the allotment of a small amount of the proposed new
preference bonds, would be sufficient to discharge the whole
of the trade debts of the company, amounting to £20,000.
The Act for raising the £50,0,0 had received the assent
of the Colonial Legislature in June last. He concluded
by moving a formal resolution authorising the directors to
issue preference bonds or debentures to the amount of
£50,000 as a first charge on the railway and works, the roll-
ing stock, vessels, elevators, and other property of the com-
pany, on such terms of years and rate of interest as the
directors might determine, not exceeding 8 per cent. per
annum.

Mr BOSANQUET seconded the motion.
A PROPRIETOR inquired what under the new arrange-
ment would be the position and prospects of the old bond-
holders.
The CHAIRMAN replied that their position and prospects
would be improved, If this were not done, their property
would be valueless, the money being required for steamers,
repair of the line, and other purposes, which might all be
effected for £lO,OOO. The preference bondholders would
enable the directors to pay off all the debts and so supersede
the rights of the execu ion creditors, who, according to the
Canadian law, could come upon tho line and stop the traffic.
With the exception of the preference bonds created by the
Act, all other charges on the company would retain their
respective priorities. The first bonds were payable in 1866,
and it was hoped that the company would be placed in such
a position by that date that there would be no difficulty in
renewing the bonds.
After some discussion the resolution was unanimously
adopted, and the proceedings concluded with a vote of
thanks to the chairman and directors.

ST, ANDREW'S.
The half-yearly meeting of the company was held on
Monday ; Mr W. Smith in the chair.
The report stated that the revenue was £l,BOl, and the
expenditure 1,035. The revenue still showed a steady in-
crease, but, in consequence of the large outlay on the per-
manent way, the directors were unable to increase the divi-
dend beyond the guaranteed 41- per cent.
The CHAIRMAN, in moving the approval of the report,
adverted to the recent report ot Captain Rich on the con-
dition of the line, and disputed the statements of it, main-
taining that the line had been worked since the commence-
ment in a safe and satisfactory manner.
Mr% PURVIS seconded the motio , which, after some con-
versation, was agreed to.
It was resolved to authorise the directors to apply for
power to borrow £6,000 for the improvement of the line.

A WORD ON BED-ALF OF OUR SEA FISH.—Sea
fish have innumerable enemies, and while the des
struction by millions of herrings and mackerel in full roe is
permitted and even encouraged by law, it is unreasonable
to expect the stock of fish to increase. For every female
herring or mackerel destroyed whileiin rco 500,000 ova
perish, and while the salmon, trout, perch, and all fresh-
water fish are protected by Act of Parliament, there is no
protection whatever for our sea fisheries. The romdy is
very simple. Let it be made illegal to destroy sea fish while
breeding—that is, give them a couple of months' immunity,
and the supply of a good wholesome article of food for the
poor man will be increased a hundred fold, and fish will be
procurable in the London .narket at a tenth part of the pre-
sent price. The subject is well worth the attention of the
L'gislature, and he will deserve well of the nation who
shall first call the attention of Parliament to so impor-
tant a matter, and one in which there is room for such a
vast improvelimut,—Once a Wick.