The Sun.
London, England, 1864-02-10 00:00:00

DANUBE AND BLACK SEA.

The half-yearly meeting of this company was held yes-
terday at the office, Abingdon-street, Westminster; Mr.
W. P. Price in the chair.

The report was taken as read.
The CHAIRMAN, in moving the adoption of the report,
said that at the conclusion of the ordinary business they
would have to consider the expediency of increasing the
capital to £500,000. Although it was originally supposed
that £300,000 would have been sufficient for the construe.

tion of the railway and harbour at Kustendje, it was found
that more money would be required to provide accommoda-
tion for the merchants and traders in the shape of ware-
houses and machinery for lifting and preparing the grain
for shipment. The sum of £400,000 capital was fixed upon
as forming the bases of the prospectus. This had been
increased last year by £40,000 for necessary works, and it
was estimated by their engineers that about £50,000 more
would be required to provide additional rolling stock, and
for improving the harbour, extending the quays, and pro-
viding farther warehouse accommodation for the merch-
ants and traders to meet the requirements of a more ex-
tensive traffic. If the outlay of the additional sam he had
named should be as remunerative as they expected, the
board would not pledge themselves to limit the capital of
the company to £500,000. Estimates of traffic had been
made which were founded on the rate of past increase, and
the natural increase of traffic where superior facilities
were afforded. Those estimates of traffic were very en-
couraging. It was estimated that the traffic in grain for
1863 would amount to 400,000 quarters, which, at is fid
per quarter, would give them a profit of Bd. per quarter;
but the actual amount carried was 325,000 quarters, and
there were 50,000 quarters of local grain. It was estimated
that 650,000 quarters of grain might be carried hi 1865 and
860,000 quarters in following years, and so on up to 1,000,000
quarters per annum, the profits per quarter increasing with
the larger quantity carried. For the year 1864 it had been
estimated that the profit would be 0310.122 f 1044 .h.l
600,000 quarters, at Int., would produce £22,600, which,
with passengers (£7,500) and other traffic, would yield a
profit of £32,500, and when the quantity carried amounted
to 800,000 quarters the profit would be £41,916, subject to
a deduction in each case of £1,500 for expenses in England.
So that, according to the estimate for the year 1864, they
would have a profit of £17,500, and in 1865 of £31,000, after
deducting expenses in England. In 1864 the preference
charges would be about £lO,OOO, leaving £7,500 for pay.
ment of arrears now due on preference stock ; but if they
Placed the losses on revenue account up to May, 1863, to a
suspense account, which would be gradually liquidated, and
appropriated the profit on working the traffic during the
past half-year towards these arrears, there would remain
£4,000 for dividend on the ordinary shares. In 1865 the
preference charges would amount to £14,000, and, as the
arrears would then be cleared off, there would remain
£17,000 available for dividend on the ordinary share capital
of £325,000. The additional expenditure would enable
them to carry and otherwise accommodate the increased
traffic that had been estimated. The £lOO,OOO additional
capital they proposed to ask the proprietors to enable them
to raise included a sum of £35,000 which had already been
borrowed. As to the terms upon which the additional
capital should be raised the meeting or a committee ap-
pointed for the purpose would have to decide.
Mr. LEWIS seconded the motion for the adoption of the
report. _ _

Mr. McGarai complained that they had been seven years
without dividend, and now they were called upon to raise
a further sum of £lOO,OOO.
In reply to questions by Mr.Foup, the general manager,
Mr. BARCLAY stated that the additional outlay would pro-
duce in rentals and otherwise a return of from 8 to 12 per
cent,

The report and statement of accounts were adopted.
It was agreed to raise the further sum of £lOO,OOO and to
place the loss on working the traffic to a separate account.
The retiring directors, Mr. Moron, Mr. Barwell, and Mr.
Gordon, were re-elected, and also Mr. R. Potter, the retir-
ing auditor.

The ordinary proceedings were then adjourned for a short
time, and the meeting was made special to consider the best
mode of raising the necessary funds.
On the motion of Mr. FORD, seconded by Mr. CitoWLEY,
a resolution was passed referring the matter to a committee
of shareholders, consisting of Mr. M'Garal, Mr. Robertson,
Mr. Ford, Mr. Crowley, and Mr. Berbeck to confer with the
directors as to the best mode of raising the £lOO,OOO, and to
report the result to the meeting on Monday next.
The special and ordinary meetings were then adjourned
accordingly to receive the report of the committee.