The Sun.
London, England, 1855-10-12 00:00:00

GREAT. LUXEMBURG.

A special meeting of the proprietors of this company
was held yesterday, at the London Tavern, to receive a
report from the directors on the present and future pros-
pects of the company—Mr. W. Reed in the chair.
The SECRETARY havirg read the report, which has
already appeared in The Sun,
The CHAIRMAN, in moving that the report be re-
ceived and adopted, spoke of the high qualifications
of the new directors elected under the authority given
to the board at the meeting held in February last. The
great difficulty which the directors formerly had to con-
tend with, was that they had no local control ; were
less efficient, probably, than they otherwise would
have been. (Hear, hear.) The directors consequently
appointed a local committee of their own body, who
weekly reported their proceedings to the board iu Lon-
don, whose sanction was necessary before any of the
recommendations of the local committee could be car-
ried out. This arrangement caused perfect control both
as to the expenditure and the carrying on of the works.
When the present board came into office, they found
miles of the line open, and a weekly outgoing far ex-
ceeding the receipts, whereas now they had 31 miles of
the line open, which was worked at a less cost than that
at winch the 9A bad been formerly worked. When he
addressed the proprietors in February last, they were
receiving from the traffic of the line about 401. a-week,
whereas last week their receipts had been 5151., which
was somewhat more than the average, owing to some
fetes which brought additional traffic. They might take
the present traffic at about 400/. a week, and if there
were not more accession for the coal traffic it might fall
to something below that ; but this additional receipt was
earned at an expense not exceeding that which was pre-
viously incurred in earning the 40/. a-week. With re-
gard to the traffic when the line was opened to Namur,
which would be in about three months, every eff rt
would be made to bring coal upon the line, and that
would be found an important item in the future receipts.
He was sure that the lines east and west of the Luxem-
burg would, when open, necessarily add to the prosperity
of the company. That they would do so in time there
could be but little doubt, seeing that it would be to their
own interest to avail themselves of the facilities which the
Luxemburg would afford them. At present, however,
these lines had been open but a very short time, and
' their exploitation was not carried on so efficiently as
i&night be. The public were disappointed in consequence,
and the Luxemburg line did not receive that advantage
' from their contiguity which they had a right to expect.
This state of things, however, could not last long ; and
when it ceased, even without the opening of the Naniur
line, there would he a considerable increase in the re-
ceipts. When in January next their own line would be
open to Namur, their position would be very different.
Except the line between Antwerp and Brussels, which
had the largest mileage receipt of any line in the world,
it would be equal to any in Belgium, and would produce
a revenue which could not be but satisfactory. What
amount of traffic they might expect when the line was
fully developed it would be difficult to say. It would

communicate with an immense area of country, and the
through traffic must necessarily be considerable ; and
when he informed them that, all over the vast province
of Luxemburg, the tolls on the common roads were con-
siderably higher than the rates which would be charged
by the railway, they would understand that a very large
traffic must come to the railway. In a locality not far
from Arlon, there was an establishment fur the manu-
facture of paper more extensive than any establishment

of the same kind either in that or, he believed, in any

other country. It cost the proprietors of that paper manu-
factory 50f. or 2/. a ton to convey coals to their manufac-
tory. Let the proprietors imagine what would be the ef-
fect of such a tax in preventing the development of a
manufacturing district, or what otherwise would be a
manufacturing district, for it abounded in minerals, and
what an amount of traffic must result from the removal

or large reduction of such a charge. The arrangements
with the Belgian Government he considered very satis-
factory, and would afford ample time for the completion of
the works. The directors had advertised for tenders for
the construction of the heaviest part of the line south of
Namur, and they would take care that it was constructed
upon proper terms, and that the other portions of the
line should be completed at the same time. With re-
gard to the financial proposition submitted through the
medium of the printed report, he was adverse to writing
up shares as a general rule, but the company were in a
difficulty, and they must take some means to get out of
it. The same transaction had been carried out in other
undertakings with successful results, and he had no doubt
the conversion in this case would be equally satisfactory.
Sir W. MAGNAY said he had no doubt but that all the
advantages shadowed out by the chairman in his state-
ment would be realised. All the advantages to be de-
rived from the connection with the Louvain and Sambre
and the Mous and Lieges lines had been accomplished
without expense to the company. (No, no.) He said
this in justice to the former directors. The proposition
now made for raising capital by the issue of new shares
he looked upon as illegal and urjust. He would oppose
the proposition for the issue of these 22,000 shares, on
the ground of illegality, and upon the ground of there
being a dead weight upon the company. If the line were
to be taxed with bonuses to the extent of 120,0001., they
would be depriving the concessionists of a sum of
10,0001. per annum, which would be contrary to the law
of Belgium.
The CHAIRMAN said that the charges which Sir Wm.
_ _

Magnay had made againSt the new directors were totally
unfounded, and unworthy of his position in the City of
London. It was grossly unfair to throw the responsi-
bility of the misdeeds of the board of which Sir William
was chairman for so many years upon gentlemen who
bad only been in office 15 months, and who had been

struggling to free tho company from debt and disgrace.
After some discussion of a very personal character,
the motion for the adoption of the report was put from
the chair, and carried unanimously.

The CHAIRMAN then moved a resolution to the effect
that the directors be authorised to reissue 20,000 shares
on the following terms :-11. payable on allotment, 1/.
on the Ist of February, 11. on the Ist of April, and 11.
en the let of June, on the completion of which payments
the certificates would be exchanged for shares of 201.
each, Written up as 141. paid, but subject to further calls
to the extent cf 6/. each. The shares to be issued
pro rate.
A SHAREHOLDER inquired what time would be given
to the shareholders.
The CHAIRMAN said the directors had not yet settled
that point. They would, however, give provisional re-
ceipts for the money, subject to the confirmation of the
issue by the meeting at Brussels.
Admiral KELLY inquired to what extent the recent
call had been paid up
The CHAIRMAN said he would rather the question had
not been put ; at the same time he was ready to state
that from a third to half of the last call had been paid,
and that a very small arrear remained due on the former
call. (Hear.)
The resolution, approving of the issue of the new
shares, was then agreed to ; and, after a vote of thanks
to the chairman, the proceedings terminated.

BAKERS' SHO —The Prefect of Police has
addressed a circular to the, commissaries of
of fires inof
itno thetb
Paris calling attention torasthe frequency
of ncy
attentiones
shops of bakers, caused by a w
police regulations concerningtheamanner in which their
wood is to be kept. The bakers,
their wood in the heated over, are
boauftnedr
thoavpilnagooditrieiin
a fire
ignition. proof
In receptacle
place o
tof doingprevent so, atlhleychlaeanvcee
iottoa_acrceildoesnsltys
by y
about, and hence the fires which frequently take place.
The circular recommends the commissaries to makece.
fre-
quent and unexpected visits to the various. baking esta-
blishments, to see that the regulations are strictly ad-
hered to.
FRIGHTFUL DEATH.—On Wednesday morning much
horror was created in the immediate vicinity of the
Edgware-road and Maida-hill, through an occurrence of
a dreadful character, by which an unfortunate man was
literally spiked to death. The deceased, John Gayner,
a gardener's labourer, in the employ of Mr. Henderson,
nurseryman, &c., Maida-hill, was directed to proceed to
185, Edgware-road, adjoining Maida-hill, to cut down a
•large tree which stood in the garden in th© front of the
home, and which overshadowed the windows. The
hapless man was severing an upper branch, having one
leg on the branch and •bis other knee on the trunk Of
the tree, when the branch gave way, precipitating the
' poor fellow on to the area spikes below, the spikes enter-
ing deeply into his right side. Strange to say, notwith-
standing the excruciating agony he must have suffered,
ho released himself from the spikes and walked a few
feet from the spot, when he fell, with a groan, heavily
to the ground. He was conveyed promptly to St. Mary's
Hospital but died shortly after Ilia admission.