The Sun.
London, England, 1852-12-30 00:00:00

EGYPT.

ALEXANDRIA, DEC. 20.—His Highness Abbas
Pasha has left Cairo for Benha, a town on the
Damietta branch of the Nile, for change of air,
and to expedite the railway works, for the comple-
tion of which he shows great solicitude. The ma-
terials for the railroad are arriving fast from Glas-
gow, and they are forwarded to the several parts
of the country without delay, so that within two
years of this time the line between Alexandria and
Cairo will be completed.
The best understanding continues to prevail be-
tween Abbas Pasha and the Sultan, and the latter
has every reason to be satisfied with the Viceroy's
servility. Abbas Pasha has to pay 6 per cent. in-
terest on the loan of 285,0001. he has effected in
England to accommodate the Sultan, who will have
no scruple in not refunding him the interest, and
Abbas Pasha will not think of pressing his Imperial
Highness for it.
Prices of produce are rising very fast, and wheat
is worth 355. per quarter, without freight. Ship-
ping is much wanted, and freights are at Bs. 6d.
per quarter.
Notwithstanding the recent large importations
of specie, the exchange on London keeps at 981
piastres per pound sterling.

CITY RAILWAY TERMINUS.

A meeting of the company was held yesterday, at the
London Tavern, to receive the report of the directors as
to the state of the share list, and the proceedings and
prospects of the company. Mr. Sheriff Croll occupied
the chair.
The following report was read :-
" The directors of the City Terminus Company have
convened this meeting frankly to explain to their share-
holders the circumstances that have unexpectedly arisen to
prevent the company complying with the standing orders
of Parliament in time to obtain their bill during the pre-
sent session.
"The directors would not have called their shareholders
together at this most inconvenient season, but they feel
their conduct would have been open to censure if, knowing
the position in which they are placed, they had concealed
it from their constituents until it would be too late for
them to apply a remedy, if they should be so disposed.
" Although the merits of Mr. Pearson's plan had been
under the consideration of the public and of scientific men
for nearly two years, a company intending to carry it into
execution was not formed until the 9th day of December
instant. It will be remembered that the large public
meeting assembled at the London Tavern, on the Ist of
November (with a careful regard to prudential considera-
tions rarely observed in the formation of companies), ap-
pointed a committee to investigate and report upon the
estimates and calculations upon which Mr. Pearson based
his claims for its support as a commercial undertaking.
" The committee were necessarily engaged until the 9th
day of December in discharging the duties imposed upon
them, and it was not until the 18th day of December, after
they had received Mr. Tite's report, that they were enabled,
at the adjourned public meeting, to recommend the forma-
tion of a company in conformity with the principles agreed
upon at the first public meeting.
" The committee selected from amongst such body the
present directors, who accepted the trust, not coveting the
honours of a public station, or seeking, as capitalists, the
profits of a large investment, but as men of business anxi-
ous to assist in effecting a great undertaking, in favour of
which public opinion had been so strongly pronounced,
and which, after mature deliberation, they were and are
convinced will be beneficial to the community, and profit-
able to those who embark their money in its execution.
" By the standing orders of Parliament it is necessary
that a contract deed for three-fourths of the capital re-
quired (in this case 45,000 ten pound shares) should be
subscribed and deposited in the proper office, on or before
the 31st instant, that 45,0001., and ten per cent. on the
amount, should be paid in early in the ensuing month.
Although the time is so short and the period approaching
when men of business and men of leisure are occupied by
engagements peculiar to the season, the directors, trustinc,
to the merits of the measure, took courage and issued the
prospectus on the 9th of December, closing the period for
making applications on the 20th. Although only eleven
days intervened, and the prospectus had been only therein
advertised, a large number of applications were received.
" The directors, after having used their diligence and
care in selectinc, and rejecting applications, allotted up-
wards of 25,000 shares to be paid upon within four days,
the directors undertaking, in addition to their qualification
shares, for which they signed and paid, to appropriate
amongst themselves and the officers for their immediate
connections and friends 10,000, leaving the remainder for
special application after the usual allotments had taken
place.
" Shortly after the issuing of the prospectuses, the
changes in the Government absorbed a large portion of the
public attention, and a counter current of mining specu-
lations has set in with a force that scarcely allows time to
consider any other description of undertaking.
"Under these circumstances, the directors regret to say
that, out of 25,000 shares allotted, little more than 10,000
have been signed and paid upon, and there appears no pro-
bability of the deed being executed by the requisite num-
ber in time, unless it be by application for assistance to
some capitalists connected with one of the great railway
companies, or to some eminent contractor, who may be
willing to take and pay the deposit upon a large number of
shares, if he can have the execution of the works guaran-
teed to him upon fair and reasonable terms. The directors
are unwilling to avail themselves of either of these expe-
dients without the sanction of the shareholders, although
they are frequently, if not generally resorted to under si-
milar circumstances. The directors therefore have con-
vened this meeting to announce to their shareholders, that
unless some such measures be adopted, or an unlooked-for
assistance of strength be obtained before the 31st instant,
the event the possibility of which is contemplated in the
prospectus will have occurred, and any shareholder may
have back his deposit on the 7th of January, without de-
duction, upon production of the banker's receipt."
Mr. CHARLES PEARSON begged to offer some addi-
tional remarks in reference to the position in which they
were placed. He never before had been connected with
a company placed in the position of that company,
namely obliged to seek assistance from contractors or
postpone the undertaking. Generally speaking, he did
not wish to have recourse to contractors, but there were
circumstances connected with the present project which
took it out of the class of undertakings where such a pro-
position would be undesirable. The corporation of Lon-
don, acting as commissioners appointed by Parliament,
were now actively engaged in clearing a large portion of
the ground that was to form the site of this railroad.
For that purpose Parliament had given 60,000/. to be
raised upon the street tolls, 25,0001 to be raised upon
the coal tax, and a further sum of 87,0001. to be raised
upon the coal tax. On clearing the ground, it was
likely that they would without delay proceed to erect
edifices upon it, as they had done in Cannon-street,
and the inhabitants of the district would naturally
press upon the corporation to do so. If, therefore, the
company were not enabled to go to Parliament in the
present session, the pressure from without might in-
duce the corporation to let the ground upon build-
ing leases, and the result would be, that at a
future period they would be obliged to purchase the
ground with buildings upon it. In that event they
would have to pay an enormous sum for bricks and mor-
tar, whereas, if they bought it now they would buy it
as land. (Hear, hear.) He believed that the corpora-
tion of London was animated by a high-minded spirit,
and that if they found that that company could make the