The Sun.
London, England, 1863-05-28 00:00:00

RAILWAY INTELLIGENCE.

WELLAND.

The general meeting of this company was held yesterday
at the offices, Tokenhouse-yai d—Major Kitsonin the chair.
Mr. H. B. R, Barker, the secretary, read the minutes of
the last meeting, which were confirmed.

The report stated that, notwithstanding the exceptional
state of affairs which had prevailed on the American conti-
nent, and the heavy losses incurred by the depreciation of
the American currency, a sum of nearly £4,000 net profit
had been earned in the year 1862. The two main difficulties
in the undertaking, and to which the directors desired to
draw the earnest attention of the proprietors were—first,
the amount of debt still owing for the construction and
equipment of the line ; secondly, the want of steam vessels
to carry off the produce, which was merely waiting for the
completion of facilities for transportation to be brought in
abundance to the line. There was still owing to creditors
a sum (including interest not hitherto computed) of about
£16,000, and the directors had reason to fear that any
longer delay in liquidating their claims might occasion se-
rious detriment to the undertaking. There were now re-
maining about 2,100 shares unissued, representing a nomi-
nal capital of £43,155, and £4,100 second mortgage bonds.
If upon the security of those two amounts £20,000 could be
raised, the whole of the debts might be paid off, additional
power of discharging vessels provided, the line placed in a
thorough state of repair, and in a condition to carry twice
the amount of traffic which had ever yet passed over it, and
from thenceforth the net earnings of the road might be ap-
propriated towards the payment of interest. The directors
were assured from all quarters that the want of steam ves-
sels in connection with the railway was the sole reason
why a much larger amount of traffic was not now forwarded
by the line. The directors were of opinion that
the company should become owners of four steam
vessels, a course which was strongly recommended by Mr.
Bidder in his report in 1858. This would entail a further
outlay upon the company of about £30,000, making, to-
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general manager it appeared that, with steamers of their
own, the net profits for 1862 would have been at least
£24,000, being at the rate of 6 per cent. upon £400,000.
The directors believed that by a judicious outlay on steam
vessels and the liquidation of debts the line might be placed
by the commencement of the navigation season in 1364 in
such a state as would insure a good return to all who had
embarked in the undertaking. The construction account
showed that £325,715 had been expended.
The CHAIRMAN, in moving the adoption of the report,
expressed his regret that they had not a more prosperous
state of things to submit. The traffic receipts for the year
1862 amounted to about £20,000, and for 1860 to £12,431,
showing an increase of about £8,600. The expenditure
amounted in 1862 to £16,085, and in 1860 to £10,535,
showing an increase of £5,550. With an increase of re-
ceipts the percentage of working expenses would become
less. He than explained the great disadvantage to the
company of not having steamers to convey the traffic away
from the terminus of the line on the lower lake as rapidly
as it was brought over the railway from the upper lake.
52,000,000 bushels of grain were shipped from Chicago in
1862, but for the want of steam vessels or propellers the
Welland Company was unable to take more than 4,500,000
bushels last year, which, however, contrasted favourably
with 3,000,000 bushels conveyed over it in 1860. They
could now carry over the railway double the quantity of
grain they had ever carried before if they only had vessels
enough to convey it to its destination with safety, rapidity,
and punctuality. The want of steamers on the lower lakes
was the great drawback to the traffic of the railway. In
order to obtain the requisite capital the directors proposed
to ask the first and second bondholders to allow the issue of
a preferential stock of £50,000, to take precedence of the
first and second mortgages, which would enab:e the com-
pany to raise the money on favourable terms. Many of
the large bondholders had already signed the document for
uthorising the new capital to become a first charge on the
revenue of the company. The great object was to pay their
debts and have the boats ready early next year.
Sir S. CUNARD said he held £20,000 of the first and
second bonds, and would not only sign the document, but
take his share of the new stook, as he felt convinced it was
the only course they could adopt to increase the traffic and
make the outlay remunerative.
Mr. BRASSEY said he quite agreed in that view. He held
£20,000 of the bonds, and would not only sign the neces-
sary document authorising the new stock, but would sub-
scribe one-fi.urth of it, or a larger amount if necessary.
Unless they provided propellers to work the traffic in con-
nection with the railway there would be nothing for either
the shareholders or bondholders, but if they all worked to-
gether, and provided what was necessary to develops the
traffic, he had every confidence in the result.
The CHAIRMAN announced that they had now a large
amount of new stock subscribed.
Mr. BOSANQUET seconded the motion for the adoption of
the report, which was carried unanimously.
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inmtrtgage bondholders meat authorising the new stoek present then signed the docu-
minated, , and the proceedings ter-

WEST RIDING AND GRIMSBY.
The half-yearly meeting of this company was held yester-
day at Wakefield, Mr. R. Wynn in the chair.
The report stated that the contract for the works, ex-
cepting the Oakenshaw branch and the stations, had been
let by tender to Messrs. Smith and Knight, and the works
were to be comphted by the end of 1864. The purchase of
the land was being proceeded with, and considerable poi,