The Sun.
London, England, 1865-11-10 00:00:00

Railway and other Companies

BAHIA AND SAN FRANCISCO.
The adjourned special general meeting of this
company was held yesterday at the London Tavern,
for the purpose of confirming the special resolutions
passed at the meeting of the company held on the
12th of October last; Mr. J. Morgan in the chair.
Mr. W. Clay, the secretary, having read the notice
of adjournment,
The CHAIRMAN said he had 16 resolutions which
were passed at a former extraordinary meeting of
the company to submit for confirmation. He would
put them separately or together, just as the meeting
wished. The resolutions authorised certain altera-
tions in the articles of association. After some
observations as to the legality of the meeting, the
chairman stated that the directors had received 365
proxies in support of the resolutions he had to sub-
mit, representing 19,478 shares and £389,360 capi-
tal in the company. He then put the 16 resolutions
separately, and after some explanations respecting
them, they were ratified and confirmed.
This concluded the business of the special meeting.
Mr. GOEZ said he had no wish to interfere with
the business of the directors, but he had made the
personal acquaintance of Capt. Medeiros, and it ap-
peared that, from the idiom of the language spoken
in Brazil not being correctly understood here, some
misapprehension had arisen. He was requested to I
explain that the Government had no desire what-
ever to purchase the shares of the company. Capt.
Medeiros had told him that the Brazilian Govern-
ment had not the slightest desire to buy the line, but
were disposed to receive an offer from the company.
Re believed that Capt. Medeiros represented the
Brazilian Government in this matter, and he wished
to know if the Brazilian Government had made any
offer to the Board.

The CITAIRMAN said the Brazilian Government
had made no offer to them.

Mr. GOEZ believed a letter had been sent expres-
sing the views of the Government on the subject.
The law passed in August, 1860, authorised the Go-
vernment to exchange the external bonds or internal
bonds for the shares of the railway companiesat par.
The Brazilian Government were anxious to carry out
their arrangements with the railway companies, but
there were some difficulties owing to the opposition
of members of the Legislature. The last Ministry
fell in consequence of their endeavour to pass the bill
authorising an extension of the guarantee of the Per-
nambuco Railway on an additional amount of
£485,500. It was in the power of the Ministry under
the law he had mentioned to make an arrangement
for the conversion of railway shares into either ex-
ternal or internal bonds, the former bearing 5 per
cent. interest, payable here, and the latter 6 per cent.
payable in Brazil ; each had a sinking fund attached
of 1 per cent., making the full sum paid by the Go-
vernment 6 and 7 per cent. respectively. lle then
showed chat the 5 per cent. external bonds would
yield X 54 per cent. to the shareholders, and that the
whole of the capital would be redeemed in 19 years
by means of the sinking fund, and the shareholders
would receive back £2l for each £2O share they now
held. He concluded by moving a resolution to the
effect that the letter received by the Board on the
11th of October last from Cap t. Medeiros be printed
and circulated among the proprietors,. together with
such observations thereon as the directors might
deem necessary.
Mr. FRANKLIN seconded the motion.
The CIIAIR3LAN said he could not put any resolu-
tion, but Mr. Goez and other shareholders might
sign a requisition if they pleased, and call a special
meeting for the purpose of considering any Proposi-
tion they had to make.
Sir 11. RICA, a director, said there were two sides
to the question. They had heard several depressing
remarks as to their property. He was a large holder,
and took a different view of their position. The
traffic receipts were increasing, and the expenses
decreasing, so that, in the course of 18 months, he
thought they would see the traffic greatly increased
and the proportion of expenses reduced, so that the
receipts would exceed thelexpenditure. When that
happened the shareholders would receive their full 7
per cent. The Brazil Government had honourably
Paid the guarantee. lle thought the shareholders
had a
'Mkt concern, and he hoped they would not
be
diverted from the course they ought to pursue.
lie advised them to be very cautious how they acted,
and to repel the attack that had been made upon
their property.
The proceedings concluded with a vote of thanks
to the chairman.

INDIAN' I& cll
The report of the directors states that from the
very satisfactory progress made the works on the
line from Lucknow to Cawnpore would be completed
without difficulty by the end of the year, and that
the road would be ready to receive the permanent
way materials when they arrived. The despatch of
those materials was commenced in July last, and
the entire quantity, with the telegraph materials and
a sufficiency of rolling stock, would reach India in
time to admit of the line being opened for traffic,
Probably by the middle of next year. Detailed
traffic returns recently received from India, and
extending over the last 12 months, showed that the
expectations raised as to the amount of traffic be-

NEW RAILWAY PROJECTS IN YORKSHIRE.
To-morrow is the last day on which the new pro-
jects for the coining session can be advertised in the
weekly papers. The great contest for the posses-
sion of the North Yorkshire mineral field—now
found to contain coal and oil as well as ironstone—
between the Leeds, North Yorkshire, and Durham,
is to be renewed. The Leeds and North Yorkshire
line proposes to commence at Leeds,, and to serve
the towns of Wetherly, Easingwold,
Stokesley, Stockton, Middlesborough, and Hartle-
pool, and to unite this year with a projected Tyne
and Tees Railway, and eventually to cross the
Tyne and join the Blyth and Tyne, and by it the
North British system. An eastern branch leaves
Helmsley and proceeds to Kirby Moorside, Picker-
ing, and Scarborough, thus crossing all the mineral
valleys of North Yorkshire. This is virtually the
same line as last year, and competes with the Leeds
and Newcastle and Leeds and Scarborough lines of
the North Eastern, but serves a country hitherto
cut out from railway communication, except at
much disadvantage. The chief alterations from last
year's bill are in the terminal arrangements at Leeds,
Scarborough, Hartlepool, and Middlesborough. This
great scheme, now that it is revived in a bona fide
manner, is said to be well received by the public,
who have subscribed more liberally than last year.
Parties who are well able to give a safe opinion seem
to look for the passing of the measure this session.
It is alleged that the North Eastern Company can-
not deny that both their merchandise and passenger
traffic to Scarborough are embarrassing ; and upon
their north line to Newcastle, should the present
rate of traffic increase continue, will require a set of
four lines of rails. During the week the proposed
extension from Tollerton to Malton has been ex-
amined, but this line cannot now be got ready
for ibis session. Of course the North Eastern
will not submit to this great invasion of their
territory without a struggle. They have in
contemplation an extension from Starbeck (on
the Leeds Northern) to Boroughbridge, making a
new line between Malton and Leeds. From the
Malton and Thirsk they give notice of their last
year's competitor to the Leeds and North Yorkshire
(Gilling, Helmsley, and Pickering branch), leaving
the Mahan and Thirsk line between Gilling and
Horringham, and serving Helmsley and Kirby
Moorside, and joining the Malton and Whitby line
at Pickering. This is substantially the same line as
last year ; surveys have been made towards Scar-
borough, but no notice to proceed with the line be-
yound Pickering has been given. An announce:
went having been made that the Hull and Midlands
scheme (Humberbridge) will not go forward this
Session, the promoters of a line of rail from
Hessle to Market Weighton, Pocklington, Bishop
Wilton, Wharram (crossing the Malton and
Driffiold), and on the Great Wold Valley to
Bridlington, will not proceed with their scheme.
From this scheme a branch was to have gone
from Wharram to the Leeds, North Yorkshire,
and Durham at Wykeham. The Driffield and Horn-
sea, Rellinton and Lowthorpe, and Whitby and Salt-
bance show no action as yet.

•
tween Lucknow and Cawnpore were likely to be
fully realised. These traffic returns were also highly
satisfactory as proving by the proportion and na-
ture of tDe produce leaving Lucknow that Oude
had great exporting resources, which could not
fail to be largely developed by increased facili-
ties of communication to the profit both of the
railway and the country. The traffic on the Nul-
hatee line showed an increase in the receipts on the
average of about £7O a month, and it was satisfac-
tory that the permanent way was in very good order.
The report of Mr. 11. Lambert, the acting chief en-
gineer, stated that there were 5,000 men in regular
employment on the works. Withregard to the Rohi-
kund lines the working section of the line from
Shahjehanpore to Shahabad Junction and the land
survey from Bareilly to Shahabad Junction were
coipleted. The trial and working sections and land
survey and plans from Shahabad Junction to Mora-
dabad were made, and also a trial section of the
branch from Shahabad to Allygurh. The traffic re-
ceipts on the Nulhatee line, 27 miles in length, for
the half-year 30th June last, amounted to £3,032,
and the expenses to £1,730, or 57.06 per cent., leav-
ing a balance of £1,302. The financial statement to
June 30 showed that £266,019 had been received,
and £206,263 expended, including £20,350 for in-
terest on capital, leaving a balance of £52,756. The
amount of capital was £1,000,000, of which £246,719
had been raised.

CITY OF DUBLIN STEAM PACKET.
The half-yearly meeting of this company was held
on Tuesdayin Dublin—Sir J. K. James in the chair.
The report, which was adopted, gave an encourag-
ing account of the business of the company. The
traffic on the several lines occupied by their steamers
had been wellma.intained. Two opposition steamers,
formerly engaged in running the blockade during
the American war, had been placed on the Dublin
and Liverpool line, and in consequence the company
had to submit to a reduction of rates. A reduction
in the receipts was therefore at present unavoidable.
The directors recommended a dividend (which was
declared) of 3 per cent., free of income-tax, out of
the profits of the half-year, after the allocation of 1
per cent. on the capital of the company on account
of the Parliamentary Contingency Fund, the amount
of which had been invested in Government stock.