The Sun.
London, England, 1865-05-17 00:00:00

RAILWAY INTELLIGENCE,

MIDLAND.

A special meeting of this company was held yesterday at
Derby, Mr. W. E. Hutchinson in the chair, for the purpose
of considering several bills now before Parliament.

Mr. G. N. BROWNE, secretary, having read the adver-
tisement convening the meeting,
The CHAIRMAN said he was sorry to state that the Addi-
tional Powers Bill was not ready to be submitted at the
present meeting. The preamble of the bill had been
proved, with the exception of one point. The clauses were
not at all settled by the committee, and that was the reason
why it had not been brought forward that day. He then
submitted a bill authorising the construction of a joint
station at Bristol, for the Great Western, Bristol and
Exeter, and Midland Railway Companies and other pur-
poses. It would be erected at the expense of the three
companies in equal proportions. The sum to be raised for
that purpose was £150,000.

After some observation, the former resolution approving
the bill was agreed to.

The next bill (as amended in committee) was for autho-
rising the Tottenham and Hampstead Junction Railway
Company to make lines of railway by way of substitution
for lines already authorised to be made by them, and for
authorising arrangements between them and the Great
Eastern and the Midland Railway Companies. The Chair-
man explained that the alterations would prove of great
advantage to the Midland Company, and a formal resolu-
tion approving it was agreed to.
The next bill was for making the Bedford and 'North-
ampton Railway, which would be of advantage to the Mid-
land Company, who were to work the line for seven years,
and to retain 40 per cent, of the receipts for the first seven
years, and 50 per cent. afterwards.
Tho resolution approving the bill was put and carried.
On the motion of the CHAIRMAN, the following bills were
approved :—A bill authorising the Peterborough, Wisbeach,
and Sutton Company to extend their railway to Upwell
and Crowland ; a bill to authorise the Lynn,and Sutton-
bridge Railway Company to execute certain works at Sut-
ton-bridge and at Lynn; a bill authorising the Halesowen
and Bromsgrove Branch Railways ; a bill to enable the
London and Blackwall Railway Company to lease their
undertaking to the Great Eastern Railway Company ; and a
bill to authorise the construction of the railway from the
Wilts and Glocestershire Railway to the East Glocester-
shire, with branches.

The meeting was then adjourned to the 25th inst.

ROYAL SARDINIAN.
A special general meeting of this company was held on
Monday at the London Tavern, for the purpose of taking
into consideration a recommendation contained in the report
of the directors for raising the necessary capital to complete
125 miles of railway—Mr. Grenfell, M.P., in the chair.
The report was taken as read.
The CHAIRMAN explained that the proposal he had to
submit was for the purpose of enabling the existing holders
of £2O shares to limit their liability to completing the pay-
ment of £lO per share, being only half the capital they had
subscribed, and by converting the remaining half shares
into a 10 per cent. preference stock, it would have the effect
of enabling the company to raise the necessary capital for
the completion of the first group of railways they were
authorised to make. Those works were in a forward state,
and it was absolutely necessary that they should be com-
pleted as soon as possible. The sum required for this pur-
pose was £663,317, which included every sort of liability that
could possibly arise in the completion of the 125 miles of rail-
way; and upon the opening of this portion of their under-
taking for traffic the Government guarantee of £72,720 a
year would become available. Very important negotiations
were now guing on with the Italian Government upon the
whole question of the company's concession, and more espe-
cially with regard to the lands granted to them along with
the guarantee. It was, therefore, of the utmost importance
that they should obtain the funds and complete the portion
of the undertaking he had mentioned without delay. It
was true that by the present proposal the original shares
would be cut down from 6 per cent. to 3 per cent. ; but they
would have the benefit of being relieved from further calls,
and be paid off at par when they could realize money from
the sale of the land which was to come into their possession
after the completion of the line. With regard to the 10
per cent. preferential shares they proposed to issue, it was
only necessary to state that the contractors and other cre-
ditors would accept them to a certain extent in case they
were not immediately taken up by the public or the share-
holders ; but those shares would, of course, be offered rate-
ably to the shareholders in the first instance.

Mr. BELL seconded the motion for adopting the report
and authorizing the directors to carry out the recommenda-
tions therein for raising the requisite capital. He said when
they constructed the railway they would have 500,000 acres
of land immediately granted them, which might become of
considerable value to the company. The directors were
assured that the traffic on the line would amount to as
much as the guarantee, or thereabouts, so that the Govern-
ment would only have a small difference to make up in
paying the guarantee.

In reply to questions by Mr. Turquand and Mr. A.
Beattie, it was stated that there was due on the allotment
of shares £538, on the first call £4,431, and on the second
call £26,427. There were 13,446 shares in all in arrear of
calls. The £663,000 would bo ample to complete and stock
the line for traffic. It would also enable them to complete
and open a portion of the second group of lines. They
would cease paying the interest at 6 per cent. during con-
struction, but when the necessary capital was raised and
the line completed the ordinary shares would receive 8 per
cent. and the preference shares 10 per cent. per annum.
Mr. BEATTIE and other shareholders said they were quite
willing to go on paying the calls on the ordinary £2O
shares, and let those who did not pay up take the conse-
quences, otherwise he feared that those who were willing
to pay up would be placed in a very much worse position
than they ought to be under the circumstances.
After a long discussion and various explanations, the re-
port was adopted, and the directors were authorised to carry
their recommendations into effect for raising the requisite
capital and completing the works. The proceedings con-
cluded with a vote of thanks to the chairman and directors