The Sun.
London, England, 1865-03-09 00:00:00

SAMBRE AND MEUSE.

The half-yearly meeting of this company was
held yesterday at the offices, Afoorgate-street , Mr.
Eheward in the chair.

The report (an abstract of which has appeared in
The Sun) was taken as read.

The CHAIRMAN, in moving the adoption of the re-
port, explained that there were sundry items they
had to pay as compensation to officials on leaving
the service of the company, because they were not
retained by the Grand Central Company on leasing
the line. They had an item of £452 for bad debts,
which was not much for a company. There was
1700 more put down for the London offices and
directors. There was an item of £16,000 which
had been carried to capital as profit on exchanges,
which did not belong to that account, and they now
proposed to place it to the credit of revenue to meet
the future differences of exchange. The net rental of
/40,000 a year for the line being payable in Bel-
gium, there would be a small loss in exchanging it
for English money payable in London, and it was
proposed to deduct that loss from the £16,000 which
had been accumulated by the profit on exchanges in
sending English money on capital account to Bel-
gium, the sovereign being valued in Belgium at
about 25ff. on the average, while in their accounts
it was estimated at 25f. There were only two small
accounts outstanding—one of £l2O respecting income
tax in Belgium, and the other about £6O or £7O.
Under the agreement the dividend would never be
less than it was that day, viz., at the rate of 2 per
cent. on the ordinary stock.
Mr. AUSTIN seconded the motion for the adoption
of the report.
Some conversation then ensued with regard to
items in the accounts, which were explained by the
Chairman. The £40,000 a year was payable to the
company in four quarterly payments clear of all ex-
penses ; and the directors intended to pay the divi-
dends in future on Ist Apriland Ist October in each
year.
Mr. HOYES was not satisfied with the explanation,
and wanted in future more detailed accounts. a_
The CHAIRMAN said he would endeavour to meet
the objection raised by Mr. Hues in the future
statements,. and he could assure him all the accounts
were perfectly correct.
Resolutions were passed adopting the report, ap-
proving the dividend of 4s. per share for the past
half-year, and authorising the item in the capital ac-
count of £16,897 as profits on exchanges, to be made
available for meeting any future losses on exchanges.
On the motion of the Chairman, seconed by Mr.
Noyes, the election of Mr. H. T. Taylor as a direc-
tor of the company was approved and confirmed.

It was stated that those who intended to hold
their shares should register them, as it was requisite
to have 8,000 shares represented in Belgium to con-
stitute a legal meeting. The board had done away
with all fees to encourage registration and facilitate
the holding and transfer of shares.
The proceedings concluded with a vote of thanks
to the directors.

VENTRAL ARGENTINE (LIMITED).
The first general meeting of this company was
held yesterday at their offices, Gracechurch-street ;
Mr. H. Brockett in the chair.
Mr. G. Woolcott, the secretary, read the report,
which stated that the company's articles of associa-
tion for the line from Rosario to Cordova, had re-
ceived the sanction and approval of the Government.
The board had concluded the contract with Messrs.
Brassey, Wythes, and Wheelwright for the construc-
tion and completion of the railway with its buildings
and works, also for stocking and equipping the line
with the necessary rolling stock and plant, and for
maintaining, working, and managing the same for
two years after completion. There was every pro-
bability of the early opening of the line to the first
station from Rosario—namely, Cacarana ; and it
was confidently expected that upwards of 100 miles
would be finished and opened for traffic early in the
year 1866. A change had been effected in the terms
of the concession, whereby all bona fide charges in
respect to the working of the line would be allowed,
instead of the same being limited to 45 per cent., as
originally conceded. The Government had subscribed
for 2,000 shares in the company, and between 6,000
and 7,000 shares in addition had been taken by per-
sons resident in the republic, so that it was confi-
dently expected that £200,000 would be there in-
vested in respect of the shares subscribed by the
contractors, with a view to being placed in South
America. The directors had appointed Mr. T.
A;mstrong, of Buenos Ayres, as the resident director
of the company. Previous to taking any active steps
with respect to the colonisation or disposal of the
lands granted to the company on each side of theline,
the directors had determined that they should be
accurately surveyed and the boundaries determined
and marked. Negotiations had also been opened
with the Government, by which it was expected that
possession of the lands ceded would be obtained at
an earlier period than that fixed by the concession.
The subscribed capital amounted to £1,000,000 in
£2O shares, of which £4 10s. each had been paid up.
Warrants for the payment of the guaranteed inte-
rest at the rate of 7 per cent. per annum on the
paid-up share capital would be payable on April
20 and Oct. 20 in each year. The directors ex-
pressed their strong conviction that the undertaking
would prove a highly profitable and valuable invest-
ment. The capital account to Dec. 31 showed that
£224,212 had been received, and £136,855 expended,
leaving a balance of £87,357.
The CHAIRMAN, in moving the adoption of the
report, said they had contracted for the construction
of the railway at the fixed rate of £6,400 per mile,
including everything. Eight miles in length had
been entirely completed, eight miles more were in a
forward state, so that in the course of a compara-
tively short time 32 miles would be finished, and it
was arranged that in the summer of next year one-
half the line, or about 120 miles of it, would be
completed from Rosario to Frayle-Muerto, which
was the first town of importance on the route. The
had
Goverment actedin a very liberal manner to-
wards them. The
passed through a rich and
beautiful country, anti
the lands were increasing in
value.
Mr. WATERHOUSE seconded the motion for the
adoption of the report.
An unimportant discussion ensued, in the course
of which the report was adopted. The retiring
directors and auditors were re-elected, and the g
re-
muneration of the latter was fixed at 20 guineas per
annum each.
The meeting was then made special, and certain
words in the articles of association were altered to
satisfy the requirements of the Stock Exchange,
and the proceedings concluded with a vote of thanks
to the directors.
RAILWAY BILLS.
Yesterday Mr. Calvert, Q.C., opened the case
for the promoters of the proposed Hadlow Railway,
for an extension to Tunbridge and Maidstone, in

the committee of which Mr. Ingham is the chair-
man. The referees reported that they had inquired
into the opposition of the South-Eastern Railway
Company, and were of opinion that the proposed
junction at the Tunbridge station, crossing the main
line of the South-Eastern was not, as alleged by
that company, objectionable. Inasmuch, however,
as the referees had not reported on the subject of
station accommodation, the committee referred the
bill back to them. After hearing the case of land-
owners and on engineering grounds against the
Havant, Hambledon, and Drooford Railway, the
committee threw out the bill, and then proceeded to
hear Mr. Merewether, Q.C., on the Poole and
Bournemouth Railway Bill, by which it is proposed
to make three extension lines and working arrange-
ments. Mr. Clerk addressed the committee against
one of the extensions for the South-Western Com-
pany, who objected to the engineering features of
the proposed junction with their line at Canford
Magna, and the referees having reported against it,
the commitee :rejected that portion of the bill,
but passed the two other extensions.
The portion of the bill of the Colne Valley, en-
abling them to raise further sums of £40,000 by
shares and £13,000 by loan, has been approved.
The hearing of the case of the Whitehaven Junc-
tion and Cockermouth and Workington Railways
Bill occupied the attention of Mr. Roger's Com-
mittee, Mr, Millward, Q.C., stating the object of
the promoters to be to give effect to an intended
lease of the Cockermouth and Workington Railway
to the Whitehaven Junction for 1,000 years, to raise
£30,000 by shares, and £lO,OOO by loan. General
evidence occupied the committee all day.
Mr. DODSON, the Chairman of Ways and Means,
inquired into the Bristol and Exeter, on objection to
locus standi of Somerset and Dover Railway ; Cale-
donian (Barrhead and Paisley branches) ; Furness ;
and London, Chatham, and Dover Railway (No. 2).

SELECT COIVIiIIiTTEE ON STANDING
ORDERS.

Yesterday the Select Committee reported that the
standing orders may be dispensed with and the bills
proceeded with_ in the following cases :—Sidmouth
and Budleigh Salterton, on striking out all powers
relating to No. 2 railway; Sidmouth Railway and
Harbour ; Dublin South Suburban, powers for con-
struction of five and six railways to be struck out,
no property to be taken outside the limits of devia-
tion shown on the plans, and amended books of refe-
rence to be deposited ; Brecon and Merthyr Tydfil,
various powers on amended plans and sections being
deposited ; and South Wales and .Great Western
Direct.