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

BAMA 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. lie then put the 16 resolutions
scpnrft+.l7, ....1 ult.cr myme Raa.
them, they were ratifie.UlAgAidThe 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
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.
He 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 CHAIRMAN 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. He then
showed that the 5 per cent. external bonds would
yield 5i 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 11
would receive back £2l for each £2O share they now I
held. lie concluded by moving a resolution to the I
effect that the letter received by the Board on the
11th of October last from Capt. Medeiros be printed
and circulated among the proprietors, together with I
such observations thereon as the directors might
deem necessary,

Mr. FRANKLIN seconded the motion.
The CHAIRMAN 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
any proposi-
meeting for the purpose of considering
tion they had to make.
Sir H. RICH, 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 theexpenditure. When that
happened the shareholders would receive their full 7
per cent. The Brazil Government had honourably
paid the guarantee. He thought the shareholders
had a good 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 BRANCH
The report of the directors states that from the
very satisfactory progress made the works on the
line from Lucknow to Cawnporewould 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-

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 the 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. Withregardto 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
completed. 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. .