The Sun.
London, England, 1865-10-13 00:00:00

BAHIA AND SAN FRANCISCO.

The half-yearly general meeting of this company
was held yesterday at the London Tavern, Mr. T.
M. Weguelin, M.P., in the chair.
Mr. W. Clay, the secretary, having read the notice
convening the meeting, 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, said that when he addressed them at the last
meeting he ventured to say they had touched the
bottom. It was satisfactory that statement had been
so far borne out by au increase in the receipts, and
they had made considerable reductions in working
charges. He had grounded that statement on infor-
mation received from their superintendent abroad,
and on the fact that railways sooner or later created
their own traffic. He was sorry the improvement in
the traffic was not greater ; they had difficulties to
contend with, the severity of the tropical winter,
damage to their works by storms and floods, which
had in the past half-year amounted to £2,000, and
which was provided for in the revenue accounts.
Since the date of the report the increase in the traffic
receipts in two months amounted to £3BO, while
there had been a diminution in the expenses of
£l,OOO in one month, so there was a probability of
their proceeding on the line of improvement. The
shareholders would recollect at the last meeting that
there had been a good deal of discussion in respect of
accrued interest, amounting to £11,568, which in the
opinion of one eminent lawyer belonged to revenue,
and in the opinion of another eminent lawyer to
capital. The inexorable facts of the case decided
the question, as they now wanted money for pro-
viding necessary stores. They required about
£12,000 to keep up a supply of stores in Bahia, and
without them they could not work the line economi-
cally or profitably. He appealed to the share-
holders to leave that money in the hands of the
directors as working capital. (Hear, hear.) They

had called the attention of the Government to the
question of providing diverging roads to the railway
stations, and that obligation had been admitted on
the part of the Government. To induce the rapid
construction of those roads the directors had re-
duced the tariff on the line, but they held in reserve
the power, should they deem it expedient, of re-
turning to the higher scale of tariff charges. They
were on good terms with the Government. He then
explained that Mr. Gainsford and Mr. Wickham
had been selected from a list of associated share-
holders to increase the number of directors from
five to seven, but some objection had been raised to
the selection of Mr. Wickham, on the ground that
he bad seceded from that body. All he (the Chair-
man) could say was that the directors had received
no notice to that effect. There could be no doubt
Mr. Wickham would make from his railway know-
ledge a valuable member of the Board, having also
a large stake in the company. in nominatingthose
gentlemen the Board had only one object in view,
that of a good and harmonious working of the rail-
way. (Hear, hear.) That Association ought long
since to have been dissolved, but if there were any
real objections to the proper time to exercise them
would be on the retirement of directors in Apri
next, when they could vote on the question.

Mr. J. MORGAN, a director, seconded the motion
for the adoption of the report.
A long discussion ensued, in which Mr. Gosset,
Mr. Ireland, Mr. Robertson, Mr. Jones, Mr. Goez,
and other shareholders, took part, in the course of
which it was asserted that Mr. Wickham had seceded
from the Shareholders Association, and was, there-
fore, according to arrangements at last meeting, not
eligible for election.

Mr. WICKHAM contended that he had not seceded
from the association ; but he believed his view in re-
spect of the management of the undertaking con-
curred with that of the directors, and he would do
his duty if elected.
An amendment by Mr. Gossett, approving the re-
port with the exception of the paragraph relating to
the selection of Mr. Wickham, was on a show of
hands rejected, and the report of the directors was
adopted. A dividend of 12s. per share, or 3 per
cent. for the half-year, was declared. _ _

The meeting was then made special, to repeal and
alter some of the articles of association.

Mr. Peachey, the solicitor of the company, ex-
plained the effect of the proposed alterations.
After a long discussion, aud the rejection of
amendments, the proposed alterations with some
modifications were adopted.

A vote of thanks to the chairman and directors
concluded the proceedings.

NORTH LONDON (CITY BRANCH).
Yesterday an inspection of this new railway, its
terminus in Liverpool-street, city, and the stations
upon the route, showed that the permanent way and
general works were in such an advanced state as to
allow of an early opening of the line. At the city
terminus a large body of workmen are busily em-
ployed in finishing the booking-offices, platforms,
roof, and other portions of the station. The main
building has a handsome facade, clock tower in the
centre, on each side of which are the offices of the
North-Western and North London Railways, those
of the North-Western being on the west and North
London on the east. There are five arrival and
departure platforms. The roof of the station is con-
structed of ornamental iron, and wood, and glass,
the two divisions being supported by cast-iron pil-
lam. In the terminus rails have been laid, and in a
few days the points and signals at the Sun-street
junction where the line enters the station, will be
completed. The rails from the City to Kingsland
are all laid. There is a station at the corner of
Old-street-road. Passengers will be enabled to pro-
ceed from the city station in Liverpool-street either
to Kingsland, Hackney, Bow, Stratford, Islington,
Camden-town, Euston-square, and all stations upon
the London and North-Western system. The new
line is about 21 miles in length, to its junction with
the North London Railway. The railway, it is un-
derstood, will be inspected in the course of a few
days by Colonel Yolland.