The Sun.
London, England, 1854-04-03 00:00:00

RAILWAY INTELLIGENCE.

MEETING OF RAILWAY DIRECTORS.

A meeting of railway directots and others interested
in railway undertakings was held on Saturday at the
King's Arms Hotel, Palace-yard, to consider the best

mode of preventing certain clauses being introduced
into railway bills by Mr. Cardwell's committee until the
general bill, of which the clauses in question are intended
to form part, shall have been submitted to Parliament.
The Marquis of Chandos, M.P., presided.
The CHAIRMAN explained the object of the meeting,
and said the objection to these clauses was that, if they
were adopted at all, they should be made the subject of
a general bill. They were of too extensive a nature to
be sanctioned in a private bill without coming before
the House of Commons, and that opinion was shared in
by others, niany of them largely connected with the rail-
way interest. A meeting was held on the 30th of last
month, and a committee was appointed, consisting of the
chairman and deputy-chairman of each railway company
(with power to add to their number), to take such steps
as might be considered necessary for bringing the pro-
posed alterations of the law fully and fairly under the
consideration of Parliament. It was the opinion of
that meeting, and he hoped it would also be the
opinion of the present, that the merits of these
clauses were for the present wholly beside the ques-
tion, but the question of real importance to
them was, whether railway interests and railway
property of great extent were to be dealt with in a mode
not applicable to other property and in a very under-
hand and undignified manner by Parliament. In the first
instance copies of those clauses to be inserted in all rail-
way bills were only sent to the sub-committee and Par-
liamentary agents, but they were not issued to the
members of the House. That was a most unfair mode
of legislation. He believed such a mode had never been
adopted in the House of Commons before. It was
usual to have general resolutions proposed in the form
of a motion pledging the House to agree or disagree to
the proposition. They had had an interview with Mr.
Cardwell on the subject, and the result was unsatisfac-
tory. Mr. Cardwell said he would endeavour to intro-
duce his general bill on Monday next, and to have it
read a second time before Easter. It appeared, how-
ever, that Lord John Russell could not arrange to intro-
duce the bill on Monday. The committee of railway
oirectors had applied to Lord John Russell for a suspen-
sion of these clauses until the general bill had been in -
troduced, but they had not received his answer.
After some observations from Mr. Waddington, Lord
Alfred Paget, Mr. Malins, and other directors, on the
mode of proceeding, Mr. Leeman suggested that they
should confine themselves to the mere constitutional
question of whether railway property should be dealt
with in the arbitrary and underhanded manner proposed.
He believed at the former meeting there were gentlemen
representing 150,000,000/, of railway property, and he
believed at the present meeting about 200,000,000/. of
property were represented. He therefore thought they
ought not to be lightly treated.
It was agreed, after some conversation, to leave the
management of the matter in the hands of the committee
of directors, who are to meet every day at 11 o'clock,
with a view to carry out the objects of the meeting.
An abstract of the clauses above referred to has ap-
peared in The Sun.

EAST ANGLIAN.
The half-yearly meeting of this company was held on
Friday, at the London Tavern, Mr. H. Bruce 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 report,
stated that the district through which their lines passed
had greatly improved in consequence of the rise in the
value of agricultural produce, but the deficiency of plant
to work the traffic had been a great drawback to the
company. They were promised, however, that in the
course of a short time they would have an increased
supply of waggons. Ttie extension lines would be com-
pleted in October next ; and, if they should obtain the
requisite plant from the Eastern Counties Company to
work the traffic, he thought there would be a consider-
able improvement in their receipts.
It was stated that works now in progress were esti-
mated to cost 18,0001., but by the plan adopted by the
company for their construction they would be executed
for less than 10,0001. The preference charges of the
company amounted to 27,5001. per annum.
The report was adopted, the retiring directors were
re-elected, and a vote of thanks was passed to Mr. H.
Bruce and Mr. L. Simpson for their valuable services.

ROUEN AND HAVRE.
The half-yearly meeting of this company was held on
Thursday at Paris, M. Laffitte in the chair. The report
stated that 58,347,858 f. (2,333,914/.) had been expended
on capital account to the 28th February last. The
receipts during the half-year amounted to 2,553,210 f.
(102,128/ ), and the expenses to 1,113,428f.' leaving a
clear profit of 1,439,782 f. (57,5911.). Of this sum, accord-
ing to the statutes, 40,0001. is distributed among the share-
holders in interest at 5 per cent. ; 8,0001. or 1 per cent.
for the sinking fund ; 8,1521. or 17-20ths of the remain.
der, to the shareholders ; 4971. or 1-20th, to the direc-
tors ; and 9591. to the projectors. The dividend for the
whole year was at the rate of 30f. per share, but, as the
shareholders had already received 18f. for the first half-
year, they were entitled to 12f. per share for the second
or past half-year. The gross receipts for the half-year
showed an increase of 529,880 f. over the corresponding
period of last year, and the increase in the expenses
amounted to 246,077 f. It was proposad to extend the
operation of the sinking fund over the whole length of
the concession in place of over 40 years, at which it was
fixed originally. The effect of this would be, that in-
stead of setting aside 200,000 f. for the sinking fund as
at present, 15,500 f. woull be sufficient ; and, instead of
receiving a dividend of 30f. per share as under the pre-
sent plan, the shareholders would receive 34f. 15e. per
share under the new plan.
Resolutions were passed declaring the dividend of 12f.
per share for the half-year, and adopting the proposition
for modifying the articles of the statutes relative to the
sinking fund. The meeting then separated.