The Sun.
London, England, 1849-03-16 00:00:00

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SUN OFFICE, Seven o' Clock.

CHESTER AND HOLYHEAD
RAILWAY.—(THIS DAY.)
The usual half-yearly general meeting of the proprie-
tors of the Chester and Holyhead Railway was held
this afternoon, at the offices in Aloorgate-street; Capt ;IT
131oorsorn, R.N., Deputy Chairman of the Board of -
rectors, in the chair.
The CHAIRMAN, before entering upon the business of
the day, announced that Mr. W. R. Collett had resigned
the chairmanship of the company.
Mr. GIFFORD, the Secretary, read the following report of
the directors :—ln meeting the proprietors on the present
as respects the progress
occasion, the directors have to report,
of gm works, that the second tube over the ontea River The
was safely raised to its site on the
the larger October.
operations for the construction of
the same principle, over the. Monai_ Straits,. are. so' far
advanced, that the opening of the entire line for
traffic may be looked for about the beginning of the autumn.
As anticipated in their last report, your directors have been
called upon by her Majesty's Government for the first instal-
ment, amounting to 31,5001., of the company's contribution
towards the Harbour of Refuge and Packet Pier at Holyhead,
the works of which are ','now in progress. At the last half-
yearly meeting the sanction of the proprietors was given to
the proposition of the directiors, that as soon as the Mold
Railway was completed it should be purchased
by this company. As that line will be ready for traffic before
the period of the next half yearly meeting, the directors now
request your authority for raising the necessary capital to
complete the purchase. Acting upon the sanction already
given, your directors have contributed 81,3501. towards the
construction of the line. Of the 10,744 preference shares
not taken up at the period of the last half-yearly meeting,
your directors have found it necessary, in order to meet the
liabilities of the company, to dispose of 9,375, leaving
1,369 unsold. Your directors are of opinion, that
as the time has now arrived when they are in possession
of data to enable them to estimate all their future wants fur
the completion of the undertaking, with a near approach to
certainty, it behoves them to state to you all the demands
upon the finances of the company which remain to be pro•
erided for. In addition to the purchase money of the Mold
Railway, above referred to, your directors find that, in
order to be prepared to meet the cost of the extension
of the line to the new harbour of Holyhead, and the
expenses attendant on the undertaking of the whole
packet service (both of which objects are essential to
the full development of the capabilities of this undertaking),
as well as the excess upon the estimates, and the estimated
liabilities (which you will find fully explained in your eugi-
neer's report and statement), it is necessary that you should
be empowered to raise an additional capital of 335,0001.
The existing powers of the company, including those
under the Mold act, extend only to the raising of fur-
ther capital of 400,000/, by shares. Your directors
have therefore felt it to be their duty, in order to obviate
the inconvenience that might have arisen from the loss of a
session, to introduce into Parliament a Bill to authorise the
raising of the additional capital which may be required to
complete the entire works of the railway, and they now ask
the shareholders to sanction this proceeding, and to grant
them powers to create shares to the extent of 735,0001.,
to be issued, if found requisite, in preference shares,
to be allotted rateably to the holders of the original shares
of this company. If the circumstances of the company
should require the raising of the whole amount, it would
be equivalent to a creation of 42,000 shares of 17/. 10s.
each. On the occasion of the former creation of
preference shares, the company capitalised eOO,OOOl. of their
loan power; the directors are therefore seeking to obtain
permission in the new Act to restore their borrowing
powers, and they hope to be able thereby to reduce the
amount of capital to be called up on the shares created. The
directors have further to state, that it is their intention to
postpone to the latest period the creation of any shares : and
whenever they may be compelled to do so, it will be to
the smallest extent, and at the lowest rate of guaranteed
dividend (if it should be required at all), which the state of
the company's works and the circumstances of the times may
allow of. Toe arrears of calls due at the period of the last
half-yearly meeting amounted to 70,1501., since which a
neat call has been made. The total arrears, including those
on the find call, amount now to 46,76/., the payment of
which the directors have taken steps to realise. The number
of passengers from May 1 to Dec. 31 has been—By railway,
189,067 ; steam.boats, 6,649 ; making a total of 195,716. The
gross receipts have been :—Passengers, 41,175/. Os. 80. ; goods,
4,930/. 17s. 45.; parcels, 1,9591. 6d. ; total, 48,0t51. Os. 6d.
The working charges have amounted to 20,593/. Is. 10d.,
leaving a profit of 27,4911 18s. Bd. Neither the payment for the
conveyance of the mars since August last, nor the toll due from
the Shrewsbury and Chester Company, is included in the
receipts in the statement above given, nor on the other hand
does it exhibit the charges payable to the London and North
Western Company for locomotive power and stock, nor
for the temporary charges of conveying passengers across
the break at the Menai Straits. Your directors have
been fully satisfied, by the manner in which the
passages between Holyhead and Kingstown have been
effected during the severe weather this winter, that the
company's steam-vessels are admirably adapted in all essen-
tial points to the service for which they were built. As was,
however, anticipated, the packets are working at a cost
which, till passengers between England and Ireland are led
to use the Holyhead route to a much greater extent than
they have hitherto done, will leave a heavy loss to be made
es;Up by the receipts on the railway ; but your directors
retain their conviction that, failing to make satisfac-
tory arrangements with other steam-boat companies,
the only course which they could take to secure the traffic
was to place upon the station. on behalf of the company,
packets equal in power and accommodation to those em-
ployed by her Majesty's Government. Your directors having
been invited by Government -to submit a proposition
for undertaking the whole packet service at Holyhead,
have made an off-r, which is at present under con-
sideration at the Treasury. Your directors have placed
every part of the traffic establishment on the most
economical footing, and think it due to their colleague,
Captain illoorsom, the resident director, to inform you, that
that gentleman has voluntarily relinquished one-half c f the
remuneration voted to him by you for the discharge of his
laboric us duties, and at the same time has undertaken, at
the rEquest of the board, to control the management of the
ate. in-boat;, until permanent arrangements can be
made for that important purpose. The London and
North-Western Company having offered suitable ac-
commodation, upon advantageous terms, for conducting such
part of this company's business as now remains to be trans-
acted in London, your directors intend shortly to remove the
establishment of this e fflce to Euston station. Your direc-
tors have to report the resignation by Mr. Laird of his
seat at their board, but they do not propose to fill up the
vacancy, in consequence of their seeking powers, in the
Act now before Parliament, to reduce the number
of directors from eighteen to twelve, preserving
the proportioeate rights of the London and North-Western
Company, and the other proprietors respectively, in this re-
gard. Your directors, feeling in common with all other rail-
way companies, the injustice inflicted on you by the existing
system of amassing your property to local rates, have felt it
to be their duty to co-operate with the other bodies similarly
aggrieved, in order to obtain redress. It only remains thatyour
directors should advert to the present state and fu' ore prospects
of the undertaking entrusted to their charge. It is clear that
the actual traffic falls very far short of even the most mode-
rate expects ions that were entertained at the time when
this Company was formed; but during the period that has
elapsed since that date, events have occurred in Ireland
-which have reduced that country to a state of prostration,
such as no foresight could have contemplated. The conse-
quences have most injuriously affecte.l your enterprise,
in common with all property directly or indirectly
dependent upon the prosperity of the sister king-
dom. Your directors cannot charge themselves with having
neglected any opening, or with having failed in any effort,
to obviate, as far as in them lay, the effects upon your under-
taking of ceuses of deterioration so powerful, and so entirely
beyond their control; they feel, theref re, that beyond the
points of duty above noticed, RO hum-an agency can be held
responsible for results, which are, in truth, only an in-
evitable - eroneequeuce . - of the providential visitation
whiche lase dceolated Ireland. No doubt, however,
these results would have fallen upon you less heavily,
if the line had been fully completed, and if, thus, a larger
share of the whole traffic existing between England and
Ireland had been secured to it; but neither in this respect
can your directors take blame to themselves. No exertions
have been spared to hasten, as much as prudence wool
pet mit, the stupendous works at the Menai Straits. When
the line shall be completed --when the local traffic,
especially as regards minerals, shall be better developed
when Ireland shall have recovered, in some mea-
sure, front its present unexampled depression
and when the whole of the service of the Post-office shall be
committed to the company, your directors trust, that the
pecuniary returns of your enterprise will be more nearly
commensurate with its magnitude, and with the greatness of
its national importance. You will have to declare a divi-
dend of Bs. 3d. per share on the preference shares, which
your directors recommend should, as well as the interest on
the original shares, be made payable on the 24th instant.
The CHAIRMAN, in moving the adoption of the re-
port, remarked that the report itself went so fully into
the existing circumstances of the undertaking, that it
was quite unnecessary for him to detain the meeting
with any observations.— (Hear, hear.)
Mr. JENNINGS wished to have some explanations as
to certain discrepancies in the financial statement. In
several instances the amounts of the items were left
blank, while by the accounts it appeared that
the arrears of call amounted to 55,0001. while
in the report they were set down at 46,0001.
Nothing, in his opinion, would save this company
frost ruin but an amalgamation with the Lon-
don and North-Western Company, and he hoped the
directors would take that subject into their serious con-
sideration, and use their influence to bring about so de-
sirable a consummation.—(Cheers.) No sum was put
down in the accounts for the amount due to the London
and North-Western Company for locomotive power,
or for the receipts of traffic not yet brought
into account, nor even for the profits or preference
slitires.—(hear, hear.) lie most strongly protested
against the recommendation to raise so large a sum of
money as that mentioned in the report. Why take
powers to borrow 735,0001. when 400,000/. would be
amply sufficient to complete the line.—(Hear.)
The CHAIRMAN said the accounts stated the ar-
rears up to the 31st of December only, while the re-
port stated the amount at the present time.
With regard to the blanks in the account, he begged to
state that receipts from mails could not be put down, be-
cause that matter was now the subject of an arbitration.
The tolls due to the Shrewsbury and Chester Company
amounted to 1,0581., but that sum had not yet bean
agreed to. The •
o mi 1 epaagney claimed by the London and
North-Western Company
amounted to 13,600/. i upto the 31st December last
, 0 which 10,0001. had since been
paid; so that the amount now due was 3,6001.—(hear.)
T. 3
The iefeiptl,
t of
receipts arising
infrom_the sale of preference shares
since the December amounted to 120,000/.
netting 13:1- per share.—(llear, hear.)
5f2 g‘ ant STORRES said it was quite hope 1, ss for
eneration of proprietors to expect any re-
the present g
turn for their
investment in this undertaking, but their
children might reap some advantage from it.—(flear.)
The expenditure of the concern had been so extravagant
that he was almost induced to think that the
directors had acted as if they had had California with.
out the trouble of digging for the gold.—(hear and
laughter.) As to the report itself, all ho would say of it
was that it realised Talleyrand's opinion, that the use of
language was to conceal man's thoughts.—(Laughter.)
It held out some prospect of a return for their money
when Ireland was pacified.—(A laugh.) Why had the
chairman resigned.? Why had they changed their
secretary ? Why were not these things explained in
the report ? Simply. because the director(;~ were anxious

to cast a veil over their past wasteful extravagance; and
he should decline voting for the motion approving the
report.—(l ear.)
The CHAIRMAN said the reason Mr. Collett had re.
signed was the pressing nature of his duties in Ireland,
which prevented his giv►ng that attention to the business
of the company which its importance demanded.
Mr. LUTCHWORTH asked who had been elected to the
vacant chair? _ _

The CHAIRMAN replied that the honour had been con-
ferred on himself.
Mr. LETCHWORTH recommended the" directors to dis-
continue the steamboats running between Holyhead and
Ireland; and called upon the meeting to negative the
proposal for purchasing the Mold Railway. He wished
to know how much the joint Chester station had cost ?
The CHAIRMAN replied 200,0001., of which this com-
pany contributed 51,000/.
A PROPRIETOR asked if any more money would be
required from this company for this station.
The CHAIRMAN said 10,0001. more would be required
for this and other station!. With regard to the steam •
boats the directors were endeavouring to bring about
an amalgamation between their own and the Govern-
ment boats.

Mr. GLYNN, ALP., said that he had been pressed
to accept the office of chairman of this company,
but as his health had suffered during the last
few months frcm n close attention to the affairs
of the London and North-Western Railway, he did not
feel himself at liLerty to accept the offer.—(Cheers.)
However, the shareholders had received en excellent
substitute, and he was sure the aim of the present chair-
man would be economy in the management of the com-
pany.— (Hear.) While he admitted that hitherto their
expenditure had been large, he hoped the meeting would
not go away with feelings of despondence, for with a little
patience he was quite convinced theline would prove
profitable.—(Hear, hear.) The line was now only par-
tially opened. Wait till the whole was ready for traffic,
and the shareholders might rely upon an amalgamation
with the Admiralty boats, and profitable return for their
investment.—(CheErs.) With regard to the omission in
the account, a supplemental sheet should be sent out if
required.—(Hear, hear.)
The motion was then agreed . to; after.which resolu-
tions, in accordance with the recommendations in the re-
port, were proposed from the chair and carried.
The shareholders then resolved themselves into a
special meeting, and discussed' the question of purchas-
ing the Mold Railway.
Thanks were then voted to the Chairman, and the
meeting terminated, after a sitting of upwards of three
hours.

THE LONDON GAZETTE.
(THIS EVENING.)

ST. JAMES'S PALACE, FEli. 28, 1849.

The Queen was this day pleased to confer the honour
of Knighthood upon Captain Thomas Seyomour Sadler,
Senior Exon of her Majesty's Body Guard of Yeomen of
the Guard.