The Sun.
London, England, 1849-12-01 00:00:00

WATERFORD AND KILKENNY
RAILWAY.
The half-yearly general meeting of the proprietors
of the Tavern,rilway was held yesterday, at the
London, Bishopsgate-street, General McLeod
in the chair.
The meeting having been duly formed, the common
seal of the company was affixed to the register of
shareholders, aftet which the secretary read the
following report :
"In conducting the business of the company since
the last half-yearly meeting, those directors on whom
the management has chiefly devolved have had to con-
tend with no ordinary difficulties, arising principally from
the serious disproportion between the limited funds
placed at their disposal and the heavy liabilities required to
be met, which were much larger than previously esti-
mated; and although they have not considered themselves
responsible for existing financial embarrassments, they
have nevertheless felt extremely anxious to extricate the
company from its difficulties. This, they believe, may
still gradually be accomplished, by working out the
principles already adopted. Believing as they do that
the railway possesses in itself the elements of future
prosperity, and that when completed it will prove highly
remunerative, they would strongly solicit the co-opera-
tion of the shareholders, for the purpose of raising the
required additional capital.
" EXTENSION TO KNOCKWILLIAM.—Since the last
half-yearly meeting, a contract has been entered into
with Mr. Burke, to complete this portion of the line, on
terms meat advantageous to the company. The direc-
tors hoped to have been able to open this extension with
the proceeds of the last call. They regret, however, to
state, that although the contract has been let very consi-
derably below the estimate prepared by Captain Moor-
sow, it will not be possible to complete the works to
Knockwilliam until at least 20,0001. more is obtained.
"COST or lIVORXING THE LINE NOW OPEN TO
THOMASTOWN.—The present directors have always con-
sidered that every serious error was commit ted in opening
this portion of the line. The passenger traffic must neces-
sarily be extremely limited, and the station is placed so
far from the Waterford road as to render the goods' traffic
unprofitable, in consequence of the circuitous distance it
has to be conveyed by road at the expense of the company.
The board has frequently had under consideration the
propriety of stopping the trains; bat on investigation it
has always appeared to them, that the cost of keeping
the road and plant in repair, would more than counter-
balauce the current loss. For some weeks past the re-
ceipts have paid the working enpenses, but this has
been chiefly owing to the praiseworthy efforts of the
local directors.
" FURTHER DEVELOPMENT OF TRAFFIC BY OPENING
THE LINE TO JERPOINT.—The directors expect to open
to this place in the early part of next month, by which
a circuitous and difficult part of the public road will be
cut off, and the distance to Waterford shortened by two
miles. Adiitional facilities will thus be afforded, and
the company will be in a much better position for secur-
ing the whole araffie of the district, a large portion of
which has up to the present time been sent by the road.
" In consequence, also, of the high rate of freights
charged by the Old Waterford Steam-Packet Company,
nearly the whole of the expert trafile from Kilkenny
and the surrounding district has been diverted from its
natural and legitimate channel, and forced to the port of
Dublin. To counteract this unfair competition, and
protect the rights of the railway, some of your directors
have (with the co-operation of a few shareholders and
other parties locally interested) established a new
steam-packet company. One of the swiftest and most
powerful steam-packets, the building of ahieh cost
25 000 f. a few months since, has been recently purchased,
and io a few days will be on the Waterford and Liter-
pool ling. By thin arrangement, invaluable assistance
will be rendered to the railway cempany, and alb to the
pea of Waterford. The thanks of the Waterford and
Kilkenny Railway Company are due to the local direc-
tors, and en- ninny to Mr. George Reade, for his spirited
exertians in cam ing out this new undertaking.
" Tue liabilities of the company amount to 52,456/.
ss. 9.1., and the assets to 15,5501.; leaving a deficiency
of 36,9001. 53. 93."
" The above estimate includes every possible charge,
and presents the worst aspect of affair,: that can be shown.
Nothing has been concealed or kept back.. Every effort
has been made, with some success, to postpone some
claims upon the company, by inducing the creditors to
take long-dated bills, so as to gain the time nacessary
for raising the additional capital. Those efforts will be
continued. Of the intrinsic value of the property the
directors entertain no doubt; and any measure giving
value to the forfeited shares would materially change
the state of things. Past experience has shown the cause
and consequence of imprudent management. By a
different system, embracing the most rigid ecoromy, by
a careful supervision of every payment, a close scrutiny
into contracts, and an avoidance of any expense beyond
an object immediately auxiliary to the interest of the
shareholgue, the directors hope to avoid former errors,
and to complete finally the entire 30q miles of railroad
to Waterford, on a fair average cost. Having duly
weighed the difficulties of the case, the directors believe
that the property value of the company has reached its
lowest point, and that the future progress will be towards
improvement. It must be remembered that all con-
current testimony is in favour of the remunerative cha-
racter of the railway, as a national and commercial un- ,
dertaking.
" A resolution will be submitted to the meeting, to
authorise the issue of 12,000 preference shares of 101.
each."
The revenue account for the past half-year stated
the total traffic receipts at 1,0461., and the expenditure
at 1,4781., but there was an item of 2,630/. due from
the Irish South-Eastern Railway.
The CHAIRMAN moved the adoption of the report,
observing that every shareholder must admit the tone
and tempo- in which it was written, and he hoped the
same temper would be displayed in the observations it
might provoke.
Mr. Bann:NEL' wished to know how it was that
the report was only signed by part of the directors ?
The CHAIRMAN said, those who had not signed the
report had abstained from attending the board, as their
projects had been rejected by the majority of the
directors.
Mr. H. 0. WILLS had reason to believe that the
differences at the board were likely to be made up.
Mr. L. M. GODDARD observed that there was a
saying, that whoa men of questionable character fall
out honest men get their due, and he trusted this
quarrel amongst the directors would lead to good.
Mr. BRUSHFIELD hoped the directors would not
follow the example of the Kilkenny cats, and fight till
there was nothing of the line.
Mr. BATES, a director, seconded the motion for the
adoption of the report, and begged the meeting to
remember that the expenditure of the company had
exceeded the capital by 10,0001. before the present
directors joined it. This money had been wholly ex-
pended on the line to Thomastown.
Mr. TITS -wished to have some explanation as to
the disputes of the directors.
Mr. BATES said the differences had been made up,
and as all the board were now anxious to work amica-
bly together, he hoped the matter would not be re-
opened.
Mr. BRUSHFIELD understood that there were charges
of want of principle made against some of the
directors.
The CHAIRMAN said the Hon. Proprietor had been
misinformed, then.
Mr. HADDOW recommended the meeting to drop
the subject, and the directors to make mutual conces-
sions to each other. .
Mr. TITE asked if the 20,0001. proposed to be raised
would in the whole or part go in reduction of the
liabilities ? He might as well mention while he was
on his legs, that a report had got abroad that Mr.
Bites was anxious to become managing director,
which he was sure bad no foundation in truth. There
was an item in the accounts for the purchase of carts
and horses, which he should be glad to have explained.
Mr. BATES said the item of 700/. had been repaid
to Mr. Fletcher, the traffic manager, for the money
he had spent in providing carts, waggons, and
hones for the development of the traffic. With
regard to the report that he was about to
become a managing director at a large salary,
he could state that there was no truth in it. True,
he had been solicited to take the office, but he had
stipulated that if he did so he should only receive
1501. a year ; a large sum the company could not
afford, and a smaller he could not take.
Mr. TAUNTON undertook to answer the other ques-
tion. He had no hesitation in saying that 20,000/.
would carry them to Knockwilliam, and enable
them to reduce the balance of liabilities of something
like 16,0001.
Mr. BATES remarked that if they had had power
to issue debentures, a contractor might have been
found to construct the line without their being driven
to the expedient of raising any additional capital.
Mr. FLETCHER explained that the road-waggon
account had brought an immense quantity of traffic
to the line. For some time the account had proved a
positive loss, but now, he was glad to say, it was
approaching a profitable point.
A PROPRIETOR asked ho much the directors re-
ceived a veare?
Mr. BATES replied, 4001. a year.
• Captain Moceasou asked if it was true that a
dietleguished nobleman influentially connected with
the port of Bristol (the Marquis of Ormonde, as we
understood), was to be selected to join the board, and
were there hopes of his doing so
The CHAIRMAN replied in the affirmative.ortien of the
Captain Moousom asked if any p
capital had beep invested in or lent to establish steam-
boat companies ?
Mr. TAUNTON, before that question were answered,
wished to give it as his opinion that if there
was no chance of their getting to Knockwilliam, the
sooner they shut up the line the better. The loan
commissioners were disposed to assist'them in raising
additional funds, and it was for the shareholders to
say whether they should assist the steam-boats to
raise capital to make the line to Knockwilliam, er
shu the concern at once

tiv
bo:
spf

pending against the company which were not men-
tioned in the report ?
Mr. BATES was not aware that they were expect•
ing an action about timber.
Captain Mooasom—b there not Burnett's ?
Mr. BATES—No, that is settled. We are to pay
1,5001. for a claim of 3,0001. 5001. has been paid.
Mr. TAUNTON—We have had a lawyer's letter for
a claim made by Captain Moorsom.
Captain MOORSOM—WeiI, that is not mentioned.
Mr. TAUNTON—No ; but we have had no action
' commenced against us, and I hope we shall not.
Mr. EDWARDS (the solicitor), said there were three
actions pending in Ireland, and two in England, all
of which were on the point of being settled.
Captain Mooasom—ls the capital account rigidly
closed, quasi Thomastown and Kilkenny ?
Mr. BATES—Yes, it is—as between those two places
it is closed.
Mr. Ilannow—llow many forfeited shares are
there ?
Mr. BATES replied 1,800. The directors had now
no alternative but to enforce calls or forfeit shares.
After some further discussion the report was
adopted, and resolutions in accordance with its re-
commendations were agreed to.
Thanks were then voted to the Chairman and
directors, and the meeting terminated.

F RAN CE.
Before the Civil Tribunal on Thursday M. Delangle
pleaded at great length for Mdlle. Rachel, in opposition
to the demand of the societaires of the Theatre
Francais. That demand was, that her resignation
should be declared null, and that she should be con-
demned to pay damages for breach of her engagement;
but he insisted that the resignation was regularly given,
in compliance with the provisions of the decree of
Moscow ; that her declaration not again to appear on
any stage (a declaration required by the decree),
was also good, and that the reserves she had made
on this occasion were of no importance in a
legal point of view. He also insisted that no da-
mages were due, as she had always fulfilled
her engagements when not prevented by illness, and
that she had been ill she proved by medical certifi-
cates. In the course of his pleading, however, he
stated that as a director had been acpointed to the
Theatre Frans,..ais Mdlle. Rachel would have no
objection to withdraw her resignation, but that she
would not do so if the committee of performers
were to continue to direct the theatre. The Tribunal
gave judgment to the effect, that the resignation was
valid; that the reserves as to paying again could not
be taken into consideration ; and that, as she had been
really ill, there was no ground to award damages.
The demand of the committee of the Theatre Francais
was accordingly dismissed, with costs.

-------
ITEMS OF— IRISH NEWS.
The Nenagh Guardian, of Nov. 28, has the fol-
lowing account of the new mode of paying rent :
About two o'clock on Sunday morning, a party of
twenty men, some of whom were armed with guns,
came on the lands of Tallow M`James, near Temple-
toohey, and seized two keepers, then tied each of their
hands and feet, and removed them a considerable dis-
tance from the property which they were watching.
The party without delay then placed on cars four stacks
of wheat, value for about 20/, which they removed
off the premises of the vs idow Kienehan, end which
bad been under seizure for rent due to John Maher,
Esq., Tullemaine. The keepers, whose limbs were
firmly tied together, and who, while in such a dis-
agreeable pc7sition, were placid on a little mount, on
either sides of which were deep pools of water, were
not set at liberty until seven o'clock, A.M., when th-y
informed the police of what occurred, who proceeded
in search of the corn, of which they could not disco-
ver a trace in the neighbourhood.
The same parer contains the following extraordi-
nary story :---
"BERNARD CAVANAGH IN THE SHADS.—Dr,
Langley, as most of our readers are aware, has been
in Id enagh Gaol on a coroner's warrant, and in
consequence of some favours which at first he was
allowed being withdrawn, he refused to eat, and
continued without, food of any description for a
period of thirty-eight days—partaking of nothing
except cold water."
A few nights ago four armed men entered the
house of James Nowlan, a pensioner, residing at
School-land, near this town. One of them presented
a blunderbuss at Nowlan, and ordered him to dis-
charge his servant boy. Nowlan was placed on his
knees and compelled to swear that he would comply
with their mandate. The dogs having attacked the
ruffians, one of them fired and shot one of the animals
dead. Since this visit Nowlan has received a notice,
threatening him with the same death as the dog if he
dares to employ a servant without their knowledge.
The reason assigned for this outrage is, because Mr.
Nowlan some time previously discharged from his
service a young man who went to reap and carry off
corn on a Sunday, without his knowledge or per-
mission.—King's County Chronicle.
QUEEN'S COLLEGE, GALWAY.—The first medical
session of our new college was opened on Monday,
at one o'clock, when Professor Croker King, Dean
of Faculty, delivered the introductory lecture on the
anatomy of the human frame. There was a large
and fashionable audience assembled, both from the
town and surrounding districts of our county. The
president, vice-president, and several of the professors
were present in their college costume. The lecture-
room was admirably fitted up for the accommoda-
tion of the students and the public, while anatomical
subjects and illustrative drawings were tastefully
arranged in due order.—Galway Vindicator.

BANK OF ENGLAND.
(From last night's Gazette.)
An Account, pursuant to the Act 7th and Bth of Victoria. cap . 32, for
the Week ending on Saturday, the 2 ith day of November, 184.
ISSIJE DEPAILTBLEN T.

Notes i55uet........ 29,570,425

Government debt • • 11,015,100
Other eecurities •• • • 2,084,900
Gold coin and bullion 15,293,148
Silver bullion • • • • • • 277,077

ut up the concern at once.
Mr. GEORGE READE (a director) said no funds of
coritatiVSoB4,t . ppropriated to the steam-
)ati.<=2 • .. .mi,,,,, .team•boats wai a private
dilation o i .t.'-,, fl,"' ,%.
captiira Alix;ttiv :. r:i itA whlt the exv.lnse of the
1 dn. Dtir'iry..tair.. ... IV nt would be?
Alf: MTh aiactlio .1,4
, ,1 than 1001. -
Cap :.•:.. Ali 416:&-; if. there were any actions
Al a