The Sun.
London, England, 1849-08-06 00:00:00

PARIS TO ROUEN RAILWAY.

The half-yearly general meeting of the share
holders of this company took place on Tuesday,
at the company's offices, Rue d'Amsterdam, M.
l'Espee, the President, in the chair. Near him
were seated the following directors :—Count de
Kerzaint, Viscount de Villeneuve M. C. Lafitte,
M. E. Blount, M. Simons, and M. P. Be-
noist-d'Azy. After the meeting had been duly
constituted, M. Cheppe in the name of the
committee of accounts (comprised of M. La-
cave Laplange, M. Banes, and himself), read a
report declaring that the accounts had been most
carefully examined, and that they were perfectly
satisfactory. M. Thibaudeau, the secretary, then
read the report
It commences by declaring that during the last half-
year no new expense has been added to the establish-
ment account, as the sums expended, and which only
amounted to 91,201 f. 55c., were comprised in the pro-
visions for which the last general meeting placed at the
disposal of the board 3,000,000 f. of resources. It de-
clares that the establishment account must now be con-
sidered as closed. After showing that the nature of the
arrangements made with the contractors of the haulage
amply provides for the tear and wear of moveable stock,
the report proceeds in the following terms to render an
account of the employment of the 3,000,000 F. of new
resources placed at its dispi sal by the last general meet-
in4l—"Out of that sum, 1,800,0001., in conformity with
the vote of the meeting, were to be paid off against a
like amount of dividend-coupons, at the rate of 8001.
each obligation, and for that purpose 2,250 obligations
were to be created; out of that number 1,977 were ex-
changed against 126,550 dividend-coupons. A sum of
1,200,000 f. was besides to be realised by the emission
and sale of obligations. We created for that purpose
1,500 obligations, the sale of which produced a sum of
1,200,000 f. We were of opinion that when the quota-
tion of 800 f., at which the exchange was effected with
the dividend, could be obtained, we ought to realise this
resource, not being able, in the precarious state of public
and private credit, to expose ourselves to a fall in the
quotations, which the slightest political event could pro-
duce, and which would in that case have imposed on you
the creation of a greater number of obligations, in
order to make up the indispensable sum of 1,200,000 f."
The board had not yet received any definitive answer
from the Government relative to the demand made by
the company for an indemnity for the damage done to
the line in the revolution of February. The report goes
on to show what the position of the company is at pre-
sent with respect to the State:—
" On the 30th of June last we owed the Treasury-
-720,0001. Oc. for interest due at 3 per cent.
466,666 66 the first annuity of the repayment
of the loan .of 14,000,0001.
1,186,666 66 to which must be added
466,666 66 the second annuity due on the 15th
of July last.

1,653,3331. 32c. in all.
The sum due to the 30th of June last is inferior to the
indemnity which we demand for the devastations of Feb-
ruary. As to the annuities of reimbursement, which
for last year and the present one amount to 466,6661.
66c. a year for the loan of 14,000,000 f., there must be
added to them next year 133,3331. 33e. for the first an-
nuity of reimbursement of the loan of 4 000 0001
which commences that period, and then the annuity"
will be 600,0001., until the whole of the two loans from
the State, of shall have been paid of. We
have to remind you,tle retnallemen, that these loans
wade to you by were
capital, and to provide for,theaHaalyt
border to complete your
of the expense of the
passage tbrouge Rouen to the Havre line. But these re-
sources were not sufficient for
are
ee
charged,
of the pub-
lic service, with which
throughh Rouen.
share in the expense of the
,Also, biece your line has been opened,
your account of construction and e3tablishmeenextPheansseilf
crease.' by a sum of 13,156,8081. 2e., for which you have
borrowed 14,000,000 f. There results from these diffe
rent loans an annual charge of ... ... 726,0001. -
whiAa, Joined to the interest on the loans
from the State, or ...

... 540,000

gives a total of ..• „. 1,266,000 f.
which must be deducted from the produce of the work-
ing, before any dividend own be distritted. In the pre-
vision of the time when the annuities to repay the
loans to the State were to become due, the general
meeting had authorised us to provide for the payment
of these annuities by the successive emission of engage-
ments to order, which should be at a later period conso-
lidated in loan bonds. The state of private credit does
not permit us, at the prc sent period, to contract engage-
ments to order; and it is equally impossible for us to
issue new obligations. In this situation, produced by
political events, it would be necessary, in order t 3 pay
the annuities of the State loans, to deduct at present from
your revenue sum of 466,665 f, 66c., which, next year,