The Sun.
London, England, 1849-10-06 00:00:00

THE SEIN, LONDON,--

TOURNAY TO JURBISE AND LANDEN TO

HASSELT.

A meeting of the shareholders in this company was
held on Thursday at the office, Upper Thames-street,
to consider the promised report of the directors to be
presented to the general meeting of the company, at
Brussels, on the sth of next month. Mr. Kennard
took the chair.

The CHAIRMAN, in opening the proceedings, stated
that they were merely of a formal character, as no
business could be legally transacted by them except
at Brussels. They were called together at the earliest
possible period, to be informed of the state of their
affairs and to receive the report of the directors.
The reason they were delayed so long after the 30th
of June was, that the Belgian Government re-
turns for June were not communicated to them until
the middle of August ; and the directors had been in
Paris making arrangements for direct trains from
Calais to Brussels which would pass over their line.
On the 10th of September the arrangements were
concluded, by which it was expected considerable
benefit would arise to the company. Having
adverted to the difficulties which the direc-
tors had to encounter in the construction of
the line, he proceeded to state that the result of
the traffic at the end of the six months' working was
greatly below the expectations which they had pre-
viously formed of it. Looking to the grounds on
which their anticipations were based, he had no doubt
the railway would ultimately realize them. In Bel-
gium the traffic moved very slowly. They found the
carriers continued the old mode of conveyance, al-
though the railway could carry for one-third less. He
congratulated the proprietors on having completed
47 miles of railway without any assistance from
the Government, notwithstanding the difficulties they
had met with in the financial crisis—the bankruptcy
of their banker, who had 1,000,000 f. (40,0001.) in his
hands at the time of his failure, the famine, the revo-
lution of a neighbouring state, cholera, and nothing
but trouble and difficulties on all sides. In a few
weeks they would deliver up the line to the Govern-
ment completed.
The SECRETARY then read the report, which
-....n of considerable lengtia. It ..t..t....a tAnst the con- ,
cession of the lines was sanctioned by royal ordi-
nance on the 21st of July, 1845. By the sta-
tutes, the founders of the company were personally
bound to the Belgian Government for the execu-
tion of the works of the two lines; and, by a fixed
contract with the Government, they undertook to
construct at their own cost and risk the whole of the
works, and to defray the expenses of the company
during construction, on condition of receiving the
produce of 25,000 shares (500,0001.) After describing
the difficulties and delays in obtaining the sanction of
the Government to the plans and sections of the lines,
the possession of land, and progress of the works, it
stated the section of the line from Jurbise to Maffies,
about nine miles, was opened for traffic in September
1847. The last call was made in August, 1848, but
arrears were due to a considerable amount. The
president obtained a loan of 30,0001. for the company
from the bank of Belgium; and on the 30th of Oc-
tober, 1848, the whole of the Tournay and Jurbise
line was opened for traffic with a single line of
rails ; and on the 10th of January, 1849, was defi-
nitively received by the Government, on whom
henceforth the maintenance of it devolves. The se-
cond line of rails are now on the eve of completion.
For the nominal capital of 500,0001. the company is
in possession of two lines of railway (in all about 47
miles in length), constructed at an average cost of
10,6381. per mile, including all expenses during the
period of construction. The construction of the
state railways in Belgum had cost 19,2401. per mile,
not including the interest of capital. The Govern-
ment is bound to maintain and work the two lines
with its own stock and staff. They received 50 per
cent. of the gross receipts for working them by con-
tract, extending over the entire term of the concession
(90 years). The remaining SO per cent. is paid
monthly to the company. The recent convention
entered into between the Belgian Government and the
direction of the Northern of France lines places the
Tournay and Jurbise railway in the same rank as the
Government lines, and promises the speedy organiza-
tion of direct trains without change of carriage from
Calais and Lille to Brussels by Tournay. The line from
Man4ge to Mons, which will bring the coal to the
Tourney litre, with an economy of about 20 per cent.
in the transport, was not opened throughout to Mona
till the present month. Assuming that the line from
Tournay to Jurbise (10 leagues) might be con-
sidered an average line for traffic, and that of Hasselt
(54 leagues) one-half this average, and taking the
average of the general receipts of the Belgian lines
for the last four years, the share accruing to the com-
pany would amount to 62,0001. per month, or 6 per
cent. on the capital expended. These were the anti-
cipatory calculatiOns of the directors, but the results
come greatly below them, which they attribute to the
state of trade, the slow development of the traffic, and of
the reluctance of the Belgians to remove it from the
common road to the railway. The Landen and Hasselt
line was opened the entire distance of 17 miles on the
Bth of December, 1847. Interest at the rate of 4 per
cent. was paid to the shareholders during the con-
struction of the lines. The gross receipts of both
lines for the half-year ending the 30th of June last
amounted to 267,0381., of which 37,1831. was received
in January; 36,513 f. in February; 40,695 f. in
March; 49,681 f. in April; 53,2091. in May; and
49,756 f. in June. Fifty per cent. of the gross receipts
paid over to the company amounted to 5,2361., from
which the expenses of management, 3391. in England
and 6051. in Belgium, together 9441. is deducted,
leaving 4,2921.; which, divided over 25,000 shares,
gives a dividend of 3s. sd. per share for the half-year
on the 201. share.

The CHAIRMAN' OR moving th
report and accounts, stated thatt thed adoption
the a
shares amounted to 160,0001.; he y
were
r rpei tnal Ortsnh
the
00
hands
of a
nt
thehdes
of the contractors,upanwdhtaht was ehareholders could have
themdueo on them. The
traffic
paying
lines in July amounted to 54,274
t e
o by n
their am francs, and in August to about 60,000 ran
which
was not far from the anticipated average amount—viz.,
o f )oet line,e
862e,10g0i roaffin co si l
sHienthen
nyaidnvge r
thete d toox
itshtee conduct e
of the
anand the consequent shortening of the distance between
Calais and Brussels, because they were interested einn
sending passengers by the other route. The company
had a resident director in Belgium at 600/. a year, "a
secretary at 3001. a year, and an accountant at 1601.
a year. He thought the company ought to spend
more money in advertising than they did. He be-
lieved that when the route by their line from Calais
to Brussels was known, passengers from England
would not go to Ostend, because they would save five
or six hours sea voyage and 1/. in money.
Mr. PATERSON seconded the motion.
A discussion ensued on the cost of management
being 9441. for the half-year, while the ,total receipts
of the company were only 5,236/. It was explained
that no reduction could be made in the expenditure
at present, nor for two years to come.
Mr. CAZENOVE highly approved of the report, and
thought they should not think of reducing the salaries
of the gentlemen employed by the company.
The report was then unanimously adopted.
The
CHAIRMAN alluded to the handsome way in
which the Belgian workmen behaved to the company

in working for them, when the latter had no means
of paying them, and the works must have stopped,
had it not been for the workmen carrying them on.
He fully expected that the traffic on their lines
would be doubled in the course of the next two
years. He said that Mr. R. Stephenson had esti-
mated that the line would pay 71 per cent.
On the motion of Mr. DixoN, seconded by the
Hon. Mr. BUTLER, a vote of thanks was passed to the
chairman, and the meeting separated.

FROM THE LONDON GAZETTE

OF FRIDAY.

LORD CHAMBERLAIN'S-OFFICE, SEPT. 25.

The Queen has been pleased to appoint the Right
Rev. John Lord Bishop of Chester, to be Clerk of the
Closet in Ordinary to her Majesty, in the room of the
Right Rev. Edward Lord Bishop of Norwich, deceased.