The Sun.
London, England, 1849-08-24 00:00:00

Vourtt Etoition

SUN OFFICE, Seven o'Clock.

LONDONDERRY AND ENNISKIL-
LEN RAILWAY.—(THIS DAY.)
The usual half-yearly meeting of this company
was held this morning at the offices in Coleman-
street Buildings, Moorgate-street ; Mr. James Clay,
M.P., chairman of the board of directors, in the chair.
The following was the report of the directors :
" The statement of accounts which has for some days
been circulated amongst the shareholdeas, and to which
your directors now beg your attention, has already fully
informed you as to the financial position of the company,
its capital, revenue, assets, and liabilities.
" The revenue account proves that the traffic for the
half-year now ended, has justified the expectation pre-
viously expressed by your directors respecting the work •
ing profit on the portion of the line opened.
" Your directors feel that if this position has been at.
tained, notwithstanding the depressed state of Ireland,
and the disadvantages incident to the working of the
short portion of your line now open, they may confi-
dently look for a result still more satisfactory when the
line has been extended, and the trade of the country
regains its ordinary state of activity.
" In keeping the accounts of the company, the utmost
care has been taken to charge against revenue every
item of expenditure not strictly belonging to the con-
struction of the line; and the disbursement side of the
revenue account wil be found to contain, not only all
salaries, wages, coke, and other articles of consumption
for the half-year, but all expense of maintaining the
permanent way, and repairs of locomotives, and working
stock generally; the balance shown being the actual
profit after the deduction of every fair charge for
working.
" The arrangements for the reduction of the working
expenditure, as reported at the last half-yearly meeting,
have now for some time been in full operation, and have
produced the result anticipated. The line is now worked,
the directors believe, as cheaply as any in the kingdom,
and at the same time the efficiency of the service has
been fully maintained.
" With the view of still further reducing expenditure,
your directors are now building coke ovens at Derry, and
hope to make the effect of their working apparent before
the next half-yearly meeting.
" Referring to the agreement with Mr. Leishman, for
payment of the amount of his award, as announced to
you at the special general meeting, on September 19,
1848, your directors have to report, that in pursuance of
such a compact, they have paid to Mr. Leishman the
sum of 15,0001., being the total amount agreed to be paid
him in cash; and that his award has still further been
reduced by 4.000/. for calls upon his shares, leaving a
balance of 15,874/. due to him, for which amount your
directors are prepared, and have offered to hand Mr.
Leishman the debentures of the company as agreed, but
which to the present time he has not taken up.
" Your directors were prepared to avail themselves of
Mr. Leishman's offer, previously reported to you, to make
the line from the present station to the bridge at London-
derry, and from Strabane to Victoria bridge, at prices to
be agreed ; but they found that the estimate of that
gentleman for the extension to Derry bridge, which
merely contemplated for the station wooden temporary
buildings, exceeded the amount for which they conceived
the work could be done in stone, in a permanent manner.
Disadvantageous as they believe delay to be, they pre-
ferred postponing the extension for some time, to
se .wring its early construction at prices which they
believed to be injurious to the interests of the share-
tilde
" Feeling that the time had arrived when they would
no longer be justified in delaying the extension to
Derry Bridge, your directors, by public advertisement,
invited tenders for the execution of the work; and have
now to report that they have received tenders fur the
same, which will enable the company to provide a per-
manent atone terminus at an amount which fully justifies
the opinion previously expressed. It is believed that the
extension will be completed and in operation before the
next half-yearly meeting.
" Additional experience serves the more to convince
your directors, that the true mode of making the capital
already expended fully productive is, by the extension
of your railway beyond Strabane. In this view they are
happy to say they find their opinion in unison with that
of the great bulk of the shareholders. Believing it just
that the proprietors called upon to effect this object
should be the first to participate in the earnings of the
line, they have determined to recommend that the
12/. 10s. half-shares be entitled to a preferential dividend
of 5 per cent. out of the working profits.
" Your directors would specially guard against the
impression that by this mode it is sought to raise addi-
tional capital. Such is not the case; the authorized
capital of the company is amply sufficient to open the
whole line to Omagh. The amount of the preference
proposed is not such as will, under any circumstances,
permanently debar the 261. shares from fairly partici-
pating in the earnings of the company; and your di•
rectors are fully assured that every length added to the
line by this means will give a return not merely upon
the capital raised for that purpose, but will add materially
to the profits applicable to a dividend upon the 254
shares.
" Should this proposition meet your approval, the
balance now at credit of the revenue account, will enable.
it at once to be brought into operation; and your direc-
tors would recommend that a dividend, at the rate of
5 per cent. per annum, be paid on the half-shares, for
the half-year ending July 31st, 1849. They would also
suggest for your consideration the prudence and pro-
priety of at once setting aside a portion of the remaining
profits, as the commencement of a fund to provide against
depreciation, and for replacement of plant.
"Since the last half-yearly meeting the line has been
personally inspected by a deputation from the board;
and your directors are happy in still being enabled to
report, that the traffic has been carried on without acci-
dent or iliterruption; that the general condition of the
line is satisfactory, and the regularity and efficiency
with which it has been worked is creditable to the
officers and servants of the company.
" Three of your directors, namely, Philip Hanbury,
George Tyrrell, and Daniel Warren, Esqs., go out of
office by rotation; they are all eligible, and offer them-
selves for re-election.
" One of your auditors, William Bloxam, Esq., hav-
ing resigned, it will be necessary to elect a proprietor in
his stead.
" Your directors having declared 918 shares forfeited
for non-payment of calls, the confirmation of that for-
feiture will, at the special meeting, be submitted for
your approval.
" The 1,364 shares, the forfeiture of which was con-
firmed at the half-yearly meeting, have since become
merged in the company. At the special meeting, your
authority to re-issue shares to replace those thus merged,
will be required. As circumstances may arise in which
such re-issue may be made advantageously to the share-
holders, your directors feel that it is for the interests of
the company that they should be invested with this
power.
" The revenue account for the past half-year stated
the receipts at 4 5331. 6a. 3d., and the expenditure at
2,433/. ss. 2d., leaving 2,0971. ls. Id. in hand."
On the motion of the CHAIRMAN, the report was
adopted ; after which the retiring directors were re-
elected, and a second auditor appointed.
The meeting was then made special, and resolu-
tions passed sanctioning the recommendations in the
report.
Thanks were then voted to the Chairman, and the
meeting, which was very unanimous but not nume
roue, separated.

NEWRY, WARRENPOINT, AND
ROSTREVOR RAILWAY.—(THIS DAY.)
The adjourned seventh ordinary general meeting
of the shareholders of this company took place to-day
at the company's office in Moorgate street. At the
meeting held on the 3d of the present month the fol-
lowing report was read :
" The accounts to the 30Lh June last, and balance-
sheet duly audited, are submitted to the shareholders ;
the 30th June, and 31st December have been adopted as
the period for balancing the accounts, in accordance
with railway and mercantile usage.
" Conformably to the intimation given in the last re-
port, the line from Newry to Warrenpoint was opened
on the 28th May last for passenger traffic, since which,
the trains have continued to run with perfect safety and
regularity, and without the occurrence of the slightest
accident. The arrangements necessary for the convey-
ance of goods have bcen progressing as expeditiously as
possible, and this important portion of the company's
traffic has partially commenced. The directors consider
that taking into account the extreme depression in
trade existing in Ireland, the result of the traffic
will be found satisfactory, as exhibiting the elements of
ultimate prosperity for the company when the lines in
construction to the interior are completed and joined
with this line as originally projected.
" The directors, with a view of promoting the most
advantageous working of the line, especially the goods
traffic, hope shortly to be able to submit terms of ar-
rangement for this purpose to the shareholders for their
consideration.
" A requisition signed by a number of shareholders
was presented to your directors, to convene a general
special meeting to consider the propriety of appointing
a committee of investigation to examine into and report
upon the management and affairs of the company, with
full powers to call for all books, papers, persons, accounts,
ke and to take such steps as they may deem advisable,
tetra, if necessary, to appoint a public accountant to assist
in making a full, clear, and detailed report to the
shareholders at an adjourned meeting to be held at an
early period,'
" Although no reason was assigned for the appoint-
ment of the committee,the your directors had no hesitation
in making
present meetingnFi special for the purpose,
and they have fixed it
a month earlier than the
ordinary period, thus avoiding the expense of a separate
meeting.
The directors will have much
the pleasur in fully com-
municating with a committee upon affairs and present
circumstances of the company, and to receive their
viceact and assistance."
After some discussion a committee was appointed
to inquire into the affairs of the company, and the
present meeting was held for the purpose of receiving
their report.
Viscount NEWRT took the chair at one o'clock,
when a report was put in by Mr. Cochrane, one of
the committee of investigation, which was signed by
himself and Mr. Shand, another member of the com-
mittee of investigation, but not of 3lr. Burp, the
other member of the committee.
The report was read by the Secretary ; it com-
mented in rather severe terms upon the directors, and
also upon the accounts, And suggested *bat the direc-

TILE

tors should be removed to Liverpool. At the conclu-
sion of the reading of the report,
Mr. BURGE, as one of the committee of investiga-
tion, felt bound to make a few observations. He did
not concur in the report, and had refused to sign it,
because, after examining the books of the company,
he felt hirwelf compelled to acknowledge that
he could not find anything to complain of. He had
been connected with many companies, and he must
confess that he should have been glad to see such a
clearance of accounts with respect to them as had
Men place with respect to this company. He
thought that the report was rather an uncharitable
one, and he considered that the only reason for their
being in arrear was the disputes about the registry.
He thought the removal of the directory to Liverpool.
would be most improper, and more injurious than
otherwise. He bad never examined a more satisfac-
tory account, or seen business better conducted than
had been done by this company.
Mr. COCHRANE then moved that the report should
be received, printed, and circulated among the pro-
prietors.
Mr. BURGE said that if the report was to be printed
he hoped it would be understood that he objected
to it, and refused to sign it.
The Ciwastsas trusted, if the meeting agreed to
the printing of the report, they would also consent to
the appending to it the explanations drawn up upon it,
by the directors. If such a course was adopted
there could be no objection to the report which had
been presented by Mr. Cochrane being received.
Mr. COCHRANE had not the slightest objection to
such a course being pursued.
Mr. LEA could not see that there had been any-
occasion for a committee at all. He was proud to
see that the directors had come out of the investiga-
tion with such flying colours. He did not see why
they should put the company to the expense of print-
ing the report. He would move as an amendment,
that the report should lie on the table.
Lord NEWRY observed that the directors had
been always anxious and willing that every inquiry
should take place, and he could only express his
surprise that the report of Mr. Cochrane contained
so little that was worthy of being made
known to the world. He thought, however, if the
report that had been read was to be printed and cir-
culated, the observations made upon it by the direc-
tors should be also laid before the meeting.
Mr. COCHRANE could have no objection to the
adoption of such a course.
The SECRETARY then read the observations of the
directors upon the report of the two members of the
committee of investigation. It justified the course pur-
sued by the directors, and deprecated having the Board
at Liverpool.
It was then moved that the report and the answer
to it by the directors should be printed and circulated
among the proprietors.
Mr. OMMANEY thought, after what had taken
place, the company ought not to be put to the expense
of printing these documents. -
Lord NEWSY said that the directors were most
willing to have both documents printed, but he
thought, considering that several gentlemen of the
press were present, it would be a useless expense.
(We would gladly have inserted them could we have
obtained a copy of them from the secretary.)
Mr. LOMBARD thought that the report of Mr.
Cochrane contained charges against the directors
which they were totally undeserving of.
The report of Mr. Cochrane and Mr. Shand were
then received.

Mr. Les then moved, and Mr. OMMANEY se-
conded, the following resolution :
" That from the satisfactory mode in which
the aft'airs of the company had been conducted
it was not desirable to print the report or the reply of
the directors thereto:'

This resolution was lost in consequence of the
number of proxies put in by Mr. Cochrane, the
result of which was that the report of Mr.
Cochrane and Mr. Shand was ordered to be printed
and circulated among the proprietors, together with
the observations of the shareholders in reference to it.

The directors' report of the 3d of August, toge-
ther with the following re3olution, was agreed to :

"Resolved, that the forfeiture of 270 ;hares, num-
bered 360 to 375, 3,771 to 3,775, 3,796 to 3,800, 831
to 835, and 4,751 to 4,990 be confirmed by this meet-
ing, in consequence of the arrear of calls thereon not
having been paid."

A -Vote of thanks was then carried to the Noble
Chairman and directors, after a vain attempt on the
part of Mr. Cochrane to oppose it, and the meeting
separated.

BANK OF ENGLAND.
(From this night's Gazette.)
An Account, pursuant to the Act 7th and Bth of Victoria, cap. 32, for
the Week ending on Saturday, the 18th day of August, 1849.
108IIE DIVAILTMENT.

X.
Notes issuet .. .. .... 27,636,770

Government debt •• 11,015,100
Other securities •• • • 2,984,900
Gold coin and bullion 13,360,201
Silver bullion • • • • • . 276,569

£27,636,770

1 X 27,636,770
NI. MARSHALL, Chief Cashier.
K 49.
rEPAZTKEN T.

Dated the 23d day of August, 1:

Government securi-

ties (including Dead
Weight Annuity) .. 14,282,877
Other securities • • 9,937.2:,3
Notes ••••••• • • • .• .• 8,766,460
Gold and silver coin.. 940,026

£33,921,616
'. MARSHALL, Chief Cashier.

.NGE.—(THIS DAY.)
Leghorn ........ • • • 31 40
Genoa ...• ........ •• .. 26 60
Allan ................
Venice.. ...*.
Naples .............. 40%
Palermo, penis .. 12014
Messina .............. 121 4
r.isbon•••• •• .• •• •••• .. 534
Oporto •• •• ...• •••• •• 53%
Rio Janeiro ..........
Buenos Ayres --
New York, 21 dayesight
Philadelphia ....

'lieu OF BULLION, FEB CZ,
Foreign Gold in bars.. £3 17 9
Portugal Gold Coin .. 0 0 0
Spanish Doubloons .. 0 0 0

New Dollars ....•• 0 4 10%
Silver la bars ........ 0 4 11%

FRANCE.