The Sun.
London, England, 1849-09-27 00:00:00

.rturtbEllttion

BORDEAUX AND CETTE RAIL-
WAY.—(THIS DAY.)
A meeting of the English shareholders in the Bor-
deaux and Cette Railway Company was held this
afternoon, at the London Tavern, for the purpose of
advising as to the best course to be pursued for
their future interest. Mr. David Salomona was
called to the chair.
Thr CHAIRMAN explained that he had thought it
desirable to call the shareholders together, to take
their opinion upon the present position of the under-
taking. He had prepared a report for the occasion,
which, with the permission of the meeting, he would
read.

The report was as follows :
" The English board of directors of the late Bordeaux
and Cate Railway Company have been fully alive to
the duty of endeavouring to recover the caution money
of their shareholders deposited with the French Govern-
meat. A memorial stating the case of the English
shareholders was drawn up and transmitted by the
chairman to the Minister of Public Works, and a copy
thereof NITA sent to each Member of the Constituent
Assembly of France. This course was highly approved
of by our fellow-shareholders in that country.
" After the election of the present chief of the French
Republic an appeal was forwarded to him signed by all
the English directors, on behalf of the English and
French shareholders. Your chairman also went to
Paris, and was honoured by an interview with the Pre-
sident of the Republic, who promised that the position of
the claimants, both English and French, should receive
the most liberal consideration. Your Chairman was in
due course honoured by a communication from the Pre-
sident, who condescended to invite any further observa-
tions that seemed pertinent to our case. Your Chair-
man, availing himself of this permission, addressed the
President accordingly; and in July last be went a second
time to Paris,swhere he again had the honour of a most
gracious reception. He then learned that arrangements
were in progress, and almost matured, for a combination,
in which the principle of a return of our caution money
was a leading feature. This has since assumed a distinct.
form; and a Projet de Loi is now under the considera-
tion of the Chamber of Representatives of France, for
the concession to a company of a line of railway from
Paris to Avignon, under a guarantee from the State of
5 per cent. per annum, upon a capital fully adequate
to all purposes. The unfinished line from Paris
to Lyons and many other advantages are to be
secured to the new company; and it is put forward by
the prorcoiters of the scheme, and as a part of it, that the
caution money of the Bordeaux and Cette Railway Com-
pany shall bo brought into etccount and funded in gua-
ranteed debentures, which are to be issued at a price to
pay nearly 5i per cent. per annum. These arrange-
ments can only be regarded at present as propositions,
inasmuch as their ultimate fate must depend in the first
instance on the report of a sub-committee of the Cham-
ber, to which the Profit de Loi has been referred; and in
the next place, on the vote of the Chamber itself. But
looking at the support which the present Administration
has received from the Chamber, there is every reason
to believe that some measure involving the return of the
caution money will be adopted by the Assembly. Should
this act of equity be carried out, it will realise what has
ever been impressed on the mind of your arm in, that
forfeitures or confiscations of this sort are repugnant to
the feelings of the French nation.
" The course hitherto pursued for the benefit of the
numerous persons interested in the return of the caution
money having thus been explained, you have next to be
informed that it is at present proposed by the liquidator
of the company in Franco that shares to bearer shall be
issued in lieu of those now standing in the respective
names of the shareholders. The sum of one franc per
share will be payable to them at the same time. Al-
though the chairman is already authorized by you to do
whatever he may deem most to your advantage, he has
nevertheless thought it desirable that this meeting
should be convened in order that he may put himself in
personal communication with you, and thus ascertain
your sentiments on the subject.
" Though there is no doubt that shares to bearer are
more convenient, yet it may well be questioned whether,
in the event of the Bill now before ihe Chamber being
either thrown out or essentially modified, the power of
the English share holders to protect themselves would not
be materially weskencd, by altering the existing form of
their certificates. As the Chamber re-assembles on the
lit of October, and the report of the committee will then
be presented, your chairman would suggest the policy of
suspending any movement until after that event.
" The interest of the' shareholders seems to require
that the projected scheme shall be carried out ; and
therefore every assistance which your chairman can give
to it, consistently with his duty to the shareholders of
the Bordeaux and Cette Company, will be zealously and
cheerfully atfirded. It will be a great satisfaction to
hitinsel,, and those associated with him in the direction,
to see a favourable solution of a question so materially
affecting the interests of the shareholders of this com-
piny, both in England and in France.
The CHAIRMAN said he would only add to this re-
p-It the simple remark, that past events had proved
the stability of railway property in France. What-
ever might be said in this country to the contrary,
such a thinglis a confiscation was unknown in France,
while a general feeling prevailed amongst all classes
of french society that the promoters of works like
railways were deserving of the best protection the
state could afford them. He was happy to say, in
conclusion, that a project was now before the French
Chamber for the relief of parties who were in the
position of luving forfeited their deposits or caution-
money by the non-completion of their works, and he
would suggest that they should remain in statu quo
until they had seen the upshot of that measure. Lie
moved that the report be received and adopted.
Mr. BAGSHAW, Al P., seconded the proposition.
A SHAREHOLDER understood that the new scheme
alluded to by the Chairman would guarantee to a
new company 5 per cent. on their shares. Now,
suppose he objected to take up the new shares, how
was he to get back his caution-inaney ?
The CrIAIRMAN replied that the scheme did not
propose to return the caution mm.ey in hard cash,
and unless shareholders were disposed to take up the
new shares, the only mode of obtaining back the cau-
tion-money would be to sell the existing shares to those
who were

The reiolution for the adoption of the report was
then agreed to.
Mr. LEVY said it appeared to him that they were
in this position, that there was no chance of their ever
recovering the caution mo ey, unless they paid up
121. 103. on some new shares. Now it was his
opinion that railway directors were all a set of
thieves ; he would take good care that he paid no
121. 103., hut allow his caution money to go into the
pockets of the fraternity he had just mentioned.
Mr. WALEY moved a vote of thanks to the chair-
man
and his co-directors, for the attention they had
paid to the interest of the English shareholders, and
the trouble they had taken in preparing the report
for this meeting.
The motion having been seconded, was put and
carried unanimously
The CuAIRMAN, in acknowledging the compliment,
repudiated the idea that all railway directors were
thieves, and took occasion to express a hope that as
railways were the great promoters of peace, Mr.
C,b,ieti would lend them his aid in endeavouring
to ch ain loans to carry out such works abroad.
Mr. LEVY thought Mr. Cobden was a political
humbug, and if he had any regard for the good
opinion of the merchants of London, he would keep
his advice to himself.
A vote of confidence in the chairmanwas then passed,
vlho was appointed to act as the attorney or
agent of tho English shareholders in any negotiations
that might be had with the French authorities, and
the meeting adjourned.