The Sun.
London, England, 1849-08-28 00:00:00

lorb EDition

SUN OFFICE, Seven o'Clock.

" Your directors annex to this report a statement of
the position of sour etriirs, anti submit also for your
consideration a statement showing, that by a deviation
of your present ParLamentary line, by which you will
avoid 1.400 yards of tunnelling, your line from Creditcn
to Barti.taple can be finished by the means proposed,
for 100,000/. less than the Parliamentary estimate, viz.
for 447 8211., instead of 548,0001.. and have a surplus of
40,5791 to meet inters st and contingencies."
The CHAIRMAN, in moving the adoption of the
report, sta,ed that the existing liabilities of the
compauy amounted to 20.0001., hut to wind up—the
concern it would require 13,000/. more, involving a
further call of 2/. per share upon all solvent pro-
prietors. The line, however, could be made for
13,001. per mile, and as there could be no doubt
thaT, hen made, the traffic would prove highly re-
mom rstive, he thought the sooner the recommenda-
tiw's in the report were adopted the better.
M. W. CHAPLIN, M P., did not think so. Under
all the circumstances, he thought it better to wait a
longer.

Mr. GILLMAN objected to that proposition in toto.
It was perfectly ridiculous to think of still further
pro( rastinating, incurring, as they were, an expen-
din re of 10,000/. a year. He suggested that a
con mittee should be appointed to confer with the
dire ctors on the best mode of raising funds to con-
stri ct the line, which, there could be no doubt, would
pre ye a profitable one.
Eventually, after much noisy discussion, the mo-
th n, for the adoption of the report, was adjourned
r further consideration, and thanks having been
oted to the Chairman, the meeting terminated.

LONDON A 11) BLACK WALL RAIL-
WAY.—(THIS DAY.) .
The usuual half•yearly meeting of this company
was held thia day. at the London Tavern, Mr.
J. N. Daniell, chairman of the board of directors, in
the chair.
The following was the report of the directors :
" The directors have to report that the works con•
nected with the alteration of gauge and the adaptation
of the railway to the locomotive system were so far corn
pleted on the 2d of April last as to admit of the line
being re opened throughout on that day; and it has
since been worked by locomotive power.
" The traffic accounts for the past half-year embrace
the charges under the locomotive and stationary engi❑e
systems ; and do not, therefore, enable the proprietors
to judge of the comparative costs of working under each.
Tne expenses, as contrasted with those of the corre-
sponding period of last year, however, exhibit a reduction
of 3,2071, nearly the whule of which may be attributed
to the change in the mode of traction.
" On the other hand there has been a diminution in
the receipts. But it must not be forgotten that during
the first three months of the year, only one line was in
operation, working half-hour time, and it was only after
some experience with the locomotive power that it wss
found practicable to resume working the trains every
fifteen minutes ; to which circumstances a comiderable
portion of the falling off in the traffic must be ascribed.
" The following is the comparative statement of the
passenger traffic, during the first six months of this and
last year:—

1848. 1849.
Passengers. Amount. Passengers. Amount.
January —.190.958 £3,272 110 149,479 .62,650 15 6
February —148,690 2,527 5 0 111,014 1,944 6 0
March 166,834 '2,822 0 7 100,268 1,738 10 6
April 184,053 3,229 7 7 201,915 3,553 17 0
May ..... 314,222 5,496 2 2 199,329 3,530 10 8
June 264,207 4,676 0 8 233,152 4,140 12 10

1,273,969 £22,022 17 10 995,137 .£17,558 12 6
"The aivantagea of the extension-line to Bow and
the Eastern Counties Railway have not yet been deve-
loped, by reason of no satisfactory arrangement having
been effected with the Eastern Counties Company, for
the joint working or the lines; ner has any benefit been
derived from the Emit and West India Dock and Bir-
mingham Junction Railway, from which sources the
directors reasonably look for a large augmentation of
the passenger- traffic.
" The director.; have to make the following remarks
upon the accounts, which are already in the hands of
the shareholders :
" The revenue account shows a balance of
3,162/. 17a. 2d., which amount is placed at the dis-
posal of the proprietors.
"During the half-year a sum of 1,988/. has been paid,
under a decree of the Court of Chancery, for tithes in
dispute, being 467/. less than the amount claimed, and
the directors have, with the approbation of the auditors,
charged 5251. in ,th
the balance to be present
speread
revenue account, leaving
over the three succeeding halt-
years, in equal amounts.
"In accordance with the promise made in the last
report, the directors have caused to be prepared separate
statements of the accounts for the extension-line and for
the adaptation of the
to locomotive power.
" The extension account, tilheerotore, now includes only
that line, the
such charges as appertain to
payments on account of which amount of that
236,586/. this sum must be added the To
18,376 L, and fren.,. the total there must beue
e for works,
rotkh:
value of the surplus property, estimated at
showing that the actual cost of the line will be 215,9:4Y
Tbis amount includes 10,000/. for the substitution of a
brick for a Tv, oden viaduct, 17.5231. for interest on paid.
up capital and loans, and 6,300/ for rolling stock, none of
which were included in the original estimate of 200,0601.
" The cost of the alteration of gauge and the adapta-
tion of the main line to the locomotive system of work-
ing, after deducing the old materials sold, has been
43,7841., and the sum of 1,500/ is still due in respect
thereof, but upon the value of the stationary engines and
other machinery, estimated at 12,000/, being deducted,
the amount will be reduotd to 33,284/. This sum in
eludes 2,650/ for parapet wall, 1,7571, for roofing and

TAW VALE RAIL WAY AND DOCK.
(THIS DAY.)
The usual half-yearly general meeting of the pro-
prietors of this company was held this afternoon at the
London Tavern, Mr. John Charlotte, chairman of the
Ooard of directors, in the chair.
The following was the report :
" Your directors have forwarded the financial state-
ment for the past half-year to each proprietor, and have
confined their operations since the last meeting to en-
forcing calls and paying off various claims on the com-
pany; having suspended the construction of works in
Maroh last, with the exception of such as they were
compelled to? roceed with.
3 Your directors regret the decision of the Commis-
sioners of Railways, in opposition to the all but unani-
mous prayer of the shareholders, and of almost every
landowner and occupier on the line, as to the gauge, has
operated so ruinously on the shareholders, that many
have transferred their interests, and others cannot be
induced to pay the calls; your directors, however, are
not without hope that Parliament may yet relieve them,
by sanctioning a change of gauge at no very distant
period, particularly as the Bristol and Exeter Railway
Company, who, before the Commissioners of Railways,
and the Parliamentary Committee, expressed their
readiness to take the lins, have now declined to do so
on any terms.
" Your directors are under the painful necessity of
submitting for your confirmation the forfeiture of 4,640
shares, upon which calls are in arrear, the required
notices of the forfeiture of which have been given to the
respective proprietors; a resolution for such purpose
will be submitted to you.
" The directors submit to the consideration of the
shareholders, the following plan for re-issuing these
forfeited shares; also a statement, showing the present
position, and future pro-pacts of the company ; these,
with other matters, they intend to submit, with the ap-
proval of this meeting, for confirmation, to the share.
holders, at an extraordinary meeting to be convened for
the purpose.
" Ist. That the forfeited shares be re. issued, as 20/.
scrip preference shares, with credit for 4/, as a deposit
paid thereon, bearing interest or preference dividend at
the rate of 5/. per cent. per annum, in perpetuity, and
shall be issued to the proprietors of Taw Vale Railway
and Dock shares, rateably to the number of shares held
by each proprietor, who stands registered in the com-
pany's books on the day fixed for such extraordinary
meeting, and who shall on or before that day have paid
81. on each share.
" 2d. That the holders of these 201. scrip preference
shares shall have the privilege of paying all or any per•
tion of the calls in advance, receiving interest thereon
from the Ist of the month next following the day of pay-
ment of such advance; and, until the 30th December,
1852, shall have the option of claiming to be registered
as either proprietors of Taw Vale Railway and Dock
shares, or stock; or, as proprietors of 5 per cent, per-
petual preference shares.
" That the following be the conditions on which the
preference shares shall be issued, viz.—let. That a call of
3/., making 71. per share paid, be paid within one month
after the issue; and unless paid by the date named, the
letter of allotment to become cancelled, and the scrip
shares reprs seated thereby be immediately otherwise
disposed of at the discretion of the directors. That a
second call of 3/. per share be made payable three
months after the first call. A third call of 31. per share
he made payable three months after the second call. A
fourth call of 31. per share be made payable three
months after the third 'call. A fifth call of 3/. per
chare be made payable three months after the fourth call;
and a sixth and final call of 11 per share be made payable
three months after the fifth call. The interest to corn-
eae Les on the whole amount of 20/., the let of the next
month after the third call is paid.
" 2d. That if any one of the last five calls be not
paid on or before the day specified, all interest from that
day shall cease; and if unpaid for one month with in-
terest, the scrip shares and all previous payments
there on shill, without further notice, become absolutely
for!e!ted.
`• 31 That the said preference scrip shares issued in
lice of the said forfeited shares, together with such
additional preference scrip shares as may be issued in
lieu of 2UI. shares hereafter forfeited, shall be the only
Alerts having a primary preference dividend.
" 4th The directors propose that only 21. per share
more shall be called on the existing 201. shares, making
in all 101. paid, until the money to be raised by the pre-
ference scrip shares and the borrowing powers of the
csmpiny shall be tested.
" sth. The directors propose that the existing 20/,
share; on which 8/ has been paid or may be paid on or
before the said extraordinary meeting, shall continue to
receive interest from the day of such meeting, until the
line is opened from Crediton to Barnstaple, after which
they shall take all surplus income, after payment of the
preference shareholders