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

WEST FLANDERS RAILWAYS.
The seventh half-yearly general meeting of the pro-
proprietors of the above railways was held yester-
day, at the London Tavern; W. P. Richards, Esq., in
the chair.
The report stated, that at the general meeting held in
November, the traffic receipts for the half-year, ending
31st August, were stated to be 6,019/. ss. 11d. The
total expenses of the half-year (including those of main-
tenance of way) were 5,9621. 13s. 10d. At the same
time the directors expressed their expectations that the
expenses of the succeeding half-year, which are now
laid before the meeting, would be diminished. In this
expectation they have not been deceived. The expenditure
for the half-year, ending the 28th Feb. last, is reduced to
5,3071. 7s. ld. The receipts for the same period, the
least productive of the two divisions of the year, amount
to 5,7131. 16s. 5d., being a falling off of 3051.95. sa. upon
those of the preceding six months. The receipts, when
compared with those of the corresponding half-year in
1847-8, show a diminution of 1,0981. 45, id., which
your directors believe to be the effect produced by the
revolutionary movement in France, which began to ope-
rate in February, 1848, afflicted Belgium during the
whole of last year, and is now only slowly modifying its
influence. Your directors have been anxious
to enforce the most rigid economy ; the effects
of their exertions are visible in the accounts
now presented to the meeting, and will appear still larger
in the next accounts. If the whole working expenses,
including proper maintenance of permament way, can be
confined to 10,000/., which will be less than 300/. per
mile, the directors can hope for little more, and to this
must be added a sum for the renewal of depreciated
stock. The receipts since the end of February, com-
pared with the same time last year, show an increase
during the three months, amounting to about 2601.,
which it is hoped may be considered as an indication
that Flanders is slowly recovering from its prostration
and distress. The directors have to state that the pro-
ceedings in Chancery, which were abandoned by Mr.
Robert Stephenson, as executor of his late father, have
been renewed by another party, the same solicitor
being engaged; which course has caused some trouble
and inconvenience. The directors have put in an
answer to the bill filed by Mr. Pulsford ; and under this
suit have deposited all the books and documents of this
company in the Court of Chancery. The directors beg
to refer the proprietors to the resolutions passed at the
last meeting with reference to the forfeited shares, and
to state that they have considered it as the
safest course they could pursue to allow those
shares to remain in the state which the statutes
of the company ordained, as they were unwilling to
incur legal responsibility hereafter, and involve the com-
pany in another Chancery suit. The directors have con-
sidered that they have best fulfilled their duty to the
proprietors by simply laying before them the statement
of the receipts and expenditure, with the report of the
Directeur Gerant, without comment. The balance in
bated is 3,607/. ; the ascertained liabilities of the com-
pany, as stated below, amount to about 1,840/. There
are a few items, which are still matters of
dispute, which are amply provided for by the balance.
The CHAIRMAN, in moving the adoption of the report,
congratulated the proprietors upon the improved aspect
of their affairs, and declared that the directors were now
convinced that ultimately the undertaking would turn
out to be a most profitable one.
Mr. LYAL remarked that the liabilities had been cal-
culated up to the present time, while receipts were only
brought down to the 29th February.
The CHAIRMAN said this had been done in order that
the sharehalders might know the exact amount of their
liabilities.

A PROPRIETOR calculated that the profits would enable
them to divide 21d. a share, and when he considered that
the liabilities had been reduced from 200,0001. to
45,2001., he thought they had good cause for congratula-
tion. He was quite sure the accounts were strictly
correct.

The CHAIRMAN assured the meeting that they were.
The report was then adopted, after which
Thanks were voted to the Chairman, and the meeting
broke up.