The Sun.
London, England, 1849-08-16 00:00:00

VibtrZi Nrittion

CAMERON'S COALBROOK STEAM
COAL AND SWANSEA AND LOUGHOR
RAILWAY.—(THIS DAY.)
The adjourned half-yearly meeting of the pro•
prietors of the above railway was held this afternoon
at the offices of the company, in Moorgate-street, for
the purpose of receiving the directors' report. Only
ten shareholders and two directors were present,
and although they were sufficient to constitute a
meeting,
Mr. SMALLBONES, one of the principal proprietors,
suggested a further adjournment. He objected to
the report and past proceedings of the directors,
but in the absence of the directors who had taken the
most active part in the management of the under-
taking, he did not feel himself at liberty to make any
observations, or submit any proposal to the meeting.
Mr. WRIGHT usoved that Captain Northcote do
take the chair, which was seconded and agreed to.
The minutes of the previous meeting were then
read and confirmed.
Mr. WRIGHT wished to know if the accounts sent
out to the shareholders included the amount due to
the solicitors ?
The CHAIRMAN said it did not. The solicitor's bill
of costs was ready to be sent in, he understood, but
he could not say what the amount would be.
Mr. WRIGHT complained that the accounts had not
been audited.
The SECRETARY explained that the reason they had
not been audited was this, one of the auditors had dis-
qualified, while the other had declined to act.
Mr. STRELLY, the auditor last referred to, said he
refused to audit the accounts because he could not
understand them.
Mr. WRIGHT said the account was illegal and
could not be received.
Colonel BAINES pronounced the proceedings of the
company, from beginning to end, to be fraudulent
and irregular. Formerly there were 150 shareholders
in the concern, but sixty of them had been allowed
to escape all liability by paying a trifling sum of
money. That, he considered, was most unfair.
Mr. ELDERTON said the money paid by the share-
holders had enabled the directors to pay off most
of the liabilities, and now a very small sum
only was required to discharge the remaining out-
standing debts. All, then, that would be wanted
would be the railway transit, and there were two
modes of obtaining it. If the South Wales could
raise the money to continue their line on to Swansea,
an expenditure of 2,0001. would give their collieries
a direct communication with the line, while,
on the other hand, if the South Wales
Company could not carry their railway as far as
Swansea, an expenditure of 3,0001. would enable this
company to make a short line of 21 miles over their
own land to the port of Llanelly, and bring the col-
lieries into immediate and profitable operation.
Mr. WRIGHT said the money amounted to 26,7791.
Now, What banker would lend them money with that
debt over their heads. He wished to know how the
shares stood ?
The SECRETARY said the shares of the company
numbered 20,000, but only 4,000 were held by the
public—the others were in the hands of the company.
Mr. WRIGHT suggested that under these circum-
stances they had better resell the property to the
vendor.
After some further discussion,
Mr. Ilownisa stated, that if the line to Llanelly
could be made the collieries could be worked to yield
10,000/. a year. Now the expense of the company
would be about 3,0001., so that, in point of fact, if
once they obtained the railway they would receive
an actual profit of 7,0001.
It was ultimately resolved that in order to meet the
exigencies of the company the board of directors be
recommended, if possible, to borrow sufficent money
to pay the debts that must be paid.
The vacancies in the direction were then disposed
of, and the auditors appointed for the ensuing year.
Thanks were then voted to the Chairman, and the
meeting terminated.