The Sun.
London, England, 1847-10-11 00:00:00

btai Mbttton

NEWMARKET RACES.

(THIS DAY.)

BY ELECTRIC TELEGRAPH.

Handicap of 20 sovs. each. T.Y.C.
Radulpb us ... 1
Moodkeem ... 2
Sweepstakes of 50 sovs. each, 30 ft; for three yrs old
fillies, Bst 71b each; those by untried stallions, or out
of untried mares, allowed 31b ; both, Sib. D.M.
(12 Subs.)
Bridle ... ... walked over
Sweepstakes of 10 soya. each; for two yrs old, 6st 71b;
three, Bst 41b; four, Bst 131 b; five and upwards,
9st 21b. Winner to be sold for 2001. T.Y.C.
Radulphus 1
Blackcock
.. 2
Match—Villiers received forfeit from Vice Consul.
Match—Nerissa beat Dr. Goodall.
50L; for two yrs old colts, Bst 71b; fillies, Bst 51b. T.Y.C.
F by Don John, dam by Colwick 1
Minto , 2

DEMERARA RAILWAY.
(THIS DAY.)
The first half-yearly meeting of this company was
held to-day, at one o'clock, at the London Tavern ;
Mr. M. McChlery occupied the chair.
The seal of the eompany having been affixed to the
register of the proprietors,
The SECRETARY (Mr. H. Hill) read the following
report

The directors have much pleasure in stating that
considerable progress has been made in carrying out
the powers of the Act authorising the construction of
this railway, and that the position of the company's
affairs, as regards the present state of the works, and
the prospect of future success, are highly satisfactory.
"By the exertions of the Colonial Committee of
Management, aided by the judgment of the engineer,
Mr. Catherwood, several very valuable lots of land
and buildings have been secured to the company, at
a moderate price, in the most eligible part of George
Town, which have all the desirable requisites for the
establishment of a principal terminus. An advan-
tageous purchase has also been made of a piece of
land in the immediate vicinity of the town, on which,
besides its intended application to other useful pur-
poses, a manufactory of bricks is now in the course
of being established, from which a great saving of
expense in that article may be confidently expected.
"No further purchases of land will now be required
except for a site of the smaller terminus at Mahaica,
and for a portion of the line of road of the railway ;
and on this latter head the directors have every reason
to hope that the expenditure will be comparatively
light, for the majority of the proprietors in this dis-
trict have, since the last meeting, liberally ceded to
the company, gratuitously, the quantity of land re-
quired on their estates for that purpose, and it is
hoped that an equally favourable result will attend
the renewed applications lately made to several others
of the proprietors who are known to be most favour-
ably disposed to this undertaking.
" Since Mr. Catherwood's return to the colony, a
new survey of a part of the east coast district has
been made, and an improved line laid down for that
portion of the course of the railway, which possesses
the advantages of shortening the distances between
the termini, and of preventing all possibility of the
railway being injured by any encroachment of the
sea, and of affording increased accommodation to
several of the estates on the line.

" A plan and
.section in conformity with this last
surrey, have been duly registered in the colony, and
all the other formalites required by the Act having
been complied with, the directors have much gratifica-
tion in stating that the ceremony of ' turning the
first sod' was performed on the 19th August last, by
his Excellency Governor Lyle, who was attended by
the colonial heads of departments, all the members
of the committee, and numerous others, his Excel-
lency on this occasion evincing, as he has ever done,
the lively interest which he takes in the progress of
the works, and his desire to promote the success of
the undertaking by every means in his power.
"An account, in detail, of the progress of the
works to the middle of August last, will be found in
the engineer's report hereto subjoined; and the
directors have the satisfaction of adding that they
have also received a letter of a late date from Mr.
Catherwood, in which, after repeating his convic-
tion that the line will prove highly remunerative,'
he further says, 'Nor do I at present see reason to
fear that the estimated cost (low as it Is) will be ex-
ceeded, or if at all, but by a comparatively small
sum.'

"In order that all proper dispatch might be used
in the carrying out of this undertaking, the directors
have, from time to time, sent out to the colony ex-
perienced artificers, in the selection of whom great
care has been exercised, together with such a supply
of machinery and implements as was calculated to
further the progress of the works, and there now
seems no reason to doubt from the last communication
received from Mr. Catherwood, that within six months
from the present time the first few miles of the rail-
way will be opened for traffic—an event of much
imlortance to the interests of the shareholders—as
the directors will be enabled to apply the returns from
this source towards the further expenditure to be in-
curred for the works.

" That due economy has been observed by the di-
rectors in the management of the fund entrusted to
them will appear from the accompanying general
statement of the accounts, which shows that out of
the original deposits by the shareholders on the
formation of the company, they had in hand on the
30th ultimo, the day on which the half-yearly
accounts were made up, a balance of 10,7081. Os. 3d.
" Liabilities, however, have been incurred on
account of the company, for which it is necessary
that immediate provision should be made, and anxious
as the directors have naturally been during the pre-
sent depressed state of the money market to defer
making any demand upon the shareholders, such a
course is now indispensable, in order to enable them
to meet their engagements becoming due, and to pro-
ceed with the undertaking.

" They propose to limit the present call to 2/. 10i.
per share, an amount which they trust will be readily
responded to by the shareholders.
" The directors cannot conclude without expressing
their own unabated confidence in the success of this
undertaking, and bearing their willing testimony to
the zeal and energy displayed by the local committee
in Demerara, and the engineer, in the performance
of their respective duties. Their services have been
hitherto very valuable to the company, and the di-
rectors continue to receive assurances from them that
they will not relax in their endeavours to promote,
in every possible way, the success of this undertaking.
The directors have now to submit to the share-
holders a statement of the accounts of the company,
from its formation to the 30th ultimo, examined and
signed by the auditors."
The accounts from the commencement up to the
30th of September showed the receipts to have been
63,1931. 14s. 10d., the expenditure 52,485/. 14s. 7d.,
and the balance 10,708/. Os. 3d. _ _ _

Colonel WARREN disapproved of the payment of
1,5001. a-year to the directors-1,0001. to the direc-
tors here and 5001. to those located in Demerara.
He considered it an extravagant sum for the direction
of a railway only twenty miles in length. The direc-
tors of the Colchester line, which was fifty-two miles
in length, only received 600/. a year; and as he con-
sidered the sum too large, and that all the manage-
ment was on the other side of the water, and not
here, he proposed that the sum should be reduced to
4001.
The motion was not seconded, but

Mr. A. F. RIDGWAY rose and opposed the motion.
The sum, in his opinion, was not too large for the
laborious and valuable services of the directors. They
must not look to the length of the line for the
means of judging as to the amounts which
they should receive ; that was no criterion.
They must look to the vast amount of labour
they had devoted to their duties, to their careful
examination of the resources of the country which
the railway traversed, and to the care which they
had taken to place their shares in the hands of bond
fide persons. Mr. Ridgway entered at some length
into the resources and increasing prosperity of the
colony, and showed, from the increased consumption
of the colony, how valuable the railway would
become, and how necessary it was to give the direc-
tors cause to be vigilant in their service. He begged
to second the adoption of the report.
The CHAIRMAN said, at the last meeting 1,500/.
was voted to the directors for their services for the
ensuing twelve months. The meeting was a nume-
rous one, and the motion awarding them this remune-
ration did not come from the directors, but from the
meeting. He questioned much whether they would
get even one person to devote his time in the colony
to the railway for 5001. They must recollectTmoment,
bt
it was necessary to have two boards.
had deferred making calls to the last he directors
they regretted that they could not defer doing so
any longer. The next call would take place imme-
diatelyreport was then adopted, and the motion of
The.
Colonel Warren having fallen from the want of a
seconder,

A vote of thanks was passed to the Chairman and
directors, and the meeting separated.

A Co]

Ingress of Jewish Reformers is to meet in the
course of the month at Berlin, to discuss questions re-
lative to the reforms which may be introduced in Ju-
daism, to render it better adapted to the wants of the
century.