The Sun.
London, England, 1847-08-18 00:00:00

THE CORK AND WATERFORD

RAILWAY. --
The second half-yearly meeting of this company
was held yesterday, at one o'clock. Dr. Bowring, M.P.
took the chair, in the absence of the chairman, Mr.
Thomas Wyse. Not more than half-a-dozen share-
holders were present.
The seal of the company having been affixed to the
Registry of Proprietors,
The SECRETARY then read the report, from which
the following are extracts :
" The directors having maturely considered the
position and the prospects of the company, determined
upon making a call of 1/. per share, payable on or before
the 29th of September, 1847, for the purpose of under-
taking that portion of the line of railway which extends
from Waterford to Tramore, a distance of about eight
miles, which, as they are advised, can be constructed for
about the sum of 95,0001., viz.: earthwork, masonry, &c.,
40,0001. ; plant, carriages, and stations, 45,0001. ; pur-
chase of land, 10,0001. It is intended for the present,
that a single line only be made, but the earthworks will
be so constructed as to be available for a double line,
should that be deemed hereafter desirable. Your di-
rectors have had the satisfaction of remarking, that
Irish railways have already attracted the serious and
favourable attention of the Legislature; and they cannot
refrain from noticing the language of Lord John Russell,
in his speech in the House of Commons, on May 13th,
1847, with reference to the Irish fisheries, as par-
ticularly applicable to the Cork and Waterford Railway.
His Lordship said, 'That it was to remunerative markets,
to the internal improvements of the country, that he
looked for the prosperity of the fisheries of Ireland. He
believed that the construction of railways in Ireland
would furnish a great stimulus to the Irish fisheries; he
had no hesitation in saying, that a railroad across the
country to Galway, and another leading to the great
fishing stations in the south of Ireland, by which the
fish might be brought to Dublin, and even for the Eng-
lish market, would be of immediate benefit. These
communications would no doubt be ultimately estab-
lished, and he quite agreed with the Noble Lord
opposite (Lord George Bentinck), though he had
opposed his motion on the. subject, that a line of
railway connecting the coast of Ireland with Dublin,
will afford a great stimulus to the fisheries of Ireland.'
To this may be added the well-known fact, that many
Irish railways on which only small portions of the line
are completed and at work, are already receiving ample
returns. Under these circumstances, your directors
feeling confident that by careful and prudent manage-
ment, a fair remuneration, at no distant period, may
be looked for from this, part of the line, recom-
mend that the works on that portion of the line
from Waterford, with the branch of half a mile
to Tramure, being a distance of eight miles,
be proceeded with as soon as possible. That
as the sum of 95,0001. would be sufficient for the
accomplishment of this object, and, as the amount of
forty shillings per share with the balance in hand would
supply adequate funds, a call of ten shillings per share,
nwsitteha da view
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ye shareholders),
advertised,he
made payable on the 29th September next ; and that no
other portion of the line be commenced until the pro-
priety of such further proceeding shall have been sub-
mitted to a general meeting of the shareholders. Your
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advantageous portion of the line, while it pro-
mises an adequate return for the contemplated outlay, and
will be an important step towards enabling them in more
prosperous times to carry out and complete their original
project. The plans and surveys of this portion of the
line are prepared and the line is set out. A balance of
16,9041. 2s. 3d. still remains in hand. Inasmuch as there
will be great convenience in settling the interest accounts
at fixed half-yearly periods, the directors have deter•
mined that interest, from the time of the passing of the
Act, shall be paid up to the 29tk of September, and that
interest warrants be prepared on the Ist of October,
which will be delivered to the parties entitled thereto on
the production of the sealed certificates of registry."
The accounts showed the expenditure to the 30th
of June last to have been 56,644/. 7s. 9d., and the
receipts 75,5481. 10s., leaving the above-mentioned
balance.
The CHAIRMAN briefly addressed the meeting.
After adverting to the principal matters in the report,
he said the directors had had great difficulties to con-
tend with ; they had, however, been happily over-
come, and he confidently believed that the line would
prove a profitable source of investment. In reply to
several questions, he stated the traffic estimated for
the line by their opponents in the House of Commons
was 13,3951. The estimated returns would be Si. per
cent.

The report was adopted.
Mr. GARRATT said it was unlikely, in the depressed
state of the money market, that they would get a
considerable portion of the calls paid up by the time
stated in the report, even though they paid 4 per cent.
interest. He, therefore, begged to move, as an amend-
ment, " That the time of payment be deferred until
March next," which was seconded by Mr. ILKIN.
A DIRECTOR cited the fact that 160,0001. out of
calls amounting to 180,000/., in a Welsh railway had
been paid up within a fortnight after they became
due, to show that the money
market was not in
so deplorable a condition as the Hon. Gentleman
conceived.

Mr. GARRATT reminded the Hon. Proprietor that
this was an Irish railway, and that money could not
be so easily raised upon it as upon English railways.
The CHAIRMAN said one-third of the proprietors
had sent in their concurrence with the report.
The amendment, modified to a recommendation,
was then adopted, and a vote of thanks being passed
to the Chairman and directors, the meeting separated.