The Sun.
London, England, 1847-08-25 00:00:00

LONDON, WEDVESDAY EVENING, AUGUST 25, 1847.

Alphonse Carletti, secretary of the commune of this
city, residing in the same parish, proper witnesses,
invited to sign with the illustrious Cardinal, and
with me, the notary.
(Signed),
"LOUIS CARDINAL CIACCIII, Apostolic

Witittlon

VALE OF NEATH RAILWAY.
(THIS DAY.)
The third ordinary meeting of this company was
held this afternoon. at two o'clock, at the offices, 449,
West Strand; Viscount Villiers, M.P., occupied the
chair. But a small number of shareholders were
present.
The seal of the company having been affixed to the
register of proprietors,
The CHAIRMAN briefly addressed the meeting. He
said he had great gratification in stating, that it was
likely no additional calls would be required before
the next session of Parliament—certainly not this
side of Christmas—for the purpose of carrying out
the works which had been sanctioned. Out of the
Bills which the company, in pursuance of the engage-
ments entered into last year, brought before Parlia-
liament, only two had been unsuccessful, and they
were not of an important character. He regretted
that they had been unsuccessful in opposing the reso-
lution which made it imperative on them to reduce
the interest on the calls from 51. to 41. Every day's
experience confirmed the opinion the directors enter-
tained, that the line, when completed, would
yield an ample return to those who had
invested their capital in it, and in order
to bring about this consummation as speedily as possi-
ble contracts had been entered into for the construc-
tion of the lower part, extending a distance of nine
miles from Neath, and the works were in active pro•
gress. This part of the line would yield the earliest
and most advantageous traffic, and the directors hoped
to be enabled to open that portion to the public in
eighteen months from the date of the contract;
namely, June or July. Arrangements would be
made with the South Wales Company, from whom
they continued to receive the best assurances of sup-
port, and with the best part of whose line they would
be connected, to open the lines simultaneously. The
contracts for the Merthyr portion of the line would
be let forthwith, and he hoped to be enabled, at the
next meeting, to report that considerable progress had
been made in them. Though they did not intend to
seek powers from Parliament in the ensuing session
to extend communication above the valley, their at-
tention would be earnestly directed to the best means
of obtaining as much of the traffic of that locality as
possible. The punctuality with which the calls had
been paid gave him and the directors the utmost gra-
tification. Their line would intersect the central
mineral districts of Wales, and, as it would afford
railway communication east and west, and carry the
vast traffic of the locality, they might look forward
to a fair return for the capital which they had em-
barked in it.—(Cheers.)
Mr. F. G. SAUNDERS, the Secretary, then read the
report, which was to the following effect:—
" The directors have much pleasure in stating, that
an Act has been obtained authorising the construction of
the whole of the works comprised in the Bill brought
before Parliament in the last session.
" The resolutions of Parliament compelled the di-
rectors to withdraw the clause authorising directors to
allow interest on all calls, at the rate of five per cent.
per annum. They are, however, enabled to continue the
payment of interest at the rate of four per cent., and at
the rate of five per cent. on'all sums paid in anticipation
of calls.
" Considering the depressed state of the Money Mar-
ket at the time the last call was made, the directors can-
not but express their satisfaction at the readiness with
which it has been paid up.
" Contracts for the lower portion of the line, extend-
ing about nine miles from the town of Neath, hare been
let to good and responsible contractors, well acquainted
with the locality, and in whom the directors have every
confidence; and it will be satisfactory to the proprietors
to know that the price at which they have been taken is
below the estimate of the engineer. The works have
been commenced, and the directors hope, on the occa-
sion of the next half-yearly meeting, to be able to report
considerable progress in them.
" The work of the greatest magnitude, and that which
will probably require a longer time to complete than
any other portion of the undertaking, is the tunnel at
the Merthyr end of the line. The directors have not
thought it right to proceed with this part of the work
until they could be satisfied that funds would be forth.
coming to enable them to complete it without delay.
Upon this point they have no longer any doubt; and as
the matter has been urged upon them by several gen-
tlemen well acquainted with the locality, and largely in-
terested in the undertaking, they propose to let the con
tract for this tunnel forthwith. It is also their intention
to proceed with the works on the remaining portion of
the line with as much activity as a due regard to the in-
terests of the proprietors will allow.
" The directors are not at present aware of any branch
lines or deviations which will render necessary an appli-
cation to Parliament in the next session, and they trust
that the expense attendent upon these proceedings will,
for the ensuing session at least, be avoided."
The accounts showed the receipts up to the 30th of
June, 99,7721., and the expenditure 19,7181. 7s. 9d.,
leaving 3,4001. of Parliamentary deposits, and a
balance of 76,6531. 12s. 3d.
The adoption of the report having been moved and
seconded,
Mr. LEWIS inquired if the line was an independent
one, or whether it was intended to amalgamate it
with either the South \Vales or Great Western ; and
whether any propositions, with that view, had been
received from either of those companies ?
The CHAIRMAN replied that the line, at present,
was an independent one, and that it could not be
amalgamated with any other company without the
intervention of Parliament. He did not know that
at present there was any proposition of the kind
before the board; if, however, any proposition of the
kind were made, and it was entertained by the
directors, it would have to be submitted to the share-
holders for approval.
Mr. LEWIS said he asked the question because he
had heard it stated that the Great Western made a
proposition of the kind at the time they took the
lease of the South, and that the offer had been re-
fused, though made on similar terms.
The CHAIRMAN replied that they never received
any offer from the Great Western. A proposition
was received from the South Wales Company, which
was submitted to the last meeting, but as it was not
acceptable the proprietors declined it.
The motion having been agreed to, and a vote of
thanks passed to the chairman and directors, the
meeting separated. '

Legate of the City and Province of Ferrara.
" M. P. FLAMINIUS BOTTONI, Advocate (witness).
" FRANCOIS MARIE CARLETTI, Doctor of Law
(witness).
" ELISEO MoNTI, Doctor of Law, the Notary sum-
moned to prepare the above act."
CAPE OF GOOD HOPE.

NEWRY AND ENNISKILLEN
RAILW AY.—(''HIS DAY.)
The ordinary general meeting of this railway
company took place to-day. The meeting was ad-
vertised to take place at the company's offices, 19,
Moorgate-street, but in consequence of the number
of shareholders present, the meeting adjourned to the
Guildhall Coffee house. After having gone through
the usual routine business,
Viscount NEWRY took the chair, and, after a few
observations, called upon the secretary to read the
following report :
" The directors, in their report presented to the
Third Ordinary General Meeting, held on the 27th
August, 1846. stated that they proposed in the first in-
stance to call up only such portion of the capital as
would be required for constructing the line from Newry
to Armagh, and to apply to Parliament for leave to open
that part of the line, and also for an extension of time
to complete the undertaking, and to enable the company
to allow interest on calls.
" It may be necessary to remind the :proprietors that
as a consequence of the strenuous opposition which their
original Bill encountered in Parliament, certain serious
restrictions were forced upon the company in commit-
tee, and which, in the subsequent altered circumstances
of the times, operated most injuriously upon their in-

terests.
" The directors particularly refer to that provision in
the Act which compelled the company to complete the
portion of the line between Clones and Enniskillen, a
distance of twenty-two miles, before any other part of
the line should be opened, and that the powers of the
company should cease unless that portion between Clones
and Enniskillen should be completed .by the 21st July,
1848, and further, that it should be constructed by thEs
company, with an option to the Dundalk and Enniskillen
Company to become joint owners thereof on contributing
a moiety of the cost.
" An inconvenience arose in consequence of the shares
being 501. each, which rendered them difficult to nego-
tiate, and to obviate this a proposition was made for
dividing the capital into three series of shares, and it
was also proposed that no more than 20Z shares should
be called up, except with the approbation of three-fifths,
in value,: of the shareholders present at some general
meeting specially convened for the purpose, and that
future calls should be limited in amount to 30s. per
share. In order to obviate these inconveniences, and to
meet the wishes of the proprietors, provisions, were in-
troduced into the amended Bill.
" During the last session of Parliament, the Dundalk
and Enniskillen Company also applied for an amend-
ment of their Act to enable them to reduce their capital,
inconsequence of the portion of their line between Clones
and Enniskillen not having to be executed. The direc-
tors felt it for the interests of their proprietors in this
companbyetinogopepontesreed ithanttoßill, which ,
of opposition by each company against the Bill of the
other, and the directors have the pleasure of informing
the proprietors that the amended Act of this company
ded resultedi
n a withdrawal a nego-
tiation
h
received the Royal Assent on the 3d of July last.
Under this Act the company ere enabled to open
the portion of the line between Newry en
Market Hillet
,
a distance of about thirteen miles, ond between Mark
Hill and Armagh, respectively-, so soon as the same, or
either of them, may be from time to time completed,
and the period for the general completion of the work
has been extended to the 2d July, 1852. The Act also
authorises the issuing of shares in series, and limits the
amount to be called up to 20L per share (including the
71. already paid), except with the sanction of a general
meeting.
" The Act also authorises the holding of ordiaar '
meetings alternately in London and Newry, and the
extraordinary meetings of the company at such place,
as the directors shall think fit, and it also empowers the
company, if they shall think fit, to reduce the number of
directors.
"Ia cousequewe of 11, 411teber of the shareholders

having made default in payment of the first
and second c ells, the, directors were, after the
exercise of 7 ;neatferb.earanee; compelled to in-
stitute procee( lings for the recovery thereof, but
they were CI ,tined to the holders of stock upon
which both call s were in arrear, the directors considering
that in consequence of the pressure of the times it was
right in the fir: it instance to coefitse the proceedings to
those who wer, ►in arrear for both calls. The directors
are gratified to state that the result of these proceedings
has been most *satisfactory. They have reason to expect
that the arrea rs which are still due on the second
call will goner ally be promptly paid, and as this will
make the total sum paid 71. per share, the directors sin-
cerely hope, tb at in case of default reing made in the
payment of flat ire calls, it may be sufficient to proceed to
a forfeiture of t: Se shares.
" Thy works on the first five miles of the line from
Newry towards Armagh are progressing satisfactorily.
" The direct( irs have only to add that the difficulties
they have had t ,o encounter respecting the progress of
this line have b eon felt in common with most other un-
dertakings of a similar kind in Ireland. They believe
these impedimc mts, however, to be of a temporary nature,
and that they v rill disappear with the distress and pecu-
niary difficultie ain wflich they originated, and they will
continue to us e their best exertions to expedite the
works consister itly with their desire not to press heavily
on the propriet' ,rs, awd to bring at least a portion of the
line into profit able operation with the least possible
delay."
The followin4 .; is the balance-sheet submitted to the
meeting of the directors :
Dr.
To Engineering an d Surveying... ... £4,161 0 0
„ Law Charges ... 1,524 2 0
„ Witnesses' Expenses ... 2 2 0
„ Advertising and Printing ... ... 478 9 7
„ General Expeases ... 2,842 17 9
„ Mr. Dargan, Account of Contract ... 11,115 0 0
„ Land and Compensation ... 11,803 13 7
„ Amendment of Bill 334 17 0

Cash in Banki,rs' Hands:— £32,262 1 11
„ Union Bank of London, £15,530 8 11
„ Bank of Ireland ... 70 3 4
„ Belfast Banking Company, 673 18 1
16,274 10 4

£48,536 12 3

Cr.
By Balance in hand at Third Ordinary
General Meeting, Aug. 27, 1846...X24,185 18 0
„ First Call on 5,2121 Shares, at V.

per Share ••• ••• •••
„ Second Call on 5,360 Shares, at 21.
lOs. per Share ...
„ interest Balance, 5641. 4i. 6d. having
been paid on Calls
„ Transfer Fees

10,425 0 0

13,400 0 0

... 504 9 3
.•• 21 5 0

£48,536 12 3
After some considerable discussion the report was
agreed to, as was also the balance sheet.
The four directors that went out by rotation were
Mr. W. Morley, Mr. Charles Jennings, Mr. Francis
Carvill, and Mr. Hugh Dalzell ; of these gentlemen
Mr. Morley and Mr. Dalzell were re-elected, and in
the room of Mr. Jennings and Mr. Carvill, Mr.

Robert A. Riddle and Mr. Lewis Crombie were
elected directors.

Mr. W. Spackman was elected one of the auditors
in the room of Mr. George Scott.
On the motion of ➢lr. SPACKMAN, seconded by Mr.
SAMUELS, a resolution was unanimously carried, to
the effect that the directors should call an extraor-
dinary meeting for the purpose of adopting some
measures to reduce the number of the directors from
thirteen to eight.
Resolutions to the following effect were also pro-
posed and carried :
That it is the opinion of this meeting that all calls
up to 71. a share ought to be paid forthwith,
in order that the works might be proceeded
with.—That in all cases of default in the
payment of calls, the shares be forfeited and sold for
the benefit of the company, but that the shareholders
who have paid 71. should not have the payment of such
calls enforced against them by proceedings at law.
Thanks were then voted to the Noble Chairman
and Directors, and the meeting separated.

SALE OF RAILWAY SHARES BY
AUCTION.—(THIS DAY.)
The sale of Railway Shares to-day, by Messrs. La-
mond and Co., was very depressed, and the quotations
show a marked decline in many lines. East Indian
shares were almost unsaleable at the quotation. The
following are a few of the principal sales:—
Derby, Stafford, and Worcestershire .... £0 5 0
Shrewsbury and Birmingham (B) 1 10 0
Shrewsbury and Hereford
Northern Counties Union 0 10 0
East Indian
Great Western of Bengal 0 1 6
Ceylon (scrip) '
Great Northern
London and South-Western (scrip)
Newcastle and Berwick.. 26 0 0
Eastern Counties, York Extension 6 9 0
Ambergate, Nottingham, and Boston...— 1 4 0
Shropshire Union and Canal 1 16 6