The Sun.
London, England, 1847-08-28 00:00:00

ford-upon-Avon; which motion was seconded by Mr.
F. G. TOMLINS.

Mr. T. K. HERVEY, seconded by Mr..VANDENHOFF,
moved—

" That the Lord Mayor of the city of London, and
other corporate authorities in the cities and towns of the
United Kingdom, be earnestly solicited, without delay,
to convene meetings of their fellow-townsmen for the
purpose of taking the subject into consideration, and of
raising subscriptions to be added to the fund devoted to
the object in view."
Mr. T. AMYOT, seconded by Mr. B. BERNARD,
Moved—

' That the proprietors and editors of provincial news-
papers be respectfully invited to lend their able and
powerful assistance to this undertaking, not only by
strongly recommending it to their readers, but by
allowing subscriptions to be paid in at their different
offices.'

An animated detail of the proceedings of the Strat-
ford-upon-Avon committee was given by their
secretary, Mr. H. Bracebridge, which was warmly
applauded ; and a committee was named, consisting of
upwards of 70 persons distinguished in literature and
otherwise.

Mr. P. CUNNINGHAM read a statement of subscrip-
tions received by the Royal Shaksperian Club,
and by the committee of the present meeting. From
this statement it appeared that upwards of 1,2001.
had been subscribed by 54 persons. Of that sum
8201. had already been spent in the purchase of the
adjoining premises.
Among the subscriptions are the following :
Prince Albert, 250/. ; Queen Adelaide, 100/. ; Cor-
poration of Stratford, 1001.; Earl Delawarr, 50/. ; Sir
M. W. Ridley, 100/. ' • Mr. J. Spear, 100/. ; the Earl
of Ellesmere, IOW.; Mr. Lucy, of Charlcote-house,
251.; Viscount Morpeth, 25/. ; Mr. H. Hallam Si.;
Right Hon. T. B. Macaulay, 51. ; Mr. J. P. Collier,
Si. ss. ; Mr. C. Knight, 51. ss. ' • Earl Howe, 20/. ;
Dr. Thomson, the Chairman of the Royal Shaks-
perian Club, 21/. ; Mr. Bracebridge, the Secretary
to the Shaksperian Club, 201.
The resolutions having been unanimously adopted,
the thanks of the meeti.ig were voted to the Chairman,
and the proceedings terminated.

LONDONDERRY AND ENNISKIL-
LEN RAILWAY.

The half-yearly general meeting of the share-
holders of this company took place yesterday, at the
company's offices, in Church passage, Guildhall, for
the purpose of receiving the report of the directors,
the statement of the accounts, and the ordinary busi-
ness of the company.
J. G. FRITH, Esq., took the chair shortly after
twelve o'clock, and the usual preliminary proceedings
having been gone through,
The Secretary, Mr. F. H. FLEMING, read the fol-
lowing report :

" The portion of the line from Londonderry to Stra
bane, a distance of fifteen miles, was opened for traffic
on Monday, the 19th of April last.
" The period which has elapsed since the opening—
that between seedtime and harvest—is confessedly, the
worst season of the year for traffic; and was re►idered
still more unfavourable by the distressed state of the
country ; notwithstanding which the present receipts
give satisfactory assurance, that when the traffic has been
more fully developed, and the line extended to Omagh,
or even to Newton• Stewart, an amply remunerative
return upon the capital will be obtained.
" Negotiations are now pending with parties locally
interested in opening up to your railway the several dis-
tricts of the country adjoining it ; and it is confidently
anticipated that the early establishment of additional
public conveyances in connexion with the trains will pro-
duce a greatly increased traffic, as the shortening of dis-
tance, by your line between Derry and the towns lying
south and west of it, will not only enable those persons
who have hitherto resorted to Derry as their market, to
transact their business there and return home the same
day, but will extend this benefit to the inhabitants of
districts which, on account of their distance, have
hitherto been excluded from it.

" Among the numerous benefits accruing both to the
public and the company from the opening of the line,
your direetors are happy to state that her Majesty's
Postmaster-General has already availed himself of it,
not only for the direct communication with London and
Dublin, but for the conveyance of the mails to the
western coast; and your directors have the pleasure of
knowing that they have been enabled to confer upon the
merchants of Derry the commercial advantages neces-
sarily arising from an opportunity of answering letters
on the day they are received ; in fact, bringing Dublin,
and, consequently, London, one day's post nearer to
Derry.
" The general advantages to the city of Londonderry
and its neighbourhood, already manifest from the work-
ing of the line to Strabane, have served to arouse a strong
local feeling in favour of your undertaking, and a general
desire for its extension. With a view of encouraging
and aiding this extension, some of the leading landed
proprietors have expressed their readiness to give the
land required by the company on the most liberal terms,
both as regards price and period of payment.
" It has occasioned your directors much regret that
they have been obliged to make calls beyond the amount
at one time contemplated; this, however, became neces-
sary, from the great default of many shareholders who,
from inability to pay, could not be compelled to do
so. Much anxiety has pervaded the board as to en-
forcing the payment of calls; and it is with satisfaction
they are able to state that, in many instances, by 'a
wholesome forbearance, payments have been procured
which must otherwise have been lost. Though it is
hoped that no shareholder who could pay has felt him-
self unduly pressed, it was considered but just to those
who had paid, that all having the ability to pay should
do so. It is still confidently anticipated that payments
to a very considerable amount will be received out of
the arrears ; towards the reduction of which, the best
efforts of the directors will continue to be directed.

" The directors have considered it their duty to
forfeit 817 shares for non-payment of calls; this for-
feiture is now submitted for your confirmation; at the
same time they deem it just to state, that until these
shares be sold after forfeiture, the proprietors thereof
respectively may reclaim them by paying up the calls
overdue.
" Notices of forfeiture upon a large additional
number of shares have been served; but negotiations
have been opened by several of the holders, which it is
hoped will avoid the necessity of having the forfeiture
confirmed; and in several cases the second and third
calls have been paid since service of the notices.
" The outstanding liabilities on account of the line to
Strabane amount to about 57,000/. Your directors hope
that the amount of some of the claims may be lessened ;
but it cannot fairly be estimated that they will even-
tually be liquidated for a smaller sum than 50,0001.;
this amount would fully have been covered had the calls
been only reasonably responded to. There is still every
reason to believe that the produce of the arrears will
serve 'very materially to reduce the liabilities, and that
such arrangements may be made as will permit the ba-
lance to stand over until such time as the company shall
have been placed in a position to meet them, by the
adoption of the course which the directors are now pre-
pared to recommend.
" Your directors continue fully impressed with the
belief that the line to Enniskillen, if carried out as
originally contemplated, would be highly productive ;
but looking at the present state of monetary affairs,
and the convenience of their shareholders, they feel
satisfied that their most effective way of ultimately se-
curing the construction of their whole line is by taking
steps to limit, for the present, the length of line and
the amount of capital. With this object in view, your
directors beg to submit the following suggestions for
your approval.
" Your capital is at present 500,0001., represented by
10,000 shares of 501. each ; of these shares 533 were
forfeited at your last meeting, 817 are now submitted
for forfeiture ; and it is believed it may be necessary
to increase this forfeiture to the extent of 3,000 shares,
leaving 7,000 shares in the hands of responsible pro-
prietors.
" Your directors would therefore suggest that the line
should be limited to Omagh, and that, for the present,
the portion of it between that town and Enniskillen should
be abandoned, and the capital reduced from 500,000/.
to 350,000/. • and that this sum of 350,000/. be
represented by 14,000 shares of 25/. each; and that each
shareholder of the present capital shall, for every 501.
with 251. paid up, become the holder of two shares of
254 each with 124 10s. paid. This suggestion, if adopted,
will reduce the amount of capital; enable the company
to borrow 116,0001. immediately the change be made;
and will, by reducing the shares from 501. to 251. each,
render them more marketable. Should this plan be
adopted, it is confidently hoped that the line to New-
town-Stewart may be opened without calling upon the
shareholders for any payment towards it beyond the
121. 10s. per share above-named.
" Your directors looking at the aid rendered by the
Government, in course of last session, to such Irish rail-
way companies as were legally entitled to a loan (a
position which they much regret this company had not
attained), entertain a sanguine hope that in the coming
receivesession the sanction of
afurthermeasurbeer Majesty's
jideetty,B Governmentolrishrailways ; willie
which case, by the plan now proposed, this company
w:
gd therebya2t, oncebe
be
inenableda
position o
°
and
forAfefter some discussion, the report was agreed to.
Eight
Thiteedd.
ihreucntdorres thatdand seventeen shares sbhyarreostawtieorne
wdeecrlearreed.
elected, with the exception of Mr. Robert Bond, who
was rejected upon its being stated that he had not
paid up his calls, and Alexander Lindsay, Esq., the
present mayor of Derry, was re-elected in his room.
Mr. Bloxam was re-elected one of the auditors.
A resolution to the following effect was unani-
mously adopted :—" That the works shall not be ex-
tended beyond Strabane until the proposal for the
same shall have been submitted to a general meeting
of the shareholders."
A resolution was also carried " That the capital of
the company be reduced to 350,000/., in shares of 251.
each, and that the line between Omagh and Ennis-
killen be abandoned for the present, and until the
directors have procured powers to effect the same."
It appeared from the statements of the Chairman
that there was upwards of 80,0001. in arrear for calls,
but the solicitor of the company stated that he was in
hopes they would be enabled very shortly :.o get more
than 30,0001. of that amount.
A resolution empowering the directors to adopt
the most vigorous measures for enforcing the payment
of the calls was unanimously carried ; and, after a