The Sun.
London, England, 1847-02-24 00:00:00

Vbirb Ebttton

SUN OFFICE, Seven o' Clock

MONEY MARKET--LATEST NEWS,
CITY, W.. EDNEeDA.T.

Consols opened at
9ot to for this Account,
and
90-7, buyers for April ;
from which prices they rose to
90i to 91 for this Account,
and

91 to 911 for April Account ;
then fell gradually to
904 to 4 for this Account,
and

901 for April ;

finally closing at
90i i for this Account,
and

90i to 91 for April.
The Government broker bought for the Reduction of
the National Debt-
-2,000 in Three per Cents., 1726
at 90
3,000 1751
5,000 Reduced at 91i ;
and for Savings' Banks
4,000 (31. 55.) at 92k.

REGISTRY of BIRTHS and DEATHS
DURING THE WEEK ENDING FEB. 20.
Deaths registered in the week. Births registered in the week.
Aisles ... ... ... 655 Males ... ... ... 703
Females ... ... 598 Females ... ... 686

Total ... 1,253

Total ... 1,389

CENTRAL OF SPAIN RAILWAY.

(THIS DAY.)
A meeting of the shareholders in this project was held at
the London Tavern, Bishopsgate• street, to hear the report of
the committee appointed on the 14th December last, to in-
Yestiga the affairs of the company.
Mr.IIIP.ORGE SEYMOUR, being unanimously called to the
chair, proceeded to read the committee's report on the affairs
of the company. It stated that a railway from Madrid to the
frontiers of Portugal had been proposed early is May, 1845,
and a company formed, with a proposed capital of 2,000,0001.,
in 100,000 shares, 50,000 of these being reserved for Spanish
shareholders. In the month of June of the same year
an advertisement from the secretary of the company ap-
peared, stating that all the 50,000 English shares bad been
and el, and that it was not in the power of the directors to
satisfy the applications, which had exceeded the whole
amount of shares by four-fifths; and a second advertisement,
in the same month, announced that the company had re-
ceived the royal concession of the Sovereign of Spain on 30th
May. Capt. Pilkington, about the end of June, was dispatched
to Spain to make the necessary preparations, surveys, &c., for
beginning the line. From that time till June, 1846, the
shareholders had no communication with the directors ; but
in that month an advertisement appeared, stating that they
had made arrangements to construct the half of the line to
Toledo with Spanish capital. Such was the history of the
company as it was known to the shareholders generally. The
committee appointed at last meeting, on coming to examine
into its affairs, found every impediment thrown in their way ;
the directors refused to communicate with them ; they had
indeed been allowed access to the minute book and the cash
book; but the banker's book and most of the letters, the do-
cuments, in fact, which would have corroborated or otherwise
the result to which the commissioners had come, had been
suppressed. But they called the attention of the
shareholders to this, that on the 9th of June, 1845, the
directors announced that all the shares bad been issued,
and that applications for shares had been sent exceeding the
number of shares by four. fifths. Yet, what did they find?
That the whole number of shares allotted was 27,785, out of
.50,000, leaving a balance of 22,215 unaccounted for, retained
in the hands of the directors. They found, moreover, that by
a minute of the 7th May, 10,000 shares had been reserved for
the special committee. The number of shares paid upon by the
public was 10,005 ; 4,000 more were put down to Captain Pil-
kington as paid upon, and 4,405 she res appeared as given away
gratis in different lots to different parties, seemingly for ser-
vices, making the total amount of shares, ranking as paid
upon, 18,405. From the absence of the banker's book, the
committee could not arrive at any result concerning the finances
of the company ; but this appeared from the cash-book, that the
whole of the shareholders' money had been expended, ex-
cept a balance, less than 8001., in the hands of the directors.
It appeared that Captain Pilkington alone had had paid to
him 20,900/. 3s. 6d., but on what account there was no means
of ascertaining from the book; and the Captain himself
had refused the committee his accounts, or any assistance to-
wards understanding this part of the business. The other
point to which the committee adverted in their report re-
rerred to the concession of the line by the Spanish Court.
An advertisement appeared in June 1845 from the directors,
stating that the roral concession of the company's line had
been obtained on the 30th May that year; the fact, how-
ever, turned out to be, that negotiations for this pur-
pose continued to be carried on until the December
following, when the royal conce.sion was positively re-
fused, and refused, as it teemed to tie committee, on
perfectly justifiable grounds. All that had been ob-
tained previously was, the permission to deposit plans
and surveys of the proposed line with the Government, and
the promise that if these should appear satisfactory to the
Government, the concession of the line would be granted.
The committee had had the opinion of several gentlemen
as to the worth of that preliminary concession, and
especially of a gentleman who had been Minister of
the Interior in Spain, and their opinion had always been
that that promise was neither definite nor binding—in fact,
gave the company nothing. (The Chairman then read
several letters sent to the secretary of the company, and
read at the board, condemning, in the most positive lan-
guage, the plans and surveys of Captain Pilkington
as being incorrect, imperfect, and unworthy of the
company, or of any man of professional compe-
tency). The Chairman, in remarking upon some parts
of the report, said he had little doubt but that the money
of the shareholders had been used by the directors in rigging
the market; indeed, there were documents which, at least,
excited a suspicion of something that could not be done
fairly, plainly, and openly. The following two letters, out
of many others, were read to the meeting. They were
signed by Mr. Harvey, the secretary, and addressed to Cap-
tain Pilkington

" July 28th, 1845.
" As to the circumstances of 63 and 62, it is just as I ex-
pected. We must act accordingly. 41 krows 38, and by
what I have heard and seen 38 does not stick at trifles."
" 28th July, 1845.
" The 34 and 35 informed me by letter yesterday, that 62
is not 59, therefore the (take the first word in 57)
could not have been written as you were informed. Mark
this. Be 104 and 107 to finish the business of the 53 as soon
as possible."
The committee's report concluded with expressing their
opinion that the directors had injured the shareholders by
not issuing all the shares ; by proceeding with the
line when they had only about 20,000/. capital ; that they
had been lavish in the gift of shares to the number of 8,000
to different parties, and of money to Captain Pilkington
without his accounts being rendered; that they had issued
false statements and mis-statements, and had been guilty of
concealment, by the suppression of the bankers' book and
other papers.
The CHAIRMAN moved the adoption of the report.
The motion was seconded and carried unanimously.
Mr. BULL stated that, as Captain Pilkington's legal ad-
viser, he had recommended him to send in his accounts without
crediting for the money received; and they had been sent
to the solicitor of the company, and ought to have been at
the meeting.
The Cumsaux was of opinion that no combination should
be formed to prosecute the directors ; some of the share-
holders intended doing so on their own resources, and the
rest could take advantage of the result. There was good
ground in the promise made in the prospectus, that unless
the line proceeded the whole 21. would be returned.
The committee then resigned their appointment, and re-
ceived the thanks of the meeting.
The CHAIRMAN intimated that the papers of the Com-
mittee might be seen at Messrs. Keatley, Cunliffe, and Co.'s,
Chancery- lane.
The meeting, after a vote of thanks to the chairman, then
adjourned.

OUTH WALES RAIL WAY.
The fourth half- (THIS DAY.)
yearly meeting of the proprietors of this
Stat ion y
C. Russet was held to-day, at the Great Western Railway
q„ 1MP.,., in the chair.
; ,
The advertisement convening the present meeting, and the
minutes of the last meeting, having been read by the Seers-
tails
Thegitasamast said that since their last meeting the subject
of the greatest importance which had occupied the attention
of the directors,was the arrangement made between the South-
Wales Railway and the Great Western Company. He had
not thought it right to take any part in that discussion, nor
had he thought it proper to take the chair at their last
meeting, but he felt that the interests of the company would
be sufficiently and amply guarded by those to whom the
negotiations were confided. Those negotiations had been
now satisfactorily completed upon the terms which they
would find stated in the report. It had also been decided by
the Great Western Company, that an application should
be made to Parliament to enable an interest of
5 per cent. t, be paid upon the paid-up capital
for five years, and the agreement at the end of those fire
years would secure to them half of the surplus profits in addi-
tion to that interest. There was also a clause in the Bill
which prohibited the payment of interest to shareholders
whose calls were in arrear, and that clause had been found so
harsh, that with the consent of the Great Western Company,
the authority of Parliament would be sought in order to re-
move it. It was proposed, also, to render assistance to many
of the Irish lines, from which their own railway would draw
a very considerable amount of traffic, by taking some of
their shares; but it would not be necessary to hold those
shares longer than the temporary pressure required for its
abatement. The report of Mr. Brunel was very favourable
and it stated that a very considerable portion of their line PETITIONS ON PRIVATE BILLS.
was completed, and the remainder would be finished and HOUSE OF COMMONS.—(THIS DAY.)
Open for public traffic in the course of two years. (Room 22, before Mr. Examiner SMITH.)
-1%.
out in considerable portion of the line was already
let uNOPPOSED LIST.
contracts, and would speedily be in a situation to
be counted as forming a portion of completed lines. He was In the following unopposed cases the customary formal
not aware that there were any other circumstances neces- proofs were completed :
eery readlace under their attention, and as soon as the report Edinburgh and Northern (St. Andrew's and Newburgh
was by the secretary, he would its Harbour, Branch and Road Crossings, Newport Railway
The SECRETA ay then read
move adoption.
peered that the terms of the report, from which it ap- Extension).
Ayrshire Roads.
way to the Great Westernthe lease of the South Wales Rail- Shipowners' Towing Company.
. The proprietors ofthe Company were as follow : Dunfermline and Cupar Court Houses.
interest at five per cent. South Wales Railway to receive
Per annum onallpaidandalso Terrington Marsh, Division, Allotment, and Inclosure.
upon sums advanced in anticipation
to be charged in the cost of construction
of calls. Such interest •
completed. natruction until the line is Wisbech Port and Harbour Act Amendment.
Midland Railway (Cheltenham, Warwick, and Leamington
"After that period, the Great Western
perpetuity a minimum interest atCompany to pay in
. Line)—proposed Extension from the Birmingham and Glou-
per annum upon the share capital
interest onexpended,
the rate of live er cent.
besides defray- tester Line of the Midland Railway at Ashchurch, to War-
wick and Leamington, and Junction with the Oxford,
mg all the current loans taken up, not exceeding Worcester, and Wolverhampton Rai!way, with Branches to
the sums mentioned above.
Cheltenham.
"The lease to commence when the line from Gloucester to Midland Railway (Gloucester and Stonehouse Junction).—
Yisbgnard and the Newport and Monmouth line _
the Great
shall be P
.roposed branch to unite the Birmingham and Gloucester
respects the latter) the Great Western hue of the -
finished, provided (as Midland Railway at Gloucester with the Bristol
their line from Gloucester and
Company shall also complete to h Gloucester line of the Midland Railway, near the Stone-
t other OURC station, and alteration
Monmouth by the same time, but.no
of existing gauge.
at the end of five years Sandwich Hay
'One moiety of the burplus probtsen and River Improvement.
among the South Nation I 11.
a I erctuttl •
after the lease commencA is to be divided interest. Tyne Docks. e Life Assurance Society.
-
Wales shareholders in addition to the guaranteed
Enfield and Edmonton "Any partial opening to be worked by the Great
.Western , Railway Extension.
• the n tere,t charted on - ~rtuSPA Ct. •'
Company, and the proceeds applied to -e, L
..11111artiOCL and A --r I) - s'"
: 1r cc'. Rat' w.r;v (" '
South W ales capital. Inarnuck to Ayr, sitli littatch tt; ' ' 1-3"'''
''''''
l'i..
leased, to .
"Arrangements for new lines to be purchased or / This adjourned opposed case • tn.e Ilaruour ut Ayr).
to made subject to the consent of the Great Western Coln- It was further adjourned, nined the rest of the day. ,
lousy, and separately provided for."

On
the motion that the retiring directors should be re-
elected, an objection was taken to the name of Mr. Other,
and Mr. Thompson proposed in his stead. A long and desul-
tory discussion on the merits of the respective gentlemen then
ensued, but the amendment was eventually withdrawn.
The retiring auditor was also re-elected.
Mr. OXLEY then observed, with reference to the report of
the deputation appointed to treat with the Liverpool, Man•
chester,and Newcastle-upon-Tyne Junction Railway Company
that the terms specified for the amalgamation were fair and
equitable to both companies, and considered that they should
meet with the approval of the company. He thought that
the amalgamation in question, if carried out with prudence
and economy, would have the effect of making their own
line more profitable, and be advantageous to all parties. He
would conclude by proposing a resolution, to the effect that
the meeting approves of the terms specified, and authorising
the directors to conclude the agreement.
Mr. PEACOCK seconded the resolution, which was unani-
mously agreed to.

SPECIAL MEETING.
The meeting was then made special, to submit to the ap-
proval of the shareholders a Bill to enable the Northern
Counties Union Railway Company to make certain altera-
tions in their railway in the parishes of Aysgarth and
Wensley, in the North Riding of the county of York.

An abstract of the clauses was then read by Mr. Baxter,
the solicitor;' and a resolution, moved by Mr. Glyn and se-
conded by Mr. Denyer, approving of the Bill, was then una-
nimously *greed to.
A vote of thanks was given to the chairman and direc-
tors, and also to the deputation on the amalgamation.
The meeting then separated.