The Sun.
London, England, 1847-09-13 00:00:00

BELGIAN EASTERN JUNCTION

RAILWAY.
An extraordinary general meeting of the proprie-
tors and shareholders of the Belgian Eastern Junc-
tion Railway took place on Saturday, at the London
Tavern, for the purpose of receiving the report of the
directors with respect to the present state of the
company's affairs, and also to take into consideration
the course to be pursued for carrying out the objects
of the undertaking.
Sir Frederick Smith took the chair shortly after
one'clock, and, the usual preliminary business having
been gone through,
The SECRETARY read the following report of the
directors, amid some laughter and confusion :
" This company being now lawfully constituted
under their Acte de Societe, which received the royal
assent on the 21 of August, and was promulgated in
the Government journal (the ilioniteur Beige), on the
6th of that month, the directors have taken the earliest
opportunity of calling the shareholders together, for
the purpose of laying before them an exposition
of
their affairs.

" The shareholders are already aware, from the- re-
port made to them on the 25th of March, 1846, tha'
the whole of the 42,500 shares into which the capital
of the company is divided, were allotted, and that
upon 32,025 of those shares deposits were paid, thereby
realising the sum of 80,0621. 10s.
" The directors were at that time advised that the
defaulters might be legally compelled to pay up their
deposits, and it was a matter of grave consideration
whether proceedings should be taken for that pur-
pose but the directors eventually came to the
conclusion that it was not expedient to resort to such
a step until the operations of the company were
farther advanced, when they thought it not impro-
bable that confidence in railway undertakings might
be restored, and the necessity for compulsory measures
be thus wholly superseded.
" The amount, therefore, of the company's receipts
under that head has not been increased since the last
report. The total expenditure, up to the present
time, amounts to 24,436/. 16s. 6d. and the liabili-
ties to 2,251/. 6s.
" The particulars of these sums, as well as the pre-
sent state of investment of the surplus funds, will be
found in the annexed account, from whence it will be
seen that including the caution money, there remains
at this moment a balance of 55,9631. Os. 9d. available
for the purposes of the undertaking.
"Considerable delay was unavoidably incurred in
settling the terms of the Acte de Societe with the
Belgian Government, but, as every provision to which
the directors and their legal advisers attached any
serious importance was eventually conceded to them,
they feel that the time occupied in preliminary dis-
cussion has net been expended in vain.
"In accordance with the 16th article of the Cahier
des Charges, which required that the works should
be commenced within a given period, that formality
was duly complied with on the 15th of July last, but
no further steps have yet been taken for proceeding
with them, with the exception of preparing the
working plans, on which Mr. Baly, the company's
engineer, is now engaged. The plans and sections
and other details, required by Article 2 of the Cahier
des Charges to be submitted to the Minister of
Public Works, were duly delivered to him within
the period prescribed, and there is every reason to
believe they will receive the sanction of the Belgian
Government. Arrangements have also been made for
the necessary contracts.
" It will be gratifying to the shareholders to learn
that the anticipations of the directors on several im-
portant particulars announced in their former report
have been fully realised. In that report it was inti-
mated that the good feeling manifested towards the
company by the Belgian Government, afforded
grounds for believing that the result of the then
pending negotiations would be the acquisition by the
, company of additional lines, ancillary to those pro-
mised by the original convention, together with an
offer of certain valuable options.
" The following comparative statement will show
how well founded was this belief, and how success-
' fully the negotiations then pending with the Belgian
Government were brought to a close :

"ORIGINAL CONVENTION.

" Ist. The line specified in the original provisional
convention extended from Manage by Wavre, as far
as Landen, with a branch from Nivelles to Braine le
Comte, the execution of the whole of which was
made compulsory.
"CONCESSION ACTUALLY GRANTED BY THE CHAMBERS.
" Ist. By the concession the execution of that part
only of the line, which extends from Manage to
Wavre, and which is the portion most approved of
by Mr. Stephenson, as well as by Mr. Baly, the en-
gineer of the company, is made compulsory, and while
the power is still reserved to the company of extend-
ing the line to Landen as originally designed. The
following important options are added, viz. :
" Ist. Of joining the State line at Vertryck, in-
stead of at Lauden.
" 2dly. Of extending in this case your railway to
the line about to be made between Diest and Hasselt.
" 3dly. Of joining the State Railway at Neer-
winden instead of at Landen.
" 4thly. Of effecting a communication with the line
running along the valley of the Cette with the State
railway at Tirlemont, by means of a branch line from
Court St. Etienne to Male yes.
" sthly. Of the additional and very valuable privi-
lege of constructing a branch line from the neigh-
bourhood of Genappe to Luttre, which will have the
effect of bringing this line in direct communication
with the Sambre and Meuse Railway, by means of
the southern branch of the State line. The directors
feel that in the present state of the money market, and
with the present aspect of railway affairs, this is not
the moment to discuss the advantages of the options
thus granted to the company, but still they are anxious
to draw your attention to the traffic tables and report
furnished by Captain Logan as well as to the report
of Mr. Baly, in reference to the great importance of
the branch to Luttre, it being a branch in immediate
connexion with that portion of the line, the execution
of which is compulsory on the company.
" From the foregoing statement it will be seen that
the company are now in this position, that with in-
creased powers for the outlay of capital, if they think
fit to exercise them, they may still reduce their out-
lay to considerably less than one-half what was stated
in the prospectus, if the pressure of the times or other
circumstances should make it expedient to do so
Notwithstanding these facilities, it having been
thought desirable, in consequence of the continued
depression in the money market, to obtain an exten-
sion of the time allotted prescribed by the Cahier des
Charges, for the execution of the different portions of
the line, the president addressed a letter to the Minis-
ter of Public Works on the 14th of last month, di-
rected to that object.
" The following translation of the answer he re-
ceived from the Minister affords grounds for the
belief that the request contained in this letter will be
substantially complied with:—
"'Brussels, July 15, 1847.
"' Monsieur le President,—l have received the
letter which you have done me the honour to address
to me under the date of the 14th of this month, in
which you request—
" First, That the extension of the line which has
been conceded to your company shall be considered
optional as regards that portion of it which extends
from Feluy to Wavre.
" Secondly, That the period fixed by the terms of
the Cahier des Charges for the completion of the
works shall be extended.
" The former of these requests does not appear to
me to be capable of being entertained, inasmuch as
it would prove destructive to the very basis of the
concession, and besides, if admitted, would induce
the consequence of substituting for the line which
has been conceded by the Legislature, a line much
inferior in extent, and much more limited in its ulti-
mate objects.
" With regard to the demand for an extension
of the time prescribed for the execution of the rail-
way, it must be admitted that, taking into conside-
ration the time that has already elapsed since
the passing of the law of concession, as well as the
difficulties consequent 'on the I financial circumstances
of the times, the company can with difficulty dis-
pense with this extension, I shall therefore be disposed
to make a proposition for it to the Chambers, the more(
so as a parliamentary precedent may besidest be c r
lt
cite
to _
°thieea pd e
in its favour, which ought, in my opinion, to
the completion of the line, m favour of which
cedent was established, not only more szumreel3e-:nbrues
had t
even more promptly than if the coercive
authorised by the Cahier des Charges been put in

force.
But I am not enabled to the
limit that may be assigned dttoo
speakh is extension, positively
&c.
~ , I cannot, however, conceal from you that the
request, that this extension of time should be for a
period of ten years, appears to me to be ul,lield
neither by the extent of the enterprise, by the circum-
stances of your position, or by the magnitude of the
works executed.
" ' Receive, Monsieur le President, the assurance of
my most distinguished sentiments.
(Signed) " ' DE BAY AY,
Minister of Public Works.'
" The directors beg to lay before you a report fur-
nished by Mr. Baly, the company's engineer, which
will explain his views as to the portion of the line
which should be commenced in the first instance.
"The traffic tables which have recently been com-
piled by Captain Logan, who has been specially re-
quested by the board to undertake this important
matter, and who has gained most valuable information
Will,
with personal inquiries in the immediate localities,
with the assistance of his report, point out to
tlyoule Ia
t.he.
advantages consequent upon the execution of
ious portions of the projected line.
" Under all these circumstances, although the con-
tinued scarcity of money renders it
inexpedient in
the judgment of the directors
to make a call at pre-
sent, yet they acre decidedly of opinion that no time