The Sun.
London, England, 1847-02-25 00:00:00

THE SUN,

CENTRAL OF SPAIN RAILWAY.
A meeting of the shareholders in this project was held
yesterday at the London Tavern, Bishopsgate street, to hear
the report of the committee appointed on the 14th December
last, to investigate the affairs of the company.
Mr. GEOBOZ Ssvmoun., 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 in 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
shateholders. In the month of June of the same year
an advertisement from • tne secretary of the company ap-
peared, stating that all the 50,000 English shares had been
allotted, 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
shaieholders 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 ; the 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 bad 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 had 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. Tney 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 10,003 ; 4,000 more were put down to Captain Pil-
kington as paid upon, and 4,405 shares 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 20,9001. 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-
ferred to the concession of the line by the Spanish Court.
An advertisement appeared in June 1845 from the directors,
stating that the royal concession of the company's line had
been obtained on the 30th May that year; the feet, how-
ever, turned out to be, that negotiations for this pur-
pose continued to be carried on until the December
following, when the royal concession was positively re-
"used, and refused, as it seemed to the 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.
fhe 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 bad 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 truly, 1845ifles."
" 28th J.
" 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 or the 53 as soon
as possible."
The committee's report concluded with expressing their
opinion that the directors had injured the shareholder
thes by
not issuing all the shares ; by proceeding with
line when they had only about 20,000/. capital ; that they
had been lavish in the gift of shares to
to the number of 0
ng 8,00
to different parties, and of money Captain ton
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 Crie.ramAra 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 CHAIRMAN was of opinion that no combination should
hboeldfoermrs
iendtetoodepdrodseocinugte
sotheonditrhecetiorrosw;
nsonireesouarcteteanshdatrheeh-
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 return
ed.

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 tics= 44. Messrs. Keatley Cunliffe, and Co.'s,
_
Chatteery- lane.. .
The meeting,. after a vote of thanks to the chairman, then
adjourned.

SOUIII--- WALES RAIL WAY.
The foarth alf-Yeirly nieitlng of the proprietors of this
company waallald yeaterda}', at the Great Western Railway
Station ;•C.ltussel, Esq„ M.P.; in tte chair.
The advertisement convening the present meeting, and the
minutes of the last meeting, having been read by the Secre-

tary,
The CHAIRMAN 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
ther Great Western Company, that an application should
be made to Parliament to enable an interest of
5 ._per cent. to be paid upon the paid-up capital
for five years, and the agreement at the end of those five
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 titan 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
was completed, and the remainder would be finished and
open for public traffic in the course of two years. '
A considerable portion of the line was already
let out in contracts, and would speedily be in a situation to
be counted as forming a portion of completed lines. lie was
not aware that there were any other circumstances neces-
sary to place under their attention, and as soon as the report
was read by the secretary, be would move its adoption.
The SECRETA ILY then read the report, from which it ap-
peared that the terms of the lease of the South Wales Rail-
, way to the Great Western Company were as follow :
The proprietors of the South Wales Railway to receive
interest at five per cent. per annum on all paid calls, and also
upon sums advanced in anticipation of calls. Such interest
to be charged in the cost of construction until the line is

completed.
After that period the Great Western Company to pay in
perpetuity a minimum interest at the rate of five per cent.
per annum upon the share capital expended, besides defray-
ing all the current interest on loans taken up, not exceeding
the sums mentioned above.
" The lease to commence when the line from Gloucester to
Fishguard and the Newport and Monmouth line shall be
Companymouint .hsohi
bea moiety
o also
f finished, provided (as respects the latter) the Great Western
same
p
cmosieunrpl time,
luetsep but trloi nteilirsotlaitontethheferrowemnisde.
~nom ntGlouces ter to
the t
years
after the lease commences, is to be divided amongof the
ee
south
Any partialt
hopening
etdos baep
ioerdk
toed
obi ye
interest
rGe
srte ac
ht
aNrVgeesdt e nn
Wales shareholders in addition to the guaranteed interest.
Com
any
South \Vales capital.
"Arrangements for new lines to be purchased or leased, to
be made subject to the consent of the Great Western Com-
pany, and separately provided for."
The report also stated that
" Under the terms of the above agreement, it had become
necessary to consider, in conjunction with the Great Western
Company, how far it would be attended with advantage to
their mutual interests that some assistance should be given
to carry out the undertakings sanctioned by Parliament in
the last session, by contributing to the Vale of Neath, the
f d Wicklow and
W yaterforda, and the Waterford, Wex or ,
Llnvi Vlley, the Ten S
by and aundersfoot, the Cork and
Dublin Railways.
the South Wales Railway, and it had been consiaer dby
" All those measures were of importance to the. traffice. of
both companies most desirable to support them by taking. at
limited number of shares, and holding them so long as migh
be necessary to secure the accomplishment of their objects,
and the guaranteed rateof interest by the Great Western Com-
pany would consequently extend over any sum which might be
found necessary for those shares, or for any difference when
they were disposed of, over and above the cost of construct-
ing the South Wales Railway, as provided for in the original
agreement sanctioned by the recent extraordinary meeting.
"The purchase of a portion of line in the Swansea Valley
partially constructed had been also agreed for, with a view to
make an extension of it, as a valuable feeder, to bring the
mineral traffic from that district to the South Wales line.
The owners of the Swansea Valley line were to receive the
sum of 70,000!. in a certain number of South Wales shares,
to be created for that purpose, if Parliament should sanction
the undertaking as a portion of the South Wales line; and
the shares so to be created for, and to be taken by, the
owners of the Swansea Valley line, would, when all the calls
should have been made on them, be adequate to pay, not
only the agreed purchase money, but to defray the addi-
tional cost of the portion of the line which was proposed in
extension of it to the Other"works up the same N'allev, viz.,
to the Ystalyfera and Yniscedwyn works, and a short branch
to join the Cumtwrch Railway."
The receipts •of the company up to the 31st of December,
1846, were 301,503!. 18s. 9d., and the payments up to the
same period, 277,659/. 7s. 3d., leaving a balance of
23,8441. lls. 6d. . , .....
The report was then received.
The retiring directors on this occasion were—D. A Saun-
ders Davies, Esq. 111. P., David Lewis, Esq., David Morris.
Esq. M.P., John H. Vivian, Esq. M.P., but they were re-
elected without opposition.
B. Dobree, Esq. retired from the auditorship, but was re-
elected.
After some further conversation, a vote of thanks having
been given to the Chairman, the meeting separated.

THE BUCKINGHAMSHIRE

WAYS.
The usual half-yearly general meeting of the proprietors
of the Buckinghamshire Railways (Oxford and Bletchley,
and Buckingham and Brackley Junction Companies) was
he:d yesterday afternoon, at the Euston-square Station of
the London and North-Western Railway ; Sir Harry Ver-
ney, chairman of the board of directors, in the chair.
The report stated that the directors had to announce that
they had let.their works of both the Oxford and Bletchley
and Buckingham and Brackley lines on satisfactory terms to
Mr. Brassey. The shares of the company, on which 2/. 2s.
had been paid, had, in consequence of the proceedings
in Parliament last year, necessarily been reduced in registra-
tion in the proportion of 1 to 2 each registered share.
After such reduction was credited with 41. 45., as paid, and
inchidihg the 21. call received on the Ist of March, 6/. 4s.
per share would thus have been paid on each share of 17/.
103. each. The directors had determined to confine their
southern extension to' a line from Claydon to Aylesbury (a
distance of ten miles). It was also proposed to extend the
line northwards from Brackley to Banbury. A Bill had been
introduced into Parliament for power to construct the ex•
tension lines, and in this Bill would be comprised powers to
consolidate the two
.companies into one. The total receipts
up to the present time amounted to 169,359/. 125., and the
expenditure to 35,544/. 4s. 6d.
On the motion of the CIIAILMAN, the report was adopted,
and the retiring directors and auditors re-elected. A resolu-
tion was then passed, placing 3001. at the disposal of the di-
rectors for providing moral and religious instruction for the
men engaged upon the works. This closed the business of
the halt-yearly meeting.
SPECIAL MEETING.
The proprietors then resolved themselves into a special
meeting for the pug pose of considering and approving of the
Bill authorising the amalgamation and extensions.
The CHAIRMAN stated that the extensions would consi-
derably enhance the undertaking, inasmuch as one of them
would place them in direct communication with the metro-
polis, through the medium of the proposed London, Oxford,
and Cheltenham line, while the other would give
them access with the Herefordshire districts. Buck
inghamshire was famed for the fattening of Herefordshire
cattle, and, of course, a line which gave them a direct com-
munication with that country, must, of necessity, prove of
immense value both to themselves and the districts through
which the line would pass. Besides these advantages, the
construction of the Bedford line and its extension would
open up to them Cambridge and Norwich, and the Norfolk
districts.

A PROPRIETOR wished to know how it was proposed to
raise the capital?
The CHAIRMAN replied that all the shares which had been
rejected by the proprietors had been taken up by the London
and North Western Company, and that was the means by
which the capital would be raised. All the shares were
offered to the proprietors in the first instance, but only 3,000
were accepted by them out of 20,000.
A PROPRIETOR asked what the capital would be, and the
length of the extensions.
The CIrAImtA replied that the capital would be 450,0001.
-and the length of each extension about ten miles.
The Bill was then approved, and the meeting terminated,
with the customany vote of thanks to the chairman and
directors.

NORTHERN COUNTIES' RAIL-
WAY.

The ordinary half-yearly meeting of the shareholders in
this railway wes held yesterday at the London Tavern,
Bishopsgate-street ; Major Beresford in the chair.
The SECRETARY, having read the advertisement calling
the meeting, submitted the report of the directors, from
which we make the following extracts:—
"At the meeting held last month your directors reported
to you fully on the position of the company, and on the pro-
gress made towards carrying out the resolutions of the first
general meeting; they have now to add, that the Deviation
Bill then authorised is proceeding in the House of Commons ;
and your directors look forward with confidence, after the
strong expression of the shareholders in its favour, to the
sanction of Parliament being given to the measure.
Your directors have made the necessary arrangements for
commencing active operations in the spring on the portion of
the line from Wath up Wensleydale, and from Tebay to the
junction of the main line. Your directors deem it advisable
to execute the line from Wath to Leyburn (which is of easy
construction) without delay, that advantage may be taken
of the opening of the Leeds and Thirsk line, to secure the
traffic from the district of Wensleydale to Leeds and the
south, which your directors confidently trust will of itself
afford you an early and remunerative return for the outlay.
" To commence this part of the undertaking a call on the
shareholders will be necessary, which your directors now
propose at the rate of 1/. 10s. per share, payable on the 17th
of April.
The general Act requires that one-third of the directors
EWs.q.B,
ir.eps rcd,h
rEisstqo.p,
EPsqea.se,
J,
oEhnsqwlWit.weßii.,
J.
should retire by ballot, and the names ballotted out are—
Other,
hMer.
Middleton, Esq.
" Those who retire are, however, eligible, and the board
recommend their re-election.

"One of the auditors elected at the first meeting having
also to retire by rotation, Richard Dutton, Esq., retires, but
the Board recommend his re-election.

" The deputation appointed at the last meeting to treat
with the Liverpool, Manchester, and Newcastle-upon-Tyne
Junction Railway Company have made their report on the
subject of the amalgamation, which the Board recommend
for yonr consideration.
" The balance•sheet of the company shows a balance of
cash in hand of 55,5101. 7s. Bd."
The CHAIRMAN having commented on some of the points
referred to in the above report, concluded by moving that it
should be received, adopted, and circulated among the sub-
scribers. If any one had any questions to ask, he would be
happy to answer them.
A SHAREHOLDER then asked when the report of the deputa-
tion appointed at the last meeting to treat with the Liverpo
Manchester, and Newcastle-upon-Tyne Junction Railway
Company, would be submitted to them?
The Outman intimated, that if the proprietors pleased,
that should be done before the motion for the adoption of the
report was put to the meeting, and then proceeded to read
the report of the deputation as to the amalgamation.
9thg_qt_testi9s having been proposed and satis-
-—" niottotc war then anunintotislyt

acL r

adopted.
On the motion that—fhe retiring directors should be re-
elected, an objection was taken to the name of Mr. Other,
and Mr. Tlmnipson 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. Oxf.xv then observed, with reference to the report of
the deputation appointed to treat with the Liverpool, Man.
chester,and Newcastle-upon-TyneJunction liailwayCompany,
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 cm-tied 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. PEACOCI 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 rallwav in the parishes of Aysgarth and
\Vensley, 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 agreed 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.