The Sun.
London, England, 1847-05-04 00:00:00

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RAILWAY INTELLIGENCE. •
• DIEPPE AND FECAMP.
r The general meeting of the shareholders of this company-
r took place on Friday, April 30, in the large- room belonging:•
to the offices of the Havre Company, Rue Base du Romper ;.
Count d'Alton Shee, the president, in the chair. Near him
We perceived Baron de Saint Albin, Mr. E. INtitit, 111. _Sel-•
liere, M. Caumont de Jumieges, Osmont, M. Clapperon,..
M. d Ailly, and M. Cr6lu.
'l'heDArm, company
tle having been
M.n)dreecalad herteddruelpyorcot.nstituted,
This document commences by declaring that, after the last.%
general meeting, contracts had been entered into with MM.
Mackenzie and Brassey on advantageous terms. The
llioltaolau a n
contract
'
ap-
probation of the Government authorities for the direction to
eobemtapkeheny
to between
enterand Dfoirepthpee
phiaedppc, lineallowedfotrhee
sum of 7,750,2041. 79c. The line
sertions :-1. From Dieppe to
mod was divided into three..
Aubin to Hautel_; 2. From the egarttmefntal road—from St. •
line of Havre to Etaimpuis ; Fromand,p3.ne j ntettipellt cweitttttre
deparilnental road, No. 25. The first section coantaineN
tunnel, 1,600 metres in length, passing under the hill esEr
Appeville, the most important work on the line. The gallery'
had been alreNly carried through the whole length; a short.
distance was faced with rnasonwork ; and the work would be.
entirely finished in six months, if necessary. The bridges
and
.earthwork, were also far advanced. On the 2d section
the earthworks were completed, and it was intended to keep
men at work on it day and night during the fine season.
There were twenty-twC• bridges on this part, of which four
are finished. On the 3d part the works were less advanced
than on the others. About 1,600 tons of chairs and rails had
been delivered, as well as 32,090 sleepers ; 2,800 workmen,
501 waggons, and 450 horses, were at present employed on
the line. The great rapidity with which' the works had been
urged on was chiefly owing to the favourable manner in
which the land had been obtained, almost all of it having
been arranged for on amicable terms. The company had
been fortunate enough to obtain the decisitm of the jury,
from four to six months after the lands to be. Axpropriated
had been subjected to their consideration. The whole
cost of the land had been originally estimated at
1,900,0001,, but the expense had been only 1,514,3260,
comprising interest paid and all indemnities for the present
crops, giving a saving of 400,000 f., which, considsring that
the line passed through orchards and meadow lands, was
doing much. All the contracts for supplies had ben ful-
filled hitherto with great regularity. The company wax freed
from the care of providing the moveable stock, as the traltion-
was to be undertaken by the Havre Company, but all the
cost of the stationary stock was now fully known. It wa.,,
therefore, possible at present to declare that the originAl es-
timates would not be exceeded; and that, should circum-
stances permit it, that is, should the calls be exactly paid,
the line could be opened to the public by March 1, 1848'..
The report then adverts to the general discredit into which:
railway property has of' late fallen, and enters at length into
the subject of the various calls made by the company. After
the last general meeting the second call, it states, had been
announced, but more than 2,000 shares remained unpaid.
The shares had fallen in the market to 50f. below par, and
if that great number were suddenly sold, there could be no
doubt that very considerable further depreciation in their
value would ensue—at least 50f. more. In this conjuncture
the directors did all that lay in their power for the company
—they took 1,000 shares for themselves at 4501. ; and in-
duced the contractors, who felt the greatest confidence in the
success of the undertaking, to allow their reserve to be ex-
pended in 1,045 others. On the third call there was another
deficit of 2,000 shares not paid up, and here the same mode
of acting as had been previously employed was impossible.
The directors had done everything which depended on them
to bring the undertaking to a fortunate conclusion. If the
matter hung fire for the moment, it must be attributed to
the general gloom which affected all railway property. At
present, in consequence of the demands on the company„
from the rapidity with which the works were urged or,
another call (the fifth) would be made on May 10. Under
present circumstances the board had determined to postp the
the execution of the Fecamp line until after that of Dieppe
was entirely finished. First, because the latter line would
require three-fourths of the capital, and was consequently so
much the more important; and next, because that line,wben
once concluded, would enable the company to raise fundt, to
finish the rest. Looking at the state of the works now m ore
than half finished, and taking into consideration that nothing
had been begun on March 15, 1846, the line could be opened
on March 1, 1848, it must be admitted that the general pro-
gress of the enterprise had been most satisfactory. The re-
port, after declaring that everything led to the conclusion
that the returns would be fully equal if not superior to what
had been estimated, concluded, by laying before the meeting
the accounts to April 1, 1847.
After the report had been read a desultory conversation
ensued on the position of the company, one or two share-
holders blaming the directors for making the calls so rapidly,
which circumstance they alleged, more than any other, lied
contributed to lower the shares in the market.

The CHAIRMAN replied that the calls were never made
until absolutely demanded by the rapid execution of the
works; and that what was alleged against the board as a
subject of blame was the very best proof possible of their
great activity in getting the line finished.
Another SHAREHOLDER proposed to postpone the approba-
tion of the accounts for two months, but this was rejected by
an immense majority. _

In answer to some remarks relative to the negotiations with
.be Government,

The PRESIDENT entered into an explanation on.the sub-
ject, and stated that the Minister of Public Works had ex•
pressed his determination to do something for the Dieppe line,
though without having specified of what nature the intended
aid should be.
The same shareholders who had before addresseh the meet-
ing, having again manifested a desire to undervalue the un-
dertaking,
Mr. E. Bt.outrr rose, and in a short energetic address
after adducing arguments to prove that the line would be
eventually au excellent one, called on the shareholders not
to permit themselves to be influenced by ill-omened pre..
dictions, which all that hitherto had taken place hi the
enterprise ought to lead them to suppose would be ill-
founded. •