The Sun.
London, England, 1846-02-07 00:00:00

trb Ebition

THE FUNDS.-(CLOSING PRICES.)

ONE CLOSING
BRITISII FUNDS. O'CLOCK. PRICES.
Bank Stock • • • • • : • • • • .. 208 208
Three per Cent. Annuities .. .. 977„ „i 3,
97%
Three per Cent. Consols Annuities .. .. 971 16 97 97
New Three-and-a-Quarter per Cent. Inns. 100 99% 993'8
Long Annuities, Expire Jan. 5, 1862 .. 10% 10%
Ditto, 30 years, Oct. 10, 1849 .. 10%1A 1014
Italia Stock • • • • • • • • • • .. 258 258
Bank Stock for Account .. ..
..
.. 209 208% 2081
Consols for Account • • .. .. .. .. 97 ix, IA 96r. 9734 97
Exchequer Bills. I%d. i v d
,4 •
1,0021... • • •• •• 40 37 pm. 27
500/. . • • • •• • • 33 37 40 pui. 40
Ditto, Small •• •• 40 pm. 40

ONE CLOSING
O'CLOCK. PRICES.

FOREION FUNDS.
Brazilian Bonds, 5 pier Cent
Ditto, for the Account ••
Chilian Bonds, 6 per Cent .. •• gg
Ditto, Deferred, 3 per Cent •• 521 i
Portuguese Four per Cents •• GI
Russian Bonds • • • •
6panish Bonds, 5 per Cent
Ditto, Deferred • • ••
Ditto, Three per Cent ••
Ditto, for the Account ••
Dividends en the above payable in London
Dutch Two-and-a-half per Cent GO
Ditto, for the Account ..
Ditto, 4 per Cent. Certificates

..
...

• -
. 28

. 39

.. 9514 34 95 95
PRICES OP BUSINESS CLOSING
RAILWAY MUMS. PAID. DONE AT raicEs.
ONE O'CLOCK.
Birmingham and Gloucester.. ..100
Ditto New (Med at 734 die.) 17% 32
Birmingham and Oxford Junction 2 .... 234 ▪
a..
Bridgewater and Minehead .. 425.
Bristol and Exeter ..70
.1..
Ditto New • • • • • • • • • • S .... 12 34 .▪ .
Bristol and Gloucester .. 30 361,{
Buakinghamshire . • • • • • • . 425. % p
Caledonian . • • • • • • • •• 10 —l5 1434
Ditto Half Shares .. . • .. 234.... 3% 4%
Ditto Extension .. • • • • .. 21.4 2% ...
Cornwall and Central Devon .. 2% .
Direct Manchester (Remington's) 2% ..........
Direct Northern .. • • • • .. 21,4.... 2% %
Dublin and Galway .. • • .. 4 .... 4%.
Eastern Counties .. .. 141. 169. .... 22% 74 154 ••• • • •
Ditto New .. • • • • V. 161. .. . 7 10• •••• • • •
Do. Perpet., I per Cent. No. 1. 61 13s. 4d. %p••• • • • • •
Edinburgh and Glasgow .. 110 .... 76%
Edinburgh and Perth .. .. 3 .•• • ••••• • • • • •
Ditto 34 Shares .. 16
Glouc.,
Aberyst., & Cent. of Wales 1% %••••• • • • --
Goole, Doneast., and Sheffield, &c. 425..... 2 1% p• •
Grand Union (Nottingh. & Lynn) 1% .... .•• • • •
Great Western .. .. 85 •• .. ••••• • • • • •
Ditto, Half Shares .. 50 .... 94 ..........
Ditto, QUarter Shares .. 5 20 •• • • ......
Hull and Selby _ 56 ....106 108........
Ditto, Halt. hares .. .. 7 .• • • ••••• • • • • •
Ipswich, Norwich, and Yarmouth 2 .. • • ••••• • • • • •
Lancaster and Carlisle .. 35 .• • • 563 •••• • • • •
Ditto, New .•
Leicester and Bedford ........ • • 220- •• • • % "•"• • •
Leicester, Tamworth, &e. 425. . • .. par
Liverpool and Leeds Direct .. 2% •• • • 1% ••••• • • • • •
Liverp., Manch., & News. Janet. 234 •• • • 2%%.
London an
Ditto Quarters .. 2 .... 2834
Birmingham .... —lOO .. 228% 230..
Louden al Brighton .. 50 .... 6914 . ..... •. ••
Ditto, Consol. Eighths .. 40 • • 43
Ditto ditto Fifths .. .. 20 ••• •
London and Croydon .. .. 131. lbs. 9cl. 223,4 • •
Lund., Ch alt., Oaf., Glouc., &c... '
1% . • • ••••• • • • • •
London and Greenwich .. 121. 15s. 4d. 10 ..........
London and South-Weetern— 4U. 6s. 10d. 801,4 80
London and York .. 2% .... 33,4 %Ts ••• • • •
Lynn and Ely b 7
Manchester and Leeds $2 ••••• • • • • •
Ditto, half Shares .. 3$ ••••• • • • • •
Manchester and Birmingham .. 40 .... 79% 79 ......
Ditto, New Quarter Shares .. 2 .... 10 • . .....
Do. Cont. and Welsh Junction 1% ...• ••••• • • • • •
Manchester, Buxton, k Matlock 425..... 1% % lo• •• •
Manchester and Southampton 2 •• • • 254% •••• • • • •
Midland .. ..100 .... 154 152..
Ditto Fifths.. _ 2 .... 214 . •
Ditto, New _ 12 .. 29 2834
Ditto, Birmingham and Derby 100 121% 123
Newcastle and Darlington Janet. 25 ••••• • • • • •
Ditto, New .. 1 .... 1134 11
Newcastle and Berwick .. 10 .... 23 2234 2.114
Newark, Sheffield, and Boston .. 2% .... •••• • • •
North British 17% ... • •• • •
Ditto, Half Shares a% •• • • 7% • •
Ditto, Carlisle Extension .. 154 .... 3
Northern and Eastern . • • • 50 -

dis4l
90
1234
56%
%
14%
4%
2%
1%
414
2234
7% P
% P
76%

Ditto Scrip (issued at 5 dig.) .. 40 61 ..........
North Kent and Direst Dover • . 2% .. • • • • ..... •• •
North Staffordshire .. • • 42a. •• • • 2% 314 14 P• •
Norwich and Brandon .. 1$ ••••• • • • • •
Ditto, New .. .. 3 .. 7%14 ......
Oxfd.,Worcester,& Wolverhmptn. 1219 .... 1514
Preston and Wyre .. 25 ....
Rugby and Huntingdon .. • • 2 ••• • ••••• • • • • •
Shropshire Union 421..... 14 dig
South Devon .. 35 .... 37% 37
South Midland .. .. 425. .. • • 2% P• •••• • • •
South Eastern and Dovor .. • • 33% •• • • 39 IA •••• • • • •
1)0., New (do. lii.) .. Ns. 4.. 2%.... 314
Staines and Richmond 1 .... 2%
Tean and Dove Valley.. 1% .... 1
Trent Valley .. 5 2119 22
Trent Valley and Holyhead June. 2%
Waterford and Kilkenny .. 3 ....
Waterfd., Wexfd., Wick., & Dub. 1% •• ..
Wexford, Waterford, & Valentin 1%.... 1% % .•.. . . .
Welsh Midland .. 2% .... 2 .....
Yarmouth and Norwich .. .. 20 .... 28
York and North Midland .. 50 ••••• • • • • •
Ditto, Extension .. 15 .... 33%

FOREIGN RAILWAYS.
Boulogne and Amiens .. .. 10 .. .. 12 I,i
Bord., Tool., & Cette kMaokenale) 2 .... 2 2........
Ditto, ditto (Espelete) .. 2

Dutch Rhenish .. a .... 7%
Grt. North. of Franca Constituted a .... 15%14 .....
Italian and Austrian .. .. 3 .... 1% ..
Lyons and Avignon .... 2% ..
Luxembourg 4
Namur and Liege
Rouen and Havre ..

JOINT-STOCK BANKS.
London and Westminster .. .. 20 .... ......
MINES.

.... 2S xd

British Iron .. .. .. 10 24
Real del Monte, Unregistered .. 4

GREAT NORTH AND SOUTH
WALES AND
(WO
ISRCESTER RAILWAY.
DAY.)
The adjourned general meeting of this Company was held
this day at the London Tavern, at one o'clock ; John
Francis Bacon, Esq., in the chair.
The SECRETARY having read the advertisement convening
the meeting,
The Criantacur stated that they had made the necessary
lodgement with the Accountant-General, and further stated
that the opinion of counsel with reference to their proceed-
ings would be read, if the meeting thought necessary.
Mr. LAURANCE (Chairman of the Committe of Inquiry)
stated that in the short period of one week for a committee
to go through the whole particulars of proceedings spread
over the space of seven months was no small proceeding.
They had however endeavoured to act in the most unbiassed
and disinterested manner—(Hear)—and hoped that the
report which they had prepared, and which he should now
read to the meeting would meet their unqualified support.—
(Hear.) He (Mr. Laurance) then proceeded to read the
report as follows:—
The report set out with stating that after a careful investi-
gative into the affairs of the Company, they had come to
the conclusion that the deposits ought not to be placed in the
hands of the Accountant-General, nor any further progress
made in the affairs of the Company. The reasons for recom-
mending this course were elaborately set forth. It was stated
that the original project was 112 miles long. requiring a capital
of 2,057,011 X., being an excess over the whole subscribed
capital of 201. a share of 57,0101. In this project there are
24,701 yards of tunnelling, which at 35/. a yard would cost
the enormous sum of 864,5351. The committee found that
the whole capital on 64,141 shares at 20/. each, fully paid up,
would only amount to 1,282,820/. ; while the estimate for a
single line would be 2,057,0101., leaving an excess over the
whole subscribed capital of 774,1901., without allowing a
shilling for interest to shareholders. building carriages,
wear and tear, plant, locomotives, &c. What, however,
the shareholders had immediately to consider was
the modified scheme between Carmarthen and Aberystwith,
50 miles low,. The estimated cost of this part of the project
was 1,084,3574., being at the rate of 21,500/. a mile. In this
distance there was 14,481 yards, which, at 35/. per yard,
would cost 506,833/. Taking, therefore, the full amount of
the subscribed capital at 1,282,8201., there was an excess over
capital of 198,455/., without any funds remaining for
25,688/. lls. 101 already incurred, or for further Parliamen•
tary expenses, locomotive carriages, wear and tear, plant, or
one farthing by way of interest to shareholders. With this
single line only it was to the Committee obvious that the
Company must begin without allowing for any defaulters in
payments, with a debt upon the shoulders of the proprietors
amounting to 230,0001. The estimate of the traffic the Com-
mittee made 146,4481. Os. Bd., from which, deducting for work-
ing expenses 48,816/. Os. 20., there remained 97,632/. N. Gd.,
or 41. 17s. 7d. per cent. on an outlay of two millions of money.
Taking, however, the estimated traffic as correct at
97,632/. Os. 6d., and deducting interest at 3 per cent.
on a deficiency of capital of 178,4551., there would
remain 91,753/. 135., leaving only 4-h. per cent., with-
out any resource to look to for paying off the debt
incurred in establishing the Company. The report then
went on to notice at some length the proceedfngs of the
managing committee, which it characterised as a continued
system of irregularities and inconsistencies. It also gave a
list of the provisional committee who had failed to pay up on
the number of shares reserved to them. There had been
9,000 shares reserved for the directors, and out of these only
451 had been taken up, thus leaving a drag of 8,594 shares
on the company, without calculating the shares reserved for
the promoters and others which had not been taken up. The
report next commented on the directors' report, presented
last Saturday, in which it was stated, that in consequence
of relinquishing the portion of the line between Caer-
narvon and Machynlleth, the directors had determined to
reduce the number of shares from 100,000 to 75,000 ;
and of the latter number to reserve 6,000 to the land-
owners; and that they accordingly allotted 68,911 shares
to the public, the deposit on which, at 1/. per share, had
been paid to the extent of 64,1411. The minutes, however,
showed that on September 30th, 1845, the directors resolved
to issue 15,000 more shares; and further, on the 13th of
October, they instructed the Secretary to deliver scrip to
applicants to the extent of the whole allotments, amounting
to 90,000/. This was no satisfactory explanation given o:
this discrepancy. After detailing other irregularities of the
Managing Committee, the report further stated, that in de-
fiance of the protest furnished to the directors in the name
of the shareholders by jr. Lawrence, the former had paid
into the hands of the Aecountant-General the sum of
42,915/. The report concluded by stating that the accounts
presented every evidence of gross overcharge, especially the
solicitor's, which was 7,640/. 17s. 110., and recommended,
from all the circumstances narrated, that this Company
should go no further with the project, but immediately wind
up, and that the Secretary, who had afforded the committee
every facility in their inquiries, be retained till all the affairs
were settled.
The CHAIRMAN stated that the traffic extended over 131
miles instead of 50, as stated in the report.
Mr. BUSHE stated that the report was wholly untrue.
Mr. COURTENAY stated that anything Mr. Bushe had to
say upon the subject they would be glad to hear. The state-
ment was taken from their own minutes.
Mr. LAURANCE stated that he hoped the parties present
would stay and hear both sides of the question, so as to be
able to come to a proper conclusion.
Mr. COURTENAY wished to set himself right with reference
to a report which had been largely circulated, to the effect
that he dealt to a large amount in the shares of
this Company. •
He begged to state that he never
directly or indirectly purchased a single share in the
concern since September last, when he bought 100
- shares at a premium of tea shillings per share ; those share