The Sun.
London, England, 1848-08-29 00:00:00

PARIS AND LYONS RAILWAY.

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A meeting of the English shareholders was held yet-
terday, at the London Tavern; the Baron do Uoldsmid
in the chair.
The CHAIRMAN stated that he had the advertisement
convening the meeting inserted in the newspapers. It
was notorious to them all that an Act had recently been
passed by the French Legislature to buy up their line.
When they embarked their funds originally in this un-
dertaking it was not for the purpose of getting 5 per
cent. as an investment in the French funds, but for the
purpose of carrying out a railway which they believed
to be ono of the best lines in France; and he would not
have embarked his money in it if it had not been repre-
sented to him as a line equal to the London and Bir-
mingham for traffic. He alluded to the recent transac-
tions in France, which had rendered the French share-
holders unable to pay up their calls, and said that the
English proprietors had the means and inclination to
perform their part of the engagement. It would scem as
if the French directors had lost their senses through the
panic fears prevailing in France, when they agreed to
dispose of the property of the company to the Govern-
ment, for he thought it must bo evident that at a time
like the present, when the prices of labour and materials
were so depressed, was the best possible period for
carrying on the works. He had proposed at one time to
send a memorial to Lord Palmerston on the subject,
which he would read. (It stated that the English pro-
prietors had entered into the undertaking on the invita-
tion and relying on the faith and honour of the French
Government ; that they had paid up half the amount of
their shares ; and that upwards of 100 miles of their
line was completed or in progress ; that the directors
had sold the undertaking without the consent of the
shareholders, for au amount of rentea equal to only
9-20ths of the amount paid on the shares.) He con-
tended that those shareholders who were willing to go
on with the line ought to be allowed such terms as would
enable them to carry it out. He concluded by moving a
resolution—
" That it is the opinion of this meeting that an oppor-
tunity should bo afforded to those shareholders willing
to proceed with their engagement to do so, and for that
purpose that a committee be appointed to negotiate
with the Government of France, and to take such mea-
sures as may be necessary for ascertaining whether suf-
ficient funds can be obtained to complete the under-
taking."

Mr. DEVAUX (one of the English directors) stated
that the effects of the revolution on calls due in March
were such that out of 1,200,000/, called up, only 60,0001.
had been paid. The directors. feeling they were bound
to complete the line at a specified time, became alarmed
when they found they had no funds, and then offered to
sell the line to the French Government. In the course
of his negotiations in France with a view to obtain better
terms, the Minister, M. Goudchaux, said to him that the
Government did not want to buy the line; that if they
did, they must not only consider the position of the
company, hut the interest of the state; and as a proof
that they did not want to interfere with any private un-
dertaking, that he had given accommodation to the
Northern Railway Company to the extent of 2,400,000/.
He (M. Devaux) was of opinion that the traffic on the
Paris and Lyons line would yield as much per mile as
the London and Birmingham, and not cost in construc-
tion above one-half its cost per mile. lie had 'a high
opinion of its capabilities when completed; and would
be most happy to lend his assistance in the reconstruc-
tion of the company, to secure the interests of the pro-
prietors.

In reply to Mr. HERAPA TH it WaS stated, that interest
would ran upon each instalment, not from tho date of
payment, but from the 22d of March last ; that the rente
would be transferable, the dividends would be payable in
Paris; that English proprietors could receive their money
through a French house.
Mr. HERAPATII said there was no doubt the French
directors could not sell the railway without the consent
of the shareholders. He thought that those persons who
were prepared to pay up their calls ought not to be put
on a par with those who could not, but should be al-
lowed by means of some arrangement to come into the
property hereafter, or should receive some bonus.
After some further remarks the resolution was unani-
mously passed, and a committee, consisting of tho Baron
do Goldsmid, Messrs. Devaux, Chapman, Powles, and
Hutchins, were appointed, with power to add to their
number.

A vote of thanks was passed to the Chairman, and the
meeting separated.

EDINBURGH AND GLASGOW RAILWAY
The report of the directors to be presented to the
half-yearly meeting, to be held in Edinburgh to-day
states that the directors regret the continued diminu-
tion in the receipts for the six months ending the 31st of
July, as compared with the corresponding period of
1847, amounting to 2,807/. There is a decrease in the
receipts from passengers of 3,4131., and an increase of
goods of 605/. The receipts for the half-year amount
to 50,8551. for passengers, and 29,478/. for goods, total
80,3331.; and the working expenses to 31,359/, exclu•
sive of parociiial rates, passenger duty, and interest upon
loans, and amount to 37 per cent. on the receipts. The
balance from revenue to July 31 is 43,1541; balance in
hand, January, 1848, 63,7231.; total, 106,877/. Out of
this sum the directors recommend a dividend at the rate
of 6 per cent. per annum, 57,6581., leaving a balance in
hand of 49,218/.