The Sun.
London, England, 1846-10-21 00:00:00

TUESDAY NIGHT'S GAZETTE.

DIVIDENDS.
At the Court of Bankruptcy, Basinghall-street.
J. Turner, jeweller, Ludgate-hill, Nov. 12, at one—W.
Thurnell, upholsterer, Windmill-street, Coventry-street.
Piccadilly, Nov. 12, at half-past one—R. Tebay, plumber and
glazier, Winchester, Nov. 12, at two—W. Brydon, druggist,
Abchurch-lane, City, Nov.lo, at eleven—W. Griffin, jeweller,
Cornhill, Nov. 10, at half-past eleven—A. Matthews, apothe •
cary, Robertsbridge Sussex, Nov. 20, at twelve—W. C.
Carter, druggist, Ashford, Kent, Nov. 10, at half-past twelve
—O. Staitc, lace warehouseman, Wood-street, Cheapside,
Nov. 10, at half-past one—R. Knight and A. Knight )un.,
stationers, Budge-row, City, Nov. 12, at eleven—W. Vickers,
bill broker, Carter-street, Walworth-road, Nov. 10 at one.

,
In "the Country.
R. Baxter, table-knife manufacturer, Sheffield, Nev. 13, it
eleven, at the Town-hall, Sheffield—J. Gill, wine merchant,
Liverpool, Nov. 11, at eleven, at the Liverpool District
Court—B. Fenwick, linendraper, Newcastle-upon-Tyne,
Nov. 13, at eleven, at the Newcastle-upon-Tyne District
Court—lV. Fordyce, bookseller, Newcastle-upon-Tyne,
Nov. 13, at half- past twelve, at the Newcastle-upon-Tyne
District Court—J. Reid, ship broker, Newcastle-upon-Tyne,
Nov. 13 at one, at the Newcastle-upon-Tyne District Court.
CERTIFICATES to be granted, unless cause be shown to
the contrary, on the day herein mentioned.
F. B. Kettle, horse dealer, Brighton Nov. 10—J. Grant,
printer, Woolwich, Nov. 10—E. W. Phillips, glass dealer,
Bishopsgate-street, Nov. 10—W. Giles, boardinghouse keeper,
Brighton, Nov. 10—W. Pannell, grocer, Poplar, Nov. 10—
W. M'Dowsll and R. Brown, printers, Pemberton-row
Gough-square, Nov. 10—T. R. Hart, victualler, Lea-bridge,
Essex, Nov. 10—E. B. Smith, timber merchant; Scarborough,
Nov. 10— W. Menzies, draper, Gloucester, Nov. 12—C. Davis,
currier, Chepstow, Monmouthshire, Nov. 13—C. D. Johnston,
victualler, Liverpool, Nov. 10—E. Mundy, house agent,
Liverpool, Nov. 13—B. C. Sothern, coal dealer, Liverpool,
Nov. 12—R. Kirkpatrick, ironfounder, Manchester, Nov. 12
—Michael Shackleton, printer, Manchester, Nov. 11—S.
Reading, button maker, Birmingham, Nov. 14—J. Lead,
innkeeper, Wellington, Shropshire, Nov. 24—J. Russell, coal
dealer, Kidderminster, Nov. 10—C. Airs, innkeeper, New-
port, Isle of Wight, Nov. 10—F. C. Gray, lodginghouse
keeper, Dalston, Nov. 10—T. Court, shoemaker, Brighton,
Nov. 10—W. Bradshaw, cattle salesman, Gretton, Northamp-
tonshire, Nov. 10—R. Bone, grocer, Durham, Nov. 10—E,
Rayner, C°aportiess'im-
Brailrford, musicseller, Brighton, Nov. 10—R. Fennell, yarn
cary, Birstal, Yorkshire,
Nov. 10—F. H. Church, surgeon,
gmreorccehr,anivt,igAalnd,erLmaanncbasurhyirPeosNteorvn:
lo—T,.Ci ty, Nov.
I.ii
Southampton Nov. 10—IV. Kirby, hotel keeper, Liverpool.
Nov. 10—W. Lonergan, wine merchant, Liverpool, Nov. 10
—T. P. Durham, linendraper, Bristol, Nov. 10—T. B. and J.
Waller, grocers, Nov. 10—J. Evans, silk mercer,
Bristol, Nov. 10—W. Wonnacott, grocer, Bath, Nov. 10—J.
C Hill, grocer, Reading, Nov. 10—J. Parsons, Wolverhamp-
ton, Nov. 10—B. Fenwick, linendraper, Newcastle-upon-
Tyne, Nov. 13.
PARTNERSHIPS DISSOLVED.

J. and J. Barlow, razor manufacturers, Sheffield—C. Brun-
ton and F. Whiting, attorneys, New-Inn, Strand—H. Ham-
mond and G. J. Lacey, glass merchants, Tooley-street—A.
W. Hart and H. Coleman, stockbrokers, City—J. Moon, E.
Moon, and R. Moon, merchants, Liverpool—J. Dwyer and
W. Broster, builders, Tranmere, Cheshire—S. and G.-Langs-
dale, hose trimmers, Lenton,Nottingliamsbire—M. N. And $,
Paget, milliners Bruton-street—A. Tolleth and C. S. Rey-
nolds, shoe• makers, Liverpool—lL and I'. Smith, woollen
manufacturers, Waihridge,,Gloncestershire—A. and H. S.
Spong, tile makers, Staplehurst, Kent—R. Seddon and H.
Andrew, cotton dyers, Smedley, Lancashire—S. Barker, J.
Beatson, and J. D. Beckitt, irontinuiders, Rotherham, York-
shire—J. and E. Blundell, millers, Lower Mitton, Worces-
t3rslaire—W. S. Colyer and It. Winder, builders, Dover.
SCOTCH SEQUESTRATIONS.
William Frater, Edinburgh, Oct. 23 and Nov. , at
twelve, at the Shakspeare-hotel, Edinburgh.
John Macleod, hsh curer, Dunbeath, Caithness-shire,
Oct. 28 and Nov. 11, at twelve, at the Wellington-hotel,
Wick.
William Bisset and Son, and Mrs. Margaret Bisset, mer-
chants, Aberdeen, Oct. 26 aid Nov. 14, at twelve, at the
Lemon Tree Tavern, Aberdeen.
William Melven, cabinet maker, Coatbridge, Oct. 24 and
Nov. 14, at twelve, at the chambers of Messrs. Strathern
and Douglas, Glasgow.

THE MADRID AND VALENCIA
RAIL WAY.

A special meeting of the shareholders in this Com-
pany was held, at one o'clock yesterday, at the London
Tavern, to hear a statement from the chairman, William
Chadwiak,Esq., who has been recently in Madrid on the
affairs of the Company. A considerable number of
shareholders were present.
Mr. FOWELL, the secretary, having read the advertise•
meat convening the meeting, proceeded to read the re-
port as follows :
" The directors have, through the personal interven-
tion of their chalman, Mr. Chadwick, made the most
important and satisfactory arrangements with the board
of the Spanish directors, at a meeting held at Madrid on
the 25th of September last.
"At which meeting it was resolved and confirmed by
a written engagement of all the board,
" That 27,000 shares should be fOrthwith taken up
and paid- on at par, that being the proportionate number
set apart rateably to those subscribed for in England, in
accordance with the sth article in the concession, as
follows:
" The Company is hereby bound to admit such
Spanish capitalists as may require it, to a participation
in this enterprise, to the extent of one-third of the shares
of the Company.'
" Tre Spanish direction have, in conformitywith this
article, met the terms of the concession.
" Ills Excellency Senor Don Luis Mayans, the chair-
man, reported—
" That by the advice of Mr. Chadwick the members of
their board had felt it their duty to memorialise the Go-
vernment to authorise the Company to carry out the
work of the whole line by sections.
" This important modification having been conceded,
the directors are satisfied that they can aksonce under-
take that valuable section of the line extending over 27i
miles of the most productive portion of the country, con-
necting Valencia with San Felipe, and from the reports
made by the engineers, and confirmed by the personal
investigation of Mr. Chadwick, the directors feel confi-
dent that the profits on this section will, in a short time,
enable the Company to divide a very considerable
dividend.
" They likewise recommend' the construction of that
part of the line between Pinto and the Tagus.
" In constcLuence of the great facilities afforded by the
Spanish GdWinment for carrying out the undertaking,
the directors do not -deem it expedient in the existing
state of the money market to issue any more shares at
present ; but those unisppropriated will, at a future
period, should their expectations be realised, be offered
in the Shape of a boon or bonus to the shareholders in
rateable proportions.
"The directors cannot, however, conclude their report
without reiterating their undiminished confidence in the
merits of this project, for, in additioh to the present
extensive local traffic to the port of Valencia; in corn,
rice, and fruit, a large increase must arise from this
being the through line for railway communication to and
from France and Spain, as well as the main trunk line
for the traffic from the Mediterranean coast to Madrid
and the interior.
"The directors have the fullest confidence that the
funds in hand will amply meet all engagements for the
carrying on the works of the sections alluded to during
the next twelve months, consequently there will be no
necessity for any call on the shareholders within that
period."
The report was received with loud applause and a few
hisses.
The CHAIRMAN said, when the directors last had the
pleasure of meeting the shareholders it was thought
desirable not to proceed with the undertaking until a.
further application was made to the Spaniards, in order,
to know what amount of capital they were willing
to take up. The directors, bowevsfr, upon a
full conkilicivoion of the subject, thought there was one
point fal".thore importantalian that, namely, the possi-
bility of carrying out the works of ti:e line by section::,
and thereby sh awing the Spaniards if they once had a
lino in that company h;:w to appreciate it. There was
no doubt in the world, when the line was made, that
thrr3 would be such an amount of traffic from other dis-
tricts of the con-try al would defray td tiost any
amount of outlay; hut the d;ffieulties of the country in
maw parts were of such a nature as to prevent lines
from paying an adequate sum for the large outlay neces=
iry for the construction of the works Has in 7 rere ntiy
gene ove- the country traversed by their line, he inuet
say hie previocts opinions were confirmed, that it was one
which would yield an ample return for the capital invested
in it. But there vvas one feature which he begged t
put strongly before the meeting; it was this—that he
was deeply confident that the only line by which the
capital of Spain could be reached from other parts of
Europe, namely, through France, was by a coast line.
It was pit,. impossible to surmount the difficulties of
the cPyreneee in going final Bayonne, they must g
along the coast of the Mediterranean. He was not pro
viously aware of that fact, but he now found that it
would materially an benelleially affect their stock,
especially when they considered that they should
not only have the local traffic, but the prin.
cipal traffic from France, and consequently from
any part of Europe. the traffic must pass along the coast.
from Valencia to Madrid. This was a fact which cer
tainly added materially to the value of their company.---
(Cheers.) He hoped they would believe that the direte
trs had one feeling in common with the shar,...
holders. They (the directors) had embarked their
capital in it, and had given up a great deal of
time to the transaction of its affairs, and he
his friends would not remain in it another day un-
less they considered it would ultimately yield them a
fear return of their time and trouble.—(Hear.) In order
not to take up time he would, as a matter of form, read
two resolutions which he would submit to the meeting
The first was that the report be received and
adopted, and the second that on the pay-
ment of 27,000 shares at par in Spain.
the directors be empowered to carry out those sections
which might appear to them best calculated to promote
the interests of the undertaking.
ailea reply to questions, the CHAIRMAN intimated that the
ution of the first section of twenty-seven miles would
not occupy more than twelve months, but as railways of
course were new in Spa'n, it was possible they miglia
not get possession of the land/ so soon as they
could in this country, not, however, more than twelVe
months after obtaining possession of the land. They
should commence at once if they had the land. Parties
were now encleavourine to obtain a concession for a line
between Barcelona and Valencia. They were aware
that a line, under the auspices of Mr. Locke, had been
commenced between Barcelona and Matera, which was a
very fair line. The expenses up to that time did not
amount to more than from 2s. to 3s. a share.—(Cheers.)
Mr. RICHARDSON wished to ask several questions
of the utmost importance. He wished to know if he was
correct in supposing that they had paid 30,0001. of the
property of shareholders in England to the Spanish
Government ?
The CHAIRMAN—NO ; but I will hear you out.
Mr. RICHARDSON said it was of the utmost im-
portance that the shareholders should be set perfectly
right on this point, because if they had paid the Spanish
Government a large sum of money, he entertained great
doubts if they would ever be able to get it out of their
hands again.—(Laughter and cheers.) If they had
paid it he apprehended the majority of the meet-
ing would be piad to get as much of it back
again as possible. The directors proceeded upon
the assumption that the line was a most
desirable one; now he (Mr. Richardson) proceeded upon
the very. contrary assumption.—(Cheers.) So bad'an
opinion did he entertain Of it, that he considered they
would be unable to complete the first section. If they
doubted this let them look to the state of opinion at the
present moment—to the matrimonial alliances.—(" Ques-
tion, question.") It was the question; he was one of
those who would ask a question of a chairman, and be
satisfied with any reply he might think proper to give.
He repeated that he wished to know whether a certain
sum of money had been deposited with the Spanish Go-
vernment, and if so, what legitimate prospect there was
of the British public receiving a dividend ? He wished
to'God that the capitalists of England would not invest
their money in foreign railways.—(" Why did you ?")
Let them keep their money in their own
pockets, in their own country, and whilst they
had 16,000,0001. in the Bank they need not fear a mo-
netary crisis.—(llear.) Every railway made in a fo-
reign country was an injury to those at home.---(Laugh-
ter Quil cries of " No, no.") He would not, however,
deb. that question. If they could get their money
back again, he, for one, would say, pay Mr. Chadwick,
who had gone to Spain for the Company, and the di
webers handsothely tor their trouble ; but, whatever
you do, let us have some cf.our money back again.
The CHAIRMAN explained that 30,0001. had been de-
posited as " caution ' money. He apprehended that
they had not met to consider whether they should go
into a feleign railway, as they were in a foreign rail-
way already.—(Hear, hear, and uproar.) They should
consider what was best to lie done under the circum
stances which the directors had detailed to them i

their report. They did not dictate to the shareholders,
but were ready to adopt any course they might think
proper to prescribe,
Dr. BoWRING, M P., said that they were involved in
this undertaking, and they had met the directors, who
had furnished them with reasons for proceeding or not
proceeding. He should have been glad of some more
information from the chairman and the directors.—
(Hear, hear.) He did not complain of the deposit, be-
cause it was usual for foreign Governments to render the
deposit of a large sum of money necessary as a pledge of
the good faith of the parties negotiating with them. They
were exacted by foreign Governments, who interfered
more in these matters than the Government at home.

Had the Spanish Government offered any interest on
the money so deposited ?
Mr. WALET, a director, said the Spanish Government
bad not received a farthing of the money which was de-
posited in the Bank of England in the name of the Chair-
man, the concessionaire, and the Duke Sotomayar.
Mr. RICHARDSON said, supposing the monvy was pail
into the Bank of England in the name of the Spanish
Government, how were they to get it out ?
The CreAritstAm said the Spanish authorities hero
would wait until they received instructions from the
Court of Spain before they released the money.
A SHARPMOLDEn wished to know if the Company
was brokfm ep what they would get?
Toe CHAIRMAN said about 1.23. per share, after de-
ducting the uxpensrs.

Another SHAREHOLDER considered that those who
wished to withdraw from the Company, and receive the
residue of their deposits, should have the op-
tion of doing so. The directors were iyaind in honour
to afford such the opportunity of withdrawing.
Dr. BOWRING tinderst,)ort that the 30.000/, was bond
motley, deposited in the Bank of Englund in order to
give security to whatever arrangements the Company
might enter into with the Spanish Government.—
(Mar, hear.) If they did not proceetl theywould

lose, this money, as it was a pledge Which they hud given
for the execution of the works. And then they came to
the consideration, whether, ail matters weighed, it was
Iketter to proceed or withdraw. The report reflected

great credit on those who drew it up, but it would have
been more satisfactory if a financial statement had been
attached to it. Having passed many years of his
life in Spain, he considered that there was no
country in which railways would be more prosperous
if well and economically constructed. He had known
many instances in which the price of commodities had
been increased from 50 to 60 per cent. on account of the
enormous expense of conveying them over short distances.
He knew no country the resources of which were more
capable of development than Spain, and therefore he had
a good opinion of the undertaking. But if there was a
large amount of discontent amongst the shareholders, he
earnestly recommended the directors to adopt some
means of allowing them to withdraw.
A SHAREHOLDER said the shares were selling at one-
half their original cost, and therefore he saw no reason
why those who chose to withdraw should have so much
advantage ; he was anxious to have the undertaking
proceeded with.
Mr. BIGG said the name of the Chairman was a
guarantee that the undertaking was one which stood
great chance of suecess; but since the last meeting, the
political and commercial phase of Spain, had undergone
great changes; its condition was of a precarious cha-
racter; it was not as if they were about to embark their
capital in a country with which Great Britain was
likely to remain in amity. The Spaniards had not yet
paid on the 27,000 shares, although the Chairman had
said, four months ago, that it would be paid before this.
He was neither sufficiently chivalric or Quixotic
to desire 'to embark his capital in a company
when their copartners in the undertaking held back with
so much tenacity. With respect to political documents,
it was said that brevity was the soul of wit ; but in
their case they might say with truth, that
the report was so brief as to be little better
than the skeleton of a report. This was
the more strange, as the chairman had been
to Madrid, where he had been feted, and feted
others in return! Ile had a high opinion of the direc-
tors, but for the reasons he should mention, he was
desirous that the Company should be dissolved and the
residue paid to the shareholders.—(Cheers.) Of course
the 30,0001. would be forfeited if they did not go on.
The CHAIRMAN reminded the Hon. Proprietor of the
words of the motion, " that on the payment of the
deposits on 27,000 shares at par in Spain, ex the direc-
tors, &c."
Mr. RICHARDSON moved that the company be dis-
solved, which was seconded.
Mr. MASTERMAN wished to know if there was any-
thing in their constitution which gave them the power
to dissolve the Company. He was willing to proceed
under the skilful management of the directors. Not-
withstanding the efforts of the press to cause dissatis-
faction in Spain, the marriages had happily takcn
place, and no doubt would have that happy effect which
the marriage of oar Queen had had.—(Loud cries of
" No, no," " Question," and disapprobation.) He ad-
vised them to take legal advice with respect to their
dissolution.

A SHAREHOLDER inquired if there was not some ar.
rangement that the Government should take 30,0001
Spanish stock, instead of 30,0001. of English money.
The CHAIRMAN said that was in the course of arrange.
mont.

Mr. KEDDEL, the solicitor to the-Company, explained
that the Company, as it then existed, was but a branch
of the former Madrid and Valencia Railway Company,
and that all they could do to-day was to express their
opinions, as any resolution which was not in conformity
with the statutes of Spain would be useless. The pro-
spectus set forth that the Company would be formed
according to the commercial code of that country. It
was not possible for a branch to dissolve the whole COM-
.
pany.

Dr. BowIING, M. P., with a view to bring. the mee
to a decision, proposed the following amendment:-
" That this meeting do now adjourn in order to give tI

directors an opportunity of considering whether ani
legal means can be found to enable discontented share
holders to withdraw from this undertaking."

'rho motion was seconded.
Mr. WALEY defended the directors, and contended
that they had conducted, the affairs in the most econo-
mical manner. They had surveyed fifty miles, sent three
embassies to Spain, kept a secretary, and but one clerk
aTul a porter_ and were ready to show any account, and
every part of their transactions, to any ono who might
Vt'iSh to see them. They had spent a glod deal of their
time in its affairs, and had not charged for a single

glass of wine or a biscuit.—(lrear, hear.) If the coin
puny were dissolved to-morrow they would experienc,
a release rather than pain.
Mr. GEORGE briefly addressed the meeting, and suh
o•itted some propositions, which he afterwards with.
draw in favour of Dr. Bowring's amendment.
Some further discussion occurred, from which it ap-
peared that by converting the caution money int,
Spanish stock, some 10,000/. would be zaved ; that it
they proceeded, the 30,0001. would be available for the
construction of the first section; and one shareholder