The Sun.
London, England, 1846-01-13 00:00:00

contract, are taken at very satisfactory prices. These
prices have enabled the Directors to test the general
estimates, and to examine the cost of the rest of the
line, on tie basis of this experience of the actual offers
of capable contractors, Applying these prices to the
entire work, there is every reason for believing that it
will be completed considerably within the capital ori-
ginally estimated. The whole distance from Bruges to
Thouront will be under contract during the present
month.

" The Directors are enabled to confirm, in all respects,
the opinions which they have put forth as to the value
of this undertaking. They believe that it wil4 prove a
sound and highly remunerative work, and that it will
bring a return at a period much earlier than is usual in
lines of a similar length.
" The Treasurer's account exhibited capital in favour
of the Company to the amount of 171,112/. 2s. 6d., and
disbursements 83,558/. 12s. 6d., leaving a balance in the
bankers hands of 87,5534 10s."

The CHAIRMAN said, that this being the first occa-
sion on which they (the Directors of the West Flanders
Railway) had an opportunity of addressing the pro-
prietors, he would, with their permission, make a few
general observations before proceeding to discuss the
matters in the report. He thought that the proprietors
were at least entitled to some intimation of the princi-
ph-s on which the management, which was entrusted
with, the'! care of their interests, acted, and he
was also very anxious to point out to them
the line which the railway was intended to take,
with the view of supplying the province of West Flanders
(Hear, hear)—the line in fact from which they were
to derive their resources. The Directors had a high
opinion of the capabilities of this undertaking, and each
of them (and it was a pleasing fact) had considerable
stock embarked in it.—(Hear, hear.) They were there-
fore pledged to carry it out to a successful issue if pos-
sible. .Among those gentlemen there were many exten-
sively experienced in railway affairs, and from these
they had selected one to reside in Belgium during the
formation of theses works. He meant Mr.
Chantrell, who now superintended the affairs of the
Company at Bruges, and of whose abilities, as a coad-
jutor, the Directors had the very highest opinion.—
(Hear, hear.) With a mind naturally formed for busi-
ness, he had the advantages of a thorough knowledge of
the Belgian railway system, and was, therefore, in every
way fitted for the task he had undertaken. They, of
course, recognised the right of any shareholders to the
fullest information, and in whatever he might be
t'efective, any individual member calling at the
office would, he was sure, receive the most satisfac-
tory replies to his questions. He thought he might
now state the principles on which the Directors had
hitherto proceeded in the management of the sacred
trust reposed in them ; but he would, if allowed,
first point out the exact line which this railway would
take, in order to accommodate the whole of West Flan-
ders. They had a map there, but he was afraid that it
would not be an easy matter for the shareholders
to comprehend every position upon it. The map
referred to was, although of a large size, one
of that minute character, that the :principal places re-
ferred to could be with difficulty distinguished, and the
towns upon the line, from the place where the share-
holders sat, were altogether invisible. Thus, they com-
menced at Bruges, and the line was carried on to Cour-
trai, and then across by another line to Dixmude, and
thence to Furnes. This line supplied a number of most
important villages (fur it must be remembered that the
villages in Flanders rivalled in magnitude many
of the larger towns in England), and thus they
commanded, by short and connecting lines, the trade of
Ghent, Brussels, and Ostend. Their railway then (ex-
clusive of the three places last named), of only 89 miles
in length, supplied a population of above 60,000 souls,
of a mixed agricultural and manufacturing character.
The agricultural operations of the country were of the
most skilful description, and cattle of the best breeds
were grown there. Hops, cern, hemp, flax, and other
produce requiring the most skilful cultivation,
grew there abundantly. The question might
be asked, " What will the probable traffic
of such a country be ?" But this question it
would be most difficult to answer. What was the fact
with regard to the passenger traffic in Belgium some
few years ago ? Formerly only two diligences left
Bruges in the course of a day, and they were not half-
filled, but this was no criterion of the number
of daily passengers, for, looking at some statistical
accounts from the town of Thermonde, he foils(' that the
average number of persons leaving that town daily
amounted to seven times its inhabitants—(Hear, he ,r)
—and so it was everywhere. So that they might see it
was an exceedingly difficult thing to state exactly what
the amount of traffic might be from any one of those towns.
Now, another circumstance for their consideration was,
whether this railway could be constructed at a moderate
expense ? He was not then speaking of lines like the
London and Birmingham, the Southampton, or some of
the other London Railways ; but, looking to their own
probable expenditure, he would ask if it were likely that
a line having their traffic would be likely to fail ? He
had great confidence in the statements advanced to the
Proprietors, and he had no doubt that they could easily
return 94 per cent. upon the capital required.—(Rear,
hear.) Their object was, of course, to secure the whole
traffic of Flanders, and if the shareholders would do him
the favour to follow him upon the map, they would find
that this line effected that in a perfectly satisfactory
manner. But to effect this more thoroughly they pro-
posed to extend a communication to Bossuyt-on-the-
Scheldt, which communicating with Courtrai-on-the-
Lys, would extend iu the one direction to Po-
peringhe, and to Bruges on the other ; thus, in
fact, commanding the whole of the country of West
Flanders.—(Hear, hear.) With respect to the mineral
traffic, he might state that coal at present came from
Mons to Ghent by the canal, which fell into the Scheldt.
This was comparatively easy, for it was down the stream,
but they were then transmitted up the Lys to Courtrai,
a total distance of 180 miles, subjected to the impedi-
ments of river navigation, and only averaging four
voyages in the year (two voyages either way).
Now, if they got this railway, as it was
more than likely they would, the distance frem Mons
would be considerably diminished, for the land carriage
from-Courtrai to Bossuyt was only nine miles, and the
water carriage would, consequently, be avoided. They
could in the same easy way transmit lime and building-
stone, both of which were much wanted in West Flan-
ders. The quantity of coal which would come in this
way had been estimated at 200,000 tons, but they
might have taken the minimum at 150,000 tons,
and that alone would constitute a paying traffic.— (Hear,
hear.) With respect to the expenses of constructing the
line, the estimated original cost was stated at 840,000/,
but from the agreement entered into with the contractor
on a part of the line between Bruges and Thermonde,
the Directors thought themselves justified in saying that
the extension to Bossuyt could be made without call
ing upon the shareholders for any further payment
Jt was a matter of considerable difficulty in an exposé of
this kind to place matters in other than a favourable
light before the proprietors, but in this case he thought
he had kept within due limits. He was not aware that
he had any further observations to make, but he would
add, in the words of the last paragraph of the report
" The Directors are enabled to confirm, in all respects,
the opinions which they have put forth as to the value
of this undertaking. They believe that it will prove a
sound and highly remunerative work, and that it will
bring a return at a period much earlier than is usual in
lines of a similar length." He had now to move the
adoption of the report and its circulation among the
Proprietary.
To questions from Mr. LINDO,
The CHAIRMAN replied, that with reference to the
third instalment, some gentlemen were anxious to have
that call made, because they had money which they
wished invested. With reference to the 87,0001. of a
balance, that in consequence of the exchanges being in
the Company's favour advantaged them more than if the
money had been laid out upon uncertain security. The
commission to thefondateurswas guaranteedby the original
deed, and they could not, therefore, alter it iu any way.
But the shareholders, would observe that the dividends,
after allowing 5 per cent. to them, the remaining di-
vidends would be divided into twentieths-16.20ths of
which would be given to the shareholders, and 4-20ths
(deducting 5 per cent.) to the fondo kers.
A PROPRIETOR asked when the whole line would be
finished ?

The CHAIRMAN said they would be obliged to have
all works concluded within two years and a half from
that time.

The report was then adopted unanimously.
A PROPRIETOR asked a question relative to the Calais
and Dunkirk Railway, which the Chairman declined
answering.
The meeting then adjourned.

LONDON GAZETTE.
(THIS EVENING.)

LORD CHAMBERLAIN'S-OFFICE, JAN. 12, 1846.

Notice is hereby given, that her Majesty will hold Levees,
at St. James's-Palace, on the following days, at two
o'clock :—Wednesday, 11th February next ; Wednesday,
18th February next.
REGULATIONS TO BE OBSERVED AT THE QUEEN'S LEVEE'S, AT