The Sun.
London, England, 1848-07-20 00:00:00

- -
RAILWAY INTELLIGENCE.
SAMBRE AND MEUSE.
The adjourned meeting of the proprietors was held
yesterday at the London Tavern, in accordance.with the
resolution passed June 21st, to receive the report of the
committee, which was then appointed to visit Belgium,
and to investigate the affairs of the company. Mr. J. P.
Richards took the chair at one o'clock.
Mr. SHEwAttD, as chairman of the committee, read the
report. It commenced by stating that the shares ap-
peared on investigation to have been fairly allotted, and
the calls fully responded to. The committee condemned
the acquisition of the mail line of thirty-five miles, in-
volving an annual charge of 4001, until the line was
carried out, while its construction could not be completed
under the original estimate. A great error had been
committed in the advance of upwards of 30,0001. to the
contractors, part of it without security, for a purpose
for which the money of the shareholders was not origi-
nally subscribed. Bearing in mind the depreciation of
the company's property, the committee did not consider
it just to the shareholders that this assistance should
have been rendered, and they equally disapproved of the
manner in which the loans had been advanced. The
contractors had in April actually received more money
than was due to them. The committee were unwilling
to attach blame to any particular individual, hut they
submitted that there had been a want of proper vigilance
on the part of those to whom the interests of .the share.
holders had been entrusted. As to the plant on the
railway, the most valuable part was ulready the property
of the company, eighty waggons haring been used by the
contractors, for which the directors bad paid in advance
10,0001. The committee were of opinion that the inju-
dicious advance made to the contractors formed the cause
why the first section of the line could not be opened
without a further advance of money. After a careful
investigation into the affairs of the company, which
were found to be kept in a most clear and sksfac.
tory manner, the committee proceeded to Belgium.
The committee commenced at Vireux, on the Meuse.
OF the solidity and general execution of the
works already completed, the. committee had no
complaint to make ; but judging from the works
so far as they bad proceeded, it was feared that
the excess over the estimate would be very large. The
works of art were very numer,Jus, and the cuttings
were in many places deep and costly, and the average
excess was about 44 per cent. on such portions of the
line as were nearest completion. The committee were
convinced that without great care the total cost, instead
nanisttteebythtohtt 'rundsu. na
Thevoi da
committee
i
ht
of being 1,000,00 w. would be 1,444,000/. 10,003/. h
thought a ease might be made
depreciation of the Belgian
bb
out which would induce the 13elgian Legislature to relax
in some measure the letter of the existing arraneemen'.
Unless this were done, the committee feared that the
works could never be carried to completion, from the
utter impossibility of raising the money required. On a
careful review of all the circumstances, the committee
had come to the conclusion that by intelligent, vigilant,
and economical management the enterprise was capable
of assuming a more cheering position than it then occu-
pied, and that the proprietors might receive a reasonable
return for their outlay. The committee had had an in-
terview with the directors, who had expressed their
willingness to provide vacancies for four directors to be
filled up by the proprietors.
Mr. LINDo thought that after hearing such an elabo-
rate report, the first duty of the proprietors was to offer
their thanks to the committee.—(Cheers.)
The CHAIRMAN said that lio one would agree 'to
pursue that course more cordially than himself.—(Hear,
hear.) The committee had shown great activity and in-
telligence in collecting their materials, and great can-
dour in drawing up their report. The proprietors
ought, however, to bear in mind the difference between
present circumstances and those of two or three years
ago. The directors were willing to do anything that
they could to retrieve the position of the company. Their
difficulties had principally arisen from having to deal
with parties in foreign countries, whom they bed had no
means of influencing.
Mr. LINDo reminded the chairman, that Mr. Cubitt
had been engaged es resident director in Belgium, at a
high salary. He also complained of the absence of that
gentleman from the meeting, when there was so much
necessity for explanation.
Mr. WADDINGTON concurred in censuring the absence
of Mr. Cubitt. The greatest mistake which had been
• ficate of the engineer. He en-
tirelyshilling without the cent
committed was in advancing to the contractors a single
t the retiring A PROPRIETOR hoped that amongst
uld not be one.—(Cheers.)
di-
rectors Mr. Waddington wo
disapproved of the policy. of that advance.— (Hear. )
opportunity of stating that he
self, us it afforded him an
must retire.—(Cries of "N0,n0.") He had entered the
assisting in developing the
Mr. WADDINGTON was glad of this allusion to
concern with with the idea of .
traffic; but as it now appeared that a different kind of
duty was required, and that more time was wanted for
its performance than he could spare, ho felt it his duty to
withdraw. He could not consent to
be a mere fashion-
able director, or to remain on the board without doing the
work.
Mr. LINDO trusted it was the sense of the meeting that
Mr. Cubitt should be one of the retiring directors.
Mr. WADDINGTON, at the request of several share-
holders, subsequently stated that he would reconsider the
matter, and if consistent with his notions of propriety,
would continue in the board.
After some discussion, Messrs. Sheward,
and Crake were recommended to the directors to fill up
three of the vacancies, and it was understood that they
would at once be substituted for three of the existing
board.

The meeting, after giving a vote of thanks to the
Chairman, adjourned until Tuesday next.

DERBY, UTTOXETEIt, AND STAFFORD.
A meeting of scripholders in this company was held
at the George and Vulture yesterday; Mr. W. Nash in
the chair.

A report was read, which stated that the committee
of shareholders recently appointed had made such ar-
rangements as would enable them, with the sanction of
the shareholders, to wind up the affairs of the company
and make a return of 7s. 6d. per share out of the depo-
sits. They also recommend that 100/. should be pre-
sented to the directors, for their exertions in behalf of
the company, and 100/. to the secretary (Mr. Boyman
Boyman), in testimony of his services.
After some conversation, it was resolved to wind up
the affairs and divide 7s. 4d. per share among the share-
holders, the balance being appropriated as follows
1001. to the chairican (Mr. Nash), 50/. to each of the
other three directors (Messrs. Eade, Goldney, and Har-
vey), and 100/. to the secretary.
The meeting concluded with a vote of thanks to the
Chairman and directors.

ROYAL Ines HOSPlTAL.—Yesterday evening a
meeting of the board of management of the above
charity was held in the board-room of the institution,
in the Gray's Inn-road, the Rev. 1)r. Rice in the
:
chair. The report stated that during the past quarter
7,272 destitute sick had been admitted and rtoicved.
During last year, 22,021 had been placed ou the books,
of whom 628 were in•patients. Two large wards fur-
nished with every accommodation, are at present closed,
owing to the heavy debt with which the charity has
been long encumbered ; but by great exertions the
financial difficulties under which the institution laboured
are nearly overcome, four•fiths of the debt being now
paid eft Since the formation of the charity upwards
of 68,000 sick *and deatitnte have been admitted on the
books.
Dispatches were sent o% yesterday evening from the
Oplontal-office, for the Governor of Ceylon.