The Sun.
London, England, 1846-10-20 00:00:00

Europe, namely, through France, was by a coast line.
It was quite impossible to surmount the difficulties of
the Pyrenees in going from Bayonne, they must go
along the coast of the Mediterranean. He was not pre-
viously aware of that fact, but he now found that it
would materially and beneficially 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 direc-
tors had one feeling in common with the share-
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
and his friends would not remain in it another day un-
less they considered it would ultimately yield them a
fair 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
ad ipted, and the second that on the pay-
ment of 27,000 shares at par in Spain,
the directors he empowered to carry out those sections
which might appear to them best calcuinted to promote
the interests of the undertaking.
In reply to questions, the CHAIRMAN intimated that the
execution of the first section of twenty-seven miles would
not occupy more than twelve months, but as railways of
course were new in Spain, it was possible they might
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 endeavouring 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 oto that time did not
amount to metre than from 2s. to 3§. 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 bad 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 glad 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 Ras
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
pock( ts, in their own country, and whilst they
had 16,000,0001. in the Bank they need not fear a mo-
netary crisis.—(Bear.) Every railway made in a fo-
reign country was an injury to those at home.—(Laugh-
ter and cries of " No, no.") He would not, however,
debate 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
rectors handsomely for their trouble ; but, whatever
you do, let us have some of our money back again.
The CHAIRMAN explained that 30,000/. had been de-
posited as " caution ' money. He apprehended that
they had not met to consider whether they should go
into a foreign railway, as they were in a foreign rail-
way already.—(Hear, hear, and uproar.) They should
consider what was best to be done under the circum-
stances which the directors had detailed to them in
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
had 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 Duleeflotomayar.
Mr. RicuartnsoN said, supposing money was paid
into the Bank of England in the name of the Spanish
Government, how were they to get it out ?
The CHAIRMAN said the Spanish authorities here
would wait until they received instructions from the
Court of Spain before they released the money.
A SHAREHOLDER wished to know if the Company
was broken up what they would get.
The CHAIRMAN said about 12s. per share, after de-
ducting the expenses.
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 bound in honour
to afford •uch the opportunity of withdrawing.
1)r. BoWRING nnderstood that the 30,0001. was bond
money, deposited in the Bank of England in order to
give security to whatever arrangements the Company
might enter into with the Spanish Government.—
(Hear, hear.) If they did not proceed they would
lose this money, as it was a pledge which they had given
for the execution of the works. And then they came to
the consideration, whether, all matters weighed, it was
better 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 mar y years of his
life in Spain, he considered that there is as no
country in which railways would be more prosperous
if well rand 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.
lle 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 cf allowing them to withdraw.
A SHAREHOLDER said the shares were selling at one•
half their original cost, and therefore he saw no reason
-by 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 success; 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 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! He 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 30,000/. 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."
EMr. RICHARDSON moved that the company be din
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 taken
place, and no doubt would have that happy effect which
the marriage of our 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 30,000/. of English money.
The CHAIRMAN said that was in the course of arrange-
ment.
I,

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- 1

pany.
Dr. BOWRINC, M.P., with a view to bring' the meet

ingto a decision, proposed the following atte-ndment:7

4` That this meeting do now adjourn in order to give the
directors an opportunity of considering whether any
legal means can be found to enable discontented sharo-

holders to withdraw from this undertaking."
The 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
and a porter, and were ready to show any account, and
every part of their transactions, to any one who might
wish to see them. They had spent a good deal of their
time in, its affairs, and had not charged for a single
glass of wine or a biscuit.—(Hear, hear.) If the com-
pany were dissolved to-morrow they would experience
a release rather than pain.
Mr. GEORGE briefly addressed the meeting, and sub-