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

great credit on those who drew it up, but it would have
been more satisfactory if a financial ..tatcment had been
attached to
,it. Having pa.sed, :nary years of his
liFe. in Spain, he considered that there v, as 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.
lie 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
,-hy 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 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! 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 30,0001. 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 Spair, ex the direc-
tors; &c."
Mr. ilicuannsoN 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 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 30,0001. of English money.
The CHAIRMAN said that was in the course of arrange-
ment.
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 he 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. BOWRING, M.P., with a view to bring the meet-
ing to a decision, proposed the following amendment:—
" 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 share-
holdrrs to withdraw from this undertaking."

The motion was seconded.
Mr. WALLY defended the directors, and contended
that they had conducted the affairs ira 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.—(llear, 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-
mitted some propositions, which he afterwards with-
drew in favour of Dr. Bowrint's amendment.
Some further discussion occurred, from which it ap-
peared that by converting the caution money into
Spanish stock, some 10,0001. would be caved ; that if
they proceeded, the 30,0001. would be available for the
construction of the first section; and one shareholder
inquired if they could pay in Spanish " bonds," which
excited some merriment, but no response from the
chairman.

The report was received.
Dr. Bowring's amendment was then put and carried,
and a vote of thanks having been awarded to the Chair-
man and directors, the meeting broke up.