The Sun.
London, England, 1851-08-21 00:00:00

NEWRY AND ENNISKILLEN.

The half-yearly meeting of this company was held
yesterday at the Guildhall Coffee-house; Mr. Spack-
man in the chair.

The Secretary then read the report.
The CHAIRMAN, in moving the adoption of the re-
port, said, he was glad to inform them that the lawsuit
with the Newry and Warrenpoint Company had been
brought to a satisfactory conclusion. The expenses
amounted to 1,1001., which the latter company had to
pay. The money in the hands of the receiver had
been divided among the debenture holders. Their
property in the debentures was now secure, as a re-
ceiver had been appointed who would continue to
receive the produce of the traffic until their claims on
that company were paid off. It was a matter of con-
gratulation to them that all the expenses bad fallen on
the Warrenpoint Company, who, he believed, had very
severely felt the consequences of the course they
adopted in resisting this company's claim* With
respect to leasing the line, be might state that most
of the directors held a large number of shares in
the company, and they were as anxious as the
shareholders could be to dispose of the property ad-
vantageously. The settlement of the matter in
contemplation did not rest with them, neither did
it rest with Mr. Dargan ; but was delayed from
time to time in consequence of the Dublin and Belfast
junction line not being completed up to the point
where they intended to form a junction with that line.
Various delays had taken place in proceeding with the
works, partly in consequence of filling up bogs, but
he believed that those difficulties were now overcome,
and that the Belfast Junction line would be opened on
the Ist of November next. The Dublin and Belfast
Company bad intimated to the directors of this eom-
pony that they were prepared to enter into an ar-
rangement with them. He (the Chairman) had been
deputed by the board to proceed to Dublin and wait
on the directors of the Belfast Company with respect
to an arrangement with that company for forming
the junction and working the line when completed.
An agreement had been all but concluded, which he
believed would be mutually advantageous to both
parties. The terms of the agreement were similar
to those mentioned at the last meeting, with the ex-
ception of certain modifications. Mr. Dargan was
to have the line for the term of his engagement with
the Dublin and Belfast Company, and to pay the
Newry and Enniskillen Company 3,1201. a year,
which would give the shareholders about 6s. per
share. The Dublin and Belfast Company were to
work the line, he taking a certain portion of the gross
receipts. All the gross receipts above 801. per week
were to belong to this comply. Oae of the modifica-
tions was that of extending the term of the agreement
from seven to ten years, which has made the bargain
a better one for this company. More facilities for
carrying the agreement into effect were also to be
afforded. It was hoped that the whole matter would
be concluded in the course of ten days or a fortnight,
of which the proprietors would be informed as soon
as possible. There was a claim made by the Ulster
Railway Company of 4,0001. for the alteration of
the gauge on that line the award in respect of which
the directors were advised wa4 bid, and, consequently,
with the consent of the proprietors, it would be re-
sisted. There was only one other claim on the
company, which the directors had the means to
settle. He hoped they would be able to complete the
line by a small loan, which would be covered by the
Warrenpoint debentures when they were realised.
A PROPRIETOR thought it was preposterous for the
Ulster Company to claim 4,000/. from them towards
the expense of 20 0001., for the alteration of their
gauge and plant to suit the national gauge (5 feet 3
inches) of the Irish railways. Had they completed
their original line 100 miles in length it would be a
different matter, but the idea of such a claim as 4,0001.
when they could only make four miles in length of
their line, was out of all reason.
Mr. STURGE was of opinion that the claims of the
Ulster Company should be resisted to the utmost.
Resolutions were then passed adopting the report,
re-electing the retiring directors, Messrs. Moore and
Hamilton, and the retiring auditor, Mr. A. Samuel ;
and voting the directors 3501. for their services during
the past year, and 201. to the auditors.
The proceedings concluded with a vote of thanks
to the chairman and directors.